Silvercrest Asset Management Group LLC Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

The components of lease expense for the three and nine months ended September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating Lease Cost	$	1,532	$	1,496	$	4,591	$	4,436
Financing Lease Cost:
Amortization of ROU assets		26		25		89		79
Interest on lease liabilities		3		2		7		6
Total		29		27		96		85

Future minimum lease payments and rentals under lease agreements for office space are as follows:

	Operating Leases		Non-cancellable Subleases			Operating Lease Liabilities
Remainder of 2020	$	1,625	$	(38	)	$	1,587
2021		6,370		(35	)		6,335
2022		6,244		(35	)		6,209
2023		5,928		(6	)		5,922
2024		6,008		—			6,008
Thereafter		22,067		—			22,067
Total	$	48,242	$	(114	)	$	48,128
Weighted-average remaining lease term – operating leases (months)							91.8
Weighted-average discount rate							4.3	%

The assets relating to finance leases that are included in equipment as of September 30, 2020 and December 31, 2019 are as follows:

	September 30, 2020			December 31, 2019
Finance lease assets included in furniture and equipment	$	417		$	679
Finance lease assets included in software		—			—
Less: Accumulated depreciation and amortization		(133	)		(481	)
	$	284		$	198

Future minimum lease payments under finance leases are as follows:

	Future Minimum Lease Commitments
Remainder of 2020	$	41
2021		126
2022		80
2023		44
2024		16
Thereafter		5
Total	$	312
Weighted-average remaining lease term – finance leases (months)		34.1
Weighted-average discount rate		4.0	%