Silvercrest Asset Management Group Inc. (SAMG) Q2 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 01 2025
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Should l Buy SAMG?
Source: SeekingAlpha
Discretionary Assets Under Management (AUM) $23.7 billion, a 4.4% sequential quarterly increase and a 9.7% year-over-year increase, primarily due to strong markets.
Total Assets Under Management (AUM) $36.7 billion, a new high for the firm.
Revenue for Q2 2025 $30.7 million, a decrease of $0.3 million or 1% year-over-year, primarily driven by a decrease in the average annual management fee rate due to the mix in AUM.
Consolidated Net Income for Q2 2025 $3.1 million.
Expenses for Q2 2025 Increased by $0.9 million or 3.7% year-over-year, primarily driven by increased compensation and benefits expense and G&A expenses.
Compensation and Benefits Expense for Q2 2025 Increased by $0.3 million or 1.7% year-over-year, primarily due to increases in salaries and benefits expenses as a result of merit-based increases and new hires, partially offset by decreases in the accrual for bonuses and equity-based compensation.
G&A Expenses for Q2 2025 Increased by $0.6 million or approximately 8.8% year-over-year, primarily due to increases in professional fees, occupancy and related expenses, marketing and advertising, shareholder expenses, and travel and entertainment expenses.
Net Income Attributable to Class A Shareholders for Q2 2025 Approximately $1.9 million or $0.21 per basic and diluted Class A share.
Adjusted EBITDA for Q2 2025 Approximately $5.7 million or 18.7% of revenue.
Adjusted Net Income for Q2 2025 Approximately $3.3 million or $0.26 and $0.25 per adjusted basic and diluted earnings per share, respectively.
Revenue for First Half of 2025 Increased by $0.8 million or 1.3% year-over-year, primarily driven by market appreciation and partially offset by net client outflows.
Expenses for First Half of 2025 Increased by $3.1 million or 6.3% year-over-year, primarily driven by increased compensation and benefits expense and G&A expenses.
Compensation and Benefits Expense for First Half of 2025 Increased by $1.5 million or 4.2% year-over-year, primarily due to increases in salaries and benefits expense as a result of merit-based increases and new hires, partially offset by decreases in the accrual for bonuses and severance expense.
G&A Expenses for First Half of 2025 Increased by $1.6 million or approximately 11.6% year-over-year, primarily due to increases in professional fees, occupancy and related expenses, shareholder costs, marketing costs, and portfolio and systems expense.
Net Income Attributable to Class A Shareholders for First Half of 2025 Approximately $4.4 million or $0.47 per basic and diluted Class A share.
Adjusted EBITDA for First Half of 2025 Approximately $12.2 million or 19.7% of revenue.
Adjusted Net Income for First Half of 2025 Approximately $7.2 million or $0.57 and $0.54 per adjusted basic and diluted EPS, respectively.
Total Assets as of June 30, 2025 Approximately $152.7 million compared to $194.4 million as of the end of last year.
Cash and Cash Equivalents as of June 30, 2025 Approximately $30 million compared to $68.6 million at the end of last year.
Class A Stockholders' Equity as of June 30, 2025 Approximately $64.6 million.
Class A Shares Repurchased During Q2 2025 Totaling approximately $15.3 million.
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Analyst Views on SAMG
About SAMG
Silvercrest Asset Management Group Inc. is a full-service wealth management company. The Company operates through the investment management industry segment. The Company is focused on providing financial advisory and related family office services to ultra-high-net worth individuals and institutional investors. In addition to a range of investment capabilities, it offers a full suite of complementary and customized family office services for families seeking comprehensive oversight of their financial affairs. Its clients engage them to advise them on traditional investment strategies focused on equities, fixed income and cash as well as non-traditional investment strategies, including hedge funds, private equity funds, real estate and commodities. It also provides its clients with family office services and related administrative services, which include financial planning, tax planning and preparation, partnership accounting and fund administration, and consolidated wealth reporting.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Impact of Position Change: Previously accounting for 4.9% of the fund's AUM, this complete exit not only affects Perritt's portfolio diversification but may also negatively impact future returns, particularly in the international dividend growth sector.
- ETF Performance Overview: As of February 17, 2026, VIGI's share price was $85.61, reflecting a 4.91% increase over the past year, indicating its stability and attractiveness in the international market, although Perritt's exit may affect market confidence.
- Investor Strategy Adjustment: VIGI focuses on international companies with stable earnings and disciplined capital allocation, offering lower current yields but potentially stable long-term returns, and Perritt's exit may prompt other investors to reassess their holding strategies.
See More
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- Position Change: Perritt Capital Management disclosed in a SEC filing dated February 17, 2026, that it has fully sold 116,495 shares of Vanguard International Dividend Appreciation ETF (VIGI), resulting in a $10.43 million decrease in position value and reducing its stake from 4.9% to 0% of fund AUM.
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See More
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- International Expansion Plans: Silvercrest has established teams in London and Australia, with expectations of seeing flows from international strategies in 2026, although the timing of regulatory approvals remains uncertain, which will provide crucial support for the company's future growth.
See More
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- Client Acquisition Success: The company added $688.3 million in organic new client accounts in 2025, indicating strong market receptivity to its investment capabilities and enhancing future revenue potential.
- Financial Challenges: Silvercrest reported a net loss of $0.1 million in Q4 2025, highlighting profitability pressures driven by high compensation and administrative expenses, despite total revenue of $32 million.
- Capital Management Strategy: The company completed a share repurchase program worth approximately $50.4 million in 2025, demonstrating strong capital management and commitment to shareholder returns, even as cash and cash equivalents decreased from $68.6 million to $44.1 million, indicating reduced liquidity.
See More
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- AUM Decline: The firm's discretionary assets under management (AUM) decreased by 1.2% in Q4, from $24.3 billion to $24.0 billion, directly impacting revenue and reflecting challenges in the market environment.
- Client Account Growth: Silvercrest added $124.5 million in organic new client accounts during Q4, bringing the total for 2025 to $688.3 million, showcasing the firm's success in attracting new clients and enhancing future revenue potential.
- Adjusted EBITDA Decline: As of December 31, 2025, adjusted EBITDA was $2.9 million, or 8.9% of revenue, down from $5.1 million and 15.9% in the same period last year, indicating pressure on profitability.
See More
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- New Fund Launch: The company launches the Silvercrest Global Value Opportunity Fund, designed for wholesale clients, investing across the value spectrum from relative to deep value, with the goal of achieving long-term capital appreciation and outperforming the MSCI All Country World Index benchmark.
- Executive Background: Christina Manonian brings over 23 years of experience in the investment management industry, having served as Managing Director of APAC Consultant Relations at AllianceBernstein, where she developed strong relationships with institutional clients and consultants, providing robust support for Silvercrest's expansion in the Asia-Pacific market.
- Strategic Collaboration: Christina will partner with Nitish Sharma, Head of International Consultant Relations and Business Development, to drive the firm's growth in institutional markets beyond North America, further enhancing Silvercrest's investment capabilities and market coverage.
See More
