Silvercrest 資產管理 2026 年第三季財報電話會議：隨著全球擴張接近尾聲，資產管理規模下滑

重點摘要

• 單季營收年增 140 萬美元至 3,270 萬美元，主因平均年度管理費提高所帶動。
• 本季全權委託資產管理規模 (AUM) 減少 9.392 億美元至 238 億美元，主要受市場走弱影響。該減少額中約有 7.53 億美元影響了營收。
• 單季資金淨流入基本持平，為 5,830 萬美元。Silvercrest 透過有機新增客戶帳戶挹注 1.822 億美元，並在其全球價值股票策略中獲得 3.73 億美元的追加投資。
• 調整後 EBITDA 為 440 萬美元，佔營收的 13.5%。調整後純益為 190 萬美元，或每股調整後稀釋盈餘 0.16 美元。
• 管理層表示，公司已接近主要人員投資期的尾聲。預計 2027 年將是把擴增後的全球基礎設施與分銷能力轉化為營收的重要一年。
• 董事會宣告 A 類股每股發放 0.21 美元的單季股利，將於 2026 年 12 月 18 日或前後發放給 2026 年 12 月 11 日在冊的股東。

主要財務數據

2026 年前九個月，營收年增 150 萬美元。調整後 EBITDA 約為 1,160 萬美元，佔營收的 12.2%；調整後純益約為 460 萬美元，或每股調整後盈餘 0.38 美元。列報歸屬於 A 類股股東之純益約為 110 萬美元，或每股盈餘 0.14 美元。

今年累計薪酬與福利費用增加 5.9% 至 6,290 萬美元，相當於營收的 66.3%。一般及行政費用上升 17.2%，反映專業服務費、租賃與場地費用、差旅與交際費，以及投資組合與系統費用增加。

業務與營運表現

資本增值在今年累計貢獻了 17 億美元的新增 AUM，儘管第三季市場走弱減少了全權委託 AUM。高淨值客戶因繳稅產生的季節性提款以及部分機構贖回，抵銷了新客戶資產與全球價值股票追加投資。

Silvercrest 取得愛爾蘭中央銀行核發的完整 MiFID 牌照，並於本季成立都柏林辦事處。歐洲的人員配置已基本完成，包括機構分銷與高淨值業務能力。管理層表示，可能會在都柏林再增加一名投資專業人員。

公司形容其機構潛在業務管道表現強勁，特別是在全球與國際股票策略方面。Silvercrest 還成立了 UCITS 基金、澳洲信託並取得額外監管許可，同時持續尋求全球主要顧問機構的進一步評級。

在亞洲，Silvercrest 計劃在第一季宣布高淨值業務的辦公室負責人。初步的許可與招聘已完成，但管理層表示更廣泛的推廣將進一步放緩步調進行。

管理層展望

管理層預計，隨著亞特蘭大與都柏林辦事處、UCITS 基金、澳洲信託及監管許可等項目跨越籌備階段，相關行政與法律成本將有所下降。公司亦預期這些投資將開始貢獻營收。

隨著投資計畫走向成熟，薪酬比率預計將維持在高位。管理層表示，2027 年將是從擴增後的人力、基礎設施與分銷平台產生營收的重要年份，目標是隨時間推移降低薪酬費用佔營收的比例。

Silvercrest 計劃在 2027 年第一季後修訂其 AUM 申報方式，可能取消非全權委託 AUM 類別。管理層表示，這將使列報的非全權委託 AUM 與總 AUM 出現一次性減少，但不會影響營收。

風險與觀察重點

• 全權委託 AUM 與營收仍易受市場波動影響，本季全權委託 AUM 減少 9.392 億美元即證明了這一點。
• 由於與公司投資計畫相關的招聘、績效加薪、獎金、資遣費及股權激勵薪酬，薪酬成本依然維持高位。
• 單季一般及行政費用年增約 16%，主要由專業服務費、差旅與交際費，以及投資組合與系統成本所帶動。
• 價值策略相較於指數面臨績效挑戰，管理層稱指數集中於少數品質較低的公司。成長股與價值股之間長期存在的差距，也為主動式價值策略創造了艱難的環境。
• 從擴增後的國際平台與機構潛在業務轉換為實際營收，目前仍是管理層的努力目標，而非已實現的結果。

分析師問答重點

管理層表示，在取得 MiFID 牌照後，都柏林辦事處已完全投入營運且人員基本到位。亞洲擴展仍處於早期階段，人力需求仍在上評估中，並計劃於第一季宣布領導人選。

當被問及價值策略績效較弱時，管理層將壓力部分歸因於指數構成與集中度。Silvercrest 表示，其投資組合仍專注於優質公司，且投資團隊不打算改變其基本面研究流程。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.