Form CRS

June 30, 2020

Permit Capital Advisors, LLC is an SEC‐registered investment adviser that provides investment advisory services. The services offered and fees charged by an investment adviser differ from those of broker-dealers and it is important that you understand the differences. Free and simple tools are available to research investment adviser firms, broker-dealers, and their financial professionals at www.Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing.

What investment services and advice can you provide me?
We offer investment advisory services to retail investors. These services include discretionary investment advisory services to clients, including families, trusts, charities, and foundations. These services include portfolio management relating to asset allocation, portfolio diversification. Portfolios are managed in accordance with your investment objectives and restrictions, If eligible, your portfolio may be invested in privately offered vehicles where we may serve as the investment manager, and/or sub-adviser.

As part of our service, we review holdings in your account on an ongoing basis. Portfolio holdings are monitored for activities or circumstances which may dictate a change in portfolio positions. Your account will be reviewed, at minimum, on a quarterly basis by the portfolio managers, but more often they are reviewed monthly. Dislocation in market conditions or abnormalities in the economic landscape can trigger interim reviews of all client portfolios. Changes in client specific circumstances will trigger an automatic review of that particular portfolio and investment policy statement.

We may receive discretionary authority from you to select the specific security to be bought or sold and the size of the transaction. Such discretion is to be exercised in a manner consistent with your stated investment objectives. We also provide non-discretionary services if requested by you, which means that you will make the ultimate decision regarding which investments are bought or sold for your account.

We currently serve as the investment manager, and/or sub-advisor to certain private funds and may form additional partnerships in the future. If you are eligible, and access to the limited offering is available, these private funds will be made available to you.

We do not have any material limitations on account size of the type of investments we can offer our clients.

For additional information on our services and types of clients, please see our Form ADV Part 2A Brochure: ttps://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=6497, Items 4 and 7.

Conversation Starters
• Given my financial situation, should I choose an investment advisory service? Why or why not?
• How will you choose investments to recommend to me?
• What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?

What fees will I pay?
Our standard fee schedule is a tiered scale based on assets under advisement. It is important to note that clients may be charged fees based upon different fee schedules. We also have consulting arrangements and may receive management and/or performance based fees from proprietary private funds. You may be charged additional fees by custodians, investment managers, wire transfers, electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. For example, mutual funds exchange traded funds, hedge funds, private equity funds and other pooled investment vehicles also charge management fees, which are disclosed in a fund’s prospectus or other offering materials.

If a mutual fund also imposes sales charges, you may pay an initial or deferred sales charge as further described in the mutual fund’s prospectus. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time.

Please make sure you understand what fees and costs you are paying. For additional information on our fees and compensation, billing practices, and other types of fees or expenses clients will pay in connection with our advisory services. Please see the more detailed disclosure on our fees and costs in Items 5.A., B., C., and D of our Form ADV Part 2A Brochure.

Conversation Starter: Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means.

We invest your assets in investments, including pooled investment vehicles that are issues, sponsored, or managed by us or our affiliates. We receive additional compensation from those investments.

Conversation Starter: How might your conflicts of interest affect me, and how will you address them?

For additional information about our conflicts of interest that can affect our advisory relationship with you, please see our Form ADV Part 2A Brochure.

How do your financial professionals make money?
Our financial professionals are compensated based on a set salary and bonus structure based on factors that include employee performance and assets under management. This compensation creates a conflict of interest because we have incentive to increase the amount of your assets under our management.

Do you or your financial professionals have legal or disciplinary history?
No. A free and simple search tool to research us and our financial professionals is available at Investor.gov/CRS.

Conversation Starter: As a financial professional, do you have any disciplinary history? For what type of conduct?

You can find additional information about our investment advisory services at www.SEC.gov and on our website at https://www.permitcapital.com/. You can request up to date information and a copy of our relationship summary by contacting us at 610-834-5870.

Conversation Starter: Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?

Kimberly M. Crowley
610-834-5874
kcrowley@permitcapital.com