# EDGAR Filing Document

**Accession Number:** 0001549966
**File Stem:** 0001193125-25-258921
**Filing Date:** 2025-10
**Character Count:** 49034
**Document Hash:** 1f6aefba127988296fa558cfed781f5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-258921.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001193125-25-258921

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Silvercrest Asset Management Group Inc.
- **CENTRAL INDEX KEY:** 0001549966
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 455146560
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35733
- **FILM NUMBER:** 251437332

**BUSINESS ADDRESS:**
- **STREET 1:** 1330 AVENUE OF THE AMERICAS, 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-649-0600

**MAIL ADDRESS:**
- **STREET 1:** 1330 AVENUE OF THE AMERICAS, 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** October 30, 2025

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SILVERCREST ASSET MANAGEMENT GROUP INC.

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-35733 | 45-5146560 |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

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| | |
|:---|:---|
| 1330 Avenue of the Americas**,** 38th Floor<br>New York**,** New York | 10019 |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**Registrant's telephone number, including area code: (**212**)** 649-0600

**N/A**

**(Former name or former address, if changed since last report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class:** | **Trading Symbol(s)** | **Name of each exchange on which registered:** |
| Class A common stock, $0.01 par value per share | SAMG | Nasdaq Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

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On October 30, 2025, Silvercrest Asset Management Group Inc. (the "Company") issued a press release announcing certain consolidated financial and operating results for the three and nine months ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

The information furnished in this Form 8-K, including the exhibit hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | [<u>Press Release of Silvercrest Asset Management Group Inc. dated October 30, 2025</u>](samg-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 30, 2025

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| | |
|:---|:---|
| Silvercrest Asset Management Group Inc. | Silvercrest Asset Management Group Inc. |
| By: | /s/ Scott A. Gerard |
|  | Name: Scott A. Gerard |
|  | Title: Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![img57283581_0.jpg](img57283581_0.jpg)

**Silvercrest Asset Management Group Inc. Reports Q3 2025 Results**

New York, NY – October 30, 2025 - Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the "Company" or "Silvercrest") today reported the results of its operations for the quarter ended September 30, 2025.

**Business Update**

Discretionary assets under management ("AUM"), which primarily drives the firm's top-line revenue, increased $687 million during the third quarter, primarily due to beneficial equity markets. Silvercrest added $46.4 million in organic new client accounts during the third quarter and has added $564 million in new client accounts through the third quarter of 2025. Despite overall negative flows during the quarter, closed accounts were immaterial, and new client account flows remain on pace to register one of the stronger levels of organic new client flows over the past several years. Silvercrest has added approximately $2.0 billion in organic new client accounts year-over-year. We are primarily focused on organic new client acquisition and discretionary AUM as a result of our previously announced and ongoing heavy investments in growing the business.

Discretionary AUM now stands at $24.3 billion, which is a 3% sequential quarterly increase and an increase of 8% year-over-year. Assuming supportive markets and continued business development, we hope discretionary AUM will exceed all-time highs in the coming quarters. Total AUM at the end of the third quarter did hit a new high for the firm at $37.6 billion. Of that total, reported non-discretionary AUM at quarter-end comprised $13.3 billion. These non-discretionary AUM are associated with only 4% of total revenue, mostly comprising fixed fee reporting and family-office services. These assets have more than doubled over the past few years, which artificially lowers the apparent average basis points we receive for advising on AUM. To better relay the average basis points of our asset management and advisory businesses, we expect in 2026 to adjust how the firm reports non-discretionary AUM. This will substantially lower our non-discretionary AUM on a one-time basis without any revenue effect, providing a clearer picture of the business.

Barring short-term market volatility, the increase in AUM bodes well for future revenue, as Silvercrest primarily bills quarterly in advance. As previously announced and emphasized, Silvercrest has embarked on significant strategic investments to promote growth opportunities. As it takes time for those investments – primarily in intellectual capital and head count -- to bear fruit, our earnings and Adjusted EBITDA<sup>1</sup> are substantially lower than the steady-state business and reflect our concerted effort to invest capital to support long-term strategic priorities.

Our strategic initiatives highlight Silvercrest in both the institutional and wealth markets. The firm continues to invest in talent across the firm to drive new growth and successfully transition the business toward the next generation. Our new business pipeline remains robust, in particular with regards to our new Global Value Equity strategy.

Also as previously discussed, Silvercrest will continue to adjust our interim compensation ratio to match important investments in the business as long as we have compelling opportunities to organically grow the firm and build our return on invested capital. With important initiatives for marketing in Europe, Oceania, and Asia, as well as in U.S.-based personnel, our compensation ratio will remain elevated over the foreseeable future.

We previously announced a new buyback program of $25.0 million on May 23, 2025. As of the end of the third quarter of 2025, we have repurchased approximately $16 million worth of shares. Our strong balance sheet supports ongoing capital returns, our substantial dividend, as well as our growth initiatives. Silvercrest also previously received shareholder approval to increase the number of shares issuable under our equity incentive plan. We expect to begin rewarding shares to further motivate our professionals in the near future.

On October 29, 2025, the Company's Board of Directors declared a quarterly dividend of $0.21 per share of Class A common stock. The dividend will be paid on or about December 19, 2025 to stockholders of record as of the close of business on December 12, 2025.

SILVERCREST ASSET MANAGEMENT GROUP INC.

1330 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK 10019 • (212) 649-0600

WWW.SILVERCRESTGROUP.COM

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**Third Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total AUM of $37.6 billion, inclusive of discretionary AUM of $24.3 billion and non-discretionary AUM of $13.3 billion, at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue of $31.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. Generally Accepted Accounting Principles ("GAAP") consolidated net income and net income attributable to Silvercrest of $1.1 million and $0.6 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Basic and diluted net income per share of $0.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")<sup>1</sup> of $4.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted net income<sup>1</sup> of $2.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted basic and diluted earnings per share<sup>1,2</sup> of $0.19.

The table below presents a comparison of certain GAAP and non-GAAP ("Adjusted") financial measures and AUM.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months<br>Ended September 30,** | **For the Three Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
| **(in thousands except as indicated)** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $31295 | $30424 | $93360 | $91689 |
| Income before other income (expense), net | $1331 | $4457 | $10209 | $15670 |
| Net income | $1089 | $3730 | $8166 | $13025 |
| Net income margin | 3.5% | 12.3% | 8.7% | 14.2% |
| Net income attributable to Silvercrest | $618 | $2252 | $5005 | $7917 |
| Net income per basic share | $0.07 | $0.24 | $0.56 | $0.83 |
| Net income per diluted share | $0.07 | $0.24 | $0.55 | $0.83 |
| Adjusted EBITDA<sup>1</sup> | $4529 | $6346 | $16761 | $21031 |
| Adjusted EBITDA Margin<sup>1</sup> | 14.5% | 20.9% | 18.0% | 22.9% |
| Adjusted net income<sup>1</sup> | $2406 | $3801 | $9558 | $12921 |
| Adjusted basic earnings per share<sup>1, 2</sup> | $0.19 | $0.27 | $0.77 | $0.93 |
| Adjusted diluted earnings per share<sup>1, 2</sup> | $0.19 | $0.26 | $0.74 | $0.89 |
| Assets under management at period end (billions) | $37.6 | $35.1 | $37.6 | $35.1 |
| Average assets under management (billions)<sup>3</sup> | $37.2 | $34.2 | $37.1 | $34.3 |
| Discretionary assets under management (billions) | $24.3 | $22.6 | $24.3 | $22.6 |

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| | |
|:---|:---|
| <sup>1</sup> | Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3. |
| <sup>2</sup>  | Adjusted basic and diluted earnings per share measures for the three and nine months ended September 30, 2025 are based on the number of shares of Class A common stock and Class B common stock outstanding as of September 30, 2025. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period. |
| <sup>3</sup> | We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period. |

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**AUM at $37.6 Billion**

Silvercrest's discretionary AUM increased by $1.7 billion, or 7.5%, to $24.3 billion at September 30, 2025, from $22.6 billion at September 30, 2024. Silvercrest's total AUM increased by $2.5 billion, or 7.1%, to $37.6 billion at September 30, 2025, from $35.1 billion at September 30, 2024. The increase in total AUM was attributable to market appreciation of $2.3 billion and net client inflows of $0.2 billion.

Silvercrest's discretionary assets under management increased by $0.6 billion, or 2.5%, to $24.3 billion at September 30, 2025, from $23.7 billion at June 30, 2025. The increase was attributable to market appreciation of $1.0 billion partially offset by net client outflows of $0.4 billion. Silvercrest's total AUM increased by $0.9 billion, or 2.5%, to $37.6 billion at September 30, 2025, from

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$36.7 billion at June 30, 2025. The increase was attributable to market appreciation of $1.5 billion partially offset by net client outflows of $0.6 billion.

**Third Quarter 2025 vs. Third Quarter 2024**

Revenue increased by $0.9 million, or 2.9%, to $31.3 million for the three months ended September 30, 2025 from $30.4 million for the three months ended September 30, 2024. This increase was driven by market appreciation partially offset by net client outflows.

Total expenses increased by $4.0 million, or 15.4%, to $30.0 million for the three months ended September 30, 2025, from $26.0 million for the three months ended September 30, 2024. Compensation and benefits expense increased by $3.1 million, or 16.8%, to $21.7 million for the three months ended September 30, 2025, from $18.6 million for the three months ended September 30, 2024. The increase was primarily attributable to increases in salaries and benefits of $1.1 million primarily as a result of merit-based increases and newly-hired staff and in the accrual for bonuses of $2.4 million, partially offset by decreases in equity-based compensation of $0.2 million and severance of $0.1 million. General and administrative expenses increased by $0.9 million, or 11.9%, to $8.2 million for the three months ended September 30, 2025, from $7.4 million for the three months ended September 30, 2024. This was primarily attributable to increases in professional fees of $0.9 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore and recruiting costs of $0.2 million, partially offset by decreases in shareholder expenses of $0.1 million and trade errors of $0.3 million.

Consolidated net income was $1.1 million, or 3.5% of revenue, for the three months ended September 30, 2025, as compared to consolidated net income of $3.7 million, or 12.3% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $0.6 million, or $0.07 per basic and diluted share, for the three months ended September 30, 2025. Our adjusted net income<sup>1</sup> was $2.4 million, or $0.19 per adjusted basic and diluted share<sup>2</sup>, for the three months ended September 30, 2025.

Adjusted EBITDA<sup>1</sup> was $4.5 million, or 14.5% of revenue, for the three months ended September 30, 2025, as compared to $6.3 million, or 20.9% of revenue, for the same period in the prior year.

**Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024**

Revenue increased by $1.7 million, or 1.8%, to $93.4 million for the nine months ended September 30, 2025, from $91.7 million for the nine months ended September 30, 2024. This increase was driven by market appreciation partially offset by net client outflows.

Total expenses increased by $7.1 million, or 9.4%, to $83.2 million for the nine months ended September 30, 2025, from $76.0 million for the nine months ended September 30, 2024. Compensation and benefits expense increased by $4.6 million, or 8.5%, to $59.4 million for the nine months ended September 30, 2025, from $54.8 million for the nine months ended September 30, 2024. The increase was primarily attributable to increases in salaries and benefits of $3.8 million primarily as a result of merit-based increases and newly-hired staff and in the accrual for bonuses of $1.2 million, partially offset by decreases in equity-based compensation of $0.2 million and severance expense of $0.2 million. General and administrative expenses increased by $2.5 million, or 11.7%, to $23.7 million for the nine months ended September 30, 2025, from $21.3 million for the nine months ended September 30, 2024. This was primarily attributable to increases in professional fees of $1.4 million, occupancy and related costs of $0.3 million primarily related to new office space in Singapore, portfolio and systems expense of $0.3 million, marketing and advertising costs of $0.1 million, office expenses of $0.1 million, sub-advisory and referral fees of $0.1 million, recruiting costs of $0.1 million, travel and entertainment expenses of $0.3 million and depreciation and amortization of $0.1 million, partially offset by a decrease in trade errors of $0.3 million.

Consolidated net income was $8.2 million, or 8.7% of revenue, for the nine months ended September 30, 2025, as compared to consolidated net income of $13.0 million, or 14.2% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $5.0 million, or $0.56 per basic share and $0.55 per diluted share for the nine months ended September 30, 2025. Our adjusted net income<sup>1</sup> was $9.6 million, or $0.77 per adjusted basic share and $0.74 per adjusted diluted share<sup>2</sup>for the nine months ended September 30, 2025.

Adjusted EBITDA<sup>1</sup>was $16.8 million, or 18.0% of revenue, for the nine months ended September 30, 2025, as compared to $21.0 million, or 22.9% of revenue, for the same period in the prior year.

**Liquidity and Capital Resources**

Cash and cash equivalents were $36.1 million at September 30, 2025, compared to $68.6 million at December 31, 2024. As of September 30, 2025, there was nothing outstanding under our term loan and revolving credit facility with City National Bank.

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Silvercrest Asset Management Group Inc.'s total equity was $58.9 million at September 30, 2025. We had 8,240,149 shares of Class A common stock outstanding and 4,117,303 shares of Class B common stock outstanding at September 30, 2025.

**Non-GAAP Financial Measures**

To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our partners, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

**Conference Call**

The Company will host a conference call on October 31, 2025, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

**Forward-Looking Statements**

This release 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

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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; 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; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; 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 our annual report on Form 10-K for the year ended December 31, 2024, which is accessible on the U.S. Securities and Exchange Commission's website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

**About Silvercrest**

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

**Silvercrest Asset Management Group Inc.**

Contact: Richard Hough

212-649-0601

rhough@silvercrestgroup.com

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**Exhibit 1**

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited and in thousands, except share and per share amounts or as noted)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months<br>Ended September 30,** | **For the Three Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| Management and advisory fees | $30067 | $29380 | $89850 | $88445 |
| Family office services | 1228 | 1044 | 3510 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **31295** | **30424** | **93360** | **91689** |
| **Expenses** |  |  |  |  |
| Compensation and benefits | 21714 | 18598 | 59400 | 54760 |
| General and administrative | 8250 | 7369 | 23751 | 21259 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **29964** | **25967** | **83151** | **76019** |
| **Income before other (expense) income, net** | **1331** | **4457** | **10209** | **15670** |
| **Other (expense) income, net** |  |  |  |  |
| Other (expense) income, net | 27 | 10 | 54 | 25 |
| Equity income from investments | (11) | **—** | (11) | **—** |
| Interest income | 148 | 374 | 584 | 1010 |
| Interest expense | (15) | (15) | (45) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other (expense) income, net** | **149** | **369** | **582** | **940** |
| **Income before provision for income taxes** | **1480** | **4826** | **10791** | **16610** |
| Provision for income taxes | (391) | (1096) | (2625) | (3585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | **1089** | **3730** | **8166** | **13025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to non-controlling interests | (471) | (1478) | (3161) | (5108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income attributable to Silvercrest** | $**618** | $**2252** | $**5005** | $**7917** |
| **Net income per share:** |  |  |  |  |
| Basic | $0.07 | $0.24 | $0.56 | $0.83 |
| Diluted | $0.07 | $0.24 | $0.55 | $0.83 |
| **Weighted average shares outstanding:** |  |  |  |  |
| Basic | 8365575 | 9541407 | 9009985 | 9510495 |
| Diluted | 8389001 | 9579172 | 9039551 | 9547659 |

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**Exhibit 2**

Silvercrest Asset Management Group Inc.

Reconciliation of GAAP to non-GAAP ("Adjusted") Adjusted EBITDA Measure

(Unaudited and in thousands, except share and per share amounts or as noted)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted EBITDA** | **For the Three Months<br>Ended September 30,** | **For the Three Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of non-GAAP financial measure:** |  |  |  |  |
| Net income | $1089 | $3730 | $8166 | $13025 |
| Provision for income taxes | 391 | 1096 | 2625 | 3585 |
| Delaware Franchise Tax | 50 | 50 | 150 | 150 |
| Interest expense | 15 | 15 | 45 | 95 |
| Interest income | (148) | (374) | (584) | (1010) |
| Depreciation and amortization | 1058 | 1034 | 3176 | 3111 |
| Equity-based compensation | 353 | 535 | 1208 | 1374 |
| Other adjustments (A) | 1721 | 260 | 1975 | 701 |
| **Adjusted EBITDA** | $**4529** | $**6346** | $**16761** | $**21031** |
| **Adjusted EBITDA Margin** | **14.5%** | **20.9%** | **18.0%** | **22.9%** |

---

(A)Other adjustments consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Severance | $54 | $193 | $54 | $253 |
| Other (a) | 1667 | 67 | 1921 | 448 |
| **Total other adjustments** | $**1721** | $**260** | $**1975** | $**701** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the three months ended September 30, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $70 related to our application for licensure in the European Union (the "EU"), legal and other professional fees of $90 related to other international initiatives, a sign-on bonus of $5, rent expense of $24 and the accrual for an earnout bonus of $1,430. For the nine months ended September 30, 2025, represents an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, legal fees of $154 related to our application for licensure in the EU, legal and other professional fees of $90 related to other international initiatives, sign-on bonuses paid to certain employees of $67, rent expense of $36 and the accrual for an earnout bonus of $1,430. For the three months ended September 30, 2024, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, data conversion costs of $14 and software implementation costs of $5. For the nine months ended September 30, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, sign on bonuses paid to certain employees of $188, professional fees of $26 related to a transfer pricing project, legal fees of $46, data conversion costs of $14 and software implementation costs of $18.

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**Exhibit 3**

Silvercrest Asset Management Group Inc.

Reconciliation of GAAP to non-GAAP ("Adjusted") <br>Adjusted Net Income and Adjusted Earnings Per Share Measures <br>(Unaudited and in thousands, except per share amounts or as noted)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Net Income and Adjusted Earnings Per Share** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of non-GAAP financial measure:** |  |  |  |  |
| Net income | $1089 | $3730 | $8166 | $13025 |
| Consolidated GAAP Provision for income taxes | 391 | 1096 | 2625 | 3585 |
| Delaware Franchise Tax | 50 | 50 | 150 | 150 |
| Other adjustments (A) | 1721 | 260 | 1975 | 701 |
| Adjusted earnings before provision for income taxes | 3251 | 5136 | 12916 | 17461 |
| Adjusted provision for income taxes: |  |  |  |  |
| Adjusted provision for income taxes (26% assumed tax rate) | (845) | (1335) | (3358) | (4540) |
| **Adjusted net income** | $**2406** | $**3801** | $**9558** | $**12921** |
| **GAAP net income per share (B):** |  |  |  |  |
| Basic | $**0.07** | $**0.24** | $**0.56** | $**0.83** |
| Diluted | $**0.07** | $**0.24** | $**0.55** | $**0.83** |
| **Adjusted earnings per share/unit (B):** |  |  |  |  |
| Basic | $**0.19** | $**0.27** | $**0.77** | $**0.93** |
| Diluted | $**0.19** | $**0.26** | $**0.74** | $**0.89** |
| **Shares/units outstanding:** |  |  |  |  |
| Basic Class A shares outstanding | 8240 | 9503 | 8240 | 9503 |
| Basic Class B shares/units outstanding | 4117 | 4406 | 4117 | 4406 |
| Total basic shares/units outstanding | **12357** | **13909** | **12357** | **13909** |
| Diluted Class A shares outstanding (C) | 8264 | 9541 | 8264 | 9541 |
| Diluted Class B shares/units outstanding (D) | 4621 | 5001 | 4621 | 5001 |
| Total diluted shares/units outstanding | **12885** | **14542** | **12885** | **14542** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)See A in Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Includes 23,426 and 37,109 unvested restricted stock units at September 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)Includes 137,100 and 228,118 unvested restricted stock units at September 30, 2025 and 2024, respectively, and 366,293 unvested non-qualified options at September 30, 2025 and 2024.

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**Exhibit 4**

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Financial Condition <br>(Unaudited and in thousands)

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $36128 | $68611 |
| Investments | 153 | 1354 |
| Receivables, net | 13205 | 12225 |
| Due from Silvercrest Funds | 486 | 945 |
| Furniture, equipment and leasehold improvements, net | 7633 | 7387 |
| Goodwill | 63675 | 63675 |
| Operating lease assets | 15044 | 16032 |
| Finance lease assets | 167 | 254 |
| Intangible assets, net | 14999 | 16644 |
| Deferred tax asset | 2076 | 4220 |
| Prepaid expenses and other assets | 3991 | 3085 |
| **Total assets** | $**157557** | $**194432** |
| **Liabilities and Equity** |  |  |
| Accounts payable and accrued expenses | $3116 | $1953 |
| Accrued compensation | 29293 | 39865 |
| Operating lease liabilities | 20867 | 22270 |
| Finance lease liabilities | 175 | 262 |
| Deferred tax and other liabilities | 10603 | 10389 |
| **Total liabilities** | **64054** | **74739** |
| **Commitments and Contingencies (Note 9)** |  |  |
| **Equity** |  |  |
| Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued<br> and outstanding |  |  |
| Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,818,161<br> and 8,240,149 issued and outstanding, respectively, as of September 30, 2025;<br> 10,450,559 and 9,376,280 issued and outstanding, respectively, as of December 31, <br> 2024 | 108 | 104 |
| Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,117,303<br> and 4,373,315 issued and outstanding as of September 30, 2025 and December 31,<br> 2024, respectively | 40 | 42 |
| Additional Paid-In Capital | 58685 | 56369 |
| Treasury Stock, at cost, 2,578,012 and 1,074,279 shares as of September 30, 2025 and<br> December 31, 2024, respectively | (43426) | (19728) |
| Accumulated other comprehensive income (loss) | (54) | (43) |
| Retained earnings | 43532 | 43953 |
| **Total Silvercrest Asset Management Group Inc.'s equity** | **58885** | **80697** |
| Non-controlling interests | 34618 | 38996 |
| **Total equity** | **93503** | **119693** |
| **Total liabilities and equity** | $**157557** | $**194432** |

---

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**Exhibit 5**

Silvercrest Asset Management Group Inc.

Total Assets Under Management

(Unaudited and in billions)

**Total Assets Under Management:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **% Change from September 30,** |
|  | **2025** | **2024** | **2024** |
| Beginning assets under management | $36.7 | $33.4 | 9.9% |
| Gross client inflows | 1.0 | 1.1 | -9.1% |
| Gross client outflows | (1.6) | (1.3) | 23.1% |
| Net client flows | (0.6) | (0.2) | -200.0% |
| Market appreciation | 1.5 | 1.9 | -21.1% |
| **Ending assets under management** | $**37.6** | $**35.1** | **7.1%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **% Change from September 30,** |
|  | **2025** | **2024** | **2024** |
| Beginning assets under management | $36.5 | $33.3 | 9.6% |
| Gross client inflows | 3.3 | 2.9 | 13.8% |
| Gross client outflows | (4.0) | (4.4) | -9.1% |
| Net client flows | (0.7) | (1.5) | 53.3% |
| Market appreciation | 1.8 | 3.3 | -45.5% |
| **Ending assets under management** | $**37.6** | $**35.1** | **7.1%** |

---

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**Exhibit 6**

Silvercrest Asset Management Group Inc.

Discretionary Assets Under Management

(Unaudited and in billions)

**Discretionary Assets Under Management:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **% Change from September 30,** |
|  | **2025** | **2024** | **2024** |
| Beginning assets under management | $23.7 | $21.6 | 9.7% |
| Gross client inflows | 0.6 | 0.8 | -25.0% |
| Gross client outflows | (1.0) | (1.1) | -9.1% |
| Net client flows | (0.4) | (0.3) | -33.3% |
| Market appreciation | 1.0 | 1.3 | -23.1% |
| **Ending assets under management** | $**24.3** | $**22.6** | **7.5%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **% Change from September 30,** |
|  | **2025** | **2024** | **2024** |
| Beginning assets under management | $23.3 | $21.9 | 6.4% |
| Gross client inflows | 2.2 | 2.1 | 4.8% |
| Gross client outflows | (2.7) | (3.7) | -27.0% |
| Net client flows | (0.5) | (1.6) | -68.8% |
| Market appreciation | 1.5 | 2.3 | -34.8% |
| **Ending assets under management** | $**24.3** | $**22.6** | **7.5%** |

---

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**Exhibit 7**

Silvercrest Asset Management Group Inc.

Non-Discretionary Assets Under Management

(Unaudited and in billions)

**Non-Discretionary Assets Under Management:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **% Change from September 30,** |
|  | **2025** | **2024** | **2024** |
| Beginning assets under management | $13.0 | $11.8 | 10.2% |
| Gross client inflows | 0.4 | 0.3 | 33.3% |
| Gross client outflows | (0.6) | (0.2) | 200.0% |
| Net client flows | (0.2) | 0.1 | -300.0% |
| Market appreciation | 0.5 | 0.6 | -16.7% |
| **Ending assets under management** | $**13.3** | $**12.5** | **6.4%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **% Change from September 30,** |
|  | **2025** | **2024** | **2024** |
| Beginning assets under management | $13.2 | $11.4 | 15.8% |
| Gross client inflows | 1.1 | 0.8 | 37.5% |
| Gross client outflows | (1.3) | (0.7) | 85.7% |
| Net client flows | (0.2) | 0.1 | -300.0% |
| Market appreciation | 0.3 | 1.0 | -70.0% |
| **Ending assets under management** | $**13.3** | $**12.5** | **6.4%** |

---

------

**Exhibit 8**

Silvercrest Asset Management Group Inc.

Assets Under Management

(Unaudited and in billions)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** |
|  | **2025** | **2024** |
| **Total AUM as of June 30,** | $**36.673** | $**33.430** |
| Discretionary AUM: |  |  |
| Total Discretionary AUM as of June 30, | $23.669 | $21.646 |
| New client accounts/assets (1) | 0.046 | 0.076 |
| Closed accounts (2) | (0.032) | (0.042) |
| Net cash inflow/(outflow) (3) | (0.405) | (0.308) |
| Non-discretionary to Discretionary AUM (4) | (0.019) | (0.004) |
| Market appreciation | 1.090 | 1.271 |
| **Change to Discretionary AUM** | **0.680** | **0.993** |
| Total Discretionary AUM at September 30, | 24.349 | 22.639 |
| Change to Non-Discretionary AUM (5) | **0.247** | **0.665** |
| **Total AUM as of September 30,** | $**37.600** | $**35.088** |

---

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** |
| **Total AUM as of January 1,** | $**36.455** | $**33.281** |
| Discretionary AUM: |  |  |
| Total Discretionary AUM as of January 1, | $23.319 | $21.885 |
| New client accounts/assets (1) | 0.564 | 0.179 |
| Closed accounts (2) | (0.157) | (0.516) |
| Net cash inflow/(outflow) (3) | (0.945) | (1.256) |
| Non-discretionary to Discretionary AUM (4) | (0.018) | (0.006) |
| Market appreciation | 1.586 | 2.353 |
| **Change to Discretionary AUM** | **1.030** | **0.754** |
| Total Discretionary AUM at September 30, | 24.349 | 22.639 |
| Change to Non-Discretionary AUM (5) | **0.115** | **1.053** |
| **Total AUM as of September 30,** | $**37.600** | $**35.088** |

---

(1)Represents new account flows from both new and existing client relationships.

(2)Represents closed accounts of existing client relationships and those that terminated.

(3)Represents periodic cash flows related to existing accounts.

(4)Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.

(5)Represents the net change to Non-Discretionary AUM.

------

**Exhibit 9**

Silvercrest Asset Management Group Inc.

Equity Investment Strategy Composite Performance<sup>1, 2</sup>

As of September 30, 2025

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PROPRIETARY EQUITY PERFORMANCE** <sup>1, 2</sup> | **ANNUALIZED PERFORMANCE** | **ANNUALIZED PERFORMANCE** | **ANNUALIZED PERFORMANCE** | **ANNUALIZED PERFORMANCE** | **ANNUALIZED PERFORMANCE** | **ANNUALIZED PERFORMANCE** |
|  | **INCEPTION** | **1-YEAR** | **3-YEAR** | **5-YEAR** | **7-YEAR** | **INCEPTION** |
| **Large Cap Value Composite** | **4/1/02** | **6.0** | **16.2** | **12.9** | **10.4** | **9.7** |
| Russell 1000 Value Index |  | 9.4 | 17.0 | 13.9 | 9.5 | 8.1 |
| **Small Cap Value Composite** | **4/1/02** | **-3.8** | **10.1** | **12.4** | **6.2** | **9.8** |
| Russell 2000 Value Index |  | 7.9 | 13.6 | 14.6 | 6.4 | 8.0 |
| **Smid Cap Value Composite** | **10/1/05** | **1.7** | **11.8** | **12.0** | **6.3** | **9.2** |
| Russell 2500 Value Index |  | 9.0 | 15.4 | 15.0 | 7.7 | 8.0 |
| **Multi Cap Value Composite** | **7/1/02** | **9.1** | **15.1** | **12.0** | **8.7** | **9.7** |
| Russell 3000 Value Index |  | 9.3 | 16.8 | 13.9 | 9.3 | 8.6 |
| **Equity Income Composite** | **12/1/03** | **8.6** | **13.9** | **12.1** | **8.0** | **10.9** |
| Russell 3000 Value Index |  | 9.3 | 16.8 | 13.9 | 9.3 | 8.8 |
| **Focused Value Composite** | **9/1/04** | **11.9** | **12.8** | **8.8** | **5.8** | **9.6** |
| Russell 3000 Value Index |  | 9.3 | 16.8 | 13.9 | 9.3 | 8.6 |
| **Global Value Opportunity Composite** | **1/1/20** | **22.3** | **23.7** | **16.8** |  | **12.4** |
| MSCI ACWI Value - Net Index |  | 12.1 | 18.5 | 13.5 |  | 8.6 |
| **Small Cap Opportunity Composite** | **7/1/04** | **-2.5** | **10.9** | **10.7** | **6.9** | **10.5** |
| Russell 2000 Index |  | 10.8 | 15.2 | 11.6 | 6.8 | 8.3 |
| **Small Cap Growth Composite** | **7/1/04** | **15.4** | **12.3** | **9.6** | **8.5** | **10.6** |
| Russell 2000 Growth Index |  | 13.6 | 16.7 | 8.4 | 6.6 | 8.8 |
| **Smid Cap Growth Composite** | **1/1/06** | **17.1** | **15.5** | **8.0** | **11.0** | **11.0** |
| Russell 2500 Growth Index |  | 12.6 | 16.0 | 7.8 | 8.1 | 9.6 |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;<sup>1</sup> | Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC ("SAMG LLC"), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor's actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC's standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>). |
| &nbsp;&nbsp;&nbsp;<sup>2</sup> | The market indices used to compare to the performance of Silvercrest's strategies are as follows: |
|  | The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. |
|  | The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values. |
|  | The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values. |
|  | The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth. |

---

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