What changed in Silvercrest Asset Management Group Inc.'s 10-K — 2024 vs 2025
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Paragraph-level year-over-year comparison of Silvercrest Asset Management Group Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.
+110 added−104 removedSource: 10-K (2026-03-16) vs 10-K (2025-03-06)
Top changes in Silvercrest Asset Management Group Inc.'s 2025 10-K
110 paragraphs added · 104 removed · 95 edited across 2 sections
- Item 4. Mine Safety Disclosures+105 / −97 · 90 edited
- Item 1C. Cybersecurity+5 / −7 · 5 edited
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
5 edited+0 added−2 removed14 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
5 edited+0 added−2 removed14 unchanged
2024 filing
2025 filing
Biggest changeThe CISO oversees communications with the Board of Directors regarding material cybersecurity incidents and provides the Board with a summary of risks from current cybersecurity threats on a regular basis, as well as updates on management ’ s information security program oversight and maintenance activities, and any material changes to Silvercrest ’ s information security practices and procedures.
Biggest changeThe CISO oversees communications with the Board of Directors regarding material cybersecurity incidents and provides the Board with a summary of risks from current cybersecurity threats on a regular basis, as well as updates on management ’ s information security program oversight and maintenance activities, and any material changes to Silvercrest ’ s information security practices and procedures. 35 We take a risk-based approach to information security and have implemented policies throughout our operations that are designed to address threats and our response to actual or suspected incidents.
Our corporate headquarters are located at 1330 Avenue of the Americas, 38th Floor, New York, New York 10019, where we occupy approximately 41,000 square feet of space under a lease, the extended terms of which expire on September 30, 2028. We also lease space for our other six offices.
Our corporate headquarters are located at 1330 Avenue of the Americas, 38th Floor, New York, New York 10019, where we occupy approximately 41,000 square feet of space under a lease, the extended terms of which expire on September 30, 2028. We also lease space for our other eight offices.
Item 1C. Cybersecurity. Risk Management and Strategy We regularly assess risks from information security threats, monitor our information systems for potential vulnerabilities, and test those systems pursuant to our information security policies, processes, and practices.
Item 1C. Cybersecurity. Risk Management and Strategy We regularly assess risks associated with information security threats, monitor our information systems for potential vulnerabilities, and test those systems pursuant to our information security policies, processes, and practices.
We are dedicated to business continuity and resiliency, and have documented strategies, policies, and procedures in place to protect employee, business, and client data in the event of an emergency or natural disaster. Our information security risk management processes are integrated into our broader risk management program.
We are dedicated to business continuity and resiliency, and have documented strategies, policies, and procedures in place to protect employee, business, and client data in the event of an emergency or natural disaster. Our information security risk management processes are integrated into our broader risk management program , as described in the “Governance” section immediately below .
We believe our current facilities are adequate for our current needs and that suitable additional space will be available as and when needed. 36 It em 3. Legal Proceedings. We are, and will continue to be, subject to litigation from time to time in the ordinary course of business.
We believe our current facilities are adequate for our current needs and that suitable additional space will be available as and when needed. It em 3. Legal Proceedings. We are, and will continue to be, subject to litigation from time to time in the ordinary course of business. Currently, there are no material legal proceedings pending or threatened against us.
Removed
We take a risk-based approach to information security and have implemented policies throughout our operations that are designed to address threats and our response to actual or suspected incidents.
Removed
Currently, there are no material legal proceedings pending or threatened against us.
Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
90 edited+15 added−7 removed139 unchanged
Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
90 edited+15 added−7 removed139 unchanged
2024 filing
2025 filing
Biggest changeOperating Results Revenue Our revenues for the years ended December 31, 2024, 2023 and 2022 are set forth below: For the Years Ended December 31, (in thousands) 2024 2023 2024 vs. 2023 ($) 2024 vs. 2023 (%) Management and advisory fees $ 119,316 $ 112,794 $ 6,522 5.8 % Family office services 4,335 4,616 (281 ) (6.1 )% Total revenue $ 123,651 $ 117,410 $ 6,241 5.3 % For the Years Ended December 31, (in thousands) 2023 2022 2023 vs. 2022 ($) 2023 vs. 2022 (%) Management and advisory fees $ 112,794 $ 118,725 $ (5,931 ) (5.0 )% Performance fees and allocations — 2 (2 ) 100.0 % Family office services 4,616 4,490 126 2.8 % Total revenue $ 117,410 $ 123,217 $ (5,807 ) (4.7 )% 44 The growth in our assets under management from January 1, 2022 to December 31, 2024 is described below: Assets Under Management (in billions) Discretionary Non- Discretionary Total As of January 1, 2022 $ 25.1 $ 7.2 $ 32.3 (1) Gross client inflows 4.4 2.0 6.4 Gross client outflows (5.8 ) (0.5 ) (6.3 ) Net client flows (1.4 ) 1.5 0.1 Market depreciation (2.8 ) (0.7 ) (3.5 ) As of December 31, 2022 $ 20.9 $ 8.0 $ 28.9 (1) Gross client inflows 3.0 2.4 5.4 Gross client outflows (4.1 ) (0.7 ) (4.8 ) Net client flows (1.1 ) 1.7 0.6 Market appreciation 2.1 1.7 3.8 As of December 31, 2023 $ 21.9 $ 11.4 $ 33.3 (1) Gross client inflows 3.9 1.2 5.1 Gross client outflows (4.6 ) (1.1 ) (5.7 ) Net client flows (0.7 ) 0.1 (0.6 ) Market appreciation 2.1 1.7 3.8 As of December 31, 2024 $ 23.3 $ 13.2 $ 36.5 (1) (1) Less than 5% of assets under management generate performance fees.
Biggest changeOperating Results Revenue Our revenues for the years ended December 31, 2025, 2024 and 2023 are set forth below: For the Years Ended December 31, (in thousands) 2025 2024 2025 vs. 2024 ($) 2025 vs. 2024 (%) Management and advisory fees $ 120,552 $ 119,316 $ 1,236 1.0 % Family office services 4,767 4,335 432 10.0 % Total revenue $ 125,319 $ 123,651 $ 1,668 1.3 % For the Years Ended December 31, (in thousands) 2024 2023 2024 vs. 2023 ($) 2024 vs. 2023 (%) Management and advisory fees $ 119,316 $ 112,794 $ 6,522 5.8 % Family office services 4,335 4,616 (281 ) (6.1 )% Total revenue $ 123,651 $ 117,410 $ 6,241 5.3 % 43 The growth in our assets under management from January 1, 2023 to December 31, 2025 is described below: Assets Under Management (in billions) Discretionary Non- Discretionary Total As of January 1, 2023 $ 20.9 $ 8.0 $ 28.9 (1) Gross client inflows 3.0 2.4 5.4 Gross client outflows (4.1 ) (0.7 ) (4.8 ) Net client flows (1.1 ) 1.7 0.6 Market appreciation 2.1 1.7 3.8 As of December 31, 2023 $ 21.9 $ 11.4 $ 33.3 (1) Gross client inflows 3.9 1.2 5.1 Gross client outflows (4.6 ) (1.1 ) (5.7 ) Net client flows (0.7 ) 0.1 (0.6 ) Market appreciation 2.1 1.7 3.8 As of December 31, 2024 $ 23.3 $ 13.2 $ 36.5 (1) Gross client inflows 3.2 1.4 4.6 Gross client outflows (4.5 ) (1.7 ) (6.2 ) Net client flows (1.3 ) (0.3 ) (1.6 ) Market appreciation 2.0 0.1 2.1 As of December 31, 2025 $ 24.0 $ 13.0 $ 37.0 (1) (1) Less than 5% of assets under management generate performance fees.
Equity Compensation Plan Information The following table provides certain information about the Class A common stock that may be issued under our equity compensation plan. The only plan under which equity awards are outstanding, and pursuant to which the Company may grant new equity-based awards, is the 2012 Equity Incentive Plan (as amended, the “Equity Incentive Plan”).
Equity Compensation Plan Information The following table provides certain information about the Class A common stock that may be issued under our equity compensation plan. The only plan under which equity awards are outstanding, and pursuant to which the Company may grant new 37 equity-based awards, is the 2012 Equity Incentive Plan (as amended, the “Equity Incentive Plan”).
The increase was primarily attributable to increases in professional fees of $1.1 million, portfolio and systems expenses of $0.8 million, occupancy and related costs of $0.3 million, trading errors of $0.3 million, recruiting expenses of $0.3 million, travel and entertainment expenses of $0.2 million, depreciation and amortization of $0.1 million, office expense of $0.1 million, publications and subscriptions costs of $0.1 million and sub-advisory and referral fees of $0.1 million.
The increase was primarily attributable to increases in professional fees of $1.1 million, portfolio and systems expenses of $0.8 million, occupancy and related costs of $0.3 million, trading errors of $0.3 million, recruiting expenses of $0.3 million, travel and entertainment expenses of $0.2 million, depreciation and amortization of $0.1 47 million, office expense of $0.1 million, publications and subscriptions costs of $0.1 million and sub-advisory and referral fees of $0.1 million.
Our management and advisory fees may fluctuate based on a number of factors, including the following: • changes in assets under management due to appreciation or depreciation of our investment portfolios, and the levels of the contribution and withdrawal of assets by new and existing clients; • allocation of assets under management among our investment strategies, which have different fee schedules; • allocation of assets under management between separately managed accounts and advised funds, for which we generally earn lower overall advisory fees; and • the level of our performance with respect to accounts and funds on which we are paid incentive fees. 42 Our family office services capabilities enable us to provide comprehensive and integrated services to our clients.
Our management and advisory fees may fluctuate based on a number of factors, including the following: • changes in assets under management due to appreciation or depreciation of our investment portfolios, and the levels of the contribution and withdrawal of assets by new and existing clients; • allocation of assets under management among our investment strategies, which have different fee schedules; • allocation of assets under management between separately managed accounts and advised funds, for which we generally earn lower overall advisory fees; and • the level of our performance with respect to accounts and funds on which we are paid incentive fees. 41 Our family office services capabilities enable us to provide comprehensive and integrated services to our clients.
The acquisition method of accounting requires that purchase price, including the fair value of contingent consideration, of the acquisition be allocated to the assets acquired and liabilities assumed using the estimated fair values determined by management as of the acquisition date. 56 We measure the fair value of contingent consideration at each reporting period using a probability-adjusted discounted cash flow method based on significant inputs not observable in the market and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in earnings.
The acquisition method of accounting requires that purchase price, including the fair value of contingent consideration, of the acquisition be allocated to the assets acquired and liabilities assumed using the estimated fair values determined by management as of the acquisition date. 54 We measure the fair value of contingent consideration at each reporting period using a probability-adjusted discounted cash flow method based on significant inputs not observable in the market and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in earnings.
As a result, there is no estimate or variability in the consideration when revenue is recorded. 57 Because the majority of our revenues are earned based on assets under management that have been determined using fair value methods and since market appreciation/depreciation has a significant impact on our revenue, we have presented our assets under management using the GAAP framework for measuring fair value.
As a result, there is no estimate or variability in the consideration when revenue is recorded. 55 Because the majority of our revenues are earned based on assets under management that have been determined using fair value methods and since market appreciation/depreciation has a significant impact on our revenue, we have presented our assets under management using the GAAP framework for measuring fair value.
Item 4. Mine Safety Disclosures. Not applicable. 37 PA RT II It em 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our Class A common stock has been listed on The Nasdaq Global Market under the symbol “SAMG” since June 27, 2013.
Item 4. Mine Safety Disclosures. Not applicable. 36 PA RT II It em 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our Class A common stock has been listed on The Nasdaq Global Market under the symbol “SAMG” since June 27, 2013.
Our expenses are driven primarily by our compensation costs. The table included in “—Expenses—Compensation and Benefits Expense” describes the components of our compensation expense for the three years ended December 31, 2024. Other expenses, such as rent, professional service fees, data-related costs, and sub-advisory fees incurred are included in our general and administrative expenses in the Consolidated Statement of Operations.
Our expenses are driven primarily by our compensation costs. The table included in “—Expenses—Compensation and Benefits Expense” describes the components of our compensation expense for the three years ended December 31, 2025. Other expenses, such as rent, professional service fees, data-related costs, and sub-advisory fees incurred are included in our general and administrative expenses in the Consolidated Statement of Operations.
Our Class B common stock is not listed on The Nasdaq Global Market and there is no established trading market for such shares. Issuer Purchases of Equity Securities The following table presents information with respect to purchases of our Class A common stock made during the quarter ended December 31, 2024.
Our Class B common stock is not listed on The Nasdaq Global Market and there is no established trading market for such shares. Issuer Purchases of Equity Securities The following table presents information with respect to purchases of our Class A common stock made during the quarter ended December 31, 2025.
During 2024, 2023 and 2022, Silvercrest L.P. granted restricted stock units (“RSU”) to existing Class B unit holders. During 2024 and 2022, Silvercrest L.P. granted non-qualified options (“NQO”) to an existing Class B unit holder. Information regarding restricted stock units can be found in Note 16. “Equity-Based Compensation” in the accompanying consolidated financial statements.
During 2025, 2024 and 2023, Silvercrest L.P. granted restricted stock units (“RSU”) to existing Class B unit holders. During 2025 and 2023, Silvercrest L.P. granted non-qualified options (“NQO”) to an existing Class B unit holder. Information regarding restricted stock units can be found in Note 16. “Equity-Based Compensation” in the accompanying consolidated financial statements.
Tax Receivable Agreement In connection with our initial public offering and reorganization of Silvercrest L.P. that was completed on June 23, 2013, we entered into a tax receivable agreement with the partners of Silvercrest L.P. that requires the Company to pay them 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes (or is deemed to realize in the case of an early termination payment by it, or a change in control) as a result of the increases in tax basis and certain other tax benefits 58 related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement or attributable to exchanges of shares of Class B common stock for shares of Class A common stock.
Tax Receivable Agreement In connection with our initial public offering and reorganization of Silvercrest L.P. that was completed on June 26, 2013, we entered into a tax receivable agreement with the partners of Silvercrest L.P. that requires the Company to pay them 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes (or is deemed to realize in the 56 case of an early termination payment by it, or a change in control) as a result of the increases in tax basis and certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement or attributable to exchanges of shares of Class B common stock for shares of Class A common stock.
Advisory fees are also adjusted for any cash flows into or out of a portfolio, where the cash flow represents greater than 10% of the previous quarter-end market value of the portfolio. These cash flow-related adjustments were insignificant for the years ended December 31, 2024, 2023 and 2022.
Advisory fees are also adjusted for any cash flows into or out of a portfolio, where the cash flow represents greater than 10% of the previous quarter-end market value of the portfolio. These cash flow-related adjustments were insignificant for the years ended December 31, 2025, 2024 and 2023.
Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. 51 The following tables contain reconciliations of net income to Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share (amounts in thousands except per share amounts).
Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. 49 The following tables contain reconciliations of net income to Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share (amounts in thousands except per share amounts).
We believe that we have sufficient cash from our operations to fund our operations and commitments for the next twelve months. The following table sets forth certain key financial data relating to our liquidity and capital resources as of December 31, 2024, 2023 and 2022.
We believe that we have sufficient cash from our operations to fund our operations and commitments for the next twelve months. The following table sets forth certain key financial data relating to our liquidity and capital resources as of December 31, 2025, 2024 and 2023.
Our provision for income taxes as a percentage of income before provision for income taxes for the year ended December 31, 2023 and 2022 was 22.1% and 19.8%, respectively. 50 Supplemental Non-GAAP Financial Information To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. • EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. • We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense.
Our provision for income taxes as a percentage of income before provision for income taxes for the year ended December 31, 2024 and 2023 was 22.5% and 22.1%, respectively. 48 Supplemental Non-GAAP Financial Information To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. • EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. • We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense.
Sub-advisory fees will fluctuate based on the level of management fees from funds that utilize sub-advisors. 43 Other Income Other income is derived primarily from investment income arising from our investments in various private investment funds that were established as part of our investment strategies.
Sub-advisory fees will fluctuate based on the level of management fees from funds that utilize sub-advisors. 42 Other Income Other income is derived primarily from investment income arising from our investments in various private investment funds that were established as part of our investment strategies.
Performance Graph As a “smaller reporting company” as defined in Item 10 of Regulation S-K, the Company is not required to provide this information. Ite m 6. [Reserved] 39 It em 7.
Performance Graph As a “smaller reporting company” as defined in Item 10 of Regulation S-K, the Company is not required to provide this information. Ite m 6. [Reserved] 38 It em 7.
As of December 31, 2024 and 2023, there were no borrowings outstanding on our revolving credit facility with City National Bank. Off-Balance Sheet Arrangements We did not have any significant off-balance sheet arrangements as of December 31, 2024 or December 31, 2023.
As of December 31, 2025 and 2024, there were no borrowings outstanding on our revolving credit facility with City National Bank. Off-Balance Sheet Arrangements We did not have any significant off-balance sheet arrangements as of December 31, 2025 or December 31, 2024.
We utilized this option when performing our annual impairment assessment in 2024 and 2023, and concluded that our single reporting unit’s fair value was more likely than not greater than its carrying value, including goodwill.
We utilized this option when performing our annual impairment assessment in 2025 and 2024, and concluded that our single reporting unit’s fair value was more likely than not greater than its carrying value, including goodwill.
Payments received from partners on notes receivable was $0.1 million and $0.2 million during 2023 and 2022, respectively. Distributions to partners of Silvercrest L.P. of $7.8 million and $7.9 million were paid during 2023 and 2022, respectively. Repayment of borrowings under the credit facility was $3.6 million and $2.7 million in 2023 and 2022, respectively.
Payments received from partners on notes receivable was $0.1 million and $0.1 million during 2024 and 2023, respectively. Distributions to partners of Silvercrest L.P. of $6.7 million and $7.8 million were paid during 2024 and 2023, respectively. Repayment of borrowings under the credit facility was $2.7 million and $3.6 million in 2024 and 2023, respectively.
Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize the full tax benefit of the increased depreciation and amortization of our assets, we expect that future payments to the selling principals of Silvercrest L.P. in respect of our purchase of Class B units from them will aggregate approximately $10.1 million.
Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize the full tax benefit of the increased depreciation and amortization of our assets, we expect that future payments to the selling principals of Silvercrest L.P. in respect of our purchase of Class B units from them will aggregate approximately $9.3 million.
We were in compliance with the covenants under the credit facility as of December 31, 2024 and 2023. 53 Our ongoing sources of cash will primarily consist of management fees and family office services fees, which are principally collected quarterly.
We were in compliance with the covenants under the credit facility as of December 31, 2025 and 2024. Our ongoing sources of cash will primarily consist of management fees and family office services fees, which are principally collected quarterly.
Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 7, 2024.
Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 6, 2025.
The business includes the management of funds of funds, and other investment funds, collectively referred to as the “Silvercrest Funds”. Silvercrest L.P. has issued restricted stock units exercisable for 205,079 Class B units which entitle the holders thereof to receive distributions from Silvercrest L.P. to the same extent as if the underlying Class B units were outstanding.
The business includes the management of funds of funds, and other investment funds, collectively referred to as the “Silvercrest Funds”. Silvercrest L.P. has issued restricted stock units exercisable for 137,765 Class B units which entitle the holders thereof to receive distributions from Silvercrest L.P. to the same extent as if the underlying Class B units were outstanding.
Average annual management fee is calculated by dividing our actual revenue earned over a period by our average assets under management during the same period (which is calculated by averaging quarter-end assets under management for the applicable period). Our average management fee was 0.35%, 0.38% and 0.40% for the years ended December 31, 2024, 2023 and 2022, respectively.
Average annual management fee is calculated by dividing our actual revenue earned over a period by our average assets under management during the same period (which is calculated by averaging quarter-end assets under management for the applicable period). Our average management fee was 0.34%, 0.35% and 0.38% for the years ended December 31, 2025, 2024 and 2023, respectively.
SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS ® ). 45 2 The market indices used to compare to the performance of our strategies are as follows: The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 smallest companies in the Russell 3000.
SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS ® ). 44 2 The market indices used to compare to the performance of our strategies are as follows: The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000.
There was a $0.4 million adjustment to the fair value of our tax receivable agreement liability as of December 31, 2023. The adjustment in fair value was a result of a reduction in the future effective corporate tax rates at the federal level and in New York City as a result of law changes.
There was a $0.1 million adjustment to the fair value of our tax receivable agreement liability as of December 31, 2025. The adjustment in fair value was a result of a reduction in the future effective corporate tax rates at the federal level and in New York City as a result of law changes.
PROPRIETARY EQUITY PERFORMANCE 1, 2 ANNUALIZED PERFORMANCE AS OF 12/31/2024 INCEPTION 1-YEAR 3-YEAR 5-YEAR 7-YEAR INCEPTION Large Cap Value Composite 4/1/02 16.3 5.1 10.8 10.6 9.7 Russell 1000 Value Index 14.4 5.6 8.7 8.4 7.9 Small Cap Value Composite 4/1/02 10.1 4.3 8.8 7.1 10.3 Russell 2000 Value Index 8.1 1.9 7.3 6.1 7.9 Smid Cap Value Composite 10/1/05 15.7 2.6 7.6 7.0 9.5 Russell 2500 Value Index 11.0 3.8 8.4 7.2 7.8 Multi Cap Value Composite 7/1/02 16.1 2.6 9.2 8.5 9.7 Russell 3000 Value Index 14.0 5.4 8.6 8.3 8.4 Equity Income Composite 12/1/03 10.4 3.1 6.7 7.4 10.8 Russell 3000 Value Index 14.0 5.4 8.6 8.3 8.5 Focused Value Composite 9/1/04 16.7 (0.2 ) 5.6 5.4 9.4 Russell 3000 Value Index 14.0 5.4 8.6 8.3 8.3 Small Cap Opportunity Composite 7/1/04 14.9 4.5 10.3 10.1 11.0 Russell 2000 Index 11.5 1.2 7.4 6.9 8.1 Small Cap Growth Composite 7/1/04 13.6 (2.9 ) 11.1 11.8 10.6 Russell 2000 Growth Index 15.2 0.2 6.9 7.2 8.5 Smid Cap Growth Composite 1/1/06 20.9 (3.2 ) 12.6 14.2 11.1 Russell 2500 Growth Index 13.9 0.0 8.1 8.8 9.5 1 Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest.
PROPRIETARY EQUITY PERFORMANCE 1, 2 ANNUALIZED PERFORMANCE AS OF 12/31/2025 INCEPTION 1-YEAR 3-YEAR 5-YEAR 7-YEAR INCEPTION Large Cap Value Composite 4/1/02 8.3 12.5 10.6 13.0 9.6 Russell 1000 Value Index 15.9 13.9 11.3 12.1 8.2 Small Cap Value Composite 4/1/02 -4.0 6.9 6.5 9.1 9.7 Russell 2000 Value Index 12.6 11.7 8.9 10.1 8.1 Smid Cap Value Composite 10/1/05 1.1 8.6 7.1 9.2 9.1 Russell 2500 Value Index 12.7 13.2 10.0 11.1 8.1 Multi Cap Value Composite 7/1/02 8.8 12.4 9.2 11.5 9.7 Russell 3000 Value Index 15.7 13.8 11.2 12.0 8.7 Equity Income Composite 12/1/03 11.1 9.5 9.3 9.8 10.8 Russell 3000 Value Index 15.7 13.8 11.2 12.0 8.8 Focused Value Composite 9/1/04 13.9 11.5 7.4 9.0 9.6 Russell 3000 Value Index 15.7 13.8 11.2 12.0 8.7 Global Value Opportunity Composite 1/1/20 38.1 20.5 14.8 — 13.2 MSCI ACWI Value - Net Index 22.0 14.7 10.8 — 8.9 Small Cap Opportunity Composite 7/1/04 -1.5 10.2 5.6 10.8 10.4 Russell 2000 Index 12.8 13.7 6.1 10.6 8.4 Small Cap Growth Composite 7/1/04 14.0 11.7 4.7 13.1 10.8 Russell 2000 Growth Index 13.0 15.6 3.2 10.6 8.7 1 Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest.
We anticipate that distributions to principals of Silvercrest L.P. will continue to be a material use of our cash resources, and will vary in amount and timing based on our operating results and dividend policy. As of December 31, 2024 and 2023, $0 and $2.7 was outstanding under our term loan with City National Bank.
We anticipate that distributions to principals of Silvercrest L.P. will continue to be a material use of our cash resources, and will vary in amount and timing based on our operating results and dividend policy. As of December 31, 2025 and 2024, $4.0 million and $0 was outstanding under our term loan with City National Bank.
Investing Activities Year Ended December 31, 2024 versus Year Ended December 31, 2023 For the years ended December 31, 2024 and 2023, investing activities used $1.7 million and $3.9 million, respectively. The primary use of cash during 2024 and 2023 was for the acquisition of furniture, equipment and leasehold improvements.
Investing Activities Year Ended December 31, 2025 versus Year Ended December 31, 2024 For the years ended December 31, 2025 and 2024, investing activities used $3.6 million and $1.7 million, respectively. The primary use of cash during 2025 and 2024 was for the acquisition of furniture, equipment and leasehold improvements.
Year Ended December 31, 2023 versus Year Ended December 31, 2022 The provision for income taxes was $4.3 million and $7.6 million for the years ended December 31, 2023 and 2022, respectively.
Year Ended December 31, 2024 versus Year Ended December 31, 2023 The provision for income taxes was $4.6 million and $4.3 million for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2023, the composition of our assets under management was 66% in discretionary assets, which includes both separately managed accounts and proprietary and sub-advised funds, and 34% in non-discretionary assets which represent assets on which we provide portfolio reporting but do not have investment discretion.
As of December 31, 2025, the composition of our assets under management was 65% in discretionary assets, which includes both separately managed accounts and proprietary and sub-advised funds, and 35% in non-discretionary assets which represent assets on which we provide portfolio reporting but do not have investment discretion.
Our increase in assets under management for the year ended December 31, 2023 was attributable to an increase in discretionary assets under management of $1.0 billion and an increase in non-discretionary assets under management of $3.4 billion. The increase in our discretionary assets under management was driven by market appreciation and net client inflows.
Our increase in assets under management for the year ended December 31, 2024 was attributable to an increase in discretionary assets under management of $1.4 billion and an increase in non-discretionary assets under management of $1.8 billion. The increase in our discretionary assets under management was driven by market appreciation and net client inflows.
Level 1 Level 2 Level 3 Total (in billions) December 31, 2024 AUM $ 24.7 $ 6.1 $ 5.7 $ 36.5 December 31, 2023 AUM $ 23.8 $ 4.8 $ 4.7 $ 33.3 As substantially all our assets under management are valued by independent pricing services based upon observable market prices or inputs, we believe market risk is the most significant risk underlying valuation of our assets under management, as discussed under the heading “Risk Factors” in this annual report.
Level 1 Level 2 Level 3 Total (in billions) December 31, 2025 AUM $ 25.3 $ 5.7 $ 6.0 $ 37.0 December 31, 2024 AUM $ 24.7 $ 6.1 $ 5.7 $ 36.5 As substantially all our assets under management are valued by independent pricing services based upon observable market prices or inputs, we believe market risk is the most significant risk underlying valuation of our assets under management, as discussed under the heading “Risk Factors” in this annual report.
The interests of the limited partners’ collective 32.9% partnership interest in Silvercrest L.P. as of December 31, 2024 are reflected in non-controlling interests in our consolidated financial statements. This Item 7 generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023.
The interests of the limited partners’ collective 34.0% partnership interest in Silvercrest L.P. as of December 31, 2025 are reflected in non-controlling interests in our consolidated financial statements. This Item 7 generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024.
Payments of contingent purchase price consideration totaled $0.1 million and $4.6 million in 2023 and 2022, respectively. During 2023 and 2022, approximately 300 thousand and 476 thousand shares of Class A common stock of Silvercrest Asset Management Group Inc. were purchased at a cost of $5.8 million and $8.8 million, respectively.
Payments of contingent purchase price consideration totaled $0.1 million and $0.1 million in 2024 and 2023, respectively. During 2024 and 2023, approximately 266 thousand and 300 thousand shares of Class A common stock of Silvercrest Asset Management Group Inc. were purchased at a cost of $4.6 million and $5.7 million, respectively.
Assuming a 10% increase or decrease in our average assets under management and the change being proportionately distributed over all our products, the value would increase or decrease by approximately $3.1 billion for the year ended December 31, 2023, which would cause an annualized increase or decrease in revenues of approximately $11.7 million for the year ended December 31, 2023, at a weighted average fee rate for the year ended December 31, 2023 of 0.38%.
Assuming a 10% increase or decrease in our average assets under management and the change being proportionately distributed over all our products, the value would increase or decrease by approximately $3.7 billion for the year ended December 31, 2025, which would cause an annualized increase or decrease in revenues of approximately $12.5 million for the year ended December 31, 2025, at a weighted average fee rate for the year ended December 31, 2025 of 0.34%.
Discretionary Managed Accounts As of and for the Year Ended December 31, (in billions) 2024 2023 2022 AUM concentrated in Discretionary Managed Accounts $ 22.8 $ 21.5 $ 20.5 Average AUM For Discretionary Managed Accounts $ 22.2 $ 21.0 $ 22.6 Discretionary Managed Accounts Revenue (in millions) $ 115.2 $ 108.7 $ 114.3 Percentage of management and advisory fees revenue 97 % 96 % 96 % Private Funds As of and for the Year Ended December 31, (in billions) 2024 2023 2022 AUM concentrated in Private Funds $ 0.5 $ 0.4 $ 0.4 Average AUM For Private Funds $ 0.5 $ 0.4 $ 0.5 Private Funds Revenue (in millions) $ 4.1 $ 4.1 $ 4.4 Percentage of management and advisory fees revenue 3 % 4 % 4 % 41 Our management and advisory fees are primarily driven by the level of our assets under management.
Discretionary Managed Accounts As of and for the Year Ended December 31, (in billions) 2025 2024 2023 AUM concentrated in Discretionary Managed Accounts $ 23.6 $ 22.8 $ 21.5 Average AUM For Discretionary Managed Accounts $ 23.2 $ 22.2 $ 21.0 Discretionary Managed Accounts Revenue (in millions) $ 116.9 $ 115.2 $ 108.7 Percentage of management and advisory fees revenue 97 % 97 % 96 % Private Funds As of and for the Year Ended December 31, (in billions) 2025 2024 2023 AUM concentrated in Private Funds $ 0.4 $ 0.5 $ 0.4 Average AUM For Private Funds $ 0.5 $ 0.5 $ 0.4 Private Funds Revenue (in millions) $ 3.7 $ 4.1 $ 4.1 Percentage of management and advisory fees revenue 3 % 3 % 3 % 40 Our management and advisory fees are primarily driven by the level of our assets under management.
(B) GAAP net income per share is strictly attributable to Class A shareholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B shareholders. (C) Includes 37,109 and 35,554 unvested restricted stock units at December 31, 2024 and 2023, respectively.
(B) GAAP net income per share is strictly attributable to Class A shareholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B shareholders. (C) Includes 46,556 and 37,109 unvested restricted stock units at December 31, 2025 and 2024, respectively.
Interest income increased as a result of higher balances in interest-bearing accounts during the year. 49 Provision for Income Taxes Year Ended December 31, 2024 versus Year Ended December 31, 2023 The provision for income taxes was $4.6 million and $4.3 million for the years ended December 31, 2024 and 2023, respectively.
Interest income increased by $0.5 million as a result of higher balances in interest-bearing accounts during the year. Provision for Income Taxes Year Ended December 31, 2025 versus Year Ended December 31, 2024 The provision for income taxes was $3.0 million and $4.6 million for the years ended December 31, 2025 and 2024, respectively.
Years Ended December 31, (in thousands) 2024 2023 2022 Cash and cash equivalents $ 68,611 $ 70,301 $ 77,432 Accounts receivable $ 12,225 $ 9,526 $ 9,118 Due from Silvercrest Funds $ 945 $ 558 $ 577 We anticipate that distributions to the principals of Silvercrest L.P. will continue to be a material use of our cash resources and will vary in amount and timing based on our operating results and dividend policy.
Years Ended December 31, (in thousands) 2025 2024 2023 Cash and cash equivalents $ 44,069 $ 68,611 $ 70,301 Accounts receivable $ 11,788 $ 12,225 $ 9,526 Due from Silvercrest Funds $ 326 $ 945 $ 558 We anticipate that distributions to the principals of Silvercrest L.P. will continue to be a material use of our cash resources and will vary in amount and timing based on our operating results and dividend policy.
Holders As of March 3, 2025, there were 20 holders of record of our Class A common stock and 59 holders of record of our Class B common stock. A substantially greater number of holders of our Class A common stock are held in “street name” and held of record by banks, brokers and other financial institutions.
Holders As of March 13, 2026, there were 20 holders of record of our Class A common stock and 63 holders of record of our Class B common stock. A substantially greater number of holders of our Class A common stock are held in “street name” and held of record by banks, brokers and other financial institutions.
Year Ended December 31, 2023 versus Year Ended December 31, 2022 For the years ended December 31, 2023 and 2022, investing activities used $3.9 million and $1.0 million, respectively.
Year Ended December 31, 2024 versus Year Ended December 31, 2023 For the years ended December 31, 2024 and 2023, investing activities used $1.7 million and $3.9 million, respectively.
Equity awards under the Equity Incentive Plan may be settled in shares of the Company’s Class A common stock and/or Class B Units of SLP. The outstanding awards included in the table above represent 366,293 non-qualified stock options and 242,188 restricted stock units, all of which were issued under the Equity Incentive Plan.
Equity awards under the Equity Incentive Plan may be settled in shares of the Company’s Class A common stock and/or Class B Units of SLP. The outstanding awards included in the table above represent 875,774 non-qualified stock options and 184,322 restricted stock units, all of which were issued under the Equity Incentive Plan.
In addition to a wide range of investment capabilities, we offer a full suite of complementary and customized family office services for families seeking a comprehensive oversight of their financial affairs. During the twelve months ended December 31, 2024, our assets under management increased 9.6% from $33.3 billion to $36.5 billion.
In addition to a wide range of investment capabilities, we offer a full suite of complementary and customized family office services for families seeking a comprehensive oversight of their financial affairs. During the twelve months ended December 31, 2025, our assets under management increased 1.4% from $36.5 billion to $37.0 billion.
Our provision for income taxes as a percentage of income before provision for income taxes for the year ended December 31, 2024 and 2023 was 22.5% and 22.1%, respectively.
Our provision for income taxes as a percentage of income before provision for income taxes for the year ended December 31, 2025 and 2024 was 27.0% and 22.5%, respectively.
The primary use of cash during 2023 and 2022 was for the acquisition of furniture, equipment and leasehold improvements. 55 Financing Activities Year Ended December 31, 2024 versus Year Ended December 31, 2023 For the years ended December 31, 2024 and 2023, financing activities used $21.5 million and $24.2 million, respectively.
The primary use of cash during 2024 and 2023 was for the acquisition of furniture, equipment and leasehold improvements. 53 Financing Activities Year Ended December 31, 2025 versus Year Ended December 31, 2024 For the years ended December 31, 2025 and 2024, financing activities used $39.5 million and $21.5 million, respectively.
Year Ended December 31, 2024 versus Year Ended December 31, 2023 Our total revenue increased by $6.2 million, or 5.3%, to $123.7 million for year ended December 31, 2024, from $117.4 million for year ended December 31, 2023. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows.
Year Ended December 31, 2025 versus Year Ended December 31, 2024 Our total revenue increased by $1.7 million, or 1.3%, to $125.3 million for year ended December 31, 2025, from $123.7 million for year ended December 31, 2024. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows.
With respect to our discretionary assets under management, equity assets increased by 5.3% during the year ended December 31, 2023 and fixed income assets increased by 4.4% during the same period.
With respect to our discretionary assets under management, equity assets increased by 1.3% during the year ended December 31, 2025 and fixed income assets increased by 1.8% during the same period.
(D) Includes 205,079 and 240,998 unvested restricted stock units and 366,293 and 147,506 non-qualified stock options at December 31, 2024 and 2023, respectively. Liquidity and Capital Resources Historically, the working capital needs of our business have primarily been met through cash generated by our operations.
(D) Includes 137,765 and 205,079 unvested restricted stock units and 875,774 and 366,293 non-qualified stock options at December 31, 2025 and 2024, respectively. Liquidity and Capital Resources Historically, the working capital needs of our business have primarily been met through cash generated by our operations.
Equity income from investments increased by $0.1 million in 2023 as compared with the same period in the prior year as a result of increased performance fee allocations. Interest expense for the year ended December 31, 2023 was flat as compared to the prior year.
Equity income from investments decreased by $0.3 million in 2025 as compared with the same period in the prior year as a result of decreased performance fee allocations. Interest expense for the year ended December 31, 2025 remained flat as compared to the prior year.
Key Performance Indicators When we review our performance, we focus on the indicators described below: For the Year Ended December 31, (in thousands except as indicated) 2024 2023 2022 Revenue $ 123,651 $ 117,410 $ 123,217 Income before other income (expense), net $ 17,627 $ 18,819 $ 38,562 Net income $ 15,709 $ 15,183 $ 30,793 Net income margin 12.7 % 12.9 % 25.0 % Net income attributable to Silvercrest $ 9,535 $ 9,094 $ 18,828 Adjusted EBITDA (1) $ 26,101 $ 26,878 $ 32,021 Adjusted EBITDA margin (2) 21.1 % 22.9 % 26.0 % Assets under management at period end (billions) $ 36.5 $ 33.3 $ 28.9 Average assets under management (billions) (3) $ 34.9 $ 31.1 $ 30.6 40 (1) EBITDA, a non-GAAP measure of earnings, represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
Key Performance Indicators When we review our performance, we focus on the indicators described below: For the Year Ended December 31, (in thousands except as indicated) 2025 2024 2023 Revenue $ 125,319 $ 123,651 $ 117,410 Income before other income (expense), net $ 9,325 $ 17,627 $ 18,819 Net income $ 8,059 $ 15,709 $ 15,183 Net income margin 6.4 % 12.7 % 12.9 % Net income attributable to Silvercrest $ 4,885 $ 9,535 $ 9,094 Adjusted EBITDA (1) $ 19,619 $ 26,101 $ 26,878 Adjusted EBITDA margin (2) 15.7 % 21.1 % 22.9 % Assets under management at period end (billions) $ 37.0 $ 36.5 $ 33.3 Average assets under management (billions) (3) $ 36.8 $ 34.9 $ 31.1 39 (1) EBITDA, a non-GAAP measure of earnings, represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
The following table represents a further breakdown of our assets under management for the years ended December 31, 2024, 2023 and 2022: For the Years Ended December 31, (in billions) 2024 2023 2022 Total AUM as of January 1, $ 33.3 $ 28.9 $ 32.3 Discretionary AUM: Total Discretionary AUM as of January 1, 21.9 20.9 25.1 New client accounts/assets 1.5 0.3 0.5 (1) Closed accounts (0.5 ) (0.2 ) (0.1 ) (2) Net cash (outflow)/inflow (1.7 ) (1.3 ) (1.8 ) (3) Non-discretionary to Discretionary AUM — — — (4) Market appreciation/(depreciation) 2.1 2.2 (2.8 ) Change to Discretionary AUM 1.4 1.0 (4.2 ) Total Discretionary AUM at December 31, 23.3 21.9 20.9 Change to Non-Discretionary AUM 1.8 3.4 0.8 (5) Total AUM as of December 31, $ 36.5 $ 33.3 $ 28.9 (1) Represents new account flows from both new and existing client relationships (2) Represents closed accounts of existing client relationships and those that terminated (3) Represents periodic cash flows related to existing accounts (4) Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM (5) Represents the net change to Non-Discretionary AUM 47 Expenses Our expenses for the years ended December 31, 2024, 2023 and 2022, are set forth below: For the Years Ended December 31, (in thousands) 2024 2023 2024 vs. 2023 ($) 2024 vs. 2023 (%) Compensation and benefits (1) $ 76,663 $ 72,619 $ 4,044 5.6 % General and administrative 29,361 25,972 3,389 13.0 % Total expenses $ 106,024 $ 98,591 $ 7,433 7.5 % For the Years Ended December 31, (in thousands) 2023 2022 2023 vs. 2022 ($) 2023 vs. 2022 (%) Compensation and benefits (1) $ 72,619 $ 71,610 $ 1,009 1.4 % General and administrative 25,972 13,045 12,927 99.1 % Total expenses $ 98,591 $ 84,655 $ 13,936 16.5 % (1) For the years ended December 31, 2024 and 2023, $31,140 and $31,289, respectively, of partner incentive payments was included in compensation and benefits expense.
The following table represents a further breakdown of our assets under management for the years ended December 31, 2025, 2024 and 2023: For the Years Ended December 31, (in billions) 2025 2024 2023 Total AUM as of January 1, $ 36.5 $ 33.3 $ 28.9 Discretionary AUM: Total Discretionary AUM as of January 1, 23.3 21.9 20.9 New client accounts/assets 0.7 1.5 0.3 (1) Closed accounts (0.4 ) (0.5 ) (0.2 ) (2) Net cash (outflow)/inflow (1.5 ) (1.7 ) (1.3 ) (3) Non-discretionary to Discretionary AUM — — — (4) Market appreciation 1.9 2.1 2.2 Change to Discretionary AUM 0.7 1.4 1.0 Total Discretionary AUM at December 31, 24.0 23.3 21.9 Change to Non-Discretionary AUM (0.2 ) 1.8 3.4 (5) Total AUM as of December 31, $ 37.0 $ 36.5 $ 33.3 (1) Represents new account flows from both new and existing client relationships (2) Represents closed accounts of existing client relationships and those that terminated (3) Represents periodic cash flows related to existing accounts (4) Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM (5) Represents the net change to Non-Discretionary AUM 46 Expenses Our expenses for the years ended December 31, 2025, 2024 and 2023, are set forth below: For the Years Ended December 31, (in thousands) 2025 2024 2025 vs. 2024 ($) 2025 vs. 2024 (%) Compensation and benefits (1) $ 83,945 $ 76,663 $ 7,282 9.5 % General and administrative 32,049 29,361 2,688 9.2 % Total expenses $ 115,994 $ 106,024 $ 9,970 9.4 % For the Years Ended December 31, (in thousands) 2024 2023 2024 vs. 2023 ($) 2024 vs. 2023 (%) Compensation and benefits (1) $ 76,663 $ 72,619 $ 4,044 5.6 % General and administrative 29,361 25,972 3,389 13.0 % Total expenses $ 106,024 $ 98,591 $ 7,433 7.5 % (1) For the years ended December 31, 2025 and 2024, $30,889 and $31,140, respectively, of partner incentive payments was included in compensation and benefits expense.
Year Ended December 31, 2023 versus Year Ended December 31, 2022 For the years ended December 31, 2023 and 2022, financing activities used $24.2 million and $30.7 million, respectively. Dividends of $7.0 million and $6.8 million were paid during 2023 and 2022, respectively, to Class A shareholders.
Year Ended December 31, 2024 versus Year Ended December 31, 2023 For the years ended December 31, 2024 and 2023, financing activities used $21.5 million and $24.2 million, respectively. Dividends of $7.4 million and $7.0 million were paid during 2024 and 2023, respectively, to Class A shareholders.
A description of the Equity Incentive Plan is contained in Note 16 to the Company’s audited financial statements for the period ending December 31, 2024, which are contained in this Annual Report.
A description of the Equity Incentive Plan is contained in Note 16 to the Company’s audited financial statements for the period ending December 31, 2025, which are contained in this Annual Report. The following table summarizes equity compensation plan information for the Equity Incentive Plan as of December 31, 2025.
The average value of our assets under management for the year ended December 31, 2023 was approximately $31.1 billion.
The average value of our assets under management for the year ended December 31, 2025 was approximately $36.8 billion.
Compared to the year ended December 31, 2022, there was a decrease of $1.0 billion of client inflows, a decrease of $1.5 billion in client outflows and an increase of $7.3 billion in market appreciation.
Compared to the year ended December 31, 2024, there was a decrease of $0.5 billion of client inflows and an increase of $0.5 billion in client outflows.
The components of our compensation and benefits expenses for the years ended December 31, 2024, 2023 and 2022 are as follows: For the Year Ended December 31, (in thousands) 2024 2023 2022 Cash compensation and benefits (1) $ 74,747 $ 70,992 $ 70,461 Non-cash equity-based compensation expense 1,916 1,627 1,149 Total compensation expense $ 76,663 $ 72,619 $ 71,610 (1) For the years ended December 31, 2024, 2023 and 2022, $31,140, $31,289 and $32,262 of partner incentive payments were included in cash compensation and benefits expense, respectively.
The components of our compensation and benefits expenses for the years ended December 31, 2025, 2024 and 2023 are as follows: For the Year Ended December 31, (in thousands) 2025 2024 2023 Cash compensation and benefits (1) $ 82,119 $ 74,747 $ 70,992 Non-cash equity-based compensation expense 1,826 1,916 1,627 Total compensation expense $ 83,945 $ 76,663 $ 72,619 (1) For the years ended December 31, 2025, 2024 and 2023, $30,889, $31,140 and $31,289 of partner incentive payments were included in cash compensation and benefits expense, respectively.
The following table summarizes equity compensation plan information for the Equity Incentive Plan as of December 31, 2024. 38 Plan Category (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (b) Weighted-average exercise price of outstanding options, warrants and rights (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders 608,481 $ 14.94 822,416 Equity compensation plans not approved by security holders — — — Total 608,481 $ 14.94 822,416 A total of 1,687,500 shares of Class A common stock were initially reserved and available for issuance under the Equity Incentive Plan, and an additional 1,050,000 shares were added when the Equity Incentive Plan was amended in June 2022.
Plan Category (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (b) Weighted-average exercise price of outstanding options, warrants and rights (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders 1,060,096 $ 14.91 1,766,101 Equity compensation plans not approved by security holders — — — Total 1,060,096 $ 14.91 1,766,101 A total of 1,687,500 shares of Class A common stock were initially reserved and available for issuance under the Equity Incentive Plan, and an additional 1,050,000 and 1,500,000 shares were added when the Equity Incentive Plan was amended in June 2022 and 2025, respectively.
The increase in our discretionary assets under management was driven by market appreciation and net client inflows. With respect to our discretionary assets under management, equity assets increased by 7.3% during the year ended December 31, 2024 and fixed income assets increased by 6.2% during the same period.
With respect to our discretionary assets under management, equity assets increased by 7.3% during the year ended December 31, 2024 and fixed income assets increased by 6.2% during the same period.
Year Ended December 31, 2023 versus Year Ended December 31, 2022 Our total revenue decreased by $5.8 million, or 4.7%, to $117.4 million for year ended December 31, 2023, from $123.2 million for year ended December 31, 2022.
Year Ended December 31, 2024 versus Year Ended December 31, 2023 Our total revenue increased by $6.2 million, or 5.3%, to $123.7 million for year ended December 31, 2024, from $117.4 million for year ended December 31, 2023.
Interest income increased by $0.5 million as a result of higher balances in interest-bearing accounts during the year. Year Ended December 31, 2023 versus Year Ended December 31, 2022 Other income (expense), net increased by $0.8 million to $0.7 million for the year ended December 31, 2023 from ($0.2) million for the year ended December 31, 2022.
Interest income decreased by $0.7 million as a result of lower balances in interest-bearing accounts during the year. Year Ended December 31, 2024 versus Year Ended December 31, 2023 Other income (expense), net increased by $1.9 million to $2.6 million for the year ended December 31, 2024 from $0.7 million for the year ended December 31, 2023.
Family office services revenue decreased by $0.3 million, or 6.1%, to $4.3 million for the year ended December 31, 2024 from $4.6 million for the year ended December 31, 2023.
Family office services revenue decreased by $0.3 million, or 6.1%, to $4.3 million for the year ended December 31, 2024 from $4.6 million for the year ended December 31, 2023. There was no performance fee revenue for the years ended December 31, 2025 and 2024.
Adjusted EBITDA Year Ended December 31, 2024 2023 2022 Reconciliation of non-GAAP financial measure: Net income $ 15,709 $ 15,183 $ 30,793 GAAP Provision for income taxes 4,563 4,310 7,606 Delaware Franchise Tax 200 200 200 Interest expense 144 421 416 Interest income (1,432 ) (946 ) (24 ) Depreciation and amortization 4,146 4,014 3,883 Equity-based compensation 1,916 1,627 1,149 Other adjustments (A) 855 2,069 (12,002 ) Adjusted EBITDA $ 26,101 $ 26,878 $ 32,021 Adjusted EBITDA Margin 21.1 % 22.9 % 26.0 % Adjusted Net Income and Adjusted Earnings Per Share Reconciliation of non-GAAP financial measure: Net income $ 15,709 $ 15,183 $ 30,793 GAAP Provision for income taxes 4,563 4,310 7,606 Delaware Franchise Tax 200 200 200 Other adjustments (A) 855 2,069 (12,002 ) Adjusted earnings before provision for income taxes 21,327 21,762 26,597 Adjusted provision for income taxes: Adjusted provision for income taxes (26% assumed tax rate) (5,545 ) (5,658 ) (6,915 ) Adjusted net income $ 15,782 $ 16,104 $ 19,682 GAAP net income per share (B): Basic $ 1.00 $ 0.96 $ 1.92 Diluted $ 1.00 $ 0.96 $ 1.92 Adjusted earnings per share/unit (B): Basic $ 1.15 $ 1.16 $ 1.40 Diluted $ 1.10 $ 1.12 $ 1.35 Shares/units outstanding: Basic Class A shares outstanding 9,376 9,479 9,560 Basic Class B shares/units outstanding 4,373 4,431 4,545 Total basic shares/units outstanding 13,750 13,910 14,105 Diluted Class A shares outstanding (C) 9,413 9,515 9,592 Diluted Class B shares/units outstanding (D) 4,945 4,820 5,011 Total diluted shares/units outstanding 14,358 14,335 14,603 (A) Other adjustments consist of the following: Year Ended December 31, 2024 2023 2022 Acquisition costs (a) $ — $ 5 $ 37 Severance 393 71 13 Other (b) 462 1,993 (12,052 ) Total other adjustments $ 855 $ 2,069 $ (12,002 ) 52 (a) In 2023, represents professional fees of $5 related to the acquisition of Cortina.
Adjusted EBITDA Year Ended December 31, 2025 2024 2023 Reconciliation of non-GAAP financial measure: Net income $ 8,059 $ 15,709 $ 15,183 GAAP Provision for income taxes 2,988 4,563 4,310 Delaware Franchise Tax 200 200 200 Interest expense 141 144 421 Interest income (775 ) (1,432 ) (946 ) Depreciation and amortization 2,421 4,146 4,014 Equity-based compensation 1,826 1,916 1,627 Other adjustments (A) 4,759 855 2,069 Adjusted EBITDA $ 19,619 $ 26,101 $ 26,878 Adjusted EBITDA Margin 15.7 % 21.1 % 22.9 % Adjusted Net Income and Adjusted Earnings Per Share Reconciliation of non-GAAP financial measure: Net income $ 8,059 $ 15,709 $ 15,183 GAAP Provision for income taxes 2,988 4,563 4,310 Delaware Franchise Tax 200 200 200 Other adjustments (A) 4,759 855 2,069 Adjusted earnings before provision for income taxes 16,006 21,327 21,762 Adjusted provision for income taxes: Adjusted provision for income taxes (26% assumed tax rate) (4,162 ) (5,545 ) (5,658 ) Adjusted net income $ 11,844 $ 15,782 $ 16,104 GAAP net income per share (B): Basic $ 0.56 $ 1.00 $ 0.96 Diluted $ 0.56 $ 1.00 $ 0.96 Adjusted earnings per share/unit (B): Basic $ 1.00 $ 1.15 $ 1.16 Diluted $ 0.91 $ 1.10 $ 1.12 Shares/units outstanding: Basic Class A shares outstanding 7,783 9,376 9,479 Basic Class B shares/units outstanding 4,120 4,373 4,431 Total basic shares/units outstanding 11,903 13,750 13,910 Diluted Class A shares outstanding (C) 7,830 9,413 9,515 Diluted Class B shares/units outstanding (D) 5,133 4,945 4,820 Total diluted shares/units outstanding 12,963 14,358 14,335 (A) Other adjustments consist of the following: Year Ended December 31, 2025 2024 2023 Acquisition costs (a) $ — $ — $ 5 Severance 153 393 71 Other (b) 4,606 462 1,993 Total other adjustments $ 4,759 $ 855 $ 2,069 50 (a) In 2023, represents professional fees of $5 related to the acquisition of Cortina.
The increase was primarily attributable to an increase in equity based compensation expense of $0.5 million due to an increase in the number of unvested restricted stock units and unvested non-qualified stock options outstanding and an increase in salaries and benefits expense of $1.3 million primarily as a result of merit-based increases and newly-hired staff, partially offset by a decrease in the accrual for bonuses of $0.8 million.
The increase was primarily attributable to an increase in salaries and benefits expense of $4.2 million primarily as a result of merit-based increases and newly-hired staff and an increase in the accrual for bonuses of $3.2 million, partially offset by a decrease in equity based compensation expense of $0.1 million.
Years Ended December 31, (in thousands) 2024 2023 2022 Net cash provided by operating activities $ 21,590 $ 20,975 $ 23,383 Net cash used in investing activities (1,700 ) (3,878 ) (956 ) Net cash used in financing activities (21,549 ) (24,216 ) (30,739 ) Net change in cash $ (1,659 ) $ (7,119 ) $ (8,312 ) Operating Activities Year Ended December 31, 2024 versus Year Ended December 31, 2023 Operating activities provided $21.6 million and $21.0 million for the years ended December 31, 2024 and 2023, respectively.
Years Ended December 31, (in thousands) 2025 2024 2023 Net cash provided by operating activities $ 18,607 $ 21,590 $ 20,975 Net cash used in investing activities (3,632 ) (1,700 ) (3,878 ) Net cash used in financing activities (39,493 ) (21,549 ) (24,216 ) Net change in cash $ (24,518 ) $ (1,659 ) $ (7,119 ) Operating Activities Year Ended December 31, 2025 versus Year Ended December 31, 2024 Operating activities provided $18.6 million and $21.6 million for the years ended December 31, 2025 and 2024, respectively.
These increases were partially offset by a changes in deferred tax expense of $0.2 million, accounts receivable of $2.7 million, the TRA liability of $0.1 million, non-cash lease expense of $0.5 million, accounts payable and accrued expenses of $0.1 million, operating lease liabilities of $0.7 million and an increase in equity income from investments of $1.1 million Year Ended December 31, 2023 versus Year Ended December 31, 2022 Operating activities provided $21.0 million and $23.4 million for the years ended December 31, 2023 and 2022, respectively.
These increases were partially offset by changes in deferred tax expense of $0.2 million, accounts receivable of $2.7 million, the TRA liability of $0.1 million, non-cash lease expense of $0.5 million, accounts payable and accrued expenses of $0.1 million, operating lease liabilities of $0.7 million and an increase in equity income from investments of $1.1 million.
The program has no scheduled expiration date, may be amended, suspended, or discontinued at any time and does not commit the Company to repurchase any shares of Class A common stock. As of December 31, 2024, the Company had purchased 265,824 shares of Class A common stock pursuant to the 2024 Repurchase Program for an aggregate price of approximately $4,625.
The program may be amended, suspended, or discontinued at any time and does not commit the Company to repurchase any shares of Class A common stock. As of December 31, 2025, the Company had purchased 1,537,778 shares of Class A common stock pursuant to the 2025 Repurchase Program for an aggregate price of approximately $23,127.
Future payments to current principals of Silvercrest L.P. and future holders of Class B units in respect of subsequent exchanges would be in addition to these amounts and are expected to be substantial.
Future payments to current principals of Silvercrest L.P. and future holders of Class B units in respect of subsequent exchanges would be in addition to these amounts and are expected to be substantial. We intend to fund required payments pursuant to the tax receivable agreement from the distributions received from Silvercrest L.P.
Our market appreciation during the year ended December 31, 2023 constituted a 11.4% rate of increase in our total assets under management compared to December 31, 2022, as compared to our market depreciation during the year ended December 31, 2022 which constituted a 12.1% rate of decrease in our total assets under management compared to December 31, 2021.
Our market appreciation during the year ended December 31, 2025 constituted a 5.7% rate of increase in our total assets under management compared to December 31, 2024, as compared to our market appreciation during the year ended December 31, 2024 which constituted a 10.4% rate of increase in our total assets under management compared to December 31, 2023.
Dividends of $7.4 million and $7.0 million were paid during 2024 and 2023, respectively, to Class A shareholders. Payments received from partners on notes receivable was $0.1 million and $0.1 million during 2024 and 2023, respectively. Distributions to partners of Silvercrest L.P. of $6.7 million and $7.8 million were paid during 2024 and 2023, respectively.
Dividends of $7.1 million and $7.4 million were paid during 2025 and 2024, respectively, to Class A shareholders. Payments received from partners on notes receivable was $0.1 million and $0.1 million during 2025 and 2024, respectively. Payments received from partners upon issuance of Class B shares was $0.1 million during 2025.
Other Income (Expense), Net For the Years Ended December 31, (in thousands) 2024 2023 2024 vs. 2023 ($) 2024 vs. 2023 (%) Other income (expense), net $ 203 $ 76 $ 127 167.1 % Interest income 1,432 946 486 51.4 % Interest expense (144 ) (421 ) 277 -65.8 % Equity income from investments 1,154 73 1,081 NM Total other income (expense), net $ 2,645 $ 674 $ 1,971 292.4 % For the Years Ended December 31, (in thousands) 2023 2022 2023 vs. 2022 ($) 2023 vs. 2022 (%) Other income (expense), net $ 76 $ 260 $ (184 ) -70.8 % Interest income 946 24 922 NM Interest expense (421 ) (416 ) (5 ) 1.2 % Equity income from investments 73 (31 ) 104 NM Total other income (expense), net $ 674 $ (163 ) $ 837 NM NM = Not Meaningful Year Ended December 31, 2024 versus Year Ended December 31, 2023 Other income (expense), net increased by $1.9 million to $2.6 million for the year ended December 31, 2024 from $0.7 million for the year ended December 31, 2023.
Other Income (Expense), Net For the Years Ended December 31, (in thousands) 2025 2024 2025 vs. 2024 ($) 2025 vs. 2024 (%) Other income (expense), net $ 222 $ 203 $ 19 9.4 % Interest income 775 1,432 (657 ) -45.9 % Interest expense (141 ) (144 ) 3 -2.1 % Equity income from investments 866 1,154 (288 ) -25.0 % Total other income (expense), net $ 1,722 $ 2,645 $ (923 ) -34.9 % For the Years Ended December 31, (in thousands) 2024 2023 2024 vs. 2023 ($) 2024 vs. 2023 (%) Other income (expense), net $ 203 $ 76 $ 127 167.1 % Interest income 1,432 946 486 51.4 % Interest expense (144 ) (421 ) 277 -65.8 % Equity income from investments 1,154 73 1,081 NM Total other income (expense), net $ 2,645 $ 674 $ 1,971 292.4 % NM = Not Meaningful Year Ended December 31, 2025 versus Year Ended December 31, 2024 Other income (expense), net decreased by $0.9 million to $1.7 million for the year ended December 31, 2025 from $2.6 million for the year ended December 31, 2024.
In 2022, represents insurance costs of $22 and professional fees of $15 related to the acquisition of Cortina. (b) In 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 (see Note 2.
In 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 (see Note 2.
Most of our revenue for the years ended December 31, 2024, 2023 and 2022 was derived from advisory fees, which are typically based on the market value of assets under management. Accordingly, a decline in the prices of securities would cause our revenue and income to decline due to a decrease in the value of the assets we manage.
Most of our revenue for the years ended December 31, 2025, 2024 and 2023 was derived from advisory fees, which are typically based on the market value of assets under management.
Financing activities consist primarily of contributions from partners, distributions to partners, the issuance and payments on partner notes, other financings, and earnout payments related to business acquisitions.
Investing activities consist primarily of acquiring and selling property and equipment, distributions received from investments in investment funds, and cash paid as part of business acquisitions. Financing activities consist primarily of contributions from partners, distributions to partners, the issuance and payments on partner notes, other financings, and earnout payments related to business acquisitions.
The actual increase in tax basis, as well as the amount and timing of any payments under the tax receivable agreement, will vary depending upon a number of factors, including the timing of exchanges, the price of shares of our Class A common stock at the time of the exchange, the extent to which such exchanges are taxable, the amount and timing of our income and the tax rates then applicable.
For purposes of the tax receivable agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase in our share of the tax basis of the tangible and intangible assets of Silvercrest L.P. 52 The actual increase in tax basis, as well as the amount and timing of any payments under the tax receivable agreement, will vary depending upon a number of factors, including the timing of exchanges, the price of shares of our Class A common stock at the time of the exchange, the extent to which such exchanges are taxable, the amount and timing of our income and the tax rates then applicable.
This increase was attributable to an increase in general and administrative expenses of $12.9 million and an increase in compensation and benefits expense of $1.0 million. Compensation and benefits expense increased by $1.0 million, or 1.4%, to $72.6 million for the year ended December 31, 2023 from $71.6 million for the year ended December 31, 2022.
This increase was attributable to an increase in compensation and benefits expense of $7.3 million and an increase in general and administrative expenses of $2.7 million. Compensation and benefits expense increased by $7.3 million, or 9.5%, to $83.9 million for the year ended December 31, 2025 from $76.7 million for the year ended December 31, 2024.
During 2024 and 2023, approximately 266 thousand and 300 thousand shares of Class A common stock of Silvercrest Asset Management Group Inc. were purchased at a cost of $4.6 million and $5.7 million, respectively.
Payments of contingent purchase price consideration totaled $0 and $0.1 million in 2025 and 2024, respectively. During 2025 and 2024, approximately 1,982,000 and 266,000 shares of Class A common stock of Silvercrest Asset Management Group Inc. were purchased at a cost of $30.5 million and $4.6 million, respectively.
General and administrative expenses increased by $12.9 million, or 99.1%, to $26.0 million for the year ended December 31, 2023 from $13.0 million for the year ended December 31, 2022.
General and administrative expenses increased by $2.7 million, or 9.2%, to $32.1 million for the year ended December 31, 2025 from $29.4 million for the year ended December 31, 2024.
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plan or Program October 1 - October 31, 2024 50,400 $ 17.24 50,400 $ 9,781,068 November 1 - November 30, 2024 61,064 $ 17.93 61,064 $ 8,683,024 December 1 - December 31, 2024 71,683 $ 18.23 71,683 $ 7,375,072 Total 183,147 $ 17.77 183,147 (1) On August 16, 2024, the Company announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $12,000,000 of the Company’s outstanding Class A common stock (the “2024 Repurchase Program”).
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plan or Program October 1 - October 31, 2025 145,808 $ 14.96 145,808 $ 6,730,869 November 1 - November 30, 2025 133,600 $ 13.86 133,600 $ 4,873,838 December 1 - December 31, 2025 198,500 $ 15.02 198,500 $ 1,872,903 Total 477,908 $ 14.65 477,908 (1) On August 16, 2024, the Company announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $12,000,000 of the Company’s outstanding Class A common stock (the “2024 Repurchase Program”).
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