Silvercrest Asset Management Group (SAMG) FY2025 10-K Risk Factors: 96 New, 51 Dropped

What the changes say

Silvercrest's risk disclosures are dominated by asset management dependencies, fee structures, and compensation costs.

What changed since the prior 10-K

New

New
Key Performance Indicators
Our financial performance is measured using key indicators including revenue, net income of $8,059 thousand, and adjusted EBITDA of $19,619 thousand for the year ended December 31.
New
Average assets under management (billions) (3)
We define Adjusted EBITDA without giving effect to specific items like professional fees and severance, but including partner incentive allocations prior to our IPO.
New
Percentage of management and advisory fees revenue
Management and advisory fees are driven by assets under management, requiring us to successfully market classic value investment strategies and provide exceptional client service.
New
our decision to close strategies when we deem it to be in the best interests of our clients
Most management and advisory fees are billed quarterly in advance based on schedules such as 1% of the first $10 million for managed equity portfolios.
New
the level of our performance with respect to accounts and funds on which we are paid incentive fees
Family office services income fluctuates based on client count and flat fees, and does not typically rely on non-discretionary assets under management.
New
Compensation and Benefits Expense
Compensation and benefits is our largest expense, totaling $83,945 thousand, and we expect it to rise with headcount and competitive pay demands.
New
For the years ended December 31, 2025, 2024 and 2023, $30,889, $31,140 and $31,289 of partner incentive payments were included in cash compensation and benefits expense, respectively
Partner incentive payments included in cash compensation were $30,889 thousand, $31,140 thousand, and $31,289 thousand for the years ended December 31, 2025, 2024, and 2023.
New
General and Administrative Expenses
General and administrative expenses include occupancy, professional fees, and systems costs that generally scale with employee count and business operations.
New
Non-Controlling Interests
We consolidate Silvercrest L.P. and reflect limited partners' interests as non-controlling interests, while our C-corporation tax rate is offset by our tax receivable agreement.
New
Russell 2000 Growth Index
Returns for our discretionary equity portfolios are measured against the Russell 2000 Growth Index and are gross of fees and net of commissions.
New
The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values
We utilize multiple market indices for performance comparison, including the Russell 1000, Russell 2000, and Russell 2500 and their value and growth subsets.
New
The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth
The MSCI ACWI Value Net Index captures large and mid-cap securities across 23 Developed and 24 Emerging Markets with high value characteristics.
New
Our total revenue increased by $1.7 million, or 1.3%, to $125.3 million for year ended December 31, 2025, from $123.7 million for year ended December 31, 2024. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows
New
Our total revenue increased by $6.2 million, or 5.3%, to $123.7 million for year ended December 31, 2024, from $117.4 million for year ended December 31, 2023. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows
New
There was no performance fee revenue for the years ended December 31, 2025 and 2024. These performance fees are primarily related to external investment strategies in which we have a revenue sharing arrangement
New
For the years ended December 31, 2025 and 2024, $30,889 and $31,140, respectively, of partner incentive payments was included in compensation and benefits expense
New
Supplemental Non-GAAP Financial Information
New
EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization
New
Adjusted Net Income and Adjusted Earnings Per Share
New
In 2023, represents professional fees of $5 related to the acquisition of Cortina
New
Liquidity and Capital Resources
New
Due from Silvercrest Funds
New
Critical Accounting Policies and Estimates
New
Goodwill is not amortized but is evaluated for impairment at least annually, on October 1 st of every year, or whenever events or circumstances indicate that impairment may have occurred
New
Level 1—includes quoted prices (unadjusted) in active markets for identical instruments at the measurement date. The types of financial instruments included in Level 1 include unrestricted securities, including equities listed in active markets
New
As substantially all our assets under management are valued by independent pricing services based upon observable market prices or inputs, we believe market risk is the most significant risk underlying valuation of our assets under management, as discussed under the heading “Risk Factors” in this annual report
New
Recently Issued Accounting Pronouncements
New
It em 7A. Quantitative and Qualitative Disclosures Regarding Market Risk
New
It em 8. Financial Statements and Supplementary Data
New
Evaluation of Disclosure Controls and Procedures
New
Management’s Report on Internal Control Over Financial Reporting
New
Attestation Report of Public Accounting Firm
New
Changes in Internal Control Over Financial Reporting
New
Item 9B. Other Information
New
I tem 10. Directors, Executive Officers and Corporate Governance
New
I tem 15. Exhibits and Financial Statement Schedules
New
There are no Financial Statement Schedules filed as part of this Annual Report on 10-K, as the required information is not applicable
New
Amendment to the Silvercrest Asset Management Group, Inc. 2012 Equity Incentive Plan (incorporated by reference to Exhibit 99.2 to the Registrant’s Registration Statement on Form S-8 filed on June 17, 2022)
New
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
New
REPORT OF INDEPENDENT REGIST ERED PUBLIC ACCOUNTING FIRM
New
Opinion on the Financial Statements
New
Critical Audit Matter Description
New
We tested the effectiveness of controls over the management’s determination of the TRA liability
New
We evaluated the appropriateness of management's application of the accounting for the TRA liability, and the reasonableness of the methods, inputs, and assumptions used by management to determine the TRA liability
New
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
New
Opinion on Internal Control over Financial Reporting
New
Definition and Limitations of Internal Control over Financial Reporting
New
Supplemental Disclosures of Cash Flow Information
New
1. ORGANIZATION AND BUSINESS
New
Silvercrest L.P. was formed on December 10, 2008 and commenced operations on January 1, 2009
New
For purposes of the TRA, cash savings in income tax will be computed by comparing Silvercrest’s actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase in its share of the tax basis of the tangible and intangible assets of SLP
New
the tax rates in effect at the time Silvercrest utilizes the increased amortization and depreciation deductions; and
New
For the years ended December 31, 2025, 2024 and 2023 , the Tax Receivable Agreement Adjustment related to the underlying deferred tax assets was $ 98 , $ 78 and ($ 2 ), respectively, and is included in Other income (expense), net in the Consolidated Statements of Operations
New
Basis of Presentation and Principles of Consolidation
New
Translation of Non-U.S. Currency Amounts
New
Equity Method Investments
New
Receivables and Due from Silvercrest Funds
New
Furniture, Equipment and Leasehold Improvements
New
Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but is evaluated for impairment at least annually, on October 1 st of each year, or whenever events or circumstances indicate that impairment may have occurred
New
The Company has one reporting unit at December 31, 2025 and 2024 . No goodwill impairment charges were recorded during the years ended December 31, 2025, 2024 and 2023
New
The Company purchased 808,455 shares of Class A common stock pursuant to the 2021 Repurchase Program for an aggregate price of approximately $ 15,057 . The 2021 Repurchase Program ended in August 2023
New
The Company had purchased 709,687 shares of Class A common stock pursuant to the 2024 Repurchase Program for an aggregate price of approximately $ 12,119 . The 2024 Repurchase Program ended in April 2025
New
As of December 31, 2025 , the Company has purchased 1,537,778 shares of Class A common stock pursuant to the 2025 Repurchase Program for an aggregate price of approximately $ 23,127
New
Redeemable Partnership Units
New
The decision to close strategies when the Company deems it to be in the best interests of their clients
New
The Company’s performance fees and allocations may fluctuate based on performance with respect to accounts and funds on which the Company is paid incentive fees and allocations
New
Equity-Based Compensation
New
The Company recognizes the benefit of a UTP in the period when it is effectively settled. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position would be sustained upon examination
New
Recent Accounting Developments
New
Operations for the years then ended. SAMG LLC has a liability of $ 0 as of December 31, 2025 and 2024, respectively, for contingent consideration related to earnout payments to be made in conjunction with the Cortina Acquisition
New
The Purchase Agreement includes customary representations, warranties and covenants
New
Cortina revenue and income before provision for income taxes for the twelve months ended December 31, 2024 and 2023 that are included in the Consolidated Statement of Operations are $ 11,578 and $ 3,353 , and $ 10,564 and $ 4,001 , respectively
New
The purchase price allocations as presented above were finalized as of December 31, 2019
New
Level I: Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments in Level I include listed equities and listed derivatives
New
Level III: Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation
New
For business acquisitions, the Company recognizes the fair value of goodwill and other acquired intangible assets, and estimated contingent consideration at the acquisition date as part of purchase price. This fair value measurement is based on unobservable (Level 3) inputs
New
Balance at December 31, 2025
New
Please refer to Note 3. Acquisitions for more details on contingent consideration related to acquisition earnouts
New
Includes $ 1,634 and $ 1,566 of cash equivalents at December 31, 2025 and 2024, respectively, that fall under Level 1 in the fair value hierarchy
New
6. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
New
Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $ 96 , $ 1,734 , and $ 1,476 , respectively
New
Amortization expense related to intangible assets was $ 2,193 , $ 2,289 and $ 2,416 for the years ended December 31, 2025, 2024 and 2023, respectively
New
Weighted-average discount rate
New
During 2025, the Company wrote off assets with a cost of $ 8 and accumulated depreciation of $ 8 . During 2024, the Company wrote off assets with a cost of $ 236 and accumulated depreciation of $ 236
New
Each share of Class A common stock is entitled to one vote per share . Class A common stockholders have 100 % of the rights of all classes of Silvercrest’s capital stock to receive dividends
New
12. NOTES RECEIVABLE FROM PARTNERS
New
13. RE LATED PARTY TRANSACTIONS
New
the Silvercrest Jefferson Fund, L.P. (formed in 2014), and
New
1 State and local taxes in New York made up the majority (greater than 50%) of the tax effect in this category
New
15. REDEEMABLE PARTNERSHIP UNITS
New
On November 2, 2012, the Company’s board of directors adopted the 2012 Equity Incentive Plan
New
awards) based on our Class A common stock. Awards may be granted to employees, including officers, members, limited partners or partners who are engaged in the business of one or more of our subsidiaries, as well as non-employee directors and consultants
New
In May 2022, the Company granted 10,270 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 21.42 per share to existing Class A unit holders. These RSUs vested and settled in the form of Class A shares of SLP in May 2025
New
In May 2024, the Company granted 3,413 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 14.65 per share to an existing Class A unit holder. These RSUs vested and settled in the form of Class A shares of SLP in May 2025
New
17. DEFINED CONTRIBUTION AND DEFERRED COMPENSATION PLANS
New
18. SOFT DOLLAR ARRANGEMENTS

Dropped

DroppedRisks Related to our Investment Performance and the Financial Markets
We may not be able to maintain our current fee structure as a result of poor investment performance, competitive pressures or as a result of changes in our business mix, which could have a material adverse effect on our profit margins and results of operations
Pressure to lower fees could adversely affect profit margins and results.
DroppedRisks Related to our Investment Performance and the Financial Markets
The historical returns of our existing investment strategies may not be indicative of future results or of future results of investment strategies that we may develop
Historical returns may not indicate future results of existing or new strategies.
DroppedRisks Related to our Investment Performance and the Financial Markets
We derive a substantial portion of our revenues from a limited number of strategies and clients
Revenue is concentrated, with $22.8 billion in discretionary managed accounts providing 97% of fees.
DroppedRisks Related to our Investment Performance and the Financial Markets
Substantially all of our revenue generating contracts and relationships may be terminated upon no notice
Clients and fund investors can terminate relationships or redeem investments on no notice.
DroppedRisks Related to our Investment Performance and the Financial Markets
Our long-only, equity investment focus may not obtain attractive returns in the short-term or during certain market periods and may expose us to greater risk than if our investment strategies included non-equity securities or hedged positions
A long-only equity focus may underperform in certain markets and carries higher risk.
DroppedRisks Related to our Investment Performance and the Financial Markets
The performance of our investment strategies or the growth of our assets under management may be constrained by the unavailability of appropriate investment opportunities
Inability to find appropriate investment opportunities could constrain strategy performance and growth.
DroppedRisks Related to our Investment Performance and the Financial Markets
Our investment process requires us to conduct extensive fundamental research on any company before investing in it, which may result in missed investment opportunities and reduce the performance of our investment strategies
Extensive fundamental research may cause us to miss investment opportunities.
DroppedRisks Related to our Investment Performance and the Financial Markets
Our International Equity Strategies invest principally in the securities of non-U.S. companies, which involve foreign currency exchange, tax, political, social and economic uncertainties and risks
International equity strategies involve foreign currency, tax, and political uncertainties affecting 4.3% of assets.
DroppedRisks Related to Our Growth
Our efforts to establish new investment teams and strategies may be unsuccessful and could negatively impact our results of operations and our reputation
Failure to establish new investment teams and strategies could harm operations and reputation.
DroppedRisks Related to Our Growth
We may enter into new lines of business, make strategic investments or acquisitions or enter into joint ventures, each of which may result in additional risks and uncertainties for our business
Entering new lines of business, acquisitions, or joint ventures creates additional risks.
DroppedRisks Related to Our Growth
We may be unable to successfully execute strategic investments or acquisitions or enter into joint ventures, and we may fail to successfully integrate and operate new investment teams, which could limit our ability to grow assets under management and adversely affect our results of operations
Inability to execute strategic acquisitions or integrate new teams could limit growth.
DroppedRisks Related to Our Growth
we may be unable to quickly and efficiently integrate new acquisitions into our existing operations
Inability to quickly integrate acquisitions could adversely affect financial condition and stock price.
DroppedRisks Related to Our Growth
The due diligence process that we undertake in connection with strategic investments or acquisitions or entry into joint ventures may not reveal all facts that may be relevant in connection with an investment, which could subject us to unknown liabilities
DroppedRisks Related to Our Growth
The significant growth we have experienced may be difficult to sustain
DroppedRisks Related to our Key Professionals
The loss of key investment professionals or members of our senior management team could have a material adverse effect on our business
DroppedRisks Related to our Key Professionals
If any member of our senior management or a key investment professional were to join a competitor or form a competing company, some of our current clients or other prominent members of the investing community could choose to invest with that competitor rather than us
DroppedRisks Related to our Key Professionals
Competition for qualified investment, management and marketing and client service professionals is intense and we may fail to successfully attract and retain qualified personnel in the future
DroppedRisks Related to our Structure
The rights of holders of Class B units of Silvercrest L.P. may give rise to conflicts of interest
DroppedRisks Related to our Structure
Our ability to pay regular dividends to our stockholders is subject to the discretion of our board of directors and may be limited by our structure and applicable provisions of Delaware law
DroppedRisks Related to our Structure
Our ability to pay taxes and expenses, including payments under the tax receivable agreement, may be limited by our structure
DroppedRisks Related to our Structure
We will be required to pay principals for certain tax benefits we may claim, and the amounts we may pay could be significant
DroppedRisks Related to our Structure
In certain cases, payments under the tax receivable agreement to our principals may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the tax receivable agreement
DroppedRisks Related to our Structure
If we were deemed an investment company under the Investment Company Act as a result of our ownership interest in Silvercrest L.P., applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business
DroppedRisks Related to our Structure
We provide a broad range of services to the Silvercrest Funds and family office services, which may expose us to liability
DroppedRisks Related to the Regulatory Environment in Which we Operate
The regulatory environment in which we operate is subject to continuous change, and regulatory developments designed to increase oversight may adversely affect our business
DroppedRisks Related to the Regulatory Environment in Which we Operate
Failure to comply with “pay to play” regulations implemented by the SEC and certain states, and changes to the “pay to play” regulatory regimes, could adversely affect our business
DroppedRisks Related to the Regulatory Environment in Which we Operate
We could be subject to regulatory investigations, which could harm our reputation and cause our funds to lose existing investors or us to lose existing accounts or fail to attract new investors or accounts
DroppedRisks Related to the Regulatory Environment in Which we Operate
Ongoing trade negotiations and potential for further regulatory reform may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies
DroppedRisks Related to the Regulatory Environment in Which we Operate
Increasing scrutiny from stakeholders on ESG matters, including our ESG reporting, exposes us to reputational and other risks
DroppedRisks Related to the Regulatory Environment in Which we Operate
Our failure to comply with investment guidelines set by our clients and limitations imposed by applicable law could result in damage awards against us and a loss of our assets under management, either of which could adversely affect our results of operations or financial condition
DroppedRisks Related to the Regulatory Environment in Which we Operate
Operational risks, including the threat of cyber-attacks, may disrupt our business, breach our clients’ security, result in losses or limit our growth
DroppedRisks Related to the Regulatory Environment in Which we Operate
Improper disclosure of personal data could result in liability and harm our reputation
DroppedRisks Related to the Regulatory Environment in Which we Operate
Employee misconduct could expose us to significant legal liability and reputational harm
DroppedRisks Related to the Regulatory Environment in Which we Operate
Failure to properly address conflicts of interest could harm our reputation, business and results of operations
DroppedRisks Related to the Regulatory Environment in Which we Operate
The investment management industry faces substantial litigation risks that could have a material adverse effect on our business, financial condition or results of operations or cause significant reputational harm to us
DroppedRisks Related to the Regulatory Environment in Which we Operate
The investment management industry is intensely competitive
DroppedRisks Related to the Regulatory Environment in Which we Operate
Reductions in business sourced through third-party distribution channels, or their poor reviews of us or our products, could materially reduce our revenue and ability to attract new clients
DroppedRisks Related to the Regulatory Environment in Which we Operate
A change of control could result in termination of our sub-investment advisory and investment advisory agreements
DroppedRisks Related to the Regulatory Environment in Which we Operate
If our techniques for managing risk are ineffective, we may be exposed to material unanticipated losses
DroppedRisks Related to the Regulatory Environment in Which we Operate
Our reliance on prime brokers, custodians, administrators and other agents subjects us to certain risks relating to their execution of transactions and their solvency, and the failure by or insolvency of, any such person could adversely affect our business and financial performance
DroppedRisks Related to the Regulatory Environment in Which we Operate
If we incur indebtedness or issue senior equity securities, we will be exposed to additional risks, including the typical risks associated with leverage
DroppedRisks Related to the Regulatory Environment in Which we Operate
any preferred, convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common stock
DroppedRisks Related to the Regulatory Environment in Which we Operate
Future financings could adversely affect us and our common stockholders by diluting existing stockholders or by placing restrictions on our ability to run our business, including making distributions to unitholders
DroppedRisks Related to the Regulatory Environment in Which we Operate
Newly enacted laws or regulations and future changes in the taxation of businesses may impact our effective tax rate or may adversely affect our business, financial condition and operating results
DroppedRisks Related to the Regulatory Environment in Which we Operate
The market price and trading volume of our Class A common stock may be volatile, which could result in rapid and substantial losses for our stockholders
DroppedRisks Related to the Regulatory Environment in Which we Operate
Future issuances and sales of our Class A common stock in the public market could lower our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us
DroppedRisks Related to the Regulatory Environment in Which we Operate
Stockholders may experience dilution in the future
DroppedRisks Related to the Regulatory Environment in Which we Operate
The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business
DroppedRisks Related to the Regulatory Environment in Which we Operate
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline
DroppedRisks Related to the Regulatory Environment in Which we Operate
The amount and mix of our assets under management (“AUM”) are subject to significant fluctuations, and a shift in our asset mix toward lower-fee products may negatively impact our revenues and income
DroppedRisks Related to the Regulatory Environment in Which we Operate
The ongoing conflicts in Ukraine and Gaza have, and will likely continue to, negatively impact the global economy and may have a material adverse effect on our business, operations and financial results

All 96 risk factors

Headings as the filing states them, in filing order.

Other

01Key Performance IndicatorsNew
02Average assets under management (billions) (3)New
03Percentage of management and advisory fees revenueNew
04our decision to close strategies when we deem it to be in the best interests of our clientsNew
05the level of our performance with respect to accounts and funds on which we are paid incentive feesNew
06Compensation and Benefits ExpenseNew
07For the years ended December 31, 2025, 2024 and 2023, $30,889, $31,140 and $31,289 of partner incentive payments were included in cash compensation and benefits expense, respectivelyNew
08General and Administrative ExpensesNew
09Non-Controlling InterestsNew
10Russell 2000 Growth IndexNew
11The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth valuesNew
12The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growthNew
13Our total revenue increased by $1.7 million, or 1.3%, to $125.3 million for year ended December 31, 2025, from $123.7 million for year ended December 31, 2024. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflowsNew
14Our total revenue increased by $6.2 million, or 5.3%, to $123.7 million for year ended December 31, 2024, from $117.4 million for year ended December 31, 2023. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflowsNew
15There was no performance fee revenue for the years ended December 31, 2025 and 2024. These performance fees are primarily related to external investment strategies in which we have a revenue sharing arrangementNew
16For the years ended December 31, 2025 and 2024, $30,889 and $31,140, respectively, of partner incentive payments was included in compensation and benefits expenseNew
17Supplemental Non-GAAP Financial InformationNew
18EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortizationNew
19Adjusted Net Income and Adjusted Earnings Per ShareNew
20In 2023, represents professional fees of $5 related to the acquisition of CortinaNew
21Liquidity and Capital ResourcesNew
22Due from Silvercrest FundsNew
23Critical Accounting Policies and EstimatesNew
24Goodwill is not amortized but is evaluated for impairment at least annually, on October 1 st of every year, or whenever events or circumstances indicate that impairment may have occurredNew
25Level 1—includes quoted prices (unadjusted) in active markets for identical instruments at the measurement date. The types of financial instruments included in Level 1 include unrestricted securities, including equities listed in active marketsNew
26As substantially all our assets under management are valued by independent pricing services based upon observable market prices or inputs, we believe market risk is the most significant risk underlying valuation of our assets under management, as discussed under the heading “Risk Factors” in this annual reportNew
27Recently Issued Accounting PronouncementsNew
28It em 7A. Quantitative and Qualitative Disclosures Regarding Market RiskNew
29It em 8. Financial Statements and Supplementary DataNew
30Evaluation of Disclosure Controls and ProceduresNew
31Management’s Report on Internal Control Over Financial ReportingNew
32Attestation Report of Public Accounting FirmNew
33Changes in Internal Control Over Financial ReportingNew
34Item 9B. Other InformationNew
35I tem 10. Directors, Executive Officers and Corporate GovernanceNew
36I tem 15. Exhibits and Financial Statement SchedulesNew
37There are no Financial Statement Schedules filed as part of this Annual Report on 10-K, as the required information is not applicableNew
38Amendment to the Silvercrest Asset Management Group, Inc. 2012 Equity Incentive Plan (incorporated by reference to Exhibit 99.2 to the Registrant’s Registration Statement on Form S-8 filed on June 17, 2022)New
39Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)New
40REPORT OF INDEPENDENT REGIST ERED PUBLIC ACCOUNTING FIRMNew
41Opinion on the Financial StatementsNew
42Critical Audit Matter DescriptionNew
43We tested the effectiveness of controls over the management’s determination of the TRA liabilityNew
44We evaluated the appropriateness of management's application of the accounting for the TRA liability, and the reasonableness of the methods, inputs, and assumptions used by management to determine the TRA liabilityNew
45REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMNew
46Opinion on Internal Control over Financial ReportingNew
47Definition and Limitations of Internal Control over Financial ReportingNew
48Supplemental Disclosures of Cash Flow InformationNew
491. ORGANIZATION AND BUSINESSNew
50Silvercrest L.P. was formed on December 10, 2008 and commenced operations on January 1, 2009New
51For purposes of the TRA, cash savings in income tax will be computed by comparing Silvercrest’s actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase in its share of the tax basis of the tangible and intangible assets of SLPNew
52the tax rates in effect at the time Silvercrest utilizes the increased amortization and depreciation deductions; andNew
53For the years ended December 31, 2025, 2024 and 2023 , the Tax Receivable Agreement Adjustment related to the underlying deferred tax assets was $ 98 , $ 78 and ($ 2 ), respectively, and is included in Other income (expense), net in the Consolidated Statements of OperationsNew
54Basis of Presentation and Principles of ConsolidationNew
55Translation of Non-U.S. Currency AmountsNew
56Equity Method InvestmentsNew
57Receivables and Due from Silvercrest FundsNew
58Furniture, Equipment and Leasehold ImprovementsNew
59Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but is evaluated for impairment at least annually, on October 1 st of each year, or whenever events or circumstances indicate that impairment may have occurredNew
60The Company has one reporting unit at December 31, 2025 and 2024 . No goodwill impairment charges were recorded during the years ended December 31, 2025, 2024 and 2023New
61The Company purchased 808,455 shares of Class A common stock pursuant to the 2021 Repurchase Program for an aggregate price of approximately $ 15,057 . The 2021 Repurchase Program ended in August 2023 New
62The Company had purchased 709,687 shares of Class A common stock pursuant to the 2024 Repurchase Program for an aggregate price of approximately $ 12,119 . The 2024 Repurchase Program ended in April 2025New
63As of December 31, 2025 , the Company has purchased 1,537,778 shares of Class A common stock pursuant to the 2025 Repurchase Program for an aggregate price of approximately $ 23,127 New
64Redeemable Partnership UnitsNew
65The decision to close strategies when the Company deems it to be in the best interests of their clientsNew
66The Company’s performance fees and allocations may fluctuate based on performance with respect to accounts and funds on which the Company is paid incentive fees and allocationsNew
67Equity-Based CompensationNew
68The Company recognizes the benefit of a UTP in the period when it is effectively settled. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position would be sustained upon examinationNew
69Recent Accounting DevelopmentsNew
70Operations for the years then ended. SAMG LLC has a liability of $ 0 as of December 31, 2025 and 2024, respectively, for contingent consideration related to earnout payments to be made in conjunction with the Cortina AcquisitionNew
71The Purchase Agreement includes customary representations, warranties and covenantsNew
72Cortina revenue and income before provision for income taxes for the twelve months ended December 31, 2024 and 2023 that are included in the Consolidated Statement of Operations are $ 11,578 and $ 3,353 , and $ 10,564 and $ 4,001 , respectivelyNew
73The purchase price allocations as presented above were finalized as of December 31, 2019New
74Level I: Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments in Level I include listed equities and listed derivativesNew
75Level III: Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimationNew
76For business acquisitions, the Company recognizes the fair value of goodwill and other acquired intangible assets, and estimated contingent consideration at the acquisition date as part of purchase price. This fair value measurement is based on unobservable (Level 3) inputsNew
77Balance at December 31, 2025New
78Please refer to Note 3. Acquisitions for more details on contingent consideration related to acquisition earnoutsNew
79Includes $ 1,634 and $ 1,566 of cash equivalents at December 31, 2025 and 2024, respectively, that fall under Level 1 in the fair value hierarchyNew
806. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NETNew
81Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $ 96 , $ 1,734 , and $ 1,476 , respectivelyNew
82Amortization expense related to intangible assets was $ 2,193 , $ 2,289 and $ 2,416 for the years ended December 31, 2025, 2024 and 2023, respectivelyNew
83Weighted-average discount rateNew
84During 2025, the Company wrote off assets with a cost of $ 8 and accumulated depreciation of $ 8 . During 2024, the Company wrote off assets with a cost of $ 236 and accumulated depreciation of $ 236 New
85Each share of Class A common stock is entitled to one vote per share . Class A common stockholders have 100 % of the rights of all classes of Silvercrest’s capital stock to receive dividendsNew
8612. NOTES RECEIVABLE FROM PARTNERSNew
8713. RE LATED PARTY TRANSACTIONSNew
88the Silvercrest Jefferson Fund, L.P. (formed in 2014), andNew
891 State and local taxes in New York made up the majority (greater than 50%) of the tax effect in this categoryNew
9015. REDEEMABLE PARTNERSHIP UNITSNew
91On November 2, 2012, the Company’s board of directors adopted the 2012 Equity Incentive PlanNew
92awards) based on our Class A common stock. Awards may be granted to employees, including officers, members, limited partners or partners who are engaged in the business of one or more of our subsidiaries, as well as non-employee directors and consultantsNew
93In May 2022, the Company granted 10,270 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 21.42 per share to existing Class A unit holders. These RSUs vested and settled in the form of Class A shares of SLP in May 2025 New
94In May 2024, the Company granted 3,413 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 14.65 per share to an existing Class A unit holder. These RSUs vested and settled in the form of Class A shares of SLP in May 2025 New
9517. DEFINED CONTRIBUTION AND DEFERRED COMPENSATION PLANSNew
9618. SOFT DOLLAR ARRANGEMENTSNew

Other Silvercrest Asset Management Group 10-Ks

FY2024 10-K risk factors
51 risks
Silvercrest's risk section is dominated by fee pressure, reliance on discretionary assets, and key-person risk. The firm faces intense competition and strict regulatory compliance requirements across its $36.5 billion in AUM. Operational cybersecurity and data protection are critical ongoing vulnerabilities.
Filed Mar 06, 2025

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The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.