Silvercrest Asset Management Group (SAMG) Q1 2025 earnings summary

Executive summary

• Achieved $0.4 billion in new client organic flows in Q1 2025, following $1.4 billion in Q4 2024, totaling $1.8 billion over two quarters.

• Total AUM declined sequentially to $35.3 billion as of March 31, 2025, primarily due to market volatility, but was up 2.3% year-over-year.

• Discretionary AUM at $22.7 billion, flat year over year; non-discretionary AUM at $12.6 billion, up 6.8% year-over-year.

• Strong new business pipeline and ongoing investments in talent, business development, and global expansion.

• Completed a $12 million stock repurchase and declared a $0.20 per share quarterly dividend.

Financial highlights

• Q1 2025 revenue was $31.4 million, up 3.7% year over year, driven by market appreciation.

• Net income attributable to Silvercrest was $2.5 million, down from $3.0 million year-over-year, reflecting higher expenses.

• Adjusted EBITDA was $6.5 million (20.7% margin), down from $7.5 million (24.6%) year-over-year.

• Adjusted net income was $3.9 million; adjusted EPS was $0.29 basic and $0.27 diluted.

• Compensation expenses rose 6.9% year over year; general/admin expenses up 14.6%.

Outlook and guidance

• Expect continued market volatility to affect short-term results and revenue.

• Optimistic about medium- to long-term growth, especially in global value and international strategies.

• Anticipate increasing margins year over year as markets stabilize and investments mature, with progress expected through 2026.

• Management expects cash and liquidity needs for the next twelve months to be met primarily through operating cash flows.

• Distributions to limited partners and quarterly dividends to Class A shareholders are expected to continue, subject to operating results and liquidity.