Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 001-14761 | ||
Entity Registrant Name | GAMCO INVESTORS, INC. ET AL | ||
Entity Central Index Key | 0001060349 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-4007862 | ||
Entity Address, Address Line One | 191 Mason Street | ||
Entity Address, City or Town | Greenwich | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06830 | ||
City Area Code | 203 | ||
Local Phone Number | 629-2726 | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value | ||
Trading Symbol | GBL | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 137,117,912 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Deloitte & Touche, LLP | ||
Auditor Location | Stamford, Connecticut | ||
Auditor Firm ID | 34 | ||
Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,590,811 | ||
Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 19,024,117 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Cash and cash equivalents | [1] | $ 142,027 | $ 33,325 |
Short-term investments in U.S. Treasury Bills | 0 | 64,988 | |
Investments in equity securities, at fair value | 32,344 | 25,845 | |
Investment advisory fees receivable | 30,977 | 28,796 | |
Deferred tax asset and income tax receivable | 6,707 | 9,462 | |
Finance lease | 4,055 | 2,452 | |
Receivable from brokers | 3,930 | 5,833 | |
Receivable from affiliates | 3,440 | 4,882 | |
Goodwill and identifiable intangible assets | 3,176 | 3,176 | |
Other assets | 5,016 | 6,643 | |
Total assets | 231,672 | 185,402 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Compensation payable | 21,049 | 21,543 | |
Payable for investments purchased | 14,990 | 1 | |
Lease liability obligations | 6,799 | 5,208 | |
Payable to affiliates | 5,198 | 3,843 | |
Income taxes payable | 315 | 3,910 | |
Securities Sold, not yet purchased | 0 | 799 | |
Accrued expenses and other liabilities | 38,451 | 38,972 | |
Sub-total | 86,802 | 74,276 | |
5.875% Senior Notes (net of issuance costs of $10) (due June 1, 2021) (Note 7) | 0 | 24,215 | |
Subordinated Notes (net of issuance costs of $75) (due June 15, 2023) (Note 7) | 50,990 | 0 | |
Total liabilities | 137,792 | 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 | 28,753 | 21,219 | |
Retained earnings | 410,333 | 394,386 | |
Accumulated other comprehensive loss | (177) | (165) | |
Treasury stock, at cost (8,843,454 and 8,142,732 shares, respectively) | (345,062) | (328,562) | |
Total stockholders' equity | 93,880 | 86,911 | |
Total liabilities and stockholders' equity | 231,672 | 185,402 | |
U.S. Treasuries [Member] | |||
ASSETS | |||
Short-term investments in U.S. Treasury Bills | 0 | 64,988 | |
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 $ million and million at December 31, 2021 and 2020 respectively. |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | ||
Cash and cash equivalents | $ 123,000 | $ 15,000 |
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, shares outstanding (in shares) | 26.7 | 27.5 |
Treasury stock, shares (in shares) | 8,843,454 | 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, shares issued (in shares) | 16,547,476 | 16,621,426 |
Common stock, shares outstanding (in shares) | 7,704,022 | 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 | 100,000,000 |
Common stock, shares issued (in shares) | 24,000,000 | 24,000,000 |
Common stock, shares outstanding (in shares) | 19,024,117 | 19,024,117 |
Subordinated Notes [Member] | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Debt issuance costs | $ 75 | |
Debt instrument, maturity date | Jun. 15, 2023 | |
5.875% Senior Notes [Member] | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Debt instrument, interest rate | 5.875% | 5.875% |
Debt issuance costs | $ 10 | |
Debt instrument, maturity date | Jun. 1, 2021 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Total revenues | $ 301,126 | $ 259,726 |
Expenses: | ||
Compensation | 118,186 | 102,347 |
Management fee | 5,552 | 5,376 |
Distribution costs | 30,276 | 28,474 |
Other operating expenses | 29,692 | 23,920 |
Total expenses | 183,706 | 160,117 |
Operating income | 117,420 | 99,609 |
Non-operating income / (loss) | ||
Gain/(Loss) from investments, net | 269 | (8,695) |
Interest and dividend income | 550 | 826 |
Interest expense | (2,919) | (2,620) |
Shareholder-designated charitable contribution | (11,279) | (5,436) |
Total non-operating loss | (13,379) | (15,925) |
Income before income taxes | 104,041 | 83,684 |
Provision for income taxes | 30,842 | 24,991 |
Net income | $ 73,199 | $ 58,693 |
Earning per share: | ||
Basic (in dollars per share) | $ 2.79 | $ 2.21 |
Diluted (in dollars per share) | $ 2.73 | $ 2.20 |
Weighted average shares outstanding: | ||
Basic (in shares) | 26,267 | 26,571 |
Diluted (in shares) | 26,809 | 26,680 |
Investment Advisory and Incentive Fees [Member] | ||
Revenues: | ||
Total revenues | $ 274,531 | $ 233,628 |
Distribution Fees and Other Income [Member] | ||
Revenues: | ||
Total revenues | $ 26,595 | $ 26,098 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $ 73,199 | $ 58,693 |
Other comprehensive income: | ||
Foreign currency translation gain | (12) | 39 |
Total comprehensive income | $ 73,187 | $ 58,732 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [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, 2019 | 33 | 17,033 | 362,515 | (204) | (324,660) | 54,717 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Foreign currency translation | 39 | |||||
Balance at Dec. 31, 2020 | 33 | 21,219 | 394,386 | (165) | (328,562) | 86,911 |
Balance at Mar. 31, 2020 | 33 | 17,974 | 373,208 | (265) | (325,606) | 65,344 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 11,290 | 0 | 0 | 11,290 |
Foreign currency translation | 0 | 0 | 0 | (4) | 0 | (4) |
Dividends declared | 0 | 0 | (551) | 0 | 0 | (551) |
Stock based compensation expense | 0 | 1,137 | 0 | 0 | 0 | 1,137 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (772) | (772) |
Balance at Jun. 30, 2020 | 33 | 19,111 | 383,947 | (269) | (326,378) | 76,444 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 16,435 | 0 | 0 | 16,435 |
Foreign currency translation | 0 | 0 | 0 | 42 | 0 | 42 |
Dividends declared | 0 | 0 | (547) | 0 | 0 | (547) |
Stock based compensation expense | 0 | 993 | 0 | 0 | 0 | 993 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (1,637) | (1,637) |
Balance at Sep. 30, 2020 | 33 | 20,104 | 399,835 | (227) | (328,015) | 91,730 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 19,723 | 0 | 0 | 19,723 |
Foreign currency translation | 0 | 0 | 0 | 62 | 0 | 62 |
Dividends declared | 0 | 0 | (25,172) | 0 | 0 | (25,172) |
Stock based compensation expense | 0 | 1,115 | 0 | 0 | 0 | 1,115 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (547) | (547) |
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 |
Balance at Dec. 31, 2020 | 33 | 21,219 | 394,386 | (165) | (328,562) | 86,911 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Foreign currency translation | (12) | |||||
Balance at Dec. 31, 2021 | 33 | 28,753 | 410,333 | (177) | (345,062) | 93,880 |
Balance at Mar. 31, 2021 | 33 | 22,385 | 409,788 | (155) | (330,376) | 101,675 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 17,101 | 0 | 0 | 17,101 |
Foreign currency translation | 0 | 0 | 0 | 5 | 0 | 5 |
Dividends declared | 0 | 0 | (55,061) | 0 | 0 | (55,061) |
Stock based compensation expense | 0 | 946 | 0 | 0 | 0 | 946 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (3,520) | (3,520) |
Balance at Jun. 30, 2021 | 33 | 23,331 | 371,828 | (150) | (333,896) | 61,146 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 29,161 | 0 | 0 | 29,161 |
Foreign currency translation | 0 | 0 | 0 | (31) | 0 | (31) |
Dividends declared | 0 | 0 | (537) | 0 | 0 | (537) |
Stock based compensation expense | 0 | 910 | 0 | 0 | 0 | 910 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (2,464) | (2,464) |
Balance at Sep. 30, 2021 | 33 | 24,241 | 400,452 | (181) | (336,360) | 88,185 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 10,987 | 0 | 0 | 10,987 |
Foreign currency translation | 0 | 0 | 0 | 4 | 0 | 4 |
Dividends declared | 0 | 0 | (1,106) | 0 | 0 | (1,106) |
Stock based compensation expense | 0 | 4,512 | 0 | 0 | 0 | 4,512 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (8,702) | (8,702) |
Balance at Dec. 31, 2021 | $ 33 | $ 28,753 | $ 410,333 | $ (177) | $ (345,062) | $ 93,880 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends declared (in dollars per share) | $ 0.04 | $ 0.02 | $ 2.02 | $ 0.02 | $ 0.92 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.10 | $ 0.98 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Cash flows from operating activities: | ||||
Net income | $ 73,199 | $ 58,693 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,171 | 973 | ||
Accretion of discounts and amortization of premiums | (54) | 53 | ||
Stock based compensation expense | 7,534 | 4,186 | ||
Deferred income taxes | 1,638 | 7,904 | ||
Foreign currency translation loss | (12) | 39 | ||
Unrealized (gains) / losses on securities | (5,387) | 6,154 | ||
Net realized loss on securities | 5,105 | 1,555 | ||
Impairment charge on intangible asset | 0 | 589 | ||
(Increase) decrease in assets: | ||||
Investments in securities | (1,485) | (12) | ||
Investment advisory fees receivable | (2,181) | 7,297 | ||
Income taxes receivable | 1,117 | (977) | ||
Receivable from brokers | 1,903 | (4,844) | ||
Receivable from affiliates | 1,442 | (938) | ||
Other assets | (1,215) | (1,736) | ||
Increase (decrease) in liabilities: | ||||
Compensation payable | (494) | (42,738) | ||
Payable for investments purchased | 14,989 | 0 | ||
Payable to affiliates | 1,355 | (139) | ||
Income taxes payable | (3,595) | 3,152 | ||
Accrued expenses and other liabilities | 1,101 | 1,523 | ||
Total adjustments | 22,932 | (17,959) | ||
Net cash provided by operating activities | 96,131 | 40,734 | ||
Cash flows from investing activities: | ||||
Purchases of securities | (8,979) | (120,724) | ||
Proceeds from sales and maturities of securities | 67,360 | 57,189 | ||
Return of capital on securities | 1,134 | 24 | ||
Net cash provided by/ (used in) investing activities | 59,515 | (63,511) | ||
Cash flows from financing activities: | ||||
Dividends paid | (4,338) | (25,906) | ||
Purchase of treasury stock | (16,500) | (3,902) | ||
Repurchase of 5.875% ten year notes due 6/1/21 | (24,225) | 0 | ||
Repurchase of 2-year puttable note due 6/15/23 | (1,619) | 0 | ||
Repayment of principal portion of lease liability | (264) | (218) | ||
Net cash used in financing activities | (46,946) | (30,026) | ||
Effect of exchange rates on cash and cash equivalents | 2 | (8) | ||
Net increase (decrease) in cash and cash equivalents | 108,702 | (52,811) | ||
Cash and cash equivalents, beginning of period | 33,325 | [1] | 86,136 | |
Cash and cash equivalents, end of period | [1] | 142,027 | 33,325 | |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | 2,923 | 2,581 | ||
Cash paid for taxes | $ 30,688 | $ 16,546 | ||
[1] | Includes U.S. Treasury Bills with maturities of three months or less when purchased of $ million and million at December 31, 2021 and 2020 respectively. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental disclosure of non-cash activity: | ||
Accrued restricted stock award dividends | $ 1,975 | $ 915 |
5.875% Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Debt instrument, interest rate | 5.875% | 5.875% |
Debt instrument, term | 10 years | |
Debt instrument, maturity date | Jun. 1, 2021 | |
Supplemental disclosure of non-cash activity: | ||
Principal amount | $ 24,200 | |
Senior Notes [Member] | 5.875% Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Debt instrument, interest rate | 5.875% | |
Debt instrument, term | 10 years | |
Debt instrument, maturity date | Jun. 1, 2021 | |
Subordinated Notes [Member] | ||
Cash flows from financing activities: | ||
Debt instrument, term | 2 years | |
Debt instrument, maturity date | Jun. 15, 2023 | |
Supplemental disclosure of non-cash activity: | ||
Principal amount | $ 52,700 | |
Special dividend (in dollars per share) | $ 2 | |
Subordinated Notes [Member] | 2-Year Puttable Note Due 6/15/23 [Member] | ||
Cash flows from financing activities: | ||
Debt instrument, term | 2 years | |
Debt instrument, maturity date | Jun. 15, 2023 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 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,” and “GBL” or similar terms are to GAMCO Investors, Inc., its predecessors, and its subsidiaries. GAMCO (New York Stock Exchange (“NYSE”): GBL), a company incorporated under the laws of Delaware, is a widely-recognized provider of investment advisory services to open-end funds, closed-end funds, 3 actively managed semi-transparent exchange traded funds (“ETFs”), and approximately investors principally in the United States (U.S.). 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, actively managed semi-transparent ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and Fixed Income. In 1977, GAMCO launched 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 | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The 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. The annual financial statements have been prepared in accordance with U.S. GAAP for annual financial information and pursuant to the requirements for reporting on Form 10-K and Article 6 of Regulation S-X. In the opinion of management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the years presented have been included. Use of Estimates The preparation of the 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. Nature of Operations Gabelli Funds and GAMCO Asset are registered investment advisors under the Investment Advisers Act of 1940, as amended. G.distributors is a registered broker-dealer with the Securities and Exchange Commission (“SEC”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). Refer to Major Revenue-Generating Services and Revenue Recognition Cash and Cash Equivalents and Short-term Investments in U.S. Treasury Bills Cash equivalents primarily consist of U.S Treasury Bills with maturities of three months or less at the time of purchase and an affiliated money market fund (The Gabelli U.S. Treasury Money Market Fund) which is highly liquid. Short-term investments in U.S. Treasury Bills consist of U.S. Treasury Bills with maturities exceeding three months at the time of purchase and are stated at amortized cost, which approximates fair value. Currency Translation Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the dates of the applicable consolidated statements of financial condition. Revenues and expenses of such subsidiaries are translated at the average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the consolidated statements of comprehensive income. Transactions in currencies other than the U.S. dollar, , are measured on the transaction date in U.S. dollars. Changes in the expected cash flows caused by changes in exchange rates, measured at exchange rates at the dates of the applicable consolidated statements of financial condition, are included in the consolidated statements of income. Investments in Securities Equity securities owned are recorded at fair value in the statements of financial condition, with any unrealized gains or losses reported in current period earnings in gain/(loss) from investments, net on the consolidated statements of income, in accordance with U.S. GAAP. Management determines the appropriate classification of debt securities at the time of purchase. Government debt with maturities of greater than three months at the time of purchase are considered investments in debt securities. Investments in debt securities are accounted for as either trading, available for sale (“AFS”), or held-to-maturity. The Company does not hold any investments in debt securities accounted for as trading or AFS. The Company’s investments in debt securities, consisting of U.S. Treasury Bills, are classified as held-to-maturity, as the Company has the intent and ability to hold these securities until maturity, and represent fixed income securities recorded at amortized cost. Discounts from and premiums to par value on held-to-maturity investments are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Held-to-maturity securities are evaluated for other than temporary impairment each reporting period and any impairment charges are recorded in gain/(loss) from investments, net on the consolidated statements of income. As of December 31, 2021 and 2020, there were no impairments on the Company’s investments in debt securities classified as held-to-maturity. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from equity and debt securities transactions are recorded on the specific identified cost basis and are included in gain/(loss) from investments, net on the consolidated statements of income. Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees and distribution fees. Investment advisory and incentive fees are directly influenced by the level and mix of assets under management (“AUM”), as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end funds and closed-end funds (collectively, the “Funds”) and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and PWM accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 91% and 90% of its total revenues from advisory fees, including incentive fees, for the years ended December 31, 2021 and 2020, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance, and the fee structure for the Fund or account. Revenues derived from the equity-oriented portfolios generally have higher advisory fee rates than fixed income portfolios. For The GDL Fund, there is an incentive fee earned as of the end of the calendar year which 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. This fee is recognized at the end of the measurement period. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $1.1 million and $0.1 million as of December 31, 2021 and 2020, respectively. For the Gabelli Merger Plus + th incentive fees receivable as of or . Advisory fees on certain of the closed-end preferred shares are earned at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually, or earlier if there is a redemption. Receivables due for advisory fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $1.5 million and $2.5 million in advisory fees receivable on closed-end preferred shares as of December 31, 2021 and 2020. For the GAMCO Merger Arbitrage SICAV, there is an incentive fee earned as of the end of the calendar year when the total return of a share class exceeds the hurdle rate (return on the 13-week UST) and the NAV exceeds the high water mark, at the rate of fifteen percent of the total return of share classes not denominated in the base currency and at the rate of twenty percent of the total return of share classes denominated in the base currency. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis, or earlier if there is a redemption. Receivables due on incentive fees relating to the GAMCO Merger Arbitrage SICAV are included in investment advisory fees receivable on the consolidated statements of financial condition and were $6.4 million and $5.6 million as of December 31, 2021 and 2020, respectively. Distribution fees revenues are derived primarily from the distribution of Gabelli and GAMCO open-end Funds as well as the affiliated TETON Westwood and Keeley open-end funds advised by either a subsidiary of GBL (Gabelli Funds), a subsidiary of GGCP, Inc. (“GGCP”) (Teton), or a subsidiary of Teton (Keeley-Teton Advisors, Inc.). G.distributors distributes the open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service teammates and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries, and G.distributors’ sales teammates. G.distributors receives fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 (“12b-1”) of the Investment Company Act of 1940, as amended (“Company Act”). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Under the distribution plans, the Class AAA shares of the open-end Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund, and The Gabelli ABC Fund) and the Class A and ADV shares of certain Funds pay G.distributors a distribution fee of 0.25% per year on the average daily net assets of the fund. Class C shares have a 12b-1 distribution plan with a distribution fee totaling 1.00%. Distribution fees from the open-end Funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. Note 2 to the consolidated financial statements includes additional information on the Company’s revenue recognition policy. Distribution Costs The Company incurs certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of Funds and after-market support services related to the closed-end Funds. Additionally, Gabelli Funds has agreed to reimburse expenses on certain Funds beyond certain expense caps. The reimbursed expenses are presented on a gross basis in distribution costs in the consolidated statements of income. Dividends and Interest Income and Interest Expense Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred. Depreciation and Amortization Fixed assets other than leasehold improvements, with net book value of $ million and $ million at and , respectively, which are included in other assets, are recorded at cost and depreciated using the straight-line method over their estimated useful lives from four to . Accumulated depreciation was $ million and $ million at and , respectively. Leasehold improvements, with net book value of $ million and $ million at and , respectively, which are included in other assets, are recorded at cost and amortized using the straight-line method over their estimated useful lives or lease terms, whichever is shorter. The leased property under the finance lease is depreciated utilizing the straight-line method over the term of the lease, which expires on December 31, 2028. The finance lease was extended on June 11, 2014 to December 31, 2028 from December 31, 2023. For the years ended and , depreciation and amortization were $ million and $ million, respectively. Goodwill and Identifiable Intangible Assets Goodwill and identifiable intangible assets are 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. Goodwill and identifiable intangible assets are tested for impairment at least annually as of November 30 th Income Taxes GBL and its operating subsidiaries file a consolidated federal income tax return. Accordingly, the income tax provision represents the aggregate of the amounts provided for all companies. The Company operates in numerous states and countries through its subsidiaries and therefore must allocate income, expenses, and earnings to these taxing jurisdictions taking into account the various laws and regulations in each jurisdiction. Each year, the Company files tax returns in each jurisdiction and settles its tax liabilities, which may be subject to audit by the taxing authorities. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated statements of financial condition Improvements to Employee Share-Based Payment Accounting The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in several jurisdictions. In accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“ASC 740”), a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. We record a liability for unrecognized tax benefits in accordance with ASC 740 and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may differ from our current estimate of the liabilities for unrecognized tax benefits. These differences are reflected as increases or decreases in income tax expense in the period in which new information becomes available. Fair Values of Financial Instruments All of the instruments within cash and cash equivalents, investments in equity securities, at fair value, and securities sold, not yet purchased are measured at fair value. The Company’s assets and liabilities are categorized based upon a fair value hierarchy. See Note 4, Fair Value, for further details on the fair value hierarchy. Cash equivalents primarily consist of U.S Treasury Bills with maturities of three months or less at the time of purchase and are valued using unadjusted quoted market prices. Cash equivalents also include an affiliated money market fund which is invested solely in U.S. Treasuries. Investments in securities are generally valued based on quoted prices from an exchange. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in Level 1 of the fair value hierarchy. Securities categorized in Level 2 investments are valued using other observable inputs. Nonpublic and infrequently traded investments are included in Level 3 of the fair value hierarchy because significant inputs to measure fair value are unobservable. Subordinated Notes The Company issued 2-year subordinated notes due June 15, 2023 (“Subordinated Notes”). Interest expense is recorded on an accrual basis and is included in interest expense in the Consolidated Statements of Income. The Subordinated Notes are recorded at face value, net of unamortized issuance costs. Issuance costs include capitalized expenses including arrangement fees and legal costs related to the issuance of the Subordinated Notes. Amortization of issuance costs for the Subordinated Notes is computed on the straight-line basis over the term of the notes. The unamortized balance of such costs is presented as a direct deduction to the carrying amount of the Subordinated Notes in the Consolidated Statements of Financial Condition. The amortization of such costs is included in interest expense in the Consolidated Statements of Income. Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method. Management Fee Management fee expense is incentive-based and entirely variable compensation in the amount of of the aggregate pre-tax profits before management fee which is paid to or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated $ million and $ million of his management fee to certain other employees of the Company in and , respectively. Stock Based Compensation The Company has granted equity awards, in the form of restricted stock awards (“RSAs”) and phantom RSAs to teammates and stock options to board members, which were recommended by the Company’s Chairman, who did not receive an RSA, phantom RSA, or option award, and approved by a committee of GBL’s board of directors (the “Board of Directors”) responsible for administering the awards (“Compensation Committee”). The Company’s stock-based RSA and option compensation provided to teammates The estimated fair value of RSAs and phantom RSAs is determined by using the closing price of Class A Common Stock (“Class A Stock”) on the grant date and the balance sheet date, respectively. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards, which is 30% over three years from the date of grant and 70% over five years from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA and phantom RSA holders are held for them until the vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs and phantom RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant, and the volatility of the underlying common stock. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards, which is over from the date of grant and over from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains cash and cash equivalents primarily in U.S Treasury Bills with maturities of three months or less at the time of purchase and the Gabelli U.S. Treasury Money Market Fund, which invests in instruments issued by the U.S. government. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during 2021 and 2020. All investments in securities are held at third party brokers or custodians. Business Segment The Company operates in business segment, the investment advisory and asset management business. Recent Accounting Developments 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, 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 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 June 2016, the FASB issued ASU 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, 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. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition In all cases for all revenue streams discussed below, the revenue generated is from a single transaction price and there is no need to allocate the amounts across more than a single revenue stream. The customer for all revenues derived from open-end and closed-end funds described in detail below has been determined to be each fund itself and not the ultimate underlying investor in each fund. 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 open-end Funds, one non-U.S. closed-end Fund, 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. Two closed-end funds charge incentive fees. 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 measurement period, June 30 th A SICAV sub-fund, the GAMCO Merger Arbitrage SICAV, charges a performance fee. 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. In all cases of the incentive 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 along with sales charges and underwriting fees associated with the sale of the class A shares of open-end Funds. Distribution fees are computed based on average daily net assets of certain classes of each fund and are recognized 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 open-end 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 open-end 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 Years Ended December 31, 2021 2020 Investment advisory and incentive fees: Open-end Funds $ 98,281 $ 88,884 Closed-end Funds 80,580 64,221 Sub-advisory accounts 2,524 2,313 Institutional & Private Wealth Management 73,218 64,290 SICAVs 6,771 4,996 Performance-based 13,157 8,924 Total investment advisory and incentive fees 274,531 233,628 Distribution fees and other income 26,595 26,098 Total revenues $ 301,126 $ 259,726 |
Investments in Securities
Investments in Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Securities [Abstract] | |
Investment in Securities | 3. Investments in Securities Investments in equity securities at December 31, 2021 and 2020 consisted of the following (in thousands): December 31, 2021 December 31, 2020 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities and funds: Common stocks $ 33,575 $ 16,210 $ 41,341 $ 19,099 Open-end funds 5,722 5,995 5,757 6,128 Actively managed semi-transparent ETFs 9,000 9,599 - - Closed-end funds 530 534 628 618 Other 6 6 - - Total investments in equity securities and funds $ 48,833 $ 32,344 $ 47,726 $ 25,845 Short-term investments in U.S. Treasury Bills at December 31, 2021 and 2020 consisted of the following (in thousands): December 31, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Short-term investments in U.S. Treasury Bills: U.S. Treasury Bills $ - $ - $ - $ - Total short-term investments in U.S. Treasury Bills $ - $ - $ - $ - December 31, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized 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 debt securities are less than one year. Securities sold, not yet purchased at December 31, 2021 and 2020 consisted of the following (in thousands): December 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 | 12 Months Ended |
Dec. 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 Fair Value Measurement (“ASC ”), guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: - Level - the valuation methodology utilizes quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level assets include cash equivalents, government obligations, open-end funds, closed-end funds, and listed equities. - Level - the valuation methodology utilizes inputs other than quoted prices included in Level that are observable for the asset or liability, either directly or indirectly. Level 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 - 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 and (in s): Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 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 December 31, 2021 Cash equivalents $ 141,394 $ - $ - $ 141,394 Investments in securities: Common stocks 16,210 - - 16,210 Actively managed semi-transparent ETFs 9,599 - - 9,599 Open-end Funds 5,995 - - 5,995 Closed-end Funds 534 - - 534 Other 6 - - 6 Total investments in securities 32,344 - - 32,344 Total assets at fair value $ 173,738 $ - $ - $ 173,738 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 disclosed but not carried at fair value The following table presents the carrying value and fair value of the Company’s short-term investments in U.S. Treasury Bills as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Carrying Value Fair Value Level Carrying Value (1) Fair Value Level U.S. Treasury Bills $ - $ - $ 64,988 $ 64,994 Total $ - $ - $ 64,988 $ 64,994 At and the senior notes due June 1, 2021 ( Senior Notes ) and the Subordinated Notes were recorded at face value, net of amortized issuance costs, as follows (in s) on the consolidated statements of financial condition: December 31, 2021 December 31, 2020 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 5.875% Senior notes $ - $ - $ 24,215 $ 24,554 Subordinated Notes 50,990 50,990 - - Total $ 50,990 $ 50,990 $ 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 | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 5. Income Taxes The provision for income taxes for the years ended December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Federal: Current $ 25,170 $ 16,338 Deferred 1,441 5,763 State and local: Current 4,034 749 Deferred 197 2,141 Total $ 30,842 $ 24,991 A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: 2021 2020 Statutory Federal income tax rate 21.0 % 21.0 % State income tax, net of Federal benefit 3.3 2.7 Section 162(m) limitation 6.2 6.2 Other (0.9 ) - Effective income tax rate 29.6 % 29.9 % Significant components of the deferred tax assets and liabilities are as follows (in thousands): 2021 2020 Deferred tax assets: Investments in securities $ 5,562 $ 5,655 Stock compensation expense 887 2,030 Deferred compensation - 400 Capital lease obligation 659 661 Total deferred tax assets 7,108 8,746 Deferred tax liabilities: Intangible asset amortization (382 ) (353 ) Contingent deferred sales commissions (108 ) (85 ) Other (215 ) (267 ) Total deferred tax liabilities (705 ) (705 ) Net deferred tax assets $ 6,403 $ 8,041 As of December 31, 2021 and 2020, the total amount of gross liability for unrecognized tax benefits related to uncertain tax positions was approximately $16.0 million and $15.3 million, respectively, of which recognition of $12.6 million and $12.1 million, respectively, would impact the Company’s effective tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows (in millions): Balance at December 31, 2019 $ 16.3 Additions based on tax positions related to the current year 0.5 Additions for tax positions of prior years - Reductions for tax positions of prior years (1.5 ) Balance at December 31, 2020 15.3 Additions based on tax positions related to the current year 2.0 Additions for tax positions of prior years - Reductions for tax positions of prior years (1.3 ) Balance at December 31, 2021 $ 16.0 As of December 31, 2021 and 2020, the net liability for unrecognized tax benefits related to uncertain tax positions was $20.2 million and $19.2 million, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition. These amounts include penalties and interest related to tax uncertainties in income taxes of approximately $ million and $ million at and , respectively. The Company records penalties and interest related to tax uncertainties in income taxes. The Company recorded an income tax expense related to an increase in its liability for interest and penalties of $ million and $ million for the years ended and , respectively. The Company is currently being audited by New York State for years 2007 through 2017 but does not expect that any potential assessments will be material to its results of operations. The Company is subject to future audits by New York State for all years after 2017. The Company’s remaining state income tax returns are subject to future audit for varying years after 2016. The Company’s Federal tax returns are subject to future audit for all years after 2017. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 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 s, except per share amounts): Years Ending December 31, 2021 2020 Basic: Net income $ 73,199 $ 58,693 Weighted average shares outstanding 26,267 26,571 Basic net income per share $ 2.79 $ 2.21 Diluted Net income $ 73,199 $ 58,693 Weighted average share outstanding 26,267 26,571 Restricted stock awards 542 109 Total 26,809 26,680 Diluted net income per share $ 2.73 $ 2.20 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Debt | 7. Debt Senior Notes On May the Company issued -year, Senior Notes. The Senior Notes bore interest at per annum, payable semi-annually on June and December of each year and commenced on December At December 31, 2020, the debt was recorded at its face value, net of issuance costs, of $ million. On , the Senior Notes matured and were fully repaid. Subordinated Notes On June 14, 2021, the Company entered into an indenture with Computershare Trust Company, N.A., as trustee, relating to GAMCO’s issuance of up to approximately $54.0 million of 2-year Subordinated Notes. The Subordinated Notes were issued to shareholders as a special dividend of $2.00 per share on Class A Stock and Class B common stock (“Class B Stock”). The Company issued approximately $52.2 million of Subordinated Notes in connection with the special dividend, paid out $0.4 million of cash in lieu of fractional Subordinated Notes, and reserved approximately $1.9 million of Subordinated Notes to be issued upon vesting of RSAs. The Subordinated Notes bear interest at a rate of 4% per annum for the one-year period ending June 15, 2022 and 5% per annum for the one-year period ending June 15, 2023 and mature on June 15, 2023. The Subordinated Notes are transferable, callable at the option of GAMCO, in whole or in part, at any time or from time to time at a redemption price equal to 100% of the principal amount of the Subordinated Notes to be redeemed plus interest, and puttable, in whole or in part, at any time after September 15, 2021 at a redemption price equal to 100% of the principal amount of the Subordinated Notes to be redeemed upon notice of redemption of at least 60 days but not more than 90 days before the redemption date. During the year ended December 31, 2021, the Company issued $0.5 million of new Subordinated Notes from the reserve of approximately $1.9 million for RSAs that vested. The Company redeemed $1.6 million of Subordinated Notes during the year ending December 31, 2021 relating to put notices received at least 60 days prior to the end of the quarter. As of December 31, 2021, the debt was recorded at its face value, net of issuance costs of $75 thousand, of $51.0 million of Subordinated Notes outstanding. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | 8. Equity Shares outstanding were and on December and respectively. Voting Rights The holders of Class A Stock and 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. 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 GBL common stock. A maximum of shares of Class A Stock have been reserved for issuance under the Plan by the Compensation Committee of the Company’s Board of Directors. Benefits under the Plan may be granted in any 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 RSAs, each of which entitles the grantee to share of Class A Stock subject to restrictions, and either incentive or nonqualified stock options, with a term not to exceed from the grant date and at an exercise price that the Compensation Committee may determine . On March 5, 2020, 392,700 RSAs were issued at a grant price of $14.31 per RSA. On December 28, 2020, 69,500 RSAs were issued at a grant price of $18.18 per RSA. On June 15, 2021, 396,800 phantom RSAs were issued at a grant price of $25.02 per phantom RSA and have similar vesting terms to the RSAs, except that the phantom RSAs will be settled in cash based on the fair value of the shares on the vesting date. Thus, the phantom RSAs were determined to be liability awards and are adjusted for changes in the Company’s stock price at each reporting date, with mark to market adjustments recognized in the results of operations. As of December 31, 2021 and 2020, there were 411,200 and 1,079,650, respectively, RSAs outstanding with weighted average grant prices per RSA of $14.93 and $19.45, respectively, and 10,000 stock options outstanding with an exercise price of $25.55. As of December 31, 2021, there were 380,300 phantom RSAs outstanding with weighted average grant prices per phantom RSA of $25.02 and a liability balance of $1.2 million included within compensation payable. On November 15, 2021, the Compensation Committee of GBL accelerated the vesting relating to 483,515 of GBL RSAs outstanding effective December 15, 2021. As a result, GBL recorded an incremental $3.8 million of stock-based compensation expense for 2021 that would have been recognized in future years. For the years ended December and , the Company recorded approximately and , respectively, in stock-based non-cash RSA compensation expense, including such incremental expense from the accelerated vesting, which resulted in the recognition of tax benefits of approximately and , respectively. The total compensation costs related to non-vested RSA and phantom RSA awards to teammates, excluding the CEO who received none, not yet recognized was approximately as of December On January and a cash payment in the amount of was made to the CEO. This payment was reduced by resulting from the DCCA being indexed to the GBL stock price and utilizing the lesser of the VWAP on the vesting date ( versus the VWAP over ( . Stock Repurchase Program In March 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. For the years ended December and the Company repurchased and shares, respectively, at an average price per share of and respectively. At December the total shares available under the Stock Repurchase Program to be repurchased in the future were The Stock Repurchase Program has no expiry. 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 and the Company declared cash dividends of per share and $ per share, respectively, to class A and class B shareholders totaling and , respectively. Shelf Registration In April the SEC declared effective the Company’s “shelf” registration statement on Form S- 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 . The shelf was available through April . |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 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 December 31, 2021 and 2020, there was goodwill of $0.2 million maintained on the consolidated statements of financial condition related to G.distributors. As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.3 million at December 31, 2021 and 2020. This investment advisory agreement is next up for renewal in February 2023. As a result of becoming the advisor to the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.6 million at December 31, 2021 and 2020. The investment advisory agreements for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. are next up for renewal in August 2022. 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 globally. 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 U.S. 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 year ended December 31, 2020, as a result of the dislocations in the financial markets resulting from COVID-19, impairment analyses were performed which resulted in $ thousand impairment charges to the identifiable intangible asset related to the Enterprise Fund included within other operating expenses on the consolidated statements of income. There was impairment charge recorded to the identifiable intangible asset related to the Bancroft Fund or Ellsworth Fund. At November 30, 2021 and 2020, management conducted its annual assessments of the recoverability of the intangible assets and determined that there was no impairment of it on the consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 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 December 31 , . 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 Company’s leases for the years presented (in thousands, except lease term and discount rate): Years Ended December 31, 2021 2020 Finance lease cost - interest expense $ 1,034 $ 1,062 Finance lease cost - amortization of right-of-use asset 267 267 Operating lease cost 664 387 Sublease income (150 ) (184 ) Total lease cost $ 1,815 $ 1,532 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 501 328 Financing cash flows from finance lease 264 218 Total cash paid for amounts included in the measurement of lease liabilities $ 765 $ 546 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,356 324 Weighted average remaining lease term—finance lease (years) 7.0 8.0 Weighted average remaining lease term—operating leases (years) 3.3 2.2 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 December 31, 2021 and 2020 was $1.5 million and $1.7 million, respectively, and the operating right-of-use assets, net of amortization, were $2.6 million and $0.8 million, respectively, and these right-of-use assets were included within finance lease The following table summarizes the maturities of lease liabilities at December 31, 2021 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2022 $ 1,359 $ 730 $ 2,089 2023 1,080 557 1,637 2024 1,080 433 1,513 2025 1,080 372 1,452 2026 1,080 372 1,452 Thereafter 2,160 1,313 3,473 Total lease payments $ 7,839 $ 3,777 $ 11,616 Less imputed interest (3,708 ) (2,780 ) (6,488 ) Total lease liabilities $ 4,131 $ 997 $ 5,128 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. |
Shareholder-Designated Charitab
Shareholder-Designated Charitable Contributions | 12 Months Ended |
Dec. 31, 2021 | |
Shareholder-Designated Charitable Contributions [Abstract] | |
Shareholder-Designated Charitable Contributions | 11. During 2013, the Company established a shareholder-designated charitable contribution program. Under the program, each shareholder is eligible to designate a charity to which the Company would make a donation based upon the actual number of shares registered in the shareholder’s name. Shares held in nominee or street name are not eligible to participate. During 2021 and 2020, the Company recorded charges of $11.3 million and $5.4 million, respectively, which were included in shareholder-designated charitable contributions on the consolidated statements of income. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions The following is a summary of certain related party transactions. GGCP Holdings, LLC, a subsidiary of GGCP, which is majority-owned by Mr. Gabelli, owns a majority of the outstanding shares of the Company’s Class B Stock. As of both December 31, 2021 and 2020, such ownership represented approximately 93% of the combined voting power of the outstanding common stock and approximately 69% of the equity interest. As of December 31, 2021 and 2020, AC and its subsidiaries own approximately 2.4 million and 2.8 million shares, respectively, of the Company’s Class A Stock representing approximately 1% and 1%, respectively, of the combined voting power and approximately 9% and 10%, respectively, of the equity interest. AC is majority-owned by GGCP Holdings, LLC. Accordingly, Mr. Gabelli is deemed to control GBL. Leases The Company leases an approximately 60,000 square foot building located at One Corporate Center, Rye, New York as one of its principal offices (the “Building”) from an entity controlled by members of the Chairman’s family. See Leases within Note 10 for further details. The Company sub-leases approximately 3,300 square feet in the Building to LICT Corporation, a company for which Mr. Gabelli serves as Chairman and CEO, which pays rent at the base rate of $28 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amounts received in each of 2021 and 2020 for rent and other expenses under this lease were $0.1 million, which were recorded in other operating expenses as a credit on the consolidated statements of income. Concurrent with the extension of the lease on the Building during 2008, the Company and LICT Corporation further agreed to extend the term of the sub-lease until December 2023 on the same terms and conditions. The Company also sub-leases approximately 1,600 square feet in the Building to Teton, a company which is majority owned by GGCP Holdings LLC. Teton pays rent at the base rate of $37.75 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amount received in each of 2021 and 2020 for rent and other expenses under this lease were $0.1 million, which were recorded in other operating expenses as a credit on the consolidated statements of income. For January 1, 2019 through August 4, 2020, the Company sub-leased approximately 13,800 square feet in the Building to AC. For August 5, 2020 through December 31, 2021, the Company sub-leased approximately 5,200 square feet in the Building to AC. AC pays rent at the base rate of $22.32 per square foot plus $3 per square foot for electricity. The total amount received in each of 2021 and 2020 for rent and other expenses under this lease was $0.1 million, which was recorded in distribution fees and other income on the consolidated statements of income. For August 5, 2020 through December 31, 2021, the Company sub-leased approximately 2,800 square feet in the Building to Morgan Group Holding Co., a former subsidiary of GGCP. The total amount received in 2021 and 2020 for rent and other expenses under this lease was $0.1 million and $0.04 million, respectively, which was recorded in distribution fees and other income on the consolidated statements of income. Effectiv e September 1, 2019, the Company leases office space located at 191 Mason Street, Greenwich, Connecticut from AC for its other principal office. During 2021 and 2020, the Company paid AC $0.1 million in rent for each year. Effective January 1, 2021, the Company leases office space located at 3 St. James’s Place, London from AC. During 2021, the Company paid AC £0.2 million in rent. Investment Advisor GAMCO has entered into agreements to provide advisory and administrative services to MJG Associates, Inc., which is wholly-owned by Mr. Gabelli, with respect to the private investment funds managed by them. Pursuant to such agreements, MJG Associates, Inc. paid GAMCO $0.01 million (excluding reimbursement of expenses) for each of the years 2021 and 2020. The Company serves as the investment advisor for the Funds and earns advisory fees based on predetermined percentages of the average net assets of the Funds, discussed within Note 2, Revenue Recognition. In addition, G.distributors has entered into distribution agreements with each of the Funds. It also distributes funds managed by Teton and its affiliates. As principal distributor, G.distributors incurs certain promotional and distribution costs related to the sale of Fund shares, for which it receives a distribution fee from the Funds or reimbursement from the investment advisor. For 2021 and 2020, the Company received $23.7 million and $23.1 million, respectively, in distributions fees. Advisory and distribution fees receivable from the Funds were approximately $26.9 million and $24.4 million at December 31, 2021 and 2020, respectively. Pursuant to an agreement between Gabelli & Company Investment Advisers, Inc. (“GCI”) (formerly called Gabelli Securities, Inc.) and Gabelli Funds, Gabelli Funds pays to GCI 90% of the net revenues received by Gabelli Funds related to being the advisor to the SICAV. Net revenues are defined as gross advisory fees less expenses related to payouts and expenses of the SICAV paid by Gabelli Funds. The amounts paid by Gabelli Funds to GCI for 2021 and 2020 were $8.9 million and $7.2 million, respectively, and were included in other operating expenses on the consolidated statements of income. Compensation Immediately preceding the initial public offering in February 1999, GBL and the Company’s Chairman and CEO, Mr. Gabelli, entered into an employment agreement. On February 6, 2008, Mr. Gabelli entered into an amended and restated employment agreement (as amended, the “2008 Employment Agreement”) with the Company, which was initially approved by the Company’s shareholders on November 30, 2007 and approved again on May 6, 2011, May 5, 2015, and June 5, 2020. Under the terms of this agreement and consistent with the Firm’s practice since its inception in 1977, Mr. Gabelli is entitled to receive a percentage of revenues or net operating contribution, which are substantially derived from AUM, as compensation relating to or generated by the following activities: (i) managing or overseeing the management of various investment companies, (ii) attracting mutual fund shareholders, (iii) attracting and managing Institutional and PWM clients, and (iv) otherwise generating revenues for the Company. Such payments are made in a manner and at rates as agreed to from time to time by GAMCO, which rates have been and generally will be the same as those received by other professionals at GAMCO performing similar services. With respect to the Institutional and PWM and Funds advisory businesses, the Company pays out up to 40% of the revenues or net operating contribution to the portfolio managers and marketing teammates who introduce, service, or generate such business, with payments involving the Institutional and PWM accounts being typically based on revenues and payments involving the Funds being typically based on net operating contribution. Mr. Gabelli has agreed that while he is employed by the Company, he will not provide investment management services outside of GAMCO, except for certain permitted accounts as defined under the agreement. The 2008 Employment Agreement may not be amended without the approval of the Compensation Committee and Mr. Gabelli. Mr. Gabelli receives compensation in the form of a management fee for managing the Company. The management fee is incentive-based and entirely variable compensation in the amount of 10% of the aggregate pre-tax profits, which is paid to Mr. Gabelli or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. During 2021, Mr. Gabelli elected to waive $20.8 million in compensation that he would otherwise have been entitled to under his 2008 Employment Agreement relating to the period of July 1, 2021 to November 30, 2021. During 2020, Mr. Gabelli elected to waive $14.7 million in compensation that he would otherwise have been entitled to under his 2008 Employment Agreement relating to the period of July 1, 2020 to November 10, 2020. Other For 2021 and 2020, the Company incurred variable costs (but not the fixed costs) of $0 and $0.1 million for actual usage relating to the use of aircraft in which GGCP owns the fractional interests. GBL and Teton entered into a transitional administrative and management service agreement in connection with the spin-off of Teton from GBL that formalized certain arrangements. Effective January 1, 2011, Teton and GBL renegotiated the terms of the sub-administration agreement from a flat 0.20% on the average net assets of the mutual funds managed by Teton to 0.20% on the first $370 million in average net assets, 0.12% on the next $630 million in average net assets, and 0.10% on average net assets in excess of $1 billion, as compensation for providing mutual fund administration services. Additionally, Teton paid to GBL an administrative services fee of $4,167 per month. During 2021 and 2020, there was $1.5 million and $1.5 million, respectively, included in distribution fees and other income on the consolidated statements of income. GBL and Keeley Funds, Inc. (“Keeley”) entered into a fund administration servicing agreement on October 1, 2018 to provide fund services to Keeley. Under the agreement, Keeley pays to GBL $24 thousand annually for legal administration, a variable 0.025% on the first $1.5 billion of average net assets of the mutual funds managed by Keeley, 0.015% on the next $6.5 billion managed by Keeley, 0.0125% on the balance of the funds managed by Keeley, as well as 0.0025% on the funds managed by Keeley for daily compliance testing. During 2021 and 2020, there was $0.2 million and $0.1 million, respectively, included in distribution fees and other income on the consolidated statements of income. GBL and AC entered into a transitional administrative and management services agreement in connection with the spin-off of AC from GBL on November 30, 2015. The agreement calls for GBL to provide to AC certain administrative services including but not limited to: human resources, compliance, legal, payroll, information technology, and operations. All services provided under the agreement by GBL to AC or by AC to GBL are charged at cost. The agreement is terminable by either party on 30 days’ prior written notice to the other party and has a term of twelve months. |
Regulatory Requirements
Regulatory Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Requirements [Abstract] | |
Regulatory Requirements | 13. 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 December 31, 2021 and 2020. At December 31, 2021 and 2020, G.distributors had net capital, as defined in the Rule, of approximately $1.9 million and $1.4 million, respectively, exceeding the regulatory requirement by approximately $1.6 million and $1.1 million, respectively. The Company’s subsidiary, GAMCO Asset Management (UK) Limited is authorized and regulated by the Financial Conduct Authority (“FCA”). In February 2011, GAMCO Asset Management (UK) Limited increased its permitted license with the FCA’s predecessor, the Financial Services Authority. At December 31, 2021 and 2020, GAMCO Asset Management (UK) Limited held total capital of £746 thousand and £708 thousand ($1.0 million and $961 thousand), respectively, and had a Financial Resources Requirement of £310 thousand and £195 thousand ($419 thousand and $265 thousand), respectively. These minimum requirements have consistently been met or exceeded. |
Administration Fees
Administration Fees | 12 Months Ended |
Dec. 31, 2021 | |
Administration Fees [Abstract] | |
Administration Fees | 14. Administration Fees The Company has entered into administration agreements with other companies (the “Administrators”), whereby the Administrators provide certain services on behalf of several of the Funds. Such services do not include the investment advisory and portfolio management services provided by GBL. The fees were negotiated and based on predetermined percentages of the net assets of each of the Funds. |
Profit Sharing Plan and Incenti
Profit Sharing Plan and Incentive Savings Plan | 12 Months Ended |
Dec. 31, 2021 | |
Profit Sharing Plan and Incentive Savings Plan [Abstract] | |
Profit Sharing Plan and Incentive Savings Plan | 15. Profit Sharing Plan and Incentive Savings Plan The Company has a qualified contributory employee profit sharing plan and incentive savings plan covering substantially all teammates. Company contributions to the plans are determined annually by the Board of Directors, but may not exceed the amount permitted as a deductible expense under the Internal Revenue Code. For the years ended December 31, 2021 and 2020, the Company accrued contributions of approximately $20 thousand, and $97 thousand to the plans, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below. On February 3, 2022, the Board of Directors declared a regular quarterly dividend of $0.04 per share to all of its shareholders, payable on March 29, 2022 to shareholders of record on March 15, 2022. On February 15, 2022, Mr. Gabelli elected to waive the compensation that he would otherwise have been entitled to under his 2008 Employment Agreement relating to the period of March 1, 2022 to May 31, 2022. From January 1, 2022 to March 9, 2022, the Company repurchased 125,316 shares at $22.47 per share. As a result, there are 2,048,621 shares available to be repurchased under the Company’s existing buyback plan at March 9, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The 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. The annual financial statements have been prepared in accordance with U.S. GAAP for annual financial information and pursuant to the requirements for reporting on Form 10-K and Article 6 of Regulation S-X. In the opinion of management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the years presented have been included. |
Use of Estimates | Use of Estimates The preparation of the 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. |
Nature of Operations | Nature of Operations Gabelli Funds and GAMCO Asset are registered investment advisors under the Investment Advisers Act of 1940, as amended. G.distributors is a registered broker-dealer with the Securities and Exchange Commission (“SEC”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). Refer to Major Revenue-Generating Services and Revenue Recognition |
Cash and Cash Equivalents | Cash and Cash Equivalents and Short-term Investments in U.S. Treasury Bills Cash equivalents primarily consist of U.S Treasury Bills with maturities of three months or less at the time of purchase and an affiliated money market fund (The Gabelli U.S. Treasury Money Market Fund) which is highly liquid. Short-term investments in U.S. Treasury Bills consist of U.S. Treasury Bills with maturities exceeding three months at the time of purchase and are stated at amortized cost, which approximates fair value. |
Currency Translation | Currency Translation Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the dates of the applicable consolidated statements of financial condition. Revenues and expenses of such subsidiaries are translated at the average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the consolidated statements of comprehensive income. Transactions in currencies other than the U.S. dollar, , are measured on the transaction date in U.S. dollars. Changes in the expected cash flows caused by changes in exchange rates, measured at exchange rates at the dates of the applicable consolidated statements of financial condition, are included in the consolidated statements of income. |
Investment in Securities | Investments in Securities Equity securities owned are recorded at fair value in the statements of financial condition, with any unrealized gains or losses reported in current period earnings in gain/(loss) from investments, net on the consolidated statements of income, in accordance with U.S. GAAP. Management determines the appropriate classification of debt securities at the time of purchase. Government debt with maturities of greater than three months at the time of purchase are considered investments in debt securities. Investments in debt securities are accounted for as either trading, available for sale (“AFS”), or held-to-maturity. The Company does not hold any investments in debt securities accounted for as trading or AFS. The Company’s investments in debt securities, consisting of U.S. Treasury Bills, are classified as held-to-maturity, as the Company has the intent and ability to hold these securities until maturity, and represent fixed income securities recorded at amortized cost. Discounts from and premiums to par value on held-to-maturity investments are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Held-to-maturity securities are evaluated for other than temporary impairment each reporting period and any impairment charges are recorded in gain/(loss) from investments, net on the consolidated statements of income. As of December 31, 2021 and 2020, there were no impairments on the Company’s investments in debt securities classified as held-to-maturity. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from equity and debt securities transactions are recorded on the specific identified cost basis and are included in gain/(loss) from investments, net on the consolidated statements of income. |
Major Revenue-Generating Services and Revenue Recognition | Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees and distribution fees. Investment advisory and incentive fees are directly influenced by the level and mix of assets under management (“AUM”), as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end funds and closed-end funds (collectively, the “Funds”) and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and PWM accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 91% and 90% of its total revenues from advisory fees, including incentive fees, for the years ended December 31, 2021 and 2020, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance, and the fee structure for the Fund or account. Revenues derived from the equity-oriented portfolios generally have higher advisory fee rates than fixed income portfolios. For The GDL Fund, there is an incentive fee earned as of the end of the calendar year which 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. This fee is recognized at the end of the measurement period. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $1.1 million and $0.1 million as of December 31, 2021 and 2020, respectively. For the Gabelli Merger Plus + th incentive fees receivable as of or . Advisory fees on certain of the closed-end preferred shares are earned at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually, or earlier if there is a redemption. Receivables due for advisory fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $1.5 million and $2.5 million in advisory fees receivable on closed-end preferred shares as of December 31, 2021 and 2020. For the GAMCO Merger Arbitrage SICAV, there is an incentive fee earned as of the end of the calendar year when the total return of a share class exceeds the hurdle rate (return on the 13-week UST) and the NAV exceeds the high water mark, at the rate of fifteen percent of the total return of share classes not denominated in the base currency and at the rate of twenty percent of the total return of share classes denominated in the base currency. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis, or earlier if there is a redemption. Receivables due on incentive fees relating to the GAMCO Merger Arbitrage SICAV are included in investment advisory fees receivable on the consolidated statements of financial condition and were $6.4 million and $5.6 million as of December 31, 2021 and 2020, respectively. Distribution fees revenues are derived primarily from the distribution of Gabelli and GAMCO open-end Funds as well as the affiliated TETON Westwood and Keeley open-end funds advised by either a subsidiary of GBL (Gabelli Funds), a subsidiary of GGCP, Inc. (“GGCP”) (Teton), or a subsidiary of Teton (Keeley-Teton Advisors, Inc.). G.distributors distributes the open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service teammates and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries, and G.distributors’ sales teammates. G.distributors receives fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 (“12b-1”) of the Investment Company Act of 1940, as amended (“Company Act”). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Under the distribution plans, the Class AAA shares of the open-end Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund, and The Gabelli ABC Fund) and the Class A and ADV shares of certain Funds pay G.distributors a distribution fee of 0.25% per year on the average daily net assets of the fund. Class C shares have a 12b-1 distribution plan with a distribution fee totaling 1.00%. Distribution fees from the open-end Funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. Note 2 to the consolidated financial statements includes additional information on the Company’s revenue recognition policy. |
Distribution Costs | Distribution Costs The Company incurs certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of Funds and after-market support services related to the closed-end Funds. Additionally, Gabelli Funds has agreed to reimburse expenses on certain Funds beyond certain expense caps. The reimbursed expenses are presented on a gross basis in distribution costs in the consolidated statements of income. |
Dividends and Interest Income and Interest Expense | Dividends and Interest Income and Interest Expense Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred. |
Depreciation and Amortization | Depreciation and Amortization Fixed assets other than leasehold improvements, with net book value of $ million and $ million at and , respectively, which are included in other assets, are recorded at cost and depreciated using the straight-line method over their estimated useful lives from four to . Accumulated depreciation was $ million and $ million at and , respectively. Leasehold improvements, with net book value of $ million and $ million at and , respectively, which are included in other assets, are recorded at cost and amortized using the straight-line method over their estimated useful lives or lease terms, whichever is shorter. The leased property under the finance lease is depreciated utilizing the straight-line method over the term of the lease, which expires on December 31, 2028. The finance lease was extended on June 11, 2014 to December 31, 2028 from December 31, 2023. For the years ended and , depreciation and amortization were $ million and $ million, respectively. |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Goodwill and identifiable intangible assets are 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. Goodwill and identifiable intangible assets are tested for impairment at least annually as of November 30 th |
Income Taxes | Income Taxes GBL and its operating subsidiaries file a consolidated federal income tax return. Accordingly, the income tax provision represents the aggregate of the amounts provided for all companies. The Company operates in numerous states and countries through its subsidiaries and therefore must allocate income, expenses, and earnings to these taxing jurisdictions taking into account the various laws and regulations in each jurisdiction. Each year, the Company files tax returns in each jurisdiction and settles its tax liabilities, which may be subject to audit by the taxing authorities. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated statements of financial condition Improvements to Employee Share-Based Payment Accounting The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in several jurisdictions. In accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“ASC 740”), a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. We record a liability for unrecognized tax benefits in accordance with ASC 740 and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may differ from our current estimate of the liabilities for unrecognized tax benefits. These differences are reflected as increases or decreases in income tax expense in the period in which new information becomes available. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments All of the instruments within cash and cash equivalents, investments in equity securities, at fair value, and securities sold, not yet purchased are measured at fair value. The Company’s assets and liabilities are categorized based upon a fair value hierarchy. See Note 4, Fair Value, for further details on the fair value hierarchy. Cash equivalents primarily consist of U.S Treasury Bills with maturities of three months or less at the time of purchase and are valued using unadjusted quoted market prices. Cash equivalents also include an affiliated money market fund which is invested solely in U.S. Treasuries. Investments in securities are generally valued based on quoted prices from an exchange. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in Level 1 of the fair value hierarchy. Securities categorized in Level 2 investments are valued using other observable inputs. Nonpublic and infrequently traded investments are included in Level 3 of the fair value hierarchy because significant inputs to measure fair value are unobservable. |
Subordinated Notes | Subordinated Notes The Company issued 2-year subordinated notes due June 15, 2023 (“Subordinated Notes”). Interest expense is recorded on an accrual basis and is included in interest expense in the Consolidated Statements of Income. The Subordinated Notes are recorded at face value, net of unamortized issuance costs. Issuance costs include capitalized expenses including arrangement fees and legal costs related to the issuance of the Subordinated Notes. Amortization of issuance costs for the Subordinated Notes is computed on the straight-line basis over the term of the notes. The unamortized balance of such costs is presented as a direct deduction to the carrying amount of the Subordinated Notes in the Consolidated Statements of Financial Condition. The amortization of such costs is included in interest expense in the Consolidated Statements of Income. |
Earnings Per Share | Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method. |
Management Fee | Management Fee Management fee expense is incentive-based and entirely variable compensation in the amount of of the aggregate pre-tax profits before management fee which is paid to or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated $ million and $ million of his management fee to certain other employees of the Company in and , respectively. |
Stock Based Compensation | Stock Based Compensation The Company has granted equity awards, in the form of restricted stock awards (“RSAs”) and phantom RSAs to teammates and stock options to board members, which were recommended by the Company’s Chairman, who did not receive an RSA, phantom RSA, or option award, and approved by a committee of GBL’s board of directors (the “Board of Directors”) responsible for administering the awards (“Compensation Committee”). The Company’s stock-based RSA and option compensation provided to teammates The estimated fair value of RSAs and phantom RSAs is determined by using the closing price of Class A Common Stock (“Class A Stock”) on the grant date and the balance sheet date, respectively. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards, which is 30% over three years from the date of grant and 70% over five years from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA and phantom RSA holders are held for them until the vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs and phantom RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant, and the volatility of the underlying common stock. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards, which is over from the date of grant and over from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains cash and cash equivalents primarily in U.S Treasury Bills with maturities of three months or less at the time of purchase and the Gabelli U.S. Treasury Money Market Fund, which invests in instruments issued by the U.S. government. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during 2021 and 2020. All investments in securities are held at third party brokers or custodians. |
Business Segment | Business Segment The Company operates in business segment, the investment advisory and asset management business. |
Recent Accounting Developments | Recent Accounting Developments 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, 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 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 June 2016, the FASB issued ASU 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, 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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Disaggregated | The following table presents the Company’s Years Ended December 31, 2021 2020 Investment advisory and incentive fees: Open-end Funds $ 98,281 $ 88,884 Closed-end Funds 80,580 64,221 Sub-advisory accounts 2,524 2,313 Institutional & Private Wealth Management 73,218 64,290 SICAVs 6,771 4,996 Performance-based 13,157 8,924 Total investment advisory and incentive fees 274,531 233,628 Distribution fees and other income 26,595 26,098 Total revenues $ 301,126 $ 259,726 |
Investments in Securities (Tabl
Investments in Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Securities [Abstract] | |
Investments in Equity Securities | Investments in equity securities at December 31, 2021 and 2020 consisted of the following (in thousands): December 31, 2021 December 31, 2020 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities and funds: Common stocks $ 33,575 $ 16,210 $ 41,341 $ 19,099 Open-end funds 5,722 5,995 5,757 6,128 Actively managed semi-transparent ETFs 9,000 9,599 - - Closed-end funds 530 534 628 618 Other 6 6 - - Total investments in equity securities and funds $ 48,833 $ 32,344 $ 47,726 $ 25,845 |
Investments in Debt Securities | Short-term investments in U.S. Treasury Bills at December 31, 2021 and 2020 consisted of the following (in thousands): December 31, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Short-term investments in U.S. Treasury Bills: U.S. Treasury Bills $ - $ - $ - $ - Total short-term investments in U.S. Treasury Bills $ - $ - $ - $ - December 31, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized 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 December 31, 2021 and 2020 consisted of the following (in thousands): December 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) | 12 Months Ended |
Dec. 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 December 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 December 31, 2021 Cash equivalents $ 141,394 $ - $ - $ 141,394 Investments in securities: Common stocks 16,210 - - 16,210 Actively managed semi-transparent ETFs 9,599 - - 9,599 Open-end Funds 5,995 - - 5,995 Closed-end Funds 534 - - 534 Other 6 - - 6 Total investments in securities 32,344 - - 32,344 Total assets at fair value $ 173,738 $ - $ - $ 173,738 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 short-term investments in U.S. Treasury Bills as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Carrying Value Fair Value Level Carrying Value (1) Fair Value Level U.S. Treasury Bills $ - $ - $ 64,988 $ 64,994 Total $ - $ - $ 64,988 $ 64,994 At and the senior notes due June 1, 2021 ( Senior Notes ) and the Subordinated Notes were recorded at face value, net of amortized issuance costs, as follows (in s) on the consolidated statements of financial condition: December 31, 2021 December 31, 2020 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 5.875% Senior notes $ - $ - $ 24,215 $ 24,554 Subordinated Notes 50,990 50,990 - - Total $ 50,990 $ 50,990 $ 24,215 $ 24,554 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | The provision for income taxes for the years ended December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Federal: Current $ 25,170 $ 16,338 Deferred 1,441 5,763 State and local: Current 4,034 749 Deferred 197 2,141 Total $ 30,842 $ 24,991 |
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate | A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: 2021 2020 Statutory Federal income tax rate 21.0 % 21.0 % State income tax, net of Federal benefit 3.3 2.7 Section 162(m) limitation 6.2 6.2 Other (0.9 ) - Effective income tax rate 29.6 % 29.9 % |
Components of Deferred Tax Assets and Liabilities | Significant components of the deferred tax assets and liabilities are as follows (in thousands): 2021 2020 Deferred tax assets: Investments in securities $ 5,562 $ 5,655 Stock compensation expense 887 2,030 Deferred compensation - 400 Capital lease obligation 659 661 Total deferred tax assets 7,108 8,746 Deferred tax liabilities: Intangible asset amortization (382 ) (353 ) Contingent deferred sales commissions (108 ) (85 ) Other (215 ) (267 ) Total deferred tax liabilities (705 ) (705 ) Net deferred tax assets $ 6,403 $ 8,041 |
Gross Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows (in millions): Balance at December 31, 2019 $ 16.3 Additions based on tax positions related to the current year 0.5 Additions for tax positions of prior years - Reductions for tax positions of prior years (1.5 ) Balance at December 31, 2020 15.3 Additions based on tax positions related to the current year 2.0 Additions for tax positions of prior years - Reductions for tax positions of prior years (1.3 ) Balance at December 31, 2021 $ 16.0 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 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 s, except per share amounts): Years Ending December 31, 2021 2020 Basic: Net income $ 73,199 $ 58,693 Weighted average shares outstanding 26,267 26,571 Basic net income per share $ 2.79 $ 2.21 Diluted Net income $ 73,199 $ 58,693 Weighted average share outstanding 26,267 26,571 Restricted stock awards 542 109 Total 26,809 26,680 Diluted net income per share $ 2.73 $ 2.20 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Summary of Leases | The following table summarizes the Company’s leases for the years presented (in thousands, except lease term and discount rate): Years Ended December 31, 2021 2020 Finance lease cost - interest expense $ 1,034 $ 1,062 Finance lease cost - amortization of right-of-use asset 267 267 Operating lease cost 664 387 Sublease income (150 ) (184 ) Total lease cost $ 1,815 $ 1,532 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 501 328 Financing cash flows from finance lease 264 218 Total cash paid for amounts included in the measurement of lease liabilities $ 765 $ 546 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,356 324 Weighted average remaining lease term—finance lease (years) 7.0 8.0 Weighted average remaining lease term—operating leases (years) 3.3 2.2 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 December 31, 2021 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2022 $ 1,359 $ 730 $ 2,089 2023 1,080 557 1,637 2024 1,080 433 1,513 2025 1,080 372 1,452 2026 1,080 372 1,452 Thereafter 2,160 1,313 3,473 Total lease payments $ 7,839 $ 3,777 $ 11,616 Less imputed interest (3,708 ) (2,780 ) (6,488 ) Total lease liabilities $ 4,131 $ 997 $ 5,128 |
Organization and Description _2
Organization and Description of Business (Details) | Dec. 31, 2021FundInvestor |
Organization and Description of Business [Abstract] | |
Number of open-end funds | 24 |
Number of closed-end funds | 14 |
Number of open-end investment funds | 1 |
Number of institutional investors | Investor | 1,400 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | |
Investments in Securities [Abstract] | ||
Impairment on investment in debt securities, classified as held-to-maturity | $ 0 | $ 0 |
Major Revenue-Generating Services and Revenue Recognition [Abstract] | ||
Portion of revenue derived from advisory and management fees | 91.00% | 90.00% |
Management fees receivable on closed-end preferred shares | $ 1,500,000 | $ 2,500,000 |
Management Fee [Abstract] | ||
Management fee expense percentage | 10.00% | |
Management fee allocated to other employees | $ 1,700,000 | 800,000 |
Business Segment [Abstract] | ||
Number of operating segments | Segment | 1 | |
New Accounting Pronouncement [Abstract] | ||
Impact of ASU adoption on retained earnings | $ 410,333,000 | 394,386,000 |
Increase to other assets | 1,215,000 | 1,736,000 |
Fixed Assets Other Than Leasehold Improvements [Member] | ||
Depreciation and Amortization [Abstract] | ||
Fixed assets with net book value | 2,300,000 | 2,500,000 |
Accumulated Depreciation | $ 3,200,000 | 2,900,000 |
Fixed Assets Other Than Leasehold Improvements [Member] | Minimum [Member] | ||
Depreciation and Amortization [Abstract] | ||
Estimated useful life of assets | 4 years | |
Fixed Assets Other Than Leasehold Improvements [Member] | Maximum [Member] | ||
Depreciation and Amortization [Abstract] | ||
Estimated useful life of assets | 7 years | |
Leasehold Improvements [Member] | ||
Depreciation and Amortization [Abstract] | ||
Fixed assets with net book value | $ 600,000 | 800,000 |
Depreciation and amortization | 1,200,000 | 900,000 |
Estimated annual depreciation and amortization expense | $ 1,200,000 | |
Period of estimate for future depreciation and amortization | 3 years | |
The GDL Fund [Member] | ||
Major Revenue-Generating Services and Revenue Recognition [Abstract] | ||
Performance fee receivable | $ 1,100,000 | 100,000 |
Gabelli Merger Plus+ Trust [Member] | ||
Major Revenue-Generating Services and Revenue Recognition [Abstract] | ||
Performance fee receivable | $ 0 | $ 0 |
GAMCO Merger Arbitrage SICAV [Member] | ||
Major Revenue-Generating Services and Revenue Recognition [Abstract] | ||
Incentive fee earned as percentage of gross return, not denominated in base currency | 15.00% | 15.00% |
Incentive fee earned as percentage of gross return, denominated in base currency | 20.00% | 20.00% |
Performance fee receivable | $ 6,400,000 | $ 5,600,000 |
Open End Class AAA Shares of the Funds [Member] | ||
Major Revenue-Generating Services and Revenue Recognition [Abstract] | ||
Fee percentages paid to distributors based on fund performance | 0.25% | |
Class C Shares [Member] | ||
Major Revenue-Generating Services and Revenue Recognition [Abstract] | ||
Fee percentages paid to distributors based on fund performance | 1.00% | |
Subordinated Notes [Member] | ||
Subordinated Notes [Abstract] | ||
Debt instrument, term | 2 years | |
Debt instrument, maturity date | Jun. 15, 2023 | |
Restricted Stock Awards [Member] | Vesting in Three Years from Date of Grant [Member] | ||
Stock Based Compensation [Abstract] | ||
Award vesting percentage | 30.00% | |
Award vesting period | 3 years | |
Restricted Stock Awards [Member] | Vesting in Five Years from Date of Grant [Member] | ||
Stock Based Compensation [Abstract] | ||
Award vesting percentage | 70.00% | |
Award vesting period | 5 years | |
Stock Options [Member] | Vesting in Three Years from Date of Grant [Member] | ||
Stock Based Compensation [Abstract] | ||
Award vesting percentage | 75.00% | |
Award vesting period | 3 years | |
Stock Options [Member] | Vesting in Four Years from Date of Grant [Member] | ||
Stock Based Compensation [Abstract] | ||
Award vesting percentage | 25.00% | |
Award vesting period | 4 years |
Revenue Recognition (Details)
Revenue Recognition (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Fund | Dec. 31, 2020USD ($) | |
Revenue Streams [Abstract] | ||
Revenue | $ 301,126 | $ 259,726 |
Performance-based [Member] | Minimum [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 0 | |
Closed-end Funds [Member] | Performance-based [Member] | ||
Revenue Streams [Abstract] | ||
Number of days for customer to make payment after being invoiced | 30 days | |
Number of funds | Fund | 2 | |
Advisory Fees [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 274,531 | 233,628 |
Advisory Fees [Member] | Performance-based [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 13,157 | 8,924 |
Advisory Fees [Member] | Conditional [Member] | ||
Revenue Streams [Abstract] | ||
Number of days for customer to make payment after being invoiced | 60 days | |
Advisory Fees [Member] | Open-end Funds [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 98,281 | 88,884 |
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | Closed-end Funds [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 80,580 | 64,221 |
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 | $ 2,524 | 2,313 |
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | Institutional & Private Wealth Management [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 73,218 | 64,290 |
Number of days for customer to make payment after being invoiced | 60 days | |
Advisory Fees [Member] | Institutional & Private Wealth Management [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 | $ 6,771 | 4,996 |
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | SICAVs [Member] | Performance-based [Member] | Non-US Closed-end Fund [Member] | ||
Revenue Streams [Abstract] | ||
Number of funds | Fund | 1 | |
Distribution Fees and Other Income [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 26,595 | $ 26,098 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments in Equity Securities and Funds [Abstract] | ||
Cost | $ 48,833 | $ 47,726 |
Estimated Fair Value | 32,344 | 25,845 |
Common Stock [Member] | ||
Investments in Equity Securities and Funds [Abstract] | ||
Cost | 33,575 | 41,341 |
Estimated Fair Value | 16,210 | 19,099 |
Open-end Funds [Member] | ||
Investments in Equity Securities and Funds [Abstract] | ||
Cost | 5,722 | 5,757 |
Estimated Fair Value | 5,995 | 6,128 |
Actively Managed Semi-transparent EFTs [Member] | ||
Investments in Equity Securities and Funds [Abstract] | ||
Cost | 9,000 | 0 |
Estimated Fair Value | 9,599 | 0 |
Closed-end Funds [Member] | ||
Investments in Equity Securities and Funds [Abstract] | ||
Cost | 530 | 628 |
Estimated Fair Value | 534 | 618 |
Other [Member] | ||
Investments in Equity Securities and Funds [Abstract] | ||
Cost | 6 | 0 |
Estimated Fair Value | $ 6 | $ 0 |
Investments in Securities, Inve
Investments in Securities, Investments in Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments in Debt Securities [Abstract] | ||
Amortized cost | $ 0 | $ 64,988 |
Gross unrealized holding gains | 0 | 6 |
Gross unrealized holding losses | 0 | 0 |
Estimated fair value | 0 | 64,994 |
U.S. Treasury Bills [Member] | ||
Investments in Debt Securities [Abstract] | ||
Amortized cost | 0 | 64,988 |
Gross unrealized holding gains | 0 | 6 |
Gross unrealized holding losses | 0 | 0 |
Estimated fair value | $ 0 | $ 64,994 |
Investments in Securities, Secu
Investments in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments in Equity Securities [Abstract] | ||
Cost | $ 0 | $ 728 |
Estimated market value | 0 | 799 |
Common Stocks [Member] | ||
Investments in Equity Securities [Abstract] | ||
Cost | 0 | 728 |
Estimated market value | $ 0 | $ 799 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Cash equivalents | $ 141,394 | $ 32,661 |
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 32,344 | 25,845 |
Total assets at fair value | 173,738 | 58,506 |
Securities sold, not yet purchased [Abstract] | ||
Trading - Common Stocks | 799 | |
Total securities sold, not yet purchased | 0 | 799 |
Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 16,210 | 19,099 |
Actively Managed Semi-transparent EFTs [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 9,599 | 0 |
Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 5,995 | 6,128 |
Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 534 | 618 |
Other [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 6 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 141,394 | 32,661 |
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 32,344 | 25,845 |
Total assets at fair value | 173,738 | 58,506 |
Securities sold, not yet purchased [Abstract] | ||
Trading - Common Stocks | 799 | |
Total securities sold, not yet purchased | 799 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 16,210 | 19,099 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Actively Managed Semi-transparent EFTs [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 9,599 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 5,995 | 6,128 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 534 | 618 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 6 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 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 | |
Significant Other Observable Inputs (Level 2) [Member] | Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Actively Managed Semi-transparent EFTs [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 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 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Actively Managed Semi-transparent EFTs [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | ||
Investments in securities [Abstract] | ||
Investments in equity securities, at fair value | $ 0 |
Fair Value, Financial Assets an
Fair Value, Financial Assets and Liabilities Disclosed But Not Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2011 |
5.875% Senior Notes [Member] | |||
Debt instruments [Abstract] | |||
Debt instrument, interest rate | 5.875% | 5.875% | 5.875% |
Carrying Value [Member] | |||
Investments in debt securities [Abstract] | |||
Total | $ 0 | $ 64,988 | |
Debt instruments [Abstract] | |||
Total | 50,990 | 24,215 | |
Carrying Value [Member] | Subordinated Notes [Member] | |||
Debt instruments [Abstract] | |||
Notes payable | 50,990 | 0 | |
Carrying Value [Member] | 5.875% Senior Notes [Member] | |||
Debt instruments [Abstract] | |||
Notes payable | 0 | 24,215 | |
Carrying Value [Member] | U.S. Treasury Bills [Member] | |||
Investments in debt securities [Abstract] | |||
Debt securities held-to-maturity | 0 | 64,988 | |
Level 1 [Member] | Fair Value [Member] | |||
Investments in debt securities [Abstract] | |||
Total | 0 | 64,994 | |
Level 1 [Member] | Fair Value [Member] | U.S. Treasury Bills [Member] | |||
Investments in debt securities [Abstract] | |||
Debt securities held-to-maturity | 0 | 64,994 | |
Level 2 [Member] | Fair Value [Member] | |||
Debt instruments [Abstract] | |||
Total | 50,990 | 24,554 | |
Level 2 [Member] | Fair Value [Member] | Subordinated Notes [Member] | |||
Debt instruments [Abstract] | |||
Notes payable | 50,990 | 0 | |
Level 2 [Member] | Fair Value [Member] | 5.875% Senior Notes [Member] | |||
Debt instruments [Abstract] | |||
Notes payable | $ 0 | $ 24,554 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal [Abstract] | ||
Current | $ 25,170 | $ 16,338 |
Deferred | 1,441 | 5,763 |
State and local [Abstract] | ||
Current | 4,034 | 749 |
Deferred | 197 | 2,141 |
Total | $ 30,842 | $ 24,991 |
Effective income tax rate reconciliation [Abstract] | ||
Statutory Federal income tax rate | 21.00% | 21.00% |
State income tax, net of Federal benefit | 3.30% | 2.70% |
Section 162(m) limitation | 6.20% | 6.20% |
Other | (0.90%) | 0.00% |
Effective income tax rate | 29.60% | 29.90% |
Deferred tax assets [Abstract] | ||
Investments in securities | $ 5,562 | $ 5,655 |
Stock compensation expense | 887 | 2,030 |
Deferred compensation | 0 | 400 |
Capital lease obligation | 659 | 661 |
Total deferred tax assets | 7,108 | 8,746 |
Deferred tax liabilities [Abstract] | ||
Intangible asset amortization | (382) | (353) |
Contingent deferred sales commissions | (108) | (85) |
Other | (215) | (267) |
Total deferred tax liabilities | (705) | (705) |
Net deferred tax assets | 6,403 | 8,041 |
Income tax uncertainties [Abstract] | ||
Recognition of unrecognized tax benefits effect | 12,600 | 12,100 |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits [Roll Forward] | ||
Balance, beginning of period | 15,300 | 16,300 |
Additions based on tax positions related to the current year | 2,000 | 500 |
Additions for tax positions of prior years | 0 | 0 |
Reductions for tax positions of prior years | (1,300) | (1,500) |
Balance, end of period | 16,000 | 15,300 |
Net liability for unrecognized tax benefits | 20,200 | 19,200 |
Penalties and interest accruals related to tax uncertainties in income taxes | 9,500 | 8,900 |
Income tax expenses related to an increase (decrease) in its liability for interest and penalties | $ 400 | $ 800 |
State Jurisdiction [Member] | New York [Member] | Earliest Tax Year [Member] | ||
Income Tax Contingency [Abstract] | ||
Tax years under examination | 2007 | |
State Jurisdiction [Member] | New York [Member] | Latest Tax Year [Member] | ||
Income Tax Contingency [Abstract] | ||
Tax years under examination | 2017 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Basic [Abstract] | ||
Net income | $ 73,199 | $ 58,693 |
Weighted average shares outstanding (in shares) | 26,267 | 26,571 |
Basic net income per share (in dollars per share) | $ 2.79 | $ 2.21 |
Diluted [Abstract] | ||
Net income | $ 73,199 | $ 58,693 |
Weighted average shares outstanding (in shares) | 26,267 | 26,571 |
Restricted stock awards (in shares) | 542 | 109 |
Total (in shares) | 26,809 | 26,680 |
Diluted net income per share (in dollars per share) | $ 2.73 | $ 2.20 |
Debt (Details)
Debt (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2011 |
Long-term debt [Abstract] | ||||
Dividends paid | $ 4,338 | $ 25,906 | ||
Redeemed debt instrument on puttable notice | $ (1,619) | $ 0 | ||
5.875% Senior Notes [Member] | ||||
Long-term debt [Abstract] | ||||
Debt instrument, term | 10 years | |||
Face value of debt | $ 24,200 | $ 100,000 | ||
Debt instrument, interest rate | 5.875% | 5.875% | 5.875% | |
Debt instrument, maturity date | Jun. 1, 2021 | |||
Debt issuance costs | $ 10 | |||
Subordinated Notes [Member] | ||||
Long-term debt [Abstract] | ||||
Debt instrument, term | 2 years | |||
Face value of debt | $ 52,200 | $ 52,700 | ||
Debt instrument, maturity date | Jun. 15, 2023 | |||
Dividends declared related to issuance of debt (in dollars per share) | $ 2 | |||
Dividends paid | 400 | $ 400 | ||
Debt instrument reserved to be issued upon vesting of RSA's | $ 1,900 | |||
Debt instrument, interest rate for period ending June 15, 2022 | 4.00% | |||
Debt instrument, interest rate for period ending June 15, 2023 | 5.00% | |||
Percentage of redemption price | 100.00% | |||
Redeemed debt instrument on puttable notice | (1,600) | |||
Debt issuance costs | 75 | |||
Debt instrument outstanding | $ 51,000 | |||
Debt redemption price | 100.00% | |||
Subordinated Notes [Member] | Minimum [Member] | ||||
Long-term debt [Abstract] | ||||
Notice period of redemption | 60 days | |||
Subordinated Notes [Member] | Maximum [Member] | ||||
Long-term debt [Abstract] | ||||
Notice period of redemption | 90 days | |||
Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member] | ||||
Long-term debt [Abstract] | ||||
Debt instrument, term | 2 years | |||
Face value of debt | $ 54,500 | |||
Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member] | Class A [Member] | ||||
Long-term debt [Abstract] | ||||
Dividends declared related to issuance of debt (in dollars per share) | $ 2 | |||
Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member] | Class B [Member] | ||||
Long-term debt [Abstract] | ||||
Dividends declared related to issuance of debt (in dollars per share) | $ 2 | |||
Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member] | Maximum [Member] | ||||
Long-term debt [Abstract] | ||||
Face value of debt | $ 54,000 | |||
Subordinated Notes [Member] | New Subordinated Debt [Member] | ||||
Long-term debt [Abstract] | ||||
Face value of debt | $ 500 |
Equity, Shares Outstanding (Det
Equity, Shares Outstanding (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Shares outstanding (in shares) | 26.7 | 27.5 |
Equity, Voting Rights and Stock
Equity, Voting Rights and Stock Award and Incentive Plan (Details) $ / shares in Units, $ in Thousands | Nov. 12, 2021USD ($)shares | Jun. 15, 2021$ / sharesshares | Dec. 28, 2020$ / sharesshares | Mar. 05, 2020$ / sharesshares | Jan. 02, 2020USD ($)$ / shares | Dec. 31, 2021USD ($)VoteperShare$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
Stock Award and Incentive Plan [Abstract] | |||||||
Compensation payable | $ 21,049 | $ 21,543 | |||||
Stock based compensation expense | 7,534 | 4,186 | |||||
Tax benefit from compensation expense | 1,900 | $ 1,000 | |||||
Compensation cost related to non-vested options not yet recognized | $ 3,600 | ||||||
Class A [Member] | |||||||
Voting Rights [Abstract] | |||||||
Number of votes per share | VoteperShare | 1 | ||||||
Class A [Member] | Maximum [Member] | |||||||
Stock Award and Incentive Plan [Abstract] | |||||||
Number of shares reserved for issuance under each plan (in shares) | shares | 7,500,000 | ||||||
Class B [Member] | |||||||
Voting Rights [Abstract] | |||||||
Number of votes per share | VoteperShare | 10 | ||||||
Stock Options [Member] | |||||||
Stock Award and Incentive Plan [Abstract] | |||||||
Stock option outstanding (in shares) | shares | 10,000 | 10,000 | |||||
Stock option outstanding, exercise price (in dollars per share) | $ / shares | $ 25.55 | $ 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) | shares | 69,500 | 392,700 | |||||
Grant date fair value (in dollars per share) | $ / shares | $ 18.18 | $ 14.31 | |||||
RSA shares outstanding (in shares) | shares | 411,200 | 1,079,650 | |||||
Average weighted grant price (in dollars per share) | $ / shares | $ 14.93 | $ 19.45 | |||||
Number of shares with accelerated vesting (in shares) | shares | 483,515 | ||||||
Accelerated cost | $ 3,800 | ||||||
Phantom RSAs [Member] | |||||||
Stock Award and Incentive Plan [Abstract] | |||||||
RSAs granted (in shares) | shares | 396,800 | ||||||
Grant date fair value (in dollars per share) | $ / shares | $ 25.02 | ||||||
RSA shares outstanding (in shares) | shares | 380,300 | ||||||
Average weighted grant price (in dollars per share) | $ / shares | $ 25.02 | ||||||
Compensation payable | $ 1,200 | ||||||
Stock based compensation expense | 1,200 | ||||||
Tax benefit from compensation expense | 300 | ||||||
Compensation cost related to non-vested options not yet recognized | $ 7,400 | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | |||||||
Stock Award and Incentive Plan [Abstract] | |||||||
Reduction of RSU expense | $ 1,400 | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Class A [Member] | |||||||
Stock Award and Incentive Plan [Abstract] | |||||||
Deferred compensation agreement, share price (in dollars per share) | $ / shares | $ 18.8812 | $ 32.8187 | |||||
Payments for compensation agreement | $ 43,700 | ||||||
Reduction of RSU expense due to cap and waiver of receipt of deferred compensation expense | $ 32,300 |
Equity, Stock Repurchase Progra
Equity, Stock Repurchase Program, Dividends, and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 14, 2021 | Mar. 11, 2020 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 04, 2020 | Mar. 18, 2020 | Apr. 23, 2018 |
Dividends [Abstract] | |||||||||||||||
Dividends declared (in dollars per share) | $ 0.04 | $ 0.02 | $ 2.02 | $ 0.02 | $ 0.92 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.10 | $ 0.98 | |||||
Dividend cost | $ 2,700 | $ 26,800 | |||||||||||||
Dividends paid | $ 4,338 | $ 25,906 | |||||||||||||
Shelf Registration [Abstract] | |||||||||||||||
Maximum amount of debt and equity to be issued under Shelf Registration | $ 500,000 | ||||||||||||||
Subordinated Notes [Member] | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividends declared related to issuance of debt (in dollars per share) | $ 2 | $ 2 | |||||||||||||
Principal amount | $ 52,200 | $ 52,700 | $ 52,700 | ||||||||||||
Dividends paid | 400 | 400 | |||||||||||||
Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member] | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Principal amount | $ 54,500 | $ 54,500 | |||||||||||||
Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member] | Maximum [Member] | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Principal amount | $ 54,000 | ||||||||||||||
Common Class A [Member] | |||||||||||||||
Stock Repurchase Program [Abstract] | |||||||||||||||
Number of shares authorized to be repurchased (in shares) | 3,000,000 | ||||||||||||||
Common Class A [Member] | Stock Repurchase Program [Member] | |||||||||||||||
Stock Repurchase Program [Abstract] | |||||||||||||||
Stock repurchase authorized, amount | $ 30,000 | ||||||||||||||
Shares repurchased (in shares) | 700,722 | 296,296 | |||||||||||||
Average price per share of repurchased shares (in dollars per share) | $ 23.54 | $ 13.16 | |||||||||||||
Share available under program to repurchase (in shares) | 2,000,000 | 2,173,937 | 2,173,937 | ||||||||||||
Aggregate purchase price | $ 30,000 | ||||||||||||||
Common Class A [Member] | Stock Repurchase Program [Member] | Minimum [Member] | |||||||||||||||
Stock Repurchase Program [Abstract] | |||||||||||||||
Average price per share of repurchased shares (in dollars per share) | $ 15 | ||||||||||||||
Common Class A [Member] | Stock Repurchase Program [Member] | Maximum [Member] | |||||||||||||||
Stock Repurchase Program [Abstract] | |||||||||||||||
Average price per share of repurchased shares (in dollars per share) | $ 17 | ||||||||||||||
Common Class A [Member] | Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member] | |||||||||||||||
Dividends [Abstract] | |||||||||||||||
Dividends declared related to issuance of debt (in dollars per share) | $ 2 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Identifiable Intangible Assets [Abstract] | ||
Goodwill | $ 200 | $ 200 |
Intangible assets, net [Abstract] | ||
Impairment on intangible assets | 0 | 589 |
Gabelli Enterprise Mergers and Acquisitions Fund [Member] | ||
Intangible assets, net [Abstract] | ||
Impairment on intangible assets | 0 | 589,000 |
Bancroft Fund [Member] | ||
Intangible assets, net [Abstract] | ||
Impairment on intangible assets | 0 | |
Ellsworth Fund [Member] | ||
Intangible assets, net [Abstract] | ||
Impairment on intangible assets | 0 | |
Investment Advisory Contract [Member] | Gabelli Enterprise Mergers and Acquisitions 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 | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / ft² | 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 | 5,700 | $ 5,500 |
Lease Cost [Abstract] | ||
Finance lease cost - interest expense | 1,034 | 1,062 |
Finance lease cost - amortization of right-of-use asset | 267 | 267 |
Operating lease cost | 664 | 387 |
Sublease income | (150) | (184) |
Total lease cost | 1,815 | 1,532 |
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 | 501 | 328 |
Financing cash flows from finance lease | 264 | 218 |
Total cash paid for amounts included in the measurement of lease liabilities | 765 | 546 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,356 | $ 324 |
Weighted average remaining lease term-finance lease | 7 years | 8 years |
Weighted average remaining lease term-operating leases | 3 years 3 months 18 days | 2 years 2 months 12 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 | $ 1,500 | $ 1,700 |
Operating right-of-use assets, net of amortization | 2,600 | $ 800 |
Finance Leases [Abstract] | ||
2022 | 1,359 | |
2023 | 1,080 | |
2024 | 1,080 | |
2025 | 1,080 | |
2026 | 1,080 | |
Thereafter | 2,160 | |
Total lease payments | 7,839 | |
Less imputed interest | (3,708) | |
Total lease payments | 4,131 | |
Operating Leases [Abstract] | ||
2022 | 730 | |
2023 | 557 | |
2024 | 433 | |
2025 | 372 | |
2026 | 372 | |
Thereafter | 1,313 | |
Total lease payments | 3,777 | |
Less imputed interest | (2,780) | |
Total lease liabilities | $ 997 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Operating and Finance Lease, Liability | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Operating and Finance Lease, Liability | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Finance lease |
Total Leases [Abstract] | ||
2022 | $ 2,089 | |
2023 | 1,637 | |
2024 | 1,513 | |
2025 | 1,452 | |
2026 | 1,452 | |
Thereafter | 3,473 | |
Total lease payments | 11,616 | |
Less imputed interest | (6,488) | |
Total lease liabilities | 5,128 | |
Minimum future sublease rental, due from affiliated entities | $ 500 | |
Period of minimum future sublease rental, due from affiliated entities | 3 years |
Shareholder-Designated Charit_2
Shareholder-Designated Charitable Contributions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shareholder-Designated Charitable Contributions [Abstract] | ||
Expense related to shareholder-designated charitable contribution program | $ 11.3 | $ 5.4 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands, £ in Millions, shares in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)ft²$ / ft²shares | Dec. 31, 2021GBP (£)$ / ft²ft²shares | Dec. 31, 2020USD ($)ft²$ / ft²shares | Aug. 04, 2020ft² | |
Capital Lease [Abstract] | ||||
Amount received for rent and other expenses | $ 150 | $ 184 | ||
Investment Advisory Services [Abstract] | ||||
Receivable from related parties | 3,440 | $ 4,882 | ||
Associated Capital Group, Inc. [Member] | ||||
Capital Lease [Abstract] | ||||
Area of lease space (in square feet) | ft² | 5,200 | 13,800 | ||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 22.32 | |||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | |||
Amount received for rent and other expenses | 100 | $ 100 | ||
Investment Advisory Services [Abstract] | ||||
Rent paid | $ 100 | £ 0.2 | $ 100 | |
Common Class A [Member] | Associated Capital Group, Inc. [Member] | ||||
Related Party Transactions [Abstract] | ||||
Shares owned by related party (in shares) | shares | 2.4 | 2.4 | 2.8 | |
Ownership percentage of voting rights | 1.00% | 1.00% | ||
Percentage of ownership | 9.00% | 10.00% | ||
GGCP Holdings LLC [Member] | Common Class B [Member] | ||||
Related Party Transactions [Abstract] | ||||
Ownership percentage of voting rights | 93.00% | 93.00% | ||
Percentage of ownership | 69.00% | 69.00% | ||
GCI [Member] | Fund Advisor [Member] | Advisory Fees [Member] | ||||
Investment Advisory Services [Abstract] | ||||
Revenue from related parties | $ (8,900) | $ (7,200) | ||
Percentage of net revenue paid to related party | 90.00% | 90.00% | ||
Entity Controlled by Members of Chairman's Family [Member] | ||||
Capital Lease [Abstract] | ||||
Area of lease space (in square feet) | ft² | 60,000 | |||
LICT Corporation [Member] | ||||
Capital Lease [Abstract] | ||||
Area of lease space (in square feet) | ft² | 3,300 | |||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 28 | 28 | ||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | 3 | ||
Amount received for rent and other expenses | $ 100 | 100 | ||
Teton [Member] | ||||
Capital Lease [Abstract] | ||||
Area of lease space (in square feet) | ft² | 1,600 | |||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 37.75 | 37.75 | ||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | 3 | ||
Amount received for rent and other expenses | $ 100 | 100 | ||
MJG Associates, Inc [Member] | GBL [Member] | Advisory Fees [Member] | ||||
Investment Advisory Services [Abstract] | ||||
Revenue from related parties | 10 | 10 | ||
Affiliated Funds [Member] | G.distributors, LLC [Member] | Advisory and Distribution Fees [Member] | ||||
Investment Advisory Services [Abstract] | ||||
Receivable from related parties | 26,900 | 24,400 | ||
Affiliated Funds [Member] | G.distributors, LLC [Member] | Distribution Fees [Member] | ||||
Investment Advisory Services [Abstract] | ||||
Revenue from related parties | 23,700 | $ 23,100 | ||
Morgan Group Holding Co. [Member] | ||||
Capital Lease [Abstract] | ||||
Area of lease space (in square feet) | ft² | 2,800 | |||
Amount received for rent and other expenses | $ 100 | $ 40 |
Related Party Transactions, Com
Related Party Transactions, Compensation and Other (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation [Abstract] | ||
Percentage payout of revenues or net operating contribution to the portfolio managers and marketing staff who introduce, service or generate private wealth management business | 40.00% | |
Management fee expense percentage | 10.00% | |
Other [Abstract] | ||
Deposited transaction amount | $ 100,000 | |
Notice period of agreement between related parties | 30 days | |
Term of agreement between related parties | 12 months | |
Chairman and CEO [Member] | ||
Compensation [Abstract] | ||
Management fee expense percentage | 10.00% | |
Compensation waived | $ 20,800,000 | $ 14,700,000 |
GBL and Teton [Member] | ||
Other [Abstract] | ||
Flat sub-administration agreement percentage on mutual funds | 0.20% | |
Administration fees percentage on first tier of net assets | 0.20% | |
First tier net assets maximum | $ 370,000,000 | |
Administration fees percentage on second tier of net assets | 0.12% | |
Second tier net assets maximum | $ 630,000,000 | |
Administration fees percentage on third tier of net assets | 0.10% | |
Third tier net assets minimum | $ 1,000,000,000 | |
Monthly administrative service fee | 4,167 | |
Administrative and management services | 1,500,000 | 1,500,000 |
GBL and Keeley [Member] | ||
Other [Abstract] | ||
Annual administrative fees | $ 24,000 | |
Administration fees percentage on first tier of net assets | 0.025% | |
First tier net assets maximum | $ 1,500,000,000 | |
Administration fees percentage on second tier of net assets | 0.015% | |
Second tier net assets maximum | $ 6,500,000,000 | |
Administration fees percentage on third tier of net assets | 0.0125% | |
Administration fees percentage on daily compliance testing of net assets | 0.0025% | |
Administrative and management services | $ 200,000 | $ 100,000 |
Regulatory Requirements (Detail
Regulatory Requirements (Details) £ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | |
Regulatory Requirements [Abstract] | ||||
Minimum capital requirement | $ 250,000 | $ 250,000 | ||
Percentage of minimum capital requirement | 2.00% | |||
Net capital | $ 1,900,000 | 1,400,000 | ||
Net capital exceeding regulatory requirements | 1,600,000 | 1,100,000 | ||
Own funds | 1,000,000 | £ 746 | 961,000 | £ 708 |
Own funds requirement | $ 419,000 | £ 310 | $ 265,000 | £ 195 |
Profit Sharing Plan and Incen_2
Profit Sharing Plan and Incentive Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Profit Sharing Plan and Incentive Savings Plan [Abstract] | ||
Accrued contributions | $ 20 | $ 97 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 03, 2022 | Mar. 08, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Dividends [Abstract] | ||||||||||||
Dividends declared (in dollars per share) | $ 0.04 | $ 0.02 | $ 2.02 | $ 0.02 | $ 0.92 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.10 | $ 0.98 | ||
Subsequent Event [Member] | ||||||||||||
Stock Repurchase [Abstract] | ||||||||||||
Stock repurchased (in shares) | 125,316 | |||||||||||
Average price per share of repurchased shares (in dollars per share) | $ 22.47 | |||||||||||
Shares available to be repurchsed under the plan (in shares) | 2,048,621 | |||||||||||
Subsequent Event [Member] | Quarterly Dividend Declared in Q1 2022 [Member] | ||||||||||||
Dividends [Abstract] | ||||||||||||
Dividends declared date | Feb. 3, 2022 | |||||||||||
Dividends declared (in dollars per share) | $ 0.04 | |||||||||||
Dividends payable date | Mar. 29, 2022 | |||||||||||
Dividends record date | Mar. 15, 2022 |