Silvercrest Asset Management Group Inc. is a financial services organization primarily focused on wealth management. This firm delivers financial advisory services and ...
Silvercrest Asset Management Group Inc. (SAMG) is a publicly traded independent registered investment adviser founded in April 2002, with offices in New York, Boston, Virginia, and New Jersey. The firm specializes in wealth management and family office services, catering primarily to ultra-high-net-worth individuals, families, trusts, endowments, and foundations. Beyond advisory, ...Silvercrest Asset Management Group Inc. (SAMG) is a publicly traded independent registered investment adviser founded in April 2002, with offices in New York, Boston, Virginia, and New Jersey. The firm specializes in wealth management and family office services, catering primarily to ultra-high-net-worth individuals, families, trusts, endowments, and foundations. Beyond advisory, Silvercrest manages multi-manager investment funds and other investment vehicles. As of mid-2026, the company reported approximately $24.7 billion in discretionary assets under management. The firm is employee-owned, fostering a culture of long-term client relationships. With a team of around 171 employees, Silvercrest maintains a boutique approach, emphasizing personalized service. Key leadership includes Chairman and CEO Richard R. Hough III, who joined in 2003 and became a partner in 2006. Financially, the company has shown resilience with a market cap of approximately $77 million, a price-to-sales ratio of 0.61, and a dividend yield of 8.4%. The company's operational efficiency is reflected in a gross profit margin of 45.9% and a net margin of 0.7%, though profitability has been modest recently. Silvercrest's strategic focus remains on delivering high-quality investment advice and comprehensive family office solutions, positioning itself as a trusted partner for wealthy families and institutions. The company continues to expand its services while maintaining a strong commitment to employee ownership and client satisfaction.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$125.3M
+1.3%
-2.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$4.9M
-48.8%
-28.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+33.0%
-13.1%
-65.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+7.4%
-47.8%
-17.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+3.9%
-49.4%
-26.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$15.0M
-24.7%
+142.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+11.9%
-25.7%
+143.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
47.7%
+70.8%
-1.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
13.97x
-66.6%
+126.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, and welcome to the Silvercrest Asset Management Group Q2 2026 Earnings Conference Call. Please note this event is being recorded. Before we begin, let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements. They are based on current expectations and projections, which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from the statements that are made. Those factors are disclosed in our filings with the SEC under the caption, Risk Factors. For all such forward-looking statements, we claim the protections provided by the Litigation Reform Act of 1995. All forward-looking statements made on this call are made as of the date hereof, and Silvercrest assumes no obligation to update them. I would now like to turn the conference over to Rick Hough, Chairman and CEO of Silvercrest. Please go ahead.
Richard Hough: Good morning, and thanks for joining us for the second quarter of 2026 earnings call. Silvercrest made strategic progress during the second quarter, and the plan we described over the past 2 years is proceeding as we designed. Discretionary assets under management, which primarily drives the firm's revenue, increased 6.9% during the second quarter to $24.7 billion at June 30, 2026, and from $23.1 billion at March 31, 2026, driven by market appreciation, partially offset by net client outflows. Outflows during the quarter were primarily attributable to seasonal high net worth client withdrawals for tax payments, consistent with prior second quarters as well as institutional outflows. Over $200 million of those outflows will have no revenue effect at the firm. Year-over-year, discretionary AUM grew 4.2% from $23.7 billion. Total AUM increased 3.6% during the quarter to $37.0 billion. Excuse me, one moment. I've got a catch in my throat. Excuse me. Thank you. Organic new client account flows were $111 million for the second quarter, up from $81 million in the first quarter and $80 million in the prior year period. As discussed in prior quarters, nondiscretionary AUM are associated with a small portion of revenue. We will adjust how the firm reports nondiscretionary AUM next quarter, likely eliminating the nondiscretionary category. The adjustment will substantially lower reported nondiscretionary and total AUM on a onetime basis without any revenue effect. We seek to provide investors with a clearer picture of the discretionary AUM and economics that drive our business. While revenue was flat year-over-year, reflecting average AUM levels weighed down by first quarter outflows, we entered the third quarter with discretionary AUM meaningfully higher than the level that drove second quarter billing. In fact, our discretionary AUM is now at an all-time high for the firm. Our institutional pipeline has grown substantially and remains robust, particularly in our Global and International …