10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-35733

Silvercrest Asset Management Group Inc.

(Exact name of registrant as specified in its charter)

Delaware	45-5146560
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification No.)

1330 Avenue of the Americas, 38th Floor

New York, New York 10019

(Address of principal executive offices and zip code)

(212) 649-0600

(Registrant’s telephone number, including area code)

Not Applicable

(Formed name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No   x

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, as of May 5, 2015 was 7,797,256 and 4,629,029, respectively.

Part I	Financial Information
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Statements of Financial Condition as of March 31, 2015 and December 31, 2014	1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014	2
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2015 and 2014	3
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014	4
	Notes to Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	43
Part II	Other Information
Item 1.	Legal Proceedings	44
Item 6.	Exhibits	44

Except where the context requires otherwise and as otherwise set forth herein, in this report, references to the “Company”, “we”, “us” or “our” refer to Silvercrest Asset Management Group Inc. (“Silvercrest”) and its consolidated subsidiary, Silvercrest L.P., the managing member of our operating subsidiary (“Silvercrest L.P.” or “SLP”). SLP is a limited partnership whose existing limited partners are referred to in this report as “principals”.

Forward-Looking Statements

This report contains, and from time to time our management may make, forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue”, the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions, may include projections of our future financial performance, future expenses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in our business or financial results. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include but are not limited to: incurrence of net losses, fluctuations in quarterly and annual results, adverse economic or market conditions, our expectations with respect to future levels of assets under management, inflows and outflows, our ability to retain clients from whom we derive a substantial portion of our assets under management, our ability to maintain our fee structure, our particular choices with regard to investment strategies employed, our ability to hire and retain qualified investment professionals, the cost of complying with current and future regulation, coupled with the cost of defending ourselves from related investigations or litigation, failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct, our expected tax rate, and our expectations with respect to deferred tax assets,  adverse economic or market conditions, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Silvercrest brand and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2014 which is accessible on the SEC’s website at www.sec.gov.  We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Part I – Financial Information

Item 1. Financial Statements

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Financial Condition

(Unaudited)

(In thousands, except share and par value data)

	March 31, 2015		December 31, 2014
Assets
Cash and cash equivalents	$	18,572	$	30,820
Restricted certificates of deposit and escrow		586		586
Investments		15		1,307
Receivables, net		4,430		4,534
Due from Silvercrest Funds		2,481		3,797
Furniture, equipment and leasehold improvements, net		2,389		2,354
Goodwill		20,008		20,008
Intangible assets, net		10,844		11,167
Deferred tax asset—tax receivable agreement		22,547		23,000
Prepaid expenses and other assets		3,512		2,123
Total assets	$	85,384	$	99,696
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$	3,973	$	3,291
Accrued compensation		5,291		21,758
Notes payable		4,064		4,124
Borrowings under revolving credit facility		—		24
Deferred rent		1,183		1,299
Deferred tax and other liabilities		16,299		16,138
Total liabilities		30,810		46,634
Commitments and Contingencies (Note 10)
Stockholders’ Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of March 31, 2015 and December 31, 2014		—		—
Class A common stock, par value $0.01, 50,000,000 shares authorized; 7,786,010 and 7,768,010 issued and outstanding, as of March 31, 2015 and December 31, 2014, respectively		78		78
Class B common stock, par value $0.01, 25,000,000 shares authorized; 4,629,029 and 4,520,413 issued and outstanding, as of March 31, 2015 and December 31, 2014, respectively		45		46
Additional Paid-In Capital		39,255		39,175
Retained earnings		3,688		3,217
Total stockholders’ equity		43,066		42,516
Non-controlling interests		11,508		10,546
Total equity		54,574		53,062
Total liabilities and stockholders’ equity	$	85,384	$	99,696

See accompanying notes to condensed consolidated financial statements.

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Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

	Three months ended  March 31,
	2015			2014
Revenue
Management and advisory fees	$	16,703		$	15,583
Family office services		725			1,137
Total revenue		17,428			16,720
Expenses
Compensation and benefits		9,762			9,711
General and administrative		3,528			3,214
Total expenses		13,290			12,925
Income before other income (expense), net		4,138			3,795
Other income (expense), net
Other income (expense), net		8			8
Interest income		20			20
Interest expense		(58	)		(127	)
Total other income (expense), net		(30	)		(99	)
Income before provision for income taxes		4,108			3,696
Provision for income taxes		1,298			1,455
Net income		2,810			2,241
Less: net income attributable to non-controlling interests		(1,407	)		(1,297	)
Net income attributable to Silvercrest	$	1,403		$	944
Net income per share:
Basic	$	0.18		$	0.13
Diluted	$	0.18		$	0.13
Weighted average shares outstanding:
Basic		7,770,610			7,522,974
Diluted		7,770,610			7,522,974

See accompanying notes to condensed consolidated financial statements.

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Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(In thousands)

	Class A Common Stock Shares		Class A Common Stock Amount		Class B Common Stock Shares			Class B Common Stock Amount			Additional Paid-In Capital		Retained Earnings			Total Stockholders’ Equity			Non- controlling Interest			Total Equity
January 1, 2014		7,523	$	75		4,465		$	45		$	39,003	$	2,099		$	41,222		$	6,943		$	48,165
Distributions to partners		—		—		—			—			—		—			—			(1,349	)		(1,349	)
Redemptions of partners’ interests		—		—		(17	)		—			—		—			—			(240	)		(240	)
Repayment of notes receivable from partners		—		—		—			—			—		—			—			629			629
Equity-based compensation		—		—		262			2			—		—			2			1,157			1,159
Net Income		—		—		—			—			—		944			944			1,297			2,241
Accrued interest on notes receivable from partners		—		—		—			—			—		—			—			(19	)		(19	)
Dividends paid on Class A common stock - $0.12 per share		—		—		—			—			—		(903	)		(903	)		—			(903	)
March 31, 2014		7,523	$	75		4,710		$	47		$	39,003	$	2,140		$	41,265		$	8,418		$	49,683
January 1, 2015		7,768	$	78		4,520		$	46		$	39,175	$	3,217		$	42,516		$	10,546		$	53,062
Distributions to partners		—		—		—			—			—		—			—			(1,241	)		(1,241	)
Repayment of notes receivable from partners		—		—		—			—			—		—			—			481			481
Equity-based compensation		—		—		127			—			—		—			—			389			389
Net Income		—		—		—			—			—		1,403			1,403			1,407			2,810
Deferred tax, net of amounts payable under tax receivable agreement		—		—		—			—			23		—			23			—			23
Accrued interest on notes receivable from partners		—		—		—			—			—		—			—			(18	)		(18	)
Share conversion		18		—		(18	)		(1	)		57		—			56			(56	)		—
Dividends paid on Class A common stock - $0.12 per share		—		—		—			—			—		(932	)		(932	)		—			(932	)
March 31, 2015		7,786	$	78		4,629		$	45		$	39,255	$	3,688		$	43,066		$	11,508		$	54,574

See accompanying notes to condensed consolidated financial statements.

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Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

	Three months ended March 31,
	2015			2014
Cash Flows From Operating Activities
Net income	$	2,810		$	2,241
Adjustments to reconcile net income to net cash used in operating activities:
Equity-based compensation		115			514
Depreciation and amortization		460			481
Deferred rent		(116	)		(114	)
Provision for doubtful accounts		—			227
Deferred income taxes		645			1,013
Non-cash interest on notes receivable from partners		(18	)		(19	)
Distributions received from investment funds		1,292			3
Other		—			2
Receivables and due from Silvercrest Funds		1,420			1,293
Prepaid expenses and other assets		(1,390	)		2,889
Accounts payable and accrued expenses		681			(1,274	)
Accrued compensation		(16,191	)		(11,648	)
Interest payable on notes payable		46			89
Net cash used in operating activities		(10,246	)		(4,303	)
Cash Flows From Investing Activities
Restricted certificates of deposit and escrow	$	—		$	(1	)
Acquisition of furniture, equipment and leasehold improvements		(162	)		(27	)
Earn-outs paid related to acquisitions completed before January 1, 2009		—			(1,679	)
Net cash used in investing activities		(162	)		(1,707	)
Cash Flows From Financing Activities
Redemptions of partners’ interests	$	—		$	(240	)
Repayments of notes payable		(129	)		(194	)
Payments on capital leases		(19	)		(15	)
Distributions to partners		(1,241	)		(1,349	)
Dividends paid on Class A common stock		(932	)		(903	)
Payments from partners on notes receivable		481			629
Net cash used in financing activities		(1,840	)		(2,072	)
Net decrease in cash and cash equivalents		(12,248	)		(8,082	)
Cash and cash equivalents, beginning of period		30,820			27,122
Cash and cash equivalents, end of period	$	18,572		$	19,040

	Three months ended March 31,
	2015		2014
Supplemental Disclosures of Cash Flow Information
Net cash paid during the period for:
Income taxes	$	1,054	$	1,707
Interest		11		35
Supplemental Disclosures of Non-cash Financing and Investing Activities
Recognition of deferred tax assets as a result of IPO	$	184	$	11
Asset acquired under capital lease		11		289

See accompanying notes to condensed consolidated financial statements.

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Silvercrest Asset Management Group Inc.

Notes to Condensed Consolidated Financial Statements

As of and for the Three Months ended March 31, 2015 and 2014

(Dollars in thousands)

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 was formed for the purpose of completing a public offering and related transactions 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 in Silvercrest L.P. and its only material asset is the general partner interest in Silvercrest L.P., represented by 7,524,271 Class A units or approximately 62% of the economic interests of Silvercrest L.P. Effective June 26, 2013, Silvercrest controlled 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”.

SLP was formed on December 10, 2008 and commenced operations on January 1, 2009.

On March 11, 2004, 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”). See Notes 3, 7 and 8 for additional information related to 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 was completed on June 27, 2013, Silvercrest entered into a tax receivable agreement (the “TRA”) with the partners of SLP that requires it to pay them 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that it actually realizes (or are 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. The payments to be made pursuant to the tax receivable agreement are a liability of Silvercrest and not Silvercrest L.P., and thus this liability has been recorded as an “other liability” on our Condensed Consolidated Statement of Financial Condition.  As of March 31, 2015, this liability is is estimated to be $15,785. Silvercrest expects to benefit from the remaining 15% of cash savings, if any, realized.

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 a partner if a 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.

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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’s 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 partners of SLP 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 Internal Revenue Service 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.

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 SLP, including its wholly owned subsidiaries, Silvercrest Asset Management Group LLC (“SAMG”), SFS, MCG, Silvercrest Investors LLC, Silvercrest Investors II LLC and Silvercrest Investors III LLC as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014.  All intercompany transactions and balances have been eliminated.

The Condensed Consolidated Statement of Financial Condition at December 31, 2014 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 months ended March 31, 2015 and 2014 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending December 31, 2015 and 2014 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 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 Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

The Company evaluates for consolidation those entities it controls through a majority voting interest or otherwise, including those SLP funds over which the general partner or equivalent is presumed to have control. The initial step in the Company’s determination

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of whether a fund for which SLP is the general partner is required to be consolidated is assessing whether the fund meets the definition of a variable interest entity (“VIE”). None of the funds for which SLP is the general partner met the definition of a VIE during the three months ended March 31, 2015 and 2014, as the total equity at risk of each fund is sufficient for the fund to finance its activities without additional subordinated financial support provided by any parties, including the equity holders.

SLP then considers whether the fund is a voting interest entity (“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.

As of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014, all of the funds for which SLP was the general partner had substantive “kick-out” rights and, therefore, neither SLP nor Silvercrest consolidated any of the Silvercrest Funds.

Non-controlling Interest

As of March 31, 2015, Silvercrest holds approximately 63% 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 stockholders’ equity on its Condensed Consolidated Statement 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 Statement of Operations as a reduction or addition to net income derived from SLP.

Segment Reporting

The Company views its operations as comprising one operating segment. Each of the Company’s acquired businesses have similar economic characteristics and have been fully integrated upon acquisition. Furthermore, our chief operating decision maker, which 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, equity-based compensation, accounting for income taxes, 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.

Restricted Certificates of Deposit

Certain certificates of deposit held at a major financial institution are restricted and serve as collateral for letters of credit for the Company’s lease obligations as described in Note 10.

Equity Method Investments

Entities and investments, the activities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, are accounted for 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

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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 at March 31, 2015 and December 31, 2014. 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 which consist of Level I and Level II securities. No impairment charges related to equity method investments were recorded during the three months ended March 31, 2015 or 2014.

Receivables and Due from Silvercrest Funds

Receivables consist primarily of amounts for advisory fees due from clients, management fees and family office services fees, 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 is 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 for other fixed assets is 3 to 7 years.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting. The acquisition method of accounting requires that the 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. 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.

For acquisitions completed subsequent to January 1, 2009, 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.

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 and is generally evaluated for impairment using a two-step process that is performed at least annually, or whenever events or circumstances indicate that impairment may have occurred.

The Company accounts for Goodwill under ASC 350, “Goodwill Intangibles 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 2014 and 2013, 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 at March 31, 2015 and December 31, 2014. No goodwill impairment charges were recorded during the three months ended March 31, 2015 and 2014.

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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, 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, advisory and performance fees 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.

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 and (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. Also, Class A stockholders are 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 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.

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Revenue Recognition

Revenue is recognized ratably over the period in which services are performed. Revenue consists primarily of investment advisory fees, family office services fees and fund management fees. Investment advisory fees, which are earned pursuant to the terms of the underlying advisory contract, are typically billed quarterly in advance at the beginning of the quarter or in arrears after the end of the quarter, based on a contractually specified percentage of the assets managed. For investment advisory fees billed in advance, the value of assets managed is determined based on the value of the customer’s account as of the last trading day of the preceding quarter. For investment advisory fees billed in arrears, the value of assets managed is determined based on the value of the customer’s account on the last day of the quarter being billed. Family office services fees are 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 based on a fixed fee arrangement. Management fees from proprietary and non-proprietary funds are calculated as a percentage of net asset values measured at the beginning of a month or quarter or at the end of a quarter, depending on the fund.

The Company accounts for performance based revenue in accordance with ASC 605-20-S99, “Accounting for Management Fees Based on a Formula”, 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, and no contingencies remain. Performance fee contingencies are typically resolved at the end of each annual period. 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.

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. Distributions associated with Liability Awards expected to vest are accounted for as compensation expense in the Condensed Consolidated Statements of Operations.

Leases

The Company expenses the net lease payments associated with operating leases on a straight-line basis over the respective lease term, including any rent-free periods. Leasehold improvements are recorded at cost and are depreciated using the straight-line method over the lesser of the estimated useful lives of the improvements (generally 10 years) or the remaining lease term.

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 an 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 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

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.” ASU 2014-09 will

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replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on the condensed consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor determined the effect of this standard on its ongoing financial reporting.

In June 2014, the FASB issued Accounting Standards Update 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12").” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. A reporting entity should apply existing guidance ASC 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is in the process of evaluating the impact of the adoption of this guidance on its Condensed Consolidated Financial Statements.

In February 2015, the FASB issued ASU 2015-02, Consolidation (ASC 810): Amendments to the Consolidation Analysis (“ASU 2015-02”).  The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, and provide a scope exception from consolidation guidance for reporting entities with interest in certain investment funds. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015.  Early adoption, including adoption in an interim period, is permitted.  The Company is evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements.

3. ACQUISITIONS

Jamison:

On March 30, 2015, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), by and among the Company, SLP, SAMG LLC (the “Buyer”) and Jamison Eaton & Wood, Inc., a New Jersey corporation (“Jamison” or the “Seller”), and Keith Wood, Ernest Cruikshank, III, William F. Gadsden and Frederick E. Thalmann, Jr., each such individual a principal of Jamison (together, the “Principals”).  The transaction contemplated by the Asset Purchase Agreement is referred to herein as the “Jamison Acquisition”.

Pursuant to the terms of the Asset Purchase Agreement, upon closing of the transaction, SAMG LLC will acquire (i) substantially all of the business and assets of the Seller, an investment adviser, including goodwill and the benefit of the amortization of goodwill related to such assets and (ii) the personal goodwill of the Principals. In consideration of the purchased assets and goodwill, SAMG LLC will pay to the Seller and the Principals an aggregate purchase price consisting of (1) cash payments in the aggregate amount of $3,550, subject to certain adjustments (the “Closing Cash Payment”), (2) a promissory note issued to the Seller in the principal amount of $612, with an interest rate of 5% per annum, subject to certain adjustments (the “Seller Note”), (3) promissory notes in varying amounts issued to each of the Principals for an aggregated total amount of $1,771, each with an interest rate of 5% per annum, subject to certain adjustments (together, the “Principals Notes”) and (4) Class B units of SLP (the “Class B Units”) issued to the Principals with a value equal to $3,967 and an equal number of shares of Class B common stock of the Company, having voting rights but no economic interest (together, the “Equity Consideration”). SAMG LLC will make earnout payments to the Principals as soon as practicable following December 31, 2015, 2016, 2017, 2018, 2019 and during 2020, in an amount equal to 20% of the EBITDA attributable to the business and assets of Jamison (the “Jamison Business”), based on revenue gained or lost post-transaction during the twelve months ended on the applicable determination date, except that the earnout payment for 2015 shall be equal to 20% of the EBITDA attributable to the Jamison Business for the period between the closing date of the Jamison Acquisition and December 31, 2015 and the earnout payment for 2020 shall be equal to 20% of the EBITDA attributable to the Jamison Business for the period between January 1, 2020 and the fifth anniversary of the closing date of the Jamison Acquisition.

In connection with their receipt of the Equity Consideration, the Principals will be subject to the rights and obligations set forth in the limited partnership agreement of SLP and will be entitled to distributions consistent with SLP’s distribution policy.  In addition, the Principals will become parties to the Exchange Agreement, which governs the exchange of Class B Units for Class A common stock of the Company, the Resale and Registration Rights Agreement, which will provide the Principals with liquidity with respect to shares

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of Class A common stock of the Company received in exchange for Class B Units, and the TRA of the Company, which will entitle the Principals 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 Asset Purchase Agreement includes customary representations, warranties and covenants and is subject to the satisfaction of a number of conditions precedent.

Milbank:

On November 1, 2011, SAMG LLC executed an asset purchase agreement to acquire certain assets of Milbank.  The Company has a liability of $1,325 related to earn-outs payable to Milbank included in accounts payable and accrued expenses in the Condensed Consolidated Statement of Financial Condition as of March 31, 2015 and December 31, 2014 for contingent consideration.  As of March 31, 2015, $564 remained outstanding on the note payable related to the Milbank acquisition.  The final payment on this note will be made on November 1, 2015.           

Ten-Sixty:

On March 28, 2013, SLP executed an asset purchase agreement with and closed the related transaction to acquire certain assets of Ten-Sixty. Ten-Sixty was a registered investment adviser that advised on approximately $1,900,000 of assets primarily on behalf of institutional clients. This strategic acquisition enhanced the Company’s hedge fund and investment manager due diligence capabilities, risk management analysis and reporting, and enhanced its institutional business. Under the terms of the Asset Purchase Agreement, SLP paid cash consideration at closing of $2,500 and issued a promissory note to Ten-Sixty in the principal amount of $1,479 subject to adjustment. The principal amount of the promissory note was paid in two initial installments of $218 each on April 30, 2013 and December 31, 2013 and then quarterly installments from June 30, 2014 through March 31, 2017 of $87 each. The principal amount outstanding under this note bears interest at the rate of five percent per annum.

4.INVESTMENTS AND FAIR VALUE MEASUREMENTS

Investments include $15 and $1,307 as of March 31, 2015 and December 31, 2014, respectively, representing the Company’s interests in affiliated investment funds which have been established and managed by the Company and its affiliates. The Company’s financial interest in these funds can range up to 2%. Despite the Company’s insignificant financial interest, the Company applies the equity method to account for its interests in affiliated investment funds because it exercises significant influence over these funds as the Company typically serves as the general partner, managing member or equivalent for these funds. During 2007, the Silvercrest Funds granted rights to the unaffiliated investors in each respective fund to provide that a simple majority of the fund’s unaffiliated investors will have the right, 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 March 31, 2015 and 2014, 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.

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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.

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 March 31, 2015 and December 31, 2014, the Company did not have any financial assets or liabilities that are recorded at fair value on a recurring basis.

At March 31, 2015 and December 31, 2014, financial instruments that are not held at fair value are categorized in the table below:

	March 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Financial Assets:
Cash	$	18,572	$	18,572	$	30,820	$	30,820
Restricted Certificates of Deposit and Escrow	$	586	$	586	$	586	$	586		Level 1	(1)
Financial liabilities:
Notes Payable	$	4,064	$	4,064	$	4,124	$	4,124		Level 2	(2)

(1) Restricted certificates of deposit and escrow consists of money market funds that are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. The money market funds are valued through the use of quoted market prices, or $1.00, which is generally the net asset value of the funds.

(2) The carrying value of notes payable and borrowings under the revolving credit agreement approximates fair value, which is determined based on interest rates currently available to the Company for similar debt.

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5. RECEIVABLES, NET

The following is a summary of receivables as of March 31, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	2,803		$	2,705
Unbilled receivables		1,990			2,229
Other receivables		2			2
Receivables		4,795			4,936
Allowance for doubtful receivables		(365	)		(402	)
Receivables, net	$	4,430		$	4,534

6. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET

The following is a summary of furniture, equipment and leasehold improvements, net as of March 31, 2015 and December 31, 2014:

	2015			2014
Leasehold improvements	$	3,857		$	3,766
Furniture and equipment		4,577			4,496
Artwork		421			421
Total cost		8,855			8,683
Accumulated depreciation and amortization		(6,466	)		(6,329	)
Furniture, equipment and leasehold improvements, net	$	2,389		$	2,354

Depreciation expense for the three months ended March 31, 2015 and 2014 was $137 and $121, respectively.

7. GOODWILL

The following is a summary of the changes to the carrying amount of goodwill for the three months ended March 31, 2015 and the year ended December 31, 2014:

	2015			2014
Beginning
Gross balance	$	37,423		$	37,446
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance		20,008			20,031
Purchase price adjustments from earnouts		─			(23	)
Ending
Gross balance		37,423			37,423
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance	$	20,008		$	20,008

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8. INTANGIBLE ASSETS

The following is a summary of intangible assets as of March 31, 2015 and December 31, 2014:

	Customer Relationships			Other Intangible Assets			Total
Cost
Balance, January 1, 2015	$	17,560		$	1,663		$	19,223
Balance, March 31, 2015		17,560			1,663			19,223
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2015		(6,627	)		(1,429	)		(8,056	)
Amortization expense		(292	)		(31	)		(323	)
Balance, March 31, 2015		(6,919	)		(1,460	)		(8,379	)
Net book value	$	10,641		$	203		$	10,844
Cost
Balance, January 1, 2014	$	17,560		$	1,663		$	19,223
Balance, December 31, 2014		17,560			1,663			19,223
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2014		(5,410	)		(1,224	)		(6,634	)
Amortization expense		(1,217	)		(205	)		(1,422	)
Balance, December 31, 2014		(6,627	)		(1,429	)		(8,056	)
Net Book Value	$	10,933		$	234		$	11,167

Amortization expense related to intangible assets was $323 and $360 for the three months ended March 31, 2015 and 2014, 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:

2015 (remainder of)	$	968
2016		1,236
2017		1,135
2018		1,001
2019		720
Thereafter		5,784
Total	$	10,844

9. DEBT

Credit Facility

On June 24, 2013, the subsidiaries of SLP entered into a $15,000 credit facility with City National Bank. The subsidiaries of SLP are the borrowers under such facility and SLP guarantees the obligations of its subsidiaries thereunder. The credit facility is secured by certain assets of SLP and its subsidiaries. The credit facility consists of a $7,500 delayed draw term loan that matures on June 24, 2020 and a $7,500 revolving credit facility that matures on December 24, 2016. The loan bears interest at either (a) the higher of the prime rate plus a margin of 0.05 percentage points and 2.5% or (b) the LIBOR rate plus 3 percentage points, at the borrowers’ option. On June 28, 2013, the borrowers borrowed $7,000 on the revolving credit loan. As of March 31, 2015 and December 31, 2014, no amount had been drawn on the term loan credit facility and the borrowers may draw up to the full amount of the term loan through June 25, 2018. Borrowings under the term loan on or prior to June 24, 2015 will be payable in 20 equal quarterly installments. Borrowings under the term loan after June 24, 2015 will be payable in equal quarterly installments through the maturity date. 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

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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.

As of March 31, 2015 and December 31, 2014, the Company did not have any outstanding borrowings under the revolving credit loan.

Interest expense, which also includes amortization of deferred financing fees, incurred on the revolving credit and term loans for the three months ended March 31, 2015 and 2014 was $10 and $37, respectively.

Notes Payable

The following is a summary of notes payable:

	March 31, 2015
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	1,322
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					59
Total, March 31, 2015				$	4,064

	December 31, 2014
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	1,417
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					24
Total, December 31, 2014				$	4,124

The carrying value of notes payable approximates fair value. The fixed rate notes, which are related to the Ten-Sixty and Milbank acquisitions, approximate fair value based on interest rates currently available to the Company for similar debt.  The variable rate notes are based on the U.S. Prime Rate.

As of March 31, 2015, future principal amounts payable under the fixed and variable rate notes are as follows:

2015 (remainder of)	$	1,742
2016		1,274
2017		989
Total	$	4,005

On June 3, 2013, Silvercrest redeemed units from two of our former principals. In conjunction with this redemption, Silvercrest issued promissory notes with an aggregate principal amount of approximately $5,300, subject to downward adjustments to the extent of any breach by the holders of such notes. The principal amounts of the notes were originally payable in four equal annual installments on each of June 3, 2014, 2015, 2016 and 2017. The principal amount outstanding under these notes bear interest at the U.S. Prime Rate plus 1% in effect at the time payments are due. Silvercrest elected not to make the June 3, 2014 payment as it was being assessed as to whether the former principals had complied with the note covenants and whether any reduction to these notes should be made.  In October 2014, certain reductions totaling $1,722 were agreed to, based upon a review of the note covenants.  As a result, the principal amounts of the notes of $3,578 became payable in four equal installments of approximately $900 on November 1, 2014, and on each of August 1, 2015, 2016 and 2017.  As of March 31, 2015 and December 31, 2014, $2,683 remained outstanding on the notes and accrued but unpaid interest on the notes was approximately $47 and $19, respectively.  

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 March 31, 2015 and 2014 amounted to $917 and $902, respectively. The Company received sub-lease income from subtenants during the three months ended March 31, 2015 and 2014 of $91 and $102, respectively. Therefore,

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for the three months ended March 31, 2015 and 2014, net rent expense amounted to $826 and $800, respectively, and is included in general and administrative expenses in the Condensed Consolidated Statement of Operations.

As security for performance under the leases, the Company is required to maintain letters of credit in favor of the landlord totaling $586 as of March 31, 2015 and December 31, 2014.  The letter of credit is collateralized by a certificate of deposit in an equal amount.  Furthermore, the Company maintains an $80 letter of credit in favor of its Boston landlord that is 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 expires 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.

Future minimum lease payments and rentals under lease agreements which expire through 2019 are as follows:

	Minimum Lease Commitments		Non-cancellable Subleases			Minimum Net Rentals
Remainder of 2015	$	2,757	$	(333	)	$	2,424
2016		3,646		(444	)		3,202
2017		2,838		(343	)		2,495
2018		60		—			60
2019		36		—			36
Total	$	9,337	$	(1,120	)	$	8,217

The Company has capital leases for certain office equipment. The Company entered into a new capital lease agreement for a telephone system during 2014.  The amount financed was $321 and the lease has a term of five years, which began on March 1, 2014.   Monthly minimum lease payments are $5, and continue through November 30, 2018.   The aggregate principal balance of capital leases was $274 and $282 as of March 31, 2015 and December 31, 2014, respectively.

The assets relating to capital leases that are included in equipment as of March 31, 2015 and December 31, 2014 are as follows:

	2015			2014
Capital lease assets included in furniture and equipment	$	356		$	345
Capital lease assets included in software		58			58
Less: Accumulated depreciation and amortization		(144	)		(127	)
	$	270		$	276

Depreciation expense relating to capital lease assets was $17 and $19 for the three months ended March 31, 2015 and 2014, respectively.

Future minimum lease payments under capital leases are as follows:

	Future Minimum Lease Commitments
Remainder of 2015	$	57
2016		79
2017		69
2018		58
2019		11
Total	$	274

Contingent Consideration

In connection with its acquisition of MCG in October 2008, SLP entered into a contingent consideration agreement whereby the former members of MCG were entitled to contingent consideration equal to 22% of adjusted annual EBITDA in addition to any performance fee payments for each of the five years subsequent to the date of acquisition. As the acquisition was completed prior to January 1, 2009, contingent consideration is recognized when the contingency is resolved pursuant to the authoritative guidance on business combinations in effect at the date of the closing of the acquisition. Contingent consideration payments of $0 and $1,679 were

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made during the three months ended March 31, 2015 and 2014, respectively, related to MCG and are reflected in investing activities in the Condensed Consolidated Statements of Cash Flows.

11. STOCKHOLDERS’ EQUITY

SLP 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 $1,241 and $1,349, for the three months ended March 31, 2015 and 2014, respectively. Distributions are included in non-controlling interests in the Condensed Consolidated Statements of Financial Condition.

Pursuant to SLP’s Second Amended and Restated Limited Partnership Agreement, as amended and restated, 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 three months ended March 31, 2015 and 2014 amounted to $18,568 and $14,181, respectively. The distributions are included in non-controlling interests in the Condensed Consolidated Statements of Financial Condition and Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2015 and 2014.  Silvercrest treats SLP’s partner incentive allocations as compensation expense and accrues such amounts when earned. During the three months ended March 31, 2015 and 2014, SLP accrued partner incentive allocations of $4,241 and $4,114, respectively.

Silvercrest—Stockholders’ Equity

Silvercrest has the following authorized and outstanding equity:

	Shares at March 31, 2015
	Authorized		Outstanding		Voting Rights	Economic Rights
Common shares
Class A, par value $0.01 per share		50,000,000		7,786,010	1 vote per share (1)	All (1)
Class B, par value $0.01 per share		25,000,000		4,629,029	1 vote per  share (2),(3)	None (2), (3)
Preferred shares
Preferred stock, par value $0.01 per share		10,000,000		—	See footnote (4) below	See footnote (4) 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) Each share of Class B common stock is entitled to one vote per share.

(3) 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 4,629,029 Class B units, which represent the right to receive their proportionate share of the distributions made by SLP, and 4,911 deferred equity units exercisable for Class B units of SLP, which represent the right to receive additional proportions of the distributions made by SLP. The 4,911 deferred equity 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 deferred equity units have not been issued and are not deemed outstanding, the holders of deferred equity 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 deferred equity units of SLP until such time that the underlying Class B units are issued.

(4) 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.

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During the three months ended March 31, 2015, Silvercrest issued the following shares:

Class A Common Stock

	Transaction	# of
	Date	Shares
Class A common stock outstanding - January 1, 2015			7,768,010
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	March 2015		18,000
Class A common shares outstanding - March 31, 2015			7,786,010

Class B Common Stock

	Transaction	# of
	Date	Shares
Class B common stock outstanding - January 1, 2015			4,520,413
Class B common stock issued upon vesting of deferred equity units	February 2015		126,616
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock	March 2015		(18,000	)
Class B common shares outstanding - March 31, 2015			4,629,029

In February 2015, the Company issued 126,616 shares of Class B common stock upon the vesting of deferred equity units which resulted in the issuance of a like number of Class B units of Silvercrest LP. The shares of Class B common stock were issued pursuant to the terms of the Certificate of Incorporation of the Company which requires the Company to issue at the par value per share of Class B common stock, one share of Class B common stock for each Class B Unit of Silvercrest LP issued.    

During the three months ended March 31, 2015, the Company redeemed from certain existing partners 18,000 shares of Class B common stock in connection with the exchange of a like number of Class B units to Class A common stock pursuant to the resale and registration rights agreement between the Company and its principals.

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.

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. Limited recourse promissory notes were issued in January 2008 and August 2009 with interest rates of 3.53% and 2.77%, respectively. The recourse limitation includes a stated percentage of the initial principal amount of the limited recourse note plus a stated percentage of the accreted principal amount as of the date upon which all amounts due are paid in full plus all costs and expenses required to be paid by the borrower and all amounts required to be paid pursuant to a pledge agreement associated with each note issued. 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.

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Notes receivable from partners are as follows for the three months ended March 31, 2015 and the year ended December 31, 2014:

	March 31, 2015			December 31, 2014
Beginning balance	$	3,212		$	3,052
Repayment of notes		(481	)		(841	)
Interest accrued and capitalized on notes receivable		18			61
New notes receivable issued to partners		—			940
Ending balance	$	2,749		$	3,212

Full recourse notes receivable from partners as of March 31, 2015 and December 31, 2014 are $1,554 and $1,912, respectively. Limited recourse notes receivable from partners as of March 31, 2015 and December 31, 2014 are $1,195 and $1,300, respectively. There is no allowance for credit losses on notes receivable from partners as of March 31, 2015 and December 31, 2014.

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13. RELATED PARTY TRANSACTIONS

During 2015 and 2014, 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 Emerging Markets Fund (International), Ltd. (which invests through Silvercrest Emerging Markets Fund L.P.),

· Silvercrest Market Neutral Fund (currently in liquidation),

· Silvercrest Market Neutral Fund (International) (currently in liquidation),

· Silvercrest Municipal Advantage Portfolio A LLC,

· Silvercrest Municipal Advantage Portfolio P LLC,

· Silvercrest Municipal Advantage Portfolio S LLC (formed in 2015),

· the domesticated Silvercrest Strategic Opportunities Fund LP (formed in 2011 and formerly Silvercrest Strategic Opportunities Fund, and terminated in 2013),

· the Silvercrest Strategic Opportunities Fund (International) (terminated in 2011),

· 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 Capital Appreciation Fund LLC (currently in liquidation),

· Silvercrest International Equity Fund, L.P. (merged into Silvercrest International Fund, L.P. in October 2013),

· 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 Select Growth Equity Fund, L.P.,

· Silvercrest International Fund, L.P. (previously known as Silvercrest Global Fund, L.P.  Silvercrest International Equity Fund, L.P. merged into this fund in October 2013),

· Silvercrest Small Cap Fund, L.P.,

· Silvercrest Special Situations Fund, L.P., and

· Silvercrest Commodity Strategies Fund, L.P.

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 March 31, 2015 and 2014, 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 $1,902 and $2,194, respectively. As of March 31, 2015 and December 31, 2014, the Company was owed $2,481 and $3,797, respectively, from its various funds, which is included in Due from Silvercrest Funds on the Condensed Consolidated Statements of Financial Condition.

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For the three months ended March 31, 2015 and 2014, the Company earned advisory fees of $127 and $126, respectively, from assets managed on behalf of certain of its partners. As of March 31, 2015 and December 31, 2014, the Company is owed approximately $7 and $2 from certain of its partners, which is included in Receivables, net on the Condensed Consolidated Statements of Financial Condition.

14. INCOME TAXES

As of March 31, 2015, the Company had net deferred tax assets of $22,374, which is recorded as a non-current deferred tax asset of $22,547 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 non-current deferred tax liability of $75 specific to SLP which consists primarily of liabilities related to differences between the financial statement and tax bases of intangible assets offset in part by amounts for deferred rent expense and a non-current deferred tax liability of $98 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 March 31, 2015, $64 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 Position, respectively.

As of December 31, 2014, the Company had net deferred tax assets of $22,835, which is recorded as a non-current deferred tax asset of $23,000 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 net non-current deferred tax liability of $64 specific to SLP which consists primarily of liabilities related to differences between the financial statement and tax bases of intangible assets and a non-current deferred tax liability of $101 related to the corporate activity of SFS which is primarily related to temporary differences between the financial statement and tax bases of intangible assets. These amounts are included in prepaid expenses and other assets and deferred tax and other liabilities in the Condensed Consolidated Statement of Financial Condition, respectively.

The current tax expense was $653 and $442 for the three months ended March 31, 2015 and 2014, respectively. Of the amount for the three months ended March 31, 2015, $307 relates to Silvercrest’s corporate tax expense, $345 relates to SLP’s UBT liability and $1 relates to SFS’s corporate tax expense.  The deferred tax expense for the three months ended March 31, 2015 and 2014 was $645 and $1,013, respectively. When combined with current tax expense, the total income tax provision for the three months ended March 31, 2015 and 2014 is $1,298 and $1,455, respectively.

The current expense increased from the comparable period in 2014 mainly due to increased profitability during 2015.  The deferred tax expense decreased from the comparable period in 2014 primarily due to a discrete item recorded during the three months ended March 31, 2014 related to a reduction in future statutory corporate tax rates in New York State.

Of the total current tax expense for the three months ended March 31, 2015 and 2014, $129 and $124, respectively, relates to non-controlling interests.  Of the deferred tax expense for the three months ended March 31, 2015 and 2014, $3 and $2, respectively, relates to non-controlling interests.  When combined with current tax expense, the total income tax provision for the three months ended March 31, 2015 and 2014 related to non-controlling interests is $132 and $126, respectively.    

In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of March 31, 2015, the Company’s U.S. federal income tax returns for the years 2011 through 2014 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 March 31, 2015 and 2014.

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.

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16. EQUITY-BASED COMPENSATION

Determining the appropriate fair value model and calculating the fair value of equity compensation awards requires the input of complex and subjective assumptions, including the expected life of the equity compensation awards and the stock price volatility. In addition, determining the appropriate amount of associated periodic expense requires management to estimate the amount of employee forfeitures and the likelihood of the achievement of certain performance targets. The assumptions used in calculating the fair value of equity compensation awards and the associated periodic expense represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary in the future to modify the assumptions it made or to use different assumptions, or if the quantity and nature of the Company’s equity-based compensation awards changes, then the amount of expense may need to be adjusted and future equity compensation expense could be materially different from what has been recorded in the current period.

SLP has granted equity-based compensation awards to certain partners under SLP’s 2010, 2011 and 2012 Deferred Equity programs (the “Equity Programs”). The Equity Programs allow for the granting of deferred equity units based on the fair value of the Company’s units. These deferred equity units contain both service and performance requirements.

Each grant includes a deferred equity unit (“Deferred Equity Unit”) and performance unit (“Performance Unit”) subject to various terms including terms of forfeiture and acceleration of vesting. The Deferred Equity Unit represents the unsecured right to receive one unit of SLP or the equivalent cash value of up to 50% (or such other percentage as may be determined by the Company’s Executive Committee) of SLP’s units issuable upon the vesting of any such Deferred Equity Units and the remaining 50% in units upon the vesting of any such Deferred Equity Units. Such cash amount is to be calculated using the equivalent share price of the Silvercrest’s Class A common stock as of the applicable vesting date. The Performance Unit represents the unsecured right to receive one unit of SLP for every two units of SLP issuable upon the vesting of any such Deferred Equity Units.

Twenty-five percent of the Deferred Equity Units vest on each of the first, second, third, and fourth anniversaries of the grant date until the Deferred Equity Units are fully vested. The Performance Units are subject to forfeiture and subject to the satisfaction of a predetermined performance target at the end of the four-year vesting period. If the performance target is achieved, then the Performance Units vest at the end of the four-year vesting period. The rights of the partners with respect to the Performance Units remain subject to forfeiture at all times prior to the date on which such rights become vested and will be forfeited if the performance target is not achieved.

Distributions related to Deferred Equity Units that are paid to partners are charged to non-controlling interests. Distributions related to the unvested portion of Deferred Equity Units that are assumed to be forfeited are recognized as compensation expense because these distributions are not required to be returned by partners to SLP upon forfeiture.

The grant date fair values of Performance Units were determined by applying a performance probability factor to the Deferred Equity Unit Value. These methodologies included the use of third party data and discounts for lack of control and marketability.

Only the portion of Deferred Equity Units that can be settled in cash are considered to be liability awards and are adjusted to fair value at the end of each reporting period.

For the three months ended March 31, 2015 and 2014, the Company recorded compensation expense related to such units of $115 and $514, respectively, of which $16 and $42, respectively, relates to the Performance Units given that there is an explicit service period associated with the Deferred Equity Units, and the likelihood that the performance target will be met is considered probable.  Distributions include cash distributions paid on liability awards. Cash distributions paid on awards expected to be forfeited were $0 and $1 for the three months ended March 31, 2015 and 2014, respectively, and are part of total compensation expense for the three months then ended. During the three months ended March 31, 2015 and 2014, $0 and $30 of vested Deferred Equity Units were settled in cash. As of March 31, 2015 and December 31, 2014, there was $63 and $168, respectively, of estimated unrecognized compensation expense related to unvested awards. As of March 31, 2015 and December 31, 2014, the unrecognized compensation expense related to unvested awards is expected to be recognized over a period of 0.89 and 0.65 years, respectively.

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A summary of these equity grants by the Company as of March 31, 2015 and 2014 during the periods then ended is presented below:

					Deferred Equity Units					Performance Units
	Units				Range of Fair Value per unit					Units			Fair Value per unit
Balance at January 1, 2015		52,188		$	12.00		$	15.65			96,971		$	3.75
Vested		(47,277	)		(12.00	)		(13.97	)		(90,585	)		—
Balance at March 31 2015		4,911		$	12.00		$	14.25			6,386		$	3.75
Balance at January 1, 2014		175,298		$	12.00		$	17.05			238,371		$	3.75
Vested		(123,110	)		12.00			(16.81	)		(140,549	)
Forfeited		—			—			—			(851	)
Balance at March 31, 2014		52,188		$	12.00		$	18.29			96,971		$	3.75

The Company estimates 10% of all awards to be forfeited and the related service period is four years.

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. As of March 31, 2015, 1,670,960 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.

It is initially anticipated that awards under the 2012 Equity Incentive Plan granted to our employees will be in the form of units of SLP that will not vest until a specified period of time has elapsed, or other vesting conditions have been satisfied as determined by the Compensation Committee of the Company’s board of directors, and which 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 the award 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.

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 March 31, 2015 and 2014, Silvercrest made matching contributions of $19 and $16, respectively, for the benefit of employees.

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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 March 31, 2015 and 2014, the Company utilized “soft dollar” credits of $235 and $264, respectively.

*****

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a full-service wealth management firm focused on providing financial advisory and related family office services to ultra-high net worth individuals and institutional investors. In addition to a wide range of investment capabilities, we offer a full suite of complementary and customized family office services for families seeking a comprehensive oversight of their financial affairs. During the three months ended March 31, 2015, our assets under management grew 1.7% from $17.9 billion to $18.2 billion.

The business includes the management of funds of funds, and other investment funds, collectively referred to as the “Silvercrest Funds”. Silvercrest L.P. has issued deferred equity units exercisable for 4,912 Class B units which entitle the holders thereof to receive distributions from Silvercrest L.P. to the same extent as if the underlying Class B units were outstanding. Net profits and net losses of Silvercrest L.P. will be allocated, and distributions from Silvercrest L.P. will be made, to its current partners pro rata in accordance with their respective partnership units (and assuming the Class B units underlying all deferred equity units are outstanding).

The historical results of operations discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations include those of Silvercrest L.P. and its subsidiaries. As the general partner of Silvercrest L.P., we control its business and affairs and, therefore, consolidate its financial results with ours. The interests of the limited partners’ collective 37% partnership interest in Silvercrest L.P. as of March 31, 2015 are reflected in non-controlling interests in our Condensed Consolidated Financial Statements. For the three months ended March 31, 2015, our net income, after amounts attributable to non-controlling interests, represents approximately 63% of Silvercrest L.P.’s net income.

Key Performance Indicators

When we review our performance, we focus on the indicators described below:

	For the Three Months Ended March 31,
(in thousands except as indicated)	2015			2014
Revenue	$	17,428		$	16,720
Income before other income (expense), net	$	4,138		$	3,795
Net income	$	2,810		$	2,241
Net income attributable to Silvercrest	$	1,403		$	944
Adjusted EBITDA (1)	$	4,966		$	4,981
Adjusted EBITDA margin (2)		28.5	%		29.8	%
Assets under management at period end (billions)	$	18.2		$	16.2
Average assets under management (billions) (3)	$	18.1		$	16.0

(1) EBITDA, a non-GAAP measure of earnings, represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. We define Adjusted EBITDA as EBITDA without giving effect to items, including but not limited to, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, losses on disposals or abandonment of assets and leaseholds, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We use this non-GAAP financial measure to assess the strength of our business. These adjustments and the non-GAAP financial measures that are derived from them provide supplemental information to analyze our business from period to period. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for financial measures in accordance with GAAP.   See “Supplemental Non-GAAP Financial Information” for a reconciliation of non-GAAP financial measures.

(2) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenue.

(3) We have computed average assets under management by averaging assets under management at the beginning of the applicable period and assets under management at the end of the applicable period.

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Revenue

We generate revenue from management and advisory fees, performance fees, and family office services fees. Our management and advisory fees are generated by managing assets on behalf of separate accounts and acting as investment adviser for various investment funds. Our performance fees relate to assets managed in external investment strategies in which we have a revenue sharing arrangement and in funds in which we have no partnership interest. Our 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 is recorded at the conclusion of the contractual performance period when all contingencies are resolved. In certain arrangements, we are 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 our 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 our 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 us upon 30 or 90 days’ prior written notice and (ii) after receiving the affirmative vote of a specified percentage of the investors in the private fund that are not affiliated with us, by the private fund on 60 or 90 days’ prior written notice. The investment management agreements for our 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 our investment management agreements contains customary indemnification obligations from us to our clients. The tables below set forth the amount of assets under management, the percentage of management and advisory fees revenues, the amount of revenue recognized, and the average assets under management for discretionary managed accounts and for private funds for each period presented.

Discretionary Managed Accounts

	As of and for the Three Months Ended March 31,
(in billions)	2015			2014
AUM concentrated in Discretionary Managed Accounts	$	11.2		$	9.8
Average AUM For Discretionary Managed Accounts	$	10.9		$	9.6
Discretionary Managed Accounts Revenue (in millions)	$	14.7		$	13.4
Percentage of management and advisory fees revenue		88.0	%		86.0	%

Private Funds

	As of and for the Three Months Ended March 31,
(in billions)	2015			2014
AUM concentrated in Private Funds	$	0.6		$	0.8
Average AUM For Private Funds	$	0.8		$	0.8
Private Funds Revenue (in millions)	$	2.0		$	2.2
Percentage of management and advisory fees revenue		12.0	%		14.0	%

Our advisory fees are primarily driven by the level of our assets under management. Our assets under management increase or decrease based on the net inflows or outflows of funds into our various investment strategies and the investment performance of our clients’ accounts. In order to increase our assets under management and expand our business, we must develop and market investment strategies that suit the investment needs of our target clients and provide attractive returns over the long term. Our ability to continue to attract clients will depend on a variety of factors including, among others:

· our ability to educate our target clients about our classic value investment strategies and provide them with exceptional client service;

· the relative investment performance of our 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

· our decision to close strategies when we deem it to be in the best interests of our clients.

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The majority of advisory fees that we earn on separately-managed accounts are based on the value of assets under management on the last day of each calendar quarter. Most of our advisory fees are billed quarterly in advance on the first day of each calendar quarter. Our basic annual fee schedule for management of clients’ assets in separately managed accounts is: (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 and (iii) for the municipal value strategy, 0.65%. Our 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 our client relationships pay a blended fee rate since they are invested in multiple strategies.

Management fees earned on investment funds that we advise 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 our private funds, the fees range from 0.25% to 1.5% annually. Certain management fees earned on investment funds for which we perform risk management and due diligence services are based on flat fee agreements customized for each engagement.

Average annual management fee is calculated by dividing our actual annualized revenue earned over a period by our average assets under management during the same period (which is calculated by averaging quarter-end assets under management for the applicable period). Our average annual management fee was 0.39% and 0.42% for the three months ended March 31, 2015 and 2014, respectively. Changes in our total average management fee rates are typically the result of changes in the mix of our assets under management and the concentration in our equities strategies whose fee rates are higher than those of other investment strategies. The average annual management fee decreased for the three months ended March 31, 2015 as compared with the same period in the prior year as a result of increased non-discretionary assets under management which is associated with either flat-fee or low-basis assets.  Advisory fees are also adjusted for any cash flows into or out of a portfolio, where the cash flow represents greater than 10% of the value of the portfolio. These cash flow-related adjustments were insignificant for the three months ended March 31, 2015 and 2014. Silvercrest L.P. has authority to take fees directly from external custodian accounts of its separately managed accounts.

Our advisory fees may fluctuate based on a number of factors, including the following:

· changes in assets under management due to appreciation or depreciation of our investment portfolios, and the levels of the contribution and withdrawal of assets by new and existing clients;

· allocation of assets under management among our investment strategies, which have different fee schedules;

· allocation of assets under management between separately managed accounts and advised funds, for which we generally earn lower overall advisory fees; and

· the level of our performance with respect to accounts and funds on which we are paid incentive fees.

Our family office services capabilities enable us to provide comprehensive and integrated services to our clients. Our 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 we perform 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. We have experienced a steady increase in family office services fees over the past few years as it relates to more of our existing separately managed accounts relationships utilizing these services. We have also been successful in attracting new clients who have engaged us primarily for our family office services.

Expenses

Our expenses consist primarily of compensation and benefits expenses, as well as general and administrative expense including rent, professional services fees, data-related costs and sub-advisory fees. These expenses may fluctuate due to a number of factors, including the following:

· variations in the level of total compensation expense due to, among other things, bonuses, awards of equity to our employees and partners of Silvercrest L.P., changes in our employee count and mix, and competitive factors; and

· the level of management fees from funds that utilize sub-advisors will affect the amount of sub-advisory fees.

Our professional services fees have increased as a result of being a public company.

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Compensation and Benefits Expense

Our largest expense is compensation and benefits, which includes the salaries, bonuses, equity-based compensation and related benefits and payroll costs attributable to our principals and employees. Our compensation methodology is intended to meet the following objectives: (i) support our overall business strategy; (ii) attract, retain and motivate top-tier professionals within the investment management industry; and (iii) align our employees’ interests with those of our equity owners. We have experienced, and expect to continue to experience, a general rise in compensation and benefits expense commensurate with growth in headcount and with the need to maintain competitive compensation levels.

We account for partner incentive distributions as an expense in our Statement of Operations.

The components of our compensation expense for the three months ended March 31, 2015 and 2014 are as follows:

	For the Three Months Ended March 31,
(in thousands)	2015		2014
Cash compensation and benefits (1)	$	9,647	$	9,196
Distributions on liability awards (2)		─		1
Non-cash equity-based compensation expense		115		514
Total compensation expense	$	9,762	$	9,711

(1) For the three months ended March 31, 2015 and 2014, $4,241 and $4,114, of partner incentive payments were included in cash compensation and benefits expense, respectively.

(2) Cash distributions on the portion of unvested deferred equity units that are subject to forfeiture are expensed when paid. The portion of unvested deferred equity units that can be settled in cash are classified as liability awards.

On February 29, 2012, February 28, 2011 and February 24, 2010, Silvercrest L.P. and Silvercrest GP LLC, our predecessor, granted equity-based compensation awards to certain of their principals based on the fair value of the equity interests of Silvercrest L.P. and Silvercrest GP LLC. Each grant included a deferred equity unit and performance unit, subject to forfeiture and acceleration of vesting. Each 100 deferred equity units represent the unsecured right to receive 100 Class B units of Silvercrest L.P., subject to vesting over a four-year period beginning on the first anniversary of the date of grant. Each deferred equity unit, whether vested or unvested, entitles the holder to receive distributions from Silvercrest L.P. as if such holder held such unit. Upon each vesting date, a holder may receive the number of units vested or a combination of the equivalent cash value of some of the units and units, but in no event may the holder receive more than 50% of the aggregate value of the vested units in cash. To the extent that holders elect to receive up to 50% of the aggregate value of the vested units in cash, we could have less cash to utilize. We have accounted for the distributions on the portion of the deferred equity units that are subject to forfeiture as compensation expense. Equity-based compensation expense will be recognized on the February 29, 2012 grant date of the deferred equity unit and performance unit awards through February 29, 2016.

Each performance unit represents the right to receive one Class B unit of Silvercrest L.P. for each two units of Silvercrest L.P. issued upon vesting of the deferred equity units awarded to the employee, in each case subject to the achievement of defined performance goals. Although performance units will only vest upon the achievement of the performance goals, they are expensed over the same vesting period as the deferred equity units with which they are associated because there is an explicit service period.

General and Administrative Expenses

General and administrative expenses include occupancy-related costs, professional and outside services fees, office expenses, depreciation and amortization, sub-advisory fees and the costs associated with operating and maintaining our research, trading and portfolio accounting systems. Our costs associated with operating and maintaining our research, trading and portfolio accounting systems and professional services expenses generally increase or decrease in relative proportion to the number of employees retained by us and the overall size and scale of our business operations. Sub-advisory fees will fluctuate based on the level of management fees from funds that utilize sub-advisors.

We will continue and expect to incur additional expenses as a result of being a public company for, among other things, directors and officers insurance, director fees, SEC reporting and compliance, including Sarbanes-Oxley compliance, transfer agent fees, professional fees and other similar expenses. These additional expenses have had, and will have the effect of reducing our net income.

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Other Income

Other income is derived primarily from investment income arising from our investments in various private investment funds that were established as part of our investment strategies. We expect the investment components of other income, in the aggregate, to fluctuate based on market conditions and the success of our investment strategies. Performance fees earned from those investment funds in which we have a partnership interest have been earned over the past few years as a result of the achievement of various high water marks depending on the investment fund. These performance fees are recorded based on the equity method of accounting. The majority of our performance fees over the past few years have been earned from our fixed income-related funds.

Non-Controlling Interests

We are the general partner of Silvercrest L.P. and control its business and affairs and, therefore, consolidate its financial results with ours. In light of the limited partners’ interest in Silvercrest L.P., we reflect their partnership interests as non-controlling interests in our Condensed Consolidated Financial Statements.

Provision for Income Tax

While Silvercrest L.P. has historically not been subject to U.S. federal and certain state income taxes, it has been subject to the New York City Unincorporated Business Tax. As a result of the reorganization of Silvercrest L.P. and the completion of our initial public offering, we became subject to taxes applicable to C-corporations. Our effective tax rate, and the absolute dollar amount of our tax expense, has increased as a result of this reorganization which will be offset by the benefits of the tax receivable agreement entered into with our Class B stockholders.

Acquisition

On March 30, 2015, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), by and among us, SLP, SAMG LLC (the “Buyer”) and Jamison Eaton & Wood, Inc., a New Jersey corporation (“Jamison” or the “Seller”), and Keith Wood, Ernest Cruikshank, III, William F. Gadsden and Frederick E. Thalmann, Jr., each such individual a principal of Jamison (together, the “Principals”).  The transaction contemplated by the Asset Purchase Agreement is referred to herein as the “Jamison Acquisition”.

Pursuant to the terms of the Asset Purchase Agreement, upon closing of the transaction, SAMG LLC will acquire (i) substantially all of the business and assets of the Seller, an investment adviser, including goodwill and the benefit of the amortization of goodwill related to such assets and (ii) the personal goodwill of the Principals. In consideration of the purchased assets and goodwill, SAMG LLC will pay to the Seller and the Principals an aggregate purchase price consisting of (1) cash payments in the aggregate amount of approximately $3.6 million, subject to certain adjustments (the “Closing Cash Payment”), (2) a promissory note issued to the Seller in the principal amount of approximately $0.6 million, with an interest rate of 5% per annum, subject to certain adjustments (the “Seller Note”), (3) promissory notes in varying amounts issued to each of the Principals for an aggregated total amount of approximately $1.8 million, each with an interest rate of 5% per annum, subject to certain adjustments (together, the “Principals Notes”) and (4) Class B units of SLP (the “Class B Units”) issued to the Principals with a value equal to approximately $4.0 million and an equal number of shares of Class B common stock, having voting rights but no economic interest (together, the “Equity Consideration”). SAMG LLC will make earnout payments to the Principals as soon as practicable following December 31, 2015, 2016, 2017, 2018, 2019 and during 2020, in an amount equal to 20% of the EBITDA attributable to the business and assets of Jamison (the “Jamison Business”), based on revenue gained or lost post-transaction during the twelve months ended on the applicable determination date, except that the earnout payment for 2015 shall be equal to 20% of the EBITDA attributable to the Jamison Business for the period between the closing date of the Jamison Acquisition and December 31, 2015 and the earnout payment for 2020 shall be equal to 20% of the EBITDA attributable to the Jamison Business for the period between January 1, 2020 and the fifth anniversary of the closing date of the Jamison Acquisition.

In connection with their receipt of the Equity Consideration, the Principals will be subject to the rights and obligations set forth in the limited partnership agreement of SLP and will be entitled to distributions consistent with SLP’s distribution policy.  In addition, the Principals will become parties to the Exchange Agreement, which governs the exchange of Class B Units for Class A common stock, the Resale and Registration Rights Agreement, which will provide the Principals with liquidity with respect to shares of Class A common stock received in exchange for Class B Units, and the TRA, which will entitle the Principals to share in a portion of the tax benefit received upon the exchange of Class B Units for Class A common stock.

The Asset Purchase Agreement includes customary representations, warranties and covenants and is subject to the satisfaction of a number of conditions precedent.

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Operating Results

Revenue

Our revenues for the three months ended March 31, 2015 and 2014 are set forth below:

	For the Three Months Ended March 31,
(in thousands)	2015		2014		2015 vs. 2014 ($)			2015 vs. 2014 (%)
Management and advisory fees	$	16,703	$	15,583	$	1,120			7.2	%
Family office services		725		1,137		(412	)		-36.2	%
Total revenue	$	17,428	$	16,720	$	708			4.2	%

The growth in our assets under management during the three months ended March 31, 2015 and 2014 is described below:

	Assets Under Management
				Non-
(in billions)	Discretionary			Discretionary			Total
As of January 1, 2014	$	10.1		$	5.6		$	15.7
Gross client inflows		1.0			0.2			1.2
Gross client outflows		(0.5	)		(0.1	)		(0.6	)
Market appreciation (depreciation)		─			(0.1	)		(0.1	)
As of March 31, 2014	$	10.6		$	5.6		$	16.2	(1)
As of January 1, 2015	$	11.6		$	6.3		$	17.9
Gross client inflows		0.7			0.1			0.8
Gross client outflows		(0.6	)		(0.1	)		(0.7	)
Market appreciation		0.1			0.1			0.2
As of March 31, 2015	$	11.8		$	6.4		$	18.2	(1)

(1) Less than 5% of assets under management generate performance fees.

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The following chart summarizes the performance ^{1, 2} of each of our principal equity strategies relative to their appropriate benchmarks since inception:

PROPRIETARY EQUITY PERFORMANCE

as of 3/31/15

	ANNUALIZED PERFORMANCE
	INCEPTION	1-YEAR	3-YEAR	5-YEAR	7-YEAR	INCEPTION
Large Cap Value Composite	4/1/02	11.0	16.1	13.6	9.0	8.4
Russell 1000 Value Index		9.3	16.4	13.8	7.7	7.2
Small Cap Value Composite	4/1/02	9.6	17.1	16.7	14.2	11.7
Russell 2000 Value Index		4.4	14.8	12.5	8.9	8.4
Smid Cap Value Composite	10/1/05	8.6	15.6	15.1	10.4	10.0
Russell 2500 Value Index		6.6	16.3	14.1	10.3	7.9
Multi Cap Value Composite	7/1/02	11.4	16.8	14.9	10.8	9.6
Russell 3000 Value Index		8.9	16.3	13.7	7.8	8.2
Equity Income Composite	12/1/03	9.7	17.0	15.4	11.8	12.0
Russell 3000 Value Index		8.9	16.3	13.7	7.8	8.4
Focused Value Composite	9/1/04	11.9	16.3	13.7	11.3	11.1
Russell 3000 Value Index		8.9	16.3	13.7	7.8	8.0

¹ Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This report contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This report is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS^®).

² The market indices used to compare to the performance of our strategies are as follows:

The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 smallest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.

The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.

The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

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The following chart shows the performance of our Company’s basic asset allocation model portfolio:

MODEL PORTFOLIO PERFORMANCE

as of 3/31/15

	ANNUALIZED PERFORMANCE
	INCEPTION	1-YEAR	3-YEAR	5-YEAR	7-YEAR	INCEPTION
Income Portfolio	5-1-03	5.8	7.9	7.4	6.1	6.8
25/45/30% S&P 500, Barclays Aggregate, HFRI FOF Comp		7.4	7.1	6.8	5.4	6.1
Balanced Portfolio	5-1-03	6.6	9.6	8.8	7.0	8.0
50/30/20% S&P 500, Barclays Aggregate, HFRI FOF Comp		9.2	10.2	9.4	7.0	7.4
Growth Portfolio	5-1-03	7.5	12.2	11.2	8.2	9.2
80/10/10% S&P 500, Barclays Aggregate, HFRI FOF Comp		11.3	13.8	12.4	8.3	8.6

These model portfolios are not actual strategies in which clients can invest or allocate assets.  They are hypothetical combinations of: (i) internally managed strategies in which clients are invested and (ii) externally-managed funds or products in which clients are invested.  We track three such portfolios depending on the overall strategy by which the securities purchased may be characterized.  They are Income, Growth and Balanced (Income and Growth).  The returns shown assume annual rebalancing and reinvestment of dividends over the entirety of each of the periods shown.   Some of the underlying returns used to calculate each portfolio’s returns were net of fees and some were gross of fees. The rates of return for each of the three portfolios are presented gross of investment management fees and custody fees, but include the deduction of estimated brokerage commissions and transaction costs. An investor’s actual return on a portfolio of the type shown would be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. For example, assume the Firm achieves a 10% annual return prior to the deduction of fees each year for a period of 10 years. If an annual investment management fee of 1% of assets under management for the 10 year period were charged, the resulting annual average return after fees would be reduced to 8.9%. Silvercrest’s standard annual asset-based fee schedule is described in Part 2 of its Form ADV, and outsourced managers’ standard annual asset-based fee schedules are described in Part 2 of each of their Form ADVs. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Generally, investment management fees are charged based upon the size of the portfolio, computed quarterly. An investor’s actual result would be different from those portrayed in the models. A reader should not infer or assume that any portfolio is appropriate to meet the objectives, situation or needs of a particular investor, as the implementation of any financial strategy, and the purchase or sale of any security, should only be made after consultation with an attorney, tax advisor and investment advisor.  Past performance is no indication of future results.

The benchmark is a composite of the S&P 500 Index, the Barclays Capital Aggregate Index and the HFRI Fund of Funds Composite Index.  Each index’s blend is rebalanced annually.  Index returns do not reflect a deduction for fees or expenses.  Investors cannot invest directly in any of these indices.

The market indices used to compare to the performance of our strategies are as follows:

The Barclays Capital Aggregate Index is an index of investment grade government and corporate bonds with a maturity of more than one year.

The S&P 500 Index is a capitalization-weighted, unmanaged index that measures 500 widely held US common stocks of leading companies in leading industries, representative of the broad US equity market.

The HFRI Fund of Funds Composite Index is an index that is equal weighted, net of fees, and comprised of over 1,500 funds which report to Hedge Fund Research.

Three Months Ended March 31, 2015 versus Three Months Ended March 31, 2014

Our total revenue increased by $0.7 million, or 4.2%, to $17.4 million for the three months ended March 31, 2015, from $16.7 million for the three months ended March 31, 2014. This increase was driven primarily by growth in our management and advisory fees as a result of increased assets under management.

Assets under management increased by $2.0 billion, or 12.3%, to $18.2 billion at March 31, 2015 from $16.2 billion at March 31, 2014. Compared to the three months ended March 31, 2014, there was a decrease of $0.4 billion of client inflows, a decrease of $0.1 billion in client outflows, and an increase of $0.3 billion in market appreciation. Our market appreciation during the three months ended March 31, 2015 constituted a 1.1% rate of increase in our total assets under management compared to March 31, 2014. Our growth in assets under management for the three months ended March 31, 2015 was attributable to an increase of $0.2 billion in discretionary assets under management. The growth in our discretionary assets under management was primarily driven by market appreciation. An increase in the concentration of equity securities, which are included in discretionary assets under management and whose fee rates are higher than those of other investments, was the primary driver of increased management and advisory fees revenue for the three months ended March 31, 2015 compared to the prior period. Sub-advised fund management revenue decreased by $0.1 million for the three months ended March 31, 2015 as compared to the same period in the prior year. Proprietary fund management revenue decreased by $0.1 million for the three months ended March 31, 2015 as compared to the same period in the prior year. With respect to our discretionary assets under management, equity assets experienced growth of 1.9% during the three months ended March 31, 2015 and fixed income assets increased by 2.7% during the same period. For the three months ended March 31, 2015, most of our growth came from our small cap value, small cap concentrated and SMID cap value strategies with composite returns of 4.6%, 3.6% and 3.5%, respectively. As of March 31, 2015, the composition of our assets under management was 65% in discretionary assets,

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which includes both separately managed accounts and proprietary and sub-advised funds, and 35% in non-discretionary assets which represent assets on which we provide portfolio reporting but do not have investment discretion.

The following table represents a further breakdown of our assets under management for the three months ended March 31, 2015 and 2014:

	For the Three Months Ended March 31,
	2015		2014
Total AUM as of January 1,	$	17.9	$	15.7
Discretionary AUM:
Total Discretionary AUM as of January 1,		11.6		10.1
New client accounts/assets		─		0.2	(1)
Closed accounts		─		─	(2)
Net cash inflow/(outflow)		0.1		0.2	(3)
Non-discretionary to Discretionary AUM		─		─	(4)
Market (depreciation)/appreciation		0.1		0.1
Change to Discretionary AUM		0.2		0.5
Total Discretionary AUM at March 31,		11.8		10.6
Change to Non-Discretionary AUM		0.1		─	(5)
Total AUM as of March 31,	$	18.2	$	16.2

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

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

(3) Represents periodic cash flows related to existing accounts

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

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

Expenses

Our expenses for the three months ended March 31, 2015 and 2014 are set forth below:

	For the Three Months Ended March 31,
(in thousands)	2015		2014		2015 vs. 2014 ($)		2015 vs. 2014 (%)
Compensation and benefits (1)	$	9,762	$	9,711	$	51		0.5	%
General, administrative and other		3,528		3,214		314		9.8	%
Total expenses	$	13,290	$	12,925	$	365		2.8	%

(1) For the three months ended March 31, 2015 and 2014, $4,241 and $4,114, respectively, of partner incentive payments were included in cash compensation and benefits expense.

Our expenses are driven primarily by our compensation costs. The table included in “—Expenses—Compensation and Benefits Expense” describes the components of our compensation expense for the three months ended March 31, 2015 and 2014. Other expenses, such as rent, professional service fees, data-related costs, and sub-advisory fees incurred are included in our general and administrative expenses.

Three Months Ended March 31, 2015 versus Three Months Ended March 31, 2014

Total expenses increased by $0.4 million, or 2.8%, to $13.3 million for the three months ended March 31, 2015 from $12.9 million for the three months ended March 31, 2014. This increase was primarily attributable to increases in compensation and benefits expense of $0.1 million, as well as increases in general and administrative expenses of $0.3 million.

Compensation and benefits expense increased by $0.1 million, or 0.5%, to $9.8 million for the three months ended March 31, 2015 from $9.7 million for the three months ended March 31, 2014. The increase was primarily attributable to an increase in the accrual for partner incentive bonuses of $0.1 million, an increase in benefits costs of $0.1 million, an increase in accrued earnout payments related to the Richmond, VA office expansion of $0.1 million and an increase in salaries expense of $0.2 million as a result of both merit increases and increased headcount. This was partially offset by a decrease in equity-based compensation expense of $0.4 million primarily as a result of lower levels of deferred equity units due to vesting in prior periods.

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General and administrative expenses increased by $0.3 million, or 9.8%, to $3.5 million for the three months ended March 31, 2015 from $3.2 million for the three months ended March 31, 2014. This increase was primarily due to an increase in professional fees of $0.4 million related to the timing of audit expenses and an increase in investment research costs of $0.3 million.  This was partially offset by a decrease in bad debt expense of $0.2 million because we increased our reserve in 2014 due to higher revenue, a decrease in client reimbursements of $0.1 million and a decrease in sub-advisory and referral fees of $0.1 million as a result of lower sub-advisory revenue.

Other Income (Expense), Net

	For the Three Months Ended March 31,
(in thousands)	2015			2014			2015 vs. 2014 ($)		2015 vs. 2014 (%)
Other income, net	$	8		$	8		$	—		0.0	%
Interest income		20			20			—		0.0	%
Interest expense		(58	)		(127	)		69		54.3	%
Total other (expense) income, net	$	(30	)	$	(99	)	$	69		69.7	%

Three Months Ended March 31, 2015 versus Three Months Ended March 31, 2014

Other income (expense),  net increased by $69 thousand to other income (expense), net of ($30) thousand for the three months ended March 31, 2015 from other expense, net of ($99) thousand for the three months ended March 31, 2014 due to a decrease in interest expense of $69 thousand. Interest expense decreased for the three months ended March 31, 2015 as compared to the prior year as a result of reduced borrowings under our credit facility and payments made on notes payable to former partners resulting in lower outstanding balances.

Provision for Income Taxes

Three Months Ended March 31, 2015 versus Three Months Ended March 31, 2014

The provision for income taxes was $1.3 million and $1.5 million for the three months ended March 31, 2015 and 2014, respectively. The change was a result of both the recognition of increased corporate income tax expense related to increased profitability for the three months ended March 31, 2015 as compared with the comparable period in the prior year, and a decrease in deferred tax expense due to a discrete item recorded during the three months ended March 31, 2014 related to a reduction in future statutory corporate tax rates in New York State.  Our provision for income taxes as a percentage of income before provision for income taxes for the three months ended March 31, 2015 and 2014 was 31.6% and 39.4%, respectively.

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Supplemental Non-GAAP Financial Information

To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our condensed consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Earnings Per Share which are non-GAAP financial measures of earnings.

· EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.

· We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs and severance and other similar expenses.  We feel that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company.

· Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue.

· Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our principals, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a corporate rate of 40%.

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

These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measure in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

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The following tables contain reconciliations of net income to Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share (amounts in thousands except per share amounts).

Adjusted EBITDA

	Three Months Ended March 31,
	2015			2014
Reconciliation of non-GAAP financial measure:
Net income	$	2,810			2,241
Provision for income taxes		1,298			1,455
Delaware Franchise Tax		55			45
Interest expense		58			127
Interest income		(20	)		(8	)
Depreciation and amortization		460			481
Equity-based compensation		115			515
Other adjustments (A)		190			125
Adjusted EBITDA	$	4,966		$	4,981
Adjusted EBITDA Margin		28.5	%		29.8	%
Adjusted Net Income and Adjusted Earnings Per Share
Reconciliation of non-GAAP financial measure:
Net income	$	2,810		$	2,241
GAAP Provision for income taxes		1,298			1,455
Delaware Franchise Tax		55			45
Other adjustments (A)		190			125
Adjusted earnings before provision for income taxes		4,353			3,866
Adjusted provision for income taxes:
Adjusted provision for income taxes (40% assumed tax rate)		(1,741	)		(1,546	)
Adjusted net income	$	2,612		$	2,320
Adjusted earnings per share:
Basic	$	0.21		$	0.19
Diluted	$	0.21		$	0.19
Shares outstanding:
Basic Class A shares outstanding		7,786			7,523
Basic Class B shares outstanding		4,629			4,710
Total basic shares outstanding		12,415			12,233
Diluted Class A shares outstanding		7,786			7,523
Diluted Class B shares outstanding (B)		4,645			4,853
Total diluted shares outstanding		12,431			12,376

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(A) Other adjustments consist of the following:

	Three Months Ended March 31,
	2015		2014
Client reimbursement	$	—	$	125
Acquisition costs (a)		58		—
Non-acquisition expansion costs (b)		132		—
Total other adjustments	$	190	$	125

(a) Reflects the legal fees associated with the pending Jamison acquisition.

(b) Represents $64 of accrued earnout and $68 of professional fees related to our Richmond, VA office expansion.

(B) Includes 4,911 and 52,188 unvested deferred equity units as of March 31, 2015 and 2014, respectively.  Also includes 11,246 and 90,959 conditionally issuable units that vest upon achievement of certain performance metrics, that would be issuable if March 31, 2015 and 2014, respectively, was the end of the contingency.

Liquidity and Capital Resources

Historically, the working capital needs of our business have primarily been met through cash generated by our operations. We expect that our cash and liquidity requirements in the next twelve months will be met primarily through cash generated by our operations.

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 consists of a $7.5 million delayed draw term loan that matures on June 24, 2020 and a $7.5 million revolving credit facility that matures on December 24, 2016. The loan bears interest at either (a) the higher of the prime rate plus a margin of 0.05 percentage points and 2.5% or (b) the LIBOR rate plus 3 percentage points, at the borrowers’ option. On June 28, 2013, the borrowers borrowed $7 million under the revolving credit facility to partially fund a $10.0 million distribution that was made in July 2013 to the existing limited partners of Silvercrest L.P. prior to the closing of our initial public offering. As of March 31, 2015, $0 was outstanding on the revolving credit facility. As of March 31, 2015, no amount has been drawn on the term loan credit facility and the borrowers may draw up to the full amount of the term loan through June 25, 2018. Borrowings under the term loan on or prior to June 24, 2015 will be payable in twenty equal quarterly installments. Borrowings under the term loan after June 24, 2015 will be payable in equal quarterly installments through the maturity date. 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 total voting securities of Silvercrest. Any undrawn amounts under this facility would be available to fund future acquisitions or for working capital purposes, if needed. We were in compliance with the covenants under the credit facility as of March 31, 2015.

Our ongoing sources of cash will primarily consist of management fees and family office services fees, which are principally collected quarterly. We will primarily use cash flow from operations to pay compensation and related expenses, general and administrative expenses, income taxes, debt service, capital expenditures, distributions to Class B unit holders and dividends on shares of our Class A common stock.

Seasonality typically affects cash flow since the first quarter of each year includes as a source of cash, the prior year’s annual performance fee payments, if any, from our various funds and external investment strategies and, as a use of cash, the prior fiscal year’s incentive compensation. We believe that we have sufficient cash from our operations to fund our operations and commitments for the next twelve months.

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The following table sets forth certain key financial data relating to our liquidity and capital resources as of March 31, 2015 and December 31, 2014.

	As of
(in thousands)	March 31, 2014		December 31, 2014
Cash and cash equivalents	$	18,572	$	30,820
Accounts receivable	$	4,430	$	4,534
Due from Silvercrest Funds	$	2,481	$	3,797

We anticipate that distributions to the limited partners of Silvercrest L.P. will continue to be a material use of our cash resources and will vary in amount and timing based on our operating results and dividend policy. We pay and intend to continue paying quarterly cash dividends to holders of our Class A common stock. We are a holding company and have no material assets other than our ownership of interests in Silvercrest L.P. As a result, we will depend upon distributions from Silvercrest L.P. to pay any dividends to our Class A stockholders. We expect to cause Silvercrest L.P. to make distributions to us in an amount sufficient to cover dividends, if any, declared by us. Our dividend policy has certain risks and limitations, particularly with respect to liquidity. Although we expect to pay dividends according to our dividend policy, we may not pay dividends according to our policy, or at all, if, among other things, we do not have the cash necessary to pay our intended dividends or our subsidiaries are prevented from making a distribution to us under the terms of our current credit facility or any future financing. To the extent we do not have cash on hand sufficient to pay dividends, we may decide not to pay dividends. By paying cash dividends rather than investing that cash in our future growth, we risk slowing the pace of our growth, or not having a sufficient amount of cash to fund our operations or unanticipated capital expenditures, should the need arise.

Our purchase of Class B units in Silvercrest L.P. that occurred concurrently with the consummation of our initial public offering, and the future exchanges of Class B units of Silvercrest L.P., are expected to result in increases in our share of the tax basis of the tangible and intangible assets of Silvercrest L.P. at the time of our acquisition and these future exchanges, which will increase the tax depreciation and amortization deductions that otherwise would not have been available to us. These increases in tax basis and tax depreciation and amortization deductions are expected to reduce the amount of tax that we would otherwise be required to pay in the future. In June 2013, we entered into a tax receivable agreement with the current principals of Silvercrest L.P. and any future employee-holders of Class B units pursuant to which we agreed to pay them 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that we actually realize as a result of these increases in tax basis and certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments thereunder. The timing of these payments is currently unknown. The payments to be made pursuant to the tax receivable agreement will be a liability of Silvercrest and not Silvercrest L.P., and thus this liability has been recorded as an “other liability” on our Condensed Consolidated Statement of Financial Condition. For purposes of the tax receivable agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase in our share of the tax basis of the tangible and intangible assets of Silvercrest L.P.

The actual increase in tax basis, as well as the amount and timing of any payments under the tax receivable agreement, will vary depending upon a number of factors, including the timing of exchanges, the price of shares of our Class A common stock at the time of the exchange, the extent to which such exchanges are taxable, the amount and timing of our income and the tax rates then applicable. Nevertheless, we expect that as a result of the size of the increases in the tax basis of our tangible and intangible assets, the payments that we may make under the tax receivable agreement likely will be substantial. Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize the full tax benefit of the increased depreciation and amortization of our assets, we expect that future payments to the selling principals of Silvercrest L.P. in respect of our purchase of Class B units from them will aggregate approximately $15.8 million. Future payments to current principals of Silvercrest L.P. and future holders of Class B units in respect of subsequent exchanges would be in addition to these amounts and are expected to be substantial. We intend to fund required payments pursuant to the tax receivable agreement from the distributions received from Silvercrest L.P.

Cash Flows

The following table sets forth our cash flows for the three months ended March 31, 2015 and 2014. Operating activities consist of net income subject to adjustments for changes in operating assets and liabilities, depreciation, and equity-based compensation expense. Investing activities consist primarily of acquiring and selling property and equipment, and cash paid as part of business acquisitions. Financing activities consist primarily of contributions from partners, distributions to partners, dividends paid on Class A common stock, the issuance and payments on partner notes, other financings, and earnout payments related to business acquisitions.

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	Three Months Ended March 31,
(in thousands)	2015			2014
Net cash used in operating activities	$	(10,246	)	$	(4,303	)
Net cash used in investing activities		(162	)		(1,707	)
Net cash used in financing activities		(1,840	)		(2,072	)
Net change in cash	$	(12,248	)	$	(8,082	)

Operating Activities

Three Months Ended March 31, 2015 versus Three Months Ended March 31, 2014

For the three months ended March 31, 2015 and 2014, operating activities used $10.2 million and $4.3 million, respectively. This difference is primarily the result of increased payouts of accrued compensation of $4.5 million and increased prepaid expenses and other assets of $4.3 million due mainly to the timing of certain payments to vendors and an increase in taxes receivable, partially offset by decreased accounts payable and accrued expenses of $2.0 million due to the timing of certain payments to vendors and distributions received from investment funds of $1.3 million.

Investing Activities

Three Months Ended March 31, 2015 versus Three Months Ended March 31, 2014

For the three months ended March 31, 2015 and 2014, investing activities used $0.2 million and $1.7 million, respectively. The decrease in the use of cash was primarily the result of $1.7 million in earnout payments related to the Marathon Capital Group, LLC acquisition that were made during the three months ended March 31, 2014.  No earnout payments were made during the three months ended March 31, 2015.

Financing Activities

Three Months Ended March 31, 2015 versus Three Months Ended March 31, 2014

For the three months ended March 31, 2015 and 2014, financing activities used $1.8 million and $2.1 million, respectively.   During the three months ended March 31, 2015 and 2014, the Company paid dividends of $0.9 million to Class A shareholders.  Distributions decreased during the three months ended March 31, 2015 by $0.1 million as compared to the previous year. During the three months ended March 31, 2014, redemptions of partners’ interests totaled $0.2 million, and we received payments from partners on notes receivable of $0.6 million, as compared with payments from partners on notes receivable of $0.5 million in the current period.  

We anticipate that distributions to principals of Silvercrest L.P. will continue to be a material use of our cash resources, and will vary in amount and timing based on our operating results and dividend policy.

As described below, we have outstanding fixed rate notes payable to Ten-Sixty Asset Management LLC and Milbank related to the Ten-Sixty Asset Management LLC and Milbank acquisitions, and variable rate notes issued to former principals to redeem units held by them under which we exercised our call right upon their termination.

The aggregate principal amount of the note related to the Ten-Sixty acquisition is payable in quarterly installments from March 31, 2015 through March 31, 2017 of $0.1 million each.

As of March 31, 2015, $0.8 million remained outstanding on the note payable related to the Ten-Sixty acquisition.  The principal amount outstanding under this note bears interest at the rate of 5% per annum.  There was no accrued but unpaid interest on the note payable related to the Ten-Sixty acquisition as of March 31, 2015.

As of December 31, 2014, $0.9 million remained outstanding on the note payable related to the Ten-Sixty acquisition.  There was no accrued but unpaid interest on the notes payable related to the Ten-Sixty acquisition as of December 31, 2014.

The aggregate principal amount of the notes related to the Milbank acquisition matures after one remaining annual principal installment payable on November 1, 2015 in the approximate amount of $0.6 million together with all accrued and unpaid interest. The principal amount outstanding under this note bears interest at the rate of 5% per annum.

As of March 31, 2015, $0.6 million remained outstanding on the notes payable related to the Milbank acquisition. Accrued but unpaid interest on the notes payable related to the Milbank acquisition was approximately $12 thousand as of March 31, 2015.

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As of December 31, 2014, $0.6 million remained outstanding on the notes payable related to the Milbank acquisition. Accrued but unpaid interest on the notes payable related to the Milbank acquisition was approximately $5 thousand as of December 31, 2014.

As of March 31, 2015 and December 31, 2014, nothing was outstanding on our revolving credit facility with City National Bank.

On June 3, 2013, we redeemed units from two of our former principals. In conjunction with this redemption, we issued promissory notes with an aggregate principal amount of approximately $5.3 million, subject to downward adjustments to the extent of any breach by the holders of such notes. The principal amounts of the notes were originally payable in four equal annual installments on each of June 3, 2014, 2015, 2016 and 2017. The principal amount outstanding under these notes bear interest at the U.S. Prime Rate plus 1% in effect at the time payments are due. The June 3, 2014 payment was not made as it was being assessed as to whether the former principals had complied with the note covenants and whether any reduction to these notes should be made.  In October 2014, certain reductions totaling $1.7 million were agreed to based upon a review of the note covenants.  As a result, the principal amounts of the notes of $3.6 million became payable in four equal installments of approximately $0.9 million on November 1, 2014, and on each of August 1, 2015, 2016 and 2017.  The principal amounts outstanding under these notes bear interest at the U.S. Prime Rate plus 1% in effect at the time payments are due.   As of March 31, 2015 and December 31, 2014, $2.7 million remained outstanding on the notes and accrued but unpaid interest was approximately $47 thousand and $19 thousand, respectively.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of March 31, 2015 or December 31, 2014.

Critical Accounting Policies and Estimates

There have been no changes to our critical accounting policies during the three months ended March 31, 2015 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission on March 13, 2015.

Revenue Recognition

Investment advisory fees are 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. 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.

We account for performance-based revenue in accordance with ASC 605-20-S99, Accounting for Management Fees Based on a Formula, 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, we are only entitled to receive performance fees and allocations when the return on assets under management exceeds certain benchmark returns or other performance targets. We record performance fees and allocations as a component of revenue.

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Because the majority of our revenues are earned based on assets under management that have been determined using fair value methods and since market appreciation/depreciation has a significant impact on our revenue, we have presented our assets under management using the GAAP framework for measuring fair value. That framework provides a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs based on company assumptions (Level 3). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows:

· Level 1—includes quoted prices (unadjusted) in active markets for identical instruments at the measurement date. The types of financial instruments included in Level 1 include unrestricted securities, including equities listed in active markets.

· Level 2—includes inputs other than quoted prices that are observable for the instruments, including quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or inputs other than quoted prices that are observable for the instruments. The type of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and managed funds whose net asset value is based on observable inputs.

· Level 3—includes one or more significant unobservable inputs. Financial instruments that are included in this category include assets under management primarily comprised of investments in privately-held entities, limited partnerships, and other instruments where the fair value is based on unobservable inputs.

The table below summarizes the approximate amount of assets under management for the periods indicated for which fair value is measured based on Level 1, Level 2 and Level 3 inputs.

	Level 1		Level 2		Level 3		Total
	(in billions)
March 31, 2015 AUM	$	11.9	$	3.9	$	2.4	$	18.2
December 31, 2014 AUM	$	11.7	$	3.7	$	2.5	$	17.9

As substantially all our assets under management are valued by independent pricing services based upon observable market prices or inputs, we believe market risk is the most significant risk underlying valuation of our assets under management, as discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2014, which is accessible on the SEC’s website at www.sec.gov and Item 3. “– Qualitative and Quantitative Disclosures Regarding Market Risk.”

The average value of our assets under management for the three months ended March 31, 2015 was approximately $18.1 billion. Assuming a 10% increase or decrease in our average assets under management and the change being proportionately distributed over all our products, the value would increase or decrease by approximately $1.8 million for the three months ended March 31, 2015, which would cause an annualized increase or decrease in revenues of approximately $7.1 million for the three months ended March 31, 2015, at a weighted average fee rate for the three months ended March 31, 2015 of 0.39%.

The average value of our assets under management for the year ended December 31, 2014 was approximately $16.8 billion. Assuming a 10% increase or decrease in our average assets under management and the change being proportionately distributed over all our products, the value would increase or decrease by approximately $1.7 billion for the year ended December 31, 2014, which would cause an annualized increase or decrease in revenues of approximately $6.9 million for the year ended December 31, 2014, at a weighted average fee rate for the year ended December 31, 2014 of 0.41%.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.” ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures. We have not yet selected a transition method nor determined the effect of this standard on our ongoing financial reporting.

In June 2014, the FASB issued Accounting Standards Update 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12").” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is

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eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. A reporting entity should apply existing guidance ASC 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The adoption of this guidance, which is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, is not expected to have a material effect on our results of operations or financial position.

In February 2015, the FASB issued ASU 2015-02, Consolidation (ASC 810): Amendments to the Consolidation Analysis (“ASU 2015-02”).  The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, and provide a scope exception from consolidation guidance for reporting entities with interest in certain investment funds. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015.  Early adoption, including adoption in an interim period, is permitted.  The Company is evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements.

Item 3. Qualitative and Quantitative Disclosures Regarding Market Risk

Our exposure to market risk is directly related to our role as investment adviser for the separate accounts we manage and the funds for which we act as sub-investment adviser. Most of our revenue for the three months ended March 31, 2015 and 2014 was derived from advisory fees, which are typically based on the market value of assets under management. Accordingly, a decline in the prices of securities would cause our revenue and income to decline due to a decrease in the value of the assets we manage. In addition, such a decline could cause our clients to withdraw their funds in favor of investments offering higher returns or lower risk, which would cause our revenue and income to decline further. Due to the nature of our business, we believe that we do not face any material risk from inflation. Please see our discussion of market risks in “—Critical Accounting Policies and Estimates—Revenue Recognition” which is part of Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended) at March 31, 2015. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at March 31, 2015.

Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2015 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

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PART II.

Item 1. Legal Proceedings

We are, and will continue to be, subject to litigation from time to time in the ordinary course of business.  Currently, there are no material legal proceedings pending or threatened against us.

Item 6. Exhibits

Exhibit Number	Description
3.1*	Second Amended and Restated Certificate of Incorporation of Silvercrest Asset Management Group Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
3.2*	Bylaws of Silvercrest Asset Management Group Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
4.1*	Specimen Stock Certificate for Shares of Class A Common Stock (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
4.2*	Exchange Agreement (incorporated by reference to Exhibit 4.2 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
4.3*	Resale and Registration Rights Agreement (incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
4.4*	2012 Equity Incentive Plan (incorporated by reference to Exhibit 4.4 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
4.6*	Form of February 2010 Deferred Equity Unit Award Agreement (incorporated by reference to Exhibit 4.6 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
10.1*	Form of Second Amended and Restated Limited Partnership Agreement of Silvercrest L.P. (incorporated by reference to Exhibit 10.1 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
10.2*	Tax Receivable Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
10.3*	Form of Indemnification Agreement with Directors (incorporated by reference to Exhibit 10.3 to the Registrant’s Registration Statement on Form S-1 filed April 19, 2013).
10.5*	Credit agreement (incorporated by reference to Exhibit 10.5 to the Registrant’s Registration Statement on Form S-1 filed June 25, 2013).
31.1**	Certification of the Company’s Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2**	Certification of the Company’s Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1***	Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2***	Certification of the Company’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document

* Previously filed

** Filed herewith

*** Furnished herewith

44

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, state of New York, on  May 7, 2015.

Silvercrest Asset Management Group Inc.

		By:	/s/ Richard R. Hough III
Date:	May 7, 2015		Richard R. Hough III
			Chief Executive Officer, President and Director
			(Principal Executive Officer)
			/s/ Scott A. Gerard
Date:	May 7, 2015		Scott A. Gerard
			Chief Financial Officer
			(Principal Financial and Accounting Officer)

45

EX-31

Exhibit 31.1

CERTIFICATION

I, Richard R. Hough III, certify that:

1. I have reviewed this report on Form 10-Q of Silvercrest Asset Management Group Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Richard R. Hough III

Richard R. Hough III

Chief Executive Officer, President and Director

(Principal Executive Officer)

Date: May 7, 2015

EX-31

Exhibit 31.2

CERTIFICATION

I, Scott A. Gerard, certify that:

1. I have reviewed this report on Form 10-Q of Silvercrest Asset Management Group Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Scott A. Gerard

Scott A. Gerard

Chief Financial Officer

(Principal Financial and Accounting Officer)

Date: May 7, 2015

EX-32

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard R. Hough III, the Chief Executive Officer, President and Director of Silvercrest Asset Management Group Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

· The Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

· The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Richard R. Hough III

Richard R. Hough III

Chief Executive Officer, President and Director

(Principal Executive Officer)

Date: May 7, 2015

The foregoing certification is being furnished to the Securities and Exchange Commission as part of the accompanying report on Form 10-Q. A signed original of this statement has been provided to Silvercrest Asset Management Group Inc. and will be retained by Silvercrest Asset Management Group Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott A. Gerard, the Chief Financial Officer of Silvercrest Asset Management Group Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002, that, to my knowledge:

· The Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

· The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Scott A. Gerard

Scott A. Gerard

Chief Financial Officer

(Principal Financial and Accounting Officer)

Date: May 7, 2015

The foregoing certification is being furnished to the Securities and Exchange Commission as part of the accompanying report on Form 10-Q. A signed original of this statement has been provided to Silvercrest Asset Management Group Inc. and will be retained by Silvercrest Asset Management Group Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Acquisitions - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	0 Months Ended	3 Months Ended	0 Months Ended		1 Months Ended
	Mar. 31, 2014	Nov. 01, 2014	Mar. 31, 2015 Installment	Mar. 30, 2015	Mar. 28, 2013	Dec. 31, 2013	Apr. 30, 2013	Dec. 31, 2014
Business Acquisition [Line Items]
Cash consideration under Asset Purchase Agreement	$ 1,679
Promissory Note
Business Acquisition [Line Items]
Number of installments			4
Installment amount payable		900
Jamison
Business Acquisition [Line Items]
Cash consideration under Asset Purchase Agreement				3,550
Equity consideration for SLP acquired				3,967
Earn out payments percentage on EBITDA remainder of fiscal year				20.00%
Earn out payments percentage on EBITDA due in two years				20.00%
Earn out payments percentage on EBITDA due in three years				20.00%
Earn out payments percentage on EBITDA due in four years				20.00%
Earn out payments percentage on EBITDA due in five years				20.00%
Earn Out Payments Percentage On EBITDA Due thereafter				20.00%
Jamison | Seller Note
Business Acquisition [Line Items]
Promissory note issued				612
Interest on principal amount				5.00%
Jamison | Principals Notes
Business Acquisition [Line Items]
Promissory note issued				1,771
Interest on principal amount				5.00%
Milbank
Business Acquisition [Line Items]
Equity consideration for SLP acquired			1,325					1,325
Outstanding note payable			564
Ten-Sixty
Business Acquisition [Line Items]
Cash consideration under Asset Purchase Agreement					2,500
Promissory note issued					1,479
Acquisition of assets					1,900,000
Ten-Sixty | Promissory Note
Business Acquisition [Line Items]
Number of installments			2
Installment amount payable						218	218
Quarterly installments from June 30, 2014 through March 31, 2017			87
Principal on fixed rate notes, interest rate			5.00%

XML

Commitments and Contingencies - Summary of Future Minimum Lease Payments and Rentals under Lease Agreements (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Minimum Lease Commitments
Commitments And Contingencies [Line Items]
Remainder of 2015	$ 2,757
2016	3,646
2017	2,838
2018	60
2019	36
Total	9,337
Minimum Net Rentals
Commitments And Contingencies [Line Items]
Remainder of 2015	2,424
2016	3,202
2017	2,495
2018	60
2019	36
Total	8,217
Non-cancellable Subleases
Commitments And Contingencies [Line Items]
Remainder of 2015	(333)
2016	(444)
2017	(343)
Total	$ (1,120)

XML

Intangible Assets - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expenses of intangible assets	$ 323	$ 360	$ 1,422

XML

Commitments and Contingencies - Assets Relating to Capital Leases Included in Equipment (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Commitments And Contingencies [Line Items]
Less: Accumulated depreciation and amortization	$ (144)	$ (127)
Capital lease assets, net	270	276
Furniture and Equipment
Commitments And Contingencies [Line Items]
Capital lease assets, gross	356	345
Software
Commitments And Contingencies [Line Items]
Capital lease assets, gross	$ 58	$ 58

XML

Goodwill - Summary of Changes to Carrying Amount of Goodwill (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning, Gross balance	$ 37,446	$ 37,423
Beginning, Accumulated impairment losses	(17,415)	(17,415)
Beginning, Net balance	20,031	20,008
Purchase price adjustments from earnouts	(23)
Ending, Gross balance	37,423	37,423
Ending, Accumulated impairment losses	(17,415)	(17,415)
Ending, Net balance	$ 20,008	$ 20,008

XML

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments and Rentals under Lease Agreements

Future minimum lease payments and rentals under lease agreements which expire through 2019 are as follows:

	Minimum Lease Commitments		Non-cancellable Subleases			Minimum Net Rentals
Remainder of 2015	$	2,757	$	(333	)	$	2,424
2016		3,646		(444	)		3,202
2017		2,838		(343	)		2,495
2018		60		—			60
2019		36		—			36
Total	$	9,337	$	(1,120	)	$	8,217

Assets Relating to Capital Leases Included in Equipment

The assets relating to capital leases that are included in equipment as of March 31, 2015 and December 31, 2014 are as follows:

	2015			2014
Capital lease assets included in furniture and equipment	$	356		$	345
Capital lease assets included in software		58			58
Less: Accumulated depreciation and amortization		(144	)		(127	)
	$	270		$	276

Summary of Future Minimum Lease Payments under Capital Leases

Future minimum lease payments under capital leases are as follows:

	Future Minimum Lease Commitments
Remainder of 2015	$	57
2016		79
2017		69
2018		58
2019		11
Total	$	274

XML

Stockholders' Equity - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015	Dec. 31, 2014
Class Of Stock [Line Items]
Partnership distributions, amount	$ 1,241	$ 1,349
Distributions of partner incentive allocations of net income	18,568	14,181
Accrued partner incentive allocations	5,291			21,758
Class B Common Stock
Class Of Stock [Line Items]
Class B common stock issued upon vesting of deferred equity units	126,616		126,616
Exchange of Class B common stock for Class A common stock	(18,000)
Class B Common Stock | Resale And Registration Rights Agreement
Class Of Stock [Line Items]
Exchange of Class B common stock for Class A common stock	18,000
Slp
Class Of Stock [Line Items]
Accrued partner incentive allocations	$ 4,241	$ 4,114

XML

Soft Dollar Arrangements

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and 2014, the Company utilized “soft dollar” credits of $235 and $264, respectively.

XML

Debt - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended	12 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Nov. 01, 2014	Dec. 31, 2014	Aug. 01, 2017	Aug. 01, 2016	Aug. 01, 2015	Jun. 24, 2013	Oct. 31, 2014	Jun. 03, 2013
Schedule Of Maturities Of Long Term Debt [Line Items]
Borrowings under revolving credit facility				$ 24,000
Interest expense including amortization of deferred financing fees	58,000	127,000
Promissory Note
Schedule Of Maturities Of Long Term Debt [Line Items]
Variable rate notes issued for redemption of partners' interests, spread	1.00%
Debt instrument variable interest rate basis	The principal amount outstanding under these notes bear interest at the U.S. Prime Rate plus 1% in effect at the time payments are due.
Aggregate principal amount										5,300,000
Debt instrument reduction to principal amount									1,722,000
Principal amount of notes	3,578,000
Principal amount payment terms	As a result, the principal amounts of the notes of $3,578 became payable in four equal installments of approximately $900 on November 1, 2014, and on each of August 1, 2015, 2016 and 2017.
Number of installments	4
Installment amount payable			900,000
Principal amount of notes outstanding	2,683,000			2,683,000
Accrued, unpaid interest	47,000			19,000
Scenario Forecast | Promissory Note
Schedule Of Maturities Of Long Term Debt [Line Items]
Installment amount payable					900,000	900,000	900,000
City National Bank
Schedule Of Maturities Of Long Term Debt [Line Items]
Credit facility, borrowing capacity								15,000,000
Credit facility, proceeds from borrowings								7,000,000
Borrowings under revolving credit facility	0			0
Interest expense including amortization of deferred financing fees	10,000	37,000
Delayed Draw Term Loan | City National Bank
Schedule Of Maturities Of Long Term Debt [Line Items]
Credit facility, borrowing capacity								7,500,000
Credit facility maturity date								Jun. 24, 2020
Credit facility, interest rate description	The higher of the prime rate plus a margin of 0.05 percentage points and 2.5% or (b) the LIBOR rate plus 3 percentage points, at the borrowers’ option
Credit facility, number of installments								20
Credit facility, frequency of installments	Quarterly
Delayed Draw Term Loan | City National Bank | Option One | Maximum
Schedule Of Maturities Of Long Term Debt [Line Items]
Variable rate notes issued for redemption of partners' interests, spread								0.05%
Debt instrument variable interest rate basis	Prime rate
Delayed Draw Term Loan | City National Bank | Option One | Minimum
Schedule Of Maturities Of Long Term Debt [Line Items]
Credit facility, fixed interest rate								2.50%
Delayed Draw Term Loan | City National Bank | Option Two
Schedule Of Maturities Of Long Term Debt [Line Items]
Variable rate notes issued for redemption of partners' interests, spread								3.00%
Debt instrument variable interest rate basis	LIBOR
Borrowings Under Revolving Credit Agreement | City National Bank
Schedule Of Maturities Of Long Term Debt [Line Items]
Credit facility, borrowing capacity								$ 7,500,000
Credit facility maturity date								Dec. 24, 2016
Debt covenant, restriction on change in control								30.00%

XML

Investments and Fair Value Measurements - Category of Financial Instruments Not Held at Fair Value (Parenthetical) (Detail) (Money Market Funds, USD $)	Mar. 31, 2015
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Quoted market price	$ 1.00

XML

Organization and Business - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Jun. 26, 2013	Mar. 11, 2004	Dec. 31, 2004	Oct. 03, 2008	Apr. 01, 2012
Business And Organization [Line Items]
Tax receivable agreement with limited partner, percentage of cash savings to be paid	85.00%
Recognition of tax receivable agreement liability	$ 15,785
Percentage of cash savings expected to be realized	15.00%
Silvercrest Financial Services Inc
Business And Organization [Line Items]
Percentage of outstanding shares acquired			100.00%
Sam Alternative Solutions Inc
Business And Organization [Line Items]
Percentage of outstanding shares acquired				100.00%
Marathon Capital Group, LLC
Business And Organization [Line Items]
Percentage of outstanding shares acquired					100.00%
Mw Commodity Advisors Llc
Business And Organization [Line Items]
Percentage of outstanding shares acquired						100.00%
Class A Common Stock
Business And Organization [Line Items]
Percentage ownership in a consolidated subsidiary	63.00%	62.00%
Number of shares held by parent		7,524,271

XML

Debt - Summary of Future Principal Amounts Payable (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Debt Disclosure [Abstract]
Future principal amounts payable, 2015 (remainder of)	$ 1,742
Future principal amounts payable, 2016	1,274
Future principal amounts payable, 2017	989
Future principal amounts payable, Total	$ 4,005

XML

Equity-Based Compensation - Summary of Equity Grants (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Units	96,971	238,371
Vested, Units	(90,585)	(140,549)
Forfeited, Units		(851)
Ending Balance, Units	6,386	96,971
Beginning Balance, Range of Fair Value per unit	$ 3.75	$ 3.75
Ending Balance, Range of Fair Value per unit	$ 3.75	$ 3.75
Deferred Equity Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Units	52,188	175,298
Vested, Units	(47,277)	(123,110)
Ending Balance, Units	4,911	52,188
Deferred Equity Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Range of Fair Value per unit	$ 12.00	$ 12.00
Vested, Range of Fair Value per unit	$ (12.00)	$ 12.00
Ending Balance, Range of Fair Value per unit	$ 12.00	$ 12.00
Deferred Equity Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Range of Fair Value per unit	$ 15.65	$ 17.05
Vested, Range of Fair Value per unit	$ (13.97)	$ (16.81)
Ending Balance, Range of Fair Value per unit	$ 14.25	$ 18.29

XML

Stockholders' Equity - Class B Common Stock (Detail) (Class B Common Stock)	1 Months Ended	3 Months Ended
	Feb. 28, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013
Class Of Stock [Line Items]
Stock issued upon vesting of deferred equity units, transaction date		Feb. 28, 2015
Common stock issuance date		Mar. 31, 2015
Balance, Shares		4,520,413	4,710,000	4,465,000
Class B common stock issued upon vesting of deferred equity units	126,616	126,616
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock		18,000
Balance, Shares		4,629,029	4,710,000	4,465,000
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		(18,000)

XML

Intangible Assets - Summary of Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Finite Lived Intangible Assets [Line Items]
Cost, beginning balance	$ 19,223	$ 19,223	$ 19,223
Cost, ending balance	19,223		19,223
Accumulated amortization, beginning balance	(8,056)	(6,634)	(6,634)
Amortization expense	(323)	(360)	(1,422)
Accumulated amortization, ending balance	(8,379)		(8,056)
Net book value	10,844		11,167
Minimum
Finite Lived Intangible Assets [Line Items]
Useful lives	3 years
Maximum
Finite Lived Intangible Assets [Line Items]
Useful lives	20 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Cost, beginning balance	17,560	17,560	17,560
Cost, ending balance	17,560		17,560
Accumulated amortization, beginning balance	(6,627)	(5,410)	(5,410)
Amortization expense	(292)		(1,217)
Accumulated amortization, ending balance	(6,919)		(6,627)
Net book value	10,641		10,933
Customer Relationships | Minimum
Finite Lived Intangible Assets [Line Items]
Useful lives	10 years		10 years
Customer Relationships | Maximum
Finite Lived Intangible Assets [Line Items]
Useful lives	20 years		20 years
Other Intangible Assets
Finite Lived Intangible Assets [Line Items]
Cost, beginning balance	1,663	1,663	1,663
Cost, ending balance	1,663		1,663
Accumulated amortization, beginning balance	(1,429)	(1,224)	(1,224)
Amortization expense	(31)		(205)
Accumulated amortization, ending balance	(1,460)		(1,429)
Net book value	$ 203		$ 234
Other Intangible Assets | Minimum
Finite Lived Intangible Assets [Line Items]
Useful lives	3 years		3 years
Other Intangible Assets | Maximum
Finite Lived Intangible Assets [Line Items]
Useful lives	5 years		5 years

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

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 SLP, including its wholly owned subsidiaries, Silvercrest Asset Management Group LLC (“SAMG”), SFS, MCG, Silvercrest Investors LLC, Silvercrest Investors II LLC and Silvercrest Investors III LLC as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014.  All intercompany transactions and balances have been eliminated.

The Condensed Consolidated Statement of Financial Condition at December 31, 2014 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 months ended March 31, 2015 and 2014 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending December 31, 2015 and 2014 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 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 Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

The Company evaluates for consolidation those entities it controls through a majority voting interest or otherwise, including those SLP funds over which the general partner or equivalent is presumed to have control. The initial step in the Company’s determination of whether a fund for which SLP is the general partner is required to be consolidated is assessing whether the fund meets the definition of a variable interest entity (“VIE”). None of the funds for which SLP is the general partner met the definition of a VIE during the three months ended March 31, 2015 and 2014, as the total equity at risk of each fund is sufficient for the fund to finance its activities without additional subordinated financial support provided by any parties, including the equity holders.

SLP then considers whether the fund is a voting interest entity (“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.

As of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014, all of the funds for which SLP was the general partner had substantive “kick-out” rights and, therefore, neither SLP nor Silvercrest consolidated any of the Silvercrest Funds.

Non-controlling Interest

As of March 31, 2015, Silvercrest holds approximately 63% 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 stockholders’ equity on its Condensed Consolidated Statement 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 Statement of Operations as a reduction or addition to net income derived from SLP.

Segment Reporting

The Company views its operations as comprising one operating segment. Each of the Company’s acquired businesses have similar economic characteristics and have been fully integrated upon acquisition. Furthermore, our chief operating decision maker, which 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, equity-based compensation, accounting for income taxes, 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.

Restricted Certificates of Deposit

Certain certificates of deposit held at a major financial institution are restricted and serve as collateral for letters of credit for the Company’s lease obligations as described in Note 10.

Equity Method Investments

Entities and investments, the activities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, are accounted for 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 at March 31, 2015 and December 31, 2014. 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 which consist of Level I and Level II securities. No impairment charges related to equity method investments were recorded during the three months ended March 31, 2015 or 2014.

Receivables and Due from Silvercrest Funds

Receivables consist primarily of amounts for advisory fees due from clients, management fees and family office services fees, 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 is 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 for other fixed assets is 3 to 7 years.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting. The acquisition method of accounting requires that the 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. 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.

For acquisitions completed subsequent to January 1, 2009, 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.

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 and is generally evaluated for impairment using a two-step process that is performed at least annually, or whenever events or circumstances indicate that impairment may have occurred.

The Company accounts for Goodwill under ASC 350, “Goodwill Intangibles 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 2014 and 2013, 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 at March 31, 2015 and December 31, 2014. No goodwill impairment charges were recorded during the three months ended March 31, 2015 and 2014.

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, 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, advisory and performance fees 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.

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 and (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. Also, Class A stockholders are 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 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 is recognized ratably over the period in which services are performed. Revenue consists primarily of investment advisory fees, family office services fees and fund management fees. Investment advisory fees, which are earned pursuant to the terms of the underlying advisory contract, are typically billed quarterly in advance at the beginning of the quarter or in arrears after the end of the quarter, based on a contractually specified percentage of the assets managed. For investment advisory fees billed in advance, the value of assets managed is determined based on the value of the customer’s account as of the last trading day of the preceding quarter. For investment advisory fees billed in arrears, the value of assets managed is determined based on the value of the customer’s account on the last day of the quarter being billed. Family office services fees are 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 based on a fixed fee arrangement. Management fees from proprietary and non-proprietary funds are calculated as a percentage of net asset values measured at the beginning of a month or quarter or at the end of a quarter, depending on the fund.

The Company accounts for performance based revenue in accordance with ASC 605-20-S99, “Accounting for Management Fees Based on a Formula”, 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, and no contingencies remain. Performance fee contingencies are typically resolved at the end of each annual period. 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.

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. Distributions associated with Liability Awards expected to vest are accounted for as compensation expense in the Condensed Consolidated Statements of Operations.

Leases

The Company expenses the net lease payments associated with operating leases on a straight-line basis over the respective lease term, including any rent-free periods. Leasehold improvements are recorded at cost and are depreciated using the straight-line method over the lesser of the estimated useful lives of the improvements (generally 10 years) or the remaining lease term.

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 an 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 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

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.” ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on the condensed consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor determined the effect of this standard on its ongoing financial reporting.

In June 2014, the FASB issued Accounting Standards Update 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12").” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. A reporting entity should apply existing guidance ASC 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is in the process of evaluating the impact of the adoption of this guidance on its Condensed Consolidated Financial Statements.

In February 2015, the FASB issued ASU 2015-02, Consolidation (ASC 810): Amendments to the Consolidation Analysis (“ASU 2015-02”).  The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, and provide a scope exception from consolidation guidance for reporting entities with interest in certain investment funds. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015.  Early adoption, including adoption in an interim period, is permitted.  The Company is evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements.

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Notes Receivable from Partners - Additional Information (Detail) (Partners, USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2009	Jan. 31, 2008
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	$ 2,749,000	$ 3,212,000	$ 3,052,000
Allowance for credit losses on notes receivable	0	0
Limited Recourse
Related Party Transaction [Line Items]
Interest rates of promissory notes				2.77%	3.53%
Notes receivable from partners	1,195,000	1,300,000
Full Recourse
Related Party Transaction [Line Items]
Notes receivable from partners	$ 1,554,000	$ 1,912,000

XML

Receivables, Net - Summary of Receivables (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Management and advisory fees receivable	$ 2,803	$ 2,705
Unbilled receivables	1,990	2,229
Other receivables	2	2
Receivables	4,795	4,936
Allowance for doubtful receivables	(365)	(402)
Receivables, net	$ 4,430	$ 4,534

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Furniture, Equipment and Leasehold Improvements, Net (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014:

	2015			2014
Leasehold improvements	$	3,857		$	3,766
Furniture and equipment		4,577			4,496
Artwork		421			421
Total cost		8,855			8,683
Accumulated depreciation and amortization		(6,466	)		(6,329	)
Furniture, equipment and leasehold improvements, net	$	2,389		$	2,354

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Receivables, Net (Tables)

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Summary of Receivables

The following is a summary of receivables as of March 31, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	2,803		$	2,705
Unbilled receivables		1,990			2,229
Other receivables		2			2
Receivables		4,795			4,936
Allowance for doubtful receivables		(365	)		(402	)
Receivables, net	$	4,430		$	4,534

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Commitments and Contingencies - Summary of Future Minimum Lease Payments under Capital Leases (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2015	$ 57
2016	79
2017	69
2018	58
2019	11
Total	$ 274

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Furniture, Equipment and Leasehold Improvements, Net - Summary of Furniture, Equipment and Leasehold Improvements, Net (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Property Plant And Equipment Useful Life And Values [Abstract]
Leasehold improvements	$ 3,857	$ 3,766
Furniture and equipment	4,577	4,496
Artwork	421	421
Total cost	8,855	8,683
Accumulated depreciation and amortization	(6,466)	(6,329)
Furniture, equipment and leasehold improvements, net	$ 2,389	$ 2,354

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Goodwill (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [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 three months ended March 31, 2015 and the year ended December 31, 2014:

	2015			2014
Beginning
Gross balance	$	37,423		$	37,446
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance		20,008			20,031
Purchase price adjustments from earnouts		─			(23	)
Ending
Gross balance		37,423			37,423
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance	$	20,008		$	20,008

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Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets as of March 31, 2015 and December 31, 2014:

	Customer Relationships			Other Intangible Assets			Total
Cost
Balance, January 1, 2015	$	17,560		$	1,663		$	19,223
Balance, March 31, 2015		17,560			1,663			19,223
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2015		(6,627	)		(1,429	)		(8,056	)
Amortization expense		(292	)		(31	)		(323	)
Balance, March 31, 2015		(6,919	)		(1,460	)		(8,379	)
Net book value	$	10,641		$	203		$	10,844
Cost
Balance, January 1, 2014	$	17,560		$	1,663		$	19,223
Balance, December 31, 2014		17,560			1,663			19,223
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2014		(5,410	)		(1,224	)		(6,634	)
Amortization expense		(1,217	)		(205	)		(1,422	)
Balance, December 31, 2014		(6,627	)		(1,429	)		(8,056	)
Net Book Value	$	10,933		$	234		$	11,167

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:

2015 (remainder of)	$	968
2016		1,236
2017		1,135
2018		1,001
2019		720
Thereafter		5,784
Total	$	10,844

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Organization and Business

3 Months Ended

Mar. 31, 2015

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 was formed for the purpose of completing a public offering and related transactions 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 in Silvercrest L.P. and its only material asset is the general partner interest in Silvercrest L.P., represented by 7,524,271 Class A units or approximately 62% of the economic interests of Silvercrest L.P. Effective June 26, 2013, Silvercrest controlled 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”.

SLP was formed on December 10, 2008 and commenced operations on January 1, 2009.

On March 11, 2004, 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”). See Notes 3, 7 and 8 for additional information related to 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 was completed on June 27, 2013, Silvercrest entered into a tax receivable agreement (the “TRA”) with the partners of SLP that requires it to pay them 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that it actually realizes (or are 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. The payments to be made pursuant to the tax receivable agreement are a liability of Silvercrest and not Silvercrest L.P., and thus this liability has been recorded as an “other liability” on our Condensed Consolidated Statement of Financial Condition.  As of March 31, 2015, this liability is is estimated to be $15,785. Silvercrest expects to benefit from the remaining 15% of cash savings, if any, realized.

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 a partner if a 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’s 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 partners of SLP 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 Internal Revenue Service 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.

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Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Summary of Notes Payable

The following is a summary of notes payable:

	March 31, 2015
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	1,322
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					59
Total, March 31, 2015				$	4,064

	December 31, 2014
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	1,417
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					24
Total, December 31, 2014				$	4,124

Summary of Future Principal Amounts Payable

As of March 31, 2015, future principal amounts payable under the fixed and variable rate notes are as follows:

2015 (remainder of)	$	1,742
2016		1,274
2017		989
Total	$	4,005

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Investments and Fair Value Measurements - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Investments	$ 15	$ 1,307
Maximum financial interest in affiliated investment funds	2.00%

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Commitments and Contingencies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Commitments And Contingencies [Line Items]
Operating lease rent expense	$ 917	$ 902
Sub-lease income	91	102
Asset acquired under capital lease	11	289
Depreciation expense	137	121
Contingent consideration payments		1,679
MCG Acquisition | Contingent Consideration
Commitments And Contingencies [Line Items]
Contingent consideration percentage of EBITDA	22.00%
Number of years contingent consideration adjusted annual EBITDA	5 years
Contingent consideration payments	0	1,679
Capital Lease Assets
Commitments And Contingencies [Line Items]
Depreciation expense	17	19
Additional Office Space
Commitments And Contingencies [Line Items]
Operating lease rent expense, net	5
Refundable security deposit	3
Lease commencement date	2014-05-01
Lease expires	Jul. 31, 2019
Number of rent free periods	3 months
Office Equipment
Commitments And Contingencies [Line Items]
Lease expires	Nov. 30, 2018
Capital lease obligation	274		282
Asset acquired under capital lease	321
Capital lease, period	5 years
Capital lease, minimum monthly payment	5
Letter of Credit
Commitments And Contingencies [Line Items]
Refundable security deposit	586		586
Letter of Credit | Boston landlord
Commitments And Contingencies [Line Items]
Refundable security deposit	80
General, Administrative and Other Expenses
Commitments And Contingencies [Line Items]
Operating lease rent expense, net	$ 826	$ 800

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Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 18,572	$ 30,820
Restricted certificates of deposit and escrow	586	586
Investments	15	1,307
Receivables, net	4,430	4,534
Due from Silvercrest Funds	2,481	3,797
Furniture, equipment and leasehold improvements, net	2,389	2,354
Goodwill	20,008	20,008
Intangible assets, net	10,844	11,167
Deferred tax asset—tax receivable agreement	22,547	23,000
Prepaid expenses and other assets	3,512	2,123
Total assets	85,384	99,696
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	3,973	3,291
Accrued compensation	5,291	21,758
Notes payable	4,064	4,124
Borrowings under revolving credit facility		24
Deferred rent	1,183	1,299
Deferred tax and other liabilities	16,299	16,138
Total liabilities	30,810	46,634
Commitments and Contingencies (Note 10)
Stockholders’ Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of March 31, 2015 and December 31, 2014
Additional Paid-In Capital	39,255	39,175
Retained earnings	3,688	3,217
Total stockholders’ equity	43,066	42,516
Non-controlling interests	11,508	10,546
Total equity	54,574	53,062
Total liabilities and stockholders’ equity	85,384	99,696
Class A Common Stock
Stockholders’ Equity
Common stock, value	78	78
Total equity	78	78
Class B Common Stock
Stockholders’ Equity
Common stock, value	45	46
Total equity	$ 45	$ 46

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Furniture, Equipment and Leasehold Improvements, Net - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation expense	$ 137	$ 121

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Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) (Class A Common Stock, USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Class A Common Stock
Common stock dividends, per share	$ 0.12	$ 0.12

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Stockholders' Equity - Summary of Authorized and Outstanding Equity (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
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	1 vote per share
Common stockholders rights percentage	100.00%
Common stock, shares outstanding	7,786,010	7,768,010	7,523,000	7,523,000
Class B Common Stock
Class Of Stock [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, voting rights	1 vote per share
Class of share exchangeable to another class	one share of Class A common stock
Common stock, shares outstanding	4,629,029	4,520,413	4,710,000	4,465,000
Deferred equity units exercisable	4,911

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Notes Receivable from Partners (Tables)

3 Months Ended

Mar. 31, 2015

Accounts Notes And Loans Receivable [Line Items]

Summary of Receivables

The following is a summary of receivables as of March 31, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	2,803		$	2,705
Unbilled receivables		1,990			2,229
Other receivables		2			2
Receivables		4,795			4,936
Allowance for doubtful receivables		(365	)		(402	)
Receivables, net	$	4,430		$	4,534

Partners

Accounts Notes And Loans Receivable [Line Items]

Summary of Receivables

Notes receivable from partners are as follows for the three months ended March 31, 2015 and the year ended December 31, 2014:

	March 31, 2015			December 31, 2014
Beginning balance	$	3,212		$	3,052
Repayment of notes		(481	)		(841	)
Interest accrued and capitalized on notes receivable		18			61
New notes receivable issued to partners		—			940
Ending balance	$	2,749		$	3,212

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Income Taxes - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Income Taxes Disclosure [Line Items]
Net deferred tax assets	$ 22,374		$ 22,835
Net Deferred tax liabilities relating to non-controlling interests	64
Current tax expense	653	442
Corporate tax expense	307
Deferred tax expense (benefit)	645	1,013
Provision for income taxes	1,298	1,455
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.
Non-controlling Interest
Income Taxes Disclosure [Line Items]
Current tax expense	129	124
Deferred tax expense (benefit)	3	2
Provision for income taxes	132	126
Slp
Income Taxes Disclosure [Line Items]
Non-current deferred tax asset	22,547		23,000
Non-current deferred tax liability	75		64
Corporate tax expense	345
Silvercrest Financial Services Inc
Income Taxes Disclosure [Line Items]
Non-current deferred tax liability	98		101
Corporate tax expense	$ 1

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Redeemable Partnership Units

3 Months Ended

Mar. 31, 2015

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.

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Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Equity Grants

A summary of these equity grants by the Company as of March 31, 2015 and 2014 during the periods then ended is presented below:

					Deferred Equity Units					Performance Units
	Units				Range of Fair Value per unit					Units			Fair Value per unit
Balance at January 1, 2015		52,188		$	12.00		$	15.65			96,971		$	3.75
Vested		(47,277	)		(12.00	)		(13.97	)		(90,585	)		—
Balance at March 31 2015		4,911		$	12.00		$	14.25			6,386		$	3.75
Balance at January 1, 2014		175,298		$	12.00		$	17.05			238,371		$	3.75
Vested		(123,110	)		12.00			(16.81	)		(140,549	)
Forfeited		—			—			—			(851	)
Balance at March 31, 2014		52,188		$	12.00		$	18.29			96,971		$	3.75

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Defined Contribution and Deferred Compensation Plans

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and 2014, Silvercrest made matching contributions of $19 and $16, respectively, for the benefit of employees.

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Defined Contribution and Deferred Compensation Plans - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Defined Contribution Plan Disclosure [Line Items]
Silvercrest matching contributions towards benefit of employees	$ 19	$ 16
Maximum
Defined Contribution Plan Disclosure [Line Items]
Silvercrest matching contribution percentage	4.00%

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows From Operating Activities
Net Income	$ 2,810	$ 2,241
Adjustments to reconcile net income to net cash used in operating activities:
Equity-based compensation	115	514
Depreciation and amortization	460	481
Deferred rent	(116)	(114)
Provision for doubtful accounts		227
Deferred income taxes	645	1,013
Non-cash interest on notes receivable from partners	(18)	(19)
Distributions received from investment funds	1,292	3
Other		2
Receivables and due from Silvercrest Funds	1,420	1,293
Prepaid expenses and other assets	(1,390)	2,889
Accounts payable and accrued expenses	681	(1,274)
Accrued compensation	(16,191)	(11,648)
Interest payable on notes payable	46	89
Net cash used in operating activities	(10,246)	(4,303)
Cash Flows From Investing Activities
Restricted certificates of deposit and escrow		(1)
Acquisition of furniture, equipment and leasehold improvements	(162)	(27)
Earn-outs paid related to acquisitions completed before January 1, 2009		(1,679)
Net cash used in investing activities	(162)	(1,707)
Cash Flows From Financing Activities
Redemptions of partners’ interests		(240)
Repayments of notes payable	(129)	(194)
Payments on capital leases	(19)	(15)
Distributions to partners	(1,241)	(1,349)
Dividends paid on Class A common stock	(932)	(903)
Payments from partners on notes receivable	481	629
Net cash used in financing activities	(1,840)	(2,072)
Net decrease in cash and cash equivalents	(12,248)	(8,082)
Cash and cash equivalents, beginning of period	30,820	27,122
Cash and cash equivalents, end of period	18,572	19,040
Net cash paid during the period for:
Income taxes	1,054	1,707
Interest	11	35
Supplemental Disclosures of Non-cash Financing and Investing Activities
Recognition of deferred tax assets as a result of IPO	184	11
Asset acquired under capital lease	$ 11	$ 289

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Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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
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	7,786,010	7,768,010
Common stock, shares outstanding	7,786,010	7,768,010
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	4,629,029	4,520,413
Common stock, shares outstanding	4,629,029	4,520,413

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and 2014 amounted to $917 and $902, respectively. The Company received sub-lease income from subtenants during the three months ended March 31, 2015 and 2014 of $91 and $102, respectively. Therefore, for the three months ended March 31, 2015 and 2014, net rent expense amounted to $826 and $800, respectively, and is included in general and administrative expenses in the Condensed Consolidated Statement of Operations.

As security for performance under the leases, the Company is required to maintain letters of credit in favor of the landlord totaling $586 as of March 31, 2015 and December 31, 2014.  The letter of credit is collateralized by a certificate of deposit in an equal amount.  Furthermore, the Company maintains an $80 letter of credit in favor of its Boston landlord that is 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 expires 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.

Future minimum lease payments and rentals under lease agreements which expire through 2019 are as follows:

	Minimum Lease Commitments		Non-cancellable Subleases			Minimum Net Rentals
Remainder of 2015	$	2,757	$	(333	)	$	2,424
2016		3,646		(444	)		3,202
2017		2,838		(343	)		2,495
2018		60		—			60
2019		36		—			36
Total	$	9,337	$	(1,120	)	$	8,217

The Company has capital leases for certain office equipment. The Company entered into a new capital lease agreement for a telephone system during 2014.  The amount financed was $321 and the lease has a term of five years, which began on March 1, 2014.   Monthly minimum lease payments are $5, and continue through November 30, 2018.   The aggregate principal balance of capital leases was $274 and $282 as of March 31, 2015 and December 31, 2014, respectively.

The assets relating to capital leases that are included in equipment as of March 31, 2015 and December 31, 2014 are as follows:

	2015			2014
Capital lease assets included in furniture and equipment	$	356		$	345
Capital lease assets included in software		58			58
Less: Accumulated depreciation and amortization		(144	)		(127	)
	$	270		$	276

Depreciation expense relating to capital lease assets was $17 and $19 for the three months ended March 31, 2015 and 2014, respectively.

Future minimum lease payments under capital leases are as follows:

	Future Minimum Lease Commitments
Remainder of 2015	$	57
2016		79
2017		69
2018		58
2019		11
Total	$	274

Contingent Consideration

In connection with its acquisition of MCG in October 2008, SLP entered into a contingent consideration agreement whereby the former members of MCG were entitled to contingent consideration equal to 22% of adjusted annual EBITDA in addition to any performance fee payments for each of the five years subsequent to the date of acquisition. As the acquisition was completed prior to January 1, 2009, contingent consideration is recognized when the contingency is resolved pursuant to the authoritative guidance on business combinations in effect at the date of the closing of the acquisition. Contingent consideration payments of $0 and $1,679 were made during the three months ended March 31, 2015 and 2014, respectively, related to MCG and are reflected in investing activities in the Condensed Consolidated Statements of Cash Flows.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2015	May 05, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	SAMG
Entity Registrant Name	Silvercrest Asset Management Group Inc.
Entity Central Index Key	0001549966
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,797,256
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,629,029

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Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Stockholders' Equity

11. STOCKHOLDERS’ EQUITY

SLP 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 $1,241 and $1,349, for the three months ended March 31, 2015 and 2014, respectively. Distributions are included in non-controlling interests in the Condensed Consolidated Statements of Financial Condition.

Pursuant to SLP’s Second Amended and Restated Limited Partnership Agreement, as amended and restated, 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 three months ended March 31, 2015 and 2014 amounted to $18,568 and $14,181, respectively. The distributions are included in non-controlling interests in the Condensed Consolidated Statements of Financial Condition and Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2015 and 2014. Silvercrest treats SLP’s partner incentive allocations as compensation expense and accrues such amounts when earned. During the three months ended March 31, 2015 and 2014, SLP accrued partner incentive allocations of $4,241 and $4,114, respectively.

Silvercrest—Stockholders’ Equity

Silvercrest has the following authorized and outstanding equity:

	Shares at March 31, 2015
	Authorized		Outstanding		Voting Rights	Economic Rights
Common shares
Class A, par value $0.01 per share		50,000,000		7,786,010	1 vote per share (1)	All (1)
Class B, par value $0.01 per share		25,000,000		4,629,029	1 vote per  share (2),(3)	None (2), (3)
Preferred shares
Preferred stock, par value $0.01 per share		10,000,000		—	See footnote (4) below	See footnote (4) 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) Each share of Class B common stock is entitled to one vote per share.

(3) 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 4,629,029 Class B units, which represent the right to receive their proportionate share of the distributions made by SLP, and 4,911 deferred equity units exercisable for Class B units of SLP, which represent the right to receive additional proportions of the distributions made by SLP. The 4,911 deferred equity 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 deferred equity units have not been issued and are not deemed outstanding, the holders of deferred equity 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 deferred equity units of SLP until such time that the underlying Class B units are issued.

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

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

During the three months ended March 31, 2015, Silvercrest issued the following shares:

Class A Common Stock

	Transaction	# of
	Date	Shares
Class A common stock outstanding - January 1, 2015			7,768,010
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	March 2015		18,000
Class A common shares outstanding - March 31, 2015			7,786,010

Class B Common Stock

	Transaction	# of
	Date	Shares
Class B common stock outstanding - January 1, 2015			4,520,413
Class B common stock issued upon vesting of deferred equity units	February 2015		126,616
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock	March 2015		(18,000	)
Class B common shares outstanding - March 31, 2015			4,629,029

In February 2015, the Company issued 126,616 shares of Class B common stock upon the vesting of deferred equity units which resulted in the issuance of a like number of Class B units of Silvercrest LP. The shares of Class B common stock were issued pursuant to the terms of the Certificate of Incorporation of the Company which requires the Company to issue at the par value per share of Class B common stock, one share of Class B common stock for each Class B Unit of Silvercrest LP issued.    

During the three months ended March 31, 2015, the Company redeemed from certain existing partners 18,000 shares of Class B common stock in connection with the exchange of a like number of Class B units to Class A common stock pursuant to the resale and registration rights agreement between the Company and its principals.

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.

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue
Management and advisory fees	$ 16,703	$ 15,583
Family office services	725	1,137
Total revenue	17,428	16,720
Expenses
Compensation and benefits	9,762	9,711
General and administrative	3,528	3,214
Total expenses	13,290	12,925
Income before other income (expense), net	4,138	3,795
Other income (expense), net
Other income (expense), net	8	8
Interest income	20	20
Interest expense	(58)	(127)
Total other income (expense), net	(30)	(99)
Income before provision for income taxes	4,108	3,696
Provision for income taxes	1,298	1,455
Net income	2,810	2,241
Less: net income attributable to non-controlling interests	(1,407)	(1,297)
Net income attributable to Silvercrest	$ 1,403	$ 944
Net income per share:
Basic	$ 0.18	$ 0.13
Diluted	$ 0.18	$ 0.13
Weighted average shares outstanding:
Basic	7,770,610	7,522,974
Diluted	7,770,610	7,522,974

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Receivables, Net

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Receivables, Net

5. RECEIVABLES, NET

The following is a summary of receivables as of March 31, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	2,803		$	2,705
Unbilled receivables		1,990			2,229
Other receivables		2			2
Receivables		4,795			4,936
Allowance for doubtful receivables		(365	)		(402	)
Receivables, net	$	4,430		$	4,534

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Investments and Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

4.INVESTMENTS AND FAIR VALUE MEASUREMENTS

Investments include $15 and $1,307 as of March 31, 2015 and December 31, 2014, respectively, representing the Company’s interests in affiliated investment funds which have been established and managed by the Company and its affiliates. The Company’s financial interest in these funds can range up to 2%. Despite the Company’s insignificant financial interest, the Company applies the equity method to account for its interests in affiliated investment funds because it exercises significant influence over these funds as the Company typically serves as the general partner, managing member or equivalent for these funds. During 2007, the Silvercrest Funds granted rights to the unaffiliated investors in each respective fund to provide that a simple majority of the fund’s unaffiliated investors will have the right, 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 March 31, 2015 and 2014, 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.

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 March 31, 2015 and December 31, 2014, the Company did not have any financial assets or liabilities that are recorded at fair value on a recurring basis.

At March 31, 2015 and December 31, 2014, financial instruments that are not held at fair value are categorized in the table below:

	March 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Financial Assets:
Cash	$	18,572	$	18,572	$	30,820	$	30,820
Restricted Certificates of Deposit and Escrow	$	586	$	586	$	586	$	586		Level 1	(1)
Financial liabilities:
Notes Payable	$	4,064	$	4,064	$	4,124	$	4,124		Level 2	(2)

(1) Restricted certificates of deposit and escrow consists of money market funds that are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. The money market funds are valued through the use of quoted market prices, or $1.00, which is generally the net asset value of the funds.

(2) The carrying value of notes payable and borrowings under the revolving credit agreement approximates fair value, which is determined based on interest rates currently available to the Company for similar debt.

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Equity-Based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

16. EQUITY-BASED COMPENSATION

Determining the appropriate fair value model and calculating the fair value of equity compensation awards requires the input of complex and subjective assumptions, including the expected life of the equity compensation awards and the stock price volatility. In addition, determining the appropriate amount of associated periodic expense requires management to estimate the amount of employee forfeitures and the likelihood of the achievement of certain performance targets. The assumptions used in calculating the fair value of equity compensation awards and the associated periodic expense represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary in the future to modify the assumptions it made or to use different assumptions, or if the quantity and nature of the Company’s equity-based compensation awards changes, then the amount of expense may need to be adjusted and future equity compensation expense could be materially different from what has been recorded in the current period.

SLP has granted equity-based compensation awards to certain partners under SLP’s 2010, 2011 and 2012 Deferred Equity programs (the “Equity Programs”). The Equity Programs allow for the granting of deferred equity units based on the fair value of the Company’s units. These deferred equity units contain both service and performance requirements.

Each grant includes a deferred equity unit (“Deferred Equity Unit”) and performance unit (“Performance Unit”) subject to various terms including terms of forfeiture and acceleration of vesting. The Deferred Equity Unit represents the unsecured right to receive one unit of SLP or the equivalent cash value of up to 50% (or such other percentage as may be determined by the Company’s Executive Committee) of SLP’s units issuable upon the vesting of any such Deferred Equity Units and the remaining 50% in units upon the vesting of any such Deferred Equity Units. Such cash amount is to be calculated using the equivalent share price of the Silvercrest’s Class A common stock as of the applicable vesting date. The Performance Unit represents the unsecured right to receive one unit of SLP for every two units of SLP issuable upon the vesting of any such Deferred Equity Units.

Twenty-five percent of the Deferred Equity Units vest on each of the first, second, third, and fourth anniversaries of the grant date until the Deferred Equity Units are fully vested. The Performance Units are subject to forfeiture and subject to the satisfaction of a predetermined performance target at the end of the four-year vesting period. If the performance target is achieved, then the Performance Units vest at the end of the four-year vesting period. The rights of the partners with respect to the Performance Units remain subject to forfeiture at all times prior to the date on which such rights become vested and will be forfeited if the performance target is not achieved.

Distributions related to Deferred Equity Units that are paid to partners are charged to non-controlling interests. Distributions related to the unvested portion of Deferred Equity Units that are assumed to be forfeited are recognized as compensation expense because these distributions are not required to be returned by partners to SLP upon forfeiture.

The grant date fair values of Performance Units were determined by applying a performance probability factor to the Deferred Equity Unit Value. These methodologies included the use of third party data and discounts for lack of control and marketability.

Only the portion of Deferred Equity Units that can be settled in cash are considered to be liability awards and are adjusted to fair value at the end of each reporting period.

For the three months ended March 31, 2015 and 2014, the Company recorded compensation expense related to such units of $115 and $514, respectively, of which $16 and $42, respectively, relates to the Performance Units given that there is an explicit service period associated with the Deferred Equity Units, and the likelihood that the performance target will be met is considered probable.  Distributions include cash distributions paid on liability awards. Cash distributions paid on awards expected to be forfeited were $0 and $1 for the three months ended March 31, 2015 and 2014, respectively, and are part of total compensation expense for the three months then ended. During the three months ended March 31, 2015 and 2014, $0 and $30 of vested Deferred Equity Units were settled in cash. As of March 31, 2015 and December 31, 2014, there was $63 and $168, respectively, of estimated unrecognized compensation expense related to unvested awards. As of March 31, 2015 and December 31, 2014, the unrecognized compensation expense related to unvested awards is expected to be recognized over a period of 0.89 and 0.65 years, respectively.

A summary of these equity grants by the Company as of March 31, 2015 and 2014 during the periods then ended is presented below:

					Deferred Equity Units					Performance Units
	Units				Range of Fair Value per unit					Units			Fair Value per unit
Balance at January 1, 2015		52,188		$	12.00		$	15.65			96,971		$	3.75
Vested		(47,277	)		(12.00	)		(13.97	)		(90,585	)		—
Balance at March 31 2015		4,911		$	12.00		$	14.25			6,386		$	3.75
Balance at January 1, 2014		175,298		$	12.00		$	17.05			238,371		$	3.75
Vested		(123,110	)		12.00			(16.81	)		(140,549	)
Forfeited		—			—			—			(851	)
Balance at March 31, 2014		52,188		$	12.00		$	18.29			96,971		$	3.75

The Company estimates 10% of all awards to be forfeited and the related service period is four years.

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. As of March 31, 2015, 1,670,960 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.

It is initially anticipated that awards under the 2012 Equity Incentive Plan granted to our employees will be in the form of units of SLP that will not vest until a specified period of time has elapsed, or other vesting conditions have been satisfied as determined by the Compensation Committee of the Company’s board of directors, and which 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 the award 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.

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Notes Receivable from Partners

3 Months Ended

Mar. 31, 2015

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. Limited recourse promissory notes were issued in January 2008 and August 2009 with interest rates of 3.53% and 2.77%, respectively. The recourse limitation includes a stated percentage of the initial principal amount of the limited recourse note plus a stated percentage of the accreted principal amount as of the date upon which all amounts due are paid in full plus all costs and expenses required to be paid by the borrower and all amounts required to be paid pursuant to a pledge agreement associated with each note issued. 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 three months ended March 31, 2015 and the year ended December 31, 2014:

	March 31, 2015			December 31, 2014
Beginning balance	$	3,212		$	3,052
Repayment of notes		(481	)		(841	)
Interest accrued and capitalized on notes receivable		18			61
New notes receivable issued to partners		—			940
Ending balance	$	2,749		$	3,212

Full recourse notes receivable from partners as of March 31, 2015 and December 31, 2014 are $1,554 and $1,912, respectively. Limited recourse notes receivable from partners as of March 31, 2015 and December 31, 2014 are $1,195 and $1,300, respectively. There is no allowance for credit losses on notes receivable from partners as of March 31, 2015 and December 31, 2014.

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Intangible Assets

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8. INTANGIBLE ASSETS

The following is a summary of intangible assets as of March 31, 2015 and December 31, 2014:

	Customer Relationships			Other Intangible Assets			Total
Cost
Balance, January 1, 2015	$	17,560		$	1,663		$	19,223
Balance, March 31, 2015		17,560			1,663			19,223
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2015		(6,627	)		(1,429	)		(8,056	)
Amortization expense		(292	)		(31	)		(323	)
Balance, March 31, 2015		(6,919	)		(1,460	)		(8,379	)
Net book value	$	10,641		$	203		$	10,844
Cost
Balance, January 1, 2014	$	17,560		$	1,663		$	19,223
Balance, December 31, 2014		17,560			1,663			19,223
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2014		(5,410	)		(1,224	)		(6,634	)
Amortization expense		(1,217	)		(205	)		(1,422	)
Balance, December 31, 2014		(6,627	)		(1,429	)		(8,056	)
Net Book Value	$	10,933		$	234		$	11,167

Amortization expense related to intangible assets was $323 and $360 for the three months ended March 31, 2015 and 2014, 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:

2015 (remainder of)	$	968
2016		1,236
2017		1,135
2018		1,001
2019		720
Thereafter		5,784
Total	$	10,844

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Stockholders' Equity - Class A Common Stock (Detail) (Class A Common Stock)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013
Class A Common Stock
Class Of Stock [Line Items]
Balance, Shares	7,768,010	7,523,000	7,523,000
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	18,000
Balance, Shares	7,786,010	7,523,000	7,523,000
Common stock issuance date	Mar. 31, 2015

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Furniture, Equipment and Leasehold Improvements, Net

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014:

	2015			2014
Leasehold improvements	$	3,857		$	3,766
Furniture and equipment		4,577			4,496
Artwork		421			421
Total cost		8,855			8,683
Accumulated depreciation and amortization		(6,466	)		(6,329	)
Furniture, equipment and leasehold improvements, net	$	2,389		$	2,354

Depreciation expense for the three months ended March 31, 2015 and 2014 was $137 and $121, respectively.

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Goodwill

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

7. GOODWILL

The following is a summary of the changes to the carrying amount of goodwill for the three months ended March 31, 2015 and the year ended December 31, 2014:

	2015			2014
Beginning
Gross balance	$	37,423		$	37,446
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance		20,008			20,031
Purchase price adjustments from earnouts		─			(23	)
Ending
Gross balance		37,423			37,423
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance	$	20,008		$	20,008

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Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

9. DEBT

Credit Facility

On June 24, 2013, the subsidiaries of SLP entered into a $15,000 credit facility with City National Bank. The subsidiaries of SLP are the borrowers under such facility and SLP guarantees the obligations of its subsidiaries thereunder. The credit facility is secured by certain assets of SLP and its subsidiaries. The credit facility consists of a $7,500 delayed draw term loan that matures on June 24, 2020 and a $7,500 revolving credit facility that matures on December 24, 2016. The loan bears interest at either (a) the higher of the prime rate plus a margin of 0.05 percentage points and 2.5% or (b) the LIBOR rate plus 3 percentage points, at the borrowers’ option. On June 28, 2013, the borrowers borrowed $7,000 on the revolving credit loan. As of March 31, 2015 and December 31, 2014, no amount had been drawn on the term loan credit facility and the borrowers may draw up to the full amount of the term loan through June 25, 2018. Borrowings under the term loan on or prior to June 24, 2015 will be payable in 20 equal quarterly installments. Borrowings under the term loan after June 24, 2015 will be payable in equal quarterly installments through the maturity date. 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.

As of March 31, 2015 and December 31, 2014, the Company did not have any outstanding borrowings under the revolving credit loan.

Interest expense, which also includes amortization of deferred financing fees, incurred on the revolving credit and term loans for the three months ended March 31, 2015 and 2014 was $10 and $37, respectively.

Notes Payable

The following is a summary of notes payable:

	March 31, 2015
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	1,322
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					59
Total, March 31, 2015				$	4,064

	December 31, 2014
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	1,417
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					24
Total, December 31, 2014				$	4,124

The carrying value of notes payable approximates fair value. The fixed rate notes, which are related to the Ten-Sixty and Milbank acquisitions, approximate fair value based on interest rates currently available to the Company for similar debt.  The variable rate notes are based on the U.S. Prime Rate.

As of March 31, 2015, future principal amounts payable under the fixed and variable rate notes are as follows:

2015 (remainder of)	$	1,742
2016		1,274
2017		989
Total	$	4,005

On June 3, 2013, Silvercrest redeemed units from two of our former principals. In conjunction with this redemption, Silvercrest issued promissory notes with an aggregate principal amount of approximately $5,300, subject to downward adjustments to the extent of any breach by the holders of such notes. The principal amounts of the notes were originally payable in four equal annual installments on each of June 3, 2014, 2015, 2016 and 2017. The principal amount outstanding under these notes bear interest at the U.S. Prime Rate plus 1% in effect at the time payments are due. Silvercrest elected not to make the June 3, 2014 payment as it was being assessed as to whether the former principals had complied with the note covenants and whether any reduction to these notes should be made.  In October 2014, certain reductions totaling $1,722 were agreed to, based upon a review of the note covenants.  As a result, the principal amounts of the notes of $3,578 became payable in four equal installments of approximately $900 on November 1, 2014, and on each of August 1, 2015, 2016 and 2017.  As of March 31, 2015 and December 31, 2014, $2,683 remained outstanding on the notes and accrued but unpaid interest on the notes was approximately $47 and $19, respectively.  

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Related Party Transactions - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from Silvercrest Funds	$ 2,481		$ 3,797
Affiliated Entity
Related Party Transaction [Line Items]
Income from management fees	1,902	2,194
Due from Silvercrest Funds	2,481		3,797
Income from advisory fees	127	126
Receivable from partners	$ 7		$ 2
Affiliated Entity | Minimum
Related Party Transaction [Line Items]
Management and advisory fees percentage	0.00%
Percentage of performance fees	0.00%
Affiliated Entity | Maximum
Related Party Transaction [Line Items]
Management and advisory fees percentage	1.75%
Percentage of performance fees	10.00%

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Equity-Based Compensation - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Nov. 02, 2012
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity program, description	The Deferred Equity Unit represents the unsecured right to receive one unit of SLP or the equivalent cash value of up to 50% (or such other percentage as may be determined by the Company’s Executive Committee) of SLP’s units issuable upon the vesting of any such Deferred Equity Units and the remaining 50% in units upon the vesting of any such Deferred Equity Units.
Performance Unit, description	The Performance Unit represents the unsecured right to receive one unit of SLP for every two units of SLP issuable upon the vesting of any such Deferred Equity Units.
Equity-based compensation	$ 115	$ 514
Cash distributions on awards	0	1
Unrecognized compensation expense related to unvested awards	63		168
Recognition period of unrecognized compensation expense related to unvested awards	10 months 21 days		7 months 24 days
Estimated percentage of awards to be forfeited	10.00%
Estimated service period	4 years
2012 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	1,670,960
Shares reserved for issuance, authorized				1,687,500
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation	16	42
Deferred Equity Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested awards settled in cash	$ 0	$ 30

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Notes Receivable from Partners - Schedule of Notes Receivable from Partners (Detail) (Partners, USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Partners
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	$ 3,212	$ 3,052
Repayment of notes	(481)	(841)
Interest accrued and capitalized on notes receivable	18	61
New notes receivable issued to partners		940
Ending balance	$ 2,749	$ 3,212

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Summary of Authorized and Outstanding Equity

Silvercrest has the following authorized and outstanding equity:

	Shares at March 31, 2015
	Authorized		Outstanding		Voting Rights	Economic Rights
Common shares
Class A, par value $0.01 per share		50,000,000		7,786,010	1 vote per share (1)	All (1)
Class B, par value $0.01 per share		25,000,000		4,629,029	1 vote per  share (2),(3)	None (2), (3)
Preferred shares
Preferred stock, par value $0.01 per share		10,000,000		—	See footnote (4) below	See footnote (4) 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) Each share of Class B common stock is entitled to one vote per share.

(3) 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 4,629,029 Class B units, which represent the right to receive their proportionate share of the distributions made by SLP, and 4,911 deferred equity units exercisable for Class B units of SLP, which represent the right to receive additional proportions of the distributions made by SLP. The 4,911 deferred equity 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 deferred equity units have not been issued and are not deemed outstanding, the holders of deferred equity 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 deferred equity units of SLP until such time that the underlying Class B units are issued.

(4) 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

Class A Common Stock

	Transaction	# of
	Date	Shares
Class A common stock outstanding - January 1, 2015			7,768,010
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	March 2015		18,000
Class A common shares outstanding - March 31, 2015			7,786,010

Class B Common Stock

	Transaction	# of
	Date	Shares
Class B common stock outstanding - January 1, 2015			4,520,413
Class B common stock issued upon vesting of deferred equity units	February 2015		126,616
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock	March 2015		(18,000	)
Class B common shares outstanding - March 31, 2015			4,629,029

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Debt - Summary of Notes Payable (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total, Notes payable	$ 4,064	$ 4,124
Notes Payable
Debt Instrument [Line Items]
Principal on fixed rate notes, interest rate	5.00%	5.00%
Variable rate notes issued for redemption of partners' interests, reference rate	Prime
Variable rate notes issued for redemption of partners' interests, spread	1.00%	1.00%
Principal on fixed rate notes, amount	1,322	1,417
Variable rate notes issued for redemption of partners' interests, amount	2,683	2,683
Interest payable	$ 59	$ 24

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Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

14. INCOME TAXES

As of March 31, 2015, the Company had net deferred tax assets of $22,374, which is recorded as a non-current deferred tax asset of $22,547 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 non-current deferred tax liability of $75 specific to SLP which consists primarily of liabilities related to differences between the financial statement and tax bases of intangible assets offset in part by amounts for deferred rent expense and a non-current deferred tax liability of $98 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 March 31, 2015, $64 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 Position, respectively.

As of December 31, 2014, the Company had net deferred tax assets of $22,835, which is recorded as a non-current deferred tax asset of $23,000 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 net non-current deferred tax liability of $64 specific to SLP which consists primarily of liabilities related to differences between the financial statement and tax bases of intangible assets and a non-current deferred tax liability of $101 related to the corporate activity of SFS which is primarily related to temporary differences between the financial statement and tax bases of intangible assets. These amounts are included in prepaid expenses and other assets and deferred tax and other liabilities in the Condensed Consolidated Statement of Financial Condition, respectively.

The current tax expense was $653 and $442 for the three months ended March 31, 2015 and 2014, respectively. Of the amount for the three months ended March 31, 2015, $307 relates to Silvercrest’s corporate tax expense, $345 relates to SLP’s UBT liability and $1 relates to SFS’s corporate tax expense.  The deferred tax expense for the three months ended March 31, 2015 and 2014 was $645 and $1,013, respectively. When combined with current tax expense, the total income tax provision for the three months ended March 31, 2015 and 2014 is $1,298 and $1,455, respectively.

The current expense increased from the comparable period in 2014 mainly due to increased profitability during 2015.  The deferred tax expense decreased from the comparable period in 2014 primarily due to a discrete item recorded during the three months ended March 31, 2014 related to a reduction in future statutory corporate tax rates in New York State.

Of the total current tax expense for the three months ended March 31, 2015 and 2014, $129 and $124, respectively, relates to non-controlling interests.  Of the deferred tax expense for the three months ended March 31, 2015 and 2014, $3 and $2, respectively, relates to non-controlling interests.  When combined with current tax expense, the total income tax provision for the three months ended March 31, 2015 and 2014 related to non-controlling interests is $132 and $126, respectively.    

In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of March 31, 2015, the Company’s U.S. federal income tax returns for the years 2011 through 2014 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 March 31, 2015 and 2014.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

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 SLP, including its wholly owned subsidiaries, Silvercrest Asset Management Group LLC (“SAMG”), SFS, MCG, Silvercrest Investors LLC, Silvercrest Investors II LLC and Silvercrest Investors III LLC as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014.  All intercompany transactions and balances have been eliminated.

The Condensed Consolidated Statement of Financial Condition at December 31, 2014 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 months ended March 31, 2015 and 2014 are not necessarily indicative of the operating results that may be expected for the full fiscal year ending December 31, 2015 and 2014 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 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 Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

The Company evaluates for consolidation those entities it controls through a majority voting interest or otherwise, including those SLP funds over which the general partner or equivalent is presumed to have control. The initial step in the Company’s determination of whether a fund for which SLP is the general partner is required to be consolidated is assessing whether the fund meets the definition of a variable interest entity (“VIE”). None of the funds for which SLP is the general partner met the definition of a VIE during the three months ended March 31, 2015 and 2014, as the total equity at risk of each fund is sufficient for the fund to finance its activities without additional subordinated financial support provided by any parties, including the equity holders.

SLP then considers whether the fund is a voting interest entity (“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.

As of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014, all of the funds for which SLP was the general partner had substantive “kick-out” rights and, therefore, neither SLP nor Silvercrest consolidated any of the Silvercrest Funds.

Non-controlling Interest

Non-controlling Interest

As of March 31, 2015, Silvercrest holds approximately 63% 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 stockholders’ equity on its Condensed Consolidated Statement 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 Statement of Operations as a reduction or addition to net income derived from SLP.

Segment Reporting

Segment Reporting

The Company views its operations as comprising one operating segment. Each of the Company’s acquired businesses have similar economic characteristics and have been fully integrated upon acquisition. Furthermore, our chief operating decision maker, which 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, equity-based compensation, accounting for income taxes, 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.

Restricted Certificates of Deposit

Restricted Certificates of Deposit

Certain certificates of deposit held at a major financial institution are restricted and serve as collateral for letters of credit for the Company’s lease obligations as described in Note 10.

Equity Method Investments

Equity Method Investments

Entities and investments, the activities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, are accounted for 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 at March 31, 2015 and December 31, 2014. 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 which consist of Level I and Level II securities. No impairment charges related to equity method investments were recorded during the three months ended March 31, 2015 or 2014.

Receivables and Due from Silvercrest Funds

Receivables and Due from Silvercrest Funds

Receivables consist primarily of amounts for advisory fees due from clients, management fees and family office services fees, 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 is 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 for other fixed assets is 3 to 7 years.

Business Combinations

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting. The acquisition method of accounting requires that the 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. 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.

For acquisitions completed subsequent to January 1, 2009, 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.

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 and is generally evaluated for impairment using a two-step process that is performed at least annually, or whenever events or circumstances indicate that impairment may have occurred.

The Company accounts for Goodwill under ASC 350, “Goodwill Intangibles 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 2014 and 2013, 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 at March 31, 2015 and December 31, 2014. No goodwill impairment charges were recorded during the three months ended March 31, 2015 and 2014.

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, 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, advisory and performance fees 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.

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 and (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. Also, Class A stockholders are 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 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

Revenue is recognized ratably over the period in which services are performed. Revenue consists primarily of investment advisory fees, family office services fees and fund management fees. Investment advisory fees, which are earned pursuant to the terms of the underlying advisory contract, are typically billed quarterly in advance at the beginning of the quarter or in arrears after the end of the quarter, based on a contractually specified percentage of the assets managed. For investment advisory fees billed in advance, the value of assets managed is determined based on the value of the customer’s account as of the last trading day of the preceding quarter. For investment advisory fees billed in arrears, the value of assets managed is determined based on the value of the customer’s account on the last day of the quarter being billed. Family office services fees are 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 based on a fixed fee arrangement. Management fees from proprietary and non-proprietary funds are calculated as a percentage of net asset values measured at the beginning of a month or quarter or at the end of a quarter, depending on the fund.

The Company accounts for performance based revenue in accordance with ASC 605-20-S99, “Accounting for Management Fees Based on a Formula”, 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, and no contingencies remain. Performance fee contingencies are typically resolved at the end of each annual period. 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.

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. Distributions associated with Liability Awards expected to vest are accounted for as compensation expense in the Condensed Consolidated Statements of Operations.

Leases

Leases

The Company expenses the net lease payments associated with operating leases on a straight-line basis over the respective lease term, including any rent-free periods. Leasehold improvements are recorded at cost and are depreciated using the straight-line method over the lesser of the estimated useful lives of the improvements (generally 10 years) or the remaining lease term.

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 an 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 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 May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.” ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on the condensed consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor determined the effect of this standard on its ongoing financial reporting.

In June 2014, the FASB issued Accounting Standards Update 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12").” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. A reporting entity should apply existing guidance ASC 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is in the process of evaluating the impact of the adoption of this guidance on its Condensed Consolidated Financial Statements.

In February 2015, the FASB issued ASU 2015-02, Consolidation (ASC 810): Amendments to the Consolidation Analysis (“ASU 2015-02”).  The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, and provide a scope exception from consolidation guidance for reporting entities with interest in certain investment funds. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015.  Early adoption, including adoption in an interim period, is permitted.  The Company is evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements.

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Intangible Assets - Schedule of Future Amortization Related to Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2015 (remainder of)	$ 968
2016	1,236
2017	1,135
2018	1,001
2019	720
Thereafter	5,784
Total	$ 10,844	$ 11,167

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Investments and Fair Value Measurements - Category of Financial Instruments Not Held at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial Assets, Carrying Amount	$ 85,384	$ 99,696
Financial liabilities, Carrying Amount	30,810	46,634
Cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial Assets, Carrying Amount	18,572	30,820
Financial Assets, Fair Value	18,572	30,820
Level I | Restricted Certificates of Deposit and Escrow
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial Assets, Carrying Amount	586	586
Financial Assets, Fair Value	586	586
Level II | Notes Payable
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial liabilities, Carrying Amount	4,064	4,124
Financial liabilities, Fair Value	$ 4,064	$ 4,124

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Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) In Thousands, except Share data	Total	Additional Paid-In Capital	Retained Earnings	Total Stockholders' Equity	Non-controlling Interest	Class A Common Stock	Class B Common Stock
Balance at Dec. 31, 2013	$ 48,165	$ 39,003	$ 2,099	$ 41,222	$ 6,943	$ 75	$ 45
Balance, Shares at Dec. 31, 2013						7,523,000	4,465,000
Distributions to partners	(1,349)				(1,349)
Redemptions of partners’ interests	(240)				(240)
Redemptions of partners' interests, Shares							(17,000)
Repayment of notes receivable from partners	629				629
Equity-based compensation	1,159			2	1,157		2
Equity-based compensation, Shares							262,000
Net Income	2,241		944	944	1,297
Accrued interest on notes receivable from partners	(19)				(19)
Dividends paid on Class A common stock	(903)		(903)	(903)
Balance at Mar. 31, 2014	49,683	39,003	2,140	41,265	8,418	75	47
Balance, Shares at Mar. 31, 2014						7,523,000	4,710,000
Balance at Dec. 31, 2014	53,062	39,175	3,217	42,516	10,546	78	46
Balance, Shares at Dec. 31, 2014						7,768,010	4,520,413
Distributions to partners	(1,241)				(1,241)
Repayment of notes receivable from partners	481				481
Equity-based compensation	389				389
Equity-based compensation, Shares							127,000
Net Income	2,810		1,403	1,403	1,407
Deferred tax, net of amounts payable under tax receivable agreement	23	23		23
Accrued interest on notes receivable from partners	(18)				(18)
Share conversion, Value		57		56	(56)		(1)
Share conversion, Shares						18,000	(18,000)
Dividends paid on Class A common stock	(932)		(932)	(932)
Balance at Mar. 31, 2015	$ 54,574	$ 39,255	$ 3,688	$ 43,066	$ 11,508	$ 78	$ 45
Balance, Shares at Mar. 31, 2015						7,786,010	4,629,029

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Acquisitions

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Acquisitions

3. ACQUISITIONS

Jamison:

On March 30, 2015, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), by and among the Company, SLP, SAMG LLC (the “Buyer”) and Jamison Eaton & Wood, Inc., a New Jersey corporation (“Jamison” or the “Seller”), and Keith Wood, Ernest Cruikshank, III, William F. Gadsden and Frederick E. Thalmann, Jr., each such individual a principal of Jamison (together, the “Principals”).  The transaction contemplated by the Asset Purchase Agreement is referred to herein as the “Jamison Acquisition”.

Pursuant to the terms of the Asset Purchase Agreement, upon closing of the transaction, SAMG LLC will acquire (i) substantially all of the business and assets of the Seller, an investment adviser, including goodwill and the benefit of the amortization of goodwill related to such assets and (ii) the personal goodwill of the Principals. In consideration of the purchased assets and goodwill, SAMG LLC will pay to the Seller and the Principals an aggregate purchase price consisting of (1) cash payments in the aggregate amount of $3,550, subject to certain adjustments (the “Closing Cash Payment”), (2) a promissory note issued to the Seller in the principal amount of $612, with an interest rate of 5% per annum, subject to certain adjustments (the “Seller Note”), (3) promissory notes in varying amounts issued to each of the Principals for an aggregated total amount of $1,771, each with an interest rate of 5% per annum, subject to certain adjustments (together, the “Principals Notes”) and (4) Class B units of SLP (the “Class B Units”) issued to the Principals with a value equal to $3,967 and an equal number of shares of Class B common stock of the Company, having voting rights but no economic interest (together, the “Equity Consideration”). SAMG LLC will make earnout payments to the Principals as soon as practicable following December 31, 2015, 2016, 2017, 2018, 2019 and during 2020, in an amount equal to 20% of the EBITDA attributable to the business and assets of Jamison (the “Jamison Business”), based on revenue gained or lost post-transaction during the twelve months ended on the applicable determination date, except that the earnout payment for 2015 shall be equal to 20% of the EBITDA attributable to the Jamison Business for the period between the closing date of the Jamison Acquisition and December 31, 2015 and the earnout payment for 2020 shall be equal to 20% of the EBITDA attributable to the Jamison Business for the period between January 1, 2020 and the fifth anniversary of the closing date of the Jamison Acquisition.

In connection with their receipt of the Equity Consideration, the Principals will be subject to the rights and obligations set forth in the limited partnership agreement of SLP and will be entitled to distributions consistent with SLP’s distribution policy.  In addition, the Principals will become parties to the Exchange Agreement, which governs the exchange of Class B Units for Class A common stock of the Company, the Resale and Registration Rights Agreement, which will provide the Principals with liquidity with respect to shares of Class A common stock of the Company received in exchange for Class B Units, and the TRA of the Company, which will entitle the Principals 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 Asset Purchase Agreement includes customary representations, warranties and covenants and is subject to the satisfaction of a number of conditions precedent.

Milbank:

On November 1, 2011, SAMG LLC executed an asset purchase agreement to acquire certain assets of Milbank.  The Company has a liability of $1,325 related to earn-outs payable to Milbank included in accounts payable and accrued expenses in the Condensed Consolidated Statement of Financial Condition as of March 31, 2015 and December 31, 2014 for contingent consideration.  As of March 31, 2015, $564 remained outstanding on the note payable related to the Milbank acquisition.  The final payment on this note will be made on November 1, 2015.           

Ten-Sixty:

On March 28, 2013, SLP executed an asset purchase agreement with and closed the related transaction to acquire certain assets of Ten-Sixty. Ten-Sixty was a registered investment adviser that advised on approximately $1,900,000 of assets primarily on behalf of institutional clients. This strategic acquisition enhanced the Company’s hedge fund and investment manager due diligence capabilities, risk management analysis and reporting, and enhanced its institutional business. Under the terms of the Asset Purchase Agreement, SLP paid cash consideration at closing of $2,500 and issued a promissory note to Ten-Sixty in the principal amount of $1,479 subject to adjustment. The principal amount of the promissory note was paid in two initial installments of $218 each on April 30, 2013 and December 31, 2013 and then quarterly installments from June 30, 2014 through March 31, 2017 of $87 each. The principal amount outstanding under this note bears interest at the rate of five percent per annum.

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Stockholders' Equity - Summary of Authorized and Outstanding Equity (Detail)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
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	7,786,010	7,768,010	7,523,000	7,523,000
Common stock, voting rights	1 vote per share
Class B Common Stock
Common shares
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares outstanding	4,629,029	4,520,413	4,710,000	4,465,000
Common stock, voting rights	1 vote per share

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Soft Dollar Arrangements - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Soft Dollar Arrangements [Abstract]
Soft dollar credits	$ 235	$ 264

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Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Category of Financial Instruments Not Held at Fair Value

At March 31, 2015 and December 31, 2014, financial instruments that are not held at fair value are categorized in the table below:

	March 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Financial Assets:
Cash	$	18,572	$	18,572	$	30,820	$	30,820
Restricted Certificates of Deposit and Escrow	$	586	$	586	$	586	$	586		Level 1	(1)
Financial liabilities:
Notes Payable	$	4,064	$	4,064	$	4,124	$	4,124		Level 2	(2)

(1) Restricted certificates of deposit and escrow consists of money market funds that are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. The money market funds are valued through the use of quoted market prices, or $1.00, which is generally the net asset value of the funds.

(2) The carrying value of notes payable and borrowings under the revolving credit agreement approximates fair value, which is determined based on interest rates currently available to the Company for similar debt.

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015 Segment Unit	Mar. 31, 2014	Dec. 31, 2014 Unit	Jun. 26, 2013
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment	1
Cash equivalents, maximum maturity period	90 days
Equity method investments, unrealized intercompany profit (loss) not eliminated amount	$ 0
Number of reporting unit	1		1
Impairment charges on goodwill	0	0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Identifiable finite-lived intangible assets, useful life	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Identifiable finite-lived intangible assets, useful life	20 years
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	10 years
Other Fixed Assets | Minimum
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Other Fixed Assets | Maximum
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	7 years
Equity Method Investments
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to equity method investments	$ 0	$ 0
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage in a subsidiary	63.00%			62.00%
Common stock, voting rights	1 vote per share
Class B Common Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock, voting rights	1 vote per share
Class of share exchangeable to another class	one share of Class A common stock

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Related Party Transactions

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

13. RELATED PARTY TRANSACTIONS

During 2015 and 2014, 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 Emerging Markets Fund (International), Ltd. (which invests through Silvercrest Emerging Markets Fund L.P.),

· Silvercrest Market Neutral Fund (currently in liquidation),

· Silvercrest Market Neutral Fund (International) (currently in liquidation),

· Silvercrest Municipal Advantage Portfolio A LLC,

· Silvercrest Municipal Advantage Portfolio P LLC,

· Silvercrest Municipal Advantage Portfolio S LLC (formed in 2015),

· the domesticated Silvercrest Strategic Opportunities Fund LP (formed in 2011 and formerly Silvercrest Strategic Opportunities Fund, and terminated in 2013),

· the Silvercrest Strategic Opportunities Fund (International) (terminated in 2011),

· 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 Capital Appreciation Fund LLC (currently in liquidation),

· Silvercrest International Equity Fund, L.P. (merged into Silvercrest International Fund, L.P. in October 2013),

· 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 Select Growth Equity Fund, L.P.,

· Silvercrest International Fund, L.P. (previously known as Silvercrest Global Fund, L.P.  Silvercrest International Equity Fund, L.P. merged into this fund in October 2013),

· Silvercrest Small Cap Fund, L.P.,

· Silvercrest Special Situations Fund, L.P., and

· Silvercrest Commodity Strategies Fund, L.P.

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 March 31, 2015 and 2014, 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 $1,902 and $2,194, respectively. As of March 31, 2015 and December 31, 2014, the Company was owed $2,481 and $3,797, 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 March 31, 2015 and 2014, the Company earned advisory fees of $127 and $126, respectively, from assets managed on behalf of certain of its partners. As of March 31, 2015 and December 31, 2014, the Company is owed approximately $7 and $2 from certain of its partners, which is included in Receivables, net on the Condensed Consolidated Statements of Financial Condition.