Watch the October 30 conference call for commentary on expense trajectory, institutional pipeline conversion, and any strategic response to Equinox Partners' 10.3% activist stake. The elevated compensation ratio and declining margins are the key bearish drivers; a credible path to margin recovery would be a positive catalyst.
Price Chart
Executive Summary
Silvercrest reported Q3 2026 revenue of $32.7M (+4.5% YoY) and GAAP EPS of $0.08, with adjusted diluted EPS of $0.16. Revenue beat the $31.9M consensus but EPS missed the $0.10 consensus. Discretionary AUM fell 2.1% YoY to $23.8B, and nine-month adjusted EBITDA margin compressed to 12.2% from 18.0% as elevated compensation costs persist. The results come under activist scrutiny from Equinox Partners, which has accumulated a 10.3% stake.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $32.7M vs $31.3M YoY (+4.5%), above $31.9M consensus
- GAAP diluted EPS $0.08 vs $0.07 YoY; adjusted diluted EPS $0.16 vs $0.19 YoY
- EPS of $0.08 missed consensus estimate of $0.10
- Discretionary AUM $23.8B, down 2.1% YoY and 3.6% QoQ
- Adjusted EBITDA $4.4M vs $4.5M YoY; margin 13.5% vs 14.5%
- Nine-month adjusted EBITDA margin 12.2% vs 18.0% YoY
- Total expenses YTD up 9.2% to $90.8M; compensation ratio 66.3% of revenue
- Activist Equinox Partners disclosed 10.3% stake via three SC 13D/A filings in October 2026
- Quarterly dividend maintained at $0.21 per share
Financial Impact
Revenue beat consensus by $0.8M (2.5%) but EPS missed by $0.02 (20%); adjusted EBITDA margin declining; activist pressure adds uncertainty
Risk Factors
- Activist investor Equinox Partners may push for strategic changes including capital allocation or a sale
- Elevated compensation ratio (66.3% of revenue YTD) continues to pressure margins with no near-term relief signaled
- Discretionary AUM declined YoY and QoQ, indicating persistent net outflows
- Nine-month net income attributable to Silvercrest fell 79% YoY to $1.1M
- Cash and cash equivalents declined to $27.8M from $44.1M at year-end 2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-437837 |
| Document: samg-20261029.htm | 0001193125-26-437837 |
| Document: 0001193125-26-437837-index-headers.html | 0001193125-26-437837 |
| Document: 0001193125-26-437837-index.html | 0001193125-26-437837 |
| Document: 0001193125-26-437837.txt | 0001193125-26-437837 |
| 8-K Data (Synthetic) | 0001193125-26-437837 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | Press Release | $10.40 | awaiting T+20 | awaiting T+20 | $11.18 (+7.50%) |
Oct 26, 2026 5d ago | 3 | $10.25 | awaiting T+20 | awaiting T+20 | $11.18 (+9.07%) |
Oct 23, 2026 8d ago | Insider Buy | $10.43 | awaiting T+20 | awaiting T+20 | $11.18 (+7.19%) |
Oct 23, 2026 9d ago | 8-K | $10.43 | awaiting T+20 | awaiting T+20 | $11.18 (+7.19%) |
Oct 23, 2026 9d ago | Press Release | $10.43 | awaiting T+20 | awaiting T+20 | $11.18 (+7.19%) |
Oct 16, 2026 15d ago | SC 13D/A | $10.46 | awaiting T+20 | awaiting T+20 | $11.18 (+6.88%) |
Oct 13, 2026 18d ago | SC 13D/A | $10.21 | awaiting T+20 | awaiting T+20 | $11.18 (+9.50%) |
Sep 30, 2026 4w ago | SC 13D | $10.49 $10.52 | ▲ +0.29% | ▼ −0.42% | $11.18 (+6.58%) |
Jun 18, 2026 19w ago | 8-K | $10.30 $9.95 | ▼ −3.40% | ▼ −3.25% | $11.18 (+8.54%) |
US Market Status
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