Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Silvercrest Asset Management Group Inc. | |
Entity Central Index Key | 0001549966 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Incorporation State Country Code | DE | |
Entity Address State Or Province | NY | |
Entity Address Address Line1 | 1330 Avenue of the Americas | |
Entity Address Address Line2 | 38th Floor | |
Entity Address City Or Town | New York | |
Entity Address Postal Zip Code | 10019 | |
Entity Tax Identification Number | 45-5146560 | |
City Area Code | 212 | |
Local Phone Number | 649-0600 | |
Entity File Number | 001-35733 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Class A common stock, $0.01 par value per share | |
Trading Symbol | SAMG | |
Security Exchange Name | NASDAQ | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,342,259 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,544,804 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 58,867 | $ 77,432 |
Investments | 146 | 146 |
Receivables, net | 9,818 | 9,118 |
Furniture, equipment and leasehold improvements, net | 7,271 | 5,021 |
Goodwill | 63,675 | 63,675 |
Operating lease assets | 20,698 | 23,653 |
Finance lease assets | 255 | 342 |
Intangible assets, net | 19,528 | 21,349 |
Deferred tax asset—tax receivable agreement | 5,525 | 6,915 |
Prepaid expenses and other assets | 4,330 | 4,447 |
Total assets | 191,291 | 212,675 |
Liabilities and Equity | ||
Accounts payable and accrued expenses | 1,662 | 1,704 |
Accrued compensation | 24,819 | 39,734 |
Borrowings under credit facility | 3,624 | 6,337 |
Operating lease liabilities | 27,452 | 29,552 |
Finance lease liabilities | 258 | 344 |
Deferred tax and other liabilities | 9,585 | 9,172 |
Total liabilities | 67,400 | 86,843 |
Commitments and Contingencies (Note 10) | ||
Equity | ||
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of September 30, 2023 and December 31, 2022 | ||
Additional Paid-In Capital | 54,478 | 53,982 |
Treasury Stock, at cost, 808,455 and 508,782 shares as of September 30, 2023 and December 31, 2022, respectively | (15,057) | (9,295) |
Accumulated other comprehensive income (loss) | (16) | |
Retained earnings | 44,057 | 39,761 |
Total Silvercrest Asset Management Group Inc.’s equity | 83,607 | 84,593 |
Non-controlling interests | 40,284 | 41,239 |
Total equity | 123,891 | 125,832 |
Total liabilities and equity | 191,291 | 212,675 |
Silvercrest Funds | ||
Assets | ||
Other Receivables | $ 1,178 | $ 577 |
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Class A Common Stock | ||
Equity | ||
Common stock, value | $ 101 | $ 101 |
Class B Common Stock | ||
Equity | ||
Common stock, value | $ 44 | $ 44 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 808,455 | 508,782 |
Class A Common Stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 10,150,714 | 10,068,369 |
Common stock, shares outstanding | 9,342,259 | 9,559,587 |
Class B Common Stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 4,544,804 | 4,545,380 |
Common stock, shares outstanding | 4,544,804 | 4,545,380 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | ||||
Total revenue | $ 29,704 | $ 29,042 | $ 88,868 | $ 94,725 |
Expenses | ||||
Compensation and benefits | 16,691 | 16,271 | 49,945 | 52,901 |
General and administrative | 6,494 | 5,669 | 19,135 | 7,383 |
Total expenses | 23,185 | 21,940 | 69,080 | 60,284 |
Income before other (expense) income, net | 6,519 | 7,102 | 19,788 | 34,441 |
Other (expense) income, net | ||||
Other (expense) income, net | (37) | 104 | 31 | 119 |
Interest income | 376 | 8 | 421 | 12 |
Unrealized gain (loss) | (2) | (3) | ||
Interest expense | (86) | (109) | (314) | (270) |
Total other (expense) income, net | 253 | 1 | 138 | (142) |
Income before provision for income taxes | 6,772 | 7,103 | 19,926 | 34,299 |
Provision for income taxes | 1,392 | 1,460 | 4,101 | 6,787 |
Net income | 5,380 | 5,643 | 15,825 | 27,512 |
Less: net income attributable to non-controlling interests | (2,164) | (2,210) | (6,320) | (10,741) |
Net income attributable to Silvercrest | $ 3,216 | $ 3,433 | $ 9,505 | $ 16,771 |
Net income per share: | ||||
Basic | $ 0.34 | $ 0.35 | $ 1.01 | $ 1.7 |
Diluted | $ 0.34 | $ 0.35 | $ 1 | $ 1.7 |
Weighted average shares outstanding: | ||||
Basic | 9,354,747 | 9,815,157 | 9,452,576 | 9,856,908 |
Diluted | 9,378,479 | 9,847,131 | 9,478,090 | 9,884,255 |
Management and Advisory Fees | ||||
Revenue | ||||
Total revenue | $ 28,425 | $ 27,949 | $ 85,445 | $ 91,500 |
Performance Fees | ||||
Revenue | ||||
Total revenue | 2 | |||
Family Office Services | ||||
Revenue | ||||
Total revenue | $ 1,279 | $ 1,093 | $ 3,423 | $ 3,223 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-In Capital | Treasury Stock | Treasury Stock Class A Common Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Silvercrest Asset Management Group Inc.'s Equity | Total Silvercrest Asset Management Group Inc.'s Equity Class A Common Stock | Non-controlling Interest |
Balance at Dec. 31, 2021 | $ 116,808 | $ 99 | $ 45 | $ 52,936 | $ (512) | $ 27,782 | $ 80,350 | $ 36,458 | |||||
Balance, Shares at Dec. 31, 2021 | 9,869,000 | 4,594,000 | 33,000 | ||||||||||
Distributions to partners | (2,685) | (2,685) | |||||||||||
Repayment of notes receivable from partners | 157 | 157 | |||||||||||
Equity-based compensation | 228 | 228 | |||||||||||
Net Income | 12,396 | 7,568 | 7,568 | 4,828 | |||||||||
Deferred tax, net of amounts payable under tax receivable agreement | 1 | 1 | 1 | ||||||||||
Accrued interest on notes receivable from partners | (1) | (1) | |||||||||||
Share conversion | 24 | 24 | (24) | ||||||||||
Share conversion, Shares | 3,000 | (3,000) | |||||||||||
Dividends paid on Class A common stock | (1,681) | (1,681) | (1,681) | ||||||||||
Balance at Mar. 31, 2022 | 125,223 | $ 99 | $ 45 | 52,961 | $ (512) | 33,669 | 86,262 | 38,961 | |||||
Balance, Shares at Mar. 31, 2022 | 9,872,000 | 4,591,000 | 33,000 | ||||||||||
Balance at Dec. 31, 2021 | 116,808 | $ 99 | $ 45 | 52,936 | $ (512) | 27,782 | 80,350 | 36,458 | |||||
Balance, Shares at Dec. 31, 2021 | 9,869,000 | 4,594,000 | 33,000 | ||||||||||
Net Income | 27,512 | ||||||||||||
Balance at Sep. 30, 2022 | 127,971 | $ 99 | $ 46 | 53,232 | $ (5,752) | 39,430 | 87,055 | 40,916 | |||||
Balance, Shares at Sep. 30, 2022 | 9,627,000 | 4,668,000 | 319,000 | ||||||||||
Balance at Dec. 31, 2021 | 116,808 | $ 99 | $ 45 | 52,936 | $ (512) | 27,782 | 80,350 | 36,458 | |||||
Balance, Shares at Dec. 31, 2021 | 9,869,000 | 4,594,000 | 33,000 | ||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Shares | (508,782) | ||||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc | (9,295) | ||||||||||||
Balance at Dec. 31, 2022 | 125,832 | $ 101 | $ 44 | 53,982 | $ (9,295) | 39,761 | 84,593 | 41,239 | |||||
Balance, Shares at Dec. 31, 2022 | 9,559,587 | 4,545,380 | 9,560,000 | 4,545,000 | 509,000 | ||||||||
Balance at Mar. 31, 2022 | 125,223 | $ 99 | $ 45 | 52,961 | $ (512) | 33,669 | 86,262 | 38,961 | |||||
Balance, Shares at Mar. 31, 2022 | 9,872,000 | 4,591,000 | 33,000 | ||||||||||
Distributions to partners | (3,524) | (3,524) | |||||||||||
Issuance of Class B shares, Shares | 1,000 | ||||||||||||
Issuance of Class B shares, Value | 25 | 25 | |||||||||||
Repayment of notes receivable from partners | 15 | 15 | |||||||||||
Equity-based compensation | 276 | 55 | 55 | 221 | |||||||||
Equity-based compensation, Shares | 50,000 | ||||||||||||
Net Income | 9,473 | 5,770 | 5,770 | 3,703 | |||||||||
Deferred tax, net of amounts payable under tax receivable agreement | (65) | (65) | (65) | ||||||||||
Accrued interest on notes receivable from partners | (1) | (1) | |||||||||||
Share conversion | 332 | 332 | (332) | ||||||||||
Share conversion, Shares | 39,000 | (39,000) | |||||||||||
Dividends paid on Class A common stock | (1,690) | (1,690) | (1,690) | ||||||||||
Balance at Jun. 30, 2022 | 129,732 | $ 99 | $ 45 | 53,283 | $ (512) | 37,749 | 90,664 | 39,068 | |||||
Balance, Shares at Jun. 30, 2022 | 9,911,000 | 4,603,000 | 33,000 | ||||||||||
Distributions to partners | (1,672) | (1,672) | |||||||||||
Issuance of Class B shares, Shares | 67,000 | ||||||||||||
Issuance of Class B shares, Value | 1,123 | $ 1 | 1 | 1,122 | |||||||||
Equity-based compensation | 285 | 82 | 82 | 203 | |||||||||
Net Income | 5,643 | 3,433 | 3,433 | 2,210 | |||||||||
Deferred tax, net of amounts payable under tax receivable agreement | (147) | (147) | (147) | ||||||||||
Accrued interest on notes receivable from partners | (1) | (1) | |||||||||||
Share conversion | 14 | 14 | (14) | ||||||||||
Share conversion, Shares | 3,000 | (2,000) | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Shares | (286,000) | 286,000 | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc | (5,240) | $ (5,240) | (5,240) | ||||||||||
Dividends paid on Class A common stock | (1,752) | (1,752) | (1,752) | ||||||||||
Balance at Sep. 30, 2022 | 127,971 | $ 99 | $ 46 | 53,232 | $ (5,752) | 39,430 | 87,055 | 40,916 | |||||
Balance, Shares at Sep. 30, 2022 | 9,627,000 | 4,668,000 | 319,000 | ||||||||||
Balance at Dec. 31, 2022 | 125,832 | $ 101 | $ 44 | 53,982 | $ (9,295) | 39,761 | 84,593 | 41,239 | |||||
Balance, Shares at Dec. 31, 2022 | 9,559,587 | 4,545,380 | 9,560,000 | 4,545,000 | 509,000 | ||||||||
Distributions to partners | (4,114) | (4,114) | |||||||||||
Repayment of notes receivable from partners | 95 | 95 | |||||||||||
Equity-based compensation | 312 | 312 | |||||||||||
Equity-based compensation, Shares | 8,000 | ||||||||||||
Net Income | 5,310 | 3,204 | 3,204 | 2,106 | |||||||||
Deferred tax, net of amounts payable under tax receivable agreement | (20) | (20) | (20) | ||||||||||
Accrued interest on notes receivable from partners | (1) | (1) | |||||||||||
Share conversion | 14 | 14 | (14) | ||||||||||
Share conversion, Shares | 2,000 | (2,000) | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Shares | (96,000) | 96,000 | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc | $ (1,644) | $ (1,644) | $ (1,644) | ||||||||||
Dividends paid on Class A common stock | (1,724) | (1,724) | (1,724) | ||||||||||
Cumulative translation adjustment | (2) | $ (2) | (2) | ||||||||||
Balance at Mar. 31, 2023 | 124,044 | $ 101 | $ 44 | 53,976 | $ (10,939) | (2) | 41,241 | 84,421 | 39,623 | ||||
Balance, Shares at Mar. 31, 2023 | 9,474,000 | 4,543,000 | 605,000 | ||||||||||
Balance at Dec. 31, 2022 | 125,832 | $ 101 | $ 44 | 53,982 | $ (9,295) | 39,761 | 84,593 | 41,239 | |||||
Balance, Shares at Dec. 31, 2022 | 9,559,587 | 4,545,380 | 9,560,000 | 4,545,000 | 509,000 | ||||||||
Net Income | 15,825 | ||||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Shares | (808,455) | ||||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc | (15,057) | ||||||||||||
Balance at Sep. 30, 2023 | 123,891 | $ 101 | $ 44 | 54,478 | $ (15,057) | (16) | 44,057 | 83,607 | 40,284 | ||||
Balance, Shares at Sep. 30, 2023 | 9,342,259 | 4,544,804 | 9,342,000 | 4,544,000 | 809,000 | ||||||||
Balance at Mar. 31, 2023 | 124,044 | $ 101 | $ 44 | 53,976 | $ (10,939) | (2) | 41,241 | 84,421 | 39,623 | ||||
Balance, Shares at Mar. 31, 2023 | 9,474,000 | 4,543,000 | 605,000 | ||||||||||
Distributions to partners | (2,226) | (2,226) | |||||||||||
Issuance of Class B shares, Shares | 1,000 | ||||||||||||
Issuance of Class B shares, Value | 25 | 25 | |||||||||||
Equity-based compensation | 382 | 382 | |||||||||||
Equity-based compensation, Shares | 50,000 | ||||||||||||
Net Income | 5,135 | 3,085 | 3,085 | 2,050 | |||||||||
Deferred tax, net of amounts payable under tax receivable agreement | (134) | (134) | (134) | ||||||||||
Accrued interest on notes receivable from partners | (1) | (1) | |||||||||||
Share conversion | 606 | 606 | (606) | ||||||||||
Share conversion, Shares | 65,000 | (65) | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Shares | 166,000 | (166,000) | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc | (3,345) | $ (3,345) | (3,345) | ||||||||||
Dividends paid on Class A common stock | (1,705) | (1,705) | (1,705) | ||||||||||
Cumulative translation adjustment | (3) | (3) | (3) | ||||||||||
Balance at Jun. 30, 2023 | 122,172 | $ 101 | $ 44 | 54,448 | $ (14,284) | (5) | 42,621 | 82,925 | 39,247 | ||||
Balance, Shares at Jun. 30, 2023 | 9,373,000 | 4,529,000 | 771,000 | ||||||||||
Distributions to partners | (1,419) | (1,419) | |||||||||||
Issuance of Class B shares, Shares | 22,000 | ||||||||||||
Equity-based compensation | 353 | 353 | |||||||||||
Net Income | 5,380 | 3,216 | 3,216 | 2,164 | |||||||||
Deferred tax, net of amounts payable under tax receivable agreement | (30) | (30) | (30) | ||||||||||
Accrued interest on notes receivable from partners | (1) | (1) | |||||||||||
Share conversion | 60 | 60 | (60) | ||||||||||
Share conversion, Shares | 7,000 | (7) | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Shares | 38,000 | (38,000) | |||||||||||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc | (773) | $ (773) | (773) | ||||||||||
Dividends paid on Class A common stock | (1,780) | (1,780) | (1,780) | ||||||||||
Cumulative translation adjustment | (11) | (11) | (11) | ||||||||||
Balance at Sep. 30, 2023 | $ 123,891 | $ 101 | $ 44 | $ 54,478 | $ (15,057) | $ (16) | $ 44,057 | $ 83,607 | $ 40,284 | ||||
Balance, Shares at Sep. 30, 2023 | 9,342,259 | 4,544,804 | 9,342,000 | 4,544,000 | 809,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Class A Common Stock | ||||||
Common stock dividends, per share | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 15,825 | $ 27,512 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity-based compensation | 1,047 | 789 |
Depreciation and amortization | 3,013 | 2,904 |
Deferred income taxes | 1,579 | 3,393 |
Tax receivable agreement fair value adjustment | 40 | (93) |
Non-cash interest on notes receivable from partners | (3) | (3) |
Interest on notes payable | (13) | 6 |
Non-cash lease expense | 2,955 | 3,291 |
Distributions received from investment funds | 1,411 | |
Cash flows due to changes in operating assets and liabilities: | ||
Receivables and Due from Silvercrest Funds | (1,301) | (2,568) |
Prepaid expenses and other assets | 76 | (1,861) |
Accounts payable and accrued expenses | 45 | (10,844) |
Accrued compensation | (14,915) | (12,706) |
Operating lease liabilities | (2,100) | (3,537) |
Net cash provided by operating activities | 6,248 | 7,694 |
Cash Flows from Investing Activities | ||
Acquisition of furniture, equipment and leasehold improvements | (3,355) | (669) |
Net cash used in investing activities | (3,355) | (669) |
Cash Flows From financing Activities | ||
Earn-outs paid related to acquisitions | (75) | (4,569) |
Repayments of notes payable | (2,700) | (2,700) |
Principal payments on financing leases | (86) | (91) |
Distributions to partners | (7,759) | (7,881) |
Dividends paid on Class A common stock | (5,212) | (5,108) |
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc. | (5,705) | (5,240) |
Payments from partners on notes receivable | 95 | 172 |
Net cash used in financing activities | (21,442) | (25,417) |
Effect of exchange rate changes on cash and cash equivalents | (16) | |
Net Decrease in Cash and Cash Equivalents | (18,565) | (18,392) |
Cash and cash equivalents, beginning of period | 77,432 | 85,744 |
Cash and cash equivalents, end of period | 58,867 | 67,352 |
Net cash paid during the period for: | ||
Income taxes | 1,585 | 4,453 |
Interest | 273 | 238 |
Supplemental Disclosures of Non-cash Financing and Investing Activities | ||
Recognition of deferred tax assets as a result of share conversions | 141 | 155 |
Assets acquired under finance lease | 211 | |
Accrued dividends | 13 | 15 |
Purchase of shares of Class A common stock excise tax accrual | 57 | |
Non-controlling Interest | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred income taxes | 17 | 47 |
Neosho Capital, LLC | Non-controlling Interest | ||
Supplemental Disclosures of Non-cash Financing and Investing Activities | ||
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition | $ 25 | 25 |
Cortina Asset Management, LLC | ||
Supplemental Disclosures of Non-cash Financing and Investing Activities | ||
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition | 1 | |
Cortina Asset Management, LLC | Non-controlling Interest | ||
Supplemental Disclosures of Non-cash Financing and Investing Activities | ||
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition | $ 1,122 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Parenthetical) - Class B Common Stock | Sep. 30, 2023 $ / shares |
Common stock, par value | $ 0.01 |
Cortina Asset Management, LLC | |
Common stock, par value | $ 0.01 |
Organization and Business
Organization and Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | 1. ORGANIZATION AND BUSINESS Silvercrest Asset Management Group Inc. (“Silvercrest”), together with its consolidated subsidiary, Silvercrest L.P., a limited partnership, (collectively the “Company”), was formed as a Delaware corporation on July 11, 2011. Silvercrest is a holding company that was formed in order to carry on the business of Silvercrest L.P., the managing member of our operating subsidiary, and its subsidiaries. Effective on June 26, 2013, Silvercrest became the sole general partner of Silvercrest L.P., and its only material asset is the general partner interest in Silvercrest L.P., represented by 9,342,259 Class A units or approximately 67.4 % of the outstanding interests of Silvercrest L.P. Silvercrest controls all of the businesses and affairs of Silvercrest L.P. and, through Silvercrest L.P. and its subsidiaries, continues to conduct the business previously conducted by these entities prior to the reorganization. Silvercrest L.P., together with its consolidated subsidiaries (collectively “SLP”), provides investment management and family office services to individuals and families and their trusts, and to endowments, foundations and other institutional investors primarily located in the United States of America. The business includes the management of funds of funds and other investment funds, collectively referred to as the “Silvercrest Funds”. Silvercrest L.P. was formed on December 10, 2008 and commenced operations on January 1, 2009. On March 11, 2004, Silvercrest Asset Management Group LLC (“SAMG LLC”) acquired 100 % of the outstanding shares of James C. Edwards Asset Management, Inc. (“JCE”) and subsequently changed JCE’s name to Silvercrest Financial Services, Inc. (“SFS”). On December 31, 2004, SLP acquired 100 % of the outstanding shares of the LongChamp Group, Inc. (now SAM Alternative Solutions, Inc.) (“LGI”). Effective March 31, 2005, SLP entered into an Asset Contribution Agreement with and acquired all of the assets, properties, rights and certain liabilities of Heritage Financial Management, LLC (“HFM”). Effective October 3, 2008, SLP acquired 100 % of the outstanding limited liability company interests of Marathon Capital Group, LLC (“MCG”) through a limited liability company interest purchase agreement dated September 22, 2008. On November 1, 2011, SLP acquired certain assets of Milbank Winthrop & Co. (“Milbank”). On April 1, 2012, SLP acquired 100 % of the outstanding limited liability company interests of MW Commodity Advisors, LLC (“Commodity Advisors”). On March 28, 2013, SLP acquired certain assets of Ten-Sixty Asset Management, LLC (“Ten-Sixty”). On June 30, 2015, SLP acquired certain assets of Jamison, Eaton & Wood, Inc. (“Jamison”). On January 11, 2016, SLP acquired certain assets of Cappiccille & Company, LLC (“Cappiccille”). On January 15, 2019, SLP acquired certain assets of Neosho Capital LLC (“Neosho”). On July 1, 2019, SLP acquired substantially all of the assets and assumed certain liabilities of Cortina Asset Management, LLC (“Cortina”). See Notes 3, 7 and 8 for additional information related to the acquisition, goodwill and intangible assets arising from these acquisitions. Tax Receivable Agreement In connection with the Company’s initial public offering (the “IPO”) and reorganization of SLP that were completed on June 26, 2013, Silvercrest entered into a tax receivable agreement (the “TRA”) with the partners of SLP (the “SLP Partners”) that requires Silvercrest to pay the SLP Partners 85 % of the amount of cash savings, if any, in U.S. federal, state and local income tax that Silvercrest actually realizes (or is deemed to realize in the case of an early termination payment by it, or a change in control) as a result of the increases in tax basis and certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA or attributable to exchanges of shares of Class B common stock for shares of Class A common stock. The payments to be made pursuant to the tax receivable agreement are a liability of Silvercrest and not Silvercrest L.P. As of September 30, 2023 , this liability is estimated to be $ 9,242 and is included in deferred tax and other liabilities in the Condensed Consolidated Statements of Financial Condition. Silvercrest expects to benefit from the remaining 15 % of cash savings realized, if any. The TRA was effective upon the consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless Silvercrest exercises its right to terminate the TRA for an amount based on an agreed upon value of the payments remaining to be made under the agreement. The TRA will automatically terminate with respect to Silvercrest’s obligations to an SLP partner if such SLP partner (i) is terminated for cause, (ii) breaches his or her non-solicitation covenants with Silvercrest or any of its subsidiaries or (iii) voluntarily resigns or retires and competes with Silvercrest or any of its subsidiaries in the 12-month period following resignation of employment or retirement, and no further payments will be made to such partner under the TRA. For purposes of the TRA, cash savings in income tax will be computed by comparing Silvercrest’s actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase in its share of the tax basis of the tangible and intangible assets of SLP. Estimating the amount of payments that Silvercrest may be required to make under the TRA is imprecise by nature, because the actual increase in its share of the tax basis, as well as the amount and timing of any payments under the TRA, will vary depending upon a number of factors, including: • the timing of exchanges of Silvercrest’s Class B units for shares of Silvercrest’s Class A common stock—for instance, the increase in any tax deductions will vary depending on the fair market value, which may fluctuate over time, of the depreciable and amortizable assets of SLP at the time of the exchanges; • the price of Silvercrest’s Class A common stock at the time of exchanges of Silvercrest’s Class B units—the increase in Silvercrest’s share of the basis in the assets of SLP, as well as the increase in any tax deductions, will be related to the price of Silvercrest’s Class A common stock at the time of these exchanges; • the extent to which these exchanges are taxable—if an exchange is not taxable for any reason (for instance, if a principal who holds Silvercrest’s Class B units exchanges units in order to make a charitable contribution), increased deductions will not be available; • the tax rates in effect at the time Silvercrest utilizes the increased amortization and depreciation deductions; and • the amount and timing of Silvercrest’s income—Silvercrest will be required to pay 85% of the tax savings, as and when realized, if any. If Silvercrest does not have taxable income, it generally will not be required to make payments under the TRA for that taxable year because no tax savings will have been actually realized. In addition, the TRA provides that upon certain mergers, asset sales, other forms of business combinations, or other changes of control, Silvercrest’s (or its successors’) obligations with respect to exchanged or acquired Silvercrest Class B units, whether exchanged or acquired before or after such transaction, would be based on certain assumptions, including that Silvercrest would have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions and tax basis and other benefits related to entering into the TRA. Decisions made by the continuing SLP Partners in the course of running Silvercrest’s business, such as with respect to mergers, asset sales, other forms of business combinations or other changes in control, may influence the timing and amount of payments that are received by an exchanging or selling principal under the TRA. For example, the earlier disposition of assets following an exchange or acquisition transaction will generally accelerate payments under the TRA and increase the present value of such payments, and the disposition of assets before an exchange or acquisition transaction will increase an existing owner’s tax liability without giving rise to any rights of a principal to receive payments under the TRA. Were the IRS to successfully challenge the tax basis increases described above, Silvercrest would not be reimbursed for any payments previously made under the TRA. As a result, in certain circumstances, Silvercrest could make payments under the TRA in excess of its actual cash savings in income tax. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 and Silvercrest Investors III LLC as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022. All intercompany transactions and balances have been eliminated. The Condensed Consolidated Statement of Financial Condition at December 31, 2022 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 nine months ended September 30, 2023 and 2022 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending December 31, 2023 and 2022 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 (“SEC”). In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of the interim financial position and results, have been made. The Company’s Condensed Consolidated Financial Statements and the related notes should be read together with the Condensed Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company evaluates for consolidation those entities it controls through a majority voting interest or otherwise, including those Silvercrest Funds over which the general partner or equivalent is presumed to have control, for example, by virtue of the limited partners not being able to remove the general partner. The initial step in determining whether a fund for which SLP is the general partner is required to be consolidated is assessing whether the fund is a variable interest entity (“VIE”) or a voting interest entity (“VoIE”). SLP then considers whether the fund is a VoIE in which the unaffiliated limited partners have substantive “kick-out” rights that provide the ability to dissolve (liquidate) the limited partnership or otherwise remove the general partner without cause. SLP considers the “kick-out” rights to be substantive if the general partner for the fund can be removed by the vote of a simple majority of the unaffiliated limited partners and there are no significant barriers to the unaffiliated limited partners’ ability to exercise these rights in that among other things, (1) there are no conditions or timing limits on when the rights can be exercised, (2) there are no financial or operational barriers associated with replacing the general partner, (3) there are a number of qualified replacement investment advisors that would accept appointment at the same fee level, (4) each fund’s documents provide for the ability to call and conduct a vote, and (5) the information necessary to exercise the kick-out rights and related vote are available from the fund and its administrator. If the fund is a VIE, SLP then determines whether it has a variable interest in the fund, and if so, whether SLP is the primary beneficiary. In determining whether SLP is the primary beneficiary, SLP evaluates its control rights as well as economic interests in the entity held either directly or indirectly by SLP. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that SLP is not the primary beneficiary, a quantitative analysis may also be performed. Amendments to the governing documents of the respective Silvercrest Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, SLP assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. During the three and nine months ended September 30, 2023 and 2022 , each fund is deemed to be a VoIE and neither SLP nor Silvercrest consolidated any of the Silvercrest Funds. Non-controlling Interest As of September 30, 2023 , Silvercrest holds approximately 67.4 % of the economic interests in SLP. Silvercrest is the sole general partner of SLP and, therefore, controls the management of SLP. As a result, Silvercrest consolidates the financial position and the results of operations of SLP and its subsidiaries, and records a non-controlling interest, as a separate component of equity on its Condensed Consolidated Statements of Financial Condition for the remaining economic interests in SLP. The non-controlling interest in the income or loss of SLP is included in the Condensed Consolidated Statements of Operations as a reduction or addition to net income derived from SLP. Translation of Non-U.S. Currency Amounts Assets and liabilities of non-U.S. subsidiaries that have a foreign currency as their functional currency are re-measured to U.S. dollars at quarter-end exchange rates, and revenues and expenses are re-measured at average rates of exchange prevailing during the period. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in other (expense) income, net in the Condensed Consolidated Statements of Operations. Segment Reporting The Company views its operations as comprising one operating segment, the investment management industry. Each of the Company’s acquired businesses has similar economic characteristics and has been, or is in the process of becoming, fully integrated. Furthermore, our chief operating decision maker, who is the Company’s Chief Executive Officer, monitors and reviews financial information at a consolidated level for assessing operating results and the allocation of resources. Use of Estimates The preparation of the Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues, expenses and other income reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ from those estimates. Significant estimates and assumptions made by management include the fair value of acquired assets and liabilities, determination of equity-based compensation, accounting for income taxes, determination of the useful lives of long-lived assets, and other matters that affect the Condensed Consolidated Financial Statements and related disclosures. Cash and Cash Equivalents The Company considers all highly liquid securities with original maturities of 90 days or less when purchased to be cash equivalents. Equity Method Investments The Company accounts for investment activities related to entities over which the Company exercises significant influence but do not meet the requirements for consolidation, using the equity method of accounting, whereby the Company records its share of the underlying income or losses of these entities. Intercompany profit arising from transactions with affiliates is eliminated to the extent of its beneficial interest. Equity in losses of equity method investments is not recognized after the carrying value of an investment, including advances and loans, has been reduced to zero , unless guarantees or other funding obligations exist. The Company evaluates its equity method investments for impairment, whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment when the loss in value is deemed other than temporary. The Company’s equity method investments approximate their fair value as of September 30, 2023 and December 31, 2022 . The fair value of the equity method investments is estimated based on the Company’s share of the fair value of the net assets of the equity method investee. No impairment charges related to equity method investments were recorded during the three and nine months ended September 30, 2023 or 2022 . Receivables and Due from Silvercrest Funds Receivables consist primarily of amounts for management and advisory fees, performance fees, and allocations and family office service fees due from clients and are stated as net realizable value. The Company maintains an allowance for doubtful receivables based on estimates of expected losses and specific identification of uncollectible accounts. The Company charges actual losses to the allowance when incurred. Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of furniture, fixtures and equipment, computer hardware and software and leasehold improvements and are recorded at cost less accumulated depreciation. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful lives, which for leasehold improvements is the lesser of the lease term or the life of the asset, generally 10 years, and 3 to 7 years for other fixed assets. Business Combinations The Company accounts for business combinations using the acquisition method of accounting. The acquisition method of accounting requires that purchase price, including the fair value of contingent consideration, of the acquisition be allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The method for determining relative fair value varied depending on the type of asset or liability and involved management making significant estimates related to assumptions such as future growth rates used to produce financial projections and the selection of unobservable inputs and other assumptions. The inputs used in establishing the fair value are in most cases unobservable and reflect the Company’s own judgments about the assumptions market participants would use in pricing the assets acquired and liabilities assumed. Contingent consideration is recorded as part of the purchase price when such contingent consideration is not based on continuing employment of the selling shareholders. Contingent consideration that is related to continuing employment is recorded as compensation expense. Payments made for contingent consideration recorded as part of an acquisition’s purchase price are reflected as financing activities in the Company’s Condensed Consolidated Statements of Cash Flows. The Company remeasures the fair value of contingent consideration at each reporting period using a probability-adjusted discounted cash flow method based on significant inputs not observable in the market and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in earnings. Contingent consideration payments that exceed the acquisition date fair value of the contingent consideration are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. The excess of the purchase price over the fair value of the identifiable assets acquired, including intangibles, and liabilities assumed is recorded as goodwill. The Company generally uses valuation specialists to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determining the fair values of the assets and liabilities. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed. Any adjustments to provisional amounts that are identified during the measurement period are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Goodwill and Intangible Assets Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but is evaluated for impairment at least annually, on October 1 st of each year, or whenever events or circumstances indicate that impairment may have occurred. The Company accounts for Goodwill under Accounting Standard Codification (“ASC”) No. 350, “Intangibles - Goodwill and Other,” which provides an entity the option to first perform a qualitative assessment of whether a reporting unit’s fair value is more likely than not less than its carrying value, including goodwill. In performing its qualitative assessment, an entity considers the extent to which adverse events or circumstances identified, such as changes in economic conditions, industry and market conditions or entity specific events, could affect the comparison of the reporting unit’s fair value with its carrying amount. If an entity concludes that the fair value of a reporting unit is more likely than not less than its carrying amount, the entity is required to perform the currently prescribed two-step goodwill impairment test to identify potential goodwill impairment and, accordingly, measure the amount, if any, of goodwill impairment loss to be recognized for that reporting unit. The Company utilized this option when performing its annual impairment assessment in 2022 and 2021 and concluded that its single reporting unit’s fair value was more likely than not greater than its carrying value, including goodwill. The Company has one reporting unit as of September 30, 2023 and December 31, 2022 . No goodwill impairment charges were recorded during the three and nine months ended September 30, 2023 and 2022. Intangible assets of the Company are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount of the asset may not be recoverable. In connection with such review, the Company also re-evaluates the periods of amortization for these assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed their fair value. Identifiable finite-lived intangible assets are amortized over their estimated useful lives ranging from 3 to 20 years . The method of amortization is based on the pattern over which the economic benefits and generally expected undiscounted cash flows of the intangible asset are consumed. Intangible assets for which no pattern can be reliably determined are amortized using the straight-line method. Intangible assets consist primarily of the contractual right to future management and advisory fees and performance fees and allocations from customer contracts or relationships. Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount of the asset may not be recoverable. In connection with such review, the Company also reevaluates the periods of depreciation and amortization for these assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Treasury Stock On July 29, 2021, the Company announced that its Board of Directors had approved a share repurchase program authorizing the Company to repurchase up to $ 15,000,000 of the Company’s outstanding Class A common stock (the “Repurchase Program”). Repurchases under the Repurchase Program may be made using either cash on hand, borrowings under the Company’s existing credit facilities or other sources, or (a) one or more 10b5-1 share trading plans, to be established with one or more banks or brokers (the “Trading Plans”), (b) pursuant to accelerated share repurchase programs with one or more investment banks or other financial intermediaries (the “ASR Programs”), or (c) through repurchases to be made outside of the Trading Plans or ASR Programs but in compliance with all applicable requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the safe harbor provided by Exchange Act Rule 10b-18, and consummated during an open trading window under the Company’s insider trading policy. The program may be amended, suspended, or discontinued at any time and does not commit the Company to repurchase any shares of Common Stock. As of September 30, 2023 and December 31, 2022 , the Company had purchased 808,455 and 508,782 shares of Class A common stock, respectively, for an aggregate price of approximately $ 15,057 and $ 9,295 , respectively. Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Company’s Equity section of the Condensed Consolidated Statement of Financial Condition. Upon any subsequent retirement or resale, the treasury stock account is reduced by the cost of such stock. Partner Distributions Partner incentive allocations, which are determined by the general partner, can be formula-based or discretionary. Partner incentive allocations are treated as compensation expense and recognized in the period in which they are earned. In the event there is insufficient distributable cash flow to make incentive distributions, the general partner in its sole and absolute discretion may determine not to make any distributions called for under the partnership agreement. The remaining net income or loss after partner incentive allocations is generally allocated to unit holders based on their pro rata ownership. Redeemable Partnership Units If a principal of SLP is terminated for cause, SLP has the right to redeem all of the vested Class B units collectively held by the principal and his or her permitted transferees for a purchase price equal to the lesser of (i) the aggregate capital account balance in SLP of the principal and his or her permitted transferees or (ii) the purchase price paid by the terminated principal to first acquire the Class B units. SLP also makes distributions to its partners of various nature including incentive payments, profit distributions and tax distributions. The profit distributions and tax distributions are accounted for as equity transactions. Class A Common Stock The Company’s Class A stockholders are entitled to one vote for each share held of record on all matters submitted to a vote of the Company’s stockholders. Class A stockholders are also entitled to receive dividends, when and if declared by the Company’s board of directors, out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Dividends consisting of shares of Class A common stock may be paid only as follows: (i) shares of Class A common stock may be paid only to holders of shares of Class A common stock and (ii) shares of Class A common stock will be paid proportionately with respect to each outstanding share of the Company’s Class A common stock. Upon the Company’s liquidation, dissolution or winding-up, or the sale of all, or substantially all, of the Company’s assets, after payment in full of all amounts required to be paid to creditors and to holders of preferred stock having a liquidation preference, if any, the Class A stockholders will be entitled to share ratably in the Company’s remaining assets available for distribution to Class A stockholders. Class B units of SLP held by principals will be exchangeable for shares of the Company’s Class A common stock, on a one-for-one basis , subject to customary adjustments for share splits, dividends and reclassifications. Class B Common Stock Shares of the Company’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, the Company will issue the holder one share of its Class B common stock in exchange for the payment of its par value. Each share of the Company’s Class B common stock will be redeemed for its par value and cancelled by the Company 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 and the terms of the Silvercrest Asset Management Group Inc. 2012 Equity Incentive Plan (the “2012 Equity Incentive Plan”). The Company’s Class B stockholders will be entitled to one vote for each share held of record on all matters submitted to a vote of the Company’s stockholders. The Company’s Class B stockholders will not participate in any dividends declared by the Company’s board of directors. Upon the Company’s liquidation, dissolution or winding-up, or the sale of all, or substantially all, of its assets, Class B stockholders only will be entitled to receive the par value of the Company’s Class B common stock. Revenue Recognition The Company generates revenue from management and advisory fees, performance fees and allocations, and family office services fees. Management and advisory fees and performance fees and allocations are generated by managing assets on behalf of separate accounts and acting as investment adviser for various investment funds. Performance fees and allocations also relate to assets managed in external investment strategies in which the Company has a revenue sharing arrangement and in funds in which the Company has no partnership interest. Management and advisory fees and family office services fees income is recognized through the course of the period in which these services are provided. Income from performance fees and allocations is recorded at the conclusion of the contractual performance period when all contingencies are resolved. In certain arrangements, the Company is only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets. The discretionary investment management agreements for the Company’s separately managed accounts do not have a specified term. Rather, each agreement may be terminated by either party at any time, unless otherwise agreed with the client, upon written notice of termination to the other party. The investment management agreements for the Company’s private funds are generally in effect from year to year, and may be terminated at the end of any year (or, in certain cases, on the anniversary of execution of the agreement) (i) by the Company upon 30 or 90 days ’ prior written notice and (ii) after receiving the affirmative vote of a simple majority of the investors in the private fund that are not affiliated with the Company, by the private fund on 60 or 90 days ’ prior written notice. The investment management agreements for the private funds may also generally be terminated effective immediately by either party where the non-terminating party (i) commits a material breach of the terms subject, in certain cases, to a cure period, (ii) is found to have committed fraud, gross negligence or willful misconduct or (iii) terminates, becomes bankrupt, becomes insolvent or dissolves. Each of the Company’s investment management agreements contains customary indemnification obligations from the Company to their clients. The management and advisory fees are primarily driven by the level of the Company’s assets under management. The assets under management increase or decrease based on the net inflows or outflows of funds into the Company’s various investment strategies and the investment performance of its clients’ accounts. In order to increase the Company’s assets under management and expand its business, the Company must develop and market investment strategies that suit the investment needs of its target clients and provide attractive returns over the long term. The Company’s ability to continue to attract clients will depend on a variety of factors including, among others: • the ability to educate the Company’s target clients about the Company’s classic value investment strategies and provide them with exceptional client service; • the relative investment performance of the Company’s investment strategies, as compared to competing products and market indices; • competitive conditions in the investment management and broader financial services sectors; • investor sentiment and confidence; and • the decision to close strategies when the Company deems it to be in the best interests of its clients. The majority of management and advisory fees that the Company earns on separately managed accounts are based on the value of assets under management on the last day of each calendar quarter. Most of the management and advisory fees are billed quarterly in advance on the first day of each calendar quarter. The Company’s basic annual fee schedule for management of clients’ assets in separately managed accounts is generally: (i) for managed equity or balanced portfolios, 1 % of the first $ 10 million and 0.60 % on the balance, (ii) for managed fixed income only portfolios, 0.40 % on the first $ 10 million and 0.30 % on the balance, (iii) for the municipal value strategy, 0.65 %, (iv) for Cortina equity portfolios, 1.0 % on the first $ 25 million, 0.90 % on the next $ 25 million and 0.80 % on the balance and (v) for outsourced chief investment officer portfolios, 0.40 % on the first $ 50 million, 0.32 % of the next $ 50 million and 0.24 % on the balance. The Company’s fee for monitoring non-discretionary assets can range from 0.05 % to 0.01 % but can also be incorporated into an agreed-upon fixed family office service fee. The majority of the Company’s clients pay a blended fee rate since they are invested in multiple strategies. Management fees earned on investment funds that the Company advises are calculated primarily based on the net assets of the funds. Some funds calculate investment fees based on the net assets of the funds as of the last business day of each calendar quarter, whereas other funds calculate investment fees based on the value of net assets on the first business day of the month. Depending on the investment fund, fees are paid either quarterly in advance or quarterly in arrears. For the Company’s private fund clients, the fees range from 0.25 % to 1.5 % annually. Certain management fees earned on investment funds for which the Company performs risk management and due diligence services are based on flat fee agreements customized for each engagement. The Company’s management and advisory fees may fluctuate based on a number of factors, including the following: • changes in assets under management due to appreciation or depreciation of its investment portfolios, and the levels of the contribution and withdrawal of assets by new and existing clients; • allocation of assets under management among its investment strategies, which have different fee schedules; • allocation of assets under management between separately managed accounts and advised funds, for which the Company generally earns lower overall management and advisory fees; and • the level of their performance with respect to accounts and funds on which the Company is paid incentive fees. The Company’s performance fees and allocations may fluctuate based on performance with respect to accounts and funds on which the Company is paid incentive fees and allocations. The Company’s family office services capabilities enable us to provide comprehensive and integrated services to its clients. The Company’s dedicated group of tax and financial planning professionals provide financial planning, tax planning and preparation, partnership accounting and fund administration and consolidated wealth reporting among other services. Family office services income fluctuates based on both the number of clients for whom the Company performs these services and the level of agreed-upon fees, most of which are flat fees. Therefore, non-discretionary assets under management, which are associated with family office services, do not typically serve as the basis for the amount of family office services revenue that is recognized. Family office services fees are also typically billed quarterly in advance at the beginning of the quarter or in arrears after the end of the quarter based on a contractual percentage of the assets managed or upon a contractually agreed-upon flat fee arrangement. Revenue is recognized on a ratable basis over the period in which services are performed. The Company accounts for performance-based revenue in accordance with “Topic 606, Revenue from Contracts with Customers” ( “ASC 606”) by recognizing performance fees and allocations as revenue only when it is certain that the fee income is earned and payable pursuant to the relevant agreements. In certain arrangements, the Company is only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets. The Company records performance fees and allocations as a component of revenue once the performance fee or allocation, as applicable, has crystallized. As a result, there is no estimate or variability in the consideration when revenue is recorded. Equity-Based Compensation Equity-based compensation cost relating to the issuance of share-based awards to employees is based on the fair value of the award at the date of grant, which is expensed ratably over the requisite service period, net of estimated forfeitures. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions may affect the timing of the total amount of expense recognized over the vesting period. The service period is the period over which the employee performs the related services, which is normally the same as the vesting period. Equity-based awards that do not require future service are expensed immediately. Equity-based awards that have the potential to be settled in cash at the election of the employee or prior to the reorganization related to redeemable partnership units are classified as liabilities (“Liability Awards”) and are adjusted to fair value at the end of each reporting period. Leases The Company accounts for leases under “Topic 842, Leases” (“ASC 842”), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. ASC 842 established a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the Condensed Consolidated Statement of Operations. Income Taxes Silvercrest and SFS are subject to federal and state corporate income tax, which requires an asset and liability approach to the financial accounting and reporting of income taxes. SLP is not subject to federal and state income taxes, since all income, gains and losses are passed through to its partners. SLP is, however, subject to New York City unincorporated business tax. With respect to the Company’s incorporated entities, the annual tax rate is based on the income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Judgment is required in determining the tax expense and in evaluating tax positions. The tax effects of any uncertain tax position (“UTP”) taken or expected to be taken in income tax returns are recognized only if it is “more likely-than-not” to be sustained on examination by the taxing a |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS Cortina: On April 12, 2019, SAMG LLC and SLP entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Cortina Asset Management, LLC, a Wisconsin limited liability company (“Cortina”), and certain interest holders of Cortina (together, the “Principals of Cortina”) to acquire, directly or through a designated affiliate, substantially all of the assets of Cortina relating to Cortina’s business of providing investment management, investment advisory, and related services (the “Cortina Acquisition”). Subject to the terms and conditions set forth in the Purchase Agreement, SAMG LLC agreed to pay to Cortina an aggregate maximum amount of $ 44,937 , 80 % of which was agreed to be paid in cash at closing by SAMG LLC, and 20 % of which was agreed to be paid by SLP in the form of issuance and delivery to certain Principals of Cortina at closing of Class B Units in SLP, in each case subject to certain adjustments as described in the Purchase Agreement. On July 1, 2019, the acquisition was completed pursuant to the Purchase Agreement. At closing, SAMG LLC paid to Cortina an aggregate principal amount of $ 33,577 in cash, and SLP paid an additional $ 8,952 , in the form of issuance and delivery to certain Principals of Cortina of 662,713 Class B Units in SLP. The $ 33,577 paid in cash represented $ 35,072 in consideration, partially offset by net closing credits due to SAMG LLC for reimbursable expenses from Cortina. In addition, the Purchase Agreement provides for up to an additional $ 26,209 to be paid 80 % in cash with certain Principals of Cortina receiving the remaining 20 % in the form of Class B Units of SLP in potential earn-out payments over the next four years . SAMG LLC determined that the preliminary fair value of contingent consideration pursuant to the terms of the Purchase Agreement whereby the sellers of Cortina are potentially entitled to two retention payments and one growth payment contingent upon the achievement of various revenue targets is $ 13,800 . The estimated fair value of contingent consideration is recognized at the date of acquisition and adjusted for changes in facts and circumstances until the ultimate resolution of the contingency. Changes in the fair value of contingent consideration are reflected as a component of general and administrative expenses in the Condensed Consolidated Statements of Operations. The income approach was used to determine the fair value of these payments, by estimating a range of likely expected outcomes and payouts given these outcomes. The potential payouts were estimated using a Monte Carlo simulation and discounted back to their present values using a risk-free discount rate adjusted to account for SAMG LLC’s credit or counterparty risk to arrive at the present value of the contingent consideration payments. The discount rate for the contingent consideration payments was based on the revenue cost of capital for Cortina’s revenue. The first retention payment, due if revenue for the 12-month period from July 1, 2020 to June 30, 2021 is greater than or equal to 95% of the acquired revenue of $ 13,027 , which represents Cortina’s annual revenue run-rate as of closing (“Acquired Revenue”), is equal to $ 3,370 . If revenue for the period is equal to 75% or less of the Acquired Revenue, there is no first retention payment, and if revenue for the period is between 75% and 95%, the first retention payment will be determined using linear interpolation between $ 0 and $ 3,370 . Cortina’s revenue for the 12-month period from July 1, 2020 to June 30, 2021 exceeded 95% of the acquired revenue of $ 13,027 , therefore, a first retention payment of $ 3,370 was due as of June 30, 2021. The first retention payment was paid on July 30, 2021 in the form of $ 2,696 in cash and $ 674 in equity. The second retention payment is based on revenue for the 12-month period from July 1, 2021 to June 30, 2022, with a revenue threshold between 85% and 105% of Acquired Revenue and a maximum retention payment of $ 5,617 . If revenue for the period is equal to 85% or less of the Acquired Revenue, there is no second retention payment, and if revenue for the period is between 85% and 105%, the second retention payment will be determined using linear interpolation between $ 0 and $ 5,617 . Cortina’s revenue for the 12-month period from July 1, 2021 to June 30, 2022 exceeded 105% of the acquired revenue of $ 13,027 , so therefore a second retention payment of $ 5,617 was due as of June 30, 2022. The second retention payment was paid on July 29, 2022 in the form of $ 4,494 in cash and $ 1,123 in equity. The growth payment is based on revenue for the 12-month period from July 1, 2022 to June 30, 2023, with a revenue threshold between 95% and 140% of Acquired Revenue and a maximum payment of $ 17,222 . If revenue for the period is equal to 95% or less of the Acquired Revenue, there is no growth payment, and if revenue for the period is between 95% and 140%, the growth payment will be determined using linear interpolation between $ 0 and $ 17,222 . Based on revenue through June 30, 2023, there was no growth payment. A fair value adjustment to contingent purchase price consideration of $ 0 and ($ 2 ) was recorded during the three and nine months ended September 30, 2023 , respectively, and ($ 343 ) and ($ 10,943 ) was recorded during the three and nine months ended September 30, 2022 , respectively, and is included in general and administrative expense in the Condensed Consolidated Statement of Operations for the periods then ended. SAMG LLC has a liability of $ 0 and $ 2 as of September 30, 2023 and December 31, 2022, respectively, related to earnout payments to be made in conjunction with the Cortina Acquisition which is included in accounts payable and accrued expenses in the Condensed Consolidated Statements of Financial Condition for contingent consideration. In connection with their receipt of the equity consideration, the Principals of Cortina became subject to the rights and obligations set forth in the limited partnership agreement of SLP and are entitled to distributions consistent with SLP’s distribution policy. In addition, the Principals of Cortina became parties to the exchange agreement between the Company and its principals, which governs the exchange of Class B Units for Class A common stock of the Company (the “Exchange Agreement”), the resale and registration rights agreement between the Company and its principals, which provides the Principals of Cortina with liquidity with respect to shares of Class A common stock of the Company received in exchange for Class B Units (the “Resale and Registration Rights Agreement”), and the TRA of the Company, which entitles the Principals of Cortina to share in a portion of the tax benefit received by the Company upon the exchange of Class B Units for Class A common stock of the Company. The Purchase Agreement includes customary representations, warranties and covenants. The strategic acquisition of Cortina, a long-standing innovative and high-caliber growth equity asset management firm, establishes a growth equity capability for the Company. Furthermore, the Company gains investment professionals that have significant experience and knowledge of the industry and establishes a presence in the Midwest. The Company believes the recorded goodwill is supported by the anticipated revenues and expected synergies of integrating the operations of Cortina into the Company. Most of the goodwill is expected to be deductible for tax purposes. Neosho: On December 13, 2018, the Company executed an Asset Purchase Agreement (the “Asset Purchase Agreement”) by and among the Company, SLP, SAMG LLC (the “Buyer”) and Neosho Capital LLC, a Delaware limited liability company (“Neosho” or the “Seller”), and Christopher K. Richey, Alphonse I. Chan, Robert K. Choi and Vincent G. Pandes, each such individual a principal of Neosho (together, the “Principals of Neosho”), to acquire certain assets of Neosho. The transaction contemplated by the Asset Purchase Agreement closed on January 15, 2019 and is referred to herein as the “Neosho Acquisition”. Pursuant to the terms of the Asset Purchase Agreement, SAMG LLC acquired substantially all of the business and assets of the Seller, a provider of investment management and advisory services, including goodwill and the benefit of the amortization of goodwill related to such assets. In consideration of the purchased assets and goodwill, SAMG LLC paid to the Seller and the Principals of Neosho an aggregate purchase price consisting of (1) a cash payment of $ 399 (net of cash acquired) and (2) Class B units of SLP issued to the Principals of Neosho with a value equal to $ 20 and an equal number of shares of Class B common stock of the Company, having voting rights but no economic interest. The Company determined that the acquisition-date fair value of the contingent consideration was $ 1,686 , based on the likelihood that the financial and performance targets described in the Asset Purchase Agreement will be achieved. SAMG LLC made a payment of $ 300 to the Principals of Neosho on the first anniversary of the closing date. SAMG LLC will make earnout payments to the Principals of Neosho as soon as practicable following December 31, 2020, 2021, 2022 and 2023, in an amount equal to the greater of (i) $ 100 and (ii) the product obtained by multiplying (x) 50 % by (y) the revenue of Neosho as of such payment date less the revenue of Neosho as of the immediately preceding payment date for the prior year. Earnout payments will be paid 75 % in cash and 25 % in equity. The estimated fair value of contingent consideration is recognized at the date of acquisition and adjusted for changes in facts and circumstances until the ultimate resolution of the contingency. Changes in the fair value of contingent consideration are reflected as a component of general and administrative expenses in the Condensed Consolidated Statements of Operations. The fair value of the contingent consideration was based on discounted cash flow models using projected revenue for each earnout period. The discount rate applied to the projected revenue was determined based on the weighted average cost of capital for the Company and took into account that the overall risk associated with the payments was similar to the overall risks of the Company as there is no target, floor or cap associated the contingent payments. The Company has a liability of $ 64 and $ 164 related to earnout payments to be made in conjunction with the Neosho Acquisition which is included in accounts payable and accrued expenses in the Condensed Consolidated Statements of Financial Condition as of September 30, 2023 and December 31, 2022, respectively for contingent consideration. The Company made contingent purchase price payments to Neosho of $ 100 each during the second quarter of 2023 and the second quarter of 2022. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | 4. INVESTMENTS AND FAIR VALUE MEASUREMENTS Investments Investments include $ 146 as of September 30, 2023 and December 31, 2022 , representing the Company’s interests in the Silvercrest Funds which have been established and managed by the Company and its affiliates. The Company’s financial interest in these funds can range in amounts up to 2 % of the net assets of the funds. The Company applies the equity method to account for its interests in affiliated investment funds, despite the Company’s insignificant financial interest therein, because the Company exercises significant influence over and typically serves as the general partner, managing member, or equivalent of these funds. During 2007, the Silvercrest Funds granted the unaffiliated investors in each respective fund the right, by a simple majority of the fund’s unaffiliated investors, without cause, to remove the general partner or equivalent of that fund or to accelerate the liquidation date of that fund in accordance with certain procedures. At September 30, 2023 and December 31, 2022, the Company determined that none of the Silvercrest Funds were required to be consolidated. The Company’s involvement with these entities began on the dates that they were formed, which range from July 2003 to July 2014. Fair Value Measurements GAAP establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in an orderly market generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. • Level I: Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments in Level I include listed equities and listed derivatives. • Level II: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Investments which are generally included in Level II include corporate bonds and loans, less liquid and restricted equity securities, certain over-the counter derivatives, and certain fund of hedge funds investments in which the Company has the ability to redeem its investment at net asset value at, or within three months of, the reporting date. • Level III: Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. Investments that are included in Level III generally include general and limited partnership interests in private equity and real estate funds, credit-oriented funds, certain over-the-counter derivatives, funds of hedge funds which use net asset value per share to determine fair value in which the Company may not have the ability to redeem its investment at net asset value at, or within three months of, the reporting date, distressed debt and non-investment grade residual interests in securitizations and collateralized debt obligations. Liabilities that are included in Level III generally include contingent consideration related to the acquisition earnouts. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. At September 30, 2023 and December 31, 2022 , the Company did no t have any financial assets or liabilities that are recorded at fair value on a recurring basis, with the exception of the contingent consideration related to the acquisition earnouts. Contingent Consideration For business acquisitions, the Company recognizes the fair value of goodwill and other acquired intangible assets, and estimated contingent consideration at the acquisition date as part of purchase price. This fair value measurement is based on unobservable (Level 3) inputs. The following table represents changes in the fair value of estimated contingent consideration for the year ended December 31, 2022, and the three and nine months ended September 30, 2023: Balance at January 1, 2022 $ 17,963 Additions to estimated contingent consideration — Payments of contingent consideration ( 5,717 ) Non-cash changes in fair value of estimated contingent consideration ( 12,080 ) Balance at December 31, 2022 $ 166 Additions to estimated contingent consideration — Payments of contingent consideration — Non-cash changes in fair value of estimated contingent consideration — Balance at March 31, 2023 166 Additions to estimated contingent consideration — Payments of contingent consideration ( 100 ) Non-cash changes in fair value of estimated contingent consideration ( 2 ) Balance at June 30, 2023 64 Additions to estimated contingent consideration — Payments of contingent consideration — Non-cash changes in fair value of estimated contingent consideration — Balance at September 30, 2023 $ 64 Estimated contingent consideration is included in accounts payable and accrued expenses in the Condensed Consolidated Statements of Financial Condition. Payments of contingent consideration are included in earn-outs paid related to acquisitions in financing activities in the Condensed Consolidated Statements of Cash Flows. In determining fair value of the estimated contingent consideration, the acquired business’ future performance is estimated using financial projections for the acquired business. These financial projections, as well as alternative scenarios of financial performance, are measured against the performance targets specified in each respective acquisition agreement. In addition, discount rates are established based on the cost of debt and the cost of equity. The Company uses the Monte Carlo Simulation Model to determine the fair value of the Company’s estimated contingent consideration. The significant unobservable inputs used in the fair value measurement of the Company’s estimated contingent consideration are the forecasted growth rates over the measurement period and discount rates. Significant increases or decreases in the Company’s forecasted growth rates over the measurement period or discount rates would result in a higher or lower fair value measurement. Inputs used in the fair value measurement of estimated contingent consideration at December 31, 2022 is summarized below: Monte Carlo Simulation Model December 31, Fair Value Fair Value $ 166 Level 3 Forecasted growth rate 1.20 % Discount rate 14.80 % Please refer to Note 3. Acquisitions for more details on contingent consideration related to acquisition earnouts. At September 30, 2023 and December 31, 2022, financial instruments that are not held at fair value are categorized in the table below: September 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Fair Value Financial Assets: Cash and cash equivalents $ 58,867 $ 58,867 $ 77,432 $ 77,432 Level 1 (1) Investments $ 146 $ 146 $ 146 $ 146 N/A (2) Financial liabilities: Borrowings under credit facility $ 3,600 $ 3,600 $ 6,300 $ 6,300 Level 2 (3) (1) Includes $ 1,467 and $ 1,416 of cash equivalents at September 30, 2023 and December 31, 2022, respectively, that fall under Level 1 in the fair value hierarchy. (2) Investments consist of the Company’s equity method investments in affiliated investment funds which have been established and managed by the Company and its affiliates. Fair value of investments is based on the net asset value of the affiliated investment funds which is a practical expedient for fair value, which is not included in the fair value hierarchy under GAAP. (3) The carrying value of borrowings under the revolving credit agreement approximates fair value, which is determined based on interest rates currently available to the Company for similar debt and the weighted average cost of capital of the Company. |
Receivables, Net
Receivables, Net | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Receivables, Net | 5. RECEIVABLES, NET The following is a summary of receivables as of September 30, 2023 and December 31, 2022: September 30, December 31, Management and advisory fees receivable $ 2,604 $ 3,581 Unbilled receivables 7,529 5,983 Other receivables 133 2 Receivables 10,266 9,566 Allowance for doubtful receivables ( 448 ) ( 448 ) Receivables, net $ 9,818 $ 9,118 |
Furniture, Equipment and Leaseh
Furniture, Equipment and Leasehold Improvements, Net | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Furniture, Equipment and Leasehold Improvements, Net | 6. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET The following is a summary of furniture, equipment and leasehold improvements, net as of September 30, 2023 and December 31, 2022: September 30, December 31, Leasehold improvements $ 9,439 $ 7,859 Furniture and equipment 10,878 9,213 Artwork 615 505 Total cost 20,932 17,577 Accumulated depreciation and amortization ( 13,661 ) ( 12,556 ) Furniture, equipment and leasehold improvements, net $ 7,271 $ 5,021 Depreciation expense for the three months ended September 30, 2023 and 2022 was $ 373 and $ 306 , respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $ 1,104 and $ 886 , respectively. During the three and nine months ended September 30, 2023 , the Company did no t write off any leased assets. During the three and nine months ended September 30, 2022 , the Company wrote off leased assets of $ 170 and $ 194 , respectively, with accumulated depreciation of $ 119 and $ 143 , respectively. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill [Abstract] | |
Goodwill | 7. GOODWILL The following is a summary of the changes to the carrying amount of goodwill for the nine months ended September 30, 2023 and the year ended December 31, 2022: September 30, December 31, Beginning Gross balance $ 81,090 $ 81,090 Accumulated impairment losses ( 17,415 ) ( 17,415 ) Net balance 63,675 63,675 Ending Gross balance 81,090 81,090 Accumulated impairment losses ( 17,415 ) ( 17,415 ) Net balance $ 63,675 $ 63,675 |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets, Net | 8. INTANGIBLE ASSETS, NET The following is a summary of intangible assets as of September 30, 2023 and December 31, 2022: Customer Other Total Cost Balance, January 1, 2023 $ 44,060 $ 2,461 $ 46,521 Balance, September 30, 2023 44,060 2,461 46,521 Useful lives 10 - 20 years 3 - 5 years Accumulated amortization Balance, January 1, 2023 ( 22,711 ) ( 2,461 ) ( 25,172 ) Amortization expense ( 1,821 ) — ( 1,821 ) Balance, September 30, 2023 ( 24,532 ) ( 2,461 ) ( 26,993 ) Net book value $ 19,528 $ — $ 19,528 Cost Balance, January 1, 2022 $ 44,060 $ 2,461 $ 46,521 Balance, December 31, 2022 44,060 2,461 46,521 Useful lives 10 - 20 years 3 - 5 years Accumulated amortization Balance, January 1, 2022 ( 20,136 ) ( 2,461 ) ( 22,597 ) Amortization expense ( 2,575 ) — ( 2,575 ) Balance, December 31, 2022 ( 22,711 ) ( 2,461 ) ( 25,172 ) Net Book Value $ 21,349 $ — $ 21,349 Amortization expense related to intangible assets was $ 595 and $ 644 for the three months ended September 30, 2023 and 2022 , respectively. Amortization expense related to intangible assets was $ 1,821 and $ 1,931 for the nine months ended September 30, 2023 and 2022, respectively. Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows: Remainder of 2023 $ 595 2024 2,289 2025 2,193 2026 1,832 2027 1,828 Thereafter 10,791 Total $ 19,528 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 9. 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 . On July 1, 2019, the credit facility was amended to increase the term loan by $ 18.0 million to $ 25.5 million, extend the draw date on the term loan facility to July 1, 2024 , extend the maturity date of the term loan to July 1, 2026 , and increase the revolving credit facility by $ 2.5 million to $ 10.0 million. On June 17, 2022, the revolving credit facility was further amended to extend the maturity date to June 18, 2023 , and 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 . Borrowings under the term loan on or prior to June 30, 2021 are payable in 20 equal quarterly installments. Borrowings under the term loan after June 30, 2021 will be payable in equal quarterly installments through the maturity date. On February 15, 2022, the credit facility was amended and restated to reflect changes to various definitions and related clauses with respect to the Company’s subsidiaries. On June 15, 2023, the revolving credit facility was further amended to extend the maturity date to June 18, 2024 . 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 . Borrowings under the term loan on or prior to June 30, 2021 are payable in 20 equal quarterly installments. Borrowings under the term loan after June 30, 2021 will be payable in equal quarterly installments through the maturity date. On February 15, 2022, the credit facility was amended and restated to reflect changes to various definitions and related clauses with respect to the Company’s subsidiaries. The credit facility contains restrictions on, among other things, (i) incurrence of additional debt, (ii) creating liens on certain assets, (iii) making certain investments, (iv) consolidating, merging or otherwise disposing of substantially all of our assets, (v) the sale of certain assets, and (vi) entering into transactions with affiliates. In addition, the credit facility contains certain financial covenants including a test on discretionary assets under management, maximum debt to EBITDA and a fixed charge coverage ratio. The credit facility contains customary events of default, including the occurrence of a change in control which includes a person or group of persons acting together acquiring more than 30 % of the total voting securities of Silvercrest. The Company was in compliance with the covenants under the credit facility as of September 30, 2023. As of September 30, 2023 and December 31, 2022 , the Company did no t have any outstanding borrowings under the revolving credit facility. As of September 30, 2023 and December 31, 2022 , the Company had $ 3,600 and $ 6,300 , respectively, outstanding under the term loan. Accrued but unpaid interest was $ 24 and $ 37 as of September 30, 2023 and December 31, 2022, respectively. Interest expense, which also includes amortization of deferred financing fees, incurred on the revolving credit facility and term loan for the three months ended September 30, 2023 and 2022 was $ 84 and $ 107 , respectively. Interest expense, which also includes amortization of deferred financing fees, incurred on the revolving credit facility and term loan for the nine months ended September 30, 2023 and 2022 was $ 302 and $ 264 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company leases office space pursuant to operating leases that are subject to specific escalation clauses. Rent expense charged to operations for the three months ended September 30, 2023 and 2022 amounted to $ 1,636 and $ 1,592 , respectively. The Company received sub-lease income from sub-tenants during the three months ended September 30, 2023 and 2022 of $ 39 and $ 38 , respectively. Therefore, for the three months ended September 30, 2023 and 2022 , net rent expense amounted to $ 1,598 and $ 1,554 , respectively, and is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company leases office space pursuant to operating leases that are subject to specific escalation clauses. Rent expense charged to operations for the nine months ended September 30, 2023 and 2022 amounted to $ 4,880 and $ 4,828 , respectively. The Company received sub-lease income from sub-tenants during the nine months ended September 30, 2023 and 2022 of $ 116 and $ 115 , respectively. Therefore, for the nine months ended September 30, 2023 and 2022 , net rent expense amounted to $ 4,764 and $ 4,713 , respectively, and is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. 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 September 30, 2023 and December 31, 2022 . Furthermore, the Company maintains an $ 80 letter of credit in favor of its Boston landlord. Both are collateralized by the Company’s revolving credit facility with City National Bank. In March 2014, the Company entered into a lease agreement for additional office space in Richmond, VA. The lease commenced on May 1, 2014 and had an original expiration date of July 31, 2019 . The lease is subject to escalation clauses and provides for a rent-free period of three months . Monthly rent expense is $ 5 . The Company paid a refundable security deposit of $ 3 . In September 2016, the Company entered into Lease Amendment Number One (“Amendment Number One”) to expand its space and extend its lease. This expansion was to occur on or about October 1, 2017 , and the lease was extended to November 30, 2024 . The lease was further amended on January 16, 2018 (“Amendment Number Two”) to update the expansion date to January 12, 2018 and to extend the term of the lease to November 30, 2028 . The amended lease provides for a rent credit of $ 40 . Monthly rent expense under the amended lease is $ 11 . In June 2015, the Company entered into a lease agreement for office space in Charlottesville, VA. The lease commenced on June 30, 2015 and expired, as amended, on June 30, 2019 . On June 6, 2019, the Company extended this lease, with the new term beginning on July 1, 2019 and expiring on June 30, 2022 . On April 4, 2022, the Company extended this lease again, with the new term beginning on July 1, 2022 and expiring on December 31, 2023 . Monthly rent expense is $ 3 . The Company paid a refundable security deposit of $ 2 . In connection with the acquisition of Jamison Eaton & Wood, Inc. (the “Jamison Acquisition”), the Company assumed lease agreements for office space in Bedminster and Princeton, NJ. The amended Bedminster lease commenced on April 1, 2022 and expires on July 31, 2027 . Monthly rent expense on the Bedminster lease is $ 11 . The Bedminster lease is subject to escalation clauses and provides for a rent-fee period of four months . 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 period of twelve months and for tenant improvements of up to $ 2,080 . Monthly rent under this extension is $ 420 . In January 2016, the Company entered into a lease agreement for office space in Princeton, NJ. The lease commenced April 23, 2016 and expired on August 31, 2022 . This lease replaced the Princeton lease discussed above that expired on April 30, 2016. Monthly rent expense on this lease was $ 6 . The lease was subject to escalation clauses and provided for a rent-free period of five months . In January 2018, the Company extended its lease related to its Boston, MA office space. The amended lease commenced on January 1, 2018 and expires on April 30, 2023 . The lease provides for a rent-free period of one month . Monthly rent under this extension is $ 33 . In February 2023, the Company further extended this lease. This extension commences on May 1, 2023 and expires on August 31, 2028 . The agreement is subject to escalation clauses and provides for a rent-free period of four month and tenant improvements of $ 195 . Monthly rent expense under this extension is $ 23 . With the Neosho Acquisition, the Company assumed a lease agreement for office space in La Jolla, CA. The lease expired on January 31, 2020 . Monthly rent expense was $ 3 . On November 5, 2019, the Company entered into a lease agreement for office space in San Diego, CA. The lease commenced on February 1, 2020 and expires on June 30, 2025 . The lease is subject to escalation clauses and provides for a rent-free period of four months and for tenant improvements of up to $ 27 . Monthly rent expense under this lease is $ 12 . With the Cortina Acquisition, the Company assumed a lease agreement for office space in Milwaukee, WI. This lease expired on June 30, 2023 . Monthly rent was $ 12 . On November 14, 2022, the Company entered into a lease agreement for office space in Milwaukee, WI. The lease commenced on June 1, 2023 and expires on May 31, 2034 . The lease agreement provides for a reduced rent period of 24 months. Monthly rent expense under this lease is $ 22 . The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating Lease Cost $ 1,515 $ 1,531 $ 4,548 $ 4,593 Financing Lease Cost: Amortization of ROU assets 28 28 87 86 Interest on lease liabilities 2 2 7 6 Total 30 30 94 92 Future minimum lease payments and rentals under lease agreements for office space are as follows: Operating Leases Non-cancellable Operating Lease Remainder of 2023 $ 1,644 $ ( 30 ) $ 1,614 2024 6,557 ( 120 ) 6,437 2025 6,571 ( 40 ) 6,531 2026 6,562 — 6,562 2027 6,523 — 6,523 Thereafter 6,604 — 6,604 Total $ 34,461 $ ( 190 ) $ 34,271 Weighted-average remaining lease term – operating leases (months) 64.3 Weighted-average discount rate 4.5 % The Company has finance leases for the following office equipment: (i) a three year lease agreement for one copier totaling $ 11 with monthly minimum payments of $ 0.3 , which began on March 1, 2018 and continued through January 31, 2021 , (ii) a three year lease agreement for one copier totaling $ 13 with monthly minimum payments of $ 0.4 , which began on March 1, 2019 and continued through February 28, 2022 , (iii) a 39 -month lease agreement for one copier totaling $ 12 with monthly minimum lease payments of $ 0.4 , which began on March 1, 2019 and continued through May 31, 2022 , (iv) a lease agreement for one copier that was assumed as part of the Cortina Acquisition with monthly minimum lease payments of $ 1 , which began on July 1, 2019 and continued through November 30, 2021 , (v) a three year lease agreement for two copiers totaling $ 51 with monthly minimum lease payments of $ 1 , which began on August 1, 2019 and continued through July 31, 2022 , (vi) a five year lease agreement for a copier totaling $ 82 with monthly minimum lease payments of $ 1 , which began on May 1, 2020 and was disposed in September 2022, (vii) a three year lease agreement for a copier totaling $ 59 with minimum monthly lease payments of $ 2 , which began on June 1, 2020 and was disposed in September 2022, (viii) a three year lease agreement for two copiers totaling $ 43 with minimum monthly lease payments of $ 1 , which began on August 20, 2020 and continues through August 19, 2023 , (ix) a three year lease agreement for two copiers totaling $ 39 with minimum monthly lease payments of $ 1 , which began on August 20, 2020 and continues through August 19, 2023 , (x) a five year lease agreement for four copiers totaling $ 94 with minimum monthly lease payments of $ 2 , which began on February 1, 2021 and continues through January 31, 2026 , (xi) a three year lease agreement for two copiers totaling $ 52 with minimum monthly lease payments of $ 1 , which begin on July 1, 2021 and continues through June 30, 2024 , (xii) a four year lease for a copier totaling $ 31 with minimum monthly payments of $ 1 , which began on May 1, 2022 and continues through April 30, 2026 , (xiii) a three year lease for a copier totaling $ 30 with minimum monthly lease payments of $ 1 , which began on September 1, 2022 and continues through August 31, 2025 , (xiv) a 39-month lease for a copier totaling $ 11 with minimum monthly lease payments of $ 0.3 , which began on September 1, 2022 and continues through November 30, 2025 , and (xv) a five year lease for office equipment totaling $ 210 with minimum monthly payments of $ 4 , which begins on October 1, 2022 and continues through September 30, 2027 . The aggregate principal balance of finance leases was $ 258 and $ 344 as of September 30, 2023 and December 31, 2022, respectively. The assets relating to finance leases that are included in equipment as of September 30, 2023 and December 31, 2022 are as follows: September 30, December 31, Finance lease assets included in furniture and equipment $ 503 $ 503 Less: Accumulated depreciation and amortization ( 248 ) ( 161 ) $ 255 $ 342 Depreciation expense relating to finance lease assets was $ 27 and $ 28 for the three months ended September 30, 2023 and 2022 , respectively. Depreciation expense relating to finance lease assets was $ 87 and $ 86 for the nine months ended September 30, 2023 and 2022, respectively. During the three and nine months ended September 30, 2022, the Company wrote off leased assets of $ 170 and $ 194 , respectively, with accumulated depreciation of $ 119 and $ 143 , respectively. Future minimum lease payments under finance leases are as follows: Future Minimum Lease Remainder of 2023 $ 23 2024 85 2025 75 2026 45 2027 31 Thereafter — Total $ 259 Weighted-average remaining lease term – finance leases (months) 39.1 Weighted-average discount rate 3.0 % |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | 11. 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 $ 1,419 and $ 2,059 , for the three months ended September 30, 2023 and 2022 , respectively. Partnership distributions totaled $ 7,759 and $ 8,268 for the nine months ended September 30, 2023 and 2022, respectively. 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. Distributions of partner incentive allocations of net income for the nine months ended September 30, 2023 and 2022 amounted to $ 32,262 and $ 34,429 , 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 nine months ended September 30, 2023 and 2022. The Company treats SLP’s partner incentive allocations as compensation expense and accrues such amounts when earned. During the three months ended September 30, 2023 and 2022 , SLP accrued partner incentive allocations of $ 6,983 and $ 6,968 , respectively. During the nine months ended September 30, 2023 and 2022 , SLP accrued partner incentive allocations of $ 20,476 and $ 23,918 , respectively. Silvercrest—Equity Silvercrest has the following authorized and outstanding equity: Shares at September 30, 2023 Authorized Outstanding Voting Rights Economic Common shares Class A, par value $ 0.01 per share 50,000,000 9,342,259 1 vote per share (1), (2) All (1), (2) Class B, par value $ 0.01 per share 25,000,000 4,544,804 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 nine months ended September 30, 2023 and 2022 , Silvercrest granted 0 and 10,270 restricted stock units, respectively. As of September 30, 2023 , there are 23,732 unvested restricted stock units which will vest and settle in the form of Class A shares of Silvercrest. (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 4,544,804 Class B units, which represent the right to receive their proportionate share of the distributions made by SLP, and 264,037 restricted stock units which will vest and settle in the form of Class B units of SLP. The 264,037 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 and nine months ended September 30, 2023, Silvercrest issued the following shares: Class A Common Stock Transaction # of Date Shares Class A common stock outstanding - January 1, 2023 9,559,587 Issuance of Class A common stock upon vesting of restricted stock units March 2023 8,242 Issuance of Class A common stock upon conversion of Class B units to Class A March 2023 1,555 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. March 2023 ( 95,729 ) Issuance of Class A common stock upon conversion of Class B units to Class A May 2023 44,669 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. May 2023 ( 60,028 ) Issuance of Class A common stock upon conversion of Class B units to Class A June 2023 21,243 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. June 2023 ( 106,096 ) Issuance of Class A common stock upon conversion of Class B units to Class A August 2023 6,636 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. August 2023 ( 37,820 ) Class A common shares outstanding – September 30, 2023 9,342,259 Class B Common Stock Transaction # of Date Shares Class B common stock outstanding - January 1, 2023 4,545,380 Cancellation of Class B common stock upon conversion of Class B units to Class A March 2023 ( 1,555 ) Issuance of Class B common stock upon vesting of restricted stock units May 2023 50,081 Cancellation of Class B common stock upon conversion of Class B units to Class A May 2023 ( 44,669 ) Issuance of Class B common stock in connection with the Neosho Acquisition May 2023 1,376 Cancellation of Class B common stock upon conversion of Class B units to Class A June 2023 ( 21,243 ) Cancellation of Class B common stock upon conversion of Class B units to Class A August 2023 ( 6,636 ) Issuance of Class B common stock upon exercise of non-qualified options September 2023 22,070 Class B common shares outstanding – September 30, 2023 4,544,804 In March 2023, the Company issued 8,242 shares of Class A common stock upon the vesting of restricted stock units. In March 2023, the Company redeemed 1,555 shares of Class B common stock from certain existing partners, in connection with the exchange of 1,555 Class B units to Class A common stock pursuant to the Resale and Registration Rights Agreement. In May 2023, the Company issued 50,081 shares of Class B common stock upon the vesting of restricted stock units. In May 2023, the Company redeemed 44,669 shares of Class B common stock from certain existing partners, in connection with the exchange of 44,669 Class B units to Class A common stock pursuant to the Resale and Registration Rights Agreement. In May 2023, in connection with the Neosho Acquisition, the Company issued 1,376 shares of Class B common stock. In June 2023, the Company redeemed 21,243 shares of Class B common stock from certain existing partners, in connection with the exchange of 21,243 Class B units to Class A common stock pursuant to the Resale and Registration Rights Agreement. In August 2023, the Company redeemed 6,636 shares of Class B common stock from certain existing partners, in connection with the exchange of 6,636 Class B units to Class A common stock pursuant to the Resale and Registration Rights Agreement. In September 2023, the Company issued 22,070 shares of Class B common stock upon the exercise of non-qualified options. On July 29, 2021, the Company announced that its Board of Directors had approved a share repurchase program authorizing the Company to repurchase up to $ 15,000 of the Company’s outstanding Class A common stock (the “Repurchase Program”). Repurchases under the Repurchase Program may be made using either cash on hand, borrowings under the Company’s existing credit facilities or other sources, or (a) one or more 10b5-1 share trading plans, to be established with one or more banks or brokers (the “Trading Plans”), (b) pursuant to accelerated share repurchase programs with one or more investment banks or other financial intermediaries (the “ASR Programs”), or (c) through repurchases to be made outside of the Trading Plans or ASR Programs but in compliance with all applicable requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the safe harbor provided by Exchange Act Rule 10b-18, and consummated during an open trading window under the Company’s insider trading policy. The program may be amended, suspended, or discontinued at any time and does not commit the Company to repurchase any shares of Common Stock. As of September 30, 2023 and December 31, 2022 , the Company had purchased 808,455 and 508,782 shares of Class A common stock, respectively, for an aggregate price of approximately $ 15,057 and $ 9,295 , respectively. Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Company’s Equity section of the Condensed Consolidated Statement of Financial Condition. Upon any subsequent retirement or resale, the treasury stock account is reduced by the cost of such stock. 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. |
Notes Receivable from Partners
Notes Receivable from Partners | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Notes Receivable from Partners | 12. NOTES RECEIVABLE FROM PARTNERS Partner contributions to SLP are made in cash, in the form of five or six year interest-bearing promissory notes and/or in the form of nine year interest-bearing limited recourse promissory notes . Certain notes receivable are payable in annual installments and are collateralized by SLP’s units that are purchased with the note. Notes receivable from partners are reflected as a reduction of non-controlling interests in the Condensed Consolidated Statements of Financial Condition. Notes receivable from partners are as follows for the nine months ended September 30, 2023 and the year ended December 31, 2022: September 30, December 31, Beginning balance $ 437 $ 606 Repayment of notes ( 95 ) ( 172 ) Interest accrued and capitalized on notes receivable 1 3 Ending balance $ 343 $ 437 Full recourse notes receivable from partners as of September 30, 2023 and December 31, 2022 are $ 343 and $ 437 , respectively. There were no limited recourse notes receivable from partners as of September 30, 2023 or December 31, 2022 . There is no allowance for credit losses on notes receivable from partners as of September 30, 2023 or December 31, 2022 . |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. RELATED PARTY TRANSACTIONS During the first nine months of 2023 and 2022, 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); • Silvercrest Hedged Equity Fund (International), Ltd. (which invests through Silvercrest Hedged Equity Fund, L.P.); • the domesticated Silvercrest Emerging Markets Fund, L.P. (formed in 2011 and formerly Silvercrest Emerging Markets Fund); • 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: • the Silvercrest Global Opportunities Fund, L.P. (currently in liquidation); • Silvercrest Global Opportunities Fund (International), Ltd. (currently in liquidation); • Silvercrest Municipal Special Situations Fund LLC (merged into Silvercrest Municipal Advantage Portfolio S LLC in 2015); • Silvercrest Municipal Special Situations Fund II LLC (merged into Silvercrest Municipal Advantage Portfolio S LLC in 2015); • Silvercrest International Fund, L.P. (previously known as Silvercrest Global Fund, L.P.); • Silvercrest Special Situations Fund, L.P.; and • Silvercrest Commodity Strategies Fund, L.P. (liquidated as of December 31, 2017). Pursuant to agreements with the above entities, the Company provides investment advisory services and receives an annual management fee of 0 % to 1.75 % of assets under management and a performance fee or allocation of 0 % to 10 % of the above entities’ net appreciation over a high-water mark. For the three months ended September 30, 2023 and 2022 , the Company earned from the above activities management fee income, which is included in management and advisory fees in the Condensed Consolidated Statements of Operations, of $ 1,017 and $ 1,061 , respectively. For the nine months ended September 30, 2023 and 2022 , the Company earned from the above activities management fee income, which is included in management and advisory fees in the Condensed Consolidated Statements of Operations, of $ 3,092 and $ 3,379 , respectively. As of September 30, 2023 and December 31, 2022 , the Company was owed $ 1,178 and $ 577 , respectively, from its various funds, which is included in Due from Silvercrest Funds on the Condensed Consolidated Statements of Financial Condition. For the three months ended September 30, 2023 and 2022 , the Company earned management and advisory fees of $ 430 and $ 401 , respectively, from assets managed on behalf of certain of its employees. For the nine months ended September 30, 2023 and 2022 , the Company earned management and advisory fees of $ 1,243 and $ 1,310 , respectively, from assets managed on behalf of certain of its employees. As of September 30, 2023 and December 31, 2022 , the Company is owed approximately $ 78 and $ 4 , respectively, from certain of its employees, which is included in receivables, net on the Condensed Consolidated Statements of Financial Condition. ta |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. INCOME TAXES As of September 30, 2023 , the Company had net deferred tax assets of $ 5,196 , which is recorded as a deferred tax asset of $ 5,525 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, a deferred tax liability of $ 322 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 and a deferred tax liability of $ 7 related to the corporate activity of SFS which is primarily related to temporary differences between the financial statement and tax bases of intangible assets. Of the total net deferred taxes at September 30, 2023 , $ 111 of the net deferred tax liabilities relate to non-controlling interests. These amounts are included in prepaid expenses and other assets and deferred tax and other liabilities on the Condensed Consolidated Statement of Financial Condition, respectively. As of December 31, 2022 , the Company had a net deferred tax asset of $ 6,634 , which is recorded as a net deferred tax asset of $ 6,915 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, a net deferred tax liability of $ 261 specific to SLP which consists primarily of liabilities related to differences between the financial statement and tax bases of intangible assets, and a net deferred tax liability of $ 20 related to the corporate activity of SFS which is primarily related to temporary 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 subsidiary. Realization of the deferred tax asset is contingent on the foreign subsidiary generating future taxable income. Given the foreign subsidiary has recently initiated operations and does not yet have a history of sales, the Company has concluded that the deferred tax asset does not currently meet the more-likely-than-not threshold for realizability. Accordingly, a full valuation allowance has been recorded with respect to the net operating losses of the Company’s foreign subsidiary in the amount of $ 116 at September 30, 2023 . As of December 31, 2022, the amount of the valuation allowance was $ 68 . The current tax expense was $ 935 and $ 662 for the three months ended September 30, 2023 and 2022, respectively. Of the amount for the three months ended September 30, 2023 , $ 669 relates to Silvercrest’s corporate tax expense, $ 266 relates to SLP’s state and local liability and $ 0 relates to SFS’s corporate tax expense. The deferred tax expense for the three months ended September 30, 2023 and 2022 was $ 457 and $ 798 , respectively. When combined with current tax expense, the total income tax provision for the three months ended September 30, 2023 and 2022 is $ 1,392 and $ 1,460 , respectively. There was no material discrete tax expense for the three months ended September 30, 2023. The discrete tax expense for the three months ended September 30, 2022 was $ 73 . For 2022, the discrete tax expense represents an increase to tax expense associated with a favorable fair value adjustment to contingent purchase price consideration related to earnout payments to be made in conjunction with the Cortina Acquisition. The current tax expense was $ 2,522 and $ 3,394 for the nine months ended September 30, 2023 and 2022, respectively. Of the amount for the nine months ended September 30, 2023 , $ 1,778 relates to Silvercrest’s corporate tax expense, $ 743 relates to SLP’s state and local liability and $ 1 relates to SFS’s corporate tax expense. The deferred tax expense for the nine months ended September 30, 2023 and 2022 was $ 1,579 and $ 3,393 , respectively. When combined with current tax expense, the total income tax provision for the nine months ended September 30, 2023 and 2022 is $ 4,101 and $ 6,787 , respectively. There was no material discrete tax expense for the nine months ended September 30, 2023. The discrete tax expense for the nine months ended September 30, 2022 was $ 2,043 . For 2022, the discrete tax expense represents an increase to tax expense associated with a favorable fair value adjustment to contingent purchase price consideration related to earnout payments to be made in conjunction with the Cortina Acquisition. The current tax expense decreased from the comparable period in 2022 mainly due to decreased profitability. Of the total current tax expense for the three months ended September 30, 2023 and 2022 , $ 90 and $ 67 , respectively, relates to non-controlling interests. Of the deferred tax expense for the three months ended September 30, 2023 and 2022 , $ 1 and $ 6 , respectively, relates to non-controlling interests. When combined with current tax expense, the total income tax provision for the three months ended September 30, 2023 and 2022 related to non-controlling interests is $ 91 and $ 73 , respectively. Of the total current tax expense for the nine months ended September 30, 2023 and 2022 , $ 250 and $ 261 , respectively, relates to non-controlling interests. Of the deferred tax expense for the nine months ended September 30, 2023 and 2022 , $ 17 and $ 47 , respectively, relates to non-controlling interests. When combined with current tax expense, the total income tax provision for the nine months ended September 30, 2023 and 2022 related to non-controlling interests is $ 267 and $ 308 , respectively. In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of September 30, 2023, the Company’s U.S. federal income tax returns for the years 2020 through 2023 are open under the normal three-year statute of limitations and therefore subject to examination. The guidance for accounting for uncertainty in income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. Furthermore, the Company does not have any material uncertain tax positions at September 30, 2023 and 2022 . |
Redeemable Partnership Units
Redeemable Partnership Units | 9 Months Ended |
Sep. 30, 2023 | |
Redeemable Partnership Units [Abstract] | |
Redeemable Partnership Units | 15. REDEEMABLE PARTNERSHIP UNITS If a principal of SLP is terminated for cause, SLP would have the right to redeem all of the vested Class B units collectively held by the principal and his or her permitted transferees for a purchase price equal to the lesser of (i) the aggregate capital account balance in SLP of the principal and his or her permitted transferees and (ii) the purchase price paid by the terminated principal to first acquire the Class B units. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 16. EQUITY-BASED COMPENSATION Restricted Stock Units and Stock Options On November 2, 2012, the Company’s 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 . As of September 30, 2023 , 1,122,400 shares are available for grant. The equity interests may be issued in the form of shares of the Company’s 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 Plan also provides for the grant of stock options, stock appreciation rights, or SARs, restricted stock awards, restricted stock units, performance-based stock awards and other stock-based awards (collectively, stock awards) based on our Class A common stock. Awards may be granted to employees, including officers, members, limited partners or partners who are engaged in the business of one or more of our subsidiaries, as well as non-employee directors and consultants. The Compensation Committee may impose vesting conditions and awards may be forfeited if the vesting conditions are not met. During the period that any vesting restrictions apply, unless otherwise determined by the Compensation Committee, the recipient of awards that vest in the form of units of SLP will be eligible to participate in distributions of income from SLP. In addition, before the vesting conditions have been satisfied, the transferability of such units is generally prohibited, and such units will not be eligible to be exchanged for cash or shares of our Class A common stock. In May 2016, the Company granted 3,791 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 13.19 per share to existing Class B unit holders. These RSUs vested and settled in the form of Class B units of SLP. Twenty-five percent of the RSUs granted vested and settled on each of the first, second, third and fourth anniversaries of the grant date. In May 2016, the Company granted 3,000 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 13.19 per share to certain members of the Board of Directors. These RSUs vested and settled in the form of Class A shares of Silvercrest. One hundred percent of the RSUs granted vested and settled on the first anniversary of the grant date. In May 2016, the Company granted 7,582 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 13.19 per share to an employee. These RSUs vested and settled in the form of Class A shares of Silvercrest. Twenty-five percent of the RSUs granted vested and settled on each of the first, second, third and fourth anniversaries of the grant date. In October 2018, the Company granted 105,398 non-qualified stock options (“NQOs”) under the 2012 Equity Incentive Plan to an existing Class B unit holder. The fair value of the NQOs has been derived using the Black-Scholes method with the following assumptions: Strike price of $ 13.97 , Risk Free rate of 2.94 % (5-year treasury rate), expiration of 5 years and volatility of 32.7 %. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 1.0 %, based on historical experience. These NQOs will vest and become exercisable into of Class B units of SLP. One third of the NQOs will vest and become exercisable on each of the first, second and third anniversaries of the grant date. These NQOs were exercised in September 2023. A total of 22,070 Class B shares were issued and 83,328 shares were surrendered and are again available to be granted under the 2012 Equity Incentive Plan. In May 2019, the Company granted 60,742 NQOs under the 2012 Equity Incentive Plan to an existing Class B unit holder. The fair value of the NQOs has been derived using the Black-Scholes method with the following assumptions: Strike price of $ 14.54 , Risk Free rate of 2.32 % (5-year treasury rate), expiration of 5 years and volatility of 34.2 %. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 1.0 %, based on historical experience. These NQOs will vest and become exercisable into of Class B units of SLP. One third of the NQOs will vest and become exercisable on each of the first, second and third anniversaries of the grant date. In May 2019, the Company granted 34,388 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 14.54 per share to an existing Class B unit holder. These RSUs will vest and settle in the form of Class B shares of SLP. Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. In March 2020, the Company granted 8,242 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 11.83 per share to a Board member. These RSUs will vest and settle in the form of Class A shares of Silvercrest. All of the RSUs granted vest on the third anniversary of the grant date . In May 2020, the Company granted 86,764 NQOs under the 2012 Equity Incentive Plan to an existing Class B unit holder. The fair value of the NQOs has been derived using the Black-Scholes method with the following assumptions: Strike price of $ 10.18 , Risk Free rate of 0.64 % (10-year treasury rate), expiration of 10 years and volatility of 48.0 %. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 1.0 %, based on historical experience. These NQOs will vest and become exercisable into of Class B units of SLP. One-third of the NQOs will vest and become exercisable on each of the first, second and third anniversaries of the grant date. In May 2020, the Company granted 49,116 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 10.11 per share to an existing Class B unit holder. These RSUs will vest and settle in the form of Class B shares of SLP. Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. In January 2021, the Company granted 21,598 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 13.89 per share to existing Class B unit holders. These RSUs vested and settled immediately in the form of Class B shares of SLP. In May 2021, the Company granted 116,823 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 13.91 per share to existing Class B unit holders. These RSUs will vest and settle in the form of Class B shares of SLP. Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. In May 2021, the Company granted 856 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 14.61 per share to an existing Class A unit holder. These RSUs vested and settled immediately in the form of Class A shares of SLP. In May 2021, the Company granted 11,635 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 14.61 per share to existing Class A unit holders. These RSUs will vest and settle in the form of Class A shares of SLP. One third of the RSUs granted vest and settle on each of the first, second and third anniversaries of the grant date. In August 2021, the Company granted 1,827 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 15.96 per share to an existing Class A unit holder. These RSUs will vest and settle in the form of Class A shares of SLP. The RSUs vest and settle on the third anniversary of the grant date . In May 2022, the Company granted 10,270 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 21.42 per share to existing Class A unit holders. These RSUs will vest and settle in the form of Class A shares of SLP. The RSUs vest and settle on the third anniversary of the grant date. In November 2022, the Company granted 92,154 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 18.99 per share to existing Class B unit holders. These RSUs will vest and settle in the form of Class B shares of SLP. Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. In April 2023, the Company granted 101,192 RSUs under the 2012 Equity Incentive Plan at a fair value of $ 18.18 per share to existing Class B unit holders. These RSUs will vest and settle in the form of Class B shares of SLP. Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. A summary of the RSU grants by the Company as of September 30, 2023 and 2022 is presented below: Restricted Stock Units Granted Units Fair Value per unit Total granted at January 1, 2023 244,901 $ 10.18 – 21.42 Granted 101,192 18.18 Vested ( 58,324 ) 10.18 – 14.54 Total granted at September 30, 2023 287,769 $ 10.18 – 21.42 Total granted at January 1, 2022 192,559 $ 10.18 – 15.96 Granted 10,270 21.42 Vested ( 50,082 ) 10.18 – 14.54 Total granted at September 30, 2022 152,747 $ 10.18 – 21.42 A summary of the NQO grants by the Company as of September 30, 2023 and 2022 is presented below: Non-Qualified Options Granted Units Fair Value per unit Total granted at January 1, 2023 252,904 $ 10.18 – 14.54 Exercised ( 105,398 ) 13.97 Total granted at September 30, 2023 147,506 $ 10.18 – 14.54 Total granted at January 1, 2022 252,904 $ 10.18 – 14.54 Total granted at September 30, 2022 252,904 $ 10.18 – 14.54 For the three months ended September 30, 2023 and 2022 , the Company recorded compensation expense related to such RSUs and NQOs of $ 354 and $ 285 , respectively, as part of total compensation expense in the Condensed Consolidated Statements of Operations for the period then ended. For the nine months ended September 30, 2023 and 2022 , the Company recorded compensation expense related to such RSUs and NQOs of $ 1,047 and $ 789 , respectively, as part of total compensation expense in the Condensed Consolidated Statements of Operations for the period then ended. As of September 30, 2023 and December 31, 2022 , there was $ 3,730 and $ 2,860 , respectively, of unrecognized compensation expense related to unvested awards. As of September 30, 2023 and December 31, 2022 , the unrecognized compensation expense related to unvested awards is expected to be recognized over a period of 1.69 and 0.92 years, respectively. |
Defined Contribution and Deferr
Defined Contribution and Deferred Compensation Plans | 9 Months Ended |
Sep. 30, 2023 | |
Postemployment Benefits [Abstract] | |
Defined Contribution and Deferred Compensation Plans | 17. 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 employee’s contributions up to the first 4 % of compensation. For the three months ended September 30, 2023 and 2022 , Silvercrest made matching contributions of $ 24 and $ 27 , respectively, for the benefit of employees. For the nine months ended September 30, 2023 and 2022 , Silvercrest made matching contributions of $ 72 and $ 80 , respectively, for the benefit of employees. |
Soft Dollar Arrangements
Soft Dollar Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Soft Dollar Arrangements Additional Information Detail [Abstract] | |
Soft Dollar Arrangements | 18. SOFT DOLLAR ARRANGEMENTS The Company obtains research and other services through “soft dollar” arrangements. The Company receives credits from broker-dealers whereby technology-based research, market quotation and/or market survey services are effectively paid for in whole or in part by “soft dollar” brokerage arrangements. Section 28(e) of the Securities Exchange Act of 1934, as amended, provides a “safe harbor” to an investment adviser against claims that it breached its fiduciary duty under state or federal law (including ERISA) solely because the adviser caused its clients’ accounts to pay more than the lowest available commission for executing a securities trade in return for brokerage and research services. To rely on the safe harbor offered by Section 28(e), (i) the Company must make a good-faith determination that the amount of commissions is reasonable in relation to the value of the brokerage and research services being received and (ii) the brokerage and research services must provide lawful and appropriate assistance to the Company in carrying out its investment decision-making responsibilities. If the use of soft dollars is limited or prohibited in the future by regulation, the Company may have to bear the costs of such research and other services. For the three months ended September 30, 2023 and 2022 , the Company utilized “soft dollar” credits of $ 228 and $ 285 , respectively. For the nine months ended September 30, 2023 and 2022 , the Company utilized “soft dollar” credits of $ 683 and $ 529 , respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | 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 and Silvercrest Investors III LLC as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022. All intercompany transactions and balances have been eliminated. The Condensed Consolidated Statement of Financial Condition at December 31, 2022 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 nine months ended September 30, 2023 and 2022 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending December 31, 2023 and 2022 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 (“SEC”). In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of the interim financial position and results, have been made. The Company’s Condensed Consolidated Financial Statements and the related notes should be read together with the Condensed Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company evaluates for consolidation those entities it controls through a majority voting interest or otherwise, including those Silvercrest Funds over which the general partner or equivalent is presumed to have control, for example, by virtue of the limited partners not being able to remove the general partner. The initial step in determining whether a fund for which SLP is the general partner is required to be consolidated is assessing whether the fund is a variable interest entity (“VIE”) or a voting interest entity (“VoIE”). SLP then considers whether the fund is a VoIE in which the unaffiliated limited partners have substantive “kick-out” rights that provide the ability to dissolve (liquidate) the limited partnership or otherwise remove the general partner without cause. SLP considers the “kick-out” rights to be substantive if the general partner for the fund can be removed by the vote of a simple majority of the unaffiliated limited partners and there are no significant barriers to the unaffiliated limited partners’ ability to exercise these rights in that among other things, (1) there are no conditions or timing limits on when the rights can be exercised, (2) there are no financial or operational barriers associated with replacing the general partner, (3) there are a number of qualified replacement investment advisors that would accept appointment at the same fee level, (4) each fund’s documents provide for the ability to call and conduct a vote, and (5) the information necessary to exercise the kick-out rights and related vote are available from the fund and its administrator. If the fund is a VIE, SLP then determines whether it has a variable interest in the fund, and if so, whether SLP is the primary beneficiary. In determining whether SLP is the primary beneficiary, SLP evaluates its control rights as well as economic interests in the entity held either directly or indirectly by SLP. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that SLP is not the primary beneficiary, a quantitative analysis may also be performed. Amendments to the governing documents of the respective Silvercrest Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, SLP assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. During the three and nine months ended September 30, 2023 and 2022 , each fund is deemed to be a VoIE and neither SLP nor Silvercrest consolidated any of the Silvercrest Funds. |
Non-controlling Interest | Non-controlling Interest As of September 30, 2023 , Silvercrest holds approximately 67.4 % of the economic interests in SLP. Silvercrest is the sole general partner of SLP and, therefore, controls the management of SLP. As a result, Silvercrest consolidates the financial position and the results of operations of SLP and its subsidiaries, and records a non-controlling interest, as a separate component of equity on its Condensed Consolidated Statements of Financial Condition for the remaining economic interests in SLP. The non-controlling interest in the income or loss of SLP is included in the Condensed Consolidated Statements of Operations as a reduction or addition to net income derived from SLP. |
Translation of Non-U.S. Currency Amounts | Translation of Non-U.S. Currency Amounts Assets and liabilities of non-U.S. subsidiaries that have a foreign currency as their functional currency are re-measured to U.S. dollars at quarter-end exchange rates, and revenues and expenses are re-measured at average rates of exchange prevailing during the period. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in other (expense) income, net in the Condensed Consolidated Statements of Operations. |
Segment Reporting | Segment Reporting The Company views its operations as comprising one operating segment, the investment management industry. Each of the Company’s acquired businesses has similar economic characteristics and has been, or is in the process of becoming, fully integrated. Furthermore, our chief operating decision maker, who is the Company’s Chief Executive Officer, monitors and reviews financial information at a consolidated level for assessing operating results and the allocation of resources. |
Use of Estimates | Use of Estimates The preparation of the Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues, expenses and other income reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ from those estimates. Significant estimates and assumptions made by management include the fair value of acquired assets and liabilities, determination of equity-based compensation, accounting for income taxes, determination of the useful lives of long-lived assets, and other matters that affect the Condensed Consolidated Financial Statements and related disclosures. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid securities with original maturities of 90 days or less when purchased to be cash equivalents. |
Equity Method Investments | Equity Method Investments The Company accounts for investment activities related to entities over which the Company exercises significant influence but do not meet the requirements for consolidation, using the equity method of accounting, whereby the Company records its share of the underlying income or losses of these entities. Intercompany profit arising from transactions with affiliates is eliminated to the extent of its beneficial interest. Equity in losses of equity method investments is not recognized after the carrying value of an investment, including advances and loans, has been reduced to zero , unless guarantees or other funding obligations exist. The Company evaluates its equity method investments for impairment, whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment when the loss in value is deemed other than temporary. The Company’s equity method investments approximate their fair value as of September 30, 2023 and December 31, 2022 . The fair value of the equity method investments is estimated based on the Company’s share of the fair value of the net assets of the equity method investee. No impairment charges related to equity method investments were recorded during the three and nine months ended September 30, 2023 or 2022 . |
Receivables and Due from Silvercrest Funds | Receivables and Due from Silvercrest Funds Receivables consist primarily of amounts for management and advisory fees, performance fees, and allocations and family office service fees due from clients and are stated as net realizable value. The Company maintains an allowance for doubtful receivables based on estimates of expected losses and specific identification of uncollectible accounts. The Company charges actual losses to the allowance when incurred. |
Furniture, Equipment and Leasehold Improvements | Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of furniture, fixtures and equipment, computer hardware and software and leasehold improvements and are recorded at cost less accumulated depreciation. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful lives, which for leasehold improvements is the lesser of the lease term or the life of the asset, generally 10 years, and 3 to 7 years for other fixed assets. |
Business Combinations | Business Combinations The Company accounts for business combinations using the acquisition method of accounting. The acquisition method of accounting requires that purchase price, including the fair value of contingent consideration, of the acquisition be allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The method for determining relative fair value varied depending on the type of asset or liability and involved management making significant estimates related to assumptions such as future growth rates used to produce financial projections and the selection of unobservable inputs and other assumptions. The inputs used in establishing the fair value are in most cases unobservable and reflect the Company’s own judgments about the assumptions market participants would use in pricing the assets acquired and liabilities assumed. Contingent consideration is recorded as part of the purchase price when such contingent consideration is not based on continuing employment of the selling shareholders. Contingent consideration that is related to continuing employment is recorded as compensation expense. Payments made for contingent consideration recorded as part of an acquisition’s purchase price are reflected as financing activities in the Company’s Condensed Consolidated Statements of Cash Flows. The Company remeasures the fair value of contingent consideration at each reporting period using a probability-adjusted discounted cash flow method based on significant inputs not observable in the market and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in earnings. Contingent consideration payments that exceed the acquisition date fair value of the contingent consideration are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. The excess of the purchase price over the fair value of the identifiable assets acquired, including intangibles, and liabilities assumed is recorded as goodwill. The Company generally uses valuation specialists to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determining the fair values of the assets and liabilities. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed. Any adjustments to provisional amounts that are identified during the measurement period are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but is evaluated for impairment at least annually, on October 1 st of each year, or whenever events or circumstances indicate that impairment may have occurred. The Company accounts for Goodwill under Accounting Standard Codification (“ASC”) No. 350, “Intangibles - Goodwill and Other,” which provides an entity the option to first perform a qualitative assessment of whether a reporting unit’s fair value is more likely than not less than its carrying value, including goodwill. In performing its qualitative assessment, an entity considers the extent to which adverse events or circumstances identified, such as changes in economic conditions, industry and market conditions or entity specific events, could affect the comparison of the reporting unit’s fair value with its carrying amount. If an entity concludes that the fair value of a reporting unit is more likely than not less than its carrying amount, the entity is required to perform the currently prescribed two-step goodwill impairment test to identify potential goodwill impairment and, accordingly, measure the amount, if any, of goodwill impairment loss to be recognized for that reporting unit. The Company utilized this option when performing its annual impairment assessment in 2022 and 2021 and concluded that its single reporting unit’s fair value was more likely than not greater than its carrying value, including goodwill. The Company has one reporting unit as of September 30, 2023 and December 31, 2022 . No goodwill impairment charges were recorded during the three and nine months ended September 30, 2023 and 2022. Intangible assets of the Company are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount of the asset may not be recoverable. In connection with such review, the Company also re-evaluates the periods of amortization for these assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed their fair value. Identifiable finite-lived intangible assets are amortized over their estimated useful lives ranging from 3 to 20 years . The method of amortization is based on the pattern over which the economic benefits and generally expected undiscounted cash flows of the intangible asset are consumed. Intangible assets for which no pattern can be reliably determined are amortized using the straight-line method. Intangible assets consist primarily of the contractual right to future management and advisory fees and performance fees and allocations from customer contracts or relationships. |
Long-lived Assets | Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount of the asset may not be recoverable. In connection with such review, the Company also reevaluates the periods of depreciation and amortization for these assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. |
Treasury Stock | Treasury Stock On July 29, 2021, the Company announced that its Board of Directors had approved a share repurchase program authorizing the Company to repurchase up to $ 15,000,000 of the Company’s outstanding Class A common stock (the “Repurchase Program”). Repurchases under the Repurchase Program may be made using either cash on hand, borrowings under the Company’s existing credit facilities or other sources, or (a) one or more 10b5-1 share trading plans, to be established with one or more banks or brokers (the “Trading Plans”), (b) pursuant to accelerated share repurchase programs with one or more investment banks or other financial intermediaries (the “ASR Programs”), or (c) through repurchases to be made outside of the Trading Plans or ASR Programs but in compliance with all applicable requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the safe harbor provided by Exchange Act Rule 10b-18, and consummated during an open trading window under the Company’s insider trading policy. The program may be amended, suspended, or discontinued at any time and does not commit the Company to repurchase any shares of Common Stock. As of September 30, 2023 and December 31, 2022 , the Company had purchased 808,455 and 508,782 shares of Class A common stock, respectively, for an aggregate price of approximately $ 15,057 and $ 9,295 , respectively. Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Company’s Equity section of the Condensed Consolidated Statement of Financial Condition. Upon any subsequent retirement or resale, the treasury stock account is reduced by the cost of such stock. |
Partner Distributions | Partner Distributions Partner incentive allocations, which are determined by the general partner, can be formula-based or discretionary. Partner incentive allocations are treated as compensation expense and recognized in the period in which they are earned. In the event there is insufficient distributable cash flow to make incentive distributions, the general partner in its sole and absolute discretion may determine not to make any distributions called for under the partnership agreement. The remaining net income or loss after partner incentive allocations is generally allocated to unit holders based on their pro rata ownership. |
Redeemable Partnership Units | Redeemable Partnership Units If a principal of SLP is terminated for cause, SLP has the right to redeem all of the vested Class B units collectively held by the principal and his or her permitted transferees for a purchase price equal to the lesser of (i) the aggregate capital account balance in SLP of the principal and his or her permitted transferees or (ii) the purchase price paid by the terminated principal to first acquire the Class B units. SLP also makes distributions to its partners of various nature including incentive payments, profit distributions and tax distributions. The profit distributions and tax distributions are accounted for as equity transactions. Class A Common Stock The Company’s Class A stockholders are entitled to one vote for each share held of record on all matters submitted to a vote of the Company’s stockholders. Class A stockholders are also entitled to receive dividends, when and if declared by the Company’s board of directors, out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Dividends consisting of shares of Class A common stock may be paid only as follows: (i) shares of Class A common stock may be paid only to holders of shares of Class A common stock and (ii) shares of Class A common stock will be paid proportionately with respect to each outstanding share of the Company’s Class A common stock. Upon the Company’s liquidation, dissolution or winding-up, or the sale of all, or substantially all, of the Company’s assets, after payment in full of all amounts required to be paid to creditors and to holders of preferred stock having a liquidation preference, if any, the Class A stockholders will be entitled to share ratably in the Company’s remaining assets available for distribution to Class A stockholders. Class B units of SLP held by principals will be exchangeable for shares of the Company’s Class A common stock, on a one-for-one basis , subject to customary adjustments for share splits, dividends and reclassifications. Class B Common Stock Shares of the Company’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, the Company will issue the holder one share of its Class B common stock in exchange for the payment of its par value. Each share of the Company’s Class B common stock will be redeemed for its par value and cancelled by the Company 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 and the terms of the Silvercrest Asset Management Group Inc. 2012 Equity Incentive Plan (the “2012 Equity Incentive Plan”). The Company’s Class B stockholders will be entitled to one vote for each share held of record on all matters submitted to a vote of the Company’s stockholders. The Company’s Class B stockholders will not participate in any dividends declared by the Company’s board of directors. Upon the Company’s liquidation, dissolution or winding-up, or the sale of all, or substantially all, of its assets, Class B stockholders only will be entitled to receive the par value of the Company’s Class B common stock. |
Revenue Recognition | Revenue Recognition The Company generates revenue from management and advisory fees, performance fees and allocations, and family office services fees. Management and advisory fees and performance fees and allocations are generated by managing assets on behalf of separate accounts and acting as investment adviser for various investment funds. Performance fees and allocations also relate to assets managed in external investment strategies in which the Company has a revenue sharing arrangement and in funds in which the Company has no partnership interest. Management and advisory fees and family office services fees income is recognized through the course of the period in which these services are provided. Income from performance fees and allocations is recorded at the conclusion of the contractual performance period when all contingencies are resolved. In certain arrangements, the Company is only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets. The discretionary investment management agreements for the Company’s separately managed accounts do not have a specified term. Rather, each agreement may be terminated by either party at any time, unless otherwise agreed with the client, upon written notice of termination to the other party. The investment management agreements for the Company’s private funds are generally in effect from year to year, and may be terminated at the end of any year (or, in certain cases, on the anniversary of execution of the agreement) (i) by the Company upon 30 or 90 days ’ prior written notice and (ii) after receiving the affirmative vote of a simple majority of the investors in the private fund that are not affiliated with the Company, by the private fund on 60 or 90 days ’ prior written notice. The investment management agreements for the private funds may also generally be terminated effective immediately by either party where the non-terminating party (i) commits a material breach of the terms subject, in certain cases, to a cure period, (ii) is found to have committed fraud, gross negligence or willful misconduct or (iii) terminates, becomes bankrupt, becomes insolvent or dissolves. Each of the Company’s investment management agreements contains customary indemnification obligations from the Company to their clients. The management and advisory fees are primarily driven by the level of the Company’s assets under management. The assets under management increase or decrease based on the net inflows or outflows of funds into the Company’s various investment strategies and the investment performance of its clients’ accounts. In order to increase the Company’s assets under management and expand its business, the Company must develop and market investment strategies that suit the investment needs of its target clients and provide attractive returns over the long term. The Company’s ability to continue to attract clients will depend on a variety of factors including, among others: • the ability to educate the Company’s target clients about the Company’s classic value investment strategies and provide them with exceptional client service; • the relative investment performance of the Company’s investment strategies, as compared to competing products and market indices; • competitive conditions in the investment management and broader financial services sectors; • investor sentiment and confidence; and • the decision to close strategies when the Company deems it to be in the best interests of its clients. The majority of management and advisory fees that the Company earns on separately managed accounts are based on the value of assets under management on the last day of each calendar quarter. Most of the management and advisory fees are billed quarterly in advance on the first day of each calendar quarter. The Company’s basic annual fee schedule for management of clients’ assets in separately managed accounts is generally: (i) for managed equity or balanced portfolios, 1 % of the first $ 10 million and 0.60 % on the balance, (ii) for managed fixed income only portfolios, 0.40 % on the first $ 10 million and 0.30 % on the balance, (iii) for the municipal value strategy, 0.65 %, (iv) for Cortina equity portfolios, 1.0 % on the first $ 25 million, 0.90 % on the next $ 25 million and 0.80 % on the balance and (v) for outsourced chief investment officer portfolios, 0.40 % on the first $ 50 million, 0.32 % of the next $ 50 million and 0.24 % on the balance. The Company’s fee for monitoring non-discretionary assets can range from 0.05 % to 0.01 % but can also be incorporated into an agreed-upon fixed family office service fee. The majority of the Company’s clients pay a blended fee rate since they are invested in multiple strategies. Management fees earned on investment funds that the Company advises are calculated primarily based on the net assets of the funds. Some funds calculate investment fees based on the net assets of the funds as of the last business day of each calendar quarter, whereas other funds calculate investment fees based on the value of net assets on the first business day of the month. Depending on the investment fund, fees are paid either quarterly in advance or quarterly in arrears. For the Company’s private fund clients, the fees range from 0.25 % to 1.5 % annually. Certain management fees earned on investment funds for which the Company performs risk management and due diligence services are based on flat fee agreements customized for each engagement. The Company’s management and advisory fees may fluctuate based on a number of factors, including the following: • changes in assets under management due to appreciation or depreciation of its investment portfolios, and the levels of the contribution and withdrawal of assets by new and existing clients; • allocation of assets under management among its investment strategies, which have different fee schedules; • allocation of assets under management between separately managed accounts and advised funds, for which the Company generally earns lower overall management and advisory fees; and • the level of their performance with respect to accounts and funds on which the Company is paid incentive fees. The Company’s performance fees and allocations may fluctuate based on performance with respect to accounts and funds on which the Company is paid incentive fees and allocations. The Company’s family office services capabilities enable us to provide comprehensive and integrated services to its clients. The Company’s dedicated group of tax and financial planning professionals provide financial planning, tax planning and preparation, partnership accounting and fund administration and consolidated wealth reporting among other services. Family office services income fluctuates based on both the number of clients for whom the Company performs these services and the level of agreed-upon fees, most of which are flat fees. Therefore, non-discretionary assets under management, which are associated with family office services, do not typically serve as the basis for the amount of family office services revenue that is recognized. Family office services fees are also typically billed quarterly in advance at the beginning of the quarter or in arrears after the end of the quarter based on a contractual percentage of the assets managed or upon a contractually agreed-upon flat fee arrangement. Revenue is recognized on a ratable basis over the period in which services are performed. The Company accounts for performance-based revenue in accordance with “Topic 606, Revenue from Contracts with Customers” ( “ASC 606”) by recognizing performance fees and allocations as revenue only when it is certain that the fee income is earned and payable pursuant to the relevant agreements. In certain arrangements, the Company is only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets. The Company records performance fees and allocations as a component of revenue once the performance fee or allocation, as applicable, has crystallized. As a result, there is no estimate or variability in the consideration when revenue is recorded. |
Equity-Based Compensation | Equity-Based Compensation Equity-based compensation cost relating to the issuance of share-based awards to employees is based on the fair value of the award at the date of grant, which is expensed ratably over the requisite service period, net of estimated forfeitures. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions may affect the timing of the total amount of expense recognized over the vesting period. The service period is the period over which the employee performs the related services, which is normally the same as the vesting period. Equity-based awards that do not require future service are expensed immediately. Equity-based awards that have the potential to be settled in cash at the election of the employee or prior to the reorganization related to redeemable partnership units are classified as liabilities (“Liability Awards”) and are adjusted to fair value at the end of each reporting period. |
Leases | Leases The Company accounts for leases under “Topic 842, Leases” (“ASC 842”), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. ASC 842 established a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the Condensed Consolidated Statement of Operations. |
Income Taxes | Income Taxes Silvercrest and SFS are subject to federal and state corporate income tax, which requires an asset and liability approach to the financial accounting and reporting of income taxes. SLP is not subject to federal and state income taxes, since all income, gains and losses are passed through to its partners. SLP is, however, subject to New York City unincorporated business tax. With respect to the Company’s incorporated entities, the annual tax rate is based on the income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Judgment is required in determining the tax expense and in evaluating tax positions. The tax effects of any uncertain tax position (“UTP”) taken or expected to be taken in income tax returns are recognized only if it is “more likely-than-not” to be sustained on examination by the taxing authorities, based on its technical merits as of the reporting date. The tax benefits recognized in the Condensed Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to UTPs in income tax expense. The Company recognizes the benefit of a UTP in the period when it is effectively settled. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position would be sustained upon examination. |
Recent Accounting Developments | Recent Accounting Developments In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective for all public entities beginning March 12, 2020 through December 31, 2022. While the effective date of this ASU was deferred until 2024, the adoption of this ASU did no t have a material effect on the Company’s Condensed Consolidated Financial Statements. |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Changes in Fair Value of Estimated Contingent Consideration | The following table represents changes in the fair value of estimated contingent consideration for the year ended December 31, 2022, and the three and nine months ended September 30, 2023: Balance at January 1, 2022 $ 17,963 Additions to estimated contingent consideration — Payments of contingent consideration ( 5,717 ) Non-cash changes in fair value of estimated contingent consideration ( 12,080 ) Balance at December 31, 2022 $ 166 Additions to estimated contingent consideration — Payments of contingent consideration — Non-cash changes in fair value of estimated contingent consideration — Balance at March 31, 2023 166 Additions to estimated contingent consideration — Payments of contingent consideration ( 100 ) Non-cash changes in fair value of estimated contingent consideration ( 2 ) Balance at June 30, 2023 64 Additions to estimated contingent consideration — Payments of contingent consideration — Non-cash changes in fair value of estimated contingent consideration — Balance at September 30, 2023 $ 64 |
Schedule of Inputs Used in Fair Value Measurement of Estimated Contingent Consideration | Inputs used in the fair value measurement of estimated contingent consideration at December 31, 2022 is summarized below: Monte Carlo Simulation Model December 31, Fair Value Fair Value $ 166 Level 3 Forecasted growth rate 1.20 % Discount rate 14.80 % |
Category of Financial Instruments Not Held at Fair Value | At September 30, 2023 and December 31, 2022, financial instruments that are not held at fair value are categorized in the table below: September 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Fair Value Financial Assets: Cash and cash equivalents $ 58,867 $ 58,867 $ 77,432 $ 77,432 Level 1 (1) Investments $ 146 $ 146 $ 146 $ 146 N/A (2) Financial liabilities: Borrowings under credit facility $ 3,600 $ 3,600 $ 6,300 $ 6,300 Level 2 (3) (1) Includes $ 1,467 and $ 1,416 of cash equivalents at September 30, 2023 and December 31, 2022, respectively, that fall under Level 1 in the fair value hierarchy. (2) Investments consist of the Company’s equity method investments in affiliated investment funds which have been established and managed by the Company and its affiliates. Fair value of investments is based on the net asset value of the affiliated investment funds which is a practical expedient for fair value, which is not included in the fair value hierarchy under GAAP. (3) The carrying value of borrowings under the revolving credit agreement approximates fair value, which is determined based on interest rates currently available to the Company for similar debt and the weighted average cost of capital of the Company. |
Receivables, Net (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Summary of Receivables | The following is a summary of receivables as of September 30, 2023 and December 31, 2022: September 30, December 31, Management and advisory fees receivable $ 2,604 $ 3,581 Unbilled receivables 7,529 5,983 Other receivables 133 2 Receivables 10,266 9,566 Allowance for doubtful receivables ( 448 ) ( 448 ) Receivables, net $ 9,818 $ 9,118 |
Furniture, Equipment and Leas_2
Furniture, Equipment and Leasehold Improvements, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Furniture, Equipment and Leasehold Improvements, Net | The following is a summary of furniture, equipment and leasehold improvements, net as of September 30, 2023 and December 31, 2022: September 30, December 31, Leasehold improvements $ 9,439 $ 7,859 Furniture and equipment 10,878 9,213 Artwork 615 505 Total cost 20,932 17,577 Accumulated depreciation and amortization ( 13,661 ) ( 12,556 ) Furniture, equipment and leasehold improvements, net $ 7,271 $ 5,021 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill [Abstract] | |
Summary of Changes to Carrying Amount of Goodwill | The following is a summary of the changes to the carrying amount of goodwill for the nine months ended September 30, 2023 and the year ended December 31, 2022: September 30, December 31, Beginning Gross balance $ 81,090 $ 81,090 Accumulated impairment losses ( 17,415 ) ( 17,415 ) Net balance 63,675 63,675 Ending Gross balance 81,090 81,090 Accumulated impairment losses ( 17,415 ) ( 17,415 ) Net balance $ 63,675 $ 63,675 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets as of September 30, 2023 and December 31, 2022: Customer Other Total Cost Balance, January 1, 2023 $ 44,060 $ 2,461 $ 46,521 Balance, September 30, 2023 44,060 2,461 46,521 Useful lives 10 - 20 years 3 - 5 years Accumulated amortization Balance, January 1, 2023 ( 22,711 ) ( 2,461 ) ( 25,172 ) Amortization expense ( 1,821 ) — ( 1,821 ) Balance, September 30, 2023 ( 24,532 ) ( 2,461 ) ( 26,993 ) Net book value $ 19,528 $ — $ 19,528 Cost Balance, January 1, 2022 $ 44,060 $ 2,461 $ 46,521 Balance, December 31, 2022 44,060 2,461 46,521 Useful lives 10 - 20 years 3 - 5 years Accumulated amortization Balance, January 1, 2022 ( 20,136 ) ( 2,461 ) ( 22,597 ) Amortization expense ( 2,575 ) — ( 2,575 ) Balance, December 31, 2022 ( 22,711 ) ( 2,461 ) ( 25,172 ) Net Book Value $ 21,349 $ — $ 21,349 |
Schedule of Future Amortization Related to Intangible Assets | Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows: Remainder of 2023 $ 595 2024 2,289 2025 2,193 2026 1,832 2027 1,828 Thereafter 10,791 Total $ 19,528 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Components of Lease Expenses | The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating Lease Cost $ 1,515 $ 1,531 $ 4,548 $ 4,593 Financing Lease Cost: Amortization of ROU assets 28 28 87 86 Interest on lease liabilities 2 2 7 6 Total 30 30 94 92 |
Summary of Future Minimum Lease Payments and Rentals under Lease Agreements For Office Space | Future minimum lease payments and rentals under lease agreements for office space are as follows: Operating Leases Non-cancellable Operating Lease Remainder of 2023 $ 1,644 $ ( 30 ) $ 1,614 2024 6,557 ( 120 ) 6,437 2025 6,571 ( 40 ) 6,531 2026 6,562 — 6,562 2027 6,523 — 6,523 Thereafter 6,604 — 6,604 Total $ 34,461 $ ( 190 ) $ 34,271 Weighted-average remaining lease term – operating leases (months) 64.3 Weighted-average discount rate 4.5 % |
Assets Relating to Finance Leases Included in Equipment | The assets relating to finance leases that are included in equipment as of September 30, 2023 and December 31, 2022 are as follows: September 30, December 31, Finance lease assets included in furniture and equipment $ 503 $ 503 Less: Accumulated depreciation and amortization ( 248 ) ( 161 ) $ 255 $ 342 |
Summary of Future Minimum Lease Payments under Finance Leases | Future minimum lease payments under finance leases are as follows: Future Minimum Lease Remainder of 2023 $ 23 2024 85 2025 75 2026 45 2027 31 Thereafter — Total $ 259 Weighted-average remaining lease term – finance leases (months) 39.1 Weighted-average discount rate 3.0 % |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Authorized and Outstanding Equity | Silvercrest has the following authorized and outstanding equity: Shares at September 30, 2023 Authorized Outstanding Voting Rights Economic Common shares Class A, par value $ 0.01 per share 50,000,000 9,342,259 1 vote per share (1), (2) All (1), (2) Class B, par value $ 0.01 per share 25,000,000 4,544,804 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 nine months ended September 30, 2023 and 2022 , Silvercrest granted 0 and 10,270 restricted stock units, respectively. As of September 30, 2023 , there are 23,732 unvested restricted stock units which will vest and settle in the form of Class A shares of Silvercrest. (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 4,544,804 Class B units, which represent the right to receive their proportionate share of the distributions made by SLP, and 264,037 restricted stock units which will vest and settle in the form of Class B units of SLP. The 264,037 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. |
Schedule of Common Stock Outstanding | During the three and nine months ended September 30, 2023, Silvercrest issued the following shares: Class A Common Stock Transaction # of Date Shares Class A common stock outstanding - January 1, 2023 9,559,587 Issuance of Class A common stock upon vesting of restricted stock units March 2023 8,242 Issuance of Class A common stock upon conversion of Class B units to Class A March 2023 1,555 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. March 2023 ( 95,729 ) Issuance of Class A common stock upon conversion of Class B units to Class A May 2023 44,669 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. May 2023 ( 60,028 ) Issuance of Class A common stock upon conversion of Class B units to Class A June 2023 21,243 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. June 2023 ( 106,096 ) Issuance of Class A common stock upon conversion of Class B units to Class A August 2023 6,636 Purchase of Class A common stock of Silvercrest Asset Management Group Inc. August 2023 ( 37,820 ) Class A common shares outstanding – September 30, 2023 9,342,259 Class B Common Stock Transaction # of Date Shares Class B common stock outstanding - January 1, 2023 4,545,380 Cancellation of Class B common stock upon conversion of Class B units to Class A March 2023 ( 1,555 ) Issuance of Class B common stock upon vesting of restricted stock units May 2023 50,081 Cancellation of Class B common stock upon conversion of Class B units to Class A May 2023 ( 44,669 ) Issuance of Class B common stock in connection with the Neosho Acquisition May 2023 1,376 Cancellation of Class B common stock upon conversion of Class B units to Class A June 2023 ( 21,243 ) Cancellation of Class B common stock upon conversion of Class B units to Class A August 2023 ( 6,636 ) Issuance of Class B common stock upon exercise of non-qualified options September 2023 22,070 Class B common shares outstanding – September 30, 2023 4,544,804 |
Notes Receivable from Partners
Notes Receivable from Partners (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounts Notes And Loans Receivable [Line Items] | |
Summary of Receivables | The following is a summary of receivables as of September 30, 2023 and December 31, 2022: September 30, December 31, Management and advisory fees receivable $ 2,604 $ 3,581 Unbilled receivables 7,529 5,983 Other receivables 133 2 Receivables 10,266 9,566 Allowance for doubtful receivables ( 448 ) ( 448 ) Receivables, net $ 9,818 $ 9,118 |
Partners | |
Accounts Notes And Loans Receivable [Line Items] | |
Summary of Receivables | Notes receivable from partners are as follows for the nine months ended September 30, 2023 and the year ended December 31, 2022: September 30, December 31, Beginning balance $ 437 $ 606 Repayment of notes ( 95 ) ( 172 ) Interest accrued and capitalized on notes receivable 1 3 Ending balance $ 343 $ 437 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of RSU Grants | A summary of the RSU grants by the Company as of September 30, 2023 and 2022 is presented below: Restricted Stock Units Granted Units Fair Value per unit Total granted at January 1, 2023 244,901 $ 10.18 – 21.42 Granted 101,192 18.18 Vested ( 58,324 ) 10.18 – 14.54 Total granted at September 30, 2023 287,769 $ 10.18 – 21.42 Total granted at January 1, 2022 192,559 $ 10.18 – 15.96 Granted 10,270 21.42 Vested ( 50,082 ) 10.18 – 14.54 Total granted at September 30, 2022 152,747 $ 10.18 – 21.42 |
Non-Qualified Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of NQO Grants | A summary of the NQO grants by the Company as of September 30, 2023 and 2022 is presented below: Non-Qualified Options Granted Units Fair Value per unit Total granted at January 1, 2023 252,904 $ 10.18 – 14.54 Exercised ( 105,398 ) 13.97 Total granted at September 30, 2023 147,506 $ 10.18 – 14.54 Total granted at January 1, 2022 252,904 $ 10.18 – 14.54 Total granted at September 30, 2022 252,904 $ 10.18 – 14.54 |
Organization and Business - Add
Organization and Business - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||||
Jun. 26, 2013 | Sep. 30, 2023 | Apr. 01, 2012 | Oct. 03, 2008 | Dec. 31, 2004 | Mar. 11, 2004 | |
Business And Organization [Line Items] | ||||||
Tax receivable agreement with limited partner, percentage of cash savings to be paid | 85% | |||||
Recognition of tax receivable agreement liability | $ 9,242 | |||||
Percentage of cash savings expected to be realized | 15% | |||||
Silvercrest Financial Services Inc | ||||||
Business And Organization [Line Items] | ||||||
Percentage of outstanding shares acquired | 100% | |||||
Sam Alternative Solutions Inc | ||||||
Business And Organization [Line Items] | ||||||
Percentage of outstanding shares acquired | 100% | |||||
Marathon Capital Group, LLC | ||||||
Business And Organization [Line Items] | ||||||
Percentage of outstanding shares acquired | 100% | |||||
MW Commodity Advisors, LLC | ||||||
Business And Organization [Line Items] | ||||||
Percentage of outstanding shares acquired | 100% | |||||
Silvercrest L.P | Class A Common Stock | ||||||
Business And Organization [Line Items] | ||||||
Number of shares held by parent | 9,342,259 | |||||
Percentage ownership in a consolidated subsidiary | 67.40% | 67.40% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2023 shares | Jun. 30, 2023 shares | May 31, 2023 shares | Mar. 31, 2023 shares | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Segment Unit shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Unit shares | Jul. 29, 2021 USD ($) | Jun. 26, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Number of operating segment | Segment | 1 | ||||||||||||
Cash equivalents, maximum maturity period | 90 days | ||||||||||||
Equity method investments, unrealized intercompany profit (loss) not eliminated amount | $ 0 | ||||||||||||
Number of reporting unit | Unit | 1 | 1 | |||||||||||
Impairment charges on goodwill | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Treasury stock, aggregate price | $ 773,000 | $ 3,345,000 | 5,240,000 | $ 15,057,000 | $ 9,295,000 | ||||||||
ASU 2020-04 | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Change in accounting principle, accounting standards update, adoption date | Mar. 12, 2020 | Mar. 12, 2020 | |||||||||||
Change in accounting principle, accounting standards update, Adopted | true | true | |||||||||||
Change in accounting principle, accounting standards update, Immaterial Effect | true | true | |||||||||||
Equity or Balanced Portfolios | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of asset management fee on threshold limit | 1% | ||||||||||||
Asset under management, threshold limit | $ 10,000,000 | $ 10,000,000 | |||||||||||
Percentage of asset management fee on balance | 0.60% | ||||||||||||
Fixed Income Portfolios | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of asset management fee on threshold limit | 0.40% | ||||||||||||
Asset under management, threshold limit | 10,000,000 | $ 10,000,000 | |||||||||||
Percentage of asset management fee on balance | 0.30% | ||||||||||||
Cortina Equity Portfolios | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of asset management fee on balance | 0.80% | ||||||||||||
Percentage of asset management fee on first threshold limit | 1% | ||||||||||||
Asset under management, first threshold limit | 25,000,000 | $ 25,000,000 | |||||||||||
Percentage of asset management fee on second threshold limit | 0.90% | ||||||||||||
Asset under management, second threshold limit | 25,000,000 | $ 25,000,000 | |||||||||||
Municipal Value Strategy | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of income from asset management fee | 0.65% | ||||||||||||
Outsourced Chief Investment Officer Portfolios | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of asset management fee on balance | 0.24% | ||||||||||||
Percentage of asset management fee on first threshold limit | 0.40% | ||||||||||||
Asset under management, first threshold limit | 50,000,000 | $ 50,000,000 | |||||||||||
Percentage of asset management fee on second threshold limit | 0.32% | ||||||||||||
Asset under management, second threshold limit | $ 50,000,000 | $ 50,000,000 | |||||||||||
Minimum | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Identifiable finite-lived intangible assets, useful life | 3 years | 3 years | |||||||||||
Minimum | Private Funds | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Prior written notice period to terminate investment management agreements | 30 days | ||||||||||||
Prior written notice period after receiving the affirmative vote, to terminate investment management agreements | 60 days | ||||||||||||
Percentage of income from asset management fee | 0.25% | ||||||||||||
Minimum | Non-discretionary Assets | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of income from asset management fee | 0.05% | ||||||||||||
Maximum | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Identifiable finite-lived intangible assets, useful life | 20 years | 20 years | |||||||||||
Maximum | Private Funds | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Prior written notice period to terminate investment management agreements | 90 days | ||||||||||||
Prior written notice period after receiving the affirmative vote, to terminate investment management agreements | 90 days | ||||||||||||
Percentage of income from asset management fee | 1.50% | ||||||||||||
Maximum | Non-discretionary Assets | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of income from asset management fee | 0.01% | ||||||||||||
Leasehold Improvements | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 10 years | 10 years | |||||||||||
Other Fixed Assets | Minimum | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 3 years | 3 years | |||||||||||
Other Fixed Assets | Maximum | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 7 years | 7 years | |||||||||||
Equity Method Investments | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Impairment charges related to equity method investments | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Class A Common Stock | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Treasury stock, purchased | shares | 37,820 | 106,096 | 60,028 | 95,729 | 808,455 | 508,782 | |||||||
Treasury stock, aggregate price | $ 1,644,000 | ||||||||||||
Common stock, voting rights | one vote for each share | ||||||||||||
Class A Common Stock | Maximum | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ 15,000,000 | ||||||||||||
Class B Common Stock | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Common stock, voting rights | one vote for each share | ||||||||||||
Class of share exchangeable to another class | one-for-one basis | ||||||||||||
Silvercrest L.P | Class A Common Stock | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Ownership percentage in a subsidiary | 67.40% | 67.40% | 67.40% | ||||||||||
Common stock, voting rights | one vote for each share |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||||
Jul. 29, 2022 | Jul. 30, 2021 | Jul. 01, 2019 | Apr. 12, 2019 | Dec. 13, 2018 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | |||||||||||||
Contingent purchase price payment | $ 75,000 | $ 4,569,000 | |||||||||||
Cortina Asset Management, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Equity consideration for SLP acquired | $ 0 | 0 | $ 2,000 | ||||||||||
Fair value adjustments to contingent purchase price consideration | 0 | $ 343,000 | 2,000 | $ 10,943,000 | |||||||||
Cortina Asset Management, LLC | Purchase Agreement | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate purchase amount | $ 33,577,000 | ||||||||||||
Percentage to acquire business in cash | 80% | ||||||||||||
Additional percentage to acquire business in cash | 80% | ||||||||||||
Business combination consideration partially offset by net closing credits | $ 35,072,000 | ||||||||||||
Equity consideration for SLP acquired | 13,800,000 | ||||||||||||
Business combination acquired revenue | $ 13,027,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Greater than or Equal to 95% for July 1, 2020 to June 30, 2021 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration first retention payment | 3,370,000 | $ 3,370,000 | |||||||||||
Business combination contingent consideration first retention payment paid in cash | $ 2,696,000 | ||||||||||||
Business combination contingent consideration first retention payment paid in equity | $ 674,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Greater than or Equal to 105% for July 1, 2021 to June 30, 2022 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration second retention payment | 5,617,000 | ||||||||||||
Business combination contingent consideration second retention payment paid in cash | $ 4,494,000 | ||||||||||||
Business combination contingent consideration second retention payment paid in equity | $ 1,123,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Equal to 75% or Less for July 1, 2020 to June 30, 2021 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration first retention payment | 0 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Between 75% and 95% for July 1, 2020 to June 30, 2021 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration first retention payment, minimum | 0 | ||||||||||||
Business combination contingent consideration first retention payment, maximum | 3,370,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Between 85% and 105% for July 1, 2021 to June 30, 2022 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration second retention payment, minimum | 0 | ||||||||||||
Business combination contingent consideration second retention payment, maximum | 5,617,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Equal to 85% or Less for July 1, 2021 to June 30, 2022 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration second retention payment | 0 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Between 95% and 140% for July 1, 2022 to June 30, 2023 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration growth payment, minimum | 0 | ||||||||||||
Business combination contingent consideration growth payment, maximum | 17,222,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Revenue Equal to 95% or Less for July 1, 2022 to June 30, 2023 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration growth payment | 0 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Maximum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate purchase amount | 44,937,000 | ||||||||||||
Additional aggregate purchase amount | 26,209,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Maximum | Revenue Between 85% and 105% for July 1, 2021 to June 30, 2022 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration second retention payment | 5,617,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Maximum | Revenue Between 95% and 140% for July 1, 2022 to June 30, 2023 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business combination contingent consideration growth payment | $ 17,222,000 | ||||||||||||
Cortina Asset Management, LLC | Purchase Agreement | Silvercrest L.P | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of business combination consideration issuance | 20% | ||||||||||||
Additional aggregate purchase amount | $ 8,952,000 | ||||||||||||
Additional percentage of earn out payment paid in cash | 20% | ||||||||||||
Potential earn-out payments period | 4 years | ||||||||||||
Issuance of common stock | 662,713 | ||||||||||||
Neosho | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Equity consideration for SLP acquired | $ 20,000 | $ 64,000 | $ 64,000 | $ 164,000 | |||||||||
Cash paid on date of acquisition | 399,000 | ||||||||||||
Contingent consideration | 1,686,000 | ||||||||||||
Expected payments on first anniversary of closing date | 300,000 | ||||||||||||
Earn out payments due in two years | 100,000 | ||||||||||||
Earn out payments due in three years | 100,000 | ||||||||||||
Earn out payments due in four years | 100,000 | ||||||||||||
Earn out payments due in five years | $ 100,000 | ||||||||||||
Percentage of product to obtain earn out payment | 50% | ||||||||||||
Percentage of earn out payment paid in cash | 75% | ||||||||||||
Percentage of earn out payment paid in equity | 25% | ||||||||||||
Contingent purchase price payment | $ 100,000 | $ 100,000 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | $ 146,000 | $ 146,000 |
Fair Value, Measurements, Recurring | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Financial assets | 0 | 0 |
Financial liabilities | $ 0 | $ 0 |
Maximum | Silvercrest Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Maximum financial interest in affiliated investment funds | 2% |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Schedule of Changes in Fair Value of Estimated Contingent Consideration (Detail) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 166 | $ 17,963 |
Payments of contingent consideration | (100) | (5,717) |
Non-cash changes in fair value of estimated contingent consideration | (2) | (12,080) |
Ending balance | $ 64 | $ 166 |
Investments and Fair Value Me_5
Investments and Fair Value Measurements - Schedule of Inputs Used in Fair Value Measurement of Estimated Contingent Consideration (Detail) - Level 3 $ in Thousands | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Equity consideration for SLP acquired | $ 64 | $ 64 | $ 166 | $ 166 | $ 17,963 |
Forecasted Growth Rate | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input of estimated contingent consideration | 1.2 | ||||
Discount Rate | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value measurement input of estimated contingent consideration | 14.8 |
Investments and Fair Value Me_6
Investments and Fair Value Measurements - Category of Financial Instruments Not Held at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Financial Assets, Investments | $ 146 | $ 146 |
Carrying Amount | Level I | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Financial Assets, Cash and cash equivalents | 58,867 | 77,432 |
Carrying Amount | Level II | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Financial Liabilities, Borrowings under credit facility | 3,600 | 6,300 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Financial Assets, Investments | 146 | 146 |
Fair Value | Level I | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Financial Assets, Cash and cash equivalents | 58,867 | 77,432 |
Fair Value | Level II | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Financial Liabilities, Borrowings under credit facility | $ 3,600 | $ 6,300 |
Investments and Fair Value Me_7
Investments and Fair Value Measurements - Category of Financial Instruments Not Held at Fair Value (Parenthetical) (Detail) - Level I - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 1,467 | |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 1,416 |
Receivables, Net - Summary of R
Receivables, Net - Summary of Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Management and advisory fees receivable | $ 2,604 | $ 3,581 |
Unbilled receivables | 7,529 | 5,983 |
Other receivables | 133 | 2 |
Receivables | 10,266 | 9,566 |
Allowance for doubtful receivables | (448) | (448) |
Receivables, net | $ 9,818 | $ 9,118 |
Furniture, Equipment and Leas_3
Furniture, Equipment and Leasehold Improvements, Net - Summary of Furniture, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Total cost | $ 20,932 | $ 17,577 |
Accumulated depreciation and amortization | (13,661) | (12,556) |
Furniture, equipment and leasehold improvements, net | 7,271 | 5,021 |
Leasehold Improvements | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Total cost | 9,439 | 7,859 |
Furniture and Equipment | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Total cost | 10,878 | 9,213 |
Artwork | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Total cost | $ 615 | $ 505 |
Furniture, Equipment and Leas_4
Furniture, Equipment and Leasehold Improvements, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 373,000 | $ 306,000 | $ 1,104,000 | $ 886,000 |
Leased assets write off | $ 0 | 170,000 | $ 0 | 194,000 |
Accumulated depreciation | $ 119,000 | $ 143,000 |
Goodwill - Summary of Changes t
Goodwill - Summary of Changes to Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill [Abstract] | ||
Beginning, Gross balance | $ 81,090 | $ 81,090 |
Beginning, Accumulated impairment losses | (17,415) | (17,415) |
Beginning, Net balance | 63,675 | 63,675 |
Ending, Gross balance | 81,090 | 81,090 |
Ending, Accumulated impairment losses | (17,415) | (17,415) |
Ending, Net balance | $ 63,675 | $ 63,675 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Cost of intangible assets gross, beginning balance | $ 46,521 | $ 46,521 | $ 46,521 | ||
Cost of intangible assets gross, ending balance | $ 46,521 | 46,521 | 46,521 | ||
Accumulated amortization, beginning balance | (25,172) | (22,597) | (22,597) | ||
Amortization expense | (595) | $ (644) | (1,821) | (1,931) | (2,575) |
Accumulated amortization, ending balance | (26,993) | (26,993) | (25,172) | ||
Net book value | $ 19,528 | $ 19,528 | 21,349 | ||
Minimum | |||||
Useful lives | 3 years | 3 years | |||
Maximum | |||||
Useful lives | 20 years | 20 years | |||
Customer Relationships | |||||
Cost of intangible assets gross, beginning balance | $ 44,060 | 44,060 | 44,060 | ||
Cost of intangible assets gross, ending balance | $ 44,060 | 44,060 | 44,060 | ||
Accumulated amortization, beginning balance | (22,711) | (20,136) | (20,136) | ||
Amortization expense | (1,821) | (2,575) | |||
Accumulated amortization, ending balance | (24,532) | (24,532) | (22,711) | ||
Net book value | $ 19,528 | $ 19,528 | $ 21,349 | ||
Customer Relationships | Minimum | |||||
Useful lives | 10 years | 10 years | 10 years | ||
Customer Relationships | Maximum | |||||
Useful lives | 20 years | 20 years | 20 years | ||
Other Intangible Assets | |||||
Cost of intangible assets gross, beginning balance | $ 2,461 | 2,461 | $ 2,461 | ||
Cost of intangible assets gross, ending balance | $ 2,461 | 2,461 | 2,461 | ||
Accumulated amortization, beginning balance | (2,461) | $ (2,461) | (2,461) | ||
Accumulated amortization, ending balance | $ (2,461) | $ (2,461) | $ (2,461) | ||
Other Intangible Assets | Minimum | |||||
Useful lives | 3 years | 3 years | 3 years | ||
Other Intangible Assets | Maximum | |||||
Useful lives | 5 years | 5 years | 5 years |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Amortization expenses of intangible assets | $ 595 | $ 644 | $ 1,821 | $ 1,931 | $ 2,575 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Future Amortization Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2023 | $ 595 | |
2024 | 2,289 | |
2025 | 2,193 | |
2026 | 1,832 | |
2027 | 1,828 | |
Thereafter | 10,791 | |
Net book value | $ 19,528 | $ 21,349 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 15, 2023 | Jun. 17, 2022 | Jul. 01, 2019 USD ($) | Jun. 24, 2013 USD ($) Installment | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Outstanding borrowings under credit facility | $ 3,624,000 | $ 3,624,000 | $ 6,337,000 | ||||||
Interest expense including amortization of deferred financing fees | 86,000 | $ 109,000 | 314,000 | $ 270,000 | |||||
City National Bank | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, borrowing capacity | $ 15,000,000 | ||||||||
Accrued, unpaid interest | 24,000 | 37,000 | |||||||
Interest expense including amortization of deferred financing fees | 84,000 | $ 107,000 | $ 302,000 | $ 264,000 | |||||
Delayed Draw Term Loan | City National Bank | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, borrowing capacity | $ 25,500,000 | $ 7,500,000 | |||||||
Credit facility maturity date | Jul. 01, 2026 | Jun. 24, 2025 | |||||||
Credit facility, interest rate description | 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 | ||||||||
Increased borrowing capacity under credit facility | $ 18,000,000 | ||||||||
Credit facility draw date | Jul. 01, 2024 | ||||||||
Variable rate notes issued for redemption of partners' interests, spread | 2.80% | ||||||||
Credit facility, number of installments | Installment | 20 | ||||||||
Credit facility, frequency of installments | quarterly | ||||||||
Outstanding borrowings under credit facility | 3,600,000 | $ 3,600,000 | 6,300,000 | ||||||
Delayed Draw Term Loan | City National Bank | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate notes issued for redemption of partners' interests, spread | 0.25% | ||||||||
Debt instrument variable interest rate basis | prime rate | ||||||||
Delayed Draw Term Loan | City National Bank | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, fixed interest rate | 2.50% | ||||||||
Borrowings Under Revolving Credit Agreement | City National Bank | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, borrowing capacity | $ 10,000,000 | $ 7,500,000 | |||||||
Credit facility maturity date | Jun. 18, 2024 | Jun. 18, 2023 | Jun. 21, 2019 | ||||||
Increased borrowing capacity under credit facility | $ 2,500,000 | ||||||||
Debt covenant, restriction on change in control | 30% | ||||||||
Outstanding borrowings under credit facility | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 05, 2022 | Nov. 14, 2022 | Oct. 01, 2022 | Sep. 01, 2022 | May 01, 2022 | Apr. 04, 2022 | Jul. 01, 2021 | Aug. 20, 2020 | Jun. 01, 2020 | May 01, 2020 | Jun. 06, 2019 | Dec. 13, 2018 | Jan. 16, 2018 | Feb. 28, 2023 | Feb. 28, 2021 | Aug. 31, 2019 | Jul. 31, 2019 | Mar. 31, 2019 | Jan. 31, 2018 | Sep. 30, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2014 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense | $ 1,636,000 | $ 1,592,000 | $ 4,880,000 | $ 4,828,000 | |||||||||||||||||||||||||
Sub-lease income | 39,000 | 38,000 | 116,000 | 115,000 | |||||||||||||||||||||||||
Finance lease obligation | 258,000 | 258,000 | $ 344,000 | ||||||||||||||||||||||||||
Assets acquired under capital leases | 255,000 | 255,000 | 342,000 | ||||||||||||||||||||||||||
Depreciation expense | 373,000 | 306,000 | 1,104,000 | 886,000 | |||||||||||||||||||||||||
Leased assets write off | 0 | 170,000 | 0 | 194,000 | |||||||||||||||||||||||||
Accumulated depreciation | 119,000 | 143,000 | |||||||||||||||||||||||||||
Two Copiers | Lease Agreement July 31, 2022 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Jul. 31, 2022 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 51,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Copier | Through May 31, 2022 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | May 31, 2022 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 12,000 | ||||||||||||||||||||||||||||
Capital lease, period | 39 months | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 400 | ||||||||||||||||||||||||||||
Copier | Through February 28,2021 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Jan. 31, 2021 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 11,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 300 | ||||||||||||||||||||||||||||
Copier | Through February 28, 2022 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Feb. 28, 2022 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 13,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 400 | ||||||||||||||||||||||||||||
Finance Lease Assets | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Depreciation expense | 27,000 | 28,000 | 87,000 | 86,000 | |||||||||||||||||||||||||
Cortina Asset Management, LLC | Copier | Lease Agreement November 2021 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Nov. 30, 2021 | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Additional Office Space | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 11,000 | $ 5,000 | |||||||||||||||||||||||||||
Refundable security deposit | $ 3,000 | ||||||||||||||||||||||||||||
Lease commencement date | Jan. 16, 2018 | Oct. 01, 2017 | May 01, 2014 | ||||||||||||||||||||||||||
Lease expiration date | Nov. 30, 2028 | Nov. 30, 2024 | Jul. 31, 2019 | ||||||||||||||||||||||||||
Number of rent free periods | 3 months | ||||||||||||||||||||||||||||
Rent credit | $ 40,000 | ||||||||||||||||||||||||||||
Lease expansion date | Jan. 12, 2018 | ||||||||||||||||||||||||||||
Office Space | Charlottesville, VA. | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 3,000 | ||||||||||||||||||||||||||||
Refundable security deposit | $ 2,000 | ||||||||||||||||||||||||||||
Lease commencement date | Jul. 01, 2022 | Jul. 01, 2019 | Jun. 30, 2015 | ||||||||||||||||||||||||||
Lease expiration date | Dec. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2019 | ||||||||||||||||||||||||||
Office Space | Bedminster, NJ. | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 11,000 | ||||||||||||||||||||||||||||
Lease commencement date | Apr. 01, 2022 | ||||||||||||||||||||||||||||
Lease expiration date | Jul. 31, 2027 | ||||||||||||||||||||||||||||
Number of rent free periods | 4 months | ||||||||||||||||||||||||||||
Office Space | Princeton, NJ. | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 6,000 | ||||||||||||||||||||||||||||
Lease commencement date | Apr. 23, 2016 | ||||||||||||||||||||||||||||
Lease expiration date | Aug. 31, 2022 | ||||||||||||||||||||||||||||
Number of rent free periods | 5 months | ||||||||||||||||||||||||||||
Office Space | New York City | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 420,000 | ||||||||||||||||||||||||||||
Lease commencement date | Oct. 01, 2017 | ||||||||||||||||||||||||||||
Lease expiration date | Sep. 30, 2028 | ||||||||||||||||||||||||||||
Number of rent free periods | 12 months | ||||||||||||||||||||||||||||
Payments for tenant improvements | $ 2,080,000 | ||||||||||||||||||||||||||||
Office Space | Boston, MA | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 23,000 | $ 33,000 | |||||||||||||||||||||||||||
Lease commencement date | May 01, 2023 | Jan. 01, 2018 | |||||||||||||||||||||||||||
Lease expiration date | Aug. 31, 2028 | Apr. 30, 2023 | |||||||||||||||||||||||||||
Number of rent free periods | 4 months | 1 month | |||||||||||||||||||||||||||
Payments for tenant improvements | $ 195,000 | ||||||||||||||||||||||||||||
Office Space | La Jolla, CA | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 3,000 | ||||||||||||||||||||||||||||
Lease expiration date | Jan. 31, 2020 | ||||||||||||||||||||||||||||
Office Space | San Diego, CA | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 12,000 | ||||||||||||||||||||||||||||
Lease commencement date | Feb. 01, 2020 | ||||||||||||||||||||||||||||
Lease expiration date | Jun. 30, 2025 | ||||||||||||||||||||||||||||
Number of rent free periods | 4 months | ||||||||||||||||||||||||||||
Payments for tenant improvements | $ 27,000 | ||||||||||||||||||||||||||||
Office Space | Milwaukee, WI | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 12,000 | $ 22,000 | |||||||||||||||||||||||||||
Lease commencement date | Jun. 01, 2023 | ||||||||||||||||||||||||||||
Lease expiration date | Jun. 30, 2023 | May 31, 2034 | |||||||||||||||||||||||||||
Number of rent free periods | 24 months | ||||||||||||||||||||||||||||
Office Equipment | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Finance lease obligation | 258,000 | 258,000 | 344,000 | ||||||||||||||||||||||||||
Office Equipment | Two Copiers | Through August 19, 2023 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Aug. 19, 2023 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 43,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Office Equipment | Two Copiers | Through August 19, 2023 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Aug. 19, 2023 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 39,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Office Equipment | Two Copiers | Through June 30, 2024 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Jun. 30, 2024 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 52,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Office Equipment | Copier | Through April 30, 2025 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 82,000 | ||||||||||||||||||||||||||||
Capital lease, period | 5 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Office Equipment | Copier | Through May 31, 2023 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 59,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 2,000 | ||||||||||||||||||||||||||||
Office Equipment | Copier | Through April 30, 2026 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Apr. 30, 2026 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 31,000 | ||||||||||||||||||||||||||||
Capital lease, period | 4 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Office Equipment | Copier | Through August 31, 2025 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Aug. 31, 2025 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 30,000 | ||||||||||||||||||||||||||||
Capital lease, period | 3 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 1,000 | ||||||||||||||||||||||||||||
Office Equipment | Copier | Through November 30, 2025 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Nov. 30, 2025 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 11,000 | ||||||||||||||||||||||||||||
Capital lease, period | 39 months | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 300 | ||||||||||||||||||||||||||||
Office Equipment | Copier | Through September 30, 2027 | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Sep. 30, 2027 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 210,000 | ||||||||||||||||||||||||||||
Capital lease, period | 5 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 4,000 | ||||||||||||||||||||||||||||
Office Equipment | Four Copiers | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Lease expiration date | Jan. 31, 2026 | ||||||||||||||||||||||||||||
Assets acquired under capital leases | $ 94,000 | ||||||||||||||||||||||||||||
Capital lease, period | 5 years | ||||||||||||||||||||||||||||
Capital lease, minimum monthly payment | $ 2,000 | ||||||||||||||||||||||||||||
Letter of Credit | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Refundable security deposit | 506,000 | 506,000 | $ 506,000 | ||||||||||||||||||||||||||
Letter of Credit | Boston landlord | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Refundable security deposit | 80,000 | 80,000 | |||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Operating lease rent expense, net | $ 1,598,000 | $ 1,554,000 | $ 4,764,000 | $ 4,713,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Components of Lease Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating Lease Cost | $ 1,515 | $ 1,531 | $ 4,548 | $ 4,593 |
Financing Lease Cost: | ||||
Amortization of ROU assets | 28 | 28 | 87 | 86 |
Interest on lease liabilities | 2 | 2 | 7 | 6 |
Total | $ 30 | $ 30 | $ 94 | $ 92 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Future Minimum Lease Payments and Rentals under Lease Agreements For Office Space (Detail) - Continuing Operations $ in Thousands | Sep. 30, 2023 USD ($) |
Commitment And Contingencies [Line Items] | |
Operating Leases, Remainder of 2023 | $ 1,644 |
Operating Leases, 2024 | 6,557 |
Operating Leases, 2025 | 6,571 |
Operating Leases, 2026 | 6,562 |
Operating Leases, 2027 | 6,523 |
Operating Leases, Thereafter | 6,604 |
Operating Leases, Total | 34,461 |
Non-cancellable Subleases, Remainder of 2023 | (30) |
Non-cancellable Subleases, 2024 | (120) |
Non-cancellable Subleases, 2025 | (40) |
Non-cancellable Subleases, Total | (190) |
Operating Lease Liabilities, Remainder of 2023 | 1,614 |
Operating Lease Liabilities, 2024 | 6,437 |
Operating Lease Liabilities, 2025 | 6,531 |
Operating Lease Liabilities, 2026 | 6,562 |
Operating Lease Liabilities, 2027 | 6,523 |
Operating Lease Liabilities, Thereafter | 6,604 |
Operating Lease Liabilities, Total | $ 34,271 |
Weighted-average remaining lease term - operating leases (months) | 64 months 9 days |
Weighted-average discount rate | 4.50% |
Commitments and Contingencies_4
Commitments and Contingencies - Assets Relating to Finance Leases Included in Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Finance lease assets included in furniture and equipment | $ 503 | $ 503 |
Less: Accumulated depreciation and amortization | (248) | (161) |
Finance lease assets, net | $ 255 | $ 342 |
Commitments and Contingencies_5
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Finance Leases (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2023 | $ 23 |
2024 | 85 |
2025 | 75 |
2026 | 45 |
2027 | 31 |
Total | $ 259 |
Weighted-average remaining lease term – finance leases (months) | 39 months 3 days |
Weighted-average discount rate | 3% |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2023 | Aug. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jul. 29, 2021 | |
Class Of Stock [Line Items] | |||||||||||||
Partnership distributions, amount | $ 1,419,000 | $ 2,059,000 | $ 7,759,000 | $ 8,268,000 | |||||||||
Distributions of partner incentive allocations of net income | 32,262,000 | $ 34,429,000 | |||||||||||
Treasury stock, aggregate price | 773,000 | $ 3,345,000 | 5,240,000 | $ 15,057,000 | $ 9,295,000 | ||||||||
Non-Qualified Stock Options | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock issued during period, shares, stock options exercised | 105,398 | 0 | |||||||||||
Class B Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock issued during period, shares, acquisitions | 1,376 | ||||||||||||
Class B Common Stock | Restricted Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of common stock | 50,081 | ||||||||||||
Class B Common Stock | Non-Qualified Stock Options | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock issued during period, shares, stock options exercised | 22,070 | ||||||||||||
Class B Common Stock | Neosho | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock issued during period, shares, acquisitions | 1,376 | ||||||||||||
Class B Common Stock | Resale And Registration Rights Agreement | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Share conversion, Shares | 6,636 | 21,243 | 44,669 | 1,555 | |||||||||
Class A Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Treasury stock, purchased | 37,820 | 106,096 | 60,028 | 95,729 | 808,455 | 508,782 | |||||||
Treasury stock, aggregate price | $ 1,644,000 | ||||||||||||
Conversion of Stock, Shares Issued | 6,636 | 21,243 | 44,669 | 1,555 | |||||||||
Class A Common Stock | Maximum | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ 15,000,000 | ||||||||||||
Class A Common Stock | Restricted Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of common stock | 8,242 | ||||||||||||
Silvercrest L.P | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Accrued partner incentive allocations | $ 6,983,000 | $ 6,968,000 | $ 20,476,000 | $ 23,918,000 |
Equity - Summary of Authorized
Equity - Summary of Authorized and Outstanding Equity (Detail) - shares | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Preferred shares | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common shares | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares outstanding | 9,342,259 | 9,559,587 |
Common stock, voting rights | one vote for each share | |
Class B Common Stock | ||
Common shares | ||
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares outstanding | 4,544,804 | 4,545,380 |
Common stock, voting rights | one vote for each share |
Equity - Summary of Authorize_2
Equity - Summary of Authorized and Outstanding Equity (Parenthetical) (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Class A Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, voting rights | one vote for each share | ||
Common stockholders rights percentage | 100% | ||
Restricted stock units granted | 0 | 10,270 | |
Restricted stock units unvested | 23,732 | ||
Common stock, shares outstanding | 9,342,259 | 9,559,587 | |
Class B Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, voting rights | one vote for each share | ||
Restricted stock units granted | 264,037 | ||
Class of share exchangeable to another class | one-for-one basis | ||
Common stock, shares outstanding | 4,544,804 | 4,545,380 |
Equity - Class A Common Stock (
Equity - Class A Common Stock (Detail) - Class A Common Stock - shares | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||||||
Common stock, shares outstanding | 9,342,259 | 9,559,587 | ||||
Issuance of Class A common stock upon conversion of Class B units to Class A common stock | 6,636 | 21,243 | 44,669 | 1,555 | ||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Shares | (37,820) | (106,096) | (60,028) | (95,729) | (808,455) | (508,782) |
Common stock conversion date | 2023-08 | 2023-06 | 2023-05 | 2023-03 | ||
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc., Transaction date | 2023-08 | 2023-06 | 2023-05 | 2023-03 | ||
Restricted Stock | ||||||
Class Of Stock [Line Items] | ||||||
Issuance of common stock upon vesting of restricted stock units | 8,242 | |||||
Common stock conversion date | 2023-03 |
Equity - Class B Common Stock (
Equity - Class B Common Stock (Detail) - shares | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Aug. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Non-Qualified Stock Options | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock issued during period, shares, stock options exercised | 105,398 | 0 | ||||||
Class B Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock, shares outstanding | 4,544,804 | 4,544,804 | 4,545,380 | |||||
Stock issued during period, shares, acquisitions | 1,376 | |||||||
Class B Common Stock | Neosho | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock issued during period, shares, acquisitions | 1,376 | |||||||
Common stock conversion date | 2023-05 | |||||||
Class B Common Stock | Resale And Registration Rights Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock | (6,636) | (21,243) | (44,669) | (1,555) | ||||
Common stock conversion date | 2023-08 | 2023-06 | 2023-05 | 2023-03 | ||||
Class B Common Stock | Restricted Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Issuance of common stock upon vesting of restricted stock units | 50,081 | |||||||
Common stock conversion date | 2023-05 | |||||||
Class B Common Stock | Non-Qualified Stock Options | ||||||||
Class Of Stock [Line Items] | ||||||||
Stock issued during period, shares, stock options exercised | 22,070 | |||||||
Common stock conversion date | 2023-09 | |||||||
Class A Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock, shares outstanding | 9,342,259 | 9,342,259 | 9,559,587 | |||||
Issuance of Class B common stock upon conversion of Class B units to Class A common stock | 6,636 | 21,243 | 44,669 | 1,555 | ||||
Common stock conversion date | 2023-08 | 2023-06 | 2023-05 | 2023-03 | ||||
Class A Common Stock | Restricted Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Issuance of common stock upon vesting of restricted stock units | 8,242 | |||||||
Common stock conversion date | 2023-03 |
Notes Receivable from Partner_2
Notes Receivable from Partners - Additional Information (Detail) - Partners - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Term of promissory notes receivable | in the form of five or six year interest-bearing promissory notes and/or in the form of nine year interest-bearing limited recourse promissory notes | ||
Notes receivable from partners | $ 343,000 | $ 437,000 | $ 606,000 |
Allowance for credit losses on notes receivable | 0 | 0 | |
Full Recourse | |||
Related Party Transaction [Line Items] | |||
Notes receivable from partners | 343,000 | 437,000 | |
Limited Recourse | |||
Related Party Transaction [Line Items] | |||
Notes receivable from partners | $ 0 | $ 0 |
Notes Receivable from Partner_3
Notes Receivable from Partners - Schedule of Notes Receivable from Partners (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Interest accrued and capitalized on notes receivable | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||
Partners | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Beginning balance | $ 437 | $ 606 | $ 437 | $ 606 | ||||
Repayment of notes | (95) | (172) | ||||||
Interest accrued and capitalized on notes receivable | 1 | 3 | ||||||
Ending balance | $ 343 | $ 343 | $ 437 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Income from fees | $ 29,704 | $ 29,042 | $ 88,868 | $ 94,725 | |
Receivable from partners | 9,818 | 9,818 | $ 9,118 | ||
Management and Advisory Fees | |||||
Related Party Transaction [Line Items] | |||||
Income from fees | 28,425 | 27,949 | 85,445 | 91,500 | |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Due from Silvercrest Funds | $ 1,178 | $ 1,178 | $ 577 | ||
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | ||
Accounts Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | ||
Receivable from partners | $ 78 | $ 78 | $ 4 | ||
Affiliated Entity | Management Fees | |||||
Related Party Transaction [Line Items] | |||||
Income from fees | 1,017 | 1,061 | 3,092 | 3,379 | |
Affiliated Entity | Management and Advisory Fees | |||||
Related Party Transaction [Line Items] | |||||
Income from fees | $ 430 | $ 401 | $ 1,243 | $ 1,310 | |
Affiliated Entity | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Management and advisory fees percentage | 0% | ||||
Percentage of performance fees | 0% | ||||
Affiliated Entity | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Management and advisory fees percentage | 1.75% | ||||
Percentage of performance fees | 10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Taxes Disclosure [Line Items] | |||||
Net deferred tax assets | $ 5,196,000 | $ 5,196,000 | $ 6,634,000 | ||
Net deferred tax asset | 5,525,000 | 5,525,000 | 6,915,000 | ||
Net deferred tax liabilities relating to non-controlling interests | 111,000 | 111,000 | |||
Current tax expense | 935,000 | $ 662,000 | 2,522,000 | $ 3,394,000 | |
Corporate tax expense | 669,000 | 1,778,000 | |||
Deferred tax expense | 457,000 | 798,000 | 1,579,000 | 3,393,000 | |
Provision for income taxes | 1,392,000 | 1,460,000 | 4,101,000 | 6,787,000 | |
Income tax expense (benefit) for discrete items | 0 | 73,000 | $ 0 | 2,043,000 | |
Income tax settlement | The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. | ||||
Valuation allowance for net operating losses of foreign subsidiary | 116,000 | $ 116,000 | 68,000 | ||
Non-controlling Interest | |||||
Income Taxes Disclosure [Line Items] | |||||
Current tax expense | 90,000 | 67,000 | 250,000 | 261,000 | |
Deferred tax expense | 1,000 | 6,000 | 17,000 | 47,000 | |
Provision for income taxes | 91,000 | $ 73,000 | 267,000 | $ 308,000 | |
Silvercrest L.P | |||||
Income Taxes Disclosure [Line Items] | |||||
Net deferred tax liability | 322,000 | 322,000 | 261,000 | ||
Corporate tax expense | 266,000 | 743,000 | |||
Silvercrest Financial Services Inc | |||||
Income Taxes Disclosure [Line Items] | |||||
Net deferred tax liability | 7,000 | 7,000 | $ 20,000 | ||
Corporate tax expense | $ 0 | $ 1,000 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 08, 2022 | Apr. 30, 2023 | Nov. 30, 2022 | May 31, 2022 | Aug. 31, 2021 | May 31, 2021 | Jan. 31, 2021 | May 31, 2020 | Mar. 31, 2020 | May 31, 2019 | Oct. 31, 2018 | Jan. 31, 2018 | May 31, 2016 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Nov. 02, 2012 | |
Class A Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 0 | 10,270 | |||||||||||||||||
Class B Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 264,037 | ||||||||||||||||||
Non-Qualified Stock Options | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 86,764 | 60,742 | 105,398 | ||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | One third of the NQOs will vest and become exercisable on each of the first, second and third anniversaries of the grant date. | One third of the NQOs will vest and become exercisable on each of the first, second and third anniversaries of the grant date. | |||||||||||||||||
Fair value assumptions, strike price | $ 10.18 | $ 14.54 | $ 13.97 | ||||||||||||||||
Fair value assumptions, risk free rate | 0.64% | 2.32% | 2.94% | ||||||||||||||||
Fair value assumptions, expiration | 10 years | 5 years | 5 years | ||||||||||||||||
Fair value assumptions, volatility | 48% | 34.20% | 32.70% | ||||||||||||||||
Compensation expense forfeiture rate | 1% | 1% | 1% | ||||||||||||||||
Compensation expense | $ 354 | $ 285 | $ 1,047 | $ 789 | |||||||||||||||
Recognition period of unrecognized compensation expense related to unvested awards | 1 year 8 months 8 days | 11 months 1 day | |||||||||||||||||
Unrecognized compensation expense related to unvested awards | $ 3,730 | $ 3,730 | $ 2,860 | ||||||||||||||||
Restricted Stock Units | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 101,192 | 10,270 | |||||||||||||||||
2012 Equity Incentive Plan | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Shares reserved for issuance, authorized | 2,737,500 | 1,687,500 | |||||||||||||||||
Increase in the number of shares issuable | 1,050,000 | ||||||||||||||||||
Shares reserved for issuance | 1,122,400 | 1,122,400 | |||||||||||||||||
Restricted stock units granted | 3,791 | ||||||||||||||||||
Fair Value per unit | $ 13.19 | ||||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | Twenty-five percent of the RSUs granted vested and settled on each of the first, second, third and fourth anniversaries of the grant date. | ||||||||||||||||||
2012 Equity Incentive Plan | Non-Qualified Stock Options | Class B Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Shares reserved for issuance | 83,328 | 83,328 | |||||||||||||||||
Number of shares issued for equity incentive plan | 22,070 | ||||||||||||||||||
2012 Equity Incentive Plan | Employee | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 116,823 | 21,598 | 49,116 | 34,388 | 7,582 | ||||||||||||||
Fair Value per unit | $ 13.91 | $ 13.89 | $ 10.11 | $ 14.54 | $ 13.19 | ||||||||||||||
Restricted stock units\non-qualified stock options, granted description | Twenty-five percent of the RSUs granted vested and settled on each of the first, second, third and fourth anniversaries of the grant date. | ||||||||||||||||||
2012 Equity Incentive Plan | Employee | Class A Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 10,270 | 1,827 | 856 | ||||||||||||||||
Fair Value per unit | $ 21.42 | $ 15.96 | $ 14.61 | ||||||||||||||||
2012 Equity Incentive Plan | Employee | Restricted Stock Units | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. | ||||||||||||||||||
2012 Equity Incentive Plan | Employee | Restricted Stock Units | Class A Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | The RSUs vest and settle on the third anniversary of the grant date. | The RSUs vest and settle on the third anniversary of the grant date | |||||||||||||||||
2012 Equity Incentive Plan | Employee | Restricted Stock Units | Class B Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 101,192 | 92,154 | |||||||||||||||||
Fair Value per unit | $ 18.18 | $ 18.99 | |||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. | Twenty-five percent of the RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date. | |||||||||||||||||
2012 Equity Incentive Plan | Board of Directors | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 8,242 | 3,000 | |||||||||||||||||
Fair Value per unit | $ 11.83 | $ 13.19 | |||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | One hundred percent of the RSUs granted vested and settled on the first anniversary of the grant date. | ||||||||||||||||||
2012 Equity Incentive Plan | Board of Directors | Restricted Stock Units | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | All of the RSUs granted vest on the third anniversary of the grant date | ||||||||||||||||||
2012 Equity Incentive Plan | First Anniversary | Employee | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, vesting percentage | 25% | ||||||||||||||||||
2012 Equity Incentive Plan | First Anniversary | Board of Directors | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, vesting percentage | 0.33% | 100% | |||||||||||||||||
2012 Equity Incentive Plan | Second Anniversary | Board of Directors | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, vesting percentage | 0.33% | ||||||||||||||||||
2012 Equity Incentive Plan | Third Anniversary | Board of Directors | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, vesting percentage | 0.33% | ||||||||||||||||||
2012 Equity Incentive Plan | Fourth Anniversary | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, vesting percentage | 25% | ||||||||||||||||||
2012 Equity Incentive Plan | Fourth Anniversary | Employee | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, vesting percentage | 25% | 25% | 25% | 25% | |||||||||||||||
2012 Equity Incentive Plan | Fourth Anniversary | Board of Directors | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, vesting percentage | 0.33% | ||||||||||||||||||
2012 Equity Incentive Plan | Three Year Annual Vesting Period | Employee | Class A Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units granted | 11,635 | ||||||||||||||||||
Fair Value per unit | $ 14.61 | ||||||||||||||||||
2012 Equity Incentive Plan | Three Year Annual Vesting Period | Employee | Restricted Stock Units | Class A Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock units\non-qualified stock options, granted description | One third of the RSUs granted vest and settle on each of the first, second and third anniversaries of the grant date. |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of RSU Grants (Detail) - Restricted Stock Units - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning Balance, Units | 244,901 | 192,559 |
Granted, Units | 101,192 | 10,270 |
Vested, Units | (58,324) | (50,082) |
Ending Balance, Units | 287,769 | 152,747 |
Fair Value per unit, Granted | $ 18.18 | $ 21.42 |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair Value per unit | 10.18 | 10.18 |
Fair Value per unit, Vested | 10.18 | 10.18 |
Fair Value per unit | 10.18 | 10.18 |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair Value per unit | 21.42 | 15.96 |
Fair Value per unit, Vested | 14.54 | 14.54 |
Fair Value per unit | $ 21.42 | $ 21.42 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of NQO Grants (Detail) - Non-Qualified Stock Options - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning Balance, Units | 252,904 | 252,904 |
Exercised | (105,398) | 0 |
Ending Balance, Units | 147,506 | 252,904 |
Fair Value per unit Exercised | $ 13.97 | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair Value per unit | 10.18 | $ 10.18 |
Fair Value per unit | 10.18 | 10.18 |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair Value per unit | 14.54 | 14.54 |
Fair Value per unit | $ 14.54 | $ 14.54 |
Defined Contribution and Defe_2
Defined Contribution and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution plan name | 401(k) savings plan | |||
Defined Contribution Plan, Tax Status [Extensible Enumeration] | us-gaap:QualifiedPlanMember | |||
Silvercrest matching contributions towards benefit of employees | $ 24 | $ 27 | $ 72 | $ 80 |
Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Silvercrest matching contribution percentage | 4% |
Soft Dollar Arrangements - Addi
Soft Dollar Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Soft Dollar Arrangements [Abstract] | ||||
Soft dollar credits | $ 228 | $ 285 | $ 683 | $ 529 |