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 $1,507 and $3,304, for the three months ended March 31, 2025 and 2024, 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 three months ended March 31, 2025 and 2024.

Pursuant to SLP’s 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 SLP’s partner incentive allocations as compensation expense and accrues such amounts when earned. During the

three months ended March 31, 2025 and 2024, SLP accrued partner incentive allocations of $6,527 and $6,977, respectively. During the three months ended March 31, 2025 and 2024, the Company distributed $30,754 and $29,622, respectively, of previously accrued partner incentive allocations.

Silvercrest has the following authorized and outstanding equity:

          
         Shares at March 31, 2025

          
         Authorized

         Outstanding

         Voting Rights

         Economic
Rights

         Common shares

Class A, par value $0.01 per share

50,000,000

9,473,772

1 vote per share (1), (2)

All (1), (2)

Class B, par value $0.01 per share

25,000,000

4,081,052

1 vote per share (3), (4)

None (3), (4)

         Preferred shares

Preferred stock, par value $0.01 per share

10,000,000

—

See footnote (5) below

See footnote (5) below

(1)

Each share of Class A common stock is entitled to one vote per share. Class A common stockholders have 100% of the rights of all classes of Silvercrest’s capital stock to receive dividends.

(2)

During the three months ended March 31, 2025 and 2024, Silvercrest did not grant restricted stock units. As of March 31, 2025, 37,109 Class A restricted stock units remain unvested.

(3)

Each share of Class B common stock is entitled to one vote per share.

(4)

Each Class B unit of SLP held by a principal is exchangeable for one share of the Company’s Class A common stock. The principals collectively hold 4,081,052 Class B units, which represent the right to receive their proportionate share of the distributions made by SLP, and 205,079 restricted stock units which will vest and settle in the form of Class B units of SLP. The 205,079 restricted stock units which have been issued to our principals entitle the holders thereof to participate in distributions from SLP as if the underlying Class B units are outstanding and thus are taken into account to determine the economic interest of each holder of units in SLP. However, because the Class B units underlying the restricted stock units have not been issued and are not deemed outstanding, the holders of restricted stock units have no voting rights with respect to those Class B units. Silvercrest will not issue shares of Class B common stock in respect of restricted stock units of SLP until such time that the underlying Class B units are issued.

(5)

Silvercrest’s board of directors has the authority to issue preferred stock in one or more classes or series and to fix the rights, preferences, privileges and related restrictions, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any class or series, or the designation of the class or series, without the approval of its stockholders.

Silvercrest is dependent on cash generated by SLP to fund any dividends. Generally, SLP will distribute its profits to all of its partners, including Silvercrest, based on the proportionate ownership each holds in SLP. Silvercrest will fund dividends to its stockholders from its proportionate share of those distributions after provision for its income taxes and other obligations.

During the three months ended March 31, 2025, Silvercrest issued the following shares:

Class A Common Stock


	# of
	Shares
Class A common stock outstanding - January 1, 2025		9,376,280
Issuance of Class A common stock upon exchange of Class B units for Class A common stock		314,555
Purchase of Class A common stock of Silvercrest Asset Management Group Inc.		(217,063	)

Class A common shares outstanding – March 31, 2025		9,473,772

Class B Common Stock


	# of
	Shares
Class B common stock outstanding - January 1, 2025		4,373,315
Issuance of Class B common stock		22,292
Cancellation of Class B common stock upon exchange of Class B units for Class A common stock		(314,555	)

Class B common shares outstanding – March 31, 2025		4,081,052

The total amount of shares of Class B common stock outstanding and held by principals equals the number of Class B units those individuals hold in SLP. Shares of Silvercrest’s Class B common stock are issuable only in connection with the issuance of Class B units of SLP. When a vested or unvested Class B unit is issued by SLP, Silvercrest will issue to the holder one share of its Class B common stock in exchange for the payment of its par value. Each share of Silvercrest’s Class B common stock will be redeemed for its par value and cancelled by Silvercrest if the holder of the corresponding Class B unit exchanges or forfeits its Class B unit pursuant to the terms of the Second Amended and Restated Limited Partnership Agreement of SLP, the terms of the 2012 Equity Incentive Plan of Silvercrest, or otherwise.