Silvercrest Asset Management Group Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Silvercrest Asset Management Group Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing financial performance, operations, and corporate governance.</b>

AI Summary

Silvercrest Asset Management Group Inc. (SAMG) filed a Annual Report (10-K) with the SEC on March 7, 2024. Silvercrest Asset Management Group Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and operations. Key dates and events related to equity incentive plans and stock transactions are detailed. Information regarding credit facilities and loan agreements is included. The report references various subsidiaries and partnership agreements.

Why It Matters

For investors and stakeholders tracking Silvercrest Asset Management Group Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Silvercrest's financial health and strategic positioning for investors and stakeholders. The detailed information on equity, debt, and operational agreements is crucial for understanding the company's risk profile and future growth potential.

Risk Assessment

Risk Level: medium — Silvercrest Asset Management Group Inc. shows moderate risk based on this filing. The company's financial performance is subject to market conditions and regulatory changes inherent in the asset management industry, as evidenced by the detailed risk factors and operational disclosures in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Silvercrest's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Report period)
• 20240307 — Filing Date (Date the report was filed)
• 106 — Public Document Count (Number of documents in the filing)
• 001-35733 — SEC File Number (Company's SEC file number)

Key Players & Entities

• Silvercrest Asset Management Group Inc. (company) — Filer of the 10-K report
• 20231231 (date) — Fiscal year end
• 20240307 (date) — Filing date
• 1330 AVENUE OF THE AMERICAS, 38TH FLOOR (address) — Business and mailing address
• New York (location) — City of business and mailing address
• DE (location) — State of incorporation
• 6282 (industry_code) — Standard Industrial Classification for Investment Advice
• Silvercrest Limited Partnership (company) — Related entity

FAQ

Risk Factors

• Market and Economic Risks [medium — financial]: The company's financial results are susceptible to fluctuations in market conditions, economic downturns, and changes in interest rates.
• Operational Risks [medium — operational]: Disruptions in operations, cybersecurity breaches, or failure to maintain key personnel could adversely affect the business.
• Regulatory and Compliance Risks [medium — regulatory]: Changes in laws and regulations affecting the investment management industry could impact the company's business and profitability.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — hich registered Class A common stock, $0.01 par value per share SAMG The Nasdaq
• $20.25 — 9 million based on the closing price of $20.25 for one share of common stock, as repor
• $33.3 billion — 2023, our assets under management were $33.3 billion. We were founded 21 years ago on the
• $10 million — a base of individuals and families with $10 million or more of investable assets, and we be
• $25 million — service solutions to families with over $25 million of investable assets. As of December 31
• $39 million — t relationships with an average size of $39 million that represented approximately 99% of o
• $421 million — ment. Our top 50 relationships averaged $421 million in size, and such amount represented ap

Filing Documents

• samg-20231231.htm (10-K) — 3907KB
• samg-ex19_1.htm (EX-19.1) — 79KB
• samg-ex21_1.htm (EX-21.1) — 9KB
• samg-ex23_1.htm (EX-23.1) — 4KB
• samg-ex31_1.htm (EX-31.1) — 12KB
• samg-ex31_2.htm (EX-31.2) — 12KB
• samg-ex32_1.htm (EX-32.1) — 6KB
• samg-ex32_2.htm (EX-32.2) — 6KB
• samg-ex97_1.htm (EX-97.1) — 55KB
• img192781699_0.jpg (GRAPHIC) — 183KB
• img192781699_1.jpg (GRAPHIC) — 126KB
• img192781699_2.jpg (GRAPHIC) — 74KB
• img192781699_3.jpg (GRAPHIC) — 641KB
• 0000950170-24-027981.txt (&nbsp;) — 16860KB
• samg-20231231.xsd (EX-101.SCH) — 2040KB
• samg-20231231_htm.xml (XML) — 2454KB

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 58 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 59 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 59 Part III Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation

Executive Compensation 60 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60 Item 13. Certain Relationships and Related Transactions, and Director Independence 60 Item 14. Principal Accounting Fees and Services 60 Part IV Item 15. Exhibit and Financial Statement Schedules 61 Item 16 Form 10-K Summary 63 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., the managing member of our operating subsidiary ("Silvercrest L.P." or "SLP"). SLP is a limited partnership whose existing limited partners are referred to in this report as "principals".

Forward-Looking Statements

Forward-Looking Statements This report 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 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 this annual report on Form 10-K. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of

View Full Filing

View this 10-K filing on SEC EDGAR