Silvercrest Asset Management Group (SAMG) Q2 2026 earnings summary

Executive summary

• Discretionary AUM rose 6.9% sequentially to $24.7 billion at June 30, 2026, and 4.2% year-over-year, driven by market appreciation despite net client outflows, mainly seasonal and institutional.

• Total AUM increased 3.6% sequentially and 0.8% year-over-year to $37.0 billion, with organic new client account flows of $111 million, up from $81 million in Q1.

• Institutional pipeline and global/international equity strategies remain robust, highlighted by a new AUD 500 million ($350 million) investment in the Global Value strategy.

• Strategic build-out in global infrastructure and distribution is nearing completion, with MiFID licensing in Ireland expected by Q3 end and new hires in Dublin.

• Net income for Q2 2026 was $0.5 million, down from $3.1 million in Q2 2025, reflecting higher expenses and lower profitability.

Financial highlights

• Q2 2026 revenue was $30.8 million, up 0.4% year-over-year, with six-month revenue at $62.2 million, up 0.2% year-over-year.

• Adjusted EBITDA for Q2 2026 was $3.4 million (11.2% margin), down from $5.7 million (18.7%) in Q2 2025.

• Adjusted net income for Q2 2026 was $1.2 million ($0.10 per share); basic and diluted EPS was $0.02.

• Compensation and benefits expense for Q2 2026 was $20.5 million (66.6% of revenue), reflecting ongoing investment in talent.

• Cash and cash equivalents were $20.7 million at June 30, 2026, down from $44.1 million at year-end 2025; borrowings totaled $9.5 million.

Outlook and guidance

• Discretionary AUM at an all-time high entering Q3, positioning for higher future revenue.

• MiFID license in Ireland expected by end of Q3 2026, with European and Australian distribution infrastructure nearing completion.

• Administrative and legal costs related to global expansion expected to decline as licensing completes, with some recurring statutory expenses remaining.

• Institutional and consultant-driven pipeline is strong, with potential opportunities in the multiple billions.

• Compensation ratio expected to remain elevated as investment in talent and infrastructure continues.