Medley Management (MDLM) 10-K 31 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Mar. 29, 2020
Document Information [Line Items]
Entity Registrant Name	MEDLEY MANAGEMENT INC.
Entity Central Index Key	0001611110
Trading Symbol	mdly
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Public Float		$ 5,068,006
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)			3,061,859
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)			10

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 3,862	$ 10,558
Investments, at fair value	9,498	13,287
Management fees receivable	5,870	8,104
Right-of-use assets under operating leases	4,731	6,564
Other assets	11,592	10,283
Total Assets	35,553	48,796
Liabilities
Senior unsecured debt, net	119,151	118,382
Loans payable	10,000	10,000
Due to former minority interest holder, net	7,022	8,145
Operating lease liabilities	6,019	8,267
Accounts payable, accrued expenses and other liabilities	27,031	22,835
Total Liabilities	169,223	167,629
Commitments and Contingencies (Note 12)
Redeemable Non-controlling Interests		(748)
Equity
Additional paid in capital	17,645	13,835
Accumulated deficit	(25,394)	(22,960)
Total stockholders' deficit, Medley Management Inc.	(7,742)	(9,119)
Total deficit	(133,670)	(118,085)
Total Liabilities, Redeemable Non-controlling Interests and Equity	35,553	48,796
Subsidiaries [Member]
Assets
Investments, at fair value		1,441
Equity
Non-controlling interests	(555)	(391)
Medley LLC [Member]
Equity
Non-controlling interests	(125,373)	(108,575)
Common Class A [Member]
Equity
Common stock, value	7	6
Common Class B [Member]
Equity
Common stock, value

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	693,315	620,981
Common stock, shares outstanding (in shares)	693,315	620,981
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	10	10
Common stock, shares outstanding (in shares)	10	10

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Revenue	$ 34,002	$ 49,176	$ 57,588
Investment income:
Carried interest	337	819	142
Other investment loss, net	(1,087)	(1,154)	(1,221)
Total Revenues	33,252	48,841	56,509
Expenses
Compensation and benefits	21,520	28,925	31,666
General, administrative and other expenses	16,437	17,186	19,366
Total Expenses	37,957	46,111	51,032
Other Income (Expenses)
Dividend income	159	1,119	4,311
Interest expense	(10,487)	(11,497)	(10,806)
Other expenses, net	(5,151)	(4,412)	(20,250)
Total expenses, net	(15,479)	(14,790)	(26,745)
Loss before income taxes	(20,184)	(12,060)	(21,268)
(Benefit from) provision for income taxes	(1,956)	4,710	258
Net Loss	(18,228)	(16,770)	(21,526)
Net Loss Attributable to Medley Management Inc.	$ (2,664)	$ (3,379)	$ (2,432)
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.30	$ 8
Common Class A [Member]
Net Loss Per Share of Class A Common Stock:
Basic (Note 14) (in dollars per share)	(4.26)	(6)	(6.50)
Diluted (Note 14) (in dollars per share)	$ (4.26)	$ (6)	$ (6.50)
Weighted average shares outstanding - Basic and Diluted (in shares)	643,351	587,821	557,963
Subsidiaries [Member]
Other Income (Expenses)
Net (loss) income attributable to non-controlling interests	$ 226	$ (3,696)	$ (11,083)
Medley LLC [Member]
Other Income (Expenses)
Net (loss) income attributable to non-controlling interests	(15,790)	(9,695)	(8,011)
Management Service [Member]
Revenues
Revenue	26,135	39,473	47,085
Product and Service, Other [Member]
Revenues
Revenue	$ 7,867	$ 9,703	$ 10,503

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 34,002	$ 49,176	$ 57,588
Management Service, Incentive [Member]
Revenue	$ 0	$ 176	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member]Common Class A [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member]Common Class B [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member]Subsidiaries [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member]Medley LLC [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]Subsidiaries [Member]	Noncontrolling Interest [Member]Medley LLC [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2017									548,107	10
Balance (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2017					$ (686)		$ (2,905)	$ (3,591)
Balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2017				1,301	(1,301)
Balance at Dec. 31, 2017									$ 5		$ 2,820	$ (1,301)	$ (9,545)	$ (1,702)	$ (67,401)		$ (77,074)
Net (loss) income													(2,432)				(2,432)
Net (loss) income														279	(8,011)
Net (loss) income																	(10,164)
Stock-based compensation											5,404						5,404
Dividends													(5,750)				(5,750)
Reclass of cumulative dividends on forfeited restricted stock units to compensation and benefits expense													96				96
Issuance of Class A common stock related to the vesting of restricted stock units, net of tax withholdings (in shares)									21,993
Issuance of Class A common stock related to the vesting of restricted stock units, net of tax withholdings									$ 1		(644)						(693)
Distributions															(20,490)		(20,490)
Contributions														2			2
Issuance of non-controlling interest in consolidated subsidiaries at fair value														674			674
Fair value adjustment to redeemable non-controlling interest															965	$ (965)	965
Balance (in shares) at Dec. 31, 2018									570,100	10
Balance at Dec. 31, 2018									$ 6		7,580		(19,618)	(747)	(97,842)		(110,621)
Net (loss) income													(3,379)				(3,379)
Net (loss) income														579	(9,695)
Net (loss) income																	(12,495)
Stock-based compensation											7,222						7,222
Dividends													(238)				(238)
Reclass of cumulative dividends on forfeited restricted stock units to compensation and benefits expense													343				343
Issuance of Class A common stock related to the vesting of restricted stock units, net of tax withholdings											(967)						(967)
Distributions														(223)	(734)		(957)
Fair value adjustment to redeemable non-controlling interest | Accounting Standards Update 2016-09 [Member]					$ (152)		$ (660)	$ (812)
Fair value adjustment to redeemable non-controlling interest																812
Recognition of deferred tax asset in connection with the acquisition of a minority interest holder's ownership interests in a consolidated subsidiary of Medley LLC (Note 15)													84		356		440
Balance (in shares) at Dec. 31, 2019									620,981	10
Balance at Dec. 31, 2019									$ 6		13,835		(22,960)	(391)	(108,575)		(118,085)
Net (loss) income													(2,664)				(2,664)
Net (loss) income														230	(15,790)
Net (loss) income																	(18,224)
Stock-based compensation											4,150						4,150
Reclass of cumulative dividends on forfeited restricted stock units to compensation and benefits expense													375				375
Issuance of Class A common stock related to the vesting of restricted stock units, net of tax withholdings (in shares)									72,334
Issuance of Class A common stock related to the vesting of restricted stock units, net of tax withholdings									$ 1		(340)						(339)
Distributions														(394)	(401)		(795)
Fair value adjustment to redeemable non-controlling interest													(145)		(607)	$ 752	(752)
Balance (in shares) at Dec. 31, 2020									693,315	10
Balance at Dec. 31, 2020									$ 7		$ 17,645		$ (25,394)	$ (555)	$ (125,373)		$ (133,670)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Common Class A [Member]
Dividends, per share (in dollars per share)	$ 0.30
Restricted Stock Units (RSUs) [Member]
Dividends, per share (in dollars per share)	$ 0.30
Dividends, per share (in dollars per share)		$ 2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	$ (18,228)	$ (16,770)	$ (21,526)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock-based compensation	4,150	7,222	5,404
Amortization of debt issuance costs	693	754	741
Accretion of debt discount	878	1,297	667
Provision for (benefit from) deferred taxes	155	4,557	(941)
Depreciation and amortization	717	702	1,076
Net change in unrealized depreciation on investments	1,059	5,287	20,900
Non-cash based performance fee compensation			619
Loss (income) from equity method investments	6	(482)	6
Reclassification of cumulative dividends paid on forfeited restricted stock units to compensation and benefits expense	375	343	96
Non-cash lease costs	2,432	2,434
Other non-cash amounts	330	178	146
Changes in operating assets and liabilities:
Management fees receivable	2,234	2,170	4,440
Distributions of income received from equity method investments	1,464	1,211	691
Purchase of investments		(706)	(1,861)
Sale of investments	95	1,111	1,920
Other assets	(1,953)	(239)	2,153
Operating lease liabilities	(2,847)	(2,725)
Accounts payable, accrued expenses and other liabilities	5,263	(4,199)	1,686
Net cash (used in) provided by operating activities	(3,177)	2,145	16,217
Cash flows from investing activities
Purchases of fixed assets	(16)	(126)	(56)
Distributions received from investment held at cost less impairment	27	222
Decrease in cash resulting from the deconsolidation of STRF	(471)
Capital contributions to equity method investments		(3)	(1,538)
Net cash (used in) provided by investing activities	(460)	93	(1,594)
Cash flows from financing activities
Payments to minority interest	(795)	(3,319)	(26,443)
Capital contributions from non-controlling interests			2
Dividends paid		(238)	(5,750)
Payments of tax withholdings related to net share settlement of restricted stock units	(339)	(967)	(693)
Net cash used in financing activities	(3,059)	(8,899)	(33,731)
Net decrease in cash and cash equivalents	(6,696)	(6,661)	(19,108)
Cash and cash equivalents, beginning of period	10,558	17,219	36,327
Cash and cash equivalents, end of period	3,862	10,558	17,219
Supplemental cash flow information
Interest paid	8,901	9,446	9,396
Income taxes paid	222	143	955
Supplemental disclosure of non-cash operating, investing and financing activities
Fair value adjustment to redeemable non-controlling interest in STRF Advisors LLC (Note 17)	752
Recognition of right-of-use assets under operating leases upon adoption of new leasing standard		8,233
Recognition of operating lease liabilities arising from obtaining right-of-use assets under operating leases upon adoption of new leasing standard		10,229
Distribution of shares of MCC incurred in connection with the exercise of a put option right by a former minority interest holder (Notes 11 and 17)		(16,498)
Recognition of deferred tax asset in connection with the acquisition of a minority interest holder's ownership interests in a consolidated subsidiary of Medley LLC		440
Former Minority Interest Holder [Member]
Cash flows from financing activities
Payments to minority interest	(1,925)	(4,375)	(847)
Accounting Standards Update 2014-09 [Member]
Supplemental disclosure of non-cash operating, investing and financing activities
Deferred tax asset impact on cumulative effect of accounting change due to the adoption of accounting standards			(125)
Accounting Standards Update 2016-01 [Member]
Supplemental disclosure of non-cash operating, investing and financing activities
Reclassification of the income tax impact on cumulative effect of accounting change due to the adoption of accounting standards			649
Accounting Standards Update 2018-02 [Member]
Supplemental disclosure of non-cash operating, investing and financing activities
Reclassification of the income tax impact on cumulative effect of accounting change due to the adoption of accounting standards			207
Medley Seed Funding I LLC and Medley Seed Funding II LLC [Member]
Supplemental disclosure of non-cash operating, investing and financing activities
Reclassification of redeemable non-controlling interest		(18,109)
SIC Advisors LLC [Member]
Supplemental disclosure of non-cash operating, investing and financing activities
Reclassification of redeemable non-controlling interest			$ (12,275)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Medley Seed Funding I LLC and Medley Seed Funding II LLC [Member]
Fair value adjustment	$ 812
SIC Advisors LLC [Member]
Fair value adjustment		$ (965)

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Medley Management Inc. (“MDLY”) is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley Management Inc., through its consolidated subsidiary, Medley LLC, provides investment management services to permanent capital vehicles, long-dated private funds and separately managed accounts and serves as the general partner to the private funds, which are generally organized as pass-through entities. Medley Management Inc., Medley LLC and its consolidated subsidiaries (collectively “Medley” or the “Company”) is headquartered in New York City. Medley's business is currently comprised of only one Reverse Stock Split and Reclassification of Prior Periods The Company effected a reverse stock split at a ratio of 1 10 5:00 October 30, 2020. ten one 3,000,000,000 5,000,000 1,000,000 1,000 300,000,000 1,000,000 Initial Public Offering of Medley Management Inc. Medley Management Inc. was incorporated on June 13, 2014 September 29, 2014 $100.4 600,000 600,000 not Medley LLC Reorganization In connection with the IPO, Medley LLC amended and restated its limited liability agreement to modify its capital structure by reclassifying the 2,333,333 one one Termination of Agreement and Plan of Merger On July 29, 2019, July 29, 2019 ( July 29, 2019, July 29, 2019 ( On May 1, 2020, 9.1 10.2 9.1 not March 31, 2020 ( As a result, the Amended MDLY Merger Agreement had been terminated effective as of May 1, 2020. May 1, 2020 not 19 In addition, on May 1, 2020, may not March 31, 2020. May 1, 2020. 19 Transaction expenses related to the MDLY Merger are included in general, administrative and other expenses and primarily consist of professional fees. Such expenses amounted to $4.7 $4.6 $3.8 December 31, 2020, 2019 2018, Liquidity and Going Concern The accompanying consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. At December 31, 2020, $169.2 $35.6 $133.7 December 31, 2020 $18.2 $3.2 $0.5 $3.1 December 21, 2020 $3.9 one December 31, 2020. As further described in Note 20, Subsequent Event 11 11 11 11 In re: Medley LLC, Case No. 21 10526 11 not The commencement of the Medley LLC Chapter 11 11 11 no not . Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Medley Management Inc., Medley LLC and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Principles of Consolidation In accordance with Accounting Standards Codification (“ASC”) 810, Consolidation For legal entities evaluated for consolidation, the Company must determine whether the interests that it holds and fees paid to it qualify as a variable interest in an entity. This includes an evaluation of the management fee and performance fee paid to the Company when acting as a decision maker or service provider to the entity being evaluated. If fees received by the Company are customary and commensurate with the level of services provided, and the Company does not not An entity in which the Company holds a variable interest is a VIE if any one not not For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company is generally deemed to have a controlling financial interest if it has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. The primary beneficiary evaluation is generally performed qualitatively on the basis of all facts and circumstances. However, quantitative information may For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity (“VOE”) if it owns a majority voting interest in the entity. Consolidated Variable Interest Entities Medley Management Inc. is the sole managing member of Medley LLC and, as such, it operates and controls all of the business and affairs of Medley LLC and, through Medley LLC, conducts its business. Under ASC 810, not 100% As a result, Medley Management Inc. consolidates the financial results of Medley LLC and its subsidiaries and records a non-controlling interest for the economic interest in Medley LLC held by the non-managing members. As of December 31, 2020 20.8% 79.2%, December 31, 2019 19.3% 80.7%, As of December 31, 2020 four 1LLC, December 31, 2020 ts were $0.9 $0.1 December 31, 2019 seven 1 December 31, 2019 $1.2 $0.1 not Seed Investments and Deconsolidation of Consolidated Fund The Company accounts for seed investments through the application of the voting interest model under ASC 810 10 25 1 25 14 50% not The Company seed funded $2.1 June 2017. April 6, 2020, 100% The condensed balance sheet of STRF as of December 31, 2019 As of December 31, 2019 (in thousands) Assets Cash and cash equivalents $ 682 Investments, at fair value 1,441 Other assets 29 Total assets $ 2,152 Liabilities and Equity Accounts payable, accrued expenses and other liabilities $ 342 Equity 1,810 Total liabilities and equity $ 2,152 As of December 31, 2019, $0.2 $1.8 December 31, 2020 2019 2018 not In connection with the exercise of DB Med Investors put option right in October 2019, 11 17 December 26, 2019, February 24, 2020, 8 1940 March 25, 2020, $0.1 April 6, 2020, 11 no April 6, 2020. The condensed balance sheet of STRF as of April 6, 2020, As of April 6, 2020 (in thousands) Assets Cash and cash equivalents $ 471 Investments, at fair value 1,016 Other assets 76 Total assets $ 1,563 Liabilities and Equity Accounts payable, accrued expenses and other liabilities $ 39 Equity 1,524 Total liabilities and equity $ 1,563 Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not not e to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. As of December 31, 2020 , the Company recorded investments, at fair value, attributed to these non-consolidated VIEs of $2.0 $0.5 $7.2 December 31, 2019 , the Company recorded investments, at fair value, attributed to non-consolidated VIEs of $3.0 $1.3 $7.2 December 31, 2020 , the Company's maximum exposure to losses from these entities is $2.5 Concentration of Credit and Market Risk In the normal course of business, the Company's underlying funds encounter significant credit and market risk. Credit risk is the risk of default on investments in debt securities, loans and derivatives that result from a borrower's or derivative counterparty's inability or unwillingness to make required or expected payments. Credit risk is increased in situations where the Company's underlying funds are investing in distressed assets or unsecured or subordinate loans or in securities that are a material part of its respective business. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. The Company's underlying funds may Use of Estimates The preparation of 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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management's estimates are based on historical experience and other factors, including expectations of future events that management believes to be reasonable under the circumstances. These assumptions and estimates also require management to exercise judgment in the process of applying the Company's accounting policies. Significant estimates and assumptions by management affect the carrying value of investments, deferred tax assets, performance compensation payable and certain accrued liabilities. Actual results could differ from these estimates, and such differences could be material. Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has not may not Non-Controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries represent the component of equity in such consolidated entities held by third Redeemable Non-Controlling Interests Redeemable non-controlling interests represents interests of certain third not not Cash and Cash Equivalents Cash and cash equivalents include liquid investments in money market funds and demand deposits. The Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits as of December 31, 2020 2019 not no Investments Investments include equity method investments that are not The carrying amounts of equity method investments are reflected in Investments, at fair value on the Company's consolidated balance sheets. As the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, primarily investment companies which reflect their investments at estimated fair value, the carrying value of the Company's equity method investments in such entities approximates fair value. The Company evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not For presentation in its consolidated statements of cash flows, the Company treats distributions received from certain equity method investments using the cumulative earnings approach. Under the cumulative earnings approach, an investor would compare the distributions received to its cumulative equity-method earnings since inception. Any distributions received up to the amount of cumulative equity earnings would be considered a return on investment and classified in operating activities. Any excess distributions would be considered a return of investment and classified in investing activities. Investments may Investments of Consolidated Fund In accordance with ASC 820, December 31, 2019 three 5. third 60 not not third may not April 6, 2020, no Fixed Assets Fixed assets consist primarily of furniture and fixtures, computer equipment, and leasehold improvements and are recorded at cost, less accumulated depreciation and amortization. The Company calculates depreciation expense for furniture and fixtures, and computer equipment using the straight-line method over the estimated useful life used for the respective assets, which generally ranges from three seven three eight Debt Issuance Costs Debt issuance costs represent direct costs incurred in obtaining financing and are amortized over the term of the underlying debt using the effective interest method. Debt issuance costs associated with the Company's senior unsecured debt are presented as a direct reduction in the carrying value of such debt, consistent with the presentation of debt discount. Amortization of debt issuance costs is included as a component of interest expense on the Company's consolidated statement of operations. Revenues The Company recognizes revenue under the core principle of depicting the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for such goods or services. To achieve this, the Company applies a five 1 2 3 4 5 Carried interest are performance-based fees that represent a capital allocation of income to the general partner or investment manager. Such fees are accounted for under ASC 323, Investments - Equity Method and Joint Ventures not 606. Management Fees Medley provides investment management services to both public and private investment vehicles. Management fees include base management fees, other management fees, and Part I incentive fees, as described below. Base management fees are calculated based on either (i) the average or ending gross assets balance for the relevant period, (ii) limited partners' capital commitments to the funds, (iii) invested capital, (iv) NAV or (v) lower of cost or market value of a fund's portfolio investments. Depending upon the contracted terms of the investment management agreement, management fees are paid either quarterly in advance or quarterly in arrears, and are recognized as earned over the period the services are provided. Certain management agreements provide for Medley to receive other management fee revenue derived from up front origination fees paid by the funds' and/or separately managed accounts' underlying portfolio companies. These fees are recognized when the Company becomes entitled to such fees. Certain management agreements also provide for Medley to receive Part I incentive fee revenue derived from net investment income (excluding gains and losses) above a hurdle rate. As it relates to MCC, these fees are subject to netting against realized and unrealized losses. Part I incentive fees are paid quarterly and are recognized as earned in the period the services are provided. Performance Fees Performance fees are contractual fees which do not Other Revenues and Fees Medley provides administrative services to certain affiliated funds and is reimbursed for direct and allocated expenses incurred in providing such administrative services, as set forth in the respective underlying agreements. These fees are recognized as revenue in the period administrative services are rendered. Medley also acts as the administrative agent on certain deals for which Medley may may Investment Income (loss) - Carried Interest Carried interest are performance-based fees that represent a capital allocation of income to the general partner or investment manager. Carried interest are allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund's governing documents and are accounted for under the equity method of accounting . The Company records carried interest based upon an assumed liquidation of that fund's net assets as of the reporting date, regardless of whether such amounts have been realized. For any given period, carried interest on the Company's consolidated statements of operations may may Carried interest received in prior periods may December 31, 2020 n of $0.6 one $0.3 one 2019, December 31, 2019. may December 31, 2020 2019 $7.2 not For the years ended December 31, 2020, 2019 2018 not $0.1 Investment Income (loss) - Other Other investment income (loss) is comprised of unrealized appreciation (depreciation) resulting from changes in fair value of the Company's equity method investments in addition to the income and expense allocations from such investments. Stock-based Compensation Stock-based compensation expense relating to equity based awards are measured at fair value as of the grant date, reduced for actual forfeitures in the period they occur, and expensed over the requisite service period on a straight-line basis as a component of compensation and benefits on the Company's consolidated statements of operations. Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires the recognition of tax benefits or expenses for temporary differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” Medley Management Inc. is subject to U.S. federal, state and local corporate income taxes on its allocable portion of the income of Medley LLC at prevailing corporate tax rates. Medley LLC and its subsidiaries are not The Company analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is established. Class A Earnings per Share The Company computes and presents earnings per share using the two two two Recently Issued Accounting Pronouncements Adopted as of January 1, 2020 In August 2018, 2018 13, 820 820, December 15, 2019, January 1, 2020. not In August 2018, 2018 15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350 40 not January 1, 2020 not In December 2019, 2019 12, Income Taxes (Topic 740 December 15, 2020 January 1, 2020. not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, 326 December 15, 2019, January 1, 2021 not The Company does not not

Note 3 - Revenues from Contract

Note 3 - Revenues from Contracts with Customers	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. The majority of the Company's revenues are derived from investment management and advisory contracts that are accounted for in accordance with ASC 606. Performance Obligations Performance obligations are the unit of account under the revenue recognition standard and represent the distinct goods or services that are promised to the customer. The majority of the Company's contracts have a single performance obligation to provide asset management, advisory and other related services to permanent capital vehicles, long-dated private funds and separately managed accounts. The Company also has a separate performance obligation to act as an agent for certain third The Company primarily provides investment management services to a fund by managing the fund's investments and maximizing returns on those investments. The Company's asset management, advisory and other related services are transferred over time to the customer on a day-to-day basis. The contracts with each fund create a distinct performance obligation for each quarter the Company provides the promised services to the customer, from which the customer can benefit from each individual quarter of service. Furthermore, each quarter of the promised services is considered separately identifiable because there is no not not The management fees earned by the Company are largely dependent on fluctuations in the market and, thus, the determination of such fees is highly susceptible to factors outside the Company's influence. Management fees typically have a large number and broad range of possible consideration amounts and historical experience is generally not Reimbursement of certain expenses incurred on behalf of the Company's funds are reported on a gross basis on the statements of operations if the Company is determined to be acting as the principal in those transactions. Significant Judgments The Company's contracts with customers generally include a single performance obligation to provide asset management, advisory and other related services on a quarterly basis. Revenues are recognized as such performance obligation is satisfied and the constraint on the management fees is lifted on a quarterly basis, hence, the Company does not With respect to performance fees based on the economic performance of its SMAs, significant judgment is required when determining recognition of revenues. Such judgments include: • whether the fund is near final liquidation • whether the fair value of the remaining assets in the fund is significantly in excess of the threshold at which the Company would earn an incentive fee • the probability of significant fluctuations in the fair value of the remaining assets • whether the SMA's remaining investments are under contract for sale with contractual purchase prices that would result in no As such, the Company will consider the above factors at each reporting period to determine whether there is an amount of the SMA performance fees which should be recognized as revenue because it is probable that there will not The Company accounts for performance fees which represent capital allocations to the general partner or investment manager pursuant to accounting rules relating to investments accounted for under the equity method of accounting. As such, these types of performance fees are not not 2, Summary of Significant Accounting Policies 4, Investments Revenue by Category The following table presents the Company's revenue from contracts with customers disaggregated by type of customer for the years ended December 31, 2020, 2019 2018: Permanent Capital Vehicles Long-dated Private Funds SMAs Other Total (in thousands) For the year ended December 31, 2020 Management fees $ 16,988 $ 4,623 $ 4,524 $ — $ 26,135 Other revenues and fees 5,297 — — 2,570 7,867 Total revenues from contracts with customers $ 22,285 $ 4,623 $ 4,524 $ 2,570 $ 34,002 For the year ended December 31, 2019 Management fees $ 27,208 $ 6,641 $ 5,624 $ — $ 39,473 Other revenues and fees 6,325 — — 3,378 9,703 Total revenues from contracts with customers $ 33,533 $ 6,641 $ 5,624 $ 3,378 $ 49,176 For the year ended December 31, 2018 Management fees $ 32,471 $ 8,122 $ 6,492 $ — $ 47,085 Other revenues and fees 6,895 — — 3,608 10,503 Total revenues from contracts with customers $ 39,366 $ 8,122 $ 6,492 $ 3,608 $ 57,588 Management fees in the table above are presented net of expense support payments under an expense support agreement entered into by the Company and MCC which became effective on June 1, 2020 ( 13 December 31, 2020 $0.7 606. The Other revenues and fees balances above primarily consist of: (i) revenues earned by Medley while serving as loan administrative agent on certain deals, including loan administration fees and transaction fees, (ii) reimbursable origination and deal expenses, (iii) reimbursable entity formation and organizational expenses and (iv) consulting fees for providing non-advisory services related to one The Company's asset management, advisory and other related services are transferred over time and the Company recognizes these revenues over time as well. Contract Balances For certain customers, the Company has a performance obligation to provide loan administration services. The timing of revenue recognition may These contract liabilities are reported as deferred revenue within accounts payable, accrued expenses and other liabilities on the Company's consolidated balance sheets and amounted to $0.4 $0.2 December 31, 2020 2019 $05 December 31, 2020 $0.7 December 31, 2019 2018, $0.7 $0.5 $0.8 December 31, 2020, 2019 2018, The Company did not December 31, 2020 2019 Assets Recognized for the Costs to Obtain or Fulfill a Contract As part of providing investment management services to a fund, the Company might incur certain placement fees to third third not not not

Note 4 - Investments

Note 4 - Investments	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Investment Holdings, Schedule of Investments [Text Block]	4. Investments consist of the following: As of December 31, 2020 2019 (in thousands) Equity method investments, at fair value $ 9,450 $ 11,650 Investment held at cost less impairment 48 196 Investments of consolidated fund — 1,441 Total investments, at fair value $ 9,498 $ 13,287 Equity Method Investments Medley measures the carrying value of its public non-traded equity method investment in Sierra, a related party, at NAV per share. Unrealized appreciation (depreciation) resulting from changes in NAV per share is reflected as a component of other investment loss, net on the Company's consolidated statements of operations. The carrying value of the Company's privately-held equity method investments is determined based on the amounts invested by the Company plus the equity in earnings or losses of the investee allocated based on the respective underlying agreements, less distributions received. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not no December 31, 2020, 2019 2018 The Company's equity method investment in shares of Sierra were $5.7 $6.4 December 31, 2020 2019 December 31, 2020 2019 ect-Medley Investment P For performance fees earned which represent a capital allocation to the general partner or investment manager, the Company accounts for them under the equity method of accounting . December 31, 2020 2019 $0.7 $0.9 The entities in which the Company's investments are accounted for under the equity method are considered to be related parties. Investment Held at Cost Less Impairment The Company measures its investment in CK Pearl Fund, LP at cost less impairment, adjusted for observable price changes for an identical or similar investment of the same issuer as well as any distributions received during the period. The carrying amount of this investment was less than $0.1 $0.2 December 31, 2020 2019 December 31, 2020 2019, $0.1 no December 31, 2018 Investments of consolidated fund As of December 31, 2019, $0.2 $1.3 no December 31, 2020, April 6, 2020. Significant equity method investments In accordance with Rules 3 09 4 08 X, X 3 05 X 1 02 3 09 X 20%. 4 08 X three 10%, 20% 20% 10 The following table provides summarized balance sheet information for the Company's equity method investees, as of December 31, 2020 2019 As of December 31, 2020 2019 (in thousands) Balance Sheet Data Investments, at fair value $ 810,196 $ 1,020,709 Cash 102,312 255,738 Other assets 12,108 37,139 Total assets $ 924,616 $ 1,313,586 Debt $ 151,201 $ 338,988 Other liabilities 10,447 13,775 Total liabilities 161,648 352,763 Net assets $ 762,968 $ 960,823 The following table provides summarized income statement information for the Company's equity method investees, for the years ended December 31, 2020, 2019 2018 For the Years Ended December 31, 2020 2019 2018 (in thousands) Summary of Operations Total revenues $ 65,850 $ 110,877 $ 142,431 Total expenses 57,986 59,684 64,339 Net realized and unrealized gain/(loss) on investments (102,717 ) (104,228 ) (131,554 ) Net income (loss) $ (94,853 ) $ (53,035 ) $ (53,462 )

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not • Level I • Level II third • Level III may may may not may not no There were no December 31, 2020 April 2020. The following tables summarize the fair value hierarchy of the Company's financial assets and liabilities measured at fair value: As of December 31, 2019 Level I Level II Level III Total (in thousands) Assets Investments of consolidated fund $ 110 $ — $ 1,331 $ 1,441 Total Assets $ 110 $ — $ 1,331 $ 1,441 Liabilities Due to DB Med Investors (Note 11) $ — $ — $ 1,750 $ 1,750 Total Liabilities $ — $ — $ 1,750 $ 1,750 Included in investments of consolidated fund as of December 31, 2019 $0.1 $1.3 no December 31, 2020, 2019 2018 The following is a summary of changes in fair value of the Company's financial assets and liabilities that have been categorized within Level III of the fair value hierarchy: Level III Financial Assets as of December 31, 2020 Balance at December 31, 2019 Deconsolidation of STRF Transfers In or (Out) of Level III Realized and Unrealized Depreciation Sale of Level III Assets Balance at December 31, 2020 (in thousands) Investments of consolidated fund $ 1,331 (940 ) — (295 ) (96 ) $ — Level III Financial Liabilities as of December 31, 2020 Balance at December 31, 2019 Settlement to DB Med Investors, at fair value Payments Realized and Unrealized Depreciation Balance at December 31, 2020 (in thousands) Due to DB Med Investors (Note 11) $ 1,750 (1,541 ) — (209 ) $ — A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may no December 31, 2020 When determining the fair value of publicly traded equity securities, the Company uses the quoted closing market price as of the valuation date on the primary market or exchange on which they trade. Our equity method investments for which fair value is measured at NAV per share, or its equivalent, using the practical expedient, are not Prior to the deconsolidation of STRF on April 6, 2020, 946, December 31, 2019 April 6, 2020,

Note 6 - Leases

Note 6 - Leases	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	6. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. Leases with a term greater than one may not not not not not not Substantially all of the Company's operating leases are comprised of its office space in New York City and San Francisco which expire at various times through September 2023. not The components of lease cost and other information for the year ended December 31, 2020 2019 For the years ending December 31, 2020 2019 Lease cost Operating lease costs $ 2,563 $ 2,554 Sublease income (439 ) (454 ) Total lease cost $ 2,124 $ 2,100 Supplemental balance sheet information related to leases as of December 31, 2020 2019 As of December 31, 2020 2019 Weighted-average remaining lease term (in years) 2.5 3.5 Weighted-average discount rate 8.2 % 8.2 % On June 29, 2020, May, June, July August 2020 2021. $0.8 nine January 1, 2021. In April 2020, 19 not, 19 Future payments for operating leases as of December 31, 2020 2021 $ 3,288 2022 2,441 2023 1,823 Total future lease payments 7,552 Less imputed interest (1,533 ) Operating lease liabilities, as reported $ 6,019 For the years ended December 31, 2018, $2.3 no

Note 7 - Other Assets

Note 7 - Other Assets	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Other Assets Disclosure [Text Block]	7. Other assets consist of the following: As of December 31, 2020 2019 (in thousands) Fixed assets, net of accumulated depreciation and amortization of $4,351 and $3,847, respectively $ 1,863 $ 2,564 Security deposits 1,975 1,975 Administrative fees receivable (Note 13) 862 1,073 Deferred tax assets, net (Note 15) 245 185 Due from affiliates (Note 13) 629 1,787 Prepaid expenses and income taxes 5,539 2,022 Other assets 479 677 Total other assets $ 11,592 $ 10,283

Note 8 - Senior Unsecured Debt

Note 8 - Senior Unsecured Debt	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	8. The carrying value of the Company's senior unsecured debt consist of the following: As of December 31, 2020 2019 (in thousands) 2026 Notes, net of unamortized discount and debt issuance costs of $2,216 and $2,584, respectively $ 51,379 $ 51,011 2024 Notes, net of unamortized premium and debt issuance costs of $1,228 and $1,629 respectively 67,772 67,371 Total senior unsecured debt $ 119,151 $ 118,382 2026 On August 9, 2016 October 18, 2016, $53.6 2026 6.875% "2026 2026 August 15, 2019 100% 2026 $3.8 2026 2026 $14.6 December 31, 2020 Interest expense on the 2026 $4.0 December 31, 2020, 2019 2018 2024 On January 18, 2017 February 22, 2017, $69.0 2024 7.25% "2024 April 30, 2017. 2024 January 30, 2020 100% 2024 $2.8 2024 2024 $21.7 December 31, 2020 Interest expense on the 2024 $5.4 December 31, 2020, 2019 2018.

Note 9 - Loans Payable

Note 9 - Loans Payable	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	9. Loans payable consist of the following: As of December 31, 2020 2019 (in thousands) Non-recourse promissory notes $ 10,000 $ 10,000 Total loans payable $ 10,000 $ 10,000 Non-Recourse Promissory Notes In April 2012, $10.0 two 1,108,033 $3.8 December 31, 2020, 2019 2018 $0.2 $0.9 $1.4 March 31, 2019. February 28, 2019, June 28, 2019, December 8, 2019, March 27, 2020, June 30, 2020 December 31, 2020, June 30, 2021. June 28, 2019 1.0% June 30, 2020 1.0% no June 30, 2020. $10.0 December 31, 2020 2019 The $10.0 June 30, 2021. 1,108,033

Note 10 - Due to Former Minorit

Note 10 - Due to Former Minority Interest Holder	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Debt Disclosure, Former Minority Interest Holder [Text Block]	10. This balance consists of the following: As of December 31, 2020 2019 (in thousands) Due to former minority interest holder, net of unamortized discount of $678 and $1,480, respectively $ 7,022 $ 8,145 Total due to former minority interest holder $ 7,022 $ 8,145 In January 2016, July 31, 2018, In December 2018, $14.0 sixteen August 5, 2022. As a result of the ongoing economic impact of COVID- 19, not May 2020 2021 2023. August 4, 2020, $700,000 August 5, 2020, three $350,000 $1.0 February 5, 2023.The As of December 31, 2020 2021 $ 2,700 2022 4,000 2023 1,000 Total future payments $ 7,700 For the years ended December 31, 2020, 2019 2018, $2.8 $0.8 $1.1 $0.1

Note 11 - Accounts Payable, Acc

Note 11 - Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	11. Accounts payable, accrued expenses and other liabilities consist of the following: As of December 31, 2020 2019 (in thousands) Accrued compensation and benefits $ 4,385 $ 6,161 Due to affiliates (Note 13) 7,226 7,212 Revenue share payable (Note 12) 6,694 2,316 Accrued interest 1,294 1,294 Professional fees 3,220 1,650 Deferred rent 838 — Deferred tax liabilities (Note 15) 838 623 Due to DB Med Investors, at fair value — 1,750 Accounts payable and other accrued expenses 2,536 1,829 Total accounts payable, accrued expenses and other liabilities $ 27,031 $ 22,835 On June 3, 2016, October 2019, October 22, 2019, 17 $18.1 825, December 31, 2019 $1.8 December 31, 2019, April 6, 2020 $1.5 In accordance with its obligations under the MIA, on October 25, 2019 October 28, 2019, $16.5 $0.1 $0.2 82,121 April 6, 2020.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Operating Leases Refer to Note 6 Capital Commitments to Funds As of December 31, 2020 2019 $0.3 Other Commitments In April 2012, third $10.0 9 two $10.0 $4.4 may 60 December 31, 2020 2019 $6.7 $2.3 On January 31, 2019, $6.5 six $6.5 seven two 9 May 1, 2020, Legal Proceedings From time to time, the Company is involved in various legal proceedings, lawsuits and claims incidental to the conduct of its business. Its business is also subject to extensive regulation, which may not One of the Company's subsidiaries, MCC Advisors LLC, was named as a defendant in a lawsuit on May 29, 2015, No. 583437. $65 $100 $1.5 June 6, 2016, March 18, 2018, On August 29, 2016, No. 631888 October 16, 2020, 11 October 16, 2020 November 30, 2020. $5 $5 On November 30, 2020, 11 No. 8:18 11792 one May 29, 2015, No. 583437 $65 $100 August 29, 2016, No. 631888 October 16, 2020, 11 No. 0 1 15 0002 5248 October 16, 2020 November 24, 2020. $5 $5 Medley LLC, Medley Capital Corporation, Medley Opportunity Fund II LP, Medley Management, Inc., Medley Group, LLC, Brook Taube, and Seth Taube (the “Medley Defendants”) were named as defendants, along with other various parties, in a putative class action lawsuit captioned as Royce Solomon, Jodi Belleci, Michael Littlejohn, and Giulianna Lomaglio v. American Web Loan, Inc., AWL, Inc., Mark Curry, MacFarlane Group, Inc., Sol Partners, Medley Opportunity Fund, II, LP, Medley LLC, Medley Capital Corporation, Medley Management, Inc., Medley Group, LLC, Brook Taube, Seth Taube, DHI Computing Service, Inc., Middlemarch Partners, and John Does 1 100, December 15, 2017, March 9, 2018, second February 15, 2019, No. 4:17 cv145 1” February 13, 2018, No. 3:18 100 2” August 9, 2018 No. 4:18 101 3” 1 2, June 29, 2018 July 26, 2018, No. 2:18 2747 October 26, 2020, October 22, 2020, No. 20 C169 December 15, 2020. The plaintiffs in the Class Action Complaints filed their putative class actions alleging claims under the Racketeer Influenced and Corrupt Organizations Act, and various other claims arising out of the alleged payday lending activities of American Web Loan. The claims against Medley Opportunity Fund II LP, Medley LLC, Medley Capital Corporation, Medley Management, Inc., Medley Group, LLC, Brook Taube, and Seth Taube (in Class Action 1, 2 3 The loan was made by Medley Opportunity Fund II LP in 2011. February 2015, 1 10 1. 2, not 3, February 2015 April 2018. 2017. 2018. By orders dated August 7, 2018 September 17, 2018, October 12, 2018, 3 October 29, 2018, 2 On April 16, 2020, 1 1 No. 414 1 September 18, 2020 September 21, 2020, eight 8 November 4, 2020, 1 November 6, 2020, 1 December, 2020. December 17, 2020, 1 January 20, 2021, 1 1 1 March 31, 2021 On October 29, 2020, none October 30, 2020, November 2, 2020, On January 29, 2021, 1, January 29, 2020, The Company believes the alleged claims asserted in the Class Action Complaints are without merit and they are defending these lawsuits vigorously. On May 11, 2020, two No. 650503/2019, No. 650510/2019 None $50,000 While management currently believes that the ultimate outcome of these proceedings will not not no Regulatory Matter On September 17, 2019 December 18, 2019, 17 1933, 10 1934 10b 5 206 1 206 2 206 4 1940, 206 4 8, 13 14 12b 20, 13a 1, 13a 11, 13a 13, 14a 9 The Company cannot predict the outcome of, or the timeframe for, the conclusion of this investigation. An adverse outcome could have a material effect on the Company's business, financial condition, or results of operations.

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. Substantially all of Medley's revenue is earned through agreements with its non-consolidated funds for which it collects management and performance fees for providing asset management, advisory and other related services. Administration Agreements In January 2011 April 2012, Additionally, Medley has entered into administration agreements with other entities that it manages (the “Funds Admin Agreements”), whereby Medley agreed to provide administrative services necessary for the operations of these entities. These entities agreed to reimburse Medley for the costs and expenses incurred in providing such administrative services, including an allocable portion of Medley's overhead expenses and an allocable portion of the cost of these other vehicles' officers and their respective staffs. Medley records these administrative fees as revenue in the period when the performance obligation of providing such administrative services is satisfied and such revenue is included as a component of other revenues and fees on the consolidated statements of operations. Amounts due from these agreements are included as a component of other assets on the Company's consolidated balance sheets. Total revenues recorded under these agreements for the years ended December 31, 2020, 2019 2018 For the Years Ended December 31, 2020 2019 2018 (in thousands) MCC Admin Agreement $ 2,007 $ 2,830 $ 3,382 SIC Admin Agreement 2,174 2,516 2,538 Fund Admin Agreements 1,116 979 976 Total administrative fees from related parties $ 5,297 $ 6,325 $ 6,896 Amounts due from related parties under these agreements are reflected in the table below. As of December 31, 2020 2019 (in thousands) Amounts due from MCC under the MCC Admin Agreement $ 274 $ 444 Amounts due from SIC under the SIC Admin Agreement 401 382 Amounts due from entities under the Fund Admin Agreements 187 247 Total administrative fees receivable $ 862 $ 1,073 Other Amounts Due From Affiliates The Company also typically facilitates the payment of certain operating costs incurred by the funds that it manages. These costs are normally reimbursed by such funds and are included in due from affiliates, a component of other assets on the Company's consolidated balance sheets. Amounts due from affiliates are reflected in the table below. As of December 31, 2020 2019 (in thousands) Amounts due from MCC $ 31 $ 209 Amounts due from SIC 111 578 Amounts due from long-dated private funds 100 801 Amounts due from separately managed accounts 387 199 Due from Affiliates $ 629 $ 1,787 Amounts Due to Affiliates Amounts due to affiliates reflects a clawback obligation of carried interest tax distributions that were received by the Company that would need to be paid back to the respective funds, if the funds were liquidated at fair value as of the end of the reporting period. The Company's actual obligation, however, would not December 31, 2020 December 31, 2019 $7.2 Expense Support Agreement On June 12, 2020, $667,000 June 1, 2020 December 31, 2020. December 31, 2020, $0.7 Investment Management Agreement and Administration Agreement In connection with the Expense Support Agreement, MCC extended the term of the amended and restated investment management agreement between the Company and MCC (the “Investment Management Agreement”) and the Administration Agreement through the quarter ended December 31, 2020. June 12, 2020, may 30 60 November 18, 2020, January 1, 2021. December 31, 2020. Investments Refer to Note 4, Investments, Exchange Agreement Prior to the completion of the Company's IPO, Medley LLC's limited liability agreement was restated among other things, to modify its capital structure by reclassifying the interests held by its then existing owners (i.e. the members of Medley prior to the IPO) into the LLC Units. Medley's existing owners also entered into an exchange agreement under which they (or certain permitted transferees thereof) have the right (subject to the terms of the exchange agreement as described therein), to exchange their LLC Units for shares of Medley Management Inc.'s Class A common stock on a one one Tax Receivable Agreement Medley Management Inc. entered into a tax receivable agreement with the holders of LLC Units that provides for the payment by Medley Management Inc. to exchanging holders of LLC Units of 85% The term of the tax receivable agreement will continue until all such tax benefits under the agreement have been utilized or have expired, unless Medley Management Inc. exercises its right to terminate the tax receivable agreement for an amount based on an agreed value of payments remaining to be made under the agreement. There have been no December 31, 2020

Note 14 - Earnings Per Class A

Note 14 - Earnings Per Class A Share	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	14. The table below presents basic and diluted net loss per share of Class A common stock using the two December 31, 2020, 2019 2018 For the Years Ended December 31, 2020 2019 2018 (in thousands, except share and per share amounts) Basic and diluted net loss per share: Numerator Net loss attributable to Medley Management Inc. $ (2,664 ) $ (3,379 ) $ (2,432 ) Less: fair value adjustment to redeemable non-controlling interest (Note 17) (147 ) (152 ) — Less: Allocation of earnings to participating securities 72 2 (1,197 ) Net (loss) income available to Class A common stockholders $ (2,739 ) $ (3,529 ) $ (3,629 ) Denominator Weighted average shares of Class A common stock outstanding 643,351 587,821 557,963 Net loss per share of Class A common stock $ (4.26 ) $ (6.00 ) $ (6.50 ) The allocation to participating securities above generally represents dividends paid or payable to holders of unvested restricted stock units which reduces net income available to common stockholders, adjusted for the impact of forfeitures in the period they are incurred. The weighted average shares of Class A common stock is the same for both basic and diluted earnings per share as the diluted amount excludes the assumed conversion of 2,673,516, 2,631,664 2,463,930 December 31, 2020, 2019 2018 The following table reflects the per share dividend amounts that the Company declared on its common stock during the years ended December 31, 2019 2018. no December 31, 2020. Declaration Dates Record Date Payment Dates Per Share March 27, 2019 April 15, 2019 May 3, 2019 $ 0.30 November 7, 2018 November 28, 2018 December 12, 2018 $ 2.00 August 7, 2018 August 23, 2018 September 6, 2018 $ 2.00 May 10, 2018 May 24, 2018 June 1, 2018 $ 2.00 February 7, 2018 February 22, 2018 March 7, 2018 $ 2.00

Note 15 - Income Taxes

Note 15 - Income Taxes	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	15. The (benefit from) provision for income taxes consists of the following: For the Years Ended December 31, 2020 2019 2018 (in thousands) Current Federal $ (968 ) $ 69 $ 217 State and Local (1,143 ) 84 982 Total (benefit from) provision for income taxes - current $ (2,111 ) $ 153 $ 1,199 Deferred Federal $ 81 $ 441 $ 247 State and Local 74 4,116 (1,188 ) Total provision for (benefit from) income taxes - deferred 155 4,557 (941 ) (Benefit from) provision for income taxes $ (1,956 ) $ 4,710 $ 258 Deferred income taxes reflect the net effect of temporary differences between the tax basis of an asset or liability and its reported amount on the Company's consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The significant components of the Company's deferred tax assets and liabilities included on its consolidated balance sheets are as follows. As of December 31, 2020 2019 Deferred tax assets (in thousands) Tax goodwill $ 951 $ 1,489 Basis difference in partnership interest 3,574 2,466 New York City unincorporated business tax 972 1,177 Unrealized losses 192 145 Stock-based compensation 302 195 Interest expense carryforward — 453 Pending merger related costs — 188 Net operating loss 167 — Other items 296 35 Gross deferred tax assets $ 6,454 $ 6,148 Deferred tax liability Basis difference in partnership interest $ 838 $ 623 Gross deferred tax liabilities 838 623 Less deferred tax valuation allowance (6,209 ) (5,963 ) Net deferred tax liability $ (593 ) $ (438 ) During the year ended December 31, 2019, $0.4 December 31, 2019 $0.1 $0.3 2018 not fourth 2019. Due to the uncertain nature of the ultimate realization of its deferred tax assets, the Company has established a valuation allowance, against the benefits of its deferred tax assets and will recognize these benefits only as reassessment demonstrates they are realizable. Ultimate realization is dependent upon several factors, among which is future earnings and reversing temporary differences. While the need for this valuation allowance is subject to periodic review, if the allowance is reduced, the tax benefits of the net deferred tax assets will be recorded in future operations as a reduction of the Company's income tax expense. As of December 31, 2019, $6.0 The Company's effective tax rate includes a rate benefit attributable to the fact that the Company and its subsidiaries operate as limited liability companies, which are not not December 31, 2020, 2019 2018 A reconciliation of the federal statutory tax rate to the effective tax rates for the years ended December 31, 2020, 2019 2018 For the Years Ending December 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % Income allocated to non-controlling interests (16.5 )% (18.3 )% (19.1 )% State and local corporate income taxes 2.6 % 1.3 % 1.3 % Partnership unincorporated business tax 3.9 % 1.4 % 1.9 % Permanent differences (0.1 )% (0.1 )% 0.2 % Non-deductible stock-based compensation (0.5 )% (1.8 )% (1.8 )% Valuation allowances (5.2 )% (41.0 )% (4.8 )% Interest and penalties — % (0.2 )% — % Net Operaing loss 2.0 % — % — % Other items 2.5 % (1.4 )% 0.1 % Effective tax rate 9.7 % (39.1 )% (1.2 )% Interest expense and penalties related to income tax matters are recognized as a component of the provision for income taxes and were not December 31, 2020, 2019 2018 December 31, 2020, 2019 2018 no not not

Note 16 - Compensation Expense

Note 16 - Compensation Expense	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	16. Compensation generally includes salaries, bonuses, equity and profit sharing awards. Bonuses, equity and profit sharing awards are accrued over the service period to which they relate. Guaranteed payments made to the Company's senior professionals who are members of Medley LLC are recognized as compensation expense. The guaranteed payments to the Company's Co-Chief Executive Officers are performance based and are periodically set subject to maximums based on the Company's total assets under management. Such maximums aggregated to $3.0 December 31, 2020 $5.0 December 31, 2019 2018. December 31, 2020, $0.8 $0.2 December 31, 2020. December 31, 2019 2018, Retirement Plan The Company sponsors a defined-contribution 401 100% 3% June 30, 2020, December 31, 2020, 2019 2018 $0.3 $0.4 $0.5 December 31, 2020 2019 $0.3 $0.4 Stock-Based Compensation In connection with the IPO, the Company adopted the Medley Management Inc. 2014 may may 2020 October 22, 2020 djusted for the Company's reverse stock split (Note 1 December 31, 2020, 1,900,000, may December 31, 2020, 1.2 The fair value of RSUs granted under the Plan is determined to be the fair value of the underlying shares on the date of grant. The fair value of restricted LLC Units of Medley LLC is based on the public share price of MDLY at date of grant, adjusted for different distribution rights. The aggregate fair value of these awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally up to five For the years ended December 31, 2020, 2019 2018 $4.2 $7.2 $5.4 A summary of RSU and restricted LLC Unit activity for the years ended December 31, 2020, 2019 2018 Number of RSUs Weighted Average Grant Date Fair Value Number of Restricted LLC Units Weighted Average Grant Date Fair Value Balance at December 31, 2017 145,131 $ 104.45 32,000 $ 116.70 Granted 80,378 56.63 98,596 53.02 Forfeited (8,099 ) 82.02 — — Vested (35,142 ) 140.50 — — Balance at December 31, 2018 182,268 $ 77.41 130,596 $ 68.63 Granted 108,289 32.63 161,067 25.30 Forfeited (30,268 ) 64.77 — — Vested (87,318 ) 72.90 (53,690 ) 25.30 Balance at December 31, 2019 172,971 $ 53.86 237,973 $ 49.08 Granted 118,197 4.98 41,858 4.70 Forfeited (18,502 ) 31.69 — — Vested (110,128 ) 42.89 — — Balance at December 31, 2020 162,538 $ 28.27 279,831 $ 42.44 The aggregate grant date fair value of RSUs vested during the year ended December 31, 2020 was $4.7million. no December 31, 2020. 110,128 72,334 $0.4 During the years ended December 31, 2020, 2019 2018 there was $1.3 $0.8 $0.8 December 31, 2020, 2019 2018 , the Company reclassified cumulative dividends of $0.4 $0.3 $0.1 December 31, 2020 was $6.2 1.5 $1.0

Note 17 - Redeemable Non-contro

Note 17 - Redeemable Non-controlling Interests	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Redeemable Noncontrolling Interest [Text Block]	17. Changes in redeemable non-controlling interests during the years ended December 31, 2020, 2019 2018 For the Years Ended December 31, 2020 2019 2018 (in thousands) Beginning balance $ (748 ) $ 23,186 $ 53,741 Net loss attributable to redeemable non-controlling interests in consolidated subsidiaries (4 ) (4,275 ) (11,362 ) Distributions — (2,362 ) (5,953 ) Fair value adjustment to redeemable non-controlling interests 752 812 (965 ) Reclassification of redeemable non-controlling interest in SIC Advisors LLC, including fair value adjustment of $965, to accounts payable, accrued expenses and other liabilities — — (12,275 ) Reclassification of redeemable non-controlling interest in the Joint Venture, including fair value adjustment of $812, to accounts payable, accrued expenses and other liabilities — (18,109 ) — Ending balance $ — $ (748 ) $ 23,186 As of January 1, 2020, one January 1, 2019, January 1, 2018, one Redeemable Non-Controlling Interest in STRF Advisors LLC In October 2016, On February 5, 2020, zero $0.1 $0.6 $0.1 December 31, 2020. no December 31, 2020. During years ended December 31, 2020 2019 2018, $0.1 $0.1 $0.3 December 31, 2019 2018, 0.7 Redeemable Non-Controlling Interest in Joint Venture On June 3, 2016, $50.0 $10.0 June 6, 2017, $13.8 seven ten $40.0 $53.8 $51.8 $2.0 8% 15% 8% one twelve ten Total contributions to the Joint Venture amounted to $53.8 December 31, 2019 $51.8 $2.0 December 31, 2020, 2019 2018, $0.3 $4.2 $13.1 December 31, 2020, 2019 2018 $0.3 $2.4 $3.7 In October 2019, not 8% October 22, 2019, 11 no December 31, 2019 Redeemable Non-Controlling Interest in SIC Advisors LLC In January 2016, $12.2 On July 31, 2018, 10 $12.3 $1.0 During the year ended December 31, 2018, $2.1 $2.3 no

Note 18 - Market and Other Risk

Note 18 - Market and Other Risk Factors	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	18. Due to the nature of the Medley funds' investment strategy, their portfolio of investments has significant market and credit risk. As a result, the Company is subject to market and other risk factors, including, but not COVID- 19 On March 11, 2020, 19 March 27, 2020 not 19 19's may Additionally, in December 2020, 19 not 19 may Market Risk The market price of investments may may may not may may In particular, the commencement, continuation, or cessation of government and central bank policies and economic stimulus programs, including changes in monetary policy involving interest rate adjustments or governmental policies, may may may Credit Risk There are no may may In general, the ratings of nationally recognized rating organizations represent the opinions of agencies as to the quality of the securities they rate. Such ratings, however, are relative and subjective; they are not not not may not Limited Liquidity of Investments The funds managed by the Company invest and intend to continue to invest in investments that may not may may no may may may, Counterparty Risk Some of the markets in which the Company, on behalf of its underlying funds, may not not not may

Note 19 - Quarterly Financial D

Note 19 - Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Quarterly Financial Information [Text Block]	19. The Company's condensed consolidated unaudited quarterly results of operations for 2020 2019 For the Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 (in thousands, except share and per share amounts) Revenues $ 8,477 $ 8,326 $ 8,577 $ 7,872 Expenses 9,156 7,639 10,023 11,139 Other expenses, net (2,074 ) (2,702 ) (8,170 ) (2,533 ) Loss before income taxes (2,753 ) (2,015 ) (9,616 ) (5,800 ) Net loss attributable to non-controlling interests in Medley LLC (2,434 ) (1,695 ) (8,260 ) (5,839 ) Net income (loss) attributable to redeemable non-controlling interests and non-controlling interests in consolidated subsidiaries 166 1 211 (152 ) Net loss attributable to non-controlling interests in Medley LLC (2,002 ) (1,574 ) (7,657 ) (4,557 ) Net loss attributable to Medley Management Inc. $ (598 ) $ (122 ) $ (814 ) $ (1,130 ) Net loss per Class A common stock: Basic $ (0.88 ) $ (0.19 ) $ (1.17 ) $ (1.81 ) Diluted $ (0.88 ) $ (0.19 ) $ (1.17 ) $ (1.81 ) Weighted average shares - Basic and Diluted 678,288 639,216 632,022 623,543 For the Three Months Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 (in thousands, except share and per share amounts) Revenues $ 10,654 $ 11,536 $ 12,882 $ 13,769 Expenses 11,279 12,493 11,064 11,275 Other (expenses) income, net (6,445 ) (924 ) (8,666 ) 1,245 (Loss) income before income taxes (7,070 ) (1,881 ) (6,848 ) 3,739 Net (loss) income (12,061 ) (1,693 ) (6,778 ) 3,762 Net (loss) income attributable to redeemable non-controlling interests and non-controlling interests in consolidated subsidiaries (3,836 ) 1,619 (5,674 ) 4,195 Net loss attributable to non-controlling interests in Medley LLC (5,617 ) (2,796 ) (921 ) (361 ) Net loss attributable to Medley Management Inc. $ (2,608 ) $ (516 ) $ (183 ) $ (72 ) Net loss per Class A common stock: Basic $ (4.59 ) $ (0.86 ) $ (0.29 ) $ (0.17 ) Diluted $ (4.59 ) $ (0.86 ) $ (0.29 ) $ (0.17 ) Weighted average shares - Basic and Diluted 600,795 589,933 584,788 575,467

Note 20 - Subsequent Events

Note 20 - Subsequent Events	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	20. Management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no 10 December 31, 2020 Exchange of LLC Units and Issuance of Restricted Stock Units On January 19, 2021, 98% 2,343,686 January 15, 2021, 293,163 As a result of the Unit Exchange, MDLY's total membership interest Medley LLC increased to approximately 98%. not 1940, Tax Receivable Agreement The Unit Exchange is expected to result in increases to the tax basis of the tangible and intangible assets of Medley LLC. These increases in tax basis may may 13 85% 15% not not no Due to the uncertain nature of the ultimate realization of its deferred tax assets, the Company has established a valuation allowance against the benefit of its deferred tax assets as reflected in these consolidated financial statements. As a result, MDLY does not Amendment to Medley LLC s Operating Agreement and Election to be Treated as a Corporation for Income Tax Purposes On February 3, 2021, September 23, 2014 ( may February 3, 2021, 8832 January 24, 2021. Senior Unsecured Debt On February 1, 2021, not $1.3 2024 2024 30 March 3, 2021) may 2024 February 16, 2021, not $0.9 2026 2026 30 March 18, 2021) may 2026 The commencement of the Medley LLC Chapter 11 11 Voluntary Petition for Reorganization by Medley LLC Subsidiary As noted in Note 1, 11 11 11 In re: Medley LLC, Case No. 21 10526 Medley LLC is the only entity that has filed for Chapter 11 not Medley LLC will continue to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. To ensure its ability to continue operating in the ordinary course of business, Medley LLC has filed with the Bankruptcy Court motions seeking a variety of “first day” relief, including authority to continue utilizing and maintaining its existing cash management system. Business operations across the Medley platform including providing investment and advisory services to its clients are continuing without interruption. Additional Information on the Medley LLC Chapter 11 Bankruptcy Court filings and other information related to the Medley LLC Chapter 11 Effect of the Medley LLC Chapter 11 The commencement of the Medley LLC Chapter 11 ● 7.25% 2024 $69 August 9, 2016, January 18, 2017, February 22, 2017, ● 6.875% 2026 $54 August 9, 2016, August 9, 2016, October 18, 2016, Any efforts to enforce payment obligations under the Debt Instruments are automatically stayed as a result of the filing of the Medley LLC Chapter 11

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation In accordance with Accounting Standards Codification (“ASC”) 810, Consolidation For legal entities evaluated for consolidation, the Company must determine whether the interests that it holds and fees paid to it qualify as a variable interest in an entity. This includes an evaluation of the management fee and performance fee paid to the Company when acting as a decision maker or service provider to the entity being evaluated. If fees received by the Company are customary and commensurate with the level of services provided, and the Company does not not An entity in which the Company holds a variable interest is a VIE if any one not not For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company is generally deemed to have a controlling financial interest if it has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. The primary beneficiary evaluation is generally performed qualitatively on the basis of all facts and circumstances. However, quantitative information may For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity (“VOE”) if it owns a majority voting interest in the entity.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Consolidated Variable Interest Entities Medley Management Inc. is the sole managing member of Medley LLC and, as such, it operates and controls all of the business and affairs of Medley LLC and, through Medley LLC, conducts its business. Under ASC 810, not 100% As a result, Medley Management Inc. consolidates the financial results of Medley LLC and its subsidiaries and records a non-controlling interest for the economic interest in Medley LLC held by the non-managing members. As of December 31, 2020 20.8% 79.2%, December 31, 2019 19.3% 80.7%, As of December 31, 2020 four 1LLC, December 31, 2020 ts were $0.9 $0.1 December 31, 2019 seven 1 December 31, 2019 $1.2 $0.1 not
Equity Method Investments [Policy Text Block]	Seed Investments and Deconsolidation of Consolidated Fund The Company accounts for seed investments through the application of the voting interest model under ASC 810 10 25 1 25 14 50% not The Company seed funded $2.1 June 2017. April 6, 2020, 100% The condensed balance sheet of STRF as of December 31, 2019 As of December 31, 2019 (in thousands) Assets Cash and cash equivalents $ 682 Investments, at fair value 1,441 Other assets 29 Total assets $ 2,152 Liabilities and Equity Accounts payable, accrued expenses and other liabilities $ 342 Equity 1,810 Total liabilities and equity $ 2,152 As of December 31, 2019, $0.2 $1.8 December 31, 2020 2019 2018 not In connection with the exercise of DB Med Investors put option right in October 2019, 11 17 December 26, 2019, February 24, 2020, 8 1940 March 25, 2020, $0.1 April 6, 2020, 11 no April 6, 2020. The condensed balance sheet of STRF as of April 6, 2020, As of April 6, 2020 (in thousands) Assets Cash and cash equivalents $ 471 Investments, at fair value 1,016 Other assets 76 Total assets $ 1,563 Liabilities and Equity Accounts payable, accrued expenses and other liabilities $ 39 Equity 1,524 Total liabilities and equity $ 1,563
Nonconsolidated Variable Interest Entities [Policy Text Block]	Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not not e to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. As of December 31, 2020 , the Company recorded investments, at fair value, attributed to these non-consolidated VIEs of $2.0 $0.5 $7.2 December 31, 2019 , the Company recorded investments, at fair value, attributed to non-consolidated VIEs of $3.0 $1.3 $7.2 December 31, 2020 , the Company's maximum exposure to losses from these entities is $2.5
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit and Market Risk In the normal course of business, the Company's underlying funds encounter significant credit and market risk. Credit risk is the risk of default on investments in debt securities, loans and derivatives that result from a borrower's or derivative counterparty's inability or unwillingness to make required or expected payments. Credit risk is increased in situations where the Company's underlying funds are investing in distressed assets or unsecured or subordinate loans or in securities that are a material part of its respective business. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. The Company's underlying funds may
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of 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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management's estimates are based on historical experience and other factors, including expectations of future events that management believes to be reasonable under the circumstances. These assumptions and estimates also require management to exercise judgment in the process of applying the Company's accounting policies. Significant estimates and assumptions by management affect the carrying value of investments, deferred tax assets, performance compensation payable and certain accrued liabilities. Actual results could differ from these estimates, and such differences could be material.
Guarantees, Indemnifications and Warranties Policies [Policy Text Block]	Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has not may not
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Non-Controlling Interests in Consolidated Subsidiaries Non-controlling interests in consolidated subsidiaries represent the component of equity in such consolidated entities held by third Redeemable Non-Controlling Interests Redeemable non-controlling interests represents interests of certain third not not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include liquid investments in money market funds and demand deposits. The Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits as of December 31, 2020 2019 not no
Investment, Policy [Policy Text Block]	Investments Investments include equity method investments that are not The carrying amounts of equity method investments are reflected in Investments, at fair value on the Company's consolidated balance sheets. As the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, primarily investment companies which reflect their investments at estimated fair value, the carrying value of the Company's equity method investments in such entities approximates fair value. The Company evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not For presentation in its consolidated statements of cash flows, the Company treats distributions received from certain equity method investments using the cumulative earnings approach. Under the cumulative earnings approach, an investor would compare the distributions received to its cumulative equity-method earnings since inception. Any distributions received up to the amount of cumulative equity earnings would be considered a return on investment and classified in operating activities. Any excess distributions would be considered a return of investment and classified in investing activities. Investments may Investments of Consolidated Fund In accordance with ASC 820, December 31, 2019 three 5. third 60 not not third may not April 6, 2020, no
Property, Plant and Equipment, Policy [Policy Text Block]	Fixed Assets Fixed assets consist primarily of furniture and fixtures, computer equipment, and leasehold improvements and are recorded at cost, less accumulated depreciation and amortization. The Company calculates depreciation expense for furniture and fixtures, and computer equipment using the straight-line method over the estimated useful life used for the respective assets, which generally ranges from three seven three eight
Deferred Charges, Policy [Policy Text Block]	Debt Issuance Costs Debt issuance costs represent direct costs incurred in obtaining financing and are amortized over the term of the underlying debt using the effective interest method. Debt issuance costs associated with the Company's senior unsecured debt are presented as a direct reduction in the carrying value of such debt, consistent with the presentation of debt discount. Amortization of debt issuance costs is included as a component of interest expense on the Company's consolidated statement of operations.
Revenue from Contract with Customer [Policy Text Block]	Revenues The Company recognizes revenue under the core principle of depicting the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for such goods or services. To achieve this, the Company applies a five 1 2 3 4 5 Carried interest are performance-based fees that represent a capital allocation of income to the general partner or investment manager. Such fees are accounted for under ASC 323, Investments - Equity Method and Joint Ventures not 606. Management Fees Medley provides investment management services to both public and private investment vehicles. Management fees include base management fees, other management fees, and Part I incentive fees, as described below. Base management fees are calculated based on either (i) the average or ending gross assets balance for the relevant period, (ii) limited partners' capital commitments to the funds, (iii) invested capital, (iv) NAV or (v) lower of cost or market value of a fund's portfolio investments. Depending upon the contracted terms of the investment management agreement, management fees are paid either quarterly in advance or quarterly in arrears, and are recognized as earned over the period the services are provided. Certain management agreements provide for Medley to receive other management fee revenue derived from up front origination fees paid by the funds' and/or separately managed accounts' underlying portfolio companies. These fees are recognized when the Company becomes entitled to such fees. Certain management agreements also provide for Medley to receive Part I incentive fee revenue derived from net investment income (excluding gains and losses) above a hurdle rate. As it relates to MCC, these fees are subject to netting against realized and unrealized losses. Part I incentive fees are paid quarterly and are recognized as earned in the period the services are provided. Performance Fees Performance fees are contractual fees which do not Other Revenues and Fees Medley provides administrative services to certain affiliated funds and is reimbursed for direct and allocated expenses incurred in providing such administrative services, as set forth in the respective underlying agreements. These fees are recognized as revenue in the period administrative services are rendered. Medley also acts as the administrative agent on certain deals for which Medley may may Investment Income (loss) - Carried Interest Carried interest are performance-based fees that represent a capital allocation of income to the general partner or investment manager. Carried interest are allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund's governing documents and are accounted for under the equity method of accounting . The Company records carried interest based upon an assumed liquidation of that fund's net assets as of the reporting date, regardless of whether such amounts have been realized. For any given period, carried interest on the Company's consolidated statements of operations may may Carried interest received in prior periods may December 31, 2020 n of $0.6 one $0.3 one 2019, December 31, 2019. may December 31, 2020 2019 $7.2 not For the years ended December 31, 2020, 2019 2018 not $0.1 Investment Income (loss) - Other Other investment income (loss) is comprised of unrealized appreciation (depreciation) resulting from changes in fair value of the Company's equity method investments in addition to the income and expense allocations from such investments.
Share-based Payment Arrangement [Policy Text Block]	Stock-based Compensation Stock-based compensation expense relating to equity based awards are measured at fair value as of the grant date, reduced for actual forfeitures in the period they occur, and expensed over the requisite service period on a straight-line basis as a component of compensation and benefits on the Company's consolidated statements of operations.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires the recognition of tax benefits or expenses for temporary differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” Medley Management Inc. is subject to U.S. federal, state and local corporate income taxes on its allocable portion of the income of Medley LLC at prevailing corporate tax rates. Medley LLC and its subsidiaries are not The Company analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is established.
Earnings Per Share, Policy [Policy Text Block]	Class A Earnings per Share The Company computes and presents earnings per share using the two two two
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements Adopted as of January 1, 2020 In August 2018, 2018 13, 820 820, December 15, 2019, January 1, 2020. not In August 2018, 2018 15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350 40 not January 1, 2020 not In December 2019, 2019 12, Income Taxes (Topic 740 December 15, 2020 January 1, 2020. not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, 326 December 15, 2019, January 1, 2021 not The Company does not not

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Seed Investments [Table Text Block]	As of December 31, 2019 (in thousands) Assets Cash and cash equivalents $ 682 Investments, at fair value 1,441 Other assets 29 Total assets $ 2,152 Liabilities and Equity Accounts payable, accrued expenses and other liabilities $ 342 Equity 1,810 Total liabilities and equity $ 2,152 As of April 6, 2020 (in thousands) Assets Cash and cash equivalents $ 471 Investments, at fair value 1,016 Other assets 76 Total assets $ 1,563 Liabilities and Equity Accounts payable, accrued expenses and other liabilities $ 39 Equity 1,524 Total liabilities and equity $ 1,563

Note 3 - Revenues from Contra_2

Note 3 - Revenues from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Permanent Capital Vehicles Long-dated Private Funds SMAs Other Total (in thousands) For the year ended December 31, 2020 Management fees $ 16,988 $ 4,623 $ 4,524 $ — $ 26,135 Other revenues and fees 5,297 — — 2,570 7,867 Total revenues from contracts with customers $ 22,285 $ 4,623 $ 4,524 $ 2,570 $ 34,002 For the year ended December 31, 2019 Management fees $ 27,208 $ 6,641 $ 5,624 $ — $ 39,473 Other revenues and fees 6,325 — — 3,378 9,703 Total revenues from contracts with customers $ 33,533 $ 6,641 $ 5,624 $ 3,378 $ 49,176 For the year ended December 31, 2018 Management fees $ 32,471 $ 8,122 $ 6,492 $ — $ 47,085 Other revenues and fees 6,895 — — 3,608 10,503 Total revenues from contracts with customers $ 39,366 $ 8,122 $ 6,492 $ 3,608 $ 57,588

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Investment [Table Text Block]	As of December 31, 2020 2019 (in thousands) Equity method investments, at fair value $ 9,450 $ 11,650 Investment held at cost less impairment 48 196 Investments of consolidated fund — 1,441 Total investments, at fair value $ 9,498 $ 13,287
Equity Method Investments [Table Text Block]	As of December 31, 2020 2019 (in thousands) Balance Sheet Data Investments, at fair value $ 810,196 $ 1,020,709 Cash 102,312 255,738 Other assets 12,108 37,139 Total assets $ 924,616 $ 1,313,586 Debt $ 151,201 $ 338,988 Other liabilities 10,447 13,775 Total liabilities 161,648 352,763 Net assets $ 762,968 $ 960,823 For the Years Ended December 31, 2020 2019 2018 (in thousands) Summary of Operations Total revenues $ 65,850 $ 110,877 $ 142,431 Total expenses 57,986 59,684 64,339 Net realized and unrealized gain/(loss) on investments (102,717 ) (104,228 ) (131,554 ) Net income (loss) $ (94,853 ) $ (53,035 ) $ (53,462 )

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	As of December 31, 2019 Level I Level II Level III Total (in thousands) Assets Investments of consolidated fund $ 110 $ — $ 1,331 $ 1,441 Total Assets $ 110 $ — $ 1,331 $ 1,441 Liabilities Due to DB Med Investors (Note 11) $ — $ — $ 1,750 $ 1,750 Total Liabilities $ — $ — $ 1,750 $ 1,750
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Level III Financial Assets as of December 31, 2020 Balance at December 31, 2019 Deconsolidation of STRF Transfers In or (Out) of Level III Realized and Unrealized Depreciation Sale of Level III Assets Balance at December 31, 2020 (in thousands) Investments of consolidated fund $ 1,331 (940 ) — (295 ) (96 ) $ —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Level III Financial Liabilities as of December 31, 2020 Balance at December 31, 2019 Settlement to DB Med Investors, at fair value Payments Realized and Unrealized Depreciation Balance at December 31, 2020 (in thousands) Due to DB Med Investors (Note 11) $ 1,750 (1,541 ) — (209 ) $ —

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	For the years ending December 31, 2020 2019 Lease cost Operating lease costs $ 2,563 $ 2,554 Sublease income (439 ) (454 ) Total lease cost $ 2,124 $ 2,100 As of December 31, 2020 2019 Weighted-average remaining lease term (in years) 2.5 3.5 Weighted-average discount rate 8.2 % 8.2 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2021 $ 3,288 2022 2,441 2023 1,823 Total future lease payments 7,552 Less imputed interest (1,533 ) Operating lease liabilities, as reported $ 6,019

Note 7 - Other Assets (Tables)

Note 7 - Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Other Assets [Table Text Block]	As of December 31, 2020 2019 (in thousands) Fixed assets, net of accumulated depreciation and amortization of $4,351 and $3,847, respectively $ 1,863 $ 2,564 Security deposits 1,975 1,975 Administrative fees receivable (Note 13) 862 1,073 Deferred tax assets, net (Note 15) 245 185 Due from affiliates (Note 13) 629 1,787 Prepaid expenses and income taxes 5,539 2,022 Other assets 479 677 Total other assets $ 11,592 $ 10,283

Note 8 - Senior Unsecured Debt

Note 8 - Senior Unsecured Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Debt [Table Text Block]	As of December 31, 2020 2019 (in thousands) 2026 Notes, net of unamortized discount and debt issuance costs of $2,216 and $2,584, respectively $ 51,379 $ 51,011 2024 Notes, net of unamortized premium and debt issuance costs of $1,228 and $1,629 respectively 67,772 67,371 Total senior unsecured debt $ 119,151 $ 118,382

Note 9 - Loans Payable (Tables)

Note 9 - Loans Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	As of December 31, 2020 2019 (in thousands) Non-recourse promissory notes $ 10,000 $ 10,000 Total loans payable $ 10,000 $ 10,000

Note 10 - Due to Former Minor_2

Note 10 - Due to Former Minority Interest Holder (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Notes Payable [Table Text Block]	As of December 31, 2020 2019 (in thousands) Due to former minority interest holder, net of unamortized discount of $678 and $1,480, respectively $ 7,022 $ 8,145 Total due to former minority interest holder $ 7,022 $ 8,145
Schedule of Maturities of Long-term Debt [Table Text Block]	2021 $ 2,700 2022 4,000 2023 1,000 Total future payments $ 7,700

Note 11 - Accounts Payable, A_2

Note 11 - Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of December 31, 2020 2019 (in thousands) Accrued compensation and benefits $ 4,385 $ 6,161 Due to affiliates (Note 13) 7,226 7,212 Revenue share payable (Note 12) 6,694 2,316 Accrued interest 1,294 1,294 Professional fees 3,220 1,650 Deferred rent 838 — Deferred tax liabilities (Note 15) 838 623 Due to DB Med Investors, at fair value — 1,750 Accounts payable and other accrued expenses 2,536 1,829 Total accounts payable, accrued expenses and other liabilities $ 27,031 $ 22,835

Note 13 - Related Party Trans_2

Note 13 - Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	For the Years Ended December 31, 2020 2019 2018 (in thousands) MCC Admin Agreement $ 2,007 $ 2,830 $ 3,382 SIC Admin Agreement 2,174 2,516 2,538 Fund Admin Agreements 1,116 979 976 Total administrative fees from related parties $ 5,297 $ 6,325 $ 6,896 As of December 31, 2020 2019 (in thousands) Amounts due from MCC under the MCC Admin Agreement $ 274 $ 444 Amounts due from SIC under the SIC Admin Agreement 401 382 Amounts due from entities under the Fund Admin Agreements 187 247 Total administrative fees receivable $ 862 $ 1,073 As of December 31, 2020 2019 (in thousands) Amounts due from MCC $ 31 $ 209 Amounts due from SIC 111 578 Amounts due from long-dated private funds 100 801 Amounts due from separately managed accounts 387 199 Due from Affiliates $ 629 $ 1,787

Note 14 - Earnings Per Class _2

Note 14 - Earnings Per Class A Share (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]	For the Years Ended December 31, 2020 2019 2018 (in thousands, except share and per share amounts) Basic and diluted net loss per share: Numerator Net loss attributable to Medley Management Inc. $ (2,664 ) $ (3,379 ) $ (2,432 ) Less: fair value adjustment to redeemable non-controlling interest (Note 17) (147 ) (152 ) — Less: Allocation of earnings to participating securities 72 2 (1,197 ) Net (loss) income available to Class A common stockholders $ (2,739 ) $ (3,529 ) $ (3,629 ) Denominator Weighted average shares of Class A common stock outstanding 643,351 587,821 557,963 Net loss per share of Class A common stock $ (4.26 ) $ (6.00 ) $ (6.50 )
Dividends Declared [Table Text Block]	Declaration Dates Record Date Payment Dates Per Share March 27, 2019 April 15, 2019 May 3, 2019 $ 0.30 November 7, 2018 November 28, 2018 December 12, 2018 $ 2.00 August 7, 2018 August 23, 2018 September 6, 2018 $ 2.00 May 10, 2018 May 24, 2018 June 1, 2018 $ 2.00 February 7, 2018 February 22, 2018 March 7, 2018 $ 2.00

Note 15 - Income Taxes (Tables)

Note 15 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	For the Years Ended December 31, 2020 2019 2018 (in thousands) Current Federal $ (968 ) $ 69 $ 217 State and Local (1,143 ) 84 982 Total (benefit from) provision for income taxes - current $ (2,111 ) $ 153 $ 1,199 Deferred Federal $ 81 $ 441 $ 247 State and Local 74 4,116 (1,188 ) Total provision for (benefit from) income taxes - deferred 155 4,557 (941 ) (Benefit from) provision for income taxes $ (1,956 ) $ 4,710 $ 258
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	As of December 31, 2020 2019 Deferred tax assets (in thousands) Tax goodwill $ 951 $ 1,489 Basis difference in partnership interest 3,574 2,466 New York City unincorporated business tax 972 1,177 Unrealized losses 192 145 Stock-based compensation 302 195 Interest expense carryforward — 453 Pending merger related costs — 188 Net operating loss 167 — Other items 296 35 Gross deferred tax assets $ 6,454 $ 6,148 Deferred tax liability Basis difference in partnership interest $ 838 $ 623 Gross deferred tax liabilities 838 623 Less deferred tax valuation allowance (6,209 ) (5,963 ) Net deferred tax liability $ (593 ) $ (438 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Years Ending December 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % Income allocated to non-controlling interests (16.5 )% (18.3 )% (19.1 )% State and local corporate income taxes 2.6 % 1.3 % 1.3 % Partnership unincorporated business tax 3.9 % 1.4 % 1.9 % Permanent differences (0.1 )% (0.1 )% 0.2 % Non-deductible stock-based compensation (0.5 )% (1.8 )% (1.8 )% Valuation allowances (5.2 )% (41.0 )% (4.8 )% Interest and penalties — % (0.2 )% — % Net Operaing loss 2.0 % — % — % Other items 2.5 % (1.4 )% 0.1 % Effective tax rate 9.7 % (39.1 )% (1.2 )%

Note 16 - Compensation Expense

Note 16 - Compensation Expense (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of RSUs Weighted Average Grant Date Fair Value Number of Restricted LLC Units Weighted Average Grant Date Fair Value Balance at December 31, 2017 145,131 $ 104.45 32,000 $ 116.70 Granted 80,378 56.63 98,596 53.02 Forfeited (8,099 ) 82.02 — — Vested (35,142 ) 140.50 — — Balance at December 31, 2018 182,268 $ 77.41 130,596 $ 68.63 Granted 108,289 32.63 161,067 25.30 Forfeited (30,268 ) 64.77 — — Vested (87,318 ) 72.90 (53,690 ) 25.30 Balance at December 31, 2019 172,971 $ 53.86 237,973 $ 49.08 Granted 118,197 4.98 41,858 4.70 Forfeited (18,502 ) 31.69 — — Vested (110,128 ) 42.89 — — Balance at December 31, 2020 162,538 $ 28.27 279,831 $ 42.44

Note 17 - Redeemable Non-cont_2

Note 17 - Redeemable Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	For the Years Ended December 31, 2020 2019 2018 (in thousands) Beginning balance $ (748 ) $ 23,186 $ 53,741 Net loss attributable to redeemable non-controlling interests in consolidated subsidiaries (4 ) (4,275 ) (11,362 ) Distributions — (2,362 ) (5,953 ) Fair value adjustment to redeemable non-controlling interests 752 812 (965 ) Reclassification of redeemable non-controlling interest in SIC Advisors LLC, including fair value adjustment of $965, to accounts payable, accrued expenses and other liabilities — — (12,275 ) Reclassification of redeemable non-controlling interest in the Joint Venture, including fair value adjustment of $812, to accounts payable, accrued expenses and other liabilities — (18,109 ) — Ending balance $ — $ (748 ) $ 23,186

Note 19 - Quarterly Financial_2

Note 19 - Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Quarterly Financial Information [Table Text Block]	For the Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 (in thousands, except share and per share amounts) Revenues $ 8,477 $ 8,326 $ 8,577 $ 7,872 Expenses 9,156 7,639 10,023 11,139 Other expenses, net (2,074 ) (2,702 ) (8,170 ) (2,533 ) Loss before income taxes (2,753 ) (2,015 ) (9,616 ) (5,800 ) Net loss attributable to non-controlling interests in Medley LLC (2,434 ) (1,695 ) (8,260 ) (5,839 ) Net income (loss) attributable to redeemable non-controlling interests and non-controlling interests in consolidated subsidiaries 166 1 211 (152 ) Net loss attributable to non-controlling interests in Medley LLC (2,002 ) (1,574 ) (7,657 ) (4,557 ) Net loss attributable to Medley Management Inc. $ (598 ) $ (122 ) $ (814 ) $ (1,130 ) Net loss per Class A common stock: Basic $ (0.88 ) $ (0.19 ) $ (1.17 ) $ (1.81 ) Diluted $ (0.88 ) $ (0.19 ) $ (1.17 ) $ (1.81 ) Weighted average shares - Basic and Diluted 678,288 639,216 632,022 623,543 For the Three Months Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 (in thousands, except share and per share amounts) Revenues $ 10,654 $ 11,536 $ 12,882 $ 13,769 Expenses 11,279 12,493 11,064 11,275 Other (expenses) income, net (6,445 ) (924 ) (8,666 ) 1,245 (Loss) income before income taxes (7,070 ) (1,881 ) (6,848 ) 3,739 Net (loss) income (12,061 ) (1,693 ) (6,778 ) 3,762 Net (loss) income attributable to redeemable non-controlling interests and non-controlling interests in consolidated subsidiaries (3,836 ) 1,619 (5,674 ) 4,195 Net loss attributable to non-controlling interests in Medley LLC (5,617 ) (2,796 ) (921 ) (361 ) Net loss attributable to Medley Management Inc. $ (2,608 ) $ (516 ) $ (183 ) $ (72 ) Net loss per Class A common stock: Basic $ (4.59 ) $ (0.86 ) $ (0.29 ) $ (0.17 ) Diluted $ (4.59 ) $ (0.86 ) $ (0.29 ) $ (0.17 ) Weighted average shares - Basic and Diluted 600,795 589,933 584,788 575,467

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Presentation (Details Textual) $ in Thousands	Oct. 30, 2020	Sep. 29, 2014USD ($)shares	Dec. 31, 2020USD ($)shares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)shares	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Oct. 31, 2020shares	Oct. 29, 2020shares	Dec. 31, 2017USD ($)
Number of Reportable Segments											1
Number of LLC Units Purchased (in shares) | shares		600,000
Liabilities, Total			$ 169,223				$ 167,629				$ 169,223	$ 167,629
Assets, Total			35,553				48,796				35,553	48,796
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance			(133,670)				(118,085)				(133,670)	(118,085)	$ (110,621)			$ (77,074)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total			(2,434)	$ (1,695)	$ (8,260)	$ (5,839)	(12,061)	$ (1,693)	$ (6,778)	$ 3,762	(18,228)	(16,770)	(21,526)
Net Cash Provided by (Used in) Operating Activities, Total											(3,177)	2,145	16,217
Net Cash Provided by (Used in) Investing Activities, Total											(460)	93	(1,594)
Net Cash Provided by (Used in) Financing Activities, Total											(3,059)	(8,899)	(33,731)
Cash and Cash Equivalents, at Carrying Value, Ending Balance			$ 3,862				$ 10,558				3,862	10,558
Amended MCC Merger Agreement [Member]
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed											$ 4,700	$ 4,600	$ 3,800
Medley LLC [Member]
Stock Issued During Period, Shares, Conversion of Units (in shares) | shares		2,333,333
Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares) | shares														1,000,000	300,000,000
Common Class A [Member]
Common Stock, Shares Authorized (in shares) | shares			5,000,000				5,000,000				5,000,000	5,000,000		5,000,000	3,000,000,000
Proceeds from Issuance Initial Public Offering		$ 100,400
Stock Issued During Period, Shares, New Issues (in shares) | shares		600,000
Common Stock Exchange Ratio											1
Common Class A [Member] | Medley LLC [Member]
Common Stock Exchange Ratio		1
Common Class B [Member]
Common Stock, Shares Authorized (in shares) | shares			1,000				1,000				1,000	1,000		1,000	1,000,000
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	10

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	Mar. 25, 2020USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Assets, Total			$ 35,553	$ 48,796
Liabilities, Total			169,223	167,629
Payments to Acquire Equity Method Investments				3	$ 1,538
Other Assets, Total			11,592	10,283
Stockholders' Equity Attributable to Parent, Ending Balance			(7,742)	(9,119)
Cash Divested from Deconsolidation			471
Investments, Fair Value Disclosure, Total			9,498	13,287
Accounts Payable and Other Accrued Liabilities			27,031	22,835
Accrued Clawback Obligations			7,200	7,200
Investment Income, Carried Interest Distribution			600	300
Sierra Total Return Fund [Member]
Cash Divested from Deconsolidation	$ 100
Sierra Total Return Fund [Member]
Payments to Acquire Equity Method Investments		$ 2,100
Other Assets, Total				200
Stockholders' Equity Attributable to Parent, Ending Balance				1,800
Maximum [Member]
Investment Income, Carried Interest, Reversal			$ 100	$ 100	$ 100
Maximum [Member] | Furniture, Fixtures and Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)			7 years
Maximum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)			8 years
Minimum [Member] | Furniture, Fixtures and Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)			3 years
Minimum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)			3 years
Medley LLC [Member]
Number of Majority Owned Subsidiaries			4	7
Medley LLC [Member]
Noncontrolling Interest, Ownership Percentage by Parent			20.80%	19.30%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			79.20%	80.70%
Sierra Total Return Fund [Member]
Noncontrolling Interest, Ownership Percentage by Parent				100.00%
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage			100.00%
Assets, Total			$ 900	$ 1,200
Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member]
Liabilities, Total			100	100
Variable Interest Entity, Not Primary Beneficiary [Member]
Other Assets, Total			500	1,300
Investments, Fair Value Disclosure, Total			2,000	3,000
Accounts Payable and Other Accrued Liabilities			7,200	$ 7,200
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 2,500

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies - Condensed Balance Sheet of STRF (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 06, 2020	Dec. 31, 2019
Cash and cash equivalents	$ 3,862		$ 10,558
Investments, at fair value	9,498		13,287
Other assets	11,592		10,283
Total assets	35,553		48,796
Accounts payable, accrued expenses and other liabilities	27,031		22,835
Equity	(7,742)		(9,119)
Total liabilities and equity	$ 35,553		48,796
Sierra Total Return Fund [Member]
Cash and cash equivalents		$ 471	682
Investments, at fair value		1,016	1,441
Other assets		76	29
Total assets		1,563	2,152
Accounts payable, accrued expenses and other liabilities		39	342
Equity		1,524	1,810
Total liabilities and equity		$ 1,563	$ 2,152

Note 3 - Revenues from Contra_3

Note 3 - Revenues from Contracts with Customers (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Expense Support Payments	$ 700
Contract with Customer, Liability, Total	400	$ 200
Contract with Customer, Liability, Revenue Recognized Including Deferred Revenue	5,000	700	$ 700
Contract with Customer, Liability, Increase from Cash Receipts	700	500	$ 800
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 0	$ 0

Note 3 - Revenues from Contra_4

Note 3 - Revenues from Contracts with Customers - Revenue from Contracts with Customers Disaggregated by Type of Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 34,002	$ 49,176	$ 57,588
Permanent Capital Vehicles [Member]
Revenue	22,285	33,533	39,366
Long-dated Private Funds [Member]
Revenue	4,623	6,641	8,122
SMAs [Member]
Revenue	4,524	5,624	6,492
Other Segments [Member]
Revenue	2,570	3,378	3,608
Management Service [Member]
Revenue	26,135	39,473	47,085
Management Service [Member] | Permanent Capital Vehicles [Member]
Revenue	16,988	27,208	32,471
Management Service [Member] | Long-dated Private Funds [Member]
Revenue	4,623	6,641	8,122
Management Service [Member] | SMAs [Member]
Revenue	4,524	5,624	6,492
Management Service [Member] | Other Segments [Member]
Revenue
Product and Service, Other [Member]
Revenue	7,867	9,703	10,503
Product and Service, Other [Member] | Permanent Capital Vehicles [Member]
Revenue	5,297	6,325	6,895
Product and Service, Other [Member] | Long-dated Private Funds [Member]
Revenue
Product and Service, Other [Member] | SMAs [Member]
Revenue
Product and Service, Other [Member] | Other Segments [Member]
Revenue	$ 2,570	$ 3,378	$ 3,608

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0	$ 0
Equity Method Investments, Fair Value Disclosure	9,450	11,650
Equity Method Investments, Performance Fees	700	900
Equity Securities without Readily Determinable Fair Value, Amount	48	196
Assets, Fair Value Disclosure		1,441
Subsidiaries [Member] | Reported Value Measurement [Member]
Equity Method Investments, Fair Value Disclosure		200
Assets, Fair Value Disclosure		1,300
Sierra [Member]
Equity Method Investments, Fair Value Disclosure	5,700	6,400
CK Pearl Fund, LP [Member]
Equity Securities without Readily Determinable Fair Value, Amount	100	200
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	$ 100	$ 100	$ 0

Note 4 - Investments - Investme

Note 4 - Investments - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equity method investments, at fair value	$ 9,450	$ 11,650
Investment held at cost less impairment	48	196
Investments of consolidated fund		1,441
Total investments, at fair value	$ 9,498	$ 13,287

Note 4 - Investments - Summariz

Note 4 - Investments - Summarized Information for Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, at fair value	$ 9,498				$ 13,287				$ 9,498	$ 13,287
Cash and cash equivalents	3,862				10,558				3,862	10,558
Other assets	11,592				10,283				11,592	10,283
Total assets	35,553				48,796				35,553	48,796
Total liabilities	169,223				167,629				169,223	167,629
Total revenues	8,477	$ 8,326	$ 8,577	$ 7,872	10,654	$ 11,536	$ 12,882	$ 13,769	33,252	48,841	$ 56,509
Total expenses	9,156	$ 7,639	$ 10,023	$ 11,139	11,279	12,493	11,064	11,275	37,957	46,111	51,032
Net income (loss)					(2,608)	$ (516)	$ (183)	$ (72)	(2,664)	(3,379)	(2,432)
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Investments, at fair value	810,196				1,020,709				810,196	1,020,709
Cash and cash equivalents	102,312				255,738				102,312	255,738
Other assets	12,108				37,139				12,108	37,139
Total assets	924,616				1,313,586				924,616	1,313,586
Debt	151,201				338,988				151,201	338,988
Other liabilities	10,447				13,775				10,447	13,775
Total liabilities	161,648				352,763				161,648	352,763
Net assets	$ 762,968				$ 960,823				762,968	960,823
Total revenues									65,850	110,877	142,431
Total expenses									57,986	59,684	64,339
Net realized and unrealized gain/(loss) on investments									(102,717)	(104,228)	(131,554)
Net income (loss)									$ (94,853)	$ (53,035)	$ (53,462)

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equity Method Investments, Fair Value Disclosure	$ 9,450	$ 11,650
Assets, Fair Value Disclosure		1,441
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure		110
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure		1,331
Subsidiaries [Member] | Reported Value Measurement [Member]
Equity Method Investments, Fair Value Disclosure		200
Assets, Fair Value Disclosure		1,300
Subsidiaries [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Equity Method Investments, Fair Value Disclosure		100
Subsidiaries [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure		$ 1,300

Note 5 - Fair Value Measureme_4

Note 5 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments of consolidated fund	$ 9,498	$ 13,287
Total Assets		1,441
Due to DB Med Investors (Note 11)		1,750
Total Liabilities		1,750
Subsidiaries [Member]
Investments of consolidated fund		1,441
Fair Value, Inputs, Level 1 [Member]
Total Assets		110
Due to DB Med Investors (Note 11)
Total Liabilities
Fair Value, Inputs, Level 1 [Member] | Subsidiaries [Member]
Investments of consolidated fund		110
Fair Value, Inputs, Level 2 [Member]
Total Assets
Due to DB Med Investors (Note 11)
Total Liabilities
Fair Value, Inputs, Level 2 [Member] | Subsidiaries [Member]
Investments of consolidated fund
Fair Value, Inputs, Level 3 [Member]
Total Assets		1,331
Due to DB Med Investors (Note 11)		1,750
Total Liabilities		1,750
Fair Value, Inputs, Level 3 [Member] | Subsidiaries [Member]
Investments of consolidated fund		$ 1,331

Note 5 - Fair Value Measureme_5

Note 5 - Fair Value Measurements - Summary of Changes in Fair Value of Level III Financial Assets (Details) - Subsidiaries [Member] - Investments [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Balance	$ 1,331
Purchases	(940)
Transfer in or (out) of Level III
Realized and Unrealized Depreciation	(295)
Sale of Level III Assets	(96)
Balance

Note 5 - Fair Value Measureme_6

Note 5 - Fair Value Measurements - Summary of Changes in Fair Value of Level III Financial Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - Due to DB Med Investors [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Balance	$ 1,750
Reclassifications from redeemable non-controlling interests	(1,541)
Payments
Realized and unrealized depreciation	(209)
Balance

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Jun. 29, 2020
Deferred Rent Payments		$ 0.8
Operating Lease, Expense	$ 2.3

Note 6 - Leases - Components of

Note 6 - Leases - Components of Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease costs	$ 2,563	$ 2,554
Sublease income	(439)	(454)
Total lease cost	$ 2,124	$ 2,100
Weighted-average remaining lease term (in years) (Year)	2 years 182 days	3 years 182 days
Weighted-average discount rate	8.20%	8.20%

Note 6 - Leases - Future Paymen

Note 6 - Leases - Future Payments for Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
2021	$ 3,288
2022	2,441
2023	1,823
Total future lease payments	7,552
Less imputed interest	(1,533)
Operating lease liabilities, as reported	$ 6,019	$ 8,267

Note 7 - Other Assets - Other A

Note 7 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fixed assets, net of accumulated depreciation and amortization of $4,351 and $3,847, respectively	$ 1,863	$ 2,564
Security deposits	1,975	1,975
Administrative fees receivable (Note 13)	862	1,073
Deferred tax assets, net (Note 15)	245	185
Due from affiliates (Note 13)	629	1,787
Prepaid expenses and income taxes	5,539	2,022
Other assets	479	677
Total other assets	$ 11,592	$ 10,283

Note 7 - Other Assets - Other_2

Note 7 - Other Assets - Other Assets (Details) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fixed assets, accumulated depreciation	$ 4,351	$ 3,847

Note 8 - Senior Unsecured Deb_2

Note 8 - Senior Unsecured Debt (Details Textual) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 22, 2017	Oct. 18, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
The 2026 Notes [Member]
Debt Instrument, Face Amount		$ 53,600
Debt Instrument, Interest Rate, Stated Percentage		6.875%
Debt Instrument, Redemption Price, Percentage		100.00%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total		$ 3,800	$ 2,216	$ 2,584
Notes Payable, Fair Value Disclosure			14,600
Interest and Debt Expense, Total			4,000	4,000	$ 4,000
The 2024 Notes [Member]
Debt Instrument, Face Amount	$ 69,000
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Debt Instrument, Redemption Price, Percentage	100.00%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total	$ 2,800		1,228	1,629
Notes Payable, Fair Value Disclosure			21,700
Interest and Debt Expense, Total			$ 5,400	$ 5,400	$ 5,400

Note 8 - Senior Unsecured Deb_3

Note 8 - Senior Unsecured Debt - Carrying Value of Senior Unsecured Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Senior unsecured debt, net	$ 119,151	$ 118,382
The 2026 Notes [Member]
Senior unsecured debt, net	51,379	51,011
The 2024 Notes [Member]
Senior unsecured debt, net	$ 67,772	$ 67,371

Note 8 - Senior Unsecured Deb_4

Note 8 - Senior Unsecured Debt - Carrying Value of Senior Unsecured Debt (Details) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Feb. 22, 2017	Oct. 18, 2016
The 2026 Notes [Member]
Unamortized premium and debt issuance costs	$ 2,216	$ 2,584		$ 3,800
The 2024 Notes [Member]
Unamortized premium and debt issuance costs	$ 1,228	$ 1,629	$ 2,800

Note 9 - Loans Payable (Details

Note 9 - Loans Payable (Details Textual) - USD ($) $ in Thousands	Jun. 28, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2012
Lessee, Operating Lease, Liability, to be Paid, Year One		$ 3,288
Nonrecourse Promissory Notes [Member]
Debt Instrument, Face Amount					$ 10,000
Unamortized Debt Issuance Expense					$ 3,800
Interest Expense, Debt, Total		200	$ 900	$ 1,400
Debt Instrument, Interest Rate, Increase (Decrease)	1.00%
Notes Payable, Fair Value Disclosure			$ 10,000
Lessee, Operating Lease, Liability, to be Paid, Year One		$ 10,000
Nonrecourse Promissory Notes [Member] | SIC Advisors LLC [Member] | Asset Pledged as Collateral [Member]
Investment Owned, Balance, Shares (in shares)		1,108,033			1,108,033

Note 9 - Loans Payable - Loans

Note 9 - Loans Payable - Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans payable	$ 10,000	$ 10,000
Nonrecourse Promissory Notes [Member]
Loans payable	$ 10,000	$ 10,000

Note 10 - Due to Former Minor_3

Note 10 - Due to Former Minority Interest Holder (Details Textual)	Aug. 05, 2020USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 05, 2023USD ($)
Amortization of Debt Discount (Premium)			$ 878,000	$ 1,297,000	$ 667,000
Due to Former Minority Interest Holder [Member]
Debt Instrument, Face Amount					$ 14,000,000
Debt Instrument, Number of Installments					16
Repayments of Long-term Debt, Total	$ 700,000
Debt Instrument, Unamortized Discount, Total			678,000	1,480,000	$ 2,800,000
Amortization of Debt Discount (Premium)			$ 800,000	$ 1,100,000	$ 100,000
Due to Former Minority Interest Holder [Member] | Forecast [Member]
Debt Instrument, Periodic Payment, Total		$ 350,000				$ 1,000,000

Note 10 - Due to Former Minor_4

Note 10 - Due to Former Minority Interest Holder - Balance (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Due to former minority interest holder	$ 7,022	$ 8,145
Due to Former Minority Interest Holder [Member]
Due to former minority interest holder	$ 7,022	$ 8,145

Note 10 - Due to Former Minor_5

Note 10 - Due to Former Minority Interest Holder - Balance (Details) (Parentheticals) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Due to Former Minority Interest Holder [Member]
Debt Instrument, Unamortized Discount, Total	$ 678,000	$ 1,480,000	$ 2,800,000

Note 10 - Due to Former Minor_6

Note 10 - Due to Former Minority Interest Holder - Future Payments (Details) - Due to Former Minority Interest Holder [Member] $ in Millions	Dec. 31, 2020USD ($)
2021	$ 2.7
2022	4
2023	1
Total future payments	$ 7.7

Note 11 - Accounts Payable, A_3

Note 11 - Accounts Payable, Accrued Expenses and Other Liabilities (Details Textual) - DB Med Investors [Member] - USD ($) $ in Thousands	Apr. 06, 2020	Oct. 28, 2019	Aug. 28, 2019	Dec. 31, 2020	Dec. 31, 2019	Oct. 22, 2019
Due to Related Parties, Total	$ 1,500				$ 1,750	$ 18,100
Medley Seed Funding I LLC [Member] | Maximum [Member]
Cash and Cash Equivalents, Transferred During Period	$ 200	$ 100
MCC [Member] | Medley Seed Funding I LLC [Member]
Equity Method Investment, Transferred, Fair Value			$ 16,500
Sierra Total Return Fund [Member] | Medley Seed Funding II LLC [Member]
Investment Owned, Balance, Shares, Transferred (in shares)	82,121

Note 11 - Accounts Payable, A_4

Note 11 - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 06, 2020	Dec. 31, 2019	Oct. 22, 2019
Accrued compensation and benefits	$ 4,385		$ 6,161
Due to affiliates (Note 13)	7,226		7,212
Revenue share payable (Note 12)	6,694		2,316
Accrued interest	1,294		1,294
Professional fees	3,220		1,650
Deferred rent	838
Deferred tax liabilities (Note 15)	838		623
Accounts payable and other accrued expenses	2,536		1,829
Total accounts payable, accrued expenses and other liabilities	27,031		22,835
DB Med Investors [Member]
Due to DB Med Investors, at fair value		$ 1,500	$ 1,750	$ 18,100

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	Oct. 16, 2020	May 11, 2020	Jan. 31, 2019	May 29, 2015	Apr. 30, 2012	Dec. 31, 2020	Dec. 31, 2019
Unfunded Capital Commitments						$ 300,000	$ 300,000
Revenue Share Payable						6,694,000	2,316,000
Settled Litigation [Member] | Derivative Action [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 5,000,000
Settled Litigation [Member] | New York Actions [Member]
Litigation Settlement, Amount Awarded to Other Party		$ 50,000
MVF Holdings [Member] | Pending Litigation [Member] | Barkat and MVF Holdings [Member]
Debt Instrument, Debt Default, Amount				$ 65,000,000
MCC [Member] | Pending Litigation [Member] | Barkat and MVF Holdings [Member]
Loss Contingency, Damages Sought, Value				100,000,000
Deloitte and Avila [Member] | Pending Litigation [Member] | Barkat and MVF Holdings [Member]
Litigation Settlement, Amount Awarded to Other Party				$ 1,500,000
New Promissory Note [Member]
Debt Instrument, Face Amount			$ 6,500,000
Debt Instrument, Term (Month)			180 days
New Promissory Note [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			7.00%
Nonrecourse Promissory Notes [Member]
Proceeds from Issuance of Debt					$ 10,000,000
Debt Instrument, Face Amount					10,000,000
Debt Instrument, Present Value of Future Cash Flows Expected to be Paid					$ 4,400,000
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months			$ 6,500,000
Nonrecourse Promissory Notes [Member] | Accounts Payable and Accrued Liabilities [Member]
Revenue Share Payable						$ 6,700,000	$ 2,300,000

Note 13 - Related Party Trans_3

Note 13 - Related Party Transactions (Details Textual)	Jun. 12, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Due to Affiliate		$ 7,226,000	$ 7,212,000
Expense Support Payments		$ 700,000
Tax Receivable Agreement, Percentage of Tax Benefit		85.00%
Common Class A [Member]
Common Stock Exchange Ratio		1
MCC [Member] | Expense Support Agreement [Member]
Expense Support Agreement, Monthly Fee	$ 667,000
Expense Support Payments	$ 700,000

Note 13 - Related Party Trans_4

Note 13 - Related Party Transactions - Total Revenues and Amounts Due from Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Administrative fees from related parties	$ 5,297	$ 6,325	$ 6,896
MCC Admin Agreement [Member]
Administrative fees from related parties	2,007	2,830	3,382
Administration Agreements [Member]
Due from related parties	862	1,073
Administration Agreements [Member] | MCC [Member]
Due from related parties	274	444
Administration Agreements [Member] | SIC Advisors LLC [Member]
Due from related parties	401	382
Administration Agreements [Member] | Entities Under Fund Admin Agreements [Member]
Due from related parties	187	247
Other Amounts Due from Affiliates [Member] | Other Assets [Member]
Due from related parties	629	1,787
Other Amounts Due from Affiliates [Member] | MCC [Member] | Other Assets [Member]
Due from related parties	31	209
Other Amounts Due from Affiliates [Member] | SIC Advisors LLC [Member] | Other Assets [Member]
Due from related parties	111	578
Other Amounts Due from Affiliates [Member] | Long-dated Private Funds [Member] | Other Assets [Member]
Due from related parties	100	801
Other Amounts Due from Affiliates [Member] | Separately Managed Accounts [Member] | Other Assets [Member]
Due from related parties	387	199
SIC Admin Agreement [Member]
Administrative fees from related parties	2,174	2,516	2,538
Fund Admin Agreements [Member]
Administrative fees from related parties	$ 1,116	$ 979	$ 976

Note 14 - Earnings Per Class _3

Note 14 - Earnings Per Class A Share (Details Textual) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	2,673,516	2,631,664	2,463,930

Note 14 - Earnings Per Class _4

Note 14 - Earnings Per Class A Share - Basic and Diluted Net Loss Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income (loss)					$ (2,608)	$ (516)	$ (183)	$ (72)	$ (2,664)	$ (3,379)	$ (2,432)
Less: fair value adjustment to redeemable non-controlling interest (Note 17)									(147)	(152)
Less: Allocation of earnings to participating securities									72	2	(1,197)
Common Class A [Member]
Net (loss) income available to Class A common stockholders									$ (2,739)	$ (3,529)	$ (3,629)
Weighted average shares - Basic and Diluted (in shares)	678,288	639,216	632,022	623,543	600,795	589,933	584,788	575,467	643,351	587,821	557,963
Net loss per share of Class A common stock (in dollars per share)									$ (4.26)	$ (6)	$ (6.50)

Note 14 - Earnings Per Class _5

Note 14 - Earnings Per Class A Share - Per Share Dividend Amounts Declared on Common Stock (Details) - $ / shares	Mar. 27, 2019	Nov. 07, 2018	Aug. 07, 2018	May 10, 2018	Feb. 07, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Record Date	Apr. 15, 2019	Nov. 28, 2018	Aug. 23, 2018	May 24, 2018	Feb. 22, 2018
Payment dates	May 3, 2019	Dec. 12, 2018	Sep. 6, 2018	Jun. 1, 2018	Mar. 7, 2018
Per Share (in dollars per share)	$ 0.30	$ 2	$ 2	$ 2	$ 2		$ 0.30	$ 8

Note 15 - Income Taxes (Details

Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018
Deferred Tax Assets, Investment in Subsidiaries	$ 400
Noncontrolling Interest, Increase from Business Combination	440
Deferred Tax Assets, Valuation Allowance, Total	5,963	$ 6,209
Unrecognized Tax Benefits, Ending Balance	0	$ 0	$ 0
Retained Earnings [Member]
Noncontrolling Interest, Increase from Business Combination	84
Noncontrolling Interest [Member] | Medley LLC [Member]
Noncontrolling Interest, Increase from Business Combination	$ 356

Note 15 - Income Taxes - Provis

Note 15 - Income Taxes - Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal	$ (968)	$ 69	$ 217
State and Local	(1,143)	84	982
Total (benefit from) provision for income taxes - current	(2,111)	153	1,199
Federal	81	441	247
State and Local	74	4,116	(1,188)
Total provision for (benefit from) income taxes - deferred	155	4,557	(941)
(Benefit from) provision for income taxes	$ (1,956)	$ 4,710	$ 258

Note 15 - Income Taxes - Compon

Note 15 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Tax goodwill	$ 951	$ 1,489
Basis difference in partnership interest	3,574	2,466
New York City unincorporated business tax	972	1,177
Unrealized losses	192	145
Stock-based compensation	302	195
Interest expense carryforward		453
Pending merger related costs		188
Net operating loss	167
Other items	296	35
Gross deferred tax assets	6,454	6,148
Basis difference in partnership interest	838	623
Gross deferred tax liabilities	838	623
Less deferred tax valuation allowance	(6,209)	(5,963)
Net deferred tax liability	$ (593)	$ (438)

Note 15 - Income Taxes - Reconc

Note 15 - Income Taxes - Reconciliation of Federal Statutory Tax Rate to Effective Tax Rates (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal statutory rate	21.00%	21.00%	21.00%
Income allocated to non-controlling interests	(16.50%)	(18.30%)	(19.10%)
State and local corporate income taxes	2.60%	1.30%	1.30%
Partnership unincorporated business tax	3.90%	1.40%	1.90%
Permanent differences	(0.10%)	(0.10%)	0.20%
Non-deductible stock-based compensation	(0.50%)	(1.80%)	(1.80%)
Valuation allowances	(5.20%)	(41.00%)	(4.80%)
Interest and penalties		(0.20%)
Net Operaing loss	2.00%
Other items	2.50%	(1.40%)	0.10%
Effective tax rate	9.70%	(39.10%)	(1.20%)

Note 16 - Compensation Expens_2

Note 16 - Compensation Expense (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan, Percentage Vested from Participants Eligibility Date	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0.3	$ 0.4	$ 0.5
Liability, Retirement and Postemployment Benefits, Total	$ 0.3	0.4
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	1,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	1,200,000
Share-based Payment Arrangement, Expense	$ 4.2	$ 7.2	$ 5.4
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 4.7
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	110,128	87,318	35,142
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	72,334
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ 0.4
Share-based Payment Arrangement, Reversal of Expense	1.3	$ 0.8	$ 0.8
Restricted Stock Award, Forfeitures, Dividends	0.4	$ 0.3	$ 0.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 6.2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 182 days
Restricted Stock Units, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	0	53,690
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1
Chief Executive Officer [Member]
Maximum Aggregate Compensation	3	$ 5	$ 5
Co-Chief Executive Officers [Member] | Guaranteed Payments [Member]
Compensation Expense, Excluding Cost of Good and Service Sold	0.8
Co-Chief Executive Officers [Member] | Bonuses [Member]
Compensation Expense, Excluding Cost of Good and Service Sold	$ 0.2

Note 16 - Compensation Expens_3

Note 16 - Compensation Expense - Summary of RSU and Restricted LLC Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units (RSUs) [Member]
Balance (in shares)	172,971	182,268	145,131
Balance, weighted average grant date fair value (in dollars per share)	$ 53.86	$ 77.41	$ 104.45
Granted (in shares)	118,197	108,289	80,378
Granted, weighted average grant date fair value (in dollars per share)	$ 4.98	$ 32.63	$ 56.63
Forfeited (in shares)	(18,502)	(30,268)	(8,099)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 31.69	$ 64.77	$ 82.02
Vested (in shares)	(110,128)	(87,318)	(35,142)
Vested, weighted average grant date fair value (in dollars per share)	$ 42.89	$ 72.90	$ 140.50
Balance (in shares)	162,538	172,971	182,268
Balance, weighted average grant date fair value (in dollars per share)	$ 28.27	$ 53.86	$ 77.41
Restricted Stock Units, LLC [Member]
Balance (in shares)	237,973	130,596	32,000
Balance, weighted average grant date fair value (in dollars per share)	$ 49.08	$ 68.63	$ 116.70
Granted (in shares)	41,858	161,067	98,596
Granted, weighted average grant date fair value (in dollars per share)	$ 4.70	$ 25.30	$ 53.02
Forfeited (in shares)
Forfeited, weighted average grant date fair value (in dollars per share)
Vested (in shares)	0	(53,690)
Vested, weighted average grant date fair value (in dollars per share)		$ 25.30
Balance (in shares)	279,831	237,973	130,596
Balance, weighted average grant date fair value (in dollars per share)	$ 42.44	$ 49.08	$ 68.63

Note 17 - Redeemable Non-cont_3

Note 17 - Redeemable Non-controlling Interests (Details Textual) - USD ($) $ in Thousands	Feb. 05, 2020	Jun. 06, 2017	Jun. 03, 2016	Oct. 30, 2019	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 06, 2017	Dec. 31, 2017	Jan. 31, 2016
Fair Value Adjustment to Redeemable Noncontrolling Interest						$ (752)		$ 965
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total							$ (748)
Payments to Noncontrolling Interests						795	3,319	26,443
Master Investment Agreement with DB MED Investor I LLC and DB MED Investor II LLC [Member]
Other Commitment, Total		$ 13,800	$ 50,000						$ 13,800
Other Commitment, Period (Year)		10 years	7 years
Master Investment Agreement with DB MED Investor I LLC and DB MED Investor II LLC [Member] | DB Med Investors [Member]
Other Commitment, Total		$ 40,000							40,000
Other Commitment, Period (Year)		10 years
Noncontrolling Interest [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest						752	812	(965)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total							(748)	23,186		$ 53,741
Noncontrolling Interest [Member] | Medley LLC [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest						(607)		965
Retained Earnings [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest						(145)
STRF Advisors LLC [Member]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest, Total						(100)	(100)	(300)
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total							(700)	(700)
STRF Advisors LLC [Member] | Noncontrolling Interest [Member]
Redeemable Noncontrolling Interest, Equity, Redemption Value, Total	$ 0
STRF Advisors LLC [Member] | Noncontrolling Interest [Member] | Medley LLC [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest	(600)
STRF Advisors LLC [Member] | Retained Earnings [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest	$ (100)
Medley LLC [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total						0	0
Medley LLC [Member] | Master Investment Agreement with DB MED Investor I LLC and DB MED Investor II LLC [Member]
Payments to Acquire Interest in Joint Venture			$ 10,000						53,800
Preferred Stock, Dividend Rate, Percentage				8.00%
Medley LLC [Member] | Noncontrolling Interest [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest							812
MCC [Member] | Master Investment Agreement with DB MED Investor I LLC and DB MED Investor II LLC [Member]
Equity Securities, FV-NI		$ 51,800					51,800		51,800
Sierra Total Return Fund [Member] | Master Investment Agreement with DB MED Investor I LLC and DB MED Investor II LLC [Member]
Equity Method Investments		$ 2,000					2,000		$ 2,000
Joint Venture [Member]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest, Total						(300)	(4,200)	(13,100)
Payments to Noncontrolling Interests						$ 300	2,400	3,700
Joint Venture [Member] | Master Investment Agreement with DB MED Investor I LLC and DB MED Investor II LLC [Member]
Payments to Acquire Interest in Joint Venture							$ 53,800
Preferred Stock, Dividend Rate, Percentage		8.00%
Joint Venture [Member] | Master Investment Agreement with DB MED Investor I LLC and DB MED Investor II LLC [Member] | DB Med Investors [Member]
Preferred Stock, Dividend Rate, Percentage		8.00%
Percentage of Joint Venture Profits		15.00%
SIC Advisors LLC [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest					$ 1,000
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest, Total								2,100
Payments to Noncontrolling Interests								2,300
Redeemable Noncontrolling Interest, Equity, Fair Value, Total					$ 12,300						$ 12,200
SIC Advisors LLC [Member] | Noncontrolling Interest [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest								$ (965)

Note 17 - Redeemable Non-cont_4

Note 17 - Redeemable Non-controlling Interests - Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Beginning balance		$ (748)
Fair Value Adjustment to Redeemable Noncontrolling Interest		(752)		$ 965
Ending balance			$ (748)
SIC Advisors LLC [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest	$ 1,000
Medley LLC [Member]
Beginning balance		0
Ending balance		0	0
Noncontrolling Interest [Member]
Beginning balance		(748)	23,186	53,741
Net loss attributable to redeemable non-controlling interests in consolidated subsidiaries		(4)	(4,275)	(11,362)
Distributions			(2,362)	(5,953)
Fair Value Adjustment to Redeemable Noncontrolling Interest		752	812	(965)
Ending balance			(748)	23,186
Noncontrolling Interest [Member] | SIC Advisors LLC [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest				(965)
Reclassification of redeemable non-controlling interest				(12,275)
Noncontrolling Interest [Member] | Medley LLC [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest			812
Reclassification of redeemable non-controlling interest			$ (18,109)

Note 17 - Redeemable Non-cont_5

Note 17 - Redeemable Non-controlling Interests - Changes in Redeemable Noncontrolling Interests (Details) (Parentheticals) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Adjustment to Redeemable Noncontrolling Interest		$ (752)		$ 965
Noncontrolling Interest [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest		$ 752	$ 812	(965)
SIC Advisors LLC [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest	$ 1,000
SIC Advisors LLC [Member] | Noncontrolling Interest [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest				$ (965)
Medley LLC [Member] | Noncontrolling Interest [Member]
Fair Value Adjustment to Redeemable Noncontrolling Interest			$ 812

Note 19 - Quarterly Financial_3

Note 19 - Quarterly Financial Data (Unaudited) - Condensed Consolidated Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 8,477	$ 8,326	$ 8,577	$ 7,872	$ 10,654	$ 11,536	$ 12,882	$ 13,769	$ 33,252	$ 48,841	$ 56,509
Expenses	9,156	7,639	10,023	11,139	11,279	12,493	11,064	11,275	37,957	46,111	51,032
Other expenses, net	(2,074)	(2,702)	(8,170)	(2,533)	(6,445)	(924)	(8,666)	1,245	(15,479)	(14,790)	(26,745)
Loss before income taxes	(2,753)	(2,015)	(9,616)	(5,800)	(7,070)	(1,881)	(6,848)	3,739	(20,184)	(12,060)	(21,268)
Net loss attributable to non-controlling interests in Medley LLC	(2,434)	(1,695)	(8,260)	(5,839)	(12,061)	(1,693)	(6,778)	3,762	(18,228)	(16,770)	(21,526)
Net (loss) income attributable to non-controlling interests	$ (598)	$ (122)	$ (814)	$ (1,130)
Net (loss) income					$ (2,608)	$ (516)	$ (183)	$ (72)	$ (2,664)	$ (3,379)	$ (2,432)
Common Class A [Member]
Basic (in dollars per share)	$ (0.88)	$ (0.19)	$ (1.17)	$ (1.81)	$ (4.59)	$ (0.86)	$ (0.29)	$ (0.17)	$ (4.26)	$ (6)	$ (6.50)
Diluted (in dollars per share)	$ (0.88)	$ (0.19)	$ (1.17)	$ (1.81)	$ (4.59)	$ (0.86)	$ (0.29)	$ (0.17)	$ (4.26)	$ (6)	$ (6.50)
Weighted average shares - Basic and Diluted (in shares)	678,288	639,216	632,022	623,543	600,795	589,933	584,788	575,467	643,351	587,821	557,963
Subsidiaries [Member]
Net (loss) income attributable to non-controlling interests	$ 166	$ 1	$ 211	$ (152)	$ (3,836)	$ 1,619	$ (5,674)	$ 4,195	$ 226	$ (3,696)	$ (11,083)
Medley LLC [Member]
Net (loss) income attributable to non-controlling interests	$ (2,002)	$ (1,574)	$ (7,657)	$ (4,557)	$ (5,617)	$ (2,796)	$ (921)	$ (361)	$ (15,790)	$ (9,695)	$ (8,011)

Note 20 - Subsequent Events (De

Note 20 - Subsequent Events (Details Textual) - USD ($) $ in Thousands	Jan. 19, 2021	Jan. 15, 2021	Dec. 31, 2020	Mar. 07, 2021	Feb. 01, 2021	Dec. 31, 2019
Tax Receivable Agreement, Percentage of Tax Benefit			85.00%
Tax Receivable Agreement, Percentage of Cash Tax Savings			15.00%
Interest Payable			$ 1,294			$ 1,294
Subsequent Event [Member] | The 2024 Notes [Member]
Interest Payable					$ 1,300
Long-term Debt, Total				$ 69,000
Subsequent Event [Member] | The 2026 Notes [Member]
Interest Payable					$ 900
Long-term Debt, Total				$ 54,000
Subsequent Event [Member] | Medley LLC [Member]
Ownership, Percent	98.00%
Subsequent Event [Member] | Pre-IPO Owners [Member]
Interest Exchanged for Shares, Percent	98.00%
Stock Cancelled and Substituted, Shares, During Period (in shares)		293,163
Subsequent Event [Member] | Pre-IPO Owners [Member] | Common Class A [Member]
Stock Issued During Period in Exchange for Units (in shares)	2,343,686