Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the
“Company” or “Silvercrest”) today reported the results of its
operations for the quarter ended June 30, 2023.
Business Update
Markets continued their recovery during the second quarter of
2023, with Silvercrest concluding the quarter with Total Assets
under Management (“AUM”) of $31.9 billion and Discretionary AUM of
$21.5 billion. Discretionary AUM, which primarily drives revenue,
increased $0.2 billion over the first quarter and has increased
$0.6 billion or 2.9 % for the first half of 2023. Discretionary AUM
has increased $1.1 billion or 5.4% year-over-year, since the second
quarter of 2022. The firm's Total AUM increased by $3.2 billion or
11.2% over the second quarter of 2022, from $28.7 to $31.9
billion.
While the business is improving, most metrics remain down on a
year-over-year basis as markets recover. Revenue, for example, fell
9.9% for the first half of 2023 compared with 2022. This decline in
revenue affected Adjusted EBITDA1 and Adjusted Diluted Earnings per
Share1, 2. Silvercrest’s Adjusted EBITDA Margin1 of 27.5% for the
first half of 2023 remains historically healthy for the company,
and represents a 5.8 % increase over the year-end 2022 Adjusted
EBITDA1 Margin.
Silvercrest's pipeline of new business opportunities remain
robust. We are focused on those opportunities as well as
investments to drive future growth in the business.
On July 26, 2023, the Company’s Board of Directors declared a
quarterly dividend of $0.19 per share of Class A common stock. The
dividend will be paid on or about September 15, 2023 to
shareholders of record as of the close of business on September 8,
2023.
Second Quarter 2023
Highlights
- Total AUM of $31.9 billion, inclusive
of discretionary AUM of $21.5 billion and non-discretionary AUM of
$10.4 billion at June 30, 2023.
- Revenue of $29.7 million.
- U.S. Generally Accepted Accounting
Principles (“GAAP”) consolidated net income and net income
attributable to Silvercrest of $5.1 million and $3.1 million,
respectively.
- Basic and diluted net income per share
of $0.33.
- Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization (“EBITDA”)1 of $8.1
million.
- Adjusted net income1 of $4.9
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 MonthsEnded
June 30, |
|
|
For the Six MonthsEnded
June 30, |
|
(in thousands except as indicated) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
29,734 |
|
|
$ |
32,173 |
|
|
$ |
59,164 |
|
|
$ |
65,683 |
|
Income before other income
(expense), net |
|
$ |
6,518 |
|
|
$ |
11,900 |
|
|
$ |
13,269 |
|
|
$ |
27,339 |
|
Net income |
|
$ |
5,135 |
|
|
$ |
9,473 |
|
|
$ |
10,445 |
|
|
$ |
21,869 |
|
Net income margin |
|
|
17.3 |
% |
|
|
29.4 |
% |
|
|
17.7 |
% |
|
|
33.3 |
% |
Net income attributable to
Silvercrest |
|
$ |
3,085 |
|
|
$ |
5,770 |
|
|
$ |
6,289 |
|
|
$ |
13,338 |
|
Net income per basic
share |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
1.35 |
|
Net income per diluted
share |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
1.35 |
|
Adjusted EBITDA1 |
|
$ |
8,116 |
|
|
$ |
9,163 |
|
|
$ |
16,297 |
|
|
$ |
19,413 |
|
Adjusted EBITDA Margin1 |
|
|
27.3 |
% |
|
|
28.5 |
% |
|
|
27.5 |
% |
|
|
29.6 |
% |
Adjusted net income1 |
|
$ |
4,877 |
|
|
$ |
5,799 |
|
|
$ |
9,919 |
|
|
$ |
12,451 |
|
Adjusted basic earnings per
share1, 2 |
|
$ |
0.35 |
|
|
$ |
0.40 |
|
|
$ |
0.71 |
|
|
$ |
0.86 |
|
Adjusted diluted earnings per
share1, 2 |
|
$ |
0.34 |
|
|
$ |
0.39 |
|
|
$ |
0.69 |
|
|
$ |
0.83 |
|
Assets under management at
period end (billions) |
|
$ |
31.9 |
|
|
$ |
28.7 |
|
|
$ |
31.9 |
|
|
$ |
28.7 |
|
Average assets under
management (billions)3 |
|
$ |
30.9 |
|
|
$ |
30.0 |
|
|
$ |
30.4 |
|
|
$ |
30.5 |
|
Discretionary assets under
management (billions) |
|
$ |
21.5 |
|
|
$ |
20.4 |
|
|
$ |
21.5 |
|
|
$ |
20.4 |
|
________________________
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 six months ended June 30, 2023 are based on the
number of shares of Class A common stock and Class B common stock
outstanding as of June 30, 2023. 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 $31.9 Billion
Silvercrest’s discretionary assets under management increased by
$1.1 billion, or 5.4%, to $21.5 billion at June 30, 2023, from
$20.4 billion at June 30, 2022. The increase was attributable
to market appreciation of $2.0 billion partially offset by net
client outflows of $0.9 billion. Silvercrest’s total AUM increased
by $3.2 billion, or 11.1%, to $31.9 billion at June 30, 2023,
from $28.7 billion at June 30, 2022. The increase was
attributable to market appreciation of $2.4 billion and net client
inflows of $0.8 billion.
Silvercrest’s discretionary assets under management increased by
$0.2 billion, or 0.9%, to $21.5 billion at June 30, 2023, from
$21.3 billion at March 31, 2023. The increase was attributable to
market appreciation of $0.6 billion partially offset by net client
outflows of $0.4 billion. Silvercrest’s total AUM increased by $2.0
billion, or 6.7%, to $31.9 billion at June 30, 2023, from
$29.9 billion at March 31, 2023. The increase was attributable to
market appreciation of $0.7 billion and net client inflows of $1.3
billion.
Second Quarter 2023 vs. Second Quarter 2022
Revenue decreased by $2.4 million, or 7.6%, to $29.7 million for
the three months ended June 30, 2023, from $32.2 million for
the three months ended June 30, 2022. This decrease was driven
by a decrease in the average annual management fee based on the mix
of discretionary and non-discretionary assets.
Total expenses increased by $2.9 million, or 14.5%, to $23.2
million for the three months ended June 30, 2023, from $20.3
million for the three months ended June 30, 2022. Compensation
and benefits expense decreased by $1.2 million, or 6.8%, to $16.8
million for the three months ended June 30, 2023, from $18.0
million for the three months ended June 30, 2022. The decrease
was primarily attributable to a decrease in the accrual for bonuses
of $1.6 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 and an increase in equity-based
compensation of $0.1 million due to the granting of additional
RSUs. General and administrative expenses increased by $4.2
million, or 180.6%, to $6.5 million for the three months ended
June 30, 2023, from $2.3 million for the three months ended
June 30, 2022. This was primarily attributable to an
adjustment to the fair value of contingent consideration related to
the acquisition of Cortina of ($4.1) million recorded during the
three months ended June 30, 2022, increases in portfolio and system
expenses of $0.1 million, professional fees of $0.1 million,
marketing expenses of 0.1 million and depreciation and amortization
expense of $0.1 million, partially offset by decreases in travel
and entertainment expenses of $0.3 million.
Consolidated net income was $5.1 million or 17.3% of revenue for
the three months ended June 30, 2023, as compared to
consolidated net income of $9.5 million or 29.4% of revenue for the
same period in the prior year. Net income attributable to
Silvercrest was $3.1 million, or $0.33 per basic share and diluted
share for the three months ended June 30, 2023. Our Adjusted
Net Income1 was $4.9 million, or $0.35 per adjusted basic share and
$0.34 per adjusted diluted share2 for the three months ended
June 30, 2023.
Adjusted EBITDA1 was $8.1 million or 27.3% of revenue for the
three months ended June 30, 2023, as compared to $9.2 million
or 28.5% of revenue for the same period in the prior year.
Six Months Ended June 30, 2023 vs. Six Months Ended June
30, 2022
Revenue decreased by $6.5 million, or 9.9%, to $59.2 million for
the six months ended June 30, 2023, from $65.7 million for the
six months ended June 30, 2022. This decrease was driven by
market depreciation and net client outflows in discretionary assets
under management.
Total expenses increased by $7.6 million, or 19.7%, to $45.9
million for the six months ended June 30, 2023, from $38.3
million for the six months ended June 30, 2022. Compensation
and benefits expense decreased by $3.4 million, or 9.2%, to $33.3
million for the six months ended June 30, 2023, from $36.6
million for the six months ended June 30, 2022. The decrease
was primarily attributable to a decrease in the accrual for bonuses
of $4.3 million partially offset by an increase in salaries and
benefits of $0.7 million primarily as a result of merit-based
increases and newly hired staff an increase in equity-based
compensation of $0.2 million due to the granting of additional
RSUs. General and administrative expenses increased by $10.9
million to $12.6 million for the six months ended June 30,
2023, from $1.7 million for the six months ended June 30,
2022. This was primarily attributable to an adjustment to the fair
value of contingent consideration related to the Cortina
Acquisition of ($10.6) million recorded during the six months ended
June 30, 2022, increases in portfolio and system expenses of $0.3
million, marketing expenses of 0.1 million and depreciation and
amortization expense of $0.1 million, partially offset by decreases
in travel and entertainment expenses of $0.2 million.
Consolidated net income was $10.4 million or 17.7% of revenue
for the six months ended June 30, 2023, as compared to
consolidated net income of $21.9 million or 33.3% of revenue for
the same period in the prior year. Net income attributable to
Silvercrest was $6.3 million, or $0.66 per basic share and diluted
share for the six months ended June 30, 2023. Our Adjusted Net
Income1 was $9.9 million, or $0.71 per adjusted basic share and
$0.69 per adjusted diluted share2 for the six months ended
June 30, 2023.
Adjusted EBITDA1 was $16.3 million or 27.5% of revenue for the
six months ended June 30, 2023, as compared to $19.4 million
or 29.6% of revenue for the same period in the prior year.
Liquidity and Capital Resources
Cash and cash equivalents were $47.4 million at June 30,
2023, compared to $77.4 million at December 31, 2022. As of
June 30, 2023, there was $3.6 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 $82.9
million at June 30, 2023. We had 9,373,443 shares of Class A
common stock outstanding and 4,529,370 shares of Class B common
stock outstanding at June 30, 2023.
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 (“RSUs”) 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 July 31, 2023, 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. A live,
listen-only webcast will also be available via the investor
relations section of www.silvercrestgroup.com. 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; 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, 2022, which is accessible on the
U.S. Securities and Exchange Commission'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.
Silvercrest Asset Management Group
Inc.
Contact: Richard Hough
212-649-0601rhough@silvercrestgroup.com
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) |
|
|
|
For the Three MonthsEnded
June 30, |
|
|
For the Six MonthsEnded
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Management and advisory fees |
|
$ |
28,652 |
|
|
$ |
31,103 |
|
|
$ |
57,020 |
|
|
$ |
63,551 |
|
Performance fees |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
Family office services |
|
|
1,082 |
|
|
|
1,068 |
|
|
|
2,144 |
|
|
|
2,130 |
|
Total revenue |
|
|
29,734 |
|
|
|
32,173 |
|
|
|
59,164 |
|
|
|
65,683 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
16,756 |
|
|
|
17,971 |
|
|
|
33,254 |
|
|
|
36,630 |
|
General and
administrative |
|
|
6,460 |
|
|
|
2,302 |
|
|
|
12,641 |
|
|
|
1,714 |
|
Total expenses |
|
|
23,216 |
|
|
|
20,273 |
|
|
|
45,895 |
|
|
|
38,344 |
|
Income before other
(expense) income, net |
|
|
6,518 |
|
|
|
11,900 |
|
|
|
13,269 |
|
|
|
27,339 |
|
Other (expense)
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income,
net |
|
|
23 |
|
|
|
7 |
|
|
|
68 |
|
|
|
15 |
|
Interest income |
|
|
26 |
|
|
|
3 |
|
|
|
45 |
|
|
|
4 |
|
Unrealized gain (loss) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Interest expense |
|
|
(112 |
) |
|
|
(83 |
) |
|
|
(228 |
) |
|
|
(161 |
) |
Total other (expense) income, net |
|
|
(63 |
) |
|
|
(74 |
) |
|
|
(115 |
) |
|
|
(143 |
) |
Income before
provision for income taxes |
|
|
6,455 |
|
|
|
11,826 |
|
|
|
13,154 |
|
|
|
27,196 |
|
Provision for income
taxes |
|
|
(1,320 |
) |
|
|
(2,353 |
) |
|
|
(2,709 |
) |
|
|
(5,327 |
) |
Net income |
|
|
5,135 |
|
|
|
9,473 |
|
|
|
10,445 |
|
|
|
21,869 |
|
Less: net income attributable to non-controlling interests |
|
|
(2,050 |
) |
|
|
(3,703 |
) |
|
|
(4,156 |
) |
|
|
(8,531 |
) |
Net income attributable to Silvercrest |
|
$ |
3,085 |
|
|
$ |
5,770 |
|
|
$ |
6,289 |
|
|
$ |
13,338 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
1.35 |
|
Diluted |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
1.35 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,456,347 |
|
|
|
9,887,018 |
|
|
|
9,502,301 |
|
|
|
9,878,130 |
|
Diluted |
|
|
9,480,079 |
|
|
|
9,913,437 |
|
|
|
9,528,720 |
|
|
|
9,901,738 |
|
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 |
|
For the Three MonthsEnded
June 30, |
|
|
For the Six MonthsEnded
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Reconciliation of
non-GAAP financial measure: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,135 |
|
|
$ |
9,473 |
|
|
$ |
10,445 |
|
|
$ |
21,869 |
|
Provision for income
taxes |
|
|
1,320 |
|
|
|
2,353 |
|
|
|
2,709 |
|
|
|
5,327 |
|
Delaware Franchise Tax |
|
|
50 |
|
|
|
50 |
|
|
|
100 |
|
|
|
100 |
|
Interest expense |
|
|
112 |
|
|
|
83 |
|
|
|
228 |
|
|
|
161 |
|
Interest income |
|
|
(26 |
) |
|
|
(3 |
) |
|
|
(45 |
) |
|
|
(4 |
) |
Depreciation and
amortization |
|
|
1,057 |
|
|
|
970 |
|
|
|
2,016 |
|
|
|
1,927 |
|
Equity-based compensation |
|
|
382 |
|
|
|
276 |
|
|
|
694 |
|
|
|
504 |
|
Other adjustments (A) |
|
|
86 |
|
|
|
(4,039 |
) |
|
|
150 |
|
|
|
(10,471 |
) |
Adjusted
EBITDA |
|
$ |
8,116 |
|
|
$ |
9,163 |
|
|
$ |
16,297 |
|
|
$ |
19,413 |
|
Adjusted EBITDA
Margin |
|
|
27.3 |
% |
|
|
28.5 |
% |
|
|
27.5 |
% |
|
|
29.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Other adjustments consist of the
following:
|
|
Three Months
EndedJune 30, |
|
|
Six Months
EndedJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Acquisition costs (a) |
|
$ |
— |
|
|
$ |
11 |
|
|
$ |
5 |
|
|
$ |
27 |
|
Severance |
|
|
19 |
|
|
|
— |
|
|
|
19 |
|
|
|
— |
|
Other (b) |
|
|
67 |
|
|
|
(4,050 |
) |
|
|
126 |
|
|
|
(10,498 |
) |
Total other
adjustments |
|
$ |
86 |
|
|
$ |
(4,039 |
) |
|
$ |
150 |
|
|
$ |
(10,471 |
) |
(a) |
For the six months ended June 30, 2023, represents professional
fees of $5 related to the acquisition of Cortina. For the three
months ended June 30, 2022, represents insurance costs of $11
related to the acquisition of Cortina. For the six months ended
June 30, 2022, represents insurance costs of $22 and professional
fees of $5 related to the acquisition of Cortina. |
(b) |
For the three months ended June 30, 2023, represents an ASC 842
rent adjustment of $48 related to the amortization of property
lease incentives, $12 related to moving costs, a fair value
adjustment to the Cortina contingent purchase price consideration
of ($2) and software implementation costs of $9. For the six months
ended June 30, 2023, represents an ASC 842 rent adjustment of $96
related to the amortization of property lease incentives, $12
related to moving costs, a fair value adjustment to the Cortina
contingent purchase price consideration of ($2) and software
implementation costs of $20. For the three months ended June 30,
2022, represents a fair value adjustment to the Cortina contingent
purchase price consideration of ($4,100), an ASC 842 rent
adjustment of $48 related to the amortization of property lease
incentives and expenses related to the Coronavirus pandemic of $2.
For the six months ended June 30, 2022, represents a fair value
adjustment to the Cortina contingent purchase price consideration
of ($10,600), an ASC 842 rent adjustment of $96 related to the
amortization of property lease incentives and expenses related to
the Coronavirus pandemic of $6. |
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
EndedJune 30, |
|
|
Six Months
EndedJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Reconciliation of
non-GAAP financial measure: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,135 |
|
|
$ |
9,473 |
|
|
$ |
10,445 |
|
|
$ |
21,869 |
|
Consolidated GAAP Provision
for income taxes |
|
|
1,320 |
|
|
|
2,353 |
|
|
|
2,709 |
|
|
|
5,327 |
|
Delaware Franchise Tax |
|
|
50 |
|
|
|
50 |
|
|
|
100 |
|
|
|
100 |
|
Other adjustments (A) |
|
|
86 |
|
|
|
(4,039 |
) |
|
|
150 |
|
|
|
(10,471 |
) |
Adjusted earnings before
provision for income taxes |
|
|
6,591 |
|
|
|
7,837 |
|
|
|
13,404 |
|
|
|
16,825 |
|
Adjusted provision for income
taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted provision for income
taxes (26% assumed tax rate) |
|
|
(1,714 |
) |
|
|
(2,038 |
) |
|
|
(3,485 |
) |
|
|
(4,375 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income |
|
$ |
4,877 |
|
|
$ |
5,799 |
|
|
$ |
9,919 |
|
|
$ |
12,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
share (B): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
1.35 |
|
Diluted |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share/unit (B): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
0.40 |
|
|
$ |
0.71 |
|
|
$ |
0.86 |
|
Diluted |
|
$ |
0.34 |
|
|
$ |
0.39 |
|
|
$ |
0.69 |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/units
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Class A shares
outstanding |
|
|
9,373 |
|
|
|
9,911 |
|
|
|
9,373 |
|
|
|
9,911 |
|
Basic Class B shares/units
outstanding |
|
|
4,529 |
|
|
|
4,603 |
|
|
|
4,529 |
|
|
|
4,603 |
|
Total basic shares/units
outstanding |
|
|
13,902 |
|
|
|
14,514 |
|
|
|
13,902 |
|
|
|
14,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Class A shares
outstanding (C) |
|
|
9,397 |
|
|
|
9,943 |
|
|
|
9,397 |
|
|
|
9,943 |
|
Diluted Class B shares/units
outstanding (D) |
|
|
5,046 |
|
|
|
4,977 |
|
|
|
5,046 |
|
|
|
4,977 |
|
Total diluted shares/units
outstanding |
|
|
14,443 |
|
|
|
14,920 |
|
|
|
14,443 |
|
|
|
14,920 |
|
(A) |
See A in Exhibit 2. |
(B) |
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. |
(C) |
Includes 23,732 and 31,974 unvested restricted stock units at June
30, 2023 and 2022, respectively. |
(D) |
Includes 264,037 and 120,772 unvested restricted stock units at
June 30, 2023and 2022, respectively, and 252,904 unvested
non-qualified options at June 30, 2023 and 2022. |
Exhibit 4
Silvercrest Asset Management Group Inc.Condensed Consolidated
Statements of Financial Condition (Unaudited and in thousands) |
|
|
|
June 30,2023 |
|
|
December 31,2022 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
47,437 |
|
|
$ |
77,432 |
|
Investments |
|
|
146 |
|
|
|
146 |
|
Receivables, net |
|
|
9,301 |
|
|
|
9,118 |
|
Due from Silvercrest
Funds |
|
|
1,766 |
|
|
|
577 |
|
Furniture, equipment and
leasehold improvements, net |
|
|
6,934 |
|
|
|
5,021 |
|
Goodwill |
|
|
63,675 |
|
|
|
63,675 |
|
Operating lease assets |
|
|
21,798 |
|
|
|
23,653 |
|
Finance lease assets |
|
|
283 |
|
|
|
342 |
|
Intangible assets, net |
|
|
20,124 |
|
|
|
21,349 |
|
Deferred tax asset—tax
receivable agreement |
|
|
5,989 |
|
|
|
6,915 |
|
Prepaid expenses and other
assets |
|
|
5,087 |
|
|
|
4,447 |
|
Total
assets |
|
$ |
182,540 |
|
|
$ |
212,675 |
|
Liabilities and
Equity |
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
1,891 |
|
|
$ |
1,704 |
|
Accrued compensation |
|
|
16,472 |
|
|
|
39,734 |
|
Borrowings under credit
facility |
|
|
3,630 |
|
|
|
6,337 |
|
Operating lease
liabilities |
|
|
28,567 |
|
|
|
29,552 |
|
Finance lease liabilities |
|
|
286 |
|
|
|
344 |
|
Deferred tax and other
liabilities |
|
|
9,522 |
|
|
|
9,172 |
|
Total
liabilities |
|
|
60,368 |
|
|
|
86,843 |
|
Commitments and
Contingencies (Note 10) |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preferred Stock, par value
$0.01, 10,000,000 shares authorized; none issued and
outstanding |
|
|
— |
|
|
|
— |
|
Class A Common Stock, par
value $0.01, 50,000,000 shares authorized; 10,144,078 and
9,373,443 issued and outstanding, respectively, as of June 30,
2023; 10,068,369 and 9,559,587 issued and outstanding,
respectively, as of December 31, 2022 |
|
|
101 |
|
|
|
101 |
|
Class B Common Stock, par
value $0.01, 25,000,000 shares authorized; 4,529,370 and
4,545,380 issued and outstanding as of June 30, 2023 and December
31, 2022, respectively |
|
|
44 |
|
|
|
44 |
|
Additional Paid-In
Capital |
|
|
54,448 |
|
|
|
53,982 |
|
Treasury Stock, at cost,
770,635 and 508,782 shares as of June 30, 2023 and December
31, 2022, respectively |
|
|
(14,284 |
) |
|
|
(9,295 |
) |
Accumulated other
comprehensive income (loss) |
|
|
(5 |
) |
|
|
— |
|
Retained earnings |
|
|
42,621 |
|
|
|
39,761 |
|
Total Silvercrest
Asset Management Group Inc.’s equity |
|
|
82,925 |
|
|
|
84,593 |
|
Non-controlling interests |
|
|
39,247 |
|
|
|
41,239 |
|
Total
equity |
|
|
122,172 |
|
|
|
125,832 |
|
Total liabilities and
equity |
|
$ |
182,540 |
|
|
$ |
212,675 |
|
Exhibit 5
Silvercrest Asset Management Group Inc.Total Assets Under
Management (Unaudited and in billions) |
|
Total
Assets Under Management: |
|
|
Three Months
EndedJune 30, |
|
|
% Change fromJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Beginning assets under management |
|
$ |
29.9 |
|
|
$ |
31.2 |
|
|
|
-4.2 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client inflows |
|
|
2.4 |
|
|
|
2.9 |
|
|
|
-17.2 |
% |
Gross client outflows |
|
|
(1.1 |
) |
|
|
(2.2 |
) |
|
|
-50.0 |
% |
Net client flows |
|
|
1.3 |
|
|
|
0.7 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) |
|
|
0.7 |
|
|
|
(3.2 |
) |
|
|
-121.9 |
% |
Ending assets under
management |
|
$ |
31.9 |
|
|
$ |
28.7 |
|
|
|
11.1 |
% |
|
|
Six Months
EndedJune 30, |
|
|
% Change fromJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Beginning assets under management |
|
$ |
28.9 |
|
|
$ |
32.3 |
|
|
|
-10.5 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client inflows |
|
|
3.9 |
|
|
|
4.4 |
|
|
|
-11.4 |
% |
Gross client outflows |
|
|
(2.7 |
) |
|
|
(3.7 |
) |
|
|
-27.0 |
% |
Net client flows |
|
|
1.2 |
|
|
|
0.7 |
|
|
|
71.4 |
% |
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) |
|
|
1.8 |
|
|
|
(4.3 |
) |
|
|
-141.9 |
% |
Ending assets under
management |
|
$ |
31.9 |
|
|
$ |
28.7 |
|
|
|
11.1 |
% |
Exhibit 6
Silvercrest Asset Management Group Inc.Discretionary Assets Under
Management(Unaudited and in billions) |
|
Discretionary Assets Under Management: |
|
|
Three Months
EndedJune 30, |
|
|
% Change fromJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Beginning assets under management |
|
$ |
21.3 |
|
|
$ |
23.8 |
|
|
|
-10.5 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client inflows |
|
|
0.5 |
|
|
|
1.2 |
|
|
|
-58.3 |
% |
Gross client outflows |
|
|
(0.9 |
) |
|
|
(2.1 |
) |
|
|
-57.1 |
% |
Net client flows |
|
|
(0.4 |
) |
|
|
(0.9 |
) |
|
|
-55.6 |
% |
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) |
|
|
0.6 |
|
|
|
(2.5 |
) |
|
|
-124.0 |
% |
Ending assets under
management |
|
$ |
21.5 |
|
|
$ |
20.4 |
|
|
|
5.4 |
% |
|
|
Six Months
EndedJune 30, |
|
|
% Change fromJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Beginning assets under management |
|
$ |
20.9 |
|
|
$ |
25.1 |
|
|
|
-16.7 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client inflows |
|
|
1.9 |
|
|
|
2.6 |
|
|
|
-26.9 |
% |
Gross client outflows |
|
|
(2.4 |
) |
|
|
(3.6 |
) |
|
|
-33.3 |
% |
Net client flows |
|
|
(0.5 |
) |
|
|
(1.0 |
) |
|
|
-50.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) |
|
|
1.1 |
|
|
|
(3.7 |
) |
|
|
-129.7 |
% |
Ending assets under
management |
|
$ |
21.5 |
|
|
$ |
20.4 |
|
|
|
5.4 |
% |
Exhibit 7
Silvercrest Asset Management Group Inc.Non-Discretionary Assets
Under Management (Unaudited and in billions) |
|
Non-Discretionary Assets Under Management: |
|
|
Three Months
EndedJune 30, |
|
|
% Change fromJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Beginning assets under management |
|
$ |
8.6 |
|
|
$ |
7.4 |
|
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client inflows |
|
|
1.9 |
|
|
|
1.7 |
|
|
|
11.8 |
% |
Gross client outflows |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
100.0 |
% |
Net client flows |
|
|
1.7 |
|
|
|
1.6 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) |
|
|
0.1 |
|
|
|
(0.7 |
) |
|
|
100.0 |
% |
Ending assets under
management |
|
$ |
10.4 |
|
|
$ |
8.3 |
|
|
|
25.3 |
% |
|
|
Six Months
EndedJune 30, |
|
|
% Change fromJune 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Beginning assets under management |
|
$ |
8.0 |
|
|
$ |
7.2 |
|
|
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
Gross client inflows |
|
|
2.0 |
|
|
|
1.8 |
|
|
|
11.1 |
% |
Gross client outflows |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
200.0 |
% |
Net client flows |
|
|
1.7 |
|
|
|
1.7 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) |
|
|
0.7 |
|
|
|
(0.6 |
) |
|
|
-100.0 |
% |
Ending assets under
management |
|
$ |
10.4 |
|
|
$ |
8.3 |
|
|
|
25.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not Meaningful
Exhibit 8
Silvercrest Asset Management Group Inc.Assets Under Management
(Unaudited and in billions) |
|
|
|
Three Months
EndedJune 30, |
|
|
|
2023 |
|
|
2022 |
|
Total AUM as of March 31, |
|
$ |
29.902 |
|
|
$ |
31.230 |
|
Discretionary AUM: |
|
|
|
|
|
|
Total Discretionary AUM as of
March 31, |
|
$ |
21.251 |
|
|
$ |
23.779 |
|
New client accounts/assets
(1) |
|
|
0.022 |
|
|
|
0.110 |
|
Closed accounts (2) |
|
|
(0.037 |
) |
|
|
(0.008 |
) |
Net cash inflow/(outflow)
(3) |
|
|
(0.332 |
) |
|
|
(0.963 |
) |
Non-discretionary to
Discretionary AUM (4) |
|
|
(0.040 |
) |
|
|
(0.006 |
) |
Market
appreciation/(depreciation) |
|
|
0.636 |
|
|
|
(2.486 |
) |
Change to
Discretionary AUM |
|
|
0.249 |
|
|
|
(3.353 |
) |
Total Discretionary AUM at
June 30, |
|
|
21.500 |
|
|
|
20.426 |
|
Change to Non-Discretionary
AUM (5) |
|
|
1.773 |
|
|
|
0.809 |
|
Total AUM as of June
30, |
|
$ |
31.924 |
|
|
$ |
28.686 |
|
|
|
Six Months
EndedJune 30, |
|
|
|
2023 |
|
|
2022 |
|
Total AUM as of January 1, |
|
$ |
28.905 |
|
|
$ |
32.320 |
|
Discretionary AUM: |
|
|
|
|
|
|
Total Discretionary AUM as of
January 1, |
|
$ |
20.851 |
|
|
$ |
25.073 |
|
New client accounts/assets
(1) |
|
|
0.097 |
|
|
|
0.184 |
|
Closed accounts (2) |
|
|
(0.085 |
) |
|
|
(0.029 |
) |
Net cash inflow/(outflow)
(3) |
|
|
(0.506 |
) |
|
|
(1.126 |
) |
Non-discretionary to
Discretionary AUM (4) |
|
|
(0.038 |
) |
|
|
(0.003 |
) |
Market
(depreciation)/appreciation |
|
|
1.181 |
|
|
|
(3.673 |
) |
Change to
Discretionary AUM |
|
|
0.649 |
|
|
|
(4.647 |
) |
Total Discretionary AUM at
June 30, |
|
|
21.500 |
|
|
|
20.426 |
|
Change to Non-Discretionary
AUM (5) |
|
|
2.370 |
|
|
|
1.013 |
|
Total AUM as of June
30, |
|
$ |
31.924 |
|
|
$ |
28.686 |
|
(1) |
Represents new account flows from both new and existing client
relationships. |
(2) |
Represents closed accounts of existing client relationships and
those that terminated. |
(3) |
Represents periodic cash flows related to existing accounts. |
(4) |
Represents client assets that converted to Discretionary AUM from
Non-Discretionary AUM. |
(5) |
Represents the net change to Non-Discretionary AUM. |
Exhibit 9
Silvercrest Asset Management Group Inc.Equity Investment Strategy
Composite Performance1, 2As of June 30, 2023 (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 |
|
|
12.6 |
|
|
|
13.9 |
|
|
|
10.0 |
|
|
|
11.9 |
|
|
|
9.3 |
|
Russell 1000 Value Index |
|
|
|
|
|
11.5 |
|
|
|
14.3 |
|
|
|
8.1 |
|
|
|
8.9 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Value
Composite |
|
|
4/1/02 |
|
|
11.4 |
|
|
|
16.4 |
|
|
|
6.2 |
|
|
|
9.4 |
|
|
|
10.1 |
|
Russell 2000 Value Index |
|
|
|
|
|
6.0 |
|
|
|
15.4 |
|
|
|
3.5 |
|
|
|
7.7 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smid Cap Value
Composite |
|
|
10/1/05 |
|
|
5.2 |
|
|
|
12.9 |
|
|
|
4.9 |
|
|
|
8.9 |
|
|
|
9.1 |
|
Russell 2500 Value Index |
|
|
|
|
|
10.4 |
|
|
|
16.1 |
|
|
|
5.3 |
|
|
|
8.0 |
|
|
|
7.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi Cap Value
Composite |
|
|
7/1/02 |
|
|
8.3 |
|
|
|
11.5 |
|
|
|
6.8 |
|
|
|
9.8 |
|
|
|
9.3 |
|
Russell 3000 Value Index |
|
|
|
|
|
11.2 |
|
|
|
14.4 |
|
|
|
7.8 |
|
|
|
8.9 |
|
|
|
8.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Income
Composite |
|
|
12/1/03 |
|
|
8.4 |
|
|
|
11.9 |
|
|
|
6.5 |
|
|
|
9.1 |
|
|
|
10.7 |
|
Russell 3000 Value Index |
|
|
|
|
|
11.2 |
|
|
|
14.4 |
|
|
|
7.8 |
|
|
|
8.9 |
|
|
|
8.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Focused Value
Composite |
|
|
9/1/04 |
|
|
-1.2 |
|
|
|
6.6 |
|
|
|
2.9 |
|
|
|
6.7 |
|
|
|
9.1 |
|
Russell 3000 Value Index |
|
|
|
|
|
11.2 |
|
|
|
14.4 |
|
|
|
7.8 |
|
|
|
8.9 |
|
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Opportunity
Composite |
|
|
7/1/04 |
|
|
20.7 |
|
|
|
13.9 |
|
|
|
7.8 |
|
|
|
11.4 |
|
|
|
10.8 |
|
Russell 2000 Index |
|
|
|
|
|
12.3 |
|
|
|
10.8 |
|
|
|
4.2 |
|
|
|
8.8 |
|
|
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Growth
Composite |
|
|
7/1/04 |
|
|
19.9 |
|
|
|
13.0 |
|
|
|
9.7 |
|
|
|
15.2 |
|
|
|
10.8 |
|
Russell 2000 Growth Index |
|
|
|
|
|
18.5 |
|
|
|
6.1 |
|
|
|
4.2 |
|
|
|
9.3 |
|
|
|
8.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smid Cap Growth
Composite |
|
|
1/1/06 |
|
|
13.4 |
|
|
|
8.1 |
|
|
|
11.8 |
|
|
|
16.0 |
|
|
|
10.8 |
|
Russell 2500 Growth Index |
|
|
|
|
|
18.6 |
|
|
|
6.6 |
|
|
|
7.0 |
|
|
|
11.0 |
|
|
|
9.2 |
|
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. |
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