Teleconferência de Resultados do 3º Trimestre de 2026 da Silvercrest Asset Management: AUM Recua à Medida que Expansão Global se Aproxima da Conclusão

Destaques Principais

• A receita trimestral aumentou US$ 1,4 milhão em relação ao mesmo período do ano anterior, atingindo US$ 32,7 milhões, impulsionada principalmente por uma taxa média anual de administração mais elevada.
• Os ativos sob gestão discricionários caíram US$ 939,2 milhões durante o trimestre, para US$ 23,8 bilhões, principalmente devido ao enfraquecimento dos mercados. Aproximadamente US$ 753 milhões da queda afetaram a receita.
• A captação líquida trimestral ficou praticamente estável em US$ 58,3 milhões. A Silvercrest adicionou US$ 182,2 milhões em novas contas orgânicas de clientes e recebeu um investimento adicional (follow-on) de US$ 373 milhões em sua estratégia de ações globais de valor.
• O EBITDA ajustado foi de US$ 4,4 milhões, representando 13,5% da receita. O lucro líquido ajustado foi de US$ 1,9 milhão, ou US$ 0,16 por ação diluída ajustada.
• A administração afirmou que a empresa está se aproximando do fim de seu principal período de investimento em pessoal. A empresa espera que 2027 seja um ano importante para converter sua infraestrutura global expandida e suas capacidades de distribuição em receita.
• O conselho de administração declarou um dividendo trimestral de US$ 0,21 por ação de Classe A, pagável em ou por volta de 18 de dezembro de 2026 aos acionistas registrados em 11 de dezembro.

Principais Dados Financeiros

Nos primeiros nove meses de 2026, a receita aumentou US$ 1,5 milhão em comparação ao mesmo período do ano anterior. O EBITDA ajustado foi de aproximadamente US$ 11,6 milhões, ou 12,2% da receita, enquanto o lucro líquido ajustado foi de aproximadamente US$ 4,6 milhões, ou US$ 0,38 por ação ajustada. O lucro líquido divulgado atribuível aos acionistas de Classe A foi de aproximadamente US$ 1,1 milhão, ou US$ 0,14 por ação.

No acumulado do ano, as despesas com remuneração e benefícios aumentaram 5,9%, para US$ 62,9 milhões, equivalente a 66,3% da receita. As despesas gerais e administrativas subiram 17,2%, refletindo honorários profissionais mais altos, custos de ocupação, viagens e entretenimento, e despesas com portfólio e sistemas.

Desempenho Operacional e do Negócio

A valorização de capital contribuiu com US$ 1,7 bilhão de novo AUM no acumulado do ano, embora o enfraquecimento dos mercados no terceiro trimestre tenha reduzido o AUM discricionário. Saques sazonais de clientes de alta renda para pagamentos de impostos e alguns resgates institucionais compensaram os novos ativos de clientes e o investimento adicional (follow-on) na estratégia de ações globais de valor.

A Silvercrest recebeu sua licença MiFID completa do Banco Central da Irlanda e abriu seu escritório em Dublin durante o trimestre. O quadro de funcionários na Europa está em grande parte completo, incluindo distribuição institucional e capacidades para clientes de alta renda. A administração informou que pode adicionar mais um profissional de investimento em Dublin.

A empresa descreveu seu pipeline institucional como robusto, especialmente em estratégias de ações globais e internacionais. A Silvercrest também estabeleceu um fundo UCITS, um Trust australiano e licenciamento regulatório adicional, enquanto busca obter novas classificações (ratings) das principais consultorias globais.

Na Ásia, a Silvercrest planeja anunciar um responsável pelo escritório para suas operações de alta renda no primeiro trimestre. O licenciamento inicial e as contratações foram concluídos, mas a administração afirmou que a expansão mais ampla avançará de forma mais lenta.

Perspectivas da Administração

A administração espera que os custos administrativos e jurídicos associados aos escritórios de Atlanta e Dublin, ao fundo UCITS, ao Trust australiano e ao licenciamento regulatório diminuam à medida que essas iniciativas superem a fase de estruturação. A empresa também espera que os investimentos comecem a contribuir para a receita.

A proporção de despesas com remuneração deve permanecer elevada enquanto o programa de investimentos amadurece. A administração declarou que 2027 será importante para gerar receita a partir do pessoal, da infraestrutura e da plataforma de distribuição expandidos, com a meta de reduzir a despesa com remuneração como percentual da receita ao longo do tempo.

A Silvercrest planeja revisar seu relatório de AUM após o primeiro trimestre de 2027, devendo eliminar a categoria de AUM não discricionário. A administração disse que isso produzirá uma redução pontual no AUM não discricionário e total reportado, sem afetar a receita.

Riscos e Pontos de Atenção

• O AUM discricionário e a receita continuam expostos às oscilações de mercado, como demonstrado pela queda trimestral de US$ 939,2 milhões no AUM discricionário.
• Os custos com remuneração continuam elevados devido a contratações, aumentos por mérito, bônus, rescisões e remuneração baseada em ações relacionadas ao programa de investimentos da empresa.
• As despesas gerais e administrativas trimestrais aumentaram aproximadamente 16% em relação ao mesmo período do ano anterior, lideradas por honorários profissionais, viagens e entretenimento, e custos de portfólio e sistemas.
• As estratégias de valor enfrentaram desafios de desempenho em relação a índices que a administração afirmou estarem concentrados em poucas empresas de menor qualidade. A disparidade prolongada entre crescimento (growth) e valor (value) também criou um ambiente difícil para estratégias ativas de valor.
• A conversão em receita a partir da plataforma internacional expandida e do pipeline institucional continua sendo um objetivo da administração, e não um resultado já concretizado.

Destaques da Sessão de Perguntas e Respostas dos Analistas

A administração afirmou que o escritório de Dublin está totalmente operacional e com equipe praticamente completa após o recebimento da licença MiFID. A expansão na Ásia permanece em um estágio inicial, com as necessidades de pessoal ainda sob avaliação e um anúncio de liderança planejado para o primeiro trimestre.

Quando questionada sobre o desempenho mais fraco da estratégia de valor, a administração atribuiu a pressão em parte à construção e concentração dos índices. A Silvercrest declarou que seus portfólios permanecem focados em empresas de alta qualidade e que as equipes de investimento não planejam alterar seu processo de análise fundamentalista.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

Operator

Good morning, and welcome to the Silvercrest Asset Management Group Inc. Q3 2026 Earnings Conference Call. Please note, this event is being recorded. Before we begin, let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements. They are based on current expectations and projections, which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from the statements that are made.

Those factors are disclosed in our filings with the SEC under the caption Risk Factors. For all such forward-looking statements, we claim the protections provided by the Litigation Reform Act of 1995. All forward-looking statements made on this call are made as of the date hereof, and Silvercrest assumes no obligation to update them. I would now like to turn the conference over to Rick Hough, Chairman and CEO of Silvercrest. Please go ahead.

Richard Hough

Good morning, and thanks for joining us for our third quarter 2026 results. Silvercrest continued its strategic initiatives during the third quarter, and we continue to progress with the plan we have described over the past 2 years. Discretionary assets under management, which drives the firm revenue, decreased $939.2 million during the third quarter to $23.8 billion, primarily due to weaker markets. Of that, $753 million had a revenue effect.

The third quarter's weaker markets followed unusually strong second quarter markets with the result that capital growth has contributed $1.7 billion in new AUM this year-to-date. Net flows for the quarter were essentially flat at $58.3 million. Silvercrest added $182.2 million in organic new client accounts, which was the best quarter during 2026. And our net flows included an affirming $373 million follow-on investment in the firm's global value equity strategy. Offsetting outflows during the quarter were primarily attributable to seasonal high net worth client withdrawals for tax payments as well as some institutional outflows.

While total AUM stands at $36.2 billion, we have discussed in prior quarters that nondiscretionary AUM are associated with a small portion of revenue as most of nondiscretionary AUM represents flat fee family office and related services. Therefore, changes in the level of nondiscretionary AUM do not correlate to revenue change. We will adjust how the firm reports nondiscretionary at the end of the first quarter of 2027, likely eliminating the nondiscretionary AUM category altogether. This adjustment will substantially lower reported nondiscretionary and total AUM on a onetime basis but without revenue effect. We seek to provide investors with a clear picture of the discretionary AUM and the flows and economics that drive our business.

Year-to-date, revenue increased 2% year-over-year, reflecting a recovery in average AUM levels weighed down by first quarter outflows. Our estimated annual run rate increased by a similar percentage year-over-year since September 30, 2025. We announced during the third quarter that we received our full MiFID license through the Central Bank of Ireland. We also opened our Dublin office to serve both high net worth and institutional clients in Europe. With the completion of our Atlanta and Dublin offices, our UCITS fund, the Australian Trust, and regulatory licensing, we do expect administrative and legal costs associated with these initiatives to decline and begin contributing revenue.

Our institutional pipeline has continued to grow substantially and remains robust, particularly in our global and international equity strategies, which continue to deliver exceptional performance. Our pipeline quality has also improved with more possible AUM as well as a number of opportunities. We completed progress on building our global infrastructure and distribution for our current revenue push. We also have achieved important third-party ratings for our strategies and vehicles, and we continue to seek additional ratings with major global consultants to further open institutional distribution channels.

As previously discussed, Silvercrest will continue to adjust our compensation ratio to match compelling opportunities to organically grow the business. Total compensation and benefits expense was $62.9 million, representing 66.3% of revenue for the 9 months ended September 30, 2026. As we have consistently communicated, our earnings and adjusted EBITDA reflect the deliberate cost of the most significant investment program in the firm's history, and we expect the compensation ratio to remain elevated as these investments mature. Also, we have discussed with and reminded investors, shareholders approved an increase in the number of shares issuable under our equity incentive plan.

Intellectual capital at Silvercrest is Silvercrest's most important resource, and we have made substantial investments in excellent talent. We intend to imminently make equity grants to the professionals who are building our business and executing our strategy. Attracting and motivating our professionals and working to align their long-term interest with those of our shareholders is fundamental to how we intend to grow the firm and compound value through this investment cycle and beyond.

On October 28, the company's Board of Directors declared a quarterly dividend of $0.21 per share of Class A common stock. The dividend will be paid on or about December 18, 2026, to stockholders of record as of the close of business on December 11, 2026. Those are my preliminary remarks on the business. Scott Gerard, our CFO, will speak to the financials, and then we'll be available for questions. Thank you.

Scott Gerard

Great. Thanks, Rick. Discretionary AUM as of September 30 of this year was $23.8 billion, and total AUM as of September 30 was $36.2 billion. Revenue for the quarter was $32.7 million, and reported consolidated net income for the quarter was $1.2 million. Looking at the quarter, revenue increased year-over-year by $1.4 million, primarily driven by an increase in the average annual management fee. Expenses for the quarter increased year-over-year by $0.8 million or 2.9%, primarily driven by increased general and administrative expenses, partially offset by a decrease in compensation and benefits expense.

Compensation and benefits expense for the quarter decreased year-over-year by $0.5 million or 2.1%, primarily due to a decrease in the accrual for bonuses and severance, partially offset by increases in salaries and benefits expenses, primarily as a result of merit-based increases in new hires, including new staff in Ireland and increased equity-based compensation expense. General and administrative expenses increased by $1.3 million or approximately 16%, primarily due to increases in professional fees, travel and entertainment expense, and portfolio and systems expense.

Reported net income attributable to Silvercrest or the Class A shareholders for the quarter was approximately $0.6 million or $0.08 per basic and diluted Class A share. Adjusted EBITDA, which we define as EBITDA without giving effect to equity-based compensation expense and noncore, nonrecurring items, was approximately $4.4 million or 13.5% of revenue for the quarter. Adjusted net income, which we define as net income without giving effect to noncore and nonrecurring items and income tax expense assuming a corporate rate of 26%, was approximately $1.9 million for the quarter or $0.16 per adjusted basic and diluted EPS.

Adjusted EPS is equal to adjusted net income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic adjusted EPS. And to the extent dilutive, we add unvested restricted stock units and nonqualified stock options to the total shares outstanding to compute diluted adjusted EPS. Looking year-to-date, revenue increased year-over-year by $1.5 million, also driven by an increase in the average annual management fee. Year-to-date expenses increased year-over-year by $7.6 million or 9.2%, driven by increased compensation and benefits expense and general and administrative.

Year-to-date compensation and benefits increased year-over-year by $3.5 million or 5.9%, primarily due to increases in salaries and benefits, primarily as a result of both merit-based increases and newly hired staff as well as an increase in the accrual for bonuses, equity-based compensation, and severance expense. Year-to-date general and administrative expenses increased by $4.1 million or approximately 17.2%, primarily due to increase in professional fees, occupancy and related expenses, travel and entertainment expenses, and portfolio and systems expense.

Year-to-date reported net income attributable to Silvercrest or to Class A shareholders was approximately $1.1 million or $0.14 per basic and diluted Class A share. Year-to-date adjusted EBITDA was approximately $11.6 million or 12.2% of revenue. Year-to-date adjusted net income was approximately $4.6 million or $0.38 per adjusted basic and diluted EPS. Looking at the balance sheet, total assets were approximately $146.3 million as of the end of September of this year compared to $166.6 million as of the end of 2025.

Cash and cash equivalents were approximately $27.8 million as of the end of September compared to $44.1 billion -- excuse me, at the end of last year. Borrowings totaled approximately $9 million as of September 30. Total Class A stockholders' equity was approximately $45.5 million at the end of September of this year. That concludes my remarks, and I'll now turn it over for Q&A.

Richard Hough

Thank you very much, Scott. Welcome questions at this time. Thanks.

Operator

The first question comes from Sandy Mehta of Evaluate Research.

Perguntas e respostas

Ashish

This is Ashish coming from Evaluate Research. I'm speaking on behalf of Sandeep. He's on a flight. So I'll be taking 2 questions on his behalf. So the first question is regarding the staff setup. So is the staff setup in Asia and Europe in place as of now? Or what is the status for the same?

Richard Hough

Our speaker is a little distorted in this room. And so if you could repeat your question 1 more time, I'm going to turn the speaker so I can fully understand it.

Ashish

Yes. I'll repeat it again. So the first question is regarding the staff setup. Is the staff setup in Asia and Europe in place as of now? And what is the status regarding the same?

Richard Hough

Okay. So in Europe, where we've opened the Dublin office, we've largely completed our hiring and the staff set up there. That includes representative for our institutional capabilities as we've completed the UCITS fund in Ireland and other efforts facing Europe. With regards to the high net worth capability in order to get our full MiFID license through the Central Bank of Ireland, we had to fully staff. We may be hiring 1 more individual there for the investment team, but largely complete, and they're off and running now that everything is complete. So that effort with that office opening in the third quarter is just fully starting.

With regards to Asia, we will have an announcement in the first quarter with regards to head of office there for the high net worth business. We're going to be assessing what our needs are and therefore, aligning the staffing required. But we do have our licensing there and did our initial hiring already. That's in its early stages. With regards to other work, we have somebody in Australia working on distribution in South Asia, Japan, Australia. We have other domestic needs, but it's going to be rolled out on a slower basis than it has been today.

So as I mentioned in my business update, we're starting to get to the end of the investment period on the personnel side. There are going to be some bits and pieces across the firm, but also other changes. So you're just going to see a dramatic change in that. And the real expectation is now for revenue to start having an effect based on these investments and therefore, lowering, hopefully, the percentage of compensation that is being spent out of revenue. 2027 is going to be an important year for that.

Ashish

Got it. 1 more question, please. So the second question is regarding the value strategies. So the value strategies have had challenging performance. Can you give us a broad reason for that?

Richard Hough

Yes. A lot of the challenging performance has to do with index construction versus the index, which are extremely heavily weighted towards lower quality companies. We tend to invest in very high-quality companies as well as to an extraordinary concentration among very few companies. This is true of many, many different indices. So it depends what value strategy you're looking at. We have talked about challenges for the institutional business that we have there in the past. It seems like that has slowed.

And we also have seen a lot of our consultants and investors understand how our portfolios are constructed. They're seeing these challenges for a lot of active managers right now, and they're in our strategies for a reason, which is a tilt towards value and therefore, quality. That team is looking very hard, but they are not going to be changing their processes. They're looking to prove how they do things, but it has been proven time and again that if we stick to our knitting, stick to our fundamental research and build our portfolios around high-quality companies that inevitably we perform well.

We've seen other periods of underperformance going into the global financial crisis during the tech bubble and a couple of other periods. It's been in a very, very unusual period of time since the global financial crisis for value investors. The disparity between growth and value has persisted much longer than ever before and it's much wider than ever before, among other attributes.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Rick Hough for any closing remarks.

Richard Hough

Thank you. Thank you very much for joining us, and I appreciate the time this morning. I think we covered a lot in my business update with regards to what we're trying to do and accomplish. And we've been discussing this for some period of time, including well before we started this heavy investment period 2 years ago. We're facing the tail end of that, and we're quite excited about the pipeline that we have. The objective now in 2027 and going forward is to really see the fruits of those investments benefiting the firm and our shareholders. Thank you very much. I'm always available for conversations, as many of you know, and look forward to following up. We'll talk to you next quarter. Thank you.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.