Silvercrest Asset Management Group Inc. - 2025年季度报告

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations25Item 3.Quantitative and Qualitative Disclosures About Market Risk39Item 4.Controls and Procedures39 Item 1.Legal Proceedings39Item 1A.Risk Factors40 Except where the context requires otherwise and as otherwise set forth herein, in this report, references to the “Company”, “we”, “us”or “our” refer to Silvercrest Asset Management Group Inc. (“Silvercrest”) and its consolidated subsidiary, Silvercrest L.P., themanaging member of our operating subsidiary (“Silvercrest L.P.” or “SLP”). SLP is a limited partnership whose existing limited Forward-Looking Statements This report contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended.For those statements, we claimthe 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 onour 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 limitedto: incurrence of net losses, fluctuations in quarterly and annual results, adverse economic or market conditions, our expectations withrespect to future levels of assets under management, inflows and outflows, our ability to retain clients, our ability to maintain our feestructure, our particular choices with regard to investment strategies employed, our ability to hire and retain qualified investment Silvercrest Asset Management Group Inc.Condensed Consolidated Statements of Operations(Unaudited) RevenueManagement and advisory feesFamily office servicesTotal revenueExpensesCompensation and benefitsGeneral and administrativeTotal expensesIncome before other (expense) income, netOther (expense) income, netOther (expense) income, netInterest incomeInterest expenseTotal other (expense) income, netIncome before provision for income taxesProvision for income taxesNet incomeLess: net income attributable to non-controlling interestsNet income attributable to SilvercrestNet income per shareBasicDilutedWeighted average shares outstandingBasicDiluted Cash Flows from Operating ActivitiesNet incomeAdjustments to reconcile net income to net cash used in operating activities:Equity-based compensationDepreciation and amortizationDeferred income taxesNon-cash interest on notes receivable from partnersInterest on notes payableNon-cash lease expenseDistributions received from investment fundsCash flows due to changes in operating assets and liabilities:Receivables and Due from Silvercrest FundsPrepaid expenses and other assetsAccounts payable and accrued expensesAccrued compensationOperating lease liabilitiesNet cash used in operating activitiesCash Flows from Investing ActivitiesAcquisition of furniture, equipment and leasehold improvementsNet cash used in investing activitiesCash Flows from Financing ActivitiesRepayments of notes payablePrincipal payments on financing leasesDistributions to partnersDividends paid on Class A common stockPurchase of shares of Class A common stock of Silvercrest Asset Management Group Inc.Payments from partners on notes receivableNet cash used in financing activitiesEffect of exchange rate changes on cash and cash equivalentsNet Decrease in Cash and Cash EquivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of periodSupplemental Disclosures of Cash Flow InformationNet cash paid during the period for:Income taxesInterestSupplemental Disclosures of Non-cash Financing and Investing ActivitiesNotes receivable from new partners issued for capital contributions to Silvercrest L.P.Recognition of deferred tax assets as a result of share conversionsAccrued dividendsPurchase of shares of Class A common stock excise tax accrual Silvercrest Asset Management Group Inc.Notes to Condensed Consolidated Financial StatementsAs of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and 2024(Unaudited) 1. ORGANIZATION AND BUSINESS Silvercrest Asset Management Group Inc. (“Silvercrest”), together with its consolidated subsidiary, Silvercrest L.P., a limitedpartnership, (collectively the “Company”), was formed as a Delaware corporation on July 11, 2011. Silvercrest is a holding companythat was formed in order to carry on the business of Silvercrest L.P., the managing member of our operating subsidiary, and itssubsidiaries. Effective on June 26, 2013, Silvercrest became the sole general partner of Silvercrest L.P., and its only material asset isthe general partner interest in Silvercrest L.P., represented by9,473,772Class