Revenue growth and activist accumulation provide a floor, but declining AUM, margin compression, and elevated compensation costs (66.3% of revenue YTD) pressure earnings. Watch the October 30 conference call for commentary on the activist engagement, cost trajectory, and the planned elimination of non-discretionary AUM reporting in Q1 2027.
Price Chart
Executive Summary
Silvercrest reported Q3 2026 revenue of $32.7M (up 4.5% YoY) and GAAP EPS of $0.08, with adjusted EPS of $0.16. Revenue beat the $31.9M consensus, but GAAP EPS of $0.08 missed the $0.10 consensus. Discretionary AUM fell 2.1% YoY to $23.8B due to market depreciation, and adjusted EBITDA margin contracted to 13.5% from 14.5%. The activist Equinox Partners has been rapidly accumulating shares (now 10.3% stake), adding pressure for capital allocation or strategic changes.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $32.7M, up 4.5% YoY from $31.3M, above $31.9M consensus
- GAAP diluted EPS $0.08, below $0.10 consensus; adjusted diluted EPS $0.16
- Discretionary AUM $23.8B, down 2.1% YoY and 3.6% QoQ, driven by $0.8B market depreciation
- Adjusted EBITDA $4.4M, margin 13.5% vs 14.5% a year ago
- Net income attributable to Silvercrest $0.6M, flat YoY
- Quarterly dividend declared $0.21 per share
- Activist Equinox Partners holds 10.3% stake, accumulated 805K shares at ~$8.8M cost
- Cash and cash equivalents $27.8M, down from $44.1M at year-end 2025
- Term loan outstanding $9.0M, revolver undrawn
Financial Impact
Revenue beat consensus by $0.8M (2.5%), but GAAP EPS missed by $0.02 (20%). Adjusted EBITDA margin declined 100bps YoY.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Management and advisory fees | $31.6M | +5.0% |
| Family office services | $1.1M | -7.7% |
Risk Factors
- Continued market depreciation could further reduce discretionary AUM and revenue
- Elevated compensation ratio (66.3% YTD) may persist as investment spending continues
- Activist Equinox Partners may push for strategic changes, creating uncertainty
- Cash burn: cash down $16.3M YTD, with $9M drawn on term loan
- Net client outflows of $1.9B in discretionary AUM over nine months
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3391858 |
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 6d ago | 3 | $10.25 | awaiting T+20 | awaiting T+20 | $11.18 (+9.07%) |
Oct 23, 2026 9d 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 16d 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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