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Silvercrest Asset Management Group Inc. (SAMG-1.60%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $123.7 million for 2024, an increase from $117.4 million in 2023. This growth was driven by market appreciation in discretionary assets under management, despite net client outflows.
Compensation and benefits expenses rose to $76.7 million from $72.6 million the previous year, attributed to increased salaries, benefits, and equity-based compensation.
General and administrative expenses increased to $29.4 million, up from $26.0 million in 2023, primarily due to higher professional fees, portfolio and systems expenses, and occupancy costs.
Net income for 2024 was $15.7 million, compared to $15.2 million in 2023. The provision for income taxes was $4.6 million, with an effective tax rate of 22.5%.
Assets under management grew to $36.5 billion by the end of 2024, up from $33.3 billion at the end of 2023, driven by market appreciation and net client inflows.
The company completed the Neosho Acquisition, with contingent consideration adjustments affecting financial results. The acquisition contributed to the expansion of Silvercrest's investment management capabilities.
Silvercrest's credit facility was amended in June 2024, extending the maturity date and adjusting terms. The company reported no outstanding borrowings under its revolving credit facility as of December 31, 2024.
The filing details the company's share repurchase programs, with $4.6 million spent on repurchasing shares under the 2024 Repurchase Program.
Silvercrest's compliance with internal controls over financial reporting was audited, with no material weaknesses identified. The company continues to focus on maintaining effective internal controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Silvercrest Asset Management Group Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.