# Silvercrest Asset Management Group Inc. (SAMG)

Informational only - not investment advice.

CIK: 0001549966
SIC: 6282 Investment Advice
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/)
Latest 10-K filed: 2026-03-16
SEC page: https://www.sec.gov/edgar/browse/?CIK=1549966
Filing source: https://www.sec.gov/Archives/edgar/data/1549966/000119312526108402/samg-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-16 · accession 0001193125-26-108402 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001549966.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 125,319,000 USD | 2025 | verified |
| Net income | 4,885,000 USD | 2025 | verified |
| Assets | 166,607,000 USD | 2025 | verified |
| Free cash flow | 14,975,000 USD | 2025 | computed |
| Net margin | 3.90% | 2025 | computed |
| Operating margin | 7.44% | 2025 | computed |
| Revenue YoY | +1.35% | 2025 | computed |
| ROE | 9.72% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SAMG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 3.9% | 15.3% | 9 | 34 |
| Operating margin | 7.4% | 21.8% | 21 | 20 |
| Revenue growth | 1.3% | 7.6% | 15 | 34 |
| FCF margin | 11.9% | 20.2% | 29 | 29 |
| ROE | 9.7% | 15.5% | 33 | 34 |
| ROA | 2.9% | 4.8% | 35 | 35 |
| Liabilities / equity | 1.63 | 1.57 | 52 | 34 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 125319000 | USD | 2025 | 2026-03-16 |
| Net income | 4885000 | USD | 2025 | 2026-03-16 |
| Assets | 166607000 | USD | 2025 | 2026-03-16 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001549966.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 80,262,000 | 91,358,000 | 98,673,000 | 102,152,000 | 107,983,000 | 131,603,000 | 123,217,000 | 117,410,000 | 123,651,000 | 125,319,000 |
| Net income | 5,015,000 | 5,337,000 | 9,630,000 | 8,646,000 | 9,960,000 | 14,693,000 | 18,828,000 | 9,094,000 | 9,535,000 | 4,885,000 |
| Operating income | 14,636,000 | 20,369,000 | 21,152,000 | 18,873,000 | 22,281,000 | 30,521,000 | 38,562,000 | 18,819,000 | 17,627,000 | 9,325,000 |
| Diluted EPS | 0.62 | 0.66 | 1.16 | 0.98 | 1.05 | 1.52 | 1.92 | 0.96 | 1.00 | 0.56 |
| Operating cash flow | 17,978,000 | 29,586,000 | 28,857,000 | 18,775,000 | 26,846,000 | 44,278,000 | 23,383,000 | 20,975,000 | 21,590,000 | 18,607,000 |
| Capital expenditures | 723,000 | 804,000 | 1,756,000 | 3,812,000 | 626,000 | 908,000 | 956,000 | 3,878,000 | 1,700,000 | 3,632,000 |
| Dividends paid | 3,857,000 | 3,895,000 | 4,659,000 | 5,328,000 | 6,105,000 | 6,397,000 | 6,828,000 | 6,996,000 | 7,403,000 | 7,073,000 |
| Share buybacks |  |  |  |  |  | 512,000 | 8,783,000 | 5,705,000 | 4,625,000 | 30,500,000 |
| Assets | 112,281,000 | 117,360,000 | 133,363,000 | 214,249,000 | 213,804,000 | 229,318,000 | 212,675,000 | 199,574,000 | 194,432,000 | 166,607,000 |
| Liabilities | 46,197,000 | 45,241,000 | 50,964,000 | 116,442,000 | 110,405,000 | 112,510,000 | 86,843,000 | 77,764,000 | 74,739,000 | 81,723,000 |
| Stockholders' equity | 47,305,000 | 49,095,000 | 56,047,000 | 65,036,000 | 70,679,000 | 80,350,000 | 84,593,000 | 82,737,000 | 80,697,000 | 50,274,000 |
| Cash and cash equivalents | 37,517,000 | 53,822,000 | 69,283,000 | 52,832,000 | 62,498,000 | 85,744,000 | 77,432,000 | 70,301,000 | 68,611,000 | 44,069,000 |
| Free cash flow | 17,255,000 | 28,782,000 | 27,101,000 | 14,963,000 | 26,220,000 | 43,370,000 | 22,427,000 | 17,097,000 | 19,890,000 | 14,975,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 6.25% | 5.84% | 9.76% | 8.46% | 9.22% | 11.16% | 15.28% | 7.75% | 7.71% | 3.90% |
| Operating margin | 18.24% | 22.30% | 21.44% | 18.48% | 20.63% | 23.19% | 31.30% | 16.03% | 14.26% | 7.44% |
| Return on equity | 10.60% | 10.87% | 17.18% | 13.29% | 14.09% | 18.29% | 22.26% | 10.99% | 11.82% | 9.72% |
| Return on assets | 4.47% | 4.55% | 7.22% | 4.04% | 4.66% | 6.41% | 8.85% | 4.56% | 4.90% | 2.93% |
| Liabilities / equity | 0.98 | 0.92 | 0.91 | 1.79 | 1.56 | 1.40 | 1.03 | 0.94 | 0.93 | 1.63 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001549966.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.58 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.35 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 | 29,430,000 | 3,204,000 | 0.33 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 29,734,000 | 3,085,000 | 0.33 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 29,704,000 | 3,216,000 | 0.34 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 28,542,000 | -411,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 30,272,000 | 3,000,000 | 0.32 | reported discrete quarter |
| 2024-Q2 | 2024-09-30 | 30,424,000 | 2,252,000 | 0.24 | reported discrete quarter |
| 2025-Q1 | 2025-03-31 | 31,392,000 | 2,469,000 | 0.26 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 30,673,000 | 1,918,000 | 0.21 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 31,295,000 | 618,000 | 0.07 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 31,959,000 | -120,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 31,406,000 | 237,000 | 0.03 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 30,783,000 | 170,000 | 0.02 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SAMG's latest 10-K: [/company/SAMG/business/](/company/SAMG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SAMG's latest 10-K: [/company/SAMG/risk-factors/](/company/SAMG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1549966/000119312526326191/samg-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a full-service wealth management firm focused on providing financial advisory and related family office services to ultra-high net worth individuals and institutional investors. In addition to a wide range of investment capabilities, we offer a full suite of complementary and customized family office services for families seeking a comprehensive oversight of their financial affairs. During the three months ended June 30, 2026, our assets under management increased by 3.6% from $35.7 billion to $37.0 billion. During the six months ended June 30, 2026, our assets under management remained flat at $37.0 billion.

The business includes the management of funds of funds, and other investment funds, collectively referred to as the “Silvercrest Funds.” As of June 30, 2026, Silvercrest L.P. had issued RSUs exercisable for 98,992 Class B units that entitle the holders thereof to receive distributions from Silvercrest L.P. to the same extent as if the underlying Class B units were outstanding. Net profits and net losses of Silvercrest L.P. will be allocated, and distributions from Silvercrest L.P. will be made, to its current partners pro rata in accordance with their respective partnership units (and assuming the Class B units underlying all RSUs are outstanding).

The historical results of operations discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations include those of Silvercrest L.P. and its subsidiaries. As the general partner of Silvercrest L.P., we control its business and affairs and, therefore, consolidate its financial results with ours. The interests of the limited partners’ collective 35.0% partnership interest in Silvercrest L.P. as of June 30, 2026 are reflected in non-controlling interests in our Condensed Consolidated Financial Statements.

Key Performance Indicators

When we review our performance, we focus on the indicators described below:

[[GREPCENT_TABLE]]
[["","","For the Three Months Ended June 30,","","","For the Six Months Ended June 30,"],["(in thousands except as indicated)","","2026","","","2025","","","2026","","","2025"],["Revenue","","$","30,783","","","$","30,673","","","$","62,189","","","$","62,065"],["Income before other income (expense), net","","$","958","","","$","4,041","","","$","2,220","","","$","8,878"],["Net income","","$","469","","","$","3,149","","","$","1,002","","","$","7,077"],["Net income margin","","","1.5","%","","","10.3","%","","","1.6","%","","","11.4","%"],["Net income attributable to Silvercrest","","$","170","","","$","1,918","","","$","407","","","$","4,387"],["Adjusted EBITDA (1)","","$","3,440","","","$","5,735","","","$","7,150","","","$","12,232"],["Adjusted EBITDA margin (2)","","","11.2","%","","","18.7","%","","","11.5","%","","","19.7","%"],["Assets under management at period end (billions)","","$","37.0","","","$","36.7","","","$","37.0","","","$","36.7"],["Average assets under management (billions) (3)","","$","36.4","","","$","36.0","","","$","37.0","","","$","36.6"]]
[[/GREPCENT_TABLE]]

(1)
EBITDA, a non-GAAP measure of earnings, represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. We define Adjusted EBITDA as EBITDA without giving effect to items including, but not limited to, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, losses on disposals or abandonment of assets and leaseholds, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We use this non-GAAP financial measure to assess the strength of our business. These adjustments and the non-GAAP financial measures that are derived from them provide supplemental information to analyze our business from period to period. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, financial measures in accordance with GAAP. See “Supplemental Non-GAAP Financial Information” for a reconciliation of non-GAAP financial measures.

(2)
Adjusted EBITDA margin, a non-GAAP measure of earnings, is calculated by dividing Adjusted EBITDA by total revenue.

(3)
We have computed average assets under management by averaging assets under management at the beginning of the applicable period and assets under management at the end of the applicable period.

Revenue

We generate revenue from management and advisory fees, performance fees and allocations, and family office services fees. Our management and advisory fees are earned by managing assets on behalf of separate accounts and acting as investment adviser for various investment funds. Our performance fees and allocations relate to assets managed in external investment strategies in which we have a revenue-sharing arrangement, as well as in funds in which we have no partnership interest. Our management and advisory fees and family office services fees are recognized throughout the period in which these services are provided. Income from performance fees and allocations is recorded at the conclusion of the contractual performance period when all contingencies are resolved. In certain arrangements, we are entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets.

31

The discretionary investment management agreements for our separately managed accounts do not have a specified term. Instead, each agreement may be terminated by either party at any time, unless otherwise agreed with the client, upon written notice of termination to the other party. The investment management agreements for our private funds are generally in effect from year to year, and may be terminated at the end of any year (or, in certain cases, on the anniversary of execution of the agreement); (i) by us upon 30 or 90 days’ prior written notice; and (ii) by the private fund, after receiving the affirmative vote of a specified percentage of the investors in the private fund that are not affiliated with us, upon 60 or 90 days’ prior written notice. The investment management agreements for our private funds may also generally be terminated effective immediately by either party if the non-terminating party (i) commits a material breach of the terms, subject in certain cases, to a cure period, (ii) is found to have committed fraud, gross negligence or willful misconduct or (iii) terminates, becomes bankrupt, becomes insolvent or dissolves. Each of our investment management agreements contains customary indemnification obligations from us to our clients. The tables below set forth the amount of assets under management, the percentage of management and advisory fees revenues, the amount of revenue recognized, and the average assets under management for discretionary managed accounts and for private funds for each period presented.

Discretionary Managed Accounts

[[GREPCENT_TABLE]]
[["","","For the Three Months Ended June 30,","","","For the Six Months Ended June 30,"],["(in billions)","","2026","","","2025","","","2026","","","2025"],["Assets Under Management (\u201cAUM\u201d) concentrated in Discretionary Managed Accounts","","$","24.3","","","$","23.3","","","$","24.3","","","$","23.3"],["Average AUM For Discretionary Managed Accounts","","$","23.5","","","$","23.3","","","$","23.8","","","$","23.1"],["Discretionary Managed Accounts Revenue (in millions)","","$","28.7","","","$","28.6","","","$","58.1","","","$","57.9"],["Percentage of management and advisory fees revenue","","","97","%","","","97","%","","","97","%","","","97","%"]]
[[/GREPCENT_TABLE]]

Private Funds

[[GREPCENT_TABLE]]
[["","","For the Three Months Ended June 30,","","","For the Six Months Ended June 30,"],["(in billions)","","2026","","","2025","","","2026","","","2025"],["AUM concentrated in Private Funds","","$","0.4","","","$","0.4","","","$","0.4","","","$","0.4"],["Average AUM For Private Funds","","$","0.4","","","$","0.4","","","$","0.4","","","$","0.5"],["Private Funds Revenue (in millions)","","$","0.9","","","$","0.8","","","$","1.8","","","$","1.8"],["Percentage of management and advisory fees revenue","","","3","%","","","3","%","","","3","%","","","3","%"]]
[[/GREPCENT_TABLE]]

Our management and advisory fees are primarily driven by the level of our assets under management. Our assets under management increase or decrease based on the net inflows or outflows of funds into our various investment strategies and the investment performance of our clients’ accounts. In order to increase our assets under management and expand our business, we must develop and market investment strategies that suit the investment needs of our target clients and provide attractive returns over the long term. Our ability to continue to attract clients will depend on a variety of factors including, among others:

•
our ability to educate our target clients about our classic value investment strategies and provide them with exceptional client service;

•
the relative investment performance of our investment strategies, as compared to competing products and market indices;

•
competitive conditions in the investment management and broader financial services sectors;

•
investor sentiment and confidence; and

•
our decision to close strategies when we deem it to be in the best interests of our clients.

32

The majority of management and advisory fees that we earn on separately managed accounts are based on the value of assets under management on the last day of each calendar quarter. Most of our management and advisory fees are billed quarterly in advance on the first day of each calendar quarter. Our basic annual fee schedule for management of clients’ assets in separately managed accounts is: (i) for managed equity or balanced portfolios, 1% of the first $10 million and 0.60% on the balance, (ii) for managed fixed income only portfolios, 0.40% on the first $10 million and 0.30% on the balance, (iii) for the municipal value strategy, 0.65%, (iv) for Cortina’s equity portfolios, 1% on the first $25 million, 0.90% on the next $25 million and 0.80% on the balance, (v) for outsourced chief investment officer portfolios, 0.40% on the first $50 million, 0.32% on the next $50 million and 0.24% on the balance and (vi) for the global value equity strategy, 0.15% per annum on the first AUD1.5 billion, 0.14% per annum on the next AUD1.5 billion, 0.11% per annum on the next AUD1.0 billion, 0.08% per annum on the next AUD1.0 billion and 0.05% per annum above AUD5.0 billion. Our fee for monitoring non-discretionary assets can range from 0.05% to 0.01%, but can also be incorporated into an agreed-upon fixed family office service fee. The majority of our client relationships involve a blended fee rate because they are invested in multiple strategies.

Management fees earned on investment funds that we advise are calculated primarily based on the net assets of the funds. Some funds calculate investment fees based on the net assets of the funds as of the last business day of each calendar quarter, whereas other funds calculate investment fees based on the value of net assets on the first business day of the month. Depending on the investment fund, fees are paid either quarterly in advance or quarterly in arrears. For our private funds, the fees range from 0.25% to 1.5% annually. Certain management fees earned on investment funds for which we perform risk management and due diligence services are based on flat fee agreements customized for each engagement.

Average annual management fee is calculated by dividing our actual annualized revenue earned over a period by our average assets under management during the same period (which is calculated by averaging quarter-end

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1549966/000119312526108402/samg-20251231.htm
Complete FY 2025 MD&A: /company/SAMG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-16
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the Consolidated Financial Statements and the related notes to those statements included later in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements about our plans and expectations of what may happen in the future. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our actual results could differ materially from the results anticipated by our forward-looking statements as a result of many known and unknown factors, including, but not limited to, those discussed in “Item 1A - Risk Factors” of this Annual Report on Form 10-K. See “Cautionary Notice Regarding Forward-Looking Statements” located above in “Item 1 – Business” of this Annual Report on Form 10-K.

Overview

We are a full-service wealth management firm focused on providing financial advisory and related family office services to ultra-high net worth individuals and institutional investors. In addition to a wide range of investment capabilities, we offer a full suite of complementary and customized family office services for families seeking a comprehensive oversight of their financial affairs. During the twelve months ended December 31, 2025, our assets under management increased 1.4% from $36.5 billion to $37.0 billion.

The business includes the management of funds of funds, and other investment funds, collectively referred to as the “Silvercrest Funds”. Silvercrest L.P. has issued restricted stock units exercisable for 137,765 Class B units which entitle the holders thereof to receive distributions from Silvercrest L.P. to the same extent as if the underlying Class B units were outstanding. Net profits and net losses of Silvercrest L.P. will be allocated, and distributions from Silvercrest L.P. will be made, to its current partners pro rata in accordance with their respective partnership units (and assuming the Class B units underlying all restricted stock units are outstanding).

The historical results of operations discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations include those of Silvercrest L.P. and its subsidiaries. As the general partner of Silvercrest L.P., we control its business and affairs and, therefore, consolidate its financial position and results with ours. The interests of the limited partners’ collective 34.0% partnership interest in Silvercrest L.P. as of December 31, 2025 are reflected in non-controlling interests in our consolidated financial statements.

This Item 7 generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 6, 2025.

Key Performance Indicators

When we review our performance, we focus on the indicators described below:

[[GREPCENT_TABLE]]
[["","","For the Year Ended December 31,"],["(in thousands except as indicated)","","2025","","","2024","","","2023"],["Revenue","","$","125,319","","","$","123,651","","","$","117,410"],["Income before other income (expense), net","","$","9,325","","","$","17,627","","","$","18,819"],["Net income","","$","8,059","","","$","15,709","","","$","15,183"],["Net income margin","","","6.4","%","","","12.7","%","","","12.9","%"],["Net income attributable to Silvercrest","","$","4,885","","","$","9,535","","","$","9,094"],["Adjusted EBITDA (1)","","$","19,619","","","$","26,101","","","$","26,878"],["Adjusted EBITDA margin (2)","","","15.7","%","","","21.1","%","","","22.9","%"],["Assets under management at period end (billions)","","$","37.0","","","$","36.5","","","$","33.3"],["Average assets under management (billions) (3)","","$","36.8","","","$","34.9","","","$","31.1"]]
[[/GREPCENT_TABLE]]

39

(1)
EBITDA, a non-GAAP measure of earnings, represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. We define Adjusted EBITDA as EBITDA without giving effect to items, including but not limited to professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, losses on disposals or abandonment of assets and leaseholds, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We use this non-GAAP financial measure to assess the strength of our business. These adjustments and the non-GAAP financial measures that are derived from them provide supplemental information to analyze our business from period to period. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for financial measures in accordance with GAAP. See “Supplemental Non-GAAP Financial Information” for a reconciliation of non-GAAP financial measures.

(2)
Adjusted EBITDA margin, a non-GAAP measure of earnings, is calculated by dividing Adjusted EBITDA by total revenue.

(3)
We have computed average assets under management by averaging assets under management at the beginning of the applicable period and assets under management at the end of the applicable period.

Revenue

We generate revenue from management and advisory fees, performance fees and family office services fees. Our management and advisory fees are generated by managing assets on behalf of separate accounts and acting as investment adviser for various investment funds. Our performance fees relate to assets managed in external investment strategies in which we have a revenue sharing arrangement and in funds in which we have no partnership interest. Our management and advisory fees and family office services fees income is recognized through the course of the period in which these services are provided. Income from performance fees is recorded at the conclusion of the contractual performance period when all contingencies are resolved. In certain arrangements, we are only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets.

The discretionary investment management agreements for our separately managed accounts do not have a specified term. Rather, each agreement may be terminated by either party at any time, unless otherwise agreed with the client, upon written notice of termination to the other party. The investment management agreements for our private funds are generally in effect from year to year, and may be terminated at the end of any year (or, in certain cases, on the anniversary of execution of the agreement) (i) by us upon 30 or 90 days’ prior written notice and (ii) after receiving the affirmative vote of a specified percentage of the investors in the private funds that are not affiliated with us, by the private fund on 60 or 90 days’ prior written notice. The investment management agreements for our private funds may also generally be terminated effective immediately by either party where the non-terminating party (i) commits a material breach of the terms subject, in certain cases, to a cure period, (ii) is found to have committed fraud, gross negligence or willful misconduct or (iii) becomes bankrupt, becomes insolvent or dissolves. Each of our investment management agreements contains customary indemnification obligations from us to our clients. The tables below set forth the amount of assets under management, the percentage of management and advisory fees revenues, the amount of revenue recognized, and the average assets under management for discretionary managed accounts and for private funds for each period presented.

Discretionary Managed Accounts

[[GREPCENT_TABLE]]
[["","","As of and for the Year Ended December 31,"],["(in billions)","","2025","","","2024","","","2023"],["AUM concentrated in Discretionary Managed Accounts","","$","23.6","","","$","22.8","","","$","21.5"],["Average AUM For Discretionary Managed Accounts","","$","23.2","","","$","22.2","","","$","21.0"],["Discretionary Managed Accounts Revenue (in millions)","","$","116.9","","","$","115.2","","","$","108.7"],["Percentage of management and advisory fees revenue","","","97","%","","","97","%","","","96","%"]]
[[/GREPCENT_TABLE]]

Private Funds

[[GREPCENT_TABLE]]
[["","","As of and for the Year Ended December 31,"],["(in billions)","","2025","","","2024","","","2023"],["AUM concentrated in Private Funds","","$","0.4","","","$","0.5","","","$","0.4"],["Average AUM For Private Funds","","$","0.5","","","$","0.5","","","$","0.4"],["Private Funds Revenue (in millions)","","$","3.7","","","$","4.1","","","$","4.1"],["Percentage of management and advisory fees revenue","","","3","%","","","3","%","","","3","%"]]
[[/GREPCENT_TABLE]]

40

Our management and advisory fees are primarily driven by the level of our assets under management. Our assets under management increase or decrease based on the net inflows or outflows of funds into our various investment strategies and the investment performance of our clients’ accounts. In order to increase our assets under management and expand our business, we must develop and market investment strategies that suit the investment needs of our target clients and provide attractive returns over the long term. Our ability to continue to attract clients will depend on a variety of factors including, among others:

•
our ability to educate our target clients about our classic value investment strategies and provide them with exceptional client service;

•
the relative investment performance of our investment strategies, as compared to competing products and market indices;

•
competitive conditions in the investment management and broader financial services sectors;

•
investor sentiment and confidence; and

•
our decision to close strategies when we deem it to be in the best interests of our clients.

The majority of management and advisory fees that we earn on separately-managed accounts are based on the value of assets under management on the last day of each calendar quarter. Most of our management and advisory fees are billed quarterly in advance on the first day of each calendar quarter. Our basic annual fee schedule for management of clients’ assets in separately managed accounts is: (i) for managed equity or balanced portfolios, 1% of the first $10 million and 0.60% on the balance, (ii) for managed fixed income only portfolios, 0.40% on the first $10 million and 0.30% on the balance, (iii) for the municipal value strategy, 0.65%, (iv) for Cortina’s equity portfolios, 1% on the first $25 million, 0.90% on the next $50 million and 0.80% on the balance, (v) for outsourced chief investment officer portfolios, 0.40% on the first $50 million, 0.32% on the next $50 million and 0.24% on the balance and (vi) for the global value equity strategy, 0.15% per annum on the first AUD1.5 billion, 0.14% per annum on the next AUD1.5 billion, 0.11% per annum on the next AUD1.0 billion, 0.08% per annum on the next AUD1.0 billion and 0.05% per annum above AUD5.0 billion. Our fee for monitoring non-discretionary assets can range from 0.05% to 0.01%, but can also be incorporated into an agreed-upon fixed family office service fee. The majority of our client relationships pay a blended fee rate because they are invested in multiple strategies.

Management fees earned on investment funds that we advise are calculated primarily based on the net asse

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SAMG/mda/fy2025/
All MD&A years: /company/SAMG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SAMG/mda/fy2024/): filed 2025-03-06; accession 0000950170-25-034713 (https://www.sec.gov/Archives/edgar/data/1549966/000095017025034713/samg-20241231.htm)
- [FY 2023 MD&A](/company/SAMG/mda/fy2023/): filed 2024-03-07; accession 0000950170-24-027981 (https://www.sec.gov/Archives/edgar/data/1549966/000095017024027981/samg-20231231.htm)
- [FY 2022 MD&A](/company/SAMG/mda/fy2022/): filed 2023-03-02; accession 0000950170-23-005837 (https://www.sec.gov/Archives/edgar/data/1549966/000095017023005837/samg-20221231.htm)
- [FY 2021 MD&A](/company/SAMG/mda/fy2021/): filed 2022-03-02; accession 0000950170-22-002690 (https://www.sec.gov/Archives/edgar/data/1549966/000095017022002690/samg-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SAMG.md · JSON record: /company/SAMG.json · verified financials: /company/SAMG/financials.json / /company/SAMG/financials.csv · machine TOC for the whole site: /llms.txt