Silvercrest Asset Management Group LLC Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit)


	Year Ended December 31,
	2025		2024		2023
Current Provision:
Federal	$	242	$	1,228	$	823
State and local		795		1,321		1,301
Foreign		—		—		—
Total Current Provision		1,037		2,549		2,124
Deferred Provision:
Federal		1,423		1,466		1,671
State and local		528		548		515
Foreign		—		—		—
Total Deferred Provision		1,951		2,014		2,186
Total Provision for Income Taxes	$	2,988	$	4,563	$	4,310

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:


	As of December 31,
	2025			2024
Deferred tax assets
Intangible assets	$	9,111		$	9,821
Net operating losses		39			—
Net operating losses, foreign subsidiary		598			308
Deferred leases		3,405			287
Other		—			63
Total deferred tax assets	$	13,153		$	10,479
Deferred tax liabilities
Intangible assets	$	6,997		$	4,797
Fixed assets		2,990			1,190
Right of use assets		951			206
Other		507			54
Total deferred tax liabilities		11,445			6,247
Net deferred tax assets (liabilities)		1,708			4,232
Less: Valuation allowance		(598	)		(308	)
Net deferred tax assets (liabilities)	$	1,110		$	3,924

Summary of Reconciles Provision for Income Taxes

The following table reconciles the 2025 provision for income taxes to the U.S. Federal statutory tax rate on a prospective basis as required by ASU 2023-09:


	Year Ended December 31,
	2025
Statutory U.S. federal income tax rate		21.00	%	$	2,320
State and local income taxes1		9.14	%		1,010
Unrecognized tax benefits		2.88	%		318
Foreign tax effects
Singapore
Valuation allowance		2.57	%		284
Foreign rate differential		0.57	%		63
Nontaxable or Nondeductible items
Non-controlling interest		(6.84	)%		(756	)
Other		0.23	%		25
Other		(2.50	)%		(276	)
Effective income tax rate		27.05	%	$	2,988

1 State and local taxes in New York made up the majority (greater than 50%) of the tax effect in this category.

Below is a historical reconciliation of the 2024 and 2023 provision for income taxes to the U.S Federal statutory tax rate prior to the introduction of ASU 2023-09:


	Year Ended December 31,
	2024						2023
Statutory U.S. federal income tax rate		21.00	%	$	4,257			21.00	%	$	4,093
Income attributable to non-controlling interests		(6.88	)%		(1,393	)		(7.07	)%		(1,378	)
State and local income taxes		7.58	%		1,536			7.74	%		1,508
Permanent items		0.09	%		20			0.21	%		41
Foreign rate differential		0.20	%		41			0.09	%		17
Other		(0.34	)%		(71	)		(0.22	)%		(44	)
Change in valuation allowance		0.85	%		173			0.37	%		73
Effective income tax rate		22.50	%	$	4,563			22.12	%	$	4,310

Schedule of Unrecognized Tax Benefits

The Company did not have any reserve related to unrecognized tax benefits as of December 31, 2024 and 2023.


	As of December 31,
	2025
Unrecognized tax benefits - January 1	$	—
Additions for tax positions of prior years		318
Unrecognized tax benefits - December 31	$	318