Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the
“Company” or “Silvercrest”) today reported the results of its
operations for the quarter ended September 30, 2022.
Business Update
Volatile market conditions continued to affect
Silvercrest’s assets under management (“AUM”) in the third quarter
of 2022. The firm’s discretionary AUM, which drives revenue,
decreased to $19.4 billion as of the end of the third quarter of
2022 from $22.5 billion as of the end of the same period in 2021.
The firm’s third quarter 2022 revenue decreased year-over-year to
$29.0 million from $33.5 million. Total AUM now stands at $27.4
billion. The firm’s quarterly Adjusted EBITDA1 was approximately
$8.2 million, an annualized Adjusted EBITDA1 run-rate of $32.8
million. Silvercrest’s third quarter 2022 Adjusted EBITDA margin1
was 28.1%, a healthy margin in light of declining AUM and
associated revenue.
Silvercrest added relationships during the third
quarter and new accounts partially offset outflows for taxes and
rebalancing. Silvercrest’s suite of proprietary equity capabilities
have maintained solid performance. Our sub-advisory relationships
continued to add assets during the third quarter of 2022 and
Silvercrest launched a Large Cap Value Unit Investment Trust
(UIT).
Silvercrest repurchased approximately 286,000
shares of Class A common stock for approximately $5.2 million
during the third quarter.
Market volatility and uncertainty create long-term
opportunities that typically benefit the high-quality of
Silvercrest’s capabilities, and we look forward to more stable
markets.
On November 1, 2022, the Company’s Board of
Directors declared a quarterly dividend of $0.18 per share of Class
A common stock. The dividend will be paid on or about December 16,
2022 to shareholders of record as of the close of business on
December 9, 2022.
Third Quarter 2022
Highlights
- Total AUM of $27.4 billion, inclusive of discretionary AUM of
$19.4 billion and non-discretionary AUM of $8.0 billion at
September 30, 2022.
- Revenue of $29.0 million.
- U.S. Generally Accepted Accounting Principles (“GAAP”)
consolidated net income and net income attributable to Silvercrest
of $5 .6 million and $3.4 million, respectively.
- Basic and diluted net income per share of $0.35.
- Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (“EBITDA”)1 of $8.2 million.
- Adjusted net income1 of $5.0 million.
- Adjusted basic and diluted earnings per share1, 2 of $0.35 and
$0.34, respectively.
The table below presents a comparison of certain
GAAP and non-GAAP (“Adjusted”) financial measures and AUM.
|
|
For the Three Months Ended
September 30, |
|
|
For the Nine
Months Ended September 30, |
|
(in thousands except as indicated) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
29,042 |
|
|
$ |
33,461 |
|
|
$ |
94,725 |
|
|
$ |
97,799 |
|
Income
before other income (expense), net |
|
$ |
7,102 |
|
|
$ |
8,181 |
|
|
$ |
34,441 |
|
|
$ |
21,211 |
|
Net
income |
|
$ |
5,643 |
|
|
$ |
6,354 |
|
|
$ |
27,512 |
|
|
$ |
16,350 |
|
Net income
margin |
|
|
19.4 |
% |
|
|
19.0 |
% |
|
|
29.0 |
% |
|
|
16.7 |
% |
Net income
attributable to Silvercrest |
|
$ |
3,433 |
|
|
$ |
3,723 |
|
|
$ |
16,771 |
|
|
$ |
9,610 |
|
Net income
per basic and diluted share |
|
$ |
0.35 |
|
|
$ |
0.38 |
|
|
$ |
1.70 |
|
|
$ |
0.99 |
|
Adjusted
EBITDA1 |
|
$ |
8,172 |
|
|
$ |
10,345 |
|
|
$ |
27,585 |
|
|
$ |
30,430 |
|
Adjusted
EBITDA Margin1 |
|
|
28.1 |
% |
|
|
30.9 |
% |
|
|
29.1 |
% |
|
|
31.1 |
% |
Adjusted net
income1 |
|
$ |
5,039 |
|
|
$ |
6,607 |
|
|
$ |
17,489 |
|
|
$ |
19,530 |
|
Adjusted
basic earnings per share1, 2 |
|
$ |
0.35 |
|
|
$ |
0.46 |
|
|
$ |
1.22 |
|
|
$ |
1.35 |
|
Adjusted
diluted earnings per share1, 2 |
|
$ |
0.34 |
|
|
$ |
0.44 |
|
|
$ |
1.19 |
|
|
$ |
1.31 |
|
Assets under
management at period end (billions) |
|
$ |
27.4 |
|
|
$ |
31.0 |
|
|
$ |
27.4 |
|
|
$ |
31.0 |
|
Average
assets under management (billions)3 |
|
$ |
28.1 |
|
|
$ |
31.0 |
|
|
$ |
29.9 |
|
|
$ |
29.4 |
|
Discretionary assets under management (billions) |
|
$ |
19.4 |
|
|
$ |
22.5 |
|
|
$ |
19.4 |
|
|
$ |
22.5 |
|
|
|
|
|
|
|
1 Adjusted measures are non-GAAP measures and are explained
and reconciled to the comparable GAAP measures in Exhibits 2 and
3. |
|
|
|
2 Adjusted basic and diluted earnings per share measures for
the three and nine months ended September 30, 2022 are based
on the number of shares of Class A common stock and Class B common
stock outstanding as of September 30, 2022. Adjusted diluted
earnings per share are further based on the addition of unvested
restricted stock units, and non-qualified stock options to the
extent dilutive at the end of the reporting period. |
|
|
|
3 We have computed average AUM by averaging AUM at the
beginning of the applicable period and AUM at the end of the
applicable period. |
AUM at $27.4 Billion
Silvercrest’s discretionary assets under
management decreased by $3.1 billion, or 13.8%, to $19.4 billion at
September 30, 2022, from $22.5 billion at September 30,
2021. The decrease was attributable to net client outflows of $0.5
billion and market depreciation of $2.6 billion. Silvercrest’s
total AUM decreased by $3.6 billion, or 11.6%, to $27.4 billion at
September 30, 2022, from $31.0 billion at September 30,
2021. The decrease was attributable to market depreciation of $5.0
billion, partially offset by net client inflows of $1.4
billion.
Silvercrest’s discretionary assets under
management decreased by $1.0 billion, or 4.9%, to $19.4 billion at
September 30, 2022, from $20.4 billion at June 30, 2022. The
decrease was attributable to net client outflows of $0.4 billion
and market depreciation of $0.6 billion. Silvercrest’s total AUM
decreased by $1.3 billion, or 4.5%, to $27.4 billion at
September 30, 2022, from $28.7 billion at June 30, 2022. The
decrease was attributable to net client outflows of $0.3 billion
and market depreciation of $1.0 billion.
Third Quarter 2022 vs. Third Quarter
2021
Revenue decreased by $4.4 million, or 13.2%, to
$29.0 million for the three months ended September 30, 2022,
from $33.5 million for the three months ended September 30,
2021. This decrease was driven by market depreciation and net
client outflows in discretionary assets under management.
Total expenses decreased by $3.4 million, or
13.2%, to $21.9 million for the three months ended
September 30, 2022, from $25.3 million for the three months
ended September 30, 2021. Compensation and benefits expense
decreased by $2.5 million, or 13.3%, to $16.3 million for the three
months ended September 30, 2022, from $18.8 million for the
three months ended September 30, 2021. The decrease was
primarily attributable to a decrease in the accrual for bonuses of
$2.8 million partially offset by an increase in salaries and
benefits of $0.3 million primarily as a result of merit-based
increases and newly hired staff. General and administrative
expenses decreased by $0.9 million, or 13.5%, to $5.7 million for
the three months ended September 30, 2022, from $6.5 million
for the three months ended September 30, 2021. This was
primarily attributable to a decrease in the adjustment to the fair
value of contingent consideration related to the acquisition of
substantially all of the assets and assumed certain liabilities of
Cortina Asset Management, LLC (“Cortina Acquisition”) of $1.0
million and a decrease in trade errors of $0.1 million, partially
offset by an increase in travel and entertainment expenses of $0.2
million due to the easing of restrictions related to the
coronavirus pandemic.
Consolidated net income was $5.6 million or 19.4%
of revenue for the three months ended September 30, 2022, as
compared to consolidated net income of $6.4 million or 19.0% of
revenue for the same period in the prior year. Net income
attributable to Silvercrest was $3.4 million, or $0.35 per basic
and diluted share for the three months ended September 30,
2022. Our Adjusted Net Income1 was $5.0 million, or $0.35 per
adjusted basic share and $0.34 per adjusted diluted share2 for the
three months ended September 30, 2022.
Adjusted EBITDA1 was $8.2 million or 28.1% of
revenue for the three months ended September 30, 2022, as
compared to $10.3 million or 30.9% of revenue for the same period
in the prior year.
Nine Months Ended September 30, 2022 vs.
Nine Months Ended September 30, 2021
Revenue decreased by $3.1 million, or 3.1%, to
$94.7 million for the nine months ended September 30, 2022,
from $97.8 million for the nine months ended September 30,
2021. This decrease was driven by market depreciation partially
offset by net client inflows.
Total expenses decreased by $16.3 million, or
21.3%, to $60.3 million for the nine months ended
September 30, 2022, from $76.6 million for the nine months
ended September 30, 2021. Compensation and benefits expense
decreased by $2.0 million, or 3.6%, to $52.9 million for the nine
months ended September 30, 2022, from $54.9 million for the
nine months ended September 30, 2021. The decrease was
primarily attributable to a decrease in the accrual for bonuses of
$3.0 million and a decrease in equity-based compensation expense of
$0.3 million due to a decrease in the number of vested and unvested
restricted stock units and unvested non-qualified stock options
outstanding, partially offset by an increase in salaries and
benefits of $1.3 million primarily as a result of merit-based
increases and newly hired staff. General and administrative
expenses decreased by $14.3 million, or 66.0%, to $7.4 million for
the nine months ended September 30, 2022, from $21.7 million
for the nine months ended September 30, 2021. This was
primarily attributable to a decrease in the adjustment to the fair
value of contingent consideration related to the Cortina
Acquisition of $15.5 million, a decrease in occupancy and related
costs of $0.2 million primarily due to a decrease in cleaning and
maintenance costs and a decrease in trade errors of $0.3 million,
partially offset by an increase in travel and entertainment
expenses of $0.8 million due to the easing of restrictions related
to the coronavirus pandemic, an increase in professional fees of
$0.2 million, an increase in portfolio and systems expense of $0.4
million, an increase in office expenses of $0.1 million, an
increase in charitable donations of $0.1 million and an increase in
sub-advisory referral fee expense of $0.1 million.
Consolidated net income was $27.5 million or 29.0%
of revenue for the nine months ended September 30, 2022, as
compared to consolidated net income of $16.4 million or 16.7% of
revenue for the same period in the prior year. Net income
attributable to Silvercrest was $16.8 million, or $1.70 per basic
and diluted share for the nine months ended September 30,
2022. Our Adjusted Net Income1 was $17.5 million, or $1.22 per
adjusted basic share and $1.19 per adjusted diluted share2 for the
nine months ended September 30, 2022.
Adjusted EBITDA1 was $27.6 million or 29.1% of
revenue for the nine months ended September 30, 2022, as
compared to $30.4 million or 31.1% of revenue for the same period
in the prior year.
Liquidity and Capital
Resources
Cash and cash equivalents were $67.4 million at
September 30, 2022, compared to $85.7 million at December 31,
2021. As of September 30, 2022, there was $6.3 million
outstanding under our term loan with City National Bank and nothing
outstanding on our revolving credit facility with City National
Bank.
Silvercrest Asset Management Group Inc.’s total
equity was $87.1 million at September 30, 2022. We had
9,627,462 shares of Class A common stock outstanding and 4,667,695
shares of Class B common stock outstanding at September 30,
2022.
Non-GAAP Financial Measures
To provide investors with additional insight,
promote transparency and allow for a more comprehensive
understanding of the information used by management in its
financial and operational decision-making, we supplement our
consolidated financial statements presented on a basis consistent
with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted
Net Income and Adjusted Earnings Per Share, which are non-GAAP
financial measures of earnings. These adjustments, and the non-GAAP
financial measures that are derived from them, provide supplemental
information to analyze our operations between periods and over
time. Investors should consider our non-GAAP financial measures in
addition to, and not as a substitute for, financial measures
prepared in accordance with GAAP.
- EBITDA 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
the Delaware franchise tax, 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 feel that it is important to management and investors
to supplement our 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 shareholders.
- Adjusted EBITDA Margin is calculated by dividing Adjusted
EBITDA by total revenue. We feel that it is important to management
and investors to supplement our consolidated financial statements
presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP
financial measure of earnings, as this measure provides a
perspective of recurring profitability of the Company, taking into
account profitability attributable to both Class A and Class B
shareholders.
- Adjusted Net Income represents recurring net income without
giving effect to professional fees associated with acquisitions or
financing transactions, losses on forgiveness of notes receivable
from our principals, 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. Furthermore,
Adjusted Net Income includes income tax expense assuming a blended
corporate rate of 26%. We feel that it is important to management
and investors to supplement our 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 shareholders.
- Adjusted Earnings Per Share represents 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 Earnings Per
Share, and to the extent dilutive, we add unvested restricted stock
units and non-qualified stock options to the total shares
outstanding to compute diluted Adjusted Earnings Per Share. As a
result of our structure, which includes a non-controlling interest,
we feel that it is important to management and investors to
supplement our consolidated financial statements presented on a
GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial
measure of earnings, as this measure provides a perspective of
recurring earnings per share of the Company as a whole as opposed
to being limited to our Class A common stock.
Conference Call
The Company will host a conference call on
November 4, 2022, at 8:30 am (Eastern Time) to discuss these
results. Hosting the call will be Richard R. Hough III, Chief
Executive Officer and President and Scott A. Gerard, Chief
Financial Officer. Listeners may access the call by dialing
1-844-836-8743 or for international listeners the call may be
accessed by dialing 1-412-317-5723. An archived replay of the call
will be available after the completion of the live call on the
Investor Relations page of the Silvercrest website at
http://ir.silvercrestgroup.com/.
Forward-Looking Statements and Other
Disclosures
This release contains, and from time to time our
management may make, forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended. For those
statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks, uncertainties and assumptions. These statements
are only predictions based on our current expectations and
projections about future events. Important factors that could cause
actual results, level of activity, performance or achievements to
differ materially from those indicated by such forward-looking
statements include, but are not limited to: incurrence of net
losses; fluctuations in quarterly and annual results; adverse
economic or market conditions; our expectations with respect to
future levels of assets under management, inflows and outflows; our
ability to retain clients from whom we derive a substantial portion
of our assets under management; our ability to maintain our fee
structure; our particular choices with regard to investment
strategies employed; our ability to hire and retain qualified
investment professionals; the cost of complying with current and
future regulation coupled with the cost of defending ourselves from
related investigations or litigation; failure of our operational
safeguards against breaches in data security, privacy, conflicts of
interest or employee misconduct; our expected tax rate; and our
expectations with respect to deferred tax assets, adverse economic
or market conditions, including the continued adverse effects of
the coronavirus pandemic; incurrence of net losses; adverse effects
of management focusing on implementation of a growth strategy;
failure to develop and maintain the Silvercrest brand; and other
factors disclosed under “Risk Factors” in our annual report on Form
10-K for the year ended December 31, 2021, which is accessible on
the SEC’s website at www.sec.gov. We undertake no obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by law.
About Silvercrest
Silvercrest was founded in April 2002 as an
independent, employee-owned registered investment adviser. With
offices in New York, Boston, Virginia, New Jersey, California and
Wisconsin, Silvercrest provides traditional and alternative
investment advisory and family office services to wealthy families
and select institutional investors.
Exhibit 1
Silvercrest Asset Management Group Inc. Condensed
Consolidated Statements of Operations (Unaudited and in thousands,
except share and per share amounts or as noted)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Management and advisory fees |
|
$ |
27,949 |
|
|
$ |
32,248 |
|
|
$ |
91,500 |
|
|
$ |
94,435 |
|
Performance
fees |
|
|
— |
|
|
|
86 |
|
|
|
2 |
|
|
|
86 |
|
Family
office services |
|
|
1,093 |
|
|
|
1,127 |
|
|
|
3,223 |
|
|
|
3,278 |
|
Total revenue |
|
|
29,042 |
|
|
|
33,461 |
|
|
|
94,725 |
|
|
|
97,799 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits |
|
|
16,271 |
|
|
|
18,758 |
|
|
|
52,901 |
|
|
|
54,882 |
|
General and
administrative |
|
|
5,669 |
|
|
|
6,522 |
|
|
|
7,383 |
|
|
|
21,706 |
|
Total expenses |
|
|
21,940 |
|
|
|
25,280 |
|
|
|
60,284 |
|
|
|
76,588 |
|
Income before other (expense) income, net |
|
|
7,102 |
|
|
|
8,181 |
|
|
|
34,441 |
|
|
|
21,211 |
|
Other (expense) income, net |
|
|
|
|
|
|
|
|
|
|
|
|
Other
(expense) income, net |
|
|
104 |
|
|
|
43 |
|
|
|
119 |
|
|
|
58 |
|
Interest
income |
|
|
8 |
|
|
|
1 |
|
|
|
12 |
|
|
|
5 |
|
Unrealized
gain (loss) |
|
|
(2 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
Interest
expense |
|
|
(109 |
) |
|
|
(92 |
) |
|
|
(270 |
) |
|
|
(294 |
) |
Total other (expense) income, net |
|
|
1 |
|
|
|
(48 |
) |
|
|
(142 |
) |
|
|
(231 |
) |
Income before provision for income taxes |
|
|
7,103 |
|
|
|
8,133 |
|
|
|
34,299 |
|
|
|
20,980 |
|
Provision
for income taxes |
|
|
1,460 |
|
|
|
1,779 |
|
|
|
6,787 |
|
|
|
4,630 |
|
Net income |
|
|
5,643 |
|
|
|
6,354 |
|
|
|
27,512 |
|
|
|
16,350 |
|
Less: net income attributable to non-controlling interests |
|
|
(2,210 |
) |
|
|
(2,631 |
) |
|
|
(10,741 |
) |
|
|
(6,740 |
) |
Net income attributable to Silvercrest |
|
$ |
3,433 |
|
|
$ |
3,723 |
|
|
$ |
16,771 |
|
|
$ |
9,610 |
|
Net
income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
0.38 |
|
|
$ |
1.70 |
|
|
$ |
0.99 |
|
Diluted |
|
$ |
0.35 |
|
|
$ |
0.38 |
|
|
$ |
1.70 |
|
|
$ |
0.99 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,815,157 |
|
|
|
9,670,054 |
|
|
|
9,856,908 |
|
|
|
9,661,610 |
|
Diluted |
|
|
9,847,131 |
|
|
|
9,691,103 |
|
|
|
9,884,255 |
|
|
|
9,676,639 |
|
Exhibit 2
Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA
Measure (Unaudited and in thousands, except share and per share
amounts or as noted)
Adjusted EBITDA |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Reconciliation of non-GAAP financial measure: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,643 |
|
|
$ |
6,354 |
|
|
$ |
27,512 |
|
|
$ |
16,350 |
|
Provision
for income taxes |
|
|
1,460 |
|
|
|
1,779 |
|
|
|
6,787 |
|
|
|
4,630 |
|
Delaware
Franchise Tax |
|
|
50 |
|
|
|
50 |
|
|
|
150 |
|
|
|
150 |
|
Interest
expense |
|
|
109 |
|
|
|
92 |
|
|
|
270 |
|
|
|
294 |
|
Interest
income |
|
|
(8 |
) |
|
|
(1 |
) |
|
|
(12 |
) |
|
|
(5 |
) |
Depreciation
and amortization |
|
|
977 |
|
|
|
981 |
|
|
|
2,904 |
|
|
|
2,942 |
|
Equity-based
compensation |
|
|
285 |
|
|
|
345 |
|
|
|
789 |
|
|
|
807 |
|
Other
adjustments (A) |
|
|
(344 |
) |
|
|
745 |
|
|
|
(10,815 |
) |
|
|
5,262 |
|
Adjusted EBITDA |
|
$ |
8,172 |
|
|
$ |
10,345 |
|
|
$ |
27,585 |
|
|
$ |
30,430 |
|
Adjusted EBITDA Margin |
|
|
28.1 |
% |
|
|
30.9 |
% |
|
|
29.1 |
% |
|
|
31.1 |
% |
(A) Other adjustments consist of the
following:
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Acquisition costs (a) |
|
$ |
5 |
|
|
$ |
16 |
|
|
$ |
32 |
|
|
$ |
347 |
|
Severance |
|
|
13 |
|
|
|
10 |
|
|
|
13 |
|
|
|
10 |
|
Other
(b) |
|
|
(362 |
) |
|
|
719 |
|
|
|
(10,860 |
) |
|
|
4,905 |
|
Total other adjustments |
|
$ |
(344 |
) |
|
$ |
745 |
|
|
$ |
(10,815 |
) |
|
$ |
5,262 |
|
- For the three months ended September 30, 2022, represents
professional fees of $5 related to the acquisition of Cortina. For
the nine months ended September 30, 2022, represents insurance
costs of $22 and professional fees of $10 related to the
acquisition of Cortina. For the three months ended
September 30, 2021, represents insurance costs of $11 and
professional fees of $5 related to the acquisition of Cortina. For
the nine months ended September 30, 2021, represents
equity-based compensation expense of $300 related to restricted
stock unit grants issued to two associates hired as part of the
Cortina Acquisition in conjunction with their admission to
Silvercrest L.P., insurance costs of $34 and professional fees of
$14 related to the acquisition of Cortina.
- For the three months ended September 30, 2022, represents
a fair value adjustment to the Cortina contingent purchase price
consideration of ($343), a fair value adjustment to the tax
receivable agreement of ($93), an ASC 842 rent adjustment of $48
related to the amortization of property lease incentives and
expenses related to obtaining of a business license of $26. For the
nine months ended September 30, 2022, represents a fair value
adjustment to the Cortina contingent purchase price consideration
of ($10,943), a fair value adjustment to the tax receivable
agreement of ($93), an ASC 842 rent adjustment of $144 related to
the amortization of property lease incentives, expenses related to
obtaining a business license of $26 and expenses related to the
Coronavirus pandemic of $6. For the three months ended
September 30, 2021, represents a fair value adjustment to the
Cortina contingent purchase price consideration of $670, an ASC 842
rent adjustment of $48 related to the amortization of property
lease incentives and expenses related to the Coronavirus pandemic
of $1. For the nine months ended September 30, 2021,
represents a fair value adjustment to the Cortina contingent
purchase price consideration of $4,570, an ASC 842 rent adjustment
of $144 related to the amortization of property lease incentives
and expenses related to the Coronavirus pandemic of $191.
Exhibit 3
Silvercrest Asset Management Group Inc.
Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted Net Income
and Adjusted Earnings Per Share Measures (Unaudited and in
thousands, except per share amounts or as noted)
Adjusted Net Income and Adjusted Earnings Per
Share |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Reconciliation of non-GAAP financial measure: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,643 |
|
|
$ |
6,354 |
|
|
$ |
27,512 |
|
|
$ |
16,350 |
|
Consolidated
GAAP Provision for income taxes |
|
|
1,460 |
|
|
|
1,779 |
|
|
|
6,787 |
|
|
|
4,630 |
|
Delaware
Franchise Tax |
|
|
50 |
|
|
|
50 |
|
|
|
150 |
|
|
|
150 |
|
Other
adjustments (A) |
|
|
(344 |
) |
|
|
745 |
|
|
|
(10,815 |
) |
|
|
5,262 |
|
Adjusted
earnings before provision for income taxes |
|
|
6,809 |
|
|
|
8,928 |
|
|
|
23,634 |
|
|
|
26,392 |
|
Adjusted
provision for income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
provision for income taxes (26% assumed tax rate) |
|
|
(1,770 |
) |
|
|
(2,321 |
) |
|
|
(6,145 |
) |
|
|
(6,862 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
5,039 |
|
|
$ |
6,607 |
|
|
$ |
17,489 |
|
|
$ |
19,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
net income per share (B): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
0.35 |
|
|
$ |
0.38 |
|
|
$ |
1.70 |
|
|
$ |
0.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share/unit (B): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
0.46 |
|
|
$ |
1.22 |
|
|
$ |
1.35 |
|
Diluted |
|
$ |
0.34 |
|
|
$ |
0.44 |
|
|
$ |
1.19 |
|
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/units outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Class
A shares outstanding |
|
|
9,627 |
|
|
|
9,653 |
|
|
|
9,627 |
|
|
|
9,653 |
|
Basic Class
B shares/units outstanding |
|
|
4,668 |
|
|
|
4,815 |
|
|
|
4,668 |
|
|
|
4,815 |
|
Total basic
shares/units outstanding |
|
|
14,295 |
|
|
|
14,468 |
|
|
|
14,295 |
|
|
|
14,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Class A shares outstanding (C) |
|
|
9,659 |
|
|
|
9,675 |
|
|
|
9,659 |
|
|
|
9,675 |
|
Diluted
Class B shares/units outstanding (D) |
|
|
5,041 |
|
|
|
5,239 |
|
|
|
5,041 |
|
|
|
5,239 |
|
Total
diluted shares/units outstanding |
|
|
14,700 |
|
|
|
14,914 |
|
|
|
14,700 |
|
|
|
14,914 |
|
- See A in Exhibit
2.
- GAAP earnings per share is strictly attributable to Class A
shareholders. Adjusted earnings per share takes into account
earnings attributable to both Class A and Class B
shareholders.
- Includes 31,974 and 21,704 unvested restricted stock units at
September 30, 2022 and 2021, respectively.
- Includes 120,772 and 170,854 unvested restricted stock units
and 252,904 unvested non-qualified options at September 30, 2022
and 2021.
Exhibit 4
Silvercrest Asset Management Group Inc. Condensed
Consolidated Statements of Financial Condition (Unaudited and in
thousands)
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
67,352 |
|
|
$ |
85,744 |
|
Investments |
|
|
177 |
|
|
|
1,588 |
|
Receivables,
net |
|
|
9,417 |
|
|
|
8,850 |
|
Due from
Silvercrest Funds |
|
|
2,429 |
|
|
|
428 |
|
Furniture,
equipment and leasehold improvements, net |
|
|
5,040 |
|
|
|
5,257 |
|
Goodwill |
|
|
63,675 |
|
|
|
63,675 |
|
Operating
lease assets |
|
|
22,839 |
|
|
|
26,130 |
|
Finance
lease assets |
|
|
372 |
|
|
|
247 |
|
Intangible
assets, net |
|
|
21,993 |
|
|
|
23,924 |
|
Deferred tax
asset—tax receivable agreement |
|
|
7,556 |
|
|
|
10,797 |
|
Prepaid
expenses and other assets |
|
|
4,239 |
|
|
|
2,678 |
|
Total assets |
|
$ |
205,089 |
|
|
$ |
229,318 |
|
Liabilities and Equity |
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
2,977 |
|
|
$ |
19,820 |
|
Accrued
compensation |
|
|
29,001 |
|
|
|
41,707 |
|
Borrowings
under credit facility |
|
|
6,330 |
|
|
|
9,025 |
|
Operating
lease liabilities |
|
|
28,834 |
|
|
|
32,371 |
|
Finance
lease liabilities |
|
|
373 |
|
|
|
253 |
|
Deferred tax
and other liabilities |
|
|
9,603 |
|
|
|
9,334 |
|
Total liabilities |
|
|
77,118 |
|
|
|
112,510 |
|
Commitments and Contingencies (Note 10) |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preferred
Stock, par value $0.01, 10,000,000 shares authorized; none issued
and outstanding, as of September 30, 2022 and December 31,
2021 |
|
|
— |
|
|
|
— |
|
Class A
common stock, par value $0.01, 50,000,000 shares authorized;
9,946,054 and 9,627,462 shares issued and outstanding as of
September 30, 2022, respectively; 9,902,184 and 9,869,101 shares
issued and outstanding as of and December 31, 2021,
respectively |
|
|
99 |
|
|
|
99 |
|
Class B
common stock, par value $0.01, 25,000,000 shares authorized;
4,667,695 and 4,593,687 issued and outstanding, as of September 30,
2022 and December 31, 2021, respectively |
|
|
46 |
|
|
|
45 |
|
Additional
Paid-In Capital |
|
|
53,232 |
|
|
|
52,936 |
|
Treasury
Stock, at cost, 318,592 and 33,083 shares as of September 30, 2022
and December 31, 2021, respectively |
|
|
(5,752 |
) |
|
|
(512 |
) |
Retained
earnings |
|
|
39,430 |
|
|
|
27,782 |
|
Total Silvercrest Asset Management Group Inc.’s
equity |
|
|
87,055 |
|
|
|
80,350 |
|
Non-controlling interests |
|
|
40,916 |
|
|
|
36,458 |
|
Total equity |
|
|
127,971 |
|
|
|
116,808 |
|
Total liabilities and equity |
|
$ |
205,089 |
|
|
$ |
229,318 |
|
Exhibit 5
Silvercrest Asset Management Group Inc. Total
Assets Under Management (Unaudited and in billions)
Total Assets Under
Management:
|
|
Three Months
Ended September 30, |
|
|
% Change from September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Beginning assets under management |
|
$ |
28.7 |
|
|
$ |
31.0 |
|
|
|
-7.4 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client
inflows |
|
|
1.1 |
|
|
|
1.2 |
|
|
|
-8.3 |
% |
Gross client
outflows |
|
|
(1.4 |
) |
|
|
(1.4 |
) |
|
|
0.0 |
% |
Net client
flows |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
50.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
(depreciation)/appreciation |
|
|
(1.0 |
) |
|
|
0.2 |
|
|
NM |
|
Ending assets under management |
|
$ |
27.4 |
|
|
$ |
31.0 |
|
|
|
-11.6 |
% |
|
|
Nine Months
Ended September 30, |
|
|
% Change from September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Beginning assets under management |
|
$ |
32.3 |
|
|
$ |
27.8 |
|
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client
inflows |
|
|
5.5 |
|
|
|
4.0 |
|
|
|
37.5 |
% |
Gross client
outflows |
|
|
(5.2 |
) |
|
|
(4.6 |
) |
|
|
13.0 |
% |
Net client
flows |
|
|
0.3 |
|
|
|
(0.6 |
) |
|
|
-150.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
(depreciation)/appreciation |
|
|
(5.2 |
) |
|
|
3.8 |
|
|
|
-236.8 |
% |
Ending assets under management |
|
$ |
27.4 |
|
|
$ |
31.0 |
|
|
|
-11.6 |
% |
NM = Not Meaningful
Exhibit 6
Silvercrest Asset Management Group Inc.
Discretionary Assets Under Management (Unaudited and in
billions)
Discretionary Assets Under
Management:
|
|
Three Months
Ended September 30, |
|
|
% Change from September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Beginning assets under management |
|
$ |
20.4 |
|
|
$ |
22.9 |
|
|
|
-10.9 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client
inflows |
|
|
0.9 |
|
|
|
1.1 |
|
|
|
-18.2 |
% |
Gross client
outflows |
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
0.0 |
% |
Net client
flows |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
depreciation |
|
|
(0.6 |
) |
|
|
(0.2 |
) |
|
|
200.0 |
% |
Ending assets under management |
|
$ |
19.4 |
|
|
$ |
22.5 |
|
|
|
-13.8 |
% |
|
|
Nine Months
Ended September 30, |
|
|
% Change from September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Beginning assets under management |
|
$ |
25.1 |
|
|
$ |
20.6 |
|
|
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client
inflows |
|
|
3.5 |
|
|
|
3.6 |
|
|
|
-2.8 |
% |
Gross client
outflows |
|
|
(4.9 |
) |
|
|
(4.2 |
) |
|
|
16.7 |
% |
Net client
flows |
|
|
(1.4 |
) |
|
|
(0.6 |
) |
|
|
133.3 |
% |
|
|
|
|
|
|
|
|
|
|
Market
(depreciation)/appreciation |
|
|
(4.3 |
) |
|
|
2.5 |
|
|
|
-272.0 |
% |
Ending assets under management |
|
$ |
19.4 |
|
|
$ |
22.5 |
|
|
|
-13.8 |
% |
Exhibit 7
Silvercrest Asset Management Group Inc.
Non-Discretionary Assets Under Management (Unaudited and in
billions)
Non-Discretionary Assets Under
Management:
|
|
Three Months
Ended September 30, |
|
|
% Change from September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Beginning assets under management |
|
$ |
8.3 |
|
|
$ |
8.1 |
|
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client
inflows |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
100.0 |
% |
Gross client
outflows |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
0.0 |
% |
Net client
flows |
|
|
0.1 |
|
|
|
— |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
(depreciation)/appreciation |
|
|
(0.4 |
) |
|
|
0.4 |
|
|
|
-200.0 |
% |
Ending assets under management |
|
$ |
8.0 |
|
|
$ |
8.5 |
|
|
|
-5.9 |
% |
|
|
Nine Months
Ended September 30, |
|
|
% Change from September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Beginning assets under management |
|
$ |
7.2 |
|
|
$ |
7.2 |
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client
inflows |
|
|
2.0 |
|
|
|
0.4 |
|
|
|
400.0 |
% |
Gross client
outflows |
|
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
-25.0 |
% |
Net client
flows |
|
|
1.7 |
|
|
|
— |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
(depreciation)/appreciation |
|
|
(0.9 |
) |
|
|
1.3 |
|
|
|
-169.2 |
% |
Ending assets under management |
|
$ |
8.0 |
|
|
$ |
8.5 |
|
|
|
-5.9 |
% |
Exhibit 8
Silvercrest Asset Management Group Inc. Assets
Under Management (Unaudited and in billions)
|
|
Three Months Ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
Total AUM as of June 30, |
|
$ |
28.686 |
|
|
$ |
31.028 |
|
Discretionary AUM: |
|
|
|
|
|
|
Total
Discretionary AUM as of June 30, |
|
$ |
20.426 |
|
|
$ |
22.865 |
|
New client
accounts/assets (1) |
|
|
0.073 |
|
|
|
0.050 |
|
Closed
accounts (2) |
|
|
(0.010 |
) |
|
|
(0.041 |
) |
Net cash
inflow/(outflow) (3) |
|
|
(0.507 |
) |
|
|
(0.234 |
) |
Non-discretionary to Discretionary AUM (4) |
|
|
(0.001 |
) |
|
|
— |
|
Market
depreciation |
|
|
(0.586 |
) |
|
|
(0.148 |
) |
Change to Discretionary AUM |
|
|
(1.031 |
) |
|
|
(0.373 |
) |
Total
Discretionary AUM at September 30, |
|
|
19.395 |
|
|
|
22.492 |
|
Change to
Non-Discretionary AUM (5) |
|
|
(0.252 |
) |
|
|
0.298 |
|
Total AUM as of September 30, |
|
$ |
27.403 |
|
|
$ |
30.953 |
|
|
|
Nine Months Ended
September 30, |
|
|
|
2022 |
|
|
2021 |
|
Total AUM as of January 1, |
|
$ |
32.320 |
|
|
$ |
27.819 |
|
Discretionary AUM: |
|
|
|
|
|
|
Total
Discretionary AUM as of January 1, |
|
$ |
25.073 |
|
|
$ |
20.650 |
|
New client
accounts/assets (1) |
|
|
0.257 |
|
|
|
0.287 |
|
Closed
accounts (2) |
|
|
(0.039 |
) |
|
|
(0.375 |
) |
Net cash
inflow/(outflow) (3) |
|
|
(1.633 |
) |
|
|
(0.575 |
) |
Non-discretionary to Discretionary AUM (4) |
|
|
(0.004 |
) |
|
|
(0.007 |
) |
Market
(depreciation)/appreciation |
|
|
(4.259 |
) |
|
|
2.511 |
|
Change to Discretionary AUM |
|
|
(5.678 |
) |
|
|
1.842 |
|
Total
Discretionary AUM at September 30, |
|
|
19.395 |
|
|
|
22.492 |
|
Change to
Non-Discretionary AUM (5) |
|
|
0.761 |
|
|
|
1.292 |
|
Total AUM as of September 30, |
|
$ |
27.403 |
|
|
$ |
30.953 |
|
- Represents new account flows from both new and existing client
relationships.
- Represents closed accounts of existing client relationships and
those that terminated.
- Represents periodic cash flows related to existing
accounts.
- Represents client assets that converted to Discretionary AUM
from Non-Discretionary AUM.
- Represents the net change to Non-Discretionary AUM.
Exhibit 9
Silvercrest Asset Management Group Inc. Equity
Investment Strategy Composite Performance1, 2 As of
September 30, 2022 (Unaudited)
PROPRIETARY EQUITY PERFORMANCE 1,
2 |
|
ANNUALIZED PERFORMANCE |
|
|
|
INCEPTION |
|
1-YEAR |
|
|
3-YEAR |
|
|
5-YEAR |
|
|
7-YEAR |
|
|
INCEPTION |
|
Large Cap Value Composite |
|
4/1/02 |
|
|
-10.9 |
|
|
|
6.9 |
|
|
|
8.3 |
|
|
|
11.6 |
|
|
|
8.8 |
|
Russell 1000
Value Index |
|
|
|
|
-11.4 |
|
|
|
4.4 |
|
|
|
5.3 |
|
|
|
8.2 |
|
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Value Composite |
|
4/1/02 |
|
|
-10.7 |
|
|
|
6.0 |
|
|
|
4.1 |
|
|
|
8.4 |
|
|
|
9.8 |
|
Russell 2000
Value Index |
|
|
|
|
-17.7 |
|
|
|
4.7 |
|
|
|
2.9 |
|
|
|
7.4 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smid
Cap Value Composite |
|
10/1/05 |
|
|
-15.4 |
|
|
|
4.1 |
|
|
|
3.9 |
|
|
|
8.8 |
|
|
|
8.7 |
|
Russell 2500
Value Index |
|
|
|
|
-15.4 |
|
|
|
4.5 |
|
|
|
3.8 |
|
|
|
7.3 |
|
|
|
6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi Cap Value Composite |
|
7/1/02 |
|
|
-15.4 |
|
|
|
5.2 |
|
|
|
5.8 |
|
|
|
9.6 |
|
|
|
8.9 |
|
Russell 3000
Value Index |
|
|
|
|
-11.8 |
|
|
|
4.4 |
|
|
|
5.1 |
|
|
|
8.1 |
|
|
|
7.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Income Composite |
|
12/1/03 |
|
|
-9.1 |
|
|
|
3.3 |
|
|
|
5.8 |
|
|
|
10.0 |
|
|
|
10.4 |
|
Russell 3000
Value Index |
|
|
|
|
-11.8 |
|
|
|
4.4 |
|
|
|
5.1 |
|
|
|
8.1 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Focused Value Composite |
|
9/1/04 |
|
|
-17.5 |
|
|
|
2.1 |
|
|
|
3.4 |
|
|
|
8.0 |
|
|
|
9.0 |
|
Russell 3000
Value Index |
|
|
|
|
-11.8 |
|
|
|
4.4 |
|
|
|
5.1 |
|
|
|
8.1 |
|
|
|
7.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Opportunity Composite |
|
7/1/04 |
|
|
-17.7 |
|
|
|
8.1 |
|
|
|
8.0 |
|
|
|
10.8 |
|
|
|
10.4 |
|
Russell 2000
Index |
|
|
|
|
-23.5 |
|
|
|
4.3 |
|
|
|
3.6 |
|
|
|
7.5 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Growth Composite |
|
7/1/04 |
|
|
-30.5 |
|
|
|
12.9 |
|
|
|
10.9 |
|
|
|
13.6 |
|
|
|
10.3 |
|
Russell 2000
Growth Index |
|
|
|
|
-29.3 |
|
|
|
2.9 |
|
|
|
3.6 |
|
|
|
7.1 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smid
Cap Growth Composite |
|
1/1/06 |
|
|
-36.6 |
|
|
|
11.9 |
|
|
|
12.1 |
|
|
|
13.7 |
|
|
|
10.2 |
|
Russell 2500
Growth Index |
|
|
|
|
-29.4 |
|
|
|
4.8 |
|
|
|
6.3 |
|
|
|
8.8 |
|
|
|
8.5 |
|
1 |
Returns are based upon a time weighted rate of return of various
fully discretionary equity portfolios with similar investment
objectives, strategies and policies and other relevant criteria
managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a
subsidiary of Silvercrest. Performance results are gross of fees
and net of commission charges. An investor’s actual return will be
reduced by the advisory fees and any other expenses it may incur in
the management of the investment advisory account. SAMG LLC’s
standard advisory fees are described in Part 2 of its Form ADV.
Actual fees and expenses will vary depending on a variety of
factors, including the size of a particular account. Returns
greater than one year are shown as annualized compounded returns
and include gains and accrued income and reinvestment of
distributions. Past performance is no guarantee of future results.
This piece contains no recommendations to buy or sell securities or
a solicitation of an offer to buy or sell securities or investment
services or adopt any investment position. This piece is not
intended to constitute investment advice and is based upon
conditions in place during the period noted. Market and economic
views are subject to change without notice and may be untimely when
presented here. Readers are advised not to infer or assume that any
securities, sectors or markets described were or will be
profitable. SAMG LLC is an independent investment advisory and
financial services firm created to meet the investment and
administrative needs of individuals with substantial assets and
select institutional investors. SAMG LLC claims compliance with the
Global Investment Performance Standards (GIPS®). |
|
|
2 |
The market
indices used to compare to the performance of Silvercrest’s
strategies are as follows: |
|
|
|
The Russell
1000 Index is a capitalization-weighted, unmanaged index that
measures the 1000 largest companies in the Russell 3000. The
Russell 1000 Value Index is a capitalization-weighted, unmanaged
index that includes those Russell 1000 Index companies with lower
price-to-book ratios and lower expected growth values. |
|
|
|
The Russell
2000 Index is a capitalization-weighted, unmanaged index that
measures the 2000 smallest companies in the Russell 3000. The
Russell 2000 Value Index is a capitalization-weighted, unmanaged
index that includes those Russell 2000 Index companies with lower
price-to-book ratios and lower expected growth values. |
|
|
|
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 Index companies with lower
price-to-book ratios and lower expected growth values. |
|
|
|
The Russell
3000 Value Index is a capitalization-weighted, unmanaged index that
measures those Russell 3000 Index companies with lower
price-to-book ratios and lower forecasted growth. |
Silvercrest Asset Management Group Inc.
Contact: Richard Hough
212-649-0601
rhough@silvercrestgroup.com
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