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- **AUM Growth Strong**: Discretionary AUM +8% Y/Y to $24.3B, total AUM hits $37.6B record. 
- **Investment Payoff Expected**: Global equity strategy pipeline poised for 6-12M allocations; full ROI on 18-24M investments. 
- **Margin Recovery Ahead**: Adjusted EBITDA at 14.5% of revenue, with historical margins achievable post-investment phase. 
- **Share Buyback Progress**: $16M executed vs. $25M target, with ~$9M remaining. 
- **OCIO Momentum**: $2.2B assets under management with strong performance.

**【CEO Summary Section】**
- Discretionary AUM reached $24.3 billion (3% Q/Q, 8% Y/Y), driven by market appreciation and organic new client additions of $46.4 million in Q3. Total AUM hit a record $37.6 billion, with nondiscretionary AUM at $13.3 billion (4% of revenue). 
- Organic new client inflows of $2 billion Y/Y, with closed accounts negligible. CEO expects AUM to exceed prior highs in coming quarters.
- Strategic investments in talent and global expansion (e.g., Australia, Europe) have increased headcount by 15+ over past year, with compensation ratio elevated for 18-24 months.
- Global value equity strategy pipeline is "very large," with potential allocations in next 6-12 months. OCIO assets at $2.2 billion with strong performance.
- $25M share buyback program: $16M executed YTD, with ~$9M remaining. Dividend of $0.21 declared.

**【CFO Financial Commentary】**
- Q3 revenue: $31.3M (2.9% Y/Y growth). Net income: $1.1M. Adjusted EBITDA: $4.5M (14.5% of revenue). 
- Expenses up 15.4% Y/Y: compensation +16.8% (salaries, bonuses), G&A +11.9% (fees, occupancy). 
- Year-to-date: revenue +1.8%, expenses +9.4%. Adjusted EBITDA: $16.8M (18% of revenue). 
- Balance sheet: $36.1M cash, $58.9M Class A equity. Shares repurchased: $4.6M in Q3.

**【Q&A Key Highlights】**
- **Investment Timing**: Global strategy flows expected in 6-12 months; full ROI on 18-24 month investments. 
- **EBITDA Margin**: Historical levels achievable post-investment phase, with current focus on pipeline conversion. 
- **Pipeline Visibility**: Large but harder to quantify due to post-2020 consultant process changes. 
- **Hiring**: 15+ new hires Y/Y, with ongoing needs in Europe/Asia. 
- **Buyback Pricing**: Purchases made at favorable prices (e.g., block trades in June), but exact levels undisclosed.

Silvercrest Asset Management Group Inc. (SAMG) Q3 2025 Earnings Call Transcript

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