Operator

Good morning, and welcome to the Silvercrest Asset Management Group Inc. Q1 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

Before we begin, let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements. They are based on current expectations and projections, which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from statements that are made. Those factors are disclosed in our filings with the SEC under the caption Risk Factors. For all such forward-looking statements, we claim protection provided by the Litigation Reform Act of 1995. All forward-looking statements made in this call are as of the date hereof, and Silvercrest assumes no obligation to update them.

I now would like to turn the conference over to Rick Hough, Chairman and CEO of Silvercrest. Please go ahead.

Richard Hough
CEO, President & Chairman

Thank you, and thanks for joining us for this conference call for the first quarter of 2026. Silvercrest entered its 25th year in business at the beginning of the second quarter with clear strategic momentum, even as our first quarter results reflected near-term headwinds as we have anticipated and communicated. Discretionary assets under management, which primarily drives the firm's revenue, decreased 3.7% to $23.1 billion at March 31, 2026, from $24 billion as of December 31, primarily attributable to net institutional outflows. Organic new client account flows into the firm were $81 million for the first quarter, primarily from high net worth investors.