Financial Analysis

9. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company leases office space pursuant to operating leases that are subject to specific escalation clauses. Rent expense for the three months ended June 30, 2026 and 2025 amounted to $ 1,850 and $ 1,745 , respectively. This is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company received sublease income from sub-tenants during the three months ended June 30, 2026 and 2025 of $ 0 and $ 10 , respectively. Rent expense for the six months ended June 30, 2026 and 2025 amounted to $ 3,663 and $ 3,457 , respectively. This is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company received sublease income from sub-tenants during the six months ended June 30, 2026 and 2025 of $ 0 and $ 40 , respectively. As security for performance under the leases, the Company is required to maintain letters of credit in favor of the landlord totaling $ 506 as of June 30, 2026 and December 31, 2025 . Furthermore, the Company maintains an $ 80 letter of credit in favor of its Boston landlord. Both are collateralized by the Companys revolving credit facility with City National Bank. In December 2015, the Company extended its lease related to its New York City office space. The amended lease commenced on October 1, 2017 and expires on September 30, 2028 . The lease is subject to escalation clauses and provides for a rent-free peri …

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16. DEFINED CONTRIBUTION AND DEFERRED COMPENSATION PLANS SAMG LLC has a defined contribution 401(k) savings plan (the Plan) for all eligible employees who meet the minimum age and service requirements as defined in the Plan. The Plan is designed to be a qualified plan under sections 401(a) and 401(k) of the Internal Revenue Code. For employees who qualify under the terms of the Plan, on an annual basis Silvercrest matches dollar for dollar an employees contributions up to the first 4 % of compensation. For the three months ended June 30, 2026 and 2025 , Silvercrest made matching contributions of $ 36 and $ 30 , respectively, for the benefit of employees. For the six months ended June 30, 2026 and 2025 , Silvercrest made matching contributions of $ 71 and $ 59 , respectively, for the benefit of employees. The Company also has a pension plan for qualified employees in Ireland. For the three and six months ended June 30, 2026 , Silvercrest made matching contributions of $ 12 (EUR 11 ) and $ 19 (EUR 16 ), respectively, for the benefit of employees in Ireland. Total matching contributions under both plans for the three months ended June 30, 2026 and 2025 were $ 48 and $ 30 , respectively, and for the six months ended June 30, 2026 and 2025 were $ 90 and $ 59 , respectively. …

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8. DEBT Credit Facility On June 24, 2013, the subsidiaries of Silvercrest L.P. entered into a $ 15.0 million credit facility with City National Bank. The subsidiaries of Silvercrest L.P. are the borrowers under such facility and Silvercrest L.P. guarantees the obligations of its subsidiaries under the credit facility. The credit facility is secured by certain assets of Silvercrest L.P. and its subsidiaries. The credit facility consisted of a $ 7.5 million delayed draw term loan that was scheduled to mature on June 24, 2025 , and a $ 7.5 million revolving credit facility that was scheduled to mature on June 21, 2019 . Effective July 1, 2019, the credit facility was increased and consisted of a $ 25.5 million delayed draw term loan that was to mature on July 1, 2026 , and a $ 10.0 million revolving credit facility with a stated maturity date of June 18, 2024 and a stated term loan draw date of July 1, 2024 . On June 17, 2022, the revolving credit facility was amended to replace LIBOR terms with its successor, the Secured Overnight Financing Rate (SOFR). The loan bears interest at either (a) the higher of the prime rate plus a margin of 0.25 percentage points and 2.5 % or (b) the SOFR rate plus 2.80 percentage points, at the borrowers option . On February 15, 2022, the credit facility was amended and restated to reflect changes to various definitions and related clauses with respect to the Companys subsidiaries. The credit facility contains restrictions on, among other things, ( …

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15. EQUITY-BASED COMPENSATION Restricted Stock Units and Stock Options On November 2, 2012, the Companys board of directors adopted the 2012 Equity Incentive Plan. A total of 1,687,500 shares were originally reserved and available for issuance under the 2012 Equity Incentive Plan. On June 8, 2022, the 2012 Equity Incentive Plan was amended to increase the number of shares issuable under the plan by 1,050,000 , to a total of 2,737,500 . On June 4, 2025, the 2012 Equity Incentive Plan was further amended to increase the number of shares issuable under the plan by 1,500,000 , to a total of 4,237,500 . As of June 30, 2026 , 1,747,025 shares are available for grant. The equity interests may be issued in the form of shares of the Companys Class A common stock and Class B units of SLP. (All references to units or interests of SLP refer to Class B units of SLP and accompanying shares of Class B common stock of Silvercrest). The purposes of the 2012 Equity Incentive Plan are to (i) align the long-term financial interests of our employees, directors, consultants and advisers with those of our stockholders; (ii) attract and retain those individuals by providing compensation opportunities that are consistent with our compensation philosophy; and (iii) provide incentives to those individuals who contribute significantly to our long-term performance and growth. To accomplish these purposes, the 2012 Equity Incentive Plan provides for the grant of units of SLP. The 2012 Equity Incentive Pla …

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13. INCOME TAXES As of June 30, 2026 , the Company had net deferred tax assets of $ 414 , which is recorded as a deferred tax asset of $ 822 specific to Silvercrest which consists primarily of assets related to temporary differences between the financial statement and tax bases of intangible assets related to its acquisition of partnership units of SLP and a deferred tax liability of $ 408 specific to SLP which consists primarily of assets related to deferred rent expenses offset in part by amounts for differences in the financial statement and tax bases of intangible assets. Of the total net deferred taxes at June 30, 2026 , $ 144 of the net deferred tax liabilities relate to non-controlling interests. These amounts are included in deferred tax and other liabilities on the Condensed Consolidated Statement of Financial Condition, respectively. As of December 31, 2025 , the Company had a net deferred tax asset of $ 1,110 , which is recorded as a net deferred tax asset of $ 1,494 specific to Silvercrest, which consists primarily of net assets related to temporary differences between the financial statement and tax bases of intangibles related to its acquisition of partnership units of SLP and a net deferred tax liability of $ 384 specific to SLP which consists primarily of liabilities related to differences between the financial statement and tax bases of intangible assets. The Company has recorded a deferred tax asset associated with net operating losses of its foreign subsidi …

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Recent Accounting Developments In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. Under the ASU, all public business entities are required to disaggregate disclosure of income statement expenses. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories within the footnote to the financial statements. ASU 2024-03 will become effective for the Company for annual periods beginning after December 15, 2026. The Company is currently evaluating the impact of adopting this guidance on its Condensed Consolidated Financial Statements. In May 2025, the FASB issued ASU 2025-03, Identifying the Accounting Acquirer in a Business Combination. This ASU clarifies that, in determining the accounting acquirer in a business combination that is effected primarily by exchanging equity interests in which a VIE is acquired, an entity would be required to consider the factors in ASC 805-10-55-12 through 55-15. Previously, the accounting acquirer in such transactions was always the primary beneficiary. ASU 2025-03 will become effective for the Company for annual periods beginning after December 15, 2026. The Company is currently evaluating the impact of adopting this guidance on its Condensed Consolidated Financial Statements. In May 2025, the FASB issued ASU 2025-04, Clarifications to Share-Based Consideration Payable by a Custom …

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12. RELATED PARTY TRANSACTIONS During the first six months of 2026 and 2025, the Company provided services to the following, which operate as feeder funds investing through master-feeder or mini-master feeder structures: the domesticated Silvercrest Hedged Equity Fund, L.P. (formed in 2011 and formerly Silvercrest Hedged Equity Fund) (currently in liquidation); Silvercrest Hedged Equity Fund (International), Ltd. (which invests through Silvercrest Hedged Equity Fund, L.P.) (currently in liquidation); the domesticated Silvercrest Emerging Markets Fund, L.P. (formed in 2011 and formerly Silvercrest Emerging Markets Fund) (currently in liquidation); Silvercrest Market Neutral Fund (currently in liquidation); Silvercrest Market Neutral Fund (International) (currently in liquidation); Silvercrest Municipal Advantage Master Fund LLC; Silvercrest Municipal Advantage Portfolio A LLC; Silvercrest Municipal Advantage Portfolio P LLC; Silvercrest Municipal Advantage Portfolio S LLC (formed in 2015); the Silvercrest Jefferson Fund, L.P. (formed in 2014); and the Silvercrest Jefferson Fund, Ltd. (the Company took over as investment manager in 2014, formerly known as the Jefferson Global Growth Fund, Ltd.), which invests in Silvercrest Jefferson Master Fund, L.P. (formed in 2014). The Company also provides services to the following, which operate and invest separately as stand-alone funds: Silvercrest Municipal Special Situations Fund LLC (merged into Silvercrest Municipal Advantage Portfo …

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of Silvercrest and its wholly owned subsidiaries SLP, SAMG LLC, SFS, MCG, Silvercrest Investors LLC, Silvercrest Investors II LLC, Silvercrest Investors III LLC, Silvercrest Investors IV LLC, and Silvercrest Asset Management (Singapore) Pte. Ltd. as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025. All intercompany transactions and balances have been eliminated. The Condensed Consolidated Statement of Financial Condition at December 31, 2025 was derived from the audited Consolidated Statement of Financial Condition at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the operating results that may be expected for the full fiscal years ending December 31, 2026 and 2025 or any future period. The Condensed Consolidated Financial Statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of t …

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10. EQUITY SLP has historically made, and will continue to make, distributions of its net income to the holders of its partnership units for income tax purposes as required under the terms of its Second Amended and Restated Limited Partnership Agreement and also made, and will continue to make, additional distributions of net income under the terms of its Second Amended and Restated Limited Partnership Agreement. Partnership distributions totaled $ 2,141 and $ 2,723 , for the three months ended June 30, 2026 and 2025 , respectively. Partnership distributions totaled $ 3,988 and $ 4,230 , for the six months ended June 30, 2026 and 2025, respectively. The distributions are included in non-controlling interests in the Condensed Consolidated Statements of Financial Condition and Condensed Consolidated Statement of Changes in Equity for the six months ended June 30, 2026 and 2025. Pursuant to SLPs Second Amended and Restated Limited Partnership Agreement, partner incentive allocations are treated as distributions of net income. The remaining net income or loss after partner incentive allocations was generally allocated to the partners based on their pro rata ownership. Net income allocation is subject to the recovery of the allocated losses of prior periods. The Company treats SLPs partner incentive allocations as compensation expense and accrues such amounts when earned. During the three months ended June 30, 2026 and 2025 , the Company accrued partner incentive allocations of $ …

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