GAMCO Investors (GAMI) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		7,478,221
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,024,117

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 144,369	$ 142,027
Investments in equity securities, at fair value	37,982	32,344
Investment advisory fees receivable	21,211	30,977
Deferred tax asset and income tax receivable	7,456	6,707
Finance lease	3,831	4,055
Receivable from affiliates	3,554	3,440
Goodwill and identifiable intangible assets	3,176	3,176
Receivable from brokers	2,873	3,930
Other assets	5,730	5,016
Total assets	230,182	231,672
LIABILITIES AND STOCKHOLDERS' EQUITY
Compensation payable	20,139	21,049
Lease liability obligations	6,561	6,799
Income taxes payable	7,373	315
Payable to affiliates	413	5,198
Payable for investments purchased	0	14,990
Accrued expenses and other liabilities	37,346	38,451
Sub-total	71,832	86,802
Subordinated Notes (net of issuance costs of $62 and $75, respectively) (due June 15, 2023) (Note 7)	50,935	50,990
Total liabilities	122,767	137,792
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	29,092	28,753
Retained earnings	426,710	410,333
Accumulated other comprehensive loss	(208)	(177)
Treasury stock, at cost (8,984,349 and 8,843,454 shares, respectively)	(348,212)	(345,062)
Total stockholders' equity	107,415	93,880
Total liabilities and stockholders' equity	230,182	231,672
Class A [Member]
Stockholders' Equity
Common stock	14	14
Class B [Member]
Stockholders' Equity
Common stock	$ 19	$ 19

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, outstanding (in shares)	26,600,000	26,700,000
Treasury stock, shares (in shares)	8,984,349	8,843,454
Class A [Member]
Stockholders' Equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	100,000,000	100,000,000
Common Stock, issued (in shares)	16,543,976	16,547,476
Common Stock, outstanding (in shares)	7,559,627	7,704,022
Class B [Member]
Stockholders' Equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	25,000,000	25,000,000
Common Stock, issued (in shares)	24,000,000	24,000,000
Common Stock, outstanding (in shares)	19,024,117	19,024,117
Subordinated Notes [Member]
LIABILITIES AND STOCKHOLDERS' EQUITY
Debt issuance costs	$ 62	$ 75
Debt instrument, maturity date	Jun. 15, 2023
U.S. Treasury Bills [Member]
ASSETS
Cash and cash equivalents	$ 138,000	$ 123,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 69,623	$ 67,928
Expenses:
Compensation	29,058	30,682
Management fee	1,312	2,517
Distribution costs	7,145	6,971
Other operating expenses	6,147	5,304
Total expenses	43,662	45,474
Operating income	25,961	22,454
Non-operating income / (loss)
Gain/(Loss) from investments, net	(2,822)	680
Interest and dividend income	228	185
Interest expense	(816)	(662)
Total non-operating income / (loss)	(3,410)	203
Income before income taxes	22,551	22,657
Provision for income taxes	5,097	6,707
Net income	$ 17,454	$ 15,950
Earnings per share:
Basic (in dollars per share)	$ 0.67	$ 0.60
Diluted (in dollars per share)	$ 0.66	$ 0.59
Weighted average shares outstanding:
Basic (in shares)	26,237	26,393
Diluted (in shares)	26,493	26,887
Investment Advisory and Incentive Fees [Member]
Revenues:
Total revenues	$ 63,762	$ 61,470
Distribution Fees and Other Income [Member]
Revenues:
Total revenues	$ 5,861	$ 6,458

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 17,454	$ 15,950
Other comprehensive income / (loss):
Foreign currency translation gain / (loss)	(31)	10
Total comprehensive income	$ 17,423	$ 15,960

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]	Total
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, 2021	33	28,753	410,333	(177)	(345,062)	93,880
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	17,454	0	0	17,454
Foreign currency translation	0	0	0	(31)	0	(31)
Dividends declared	0	0	(1,077)	0	0	(1,077)
Stock based compensation expense	0	339	0	0	0	339
Purchase of treasury stock	0	0	0	0	(3,150)	(3,150)
Balance at Mar. 31, 2022	$ 33	$ 29,092	$ 426,710	$ (208)	$ (348,212)	$ 107,415

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.04	$ 0.02

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 17,454	$ 15,950
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	308	334
Accretion of discounts and amortization of premiums	(42)	(19)
Stock based compensation expense	339	1,166
Deferred income taxes	(763)	(138)
Foreign currency translation income / (loss)	(31)	10
Unrealized (gains) / losses on securities	2,740	(2,244)
Net realized losses on securities	50	2,163
(Increase) decrease in assets:
Investments in securities	(373)	(1,579)
Investment advisory fees receivable	9,766	5,762
Income taxes receivable	1,057	1,489
Receivable from affiliates	(124)	1,059
Receivable from brokers	14	307
Other assets	(837)	(2,056)
Increase (decrease) in liabilities:
Compensation payable	(4,784)	(3,456)
Income taxes payable	7,060	7,472
Payable to affiliates	(14,990)	132
Payable for investments purchased	(908)	7,759
Accrued expenses and other liabilities	(1,244)	2,554
Total adjustments	(2,762)	20,715
Net cash provided by operating activities	14,692	36,665
Cash flows from investing activities:
Purchases of securities	(8,014)	(4,882)
Proceeds from sales and maturities of securities	0	56,165
Net cash provided by/ (used in) investing activities	(8,014)	51,283
Cash flows from financing activities:
Dividends paid	(1,047)	(528)
Purchase of treasury stock	(3,150)	(1,814)
Repayment of principal portion of lease liability	(74)	(61)
Repurchase of 2-year puttable note due 6/15/23	(68)	0
Net cash used in financing activities	(4,339)	(2,403)
Effect of exchange rates on cash and cash equivalents	3	(2)
Net increase in cash and cash equivalents	2,342	85,543
Cash and cash equivalents, beginning of period	142,027	33,325
Cash and cash equivalents, end of period	144,369	118,868
Supplemental disclosures of cash flow information:
Cash paid for interest	298	300
Cash paid for taxes	$ 458	$ 30

CONDENSED CONSOLIDATED STATEM_8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental disclosure of non-cash activity:
Accrued restricted stock award dividends	$ 30	$ 20

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Organization and Description of Business [Abstract]
Organization and Description of Business	Organization and Description of Business Unless indicated otherwise, or the context otherwise requires, references in this report to “GAMCO Investors, Inc.,” “GAMCO,” “the Company,” “the Firm,” and “GBL” or similar terms are to GAMCO Investors, Inc., its predecessors, and its subsidiaries. GAMCO (New York Stock Exchange (“NYSE”): GBL) “ ” 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	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies [Abstract]
Significant Accounting Policies	1. Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair presentation of financial position, results of operations, and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including: Gabelli Funds, GAMCO Asset, G.distributors, and GAMCO Asset Management (UK) Limited. Intercompany accounts and transactions have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2021. Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Developments In June 2016, issued 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The consolidated statement of income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Leases (Topic 842): Effective Dates (ASU 2019-10), which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment which simplifies the process used to test for goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead any goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
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. The Company earns an incentive fee from two closed-end funds. For The GDL Fund (GDL), there is an incentive fee, which is earned and recognized as of the end of each calendar year and varies to the extent the total return of the fund is in excess of the ICE Bank of America Merrill Lynch 3-month U.S. Treasury Bill Index total return. For the Gabelli Merger Plus+ Trust Plc (GMP), there is an incentive fee, which is earned and recognized as of the end of each measurement period, June 30 th The Company earns an incentive fee from a SICAV sub-fund, the GAMCO Merger Arbitrage SICAV. This fee is recognized at the end of the measurement period, which coincides with the calendar year. The fee would also be earned and the measurement period ended at any interim point in time that a client redeemed their respective shares. This fee is received in cash after the end of the measurement period, within 30 days. 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 revenue disaggregated by investment vehicle (in thousands): Three Months Ended March 31, 2022 2021 Investment advisory and incentive fees: Open-end Funds $ 23,352 $ 23,472 Closed-end Funds 19,075 18,082 Sub-advisory accounts 551 616 Institutional & Private Wealth Management 18,622 17,599 SICAVs 2,138 1,316 Performance-based 24 385 Total investment advisory and incentive fees 63,762 61,470 Distribution fees and other income 5,861 6,458 Total revenues $ 69,623 $ 67,928

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2022
Investment in Securities [Abstract]
Investment in Securities	3. Investment in Securities Investments in equity securities at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities: Common stocks $ 33,912 $ 15,261 $ 33,575 $ 16,210 Actively managed semi-transparent ETFs 17,000 16,539 9,000 9,599 Open-end funds 5,722 5,664 5,722 5,995 Closed-end funds 530 514 530 534 Other 6 4 6 6 Total investments in equity securities $ 57,170 $ 37,982 $ 48,833 $ 32,344 Investments in equity securities, including the Company’s investments in common stocks and the Funds, are stated at fair value with any unrealized gains or losses reported in each respective period’s earnings.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value [Abstract]
Fair Value	4. Fair Value All of the instruments within cash and cash equivalents and investments in securities are measured at fair value, except for those investments designated as held-to-maturity. The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement - Level 1 - the valuation methodology utilizes quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, mutual funds, closed-end funds, and listed equities. - Level 2 - the valuation methodology utilizes inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. - Level 3 - the valuation methodology utilizes unobservable inputs for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2022 and December 31, 2021 (in thousands): Assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2022 Cash equivalents $ 143,983 $ - $ - $ 143,983 Investments in securities: Common stocks 15,261 - - 15,261 Actively managed semi-transparent ETFs 16,539 - - 16,539 Open-end funds 5,664 - - 5,664 Closed-end funds 514 - - 514 Other 4 - - 4 Total investments in securities 37,982 - - 37,982 Total assets at fair value $ 181,965 $ - $ - $ 181,965 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 Cash equivalents are comprised primarily of U.S. Treasury Bills and our money market fund which invests in U.S. Treasury Bills. Financial assets not carried at fair value At March 31, 2022 and December 31, 2021, the 2-year subordinated notes (“Subordinated Notes”) were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition : March 31, 2022 December 31, 2021 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 Subordinated Notes $ 50,935 $ 50,935 $ 50,990 $ 50,990 Total $ 50,935 $ 50,935 $ 50,990 $ 50,990 The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes [Abstract]
Income Taxes	5. Income Taxes The effective tax rate (“ETR”) for the three months ended March 31, 2022 and 2021 was 22.6% and .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding and restricted stock awards. The computations of basic and diluted net income per share were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Basic: Net income $ 17,454 $ 15,950 Weighted average shares outstanding 26,237 26,393 Basic net income per share $ 0.67 $ 0.60 Diluted: Net income $ 17,454 $ 15,950 Weighted average shares outstanding 26,237 26,393 Restricted stock awards 256 494 Total 26,493 26,887 Diluted net income per share $ 0.66 $ 0.59

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt [Abstract]
Debt	7. Debt 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 Subordinated Notes. The Subordinated Notes were issued to shareholders as a special dividend of $2.00 per share on GAMCO’s class A common stock (“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 restricted stock awards (“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 three months ended March 31, 2022, the Company redeemed $68 thousand of Subordinated Notes during the first quarter of 2022 relating to put notices received at least 60 days prior to the end of the quarter. As of March 31, 2022, there are $50.9 million of Subordinated Notes outstanding. On March 28, 2022, the Company commenced a tender offer (the “Offer”) to purchase for cash up to $10 million aggregate principal amount of the Subordinated Notes at a price equal to $1,014 per $1,000 principal amount of validly tendered and not properly withdrawn Subordinated Notes. The Offer will expire at 12:00 Midnight, Eastern Time, on Monday, April 25, unless extended.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity [Abstract]
Stockholders' Equity	8. Stockholders ’ Shares outstanding were 26.6 million and 26.7 million on March 31, 2022 and December 31, 2021, 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 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 our common stock. A maximum of 7.5 million shares of Class A Stock have been reserved for issuance under the Plan by a committee of GBL’s board of directors (the “Board of Directors”) responsible for administering the Plan (“Compensation Committee”). Benefits under the Plan may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, phantom 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 one share of Class A Stock subject to restrictions, phantom RSAs, each of which entitles the grantee to the cash value of one share of Class A Stock subject to restrictions, and either incentive or nonqualified stock options, with a term not to exceed ten years from the grant date and at an exercise price that the Compensation Committee may determine, which were recommended by the Company’s Chairman who did not receive any awards. On 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. The phantom RSAs, which will be settled in cash based on the fair value of the shares on the vesting date, were determined to be liability awards and are adjusted for changes in the Company’s stock price at each reporting date. As of and December 31, , there were and , respectively, RSAs outstanding with weighted average grant prices per RSA of and , respectively, and stock options outstanding with an exercise price of $ . For the three months ended March 31, 2022 and 2021, the Company recognized stock-based non-cash RSA compensation expense of $0.3 million and $1.2 million, respectively. For the three months ended March 31, 2022, the Company recognized stock-based phantom RSA compensation expense of $0.3 million. As of March 31, 2022 and December 31, 2021 was included within compensation payable in the Condensed Consolidated Statements of Financial Condition 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 $3.2 million and $6.1 million, respectively, as of March 31, 2022. Stock Repurchase Program In March 1999, the Board of Directors established a stock repurchase program (the “Stock Repurchase Program”) to grant management the authority to repurchase shares of Class A Stock. For the three months ended March 31, 2022 and 2021, the Company repurchased 140,895 and 97,078 shares, respectively, at an average price per share of $22.34 and $18.68, respectively. Dividends During the and , the Company declared cash dividends of $0.04 and $ , respectively, per share to shareholders of Class A Stock and Class B Stock. Shelf Registration In July 2021, the SEC declared effective the Company’s “shelf” registration statement on Form S-3 giving the Company the flexibility to sell any combination of senior and subordinated debt securities, convertible debt securities, and equity securities (including common and preferred stock) and other securities up to a total amount of $ million.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill and Identifiable Intangible Assets	9. Goodwill and Identifiable Intangible Assets Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At , there was goodwill of $ million maintained on the Condensed Consolidated Statements of Financial Condition related to G.distributors. As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund (the “Enterprise Fund”) and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.3 million at March 31, 2022 and December 31, 2021. The investment advisory agreement for the Enterprise Fund is next up for renewal in February 2023. As a result of becoming the advisor to the Bancroft Fund Ltd. (the “Bancroft Fund”) and the Ellsworth Growth and Income Fund Ltd. (the “Ellsworth Fund”) and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.6 million at March 31, 2022 and December 31, 2021. The investment advisory agreements for the Bancroft Fund and the Ellsworth Fund 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. There were no indicators of impairment for the three months ended March 31, 2022 and March 31, 2021 and, as such, there was no impairment analysis performed or charge recorded for such period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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, which could result in adverse judgments, settlements, fines, injunctions, or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures. 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 of loss or range of loss can be reasonably estimated. Except as disclosed in Note 13, Subsequent Events Leases On December 5, 1997, the Company entered into a fifteen-year lease, expiring on April 30, 2013, of office space from an entity controlled by members of the Chairman’s family. On June 11, 2013, the Company modified and extended its lease with M4E, LLC, the Company’s landlord at One Corporate Center, Rye, NY. The lease term was extended to December 31, 2028 and the base rental remained at $18 per square foot, or $1.1 million, for 2014. For each subsequent year through December 31, 2028, the base rental is determined by the change in the consumer price index for the New York Metropolitan Area for November of the immediate prior year with the base period as November 2008 for the New York Metropolitan Area. This lease has been accounted for as a finance lease under FASB ASC Topic 842 (and prior to 2019, as a capital lease under FASB ASC Topic 840, Leases The Company also rents office space under operating leases, which expire at various dates through December 31, 2030. The following table summarizes the leases for the periods presented (in thousands, except lease term and discount rate): Three Months Ended March 31, 2022 2021 Finance lease cost - interest expense $ 267 $ 263 Finance lease cost - amortization of right-of-use asset 67 67 Operating lease cost 147 183 Sublease income (32 ) (15 ) Total lease cost $ 449 $ 498 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 152 113 Financing cash flows from finance lease 74 61 Total cash paid for amounts included in the measurement of lease liabilities $ 226 $ 174 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ - Weighted average remaining lease term—finance lease (years) 6.8 7.8 Weighted average remaining lease term—operating leases (years) 3.2 3.2 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 March 31, 2022 and December 31, 2021 was $1.4 million and $1.5 million, respectively, and the operating right-of-use assets, net of amortization, were $2.4 million and $2.6 million, respectively, and these right-of-use assets were included within other assets in the Condensed Consolidated Statements of Financial Condition. The following table summarizes the maturities of lease liabilities at March 31, 2022 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2022 (excluding the three months ended March 31, 2022) $ 1,019 $ 610 $ 1,629 2023 1,080 571 1,651 2024 1,080 424 1,504 2025 1,080 363 1,443 2026 1,080 363 1,443 Thereafter 2,160 1,278 3,438 Total lease payments $ 7,499 $ 3,609 $ 11,108 Less imputed interest (3,442 ) (952 ) (4,394 ) Total lease liabilities $ 4,057 $ 2,657 $ 6,714 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 $1.1 million due over the next eight years, which are due from affiliated entities.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions On February 15, 2022, the Chief Executive Officer (“CEO”) of the Company elected to irrevocably waive all of his compensation that he would otherwise have been entitled to for the period from March 1, 2022 to May 31, 2022. For the three months ended March 31, 2022, the waiver reduced compensation expense by $3.4 million and management fee expense by $0.7 million.

Regulatory Requirements

Regulatory Requirements	3 Months Ended
	Mar. 31, 2022
Regulatory Requirements [Abstract]
Regulatory Requirements	12. Regulatory Requirements The Company’s broker-dealer subsidiary, G.distributors, is subject to certain net capital requirements. G.distributors computes its net capital under the alternative method permitted, which requires minimum net capital of the greater of $250,000 or 2% of the aggregate debit items in the reserve formula for those broker-dealers subject to Rule 15c3-3 promulgated under the Securities Exchange Act of 1934, as amended. The requirement was $250,000 for the broker-dealer at March 31, 2022. At March 31, 2022, G.distributors had net capital, as defined, of approximately $2.1 million, exceeding the regulatory requirement by approximately $1.9 million. Net capital requirements for the Company’s affiliated broker-dealer may increase in accordance with the rules and regulations applicable to broker-dealers to the extent G.distributors engages in other business activities.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events From April 1, 2022 to , the Company repurchased shares at $ per share. From April 1, 2022 to May 6, 2022, the Company redeemed $0.1 million of Subordinated Notes as a result of put notices received. In addition, as of the April 25, 2022 expiration of the Offer, $4.0 million of Subordinated Notes were validly tendered and not properly withdrawn. Since such aggregate principal amount of tendered Subordinated Notes was less than $10 million, all Subordinated Notes tendered were accepted and funded with cash on hand. On May 2, 2022, the Company received correspondence from a regulatory agency outlining the agency’s findings and a request for a response to those findings. The Company has not accrued any amount related to this matter given the preliminary nature of the agency’s findings and analysis, and the uncertainty of the outcome. However, it is reasonably possible that upon conclusion of this matter the Company may incur a charge to the Company’s financial results. An estimate of a range of any potential charge cannot be made at this time. On May 3, 2022, the Board of Directors declared its regular quarterly dividend of $0.04 per share to all of the Company’s shareholders, payable on June 28, 2022 to shareholders of record on June 14, 2022.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair presentation of financial position, results of operations, and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including: Gabelli Funds, GAMCO Asset, G.distributors, and GAMCO Asset Management (UK) Limited. Intercompany accounts and transactions have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2021.
Use of Estimates	Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments In June 2016, issued 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The consolidated statement of income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Leases (Topic 842): Effective Dates (ASU 2019-10), which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment which simplifies the process used to test for goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead any goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition [Abstract]
Revenue Disaggregated	The following table presents the Company’s revenue disaggregated by investment vehicle (in thousands): Three Months Ended March 31, 2022 2021 Investment advisory and incentive fees: Open-end Funds $ 23,352 $ 23,472 Closed-end Funds 19,075 18,082 Sub-advisory accounts 551 616 Institutional & Private Wealth Management 18,622 17,599 SICAVs 2,138 1,316 Performance-based 24 385 Total investment advisory and incentive fees 63,762 61,470 Distribution fees and other income 5,861 6,458 Total revenues $ 69,623 $ 67,928

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investment in Securities [Abstract]
Investments in Equity Securities	Investments in equity securities at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities: Common stocks $ 33,912 $ 15,261 $ 33,575 $ 16,210 Actively managed semi-transparent ETFs 17,000 16,539 9,000 9,599 Open-end funds 5,722 5,664 5,722 5,995 Closed-end funds 530 514 530 534 Other 6 4 6 6 Total investments in equity securities $ 57,170 $ 37,982 $ 48,833 $ 32,344

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2022 Cash equivalents $ 143,983 $ - $ - $ 143,983 Investments in securities: Common stocks 15,261 - - 15,261 Actively managed semi-transparent ETFs 16,539 - - 16,539 Open-end funds 5,664 - - 5,664 Closed-end funds 514 - - 514 Other 4 - - 4 Total investments in securities 37,982 - - 37,982 Total assets at fair value $ 181,965 $ - $ - $ 181,965 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
Financial Assets and Liabilities Disclosed But Not Carried at Fair Value	At March 31, 2022 and December 31, 2021, the 2-year subordinated notes (“Subordinated Notes”) were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition : March 31, 2022 December 31, 2021 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 Subordinated Notes $ 50,935 $ 50,935 $ 50,990 $ 50,990 Total $ 50,935 $ 50,935 $ 50,990 $ 50,990

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Income per Share	Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding and restricted stock awards. The computations of basic and diluted net income per share were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Basic: Net income $ 17,454 $ 15,950 Weighted average shares outstanding 26,237 26,393 Basic net income per share $ 0.67 $ 0.60 Diluted: Net income $ 17,454 $ 15,950 Weighted average shares outstanding 26,237 26,393 Restricted stock awards 256 494 Total 26,493 26,887 Diluted net income per share $ 0.66 $ 0.59

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies [Abstract]
Summary of Leases	The following table summarizes the leases for the periods presented (in thousands, except lease term and discount rate): Three Months Ended March 31, 2022 2021 Finance lease cost - interest expense $ 267 $ 263 Finance lease cost - amortization of right-of-use asset 67 67 Operating lease cost 147 183 Sublease income (32 ) (15 ) Total lease cost $ 449 $ 498 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 152 113 Financing cash flows from finance lease 74 61 Total cash paid for amounts included in the measurement of lease liabilities $ 226 $ 174 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ - Weighted average remaining lease term—finance lease (years) 6.8 7.8 Weighted average remaining lease term—operating leases (years) 3.2 3.2 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 March 31, 2022 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2022 (excluding the three months ended March 31, 2022) $ 1,019 $ 610 $ 1,629 2023 1,080 571 1,651 2024 1,080 424 1,504 2025 1,080 363 1,443 2026 1,080 363 1,443 Thereafter 2,160 1,278 3,438 Total lease payments $ 7,499 $ 3,609 $ 11,108 Less imputed interest (3,442 ) (952 ) (4,394 ) Total lease liabilities $ 4,057 $ 2,657 $ 6,714

Organization and Description _2

Organization and Description of Business (Details)	Mar. 31, 2022InvestorFund
Organization and Description of Business [Abstract]
Number of open-end funds	24
Number of closed-end funds	14
Number of actively managed semi-transparent exchange traded funds	3
Number of open-end investment funds	1
Number of institutional investors | Investor	1,400

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Fund	Mar. 31, 2021USD ($)
Revenue Streams [Abstract]
Revenue	$ 69,623	$ 67,928
Performance-based [Member] | Minimum [Member]
Revenue Streams [Abstract]
Revenue	0
Investment Advisory and Incentive Fees [Member]
Revenue Streams [Abstract]
Revenue	63,762	61,470
Investment Advisory and Incentive Fees [Member] | Performance-based [Member]
Revenue Streams [Abstract]
Revenue	24	385
Investment Advisory and Incentive Fees [Member] | Open-end Funds [Member]
Revenue Streams [Abstract]
Revenue	23,352	23,472
Investment Advisory and Incentive Fees [Member] | Closed-end Funds [Member]
Revenue Streams [Abstract]
Revenue	19,075	18,082
Investment Advisory and Incentive Fees [Member] | Sub-advisory Accounts [Member]
Revenue Streams [Abstract]
Revenue	551	616
Investment Advisory and Incentive Fees [Member] | Institutional & Private Wealth Management [Member]
Revenue Streams [Abstract]
Revenue	18,622	17,599
Investment Advisory and Incentive Fees [Member] | SICAVs [Member]
Revenue Streams [Abstract]
Revenue	2,138	1,316
Advisory Fees [Member]
Revenue Streams [Abstract]
Revenue	$ 63,762	61,470
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]
Number of days for customer to make payment after being invoiced	30 days
Advisory Fees [Member] | Closed-end Funds [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]
Number of days for customer to make payment after being invoiced	30 days
Advisory Fees [Member] | Institutional & Private Wealth Management [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]
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
Incentive 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
Number of funds | Fund	2
Incentive Fees [Member] | SICAVs [Member]
Revenue Streams [Abstract]
Number of days for customer to make payment after being invoiced	30 days
Distribution Fees and Other Income [Member]
Revenue Streams [Abstract]
Revenue	$ 5,861	$ 6,458
Number of days for customer to make payment after being invoiced	30 days

Investment in Securities, Inves

Investment in Securities, Investment in Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in Equity Securities and Funds [Abstract]
Cost	$ 57,170	$ 48,833
Estimated Fair Value	37,982	32,344
Common Stock [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	33,912	33,575
Estimated Fair Value	15,261	16,210
Actively Managed Semi-transparent EFTs [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	17,000	9,000
Estimated Fair Value	16,539	9,599
Open-end Funds [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	5,722	5,722
Estimated Fair Value	5,664	5,995
Closed-end Funds [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	530	530
Estimated Fair Value	514	534
Other [Member]
Investments in Equity Securities and Funds [Abstract]
Cost	6	6
Estimated Fair Value	$ 4	$ 6

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in securities [Abstract]
Investments in securities	$ 37,982	$ 32,344
Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	15,261	16,210
Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	16,539	9,599
Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	5,664	5,995
Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	514	534
Other [Member]
Investments in securities [Abstract]
Investments in securities	4	6
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	143,983	141,394
Investments in securities [Abstract]
Investments in securities	37,982	32,344
Total assets at fair value	181,965	173,738
Recurring Basis [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	15,261	16,210
Recurring Basis [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	16,539	9,599
Recurring Basis [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	5,664	5,995
Recurring Basis [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	514	534
Recurring Basis [Member] | Other [Member]
Investments in securities [Abstract]
Investments in securities	4	6
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	143,983	141,394
Investments in securities [Abstract]
Investments in securities	37,982	32,344
Total assets at fair value	181,965	173,738
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	15,261	16,210
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	16,539	9,599
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	5,664	5,995
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	514	534
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member]
Investments in securities [Abstract]
Investments in securities	4	6
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities [Abstract]
Investments in securities	0	0
Total assets at fair value	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities [Abstract]
Investments in securities	0	0
Total assets at fair value	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Actively Managed Semi-transparent EFTs [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Open-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Closed-end Funds [Member]
Investments in securities [Abstract]
Investments in securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member]
Investments in securities [Abstract]
Investments in securities	$ 0	$ 0

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities Disclosed But Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value [Member]
Debt instruments [Abstract]
Total	$ 50,935	$ 50,990
Carrying Value [Member] | Subordinated Notes [Member]
Debt instruments [Abstract]
Notes payable	50,935	50,990
Level 2 [Member] | Fair Value [Member]
Debt instruments [Abstract]
Total	50,935	50,990
Level 2 [Member] | Fair Value [Member] | Subordinated Notes [Member]
Debt instruments [Abstract]
Notes payable	$ 50,935	$ 50,990

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Abstract]
Effective income tax rate	22.60%	29.60%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic [Abstract]
Net income	$ 17,454	$ 15,950
Weighted average shares outstanding (in shares)	26,237	26,393
Basic net income per share (in dollars per share)	$ 0.67	$ 0.60
Diluted [Abstract]
Net income	$ 17,454	$ 15,950
Weighted average shares outstanding (in shares)	26,237	26,393
Restricted stock awards (in shares)	256	494
Total (in shares)	26,493	26,887
Diluted net income per share (in dollars per share)	$ 0.66	$ 0.59

Debt (Details)

Debt (Details) - USD ($)	Mar. 28, 2022	Jun. 14, 2021	Mar. 31, 2022	Mar. 31, 2021
Long-term debt [Abstract]
Dividends paid			$ 1,047,000	$ 528,000
Redeemed debt instrument on puttable notice			$ (68,000)	$ 0
Subordinated Notes [Member]
Long-term debt [Abstract]
Face value of debt		$ 52,200,000
Dividends paid		400,000
Debt instrument reserved to be issued upon vesting of RSA's		$ 1,900,000
Debt instrument, interest rate for period ending June 15, 2022		4.00%
Debt instrument, interest rate for period ending June 15, 2023		5.00%
Debt instrument, maturity date			Jun. 15, 2023
Percentage of redemption price		100.00%
Redeemed debt instrument on puttable notice			$ (68,000)
Debt instrument outstanding			$ 50,900,000
Tender offer to purchase notes, price per $1,000 principal amount	$ 1,014
Principal amount of validly tendered and not properly withdrawn	1,000
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
Tender offer to purchase notes	$ 10,000,000
Subordinated Notes [Member] | Computershare Trust Company, N.A. [Member]
Long-term debt [Abstract]
Debt instrument, term			2 years
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		$ 54,000,000

Stockholders' Equity, Shares Ou

Stockholders' Equity, Shares Outstanding (Details) - shares shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity [Abstract]
Shares outstanding (in shares)	26.6	26.7

Stockholders' Equity, Voting Ri

Stockholders' Equity, Voting Rights, Stock Award and Incentive Plan (Details) $ / shares in Units, $ in Thousands	Jun. 15, 2021$ / sharesshares	Mar. 31, 2022USD ($)VoteperShare$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)$ / sharesshares
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Stock-based compensation expense | $		$ 339	$ 1,166
Compensation payable | $		$ 20,139		$ 21,049
Stock Options [Member]
Stock Award and Incentive Plan [Abstract]
Stock option outstanding (in shares) | shares		10,000
Stock option outstanding, exercise price (in dollars per share) | $ / shares		$ 25.55
Stock Options [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Term of nonqualified stock options		10 years
RSAs [Member]
Stock Award and Incentive Plan [Abstract]
RSA shares outstanding (in shares) | shares		407,700		411,200
Average weighted grant price (in dollars per share) | $ / shares		$ 14.81		$ 14.93
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Stock-based compensation expense | $		$ 300	$ 1,200
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Compensation cost related to non-vested options not yet recognized | $		$ 3,200
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		377,300
Average weighted grant price (in dollars per share) | $ / shares		$ 25.02
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Stock-based compensation expense | $		$ 300
Compensation payable | $		1,500		$ 1,200
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Compensation cost related to non-vested options not yet recognized | $		$ 6,100
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 A [Member] | RSAs [Member]
Stock Award and Incentive Plan [Abstract]
Number of shares of common stock to which the grantee is entitled (in shares) | shares	1
Class A [Member] | Phantom RSAs [Member]
Stock Award and Incentive Plan [Abstract]
Number of shares of common stock the cash value of which the grantee is entitled to (in shares) | shares	1
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare		10

Stockholders' Equity, Stock Rep

Stockholders' Equity, Stock Repurchase Program, Dividends and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jul. 21, 2021
Dividends [Abstract]
Dividends declared (in dollars per share)	$ 0.04	$ 0.02
Shelf Registration [Abstract]
Maximum amount of debt and equity to be issued under shelf registration			$ 500
Class A Stock [Member]
Dividends [Abstract]
Dividends declared (in dollars per share)	$ 0.04	$ 0.02
Class A Stock [Member] | Stock Repurchase Program [Member]
Stock Repurchase Program [Abstract]
Shares repurchased (in shares)	140,895	97,078
Average price per share of repurchased shares (in dollars per share)	$ 22.34	$ 18.68
Share available under program to repurchase (in shares)	2,033,042
Class B Stock [Member]
Dividends [Abstract]
Dividends declared (in dollars per share)	$ 0.04	$ 0.02

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill	$ 0.2	$ 0.2
Investment Advisory Contract [Member] | Enterprise Fund [Member]
Intangible assets, net [Abstract]
Identifiable intangible asset	1.3	1.3
Investment Advisory Contract [Member] | Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. [Member]
Intangible assets, net [Abstract]
Identifiable intangible asset	$ 1.6	$ 1.6

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / ft²	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
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	5,800		$ 5,700
Lease Cost [Abstract]
Finance lease cost - interest expense	267	$ 263
Finance lease cost - amortization of right-of-use asset	67	67
Operating lease cost	147	183
Sublease income	(32)	(15)
Total lease cost	449	498
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	152	113
Financing cash flows from finance lease	74	61
Total cash paid for amounts included in the measurement of lease liabilities	226	174
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0
Weighted average remaining lease term-finance lease	6 years 9 months 18 days	7 years 9 months 18 days
Weighted average remaining lease term-operating leases	3 years 2 months 12 days	3 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	$ 1,400		1,500
Operating right-of-use assets, net of amortization	2,400		$ 2,600
Finance Leases [Abstract]
2022 (excluding the three months ended March 31, 2022)	1,019
2023	1,080
2024	1,080
2025	1,080
2026	1,080
Thereafter	2,160
Total lease payments	7,499
Less imputed interest	(3,442)
Total lease liabilities	4,057
Operating Leases [Abstract]
2022 (excluding the three months ended March 31, 2022)	610
2023	571
2024	424
2025	363
2026	363
Thereafter	1,278
Total lease payments	3,609
Less imputed interest	(952)
Total lease liabilities	2,657
Total Leases [Abstract]
2022 (excluding the three months ended March 31, 2022)	1,629
2023	1,651
2024	1,504
2025	1,443
2026	1,443
Thereafter	3,438
Total lease payments	11,108
Less imputed interest	(4,394)
Total lease liabilities	6,714
Minimum future sublease rental, due from affiliated entities	$ 1,100
Period of minimum future sublease rental, due from affiliated entities	8 years

Related Party Transactions (Det

Related Party Transactions (Details) - Chief Executive Officer [Member] $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Related Party Transactions [Abstract]
Compensation	$ (3.4)
Management fee	$ (0.7)

Regulatory Requirements (Detail

Regulatory Requirements (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Regulatory Requirements [Abstract]
Minimum capital requirement	$ 250,000
Percentage of minimum capital requirement	2.00%
Net capital	$ 2,100,000
Net capital exceeding regulatory requirements	$ 1,900,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	May 03, 2022	May 03, 2022	Mar. 31, 2022	Mar. 31, 2021
Debt Instruments [Abstract]
Redeemed debt instrument on puttable notice			$ 68	$ 0
Dividends [Abstract]
Dividends declared (in dollars per share)			$ 0.04	$ 0.02
Subordinated Notes [Member]
Debt Instruments [Abstract]
Redeemed debt instrument on puttable notice			$ 68
Subsequent Event [Member]
Stock Repurchase [Abstract]
Stock repurchased (in shares)		136,027
Stock repurchased per share (in dollars per share)		$ 20.80
Dividends [Abstract]
Dividends declared date	May 3, 2022
Dividends declared (in dollars per share)	$ 0.04
Dividends payable date	Jun. 28, 2022
Dividends record date	Jun. 14, 2022
Subsequent Event [Member] | Subordinated Notes [Member]
Debt Instruments [Abstract]
Redeemed debt instrument on puttable notice		$ 100
Amount of debt repurchase validly tendered and not properly withdrawn		4,000
Subsequent Event [Member] | Subordinated Notes [Member] | Maximum [Member]
Debt Instruments [Abstract]
Aggregate principal amount of debt tendered		$ 10,000