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

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

Intangible Assets, Net

3 Months Ended

Mar. 31, 2021

Intangible Assets Net Excluding Goodwill [Abstract]

Intangible Assets, Net

8. INTANGIBLE ASSETS, NET

The following is a summary of intangible assets as of March 31, 2021 and December 31, 2020:

	Customer Relationships			Other Intangible Assets			Total
Cost
Balance, January 1, 2021	$	44,060		$	2,461		$	46,521
Balance, March 31, 2021		44,060			2,461			46,521
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2021		(17,507	)		(2,461	)		(19,968	)
Amortization expense		(657	)		—			(657	)
Balance, March 31, 2021		(18,164	)		(2,461	)		(20,625	)
Net book value	$	25,896		$	—		$	25,896
Cost
Balance, January 1, 2020	$	44,060		$	2,467		$	46,527
Disposal		—			(6	)		(6	)
Balance, December 31, 2020		44,060			2,461			46,521
Useful lives		10-20 years			3-5 years
Accumulated amortization
Balance, January 1, 2020		(14,833	)		(2,408	)		(17,241	)
Amortization expense		(2,674	)		(59	)		(2,733	)
Disposal		—			6			6
Balance, December 31, 2020		(17,507	)		(2,461	)		(19,968	)
Net Book Value	$	26,553		$	—		$	26,553

Amortization expense related to intangible assets was $657 and $703 for the three months ended March 31, 2021 and 2020, respectively.

During the three months ended March 31, 2020, the Company wrote off other intangible assets related to a non-compete agreement with one of the principals of Jamison which was no longer in effect at March 31, 2020 with a cost of $6 and the related accumulated amortization of $5.

Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:

2021 (remainder of)	$	1,972
2022		2,575
2023		2,416
2024		2,289
2025		2,193
Thereafter		14,451
Total	$	25,896