Silvercrest reports $32.71M revenue for Q3 2026

Cover page 2 changes

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FOR THE QUARTERLY PERIOD ENDED June September 30, 2026

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The number of outstanding shares of the registrant s Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, as of July 27, October 26, 2026 was 7,821,782 and 4,025,985 , respectively.

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Financial statements 5 changes

Condensed Consolidated Statements of Financial Condition as of June September 30, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the three and six nine months ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Changes in Equity for the three and six nine months ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the six nine months ended June September 30, 2026 and 2025

Notes to Condensed Consolidated Financial Statements as of June September 30, 2026 and December 31, 2025 and for the three and six nine months ended June September 30, 2026 and 2025

Forward-looking statements 5 changes

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Class A Common Stock, par value $ 0.01 , 50,000,000 shares authorized; 10,926,170 10,996,803 and 7,751,149 7,821,782 issued and outstanding, respectively, as of June September 30, 2026;

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Class B Common Stock, par value $ 0.01 , 25,000,000 shares authorized; 4,096,618 4,025,985 and 4,119,699 issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively

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Treasury stock, at cost, 3,175,021 and 3,055,920 shares as of June September 30, 2026 and

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Equity income (loss) from investments

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Silver crest Silvercrest Asset Management Group Inc.

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Management 23 changes

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Distributions to partners

Issuance of Class B shares

Equity-based compensation

Deferred tax, net of amounts

receivable agreement

Accrued interest on notes

receivable from partners

Purchase of shares of Class A common

stock of Silvercrest Asset

Dividends paid on Class A

common stock - $ 0.21 per

Cumulative translation adjustment

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Six Months Ended June 30,

Nine Months Ended September 30,

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Adjustments to reconcile net income to net cash (used in) provided by operating activities:

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Equity income from investments

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Net cash (used in) provided by operating activities

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Acquisition of furniture, equipment and leasehold improvements ( 1,138 3,105 ( 872 1,681 ( 1,899

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Payments from partners on issuance of Class B shares

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Effect of exchange rate changes on cash and cash equivalents ( 103 230 ( 11

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Six Months Ended June 30,

Nine Months Ended September 30,

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Recognition of deferred tax assets as a result of share conversions ( 49 ( 620 704

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Notes to the financial statements 1 change

As of June September 30, 2026 and December 31, 2025 and for the three and six nine months ended June September 30, 2026 and 2025 (Unaudited)

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Note 1: ORGANIZATION AND BUSINESS 2 changes

Silvercrest Asset Management Group Inc. ( Silvercrest ), together with its consolidated subsidiary, Silvercrest L.P., a limited partnership (collectively the Company ), was formed as a Delaware corporation on July 11, 2011. Silvercrest is a holding company that was formed in order to carry on the business of Silvercrest L.P., the managing member of our operating subsidiary, and its subsidiaries. Effective on June 26, 2013, Silvercrest became the sole general partner of Silvercrest L.P., and its only material asset is the general partner interest in Silvercrest L.P., represented by 7,751,149 7,821,782 Class A units or approximately 65.0 66.0 % of the outstanding interests of Silvercrest L.P. Silvercrest controls all of the businesses and affairs of Silvercrest L.P. and, through Silvercrest L.P. and its subsidiaries, continues to conduct the business previously conducted by these entities prior to the reorganization.

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In connection with the Company s initial public offering (the IPO ) and reorganization of SLP completed on June 23, 2013, Silvercrest entered into a tax receivable agreement (the TRA ) with the partners of SLP (the SLP Partners ). Under the TRA, Silvercrest is required to pay the SLP Partners 85 % of the amount of cash savings, if any, in U.S. federal, state and local income tax that Silvercrest actually realizes (or is deemed to realize in the case of an early termination payment by it, or a change in control) as a result of increases in tax basis and certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA or attributable to exchanges of shares of Class B common stock for shares of Class A common stock. The payments to be made pursuant to the TRA are a liability of Silvercrest and not Silvercrest L.P. As of June September 30, 2026 , this liability is estimated to be $ 9,371 9,580 and is included in deferred tax and other liabilities in the Condensed Consolidated Statements of Financial Condition. Silvercrest expects to benefit from the remaining 15 % of cash savings realized, if any.

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Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 6 changes

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The accompanying Condensed Consolidated Financial Statements include the accounts of Silvercrest and its wholly owned consolidated subsidiaries SLP, SAMG LLC, SFS, MCG, Silvercrest Investors LLC, Silvercrest Investors II LLC, Silvercrest Investors III LLC, Silvercrest Investors IV LLC, and Silvercrest Asset Management (Singapore) Pte. Ltd. and Silvercrest Asset Management (Europe) Ltd. as of June September 30, 2026 and December 31, 2025 and for the three and six nine months ended June September 30, 2026 and 2025. All intercompany transactions and balances have been eliminated.

The Condensed Consolidated Statement of Financial Condition at December 31, 2025 was derived from the audited Consolidated Statement of Financial Condition at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the three and six nine months ended June September 30, 2026 and 2025 are not necessarily indicative of the operating results that may be expected for the full fiscal years ending December 31, 2026 and 2025 or any future period.

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As of June September 30, 2026 , Silvercrest holds approximately 65.0 66.0 % of the economic interests in SLP. Silvercrest is the sole general partner of SLP and, therefore, controls the management of SLP. As a result, Silvercrest consolidates the financial position and the results of operations of SLP and its subsidiaries, and records a non-controlling interest, as a separate component of equity on its Condensed Consolidated Statements of Financial Condition for the remaining economic interests in SLP. The non-controlling interest in the income or loss of SLP is included in the Condensed Consolidated Statements of Operations as a reduction or addition to net income derived from SLP.

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The following table presents the segment revenue and significant expenses for the three and six nine months ended June September 30, 2026 and 2025.

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The Company evaluates its equity method investments for impairment, whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment when the loss in value is deemed other than temporary. The Company s equity method investments approximate their fair value as of June September 30, 2026 and December 31, 2025 . The fair value of the equity method investments is estimated based on the Company s share of the fair value of the net assets of the equity method investee. No impairment charges related to equity method investments were recorded during the three and six nine months ended June September 30, 2026 or 2025 .

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The Company has one reporting unit as of June September 30, 2026 and December 31, 2025 . No goodwill impairment charges were recorded during the three and six nine months ended June September 30, 2026 and 2025.

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Note 3: INVESTMENTS AND FAIR VALUE MEASUREMENTS 6 changes

Investments include $ 2,144 2,155 as of June September 30, 2026 and $ 1,030 as of December 31, 2025, representing the Company s seed investment in an Australian investment trust and interests in the Silvercrest Funds, which have been established and managed by the Company and its affiliates.

In February 2026, Silvercrest made a $ 1,899 seed investment in an Australian fund, the Silvercrest Global Value Opportunity Fund, which is structured as a unit trust (the Trust ) and is a managed investment scheme under the Australian Corporations Act. The purpose of the seed investment was to enable the Silvercrest Global Value Opportunity Fund to be formally rated before accepting additional investments. As of June September 30, 2026 , the seed investment was valued at $ 1,986 1,997 and consisted of Level 1 listed equities. The Company recorded an unrealized gain of $ 166 11 and $ 87 98 , reported in the Condensed Consolidated Statement of Operations as an unrealized gain (loss) on investments for the three and six nine months ended June September 30, 2026, respectively.

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At June September 30, 2026 and December 31, 2025, the Company determined that none of the Silvercrest Funds were required to be consolidated. The Company s involvement with the entities related to the Silvercrest Funds began on the dates they were formed, which range from July 2003 to July 2014.

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At June September 30, 2026 and December 31, 2025 , the Company did no t have any financial assets or liabilities that are recorded at fair value on a recurring basis.

At June September 30, 2026 and December 31, 2025, financial instruments that are not held at fair value are categorized in the table below:

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(1) Includes $ 0 and $ 1,634 of cash equivalents at June September 30, 2026 and December 31, 2025, respectively, that fall under Level 1 in the fair value hierarchy.

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Note 4: RECEIVABLES, NET 1 change

The following is a summary of receivables as of June September 30, 2026 and December 31, 2025:

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Note 5: FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 3 changes

The following is a summary of furniture, equipment and leasehold improvements, net as of June September 30, 2026 and December 31, 2025:

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Depreciation expense for the three months ended June September 30, 2026 and 2025 was $ 648 622 and $ 499 478 , respectively. Depreciation expense for the six nine months ended June September 30, 2026 and 2025 was $ 1,244 1,866 and $ 957 1,435 , respectively.

During the three and six nine months ended June September 30, 2026, the Company wrote off assets with a cost of $ 25 and accumulated depreciation of $ 22 .

Note 6: GOODWILL 1 change

The following is a summary of the changes to the carrying amount of goodwill for the six nine months ended June September 30, 2026 and the year ended December 31, 2025:

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Note 7: INTANGIBLE ASSETS, NET 10 changes

The following is a summary of intangible assets, net as of June September 30, 2026 and December 31, 2025:

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Balance, June 30, 2026

Balance, September 30, 2026

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Balance, June 30, 2026

Balance, September 30, 2026

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Balance, June 30, 2025

Balance, September 30, 2025

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Balance, June 30, 2025

Balance, September 30, 2025

Amortization expense related to intangible assets, net was $ 458 and $ 548 for the three months ended June September 30, 2026 and 2025 , respectively. Amortization expense related to intangible assets, net was $ 916 1,374 and $ 1,097 1,645 for the six nine months ended June September 30, 2026 and 2025, respectively.

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Note 8: DEBT 3 changes

On June 24, 2013, the subsidiaries of Silvercrest L.P. entered into a $ 15.0 million credit facility with City National Bank. The subsidiaries of Silvercrest L.P. are the borrowers under such facility and Silvercrest L.P. guarantees the obligations of its subsidiaries under the credit facility. The credit facility is secured by certain assets of Silvercrest L.P. and its subsidiaries. The credit facility consisted of a $ 7.5 million delayed draw term loan that was scheduled to mature on June 24, 2025 , and a $ 7.5 million revolving credit facility that was scheduled to mature on June 21, 2019 . Effective July 1, 2019, the credit facility was increased and consisted of a $ 25.5 million delayed draw term loan that was to mature on July 1, 2026 , and a $ 10.0 million revolving credit facility with a stated maturity date of June 18, 2024 and a stated term loan draw date of July 1, 2024 . On June 17, 2022, the revolving credit facility was amended to replace LIBOR terms with its successor, the Secured Overnight Financing Rate ( SOFR ). The loan bears interest at either (a) the higher of the prime rate plus a margin of 0.25 percentage points and 2.5 % or (b) the SOFR rate plus 2.80 percentage points, at the borrowers option . On February 15, 2022, the credit facility was amended and restated to reflect changes to various definitions and related clauses with respect to the Company s subsidiaries. The credit facility contains restrictions on, among other things, (i) incurrence of additional debt, (ii) creating liens on certain assets, (iii) making certain investments, (iv) consolidating, merging or otherwise disposing of substantially all of our assets, (v) the sale of certain assets, and (vi) entering into transactions with affiliates. In addition, the credit facility contains certain financial covenants including a test on discretionary assets under management, maximum debt to EBITDA and a fixed charge coverage ratio. The credit facility contains customary events of default, including the occurrence of a change in control which includes a person or group of persons acting together acquiring more than 30 % of the total voting securities of Silvercrest. On June 18, 2024, the subsidiaries of Silvercrest L.P. and City National Bank entered into an Amendment and Restatement Agreement, which amends and restates the credit facility (as so amended and restated, the A&R Credit Agreement ) whereby, among other items, (i) the term loan maturity date was extended until June 18, 2027 , (ii) the term loan draw date was extended to June 18, 2025 , (iii) the term loan commitment was decreased from $ 25.5 million to $ 10.0 million as a result of the repayment in full of the existing term loans previously borrowed under the A&R Credit Agreement, and (iv) the $ 10.0 million revolving credit facility maturity date was extended until June 18, 2025 . Additionally, the quarterly installments due upon termination of the term loan commitment were revised to equal 5 % of the aggregate principal amount of term loans outstanding as of June 18, 2025 (after giving effect to any term loan made on such date). The fee structure was amended so as to provide for an upfront fee of $ 15,000 and additional commitment fee of up to $ 100,000 payable in three installments of $ 33,333.33 each, subject to the terms of the A&R Credit Agreement, and the unused line fee with respect to the term loan commitment was increased to 0.75 % per annum times the actual daily amount of unused term loan commitment for the immediately preceding fiscal quarter. All other loan documents between the Credit Parties and City National Bank continued in full force and effect. On June 18, 2025, the Credit Parties and City National Bank entered into the First Amendment to the A&R Credit Agreement (the First Amendment ), whereby, among other items, (i) the term loan maturity date was extended until June 18, 2028 , subject to two one-year extensions to June 18, 2030 upon the request of the Credit Parties so long as no Default or Event of Default (each as defined in the First Amendment) exists, (ii) the revolving credit facility maturity date was extended until June 18, 2026 , and (iii) the term loan draw date was extended to June 18, 2026 . The fee structure was amended so as to provide for additional annual yearly payments of $ 33,333.33 , subject to the terms of the First Amendment. On June 18, 2026, the Credit Parties and City National Bank entered into the Second Amendment to the A&R Credit Agreement (the Second Amendment ), whereby, among other items, (i) the stated term loan maturity date was extended until June 18, 2029 , subject to two one-year extension options, (ii) the term loan draw date terminates on June 18, 2028 , (iii) the term loan commitment as of the date of the Second Amendment is $ 5.0 million, and (iv) the $ 10.0 million revolving credit facility maturity date is June 18, 2027 . The Company was in compliance with the covenants under the credit facility as of June September 30, 2026.

As of June September 30, 2026 and December 31, 2025 , the Company did no t have any outstanding borrowings under the revolving credit facility. As of June September 30, 2026 and December 31, 2025, the Company had $ 9,500 9,000 and $ 4,000 , respectively, outstanding under the term loan. Accrued but unpaid interest was $ 0 and $ 23 as of June September 30, 2026 and December 31, 2025, respectively.

Interest expense, which also includes amortization of deferred financing fees, incurred on the revolving credit facility and term loan for the three months ended June September 30, 2026 and 2025 was $ 185 174 and $ 12 , respectively. Interest expense, which also includes amortization of deferred financing fees, incurred on the revolving credit facility and term loan for the six nine months ended June September 30, 2026 and 2025 was $ 369 542 and $ 24 36 , respectively.

Note 9: COMMITMENTS AND CONTINGENCIES 13 changes

The Company leases office space pursuant to operating leases that are subject to specific escalation clauses. Rent expense for the three months ended June September 30, 2026 and 2025 amounted to $ 1,850 1,884 and $ 1,745 1,816 , respectively. This is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company received sublease income from sub-tenants during the three months ended June 30, 2026 and 2025 of $ 0 and $ 10 , respectively.

Rent expense for the six nine months ended June September 30, 2026 and 2025 amounted to $ 3,663 5,546 and $ 3,457 5,233 , respectively. This is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company received sublease income from sub-tenants during the six nine months ended June September 30, 2026 and 2025 of $ 0 and $ 40 , respectively.

As security for performance under the leases, the Company is required to maintain letters a $ 506 letter of credit in favor of the current New York City landlord, totaling a $ 506 as 1,732 letter of June 30, 2026 and December 31, 2025 . Furthermore, credit in favor of the Company maintains landlord of the Company's future space in New York City and an $ 80 letter of credit in favor of its the Boston landlord Both as of September 30, 2026 and, except for the Company's future space in New York City, December 31, 2025. All are collateralized by the Company s revolving credit facility with City National Bank.

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Six Months Ended June 30,

In July 2026, the Company entered into a lease agreement for new office space in New York City. The lease is expected to commence during fiscal year 2028, upon completion of the landlord's buildout, and will have an initial term of 180 months . The lease agreement includes a tenant improvement allowance of up to $ 6,726 . The aggregate minimum lease payments over the initial lease term are $ 59,291 . We will recognize the related right-of-use asset and lease liability, which have not yet been determined, at the lease commencement date.

The components of lease expense for the three and six nine months ended June September 30, 2026 and 2025 were as follows:

Three Months Ended June September 30,

Nine Months Ended September 30,

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Future minimum lease payments and rentals under lease agreements for office space are as follows:

Future Minimum Lease

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The aggregate principal balance of finance leases was $ 326 290 and $ 330 as of June September 30, 2026 and December 31, 2025, respectively.

The assets relating to finance leases that are included in equipment as of June September 30, 2026 and December 31, 2025 are as follows:

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Depreciation expense relating to finance lease assets was $ 36 37 and $ 33 32 for the three months ended June September 30, 2026 and 2025 , respectively. Depreciation expense relating to finance lease assets was $ 72 108 and $ 65 97 for the six nine months ended June September 30, 2026 and 2025, respectively.

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Note 10: EQUITY 9 changes

SLP has historically made, and will continue to make, distributions of its net income to the holders of its partnership units for income tax purposes as required under the terms of its Second Amended and Restated Limited Partnership Agreement and also made, and will continue to make, additional distributions of net income under the terms of its Second Amended and Restated Limited Partnership Agreement. Partnership distributions totaled $ 2,141 1,165 and $ 2,723 1,452 , for the three months ended June September 30, 2026 and 2025 , respectively. Partnership distributions totaled $ 3,988 5,154 and $ 4,230 5,682 , for the six nine months ended June September 30, 2026 and 2025, respectively. The distributions are included in non-controlling interests in the Condensed Consolidated Statements of Financial Condition and Condensed Consolidated Statement of Changes in Equity for the six nine months ended June September 30, 2026 and 2025.

Pursuant to SLP s Second Amended and Restated Limited Partnership Agreement, partner incentive allocations are treated as distributions of net income. The remaining net income or loss after partner incentive allocations was generally allocated to the partners based on their pro rata ownership. Net income allocation is subject to the recovery of the allocated losses of prior periods. The Company treats SLP s partner incentive allocations as compensation expense and accrues such amounts when earned. During the three months ended June September 30, 2026 and 2025 , the Company accrued partner incentive allocations of $ 7,389 7,900 and $ 6,826 , 7,775, respectively. During the six nine months ended June September 30, 2026 and 2025 , the Company accrued partner incentive allocations of $ 14,599 22,499 and $ 13,353 21,128 , respectively. During the six nine months ended June September 30, 2026 and 2025 , the Company distributed partner incentive allocations of $ 30,887 31,137 and $ 30,754 , respectively.

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Shares at June September 30, 2026

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(2) During the six nine months ended June September 30, 2026 and 2025, Silvercrest granted 19,076 and 13,881 Class A restricted stock units, respectively . As of June September 30, 2026 , 50,655 Class A restricted stock units remain unvested.

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(4) Each Class B unit of SLP held by a principal is exchangeable for one share of the Company s Class A common stock. The principals collectively hold 4,096,618 4,025,985 Class B units, which represent the right to receive their proportionate share of the distributions made by SLP, and 98,992 restricted stock units which will vest and settle in the form of Class B units of SLP. The 98,992 restricted stock units which have been issued to our principals entitle the holders thereof to participate in distributions from SLP as if the underlying Class B units are outstanding and thus are taken into account to determine the economic interest of each holder of units in SLP. However, because the Class B units underlying the restricted stock units have not been issued and are not deemed outstanding, the holders of restricted stock units have no voting rights with respect to those Class B units. Silvercrest will not issue shares of Class B common stock in respect of restricted stock units of SLP until such time that the underlying Class B units are issued.

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During the six nine months ended June September 30, 2026, Silvercrest issued the following shares:

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Class A common shares outstanding June September 30, 2026

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Cancellation of Class B common stock upon exchange of Class B units for Class A common stock ( 72,389 143,022

Class B common shares outstanding June September 30, 2026

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Note 11: NOTES RECEIVABLE FROM PARTNERS 2 changes

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Notes receivable from SLP s partners are as follows for the six nine months ended June September 30, 2026 and the year ended December 31, 2025:

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Full recourse notes receivable from SLP s partners as of June September 30, 2026 and December 31, 2025 are $ 628 635 and $ 630 , respectively. There were no limited recourse notes receivable from SLP s partners as of June September 30, 2026 or December 31, 2025 . There is no allowance for credit losses on notes receivable from partners as of June September 30, 2026 or December 31, 2025 .

Note 12: RELATED PARTY TRANSACTIONS 3 changes

During the first six nine months of 2026 and 2025, the Company provided services to the following, which operate as feeder funds investing through master-feeder or mini-master feeder structures:

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For the three months ended June September 30, 2026 and 2025 , the Company earned from the above activities management fee income, which is included in management and advisory fees in the Condensed Consolidated Statements of Operations, of $ 910 888 and $ 911 932 , respectively. For the six nine months ended June September 30, 2026 and 2025 , the Company earned from the above activities management fee income, which is included in management and advisory fees in the Condensed Consolidated Statements of Operations, of $ 1,837 2,725 and $ 1,837 2,769 , respectively. As of June September 30, 2026 and December 31, 2025 , the Company was owed $ 910 652 and $ 326 , respectively, from its various funds, which is included in Due from Silvercrest Funds on the Condensed Consolidated Statements of Financial Condition.

For the three months ended June September 30, 2026 and 2025 , the Company earned management and advisory fees of $ 549 615 and $ 471 479 , respectively, from assets managed on behalf of certain of its employees. For the six nine months ended June September 30, 2026 and 2025 , the Company earned management and advisory fees of $ 1,067 1,682 and $ 943 , 1,422, respectively, from assets managed on behalf of certain of its employees. As of June September 30, 2026 and December 31, 2025 , the Company is owed approximately $ 155 226 and $ 161 , respectively, from certain of its employees, which is included in receivables, net on the Condensed Consolidated Statements of Financial Condition.

Note 13: INCOME TAXES 11 changes

As of June September 30, 2026 , the Company had net deferred tax assets of $ 414 54 , which is recorded as a deferred tax asset of $ 822 480 specific to Silvercrest which consists primarily of assets related to temporary differences between the financial statement and tax bases of intangible assets related to its acquisition of partnership units of SLP and a deferred tax liability of $ 408 426 specific to SLP which consists primarily of assets related to deferred rent expenses offset in part by amounts for differences in the financial statement and tax bases of intangible assets. Of the total net deferred taxes at June September 30, 2026 , $ 144 147 of the net deferred tax liabilities relate to non-controlling interests. These amounts are included in deferred tax and other liabilities on the Condensed Consolidated Statement of Financial Condition, respectively.

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$ 890 , respectively. When combined with current tax expense, the total income tax provision for the six months ended June 30, 2026 and 2025 is $ 1,065 and $ 2,234 , respectively. There was discrete tax expense of $ 234 for the six months ended June 30, 2026 . The discrete tax expense was primarily attributable to nonrecurring compensation expenses. There was no material discrete tax expense for the six months ended June 30, 2025.

The Company has recorded a deferred tax asset associated with net operating losses of its foreign subsidiaries in Singapore and Ireland. Realization of the deferred tax asset is contingent on the foreign subsidiaries generating future taxable income. Given the foreign subsidiaries have recently initiated operations and do not yet have a history of sales, the Company has concluded that the deferred tax asset does not currently meet the more-likely-than-not threshold for realizability. Accordingly, a full valuation allowance has been recorded with respect to the net operating losses of the Company s foreign subsidiary in Singapore in the amount of $ 750 824 at June September 30, 2026. As of December 31, 2025 , the amount of the valuation allowance was $ 598 . Additionally, a full valuation allowance has been recorded with respect to the net operating losses of the Company s foreign subsidiary in Ireland in the amount of $ 151 261 at June September 30, 2026. As of December 31, 2025 , the amount of the valuation allowance was $ 0 .

The current tax (benefit) expense was $ 51 ) 161 and ($ 464 217 ) for the three months ended June September 30, 2026 and 2025, respectively. Of the amount for the three months ended June September 30, 2026 , ($ 225 66 ) relates to Silvercrest s corporate tax (benefit) expense, $ 174 227 relates to SLP s state and local liability and $ 0 relates to SFS s corporate tax expense. The deferred tax expense for the three months ended June September 30, 2026 and 2025 was $ 599 486 and $ 596 608 , respectively. When combined with current tax (benefit) expense, the total income tax provision for the three months ended June September 30, 2026 and 2025 is $ 548 647 and $ 1,060 391 , respectively. There was discrete tax expense of ($ 98 182 ) and ($ 363 ) for the three months ended June September 30, 2026 . and 2025, respectively. The discrete tax expense was primarily attributable to nonrecurring compensation expenses. There was no material discrete tax expense for the three months ended June 30, 2025.

The current tax expense was $ 418 578 and $ 1,344 1,127 for the six nine months ended June September 30, 2026 and 2025, respectively. Of the amount for the six nine months ended June September 30, 2026 , ($ 27 40 ) relates to Silvercrest s corporate tax expense, $ 391 618 relates to SLP s state and local liability and $ 0 relates to SFS s corporate tax expense. The deferred tax expense for the six nine months ended June September 30, 2026 and 2025 was $ 647 1,134 and $ 1,498 , respectively. When combined with current tax expense, the total income tax provision for the nine months ended September 30, 2026 and 2025 is $ 1,712 and $ 2,625 , respectively. There was discrete tax expense of ($ 416 ) and ($ 363 ) for the nine months ended September 30, 2026 and 2025, respectively. The discrete tax expense was primarily attributable to nonrecurring compensation expenses.

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Of the total current tax expense for the three months ended June September 30, 2026 and 2025 , $ 62 78 and $ 92 23 , respectively, relates to non-controlling interests. Of the deferred tax expense for the three months ended June September 30, 2026 and 2025 , $ 4 6 and $ 5 10 , respectively, relates to non-controlling interests. When combined with current tax expense, the total income tax provision for the three months ended June September 30, 2026 and 2025 related to non-controlling interests is $ 66 84 and $ 97 33 , respectively.

Of the total current tax expense for the six nine months ended June September 30, 2026 and 2025 , $ 139 217 and $ 164 187 , respectively, relates to non-controlling interests. Of the deferred tax expense for the six nine months ended June September 30, 2026 and 2025 , $ 9 15 and $ 9 19 , respectively, relates to non-controlling interests. When combined with current tax expense, the total income tax provision for the six nine months ended June September 30, 2026 and 2025 related to non-controlling interests is $ 148 232 and $ 173 206 , respectively.

In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of June September 30, 2026, the Company s U.S. federal income tax returns for the years 2022 through 2026 are open under the normal three-year statute of limitations and therefore subject to examination.

The guidance for accounting for uncertainty in income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. During the three and six nine months ended June September 30, 2026 , the Company has reserved a total of ($ 8 63 ) and ($ 15 48 ), respectively, related to unrecognized tax benefits. When added to amounts recorded in the prior year, the total reserve as of June September 30, 2026 is $ 333 270 . If recognized, the above tax benefits would reduce the annual effective rate. The Company believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. The Company will reassess these amounts annually. The Company did no t have any reserve related to unrecognized tax benefits as of June September 30, 2025.

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Release of tax positions of prior years

Unrecognized tax benefits June September 30, 2026

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Note 15: EQUITY-BASED COMPENSATION 8 changes

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A total of 1,687,500 shares were originally reserved and available for issuance under the 2012 Equity Incentive Plan. On June 8, 2022, the 2012 Equity Incentive Plan was amended to increase the number of shares issuable under the plan by 1,050,000 , to a total of 2,737,500 . On June 4, 2025, the 2012 Equity Incentive Plan was further amended to increase the number of shares issuable under the plan by 1,500,000 , to a total of 4,237,500 . As of June September 30, 2026 , 1,747,025 shares are available for grant. The equity interests may be issued in the form of shares of the Company s Class A common stock and Class B units of SLP. (All references to units or interests of SLP refer to Class B units of SLP and accompanying shares of Class B common stock of Silvercrest).

18 unchanged paragraphs

A summary of the RSU grants by the Company as of June September 30, 2026 and 2025 is presented below:

2 unchanged paragraphs

Total granted at June September 30, 2026

1 unchanged paragraph

Total granted at June September 30, 2025

A summary of the NQO grants by the Company as of June September 30, 2026 and 2025 is presented below:

2 unchanged paragraphs

Total granted at June September 30, 2026

1 unchanged paragraph

Total granted at June September 30, 2025

For the three months ended June September 30, 2026 and 2025 , the Company recorded compensation expense related to such RSUs and NQOs of $ 588 610 and $ 401 353 , respectively, as part of total compensation expense in the Condensed Consolidated Statements of Operations for the period then ended. For the six nine months ended June September 30, 2026 and 2025 , the Company recorded compensation expense related to such RSUs and NQOs of $ 1,103 1,713 and $ 855 1,208 , respectively, as part of total compensation expense in the Condensed Consolidated Statements of Operations for the period then ended. As of June September 30, 2026 and December 31, 2025 , there was $ 3,341 2,731 and $ 3,771 , respectively, of unrecognized compensation expense related to unvested awards. As of June September 30, 2026 and December 31, 2025 , the unrecognized compensation expense related to unvested awards is expected to be recognized over a period of 1.86 1.61 and 1.90 years, respectively.

Note 16: DEFINED CONTRIBUTION AND DEFERRED COMPENSATION PLANS 1 change

SAMG LLC has a defined contribution 401(k) savings plan (the Plan ) for all eligible employees who meet the minimum age and service requirements as defined in the Plan. The Plan is designed to be a qualified plan under sections 401(a) and 401(k) of the Internal Revenue Code. For employees who qualify under the terms of the Plan, on an annual basis Silvercrest matches dollar for dollar an employee s contributions up to the first 4 % of compensation. For the three months ended June September 30, 2026 and 2025 , Silvercrest made matching contributions of $ 36 20 and $ 30 29 , respectively, for the benefit of employees. For the six nine months ended June September 30, 2026 and 2025 , Silvercrest made matching contributions of $ 71 91 and $ 59 88 , respectively, for the benefit of employees. The Company also has a pension plan for qualified employees in Ireland. For the three and six nine months ended June September 30, 2026 , Silvercrest made matching contributions of $ 12 21 (EUR 11 18 ) and $ 19 39 (EUR 16 34 ), respectively, for the benefit of employees in Ireland. Total matching contributions under both plans for the three months ended June September 30, 2026 and 2025 were $ 48 41 and $ 30 29 , respectively, and for the six nine months ended June September 30, 2026 and 2025 were $ 90 130 and $ 59 88 , respectively.

Note 17: SOFT DOLLAR ARRANGEMENTS 105 changes

The Company obtains research and other services through soft dollar arrangements. The Company receives credits from broker-dealers whereby technology-based research, market quotation and/or market survey services are effectively paid for in whole or in part by soft dollar brokerage arrangements. Section 28(e) of the Securities Exchange Act of 1934, as amended, provides a safe harbor to an investment adviser against claims that it breached its fiduciary duty under state or federal law (including ERISA) solely because the adviser caused its clients accounts to pay more than the lowest available commission for executing a securities trade in return for brokerage and research services. To rely on the safe harbor offered by Section 28(e), (i) the Company must make a good-faith determination that the amount of commissions is reasonable in relation to the value of the brokerage and research services being received and (ii) the brokerage and research services must provide lawful and appropriate assistance to the Company in carrying out its investment decision-making responsibilities. If the use of soft dollars is limited or prohibited in the future by regulation, the Company may have to bear the costs of such research and other services. For the three months ended June September 30, 2026 and 2025 , the Company utilized soft dollar credits of $ 106 and $ 90 , respectively. For the six nine months ended June September 30, 2026 and 2025 , the Company utilized soft dollar credits of $ 212 318 and $ 180 269 , respectively.

1 unchanged paragraph

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 and nine months ended June September 30, 2026, our assets under management increased decreased by 3.6% 2.2% 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 to $36.2 billion.

The business includes the management of funds of funds, and other investment funds, collectively referred to as the Silvercrest Funds. As of June September 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% 34% partnership interest in Silvercrest L.P. as of June September 30, 2026 are reflected in non-controlling interests in our Condensed Consolidated Financial Statements.

9 unchanged paragraphs

(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, the Delaware franchise tax, equity-based compensation, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, 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.

24 unchanged paragraphs

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 assets under management for the applicable period). Our average annual management fee related to average total assets under management was 0.36% and 0.34% for the three months ended June September 30, 2026 and 2025, respectively. Our average annual management fee related to average total assets under management was 0.35% and 0.34% for the six nine months ended June September 30, 2026 and 2025, respectively. Our average annual management fee related to average discretionary assets under management was 0.54% and 0.52% for the three months ended September 30, 2026 and 2025, respectively. Our average annual management fee related to average discretionary assets under management was 0.53% and 0.52% for the nine months ended September 30, 2026 and 2025, respectively. Changes in our total average management fee rates are typically the result of changes in the mix of our assets under management and the concentration in our equities strategies whose fee rates are higher than those of other investment strategies. Management and advisory fees are also adjusted for any cash flows into or out of a portfolio, where the cash flow represents greater than 10% of the previous quarter-end market value of the portfolio. These cash flow-related adjustments were insignificant for the three and six nine months ended June September 30, 2026 and 2025. Silvercrest L.P. has authority to take fees directly from external custodian accounts of its separately managed accounts.

9 unchanged paragraphs

The components of our compensation expense for the three and six nine months ended June September 30, 2026 and 2025 are as follows:

4 unchanged paragraphs

(1) For the three months ended June September 30, 2026 and 2025, $7,389 $7,900 and $6,826, $7,775, respectively, of partner incentive payments were included in cash compensation and benefits expense in the Condensed Consolidated Statements of Operations. For the six nine months ended June September 30, 2026 and 2025, $14,599 $22,499 and $13,353, $21,128, respectively, of partner incentive payments were included in cash compensation and benefits expense in the Condensed Consolidated Statements of Operations.

7 unchanged paragraphs

Our revenues for the three and six nine months ended June September 30, 2026 and 2025 are set forth below:

For the Three Months Ended June September 30,

2 unchanged paragraphs

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

2 unchanged paragraphs

The growth in our assets under management during the three and six nine months ended June September 30, 2026 and 2025 is described below:

1 unchanged paragraph

As of March 31, 2025

2 unchanged paragraphs

As of March 31, 2026

As of September 30, 2025

2 unchanged paragraphs

As of September 30, 2026

4 unchanged paragraphs

As of September 30, 2025

4 unchanged paragraphs

As of September 30, 2026

3 unchanged paragraphs

as of September 30, 2026

24 unchanged paragraphs

The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 2500 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 2500 Growth Index is a capitalization-weighted, unmanaged index that includes those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth.

2 unchanged paragraphs

Three Months Ended June September 30, 2026 versus Three Months Ended June September 30, 2025

Our total revenue increased by $0.1 $1.4 million, or 0.4% 4.5% to $30.8 $32.7 million for the three months ended June September 30, 2026 from $30.7 $31.3 million for three months ended June September 30, 2025. This increase was mainly due to market appreciation partially offset by net client outflows during an increase in the period. average annual management fee.

Total assets under management increased decreased by $0.3 $1.4 billion, or 0.8%, 3.7%, to $37.0 $36.2 billion at June September 30, 2026 from $36.7 $37.6 billion at June September 30, 2025. The increase decrease was a result of market appreciation of $3.5 billion and client inflows outflows of $4.5 $7.4 billion, partially offset by market appreciation of $1.1 billion and client outflows inflows of $7.7 $5.0 billion. During the three months ended June September 30, 2026 as compared to March 31, June 30, 2026, there was an increase a decrease of $1.6 $0.9 billion in discretionary assets under management and a decrease an increase of $0.3 $0.1 billion in non-discretionary assets under management. The increase decrease in assets under management was primarily due to market appreciation depreciation partially offset by net client outflows inflows during the quarter ended June September 30, 2026. Sub-advised fund management revenue remained flat at $0.2 million for the three months ended June September 30, 2026 and June September 30, 2025. Proprietary fund management revenue also remained flat at $0.7 million for the three months ended June September 30, 2026 and June September 30, 2025. With respect to our discretionary assets under management, equity assets increased decreased by 10.6% 3.7% during the three months ended June September 30, 2026 and fixed income assets decreased by 3.9% 2.1% during the same period. For the three months ended June September 30, 2026, most of the increase decrease in equity assets came from our focused innovation, small opportunity, SMID cap growth value and smid growth small cap opportunity strategies with composite returns of 52.9%, 48.9% (9.3%), (9.0%) and 33.1%, (8.1%), respectively. As of June September 30, 2026, the composition of our assets under management was 67% 66% in discretionary assets, which includes both separately managed accounts and proprietary and sub-advised funds, and 33% 34% in non-discretionary assets which represent assets on which we provide portfolio reporting but do not have investment discretion.

The following table represents a further breakdown of our assets under management as of the three months ended June September 30, 2026 and 2025:

Total AUM as of March 31, June 30,

Total Discretionary AUM as of March 31, June 30,

3 unchanged paragraphs

Market (depreciation)/appreciation

1 unchanged paragraph

Total Discretionary AUM at June September 30,

1 unchanged paragraph

Total AUM as of June September 30,

5 unchanged paragraphs

Our total revenue increased by $0.1 million, or 0.2% to $62.2 million for the six months ended June 30, 2026 from $62.1 million for six months ended June 30, 2025. This increase was mainly due to market appreciation partially offset by net client outflows during the period.

Six Nine Months Ended June September 30, 2026 versus Six Nine Months Ended June September 30, 2025

Our total revenue increased by $1.5 million, or 1.6% to $94.9 million for the nine months ended September 30, 2026 from $93.4 million for nine months ended September 30, 2025. This increase was mainly due to an increase in the average annual management fee.

Total assets under management increased decreased by $0.3 $1.4 billion, or 0.8%, 3.7%, to $37.0 $36.2 billion at June September 30, 2026 from $36.7 $37.6 billion at June September 30, 2025. The increase decrease was a result of market appreciation of $3.5 billion and client inflows outflows of $4.5 $7.4 billion, partially offset by market appreciation of $1.1 billion and client outflows inflows of $7.7 $5.0 billion. During the six nine months ended June September 30, 2026 as compared to December 31, 2025, total assets under management remained flat at $37.0 decreased by $0.8 billion, or 2.2%. There was an increase a decrease of $0.7 $0.2 billion in discretionary assets under management and a decrease of $0.7 $0.6 billion in non-discretionary assets under management. Sub-advised fund management revenue remained flat at $0.4 increased by $0.1 million to $0.7 million for the six nine months ended June September 30, 2026 and June from $0.6 million for the nine months ended September 30, 2025. Proprietary fund management revenue also remained flat at $1.4 decreased by $0.1 million to $2.0 million for the six nine months ended June September 30, 2026 and June from $2.1 million for the nine months ended September 30, 2025. With respect to our discretionary assets under management, equity assets increased by 6.2% 2.2% during the six nine months ended June September 30, 2026 and fixed income assets decreased by 4.8% 6.7% during the same period. For the six nine months ended June September 30, 2026, most of the increase in equity assets came from our small cap growth, focused innovation and smid growth energy infrastructure strategies with composite returns of 47.9%, 44.4% 38.4%, 37.0% and 31.2%, 25.1%, respectively. As of June September 30, 2026, the composition of our assets under management was 67% 66% in discretionary assets, which includes both separately managed accounts and proprietary and sub-advised funds, and 33% 34% in non-discretionary assets which represent assets on which we provide portfolio reporting but do not have investment discretion.

The following table represents a further breakdown of our assets under management as of the six nine months ended June September 30, 2026 and 2025:

6 unchanged paragraphs

Total Discretionary AUM at June September 30,

1 unchanged paragraph

Total AUM as of June September 30,

5 unchanged paragraphs

Our expenses for the three and six nine months ended June September 30, 2026 and 2025 are set forth below:

For the Three Months Ended June September 30,

2 unchanged paragraphs

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

2 unchanged paragraphs

(1) For the three months ended June September 30, 2026 and 2025, $7,389 $7,900 and $6,826, $7,775, respectively, of partner incentive payments were included in cash compensation and benefits expense in the Condensed Consolidated Statements of Operations. For the six nine months ended June September 30, 2026 and 2025, $14,599 $22,499 and $13,353, $21,128, respectively, of partner incentive payments were included in cash compensation and benefits expense in the Condensed Consolidated Statements of Operations.

Our expenses are driven primarily by our compensation costs. The table included in Expenses Compensation and Benefits Expense describes the components of our compensation expense for the three and six nine months ended June September 30, 2026 and 2025. Other expenses, such as rent, professional service fees, data-related costs, and sub-advisory fees incurred are included in our general and administrative expenses in the Condensed Consolidated Statements of Operations.

Three Months Ended June September 30, 2026 versus Three Months Ended June September 30, 2025

Total expenses increased by $3.2 $0.8 million, or 12.0%, 2.9%, to $29.8 $30.8 million for the three months ended June September 30, 2026 from $26.6 $30.0 million for the three months ended June September 30, 2025. This increase was attributable to increases a decrease in compensation and benefits expense of $1.7 $0.5 million and an increase in general, administrative and other expenses of $1.5 $1.3 million.

Compensation and benefits expense increased decreased by $1.7 $0.5 million, or 8.9% 2.1% to $20.5 $21.2 million for the three months ended June September 30, 2026 from $18.8 $21.7 million for the three months ended June September 30, 2025. The increase decrease was primarily attributable to decreases in the accrual for bonuses of $0.9 million and severance of $0.1 million, partially offset by increases in salaries and benefits of $0.4 $0.2 million primarily as a result of merit-based increases and newly-hired staff, including our new staff in Ireland and in the accrual for bonuses of $1.1 million, and equity-based compensation of $0.2 $0.3 million.

General and administrative expenses increased by $1.5 $1.3 million, or 19.3%, 16.0%, to $9.3 $9.6 million for the three months ended June September 30, 2026 from $7.8 $8.3 million for the three months ended June September 30, 2025. This was primarily attributable to increases in professional fees of $0.8 $0.1 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore, travel and entertainment expenses of $0.2 $0.5 million, portfolio and systems expense of $0.5 $0.4 million, charitable donations of $0.1 million, business taxes of $0.1 million and depreciation and amortization of $0.1 million, partially offset by a decrease in recruiting costs of $0.2 $0.1 million.

Six Nine Months Ended June September 30, 2026 versus Six Nine Months Ended June September 30, 2025

Total expenses increased by $6.8 $7.6 million, or 12.8%, 9.2%, to $60.0 $90.8 million for the six nine months ended June September 30, 2026 from $53.2 $83.2 million for the six nine months ended June September 30, 2025. This increase was attributable to increases in compensation and benefits expense of $3.9 $3.5 million and general, administrative and other expenses of $2.8 $4.1 million.

Compensation and benefits expense increased by $3.9 $3.5 million, or 10.5% 5.9% to $41.6 $62.9 million for the six nine months ended June September 30, 2026 from $37.7 $59.4 million for the six nine months ended June September 30, 2025. The increase was primarily attributable to increases in salaries and benefits of $1.0 $1.2 million primarily as a result of merit-based increases and newly-hired staff, including our new staff in Ireland, and in the accrual for bonuses of $2.3 $1.5 million, equity-based compensation of $0.2 $0.5 million and severance of $0.4 $0.3 million.

General and administrative expenses increased by $2.8 $4.1 million, or 18.3%, 17.2%, to $18.3 $27.8 million for the six nine months ended June September 30, 2026 from $15.5 $23.7 million for the six nine months ended June September 30, 2025. This was primarily attributable to increases in professional fees of $1.6 $1.7 million, occupancy and related costs of $0.3 $0.4 million primarily related to new office space in Singapore, travel and entertainment expenses of $0.5 $1.0 million, portfolio and systems expense of $0.5 $0.9 million, business taxes of $0.1 million and depreciation and amortization of $0.1 $0.2 million, partially offset by a decrease in recruiting costs of $0.1 $0.2 million.

1 unchanged paragraph

For the Three Months Ended June September 30,

1 unchanged paragraph

Unrealized loss on investments

Equity income from investments

Unrealized gain on investments

1 unchanged paragraph

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

1 unchanged paragraph

Unrealized gain (loss)

Equity income from investments

Unrealized gain on investments

1 unchanged paragraph

Three Months Ended June September 30, 2026 versus Three Months Ended June September 30, 2025

Total other income (expense) net decreased to other income expense of $0.1 million $31 thousand for the three months ended June September 30, 2026 from other income of $0.2 $0.1 million for the three months ended June September 30, 2025. Interest income decreased due to lower interest rates and lower balances in interest-bearing accounts. Interest expense increased based on outstanding amounts under the credit facility. The unrealized gain on investments relates to our seed investment in an Australian trust.

Six Nine Months Ended June September 30, 2026 versus Six Nine Months Ended June September 30, 2025

Total other income (expense) net decreased to other expense of $0.2 million for the six nine months ended June September 30, 2026 from other income of $0.4 $0.6 million for the six nine months ended June September 30, 2025. Interest income decreased due to lower interest rates and lower balances in interest-bearing accounts. Interest expense increased based on outstanding amounts under the credit facility. The unrealized gain on investments relates to our seed investment in an Australian trust.

1 unchanged paragraph

Three Months Ended June September 30, 2026 versus Three Months Ended June September 30, 2025

The provision for income taxes was $0.5 $0.6 million and $1.1 $0.4 million for the three months ended June September 30, 2026 and 2025, respectively. The change was primarily related to decreased profitability during the current period as compared to the prior year. Our provision for income taxes as a percentage of income before provision for income taxes for the three months ended June September 30, 2026 and 2025 was 53.9% 35.0% and 25.2%, 26.4%, respectively.

Six Nine Months Ended June September 30, 2026 versus Six Nine Months Ended June September 30, 2025

The provision for income taxes was $1.1 $1.7 million and $2.2 $2.6 million for the six nine months ended June September 30, 2026 and 2025, respectively. The change was primarily related to decreased profitability during the current period as compared to the prior year. Our provision for income taxes as a percentage of income before provision for income taxes for the six nine months ended June September 30, 2026 and 2025 was 51.5% 43.7% and 24.0%, 24.3%, respectively.

3 unchanged paragraphs

We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, equity-based compensation, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our Condensed Consolidated Financial Statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.

1 unchanged paragraph

Adjusted Net Income represents recurring net income without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our partners, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our Condensed Consolidated Financial Statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.

29 unchanged paragraphs

(a) For the three months ended June September 30, 2026, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal and other professional fees of $274 $170 related to international initiatives, the accrual for an earnout bonus of $344 $477 and the add back deduction of an unrealized gain on the Australian trust of $166. $11. For the six nine months ended June September 30, 2026, represents an ASC 842 rent adjustment of $96 $144 related to the amortization of property lease incentives, legal and other professional fees of $322 $492 related to international initiatives, set up fees related to the establishment of a donor advised fund of $25, a sign-on bonus of $5, rent expense of $8 incurred while waiting for the build out of a lease to be completed, the accrual for an earnout bonus of $674 $1,151 and the add back deduction of an unrealized gain on the Australian trust of $87. $98.

For the three months ended June September 30, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $84 $70 related to our application for licensure in the European Union (the EU ), legal and other professional fees of $90 related to other international initiatives, a sign-on bonus of $5, rent expense of $12. $24 and the accrual for an earnout bonus of $1,430. For the six nine months ended June September 30, 2025, represents an ASC 842 rent adjustment of $96 $144 related to the amortization of property lease incentives, legal fees of $84 $154 related to our application for licensure in the EU, legal and other professional fees of $90 related to other international initiatives, sign-on bonuses paid to certain employees of $62 and $67, rent expense of $12. $36 and the accrual for an earnout bonus of $1,430.

1 unchanged paragraph

(C) Includes 50,655 and 23,426 unvested restricted stock units at June September 30, 2026 and 2025, respectively.

(D) Includes 98,992 and 137,100 unvested restricted stock units at June September 30, 2026 and 2025, respectively, and 86,764 and 366,293 unvested non-qualified options at June September 30, 2026 and 2025, respectively.

2 unchanged paragraphs

On June 24, 2013, the subsidiaries of Silvercrest L.P. entered into a $15.0 million credit facility with City National Bank. The subsidiaries of Silvercrest L.P. are the borrowers under such facility and Silvercrest L.P. guarantees the obligations of its subsidiaries under the credit facility. The credit facility is secured by certain assets of Silvercrest L.P. and its subsidiaries. The credit facility consisted of a $7.5 million delayed draw term loan that was scheduled to mature on June 24, 2025, and a $7.5 million revolving credit facility that was scheduled to mature on June 21, 2019. Effective July 1, 2019, the credit facility was increased and consisted of a $25.5 million delayed draw term loan that was to mature on July 1, 2026, and a $10.0 million revolving credit facility with a stated maturity date of June 18, 2024 and a stated term loan draw date of July 1, 2024. On June 17, 2022, the revolving credit facility was amended to replace LIBOR terms with its successor, Secured Overnight Financing Rate ( SOFR ). The loan bears interest at either (a) the higher of the prime rate plus a margin of 0.25 percentage points and 2.5% or (b) the SOFR rate plus 2.80 percentage points, at the borrowers option. On February 15, 2022, the credit facility was amended to reflect changes to various definitions and related clauses with respect to the Company s subsidiaries. The credit facility contains restrictions on, among other things, (i) incurrence of additional debt, (ii) creating liens on certain assets, (iii) making certain investments, (iv) consolidating, merging or otherwise disposing of substantially all of our assets, (v) the sale of certain assets, and (vi) entering into transactions with affiliates. In addition, the credit facility contains certain financial covenants including a test on discretionary assets under management, maximum debt to EBITDA and a fixed charge coverage ratio. The credit facility contains customary events of default, including the occurrence of a change in control which includes a person or group of persons acting together acquiring more than 30% of the total voting securities of Silvercrest. On June 18, 2024, the subsidiaries of Silvercrest L.P. and City National Bank entered into an Amendment and Restatement Agreement, which amends and restates the credit facility (as so amended and restated, the A&R Credit Agreement ) whereby, among other items, (i) the term loan maturity date was extended until June 18, 2027, (ii) the term loan draw date was extended to June 18, 2025, (iii) the term loan commitment was decreased from $25.5 million to $10.0 million as a result of the repayment in full of the existing term loans previously borrowed under the Credit Agreement, and (iv) the $10.0 million revolving credit facility maturity date was extended until June 18, 2025. Additionally, the quarterly installments due upon termination of the term loan commitment were revised to equal 5% of the aggregate principal amount of term loans outstanding as of June 18, 2025 (after giving effect to any term loan made on such date). The fee structure was amended so as to provide for an upfront fee of $15,000 and additional commitment fee of up to $100,000 payable in three installments of $33,333.33 each, subject to the terms of the A&R Credit Agreement, and the unused line fee with respect to the term loan commitment was increased to 0.75% per annum times the actual daily amount of unused term loan commitment for the immediately preceding fiscal quarter. The credit agreement and all other loan documents between the Credit Parties and City National Bank continued in full force and effect. On June 18, 2025, the Credit Parties and City National Bank entered into the First Amendment to the A&R Credit Agreement (the First Amendment ), whereby, among other items, (i) the term loan maturity date was extended until June 18, 2028, subject to two one-year extensions to June 18, 2030 upon the request of the Credit Parties so long as no Default or Event of Default (each as defined in the First Amendment) exists, (ii) the revolving credit facility maturity date was extended until June 18, 2026, and (iii) the term loan draw date was extended to June 18, 2026. The fee structure was amended so as to provide for additional annual yearly payments of $33,333.33, subject to the terms of the First Amendment. On June 18, 2026, the Credit Parties and City National Bank entered into the Second Amendment to the A&R Credit Agreement (the Second Amendment ), whereby, among other items, (i) the stated term loan maturity date was extended until June 18, 2029, subject to two one-year extension options, (ii) the term loan draw date terminates on June 18, 2028, (iii) the term loan commitment as of the date of the Second Amendment is $5.0 million, and (iv) the $10.0 million revolving credit facility maturity date is June 18, 2027. As of June September 30, 2026 and December 31, 2025, we had $9.5 $9.0 million and $4.0 million, respectively, outstanding under the term loan. We were in compliance with the covenants under the credit facility as of June September 30, 2026.

2 unchanged paragraphs

The following table sets forth certain key financial data relating to our liquidity and capital resources as of June September 30, 2026 and December 31, 2025.

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Six Months Ended June 30,

The actual increase in tax basis, as well as the amount and timing of any payments under the tax receivable agreement, will vary depending upon a number of factors, including the timing of exchanges, the price of shares of our Class A common stock at the time of the exchange, the extent to which such exchanges are taxable, the amount and timing of our income and the tax rates then applicable. Nevertheless, we expect that as a result of the size of the increases in the tax basis of our tangible and intangible assets, the payments that we may make under the tax receivable agreement likely will be substantial. Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize the full tax benefit of the increased depreciation and amortization of our assets, we expect that future payments to the selling principals of Silvercrest L.P. in respect of our purchase of Class B units from them will aggregate approximately $___ $9.6 million. Future payments to current principals of Silvercrest L.P. and future holders of Class B units in respect of subsequent exchanges would be in addition to these amounts and are expected to be substantial. We intend to fund required payments pursuant to the tax receivable agreement from the distributions received from Silvercrest L.P.

The following table sets forth our cash flows for the six nine months ended June September 30, 2026 and 2025. Operating activities consist of net income subject to adjustments for changes in operating assets and liabilities, depreciation, and equity-based compensation expense. Investing activities consist primarily of acquiring and selling property and equipment, and cash paid as part of business acquisitions. Financing activities consist primarily of contributions from partners, distributions to partners, dividends paid on Class A common stock, the issuance and payments on partner notes, other financings, and earnout payments related to business acquisitions.

Nine Months Ended September 30,

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Risk factors 1 change

There have been no material changes made during the second third quarter of 2026 to any risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

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Other information 1 change

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During the three months ended June September 30, 2026 , no director or officer of the Company who is required to file reports under Section 16 of the Exchange Act adopted, modified, or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K .

Exhibits 1 change

Second Amendment to Amended and Restated Credit Agreement, dated as of June 18, 2026, among Silvercrest Asset Management Group LLC, Silvercrest Investors LLC, Silvercrest Investors II LLC and Silvercrest Financial Services, Inc., as borrowers, City National Bank, a national banking association, and acknowledged by Silvercrest L.P., as guarantor (incorporated by reference to Exhibit 4.1 to the Company s Form 8-K filed June 18, 2026).

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