QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of Registrant as specified in its charter) |
(State of other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
(Address of principle executive offices) |
(Zip Code) |
( |
(Registrant’s telephone number, including area code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Large accelerated filer ☐ |
|||
Non-accelerated filer ☐ |
Smaller reporting company |
Emerging growth company |
Class |
Outstanding at October 30, 2020 |
|
Class A Common Stock, .001 par value |
||
Class B Common Stock, .001 par value |
PART I. |
FINANCIAL INFORMATION |
Page |
Item 1. |
3 |
|
Item 2. |
29 |
|
Item 3. |
38 |
|
Item 4. |
38 |
|
PART II. |
OTHER INFORMATION * |
|
Item 1. |
39 |
|
Item 2. |
40 |
|
Item 6. |
40 |
|
40 |
September 30, 2020 |
December 31, 2019 |
|||||||
ASSETS |
||||||||
Cash and cash equivalents (a) |
$ |
$ |
||||||
Investments in government securities (a) |
||||||||
Investments in equity securities (Including GBL stock with a value of $ |
||||||||
Investments in affiliated registered investment companies |
||||||||
Investments in partnerships (a) |
||||||||
Receivable from brokers (a) |
||||||||
Investment advisory fees receivable |
||||||||
Receivable from affiliates |
||||||||
Deferred tax assets and taxes receivable (including taxes receivable of $ |
||||||||
Goodwill |
||||||||
Other assets (a) |
||||||||
Investments in government securities held in trust |
||||||||
Assets of discontinued operations (including receivable from affiliates of $ |
||||||||
Total assets |
$ |
$ |
||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
||||||||
Payable to brokers |
$ |
$ |
||||||
Income taxes payable |
||||||||
Compensation payable |
||||||||
Securities sold, not yet purchased (a) |
||||||||
Payable to affiliates |
||||||||
Accrued expenses and other liabilities (a) |
||||||||
Deferred underwriting fee payable |
||||||||
Liabilities of discontinued operations (including payable to affiliates $ |
||||||||
Total liabilities |
||||||||
Redeemable noncontrolling interests (a) |
||||||||
Equity: |
||||||||
Preferred stock, $ |
||||||||
Class A Common Stock, $ |
||||||||
Class B Common Stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) |
( |
) |
||||
Treasury stock, at cost ( |
( |
) |
( |
) |
||||
Total Associated Capital Group, Inc. equity |
||||||||
Noncontrolling interests (from discontinued operations in 2019) |
||||||||
Total equity |
||||||||
Total liabilities and equity |
$ |
$ |
||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues |
||||||||||||||||
Investment advisory and incentive fees |
$ |
$ |
$ |
$ |
||||||||||||
Other |
||||||||||||||||
Total revenues |
||||||||||||||||
Expenses |
||||||||||||||||
Compensation |
||||||||||||||||
Other operating expenses |
||||||||||||||||
Total expenses |
||||||||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Other income (expense) |
||||||||||||||||
Net gain/(loss) from investments |
( |
) |
||||||||||||||
Interest and dividend income |
||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Shareholder-designated contribution |
( |
) |
( |
) |
||||||||||||
Total other income (expense), net |
( |
) |
||||||||||||||
Income/(loss) before income taxes |
( |
) |
||||||||||||||
Income tax expense/(benefit) |
( |
) |
||||||||||||||
Income/(loss) from continuing operations before noncontrolling interests |
( |
) |
||||||||||||||
Income/(loss) attributable to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Income/(loss) from continuing operations |
( |
) |
||||||||||||||
Income/(loss) from discontinued operations, net of taxes and noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share: |
||||||||||||||||
Basic- Continuing operations |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Basic - Discontinued operations |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Basis - Total |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Diluted- Continuing operations |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Diluted - Discontinued operations |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Diluted - Total |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
||||||||||||||||
Diluted |
||||||||||||||||
Actual shares outstanding - end of period |
||||||||||||||||
Dividends declared: |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net income/(loss) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Comprehensive income/(loss) attributable to Associated Capital Group, Inc. |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Associated Capital Group, Inc. shareholders |
||||||||||||||||||||||||||||
Common Stock |
Accumulated Deficit |
Additional Paid-in Capital |
Treasury Stock |
Noncontrolling Interest |
Total |
Redeemable Noncontrolling Interests |
||||||||||||||||||||||
Balance at December 31, 2019 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||
Redemptions of noncontrolling interests |
( |
) |
||||||||||||||||||||||||||
Net loss |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Purchase of treasury stock |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance at March 31, 2020 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||
Redemptions of noncontrolling interests |
( |
) |
||||||||||||||||||||||||||
Net income/(loss) |
( |
) |
||||||||||||||||||||||||||
Dividends declared ($ |
- |
( |
) |
- |
( |
) |
||||||||||||||||||||||
Purchase of treasury stock |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance at June 30, 2020 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||
Contributions from redeemable noncontrolling interests (1) |
||||||||||||||||||||||||||||
Spin-off of MGHL |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
PMV Sponsor members' interest |
||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Purchase of treasury stock |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance at September 30, 2020 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||
Associated Capital Group, Inc. shareholders |
||||||||||||||||||||||||
Common Stock |
Accumulated Deficit |
Additional Paid-in Capital |
Treasury Stock |
Total |
Redeemable Noncontrolling Interests |
|||||||||||||||||||
Balance at December 31, 2018 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
Redemptions of noncontrolling interests |
( |
) |
||||||||||||||||||||||
Net income |
||||||||||||||||||||||||
Purchase of treasury stock |
( |
) |
( |
) |
||||||||||||||||||||
Balance at March 31, 2019 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
Redemptions of noncontrolling interests |
( |
) |
||||||||||||||||||||||
Net income |
( |
) |
( |
) |
||||||||||||||||||||
Dividends declared ($ |
- |
- |
( |
) |
- |
( |
) |
- |
||||||||||||||||
Purchase of treasury stock |
( |
) |
( |
) |
||||||||||||||||||||
Balance at June 30, 2019 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
Redemptions of noncontrolling interests |
||||||||||||||||||||||||
Net income |
( |
) |
||||||||||||||||||||||
Purchase of treasury stock |
( |
) |
( |
) |
||||||||||||||||||||
Balance at September 30, 2019 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
Nine Months Ended September 30, |
||||||||
2020 |
2019 |
|||||||
Operating activities |
||||||||
Net income (loss) |
$ |
( |
) |
$ |
||||
Loss from discontinued operations, net of taxes |
||||||||
Loss from continuing operations |
( |
) |
||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
from continuing activities |
||||||||
Equity in net (gains) losses from partnerships |
( |
) |
( |
) |
||||
Deferred income taxes |
( |
) |
||||||
Depreciation and amortization |
||||||||
Donated securities |
||||||||
Unrealized (gains) losses on securities |
( |
) |
||||||
Realized gains (losses) on sales of securities |
( |
) |
||||||
(Increase) decrease in assets: |
||||||||
Investments in trading securities |
( |
) |
( |
) |
||||
Investments in partnerships: |
||||||||
Contributions to partnerships |
( |
) |
( |
) |
||||
Distributions from partnerships |
||||||||
Receivable from affiliates |
||||||||
Receivable from brokers |
||||||||
Investment advisory fees receivable |
||||||||
Income taxes receivable |
( |
) |
||||||
Other assets |
||||||||
Increase (decrease) in liabilities: |
||||||||
Payable to brokers |
( |
) |
||||||
Income taxes payable |
( |
) |
||||||
Payable to affiliates |
||||||||
Compensation payable |
( |
) |
||||||
Accrued expenses and other liabilities |
( |
) |
||||||
Total adjustments |
( |
) |
( |
) |
||||
Net cash used in operating activities |
$ |
( |
) |
$ |
( |
) |
||
Nine Months Ended September 30, |
||||||||
2020 |
2019 |
|||||||
Investing activities |
||||||||
Purchases of securities |
$ |
( |
) |
$ |
( |
) |
||
Proceeds from sales of securities |
||||||||
Return of capital on securities |
||||||||
Purchase of building |
( |
) |
( |
) |
||||
Investment of cash in Trust Account |
( |
) |
||||||
Net cash used in investing activities |
( |
) |
( |
) |
||||
Financing activities |
||||||||
Contributions from redeemable noncontrolling interests |
||||||||
Redemptions of redeemable noncontrolling interests |
( |
) |
||||||
Dividends paid |
( |
) |
( |
) |
||||
Purchase of treasury stock |
( |
) |
( |
) |
||||
Contributions from nonredeemable noncontrolling interests |
||||||||
Proceeds from promissory note from Executive Chairman |
||||||||
Repayment of promissory note to Executive Chairman |
( |
) |
||||||
Net cash used in financing activities |
( |
) |
||||||
Cash flows of discontinued operations |
||||||||
Net cash provided by (used in) operating activities |
( |
) |
||||||
Net decrease in cash and cash equivalents |
( |
) |
( |
) |
||||
Cash and cash equivalents at beginning of period |
||||||||
Cash and cash equivalents at end of period |
$ |
$ |
||||||
Supplemental disclosures of cash flow information: |
||||||||
Cash paid for interest |
$ |
$ |
||||||
Cash paid for taxes |
$ |
$ |
||||||
Non-cash activity: |
||||||||
- On September 21, 2020 a deferred underwriting fee of $ |
||||||||
a. |
Asset-based advisory fees – The Company receives a management fee, payable monthly in advance based on value of the net assets of the client. It is generally set at a rate of |
b. |
Performance-based advisory fees – Certain client contracts call for additional fees and or allocations of income tied to a certain percentage, generally |
c. |
Sub-advisory fees – Pursuant to agreements with other investment advisors, the Company receives a percentage of advisory fees received by such advisors from certain of their investment fund clients. These fees may be either asset- or performance-based. In addition, they may be subject to reduction by certain expenses as set forth in the respective agreements. Sub-advisory fee revenue which is asset-based is recognized ratably as the services are performed over the relevant contractual performance period. Sub-advisory fee revenue which is performance-based is recognized only when it becomes fixed and not subject to adjustment. |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Investment advisory and incentive fees |
||||||||||||||||
Asset-based advisory fees |
$ |
$ |
$ |
$ |
||||||||||||
Performance-based advisory fees |
||||||||||||||||
Sub-advisory fees |
||||||||||||||||
Other |
||||||||||||||||
Miscellaneous |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
September 30, 2020 |
December 31, 2019 |
|||||||||||||||
Cost |
Fair Value |
Cost |
Fair Value |
|||||||||||||
Trading Securities |
||||||||||||||||
Government securities |
$ |
$ |
$ |
$ |
||||||||||||
Total investments in debt securities |
$ |
$ |
$ |
$ |
||||||||||||
September 30, 2020 |
December 31, 2019 |
|||||||||||||||
Cost |
Fair Value |
Cost |
Fair Value |
|||||||||||||
Equity Securities |
||||||||||||||||
Common stocks |
$ |
$ |
$ |
$ |
||||||||||||
Mutual funds |
||||||||||||||||
Other investments |
||||||||||||||||
Total investments in securities |
$ |
$ |
$ |
$ |
||||||||||||
September 30, 2020 |
December 31, 2019 |
|||||||||||||||
Proceeds |
Fair Value |
Proceeds |
Fair Value |
|||||||||||||
Equity securities |
||||||||||||||||
Common stocks |
$ |
$ |
$ |
$ |
||||||||||||
Other investments |
||||||||||||||||
Total securities sold, not yet purchased |
$ |
$ |
$ |
$ |
||||||||||||
September 30, 2020 |
December 31, 2019 |
|||||||||||||||
Cost |
Fair Value |
Cost |
Fair Value |
|||||||||||||
Equity securities |
||||||||||||||||
Closed-end funds |
$ |
$ |
$ |
$ |
||||||||||||
Mutual funds |
||||||||||||||||
Total investments in affiliated registered investment companies |
$ |
$ |
$ |
$ |
||||||||||||
Asset Derivatives |
Liability Derivatives |
|||||||||||||||
Statement of |
Fair Value |
Statement of |
Fair Value |
|||||||||||||
Financial Condition |
September 30, |
December 31, |
Financial Condition |
September 30, |
December 31, |
|||||||||||
Location |
2020 |
2020 |
Location |
2020 |
2019 |
|||||||||||
Derivatives designated as hedging |
||||||||||||||||
instruments under FASB ASC 815-20 |
||||||||||||||||
Foreign exchange contracts |
Receivable from brokers |
$ |
$ |
Payable to brokers |
$ |
$ |
||||||||||
Derivatives not designated as hedging |
||||||||||||||||
instruments under FASB ASC 815-20 |
||||||||||||||||
Equity contracts |
||||||||||||||||
Investments in securities |
$ |
$ |
Securities sold, not yet purchased |
$ |
$ |
|||||||||||
Total derivatives |
$ |
$ |
$ |
$ |
||||||||||||
Type of Derivative |
Income Statement Location |
Three Months ended September 30, |
Nine Months ended September 30, |
||||||||||||||
2020 |
2019 |
2020 |
2019 |
||||||||||||||
Foreign exchange contracts |
Net gain/(loss) from investments |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
|||||||
Equity contracts |
Net gain/(loss) from investments |
( |
) |
( |
) |
||||||||||||
Total |
$ |
$ |
$ |
( |
) |
$ |
$( |
) |
|||||||||
Gross Amounts Not Offset in the Statements of Financial Condition |
||||||||||||||||||||||||
Gross Amounts of Recognized Assets |
Gross Amounts Offset in the Statements of Financial Condition |
Net Amounts of Assets Presented in the Statements of Financial Condition |
Financial Instruments |
Cash Collateral Received |
Net Amount |
|||||||||||||||||||
Swaps: |
(In thousands) |
|||||||||||||||||||||||
September 30, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||||
December 31, 2019 |
( |
) |
||||||||||||||||||||||
Gross Amounts Not Offset in the Statements of Financial Condition |
||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities |
Gross Amounts Offset in the Statements of Financial Condition |
Net Amounts of Liabilities Presented in the Statements of Financial Condition |
Financial Instruments |
Cash Collateral Pledged |
Net Amount |
|||||||||||||||||||
Swaps: |
(In thousands) |
|||||||||||||||||||||||
September 30, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||||
December 31, 2019 |
( |
) |
||||||||||||||||||||||
September 30, 2020 |
||||||||||||
Prior to Consolidation |
Consolidated Entities |
As Reported |
||||||||||
Assets |
||||||||||||
Cash and cash equivalents |
$ |
$ |
$ |
|||||||||
Investments in government securities |
||||||||||||
Investments in equity securities (including GBL stock) |
||||||||||||
Investments in affiliated investment companies |
( |
) |
||||||||||
Investments in partnerships |
( |
) |
||||||||||
Receivable from brokers |
||||||||||||
Investment advisory fees receivable |
( |
) |
||||||||||
Other assets |
( |
) |
||||||||||
Investments in government securities held in trust |
||||||||||||
Total assets |
$ |
$ |
$ |
|||||||||
Liabilities and equity |
||||||||||||
Securities sold, not yet purchased |
$ |
$ |
$ |
|||||||||
Accrued expenses and other liabilities |
||||||||||||
Redeemable noncontrolling interests |
||||||||||||
Total equity |
||||||||||||
Total liabilities and equity |
$ |
$ |
$ |
|||||||||
December 31, 2019 |
||||||||||||
Prior to Consolidation |
Consolidated Entities |
As Reported |
||||||||||
Assets |
||||||||||||
Cash and cash equivalents |
$ |
$ |
$ |
|||||||||
Investments in government securities |
||||||||||||
Investments in equity securities (including GBL stock) |
||||||||||||
Investments in affiliated investment companies |
( |
) |
||||||||||
Investments in partnerships |
( |
) |
||||||||||
Receivable from brokers |
||||||||||||
Investment advisory fees receivable |
( |
) |
||||||||||
Other assets |
||||||||||||
Assets of discontinued operations |
||||||||||||
Total assets |
$ |
$ |
$ |
|||||||||
Liabilities and equity |
||||||||||||
Securities sold, not yet purchased |
$ |
$ |
$ |
|||||||||
Accrued expenses and other liabilities |
||||||||||||
Liabilities of discontinued operations |
||||||||||||
Redeemable noncontrolling interests |
||||||||||||
Total equity |
||||||||||||
Total liabilities and equity |
$ |
$ |
$ |
|||||||||
Three Months Ended September 30, 2020 |
||||||||||||
Prior to Consolidation |
Consolidated Entities |
As Reported |
||||||||||
Total revenues |
$ |
$ |
( |
) |
$ |
|||||||
Total expenses |
||||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
||||||
Total other income, net |
||||||||||||
Income before income taxes |
||||||||||||
Income tax expense |
||||||||||||
Income before NCI |
||||||||||||
Income/(loss) attributable to NCI |
( |
) |
||||||||||
Income from continuing operations |
||||||||||||
Loss from discontinued operations, net of taxes |
( |
) |
( |
) |
||||||||
Net income |
$ |
$ |
$ |
|||||||||
Three Months Ended September 30, 2019 |
||||||||||||
Prior to Consolidation |
Consolidated Entities |
As Reported |
||||||||||
Total revenues |
$ |
$ |
( |
) |
$ |
|||||||
Total expenses |
( |
) |
||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
||||||
Total other income, net |
( |
) |
||||||||||
Income before income taxes |
( |
) |
||||||||||
Income tax expense |
||||||||||||
Net income before NCI |
( |
) |
||||||||||
Net income/(loss) attributable to NCI |
( |
) |
( |
) |
||||||||
Income from continuing operations |
||||||||||||
Loss from discontinued operations, net of taxes |
( |
) |
( |
) |
||||||||
Net income |
$ |
$ |
$ |
|||||||||
Nine Months Ended September 30, 2020 |
||||||||||||
Prior to Consolidation |
Consolidated Entities |
As Reported |
||||||||||
Total revenues |
$ |
$ |
$ |
|||||||||
Total expenses |
||||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
||||||
Total other income/(expense), net |
( |
) |
( |
) |
||||||||
Loss before income taxes |
( |
) |
( |
) |
( |
) |
||||||
Income tax benefit |
( |
) |
( |
) |
||||||||
Net loss before NCI |
( |
) |
( |
) |
( |
) |
||||||
Net loss attributable to NCI |
( |
) |
( |
) |
( |
) |
||||||
Loss from continuing operations |
( |
) |
( |
) |
||||||||
Loss from discontinued operations, net of taxes |
( |
) |
( |
) |
||||||||
Net loss |
$ |
( |
) |
$ |
$ |
( |
) |
|||||
Nine Months Ended September 30, 2019 |
||||||||||||
Prior to Consolidation |
Consolidated Entities |
As Reported |
||||||||||
Total revenues |
$ |
$ |
( |
) |
$ |
|||||||
Total expenses |
||||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
||||||
Total other income, net |
||||||||||||
Income before income taxes |
||||||||||||
Income tax expense |
||||||||||||
Net income before NCI |
||||||||||||
Net income/(loss) attributable to NCI |
||||||||||||
Income from continuing operations |
||||||||||||
Loss from discontinued operations, net of taxes |
( |
) |
( |
) |
||||||||
Net income |
$ |
$ |
$ |
|||||||||
September 30, 2020 |
December 31, 2019 |
|||||||
Cash and cash equivalents |
$ |
$ |
||||||
Investments in securities (1) |
||||||||
Receivable from brokers |
||||||||
Investments in partnerships and affiliates |
||||||||
Accrued expenses and other liabilities |
( |
) |
( |
) |
||||
Nonredeemable noncontrolling interests |
( |
) |
||||||
Redeemable noncontrolling interests |
( |
) |
( |
) |
||||
AC Group’s net interests in consolidated VIEs |
$ |
$ |
||||||
September 30, 2020 |
December 31, 2019 |
|||||||
Cash and cash equivalents |
$ |
$ |
||||||
Investments in securities |
||||||||
Receivable from brokers |
||||||||
Investments in government securities held in trust |
||||||||
Other assets |
||||||||
Securities sold, not yet purchased |
( |
) |
( |
) |
||||
Accrued expenses and other liabilities |
( |
) |
( |
) |
||||
Redeemable noncontrolling interests |
( |
) |
( |
) |
||||
AC Group’s net interests in consolidated VOEs |
$ |
$ |
||||||
September 30, 2020 |
||||||||||||||||
Assets |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
||||||||||||
Cash equivalents |
$ |
$ |
$ |
$ |
||||||||||||
Investments in government securities: |
||||||||||||||||
Trading - Gov’t securities |
||||||||||||||||
Total investments in government securities |
||||||||||||||||
Investments in equity securities (including GBL stock): |
||||||||||||||||
Common stocks |
||||||||||||||||
Mutual funds |
||||||||||||||||
Other |
||||||||||||||||
Total investments in equity securities |
||||||||||||||||
Investments in affiliated registered investment companies: |
||||||||||||||||
Closed-end funds |
||||||||||||||||
Mutual funds |
||||||||||||||||
Total investments in affiliated registered investment companies |
||||||||||||||||
Total investments held at fair value |
||||||||||||||||
Total assets at fair value |
$ |
$ |
$ |
$ |
||||||||||||
Liabilities |
||||||||||||||||
Common stocks |
$ |
$ |
$ |
$ |
||||||||||||
Other |
||||||||||||||||
Securities sold, not yet purchased |
$ |
$ |
$ |
$ |
||||||||||||
December 31, 2019 |
||||||||||||||||
Assets |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
||||||||||||
Cash equivalents |
$ |
$ |
$ |
$ |
||||||||||||
Investments in government securities: |
||||||||||||||||
Trading - Gov’t securities |
||||||||||||||||
Total investments in government securities |
||||||||||||||||
Investments in equity securities (including GBL stock): |
||||||||||||||||
Common stocks |
||||||||||||||||
Mutual funds |
||||||||||||||||
Other |
||||||||||||||||
Total investments in equity securities |
||||||||||||||||
Investments in affiliated registered investment companies: |
||||||||||||||||
Closed-end funds |
||||||||||||||||
Mutual funds |
||||||||||||||||
Total investments in affiliated registered investment companies |
||||||||||||||||
Total investments held at fair value |
||||||||||||||||
Total assets at fair value |
$ |
$ |
$ |
$ |
||||||||||||
Liabilities |
||||||||||||||||
Common stocks |
$ |
$ |
$ |
$ |
||||||||||||
Other |
||||||||||||||||
Securities sold, not yet purchased |
$ |
$ |
$ |
$ |
||||||||||||
Three months ended September 30, 2020 |
Three months ended September 30, 2019 |
|||||||||||||||||||||||
Common Stocks |
Other |
Total |
Common Stocks |
Other |
Total |
|||||||||||||||||||
Beginning balance |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Total gains/(losses) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Purchases |
||||||||||||||||||||||||
Sales |
||||||||||||||||||||||||
Transfers |
||||||||||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||||||||
Nine months ended September 30, 2020 |
Nine months ended September 30, 2019 |
|||||||||||||||||||||||
Common Stocks |
Other |
Total |
Common Stocks |
Other |
Total |
|||||||||||||||||||
Beginning balance |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Consolidated fund |
||||||||||||||||||||||||
Total gains/(losses) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Purchases |
||||||||||||||||||||||||
Sales |
( |
) |
( |
) |
||||||||||||||||||||
Transfers |
||||||||||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||
Three Months Ending September 30, |
||||||||
(In thousands, except per share amounts) |
2020 |
2019 |
||||||
Basic: |
||||||||
Income from continuing operations |
$ |
$ |
||||||
Loss from discontinued operations, net of taxes |
( |
) |
( |
) |
||||
Net income attributable to Associated Capital Group, Inc.’s shareholders |
$ |
$ |
||||||
Weighted average shares outstanding |
||||||||
Basic net income per share attributable to Associated Capital Group, Inc.’s shareholders: |
||||||||
Continuing operations |
$ |
$ |
||||||
Discontinued operations |
( |
) |
( |
) |
||||
Total |
$ |
$ |
||||||
Diluted: |
||||||||
Income from continuing operations |
$ |
$ |
||||||
Loss from discontinued operations, net of taxes |
( |
) |
( |
) |
||||
Net income attributable to Associated Capital Group, Inc.’s shareholders |
$ |
$ |
||||||
Weighted average share outstanding |
||||||||
Diluted net income per share attributable to Associated Capital Group, Inc.'s shareholders: |
||||||||
Continuing operations |
$ |
$ |
||||||
Discontinued operations |
( |
) |
( |
) |
||||
Total |
$ |
$ |
||||||
Nine Months Ending September 30, |
||||||||
(In thousands, except per share amounts) |
2020 |
2019 |
||||||
Basic: |
||||||||
Income/(loss) from continuing operations |
$ |
( |
) |
$ |
||||
Loss from discontinued operations, net of taxes |
( |
) |
( |
) |
||||
Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders |
$ |
( |
) |
$ |
||||
Weighted average shares outstanding |
||||||||
Basic net income per share attributable to Associated Capital Group, Inc.’s shareholders: |
||||||||
Continuing operations |
$ |
( |
) |
$ |
||||
Discontinued operations |
( |
) |
( |
) |
||||
Total |
$ |
( |
) |
$ |
||||
Diluted: |
||||||||
Income from continuing operations |
$ |
( |
) |
$ |
||||
Income/(loss) from discontinued operations, net of taxes |
( |
) |
( |
) |
||||
Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders |
$ |
( |
) |
$ |
||||
Weighted average share outstanding |
||||||||
Diluted net income per share attributable to Associated Capital Group, Inc.'s shareholders: |
||||||||
Continuing operations |
$ |
( |
) |
$ |
||||
Discontinued operations |
( |
) |
( |
) |
||||
Total |
$ |
( |
) |
$ |
||||
| H. | Stockholders’ Equity |
| I. | Goodwill and Identifiable Intangible Assets |
| J. | Commitments and Contingencies |
| K. | Discontinued Operations |
Three Months Ended September 30, (1) |
Nine Months Ended September 30, (1) |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues |
||||||||||||||||
Institutional research services |
$ |
$ |
$ |
$ |
||||||||||||
Other |
||||||||||||||||
Total revenues |
||||||||||||||||
Expenses |
||||||||||||||||
Compensation |
||||||||||||||||
Other operating expenses |
||||||||||||||||
Total expenses |
||||||||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Other income (expense) |
||||||||||||||||
Net loss from investments |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Interest and dividend income |
||||||||||||||||
Total other income (expense), net |
( |
) |
||||||||||||||
Income/(loss) from discontinued operations before income taxes |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Income tax provision/(benefit) |
( |
) |
( |
) |
( |
) |
||||||||||
Income/(loss) from discontinued operations, net of taxes |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income/(loss) attributable to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Net income/(loss) attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
December 31, 2019 |
||||
Cash and cash equivalents |
$ |
|||
Receivable from brokers |
||||
Receivable from affiliates |
||||
Deferred tax assets |
||||
Other assets |
||||
Total assets of discontinued operations |
||||
Income taxes payable |
||||
Compensation payable |
||||
Accrued expenses and other liabilities |
||||
Total liabilities of discontinued operations |
||||
Noncontrolling interests from discontinued operations |
||||
Net assets of discontinued operations |
$ |
|||
Decrease in additional paid-in capital |
$ |
( |
) |
|
Decrease in noncontrolling interest |
( |
) |
||
Total |
$ |
( |
) |
| L. | Subsequent Events |
| ITEM 2: | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (INCLUDING QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK) (“MD&A”) |
(in thousands, except per share data) |
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues |
||||||||||||||||
Investment advisory and incentive fees |
$ |
1,865 |
$ |
2,753 |
$ |
6,424 |
$ |
8,199 |
||||||||
Other |
80 |
1 |
550 |
12 |
||||||||||||
Total revenues |
1,945 |
2,754 |
6,974 |
8,211 |
||||||||||||
Expenses |
||||||||||||||||
Compensation |
3,026 |
3,071 |
8,405 |
10,287 |
||||||||||||
Other operating expenses |
2,471 |
2,276 |
6,422 |
9,072 |
||||||||||||
Total expenses |
5,497 |
5,347 |
14,827 |
19,359 |
||||||||||||
Operating loss |
(3,552 |
) |
(2,593 |
) |
(7,853 |
) |
(11,148 |
) |
||||||||
Other income/(expense) |
||||||||||||||||
Net gain/(loss) from investments |
15,603 |
7,613 |
(34,770 |
) |
42,358 |
|||||||||||
Interest and dividend income |
1,218 |
2,581 |
4,675 |
9,541 |
||||||||||||
Interest expense |
(32 |
) |
(70 |
) |
(146 |
) |
(148 |
) |
||||||||
Shareholder-designated contribution |
(2,782 |
) |
- |
(3,007 |
) |
- |
||||||||||
Total other income/(expense), net |
14,007 |
10,124 |
(33,248 |
) |
51,751 |
|||||||||||
Income/(loss) before income taxes |
10,455 |
7,531 |
(41,101 |
) |
40,603 |
|||||||||||
Income tax expense/(benefit) |
3,564 |
1,638 |
(8,858 |
) |
8,064 |
|||||||||||
Income/(loss) before noncontroling interests |
6,891 |
5,893 |
(32,243 |
) |
32,539 |
|||||||||||
Income/(loss) attributable to noncontrolling interests |
937 |
(359 |
) |
(572 |
) |
2,232 |
||||||||||
Income/(loss from continuing operations |
5,954 |
6,252 |
(31,671 |
) |
30,307 |
|||||||||||
Income/(loss) from discontinued operations, net of taxes |
(139 |
) |
(301 |
) |
(632 |
) |
(2,141 |
) |
||||||||
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders |
$ |
5,815 |
$ |
5,951 |
$ |
(32,303 |
) |
$ |
28,166 |
|||||||
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share: |
||||||||||||||||
Basic- Continuing operations |
$ |
0.27 |
$ |
0.27 |
$ |
(1.41 |
) |
$ |
1.34 |
|||||||
Basic - Discontinued operations |
(0.01 |
) |
(0.01 |
) |
(0.03 |
) |
(0.09 |
) |
||||||||
Basis - Total |
$ |
0.26 |
$ |
0.26 |
$ |
(1.44 |
) |
$ |
1.25 |
|||||||
Diluted- Continuing operations |
$ |
0.27 |
$ |
0.27 |
$ |
(1.41 |
) |
$ |
1.34 |
|||||||
Diluted - Discontinued operations |
(0.01 |
) |
(0.01 |
) |
(0.03 |
) |
(0.09 |
) |
||||||||
Diluted - Total |
$ |
0.26 |
$ |
0.26 |
$ |
(1.44 |
) |
$ |
1.25 |
|||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
22,354 |
22,514 |
22,391 |
22,550 |
||||||||||||
Diluted |
22,354 |
22,514 |
22,391 |
22,550 |
||||||||||||
Actual shares outstanding - end of period |
22,333 |
22,496 |
22,333 |
22,496 |
||||||||||||
% Change From |
||||||||||||||||||||
September 30, 2020 |
December 31, 2019 |
September 30, 2019 |
December 31, 2019 |
September 30, 2019 |
||||||||||||||||
Event Merger Arbitrage |
$ |
1,091 |
$ |
1,525 |
$ |
1,466 |
(28.5 |
) |
(25.6 |
) |
||||||||||
Event-Driven Value |
105 |
132 |
128 |
(20.5 |
) |
(18.0 |
) |
|||||||||||||
Other |
55 |
59 |
57 |
(6.8 |
) |
(3.5 |
) |
|||||||||||||
Total AUM |
$ |
1,251 |
$ |
1,716 |
$ |
1,651 |
(27.1 |
) |
(24.2 |
) |
||||||||||
June 30, 2020 |
Market appreciation/ (depreciation) |
Net cash flows |
September 30, 2020 |
|||||||||||||
Event Merger Arbitrage |
$ |
1,147 |
$ |
46 |
$ |
(102 |
) |
$ |
1,091 |
|||||||
Event-Driven Value |
104 |
2 |
(1 |
) |
105 |
|||||||||||
Other |
54 |
2 |
(1 |
) |
55 |
|||||||||||
Total AUM |
$ |
1,305 |
$ |
50 |
$ |
(104 |
) |
$ |
1,251 |
|||||||
Nine months ended September 30, |
||||||||
2020 |
2019 |
|||||||
Cash flows provided by (used in) from continuing operations: |
||||||||
Operating activities |
$ |
(272,203 |
) |
$ |
(42,321 |
) |
||
Investing activities |
(176,792 |
) |
(3,591 |
) |
||||
Financing activities |
154,211 |
(10,211 |
) |
|||||
Net decrease from continuing operations |
(294,784 |
) |
(56,123 |
) |
||||
Cash flows provided by (used in) discontinued operations |
||||||||
Operating activities |
114 |
(2,507 |
) |
|||||
Net decrese in cash and cash equivalents |
(294,670 |
) |
(58,630 |
) |
||||
Cash and cash equivalents at beginning of period |
342,001 |
398,363 |
||||||
Cash and cash equivalents at end of period |
$ |
47,331 |
$ |
339,733 |
||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
| Item 4. | Controls and Procedures |
| • | the adverse effect from a decline in the securities markets |
| • | a decline in the performance of our products |
| • | a general downturn in the economy |
| • | changes in government policy or regulation |
| • | changes in our ability to attract or retain key employees |
| • | unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations |
| Part II: | Other Information |
| Item 1. | Legal Proceedings |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period |
Total Number of Shares Repurchased |
Average Price Paid Per Share, net of Commissions |
Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs |
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs |
|||||||||||||
07/01/20 - 07/31/20 |
804 |
$ |
35.94 |
804 |
980,804 |
||||||||||||
08/01/20 - 08/31/20 |
8,607 |
38.11 |
8,607 |
972,197 |
|||||||||||||
09/01/20 - 09/30/20 |
20,326 |
36.62 |
(a) |
20,326 |
951,871 |
||||||||||||
Totals |
29,737 |
$ |
37.03 |
29,737 |
|||||||||||||
| Item 6. | (a) Exhibits |
Certification of CEO pursuant to Rule 13a-14(a). |
|
Certification of CAO pursuant to Rule 13a-14(a). |
|
Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
Certification of CAO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. |
|
101.INS |
XBRL Instance Document |
101.SCH |
XBRL Taxonomy Extension Schema Document |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Associated Capital Group, Inc.;
|
| 2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| 3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
income and cash flows of the registrant as of, and for, the periods presented in this report;
|
| 4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures as of the end of the period covered by this report; and
|
| d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
| 5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
|
| b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
By:
|
/s/ Douglas R. Jamieson
|
|
Name:
|
Douglas R. Jamieson
|
|
Title:
|
Chief Executive Officer
|
|
Date:
|
November 10, 2020
|
| 1. |
I have reviewed this quarterly report on Form 10-Q of Associated Capital Group, Inc.;
|
| 2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| 3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results
of income and cash flows of the registrant as of, and for, the periods presented in this report;
|
| 4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures as of the end of the period covered by this report; and
|
| d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
| 5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and
the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
|
| b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Kenneth D. Masiello
|
|
|
Name:
|
Kenneth D. Masiello
|
|
Title:
|
Chief Accounting Officer
|
|
Date:
|
November 10, 2020
|
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of income of the Company.
|
|
By:
|
/s/ Douglas R. Jamieson
|
|
Name:
|
Douglas R. Jamieson
|
|
Title:
|
Chief Executive Officer
|
|
Date:
|
November 10, 2020
|
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of income of the Company.
|
|
By:
|
/s/ Kenneth D. Masiello
|
|
Name:
|
Kenneth D. Masiello
|
|
Title:
|
Chief Accounting Officer
|
|
Date:
|
November 10, 2020
|
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| ASSETS | ||
| Investment in GBL stock | $ 34,000,000.0 | $ 57,200,000 |
| Taxes receivable | $ 2,132,000 | 0 |
| Discontinued operations, receivable from affiliates | 31,000 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Discontinued operations, payable to affiliates | $ 986,000 | |
| Equity: | ||
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, shares outstanding (in shares) | 22,333,000 | 22,500,000 |
| Treasury stock, shares outstanding (in shares) | 3,259,358 | 3,116,873 |
| Class A [Member] | ||
| Equity: | ||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
| Common stock, shares issued (in shares) | 6,629,254 | 6,569,254 |
| Common stock, shares outstanding (in shares) | 3,369,896 | 3,452,381 |
| Class B [Member] | ||
| Equity: | ||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
| Common stock, shares issued (in shares) | 19,196,792 | 19,196,792 |
| Common stock, shares outstanding (in shares) | 18,962,918 | 19,022,918 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Revenues | ||||
| Total revenues | $ 1,945 | $ 2,754 | $ 6,974 | $ 8,211 |
| Expenses | ||||
| Compensation | 3,026 | 3,071 | 8,405 | 10,287 |
| Other operating expenses | 2,471 | 2,276 | 6,422 | 9,072 |
| Total expenses | 5,497 | 5,347 | 14,827 | 19,359 |
| Operating loss | (3,552) | (2,593) | (7,853) | (11,148) |
| Other income (expense) | ||||
| Net gain/(loss) from investments | 15,603 | 7,613 | (34,770) | 42,358 |
| Interest and dividend income | 1,218 | 2,581 | 4,675 | 9,541 |
| Interest expense | (32) | (70) | (146) | (148) |
| Shareholder-designated contribution | (2,782) | 0 | (3,007) | 0 |
| Total other income (expense), net | 14,007 | 10,124 | (33,248) | 51,751 |
| Income/(loss) before income taxes | 10,455 | 7,531 | (41,101) | 40,603 |
| Income tax expense/(benefit) | 3,564 | 1,638 | (8,858) | 8,064 |
| Income/(loss) from continuing operations before noncontrolling interests | 6,891 | 5,893 | (32,243) | 32,539 |
| Income/(loss) attributable to noncontrolling interests | 937 | (359) | (572) | 2,232 |
| Income/(loss) from continuing operations | 5,954 | 6,252 | (31,671) | 30,307 |
| Income/(loss) from discontinued operations, net of taxes and noncontrolling interests | (139) | (301) | (632) | (2,141) |
| Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | $ 5,815 | $ 5,951 | $ (32,303) | $ 28,166 |
| Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share: | ||||
| Basic- Continuing operations (in dollars per share) | $ 0.27 | $ 0.27 | $ (1.41) | $ 1.34 |
| Basic - Discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.03) | (0.09) |
| Basis - Total (in dollars per share) | 0.26 | 0.26 | (1.44) | 1.25 |
| Diluted- Continuing operations (in dollars per share) | 0.27 | 0.27 | (1.41) | 1.34 |
| Diluted - Discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.03) | (0.09) |
| Diluted - Total (in dollars per share) | $ 0.26 | $ 0.26 | $ (1.44) | $ 1.25 |
| Weighted average shares outstanding: | ||||
| Basic (in shares) | 22,354 | 22,514 | 22,391 | 22,550 |
| Diluted (in shares) | 22,354 | 22,514 | 22,391 | 22,550 |
| Actual shares outstanding - end of period (in shares) | 22,333 | 22,496 | 22,333 | 22,496 |
| Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
| Investment Advisory and Incentive Fees [Member] | ||||
| Revenues | ||||
| Total revenues | $ 1,865 | $ 2,753 | $ 6,424 | $ 8,199 |
| Other [Member] | ||||
| Revenues | ||||
| Total revenues | $ 80 | $ 1 | $ 550 | $ 12 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract] | ||||
| Net income/(loss) | $ 5,815 | $ 5,951 | $ (32,303) | $ 28,166 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 937 | (359) | (572) | 2,232 |
| Comprehensive income/(loss) attributable to Associated Capital Group, Inc. | $ 4,878 | $ 6,310 | $ (31,731) | $ 25,934 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED - USD ($) $ in Thousands |
Common Stock [Member] |
Accumulated Deficit [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock [Member] |
Noncontrolling Interest [Member] |
Total |
Redeemable Noncontrolling Interests [Member] |
||
|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2018 | $ 25 | $ (39,889) | $ 1,008,319 | $ (102,207) | $ 866,248 | $ 49,800 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Redemptions of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (526) | |||
| Net income/(loss) | 0 | 23,147 | 0 | 0 | 23,147 | 1,507 | |||
| Purchase of treasury stock | 0 | 0 | 0 | (391) | (391) | 0 | |||
| Balance at Mar. 31, 2019 | 25 | (16,742) | 1,008,319 | (102,598) | 889,004 | 50,781 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Redemptions of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (2,197) | |||
| Net income/(loss) | 0 | (932) | 0 | 0 | (932) | 1,084 | |||
| Dividends declared | (2,254) | (2,254) | |||||||
| Purchase of treasury stock | 0 | 0 | 0 | (1,630) | (1,630) | 0 | |||
| Balance at Jun. 30, 2019 | 25 | (17,674) | 1,006,065 | (104,228) | 884,188 | 49,668 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Redemptions of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 390 | |||
| Net income/(loss) | 0 | 5,951 | 0 | 0 | 5,951 | (359) | |||
| Purchase of treasury stock | 0 | 0 | 0 | (1,342) | (1,342) | 0 | |||
| Balance at Sep. 30, 2019 | 25 | (11,723) | 1,006,065 | (105,570) | 888,797 | 49,699 | |||
| Balance at Dec. 31, 2019 | 25 | (701) | 1,003,450 | (106,342) | $ 1,003 | 897,435 | 50,385 | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Redemptions of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (531) | ||
| Net income/(loss) | 0 | (73,355) | 0 | 0 | (52) | (73,407) | (3,945) | ||
| Purchase of treasury stock | 0 | 0 | 0 | (3,225) | 0 | (3,225) | 0 | ||
| Balance at Mar. 31, 2020 | 25 | (74,056) | 1,003,450 | (109,567) | 951 | 820,803 | 45,909 | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Redemptions of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,167) | ||
| Net income/(loss) | 0 | 35,237 | 0 | 0 | (48) | 35,189 | 2,436 | ||
| Dividends declared | (2,237) | 0 | 0 | (2,237) | 0 | ||||
| Purchase of treasury stock | 0 | 0 | 0 | (1,068) | 0 | (1,068) | 0 | ||
| Balance at Jun. 30, 2020 | 25 | (41,056) | 1,003,450 | (110,635) | 903 | 852,687 | 47,178 | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Contributions from redeemable noncontrolling interests | [1] | 0 | 0 | 0 | 0 | 0 | 0 | 156,049 | |
| Spin-off of MGHL | 0 | 0 | (4,403) | 0 | (903) | (5,306) | 0 | ||
| PMV Sponsor members' interest | 0 | 0 | 0 | 0 | 2,072 | 2,072 | 0 | ||
| Net income/(loss) | 0 | 5,815 | 0 | 0 | 0 | 5,815 | 937 | ||
| Purchase of treasury stock | 0 | 0 | 0 | (1,101) | 0 | (1,101) | 0 | ||
| Balance at Sep. 30, 2020 | $ 25 | $ (35,241) | $ 999,047 | $ (111,736) | $ 2,072 | $ 854,167 | $ 204,164 | ||
| |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands |
9 Months Ended | ||||
|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
||||
| Operating activities | |||||
| Net income (loss) | $ (32,875) | $ 30,398 | |||
| Loss from discontinued operations, net of taxes | 632 | 2,141 | |||
| Loss from continuing operations | (32,243) | 32,539 | |||
| from continuing activities | |||||
| Equity in net (gains) losses from partnerships | (4,316) | (5,029) | |||
| Deferred income taxes | (5,923) | 4,739 | |||
| Depreciation and amortization | 40 | 10 | |||
| Donated securities | 441 | 1,875 | |||
| Unrealized (gains) losses on securities | 37,511 | (18,450) | |||
| Realized gains (losses) on sales of securities | 1,017 | (220) | |||
| (Increase) decrease in assets: | |||||
| Investments in trading securities | (283,070) | (54,341) | |||
| Investments in partnerships: | |||||
| Contributions to partnerships | (4,229) | (22,671) | |||
| Distributions from partnerships | 24,841 | 2,772 | |||
| Receivable from affiliates | 3,600 | 688 | |||
| Receivable from brokers | 2,077 | 856 | |||
| Investment advisory fees receivable | 8,423 | 3,107 | |||
| Income taxes receivable | (2,207) | 8 | |||
| Other assets | 1,260 | 8,604 | |||
| Increase (decrease) in liabilities: | |||||
| Payable to brokers | (6,446) | 4,766 | |||
| Income taxes payable | (2,833) | 311 | |||
| Payable to affiliates | 122 | 176 | |||
| Compensation payable | (12,092) | 723 | |||
| Accrued expenses and other liabilities | 1,824 | (2,784) | |||
| Total adjustments | (239,960) | (74,860) | |||
| Net cash used in operating activities | (272,203) | (42,321) | |||
| Investing activities | |||||
| Purchases of securities | (434) | (1,366) | |||
| Proceeds from sales of securities | 8,406 | 2,699 | |||
| Return of capital on securities | 1,320 | 1,326 | |||
| Purchase of building | (11,084) | (6,250) | |||
| Investment of cash in Trust Account | (175,000) | 0 | |||
| Net cash used in investing activities | (176,792) | (3,591) | |||
| Financing activities | |||||
| Contributions from redeemable noncontrolling interests | 162,020 | 0 | |||
| Redemptions of redeemable noncontrolling interests | 0 | (2,333) | |||
| Dividends paid | (4,486) | (4,513) | |||
| Purchase of treasury stock | (5,395) | (3,363) | |||
| Contributions from nonredeemable noncontrolling interests | 2,072 | 0 | |||
| Proceeds from promissory note from Executive Chairman | 0 | 2,124 | |||
| Repayment of promissory note to Executive Chairman | 0 | (2,126) | |||
| Net cash used in financing activities | 154,211 | (10,211) | |||
| Cash flows of discontinued operations | |||||
| Net cash provided by (used in) operating activities | 114 | (2,507) | |||
| Net decrease in cash and cash equivalents | (294,670) | (58,630) | |||
| Cash and cash equivalents at beginning of period | 342,001 | [1] | 398,363 | ||
| Cash and cash equivalents at end of period | 47,331 | [1] | 339,733 | ||
| Supplemental disclosures of cash flow information: | |||||
| Cash paid for interest | 114 | 79 | |||
| Cash paid for taxes | $ 2,000 | $ 2,200 | |||
| |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Sep. 21, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Non-cash activity: | |||
| Deferred underwriting fee accrued | $ 6,125 | $ 6,100 | $ 0 |
Basis of Presentation and Significant Accounting Policies |
9 Months Ended |
|---|---|
Sep. 30, 2020 | |
| Basis of Presentation and Significant Accounting Policies [Abstract] | |
| Basis of Presentation and Significant Accounting Policies |
A. Basis of Presentation and Significant Accounting Policies
Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.,” “AC Group,” “the Company,” “AC,” “we,” “us” and “our” or similar terms are to Associated Capital Group, Inc., its predecessors and its subsidiaries.
Organization
We are a Delaware corporation that provides alternative investment management services. In addition, we derive investment income/(loss) from proprietary trading of cash and other assets awaiting deployment in our operating business.
We conduct our investment management activities through our wholly-owned subsidiary Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The business earns management and incentive fees from its advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.
We may make direct investments in operating businesses using a variety of techniques and structures. We added Gabelli Special Purpose Acquisition Vehicles (“SPAC”) in 2018. Gabelli Value for Italy (VALU), our initial vehicle launched and listed on the Italian Borsa, approached its second anniversary at the apex of the pandemic in Italy. In light of this challenge, the board voted to commence liquidation which was completed on July 8, 2020. The VALU effort successfully canvassed private company opportunities in Italy, with deal flow expanding throughout Europe. We believe the platform is in place to further expand our direct investment efforts across the European continent.
A private company owns 84%of the economics and controls 97% of AC Group’s outstanding voting shares.
PMV Consumer Acquisition Corp.
On September 22, 2020, Associated Capital announced the $175 million initial public offering of its special purpose acquisition corporation, PMV Consumer Acquisition Corp. (NYSE:PMVC).
PMV Consumer Acquisition Corp. (“PMV”) was created to pursue an initial business combination following the consumer globally with companies having an enterprise valuation in the range of $200 million to $3.5 billion. PMV Consumer Acquisition Holding Company, LLC (“Sponsor”) was created to assist PMV in sourcing, analyzing and consummating acquisition opportunities for that initial business combination.
The Sponsor and PMV have been consolidated in the financial statements of AC as of September 30, 2020 because AC has a controlling financial interest in these entities. This resulted in total assets of $1.1 billion at September 30, 2020, inclusive of $177.7 million of assets, $6.6 million of liabilities and $155.0 million of redeemable noncontrolling interests and $2.1 million of noncontrolling interests relating to PMV and the Sponsor. In addition to PMV and the Sponsor, there are several other entities that are consolidated within the financial statements. The details to the impact of consolidating these entities on the condensed consolidated financial statements can be seen in Footnote D. Investment Partnerships and Other Entities
See footnote D for a further discussion of PMV Consumer Acquisition Corp. as well as their registration statement and Form 10Q as of September 30, 2020 both located on the U.S. Securities and Exchange Commission website https://www.sec.gov/edgar/searchedgar/companysearch.html under the symbol PMVC.
Associated Capital Group, Inc. Spin-Off
On November 30, 2015, GAMCO Investors, Inc. (“GAMCO” or “GBL”) distributed all the outstanding shares of each class of AC common stock on a pro rata one-for one basis to the holders of each class of GAMCO’s common stock (the “Spin-off”).
Morgan Group Holding Co. Merger and Spin-Off
On October 31, 2019, the Company closed on a transaction whereby Morgan Group Holding Co., (“Morgan Group”) a company that trades in the over the counter market under the symbol “MGHL” and is under common control of AC’s majority shareholder, acquired all of the Company’s interest in G.research for 50,000,000 shares of Morgan Group common stock. In addition, immediately prior to the closing, 5.15 million Morgan Group shares were issued under a private placement for $515,000. Subsequent to the transaction and private placement, the Company had an 83.3% ownership interest in Morgan Group and consolidated the entity, which includes G.research. The transaction has been accounted for pursuant to Accounting Standards Codification (“ASC”) 805-50, Transactions Between Entities Under Common Control. A common-control transaction is similar to a business combination, however, does not meet the definition of a business combination because there is no change in control over the entity by the parent.
On March 16, 2020, the Company announced that its Board of Directors approved the spin-off of Morgan Group to AC’s shareholders in which AC would distribute to its shareholders on a pro rata basis the 50,000,000 shares of Morgan Group that it owns upon close of the spin-off.
On May 5, 2020, the Morgan Group board approved a reverse stock split of the issued and outstanding shares of their common stock, par value $0.01 per share, in a ratio of 1‑for‑100 that was effective on June 10, 2020.
On August 5, 2020 the distribution of Morgan Group shares was completed to shareholders of record as of July 30, 2020. Based on the distribution ratio, on the distribution date, AC stockholders of record as of 5:00 pm, New York City time, on the record date, received approximately. 0.022356 shares of Morgan Group common stock for each share of AC common stock they held on the record date.
Associated Capital held 83.3% of the outstanding shares of Morgan Group through August 5, 2020.
The historical financial results of Morgan Group have been reflected in the Company’s consolidated financial statements as discontinued operations in both the condensed consolidated statements of income and financial condition for all periods presented through August 5, 2020.
Basis of Presentation
The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results.
The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated.
These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019.
The Company separately presented investments in debt securities and investments in equity securities in the condensed consolidated statement of financial condition as of September 30, 2020. A reclassification was made to conform prior period information as of December 31, 2019 to the current period presentation. This change has also been made to the corresponding notes to condensed consolidated financial statements.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Investments in government securities held in trust account
At September 30, 2020, government securities of our consolidated SPAC, PMV, are held in a trust account and consist of U.S. Treasury Bills accounted for as held-to-maturity in accordance with ASC 320 “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying condensed consolidated balance sheet and adjusted for the amortization or accretion of premiums or discounts.
Recent Accounting Developments
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which amends the guidance in GAAP for the accounting for leases. ASU 2016-02 requires a lessee to recognize assets and liabilities arising from most operating leases in the consolidated statement of financial position. The Company adopted this ASU effective January 1, 2019 with no material impact on its consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The Statement of Income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other, to simplify the process used to test for impairment of goodwill. Under the new standard, an impairment loss must be recognized in an amount equal to the excess of the carrying amount of a reporting unit over its fair value, limited to the total amount of goodwill allocated to that reporting unit. As a smaller reporting company pursuant to ASU 2019-10, the ASU is effective for the Company on January 1, 2023. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU adds certain disclosure requirements and modifies or eliminates requirements under current GAAP. This ASU is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company has early adopted the eliminated and modified disclosure requirements effective January 1, 2019.
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Revenue |
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| Revenue [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue |
B. Revenue
The Company’s revenue is accounted for as contracts with customers, and the timing of revenue recognition is based on the Company’s analysis of the provisions of each respective contract. Depending upon the specific terms, revenue may be recognized over time or at a point in time. Modifications to contracts may affect the timing of the satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations, any of which may impact the timing of the recognition of the related revenue.
The Company’s major revenue sources are as follows:
Investment advisory and incentive fees. The Company and its subsidiaries act as general partner, investment manager or sub-advisor to investment funds and/or separately managed accounts of institutional investors (e.g., corporate pension plans). The fees that are paid to the Company are set forth in the offering documents for the investment fund or the separately managed account agreement. Investment advisory and incentive fee revenue consists of:
Total revenues by type were as follows for the three and nine months ended September 30, 2020 and 2019, respectively (in thousands):
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Investment in Securities |
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| Investment in Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Securities |
C. Investment in Securities
Investments in debt securities at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
Investments in equity securities at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
Securities sold, not yet purchased at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
Investments in affiliated registered investment companies at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
The Company recognizes all equity derivatives as either assets or liabilities measured at fair value and includes them in either investment in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company and/or consolidated funds will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their proprietary investments. At September 30, 2020 and December 31, 2019 we held derivative contracts on 2.2 million and 3.4 million equity shares, respectively, that are included in investments in securities or securities sold, not yet purchased on the consolidated statements of financial condition as shown in the table below. We had two foreign exchange contracts outstanding at December 31, 2019. Except for the foreign exchange contracts entered into by the Company, these transactions are not designated as hedges for accounting purposes, and changes in fair values of these derivatives are included in net gain/(loss) from investments on the consolidated statements of income and included in investments in securities, securities sold, not yet purchased, or receivable from or payable to brokers on the consolidated statements of financial condition.
The following table identifies the fair values of all derivatives and foreign currency positions held by the Company (in thousands):
The following table identifies gains and losses of all derivatives held by the Company (in thousands):
The Company is a party to enforceable master netting arrangements for swaps entered into with major U.S. financial institutions as part of its investment strategy. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, are shown gross in assets and liabilities on the consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires.
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Investment Partnerships and Other Entities |
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| Investment Partnerships and Other Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Partnerships and Other Entities |
D. Investment Partnerships and Other Entities
The Company is general partner or co-general partner of various affiliated entities in which the Company had investments totaling $106.0 million and $124.8 million at September 30, 2020 and December 31, 2019, respectively, and whose underlying assets consist primarily of marketable securities (“Affiliated Entities). We also had investments in unaffiliated partnerships, offshore funds and other entities of $22.0 million and $20.5 million at September 30, 2020 and December 31, 2019, respectively (“Unaffiliated Entities”). We evaluate each entity to determine its appropriate accounting treatment and disclosure. Certain of the Affiliated Entities, and none of the Unaffiliated Entities, are consolidated.
Investments in partnerships that are not required to be consolidated are accounted for using the equity method and are included in investments in partnerships on consolidated statements of financial condition. This caption includes investments in Affiliated Entities and Unaffiliated Entities which the Company accounts for under the equity method of accounting. The Company reflects the equity in earnings of these Affiliated Entities and Unaffiliated Entities as net gain/(loss) from investments on the consolidated statements of income.
PMV Consumer Acquisition Corp.
The Company has determined that PMV is a voting interest entity (VOE) and since the Sponsor has substantive control of PMV due to its ability to control the board of directors of PMV, the Sponsor consolidates the assets and liabilities of PMV. The Company invested $4.0 million, or approximately 64% of the $6.25 million total Sponsor partnership commitment. The Sponsor is managed by company executives. The Company has determined that the Sponsor is a variable interest entity (VIE) and that the Company is the primary beneficiary and therefore consolidates the assets and liabilities of the Sponsor. However, neither AC nor PMV have a right to the benefits from nor does it bear the risks associated with the government securities held in trust assets held by PMV. Further, if the Company were to liquidate, the government securities held in trust assets would not be available to its general creditors, and as a result, the Company does not consider these assets available for the benefit of its investors.
The registration statement for the PMV initial public offering was declared effective on September 21, 2020. On September 24, 2020, PMV consummated the initial public offering of 17,500,000 units at $10.00 per Unit, generating gross proceeds of $175,000,000.
Simultaneously with the closing of the initial public offering, PMV consummated the sale of 6,150,000 warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant in a private placement to the Sponsor, generating gross proceeds of $6,150,000.
AC owns $10 million in Class A units in PMV and the Sponsor own $6.1 million in Private Warrants which are eliminated in consolidation.
Following the closing of the initial public offering on September 24, 2020, an amount of $175,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the initial public offering and the sale of the Private Warrants was placed in a trust account (the “Trust Account”) located in the United States, which will only be invested in U.S. government securities.
PMV will have until September 24, 2022 to complete a business combination. If PMV is unable to complete a business combination by September 24, 2022, PMV will cease all operations except for the purpose of winding up, and as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account.
The following table includes the net impact by line item on the condensed consolidated statements of financial condition for the consolidated entities (in thousands):
The following table includes the net impact by line item on the condensed consolidated statements of income for the consolidate entities (in thousands)
Variable Interest Entities
With respect to each consolidated VIE, its assets may only be used to satisfy its obligations. The investors and creditors of any consolidated VIE have no recourse to the Company’s general assets. In addition, the Company neither benefits from such VIE’s assets nor bears the related risk beyond its beneficial interest in the VIE.
The following table presents the balances related to VIEs that are consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands):
(1) In 2020, includes $6.15 million in private placement warrants eliminated in consolidation with PMV.
Voting Ownership Entities
The following table presents the balances related to PMV and another investment partnership that are consolidated as VOE’s and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VOE’s (in thousands):
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Fair Value |
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| Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value |
E. Fair Value
The following tables present information about the Company’s assets and liabilities by major category measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.
The following tables present assets and liabilities measured at fair value on a recurring basis as of the dates specified (in thousands):
The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
Total realized and unrealized gains and losses for level 3 assets are reported in net gain/(loss) from investments in the condensed consolidated statements of income.
During the nine months ended September 30, 2020 and 2019, the Company transferred investments with a value of approximately $918,000 and $63,000, respectively, from Level 1 to Level 3 due to the unavailability of observable inputs.
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Income Taxes |
9 Months Ended |
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Sep. 30, 2020 | |
| Income Taxes [Abstract] | |
| Income Taxes |
F. Income Taxes
The effective tax rate (“ETR”) for the three months ended September 30, 2020 and September 30, 2019 was 34.1% and 21.7%, respectively. The ETR in the third quarter of 2020 differs from the standard corporate tax rate of 21% primarily due (a) state and local taxes (net of federal benefit), (b) deferred tax asset valuation allowances related to the carryforward of charitable contributions and the (c) rate differential on the carryback of a net operating loss. The ETR in the third quarter of 2019 differs from the standard corporate tax rate of 21% primarily due to (a) state and local taxes (net of federal benefit), the benefit of (b) the donation of appreciated securities and (c) the dividends received deduction.
The ETR for the nine months ended September 30, 2020 and September 30, 2019 was 21.5% and 19.9%, respectively. The 2020 year-to-date ETR differs from the standard corporate tax rate of 21% primarily due to (a) state and local taxes (net of federal benefit), (b) deferred tax asset valuation allowances related to the carryforward of charitable contributions and the (c) rate differential on the carryback of a net operating loss. The 2019 year-to-date ETR differs from the standard corporate tax rate of 21% primarily due to (a) state and local taxes (net of federal benefit), (b) the donation of appreciated securities and (c) noncontrolling interest consolidated partnerships.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
G. Earnings Per Share
Basic earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares outstanding during the period because there are no dilutive securities outstanding during the periods presented.
The computations of basic and diluted net income/(loss) per share are as follows (in thousands, except per share data):
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Stockholders' Equity |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 | |||
| Stockholders' Equity [Abstract] | |||
| Stockholders' Equity |
Shares outstanding were 22.3 million and 22.5 million at September 30, 2020 and December 31, 2019, respectively.
Dividends
During the nine months ended September 30, 2020 and 2019, the Company declared dividends of $0.10 per share to class A and class B shareholders.
Stock Repurchase Program
For the three months ended September 30, 2020 and 2019, the Company repurchased approximately 30 thousand and 36 thousand shares at an average price of $37.03 per share and $36.75 per share for a total investment of $1.1 million and $1.3 million, respectively. During the nine months ended September 30, 2020 and 2019, the Company repurchased approximately 143 thousand and 89 thousand shares at an average price of $37.86 and $37.81 per share for a total investment of $5.4 million and $3.4 million, respectively.
Voting Rights
The holders of Class A Common stock (“Class A Stock”) and Class B Common stock (“Class B Stock”) have identical rights except that holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general. Holders of each share class, however, are not eligible to vote on matters relating exclusively to the other share class.
Stock Award and Incentive Plan
The Company maintains one stock award and incentive plan (the “Plan”) approved by the shareholders on May 3, 2016, which is designed to provide incentives to attract and retain individuals key to the success of AC through direct or indirect ownership of our common stock. Benefits under the Plan may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash-based awards. A maximum of 2 million shares of Class A Stock have been reserved for issuance under the Plan by the Compensation Committee of the Board of Directors (the “Compensation Committee”) which is responsible for administering the Plan. Under the Plan, the Compensation Committee may grant RSAs and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that it may determine. Through September 30, 2020, approximately 700,000 shares have been awarded under the Plan leaving approximately 1.3 million shares for future grants.
In August and December 2018, the Company’s Board of Directors approved the grant of 172,800 shares of Phantom Restricted Stock awards (“Phantom RSAs”). Under the terms of the grants, which were effective August 8 and December 31 of 2018, the Phantom RSAs vest 30% and 70% after and five years, respectively. The Phantom RSAs will be settled by a cash payment, net of applicable withholding tax, on the vesting dates. In addition, an amount equivalent to the cumulative dividends declared on shares of the Company’s Class A common stock during the vesting period will be paid to participants on vesting.
Pursuant to Accounting Standards Codification (“ASC”) 718, the Phantom RSAs are treated as a liability because cash settlement is required and compensation will be recognized over the vesting period. In determining the compensation expense to be recognized each period, the Company re-measures the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award and the current market value of the Company’s Class A stock. In making these determinations, the Company considers the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur. Based on the closing price of the Company’s Class A Common Stock on September 30, 2020 and December 31, 2019, the total liability recorded by the Company in compensation payable as of September 30, 2020 and December 31, 2019, with respect to the Phantom RSAs was $1.7 million and $2.0 million, respectively.
For the three and nine month periods ended September 30, 2020, the Company recorded approximately $0.1 million and ($0.3) million in stock-based compensation expense net of forfeitures, respectively. For the three and nine month periods ending September 30, 2019, the Company recorded approximately $0.3 million and $1.0 million in stock-based compensation expense, respectively. This expense is included in compensation expense in the consolidated statements of income.
As of September 30, 2020, there were 88,650 unvested Phantom RSAs outstanding. The unrecognized compensation cost related to these was $1.6 million which is expected to be recognized over a weighted-average period of 2.8 years. On February 4, 2020, 23,000 Phantom RSA’s were forfeited by teammates who transferred to Morgan Group.
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Goodwill and Identifiable Intangible Assets |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 | |||
| Goodwill and Identifiable Intangible Assets [Abstract] | |||
| Goodwill and Identifiable Intangible Assets |
At September 30, 2020, goodwill and intangible assets on the condensed consolidated statements of financial condition includes $3.4 million of goodwill related to GCIA. The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required. There were no indicators of impairment for the three months ended September 30, 2020 or September 30, 2019, and as such there was no impairment analysis performed or charge recorded.
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Commitments and Contingencies |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 | |||
| Commitments and Contingencies [Abstract] | |||
| Commitments and Contingencies |
From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. We are also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether losses exist which may be reasonably possible and will, if material, make the necessary disclosures. Management believes, however, that such amounts, both those that are probable and those that are reasonably possible, are not material to the Company’s financial condition, results of operations or cash flows at September 30, 2020 and December 31, 2019.
The Company has also entered into arrangements with various other third parties, many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements. The Company has had no claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote, and, therefore, no accrual has been made on the condensed consolidated financial statements.
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Discontinued Operations |
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| Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations |
As a result of the Morgan Group spin-off, the results of its operations through August 5, 2020 have been classified in the consolidated statements of income as discontinued operations for all periods presented. There was no gain or loss on the spin-off for the Company, and it was a tax-free spin-off to AC’s shareholders.
Other than a transition services agreement, Associated Capital does not have any significant continuing involvement in the operations of Morgan Group after the spin-off, and Associated Capital will not have the ability to influence operating or financial policies of Morgan Group. All stockholders received 0.022356 shares of Morgan Group stock for each share of AC stock that they held on the record date for the distribution.
Operating results for the period from January 1, 2020 through August 5, 2020 and the three and nine month periods ending September 30, 2019 are summarized below:
(1) During 2020 reflects the periods through August 5, 2020.
The assets and liabilities of Morgan Group have been classified in the consolidated statement of financial condition as of December 31, 2019 as assets and liabilities of discontinued operations and consist of the following:
The following table summarizes the net impact of the spin-off to the Company’s stockholders’ equity (deficiency) as of August 5, 2020:
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Subsequent Events |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 | |||
| Subsequent Events [Abstract] | |||
| Subsequent Events |
During the period from October 1, 2020 to November 9, 2020, the Company repurchased 29,471 shares at an average price of $33.85 per share.
On November 9, 2020, AC’s board of directors declared a semi-annual dividend of $0.10 per share, which is payable on December 15, 2020 to class A and class B shareholders of record on December 1, 2020.
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Basis of Presentation and Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2020 | |
| Basis of Presentation and Significant Accounting Policies [Abstract] | |
| Organization |
Organization
We are a Delaware corporation that provides alternative investment management services. In addition, we derive investment income/(loss) from proprietary trading of cash and other assets awaiting deployment in our operating business.
We conduct our investment management activities through our wholly-owned subsidiary Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The business earns management and incentive fees from its advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.
We may make direct investments in operating businesses using a variety of techniques and structures. We added Gabelli Special Purpose Acquisition Vehicles (“SPAC”) in 2018. Gabelli Value for Italy (VALU), our initial vehicle launched and listed on the Italian Borsa, approached its second anniversary at the apex of the pandemic in Italy. In light of this challenge, the board voted to commence liquidation which was completed on July 8, 2020. The VALU effort successfully canvassed private company opportunities in Italy, with deal flow expanding throughout Europe. We believe the platform is in place to further expand our direct investment efforts across the European continent.
A private company owns 84%of the economics and controls 97% of AC Group’s outstanding voting shares.
PMV Consumer Acquisition Corp.
On September 22, 2020, Associated Capital announced the $175 million initial public offering of its special purpose acquisition corporation, PMV Consumer Acquisition Corp. (NYSE:PMVC).
PMV Consumer Acquisition Corp. (“PMV”) was created to pursue an initial business combination following the consumer globally with companies having an enterprise valuation in the range of $200 million to $3.5 billion. PMV Consumer Acquisition Holding Company, LLC (“Sponsor”) was created to assist PMV in sourcing, analyzing and consummating acquisition opportunities for that initial business combination.
The Sponsor and PMV have been consolidated in the financial statements of AC as of September 30, 2020 because AC has a controlling financial interest in these entities. This resulted in total assets of $1.1 billion at September 30, 2020, inclusive of $177.7 million of assets, $6.6 million of liabilities and $155.0 million of redeemable noncontrolling interests and $2.1 million of noncontrolling interests relating to PMV and the Sponsor. In addition to PMV and the Sponsor, there are several other entities that are consolidated within the financial statements. The details to the impact of consolidating these entities on the condensed consolidated financial statements can be seen in Footnote D. Investment Partnerships and Other Entities
See footnote D for a further discussion of PMV Consumer Acquisition Corp. as well as their registration statement and Form 10Q as of September 30, 2020 both located on the U.S. Securities and Exchange Commission website https://www.sec.gov/edgar/searchedgar/companysearch.html under the symbol PMVC.
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| Spin-offs, Mergers and Acquisition |
PMV Consumer Acquisition Corp.
On September 22, 2020, Associated Capital announced the $175 million initial public offering of its special purpose acquisition corporation, PMV Consumer Acquisition Corp. (NYSE:PMVC).
PMV Consumer Acquisition Corp. (“PMV”) was created to pursue an initial business combination following the consumer globally with companies having an enterprise valuation in the range of $200 million to $3.5 billion. PMV Consumer Acquisition Holding Company, LLC (“Sponsor”) was created to assist PMV in sourcing, analyzing and consummating acquisition opportunities for that initial business combination.
The Sponsor and PMV have been consolidated in the financial statements of AC as of September 30, 2020 because AC has a controlling financial interest in these entities. This resulted in total assets of $1.1 billion at September 30, 2020, inclusive of $177.7 million of assets, $6.6 million of liabilities and $155.0 million of redeemable noncontrolling interests and $2.1 million of noncontrolling interests relating to PMV and the Sponsor. In addition to PMV and the Sponsor, there are several other entities that are consolidated within the financial statements. The details to the impact of consolidating these entities on the condensed consolidated financial statements can be seen in Footnote D. Investment Partnerships and Other Entities
See footnote D for a further discussion of PMV Consumer Acquisition Corp. as well as their registration statement and Form 10Q as of September 30, 2020 both located on the U.S. Securities and Exchange Commission website https://www.sec.gov/edgar/searchedgar/companysearch.html under the symbol PMVC.
Associated Capital Group, Inc. Spin-Off
On November 30, 2015, GAMCO Investors, Inc. (“GAMCO” or “GBL”) distributed all the outstanding shares of each class of AC common stock on a pro rata one-for one basis to the holders of each class of GAMCO’s common stock (the “Spin-off”).
Morgan Group Holding Co. Merger and Spin-Off
On October 31, 2019, the Company closed on a transaction whereby Morgan Group Holding Co., (“Morgan Group”) a company that trades in the over the counter market under the symbol “MGHL” and is under common control of AC’s majority shareholder, acquired all of the Company’s interest in G.research for 50,000,000 shares of Morgan Group common stock. In addition, immediately prior to the closing, 5.15 million Morgan Group shares were issued under a private placement for $515,000. Subsequent to the transaction and private placement, the Company had an 83.3% ownership interest in Morgan Group and consolidated the entity, which includes G.research. The transaction has been accounted for pursuant to Accounting Standards Codification (“ASC”) 805-50, Transactions Between Entities Under Common Control. A common-control transaction is similar to a business combination, however, does not meet the definition of a business combination because there is no change in control over the entity by the parent.
On March 16, 2020, the Company announced that its Board of Directors approved the spin-off of Morgan Group to AC’s shareholders in which AC would distribute to its shareholders on a pro rata basis the 50,000,000 shares of Morgan Group that it owns upon close of the spin-off.
On May 5, 2020, the Morgan Group board approved a reverse stock split of the issued and outstanding shares of their common stock, par value $0.01 per share, in a ratio of 1‑for‑100 that was effective on June 10, 2020.
On August 5, 2020 the distribution of Morgan Group shares was completed to shareholders of record as of July 30, 2020. Based on the distribution ratio, on the distribution date, AC stockholders of record as of 5:00 pm, New York City time, on the record date, received approximately. 0.022356 shares of Morgan Group common stock for each share of AC common stock they held on the record date.
Associated Capital held 83.3% of the outstanding shares of Morgan Group through August 5, 2020.
The historical financial results of Morgan Group have been reflected in the Company’s consolidated financial statements as discontinued operations in both the condensed consolidated statements of income and financial condition for all periods presented through August 5, 2020.
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| Basis of Presentation |
Basis of Presentation
The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results.
The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated.
These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019.
The Company separately presented investments in debt securities and investments in equity securities in the condensed consolidated statement of financial condition as of September 30, 2020. A reclassification was made to conform prior period information as of December 31, 2019 to the current period presentation. This change has also been made to the corresponding notes to condensed consolidated financial statements.
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| Use of Estimates |
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
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| Investments in Government Securities Held in Trust Account |
Investments in government securities held in trust account
At September 30, 2020, government securities of our consolidated SPAC, PMV, are held in a trust account and consist of U.S. Treasury Bills accounted for as held-to-maturity in accordance with ASC 320 “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying condensed consolidated balance sheet and adjusted for the amortization or accretion of premiums or discounts.
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| Recent Accounting Developments |
Recent Accounting Developments
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which amends the guidance in GAAP for the accounting for leases. ASU 2016-02 requires a lessee to recognize assets and liabilities arising from most operating leases in the consolidated statement of financial position. The Company adopted this ASU effective January 1, 2019 with no material impact on its consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The Statement of Income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other, to simplify the process used to test for impairment of goodwill. Under the new standard, an impairment loss must be recognized in an amount equal to the excess of the carrying amount of a reporting unit over its fair value, limited to the total amount of goodwill allocated to that reporting unit. As a smaller reporting company pursuant to ASU 2019-10, the ASU is effective for the Company on January 1, 2023. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU adds certain disclosure requirements and modifies or eliminates requirements under current GAAP. This ASU is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company has early adopted the eliminated and modified disclosure requirements effective January 1, 2019.
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Revenue (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues by Type |
Total revenues by type were as follows for the three and nine months ended September 30, 2020 and 2019, respectively (in thousands):
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Investment in Securities (Tables) |
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| Investment in Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Debt Securities |
Investments in debt securities at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
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| Investments in Equity Securities |
Investments in equity securities at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
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| Securities Sold, Not Yet Purchased |
Securities sold, not yet purchased at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
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| Investments in Affiliated Registered Investment Companies |
Investments in affiliated registered investment companies at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
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| Fair Values of All Derivatives |
The following table identifies the fair values of all derivatives and foreign currency positions held by the Company (in thousands):
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| Gains and Losses of All Derivatives Held |
The following table identifies gains and losses of all derivatives held by the Company (in thousands):
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| Master Netting Arrangements for Swaps |
The Company is a party to enforceable master netting arrangements for swaps entered into with major U.S. financial institutions as part of its investment strategy. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, are shown gross in assets and liabilities on the consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires.
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Investment Partnerships and Other Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Partnerships and Other Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Financial Condition by Entity Consolidated |
The following table includes the net impact by line item on the condensed consolidated statements of financial condition for the consolidated entities (in thousands):
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| Condensed Consolidated Statements of Income by Entity Consolidated |
The following table includes the net impact by line item on the condensed consolidated statements of income for the consolidate entities (in thousands)
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| Net Interests in Consolidated VIE's |
The following table presents the balances related to VIEs that are consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands):
(1) In 2020, includes $6.15 million in private placement warrants eliminated in consolidation with PMV.
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| Net Interests in Consolidated VOE's |
The following table presents the balances related to PMV and another investment partnership that are consolidated as VOE’s and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VOE’s (in thousands):
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables present assets and liabilities measured at fair value on a recurring basis as of the dates specified (in thousands):
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| Changes in Level 3 Assets and Liabilities |
The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
Total realized and unrealized gains and losses for level 3 assets are reported in net gain/(loss) from investments in the condensed consolidated statements of income.
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computations of Basic and Diluted Net Income (Loss) Per Share |
The computations of basic and diluted net income/(loss) per share are as follows (in thousands, except per share data):
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Discontinued Operations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations |
Operating results for the period from January 1, 2020 through August 5, 2020 and the three and nine month periods ending September 30, 2019 are summarized below:
(1) During 2020 reflects the periods through August 5, 2020.
The assets and liabilities of Morgan Group have been classified in the consolidated statement of financial condition as of December 31, 2019 as assets and liabilities of discontinued operations and consist of the following:
The following table summarizes the net impact of the spin-off to the Company’s stockholders’ equity (deficiency) as of August 5, 2020:
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Basis of Presentation and Significant Accounting Policies (Details) |
9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 22, 2020
USD ($)
|
Jul. 30, 2020
shares
|
May 05, 2020
$ / shares
|
Oct. 31, 2019
USD ($)
shares
|
Nov. 30, 2015
shares
|
Sep. 30, 2020
USD ($)
|
Aug. 05, 2020 |
Mar. 16, 2020
shares
|
Dec. 31, 2019
USD ($)
|
|||
| The Spin-off and Related Transactions [Abstract] | |||||||||||
| Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares) | shares | 1 | ||||||||||
| Acquisition [Abstract] | |||||||||||
| Total assets | $ 1,100,611,000 | $ 1,010,906,000 | |||||||||
| Liabilities | 42,280,000 | 63,086,000 | |||||||||
| Redeemable noncontrolling interests | [1] | 204,164,000 | 50,385,000 | ||||||||
| Noncontrolling interest | 2,072,000 | $ 1,003,000 | |||||||||
| Minimum [Member] | |||||||||||
| Acquisition [Abstract] | |||||||||||
| Enterprise valuation amount | $ 200,000,000 | ||||||||||
| Maximum [Member] | |||||||||||
| Acquisition [Abstract] | |||||||||||
| Enterprise valuation amount | 3,500,000,000 | ||||||||||
| PMV Consumer Acquisition Corp. [Member] | |||||||||||
| Acquisition [Abstract] | |||||||||||
| Proceeds from initial public offering for capital amount | $ 175,000,000 | ||||||||||
| Total assets | 177,700,000 | ||||||||||
| Liabilities | 6,600,000 | ||||||||||
| Redeemable noncontrolling interests | 155,000,000.0 | ||||||||||
| Noncontrolling interest | $ 2,100,000 | ||||||||||
| Morgan Group Holding, Co. [Member] | |||||||||||
| Acquisition [Abstract] | |||||||||||
| Stock acquired (in shares) | shares | 50,000,000 | ||||||||||
| Ownership interest | 83.30% | 83.30% | |||||||||
| Number of shares of acquiree stock to be distributed to shareholders upon spin-off (in shares) | shares | 50,000,000 | ||||||||||
| Common Stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||
| Reverse stock split ratio | 0.01 | ||||||||||
| Number of shares received by each shareholder on the record date (in shares) | shares | 0.022356 | ||||||||||
| Morgan Group Holding, Co. [Member] | Private Placement [Member] | |||||||||||
| Acquisition [Abstract] | |||||||||||
| Number of shares issued (in shares) | shares | 5,150,000 | ||||||||||
| Values of shares issued | $ 515,000 | ||||||||||
| Private Company [Member] | |||||||||||
| The Spin-off and Related Transactions [Abstract] | |||||||||||
| Percentage of economic interest | 84.00% | ||||||||||
| Percentage of control interest | 97.00% | ||||||||||
| GAMCO [Member] | |||||||||||
| The Spin-off and Related Transactions [Abstract] | |||||||||||
| Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares) | shares | 1 | ||||||||||
| |||||||||||
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Revenues by type [Abstract] | ||||
| Revenues | $ 1,945 | $ 2,754 | $ 6,974 | $ 8,211 |
| Investment Advisory and Incentive Fees [Member] | ||||
| Revenues by type [Abstract] | ||||
| Revenues | 1,865 | 2,753 | 6,424 | 8,199 |
| Asset-Based Advisory Fees [Member] | ||||
| Revenues by type [Abstract] | ||||
| Revenues | 1,161 | 1,723 | $ 4,284 | 5,208 |
| Asset-Based Advisory Fees [Member] | Minimum [Member] | ||||
| Major Revenue Sources [Abstract] | ||||
| Percentage of management fee | 1.00% | |||
| Asset-Based Advisory Fees [Member] | Maximum [Member] | ||||
| Major Revenue Sources [Abstract] | ||||
| Percentage of management fee | 1.50% | |||
| Performance-Based Advisory Fees [Member] | ||||
| Major Revenue Sources [Abstract] | ||||
| Percentage of investment performance calculated for additional fees | 20.00% | |||
| Revenues by type [Abstract] | ||||
| Revenues | 8 | 35 | $ 8 | 61 |
| Sub-Advisory Fees [Member] | ||||
| Revenues by type [Abstract] | ||||
| Revenues | 696 | 995 | 2,132 | 2,930 |
| Other [Member] | ||||
| Revenues by type [Abstract] | ||||
| Revenues | 80 | 1 | 550 | 12 |
| Miscellaneous [Member] | ||||
| Revenues by type [Abstract] | ||||
| Revenues | $ 80 | $ 1 | $ 550 | $ 12 |
Investment in Securities, Investment in Debt Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
|---|---|---|---|---|
| Trading Securities [Abstract] | ||||
| Cost | $ 330,795 | $ 28,428 | ||
| Fair value | [1] | 330,942 | 29,037 | |
| Government Securities[Member] | ||||
| Trading Securities [Abstract] | ||||
| Cost | 330,795 | 28,428 | ||
| Fair value | $ 330,942 | $ 29,037 | ||
| ||||
Investment in Securities, Investment in Equity Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
|---|---|---|---|---|
| Investments in securities [Abstract] | ||||
| Cost | $ 253,206 | $ 280,681 | ||
| Fair value | [1] | 213,586 | 271,320 | |
| Common Stocks [Member] | ||||
| Investments in securities [Abstract] | ||||
| Cost | 244,611 | 271,627 | ||
| Fair value | 205,413 | 262,562 | ||
| Mutual Funds [Member] | ||||
| Investments in securities [Abstract] | ||||
| Cost | 555 | 1,207 | ||
| Fair value | 1,128 | 2,196 | ||
| Other Investments [Member] | ||||
| Investments in securities [Abstract] | ||||
| Cost | 8,040 | 7,847 | ||
| Fair value | $ 7,045 | $ 6,562 | ||
| ||||
Investment in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Equity securities [Abstract] | ||
| Proceeds | $ 11,375 | $ 13,876 |
| Fair value | 12,827 | 16,419 |
| Common Stocks [Member] | ||
| Equity securities [Abstract] | ||
| Proceeds | 10,730 | 13,863 |
| Fair value | 11,661 | 16,300 |
| Other Investments [Member] | ||
| Equity securities [Abstract] | ||
| Proceeds | 645 | 13 |
| Fair value | $ 1,166 | $ 119 |
Investment in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Total investments in affiliated registered investment companies [Abstract] | ||
| Cost | $ 123,028 | $ 123,994 |
| Fair value | 146,391 | 159,311 |
| Closed-end Funds [Member] | ||
| Total investments in affiliated registered investment companies [Abstract] | ||
| Cost | 74,741 | 75,646 |
| Fair value | 87,307 | 99,834 |
| Mutual Funds [Member] | ||
| Total investments in affiliated registered investment companies [Abstract] | ||
| Cost | 48,287 | 48,348 |
| Fair value | $ 59,084 | $ 59,477 |
Investment in Securities, Fair Values and Gains and Losses of All Derivatives Held (Details) $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
|
Sep. 30, 2020
USD ($)
shares
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
shares
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
Contract
shares
|
|
| Investment in Securities [Abstract] | |||||
| Shares under derivative contract (in shares) | shares | 2.2 | 2.2 | 3.4 | ||
| Number of foreign exchange contracts | Contract | 2 | ||||
| Fair Values of All Derivatives Held [Abstract] | |||||
| Asset derivatives fair values | $ 771 | $ 771 | $ 314 | ||
| Liability derivatives fair value | 705 | 705 | 119 | ||
| Gains and Losses of All Derivatives Held [Abstract] | |||||
| Net gain/(loss) from investments | 42 | $ 1,267 | (455) | $ (147) | |
| Net gain/(loss) from investments [Member] | Equity Contracts [Member] | |||||
| Gains and Losses of All Derivatives Held [Abstract] | |||||
| Net gain/(loss) from investments | 99 | 1,143 | (411) | (324) | |
| Net gain/(loss) from investments [Member] | Foreign Exchange Contracts [Member] | |||||
| Gains and Losses of All Derivatives Held [Abstract] | |||||
| Net gain/(loss) from investments | (57) | $ 124 | (44) | $ 177 | |
| Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Receivable from Brokers [Member] | Foreign Exchange Contracts [Member] | |||||
| Fair Values of All Derivatives Held [Abstract] | |||||
| Asset derivatives fair values | 0 | 0 | 23 | ||
| Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Payable to Brokers [Member] | Foreign Exchange Contracts [Member] | |||||
| Fair Values of All Derivatives Held [Abstract] | |||||
| Liability derivatives fair value | 0 | 0 | 0 | ||
| Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Investments in Securities [Member] | Equity Contracts [Member] | |||||
| Fair Values of All Derivatives Held [Abstract] | |||||
| Asset derivatives fair values | 771 | 771 | 291 | ||
| Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Securities Sold, Not yet Purchased [Member] | Equity Contracts [Member] | |||||
| Fair Values of All Derivatives Held [Abstract] | |||||
| Liability derivatives fair value | $ 705 | $ 705 | $ 119 | ||
Investment in Securities, Master Netting Arrangements for Swaps (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Offsetting derivative assets [Abstract] | ||
| Gross amounts of recognized assets | $ 771 | $ 314 |
| Swaps [Member] | ||
| Offsetting derivative assets [Abstract] | ||
| Gross amounts of recognized assets | 771 | 291 |
| Gross amounts offset in the statements of financial condition | 0 | 0 |
| Net amounts of assets presented in the statements of financial condition | 771 | 291 |
| Gross amounts not offset in the statements of financial condition [Abstract] | ||
| Financial instruments | (705) | (119) |
| Cash collateral received | 0 | 0 |
| Net amount | 66 | 172 |
| Offsetting derivative liabilities [Abstract] | ||
| Gross amounts of recognized liabilities | 705 | 119 |
| Gross amounts offset in the statements of financial condition | 0 | 0 |
| Net amounts of liabilities presented in the statements of financial condition | 705 | 119 |
| Gross amounts not offset in the statements of financial condition [Abstract] | ||
| Financial instruments | (705) | (119) |
| Cash collateral pledged | 0 | 0 |
| Net amount | $ 0 | $ 0 |
Investment Partnerships and Other Entities, Breakdown of Consolidated Entities and Investments in Partnerships Line by Accounting Method (Details) - USD ($) |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 24, 2020 |
Sep. 22, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
| Investments In Affiliated and Unaffiliated Entities [Abstract] | ||||
| Investments in affiliated entities | $ 106,000,000.0 | $ 124,800,000 | ||
| Investments in unaffiliated entities | 22,000,000.0 | $ 20,500,000 | ||
| Acquisition [Abstract] | ||||
| Direct Investment in Sponsor | $ 4,000,000.0 | |||
| Sponsor partnership investment percentage | 64.00% | |||
| Sponsor partnership commitment amount | $ 6,250,000 | |||
| Maximum [Member] | ||||
| Acquisition [Abstract] | ||||
| Number of business days to cease all operations except for the purposes of winding up | 10 days | |||
| PMV Consumer Acquisition Corp. [Member] | ||||
| Acquisition [Abstract] | ||||
| Proceeds from initial public offering | $ 175,000,000 | |||
| PMV Consumer Acquisition Corp. [Member] | Class A [Member] | ||||
| Acquisition [Abstract] | ||||
| Common stock owed | $ 10,000,000 | |||
| PMV Consumer Acquisition Corp. [Member] | Private Warrants [Member] | ||||
| Acquisition [Abstract] | ||||
| Value of warrants owed by Sponsor | $ 6,100,000 | |||
| PMV Consumer Acquisition Corp. [Member] | Initial Public Offering [Member] [Member] | Common Stock [Member] | ||||
| Acquisition [Abstract] | ||||
| Number of unit issued (in shares) | 17,500,000 | |||
| Security price (in dollars per share) | $ 10.00 | |||
| Proceeds from initial public offering | $ 175,000,000 | |||
| PMV Consumer Acquisition Corp. [Member] | Private Placement [Member] | Private Warrants [Member] | ||||
| Acquisition [Abstract] | ||||
| Warrants issued (in shares) | 6,150,000 | |||
| Per share price of warrants issued (in dollars per share) | $ 1.00 | |||
| Proceeds from issuance of warrants | $ 6,150,000 |
Investment Partnerships and Other Entities, Net Impact by Line Item on the Condensed Consolidated Statements of Financial Position (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||
| Assets [Abstract] | |||||||||||||||
| Cash and cash equivalents | $ 47,331 | [1] | $ 339,733 | $ 47,331 | [1] | $ 339,733 | $ 342,001 | [1] | $ 398,363 | ||||||
| Investments in government securities | [1] | 330,942 | 330,942 | 29,037 | |||||||||||
| Investments in equity securities (including GBL stock) | 213,586 | 213,586 | 271,320 | ||||||||||||
| Investments in affiliated registered investment companies | 146,391 | 146,391 | 159,311 | ||||||||||||
| Investments in partnerships | [1] | 127,965 | 127,965 | 145,372 | |||||||||||
| Receivable from brokers | [1] | 21,065 | 21,065 | 23,141 | |||||||||||
| Investment advisory fees receivable | 1,160 | 1,160 | 9,582 | ||||||||||||
| Other assets | 37,169 | 37,169 | 23,005 | ||||||||||||
| Assets of discontinued operations | 0 | 0 | 8,137 | ||||||||||||
| Investments in government securities held in trust | 175,002 | 175,002 | 0 | ||||||||||||
| Total assets | 1,100,611 | 1,100,611 | 1,010,906 | ||||||||||||
| Liabilities and equity [Abstract] | |||||||||||||||
| Securities sold, not yet purchased | [1] | 12,827 | 12,827 | 16,419 | |||||||||||
| Accrued expenses and other liabilities | 29,453 | 29,453 | 44,567 | ||||||||||||
| Liabilities of discontinued operations | 0 | 0 | 2,100 | ||||||||||||
| Redeemable noncontrolling interests | 204,164 | 204,164 | 50,385 | ||||||||||||
| Total equity | 854,167 | 888,797 | 854,167 | 888,797 | $ 852,687 | $ 820,803 | 897,435 | $ 884,188 | $ 889,004 | $ 866,248 | |||||
| Total liabilities and equity | 1,100,611 | 1,100,611 | 1,010,906 | ||||||||||||
| Consolidated Statements of Income [Abstract] | |||||||||||||||
| Total revenues | 1,945 | 2,754 | 6,974 | 8,211 | |||||||||||
| Total expenses | 5,497 | 5,347 | 14,827 | 19,359 | |||||||||||
| Operating loss | (3,552) | (2,593) | (7,853) | (11,148) | |||||||||||
| Total other income/(expense), net | 14,007 | 10,124 | (33,248) | 51,751 | |||||||||||
| Income/(loss) before income taxes | 10,455 | 7,531 | (41,101) | 40,603 | |||||||||||
| Income tax expense/(benefit) | 3,564 | 1,638 | (8,858) | 8,064 | |||||||||||
| Income/(loss) from continuing operations before noncontrolling interests | 6,891 | 5,893 | (32,243) | 32,539 | |||||||||||
| Net income/(loss) attributable to NCI | 937 | (359) | (572) | 2,232 | |||||||||||
| Income/(loss) from continuing operations | 5,954 | 6,252 | (31,671) | 30,307 | |||||||||||
| Loss from discontinued operations, net of taxes | (139) | (301) | (632) | (2,141) | |||||||||||
| Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | 5,815 | 5,951 | (32,303) | 28,166 | |||||||||||
| Consolidated Entities [Member] | |||||||||||||||
| Assets [Abstract] | |||||||||||||||
| Cash and cash equivalents | 11,523 | 11,523 | 13,167 | ||||||||||||
| Investments in government securities | 10,999 | 10,999 | 3,987 | ||||||||||||
| Investments in equity securities (including GBL stock) | 77,158 | 77,158 | 113,697 | ||||||||||||
| Investments in affiliated registered investment companies | (49,346) | (49,346) | (51,713) | ||||||||||||
| Investments in partnerships | (19,361) | (19,361) | (22,409) | ||||||||||||
| Receivable from brokers | 14,541 | 14,541 | 16,391 | ||||||||||||
| Investment advisory fees receivable | (29) | (29) | (22) | ||||||||||||
| Other assets | (69) | (69) | 29 | ||||||||||||
| Assets of discontinued operations | 0 | ||||||||||||||
| Investments in government securities held in trust | 175,002 | 175,002 | |||||||||||||
| Total assets | 220,418 | 220,418 | 73,127 | ||||||||||||
| Liabilities and equity [Abstract] | |||||||||||||||
| Securities sold, not yet purchased | 6,430 | 6,430 | 11,794 | ||||||||||||
| Accrued expenses and other liabilities | 9,824 | 9,824 | 10,949 | ||||||||||||
| Redeemable noncontrolling interests | 204,164 | 204,164 | 50,384 | ||||||||||||
| Total equity | 0 | 0 | 0 | ||||||||||||
| Total liabilities and equity | 220,418 | 220,418 | 73,127 | ||||||||||||
| Consolidated Statements of Income [Abstract] | |||||||||||||||
| Total revenues | (172) | (181) | 305 | (526) | |||||||||||
| Total expenses | 743 | (124) | 1,696 | 1,257 | |||||||||||
| Operating loss | (915) | (57) | (1,391) | (1,783) | |||||||||||
| Total other income/(expense), net | 1,967 | (302) | 934 | 4,015 | |||||||||||
| Income/(loss) before income taxes | 1,052 | (359) | (457) | 2,232 | |||||||||||
| Income tax expense/(benefit) | 108 | 0 | 108 | 0 | |||||||||||
| Income/(loss) from continuing operations before noncontrolling interests | 944 | (359) | (565) | 2,232 | |||||||||||
| Net income/(loss) attributable to NCI | 944 | (359) | (565) | 2,232 | |||||||||||
| Income/(loss) from continuing operations | 0 | 0 | 0 | 0 | |||||||||||
| Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |||||||||||
| Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | 0 | 0 | 0 | 0 | |||||||||||
| Prior to Consolidation [Member] | |||||||||||||||
| Assets [Abstract] | |||||||||||||||
| Cash and cash equivalents | 35,808 | 35,808 | 328,834 | ||||||||||||
| Investments in government securities | 319,943 | 319,943 | 25,050 | ||||||||||||
| Investments in equity securities (including GBL stock) | 136,428 | 136,428 | 157,623 | ||||||||||||
| Investments in affiliated registered investment companies | 195,737 | 195,737 | 211,024 | ||||||||||||
| Investments in partnerships | 147,326 | 147,326 | 167,781 | ||||||||||||
| Receivable from brokers | 6,524 | 6,524 | 6,750 | ||||||||||||
| Investment advisory fees receivable | 1,189 | 1,189 | 9,604 | ||||||||||||
| Other assets | 37,238 | 37,238 | 22,976 | ||||||||||||
| Assets of discontinued operations | 8,137 | ||||||||||||||
| Investments in government securities held in trust | 0 | 0 | |||||||||||||
| Total assets | 880,193 | 880,193 | 937,779 | ||||||||||||
| Liabilities and equity [Abstract] | |||||||||||||||
| Securities sold, not yet purchased | 6,397 | 6,397 | 4,625 | ||||||||||||
| Accrued expenses and other liabilities | 19,629 | 19,629 | 33,618 | ||||||||||||
| Liabilities of discontinued operations | 2,100 | ||||||||||||||
| Redeemable noncontrolling interests | 0 | 0 | 1 | ||||||||||||
| Total equity | 854,167 | 854,167 | 897,435 | ||||||||||||
| Total liabilities and equity | 880,193 | 880,193 | $ 937,779 | ||||||||||||
| Consolidated Statements of Income [Abstract] | |||||||||||||||
| Total revenues | 2,117 | 2,935 | 6,669 | 8,737 | |||||||||||
| Total expenses | 4,754 | 5,471 | 13,131 | 18,102 | |||||||||||
| Operating loss | (2,637) | (2,536) | (6,462) | (9,365) | |||||||||||
| Total other income/(expense), net | 12,040 | 10,426 | (34,181) | 47,736 | |||||||||||
| Income/(loss) before income taxes | 9,403 | 7,890 | (40,643) | 38,371 | |||||||||||
| Income tax expense/(benefit) | 3,456 | 1,638 | (8,965) | 8,064 | |||||||||||
| Income/(loss) from continuing operations before noncontrolling interests | 5,947 | 6,252 | (31,678) | 30,307 | |||||||||||
| Net income/(loss) attributable to NCI | (7) | 0 | (7) | 0 | |||||||||||
| Income/(loss) from continuing operations | 5,954 | 6,252 | (31,671) | 30,307 | |||||||||||
| Loss from discontinued operations, net of taxes | (139) | (301) | (632) | (2,141) | |||||||||||
| Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | $ 5,815 | $ 5,951 | $ (32,303) | $ 28,166 | |||||||||||
| |||||||||||||||
Investment Partnerships and Other Entities, Variable Interest Entities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balances related to VIEs [Abstract] | ||||||||||
| Cash and cash equivalents | $ 47,331 | [1] | $ 342,001 | [1] | $ 339,733 | $ 398,363 | ||||
| Receivable from brokers | [1] | 21,065 | 23,141 | |||||||
| Accrued expenses and other liabilities | (29,453) | (44,567) | ||||||||
| Redeemable noncontrolling interests | (204,164) | (50,385) | ||||||||
| VIEs [Member] | ||||||||||
| Balances related to VIEs [Abstract] | ||||||||||
| Cash and cash equivalents | 4,027 | 2,224 | ||||||||
| Investments in securities | [2] | 22,521 | 18,454 | |||||||
| Receivable from brokers | 1,491 | 2,601 | ||||||||
| Investments in partnerships and affiliates | 8,022 | 8,363 | ||||||||
| Accrued expenses and other liabilities | (823) | (329) | ||||||||
| Nonredeemable noncontrolling interests | (2,072) | 0 | ||||||||
| Redeemable noncontrolling interests | (10,292) | (9,592) | ||||||||
| AC Group's net interests in consolidated entities | 22,874 | $ 21,721 | ||||||||
| VIEs [Member] | Private Placement [Member] | Private Warrants [Member] | ||||||||||
| Balances related to VIEs [Abstract] | ||||||||||
| Investments in securities | $ 6,150 | |||||||||
| ||||||||||
Investment Partnerships and Other Entities, Voting Interest Entities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
||||
|---|---|---|---|---|---|---|---|---|
| Balances related to VOE's [Abstract] | ||||||||
| Cash and cash equivalents | $ 47,331 | [1] | $ 342,001 | [1] | $ 339,733 | $ 398,363 | ||
| Receivable from brokers | [1] | 21,065 | 23,141 | |||||
| Investments in government securities held in trust | 175,002 | 0 | ||||||
| Other assets | 37,169 | 23,005 | ||||||
| Securities sold, not yet purchased | [1] | (12,827) | (16,419) | |||||
| Accrued expenses and other liabilities | (29,453) | (44,567) | ||||||
| Redeemable noncontrolling interests | (204,164) | (50,385) | ||||||
| Voting Interest Entities [Member] | ||||||||
| Balances related to VOE's [Abstract] | ||||||||
| Cash and cash equivalents | 7,496 | 10,943 | ||||||
| Investments in securities | 88,615 | 99,231 | ||||||
| Receivable from brokers | 13,052 | 13,790 | ||||||
| Investments in government securities held in trust | 175,002 | 0 | ||||||
| Other assets | 82 | 28 | ||||||
| Securities sold, not yet purchased | (6,430) | (11,794) | ||||||
| Accrued expenses and other liabilities | (9,842) | (10,665) | ||||||
| Redeemable noncontrolling interests | (193,873) | (40,792) | ||||||
| AC Group's net interests in consolidated entities | $ 74,102 | $ 60,741 | ||||||
| ||||||||
Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
|---|---|---|---|---|
| Assets [Abstract] | ||||
| Investments in government securities | [1] | $ 330,942 | $ 29,037 | |
| Investments in securities | [1] | 213,586 | 271,320 | |
| Investments in affiliated registered investment companies | 146,391 | 159,311 | ||
| Liabilities [Abstract] | ||||
| Securities sold, not yet purchased | [1] | 12,827 | 16,419 | |
| Government Securities[Member] | ||||
| Assets [Abstract] | ||||
| Investments in government securities | 330,942 | 29,037 | ||
| Common Stocks [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 205,413 | 262,562 | ||
| Closed-end Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in affiliated registered investment companies | 87,307 | 99,834 | ||
| Mutual Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 1,128 | 2,196 | ||
| Investments in affiliated registered investment companies | 59,084 | 59,477 | ||
| Other [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 7,045 | 6,562 | ||
| Recurring Basis [Member] | ||||
| Assets [Abstract] | ||||
| Cash equivalents | 39,552 | 343,428 | ||
| Investments in government securities | 330,942 | 29,037 | ||
| Investments in securities | 213,586 | 271,320 | ||
| Investments in affiliated registered investment companies | 146,391 | 159,311 | ||
| Total investments held at fair value | 690,919 | 459,668 | ||
| Total assets at fair value | 730,471 | 803,096 | ||
| Liabilities [Abstract] | ||||
| Securities sold, not yet purchased | 12,827 | 16,419 | ||
| Recurring Basis [Member] | Government Securities[Member] | ||||
| Assets [Abstract] | ||||
| Investments in government securities | 330,942 | 29,037 | ||
| Recurring Basis [Member] | Common Stocks [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 205,413 | 262,562 | ||
| Liabilities [Abstract] | ||||
| Trading | 11,661 | 16,300 | ||
| Recurring Basis [Member] | Closed-end Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in affiliated registered investment companies | 87,307 | 99,834 | ||
| Recurring Basis [Member] | Mutual Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 1,128 | 2,196 | ||
| Investments in affiliated registered investment companies | 59,084 | 59,477 | ||
| Recurring Basis [Member] | Other [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 7,045 | 6,562 | ||
| Liabilities [Abstract] | ||||
| Trading | 1,166 | 119 | ||
| Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
| Assets [Abstract] | ||||
| Cash equivalents | 39,552 | 343,428 | ||
| Investments in government securities | 330,942 | 29,037 | ||
| Investments in securities | 200,663 | 262,144 | ||
| Investments in affiliated registered investment companies | 146,391 | 159,311 | ||
| Total investments held at fair value | 677,996 | 450,492 | ||
| Total assets at fair value | 717,548 | 793,920 | ||
| Liabilities [Abstract] | ||||
| Securities sold, not yet purchased | 12,122 | 16,300 | ||
| Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Securities[Member] | ||||
| Assets [Abstract] | ||||
| Investments in government securities | 330,942 | 29,037 | ||
| Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 198,266 | 257,520 | ||
| Liabilities [Abstract] | ||||
| Trading | 11,661 | 16,300 | ||
| Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Closed-end Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in affiliated registered investment companies | 87,307 | 99,834 | ||
| Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 1,128 | 2,196 | ||
| Investments in affiliated registered investment companies | 59,084 | 59,477 | ||
| Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 1,269 | 2,428 | ||
| Liabilities [Abstract] | ||||
| Trading | 461 | 0 | ||
| Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
| Assets [Abstract] | ||||
| Cash equivalents | 0 | 0 | ||
| Investments in government securities | 0 | 0 | ||
| Investments in securities | 7,882 | 4,953 | ||
| Investments in affiliated registered investment companies | 0 | 0 | ||
| Total investments held at fair value | 7,882 | 4,953 | ||
| Total assets at fair value | 7,882 | 4,953 | ||
| Liabilities [Abstract] | ||||
| Securities sold, not yet purchased | 705 | 119 | ||
| Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Government Securities[Member] | ||||
| Assets [Abstract] | ||||
| Investments in government securities | 0 | |||
| Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Common Stocks [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 7,111 | 4,444 | ||
| Liabilities [Abstract] | ||||
| Trading | 0 | 0 | ||
| Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Closed-end Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in affiliated registered investment companies | 0 | 0 | ||
| Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 0 | 0 | ||
| Investments in affiliated registered investment companies | 0 | 0 | ||
| Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 771 | 509 | ||
| Liabilities [Abstract] | ||||
| Trading | 705 | 119 | ||
| Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
| Assets [Abstract] | ||||
| Cash equivalents | 0 | 0 | ||
| Investments in government securities | 0 | 0 | ||
| Investments in securities | 5,041 | 4,223 | ||
| Investments in affiliated registered investment companies | 0 | 0 | ||
| Total investments held at fair value | 5,041 | 4,223 | ||
| Total assets at fair value | 5,041 | 4,223 | ||
| Liabilities [Abstract] | ||||
| Securities sold, not yet purchased | 0 | 0 | ||
| Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government Securities[Member] | ||||
| Assets [Abstract] | ||||
| Investments in government securities | 0 | |||
| Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 36 | 89 | ||
| Liabilities [Abstract] | ||||
| Trading | 0 | 0 | ||
| Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Closed-end Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in affiliated registered investment companies | 0 | 0 | ||
| Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mutual Funds [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 0 | 0 | ||
| Investments in affiliated registered investment companies | 0 | 0 | ||
| Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | ||||
| Assets [Abstract] | ||||
| Investments in securities | 5,005 | 4,134 | ||
| Liabilities [Abstract] | ||||
| Trading | $ 0 | $ 0 | ||
| ||||
Fair Value, Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward] | ||||
| Beginning balance | $ 5,024,000 | $ 4,446,000 | $ 4,223,000 | $ 3,470,000 |
| Consolidated fund | 0 | 0 | ||
| Total gains/(losses) | 17,000 | (148,000) | (59,000) | 765,000 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | (41,000) | 0 |
| Transfers | 0 | 0 | 918,000 | 63,000 |
| Ending balance | 5,041,000 | 4,298,000 | 5,041,000 | 4,298,000 |
| Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to Level 3 assets still held as of the reporting date | 17,000 | (148,000) | (71,000) | 765,000 |
| Unobservable Inputs Reconciliation, Transfers [Abstract] | ||||
| Transfers into level 3 | 918,000 | 63,000 | ||
| Common Stocks [Member] | ||||
| Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward] | ||||
| Beginning balance | 36,000 | 191,000 | 89,000 | 12,000 |
| Consolidated fund | 0 | 0 | ||
| Total gains/(losses) | 0 | (102,000) | (53,000) | 14,000 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 | 0 |
| Transfers | 0 | 0 | 0 | 63,000 |
| Ending balance | 36,000 | 89,000 | 36,000 | 89,000 |
| Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to Level 3 assets still held as of the reporting date | 0 | (102,000) | (53,000) | 14,000 |
| Other [Member] | ||||
| Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward] | ||||
| Beginning balance | 4,988,000 | 4,255,000 | 4,134,000 | 3,458,000 |
| Consolidated fund | 0 | 0 | ||
| Total gains/(losses) | 17,000 | (46,000) | (6,000) | 751,000 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | (41,000) | 0 |
| Transfers | 0 | 0 | 918,000 | 0 |
| Ending balance | 5,005,000 | 4,209,000 | 5,005,000 | 4,209,000 |
| Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to Level 3 assets still held as of the reporting date | 17,000 | $ (46,000) | (18,000) | $ 751,000 |
| US Treasury Bill [Member] | ||||
| Unobservable Inputs Reconciliation, Transfers [Abstract] | ||||
| Amortized cost | 175,000,000 | 175,000,000 | ||
| Fair value | $ 175,000,000 | $ 175,000,000 | ||
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Income Taxes [Abstract] | ||||
| Effective income tax rate | 34.10% | 21.70% | 21.50% | 19.90% |
| Standard corporate tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Basic [Abstract] | ||||
| Income from continuing operations | $ 5,954 | $ 6,252 | $ (31,671) | $ 30,307 |
| Loss from discontinued operations, net of taxes | (139) | (301) | (632) | (2,141) |
| Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | $ 5,815 | $ 5,951 | $ (32,303) | $ 28,166 |
| Weighted average shares outstanding (in shares) | 22,354 | 22,514 | 22,391 | 22,550 |
| Basic net income per share attributable to Associated Capital Group, Inc.'s shareholders [Abstract] | ||||
| Continuing operations (in dollars per share) | $ 0.27 | $ 0.27 | $ (1.41) | $ 1.34 |
| Discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.03) | (0.09) |
| Basis - Total (in dollars per share) | $ 0.26 | $ 0.26 | $ (1.44) | $ 1.25 |
| Diluted [Abstract] | ||||
| Income from continuing operations | $ 5,954 | $ 6,252 | $ (31,671) | $ 30,307 |
| Loss from discontinued operations, net of taxes | (139) | (301) | (632) | (2,141) |
| Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | $ 5,815 | $ 5,951 | $ (32,303) | $ 28,166 |
| Weighted average shares outstanding (in shares) | 22,354 | 22,514 | 22,391 | 22,550 |
| Diluted net income per share attributable to Associated Capital Group, Inc.'s shareholders [Abstract] | ||||
| Continuing operations (in dollars per share) | $ 0.27 | $ 0.27 | $ (1.41) | $ 1.34 |
| Discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.03) | (0.09) |
| Diluted - Total (in dollars per share) | $ 0.26 | $ 0.26 | $ (1.44) | $ 1.25 |
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 04, 2020
shares
|
Dec. 31, 2018
shares
|
Aug. 31, 2018
shares
|
Sep. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2020
$ / shares
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
Jun. 30, 2019
$ / shares
|
Sep. 30, 2020
USD ($)
Vote
Plan
$ / shares
shares
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
Dec. 31, 2019
USD ($)
shares
|
|
| Stockholders' Equity [Abstract] | ||||||||||
| Shares outstanding (in shares) | 22,333,000 | 22,496,000 | 22,333,000 | 22,496,000 | 22,500,000 | |||||
| Dividends [Abstract] | ||||||||||
| Dividends declared (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||
| Stock Repurchase Program [Abstract] | ||||||||||
| Shares repurchased during the period (in shares) | 30,000 | 36,000 | 143,000 | 89,000 | ||||||
| Average price per share of repurchased shares (in dollars per share) | $ / shares | $ 37.03 | $ 36.75 | $ 37.86 | $ 37.81 | ||||||
| Total investment amount | $ | $ 1,100 | $ 1,300 | $ 5,400 | $ 3,400 | ||||||
| Stock Award and Incentive Plan [Abstract] | ||||||||||
| Number of stock award and incentive plans | Plan | 1 | |||||||||
| Number of shares awarded (in shares) | 700,000 | |||||||||
| Shares available for future issuance (in shares) | 1,300,000 | 1,300,000 | ||||||||
| Compensation payable | $ | $ 7,445 | $ 7,445 | $ 19,536 | |||||||
| Stock-based compensation expense | $ | $ 100 | $ 300 | $ (300) | $ 1,000 | ||||||
| Maximum [Member] | ||||||||||
| Stock Award and Incentive Plan [Abstract] | ||||||||||
| Term of RSAs and stock options | 10 years | |||||||||
| Class A [Member] | ||||||||||
| Stockholders' Equity [Abstract] | ||||||||||
| Shares outstanding (in shares) | 3,369,896 | 3,369,896 | 3,452,381 | |||||||
| Dividends [Abstract] | ||||||||||
| Dividends declared (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||||
| Voting Rights [Abstract] | ||||||||||
| Number of votes per share | Vote | 1 | |||||||||
| Class A [Member] | Maximum [Member] | ||||||||||
| Stock Award and Incentive Plan [Abstract] | ||||||||||
| Shares reserved for future issuance (in shares) | 2,000,000 | 2,000,000 | ||||||||
| Class B [Member] | ||||||||||
| Stockholders' Equity [Abstract] | ||||||||||
| Shares outstanding (in shares) | 18,962,918 | 18,962,918 | 19,022,918 | |||||||
| Dividends [Abstract] | ||||||||||
| Dividends declared (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||||
| Voting Rights [Abstract] | ||||||||||
| Number of votes per share | Vote | 10 | |||||||||
| Phantom RSAs [Member] | ||||||||||
| Stock Award and Incentive Plan [Abstract] | ||||||||||
| Granted (in shares) | 172,800 | 172,800 | ||||||||
| Compensation payable | $ | $ 1,700 | $ 1,700 | $ 2,000 | |||||||
| Shares outstanding (in shares) | 88,650 | 88,650 | 119,650 | |||||||
| Unrecognized compensation cost | $ | $ 1,600 | $ 1,600 | ||||||||
| Weighted-average period for recognizing unrecognized compensation cost | 2 years 9 months 18 days | |||||||||
| Shares forfeited (in shares) | 23,000 | |||||||||
| Phantom RSAs [Member] | Vesting in Three Years from Date of Grant [Member] | ||||||||||
| Stock Award and Incentive Plan [Abstract] | ||||||||||
| Awards vesting percentage | 30.00% | |||||||||
| Award vesting period | 3 years | |||||||||
| Phantom RSAs [Member] | Vesting in Five Years from Date of Grant [Member] | ||||||||||
| Stock Award and Incentive Plan [Abstract] | ||||||||||
| Awards vesting percentage | 70.00% | |||||||||
| Award vesting period | 5 years | |||||||||
Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
| Goodwill [Abstract] | |||
| Goodwill | $ 3,519 | $ 3,519 | |
| Impairment charges on goodwill | 0 | $ 0 | |
| GCIA [Member] | |||
| Goodwill [Abstract] | |||
| Goodwill | $ 3,400 | ||
Discontinued Operations (Details) |
Aug. 05, 2020
shares
|
|---|---|
| Morgan Group Holding, Co. [Member] | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Number of shares received against each share (in shares) | 0.022356 |
Discontinued Operations, Operating Results (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||
| Other income (expense) [Abstract] | ||||||||
| Income/(loss) from discontinued operations, net of taxes | $ (632) | $ (2,141) | ||||||
| Net income/(loss) attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes | $ (139) | $ (301) | (632) | (2,141) | ||||
| Morgan Group Holding, Co. [Member] | ||||||||
| Revenue [Abstract] | ||||||||
| Total revenues | 483 | [1] | 2,364 | 2,960 | [1] | 6,380 | ||
| Expenses [Abstract] | ||||||||
| Compensation | 296 | [1] | 1,993 | 2,276 | [1] | 6,956 | ||
| Other operating expenses | 266 | [1] | 787 | 1,699 | [1] | 2,312 | ||
| Total expenses | 562 | [1] | 2,780 | 3,975 | [1] | 9,268 | ||
| Operating loss | (79) | [1] | (416) | (1,015) | [1] | (2,888) | ||
| Other income (expense) [Abstract] | ||||||||
| Net loss from investments | (5) | [1] | (7) | (8) | [1] | (7) | ||
| Interest and dividend income | 2 | [1] | 38 | 81 | [1] | 158 | ||
| Total other income (expense), net | (3) | [1] | 31 | 73 | [1] | 151 | ||
| Income/(loss) from discontinued operations before income taxes | (82) | [1] | (385) | (942) | [1] | (2,737) | ||
| Income tax provision/(benefit) | 62 | [1] | (84) | (205) | [1] | (596) | ||
| Income/(loss) from discontinued operations, net of taxes | (144) | [1] | (301) | (737) | [1] | (2,141) | ||
| Net income/(loss) attributable to noncontrolling interests | (5) | [1] | 0 | (105) | [1] | 0 | ||
| Net income/(loss) attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes | (139) | [1] | (301) | (632) | [1] | (2,141) | ||
| Morgan Group Holding, Co. [Member] | Institutional Research Services [Member] | ||||||||
| Revenue [Abstract] | ||||||||
| Total revenues | 446 | [1] | 2,354 | 2,924 | [1] | 6,343 | ||
| Morgan Group Holding, Co. [Member] | Other [Member] | ||||||||
| Revenue [Abstract] | ||||||||
| Total revenues | $ 37 | [1] | $ 10 | $ 36 | [1] | $ 37 | ||
| ||||||||
Discontinued Operations, Consolidated Statement of Financial Condition (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Consolidated Statement of Financial Condition [Abstract] | ||
| Receivable from affiliates | $ 31 | |
| Total assets of discontinued operations | $ 0 | 8,137 |
| Total liabilities of discontinued operations | $ 0 | 2,100 |
| Morgan Group Holding, Co. [Member] | ||
| Consolidated Statement of Financial Condition [Abstract] | ||
| Cash and cash equivalents | 6,587 | |
| Receivable from brokers | 1,009 | |
| Receivable from affiliates | 31 | |
| Deferred tax assets | 184 | |
| Other assets | 326 | |
| Total assets of discontinued operations | 8,137 | |
| Income taxes payable | 54 | |
| Compensation payable | 710 | |
| Accrued expenses and other liabilities | 1,336 | |
| Total liabilities of discontinued operations | 2,100 | |
| Noncontrolling interests from discontinued operations | 1,003 | |
| Net assets of discontinued operations | $ 5,034 |
Discontinued Operations, Net Impact of Spin-off to the Stockholders' Equity (Deficiency) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Aug. 05, 2020 |
Sep. 30, 2020 |
|
| Disposal Group, Including Discontinued Operation, Stockholders' Equity (Deficiency) [Abstract] | ||
| Total | $ (5,306) | |
| Morgan Group Holding, Co. [Member] | ||
| Disposal Group, Including Discontinued Operation, Stockholders' Equity (Deficiency) [Abstract] | ||
| Decrease in additional paid-in capital | $ (4,403) | |
| Decrease in noncontrolling interest | (903) | |
| Total | $ (5,306) |
Subsequent Events (Details) - $ / shares |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Nov. 09, 2020 |
Nov. 09, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Financing Activities [Abstract] | ||||||||
| Shares repurchased during the period (in shares) | 30,000 | 36,000 | 143,000 | 89,000 | ||||
| Average price per share of repurchased shares (in dollars per share) | $ 37.03 | $ 36.75 | $ 37.86 | $ 37.81 | ||||
| Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||
| Subsequent Event [Member] | ||||||||
| Financing Activities [Abstract] | ||||||||
| Shares repurchased during the period (in shares) | 29,471 | |||||||
| Average price per share of repurchased shares (in dollars per share) | $ 33.85 | |||||||
| Dividend declared date | Nov. 09, 2020 | |||||||
| Dividends declared (in dollars per share) | $ 0.10 | |||||||
| Dividends payable date | Dec. 15, 2020 | |||||||
| Dividend record date | Dec. 01, 2020 | |||||||