Q3http://fasb.org/us-gaap/2022#QualifiedPlanMember0.330.33falseone vote for each share--12-31one-for-one basis0.330.330001549966one vote for each shareone vote for each share0001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-07-012019-07-010001549966samg:RevenueGreaterThanOrEqualToOneHundredAndFivePercentForPeriodTwoMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966samg:PerformanceFeesAndAllocationsMember2021-07-012021-09-300001549966us-gaap:TreasuryStockMember2022-07-012022-09-300001549966us-gaap:RetainedEarningsMember2022-09-300001549966samg:NonQualifiedOptionsMember2022-09-300001549966samg:SilvercrestFinancialServicesIncMember2021-12-310001549966samg:ResaleAndRegistrationRightsAgreementMemberus-gaap:CommonClassBMember2022-05-012022-05-310001549966samg:OfficeSpaceMembersamg:MilwaukeeWisconsinMember2019-04-112019-04-120001549966us-gaap:LeaseholdImprovementsMember2021-12-310001549966us-gaap:FairValueMeasurementsRecurringMember2022-09-300001549966us-gaap:ParentMember2020-12-310001549966samg:CityNationalBankMember2022-07-012022-09-300001549966samg:RevenueEqualToEightyFiveOrLessPercentForPeriodTwoMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-09-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-07-012021-09-300001549966us-gaap:OfficeEquipmentMembersamg:CopierMembersamg:LeaseAgreementSeptemberThirtyTwoThousandAndTwentySevenMember2022-10-010001549966srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2021-09-300001549966samg:LeaseAgreementAprilThirtyTwoThousandAndTwentyFiveMemberus-gaap:OfficeEquipmentMembersamg:CopierMember2020-04-292020-05-010001549966srt:AffiliatedEntityMembersrt:MinimumMember2022-01-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMembersrt:DirectorMember2020-03-012020-03-310001549966samg:NeoshoCapitalLLCMember2018-12-130001549966us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2022-06-080001549966us-gaap:RestrictedStockUnitsRSUMember2021-12-310001549966us-gaap:CommonClassBMember2022-09-300001549966us-gaap:OfficeEquipmentMembersamg:LeaseAgreementMayThirtyFirstTwoThousandAndTwentyThreeMembersamg:CopierMember2020-05-302020-06-010001549966us-gaap:OfficeEquipmentMember2022-09-300001549966samg:NonQualifiedOptionsMember2020-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMember2016-05-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassAMember2021-08-310001549966samg:FamilyOfficeServicesMember2021-01-012021-09-300001549966samg:NonQualifiedOptionsMember2021-09-300001549966us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001549966us-gaap:EquityMethodInvestmentsMember2021-01-012021-09-300001549966samg:LeaseAgreementFebruaryTwentyEightTwentyTwentyOneMembersamg:CopierMember2021-02-280001549966srt:MinimumMemberus-gaap:OtherIntangibleAssetsMember2021-01-012021-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMembersrt:DirectorMember2016-05-012016-05-310001549966samg:CopierMembersamg:ThroughMayThirtyFirstTwoThousandAndTwentyTwoMember2019-03-310001549966samg:CityNationalBankMembersamg:DelayedDrawTermLoanMember2013-06-240001549966us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001549966samg:RevenueBetweenSeventyFiveAndNinetyFivePercentForPeriodOneMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966srt:AffiliatedEntityMemberus-gaap:AssetManagement1Member2021-07-012021-09-3000015499662022-07-012022-09-300001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2019-07-012019-07-010001549966us-gaap:RetainedEarningsMember2022-07-012022-09-300001549966us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001549966us-gaap:OtherIntangibleAssetsMember2020-12-310001549966samg:FamilyOfficeServicesMember2021-07-012021-09-3000015499662022-01-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassAMember2021-08-012021-08-310001549966us-gaap:EquitySecuritiesMember2022-09-300001549966srt:MaximumMemberus-gaap:OtherIntangibleAssetsMember2022-01-012022-09-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-01-012022-09-300001549966us-gaap:AdditionalPaidInCapitalMember2021-09-300001549966us-gaap:OfficeEquipmentMembersamg:TwoCopiersMembersamg:LeaseAgreementJuneThirtyTwoThousandAndTwentyFourMember2021-07-012021-07-010001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMembersamg:ShareBasedCompensationAwardTrancheFourMember2021-05-012021-05-310001549966samg:CopierMembersamg:LeaseAgreementFebruaryTwentyEightTwentyTwentyTwoMember2019-03-310001549966us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMembersrt:MinimumMember2022-01-012022-09-300001549966us-gaap:GeneralAndAdministrativeExpenseMember2021-07-012021-09-300001549966srt:AffiliatedEntityMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-01-012022-09-300001549966us-gaap:RetainedEarningsMember2021-04-012021-06-300001549966samg:FinanceLeaseAssetsMember2021-01-012021-09-300001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2013-06-232013-06-240001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2013-06-252013-06-260001549966us-gaap:CustomerRelationshipsMember2022-09-300001549966us-gaap:AdditionalPaidInCapitalMember2020-12-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-12-310001549966srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2021-09-300001549966samg:RevenueGreaterThanOrEqualToNinetyFivePercentForPeriodOneMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2021-07-302021-07-300001549966us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2022-01-012022-09-300001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-07-010001549966us-gaap:NoncontrollingInterestMember2022-09-300001549966us-gaap:EquityMethodInvestmentsMember2022-07-012022-09-300001549966us-gaap:RetainedEarningsMember2021-01-012021-03-310001549966samg:NonQualifiedOptionsMember2021-12-310001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2020-12-310001549966us-gaap:OfficeEquipmentMembersamg:LeaseAgreementAugustTwentyFiveTwoThousandAndTwentyFiveMembersamg:CopierMember2022-09-010001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-04-012022-06-300001549966samg:NonQualifiedOptionsMembersrt:MinimumMember2022-09-300001549966samg:NonQualifiedOptionsMembersrt:MinimumMember2021-12-310001549966us-gaap:OfficeEquipmentMembersamg:FourCopiersMember2021-02-012021-02-280001549966us-gaap:RetainedEarningsMember2020-12-3100015499662022-01-012022-03-310001549966samg:SilvercrestFinancialServicesIncMember2022-01-012022-09-300001549966us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-01-012021-03-310001549966samg:NonQualifiedOptionsMember2021-01-012021-09-300001549966samg:CityNationalBankMembersamg:DelayedDrawTermLoanMember2019-07-012019-07-010001549966samg:ResaleAndRegistrationRightsAgreementMemberus-gaap:CommonClassBMember2022-08-012022-08-310001549966samg:RevenueBetweenNinetyFiveAndOneHundredAndFortyPercentForPeriodThreeMembersrt:MaximumMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966srt:AffiliatedEntityMember2021-12-310001549966us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001549966samg:CityNationalBankMembersrt:MaximumMembersamg:DelayedDrawTermLoanMember2013-06-232013-06-240001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2021-08-012021-08-310001549966samg:GeneralPartnerAndLimitedPartnerMember2022-01-012022-09-300001549966samg:SamAlternativeSolutionsIncMember2004-12-310001549966us-gaap:EquityMethodInvestmentsMember2021-07-012021-09-300001549966us-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2020-04-302020-05-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-09-300001549966samg:LimitedRecourseMembersamg:GeneralPartnerAndLimitedPartnerMember2021-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMembersamg:ShareBasedCompensationAwardTrancheFourMember2020-04-302020-05-310001549966us-gaap:CommonClassAMember2021-01-012021-03-310001549966us-gaap:OfficeEquipmentMembersamg:CopierMembersamg:LeaseAgreementAprilThirtyTwoThousandAndTwentySixMember2022-05-012022-05-0100015499662022-03-310001549966us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001549966us-gaap:CommonClassAMember2022-08-012022-08-310001549966samg:LeaseAgreementFebruaryTwentyEightTwentyTwentyOneMembersamg:CopierMember2021-02-012021-02-280001549966us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001549966us-gaap:CommonClassAMember2021-07-012021-09-300001549966samg:OfficeSpaceMembersamg:LaJollaCaliforniaMember2018-12-122018-12-130001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2022-09-300001549966samg:AdditionalOfficeSpaceMember2014-03-310001549966us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-07-012021-09-300001549966samg:CortinaEquityPortfoliosMember2022-01-012022-09-300001549966samg:CortinaEquityPortfoliosMember2022-09-300001549966us-gaap:CommonClassAMember2022-01-012022-09-300001549966us-gaap:ParentMember2022-07-012022-09-300001549966us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMembersrt:DirectorMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2016-05-012016-05-310001549966samg:NonQualifiedOptionsMember2020-05-310001549966srt:MinimumMemberus-gaap:PrivateEquityFundsMember2022-01-012022-09-300001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2022-09-300001549966srt:MaximumMemberus-gaap:PrivateEquityFundsMember2022-01-012022-09-300001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMemberus-gaap:NoncontrollingInterestMember2022-01-012022-09-300001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2013-06-240001549966samg:SilvercrestFinancialServicesIncMember2022-07-012022-09-300001549966us-gaap:TreasuryStockMember2021-12-310001549966srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2020-12-310001549966us-gaap:RetainedEarningsMember2022-06-300001549966us-gaap:RestrictedStockUnitsRSUMember2020-12-310001549966samg:NonQualifiedOptionsMember2020-04-302020-05-310001549966us-gaap:LetterOfCreditMember2022-09-300001549966srt:MaximumMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-07-012019-07-010001549966samg:ResaleAndRegistrationRightsAgreementMemberus-gaap:CommonClassBMember2022-06-012022-06-300001549966samg:RevenueBetweenNinetyFiveAndOneHundredAndFortyPercentForPeriodThreeMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966samg:RevenueGreaterThanOrEqualToNinetyFivePercentForPeriodOneMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2021-06-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMembersrt:DirectorMember2022-01-012022-09-300001549966us-gaap:EquitySecuritiesMember2022-01-012022-09-300001549966us-gaap:ParentMember2021-06-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-04-012022-06-300001549966us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001549966samg:FinanceLeaseAssetsMember2022-07-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassAMember2022-05-012022-05-310001549966us-gaap:CustomerRelationshipsMembersrt:MinimumMember2022-01-012022-09-300001549966samg:SilvercrestLimitedPartnershipMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-122019-04-120001549966us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-3100015499662022-06-300001549966us-gaap:FairValueInputsLevel3Member2020-12-310001549966us-gaap:OfficeEquipmentMembersamg:FourCopiersMember2021-02-280001549966srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001549966us-gaap:CustomerRelationshipsMember2022-01-012022-09-300001549966us-gaap:FairValueMeasurementsRecurringMember2021-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:DirectorMember2020-03-012020-03-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2022-05-012022-05-310001549966samg:LeaseAgreementAprilThirtyTwoThousandAndTwentyFiveMemberus-gaap:OfficeEquipmentMembersamg:CopierMember2020-05-010001549966samg:TwoThousandTwelveEquityIncentivePlanMember2022-01-012022-09-300001549966us-gaap:AdditionalPaidInCapitalMember2022-09-300001549966samg:SilvercrestLimitedPartnershipMember2022-01-012022-09-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-07-012022-09-300001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2021-12-310001549966us-gaap:FairValueInputsLevel3Member2022-06-300001549966samg:OfficeSpaceMembersamg:CharlottesvilleVirginiaMember2015-06-300001549966us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001549966us-gaap:FixedIncomeInvestmentsMember2022-01-012022-09-300001549966us-gaap:LeaseholdImprovementsMember2022-09-300001549966us-gaap:RestrictedStockUnitsRSUMember2022-09-3000015499662021-04-012021-06-300001549966us-gaap:RestrictedStockMemberus-gaap:CommonClassBMember2022-05-012022-05-310001549966us-gaap:FairValueInputsLevel3Member2022-04-012022-06-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-07-012022-09-300001549966srt:AffiliatedEntityMember2022-09-300001549966us-gaap:TreasuryStockMember2022-09-300001549966us-gaap:AdditionalPaidInCapitalMember2021-06-300001549966us-gaap:TreasuryStockMember2022-06-300001549966samg:OfficeSpaceMembersamg:SanDiegoCaliforniaMember2018-12-122018-12-130001549966samg:RevenueEqualToNinetyFiveOrLessPercentForPeriodThreeMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966us-gaap:AdditionalPaidInCapitalMember2021-03-310001549966srt:AffiliatedEntityMemberus-gaap:AssetManagement1Member2022-07-012022-09-300001549966samg:NeoshoCapitalLLCMemberus-gaap:CommonClassBMember2022-04-012022-04-300001549966samg:RevenueBetweenEightyFiveAndOneHundredAndFivePercentForPeriodTwoMembersrt:MaximumMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001549966samg:NonQualifiedOptionsMember2019-05-310001549966us-gaap:OfficeEquipmentMembersamg:CopierMembersamg:LeaseAgreementNovemberThirtyTwoThousandAndTwentySixMember2022-09-012022-09-010001549966us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-03-310001549966samg:NeoshoCapitalLLCMember2022-09-300001549966us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001549966us-gaap:OfficeEquipmentMembersamg:CopierMembersamg:LeaseAgreementAprilThirtyTwoThousandAndTwentySixMember2022-05-010001549966us-gaap:CustomerRelationshipsMember2021-01-012021-12-310001549966us-gaap:NoncontrollingInterestMember2022-01-012022-09-300001549966srt:MaximumMemberus-gaap:CommonClassAMember2021-07-290001549966srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001549966us-gaap:CommonClassAMember2022-07-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMembersrt:DirectorMember2016-05-310001549966us-gaap:LetterOfCreditMembersamg:BostonLandlordMember2022-09-300001549966srt:MinimumMembersamg:NonDiscretionaryAssetsMember2022-01-012022-09-300001549966us-gaap:RetainedEarningsMember2021-12-310001549966us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-01-012022-03-310001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMember2021-07-012021-09-300001549966samg:AdditionalOfficeSpaceMember2016-09-012016-09-300001549966samg:NonQualifiedOptionsMember2022-01-012022-09-300001549966us-gaap:CommonClassAMember2022-01-012022-03-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-03-310001549966samg:AdditionalOfficeSpaceMember2014-03-012014-03-310001549966samg:NonQualifiedOptionsMembersrt:MinimumMember2021-09-300001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMember2022-07-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-03-310001549966us-gaap:NoncontrollingInterestMember2022-03-3100015499662021-03-3100015499662021-12-310001549966samg:OfficeSpaceMembersamg:CharlottesvilleVirginiaMember2015-06-012015-06-300001549966us-gaap:FairValueInputsLevel3Member2021-01-012021-12-310001549966samg:CityNationalBankMembersrt:MaximumMembersamg:DelayedDrawTermLoanMember2022-01-012022-09-300001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMember2021-01-012021-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2019-05-310001549966us-gaap:AdditionalPaidInCapitalMember2022-03-3100015499662020-12-310001549966samg:OfficeSpaceMembersamg:CharlottesvilleVirginiaMember2022-04-042022-04-040001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-07-012021-09-300001549966samg:NeoshoCapitalLLCMember2022-01-012022-09-300001549966srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2022-09-3000015499662021-07-012021-09-300001549966us-gaap:CommonClassAMember2022-03-012022-03-310001549966samg:NonQualifiedOptionsMember2018-10-012018-10-310001549966samg:CopierMembersamg:LeaseAgreementFebruaryTwentyEightTwentyTwentyTwoMember2019-03-012019-03-310001549966samg:CityNationalBankMember2021-01-012021-09-300001549966us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMembersrt:MaximumMember2022-01-012022-09-300001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966us-gaap:NoncontrollingInterestMember2021-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2016-05-012016-05-310001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMember2021-12-310001549966us-gaap:ParentMember2022-03-310001549966samg:RevenueBetweenEightyFiveAndOneHundredAndFivePercentForPeriodTwoMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966samg:NeoshoCapitalLLCMember2018-12-122018-12-130001549966samg:TwoThousandTwelveEquityIncentivePlanMembersrt:DirectorMember2020-03-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2021-01-012021-01-310001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2022-06-172022-06-170001549966us-gaap:ParentMember2021-01-012021-03-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-06-300001549966us-gaap:CommonClassBMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMember2022-07-012022-07-310001549966samg:OutsourcedChiefInvestmentOfficerPortfoliosMember2022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassAMember2021-05-310001549966samg:GeneralPartnerAndLimitedPartnerMember2021-01-012021-12-310001549966us-gaap:FairValueInputsLevel3Member2022-09-300001549966srt:MaximumMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-122019-04-120001549966us-gaap:EquityMethodInvestmentsMember2022-01-012022-09-300001549966samg:CityNationalBankMember2021-01-012021-12-310001549966us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2021-12-310001549966samg:SilvercrestLimitedPartnershipMember2021-07-012021-09-300001549966us-gaap:RetainedEarningsMember2021-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-07-012022-09-300001549966samg:SilvercrestLimitedPartnershipMember2022-01-012022-09-300001549966us-gaap:NoncontrollingInterestMember2021-06-300001549966us-gaap:RetainedEarningsMember2022-04-012022-06-300001549966us-gaap:CommonClassAMember2022-06-012022-06-300001549966srt:AffiliatedEntityMemberus-gaap:AssetManagement1Member2021-01-012021-09-300001549966us-gaap:OfficeEquipmentMembersamg:TwoCopiersMembersamg:LeaseAgreementOneAugustNineteenTwoThousandAndTwentyThreeMember2020-08-192020-08-2000015499662022-04-012022-06-300001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2019-07-010001549966samg:MeasurementInputForecastedGrowthRateMemberus-gaap:FairValueInputsLevel3Member2021-12-310001549966us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001549966srt:AffiliatedEntityMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-07-012021-09-300001549966us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2021-05-012021-05-310001549966us-gaap:RetainedEarningsMember2022-03-310001549966samg:SilvercrestFinancialServicesIncMember2004-03-110001549966us-gaap:FurnitureAndFixturesMember2021-12-310001549966us-gaap:ParentMember2021-12-310001549966samg:TwoCopiersMembersamg:LeaseAgreementJulyThirtyFirstTwoThousandAndTwentyTwoMember2019-08-310001549966samg:CityNationalBankMembersamg:DelayedDrawTermLoanMember2021-12-310001549966samg:NonQualifiedOptionsMembersrt:MinimumMember2020-12-310001549966us-gaap:NoncontrollingInterestMember2020-12-310001549966us-gaap:CommonClassBMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMember2022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2016-05-012016-05-310001549966samg:SilvercrestLimitedPartnershipMember2022-07-012022-09-300001549966samg:LimitedRecourseMembersamg:GeneralPartnerAndLimitedPartnerMember2022-09-300001549966us-gaap:CommonClassBMember2022-01-012022-09-300001549966us-gaap:FixedIncomeInvestmentsMember2022-09-300001549966us-gaap:OfficeEquipmentMembersamg:TwoCopiersMembersamg:LeaseAgreementOneAugustNineteenTwoThousandAndTwentyThreeMember2020-08-200001549966us-gaap:NoncontrollingInterestMember2021-03-310001549966srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2021-12-310001549966us-gaap:ParentMember2022-06-300001549966srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2020-12-310001549966us-gaap:OtherIntangibleAssetsMember2022-09-300001549966samg:AdditionalOfficeSpaceMember2016-09-300001549966us-gaap:TreasuryStockMember2021-07-012021-09-300001549966us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2021-01-310001549966samg:OfficeSpaceMembersamg:BedminsterNewJerseyMember2015-06-012015-06-300001549966us-gaap:RetainedEarningsMember2022-01-012022-03-310001549966us-gaap:CommonClassBMember2021-12-310001549966us-gaap:OfficeEquipmentMembersamg:LeaseAgreementAugustTwentyFiveTwoThousandAndTwentyFiveMembersamg:CopierMember2022-09-012022-09-010001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-01-012021-09-300001549966samg:LeaseAgreementTwoAugustNineteenTwoThousandAndTwentyThreeMemberus-gaap:OfficeEquipmentMembersamg:TwoCopiersMember2020-08-200001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-04-012021-06-300001549966samg:SilvercrestFinancialServicesIncMember2022-09-300001549966us-gaap:AdditionalPaidInCapitalMember2022-06-300001549966samg:AdditionalOfficeSpaceMember2018-01-162018-01-160001549966samg:CityNationalBankMember2022-01-012022-09-300001549966us-gaap:CustomerRelationshipsMembersrt:MaximumMember2021-01-012021-12-310001549966samg:GeneralPartnerAndLimitedPartnerMember2020-12-310001549966us-gaap:ParentMember2021-07-012021-09-300001549966us-gaap:NoncontrollingInterestMember2021-09-300001549966us-gaap:CommonClassAMember2022-10-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-06-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2019-05-012019-05-310001549966us-gaap:FairValueInputsLevel3Member2022-03-310001549966samg:SilvercrestLimitedPartnershipMember2022-07-012022-09-300001549966samg:FamilyOfficeServicesMember2022-07-012022-09-300001549966us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001549966samg:GeneralPartnerAndLimitedPartnerMember2022-09-300001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2021-09-300001549966us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001549966samg:CityNationalBankMembersamg:DelayedDrawTermLoanMember2019-07-010001549966us-gaap:RestrictedStockUnitsRSUMember2021-09-300001549966us-gaap:FairValueInputsLevel3Member2021-12-310001549966us-gaap:LeaseholdImprovementsMember2022-01-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMembersamg:ShareBasedCompensationAwardTrancheFourMembersrt:DirectorMember2020-03-012020-03-3100015499662021-01-012021-09-300001549966us-gaap:FairValueInputsLevel3Member2022-07-012022-09-300001549966samg:SilvercrestLimitedPartnershipMember2021-01-012021-09-300001549966samg:PerformanceFeesAndAllocationsMember2022-01-012022-09-300001549966us-gaap:CustomerRelationshipsMember2021-12-310001549966us-gaap:CustomerRelationshipsMembersrt:MinimumMember2021-01-012021-12-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2022-01-012022-09-300001549966us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMember2022-01-012022-09-300001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2022-01-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMembersamg:ThreeYearAnnualVestingPeriodMemberus-gaap:EmployeeStockMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassBMember2022-01-012022-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-09-300001549966us-gaap:CommonClassAMember2021-01-012021-09-300001549966us-gaap:OfficeEquipmentMembersamg:LeaseAgreementMayThirtyFirstTwoThousandAndTwentyThreeMembersamg:CopierMember2020-06-010001549966us-gaap:LetterOfCreditMember2021-12-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-06-300001549966samg:MarathonCapitalGroupLLCMember2008-10-030001549966us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001549966samg:PerformanceFeesAndAllocationsMember2021-01-012021-09-300001549966us-gaap:OtherIntangibleAssetsMember2021-12-310001549966samg:NonQualifiedOptionsMember2019-05-012019-05-310001549966samg:ResaleAndRegistrationRightsAgreementMemberus-gaap:CommonClassBMember2022-09-012022-09-300001549966samg:CityNationalBankMembersamg:DelayedDrawTermLoanMember2013-06-232013-06-240001549966srt:MaximumMember2022-01-012022-09-3000015499662021-06-300001549966samg:TwoThousandTwelveEquityIncentivePlanMembersrt:DirectorMember2020-03-012020-03-310001549966us-gaap:CommonClassBMember2022-10-310001549966samg:GeneralPartnerAndLimitedPartnerMember2021-12-310001549966samg:OutsourcedChiefInvestmentOfficerPortfoliosMember2022-01-012022-09-300001549966samg:NeoshoCapitalLLCMember2022-01-012022-06-300001549966us-gaap:CommonClassAMember2022-04-012022-06-300001549966us-gaap:MunicipalNotesMember2022-01-012022-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-01-012021-03-310001549966samg:RevenueGreaterThanOrEqualToOneHundredAndFivePercentForPeriodTwoMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2022-07-292022-07-290001549966samg:SilvercrestFundsMembersrt:MaximumMember2022-09-300001549966samg:FinanceLeaseAssetsMember2022-01-012022-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-12-310001549966us-gaap:NoncontrollingInterestMember2022-06-300001549966us-gaap:OfficeEquipmentMembersamg:CopierMembersamg:LeaseAgreementNovemberThirtyTwoThousandAndTwentySixMember2022-09-010001549966samg:ArtworkMember2021-12-310001549966samg:CopierMembersamg:ThroughMayThirtyFirstTwoThousandAndTwentyTwoMember2019-03-012019-03-310001549966samg:OfficeSpaceMembersamg:BostonMassachusettsMember2018-01-012018-01-310001549966us-gaap:OfficeEquipmentMembersamg:CopierMembersamg:LeaseAgreementSeptemberThirtyTwoThousandAndTwentySevenMember2022-10-012022-10-010001549966us-gaap:ParentMember2022-01-012022-03-3100015499662021-09-300001549966samg:NeoshoCapitalLLCMember2022-04-012022-06-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-04-012021-06-3000015499662022-09-300001549966us-gaap:AdditionalPaidInCapitalMember2021-12-310001549966srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-122019-04-120001549966us-gaap:ParentMember2021-04-012021-06-300001549966us-gaap:ParentMember2022-04-012022-06-300001549966srt:MinimumMember2022-01-012022-09-300001549966srt:AffiliatedEntityMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-07-012022-09-300001549966us-gaap:OfficeEquipmentMembersamg:TwoCopiersMembersamg:LeaseAgreementJuneThirtyTwoThousandAndTwentyFourMember2021-07-010001549966samg:TwoThousandTwelveEquityIncentivePlanMember2022-06-082022-06-080001549966us-gaap:FurnitureAndFixturesMember2022-09-300001549966us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001549966samg:CityNationalBankMember2013-06-240001549966us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001549966samg:CopierMembersamg:LeaseAgreementNovemberTwoThousandAndTwentyOneMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMember2019-07-012019-07-310001549966us-gaap:ParentMember2021-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2012-11-020001549966us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001549966samg:CityNationalBankMembersrt:MinimumMembersamg:DelayedDrawTermLoanMember2013-06-232013-06-240001549966samg:SilvercrestLimitedPartnershipMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-07-012019-07-010001549966samg:CityNationalBankMember2021-07-012021-09-300001549966us-gaap:CustomerRelationshipsMembersrt:MaximumMember2022-01-012022-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-03-310001549966samg:ThreeYearAnnualVestingPeriodMembersamg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassAMember2021-05-012021-05-310001549966srt:AffiliatedEntityMemberus-gaap:AssetManagement1Member2022-01-012022-09-300001549966us-gaap:RetainedEarningsMember2021-07-012021-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMembersrt:DirectorMember2022-01-012022-09-300001549966samg:NeoshoCapitalLLCMember2021-12-310001549966srt:MaximumMembersamg:NonDiscretionaryAssetsMember2022-01-012022-09-3000015499662021-01-012021-03-310001549966samg:OfficeSpaceMembersamg:PrincetonNewJerseyMember2016-01-012016-01-310001549966samg:RevenueGreaterThanOrEqualToNinetyFivePercentForPeriodOneMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966us-gaap:CommonClassAMember2022-09-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassAMember2021-05-012021-05-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-09-300001549966samg:SilvercrestLimitedPartnershipMember2022-09-300001549966samg:FinanceLeaseAssetsMember2021-07-012021-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMembersrt:DirectorMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-03-012020-03-310001549966us-gaap:RetainedEarningsMember2021-06-300001549966samg:CortinaAssetManagementLimitedLiabilityCompanyMember2022-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2021-12-310001549966us-gaap:TreasuryStockMember2021-09-300001549966samg:RevenueEqualToSeventyFiveOrLessPercentForPeriodOneMembersamg:CortinaAssetManagementLimitedLiabilityCompanyMembersamg:PurchaseAgreementMember2019-04-120001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-01-012022-03-310001549966samg:OfficeSpaceMembersamg:CharlottesvilleVirginiaMember2019-06-052019-06-060001549966samg:CityNationalBankMembersamg:DelayedDrawTermLoanMember2022-01-012022-09-300001549966us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001549966samg:ResaleAndRegistrationRightsAgreementMemberus-gaap:CommonClassBMember2022-03-012022-03-310001549966us-gaap:CommonClassAMember2021-12-310001549966samg:NonQualifiedOptionsMember2021-07-012021-09-300001549966srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-09-300001549966samg:FamilyOfficeServicesMember2022-01-012022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2016-05-310001549966us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-09-300001549966samg:NeoshoCapitalLLCMember2021-01-012021-09-300001549966us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001549966samg:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001549966samg:SilvercrestLimitedPartnershipMember2021-12-310001549966samg:OfficeSpaceMembersamg:NewYorkCityMember2015-12-012015-12-310001549966samg:NonQualifiedOptionsMember2018-10-310001549966us-gaap:RetainedEarningsMember2021-03-310001549966us-gaap:ParentMember2022-09-300001549966us-gaap:CommonClassAMember2021-04-012021-06-300001549966samg:LeaseAgreementTwoAugustNineteenTwoThousandAndTwentyThreeMemberus-gaap:OfficeEquipmentMembersamg:TwoCopiersMember2020-08-192020-08-200001549966srt:MaximumMemberus-gaap:OtherIntangibleAssetsMember2021-01-012021-12-310001549966samg:GeneralPartnerAndLimitedPartnerMembersamg:FullRecourseMember2021-12-310001549966srt:AffiliatedEntityMembersrt:MaximumMember2022-01-012022-09-300001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2013-06-260001549966us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001549966samg:NonQualifiedOptionsMember2021-01-012021-12-310001549966srt:AffiliatedEntityMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-01-012021-09-300001549966samg:TwoCopiersMembersamg:LeaseAgreementJulyThirtyFirstTwoThousandAndTwentyTwoMember2019-08-012019-08-310001549966samg:MWCommodityAdvisorsLLCMember2012-04-010001549966us-gaap:CommonClassAMember2022-05-012022-05-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-06-300001549966samg:GeneralPartnerAndLimitedPartnerMembersamg:FullRecourseMember2022-09-300001549966samg:ArtworkMember2022-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2020-05-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMember2021-05-310001549966us-gaap:ParentMember2021-03-310001549966samg:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassAMember2022-05-310001549966us-gaap:CommonClassAMember2021-01-012021-12-310001549966us-gaap:CommonClassAMember2022-09-3000015499662021-01-012021-12-310001549966us-gaap:OfficeEquipmentMember2021-12-310001549966us-gaap:CustomerRelationshipsMember2020-12-310001549966samg:MeasurementInputForecastedGrowthRateMemberus-gaap:FairValueInputsLevel3Member2022-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-12-310001549966samg:CityNationalBankMembersamg:DelayedDrawTermLoanMember2022-09-300001549966us-gaap:TreasuryStockMember2022-03-31iso4217:USDxbrli:sharessamg:Segmentxbrli:purexbrli:sharessamg:Installmentsamg:Unitiso4217:USD

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

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

FOR THE QUARTERLY PERIOD ENDED September 30, 2022

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 or Organization)

 

(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)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, $0.01 par value per share

 

SAMG

 

The Nasdaq Global Market

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

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

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

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

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 October 31, 2022 was 9,627,462 and 4,667,695, respectively.

 

 

 


 

 

Part I

 

Financial Information

 

 

Item 1.

 

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2022 and December 31, 2021

 

1

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021

 

2

 

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2022 and 2021

 

3

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

 

5

 

 

Notes to Condensed Consolidated Financial Statements as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021

 

6

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

49

Item 4.

 

Controls and Procedures

 

49

 

Part II

 

Other Information

 

 

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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. 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, including the continued adverse effects of the coronavirus pandemic, 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, 2021 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)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

67,352

 

 

$

85,744

 

Investments

 

 

177

 

 

 

1,588

 

Receivables, net

 

 

9,417

 

 

 

8,850

 

Due from Silvercrest Funds

 

 

2,429

 

 

 

428

 

Furniture, equipment and leasehold improvements, net

 

 

5,040

 

 

 

5,257

 

Goodwill

 

 

63,675

 

 

 

63,675

 

Operating lease assets

 

 

22,839

 

 

 

26,130

 

Finance lease assets

 

 

372

 

 

 

247

 

Intangible assets, net

 

 

21,993

 

 

 

23,924

 

Deferred tax asset—tax receivable agreement

 

 

7,556

 

 

 

10,797

 

Prepaid expenses and other assets

 

 

4,239

 

 

 

2,678

 

Total assets

 

$

205,089

 

 

$

229,318

 

Liabilities and Equity

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,977

 

 

$

19,820

 

Accrued compensation

 

 

29,001

 

 

 

41,707

 

Borrowings under credit facility

 

 

6,330

 

 

 

9,025

 

Operating lease liabilities

 

 

28,834

 

 

 

32,371

 

Finance lease liabilities

 

 

373

 

 

 

253

 

Deferred tax and other liabilities

 

 

9,603

 

 

 

9,334

 

Total liabilities

 

 

77,118

 

 

 

112,510

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and
   outstanding, as of September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Class A common stock, par value $0.01, 50,000,000 shares authorized; 9,946,054 and
   
9,627,462 shares issued and outstanding as of September 30, 2022, respectively;
   
9,902,184 and 9,869,101 shares issued and outstanding as of and December 31, 2021,
   respectively

 

 

99

 

 

 

99

 

Class B common stock, par value $0.01, 25,000,000 shares authorized; 4,667,695 and
   
4,593,687 issued and outstanding, as of September 30, 2022 and December 31, 2021,
   respectively

 

 

46

 

 

 

45

 

Additional Paid-In Capital

 

 

53,232

 

 

 

52,936

 

Treasury Stock, at cost, 318,592 and 33,083 shares as of September 30, 2022 and
   December 31, 2021, respectively

 

 

(5,752

)

 

 

(512

)

Retained earnings

 

 

39,430

 

 

 

27,782

 

Total Silvercrest Asset Management Group Inc.’s equity

 

 

87,055

 

 

 

80,350

 

Non-controlling interests

 

 

40,916

 

 

 

36,458

 

Total equity

 

 

127,971

 

 

 

116,808

 

Total liabilities and equity

 

$

205,089

 

 

$

229,318

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Management and advisory fees

 

$

27,949

 

 

$

32,248

 

 

$

91,500

 

 

$

94,435

 

Performance fees

 

 

 

 

 

86

 

 

 

2

 

 

 

86

 

Family office services

 

 

1,093

 

 

 

1,127

 

 

 

3,223

 

 

 

3,278

 

Total revenue

 

 

29,042

 

 

 

33,461

 

 

 

94,725

 

 

 

97,799

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

16,271

 

 

 

18,758

 

 

 

52,901

 

 

 

54,882

 

General and administrative

 

 

5,669

 

 

 

6,522

 

 

 

7,383

 

 

 

21,706

 

Total expenses

 

 

21,940

 

 

 

25,280

 

 

 

60,284

 

 

 

76,588

 

Income before other (expense) income, net

 

 

7,102

 

 

 

8,181

 

 

 

34,441

 

 

 

21,211

 

Other (expense) income, net

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income, net

 

 

104

 

 

 

43

 

 

 

119

 

 

 

58

 

Interest income

 

 

8

 

 

 

1

 

 

 

12

 

 

 

5

 

Unrealized gain (loss)

 

 

(2

)

 

 

 

 

 

(3

)

 

 

 

Interest expense

 

 

(109

)

 

 

(92

)

 

 

(270

)

 

 

(294

)

Total other (expense) income, net

 

 

1

 

 

 

(48

)

 

 

(142

)

 

 

(231

)

Income before provision for income taxes

 

 

7,103

 

 

 

8,133

 

 

 

34,299

 

 

 

20,980

 

Provision for income taxes

 

 

1,460

 

 

 

1,779

 

 

 

6,787

 

 

 

4,630

 

Net income

 

 

5,643

 

 

 

6,354

 

 

 

27,512

 

 

 

16,350

 

Less: net income attributable to non-controlling interests

 

 

(2,210

)

 

 

(2,631

)

 

 

(10,741

)

 

 

(6,740

)

Net income attributable to Silvercrest

 

$

3,433

 

 

$

3,723

 

 

$

16,771

 

 

$

9,610

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.38

 

 

$

1.70

 

 

$

0.99

 

Diluted

 

$

0.35

 

 

$

0.38

 

 

$

1.70

 

 

$

0.99

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

9,815,157

 

 

 

9,670,054

 

 

 

9,856,908

 

 

 

9,661,610

 

Diluted

 

 

9,847,131

 

 

 

9,691,103

 

 

 

9,884,255

 

 

 

9,676,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Changes in 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

 

 

Treasury
Stock
Shares

 

 

Treasury
Shares
Amount

 

 

Retained
Earnings

 

 

Total
Silvercrest
Asset
Management
Group Inc.’s
Equity

 

 

Non-
controlling
Interest

 

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2021

 

 

9,651

 

 

$

96

 

 

 

4,722

 

 

$

46

 

 

$

51,039

 

 

 

 

 

$

 

 

$

19,498

 

 

$

70,679

 

 

$

32,720

 

 

$

103,399

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,758

)

 

 

(1,758

)

Issuance of notes receivable
   from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(475

)

 

 

(475

)

Issuance of Class B shares

 

 

 

 

 

 

 

 

56

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

475

 

 

 

476

 

Repayment of notes
   receivable from
   partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228

 

 

 

228

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

469

 

 

 

469

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,552

 

 

 

2,552

 

 

 

1,783

 

 

 

4,335

 

Deferred tax, net of amounts
   payable under tax
   receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

7

 

Accrued interest on notes
   receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Share conversion

 

 

8

 

 

 

 

 

 

(8

)

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

 

 

 

56

 

 

 

(56

)

 

 

 

Dividends paid on Class A
   common stock - $
0.16 per
   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,545

)

 

 

(1,545

)

 

 

 

 

 

(1,545

)

March 31, 2021

 

 

9,658

 

 

$

96

 

 

 

4,770

 

 

$

47

 

 

$

51,102

 

 

 

 

 

$

 

 

$

20,505

 

 

$

71,750

 

 

$

33,384

 

 

$

105,134

 

Distributions to partners