Silvercrest Asset Management Group (SAMG) Q2 2025 earnings summary

Executive summary

• Total AUM reached a record $36.7 billion as of June 30, 2025, up 9.9% year-over-year and 4.0% sequentially, driven by market appreciation and organic new client accounts, despite net outflows.

• Discretionary AUM increased by $1 billion in Q2 2025 to $23.7 billion, a 4.4% sequential and 9.7% year-over-year rise.

• Organic new client flows totaled $80 million in Q2 and $500 million in the first half, with $2 billion added over the past four quarters.

• Strategic investments in talent and business development are ongoing, supporting long-term growth and a robust new business pipeline.

• Equity strategies delivered strong performance, with several composites outperforming benchmarks over multiple periods.

Financial highlights

• Q2 2025 revenue was $30.7 million, down 1% year-over-year due to a lower average management fee rate.

• Q2 net income was $3.1 million (10.3% margin), down 28% year-over-year; adjusted EBITDA was $5.7 million (18.7% margin).

• Adjusted net income for Q2 was $3.3 million ($0.26 per basic share); basic GAAP EPS was $0.21.

• For the first half, revenue rose 1.3% year-over-year to $62.2 million; adjusted EBITDA was $12.2 million (19.7% margin).

• First half net income attributable to Class A shareholders was $4.4 million ($0.47 per share); adjusted net income was $7.2 million ($0.57 per basic share).

Outlook and guidance

• Management is optimistic for significant organic flows in 2025 and 2026 as strategic investments mature.

• Robust new business pipeline, with a six-month actionable pipeline of $200 million, double the prior quarter.

• AUM growth is expected to support future revenue, given quarterly advance billing.

• Distributions to limited partners and quarterly dividends to Class A shareholders will remain a material use of cash.