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 June 30, 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 August 4, 2015 was 7,847,256 and 4,837,607, respectively.

Part I	Financial Information
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Statements of Financial Condition as of June 30, 2015 and December 31, 2014	1
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2015 and 2014	2
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2015 and 2014	3
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014	4
	Notes to Condensed Consolidated Financial Statements as of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	48
Part II	Other Information
Item 1.	Legal Proceedings	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 5.	Other Information	49
Item 6.	Exhibits	50

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)

	June 30, 2015		December 31, 2014
Assets
Cash	$	19,125	$	30,820
Restricted certificates of deposit		587		586
Investments		15		1,307
Receivables, net		3,849		4,534
Due from Silvercrest Funds		3,756		3,797
Furniture, equipment and leasehold improvements, net		2,702		2,354
Goodwill		24,686		20,008
Intangible assets, net		16,321		11,167
Deferred tax asset—tax receivable agreement		22,112		23,000
Prepaid expenses and other assets		3,233		2,123
Total assets	$	96,386	$	99,696
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$	3,806	$	3,291
Accrued compensation		10,899		21,758
Notes payable		6,170		4,124
Borrowings under revolving credit facility		—		24
Deferred rent		1,086		1,299
Deferred tax and other liabilities		15,806		16,138
Total liabilities		37,767		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 June 30, 2015 and December 31, 2014		—		—
Class A common stock, par value $0.01, 50,000,000 shares authorized; 7,847,256 and 7,768,010 issued and outstanding, as of June 30, 2015 and December 31, 2014, respectively		78		78
Class B common stock, par value $0.01, 25,000,000 shares authorized; 4,837,607 and 4,520,413 issued and outstanding, as of June 30, 2015 and December 31, 2014, respectively		47		46
Additional Paid-In Capital		40,298		39,175
Retained earnings		4,467		3,217
Total stockholders’ equity		44,890		42,516
Non-controlling interests		13,729		10,546
Total equity		58,619		53,062
Total liabilities and stockholders’ equity	$	96,386	$	99,696

See accompanying notes to condensed consolidated financial statements.

1

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Revenue
Management and advisory fees	$	17,672		$	16,088		$	34,375		$	31,671
Family office services		874			1,138			1,599			2,275
Total revenue		18,546			17,226			35,974			33,946
Expenses
Compensation and benefits		10,431			9,761			20,193			19,472
General and administrative		3,512			3,222			7,040			6,436
Total expenses		13,943			12,983			27,233			25,908
Income before other (expense) income, net		4,603			4,243			8,741			8,038
Other (expense) income, net
Other income, net		997			—			1,005			8
Interest income		17			16			37			36
Interest expense		(56	)		(128	)		(114	)		(255	)
Total other (expense) income, net		958			(112	)		928			(211	)
Income before provision for income taxes		5,561			4,131			9,669			7,827
Provision for income taxes		2,234			1,333			3,532			2,788
Net income		3,327			2,798			6,137			5,039
Less: net income attributable to non-controlling interests		(1,606	)		(1,447	)		(3,013	)		(2,744	)
Net income attributable to Silvercrest	$	1,721		$	1,351		$	3,124		$	2,295
Net income per share:
Basic	$	0.22		$	0.18		$	0.40		$	0.31
Diluted	$	0.22		$	0.18		$	0.40		$	0.31
Weighted average shares outstanding:
Basic		7,822,394			7,523,464			7,796,645			7,523,219
Diluted		7,822,394			7,523,464			7,796,645			7,523,219

See accompanying notes to condensed consolidated financial statements.

2

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		—		—		—			—			—		—			—			(3,995	)		(3,995	)
Redemptions of partners’ interests		—		—		(23	)		—			—		—			—			(345	)		(345	)
Repayment of notes receivable from partners		—		—		—			—			—		—			—			833			833
Equity-based compensation		—		—		262			2			—		—			2			1,391			1,393
Net Income		—		—		—			—			—		2,295			2,295			2,744			5,039
Accrued interest on notes receivable from partners		—		—		—			—			—		—			—			(33	)		(33	)
Share conversion		1		—		—			—			23		—			23			—			23
Dividends paid on Class A common stock - $0.24 per share		—		—		—			—			—		(1,806	)		(1,806	)		—			(1,806	)
June 30, 2014		7,524	$	75		4,704		$	47		$	39,026	$	2,588		$	41,736		$	7,538		$	49,274
January 1, 2015		7,768	$	78		4,520		$	46		$	39,175	$	3,217		$	42,516		$	10,546		$	53,062
Distributions to partners		—		—		—			—			—		—			—			(4,125	)		(4,125	)
Repayment of notes receivable from partners		—		—		—			—			—		—			—			481			481
Equity-based compensation		—		—		127			—			—		—			—			487			487
Net Income		—		—		—			—			—		3,124			3,124			3,013			6,137
Deferred tax, net of amounts payable under tax receivable agreement		—		—		—			—			920		—			920			—			920
Accrued interest on notes receivable from partners		—		—		—			—			—		—			—			(34	)		(34	)
Share conversion		79		—		(68	)		(2	)		203		—			201			(201	)		—
Issuance of Class B shares in connection with acquisition		—		—		259			3			—		—			3			3,562			3,565
Dividends paid on Class A common stock - $0.24 per share		—		—		—			—			—		(1,874	)		(1,874	)		—			(1,874	)
June 30, 2015		7,847	$	78		4,838		$	47		$	40,298	$	4,467		$	44,890		$	13,729		$	58,619

See accompanying notes to condensed consolidated financial statements.

3

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

	Six months ended June 30,
	2015			2014
Cash Flows From Operating Activities
Net income	$	6,137		$	5,039
Adjustments to reconcile net income to net cash used in operating activities:
Equity-based compensation		220			774
Depreciation and amortization		920			982
Deferred rent		(232	)		(219	)
Provision for doubtful accounts		—			227
Deferred income taxes		2,240			1,994
Tax receivable agreement adjustment		(990	)		—
Non-cash interest on notes receivable from partners		(34	)		(33	)
Distributions received from investment funds		1,292			3
Other		2			4
Cash flows due to changes in operating assets and liabilities:
Receivables and due from Silvercrest Funds		726			135
Prepaid expenses and other assets		(945	)		1,934
Accounts payable and accrued expenses		(346	)		(2,081	)
Accrued compensation		(10,590	)		(6,523	)
Other liabilities		—			14
Interest payable on notes payable		90			178
Net cash (used in) / provided by operating activities		(1,510	)		2,428
Cash Flows From Investing Activities
Restricted certificates of deposit and escrow	$	(1	)	$	(1	)
Acquisition of furniture, equipment and leasehold improvements		(275	)		(289	)
Earn-outs paid related to acquisitions completed before January 1, 2009		—			(1,679	)
Acquisition of Jamison		(3,550	)		—
Net cash used in investing activities		(3,826	)		(1,969	)
Cash Flows From Financing Activities
Earn-outs paid related to acquisitions completed on or after January 1, 2009	$	(570	)	$	(511	)
Redemptions of partners’ interests		—			(240	)
Repayments of notes payable		(233	)		(313	)
Payments on capital leases		(38	)		(19	)
Distributions to partners		(4,125	)		(3,995	)
Dividends paid on Class A common stock		(1,874	)		(1,806	)
Payments from partners on notes receivable		481			741
Net cash provided by / (used in) financing activities		(6,359	)		(6,143	)
Net decrease in cash and cash equivalents		(11,695	)		(5,684	)
Cash and cash equivalents, beginning of period		30,820			27,122
Cash and cash equivalents, end of period	$	19,125		$	21,438

4

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

(continued)

	Six months ended June 30,
	2015		2014
Supplemental Disclosures of Cash Flow Information
Net cash paid during the period for:
Income taxes	$	2,425	$	3,144
Interest		20		92
Supplemental Disclosures of Non-cash Financing and Investing Activities
Common stock surrendered	$	—	$	92
Recognition of deferred tax assets as a result of IPO		—		11
Recognition of deferred tax assets as a result of share conversions		472		—
Asset acquired under capital lease		11		289
Issuance of notes payable related to acquisition of certain assets of Jamison		2,165		—
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison		3,562		—
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison, par value $1		3		—
Earnout accrual for acquisition of certain assets of Jamison		1,429		—

See accompanying notes to condensed consolidated financial statements.

5

Silvercrest Asset Management Group Inc.

Notes to Condensed Consolidated Financial Statements

As of June 30, 2015 and December 31, 2014 and for the Three and Six Months ended June 30, 2015 and 2014

(Dollars in thousands, except per share and par value data)

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 of Silvercrest L.P. and its only material asset is the general partner interest in Silvercrest L.P., represented by 7,847,256 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”). On June 30, 2015, SLP acquired certain assets of Jamison, Eaton & Woods, Inc. (“Jamison”).  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 were 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 June 30, 2015, this liability is estimated to be $15,049 and is included in deferred tax and other liabilities in the Condensed Consolidated Statements of Financial Condition. Silvercrest expects to benefit from the remaining 15% of cash savings, 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.

6

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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 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 and six months ended June 30, 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.

7

The Company evaluates for consolidation those entities it controls through a majority voting interest or otherwise, including those SLP funds overwhich the general partner or equivalent is presumed to have control. The initial step in the Company’sdetermination 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 and six months ended June 30, 2015and 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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 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 June 30, 2015, Silvercrest holds approximately 62% 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

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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 June 30, 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 is based on the net asset value, consisting of Level I and Level II securities, of the equity method investee. No impairment charges related to equity method investments were recorded during the three and six months ended June 30, 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 Accounting Standard Codification (“ASC”) No. 350, “Intangibles - Goodwill and Other,” which provides an entity the option to first perform a qualitative assessment of whether a reporting unit’s fair value is more likely than not less than its carrying value, including goodwill. In performing its qualitative assessment, an entity considers the extent to which adverse events or circumstances identified, such as changes in economic conditions, industry and market conditions or entity specific events, could affect the comparison of the reporting unit’s fair value with its carrying amount. If an entity concludes that the fair value of a reporting unit is more likely than not less than its carrying amount, the entity is required to perform the currently prescribed two-step goodwill impairment test to identify potential goodwill impairment and, accordingly, measure the amount, if any, of goodwill impairment loss to be recognized for that reporting unit. The Company utilized this option when performing its annual impairment assessment in 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 June 30, 2015 and December 31, 2014. No goodwill impairment charges were recorded during the three and six months ended June 30, 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 No. 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.

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 derecognizes 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 Financial Standards Board (“FASB”) issued Accounting Standards Update (“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 No. 2014-09 will replace most existing revenue recognition guidance in

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U.S. GAAP.  Originally, ASU No. 2014-09 was to become effective on January 1, 2017, but the effective date has been deferred for one year. Early adoption is permitted as of the original effective date. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 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 ASU No. 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 No. 2014-12").” ASU No. 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 No. 2015-02, “Consolidation (ASC 810): Amendments to the Consolidation Analysis.”  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 Condensed Consolidated Financial Statements.

In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Amendments to Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.”   The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts.  The amendments in this ASU will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015.  Early adoption is permitted.  The Company is evaluating the impact of adoption of this guidance on its Condensed Consolidated Financial Statements.

In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements.”  The amendments in this ASU will affect a wide variety of topics and represent changes to clarify GAAP, correct unintended application of guidance, or make minor improvements to GAAP that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.  Transition guidance varies based on the amendments in this Update. The amendments in this ASU that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period.  The Company is evaluating the impact of adoption of this guidance on its Condensed Consolidated Financial Statements.

3. ACQUISITIONS

Jamison:

On March 30, 2015, the Company executed 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 of Jamison”), to acquire certain assets of Jamison.  The transaction contemplated by the Asset Purchase Agreement closed on June 30, 2015 and is referred to herein as the “Jamison Acquisition”.

Pursuant to the terms of the Asset Purchase Agreement, SAMG LLC acquired (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

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personal goodwill of the Principals of Jamison. In consideration of the purchased assets and goodwill, SAMG LLC paid to the Seller and the Principals of Jamison an aggregate purchase price consisting of (1) cash payments in the aggregate amount of $3,550, (the “Closing Cash Payment”), (2) a promissory note issued to the Seller in the principal amount of $394, with an interest rate of 5% per annum (the “Seller Note”), (3) promissory notes in varying amounts issued to each of the Principals of Jamison for an aggregated total amount of $1,771, each with an interest rate of 5% per annum (together, the “Principals of Jamison Notes”) and (4) Class B units of SLP (the “Class B Units”) issued to the Principals of Jamison with a value equal to $3,562 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”). The Company determined that the acquisition-date fair value of the contingent consideration was $1,429, based on the likelihood that the financial and performance targets described in the Asset Purchase Agreement will be achieved.  SAMG LLC will make earnout payments to the Principals of Jamison 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.  The estimated fair value of contingent consideration is recognized at the date of acquisition, and adjusted for changes in facts and circumstances until the ultimate resolution of the contingency. Changes in the fair value of contingent consideration are reflected as a component of general and administrative expenses in the Condensed Consolidated Statement of Operations. The fair value of the contingent consideration was based on discounted cash flow models using projected EBITDA for each earnout period. The discount rate applied to the to the projected EBITDA was determined based on the weighted average cost of capital for the Company and took into account that the overall risk associated with the payments was similar to the overall risks of the Company as there is no target, floor or cap associated the contingent payments.  The Company has a liability of $1,429 related to earnout payments to be made in conjunction with the Jamison Acquisition which is included in accounts payable and accrued expenses in the Condensed Consolidated Statement of Financial Condition as of June 30, 2015 for contingent consideration.

In connection with their receipt of the Equity Consideration, the Principals of Jamison became subject to the rights and obligations set forth in the limited partnership agreement of SLP and are entitled to distributions consistent with SLP’s distribution policy.  In addition, the Principals of Jamison became 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 provides the Principals of Jamison 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 entitles the Principals of Jamison 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.

During 2015, the Company incurred $80 in costs related to the Jamison Acquisition, and has included these in general, administrative and other in the Condensed Consolidated Statement of Operations.

Cash paid on date of acquisition	$	3,550
Notes payable to Jamison and Principals of Jamison		2,165
Units issued		3,562
Contingent consideration		1,429
Total purchase consideration	$	10,706

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The following table summarizes the amounts preliminarily allocated to acquired assets and assumed liabilities.  The excess of the purchase price over the fair values of the assets acquired and liabilities assumed was allocated to goodwill and intangible assets.

Prepaid expense	$	135
Furniture and equipment		335
Security deposits		30
Capital leases		(253	)
Deferred rent		(19	)
Total fair value of net tangible assets acquired		228
Goodwill		4,678
Customer relationships (10 years)		5,000
Non-compete agreements (5 years)		800
Total purchase consideration	$	10,706

The preliminary valuation of acquired intangible assets is in the process of being prepared by an independent appraisal firm. The initial purchase price allocations are preliminary and may be adjusted for changes in estimates of the fair value of the assets acquired and liabilities assumed. The Company expects that the purchase price allocations will be finalized by the time it files its annual report on Form 10-K for the year ending December 31, 2015. 

The Company believes the recorded goodwill is supported by the anticipated revenues and expected synergies of integrating the operations of Jamison into the Company.  The goodwill is expected to be deductible for tax purposes.

The pro forma information below represents consolidated results of operations as if the acquisition of Jamison occurred on January 1, 2015 and January 1, 2014. The pro forma information has been included for comparative purposes and is not indicative of results of operations of the Company had the acquisitions occurred as of January 1, 2015 and 2014, nor is it necessarily indicative of future results.

	Pro Forma Six Months Ended June 30, 2015		Pro Forma Six Months Ended June 30, 2014
Total Revenue	$	38,648	$	36,873
Net Income	$	6,492	$	5,390

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.

Milbank:

On November 1, 2011, SAMG LLC executed an asset purchase agreement to acquire certain assets of Milbank.  The Company has a liability of $755 and $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 June 30, 2015 and December 31, 2014, respectively, for contingent consideration.  As of June 30, 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.      

4.INVESTMENTS AND FAIR VALUE MEASUREMENTS

Investments

Investments include $15 and $1,307 as of June 30, 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

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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 June 30, 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 June 30, 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 June 30, 2015 and December 31, 2014, financial instruments that are not held at fair value are categorized in the table below:

	June 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Financial Assets:
Cash	$	19,125	$	19,125	$	30,820	$	30,820
Restricted Certificates of Deposit	$	587	$	587	$	586	$	586		Level 1	(1)
Financial liabilities:
Notes Payable	$	6,170	$	6,170	$	4,124	$	4,124		Level 2	(2)

(1) Restricted certificates of deposit 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 June 30, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	1,899		$	2,705
Unbilled receivables		2,307			2,229
Other receivables		2			2
Receivables		4,208			4,936
Allowance for doubtful receivables		(359	)		(402	)
Receivables, net	$	3,849		$	4,534

6. FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET

The following is a summary of furniture, equipment and leasehold improvements, net as of June 30, 2015 and December 31, 2014:

	2015			2014
Leasehold improvements	$	3,874		$	3,766
Furniture and equipment		5,007			4,496
Artwork		423			421
Total cost		9,304			8,683
Accumulated depreciation and amortization		(6,602	)		(6,329	)
Furniture, equipment and leasehold improvements, net	$	2,702		$	2,354

Depreciation expense for the three months ended June 30, 2015 and 2014 was $137 and $142, respectively.  Depreciation for the six months ended June 30, 2015 and 2014 was $274 and $263, respectively.

7. GOODWILL

The following is a summary of the changes to the carrying amount of goodwill for the six months ended June 30, 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	)
Acquisition of Jamison		4,678			─
Ending
Gross balance		42,101			37,423
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance	$	24,686		$	20,008

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8. INTANGIBLE ASSETS, NET

The following is a summary of intangible assets as of June 30, 2015 and December 31, 2014:

	Customer Relationships			Other Intangible Assets			Total
Cost
Balance, January 1, 2015	$	17,560		$	1,663		$	19,223
Acquisition of Jamison		5,000			800			5,800
Balance, June 30, 2015		22,560			2,463			25,023
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2015		(6,627	)		(1,429	)		(8,056	)
Amortization expense		(584	)		(62	)		(646	)
Balance, June 30, 2015		(7,211	)		(1,491	)		(8,702	)
Net book value	$	15,349		$	972		$	16,321
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 June 30, 2015 and 2014, respectively.  Amortization expense related to intangible assets was $646 and $719 for the six months ended June 30, 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)	$	976
2016		1,896
2017		1,796
2018		1,662
2019		1,380
Thereafter		8,611
Total	$	16,321

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 June 30, 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 June 30, 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 June 30, 2015 and 2014 was $10 and $37, respectively, and for the six months ended June 30, 2015 and 2014 was $20 and $74, respectively.

Notes Payable

The following is a summary of notes payable:

	June 30, 2015
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	3,393
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					94
Total, June 30, 2015				$	6,170

	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 Jamison, 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 June 30, 2015, future principal amounts payable under the fixed and variable rate notes are as follows:

2015 (remainder of)	$	1,648
2016		1,995
2017		1,711
2018		722
Total	$	6,076

On June 3, 2013, Silvercrest redeemed units from two of our former principals. In conjunction with this redemption, Silvercrest issued promissory notes in 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 June 30, 2015 and December 31, 2014, $2,683 remained outstanding on the notes and accrued but unpaid interest on the notes was approximately $76 and $19, respectively.  

On June 30, 2015, Silvercrest issued promissory notes in an aggregate principal amount of approximately $2,165 in connection with the Jamison Acquisition.  The principal amount outstanding under the notes bears interest at 5% per annum.  The principal amounts of the notes are payable in three equal installments of approximately $722 on each of June 30, 2016, 2017 and 2018.

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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 June 30, 2015 and 2014 amounted to $951 and $897, respectively. The Company received sub-lease income from subtenants during the three months ended June 30, 2015 and 2014 of $97 and $95, respectively. Therefore, for the three months ended June 30, 2015 and 2014, net rent expense amounted to $854 and $802, respectively, and is included in general and administrative expenses in the Condensed Consolidated Statement of Operations.  

Rent expense charged to operations for the six months ended June 30, 2015 and 2014 amounted to $1,868 and $1,798, respectively. The Company received sub-lease income from subtenants during the six months ended June 30, 2015 and 2014 of $188 and $196, respectively. Therefore, for the six months ended June 30, 2015 and 2014, net rent expense amounted to $1,680 and $1,602, 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 June 30, 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.

In June 2015, the Company entered into a lease agreement for office space in Charlottesville, VA.  The lease commenced on June 30, 2015 and expires on June 30, 2018.  The lease is subject to escalation clauses and provides for a rent-free period of two months.  Monthly rent expense is $2.  The Company paid a refundable security deposit of $2.

With the Jamison Acquisition, the Company assumed lease agreements for office space in Bedminster and Princeton, NJ.  The Bedminster lease expires on November 1, 2016.  Monthly rent expense on this lease is $11.  The Princeton lease expires on March 1, 2016.  Monthly rent expense on this lease is $5.  Both leases are subject to escalation clauses.        

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	$	1,930	$	(213	)	$	1,717
2016		3,817		(427	)		3,390
2017		2,865		(328	)		2,537
2018		74		—			74
2019		36		—			36
Total	$	8,722	$	(968	)	$	7,754

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.   On June 30, 2015, the Company assumed certain capital leases for equipment totaling $253 as part of the Jamison Acquisition.  The aggregate principal balance of capital leases was $508 and $282 as of June 30, 2015 and December 31, 2014, respectively.

The assets relating to capital leases that are included in equipment as of June 30, 2015 and December 31, 2014 are as follows:

	2015			2014
Capital lease assets included in furniture and equipment	$	609		$	345
Capital lease assets included in software		58			58
Less: Accumulated depreciation and amortization		(163	)		(127	)
	$	504		$	276

Depreciation expense relating to capital lease assets was $19 and $21 for the three months ended June 30, 2015 and 2014, respectively.  Depreciation expense relating to capital lease assets was $36 and $40 for the six months ended June 30, 2015 and 2014, respectively.

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Future minimum lease payments under capital leases are as follows:

	Future Minimum Lease Commitments
Remainder of 2015	$	79
2016		164
2017		155
2018		99
2019		11
Total	$	508

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 six months ended June 30, 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 $2,883 and $4,125, for the three and six months ended June 30, 2015, respectively.  Partnership distributions totaled $2,646 and $3,995 for the three and six months ended June 30, 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 six months ended June 30, 2015 and 2014 amounted to $18,568 and $14,206, 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 and six months ended June 30, 2015 and 2014.  Silvercrest treats SLP’s partner incentive allocations as compensation expense and accrues such amounts when earned. During the three months ended June 30, 2015 and 2014, SLP accrued partner incentive allocations of $4,860 and $4,326, respectively.  During the six months ended June 30, 2015 and 2014, SLP accrued partner incentive allocations of $9,101 and $8,440, respectively.

Silvercrest—Stockholders’ Equity

Silvercrest has the following authorized and outstanding equity:

	Shares at June 30, 2015
	Authorized		Outstanding		Voting Rights	Economic Rights
Common shares
Class A, par value $0.01 per share		50,000,000		7,847,256	1 vote per share (1)	All (1)
Class B, par value $0.01 per share		25,000,000		4,837,607	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.

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(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 4,837,607 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 4,911deferred 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 six months ended June 30, 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
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	April 2015		11,246
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	May 2015		50,000
Class A common shares outstanding – June 30, 2015			7,847,256

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	)
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock	May 2015		(50,000	)
Issuance of Class B common stock in connection with the Jamison Acquisition	June 2015		258,578
Class B common shares outstanding – June 30, 2015			4,837,607

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.    

In March 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.

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In May 2015, the Company redeemed from certain existing partners 50,000 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.

In June 2015, the Company issued 258,578 shares of Class B common stock to certain Principals of Jamison in connection with the Jamison Acquisition.  

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.

Notes receivable from partners are as follows for the six months ended June 30, 2015 and the year ended December 31, 2014:

	June 30, 2015			December 31, 2014
Beginning balance	$	3,212		$	3,052
Repayment of notes		(481	)		(841	)
Interest accrued and capitalized on notes receivable		34			61
New notes receivable issued to partners		—			940
Ending balance	$	2,765		$	3,212

Full recourse notes receivable from partners as of June 30, 2015 and December 31, 2014 are $1,561 and $1,912, respectively. Limited recourse notes receivable from partners as of June 30, 2015 and December 31, 2014 are $1,204 and $1,300, respectively. There is no allowance for credit losses on notes receivable from partners as of June 30, 2015 and December 31, 2014.

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),

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· 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 June 30, 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 $1,917 and $2,241, respectively. For the six months ended June 30, 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 $3,819 and 4,436, respectively.  As of June 30, 2015 and December 31, 2014, the Company was owed $3,757 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 June 30, 2015 and 2014, the Company earned advisory fees of $145 and $155, respectively, from assets managed on behalf of certain of its partners. For the six months ended June 30, 2015 and 2014, the Company earned advisory fees of $272 and $281, respectively, from assets managed on behalf of certain of its partners.  As of June 30, 2015 and December 31, 2014, the Company is owed approximately $8 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 June 30, 2015, the Company had net deferred tax assets of $21,931, which is recorded as a non-current deferred tax asset of $22,112 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 $86 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 $95 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 June 30, 2015, $67 of the net deferred tax liabilities relate to non-controlling interests. These amounts are included in prepaid expenses and other assets and deferred tax and other liabilities on the Condensed Consolidated Statement of Financial Condition, respectively.

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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 $639 and $342 for the three months ended June 30, 2015 and 2014, respectively. Of the amount for the three months ended June 30, 2015, $238 relates to Silvercrest’s corporate tax expense, $400 relates to SLP’s state and local liability and $1 relates to SFS’s corporate tax expense.  The deferred tax expense for the three months ended June 30, 2015 and 2014 was $1,595 and $991, respectively. When combined with current tax expense, the total income tax provision for the three months ended June 30, 2015 and 2014 is $2,234 and $1,333, respectively.  The deferred tax expense for the three months ended June 30, 2015, also includes additional deferred tax expenses of $840 for discrete items. The discrete items are primarily attributable to a reduction in future statutory corporate tax rates in New York State and changes in the rules with respect to sourcing sales in New York City.

The current tax expense was $1,292 and $784 for the six months ended June 30, 2015 and 2014, respectively. Of the amount for the six months ended June 30, 2015, $545 relates to Silvercrest’s corporate tax expense, $745 relates to SLP’s state and local liability and $2 relates to SFS’s corporate tax expense.  The deferred tax expense for the six months ended June 30, 2015 and 2014 was $2,240 and $2,004, respectively.  When combined with current tax expense, the total income tax provision for the six months ended June 30, 2015 and 2014 is $3,532 and 2,788, respectively.  The deferred tax expense for the three months ended June 30, 2015, also includes additional deferred tax expenses of $840 for discrete items.

The current tax expense increased from the comparable period in 2014 mainly due to increased profitability during 2015.  The deferred tax expense increased from the comparable period in 2014 primarily due to a discrete item recorded during the three months ended June 30, 2015 related to a reduction in future statutory corporate tax rates in New York State and changes in the rules with respect to sourcing sales in New York City.

Of the total current tax expense for the three months ended June 30, 2015 and 2014, $148 and $156, respectively, relates to non-controlling interests.  Of the deferred tax expense for the three months ended June 30, 2015 and 2014, $3 and $3, respectively, relates to non-controlling interests.  When combined with current tax expense, the total income tax provision for the three months ended June 30, 2015 and 2014 related to non-controlling interests is $151 and $159, respectively.

Of the total current tax expense for the six months ended June 30, 2015 and 2014, $276 and $270, respectively, relates to non-controlling interests.  Of the deferred tax expense for the six months ended June 30, 2015 and 2014, $6 and $5, respectively, relates to non-controlling interests.  When combined with current tax expense, the total income tax provision for the six months ended June 30, 2015 and 2014 related to non-controlling interests is $282 and $275, respectively.      

In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of June 30, 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 June 30, 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 June 30, 2015 and 2014, the Company recorded compensation expense related to such Deferred Equity Units of $104 and $260, respectively, of which $62 and $23, 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 for the three months ended June 30, 2015 and 2014, and are part of total compensation expense in the Consolidated Statements of Operations for the three months then ended.

For the six months ended June 30, 2015 and 2014, the Company recorded compensation expense related to such Deferred Equity Units of $220 and $774, respectively, of which $78 and $65, 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 six months ended June 30, 2015 and 2014, respectively, and are part of total compensation expense in the Condensed Consolidated Statements of Operations for the six months then ended.

During the six months ended June 30, 2015 and 2014, $0 and $30 of vested Deferred Equity Units were settled in cash. As of June 30, 2015 and December 31, 2014, there was $48 and $168, respectively, of estimated unrecognized compensation expense related to unvested awards. As of June 30, 2015 and December 31, 2014, the unrecognized compensation expense related to unvested awards is expected to be recognized over a period of 0.64 and 0.65 years, respectively.

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A summary of these equity grants by the Company as of June 30, 2015and 2014during 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 June 30, 2015		4,911		$	12.00		$	14.06			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 June 30, 2014		52,188		$	12.00		$	17.21			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 June 30, 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 or shares of our Class A common stock 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 awards that vest in the form of units of SLP will be eligible to participate in distributions of income from SLP. In addition, before the vesting conditions have been satisfied, the transferability of such units is generally prohibited and such units will not be eligible to be exchanged for cash or shares of our Class A common stock.

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 June 30, 2015 and 2014, Silvercrest made matching contributions of $16 and $17, respectively, for the benefit of employees.  For the six months ended June 30, 2015 and 2014, Silvercrest made matching contributions of $35 and $33, respectively, for the benefit of employees.

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

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Company may have to bear the costs of such research and other services. For the three months ended June 30, 2015 and 2014, the Company utilized “soft dollar” credits of $235and $263, respectively.  For the six months ended June 30, 2015 and 2014, the Company utilized “soft dollar” credits of $470 and $527, respectively.  

19. SUBSEQUENT EVENT

On August 6, 2015, the Company granted 966,510 restricted stock units (“RSUs”) under the 2012 Equity Incentive Plan at a fair value of $13.23 per share to existing Class B unit holders which will vest and settle in the form of Class B units of SLP.  Twenty-five percent of all these RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date.

*****

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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 June 30, 2015, our assets under management grew 4.4% from $18.2 billion to $19.0 billion.  During the six months ended June 30, 2015, our assets under management grew 6.2% from $17.9 billion to $19.0 billion.  On June 30, 2015, we acquired $0.7 billion of assets under management in connection with the Jamison Acquisition.  Our total assets under management exclude approximately $13.8 billion of non-discretionary assets of a public treasurer’s office for which we became advisor in connection with the Jamison Acquisition.  Silvercrest provides advisory services to this office with a fee cap of $825 thousand per annum.  We exclude these assets because they are related to a unique client relationship for which the fee cap is significantly disproportionate to the related assets under management. This fee arrangement is not indicative of our average fee rate.  

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 4,911 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 38% partnership interest in Silvercrest L.P. as of June 30, 2015 are reflected in non-controlling interests in our Condensed Consolidated Financial Statements. For the six months ended June 30, 2015, our net income, after amounts attributable to non-controlling interests, represents approximately 62% 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 June 30,						For the Six Months Ended June 30,
(in thousands except as indicated)	2015			2014			2015			2014
Revenue	$	18,546		$	17,226		$	35,974		$	33,946
Income before other income (expense), net	$	4,603		$	4,243		$	8,741		$	8,038
Net income	$	3,327		$	2,798		$	6,137		$	5,039
Net income attributable to Silvercrest	$	1,721		$	1,351		$	3,124		$	2,295
Adjusted EBITDA (1)	$	5,368		$	5,108		$	10,334		$	10,089
Adjusted EBITDA margin (2)		28.9	%		29.7	%		28.7	%		29.7	%
Assets under management at period end (billions)	$	19.0		$	16.7		$	19.0		$	16.7
Average assets under management (billions) (3)	$	18.6		$	16.5		$	18.5		$	16.2

(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 June 30,						As of and for the Six  Ended June 30,
(in billions)	2015			2014			2015			2014
AUM concentrated in Discretionary Managed Accounts	$	11.6		$	10.1		$	11.6		$	10.1
Average AUM For Discretionary Managed Accounts	$	11.4		$	9.9		$	11.1		$	9.7
Discretionary Managed Accounts Revenue (in millions)	$	15.6		$	13.7		$	30.4		$	27.1
Percentage of management and advisory fees revenue		88	%		86	%		88	%		86	%

Private Funds

	As of and for the Three Months Ended June 30,						As of and for the Six Ended June 30,
(in billions)	2015			2014			2015			2014
AUM concentrated in Private Funds	$	1.0		$	1.0		$	1.0		$	1.0
Average AUM For Private Funds	$	1.0		$	0.9		$	1.0		$	0.9
Private Funds Revenue (in millions)	$	2.1		$	2.3		$	4.0		$	4.5
Percentage of management and advisory fees revenue		12	%		14	%		12	%		14	%

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;

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· investor sentiment and confidence; and

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

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 June 30, 2015 and 2014, respectively, and 0.38% and 0.42% for the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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.

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

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 and six months ended June 30, 2015 and 2014 are as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2015		2014		2015		2014
Cash compensation and benefits (1)	$	10,327	$	9,501	$	19,974	$	18,697
Distributions on liability awards (2)		—		—		—		1
Non-cash equity-based compensation expense		104		260		219		774
Total compensation expense	$	10,431	$	9,761	$	20,193	$	19,472

(1) For the three months ended June 30, 2015 and 2014, $4,860 and $4,326, of partner incentive payments were included in cash compensation and benefits expense, respectively.  For the six months ended June 30, 2015 and 2014, $9,101 and $8,440, 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 executed 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 of Jamison”), to acquire certain assets of Jamison.  The transaction contemplated by the Asset Purchase Agreement closed on June 30, 2015 and is referred to herein as the “Jamison Acquisition”.

Pursuant to the terms of the Asset Purchase Agreement, we acquired (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 of Jamison. In consideration of the purchased assets and goodwill, we paid to the Seller and the Principals of Jamison an aggregate purchase price consisting of (1) cash payments in the aggregate amount of $3,550, (the “Closing Cash Payment”), (2) a promissory note issued to the Seller in the principal amount of $394, with an interest rate of 5% per annum (the “Seller Note”), (3) promissory notes in varying amounts issued to each of the Principals of Jamison for an aggregated total amount of $1,771, each with an interest rate of 5% per annum (together, the “Principals of Jamison Notes”) and (4) Class B units of SLP (the “Class B Units”) issued to the Principals of Jamison with a value equal to $3,562 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”). We determined that the acquisition-date fair value of the contingent consideration was $1,429, based on the likelihood that the financial and performance targets will be achieved.  We will make earnout payments to the Principals of Jamison 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.  The estimated fair value of contingent consideration is recognized at the date of acquisition, and adjusted for changes in facts and circumstances until the ultimate resolution of the contingency. Changes in the fair value of contingent consideration are reflected as a component of general and administrative expenses in the Condensed Consolidated Statement of Operations. The fair value of the contingent consideration was based on discounted cash flow models using projected EBITDA for each earnout period. The discount rate applied to the to the projected EBITDA was determined based on our weighted average cost of capital and took into account that the overall risk associated with the payments was similar to our overall risks as there is no target, floor or cap associated the contingent payments.  We have a liability of $1,429 related to earnout payments to be made in conjunction with the Jamison Acquisition which is included in accounts payable and accrued expenses in the Condensed Consolidated Statement of Financial Condition as of June 30, 2015 for contingent consideration.

In connection with their receipt of the Equity Consideration, the Principals of Jamison became subject to the rights and obligations set forth in the limited partnership agreement of SLP and are entitled to distributions consistent with SLP’s distribution policy.  In addition, the Principals of Jamison became parties to the Exchange Agreement, which governs the exchange of Class B

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Units for Class A common stock of the Company, the Resale and Registration Rights Agreement, which provides the Principals of Jamison 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 entitles the Principals of Jamison 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.

Operating Results

Revenue

Our revenues for the three and six months ended June 30, 2015 and 2014 are set forth below:

	For the Three Months Ended June 30,
(in thousands)	2015		2014		2015 vs. 2014 ($)			2015 vs. 2014 (%)
Management and advisory fees	$	17,672	$	16,088	$	1,584			9.8	%
Family office services		874		1,138		(264	)		(23.2	)%
Total revenue	$	18,546	$	17,226	$	1,320			7.7	%

	For the Six Months Ended June 30,
(in thousands)	2015		2014		2015 vs. 2014 ($)			2015 vs. 2014 (%)
Management and advisory fees	$	34,375	$	31,671	$	2,704			8.5	%
Family office services		1,599		2,275		(676	)		(29.7	)%
Total revenue	$	35,974	$	33,946	$	2,028			6.0	%

The growth in our assets under management during the three and six months ended June 30, 2015 and 2014 is described below:

	Assets Under Management
				Non-
(in billions)	Discretionary			Discretionary			Total
As of March 31, 2014	$	10.6		$	5.6		$	16.2
Gross client inflows		0.8			0.1			0.9
Gross client outflows		(0.7	)		(0.2	)		(0.9	)
Market appreciation		0.4			0.1			0.5
As of June 30, 2014	$	11.1		$	5.6		$	16.7	(1)
As of March 31, 2015	$	11.8		$	6.4		$	18.2
Gross client inflows		1.8			0.1			1.9
Gross client outflows		(1.0	)		(0.1	)		(1.1	)
Market appreciation (depreciation)		─			─			─
As of June 30, 2015	$	12.6		$	6.4		$	19.0	(1)(2)
As of January 1, 2014	$	10.1		$	5.6		$	15.7
Gross client inflows		1.7			0.3			2.0
Gross client outflows		(1.1	)		(0.3	)		(1.4	)
Market appreciation		0.4			─			0.4
As of June 30, 2014	$	11.1		$	5.6		$	16.7	(1)
As of January 1, 2015	$	11.6		$	6.3		$	17.9
Gross client inflows		2.5			0.2			2.7
Gross client outflows		(1.6	)		(0.2	)		(1.8	)
Market appreciation		0.1			0.1			0.2
As of June 30, 2015	$	12.6		$	6.4		$	19.0	(1)(2)

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

(2) Our total assets under management exclude approximately $13.8 billion of non-discretionary assets of a public treasurer’s office for which we became advisor in connection with the Jamison Acquisition. Silvercrest provides advisory services to this office with a fee cap of $825 thousand per annum.  We excluded these assets because they are related to a unique client relationship for which the fee cap is significantly disproportionate to the related assets under management. This fee arrangement is not indicative of our average fee rate.

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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 June 30, 2015

	ANNUALIZED PERFORMANCE
	INCEPTION	1-YEAR	3-YEAR	5-YEAR	7-YEAR	INCEPTION
Large Cap Value Composite	4/1/02	4.1	17.2	15.8	9.1	8.1
Russell 1000 Value Index		4.1	17.3	16.5	8.6	7.1
Small Cap Value Composite	4/1/02	5.8	17.8	18.4	14.1	11.4
Russell 2000 Value Index		0.8	15.5	14.8	9.3	8.2
Smid Cap Value Composite	10/1/05	2.9	17.4	17.0	10.1	9.7
Russell 2500 Value Index		1.0	17.0	16.2	10.3	7.6
Multi Cap Value Composite	7/1/02	5.3	18.1	17.3	11.3	9.4
Russell 3000 Value Index		3.9	17.2	16.4	8.7	8.0
Equity Income Composite	12/1/03	2.2	16.5	17.3	11.6	11.5
Russell 3000 Value Index		3.9	17.2	16.4	8.7	8.2
Focused Value Composite	9/1/04	3.7	17.2	16.0	11.7	10.6
Russell 3000 Value Index		3.9	17.2	16.4	8.7	7.8

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 June 30, 2015

	ANNUALIZED PERFORMANCE
	INCEPTION	1-YEAR	3-YEAR	5-YEAR	7-YEAR	INCEPTION
Income Portfolio	5-1-03	2.9	8.3	8.0	6.1	6.6
25/45/30% S&P 500, Barclays Aggregate, HFRI FOF Comp		3.9	7.1	7.1	5.4	5.9
Balanced Portfolio	5-1-03	2.9	10.7	10.1	6.8	7.8
50/30/20% S&P 500, Barclays Aggregate, HFRI FOF Comp		5.1	10.5	10.5	7.2	7.2
Growth Portfolio	5-1-03	2.9	13.9	13.5	8.0	9.0
80/10/10% S&P 500, Barclays Aggregate, HFRI FOF Comp		6.6	14.7	14.6	8.6	8.5

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 June 30, 2015 versus Three Months Ended June 30, 2014

Our total revenue increased by $1.3 million, or 7.7%, to $18.6 million for the three months ended June 30, 2015, from $17.2 million for the three months ended June 30, 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 $2.3 billion, or 13.8%, to $19.0 billion at June 30, 2015 from $16.7 billion at June 30, 2014. Compared to the three months ended June 30, 2014, there was an increase of $1.0 billion of client inflows, an increase of $0.2 billion in client outflows, and a decrease of $0.5 billion in market appreciation. Our growth in assets under management for the three months ended June 30, 2015 was attributable to an increase of $0.8 billion in discretionary assets under management. The growth in

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our discretionary assets under management was primarily driven by net gross client inflows as a result of acquired Jamison assets under management of $0.7 billion. 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 June 30, 2015compared to the prior period. Sub-advised fund management revenue decreased by $0.1 million for the three months ended June 30, 2015 as compared to the same period in the prior year. Proprietary fund management revenue decreased by $0.2 million for the three months ended June 30, 2015as compared to the same period in the prior year. With respect to our discretionary assets under management, equity assets experienced growth of 7.1% during the three months ended June 30, 2015 and fixed income assets increased by 7.1% during the same period. For the three months ended June 30, 2015, most of our growthcame from our core international, muni value and small cap concentrated strategies with composite returns of 0.99%, 0.86% and 0.13%, respectively. As of June 30, 2015, the composition of our assets under management was 66% in discretionary assets, which includes both separately managed accounts and proprietary and sub-advised funds, and 34% 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 June 30, 2015 and 2014:

	For the Three Months Ended June 30,
	2015			2014
Total AUM as of March 31,	$	18.2		$	16.2
Discretionary AUM:
Total Discretionary AUM as of March 31,		11.8			10.6
New client accounts/assets		1.1			0.2	(1)
Closed accounts		─			─	(2)
Net cash inflow/(outflow)		(0.3	)		(0.1	)(3)
Non-discretionary to Discretionary AUM		─			─	(4)
Market (depreciation)/appreciation		─			0.4
Change to Discretionary AUM		0.8			0.5
Total Discretionary AUM at June 30,		12.6			11.1
Change to Non-Discretionary AUM		0.0			0.0	(5)
Total AUM as of June 30,	$	19.0		$	16.7

(1) Represents new account flows from both new and existing client relationships including flows related to the Jamison Acquisition

(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. Our total assets under management exclude approximately $13.8 billion of non-discretionary assets of a public treasurer’s office for which we became advisor in connection with the Jamison Acquisition. Silvercrest provides advisory services to this office with a fee cap of $825 thousand per annum. We exclude these assets because they are related to a unique client relationship for which the fee cap is significantly disproportionate to the related assets under management. This fee agreement is not indicative of our average fee rate.

Six Months Ended June 30, 2015 versus Six Months Ended June 30, 2014

Our total revenue increased by $2.1 million, or 6.0%, to $36.0 million for the six months ended June 30, 2015, from $33.9 million for the six months ended June 30, 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 $2.3 billion, or 13.8%, to $19.0 billion at June 30, 2015 from $16.7 billion at June 30, 2014. Compared to the six months ended June 30, 2014, there was an increase of $0.7 billion of client inflows, an increase of $0.4 billion in client outflows, and a decrease of $0.2 billion in market appreciation. Our market appreciation during the six months ended June 30, 2015 constituted a 1.1% rate of increase in our total assets under management compared to December 31, 2014. Our growth in assets under management for the six months ended June 30, 2015 was attributable to an increase of $1.0 billion in discretionary assets under management. The growth in our discretionary assets under management was primarily driven by net gross client inflows partially as a result of the acquired Jamison assets under management of $0.7 billion.  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 six months ended June 30, 2015

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compared to the prior period. Sub-advised fund management revenue decreased by $0.3 million for the six months ended June 30, 2015 as compared to the same period in the prior year.  Proprietary fund management revenue decreased by $0.4 million for the six months ended June 30, 2015 as compared to the same period in the prior year. With respect to our discretionary assets under management, equity assets experienced growth of 9.4% during the six months ended June 30, 2015 and fixed income assets increased by 10.0% during the same period. For the six months ended June 30, 2015, most of our growth came from our small cap value, small cap concentrated and SMID cap value strategies with composite returns of 4.15%, 3.72% and 3.49%, respectively. As of June 30, 2015, the composition of our assets under management was 66% in discretionary assets, which includes both separately managed accounts and proprietary and sub-advised funds, and 34% 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 six months ended June 30, 2015 and 2014:

	For the Six Months Ended June 30,
	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		1.1			0.4	(1)
Closed accounts		─			─	(2)
Net cash inflow/(outflow)		(0.2	)		0.1	(3)
Non-discretionary to Discretionary AUM		─			─	(4)
Market (depreciation)/appreciation		0.1			0.5
Change to Discretionary AUM		1.0			1.0
Total Discretionary AUM at June 30,		12.6			11.1
Change to Non-Discretionary AUM		0.1			0.0	(5)
Total AUM as of June 30,	$	19.0		$	16.7

(1) Represents new account flows from both new and existing client relationships including flows related to the Jamison Acquisition

(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. Our total assets under management exclude approximately $13.8 billion of non-discretionary assets of a public treasurer’s office for which we became advisor in connection with the Jamison Acquisition. Silvercrest provides advisory services to this office with a fee cap of $825 thousand per annum. We exclude these assets because they are related to a unique client relationship for which the fee cap is significantly disproportionate to the related assets under management. This fee agreement is not indicative of our average fee rate.

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Expenses

Our expenses for the three and six months ended June 30, 2015 and 2014 are set forth below:

	For the Three Months Ended June 30,
(in thousands)	2015		2014		2015 vs. 2014 ($)		2015 vs. 2014 (%)
Compensation and benefits (1)	$	10,431	$	9,761	$	670		6.9	%
General, administrative and other		3,512		3,222		290		9.0	%
Total expenses	$	13,943	$	12,983	$	960		7.4	%

	For the Six Months Ended June 30,
(in thousands)	2015		2014		2015 vs. 2014 ($)		2015 vs. 2014 (%)
Compensation and benefits (1)	$	20,193	$	19,472	$	721		3.7	%
General, administrative and other		7,040		6,436		604		9.4	%
Total expenses	$	27,233	$	25,908	$	1,325		5.1	%

(1) For the three months ended June 30, 2015 and 2014, $4,860 and $4,326, respectively, of partner incentive payments were included in cash compensation and benefits expense.  For the six months ended June 30, 2015 and 2014, $9,101 and $8,440, respectively, of partner incentive payments were included in cash compensation and benefits expense in the Condensed Consolidated Statements of Operations.

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 and six months ended June 30, 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 in the Condensed Consolidated Statements of Operations.

Three Months Ended June 30, 2015 versus Three Months Ended June 30, 2014

Total expenses increased by $1.0 million, or 7.4%, to $14.0 million for the three months ended June 30, 2015 from $13.0 million for the three months ended June 30, 2014. This increase was primarily attributable to increases in compensation and benefits expense of $0.7 million, as well as increases in general and administrative expenses of $0.3 million.

Compensation and benefits expense increased by $0.6 million, or 6.9%, to $10.4 million for the three months ended June 30, 2015 from $9.8 million for the three months ended June 30, 2014. The increase was primarily attributable to an increase in the accrual for partner incentive bonuses of $0.5 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 $0.1 million as a result of both merit-based increases and increased headcount. This was partially offset by a decrease in equity-based compensation expense of $0.2 million primarily as a result of lower levels of deferred equity units due to vesting in prior periods.

General and administrative expenses increased by $0.3 million, or 9.0%, to $3.5 million for the three months ended June 30, 2015 from $3.2 million for the three months ended June 30, 2014. This increase was primarily due to an increase in professional fees of $0.1 million related to the timing of audit expenses, an increase in travel and entertainment expenses of $0.1 million, an increase in investment research costs of $0.2 million and an increase in occupancy and related expenses of $0.1 million.  This was partially offset by a decrease in sub-advisory and referral fees of $0.1 million as a result of lower sub-advisory revenue and a decrease in telephone expense of $0.1 million.

Six Months Ended June 30, 2015 versus Six Months Ended June 30, 2014

Total expenses increased by $1.3 million, or 5.1%, to $27.2 million for the six months ended June 30, 2015 from $25.9 million for the six months ended June 30, 2014. This increase was primarily attributable to increases in compensation and benefits expense of $0.8 million, as well as increases in general and administrative expenses of $0.6 million.

Compensation and benefits expense increased by $0.7 million, or 3.7%, to $20.2 million for the six months ended June 30, 2015 from $19.5 million for the six months ended June 30, 2014. The increase was primarily attributable to an increase in the accrual for partner incentive bonuses of $0.7 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 $0.3 million as a result of both merit-based increases and increased headcount. This was partially offset by a decrease in equity-based compensation expense of $0.6 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 $0.6 million, or 9.4%, to $7.0 million for the six months ended June 30, 2015 from $6.4 million for the six months ended June 30, 2014. This increase was primarily due to an increase in professional fees of $0.5 million related to the timing of audit expenses, an increase in investment research costs of $0.5 million, an increase in occupancy and related expenses of $0.1 million and an increase in travel and entertainment expenses of $0.2 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, a decrease in marketing costs of $0.1 million, a decrease in sub-advisory and referral fees of $0.3 million as a result of lower sub-advisory revenue and a decrease in depreciation and amortization of $0.1 million.

Other Income (Expense), Net

	For the Three Months Ended June 30,
(in thousands)	2015			2014			2015 vs. 2014 ($)		2015 vs. 2014 (%)
Other income, net	$	997		$	—		$	997		NM
Interest income		17			16			1		6.3	%
Interest expense		(56	)		(128	)		72		56.3	%
Total other (expense) income, net	$	958		$	(112	)	$	1,070		NM

	For the Six Months Ended June 30,
(in thousands)	2015			2014			2015 vs. 2014 ($)		2015 vs. 2014 (%)
Other income, net	$	1,005		$	8		$	997		NM
Interest income		37			36			1		2.8	%
Interest expense		(114	)		(255	)		141		55.3	%
Total other (expense) income, net	$	928		$	(211	)	$	1,139		NM

NM: Not Meaningful

Three Months Ended June 30, 2015 versus Three Months Ended June 30, 2014

Other income (expense), net increased by $1.1 million to other income (expense), net of $1.0 million for the three months ended June 30, 2015 from other expense, net of ($0.1) million for the three months ended June 30, 2014 primarily due to a $1.0 million adjustment to the fair value of our tax receivable agreement liability as of June 30, 2015.  The adjustment in fair value is the result in a reduction in future effective corporate tax rate in New York City as a result of a law change. The reduction in the future effective corporate tax rate will result in less tax benefits being recognized by the Company from future amortization reducing its liability pursuant to the tax receivable agreement. Interest expense decreased by $0.1 million for the three months ended June 30, 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.

Six Months Ended June 30, 2015 versus Six Months Ended June 30, 2014

Other income (expense), net increased by $1.1 million to other income (expense), net of $0.9 million for the six months ended June 30, 2015 from other expense, net of ($0.2) million for the six months ended June 30, 2014 primarily due to a $1.0 million adjustment to the fair value of our tax receivable agreement liability as of June 30, 2015. The adjustment in fair value is the result in a reduction in future effective corporate tax rate in New York City as a result of a law change. The reduction in the future effective corporate tax rate will result in less tax benefits being recognized by the Company from future amortization reducing its liability pursuant to the tax receivable agreement. Interest expense decreased by $0.1 million for the six months ended June 30, 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 June 30, 2015 versus Three Months Ended June 30, 2014

The provision for income taxes was $2.2 million and $1.3 million for the three months ended June 30, 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 June 30, 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 June 30, 2015 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 June 30, 2015 and 2014 was 40.2% and 32.3%, respectively.

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Six Months Ended June 30, 2015 versus Six Months Ended June 30, 2014

The provision for income taxes was $3.5 million and $2.8 million for the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2015 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 six months ended June 30, 2015 and 2014 was 36.5% and 35.6%, respectively.

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Reconciliation of non-GAAP financial measure:
Net income	$	3,327		$	2,798		$	6,137		$	5,039
Provision for income taxes		2,234			1,333			3,532			2,788
Delaware Franchise Tax		45			45			100			90
Interest expense		56			128			114			255
Interest income		(17	)		(16	)		(37	)		(24	)
Depreciation and amortization		459			501			919			982
Equity-based compensation		104			260			219			775
Other adjustments (A)		(840	)		59			(650	)		184
Adjusted EBITDA	$	5,368		$	5,108		$	10,334		$	10,089
Adjusted EBITDA Margin		28.9	%		29.7	%		28.7	%		29.7	%
Adjusted Net Income and Adjusted Earnings Per Share
Reconciliation of non-GAAP financial measure:
Net income	$	3,327		$	2,798		$	6,137		$	5,039
GAAP Provision for income taxes		2,234			1,333			3,532			2,788
Delaware Franchise Tax		45			45			100			90
Other adjustments (A)		(840	)		59			(650	)		184
Adjusted earnings before provision for income taxes		4,766			4,235			9,119			8,101
Adjusted provision for income taxes:
Adjusted provision for income taxes (40% assumed tax rate)		(1,906	)		(1,694	)		(3,648	)		(3,240	)
Adjusted net income	$	2,860		$	2,541		$	5,471		$	4,861
Adjusted earnings per share/unit:
Basic	$	0.23		$	0.21		$	0.43		$	0.40
Diluted	$	0.23		$	0.21		$	0.43		$	0.39
Shares/units outstanding:
Basic Class A shares outstanding		7,847			7,524			7,847			7,524
Basic Class B shares/units outstanding		4,838			4,704			4,838			4,704
Total basic shares/units outstanding		12,685			12,228			12,685			12,228
Diluted Class A shares outstanding		7,847			7,524			7,847			7,524
Diluted Class B shares/units outstanding (B)		4,843			4,847			4,843			4,847
Total diluted shares/units outstanding		12,690			12,371			12,690			12,371

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(A) Other adjustments consist of the following:

	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015				2014
Client reimbursement	$	—		$	—	$	—		$	125
Acquisition costs (a)		22			—		80			—
Non-acquisition expansion costs (b)		80			18		212			18
Severance		48			—		48			—
Other (c)		(990	)		41		(990	)		41
Total other adjustments	$	(840	)	$	59	$	(650	)	$	184

(a) Reflects the legal fees associated with the Jamison Acquisition.

(b) Represents accrued earnout of $79 and $18 and professional fees of $1 and $0 for the three months ended June 30, 2015 and 2014, respectively, related to our Richmond, VA office expansion.  Represents accrued earnout of $143 and $18 and professional fees of $69 and $0 for the six months ended June 30, 2015 and 2014, respectively, related to our Richmond, VA office expansion.

(c) In 2015, represents a true-up adjustment to our tax receivable agreement. The adjustment in fair value is the result in a reduction in future effective corporate tax rate in New York City as a result of a law change. The reduction in the future effective corporate tax rate will result in less tax benefits being recognized by the Company from future amortization reducing its liability pursuant to the tax receivable agreement. In 2014, represents professional fees related to our shelf registration filing.

(B) Includes 4,911 and 52,188 unvested deferred equity units as of June 30, 2015 and 2014, respectively.  Also includes 0 and 90,959 conditionally issuable units that vest upon achievement of certain performance metrics, that would be issuable if June 30, 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 June 30, 2015, $0 was outstanding on the revolving credit facility. As of June 30, 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 June 30, 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

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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.

The following table sets forth certain key financial data relating to our liquidity and capital resources as of June 30, 2015 and December 31, 2014.

	As of
(in thousands)	June 30, 2015		December 31, 2014
Cash and cash equivalents	$	19,125	$	30,820
Accounts receivable	$	3,849	$	4,534
Due from Silvercrest Funds	$	3,756	$	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.

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Cash Flows

The following table sets forth our cash flows for the six months ended June 30, 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.

	Six Months Ended June 30,
(in thousands)	2015			2014
Net cash (used in) provided by operating activities	$	(1,510	)	$	2,428
Net cash used in investing activities		(3,826	)		(1,969	)
Net cash used in financing activities		(6,359	)		(6,143	)
Net change in cash	$	(11,695	)	$	(5,684	)

Operating Activities

Six Months Ended June 30, 2015 versus Six Months Ended June 30, 2014

For the six months ended June 30, 2015 and 2014, operating activities used $1.5 million and provided $2.4 million, respectively. This difference is primarily the result of increased payouts of accrued compensation of $4.1 million, increased prepaid expenses and other assets of $2.9 million due mainly to the timing of certain payments to vendors and an increase in taxes receivable, partially offset by increased net income of $1.1 million, decreased accounts payable and accrued expenses of $1.7 million due to the timing of certain payments to vendors and distributions received from investment funds of $1.3 million.

Investing Activities

Six Months Ended June 30, 2015 versus Six Months Ended June 30, 2014

For the six months ended June 30, 2015 and 2014, investing activities used $3.8 million and $2.0 million, respectively. The primary use of cash during the six months ended June 30, 2015 was cash paid at the closing of the Jamison Acquisition of $3.6 million.  The primary use of cash during the six months ended June 30, 2014 was an earnout payment of $1.7 million related to the Marathon Capital Group, LLC acquisition.  No investing activity-related earnout payments were made during the six months ended June 30, 2015.

Financing Activities

Six Months Ended June 30, 2015 versus Six Months Ended June 30, 2014

For the six months ended June 30, 2015 and 2014, financing activities used $6.4 million and $6.1 million, respectively.   During the six months ended June 30, 2015 and 2014, the Company paid dividends of $1.9 million and $1.8 million, respectively, to Class A shareholders.  Distributions to partners increased during the six months ended June 30, 2015 by $0.1 million as compared to the previous year. During the six months ended June 30, 2014, redemptions of partners’ interests totaled $0.2 million, and we received payments from partners on notes receivable of $0.7 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 Jamison, Eaton & Woods, Inc. and its Principals, Ten-Sixty Asset Management LLC and Milbank related to the Jamison, Ten-Sixty 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 June 30, 2015, $0.7 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 June 30, 2015.

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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 acquisitionas 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 June 30, 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 $19 thousand as of June 30, 2015.

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 June 30, 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 in 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 June 30, 2015 and December 31, 2014, $2.7 million remained outstanding on the notes and accrued but unpaid interest was approximately $76 thousand and $19 thousand, respectively.

On June 30, 2015, we issued promissory notes in an aggregate principal amount of approximately $2.2 million in connection with the Jamison Acquisition.  The principal amount outstanding under the notes bears interest at 5%.  The principal amounts of the notes are payable in three equal installments of approximately $722 on each of June 30, 2016, 2017 and 2018.   There was no accrued but unpaid interest on the notes payable related to the Jamison Acquisition as of June 30, 2015.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of June 30, 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 June 30, 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)
June 30, 2015 AUM	$	12.7	$	3.9	$	2.5	$	19.0
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 and six months ended June 30, 2015 was approximately $18.6 billion and $18.5 billion, respectively. 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 $1.9 billion for the three and six months ended June 30, 2015, which would cause an annualized increase or decrease in revenues of approximately $1.9 million and $1.8 million for the three and six months ended June 30, 2015, respectively, at a weighted average fee rate for the three and six months ended June 30, 2015 of 0.40% and 0.39%, respectively.

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 Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“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 No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP.  Originally, ASU No. 2014-09 was to become effective on January 1, 2017, but the effective date has been deferred for one year. Early application is permitted as of the original effective date. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU No. 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 ASU No. 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 No. 2014-12").” ASU No. 2014-12

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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. 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 No. 2015-02, “Consolidation (ASC 810): Amendments to the Consolidation Analysis”.  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.  We are evaluating the impact of the adoption of this guidance on our Condensed Consolidated Financial Statements.

In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Amendments to Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.”   The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts.  The amendments in this ASU will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015.  Early adoption is permitted.  We are evaluating the impact of adoption of this guidance on our Condensed Consolidated Financial Statements.

In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements.”  The amendments in this ASU will affect a wide variety of topics and represent changes to clarify GAAP, correct unintended application of guidance, or make minor improvements to GAAP that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.  Transition guidance varies based on the amendments in this Update. The amendments in this ASU that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period.  We are evaluating the impact of adoption of this guidance on our Condensed Consolidated Financial Statements.

Subsequent Event

On August 6, 2015, we granted 966,510 restricted stock units (“RSUs”) under the 2012 Equity Incentive Plan at a fair value of $13.23 per share to existing Class B unit holders which will vest and settle in the form of Class B units of SLP.  Twenty-five percent of all these RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date.

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 and six months ended June 30, 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.”

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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 June 30, 2015. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at June 30, 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 June 30, 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 2. Unregistered Sales of Equity Securities and Use of Proceeds

In June 2015, we issued 258,578 shares of Class B units for approximately $3.6 million in conjunction with the Jamison Acquisition.  The Principals of Jamison became parties to the Exchange Agreement, which governs the exchange of Class B Units for Class A common stock of Silvercrest, the Resale and Registration Rights Agreement, which provides the Principals of Jamison with liquidity with respect to shares of Class A common stock of Silvercrest received in exchange for Class B Units, and the Tax Receivable Agreement of Silvercrest, which will entitle the Principals of Jamison to share in a portion of the tax benefits received by Silvercrest upon the exchange of Class B Units for Class A common stock of Silvercrest.

Item 5. Other Information

(a) On August 6, 2015, we granted 966,510 restricted stock units (“RSUs”) under the 2012 Equity Incentive Plan at a fair value of $13.23 per share to existing Class B unit holders which will vest and settle in the form of Class B units of SLP.  Twenty-five percent of all these RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date.  These RSUs were issued in reliance upon an exemption from registration pursuant to Rule 506(b) of Regulation D.

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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).
10.6**	Form of 2012 Equity Incentive Plan Class B Restricted Stock Unit Award Agreement.
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

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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 August 6, 2015.

Silvercrest Asset Management Group Inc.

		By:	/s/ Richard R. Hough III
Date:	August 6, 2015		Richard R. Hough III
			Chief Executive Officer, President and Director
			(Principal Executive Officer)
			/s/ Scott A. Gerard
Date:	August 6, 2015		Scott A. Gerard
			Chief Financial Officer
			(Principal Financial and Accounting Officer)

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EX-10.6

Exhibit 10.6

SILVERCREST ASSET MANAGEMENT GROUP INC.

2012 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) is made effective as of August 6, 2015 (the “Grant Date”) among Silvercrest Asset Management Group Inc., a corporation organized under the laws of the State of Delaware (the “Company”), [name] (the “Participant”) and, solely for purposes of Section 3(h) hereof, Silvercrest L.P., (the “Partnership”).

WITNESSETH:

WHEREAS, the Company has adopted the Silvercrest Asset Management Group Inc. 2012 Equity Incentive Plan (the “Plan”) for the benefit of the employees, consultants and directors of the Company, the Partnership and their Affiliates (including, without limitation, Silvercrest Asset Management Group LLC (“SAMG LLC”);

WHEREAS, the Participant is employed by, and performs services for, SAMG LLC; and

WHEREAS, in consideration of the Participant’s employment and continued services to be provided to SAMG LLC, the Committee has authorized the grant of this Award to the Participant of Restricted Stock Units under the Plan, on the terms and conditions set forth in the Plan and in this Agreement;

NOW, THEREFORE, in consideration of the premises contained herein, the Company and the Participant hereby agree as follows:

1. Definitions. Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Plan.

2. Award of Restricted Stock Units. Subject to the terms and conditions set forth herein and in the Plan, the Committee hereby grants to the Participant, on the Grant Date set forth above, [number] of Restricted Stock Units. Each Restricted Stock Unit represents the right to receive (i) a “Class B Unit” in the Partnership (as defined in the Partnership Agreement), together with (ii) the accompanying share of Class B common stock of the Company, and such other units or securities as may be substituted for such Class B Units and shares of Class B common stock of the Company pursuant to Section 8 of the Plan (collectively, a “Class B Unit”), subject to the restrictions, terms and conditions set forth in this Agreement, the Plan and the Partnership Agreement.  The Participant’s right to receive the Class B Units under this Agreement shall be no greater than the right of any unsecured general creditor of the Company.  

3. Restricted Stock Units

a. Vesting of Restricted Stock Units. The Restricted Stock Units will become non-forfeitable and the Risk of Forfeiture shall lapse on the vesting dates (the “Vesting Dates”) and in the proportions described below, provided that the Participant is continuously employed by the Company or an Affiliate from the date hereof through each applicable Vesting Date.

Percentage of Class B Units Vesting	Vesting Date
25%	First Anniversary of Grant Date
25%	Second Anniversary of Grant Date
25%	Third Anniversary of Grant Date
25%	Fourth Anniversary of Grant Date

b. Accelerated Vesting Upon Certain Terminations or Change of Control. If the Participant incurs a Separation from Service (as defined below) as a result of (i) an involuntary termination by the Company or its Affiliates without Cause, (ii) a termination by the Company or its Affiliates by reason of the Participant’s Disability, (iii) retirement in good faith upon mutual agreement by the Company and the Participant, or (iv) the Participant’s death, then, in each case, all Restricted Stock Units unvested as of such date shall become fully and immediately vested. In the event of a Change of Control that constitutes a “change in control event” within the meaning of Code Section 409A, then 100% of the Restricted Stock Units shall vest in full immediately prior to the consummation of such Change of Control, provided that the Participant is continuously employed by the Company or an Affiliate from the date hereof through to the consummation of such Change of Control.  

c.Vesting and Payment. Subject to Section 3(d) and (e) below and the other terms and conditions of this Agreement, the Restricted Stock Units shall become vested in accordance with the vesting schedule set forth in Section 3(a) and (b) (but will remain subject to the terms of this Agreement and the Plan), provided that the Participant has not experienced an employment termination prior to each applicable vesting date.  Except as set forth above, there shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the applicable vesting date. Subject to the terms of this Agreement and the Plan, the Class B Unitsshall be delivered and paid to the Participant as soon as practicable following the applicable vesting date, but not later than sixty (60) days thereafter.

d. Condition to Payment. Notwithstanding anything herein to the contrary, as a condition to the receipt of any Class B Unit hereunder, as soon as practicable following the applicable vesting date (but not later than thirty (30) days thereafter), the Participant shall have become a party to the Partnership Agreement, the Stockholders’ Agreement, the Exchange Agreement (as defined in the Partnership Agreement) and the Tax Receivable Agreement (as defined in the Partnership Agreement) and agree to be bound by the terms and conditions of each such agreement with respect to the Class B Units granted hereunder. The Participant acknowledges being provided with a copy of each such agreement.

e. Forfeiture of Restricted Stock Units. Notwithstanding anything herein to the contrary, (A) upon the Participant’s “separation from service,” as defined in Section 409A of the Code and Treas. Reg. Section 1.409A-1(h) from the Company and its Affiliates (a “Separation from Service”) for any or no reason, 100% of any and all unvested portion of the Restricted Stock Units outstanding as of the date of such Separation from Service (other than any unvested Restricted Stock Units that become vested as of the date of such Separation from Service in accordance with Section 3(b)) shall be immediately forfeited and cancelled for no consideration, and shall cease to be outstanding, and (B) upon the Participant’s Separation from Service from the Company and its Affiliates for Cause, 100% of the Restricted Stock Units (whether vested or unvested) outstanding as of the date of such Separation from Service shall be immediately forfeited and cancelled for no consideration, and shall cease to be outstanding. 

f. Certain Legal Restrictions. The Plan, this Agreement, the granting, vesting and settlement of the Restricted Stock Units, and any obligations of the Company or the Partnership under the Plan and this Agreement, shall be subject to all applicable federal, state and local laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange on which the Class B Units are listed.  

g. Restriction on Transfer of Restricted Stock Units. No Restricted Stock Units shall be transferable by the Participant other than by will or by the laws of descent and distribution.  Any attempt to transfer the Restricted Stock Units other than in accordance with the expressed terms of the Plan shall be void.

h. During the period commencing on the date of this Agreement and ending on the earliest of, as applicable: (i) the date on which the Class B Units are transferred to the Participant following a Vesting Date, (ii) the date Participant incurs a Separation from Service, (iii) the closing date of a Change of Control that constitutes a “change in control event” within the meaning of Code Section 409A, and (iv) the date of forfeiture of the Restricted Stock Units for any reason, the Participant shall be entitled to receive payments from the Partnership (and the Partnership agrees to pay) in such amounts, and at such times, as the Participant would have received from the Partnership had the Class B Units underlying the Restricted Stock Units been transferred to the Participant on the date hereof.

4. Taxation and Withholding. The Participant shall remit to the Company or an Affiliate an amount sufficient to satisfy federal, state, local or other withholding tax requirements prior to or simultaneously with the settlement of any Restricted Stock Unit granted hereunder. The Participant further acknowledges that the Company and its Affiliates have the right to deduct from payments of any kind otherwise due to the Participant any federal, state, local or other taxes of any kind required by law to be withheld with respect to the grant, vesting or settlement of the Restricted Stock Units. The Committee, acting in its sole discretion, may allow the Participant to satisfy an applicable withholding requirement, in whole or in part, by having the Company or an Affiliate withhold Class B Units to satisfy the Participant’s minimum tax withholding obligations, subject to any restrictions or limitations that the Committee deems appropriate.

5. Representations of the Participant.The Participant represents and warrants to the Company as follows:

a. The Participant is an “accredited investor” as such term is defined in Regulation D promulgated by the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”) because (A) the Participant is a natural person with an individual net worth, or with the Participant’s spouse have a combined net worth, in excess of U.S. $1,000,000 (excluding any equity in the Participant’s primary residence), (B) the Participant is a natural person and had individual income (exclusive of any income attributable to the Participant’s spouse) of more than U.S. $200,000 in the prior two calendar years or joint income with the Participant’s spouse in excess of U.S. $300,000 for each of those years and the Participant reasonably expects to reach the same income level in the current calendar year or (C) the Participant is a “knowledgeable employee” as referred to in Rule 506 under the Securities Act.

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b.The Participant is a sophisticated investor, able and accustomed to handling sophisticated financial matters for himself/herself, has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of his/her investment in the Class B Unitsand the Participant is capable of bearing the economic risks of such investment and is able to bear a complete loss of his/her investment in the Class B Units.

c. THE PARTICIPANT ACKNOWLEDGES THAT HE/SHE HAS RELIED SOLELY UPON HIS/HER OWN TAX AND OTHER LEGAL ADVISORS CONCERNING THE TAX AND OTHER LEGAL ASPECTS OF AN INVESTMENT IN THE CLASS B UNITS AND THE PARTICIPANT ACKNOWLEDGES THAT NEITHER THE COMPANY NOR ANY OF ITS AFFILIATES HAS MADE REPRESENTATIONS OR WARRANTIES RELATING TO THE TAX OR LEGAL CONSEQUENCES OF AN INVESTMENT IN THE CLASS B UNITS.

6. Section 409A.Payments made pursuant to this Agreement are intended to be exempt from or comply with Section 409A of the Code, and the regulations and other guidance promulgated thereunder (“Section 409A”). The provisions of this section shall qualify and supersede all other provisions of this Agreement as necessary to fulfill the foregoing intention. The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify this Agreement to ensure that the Award is made in a manner that qualifies for exemption from or complies with the provisions of Section 409A(a)(2), (3) and (4) of the Code. The Company makes no representations that this Award will be exempt from Section 409A and makes no undertaking to preclude Section 409A from applying to this Award. To the extent applicable, each and every payment to be made pursuant to this Agreement shall be treated as a separate payment and not as one of a series of payments treated as a single payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii).If the Participant is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment shall be made or provided at the date which is the earlier of (A) the date that is immediately following the date of the expiration of the six (6)-month period measured from the date of such “separation from service” of the Participant, and (B) the date of the Participant’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments delayed pursuant to this section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Participant in a lump sum and any remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.  

7. Notices.All notices and other communications hereunder shall be in writing and shall be deemed duly given (i) on the date of delivery if delivered personally, or by facsimile or e-mail (upon written confirmation of receipt), (ii) on the first business day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (iii) on the earlier of confirmed receipt or the fifth business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice in accordance with this Section 7:

If to the Company:	c/o Silvercrest Asset Management Group Inc. 1330 Avenue of the Americas New York, NY 10019 Attn: Office of the General Counsel Telephone: (212) 649-0623 Facsimile: (212) 649-0690
with a copy to:	Proskauer Rose LLP 11 Times Square New York, NY 10036 Attention: Ira G. Bogner, Esq. Telephone: (212) 969-3947 Facsimile: (212) 969-2900
If to the Participant:	[name] [address]

Any party hereto may change such party’s address for notices by notice duly given to the other parties pursuant hereto.

8. Miscellaneous.

a. Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as

3

may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference.  If and to the extent that any provision of this Agreement conflicts or is inconsistent with the terms set forth in the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.

b. No Guaranteed Employment. Nothing contained in this Agreement shall affect the right of the Company or any of its Affiliates to terminate the Participant’s employment at any time, with or without cause, or shall be deemed to create any rights to employment or continued employment. The rights and obligations arising under this Agreement are not intended to and do not affect the Participant’s employment relationship that otherwise exists between the Participant and the Company or any of its Affiliates, whether such employment relationship is at will or defined by an employment contract. Moreover, this Agreement is not intended to and does not amend any existing employment contract between the Participant and the Company or any of its Affiliates; to the extent there is a conflict between this Agreement and such an employment contract, the employment contract shall govern and take priority.

c. Interpretation. All section titles and captions in this Agreement are for convenience only, shall not be deemed part of this Agreement, and in no way shall define, limit, extend or describe the scope or intent of any provisions of this Agreement.

d. No Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.

e. Severability. If any provision of this Agreement is declared or found to be illegal, unenforceable or void, in whole or in part, then the parties hereto shall be relieved of all obligations arising under such provision, but only to the extent that it is illegal, unenforceable or void, it being the intent and agreement of the parties hereto that this Agreement shall be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not possible, by substituting therefor another provision that is legal and enforceable and achieves the same objectives.

f. Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart.

g. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws.

h. Entire Agreement. This Agreement, together with the Plan, contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant with respect to the subject matter hereof.

i. Consent to Jurisdiction and Service of Process. All judicial proceedings brought against the Participant with respect to this Agreement may be brought in any state or federal court of competent jurisdiction sitting in New York, and by execution and delivery of this Agreement, the Participant accepts for himself or herself and in connection with its properties, generally and unconditionally, the nonexclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. The parties hereby agree to waive their respective rights to trial by jury in connection with any dispute between them arising out of this Agreement. A copy of any process served shall also be mailed by registered mail to the Participant at his or her address referred to in Section 7 hereof, except that unless otherwise provided by applicable law, any failure to mail such copy shall not affect the validity of service of process. If any person appointed by the Participant refuses to accept service, the Participant hereby agrees that service upon him or her by mail shall constitute sufficient notice. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of the Company to bring proceedings against the Participant in the courts of any other jurisdiction.

j. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or any Affiliate by which the Participant is employed, and require such successor to expressly assume and agree in writing to perform, this Agreement.  

k. Special Incentive Compensation. The Participant agrees that the award of the Restricted Stock Units hereunder is special incentive compensation and that it, or any other property issued in respect of such Restricted Stock Units will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company, unless specifically provided in the applicable plan.

[Remainder of Page Left Intentionally Blank]

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IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

SILVERCREST ASSET MANAGEMENT GROUP INC.

By:

Name:

Title:

PARTICIPANT

By:

Name:

Executed solely for purposes of Section 3(h) of this Agreement:

SILVERCREST L.P.

By:

Name:

Title:

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EX-31.1

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: August 6, 2015

EX-31.2

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: August 6, 2015

EX-32.1

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 and six months ended June 30, 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: August 6, 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-32.2

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 and six months ended June 30, 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: August 6, 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.

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Organization and Business - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Jun. 26, 2013	Jun. 30, 2015	Apr. 01, 2012	Oct. 03, 2008	Dec. 31, 2004	Mar. 11, 2004
Business And Organization [Line Items]
Tax receivable agreement with limited partner, percentage of cash savings to be paid		85.00%
Recognition of tax receivable agreement liability		$ 15,049
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	62.00%	62.00%
Number of shares held by parent	7,847,256

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Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expenses of intangible assets	$ 323	$ 360	$ 646	$ 719	$ 1,422

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Investments and Fair Value Measurements - Category of Financial Instruments Not Held at Fair Value (Parenthetical) (Detail)	Jun. 30, 2015 $ / shares
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Quoted market price	$ 1.00

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Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from Silvercrest Funds	$ 3,756		$ 3,756		$ 3,797
Affiliated Entity
Related Party Transaction [Line Items]
Income from management fees	1,917	$ 2,241	3,819	$ 4,436
Due from Silvercrest Funds	3,757		3,757		3,797
Income from advisory fees	145	$ 155	272	$ 281
Receivable from partners	$ 8		$ 8		$ 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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Intangible Assets - Schedule of Future Amortization Related to Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2015 (remainder of)	$ 976
2016	1,896
2017	1,796
2018	1,662
2019	1,380
Thereafter	8,611
Total	$ 16,321	$ 11,167

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Investments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 15	$ 1,307
Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Maximum financial interest in affiliated investment funds	2.00%

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Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets as of June 30, 2015 and December 31, 2014:

	Customer Relationships			Other Intangible Assets			Total
Cost
Balance, January 1, 2015	$	17,560		$	1,663		$	19,223
Acquisition of Jamison		5,000			800			5,800
Balance, June 30, 2015		22,560			2,463			25,023
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2015		(6,627	)		(1,429	)		(8,056	)
Amortization expense		(584	)		(62	)		(646	)
Balance, June 30, 2015		(7,211	)		(1,491	)		(8,702	)
Net book value	$	15,349		$	972		$	16,321
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)	$	976
2016		1,896
2017		1,796
2018		1,662
2019		1,380
Thereafter		8,611
Total	$	16,321

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Equity-Based Compensation - Summary of Equity Grants (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 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	$ 14.06	$ 17.21

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Debt - Summary of Notes Payable (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total, Notes payable	$ 6,170	$ 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	$ 3,393	$ 1,417
Variable rate notes issued for redemption of partners' interests, amount	2,683	2,683
Interest payable	$ 94	$ 24

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Subsequent Event - Additional Information (Detail) - 2012 Equity Incentive Plan - $ / shares		6 Months Ended
	Aug. 06, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Restricted stock units granted description		Twenty-five percent of all these RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date.
Subsequent Event
Subsequent Event [Line Items]
Restricted stock units granted	966,510
Fair value granted restricted stock unit per share	$ 13.23
Subsequent Event | First Anniversary
Subsequent Event [Line Items]
Restricted stock, vesting percentage	25.00%
Subsequent Event | Second Anniversary
Subsequent Event [Line Items]
Restricted stock, vesting percentage	25.00%
Subsequent Event | Third Anniversary
Subsequent Event [Line Items]
Restricted stock, vesting percentage	25.00%
Subsequent Event | Fourth Anniversary
Subsequent Event [Line Items]
Restricted stock, vesting percentage	25.00%

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Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Taxes Disclosure [Line Items]
Net deferred tax assets	$ 21,931		$ 21,931		$ 22,835
Non-current deferred tax asset	22,112		22,112		23,000
Net Deferred tax liabilities relating to non-controlling interests	67		67
Current tax expense	639	$ 342	1,292	$ 784
Corporate tax expense	238		545
Deferred tax expense (benefit)	1,595	991	2,240	2,004
Provision for income taxes	2,234	1,333	$ 3,532	2,788
Deferred tax expense related to discrete items	840
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	148	156	$ 276	270
Deferred tax expense (benefit)	3	3	6	5
Provision for income taxes	151	$ 159	282	$ 275
Silvercrest L.P
Income Taxes Disclosure [Line Items]
Non-current deferred tax liability	86		86		64
Corporate tax expense	400		745
Silvercrest Financial Services Inc
Income Taxes Disclosure [Line Items]
Non-current deferred tax liability	95		95		$ 101
Corporate tax expense	$ 1		$ 2

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Soft Dollar Arrangements

6 Months Ended

Jun. 30, 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 June 30, 2015 and 2014, the Company utilized “soft dollar” credits of $235 and $263, respectively.  For the six months ended June 30, 2015 and 2014, the Company utilized “soft dollar” credits of $470 and $527, respectively.  

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Furniture, Equipment and Leasehold Improvements, Net - Summary of Furniture, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property Plant And Equipment Useful Life And Values [Abstract]
Leasehold improvements	$ 3,874	$ 3,766
Furniture and equipment	5,007	4,496
Artwork	423	421
Total cost	9,304	8,683
Accumulated depreciation and amortization	(6,602)	(6,329)
Furniture, equipment and leasehold improvements, net	$ 2,702	$ 2,354

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Acquisitions - Summary of Purchase Consideration (Detail) - USD ($) $ in Thousands		6 Months Ended
	Mar. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Cash paid on date of acquisition		$ 1,679
Jamison
Business Acquisition [Line Items]
Cash paid on date of acquisition	$ 3,550
Notes payable to Jamison and Principals of Jamison	2,165
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison	3,562
Contingent consideration	1,429
Total purchase consideration	$ 10,706

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Soft Dollar Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Soft Dollar Arrangements [Abstract]
Soft dollar credits	$ 235	$ 263	$ 470	$ 527

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Notes Receivable from Partners (Tables)

6 Months Ended

Jun. 30, 2015

Accounts Notes And Loans Receivable [Line Items]

Summary of Receivables

The following is a summary of receivables as of June 30, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	1,899		$	2,705
Unbilled receivables		2,307			2,229
Other receivables		2			2
Receivables		4,208			4,936
Allowance for doubtful receivables		(359	)		(402	)
Receivables, net	$	3,849		$	4,534

Partners

Accounts Notes And Loans Receivable [Line Items]

Summary of Receivables

Notes receivable from partners are as follows for the six months ended June 30, 2015 and the year ended December 31, 2014:

	June 30, 2015			December 31, 2014
Beginning balance	$	3,212		$	3,052
Repayment of notes		(481	)		(841	)
Interest accrued and capitalized on notes receivable		34			61
New notes receivable issued to partners		—			940
Ending balance	$	2,765		$	3,212

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Goodwill - Summary of Changes to Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015
Goodwill [Line Items]
Beginning, Gross balance	$ 37,423	$ 37,446
Beginning, Accumulated impairment losses	(17,415)	(17,415)
Beginning, Net balance	20,008	20,031
Purchase price adjustments from earnouts		(23)
Ending, Gross balance	42,101	37,423
Ending, Accumulated impairment losses	(17,415)	(17,415)
Ending, Net balance	20,008	$ 20,031	$ 24,686
Jamison
Goodwill [Line Items]
Goodwill, Acquisition	$ 4,678
Ending, Net balance			$ 4,678

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Stockholders' Equity - Class B Common Stock (Detail) - Class B Common Stock - shares	1 Months Ended				6 Months Ended
	Jun. 30, 2015	May. 31, 2015	Mar. 31, 2015	Feb. 28, 2015	Jun. 30, 2015	Jun. 30, 2014
Class Of Stock [Line Items]
Stock issued upon vesting of deferred equity units, transaction date				Feb. 28, 2015
Common stock conversion date		May 31, 2015	Mar. 31, 2015
Common stock issuance date	Jun. 30, 2015
Balance, Shares					4,520,413	4,465,000
Class B common stock issued upon vesting of deferred equity units				126,616
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock					68,000
Balance, Shares	4,837,607				4,837,607	4,704,000
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		(50,000)	(18,000)
Jamison
Class Of Stock [Line Items]
Class B common stock issued upon vesting of deferred equity units	258,578

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Commitments and Contingencies - Assets Relating to Capital Leases Included in Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Commitments And Contingencies [Line Items]
Less: Accumulated depreciation and amortization	$ (163)	$ (127)
Capital lease assets, net	504	276
Furniture and Equipment
Commitments And Contingencies [Line Items]
Capital lease assets, gross	609	345
Software
Commitments And Contingencies [Line Items]
Capital lease assets, gross	$ 58	$ 58

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Investments and Fair Value Measurements - Category of Financial Instruments Not Held at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial Assets, Carrying Amount	$ 96,386	$ 99,696
Financial liabilities, Carrying Amount	37,767	46,634
Cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial Assets, Carrying Amount	19,125	30,820
Financial Assets, Fair Value	19,125	30,820
Level I | Restricted Certificates of Deposit and Escrow
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial Assets, Carrying Amount	587	586
Financial Assets, Fair Value	587	586
Level II | Notes Payable
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial liabilities, Carrying Amount	6,170	4,124
Financial liabilities, Fair Value	$ 6,170	$ 4,124

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 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 June 30, 2015, Silvercrest holds approximately 62% 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 June 30, 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 is based on the net asset value, consisting of Level I and Level II securities, of the equity method investee. No impairment charges related to equity method investments were recorded during the three and six months ended June 30, 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 Accounting Standard Codification (“ASC”) No. 350, “Intangibles - Goodwill and Other,” which provides an entity the option to first perform a qualitative assessment of whether a reporting unit’s fair value is more likely than not less than its carrying value, including goodwill. In performing its qualitative assessment, an entity considers the extent to which adverse events or circumstances identified, such as changes in economic conditions, industry and market conditions or entity specific events, could affect the comparison of the reporting unit’s fair value with its carrying amount. If an entity concludes that the fair value of a reporting unit is more likely than not less than its carrying amount, the entity is required to perform the currently prescribed two-step goodwill impairment test to identify potential goodwill impairment and, accordingly, measure the amount, if any, of goodwill impairment loss to be recognized for that reporting unit. The Company utilized this option when performing its annual impairment assessment in 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 June 30, 2015 and December 31, 2014. No goodwill impairment charges were recorded during the three and six months ended June 30, 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 No. 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.

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 derecognizes 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 Financial Standards Board (“FASB”) issued Accounting Standards Update (“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 No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP.  Originally, ASU No. 2014-09 was to become effective on January 1, 2017, but the effective date has been deferred for one year. Early adoption is permitted as of the original effective date. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 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 ASU No. 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 No. 2014-12").” ASU No. 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 No. 2015-02, “Consolidation (ASC 810): Amendments to the Consolidation Analysis.”  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 Condensed Consolidated Financial Statements.

In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Amendments to Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.”   The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts.  The amendments in this ASU will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015.  Early adoption is permitted.  The Company is evaluating the impact of adoption of this guidance on its Condensed Consolidated Financial Statements.

In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements.”  The amendments in this ASU will affect a wide variety of topics and represent changes to clarify GAAP, correct unintended application of guidance, or make minor improvements to GAAP that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.  Transition guidance varies based on the amendments in this Update. The amendments in this ASU that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period.  The Company is evaluating the impact of adoption of this guidance on its Condensed Consolidated Financial Statements.

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Commitments and Contingencies - Summary of Future Minimum Lease Payments under Capital Leases (Detail) $ in Thousands	Jun. 30, 2015 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2015	$ 79
2016	164
2017	155
2018	99
2019	11
Total	$ 508

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Acquisitions - Summary of Final Amounts Preliminarily Allocated to Acquired Assets and Assumed Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill	$ 24,686	$ 20,008	$ 20,031
Jamison
Business Acquisition [Line Items]
Prepaid expense	135
Furniture and equipment	335
Security deposits	30
Capital leases	(253)
Deferred rent	(19)
Total fair value of net tangible assets acquired	228
Goodwill	4,678
Total purchase consideration	10,706
Jamison | Customer Relationships
Business Acquisition [Line Items]
Intangible asset	5,000
Jamison | Non-compete Agreements
Business Acquisition [Line Items]
Intangible asset	$ 800

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Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Category of Financial Instruments Not Held at Fair Value

At June 30, 2015 and December 31, 2014, financial instruments that are not held at fair value are categorized in the table below:

	June 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Financial Assets:
Cash	$	19,125	$	19,125	$	30,820	$	30,820
Restricted Certificates of Deposit	$	587	$	587	$	586	$	586		Level 1	(1)
Financial liabilities:
Notes Payable	$	6,170	$	6,170	$	4,124	$	4,124		Level 2	(2)

(1) Restricted certificates of deposit 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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Acquisitions (Tables) - Jamison

6 Months Ended

Jun. 30, 2015

Business Acquisition [Line Items]

Summary of Purchase Consideration

Cash paid on date of acquisition	$	3,550
Notes payable to Jamison and Principals of Jamison		2,165
Units issued		3,562
Contingent consideration		1,429
Total purchase consideration	$	10,706

Summary of Final Amounts Preliminarily Allocated to Acquired Assets and Assumed Liabilities

The following table summarizes the amounts preliminarily allocated to acquired assets and assumed liabilities.  The excess of the purchase price over the fair values of the assets acquired and liabilities assumed was allocated to goodwill and intangible assets.

Prepaid expense	$	135
Furniture and equipment		335
Security deposits		30
Capital leases		(253	)
Deferred rent		(19	)
Total fair value of net tangible assets acquired		228
Goodwill		4,678
Customer relationships (10 years)		5,000
Non-compete agreements (5 years)		800
Total purchase consideration	$	10,706

Summary of Pro Forma Information

The pro forma information below represents consolidated results of operations as if the acquisition of Jamison occurred on January 1, 2015 and January 1, 2014. The pro forma information has been included for comparative purposes and is not indicative of results of operations of the Company had the acquisitions occurred as of January 1, 2015 and 2014, nor is it necessarily indicative of future results.

	Pro Forma Six Months Ended June 30, 2015		Pro Forma Six Months Ended June 30, 2014
Total Revenue	$	38,648	$	36,873
Net Income	$	6,492	$	5,390

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Debt - Additional Information (Detail)							1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 01, 2017 USD ($)	Aug. 01, 2016 USD ($)	Aug. 01, 2015 USD ($)	Nov. 01, 2014 USD ($)	Jun. 24, 2013 USD ($) Installment	Jun. 03, 2013 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) Installment	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Oct. 31, 2014 USD ($)
Debt Instrument [Line Items]
Borrowings under revolving credit facility														$ 24,000
Interest expense including amortization of deferred financing fees										$ 56,000	$ 128,000	$ 114,000	$ 255,000
Promissory Note
Debt Instrument [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		$ 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 | Installment												4
Installment amount payable				$ 900,000
Principal amount of notes outstanding										2,683,000		$ 2,683,000		2,683,000
Accrued, unpaid interest												$ 76,000		19,000
Promissory Note | Jamison
Debt Instrument [Line Items]
Variable rate notes issued for redemption of partners' interests, spread												5.00%
Debt instrument variable interest rate basis												The principal amount outstanding under the notes bears interest at 5% per annum.
Aggregate principal amount										2,165,000		$ 2,165,000
Principal amount payment terms												The principal amounts of the notes are payable in three equal installments of approximately $722 on each of June 30, 2016, 2017 and 2018.
Number of installments | Installment												3
Scenario Forecast | Promissory Note
Debt Instrument [Line Items]
Installment amount payable	$ 900,000	$ 900,000	$ 900,000
Scenario Forecast | Promissory Note | Jamison
Debt Instrument [Line Items]
Installment amount payable							$ 722,000	$ 722,000	$ 722,000
City National Bank
Debt Instrument [Line Items]
Credit facility, borrowing capacity					$ 15,000,000
Credit facility, proceeds from borrowings					7,000,000
Borrowings under revolving credit facility										0		$ 0		$ 0
Interest expense including amortization of deferred financing fees										$ 10,000	$ 37,000	$ 20,000	$ 74,000
Delayed Draw Term Loan | City National Bank
Debt Instrument [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 | Installment					20
Credit facility, frequency of installments												Quarterly
Delayed Draw Term Loan | City National Bank | Option One | Maximum
Debt Instrument [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
Debt Instrument [Line Items]
Credit facility, fixed interest rate					2.50%
Delayed Draw Term Loan | City National Bank | Option Two
Debt Instrument [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
Debt Instrument [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%

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Acquisitions - Summary of Final Amounts Preliminarily Allocated to Acquired Assets and Assumed Liabilities (Parenthetical) (Detail) - Jamison	6 Months Ended
	Jun. 30, 2015
Customer Relationships
Business Acquisition [Line Items]
Intangible asset life	10 years
Non-compete Agreements
Business Acquisition [Line Items]
Intangible asset life	5 years

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Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Summary of Receivables

The following is a summary of receivables as of June 30, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	1,899		$	2,705
Unbilled receivables		2,307			2,229
Other receivables		2			2
Receivables		4,208			4,936
Allowance for doubtful receivables		(359	)		(402	)
Receivables, net	$	3,849		$	4,534

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Furniture, Equipment and Leasehold Improvements, Net (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014:

	2015			2014
Leasehold improvements	$	3,874		$	3,766
Furniture and equipment		5,007			4,496
Artwork		423			421
Total cost		9,304			8,683
Accumulated depreciation and amortization		(6,602	)		(6,329	)
Furniture, equipment and leasehold improvements, net	$	2,702		$	2,354

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Organization and Business

6 Months Ended

Jun. 30, 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 of Silvercrest L.P. and its only material asset is the general partner interest in Silvercrest L.P., represented by 7,847,256 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”). On June 30, 2015, SLP acquired certain assets of Jamison, Eaton & Woods, Inc. (“Jamison”).  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 were 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 June 30, 2015, this liability is estimated to be $15,049 and is included in deferred tax and other liabilities in the Condensed Consolidated Statements of Financial Condition. Silvercrest expects to benefit from the remaining 15% of cash savings, 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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Goodwill (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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	)
Acquisition of Jamison		4,678			─
Ending
Gross balance		42,101			37,423
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance	$	24,686		$	20,008

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Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) Segment Unit	Jun. 30, 2014 USD ($)	Dec. 31, 2014 Unit	Jun. 26, 2013
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment | Segment			1
Cash equivalents, maximum maturity period			90 days
Equity method investments, unrealized intercompany profit (loss) not eliminated amount			$ 0
Number of reporting unit | Unit			1		1
Impairment charges on goodwill	$ 0	$ 0	$ 0	$ 0
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	62.00%		62.00%			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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Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Finite Lived Intangible Assets [Line Items]
Cost, beginning balance			$ 19,223	$ 19,223	$ 19,223
Acquisition of Jamison			5,800
Cost, ending balance	$ 25,023		25,023		19,223
Accumulated amortization, beginning balance			(8,056)	(6,634)	(6,634)
Amortization expense	(323)	$ (360)	(646)	(719)	(1,422)
Accumulated amortization, ending balance	(8,702)		(8,702)		(8,056)
Net book value	16,321		$ 16,321		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
Acquisition of Jamison			5,000
Cost, ending balance	22,560		22,560		17,560
Accumulated amortization, beginning balance			(6,627)	(5,410)	(5,410)
Amortization expense			(584)		(1,217)
Accumulated amortization, ending balance	(7,211)		(7,211)		(6,627)
Net book value	15,349		$ 15,349		$ 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
Acquisition of Jamison			800
Cost, ending balance	2,463		2,463		1,663
Accumulated amortization, beginning balance			(1,429)	$ (1,224)	(1,224)
Amortization expense			(62)		(205)
Accumulated amortization, ending balance	(1,491)		(1,491)		(1,429)
Net book value	$ 972		$ 972		$ 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

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Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 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	$ 104	$ 260	$ 220	$ 774
Cash distributions on awards	0	0	0	1
Unrecognized compensation expense related to unvested awards	$ 48		$ 48		$ 168
Recognition period of unrecognized compensation expense related to unvested awards			7 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		1,670,960
Shares reserved for issuance, authorized						1,687,500
Deferred Equity Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested awards settled in cash			$ 0	30
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation	$ 62	$ 23	$ 78	$ 65

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Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash	$ 19,125	$ 30,820
Restricted certificates of deposit	587	586
Investments	15	1,307
Receivables, net	3,849	4,534
Due from Silvercrest Funds	3,756	3,797
Furniture, equipment and leasehold improvements, net	2,702	2,354
Goodwill	24,686	20,008
Intangible assets, net	16,321	11,167
Deferred tax asset—tax receivable agreement	22,112	23,000
Prepaid expenses and other assets	3,233	2,123
Total assets	96,386	99,696
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	3,806	3,291
Accrued compensation	10,899	21,758
Notes payable	6,170	4,124
Borrowings under revolving credit facility		24
Deferred rent	1,086	1,299
Deferred tax and other liabilities	15,806	16,138
Total liabilities	$ 37,767	$ 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 June 30, 2015 and December 31, 2014
Additional Paid-In Capital	$ 40,298	$ 39,175
Retained earnings	4,467	3,217
Total stockholders’ equity	44,890	42,516
Non-controlling interests	13,729	10,546
Total equity	58,619	53,062
Total liabilities and stockholders’ equity	96,386	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	47	46
Total equity	$ 47	$ 46

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Acquisitions - Summary of Pro Forma Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Total Revenue	$ 38,648	$ 36,873
Net Income	$ 6,492	$ 5,390

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Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Class A Common Stock
Common stock dividends, per share	$ 0.24	$ 0.24

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Commitments and Contingencies - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Commitments And Contingencies [Line Items]
Operating lease rent expense		$ 951,000	$ 897,000	$ 1,868,000	$ 1,798,000
Sub-lease income		97,000	95,000	188,000	196,000
Asset acquired under capital lease				11,000	289,000
Depreciation expense		137,000	142,000	274,000	263,000
Contingent consideration payments					1,679,000
Capital Lease Assets
Commitments And Contingencies [Line Items]
Depreciation expense		19,000	21,000	$ 36,000	40,000
Jamison
Commitments And Contingencies [Line Items]
Contingent consideration payments	$ 3,550,000
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	1,679,000
Additional Office Space
Commitments And Contingencies [Line Items]
Operating lease rent expense, net				5,000
Refundable security deposit		3,000		$ 3,000
Lease commencement date				May 01, 2014
Lease expires				Jul. 31, 2019
Number of rent free periods				3 months
Office Space | Charlottesville, VA.
Commitments And Contingencies [Line Items]
Operating lease rent expense, net				$ 2,000
Refundable security deposit		2,000		$ 2,000
Lease commencement date				Jul. 30, 2015
Lease expires				Jul. 30, 2018
Number of rent free periods				2 months
Office Space | Bedminster, NJ.
Commitments And Contingencies [Line Items]
Operating lease rent expense, net				$ 11,000
Lease expires				Nov. 01, 2016
Office Space | Princeton, NJ.
Commitments And Contingencies [Line Items]
Operating lease rent expense, net				$ 5,000
Lease expires				Mar. 01, 2016
Office Equipment
Commitments And Contingencies [Line Items]
Lease expires				Nov. 30, 2018
Capital lease obligation		508,000		$ 508,000		$ 282,000
Asset acquired under capital lease				$ 321,000
Capital lease, period				5 years
Capital lease, minimum monthly payment				$ 5,000
Office Equipment | Jamison
Commitments And Contingencies [Line Items]
Asset acquired under capital lease				253,000
Letter of Credit
Commitments And Contingencies [Line Items]
Refundable security deposit		586,000		586,000		$ 586,000
Letter of Credit | Boston landlord
Commitments And Contingencies [Line Items]
Refundable security deposit		80,000		80,000
General and administrative
Commitments And Contingencies [Line Items]
Operating lease rent expense, net		$ 854,000	$ 802,000	$ 1,680,000	$ 1,602,000

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 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	$	1,930	$	(213	)	$	1,717
2016		3,817		(427	)		3,390
2017		2,865		(328	)		2,537
2018		74		—			74
2019		36		—			36
Total	$	8,722	$	(968	)	$	7,754

Assets Relating to Capital Leases Included in Equipment

The assets relating to capital leases that are included in equipment as of June 30, 2015 and December 31, 2014 are as follows:

	2015			2014
Capital lease assets included in furniture and equipment	$	609		$	345
Capital lease assets included in software		58			58
Less: Accumulated depreciation and amortization		(163	)		(127	)
	$	504		$	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	$	79
2016		164
2017		155
2018		99
2019		11
Total	$	508

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Stockholders' Equity - Summary of Authorized and Outstanding Equity (Parenthetical) (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 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	7,847,256	7,768,010	7,524,000	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	4,837,607	4,520,413	4,704,000	4,465,000
Deferred equity units exercisable	4,911

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Redeemable Partnership Units

6 Months Ended

Jun. 30, 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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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Summary of Authorized and Outstanding Equity

Silvercrest has the following authorized and outstanding equity:

	Shares at June 30, 2015
	Authorized		Outstanding		Voting Rights	Economic Rights
Common shares
Class A, par value $0.01 per share		50,000,000		7,847,256	1 vote per share (1)	All (1)
Class B, par value $0.01 per share		25,000,000		4,837,607	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 4,837,607 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

During the six months ended June 30, 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
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	April 2015		11,246
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	May 2015		50,000
Class A common shares outstanding – June 30, 2015			7,847,256

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	)
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock	May 2015		(50,000	)
Issuance of Class B common stock in connection with the Jamison Acquisition	June 2015		258,578
Class B common shares outstanding – June 30, 2015			4,837,607

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Defined Contribution and Deferred Compensation Plans

6 Months Ended

Jun. 30, 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 June 30, 2015 and 2014, Silvercrest made matching contributions of $16 and $17, respectively, for the benefit of employees.  For the six months ended June 30, 2015 and 2014, Silvercrest made matching contributions of $35 and $33, respectively, for the benefit of employees.

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Notes Receivable from Partners - Additional Information (Detail) - Partners - USD ($)	6 Months Ended
	Jun. 30, 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	$ 2,765,000	$ 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	1,204,000	1,300,000
Full Recourse
Related Party Transaction [Line Items]
Notes receivable from partners	$ 1,561,000	$ 1,912,000

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities
Net Income	$ 6,137	$ 5,039
Adjustments to reconcile net income to net cash used in operating activities:
Equity-based compensation	220	774
Depreciation and amortization	920	982
Deferred rent	(232)	(219)
Provision for doubtful accounts		227
Deferred income taxes	2,240	1,994
Tax receivable agreement adjustment	(990)
Non-cash interest on notes receivable from partners	(34)	(33)
Distributions received from investment funds	1,292	3
Other	2	4
Cash flows due to changes in operating assets and liabilities:
Receivables and due from Silvercrest Funds	726	135
Prepaid expenses and other assets	(945)	1,934
Accounts payable and accrued expenses	(346)	(2,081)
Accrued compensation	(10,590)	(6,523)
Other liabilities		14
Interest payable on notes payable	90	178
Net cash (used in) / provided by operating activities	(1,510)	2,428
Cash Flows From Investing Activities
Restricted certificates of deposit and escrow	(1)	(1)
Acquisition of furniture, equipment and leasehold improvements	(275)	(289)
Earn-outs paid related to acquisitions completed before January 1, 2009		(1,679)
Acquisition of Jamison	(3,550)
Net cash used in investing activities	(3,826)	(1,969)
Cash Flows From Financing Activities
Earn-outs paid related to acquisitions completed on or after January 1, 2009	(570)	(511)
Redemptions of partners’ interests		(240)
Repayments of notes payable	(233)	(313)
Payments on capital leases	(38)	(19)
Distributions to partners	(4,125)	(3,995)
Dividends paid on Class A common stock	(1,874)	(1,806)
Payments from partners on notes receivable	481	741
Net cash provided by / (used in) financing activities	(6,359)	(6,143)
Net decrease in cash and cash equivalents	(11,695)	(5,684)
Cash and cash equivalents, beginning of period	30,820	27,122
Cash and cash equivalents, end of period	19,125	21,438
Net cash paid during the period for:
Income taxes	2,425	3,144
Interest	20	92
Supplemental Disclosures of Non-cash Financing and Investing Activities
Common stock surrendered		92
Recognition of deferred tax assets as a result of IPO		11
Recognition of deferred tax assets as a result of share conversions	472
Asset acquired under capital lease	11	$ 289
Issuance of notes payable related to acquisition of certain assets of Jamison	2,165
Earnout accrual for acquisition of certain assets of Jamison	1,429
Class B Common Stock
Supplemental Disclosures of Non-cash Financing and Investing Activities
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison	3,562
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison, par value $1	$ 3

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Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	7,847,256	7,768,010
Common stock, shares outstanding	7,847,256	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	4,837,607	4,520,413
Common stock, shares outstanding	4,837,607	4,520,413

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Commitments and Contingencies

6 Months Ended

Jun. 30, 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 June 30, 2015 and 2014 amounted to $951 and $897, respectively. The Company received sub-lease income from subtenants during the three months ended June 30, 2015 and 2014 of $97 and $95, respectively. Therefore, for the three months ended June 30, 2015 and 2014, net rent expense amounted to $854 and $802, respectively, and is included in general and administrative expenses in the Condensed Consolidated Statement of Operations.  

Rent expense charged to operations for the six months ended June 30, 2015 and 2014 amounted to $1,868 and $1,798, respectively. The Company received sub-lease income from subtenants during the six months ended June 30, 2015 and 2014 of $188 and $196, respectively. Therefore, for the six months ended June 30, 2015 and 2014, net rent expense amounted to $1,680 and $1,602, 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 June 30, 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.

In June 2015, the Company entered into a lease agreement for office space in Charlottesville, VA.  The lease commenced on June 30, 2015 and expires on June 30, 2018.  The lease is subject to escalation clauses and provides for a rent-free period of two months.  Monthly rent expense is $2.  The Company paid a refundable security deposit of $2.

With the Jamison Acquisition, the Company assumed lease agreements for office space in Bedminster and Princeton, NJ.  The Bedminster lease expires on November 1, 2016.  Monthly rent expense on this lease is $11.  The Princeton lease expires on March 1, 2016.  Monthly rent expense on this lease is $5.  Both leases are subject to escalation clauses.        

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	$	1,930	$	(213	)	$	1,717
2016		3,817		(427	)		3,390
2017		2,865		(328	)		2,537
2018		74		—			74
2019		36		—			36
Total	$	8,722	$	(968	)	$	7,754

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.   On June 30, 2015, the Company assumed certain capital leases for equipment totaling $253 as part of the Jamison Acquisition.  The aggregate principal balance of capital leases was $508 and $282 as of June 30, 2015 and December 31, 2014, respectively.

The assets relating to capital leases that are included in equipment as of June 30, 2015 and December 31, 2014 are as follows:

	2015			2014
Capital lease assets included in furniture and equipment	$	609		$	345
Capital lease assets included in software		58			58
Less: Accumulated depreciation and amortization		(163	)		(127	)
	$	504		$	276

Depreciation expense relating to capital lease assets was $19 and $21 for the three months ended June 30, 2015 and 2014, respectively.  Depreciation expense relating to capital lease assets was $36 and $40 for the six months ended June 30, 2015 and 2014, respectively.

Future minimum lease payments under capital leases are as follows:

	Future Minimum Lease Commitments
Remainder of 2015	$	79
2016		164
2017		155
2018		99
2019		11
Total	$	508

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 six months ended June 30, 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 - shares	6 Months Ended
	Jun. 30, 2015	Aug. 04, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
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		7,847,256
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,837,607

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Stockholders' Equity

6 Months Ended

Jun. 30, 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 $2,883 and $4,125, for the three and six months ended June 30, 2015, respectively.  Partnership distributions totaled $2,646 and $3,995 for the three and six months ended June 30, 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 six months ended June 30, 2015 and 2014 amounted to $18,568 and $14,206, 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 and six months ended June 30, 2015 and 2014. Silvercrest treats SLP’s partner incentive allocations as compensation expense and accrues such amounts when earned. During the three months ended June 30, 2015 and 2014, SLP accrued partner incentive allocations of $4,860 and $4,326, respectively.  During the six months ended June 30, 2015 and 2014, SLP accrued partner incentive allocations of $9,101 and $8,440, respectively.

Silvercrest—Stockholders’ Equity

Silvercrest has the following authorized and outstanding equity:

	Shares at June 30, 2015
	Authorized		Outstanding		Voting Rights	Economic Rights
Common shares
Class A, par value $0.01 per share		50,000,000		7,847,256	1 vote per share (1)	All (1)
Class B, par value $0.01 per share		25,000,000		4,837,607	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 4,837,607 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 six months ended June 30, 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
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	April 2015		11,246
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	May 2015		50,000
Class A common shares outstanding – June 30, 2015			7,847,256

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	)
Cancellation of Class B common stock upon conversion of Class B units to Class A common stock	May 2015		(50,000	)
Issuance of Class B common stock in connection with the Jamison Acquisition	June 2015		258,578
Class B common shares outstanding – June 30, 2015			4,837,607

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.    

In March 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.

In May 2015, the Company redeemed from certain existing partners 50,000 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.

In June 2015, the Company issued 258,578 shares of Class B common stock to certain Principals of Jamison in connection with the Jamison Acquisition.  

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	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Management and advisory fees	$ 17,672	$ 16,088	$ 34,375	$ 31,671
Family office services	874	1,138	1,599	2,275
Total revenue	18,546	17,226	35,974	33,946
Expenses
Compensation and benefits	10,431	9,761	20,193	19,472
General and administrative	3,512	3,222	7,040	6,436
Total expenses	13,943	12,983	27,233	25,908
Income before other (expense) income, net	4,603	4,243	8,741	8,038
Other (expense) income, net
Other income, net	997		1,005	8
Interest income	17	16	37	36
Interest expense	(56)	(128)	(114)	(255)
Total other (expense) income, net	958	(112)	928	(211)
Income before provision for income taxes	5,561	4,131	9,669	7,827
Provision for income taxes	2,234	1,333	3,532	2,788
Net income	3,327	2,798	6,137	5,039
Less: net income attributable to non-controlling interests	(1,606)	(1,447)	(3,013)	(2,744)
Net income attributable to Silvercrest	$ 1,721	$ 1,351	$ 3,124	$ 2,295
Net income per share:
Basic	$ 0.22	$ 0.18	$ 0.40	$ 0.31
Diluted	$ 0.22	$ 0.18	$ 0.40	$ 0.31
Weighted average shares outstanding:
Basic	7,822,394	7,523,464	7,796,645	7,523,219
Diluted	7,822,394	7,523,464	7,796,645	7,523,219

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Receivables, Net

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Receivables, Net

5. RECEIVABLES, NET

The following is a summary of receivables as of June 30, 2015 and December 31, 2014:

	2015			2014
Management and advisory fees receivable	$	1,899		$	2,705
Unbilled receivables		2,307			2,229
Other receivables		2			2
Receivables		4,208			4,936
Allowance for doubtful receivables		(359	)		(402	)
Receivables, net	$	3,849		$	4,534

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Investments and Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

4.INVESTMENTS AND FAIR VALUE MEASUREMENTS

Investments

Investments include $15 and $1,307 as of June 30, 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 June 30, 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 June 30, 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 June 30, 2015 and December 31, 2014, financial instruments that are not held at fair value are categorized in the table below:

	June 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
Financial Assets:
Cash	$	19,125	$	19,125	$	30,820	$	30,820
Restricted Certificates of Deposit	$	587	$	587	$	586	$	586		Level 1	(1)
Financial liabilities:
Notes Payable	$	6,170	$	6,170	$	4,124	$	4,124		Level 2	(2)

(1) Restricted certificates of deposit 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

6 Months Ended

Jun. 30, 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 June 30, 2015 and 2014, the Company recorded compensation expense related to such Deferred Equity Units of $104 and $260, respectively, of which $62 and $23, 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 for the three months ended June 30, 2015 and 2014, and are part of total compensation expense in the Consolidated Statements of Operations for the three months then ended.

For the six months ended June 30, 2015 and 2014, the Company recorded compensation expense related to such Deferred Equity Units of $220 and $774, respectively, of which $78 and $65, 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 six months ended June 30, 2015 and 2014, respectively, and are part of total compensation expense in the Condensed Consolidated Statements of Operations for the six months then ended.

During the six months ended June 30, 2015 and 2014, $0 and $30 of vested Deferred Equity Units were settled in cash. As of June 30, 2015 and December 31, 2014, there was $48 and $168, respectively, of estimated unrecognized compensation expense related to unvested awards. As of June 30, 2015 and December 31, 2014, the unrecognized compensation expense related to unvested awards is expected to be recognized over a period of 0.64 and 0.65 years, respectively.

A summary of these equity grants by the Company as of June 30, 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 June 30, 2015		4,911		$	12.00		$	14.06			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 June 30, 2014		52,188		$	12.00		$	17.21			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 June 30, 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 or shares of our Class A common stock 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 awards that vest in the form of units of SLP will be eligible to participate in distributions of income from SLP. In addition, before the vesting conditions have been satisfied, the transferability of such units is generally prohibited and such units will not be eligible to be exchanged for cash or shares of our Class A common stock.

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Notes Receivable from Partners

6 Months Ended

Jun. 30, 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 six months ended June 30, 2015 and the year ended December 31, 2014:

	June 30, 2015			December 31, 2014
Beginning balance	$	3,212		$	3,052
Repayment of notes		(481	)		(841	)
Interest accrued and capitalized on notes receivable		34			61
New notes receivable issued to partners		—			940
Ending balance	$	2,765		$	3,212

Full recourse notes receivable from partners as of June 30, 2015 and December 31, 2014 are $1,561 and $1,912, respectively. Limited recourse notes receivable from partners as of June 30, 2015 and December 31, 2014 are $1,204 and $1,300, respectively. There is no allowance for credit losses on notes receivable from partners as of June 30, 2015 and December 31, 2014.

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Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8. INTANGIBLE ASSETS, NET

The following is a summary of intangible assets as of June 30, 2015 and December 31, 2014:

	Customer Relationships			Other Intangible Assets			Total
Cost
Balance, January 1, 2015	$	17,560		$	1,663		$	19,223
Acquisition of Jamison		5,000			800			5,800
Balance, June 30, 2015		22,560			2,463			25,023
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2015		(6,627	)		(1,429	)		(8,056	)
Amortization expense		(584	)		(62	)		(646	)
Balance, June 30, 2015		(7,211	)		(1,491	)		(8,702	)
Net book value	$	15,349		$	972		$	16,321
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 June 30, 2015 and 2014, respectively.  Amortization expense related to intangible assets was $646 and $719 for the six months ended June 30, 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)	$	976
2016		1,896
2017		1,796
2018		1,662
2019		1,380
Thereafter		8,611
Total	$	16,321

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Commitments and Contingencies - Summary of Future Minimum Lease Payments and Rentals under Lease Agreements (Detail) $ in Thousands	Jun. 30, 2015 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Minimum Lease Commitments, Remainder of 2015	$ 1,930
Minimum Lease Commitments, 2016	3,817
Minimum Lease Commitments, 2017	2,865
Minimum Lease Commitments, 2018	74
Minimum Lease Commitments, 2019	36
Minimum Lease Commitments, Total	8,722
Non-cancellable Subleases, Remainder of 2015	(213)
Non-cancellable Subleases, 2016	(427)
Non-cancellable Subleases, 2017	(328)
Non-cancellable Subleases, Total	(968)
Minimum Net Rentals, Remainder of 2015	1,717
Minimum Net Rentals, 2016	3,390
Minimum Net Rentals, 2017	2,537
Minimum Net Rentals, 2018	74
Minimum Net Rentals, 2019	36
Minimum Net Rentals, Total	$ 7,754

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Furniture, Equipment and Leasehold Improvements, Net

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014:

	2015			2014
Leasehold improvements	$	3,874		$	3,766
Furniture and equipment		5,007			4,496
Artwork		423			421
Total cost		9,304			8,683
Accumulated depreciation and amortization		(6,602	)		(6,329	)
Furniture, equipment and leasehold improvements, net	$	2,702		$	2,354

Depreciation expense for the three months ended June 30, 2015 and 2014 was $137 and $142, respectively.  Depreciation for the six months ended June 30, 2015 and 2014 was $274 and $263, respectively.

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Goodwill

6 Months Ended

Jun. 30, 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 six months ended June 30, 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	)
Acquisition of Jamison		4,678			─
Ending
Gross balance		42,101			37,423
Accumulated impairment losses		(17,415	)		(17,415	)
Net balance	$	24,686		$	20,008

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Debt

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2015 and 2014 was $10 and $37, respectively, and for the six months ended June 30, 2015 and 2014 was $20 and $74, respectively.

Notes Payable

The following is a summary of notes payable:

	June 30, 2015
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	3,393
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					94
Total, June 30, 2015				$	6,170

	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 Jamison, 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 June 30, 2015, future principal amounts payable under the fixed and variable rate notes are as follows:

2015 (remainder of)	$	1,648
2016		1,995
2017		1,711
2018		722
Total	$	6,076

On June 3, 2013, Silvercrest redeemed units from two of our former principals. In conjunction with this redemption, Silvercrest issued promissory notes in 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 June 30, 2015 and December 31, 2014, $2,683 remained outstanding on the notes and accrued but unpaid interest on the notes was approximately $76 and $19, respectively.  

On June 30, 2015, Silvercrest issued promissory notes in an aggregate principal amount of approximately $2,165 in connection with the Jamison Acquisition.  The principal amount outstanding under the notes bears interest at 5% per annum.  The principal amounts of the notes are payable in three equal installments of approximately $722 on each of June 30, 2016, 2017 and 2018.

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Stockholders' Equity - Summary of Authorized and Outstanding Equity (Detail) - shares	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 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	7,847,256	7,768,010	7,524,000	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	4,837,607	4,520,413	4,704,000	4,465,000
Common stock, voting rights	1 vote per share

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Stockholders' Equity - Class A Common Stock (Detail) - Class A Common Stock - shares	1 Months Ended
	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015
Class Of Stock [Line Items]
Issuance of Class A common Stock upon conversion of Class B units to Class A common stock	50,000	11,246	18,000
Common stock conversion date	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015

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Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2015	May. 31, 2015	Mar. 31, 2015	Feb. 28, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class Of Stock [Line Items]
Partnership distributions, amount					$ 2,883	$ 2,646	$ 4,125	$ 3,995
Distributions of partner incentive allocations of net income							$ 18,568	14,206
Class B Common Stock
Class Of Stock [Line Items]
Common stock issued				126,616
Exchange of Class B common stock for Class A common stock							(68,000)
Class B Common Stock | Jamison Acquisition
Class Of Stock [Line Items]
Common stock issued	258,578
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		50,000	18,000
Silvercrest L.P
Class Of Stock [Line Items]
Accrued partner incentive allocations					$ 4,860	$ 4,326	$ 9,101	$ 8,440

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Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Summary of Notes Payable

The following is a summary of notes payable:

	June 30, 2015
	Interest Rate			Amount
Principal on fixed rate notes		5.0	%	$	3,393
Variable rate notes issued for redemption of partners’ interests (see Note 15)		Prime plus 1	%		2,683
Interest payable					94
Total, June 30, 2015				$	6,170

	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 June 30, 2015, future principal amounts payable under the fixed and variable rate notes are as follows:

2015 (remainder of)	$	1,648
2016		1,995
2017		1,711
2018		722
Total	$	6,076

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Furniture, Equipment and Leasehold Improvements, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation expense	$ 137	$ 142	$ 274	$ 263

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Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

14. INCOME TAXES

As of June 30, 2015, the Company had net deferred tax assets of $21,931, which is recorded as a non-current deferred tax asset of $22,112 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 $86 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 $95 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 June 30, 2015, $67 of the net deferred tax liabilities relate to non-controlling interests. These amounts are included in prepaid expenses and other assets and deferred tax and other liabilities on the Condensed Consolidated Statement of Financial Condition, respectively.

As of December 31, 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 $639 and $342 for the three months ended June 30, 2015 and 2014, respectively. Of the amount for the three months ended June 30, 2015, $238 relates to Silvercrest’s corporate tax expense, $400 relates to SLP’s state and local liability and $1 relates to SFS’s corporate tax expense.  The deferred tax expense for the three months ended June 30, 2015 and 2014 was $1,595 and $991, respectively. When combined with current tax expense, the total income tax provision for the three months ended June 30, 2015 and 2014 is $2,234 and $1,333, respectively.  The deferred tax expense for the three months ended June 30, 2015, also includes additional deferred tax expenses of $840 for discrete items. The discrete items are primarily attributable to a reduction in future statutory corporate tax rates in New York State and changes in the rules with respect to sourcing sales in New York City.

The current tax expense was $1,292 and $784 for the six months ended June 30, 2015 and 2014, respectively. Of the amount for the six months ended June 30, 2015, $545 relates to Silvercrest’s corporate tax expense, $745 relates to SLP’s state and local liability and $2 relates to SFS’s corporate tax expense.  The deferred tax expense for the six months ended June 30, 2015 and 2014 was $2,240 and $2,004, respectively.  When combined with current tax expense, the total income tax provision for the six months ended June 30, 2015 and 2014 is $3,532 and 2,788, respectively.  The deferred tax expense for the three months ended June 30, 2015, also includes additional deferred tax expenses of $840 for discrete items.

The current tax expense increased from the comparable period in 2014 mainly due to increased profitability during 2015.  The deferred tax expense increased from the comparable period in 2014 primarily due to a discrete item recorded during the three months ended June 30, 2015 related to a reduction in future statutory corporate tax rates in New York State and changes in the rules with respect to sourcing sales in New York City.

Of the total current tax expense for the three months ended June 30, 2015 and 2014, $148 and $156, respectively, relates to non-controlling interests.  Of the deferred tax expense for the three months ended June 30, 2015 and 2014, $3 and $3, respectively, relates to non-controlling interests.  When combined with current tax expense, the total income tax provision for the three months ended June 30, 2015 and 2014 related to non-controlling interests is $151 and $159, respectively.

Of the total current tax expense for the six months ended June 30, 2015 and 2014, $276 and $270, respectively, relates to non-controlling interests.  Of the deferred tax expense for the six months ended June 30, 2015 and 2014, $6 and $5, respectively, relates to non-controlling interests.  When combined with current tax expense, the total income tax provision for the six months ended June 30, 2015 and 2014 related to non-controlling interests is $282 and $275, respectively.      

In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of June 30, 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 June 30, 2015 and 2014.

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Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

19. SUBSEQUENT EVENT

On August 6, 2015, the Company granted 966,510 restricted stock units (“RSUs”) under the 2012 Equity Incentive Plan at a fair value of $13.23 per share to existing Class B unit holders which will vest and settle in the form of Class B units of SLP.  Twenty-five percent of all these RSUs granted vest and settle on each of the first, second, third and fourth anniversaries of the grant date.

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Receivables, Net - Summary of Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Management and advisory fees receivable	$ 1,899	$ 2,705
Unbilled receivables	2,307	2,229
Other receivables	2	2
Receivables	4,208	4,936
Allowance for doubtful receivables	(359)	(402)
Receivables, net	$ 3,849	$ 4,534

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Acquisitions - Additional Information (Detail) $ in Thousands				1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 30, 2015 USD ($)	Nov. 01, 2014 USD ($)	Mar. 28, 2013 USD ($)	Apr. 30, 2013 USD ($)	Jun. 30, 2015 USD ($) Installment	Jun. 30, 2015 USD ($) Installment	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Cash paid on date of acquisition							$ 1,679
Promissory Note
Business Acquisition [Line Items]
Number of installments | Installment						4
Installment amount payable		$ 900
Jamison
Business Acquisition [Line Items]
Costs related to acquisition						$ 80
Cash paid on date of acquisition	$ 3,550
Equity consideration for SLP acquired	$ 3,562
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%
Contingent consideration	$ 1,429
Jamison | Seller Note
Business Acquisition [Line Items]
Promissory note issued	$ 394
Interest on principal amount	5.00%
Jamison | Principals Notes
Business Acquisition [Line Items]
Promissory note issued	$ 1,771
Interest on principal amount	5.00%
Jamison | Promissory Note
Business Acquisition [Line Items]
Number of installments | Installment						3
Ten-Sixty
Business Acquisition [Line Items]
Acquisition of assets			$ 1,900,000
Cash paid on date of acquisition			2,500
Promissory note issued			$ 1,479
Ten-Sixty | Promissory Note
Business Acquisition [Line Items]
Number of installments | Installment					2
Installment amount payable				$ 218
Quarterly installments from June 30, 2014 through March 31, 2017					$ 87
Principal on fixed rate notes, interest rate					5.00%	5.00%
Milbank
Business Acquisition [Line Items]
Equity consideration for SLP acquired					$ 755	$ 755		$ 1,325
Outstanding note payable					$ 564	$ 564

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Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	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	(3,995)				(3,995)
Redemptions of partners’ interests	(345)				(345)
Redemptions of partners' interests, Shares							(23,000)
Repayment of notes receivable from partners	833				833
Equity-based compensation	1,393			2	1,391		$ 2
Equity-based compensation, Shares							262,000
Net Income	5,039		2,295	2,295	2,744
Accrued interest on notes receivable from partners	(33)				(33)
Share conversion, Value	23	23		23
Share conversion, Shares						1,000
Dividends paid on Class A common stock	(1,806)		(1,806)	(1,806)
Balance at Jun. 30, 2014	49,274	39,026	2,588	41,736	7,538	$ 75	$ 47
Balance, Shares at Jun. 30, 2014						7,524,000	4,704,000
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	(4,125)				(4,125)
Repayment of notes receivable from partners	481				481
Equity-based compensation	487				487
Equity-based compensation, Shares							127,000
Net Income	6,137		3,124	3,124	3,013
Deferred tax, net of amounts payable under tax receivable agreement	920	920		920
Accrued interest on notes receivable from partners	(34)				(34)
Share conversion, Value		203		201	(201)		$ (2)
Share conversion, Shares						79,000	(68,000)
Issuance of Class B shares in connection with acquisition, Value	3,565			3	3,562		$ 3
Issuance of Class B shares in connection with acquisition, Shares							259,000
Dividends paid on Class A common stock	(1,874)		(1,874)	(1,874)
Balance at Jun. 30, 2015	$ 58,619	$ 40,298	$ 4,467	$ 44,890	$ 13,729	$ 78	$ 47
Balance, Shares at Jun. 30, 2015						7,847,256	4,837,607

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Acquisitions

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Acquisitions

3. ACQUISITIONS

Jamison:

On March 30, 2015, the Company executed 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 of Jamison”), to acquire certain assets of Jamison.  The transaction contemplated by the Asset Purchase Agreement closed on June 30, 2015 and is referred to herein as the “Jamison Acquisition”.

Pursuant to the terms of the Asset Purchase Agreement, SAMG LLC acquired (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 of Jamison. In consideration of the purchased assets and goodwill, SAMG LLC paid to the Seller and the Principals of Jamison an aggregate purchase price consisting of (1) cash payments in the aggregate amount of $3,550, (the “Closing Cash Payment”), (2) a promissory note issued to the Seller in the principal amount of $394, with an interest rate of 5% per annum (the “Seller Note”), (3) promissory notes in varying amounts issued to each of the Principals of Jamison for an aggregated total amount of $1,771, each with an interest rate of 5% per annum (together, the “Principals of Jamison Notes”) and (4) Class B units of SLP (the “Class B Units”) issued to the Principals of Jamison with a value equal to $3,562 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”). The Company determined that the acquisition-date fair value of the contingent consideration was $1,429, based on the likelihood that the financial and performance targets described in the Asset Purchase Agreement will be achieved.  SAMG LLC will make earnout payments to the Principals of Jamison 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.  The estimated fair value of contingent consideration is recognized at the date of acquisition, and adjusted for changes in facts and circumstances until the ultimate resolution of the contingency. Changes in the fair value of contingent consideration are reflected as a component of general and administrative expenses in the Condensed Consolidated Statement of Operations. The fair value of the contingent consideration was based on discounted cash flow models using projected EBITDA for each earnout period. The discount rate applied to the to the projected EBITDA was determined based on the weighted average cost of capital for the Company and took into account that the overall risk associated with the payments was similar to the overall risks of the Company as there is no target, floor or cap associated the contingent payments.  The Company has a liability of $1,429 related to earnout payments to be made in conjunction with the Jamison Acquisition which is included in accounts payable and accrued expenses in the Condensed Consolidated Statement of Financial Condition as of June 30, 2015 for contingent consideration.

In connection with their receipt of the Equity Consideration, the Principals of Jamison became subject to the rights and obligations set forth in the limited partnership agreement of SLP and are entitled to distributions consistent with SLP’s distribution policy.  In addition, the Principals of Jamison became 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 provides the Principals of Jamison 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 entitles the Principals of Jamison 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.

During 2015, the Company incurred $80 in costs related to the Jamison Acquisition, and has included these in general, administrative and other in the Condensed Consolidated Statement of Operations.

Cash paid on date of acquisition	$	3,550
Notes payable to Jamison and Principals of Jamison		2,165
Units issued		3,562
Contingent consideration		1,429
Total purchase consideration	$	10,706

The following table summarizes the amounts preliminarily allocated to acquired assets and assumed liabilities.  The excess of the purchase price over the fair values of the assets acquired and liabilities assumed was allocated to goodwill and intangible assets.

Prepaid expense	$	135
Furniture and equipment		335
Security deposits		30
Capital leases		(253	)
Deferred rent		(19	)
Total fair value of net tangible assets acquired		228
Goodwill		4,678
Customer relationships (10 years)		5,000
Non-compete agreements (5 years)		800
Total purchase consideration	$	10,706

The preliminary valuation of acquired intangible assets is in the process of being prepared by an independent appraisal firm. The initial purchase price allocations are preliminary and may be adjusted for changes in estimates of the fair value of the assets acquired and liabilities assumed. The Company expects that the purchase price allocations will be finalized by the time it files its annual report on Form 10-K for the year ending December 31, 2015. 

The Company believes the recorded goodwill is supported by the anticipated revenues and expected synergies of integrating the operations of Jamison into the Company.  The goodwill is expected to be deductible for tax purposes.

The pro forma information below represents consolidated results of operations as if the acquisition of Jamison occurred on January 1, 2015 and January 1, 2014. The pro forma information has been included for comparative purposes and is not indicative of results of operations of the Company had the acquisitions occurred as of January 1, 2015 and 2014, nor is it necessarily indicative of future results.

	Pro Forma Six Months Ended June 30, 2015		Pro Forma Six Months Ended June 30, 2014
Total Revenue	$	38,648	$	36,873
Net Income	$	6,492	$	5,390

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.

Milbank:

On November 1, 2011, SAMG LLC executed an asset purchase agreement to acquire certain assets of Milbank.  The Company has a liability of $755 and $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 June 30, 2015 and December 31, 2014, respectively, for contingent consideration.  As of June 30, 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.      

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Debt - Summary of Future Principal Amounts Payable (Detail) $ in Thousands	Jun. 30, 2015 USD ($)
Debt Disclosure [Abstract]
Future principal amounts payable, 2015 (remainder of)	$ 1,648
Future principal amounts payable, 2016	1,995
Future principal amounts payable, 2017	1,711
Future principal amounts payable, 2018	722
Future principal amounts payable, Total	$ 6,076

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Notes Receivable from Partners - Schedule of Notes Receivable from Partners (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Accounts Notes And Loans Receivable [Line Items]
Interest accrued and capitalized on notes receivable	$ 34	$ 33
Partners
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	3,212	$ 3,052	$ 3,052
Repayment of notes	(481)		(841)
Interest accrued and capitalized on notes receivable	34		61
New notes receivable issued to partners			940
Ending balance	$ 2,765		$ 3,212

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 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 June 30, 2015, Silvercrest holds approximately 62% 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 June 30, 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 is based on the net asset value, consisting of Level I and Level II securities, of the equity method investee. No impairment charges related to equity method investments were recorded during the three and six months ended June 30, 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 Accounting Standard Codification (“ASC”) No. 350, “Intangibles - Goodwill and Other,” which provides an entity the option to first perform a qualitative assessment of whether a reporting unit’s fair value is more likely than not less than its carrying value, including goodwill. In performing its qualitative assessment, an entity considers the extent to which adverse events or circumstances identified, such as changes in economic conditions, industry and market conditions or entity specific events, could affect the comparison of the reporting unit’s fair value with its carrying amount. If an entity concludes that the fair value of a reporting unit is more likely than not less than its carrying amount, the entity is required to perform the currently prescribed two-step goodwill impairment test to identify potential goodwill impairment and, accordingly, measure the amount, if any, of goodwill impairment loss to be recognized for that reporting unit. The Company utilized this option when performing its annual impairment assessment in 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 June 30, 2015 and December 31, 2014. No goodwill impairment charges were recorded during the three and six months ended June 30, 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 No. 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.

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 derecognizes 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 Financial Standards Board (“FASB”) issued Accounting Standards Update (“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 No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP.  Originally, ASU No. 2014-09 was to become effective on January 1, 2017, but the effective date has been deferred for one year. Early adoption is permitted as of the original effective date. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 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 ASU No. 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 No. 2014-12").” ASU No. 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 No. 2015-02, “Consolidation (ASC 810): Amendments to the Consolidation Analysis.”  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 Condensed Consolidated Financial Statements.

In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Amendments to Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.”   The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts.  The amendments in this ASU will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015.  Early adoption is permitted.  The Company is evaluating the impact of adoption of this guidance on its Condensed Consolidated Financial Statements.

In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements.”  The amendments in this ASU will affect a wide variety of topics and represent changes to clarify GAAP, correct unintended application of guidance, or make minor improvements to GAAP that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.  Transition guidance varies based on the amendments in this Update. The amendments in this ASU that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period.  The Company is evaluating the impact of adoption of this guidance on its Condensed Consolidated Financial Statements.

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Defined Contribution and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Defined Contribution Plan Disclosure [Line Items]
Silvercrest matching contributions towards benefit of employees	$ 16	$ 17	$ 35	$ 33
Maximum
Defined Contribution Plan Disclosure [Line Items]
Silvercrest matching contribution percentage			4.00%

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Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Equity Grants

A summary of these equity grants by the Company as of June 30, 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 June 30, 2015		4,911		$	12.00		$	14.06			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 June 30, 2014		52,188		$	12.00		$	17.21			96,971		$	3.75

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Related Party Transactions

6 Months Ended

Jun. 30, 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 June 30, 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 $1,917 and $2,241, respectively. For the six months ended June 30, 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 $3,819 and 4,436, respectively.  As of June 30, 2015 and December 31, 2014, the Company was owed $3,757 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 June 30, 2015 and 2014, the Company earned advisory fees of $145 and $155, respectively, from assets managed on behalf of certain of its partners. For the six months ended June 30, 2015 and 2014, the Company earned advisory fees of $272 and $281, respectively, from assets managed on behalf of certain of its partners.  As of June 30, 2015 and December 31, 2014, the Company is owed approximately $8 and $2 from certain of its partners, which is included in Receivables, net on the Condensed Consolidated Statements of Financial Condition.