Silvercrest资产管理2026年第三季度业绩电话会：随着全球扩张接近尾声，资产管理规模下滑

核心要点

• 季度营收同比增长140万美元至3270万美元，这主要得益于平均年管理费率的提高。
• 本季度全权委托资产管理规模减少9.392亿美元至238亿美元，主要是由于市场表现疲软。在减少的规模中，约有7.53亿美元对收入产生了影响。
• 季度净流入资金为5830万美元，基本持平。Silvercrest通过内生性新客户账户新增了1.822亿美元，并为其全球价值股票策略获得了3.73亿美元的追加投资。
• 调整后EBITDA为440万美元，占营收的13.5%。调整后净利润为190万美元，或调整后摊薄每股收益0.16美元。
• 管理层表示，公司主要的人员投资期已接近尾声。预计2027年将成为把扩充后的全球基础设施和分销能力转化为营收的关键一年。
• 董事会宣布派发每股A类股0.21美元的季度股息，将于2026年12月18日或前后向截至12月11日登记在册的股东支付。

关键财务数据

2026年前九个月，营收同比增长150万美元。调整后EBITDA约为1160万美元，占营收的12.2%；调整后净利润约为460万美元，或调整后每股收益0.38美元。报告的归属于A类股股东的净利润约为110万美元，或每股收益0.14美元。

今年迄今，薪酬与福利费用增长5.9%至6290万美元，相当于营收的66.3%。一般及行政费用增长17.2%，反映出专业服务费、场地费用、差旅及招待费以及投资组合与系统费用的增加。

业务与经营业绩

今年迄今，资本增值带来了17亿美元的新增资产管理规模，尽管第三季度市场疲软导致全权委托资产管理规模有所下降。高净值客户因缴税产生的季节性提款以及部分机构赎回，抵消了新客户资产以及全球价值股票策略的追加投资。

Silvercrest在本季度获得了爱尔兰中央银行颁发的完整MiFID牌照，并开设了都柏林办事处。欧洲团队的搭建已基本完成，涵盖机构分销和高净值业务能力。管理层表示，可能会在都柏林再增加一名投资专业人员。

公司表示其机构项目储备强劲，特别是在全球和国际股票策略方面。Silvercrest还设立了一只UCITS基金、一家澳大利亚信托并获得了补充监管牌照，同时还在寻求全球主要咨询机构的进一步评级。

在亚洲，Silvercrest计划在第一季度宣布其高净值业务的办事处负责人。前期牌照与招聘工作已完成，但管理层表示，更广泛的业务推广将更为稳妥地推进。

管理层展望

管理层预计，随着亚特兰大和都柏林办事处、UCITS基金、澳大利亚信托以及监管许可项目跨越筹备阶段，相关的行政和法律成本将会下降。公司还预计这些投资将开始贡献营收。

在该投资计划成熟期间，薪酬费用率预计仍将保持在高位。管理层表示，2027年对于从扩充的人员、基础设施和分销平台中创造营收至关重要，目标是随着时间的推移降低薪酬费用占营收的比例。

Silvercrest计划在2027年第一季度之后调整其资产管理规模报告，可能会取消非全权委托资产管理规模这一类别。管理层表示，这将导致报告中的非全权委托资产管理规模和总资产管理规模出现一次性减少，但不会影响营收。

风险与关注点

• 全权委托资产管理规模和营收仍容易受到市场波动的风险影响，本季度全权委托资产管理规模减少9.392亿美元就证明了这一点。
• 由于与公司投资项目相关的招聘、按绩效加薪、奖金、遣散费以及基于股权的薪酬，薪酬成本保持在高位。
• 季度一般及行政费用同比增长约16%，主要由专业服务费、差旅及招待费以及投资组合与系统成本增加所推动。
• 价值策略面临相对于指数的业绩挑战，管理层表示，这些指数集中在少数质量较低的公司上。成长策略与价值策略之间长期存在的偏离，也为主动价值策略制造了艰难的环境。
• 扩大后的国际平台和机构业务储备实现营收转化，目前仍是管理层的目标，而非已实现的结果。

分析师问答要点

管理层表示，在获得MiFID牌照后，都柏林办事处已投入全功能运营且人员配置基本到位。亚洲扩展仍处于早期阶段，人员需求仍在评估中，并计划于第一季度公布领导人选。

在被问及价值策略表现疲软的问题时，管理层将压力部分归因于指数构建和集中度。Silvercrest表示，其投资组合依然专注于优质公司，投资团队不打算改变其基本面研究流程。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.