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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-35733

 

Silvercrest Asset Management Group Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

45-5146560

(State or Other Jurisdiction

of Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

1330 Avenue of the Americas, 38th Floor

New York, New York 10019

(Address of Principal Executive Offices and Zip Code)

(212) 649-0600

(Registrant’s Telephone Number, Including Area Code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, $0.01 par value per share

 

SAMG

 

The Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, as of July 29, 2024 was 9,547,396 and 4,443,159, respectively.

 

 

 


 

 

Part I

 

Financial Information

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

 

 

Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023

1

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023

2

 

Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2024 and 2023

3

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023

5

 

Notes to Condensed Consolidated Financial Statements as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

6

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

48

Part II

Other Information

 

Item 1.

 

Legal Proceedings

 

48

Item 1A.

 

Risk Factors

 

48

Item 2.

 

Unregistered Sale of Equity Securities and Use of Proceeds

 

49

Item 3.

 

Defaults of Senior Securities

 

49

Item 4.

 

Mine Safety Disclosures

 

49

Item 5.

 

Other Information

 

49

Item 6.

Exhibits

49

 

 


 

Except where the context requires otherwise and as otherwise set forth herein, in this report, references to the “Company”, “we”, “us” or “our” refer to Silvercrest Asset Management Group Inc. (“Silvercrest”) and its consolidated subsidiary, Silvercrest L.P., the managing member of our operating subsidiary (“Silvercrest L.P.” or “SLP”). SLP is a limited partnership whose existing limited partners are referred to in this report as “principals”.

Forward-Looking Statements

This report contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include but are not limited to: incurrence of net losses, fluctuations in quarterly and annual results, adverse economic or market conditions, our expectations with respect to future levels of assets under management, inflows and outflows, our ability to retain clients, our ability to maintain our fee structure, our particular choices with regard to investment strategies employed, our ability to hire and retain qualified investment professionals, the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation, failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct, our expected tax rate, and our expectations with respect to deferred tax assets, adverse economic or market conditions, including the continued adverse effects of the coronavirus pandemic, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Silvercrest brand and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023 which is accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

 

 

 

 


 

Part I – Financial Information

 

Item 1. Financial Statements

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Financial Condition

(Unaudited)

(In thousands, except share and par value data)

 

 

June 30,
2024

 

 

December 31,
2023

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

49,947

 

 

$

70,301

 

Investments

 

 

219

 

 

 

219

 

Receivables, net

 

 

11,466

 

 

 

9,526

 

Due from Silvercrest Funds

 

 

852

 

 

 

558

 

Furniture, equipment and leasehold improvements, net

 

 

7,511

 

 

 

7,422

 

Goodwill

 

 

63,675

 

 

 

63,675

 

Operating lease assets

 

 

17,369

 

 

 

19,612

 

Finance lease assets

 

 

265

 

 

 

330

 

Intangible assets, net

 

 

17,788

 

 

 

18,933

 

Deferred tax asset—tax receivable agreement

 

 

4,488

 

 

 

5,034

 

Prepaid expenses and other assets

 

 

4,005

 

 

 

3,964

 

Total assets

 

$

177,585

 

 

$

199,574

 

Liabilities and Equity

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,434

 

 

$

1,990

 

Accrued compensation

 

 

18,212

 

 

 

37,371

 

Borrowings under credit facility

 

 

 

 

 

2,719

 

Operating lease liabilities

 

 

23,886

 

 

 

26,277

 

Finance lease liabilities

 

 

273

 

 

 

336

 

Deferred tax and other liabilities

 

 

9,275

 

 

 

9,071

 

Total liabilities

 

 

54,080

 

 

 

77,764

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and
   outstanding, as of June 30, 2024 and December 31, 2023

 

 

 

 

 

 

Class A common stock, par value $0.01, 50,000,000 shares authorized; 10,355,851 and
   
9,547,396 shares issued and outstanding as of June 30, 2024, respectively;
   
10,287,452 and 9,478,997 shares issued and outstanding as of and December 31, 2023,
   respectively

 

 

103

 

 

 

103

 

Class B common stock, par value $0.01, 25,000,000 shares authorized; 4,443,159 and
   
4,431,105 issued and outstanding, as of June 30, 2024 and December 31, 2023,
   respectively

 

 

43

 

 

 

43

 

Additional Paid-In Capital

 

 

56,375

 

 

 

55,809

 

Treasury Stock, at cost, 808,455 shares as of June 30, 2024 and
   December 31, 2023

 

 

(15,057

)

 

 

(15,057

)

Accumulated other comprehensive income (loss)

 

 

(28

)

 

 

(12

)

Retained earnings

 

 

43,888

 

 

 

41,851

 

Total Silvercrest Asset Management Group Inc.’s equity

 

 

85,324

 

 

 

82,737

 

Non-controlling interests

 

 

38,181

 

 

 

39,073

 

Total equity

 

 

123,505

 

 

 

121,810

 

Total liabilities and equity

 

$

177,585

 

 

$

199,574

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

1


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Management and advisory fees

 

$

29,900

 

 

$

28,652

 

 

$

59,065

 

 

$

57,020

 

Family office services

 

 

1,093

 

 

 

1,082

 

 

 

2,200

 

 

 

2,144

 

Total revenue

 

 

30,993

 

 

 

29,734

 

 

 

61,265

 

 

 

59,164

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

18,493

 

 

 

16,756

 

 

 

36,162

 

 

 

33,254

 

General and administrative

 

 

7,191

 

 

 

6,460

 

 

 

13,890

 

 

 

12,641

 

Total expenses

 

 

25,684

 

 

 

23,216

 

 

 

50,052

 

 

 

45,895

 

Income before other (expense) income, net

 

 

5,309

 

 

 

6,518

 

 

 

11,213

 

 

 

13,269

 

Other (expense) income, net

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income, net

 

 

7

 

 

 

23

 

 

 

15

 

 

 

68

 

Interest income

 

 

289

 

 

 

26

 

 

 

636

 

 

 

45

 

Interest expense

 

 

(29

)

 

 

(112

)

 

 

(80

)

 

 

(228

)

Total other (expense) income, net

 

 

267

 

 

 

(63

)

 

 

571

 

 

 

(115

)

Income before provision for income taxes

 

 

5,576

 

 

 

6,455

 

 

 

11,784

 

 

 

13,154

 

Provision for income taxes

 

 

1,196

 

 

 

1,320

 

 

 

2,489

 

 

 

2,709

 

Net income

 

 

4,380

 

 

 

5,135

 

 

 

9,295

 

 

 

10,445

 

Less: net income attributable to non-controlling interests

 

 

(1,715

)

 

 

(2,050

)

 

 

(3,630

)

 

 

(4,156

)

Net income attributable to Silvercrest

 

$

2,665

 

 

$

3,085

 

 

$

5,665

 

 

$

6,289

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.28

 

 

$

0.33

 

 

$

0.60

 

 

$

0.66

 

Diluted

 

$

0.28

 

 

$

0.33

 

 

$

0.60

 

 

$

0.66

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

9,509,711

 

 

 

9,456,347

 

 

 

9,494,869

 

 

 

9,502,301

 

Diluted

 

 

9,547,879

 

 

 

9,480,079

 

 

 

9,531,730

 

 

 

9,528,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(In thousands)

 

 

Class A
Common
Stock
Shares

 

 

Class A
Common
Stock
Amount

 

 

Class B
Common
Stock
Shares

 

 

Class B
Common
Stock
Amount

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock
Shares

 

 

Treasury
Shares
Amount

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Retained
Earnings

 

 

Total
Silvercrest
Asset
Management
Group Inc.’s
Equity

 

 

Non-
controlling
Interest

 

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2023

 

 

9,560

 

 

$

101

 

 

 

4,545

 

 

$

44

 

 

$

53,982

 

 

 

509

 

 

$

(9,295

)

 

$

 

 

$

39,761

 

 

$

84,593

 

 

$

41,239

 

 

$

125,832

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,114

)

 

 

(4,114

)

Repayment of notes
   receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

95

 

 

 

95

 

Equity-based compensation

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

312

 

 

 

312

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,204

 

 

 

3,204

 

 

 

2,106

 

 

 

5,310

 

Deferred tax, net of amounts
   payable under tax
   receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

(20

)

Accrued interest on notes
   receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Share conversion

 

 

2

 

 

 

 

 

 

(2

)

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

(14

)

 

 

 

Purchase of shares of Class A common
   stock of Silvercrest Asset
   Management Inc.

 

 

(96

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96

 

 

 

(1,644

)

 

 

 

 

 

 

 

 

(1,644

)

 

 

 

 

 

(1,644

)

Dividends paid on Class A
   common stock - $
0.18 per
   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,724

)

 

 

(1,724

)

 

 

 

 

 

(1,724

)

Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

March 31, 2023

 

 

9,474

 

 

$

101

 

 

 

4,543

 

 

$

44

 

 

$

53,976

 

 

 

605

 

 

$

(10,939

)

 

$

(2

)

 

$

41,241

 

 

$

84,421

 

 

$

39,623

 

 

$

124,044

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,226

)

 

 

(2,226

)

Issuance of Class B shares

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

25

 

Repayment of notes
   receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

 

 

 

 

 

 

50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

382

 

 

 

382

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,085

 

 

 

3,085

 

 

 

2,050

 

 

 

5,135

 

Deferred tax, net of amounts
   payable under tax
   receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(134

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(134

)

 

 

 

 

 

(134

)

Accrued interest on notes
   receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Share conversion

 

 

65

 

 

 

 

 

 

(65

)

 

 

 

 

 

606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

606

 

 

 

(606

)

 

 

 

Purchase of shares of Class A common
   stock of Silvercrest Asset
   Management Inc.

 

 

(166

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

166

 

 

 

(3,345

)

 

 

 

 

 

 

 

 

(3,345

)

 

 

 

 

 

(3,345

)

Dividends paid on Class A
   common stock - $
0.18 per
   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,705

)

 

 

(1,705

)

 

 

 

 

 

(1,705

)

Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

(3

)

 

 

 

 

 

(3

)

June 30, 2023

 

 

9,373

 

 

$

101

 

 

 

4,529

 

 

$

44

 

 

$

54,448

 

 

 

771

 

 

$

(14,284

)

 

$

(5

)

 

$

42,621

 

 

$

82,925

 

 

$

39,247

 

 

$

122,172

 

 

3


 

 

Class A
Common
Stock
Shares

 

 

Class A
Common
Stock
Amount

 

 

Class B
Common
Stock
Shares

 

 

Class B
Common
Stock
Amount

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock
Shares

 

 

Treasury
Shares
Amount

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Retained
Earnings

 

 

Total
Silvercrest
Asset
Management
Group Inc.’s
Equity

 

 

Non-
controlling
Interest

 

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2024

 

 

9,479

 

 

$

103

 

 

 

4,431

 

 

$

43

 

 

$

55,809

 

 

 

808

 

 

$

(15,057

)

 

$

(12

)

 

$

41,851

 

 

$

82,737

 

 

$

39,073

 

 

$

121,810

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,304

)

 

 

(3,304

)

Repayment of notes
   receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94

 

 

 

94

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

354

 

 

 

354

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,000

 

 

 

3,000

 

 

 

1,915

 

 

 

4,915

 

Deferred tax, net of amounts
   payable under tax
   receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Share conversion

 

 

3

 

 

 

 

 

 

(3

)

 

 

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

(27

)

 

 

 

Dividends paid on Class A
   common stock - $
0.19 per
   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,808

)

 

 

(1,808

)

 

 

 

 

 

(1,808

)

Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10

)

 

 

 

 

 

(10

)

 

 

 

 

 

(10

)

March 31, 2024

 

 

9,482

 

 

$

103

 

 

 

4,428

 

 

$

43

 

 

$

55,835

 

 

 

808

 

 

$

(15,057

)

 

$

(22

)

 

$

43,043

 

 

$

83,945

 

 

$

38,105

 

 

$

122,050

 

Distributions to partners