GAMCO Investors (GAMI) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	GAMCO INVESTORS, INC. ET AL
Entity Incorporation, State or Country Code	DE
Entity File Number	001-14761
Entity Tax Identification Number	13-4007862
Entity Address, Address Line One	One Corporate Center
Entity Address, City or Town	Rye
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10580
City Area Code	203
Local Phone Number	629-2726
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	true
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001060349
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	GBL
Security Exchange Name	NYSE
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,290,951
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,024,117

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	[1]	$ 118,868	$ 33,325
Short-term investments in U.S. Treasury Bills		9,999	64,988
Investments in securities, at fair value		30,430	25,845
Receivable from brokers		4,344	5,833
Investment advisory fees receivable		23,034	28,796
Receivable from affiliates		3,824	4,882
Goodwill and identifiable intangible assets		3,176	3,176
Deferred tax asset and income tax receivable		9,292	9,462
Other assets		10,826	9,095
Total assets		213,793	185,402
LIABILITIES AND STOCKHOLDERS' EQUITY
Income taxes payable		11,383	3,910
Lease liability obligations		7,177	5,208
Compensation payable		29,302	21,543
Securities Sold, not yet purchased		0	799
Payable to affiliates		387	3,843
Accrued expenses and other liabilities		39,648	38,973
Sub-total		87,897	74,276
5.875% Senior Notes (net of issuance costs of $4 and $10, respectively) (due June 1, 2021) (Note 7)		24,221	24,215
Total liabilities		112,118	98,491
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding		0	0
Additional paid-in capital		22,385	21,219
Retained earnings		409,788	394,386
Accumulated other comprehensive loss		(155)	(165)
Treasury stock, at cost (8,239,810 and 8,142,732 shares, respectively)		(330,376)	(328,562)
Total stockholders' equity		101,675	86,911
Total liabilities and stockholders' equity		213,793	185,402
Class A [Member]
Stockholders' Equity
Common stock		14	14
Class B [Member]
Stockholders' Equity
Common stock		$ 19	$ 19
[1]	Includes U.S. Treasury Bills with maturities of three months or less when purchased of $108.0 million and $15.0 million at March 31, 2021 and December 31, 2020, respectively.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Stockholders' 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, outstanding (in shares)	27,400,000	27,500,000
Treasury stock, shares (in shares)	8,239,810	8,142,732
Class A [Member]
Stockholders' 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, issued (in shares)	16,607,426	16,621,426
Common Stock, outstanding (in shares)	8,367,616	8,478,694
Class B [Member]
Stockholders' Equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	25,000,000	25,000,000
Common Stock, issued (in shares)	24,000,000	24,000,000
Common Stock, outstanding (in shares)	19,024,117	19,024,117
5.875% Senior Notes [Member]
LIABILITIES AND STOCKHOLDERS' EQUITY
Debt instrument, interest rate	5.875%	5.875%
Debt issuance costs	$ 4	$ 10
Debt instrument, maturity date	Jun. 1, 2021
U.S. Treasury Bills [Member]
ASSETS
Cash and cash equivalents	$ 108,000	$ 15,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 67,928	$ 69,567
Expenses:
Compensation	30,682	29,250
Management fee	2,517	1,665
Distribution costs	6,971	7,630
Other operating expenses	5,304	5,702
Total expenses	45,474	44,247
Operating income	22,454	25,320
Non-operating income / (loss)
Gain / (loss) from investments, net	680	(10,237)
Interest and dividend income	185	544
Interest expense	(662)	(647)
Total non-operating income / (loss)	203	(10,340)
Income before income taxes	22,657	14,980
Provision for income taxes	6,707	3,735
Net income	$ 15,950	$ 11,245
Earnings per share:
Basic (in dollars per share)	$ 0.60	$ 0.42
Diluted (in dollars per share)	$ 0.59	$ 0.42
Weighted average shares outstanding:
Basic (in shares)	26,393	26,687
Diluted (in shares)	26,887	26,770
Investment Advisory and Incentive Fees [Member]
Revenues:
Total revenues	$ 61,470	$ 62,273
Distribution Fees and Other Income [Member]
Revenues:
Total revenues	$ 6,458	$ 7,294

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 15,950	$ 11,245
Other comprehensive income / (loss):
Foreign currency translation gain / (loss)	10	(61)
Total comprehensive income	$ 15,960	$ 11,184

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income Loss [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2019	$ 33	$ 17,033	$ 362,515	$ (204)	$ (324,660)	$ 54,717
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	11,245	0	0	11,245
Foreign currency translation	0	0	0	(61)	0	(61)
Dividends declared	0	0	(552)	0	0	(552)
Stock based compensation expense	0	941	0	0	0	941
Purchase of treasury stock	0	0	0	0	(946)	(946)
Balance at Mar. 31, 2020	33	17,974	373,208	(265)	(325,606)	65,344
Balance at Dec. 31, 2020	33	21,219	394,386	(165)	(328,562)	86,911
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	15,950	0	0	15,950
Foreign currency translation	0	0	0	10	0	10
Dividends declared	0	0	(548)	0	0	(548)
Stock based compensation expense	0	1,166	0	0	0	1,166
Purchase of treasury stock	0	0	0	0	(1,814)	(1,814)
Balance at Mar. 31, 2021	$ 33	$ 22,385	$ 409,788	$ (155)	$ (330,376)	$ 101,675

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.02	$ 0.02

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 15,950		$ 11,245
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	334		209
Accretion of discounts and amortization of premiums	(19)		36
Stock based compensation expense	1,166		941
Deferred income taxes	(138)		8,281
Foreign currency translation gain / (loss)	10		(61)
Cost basis of donated securities	0		0
Unrealized loss on securities	(2,244)		5,906
Net realized loss on securities	2,163		530
Impairment charge on intangible asset	0		428
(Increase) decrease in assets:
Investments in securities	(1,579)		3,647
Receivable from brokers	1,489		(2,818)
Investment advisory fees receivable	5,762		16,844
Receivable from affiliates	1,059		15
Income taxes receivable	307		(2,936)
Other assets	(2,056)		621
Increase (decrease) in liabilities:
Payable to brokers	132		0
Income taxes payable	7,472		(536)
Compensation payable	7,759		(42,984)
Payable to affiliates	(3,456)		(3,717)
Accrued expenses and other liabilities	2,554		(5,826)
Total adjustments	20,715		(21,420)
Net cash provided by / (used in) operating activities	36,665		(10,175)
Cash flows from investing activities:
Purchases of securities	(4,882)		(151)
Proceeds from sales and repayments of securities	56,165		3,487
Return of capital on securities	0		2
Net cash provided by investing activities	51,283		3,338
Cash flows from financing activities:
Dividends paid	(528)		(533)
Purchase of treasury stock	(1,814)		(946)
Repayment of principal portion of lease liability	(61)		0
Net cash used in financing activities	(2,403)		(1,479)
Effect of exchange rates on cash and cash equivalents	(2)		14
Net increase / (decrease) in cash and cash equivalents	85,543		(8,302)
Cash and cash equivalents at beginning of period	33,325	[1]	86,136
Cash and cash equivalents, end of period	118,868	[1]	77,834
Supplemental disclosures of cash flow information:
Cash paid for interest	300		279
Cash paid for taxes	$ 30		$ 800
[1]	Includes U.S. Treasury Bills with maturities of three months or less when purchased of $108.0 million and $15.0 million at March 31, 2021 and December 31, 2020, respectively.

CONDENSED CONSOLIDATED STATEM_8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Non-cash activity:
Accrued restricted stock award dividends	$ 20	$ 18

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2021
Organization and Description of Business [Abstract]
Organization and Description of Business	Organization and Description of Business Unless indicated otherwise, or the context otherwise requires, references in this report to “GAMCO Investors, Inc.,” “GAMCO,” “the Company,” “the Firm,” and “GBL” or similar terms are to GAMCO Investors, Inc., its predecessors, and its subsidiaries. GAMCO (New York Stock Exchange (“NYSE”): GBL) “ ” The Company generally manages assets on a fully discretionary basis and invests in a variety of and international securities through various investment styles including value, growth, non-market correlated, and convertible securities. The Company’s revenues are based primarily on the levels of assets under management (“AUM”) and fees associated with the various investment products. GAMCO offers a wide range of solutions for clients across Value and Growth Equity, ESG, Convertibles, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and Fixed Income. In 1977, GAMCO started its well-known All Cap Value strategy, Gabelli Value, and in 1986 entered the mutual fund business. The investment advisory business is conducted principally through the following subsidiaries: Gabelli Funds, LLC (open-end funds, closed-end funds, and actively managed semi-transparent ETFs) (“Gabelli Funds”) and GAMCO Asset Management Inc. (Institutional and PWM) (“GAMCO Asset”). The distribution of open-end funds and actively managed semi-transparent ETFs are conducted through G.distributors, LLC (“G.distributors”), the Company’s broker-dealer subsidiary.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Significant Accounting Policies [Abstract]
Significant Accounting Policies	1. Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP 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 the fair presentation of financial position, results of operations, and cash flows of GAMCO 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 the Company and its wholly-owned subsidiaries including: Gabelli Funds, GAMCO Asset, G.distributors, and GAMCO Asset Management (UK) Limited. Intercompany accounts and transactions have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. 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, 2020. Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Developments In June 2016, issued 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) ASU 2016-13 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 consolidated 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, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Leases (Topic 842): Effective Dates (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 (Topic 350) - Simplifying the Test for Goodwill Impairment which simplifies the process used to test for goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead any goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. 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 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue Recognition [Abstract]
Revenue Recognition	2. Revenue Recognition The discussion below includes all material revenue streams that are within the scope of ASU 2014-09, Revenue From Contracts With Customers (Topic 606) Significant judgments that affect the amounts and timing of revenue recognition: The Company’s analysis of the timing of revenue recognition for each revenue stream is based upon an analysis of the current terms of each contract. Performance obligations could, however, change from time to time if and when existing contracts are modified or new contracts are entered into. These changes could potentially affect the timing of satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations. In the case of the revenue streams discussed below, the performance obligation is satisfied either at a point in time or over time. For incentive fee revenues, the performance obligation (advising a client portfolio) is satisfied over time, while the recognition of revenues effectively occurs at the end of the measurement period as defined within the contract, as such amounts are subject to reduction to zero on the date where the measurement period ends even if the performance benchmarks were exceeded during the intervening period. The judgments outlined below, where the determination as to these factors is discussed in detail, are continually reviewed and monitored by the Company when new contracts or contract modifications occur. Transaction price is in all instances formulaic and not subject to significant (or any) judgment at the current time. The allowance for doubtful accounts is subject to judgment. Advisory Fee Revenues Advisory fees for Funds, sub-advisory accounts, and the SICAV are earned based on predetermined percentages of the average net assets of the individual Funds and are recognized as revenues as the related services are performed. Fees for mutual Funds, one non-U.S. closed-end Fund, ETFs, sub-advisory accounts, and the SICAV are computed on a daily basis based on average daily net AUM. Fees for U.S. closed-end Funds are computed on average weekly net AUM and fees for one non-U.S. closed-end Fund are computed on a daily basis based on daily market value. These fees are received in cash after the end of each monthly period within 30 days. The revenue recognition occurs ratably as the performance obligation (advising the Fund) is met continuously over time. There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Advisory fees for Institutional and PWM accounts are earned based on predetermined percentages of the AUM and are generally computed quarterly based on account values at the end of the preceding quarter. The revenue recognition occurs daily as the performance obligation (advising the client portfolio) is met continuously. These fees are received in cash, typically within 60 days of the client being billed. There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Performance Correlated and Conditional Revenues Investment advisory fees are earned on a portion of some closed-end Funds’ preferred shares at year-end if the total return to common shareholders of the respective closed-end Fund for the year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which coincides with the calendar year. These fees would also be earned and the contract period ended at any interim point in time that the respective preferred shares are redeemed. These fees are received in cash after the end of each annual measurement period, within 30 days. The Company earns an incentive fee from two closed-end Funds. For The GDL Fund (GDL), there is an incentive fee, which is earned and recognized as of the end of each calendar year and varies to the extent the total return of the Fund is in excess of the ICE Bank of America Merrill Lynch 3-month U.S. Treasury Bill Index total return. For the Gabelli Merger Plus+ Trust Plc (GMP), there is an incentive fee, which is earned and recognized as of the end of each annual measurement period, June 30 th The Company earns a performance fee from a SICAV sub-fund, the GAMCO Merger Arbitrage SICAV. This fee is recognized at the end of the measurement period, which coincides with the calendar year. The fee would also be earned and the measurement period ended at any interim point in time that a client redeemed their respective shares. This fee is received in cash after the end of the measurement period, within 30 days. The Company also may receive incentive fees from institutional clients, which are based upon exceeding either a specific benchmark index or a defined return for these accounts. These fees are recognized at the end of the stipulated contract period, which is generally annually, for each respective account. These fees would also be earned and the contract period ended at any interim point in time that the client terminated its relationship with the Company. These fees are received in cash after the end of the measurement period, typically within 60 days. In all cases of the incentive fees and performance fees, because of the variable nature of the consideration, revenue recognition is delayed until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, which is generally when the uncertainty associated with the variable consideration is subsequently resolved (for example, the measurement period has concluded and the hurdle rate has been exceeded). There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Distribution Fees and Other Income Distribution fees and other income primarily includes distribution fee revenue earned in accordance with Rule 12b-1 of the Company Act of 1940, as amended, along with sales charges and underwriting fees associated with the sale of the class A shares of mutual funds. Distribution fees are computed based on average daily net assets of certain classes of each Fund and are accrued during the period in which they are earned. These fees are received in cash after the end of each monthly period within 30 days. In evaluating the appropriate timing of the recognition of these fees, the Company applied the guidance on up-front fees to determine whether such fees are related to the transfer of a promised service (a distinct performance obligation). The Company’s conclusion is that the service being provided by G.distributors to the customer in exchange for the fee is for the initial distribution of certain classes of the mutual funds and is completed at the time of each respective sale. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company’s influence, the Company does not believe that it can overcome this constraint until the market value of the Fund and the investor activities are known, which are generally monthly. Sales charges and underwriting fees associated with the sale of certain classes of the mutual funds are recognized on the trade date of the sale of the respective shares. There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Revenue Disaggregated The following table presents the Company’s revenue disaggregated by investment vehicle (in thousands): Three Months Ended March 31, 2021 2020 Investment advisory and incentive fees: Mutual Funds $ 23,472 $ 23,556 Closed-end Funds 18,082 16,420 Sub-advisory accounts 616 732 Institutional & PWM 17,599 20,005 SICAV 1,316 1,465 Performance-based 385 95 Distribution fees and other income 6,458 7,294 Total revenues $ 67,928 $ 69,567

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2021
Investment in Securities [Abstract]
Investment in Securities	3. Investment in Securities Investments in equity securities and funds at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities and funds: Common stocks $ 38,297 $ 19,068 $ 41,341 $ 19,099 Open-end funds 5,632 5,960 5,757 6,128 Actively managed semi-transparent ETFs 5,000 4,890 - - Closed-end Funds 510 512 628 618 Total investments in equity securities and funds $ 49,439 $ 30,430 $ 47,726 $ 25,845 Investments in equity securities and funds, including the Company’s investments in common stocks and the Funds, are stated at fair value with any unrealized gains or losses reported in each respective period’s earnings. Investments in debt securities at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Short-term investments in U.S. Treasury Bills: U.S. Treasury Bills $ 9,999 $ 1 $ - $ 10,000 Total short-term investments in U.S. Treasury Bills $ 9,999 $ 1 $ - $ 10,000 December 31, 2020 Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Short-term investments in U.S. Treasury Bills: U.S. Treasury Bills $ 64,988 $ 6 $ - $ 64,994 Total short-term investments in U.S. Treasury Bills $ 64,988 $ 6 $ - $ 64,994 The maturity dates of all of the Company’s investments in debt securities are less than one year. Securities sold, not yet purchased at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities: Common stocks $ - $ - $ 728 $ 799 Total securities sold, not yet purchased $ - $ - $ 728 $ 799

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value [Abstract]
Fair Value	4. Fair Value All of the instruments within cash and cash equivalents and investments in securities are measured at fair value, except for those investments designated as held-to-maturity. The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement - Level 1 - the valuation methodology utilizes quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, mutual funds, closed-end funds, and listed equities. - Level 2 - the valuation methodology utilizes inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. - Level 3 - the valuation methodology utilizes unobservable inputs for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2021 and December 31, 2020 (in thousands): Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2021 Cash equivalents $ 118,377 $ - $ - $ 118,377 Investments in securities: Common stocks 19,068 - - 19,068 Open-end Funds 5,960 - - 5,960 Actively managed semi-transparent ETFs 4,890 - - 4,890 Closed-end Funds 512 - - 512 Total investments in securities 30,430 - - 30,430 Total assets at fair value $ 148,807 $ - $ - $ 148,807 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2020 Cash equivalents $ 32,661 $ - $ - $ 32,661 Investments in securities: Common stocks 19,099 - - 19,099 Open-end Funds 6,128 - - 6,128 Closed-end Funds 618 - - 618 Total investments in securities 25,845 - - 25,845 Total assets at fair value $ 58,506 $ - $ - $ 58,506 Liabilities Securities sold, not yet purchased: Trading - Common stocks $ 799 $ - $ - $ 799 Total securities sold, not yet purchased $ 799 $ - $ - $ 799 Cash equivalents primarily consist of an affiliated money market mutual fund, which is invested solely in U.S. Treasuries and valued based on the net asset value of the fund. Financial assets not carried at fair value The following table presents the carrying value and fair value of the Company’s investments in debt securities not carried at fair value as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Level 1 Carrying Value Fair Value Level 1 U.S. Treasury Bills $ 9,999 $ 10,000 $ 64,988 $ 64,994 Total $ 9,999 $ 10,000 $ 64,988 $ 64,994 At March 31, 2021 and December 31, 2020, the Senior Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition : March 31, 2021 December 31, 2020 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 5.875% Senior notes $ 24,221 $ 24,398 $ 24,215 $ 24,554 Total $ 24,221 $ 24,398 $ 24,215 $ 24,554 The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Taxes [Abstract]
Income Taxes	5. Income Taxes The effective tax rate (“ETR”) for the three months ended March 31, 2021 and 2020 was 29.6% and .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding and restricted stock awards. The computations of basic and diluted net income per share were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Basic: Net income $ 15,950 $ 11,245 Weighted average shares outstanding 26,393 26,687 Basic net income per share $ 0.60 $ 0.42 Diluted: Net income $ 15,950 $ 11,245 Weighted average shares outstanding 26,393 26,687 Restricted stock awards 494 83 Total 26,887 26,770 Diluted net income per share $ 0.59 $ 0.42

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt [Abstract]
Debt	7. Debt Senior Notes On May 31, 2011, the Company issued 10-year, $100 million senior notes (“Senior Notes”). The Senior Notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011. At March 31, 2021 and December 31, 2020, the debt was recorded at its face value, net of issuance costs, of $24.2 million.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity [Abstract]
Stockholders' Equity	8. Stockholders ’ Shares outstanding were 27.4 million and 27.5 million on March 31, 2021 and December 31, 2020, respectively. Voting Rights The holders of class A common stock of GBL (“Class A Stock”) and class B common stock of GBL (“Class B Stock”) have identical rights except that (i) 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, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa. Authorized shares On June 5, 2020, shareholders approved the amendment to the Company’s Amended and Restated Certificate of Incorporation to decrease the total number of authorized shares of Class B Stock from 100,000,000 shares to 25,000,000 shares. Stock Award and Incentive Plan The Company maintains a stock award and incentive plan approved by the shareholders (the “Plan”), which is designed to provide incentives which will attract and retain individuals key to the success of GBL through direct or indirect ownership of our common stock. A maximum of 7.5 million shares of Class A Stock have been reserved for issuance under the Plan by a committee of GBL’s board of directors (the “Board of Directors”) responsible for administering the Plan (“Compensation Committee”). 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. Under the Plan, the Compensation Committee may grant restricted stock awards (“RSAs”), each of which entitles the grantee to one share of Class A Stock subject to restrictions, 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 the Compensation Committee may determine, which were recommended by the Company’s Chairman who did not receive any awards. On March 5, 2020, 392,700 RSAs were issued at a grant price of $14.31 per RSA. As of March 31, 2021 and December 31, 2020, there were 1,065,650 and 1,079,650, respectively, of these RSAs outstanding with weighted average grant prices per RSA of $19.46 and $19.45, respectively, and 10,000 stock options outstanding with an exercise price of $25.55. For the three months ended March 31, 2021 and 2020, the Company recognized stock-based non-cash compensation expense of $1.2 million and $0.9 million, respectively. The total compensation costs related to non-vested awards to teammates, excluding the CEO who received none, not yet recognized was approximately $10.1 million as of March 31, 2021. On January 2, 2020, the Deferred Cash Compensation Agreement (“DCCA”) with the CEO covering compensation from 2016 vested in accordance with the terms of the agreement and a cash payment in the amount of $43.7 million was made to the CEO. This payment was reduced by $32.3 million resulting from the DCCA being indexed to the GBL stock price and utilizing the lesser of the VWAP on the vesting date ($18.8812) versus the VWAP over 2016 ($32.8187). Stock Repurchase Program In March 1999, the Board of Directors established a stock repurchase program (the “Stock Repurchase Program”) to grant management the authority to repurchase shares of Class A Stock. On March 18, 2020, the Board of Directors authorized an increase to purchase $ million of its outstanding Class A Stock, which resulted in a modification in the form of the authorization from previously being stated in shares to being stated in dollars. For the three months ended March 31, 2021 and 2020, the Company repurchased 97,078 and 55,093 shares, respectively, at an average price per share of $18.68 and $17.16, respectively. On March 11, 2020, GAMCO commenced an offer to purchase up to $30 million in aggregate purchase price of its Class A Stock, pursuant to which holders of shares were invited to tender some or all of their shares at a price within the range of $15.00 to $17.00 per share, which would have enabled GAMCO to purchase for cash up to 2,000,000 shares of its Class A common stock (such offer, the “Offer”). The Offer which was due to expire on April 8, 2020, was terminated on March 18, 2020 as a result of the suspension of trading and market index conditions of the Offer not having been satisfied. As a result of this termination, no shares were purchased in the Offer and all shares previously tendered and not withdrawn were promptly returned to tendering holders. Dividends During the three months ended March 31, 2021 and 2020, the Company declared dividends of $0.02 per share to shareholders of Class A Stock and Class B Stock . Shelf Registration In April 2018, the SEC declared effective the Company’s “shelf” registration statement on Form S-3 giving the Company the flexibility to sell any combination of senior and subordinate debt securities, convertible debt securities, and equity securities (including common and preferred securities) up to a total amount of $500 million. The shelf is available through April 2021.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill and Identifiable Intangible Assets	9. Goodwill and Identifiable Intangible Assets Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At , there was goodwill of $ million maintained on the Condensed Consolidated Statements of Financial Condition related to G.distributors. As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund (the “Enterprise Fund”) and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.3 million at March 31, 2021 and December 31, 2020. The investment advisory agreement for the Enterprise Fund is next up for renewal in February 2022. As a result of becoming the advisor to the Bancroft Fund Ltd. (the “Bancroft Fund”) and the Ellsworth Growth and Income Fund Ltd. (the “Ellsworth Fund”) and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.6 million at March 31, 2021 and December 31, 2020. The investment advisory agreements for the Bancroft Fund and the Ellsworth Fund are next up for renewal in August 2021. Each of these investment advisory agreements are subject to annual renewal by the respective fund’s board of directors, which the Company expects to be renewed, and the Company does not expect to incur additional expense as a result, which is consistent with other investment advisory agreements entered into by the Company. The Company assesses the recoverability of goodwill and intangible assets at least annually, or more often should events warrant. In December 2019, a novel strain of coronavirus (“COVID-19”) surfaced in China and has since spread quickly to numerous countries, including the United States. On March 11, 2020, COVID-19 was identified as a global pandemic by the World Health Organization. In response to its spread, governmental authorities have imposed restrictions on travel and congregation and the temporary closure of many non-essential businesses in affected jurisdictions, including, beginning in March 2020, in the United States. The pandemic and resulting economic dislocations have had adverse consequences for the portfolios of the Funds, including the Enterprise Fund, Bancroft Fund, and Ellsworth Fund. For the three months ended March 31, 2020, as a result of the dislocations in the financial markets resulting from COVID-19, impairment analyses were performed which resulted in a $428 thousand impairment charge to the identifiable intangible asset related to the Enterprise Fund included within other operating expenses on the Condensed Consolidated Statements of Income. There were no indicators of impairment for the three months ended March 31, 2021 and, as such, there was no impairment analysis performed or charge recorded for such period. There was no impairment charge recorded to the identifiable intangible asset related to the Bancroft Fund or Ellsworth Fund.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies From time to time, the Company may be named in legal actions and proceedings in the normal course of business. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. The Company is also subject to governmental or regulatory examinations or investigations. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated financial condition, operations, or cash flows at March 31, 2021. Leases On December 5, 1997, the Company entered into a fifteen-year lease, expiring on April 30, 2013, of office space from an entity controlled by members of the Chairman’s family. On June 11, 2013, the Company modified and extended its lease with M4E, LLC, the Company’s landlord at One Corporate Center, Rye, NY. The lease term was extended to December 31, 2028 and the base rental remained at $18 per square foot, or $1.1 million, for 2014. For each subsequent year through December 31, 2028, the base rental is determined by the change in the consumer price index for the New York Metropolitan Area for November of the immediate prior year with the base period as November 2008 for the New York Metropolitan Area. This lease has been accounted for as a finance lease under FASB ASC Topic 842 (and prior to 2019, as a capital lease under FASB ASC Topic 840, Leases The Company also rents office space under operating leases, which expire at various dates through December 31, 2030. The following table summarizes the leases for the periods presented (in thousands, except lease term and discount rate): Three Months Ended March 31, 2021 2020 Finance lease cost - interest expense $ 263 $ 269 Finance lease cost - amortization of right-of-use asset 67 67 Operating lease cost 183 75 Sublease income (15 ) (46 ) Total lease cost $ 498 $ 365 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance lease $ - $ - Operating cash flows from operating leases 113 65 Financing cash flows from finance lease 61 51 Total cash paid for amounts included in the measurement of lease liabilities $ 174 $ 116 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ - Weighted average remaining lease term—finance lease (years) 7.8 8.8 Weighted average remaining lease term—operating leases (years) 3.2 2.6 Weighted average discount rate—finance lease 19.1 % 19.1 % Weighted average discount rate—operating leases 5.0 % 5.0 % The finance lease right-of-use asset, net of amortization, at March 31, 2021 and December 31, 2020 was $1.6 million and $1.7 million, respectively, and the operating right-of-use assets, net of amortization, were $2.8 million and $0.8, respectively, and these right-of-use assets were included within other assets in the Condensed Consolidated Statements of Financial Condition. The following table summarizes the maturities of lease liabilities at March 31, 2021 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2021 (excluding the three months ended March 31, 2021) $ 970 $ 673 $ 1,643 2022 1,080 638 1,718 2023 1,080 515 1,595 2024 1,080 391 1,471 2025 1,080 330 1,410 Thereafter 3,240 1,653 4,893 Total lease payments $ 8,530 $ 4,200 $ 12,730 Less imputed interest (4,197 ) (1,189 ) (5,386 ) Total lease liabilities $ 4,333 $ 3,011 $ 7,344 The finance lease contains an escalation clause tied to the change in the New York Metropolitan Area Consumer Price Index, which may cause the future minimum payments to exceed the amounts shown above. Future minimum lease payments have not been reduced by related minimum future sublease rentals of approximately $0.5 million due over the next three years, which are due from affiliated entities.

Regulatory Requirements

Regulatory Requirements	3 Months Ended
	Mar. 31, 2021
Regulatory Requirements [Abstract]
Regulatory Requirements	11. Regulatory Requirements The Company’s broker-dealer subsidiary, G.distributors, is subject to certain net capital requirements. G.distributors computes its net capital under the alternative method permitted, which requires minimum net capital of the greater of $250,000 or 2% of the aggregate debit items in the reserve formula for those broker-dealers subject to Rule 15c3-3 promulgated under the Securities Exchange Act of 1934, as amended. The requirement was $250,000 for the broker-dealer at March 31, 2021. At March 31, 2021, G.distributors had net capital, as defined, of approximately $1.7 million, exceeding the regulatory requirement by approximately $1.5 million. Net capital requirements for the Company’s affiliated broker-dealer may increase in accordance with the rules and regulations applicable to broker-dealers to the extent G.distributors engages in other business activities.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events From April 1, 2021 to May 5, 2021, the Company repurchased 62,065 shares at $19.00 per share. On April 5, 2021, 67,980 RSAs vested in accordance with the RSA agreements. On May 4, 2021, the Board of Directors declared its regular quarterly dividend of $0.02 per share to all of the Company’s shareholders, payable on June 29, 2021 to shareholders of record on June 15, 2021. On May 5, 2021, the Board of Directors declared a special dividend of $2.00 in principal amount of 2-year interest-bearing subordinated debentures (the “Debentures”) for each share of common stock which is payable on June 15, 2021 to class A and class B shareholders of record on June 1, 2021. The Debentures will bear interest at a rate of per annum in year one and per annum in year two and mature on . Interest on the Debentures is payable on June 15 and December 15 of each year. The Debentures are puttable at par, in whole or in part, starting on September 15, 2021

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP 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 the fair presentation of financial position, results of operations, and cash flows of GAMCO 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 the Company and its wholly-owned subsidiaries including: Gabelli Funds, GAMCO Asset, G.distributors, and GAMCO Asset Management (UK) Limited. Intercompany accounts and transactions have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. 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, 2020.
Use of Estimates	Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments In June 2016, issued 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) ASU 2016-13 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 consolidated 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, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Leases (Topic 842): Effective Dates (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 (Topic 350) - Simplifying the Test for Goodwill Impairment which simplifies the process used to test for goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead any goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. 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 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue Recognition [Abstract]
Revenue Disaggregated	The following table presents the Company’s revenue disaggregated by investment vehicle (in thousands): Three Months Ended March 31, 2021 2020 Investment advisory and incentive fees: Mutual Funds $ 23,472 $ 23,556 Closed-end Funds 18,082 16,420 Sub-advisory accounts 616 732 Institutional & PWM 17,599 20,005 SICAV 1,316 1,465 Performance-based 385 95 Distribution fees and other income 6,458 7,294 Total revenues $ 67,928 $ 69,567

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investment in Securities [Abstract]
Investments in Equity Securities	Investments in equity securities and funds at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities and funds: Common stocks $ 38,297 $ 19,068 $ 41,341 $ 19,099 Open-end funds 5,632 5,960 5,757 6,128 Actively managed semi-transparent ETFs 5,000 4,890 - - Closed-end Funds 510 512 628 618 Total investments in equity securities and funds $ 49,439 $ 30,430 $ 47,726 $ 25,845
Investments in Debt Securities	Investments in debt securities at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Short-term investments in U.S. Treasury Bills: U.S. Treasury Bills $ 9,999 $ 1 $ - $ 10,000 Total short-term investments in U.S. Treasury Bills $ 9,999 $ 1 $ - $ 10,000 December 31, 2020 Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Estimated Fair Value Short-term investments in U.S. Treasury Bills: U.S. Treasury Bills $ 64,988 $ 6 $ - $ 64,994 Total short-term investments in U.S. Treasury Bills $ 64,988 $ 6 $ - $ 64,994
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities: Common stocks $ - $ - $ 728 $ 799 Total securities sold, not yet purchased $ - $ - $ 728 $ 799

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2021 Cash equivalents $ 118,377 $ - $ - $ 118,377 Investments in securities: Common stocks 19,068 - - 19,068 Open-end Funds 5,960 - - 5,960 Actively managed semi-transparent ETFs 4,890 - - 4,890 Closed-end Funds 512 - - 512 Total investments in securities 30,430 - - 30,430 Total assets at fair value $ 148,807 $ - $ - $ 148,807 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2020 Cash equivalents $ 32,661 $ - $ - $ 32,661 Investments in securities: Common stocks 19,099 - - 19,099 Open-end Funds 6,128 - - 6,128 Closed-end Funds 618 - - 618 Total investments in securities 25,845 - - 25,845 Total assets at fair value $ 58,506 $ - $ - $ 58,506 Liabilities Securities sold, not yet purchased: Trading - Common stocks $ 799 $ - $ - $ 799 Total securities sold, not yet purchased $ 799 $ - $ - $ 799
Financial Assets and Liabilities Disclosed But Not Carried at Fair Value	The following table presents the carrying value and fair value of the Company’s investments in debt securities not carried at fair value as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Level 1 Carrying Value Fair Value Level 1 U.S. Treasury Bills $ 9,999 $ 10,000 $ 64,988 $ 64,994 Total $ 9,999 $ 10,000 $ 64,988 $ 64,994 At March 31, 2021 and December 31, 2020, the Senior Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition : March 31, 2021 December 31, 2020 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 5.875% Senior notes $ 24,221 $ 24,398 $ 24,215 $ 24,554 Total $ 24,221 $ 24,398 $ 24,215 $ 24,554

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Income per Share	Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding and restricted stock awards. The computations of basic and diluted net income per share were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Basic: Net income $ 15,950 $ 11,245 Weighted average shares outstanding 26,393 26,687 Basic net income per share $ 0.60 $ 0.42 Diluted: Net income $ 15,950 $ 11,245 Weighted average shares outstanding 26,393 26,687 Restricted stock awards 494 83 Total 26,887 26,770 Diluted net income per share $ 0.59 $ 0.42

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies [Abstract]
Summary of Leases	The following table summarizes the leases for the periods presented (in thousands, except lease term and discount rate): Three Months Ended March 31, 2021 2020 Finance lease cost - interest expense $ 263 $ 269 Finance lease cost - amortization of right-of-use asset 67 67 Operating lease cost 183 75 Sublease income (15 ) (46 ) Total lease cost $ 498 $ 365 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance lease $ - $ - Operating cash flows from operating leases 113 65 Financing cash flows from finance lease 61 51 Total cash paid for amounts included in the measurement of lease liabilities $ 174 $ 116 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ - Weighted average remaining lease term—finance lease (years) 7.8 8.8 Weighted average remaining lease term—operating leases (years) 3.2 2.6 Weighted average discount rate—finance lease 19.1 % 19.1 % Weighted average discount rate—operating leases 5.0 % 5.0 %
Maturities of Lease Liabilities	The following table summarizes the maturities of lease liabilities at March 31, 2021 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2021 (excluding the three months ended March 31, 2021) $ 970 $ 673 $ 1,643 2022 1,080 638 1,718 2023 1,080 515 1,595 2024 1,080 391 1,471 2025 1,080 330 1,410 Thereafter 3,240 1,653 4,893 Total lease payments $ 8,530 $ 4,200 $ 12,730 Less imputed interest (4,197 ) (1,189 ) (5,386 ) Total lease liabilities $ 4,333 $ 3,011 $ 7,344

Organization and Description _2

Organization and Description of Business (Details)	Mar. 31, 2021FundInvestor
Organization and Description of Business [Abstract]
Number of open-end funds	24
Number of closed-end funds	16
Number of actively managed semi-transparent exchange traded funds	2
Number of open-end investment funds	1
Number of institutional investors | Investor	1,500

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue Streams [Abstract]
Revenue	$ 67,928	$ 69,567
Closed-end Funds [Member] | Performance-based [Member]
Revenue Streams [Abstract]
Number of days for customer to make payment after being invoiced	30 days
Advisory Fees [Member]
Revenue Streams [Abstract]
Revenue	$ 61,470	62,273
Advisory Fees [Member] | Performance-based [Member]
Revenue Streams [Abstract]
Revenue	$ 385	95
Advisory Fees [Member] | Conditional [Member]
Revenue Streams [Abstract]
Number of days for customer to make payment after being invoiced	60 days
Advisory Fees [Member] | Mutual Funds [Member]
Revenue Streams [Abstract]
Revenue	$ 23,472	23,556
Number of days for customer to make payment after being invoiced	30 days
Advisory Fees [Member] | Closed-end Funds [Member]
Revenue Streams [Abstract]
Revenue	$ 18,082	16,420
Number of days for customer to make payment after being invoiced	30 days
Advisory Fees [Member] | Closed-end Funds [Member] | Performance-based [Member]
Revenue Streams [Abstract]
Number of days for customer to make payment after being invoiced	30 days
Advisory Fees [Member] | Sub-advisory Accounts [Member]
Revenue Streams [Abstract]
Revenue	$ 616	732
Number of days for customer to make payment after being invoiced	30 days
Advisory Fees [Member] | Institutional & PWM [Member]
Revenue Streams [Abstract]
Revenue	$ 17,599	20,005
Number of days for customer to make payment after being invoiced	60 days
Advisory Fees [Member] | Institutional & PWM [Member] | Performance-based [Member]
Revenue Streams [Abstract]
Number of days for customer to make payment after being invoiced	60 days
Advisory Fees [Member] | SICAVs [Member]
Revenue Streams [Abstract]
Revenue	$ 1,316	1,465
Number of days for customer to make payment after being invoiced	30 days
Distribution Fees and Other Income [Member]
Revenue Streams [Abstract]
Revenue	$ 6,458	$ 7,294
Number of days for customer to make payment after being invoiced	30 days

Investment in Securities, Inves

Investment in Securities, Investment in Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments in Equity Securities and Funds [Abstract]
Cost	$ 49,439	$ 47,726
Estimated Fair Value	30,430	25,845
Common Stock [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	38,297	41,341
Estimated Fair Value	19,068	19,099
Open-end Funds [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	5,632	5,757
Estimated Fair Value	5,960	6,128
Actively Managed Semi-transparent EFTs [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	5,000	0
Estimated Fair Value	4,890	0
Closed-end Funds [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	510	628
Estimated Fair Value	$ 512	$ 618

Investment in Securities, Inv_2

Investment in Securities, Investment in Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments in Debt Securities [Abstract]
Amortized cost	$ 9,999	$ 64,988
Gross unrealized holding gains	1	6
Gross unrealized holding losses	0	0
Estimated fair value	10,000	64,994
U.S. Treasury Bills [Member]
Investments in Debt Securities [Abstract]
Amortized cost	9,999	64,988
Gross unrealized holding gains	1	6
Gross unrealized holding losses	0	0
Estimated fair value	$ 10,000	$ 64,994

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment in Equity Securities [Abstract]
Cost	$ 0	$ 728
Estimated Fair Value	0	799
Common Stocks [Member]
Investment in Equity Securities [Abstract]
Cost	0	728
Estimated Fair Value	$ 0	$ 799

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments in securities [Abstract]
Investments in securities	$ 30,430	$ 25,845
Securities sold, not yet purchased [Abstract]
Total securities sold, not yet purchased	0	799
Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	19,068	19,099
Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	5,960	6,128
Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	4,890	0
Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	512	618
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	118,377	32,661
Investments in securities [Abstract]
Investments in securities	30,430	25,845
Total assets at fair value	148,807	58,506
Securities sold, not yet purchased [Abstract]
Trading - Common Stocks		799
Total securities sold, not yet purchased		799
Recurring Basis [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	19,068	19,099
Recurring Basis [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	5,960	6,128
Recurring Basis [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	4,890
Recurring Basis [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	512	618
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	118,377	32,661
Investments in securities [Abstract]
Investments in securities	30,430	25,845
Total assets at fair value	148,807	58,506
Securities sold, not yet purchased [Abstract]
Trading - Common Stocks		799
Total securities sold, not yet purchased		799
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	19,068	19,099
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	5,960	6,128
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	4,890
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	512	618
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities [Abstract]
Investments in securities	0	0
Total assets at fair value	0	0
Securities sold, not yet purchased [Abstract]
Trading - Common Stocks		0
Total securities sold, not yet purchased		0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities [Abstract]
Investments in securities	0	0
Total assets at fair value	0	0
Securities sold, not yet purchased [Abstract]
Trading - Common Stocks		0
Total securities sold, not yet purchased		0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	$ 0	$ 0

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities Disclosed But Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	May 31, 2011
Investments in debt securities [Abstract]
Total Investments in debt securities, at amortized cost	$ 9,999	$ 64,988
5.875% Senior Notes [Member]
Debt instruments [Abstract]
Debt instrument, interest rate	5.875%	5.875%	5.875%
U.S. Treasury Bills [Member]
Investments in debt securities [Abstract]
Total Investments in debt securities, at amortized cost	$ 9,999	$ 64,988
Carrying Value [Member]
Investments in debt securities [Abstract]
Total	9,999	64,988
Debt instruments [Abstract]
Total	24,221	24,215
Carrying Value [Member] | 5.875% Senior Notes [Member]
Debt instruments [Abstract]
Senior notes	24,221	24,215
Carrying Value [Member] | U.S. Treasury Bills [Member]
Investments in debt securities [Abstract]
Debt securities held-to-maturity	9,999	64,988
Level 1 [Member] | Fair Value [Member]
Investments in debt securities [Abstract]
Total	10,000	64,994
Level 1 [Member] | Fair Value [Member] | U.S. Treasury Bills [Member]
Investments in debt securities [Abstract]
Debt securities held-to-maturity	10,000	64,994
Level 2 [Member] | Fair Value [Member]
Debt instruments [Abstract]
Total	24,398	24,554
Level 2 [Member] | Fair Value [Member] | 5.875% Senior Notes [Member]
Debt instruments [Abstract]
Senior notes	$ 24,398	$ 24,554

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effective tax rate [Abstract]
Effective income tax rate	29.60%	24.90%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic [Abstract]
Net income	$ 15,950	$ 11,245
Weighted average shares outstanding (in shares)	26,393	26,687
Basic net income per share (in dollars per share)	$ 0.60	$ 0.42
Diluted [Abstract]
Net income	$ 15,950	$ 11,245
Weighted average shares outstanding (in shares)	26,393	26,687
Restricted stock awards (in shares)	494	83
Total (in shares)	26,887	26,770
Diluted net income per share (in dollars per share)	$ 0.59	$ 0.42

Debt (Details)

Debt (Details) - 5.875% Senior Notes [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	May 31, 2011
Long-term debt [Abstract]
Debt instrument, term	10 years
Face value of debt	$ 24.2	$ 24.2	$ 100
Debt instrument, maturity date	Jun. 1, 2021
Debt instrument, interest rate	5.875%	5.875%	5.875%

Stockholders' Equity, Shares Ou

Stockholders' Equity, Shares Outstanding (Details) - shares shares in Millions	Mar. 31, 2021	Dec. 31, 2020
Stockholders' Equity [Abstract]
Shares outstanding (in shares)	27.4	27.5

Stockholders' Equity, Voting Ri

Stockholders' Equity, Voting Rights, Stock Award and Incentive Plan (Details) $ / shares in Units, $ in Thousands	Mar. 05, 2020$ / sharesshares	Jan. 02, 2020USD ($)$ / shares	Mar. 31, 2021USD ($)VoteperShare$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2016$ / shares	Dec. 31, 2020$ / sharesshares	Jun. 05, 2020shares	Jun. 04, 2020shares
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense | $			$ 1,166	$ 941
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Compensation cost related to non-vested options not yet recognized | $			$ 10,100
Deferred Compensation Arrangements [Abstract]
Payments for compensation agreement | $		$ 43,700
Reduction of RSU expense due to cap and waiver of receipt of deferred compensation expense | $		$ 32,300
Deferred compensation agreement, share price (in dollars per share) | $ / shares		$ 18.8812			$ 32.8187
Stock Options [Member]
Stock Award and Incentive Plan [Abstract]
Stock option outstanding (in shares)			10,000
Stock option outstanding, exercise price (in dollars per share) | $ / shares			$ 25.55
Stock Options [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Term of nonqualified stock options			10 years
Restricted Stock Awards [Member]
Stock Award and Incentive Plan [Abstract]
RSAs granted (in shares)	392,700
Grant date fair value (in dollars per share) | $ / shares	$ 14.31
RSA shares outstanding (in shares)			1,065,650			1,079,650
Average weighted grant price (in dollars per share) | $ / shares			$ 19.46			$ 19.45
Class A [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare			1
Authorized Shares [Abstract]
Number of shares authorized (in shares)			100,000,000			100,000,000
Class A [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Number of shares reserved for issuance under each plan (in shares)			7,500,000
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare			10
Authorized Shares [Abstract]
Number of shares authorized (in shares)			25,000,000			25,000,000	25,000,000	100,000,000

Stockholders' Equity, Stock Rep

Stockholders' Equity, Stock Repurchase Program, Dividends and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 11, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Aug. 04, 2020	Mar. 18, 2020	Apr. 23, 2018
Dividends [Abstract]
Dividends declared (in dollars per share)		$ 0.02		$ 0.02
Shelf Registration [Abstract]
Maximum amount of debt and equity to be issued under shelf registration							$ 500
Class A Stock [Member]
Stock Repurchase Program [Abstract]
Incremental Class A shares authorized to buyback (in shares)					3,000,000
Dividends [Abstract]
Dividends declared (in dollars per share)		$ 0.02	$ 0.02
Class A Stock [Member] | Stock Repurchase Program [Member]
Stock Repurchase Program [Abstract]
Stock repurchase authorized, amount						$ 30
Shares repurchased (in shares)		97,078	55,093
Average price per share of repurchased shares (in dollars per share)		$ 18.68	$ 17.16
Share available under program to repurchase (in shares)	2,000,000	2,777,581
Aggregate purchase price	$ 30
Class A Stock [Member] | Stock Repurchase Program [Member] | Minimum [Member]
Stock Repurchase Program [Abstract]
Average price per share of repurchased shares (in dollars per share)	$ 15
Class A Stock [Member] | Stock Repurchase Program [Member] | Maximum [Member]
Stock Repurchase Program [Abstract]
Average price per share of repurchased shares (in dollars per share)	$ 17
Class B Stock [Member]
Dividends [Abstract]
Dividends declared (in dollars per share)		$ 0.02	$ 0.02

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill	$ 200		$ 200
Intangible assets, net [Abstract]
Impairment on intangible assets	0	$ 428
Enterprise Fund [Member]
Intangible assets, net [Abstract]
Impairment on intangible assets	0	$ 428
Bancroft Fund [Member]
Intangible assets, net [Abstract]
Impairment on intangible assets	0
Investment Advisory Contract [Member] | Enterprise Fund [Member]
Intangible assets, net [Abstract]
Identifiable intangible asset	1,300		1,300
Investment Advisory Contract [Member] | Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. [Member]
Intangible assets, net [Abstract]
Identifiable intangible asset	$ 1,600		$ 1,600

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / ft²	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Commitments and Contingencies [Abstract]
Lease term	15 years
Base rent per square foot (in dollars per square foot) | $ / ft²	18
Base rental	$ 1,100
Accumulated amortization on the leased property	5,500		$ 5,500
Lease Cost [Abstract]
Finance lease cost - interest expense	263	$ 269
Finance lease cost - amortization of right-of-use asset	67	67
Operating lease cost	183	75
Sublease income	(15)	(46)
Total lease cost	498	365
Cash paid for amounts included in the measurement of lease liabilities [Abstract]
Operating cash flows from finance lease	0	0
Operating cash flows from operating leases	113	65
Financing cash flows from finance lease	61	51
Total cash paid for amounts included in the measurement of lease liabilities	174	116
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0
Weighted average remaining lease term-finance lease	7 years 9 months 18 days	8 years 9 months 18 days
Weighted average remaining lease term-operating leases	3 years 2 months 12 days	2 years 7 months 6 days
Weighted average discount rate-finance lease	19.10%	19.10%
Weighted average discount rate-operating leases	5.00%	5.00%
Finance lease right-of-use asset, net of amortization	$ 1,600		1,700
Operating right-of-use assets, net of amortization	2,800		$ 800
Finance Leases [Abstract]
2021 (excluding the three months ended March 31, 2021)	970
2022	1,080
2023	1,080
2024	1,080
2025	1,080
Thereafter	3,240
Total lease payments	8,530
Less imputed interest	(4,197)
Total lease liabilities	4,333
Operating Leases [Abstract]
2021 (excluding the three months ended March 31, 2021)	673
2022	638
2023	515
2024	391
2025	330
Thereafter	1,653
Total lease payments	4,200
Less imputed interest	(1,189)
Total lease liabilities	3,011
Total Leases [Abstract]
2021 (excluding the three months ended March 31, 2021)	1,643
2022	1,718
2023	1,595
2024	1,471
2025	1,410
Thereafter	4,893
Total lease payments	12,730
Less imputed interest	(5,386)
Total lease liabilities	7,344
Minimum future sublease rental, due from affiliated entities	$ 500
Period of minimum future sublease rental, due from affiliated entities	3 years

Regulatory Requirements (Detail

Regulatory Requirements (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Regulatory Requirements [Abstract]
Minimum capital requirement	$ 250,000
Percentage of minimum capital requirement	2.00%
Net capital	$ 1,700,000
Net capital exceeding regulatory requirements	$ 1,500,000

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	May 05, 2021	May 04, 2021	Apr. 05, 2021	May 04, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Aug. 04, 2020
Dividends [Abstract]
Dividends declared (in dollars per share)					$ 0.02		$ 0.02
Class A [Member]
Dividends [Abstract]
Dividends declared (in dollars per share)					$ 0.02	$ 0.02
Stock Repurchase Program [Abstract]
Shares authorized to be repurchased (in shares)								3,000,000
Subsequent Event [Member]
Stock Repurchase [Abstract]
Stock repurchased (in shares)				62,065
Stock repurchased per share (in dollars per share)				$ 19
Subsequent Event [Member] | Restricted Stock Awards [Member]
Stock Based Compensation [Abstract]
RSAs vested (in shares)			67,980
Subsequent Event [Member] | Quarterly Dividend Declared in Q2 2021 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share)		$ 0.02
Dividends declared date		May 4, 2021
Dividends payable date		Jun. 29, 2021
Dividends record date		Jun. 15, 2021
Subsequent Event [Member] | Special Dividend [Member] | Subordinated Debentures [Member]
Dividends [Abstract]
Dividends declared (in dollars per share)	$ 2
Dividends declared date	May 5, 2021
Dividends payable date	Jun. 15, 2021
Dividends record date	Jun. 1, 2021
Debt instrument, term	2 years
Debt Instrument, Interest Rate, Stated Percentage in Year One	4.00%
Debt Instrument, Interest Rate, Stated Percentage in Year Two	5.00%
Debt instrument, maturity date	Jun. 15, 2023