Silvercrest Asset Management Group reported third‑quarter 2025 results with revenue of $31.3 million, a 2.9% year‑over‑year increase, and GAAP consolidated net income of $1.1 million. Adjusted EBITDA reached $4.5 million, giving a margin of 14.5% versus 20.9% in the same quarter last year. Total assets under management climbed to $37.6 billion, up 7.1% year‑over‑year, while discretionary AUM rose to $24.3 billion, an 8% increase from $23.7 billion in Q2 2025. The discretionary AUM growth was driven by $0.2 billion in net client inflows and $2.3 billion of market appreciation, partially offset by $0.2 billion in outflows.
Total expenses increased to $30.0 million, a 15.4% rise year‑over‑year. The increase was largely driven by a 16.8% rise in compensation and benefits and an 11.9% rise in general and administrative costs. Management cited merit‑based increases, new hires, bonus accruals, professional fees, occupancy costs—including new office space in Singapore—and recruiting expenses as the primary contributors to the expense growth, which compressed the adjusted EBITDA margin relative to the prior year.
Strategic investments in intellectual capital and headcount have led to lower earnings and adjusted EBITDA in the near term. Management noted that these investments are intended to support long‑term growth and that the company will continue to adjust its compensation ratio as long as compelling opportunities exist. The company’s Q3 2025 results missed analyst expectations for both earnings per share and revenue; the adjusted EPS of $0.19 fell short of the projected $0.28, and revenue of $31.3 million was below the expected $32.25 million.
AUM growth was supported by strong performance of international equity strategies and the launch of a new Global Value Equity strategy. The firm also expanded marketing initiatives in Europe, Oceania, and Asia and increased U.S.‑based personnel. Management plans to adjust its reporting of non‑discretionary AUM in 2026 to provide a clearer picture of the business, as non‑discretionary assets currently represent a significant portion of total AUM but follow a different revenue model.
Capital allocation continued with $16 million of a $25 million buyback program repurchased and a quarterly dividend of $0.21 per share. Management reiterated its expectation that discretionary AUM will exceed all‑time highs in the coming quarters as strategic growth investments mature.
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