Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

3. Related Party Transactions

At March 31, 2023 and December 31, 2022, the Company had an investment of $2,269,032 and $2,259,801, respectively, in The Gabelli U.S. Treasury Money Market Fund advised by Gabelli Funds, LLC, which is an affiliate of the Company. The amount is recorded in cash and cash equivalents in the Condensed Consolidated Statements of Financial Condition. Income earned from this investment totaled $24,291 and $209 for the three months ended March 31, 2023 and 2022, respectively, and is included in dividends and interest revenues in the Condensed Consolidated Statements of Operations.

For the three months ended March 31, 2023 and 2022, the Company earned $329,070 and $274,895, or approximately 70% and 55%, respectively, of its commission revenue from transactions executed on behalf of funds advised by Gabelli Funds, LLC. (“Gabelli Funds”) and private wealth management clients advised by GAMCO Asset Management Inc., (“GAMCO Asset”), each affiliates of the Company.

The Company’s rent is currently being accounted for on a month-to-month basis. GAMI allocates this expense to the Company based on the percentage of square footage occupied by the Company’s employees (including pro rata allocation of common space).  Pursuant to the arrangement, GAMI and its affiliates shall pay a monthly fixed lease amount for the twelve month  period. For the three months ended March 31, 2023 and 2022, the Company paid $14,053 and $14,654, respectively, under the rent arrangement. These amounts are included within occupancy and equipment expenses on the consolidated statements of operations.