Silvercrest Asset Management Group Inc. PP&E Disclosure
The following is a summary of furniture, equipment and leasehold improvements, net as of December 31, 2025 and December 31, 2024:
|
|
2025 |
|
|
2024 |
|
||
Leasehold improvements |
|
$ |
6,393 |
|
|
$ |
9,439 |
|
Furniture and equipment |
|
|
16,330 |
|
|
|
12,859 |
|
Artwork |
|
|
619 |
|
|
|
619 |
|
Total cost |
|
|
23,342 |
|
|
|
22,917 |
|
Accumulated depreciation and amortization |
|
|
(15,627 |
) |
|
|
(15,530 |
) |
Furniture, equipment and leasehold improvements, net |
|
$ |
7,715 |
|
|
$ |
7,387 |
|
Correction of immaterial prior period error:
During the year ended December 31, 2025, the Company determined it had incorrectly classified certain reimbursable tenant improvements recorded in prior years as leasehold improvements that should have been classified within Operating lease assets. As a result, the Company overstated depreciation expense and accumulated depreciation expense in prior years. The Company recorded an out of period adjustment during 2025 to correct the errors. Leasehold improvements of $3,208 were reclassified to Operating lease assets. Included in depreciation and amortization expense (which is a component of General and administrative expenses in the Consolidated Statements of Operations) for the year ended December 31, 2025 is the reversal of accumulated depreciation expense recognized in prior periods of $1,500 related to reimbursed leasehold improvements that are now recorded within Operating lease assets. The Company determined the out of period adjustments were not material to the current year financial statements or any previously presented financial statements.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Mar 2, 2022 | |
| 2020 | Mar 4, 2021 | |
| 2019 | Mar 5, 2020 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.