Associated Capital (AC) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Entity Information [Line Items]
Entity Registrant Name	Associated Capital Group, Inc.
Entity Central Index Key	1,642,122
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		4,049,378
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,057,885

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
ASSETS
Cash and cash equivalents	$ 283,972	$ 293,112	$ 307,651
Investments in securities	267,925	222,383	193,120
Investment in GBL stock (3,726,250, 4,393,055 and 4,393,055 shares, respectively)	92,523	130,254	129,990
Investments in affiliated registered investment companies	140,746	145,914	136,284
Investments in partnerships	140,584	145,591	130,058
Receivable from brokers	18,535	34,881	12,021
Investment advisory fees receivable	1,485	5,739	1,349
Receivable from affiliates	1,235	15,866	1,524
Income taxes receivable and deferred tax assets	1,241	0	0
Goodwill	3,422	3,422	3,422
Other assets	3,675	9,753	2,214
Total assets	955,343	1,006,915	917,633
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Payable to brokers	5,621	13,281	6,168
Income taxes payable and deferred tax liabilities	0	5,484	4,506
Compensation payable	2,982	12,785	5,991
Securities sold, not yet purchased	5,211	5,731	7,519
Payable to affiliates	482	442	560
Accrued expenses and other liabilities	2,649	4,815	7,008
Total liabilities	16,945	42,538	31,752
Redeemable noncontrolling interests	50,604	46,230	4,050
Equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0	0
Additional paid-in capital	1,010,577	1,010,505	1,007,471
Retained earnings	(1,717)	13,800	(5,751)
GBL 4% PIK Note	(40,000)	(50,000)	(90,000)
Accumulated comprehensive income	0	6,712	11,886
Treasury stock, at cost (2,459,631, 1,952,908 and 1,343,694 shares, respectively)	(81,091)	(62,895)	(41,800)
Total Associated Capital Group, Inc. stockholders' equity	887,794	918,147	881,831
Total liabilities and equity	955,343	1,006,915	917,633
Class A [Member]
Equity:
Common stock	6	6	6
Class B [Member]
Equity:
Common stock	$ 19	$ 19	$ 19

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
ASSETS
Investment in GBL stock, shares (in shares)	3,726,250	4,393,055	4,393,055
Equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, shares outstanding (in shares)	23,100,000	23,600,000	24,200,000
Treasury stock, shares (in shares)	2,459,631	1,952,908	1,343,694
GBL 4% PIK Note [Member]
Equity:
Debt instrument, interest rate	4.00%
Class A [Member]
Equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	6,404,287	6,404,287	6,395,380
Common stock, shares outstanding (in shares)	3,944,656	4,451,379	5,051,686
Class B [Member]
Equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,196,792	19,196,792	19,196,792
Common stock, shares outstanding (in shares)	19,187,885	19,187,885	19,196,792

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Total revenues	$ 4,703	$ 4,987
Expenses
Compensation	6,324	6,783
Stock-based compensation	72	444
Other operating expenses	2,557	2,092
Total expenses	8,953	9,319
Operating loss	(4,250)	(4,332)
Other income (expense)
Net loss from investments	(27,530)	(14,401)
Interest and dividend income	2,707	2,257
Interest expense	(33)	(70)
Shareholder-designated contribution	0	(4,895)
Total other income (expense), net	(24,856)	(17,109)
Loss before income taxes	(29,106)	(21,441)
Income tax benefit	(6,734)	(8,424)
Net loss	(22,372)	(13,017)
Net income/(loss) attributable to noncontrolling interests	(143)	61
Net loss attributable to Associated Capital Group, Inc.'s shareholders	$ (22,229)	$ (13,078)
Net loss attributable to Associated Capital Group, Inc.'s shareholders per share:
Basic (in dollars per share)	$ (0.95)	$ (0.55)
Diluted (in dollars per share)	$ (0.95)	$ (0.55)
Weighted average shares outstanding:
Basic (in shares)	23,508	23,829
Diluted (in shares)	23,508	23,829
Dividends declared (in dollars per share)	$ 0	$ 0
Investment Advisory and Incentive Fees [Member]
Revenues
Total revenues	$ 2,529	$ 2,401
Institutional Research Services [Member]
Revenues
Total revenues	2,152	2,582
Other [Member]
Revenues
Total revenues	$ 22	$ 4

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net loss		$ (22,372)	$ (13,017)
Other comprehensive income, net of tax:
Net unrealized gains on securities available for sale	[1]	0	10,569
Other comprehensive income		0	10,569
Comprehensive loss		(22,372)	(2,448)
Less: Comprehensive income/(loss) attributable to noncontrolling interests		(143)	61
Comprehensive loss attributable to Associated Capital Group, Inc.		$ (22,229)	$ (2,509)
[1]	Net of income tax expense of $0 and $5,945, respectively.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other comprehensive income, net of tax:
Net unrealized gains on securities available for sale, income tax expense	$ 0	$ 5,945

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Additional Paid-in Capital [Member]	GBL 4% PIK Note [Member]	Accumulated Comprehensive Income [Member]	Treasury Stock [Member]	Total	Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2016	$ 25	$ 7,327	$ 1,007,027	$ (100,000)	$ 1,317	$ (41,674)	$ 874,022	$ 4,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(241)
Net income (loss)	0	(13,078)	0	0	0	0	(13,078)	61
Net unrealized losses on securities available for sale, net of income tax benefit ($942)	0	0	0	0	(1,675)	0	(1,675)	0
Amounts reclassified from accumulated other comprehensive income, net of income tax expense ($6,887)	0	0	0	0	12,244	0	12,244	0
Stock based compensation expense	0	0	444	0	0	0	444	0
Proceeds from payment of GBL 4% PIK Note	0	0	0	10,000	0	0	10,000	0
Purchase of treasury stock	0	0	0	0	0	(126)	(126)	0
Balance at Mar. 31, 2017	25	(5,751)	1,007,471	(90,000)	11,886	(41,800)	881,831	4,050
Balance at Dec. 31, 2017	25	13,800	1,010,505	(50,000)	6,712	(62,895)	918,147	46,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassifications pursuant to adoption of new accounting guidance	0	0	6,712	0	0	(6,712)	0	0
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(1,971)
Consolidation of certain investment funds	0	0	0	0	0	0	0	6,488
Net income (loss)	0	(22,229)	0	0	0	0	(22,229)	(143)
Stock based compensation expense	0	0	72	0	0	0	72	0
Proceeds from payment of GBL 4% PIK Note	0	0	0	10,000	0	0	10,000	0
Exchange of GBL stock for AC stock	0	0	0	0	0	(17,737)	(17,737)	0
Purchase of treasury stock	0	0	0	0	0	(459)	(459)	0
Balance at Mar. 31, 2018	$ 25	$ (1,717)	$ 1,010,577	$ (40,000)	$ 0	$ (81,091)	$ 887,794	$ 50,604

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized losses on securities available for sale, income tax expense (benefit)	$ (942)
Amounts reclassified from accumulated other comprehensive income, income tax (expense)	$ (6,887)
GBL 4% PIK Note [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt instrument, interest rate	4.00%

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net loss	$ (22,372)	$ (13,017)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net losses (gains) from partnerships	499	(696)
Depreciation and amortization	4	4
Stock-based compensation expense	72	444
Loss on exchange of GBL stock for AC stock	2,127	0
Other-than-temporary loss on available for sale securities	0	19,131
Donated securities	0	566
(Increase) decrease in assets:
Investments in trading securities	(14,225)	11,056
Investments in partnerships:
Contributions to partnerships	(2,977)	(4,964)
Distributions from partnerships	1,916	5,000
Receivable from affiliates	(369)	(1)
Receivable from brokers	19,523	567
Investment advisory fees receivable	4,254	8,435
Income taxes receivable and deferred tax assets	(1,241)	0
Other assets	6,356	5,134
Increase (decrease) in liabilities:
Payable to brokers	(7,660)	3,772
Income taxes payable and deferred tax liabilities	(5,484)	(8,416)
Payable to affiliates	40	(895)
Compensation payable	(9,803)	(11,685)
Accrued expenses and other liabilities	(48)	(28,853)
Total adjustments	(7,016)	(1,401)
Net cash used in operating activities	(29,388)	(14,418)
Investing activities
Purchases of available for sale securities	0	(2,080)
Return of capital on available for sale securities	0	423
Proceeds from GBL 1.6% Note (due February 28, 2018)	15,000	0
Net cash provided by (used in) investing activities	15,000	(1,657)
Financing activities
Redemptions of redeemable noncontrolling interests	(1,971)	(241)
Dividends paid	(2,369)	0
Purchase of treasury stock	(459)	(126)
Proceeds from payment of GBL 4% PIK Note	10,000	10,000
Net cash provided by financing activities	5,201	9,633
Net decrease in cash and cash equivalents	(9,187)	(6,442)
Cash and cash equivalents at beginning of period	293,112	314,093
Increase in cash from consolidation	47	0
Cash and cash equivalents at end of period	283,972	307,651
Supplemental disclosures of cash flow information:
Cash paid for interest	33	70
Cash paid for taxes	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Non-cash activity:
Increase in cash and cash equivalent from consolidation	$ 47	$ 47
Increase in other net assets from consolidation		6,441
Increase in redeemable noncontrolling interest from consolidation		$ 6,488
Class A Common Stock [Member]
Non-cash activity:
Number of AC shares exchanged (in shares)	493,954
GBL [Member] | Class A Common Stock [Member]
Non-cash activity:
Number of GAMCO shares issued (in shares)	666,805
Value of shares issued	$ 17,737
GBL 1.6% Note [Member]
Investing activities
Notes receivable, interest rate	1.60%
Notes receivable, maturity date	Feb. 28, 2018
GBL 4% PIK Note [Member]
Financing activities
Debt instrument, interest rate	4.00%

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	A. Basis of Presentation and Significant Accounting Policies Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.,” “AC Group,” “the Company,” “AC,” “we,” “us” and “our” or similar terms are to Associated Capital Group, Inc., its predecessors and its subsidiaries. The Spin-off and Related Transactions We are a Delaware corporation that provides alternative investment management, institutional research and underwriting services. In addition, we derive investment income/(loss) from proprietary trading of cash and other assets awaiting deployment in our operating businesses. On November 30, 2015, GAMCO Investors, Inc. (“GAMCO” or “GBL”) distributed all the outstanding shares of each class of AC common stock on a pro rata one-for-one basis to the holders of each class of GAMCO’s common stock (the “Spin-off”). We conduct our investment management business through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The business earns management and incentive fees from its advisory assets. Management fees are largely based on a percentage of assets under management. Incentive fees are based on the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. We provide our institutional research and underwriting services through G.research, LLC (“G.research”) doing business as “Gabelli & Company”, an indirect wholly-owned subsidiary of the Company. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). G.research's revenues are derived primarily from institutional research services. In connection with the Spin-off, GAMCO issued a promissory note (the “GAMCO Note”) to AC Group in the original principal amount of $250 million used to partially capitalize the Company. The GAMCO Note bears interest at 4% per annum and has a maturity date of November 30, 2020 with respect to its original principal amount. Interest on the GAMCO Note will accrue from the most recent date for which interest has been paid. Prior to November 30, 2019, at the election of GAMCO, payment of interest on the GAMCO Note may, in lieu of being paid in cash, be paid, in whole or in part, in kind (a “PIK Amount”). GAMCO will repay all PIK Amounts added to the outstanding principal amount of the GAMCO Note, in cash, on the fifth anniversary of the date on which each such PIK Amount was added to the outstanding principal amount of the GAMCO Note. GAMCO may prepay the GAMCO Note prior to maturity without penalty. AC has received principal repayments totaling $210 million on the GAMCO Note, of which $10 million was received during the three months ended March 31, 2018 leaving an outstanding principal balance of $40 million due on November 30, 2020. In addition, GCIA purchased 4,393,055 shares of GAMCO Class A common stock in exchange for a note in the principal amount of $150 million (the “GCIA Note”). In connection with the Spin-off, GAMCO contributed the GCIA Note to the Company. During the quarter ended December 31, 2017, AC forgave the outstanding principal and interest on the GCIA Note. Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Developments In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue Recognition In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other On May 10, 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation On December 22, 2017, the SEC issued SAB 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act Income Taxes In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue [Abstract]
Revenue	B. Revenue The Company adopted ASU 2014-09, Revenue from Contracts with Customers The Company’s major revenue sources are as follows: Investment advisory and incentive fees. a. Asset-based advisory fees – The Company receives a management fee, payable monthly in advance but calculated at an annual rate based on value of the net assets of the client and is generally set at a rate of 1%-1.5% per annum. Asset-based management fee revenue is recognized only as the services are performed over the period. b. Performance-based advisory fees – Certain accounts’ management contracts call for additional fees and or allocations of income tied to a certain percentage, generally 20%, of the investment performance of the account over a measurement period, generally the calendar year. In the event that an account suffers a loss in one period, it must be recovered before incentive fees are earned by the Company; this is commonly referred to as a “high water mark” provision. The Company does not recognize performance-based fees until the end of the measurement period when the liability for such fees becomes fixed and it satisfies the performance obligation. In addition, the contracts generally provide that performance-based fees or allocations become fixed in the event of an investor redemption prior to the end of the calendar year. c. Sub-advisory fees – Pursuant to agreements with other investment advisors, the Company receives a percentage of advisory fees received by such advisors from certain of their investment fund clients. These fees may be either asset- or performance-based. In addition, they may be subject to reduction by certain expenses as set forth in the respective agreements. Sub-advisory fee revenue which is asset-based is recognized only as the services are performed over the relevant period. Sub-advisory fee revenue which is performance-based is recognized only when it becomes fixed and payable. The Company reserves the right to waive or reduce asset-based and performance-based fees with respect to certain investors in the investment funds which may include investments by employees and other related parties. Advisory fees payable by investment funds are typically approved by third-party administrators and paid directly from the accounts’ assets. Those payable by separate accounts may be subject to review and approval by the client and may be paid either from the accounts’ assets or directly by the client. Our advisory fee revenues are influenced by both the amount of assets under management (“AUM”) and the investment performance of our products. An overall decline in the prices of securities may cause our advisory fees to decline by either causing the value of our AUM to decrease or causing our clients to withdraw funds in favor of investments they perceive to offer greater opportunity or lower risk. Similarly, success in the investment management business is dependent on investment performance as well as distribution and client servicing. Good performance can stimulate sales of our investment products and tends to keep withdrawals and redemptions low, which generates higher asset-based management fees. Conversely, poor performance, both in absolute terms and/or relative to peers and industry benchmarks, tends to result in decreased sales, increased withdrawals and redemptions and in the loss of clients, with corresponding decreases in revenues to us. Institutional Research Services. a. Hard dollar payments – The Company receives direct payments for research services provided to related and unrelated parties. Where a contract for such services is in place, the contractual fee for the period is recognized ratably over the contract period, typically a calendar year, which is considered the period over which the Company satisfies its performance obligation. Payments for contracts with affiliated parties are collected monthly. For other payments where no research contract exists, revenue is not recognized until agreement is reached with the client that services have been performed, a value is assigned to those services, and an invoice presented to the client for payment. b. Commissions – Commissions are charged on the execution of securities transactions made on behalf of client accounts on an agency basis and are based on a rate schedule. The Company recognizes commission revenue in the period when the securities transactions are executed. Commissions earned are typically collected from the clearing brokers utilized by G.research on a daily or weekly basis. c. Selling concessions – The Company participates as a member of the selling group of underwritten equity offerings and receives compensation based on the difference between what its clients pay for the securities sold to its institutional clients and what the issuer receives. The terms of the selling concessions are set forth in contracts between the Company and the underwriter. Institutional research revenues are impacted by the perceived value of the research product provided to clients, the volume of securities transactions and the acquisition or loss of new client relationships. Other. Total revenues by type were as follows for the three months ended March 31, 2018 and 2017, respectively (dollars in thousands): Three months ended March 31, 2018 2017 Investment advisory and incentive fees Asset-based advisory fees $ 1,839 $ 1,852 Performance-based advisory fees 7 - Sub-advisory fees 683 549 2,529 2,401 Institutional research services Hard dollar payments 930 979 Commissions 1,196 1,603 Selling concessions 26 - 2,152 2,582 Other Underwriting fees 19 - Miscellaneous 3 4 22 4 Total $ 4,703 $ 4,987

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2018
Investment in Securities [Abstract]
Investment in Securities	C. Investment in Securities Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at the time of purchase are classified as cash equivalents. Debt and equity securities are stated at fair value, with any unrealized gains or losses reported in current period earnings. Prior to the adoption of ASU 2016-01 on January 1, 2018, only investments in securities held for resale in anticipation of short-term market movements were classified as trading securities. Other securities were treated as available for sale (“AFS”) investments and were stated at fair value, with any unrealized gains or losses, net of taxes, generally reported as other comprehensive income, a component of equity. Realized gains and losses from AFS equity securities were reclassified from equity to current period income and losses deemed to be other-than- temporary (“OTT”) were recorded as realized losses in the condensed consolidated statements of income. Investments in securities, including GBL stock, at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 March 31, 2017 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Debt and equity securities: Government obligations $ 86,039 $ 86,242 $ 53,681 $ 53,804 $ 99,687 $ 99,820 Common stocks 271,415 267,708 209,686 228,557 71,511 85,802 Mutual funds 2,063 3,393 1,959 3,157 2,405 3,333 Other investments 680 3,105 825 1,824 3,411 3,654 Total debt and equity securities 360,197 360,448 266,151 287,342 177,014 192,609 Available for sale securities: Common stocks - - 65,331 65,024 130,869 129,990 Mutual funds - - 103 271 206 511 Total available for sale securities - - 65,434 65,295 131,075 130,501 Total investments in securities $ 360,197 $ 360,448 $ 331,585 $ 352,637 $ 308,089 $ 323,110 Securities sold, not yet purchased at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 March 31, 2017 Proceeds Fair Value Proceeds Fair Value Proceeds Fair Value Debt and equity securities: (In thousands) Common stocks $ 4,726 $ 4,844 $ 4,862 $ 5,396 $ 7,279 $ 7,467 Other investments - 367 1 335 1 52 Total securities sold, not yet purchased $ 4,726 $ 5,211 $ 4,863 $ 5,731 $ 7,280 $ 7,519 Investments in affiliated registered investment companies at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 March 31, 2017 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Debt and equity securities: Closed-end funds $ 79,899 $ 87,069 $ 26,231 $ 26,929 $ - $ - Mutual funds 46,735 53,677 41,950 48,328 40,096 45,250 Total debt and equity securities 126,634 140,746 68,181 75,257 40,096 45,250 Available for sale securities: Closed-end funds - - 53,782 66,218 64,589 85,123 Mutual funds - - 3,420 4,439 4,387 5,911 Total available for sale securities - - 57,202 70,657 68,976 91,034 Total investments in affiliated registered investment companies $ 126,634 $ 140,746 $ 125,383 $ 145,914 $ 109,072 $ 136,284 The following table identifies all reclassifications out of accumulated other comprehensive income (“AOCI”) into income for the three months ended March 31, 2018 and 2017 (in thousands): Amount Reclassified from AOCI Affected Line Items in the Statements Of Income Reason for Reclassification from AOCI Three months ended March 31, 2018 2017 $ - $ (19,131 ) Net loss from investments Other than temporary impairment of AFS securities - (19,131 ) Loss before income taxes - 6,887 Income tax benefit $ - $ (12,244 ) Net loss The Company recognizes all equity derivatives as either assets or liabilities measured at fair value and includes them in either investments in securities or securities sold, not yet purchased on the condensed consolidated statements of financial condition. From time to time, the Company and/or the partnerships and offshore funds that the Company consolidates will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their investments. At March 31, 2018, December 31, 2017 and March 31, 2017, we held derivative contracts on 1.4 million, 1.7 million and (3,041) equity shares, respectively, that are included in investments in securities or securities sold, not yet purchased on the condensed consolidated statements of financial condition. We had no foreign exchange contracts outstanding at March 31, 2018, December 31, 2017 and March 31, 2017. Generally, these transactions are not designated as hedges for accounting purposes, and, therefore changes in fair values of these derivatives are included in net gain/(loss) from investments on the condensed consolidated statements of income. The following table identifies the fair values of all derivatives held by the Company (in thousands): Asset Derivatives Liability Derivatives Statement of Fair Value Statement of Fair Value Financial Condition Location March 31, 2018 December 31, 2017 March 31, 2017 Financial Condition Location March 31, 2018 December 31, 2017 March 31, 2017 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ - $ - Payable to brokers $ - $ - $ - Sub total $ - $ - $ - $ - $ - $ - Derivatives not designated as hedging instruments under FASB ASC 815-20 Equity contracts Investments in securities $ 745 $ 229 $ 102 Securities sold, not yet purchased $ 367 $ 335 $ 52 Foreign exchange contracts Receivable from brokers - - - Payable to brokers - - - Sub total $ 745 $ 229 $ 102 $ 367 $ 335 $ 52 Total derivatives $ 745 $ 229 $ 102 $ 367 $ 335 $ 52 The following table identifies gains and losses of all derivatives held by the Company (in thousands): Type of Derivative Income Statement Location Three Months ended March 31, 2018 2017 Foreign exchange contracts Net loss from investments $ - $ - Equity contracts Net loss from investments 1,778 (11 ) Total $ 1,778 $ (11 ) The Company is a party to enforceable master netting arrangements for swaps entered into with major U.S. financial institutions as part of the investment strategy of the Company’s proprietary portfolio. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties are shown gross in assets and liabilities on the condensed consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires. Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets Presented in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Swaps: (In thousands) March 31, 2018 $ 745 $ - $ 745 $ (367 ) $ - $ 378 December 31, 2017 229 - 229 (229 ) - - March 31, 2017 $ 102 $ - $ 102 $ (51 ) $ - $ 51 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities Presented in the Statements of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount Swaps: (In thousands) March 31, 2018 $ 367 $ - $ 367 $ (367 ) $ - $ - December 31, 2017 334 - 334 (229 ) - 105 March 31, 2017 $ 51 $ - $ 51 $ (51 ) $ - $ - The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of AFS investments as of December 31, 2017 and March 31, 2017: December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Common stocks $ 65,331 $ - $ (307 ) $ 65,024 Closed-end funds 53,782 12,436 - 66,218 Mutual funds 3,523 1,187 - 4,710 Total available for sale securities $ 122,636 $ 13,623 $ (307 ) $ 135,952 March 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Common stocks $ 130,869 $ - $ (879 ) $ 129,990 Closed-end funds 64,589 20,600 (66 ) 85,123 Mutual funds 4,593 1,829 - 6,422 Total available for sale securities $ 200,051 $ 22,429 $ (945 ) $ 221,535 Changes in net unrealized gains, net of taxes, for AFS securities for the three months ended March 31, 2017 of $10.6 million have been included in other comprehensive income, a component of equity, at March 31, 2017. Return of capital on AFS securities was $0.4 million for the three months ended March 31, 2017. For the three months ended March 31, 2017, there were no proceeds from the sales of AFS investments and no gross gains on the sale of AFS investments. The Company determines the cost of a security sold by using specific identification. Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following (in thousands): December 31, 2017 March 31, 2017 Cost Unrealized Losses Fair Value Cost Unrealized Losses Fair Value Common stocks $ 65,331 $ (307 ) $ 65,024 $ 130,869 $ (879 ) $ 129,990 Closed-end funds - - - 1,864 (66 ) 1,798 Total available for sale securities in unrealized loss position $ 65,331 $ (307 ) $ 65,024 $ 132,733 $ (945 ) $ 131,788 For the three months ended March 31, 2017, AC recognized a $19.1 million OTT impairment on the GBL shares due to the magnitude and persistence of the unrealized loss.

Investment Partnerships and Var

Investment Partnerships and Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
Investment in Partnerships and Variable Interest Entities [Abstract]
Investment Partnerships and Variable Interest Entities	D. Investment Partnerships and Variable Interest Entities The Company is general partner or co-general partner of various affiliated entities, in which the Company had investments totaling $120.0 million, $124.5 million and $112.4 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively, and whose underlying assets consist primarily of marketable securities (“Affiliated Entities”). We also had investments in unaffiliated partnerships, offshore funds and other entities of $20.6 million, $21.1 million and $17.6 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively (“Unaffiliated Entities”). We evaluate each entity for the appropriate accounting treatment and disclosure. Certain of the Affiliated Entities, and none of the Unaffiliated Entities, are consolidated. For those entities where consolidation is not deemed appropriate, we report them in our condensed consolidated statements of financial condition under the caption “Investments in partnerships.” The caption includes investments in Affiliated Entities which the Company accounts for under the equity method of accounting and Unaffiliated Entities which the Company accounts for using fair value accounting. The Company reflects the equity in earnings of these Affiliated Entities and the change in fair value of the Unaffiliated Entities under the caption net loss from investments on the condensed consolidated statements of income. The following table highlights the number of entities that we consolidate as well as the basis under which they are consolidated: Entities consolidated VIEs VOEs Entities consolidated at December 31, 2016 1 1 Additional consolidated entities - - Deconsolidated entities - - Entities consolidated at March 31, 2017 1 1 Additional consolidated entities - 2 Deconsolidated entities - - Entities consolidated at December 31, 2017 1 3 Additional consolidated entities - 2 Deconsolidated entities - - Entities consolidated at March 31, 2018 1 5 The following table breaks down the investments in partnerships line by accounting method used (in thousands): March 31, 2018 Accounting method Affiliated Unaffiliated Total Fair Value $ 9,432 $ - $ 9,432 Equity Method 110,544 20,608 131,152 Total $ 119,976 $ 20,608 $ 140,584 December 31, 2017 Accounting method Affiliated Unaffiliated Total Fair Value $ 9,442 $ - $ 9,442 Equity Method 115,046 21,103 136,149 Total $ 124,488 $ 21,103 $ 145,591 March 31, 2017 Accounting method Affiliated Unaffiliated Total Fair Value $ 8,195 $ - $ 8,195 Equity Method 104,245 17,618 121,863 Total $ 112,440 $ 17,618 $ 130,058 The following table includes the net impact by line item on the condensed consolidated statements of financial condition for the consolidated entities (in thousands): March 31, 2018 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 276,065 $ 7,907 $ 283,972 Investments in securities (including GBL stock) 255,410 105,038 360,448 Investments in affiliated investment companies 191,986 (51,240 ) 140,746 Investments in partnerships 160,332 (19,748 ) 140,584 Receivable from brokers 6,567 11,968 18,535 Investment advisory fees receivable 1,503 (18 ) 1,485 Other assets 9,277 296 9,573 Total assets $ 901,140 $ 54,203 $ 955,343 Liabilities and equity Securities sold, not yet purchased $ 4,808 $ 403 $ 5,211 Accrued expenses and other liabilities 8,538 3,196 11,734 Redeemable noncontrolling interests - 50,604 50,604 Total equity 887,794 - 887,794 Total liabilities and equity $ 901,140 $ 54,203 $ 955,343 December 31, 2017 Prior to Consolidated Consolidation Entities As Reported Assets Cash and cash equivalents $ 287,963 $ 5,149 $ 293,112 Investments in securities (including GBL stock) 255,252 97,385 352,637 Investments in affiliated investment companies 198,469 (52,555 ) 145,914 Investments in partnerships 160,456 (14,865 ) 145,591 Receivable from brokers 11,722 23,159 34,881 Investment advisory fees receivable 5,749 (10 ) 5,739 Other assets 28,865 176 29,041 Total assets $ 948,476 $ 58,439 $ 1,006,915 Liabilities and equity Securities sold, not yet purchased $ 5,405 $ 326 $ 5,731 Accrued expenses and other liabilities 24,924 11,883 36,807 Redeemable noncontrolling interests - 46,230 46,230 Total equity 918,147 - 918,147 Total liabilities and equity $ 948,476 $ 58,439 $ 1,006,915 March 31, 2017 Prior to Consolidated Consolidation Entities As Reported Assets Cash and cash equivalents $ 307,505 $ 146 $ 307,651 Investments in securities (including GBL stock) 316,424 6,686 323,110 Investments in affiliated investment companies 136,284 - 136,284 Investments in partnerships 135,129 (5,071 ) 130,058 Receivable from brokers 9,666 2,355 12,021 Investment advisory fees receivable 1,361 (12 ) 1,349 Other assets 7,160 - 7,160 Total assets $ 913,529 $ 4,104 $ 917,633 Liabilities and equity Securities sold, not yet purchased $ 7,519 $ - $ 7,519 Accrued expenses and other liabilities 24,179 54 24,233 Redeemable noncontrolling interests - 4,050 4,050 Total equity 881,831 - 881,831 Total liabilities and equity $ 913,529 $ 4,104 $ 917,633 The following table includes the net impact by line item on the condensed consolidated statements of income for the consolidated entities (in thousands): Three Months Ended March 31, 2018 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 4,720 $ (17 ) $ 4,703 Total expenses 8,441 512 8,953 Operating loss (3,721 ) (529 ) (4,250 ) Total other income/(expense), net (25,242 ) 386 (24,856 ) Loss before income taxes (28,963 ) (143 ) (29,106 ) Income tax benefit (6,734 ) - (6,734 ) Net loss before NCI (22,229 ) (143 ) (22,372 ) Net loss attributable to noncontrolling interests - (143 ) (143 ) Net loss $ (22,229 ) $ - $ (22,229 ) Three Months Ended March 31, 2017 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 4,993 $ (6 ) $ 4,987 Total expenses 9,277 42 9,319 Operating loss (4,284 ) (48 ) (4,332 ) Total other income/(expense), net (17,218 ) 109 (17,109 ) Income/(loss) before income taxes (21,502 ) 61 (21,441 ) Income tax benefit (8,424 ) - (8,424 ) Net income/(loss) before NCI (13,078 ) 61 (13,017 ) Net income attributable to noncontrolling interests - 61 61 Net loss $ (13,078 ) $ - $ (13,078 ) Variable Interest Entities With respect to each consolidated VIE, its assets may only be used to satisfy its obligations. The investors and creditors of these VIEs have no recourse to the Company’s general assets. In addition, the Company neither benefits from the VIE’s assets nor bears the related risk beyond its beneficial interest in the VIE. The following table presents the balances related to VIEs that are consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs: March 31, December 31, March 31, (In thousands) Cash and cash equivalents $ 71 $ 120 $ 146 Investments in securities 9,350 8,757 6,686 Receivable from brokers 981 1,657 2,355 Other assets (1 ) (19 ) (7 ) Accrued expenses and other liabilities (33 ) (29 ) (35 ) Redeemable noncontrolling interests (399 ) (284 ) (310 ) AC Group's net interests in consolidated VIE $ 9,969 $ 10,202 $ 8,835

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2018
Fair Value [Abstract]
Fair Value	E. Fair Value The following tables present information about the Company’s assets and liabilities by major category measured at fair value on a recurring basis as of March 31, 2018, December 31, 2017 and March 31, 2017 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Investments in certain entities that calculate net asset value per share and other investments that are not held at fair value are provided as separate items to permit reconciliation of the fair value of investments included in the fair value hierarchy to the total amounts presented in the condensed consolidated statements of financial condition. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2018 (in thousands) Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (a) Other Assets Not Held at Fair Value (b) Balance as of March 31, 2018 Cash equivalents $ 283,946 $ - $ - $ - $ - $ 283,946 Investments in partnerships - - - 135,594 4,990 140,584 Investments in securities (including GBL stock): Gov't obligations 86,242 - - - - 86,242 Common stocks 267,100 1 607 - - 267,708 Mutual funds 3,393 - - - - 3,393 Other 220 745 2,140 - - 3,105 Total investments in securities 356,955 746 2,747 - - 360,448 Investments in affiliated registered investment companies: Closed-end funds 87,069 - - - - 87,069 Mutual funds 53,677 - - - - 53,677 Total investments in affiliated registered investment companies 140,746 - - - - 140,746 Total investments 497,701 746 2,747 135,594 4,990 641,778 Total assets at fair value $ 781,647 $ 746 $ 2,747 $ 135,594 $ 4,990 $ 925,724 Liabilities Common stocks $ 4,844 $ - $ - $ - $ 4,844 Other - 367 - - - 367 Securities sold, not yet purchased $ 4,844 $ 367 $ - $ - $ - $ 5,211 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2017 (in thousands) Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (a) Other Assets Not Held at Fair Value (b) Balance as of December 31, 2017 Cash equivalents $ 290,043 $ - $ - $ - $ - $ 290,043 Investments in partnerships - - - 140,617 4,974 145,591 Investments in securities (including GBL stock): AFS - Common stocks 65,024 - - - - 65,024 AFS - Mutual funds 271 - - - - 271 Trading - Gov't obligations 53,804 - - - - 53,804 Trading - Common stocks 227,938 1 618 - - 228,557 Trading - Mutual funds 3,157 - - - - 3,157 Trading - Other 426 229 1,169 - - 1,824 Total investments in securities 350,620 230 1,787 - - 352,637 Investments in affiliated registered investment companies: AFS - Closed-end funds 66,218 - - - - 66,218 AFS - Mutual funds 4,439 - - - - 4,439 Trading - Closed-end funds 26,929 - - - - 26,929 Trading - Mutual funds 48,328 - - - - 48,328 Total investments in affiliated registered investment companies 145,914 - - - - 145,914 Total investments 496,534 230 1,787 140,617 4,974 644,142 Total assets at fair value $ 786,577 $ 230 $ 1,787 $ 140,617 $ 4,974 $ 934,185 Liabilities Trading - Common stocks $ 5,396 $ - $ - $ - $ - $ 5,396 Trading - Other - 335 - - - 335 Securities sold, not yet purchased $ 5,396 $ 335 $ - $ - $ - $ 5,731 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2017 (in thousands) Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Investments Measured at NAV (a) Other Assets Not Held at Fair Value (b) Balance as of March 31, 2017 Cash equivalents $ 307,640 $ - $ - $ - $ - $ 307,640 Investments in partnerships - - - 126,187 3,871 130,058 Investments in securities (including GBL stock): AFS - Common stocks 129,990 - - - - 129,990 AFS - Mutual funds 511 - - - - 511 Trading - Gov't obligations 99,820 - - - - 99,820 Trading - Common stocks 85,308 - 494 - - 85,802 Trading - Mutual funds 3,333 - - - - 3,333 Trading - Other 3,102 102 450 - - 3,654 Total investments in securities 322,064 102 944 - - 323,110 Investments in affiliated registered investment companies: AFS - Closed-end funds 85,123 - - - - 85,123 AFS - Mutual funds 5,911 - - - - 5,911 Trading - Mutual funds 45,250 - - - - 45,250 Total investments in affiliated registered investment companies 136,284 - - - - 136,284 Total investments 458,348 102 944 126,187 3,871 589,452 Total assets at fair value $ 765,988 $ 102 $ 944 $ 126,187 $ 3,871 $ 897,092 Liabilities Trading - Common stocks $ 7,467 $ - $ - $ - $ - $ 7,467 Trading - Other - 52 - - - 52 Securities sold, not yet purchased $ 7,467 $ 52 $ - $ - $ - $ 7,519 (a) Amounts are comprised of certain investments measured at fair value using NAV or its equivalent as a practical expedient. These investments have not been classified in the fair value hierarchy. (b) Amounts include certain equity method investments which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. Investments that are measured at NAV include investments in Affiliated and Unaffiliated Entities. Capital may generally be redeemed from Affiliated Entities on a monthly basis upon adequate notice as determined in the sole discretion of each entity’s investment manager. Capital invested in Unaffiliated Entities may generally be redeemed at various intervals ranging from monthly to annually upon notice of 30 to 95 days. Certain Unaffiliated Entities may require a minimum investment period before capital can be voluntarily redeemed (a “Lockup Period”). No investment in an Unaffiliated Entity has an unexpired Lockup Period. The Company has no outstanding capital commitments to any Affiliated or Unaffiliated Entity. The following tables present additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the three months ended March 31, 2018 (in thousands) Asset December 31, 2017 Beginning Balance Consolidated as of January 1, 2018 Total Realized and Unrealized Gains or (Losses) Total Realized and Unrealized Gains or (Losses) Purchases Sales Transfers In and/or (Out) of Level 3 March 31, 2018 Ending Balance Financial instruments owned: Common stocks $ 618 $ - $ (11 ) $ (11 ) $ - $ - $ - $ 607 Other 1,169 984 8 8 - (21 ) - 2,140 Total $ 1,787 $ 984 $ (3 ) $ (3 ) $ - $ (21 ) $ - $ 2,747 There were no transfers between any Levels during the three months ended March 31, 2018. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the three months ended March 31, 2017 (in thousands) Asset December 31, 2016 Beginning Balance Total Realized and Unrealized Gains or (Losses) in Income Total Unrealized Gains or (Losses) Included in Other Comprehensive Income Total Realized and Unrealized Gains or (Losses) Purchases Sales Transfers In and/or (Out) of Level 3 March 31, 2017 Ending Balance Trading AFS Financial instruments owned: Trading - Common stocks $ 461 $ 33 $ - $ - $ 33 $ - $ - $ - $ 494 Trading - Other 283 - - - - 167 - - 450 Total $ 744 $ 33 $ - $ - $ 33 $ 167 $ - $ - $ 944 There were no transfers between any Levels during the three months ended March 31, 2017.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Taxes [Abstract]
Income Taxes	F. Income Taxes The effective tax rate (“ETR”) for the three months ended March 31, 2018 and March 31, 2017 was 23.1% and 39.3%, respectively. The ETR in the first quarter of 2018 differs from the standard corporate tax rate of 21% primarily due to state and local taxes (net of federal benefit). The ETR in the first quarter of 2017 differs from the standard corporate tax rate of 34% primarily due to the benefit of (a) the donation of appreciated securities and (b) the dividends received deduction.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	G. Earnings Per Share Basic earnings per share is computed by dividing net loss per share attributable to our shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net loss per share attributable to our shareholders by the weighted average number of shares outstanding during the period, adjusted for the dilutive effect of restricted stock awards. The computations of basic and diluted net loss per share are as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2018 2017 Basic: Net loss attributable to Associated Capital Group, Inc.'s shareholders $ (22,229 ) $ (13,078 ) Weighted average shares outstanding 23,508 23,829 Basic net loss attributable to Associated Capital Group, Inc.'s shareholders per share $ (0.95 ) $ (0.55 ) Diluted: Net loss attributable to Associated Capital Group, Inc.'s shareholders $ (22,229 ) $ (13,078 ) Weighted average share outstanding 23,508 23,829 Dilutive restricted stock awards - - Total 23,508 23,829 Diluted net loss attributable to Associated Capital Group, Inc.'s shareholders per share $ (0.95 ) $ (0.55 ) Diluted weighted average shares outstanding for the three months ended 2017 exclude potential restricted stock awards as we have a net loss for that period and their inclusion would be anti-dilutive.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity [Abstract]
Stockholders' Equity	H. Stockholders’ Equity Shares outstanding were 23.1 million, 23.6 million and 24.2 million on March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Exchange Offer During the first quarter of 2018, AC completed an exchange offer with respect to its Class A shares. Tendering shareholders received 1.35 GAMCO Class A shares for each AC Class A share, together with cash in lieu of any fractional share. Upon completion of the offer, shareholders tendered 493,954 Class A shares in exchange for 666,805 GAMCO Class A shares with a value of $17.7 million. Dividends There were no dividends declared during each of the three months ended March 31, 2018 and 2017. Voting Rights The holders of Class A Common stock (“Class A Stock”) and Class B Common stock (“Class B Stock”) have identical rights except that (a) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (b) holders of each share class are not eligible to vote on matters relating exclusively to the other share class. Stock Award and Incentive Plan There were no restricted stock awards (“RSAs”) issued by AC during the three months ended March 31, 2018 or 2017. As of December 31, 2017, there were no AC RSA shares and 19,400 GAMCO RSA shares outstanding. As of March 31, 2017, there were 420,240 AC RSA shares outstanding and 420,240 GAMCO RSA shares outstanding, respectively. During the first quarter of 2018, the compensation committee of GAMCO’s Board of Directors accelerated the vesting of the remaining 19,400 GAMCO RSA shares outstanding. For the three months ended March 31, 2018 and 2017, the Company recorded approximately $0.1 million and $0.4 million in stock-based compensation expense

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2018
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill and Identifiable Intangible Assets	I. Goodwill and Identifiable Intangible Assets At March 31, 2018, $3.4 million of goodwill related to GCIA is separately disclosed on the condensed consolidated statements of financial condition. The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required. There were no indicators of impairment for the three months ended March 31, 2018 or March 31, 2017, and as such there was no impairment analysis performed or charge recorded.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	J. Commitments and Contingencies From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. We are also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether losses exist which may be reasonably possible and will, if material, make the necessary disclosures. However, management believes such amounts, both those that are probable and those that are reasonably possible, are not material to the Company’s financial condition, operations or cash flows at March 31, 2018. G.research has agreed to indemnify the clearing brokers for losses they may sustain from customer accounts introduced by G.research that trade on margin. At each of March 31, 2018, December 31, 2017 and March 31, 2017, the total amount of customer balances subject to indemnification (i.e., unsecured margin debits) was immaterial. The Company has also entered into arrangements with various other third parties many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements. The Company has had no claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote, and therefore no accrual has been made on the condensed consolidated financial statements.

Shareholder-Designated Contribu

Shareholder-Designated Contribution Plan	3 Months Ended
	Mar. 31, 2018
Shareholder-Designated Contribution Plan [Abstract]
Shareholder-Designated Contribution Plan	K. Shareholder-Designated Contribution Plan During the fourth quarter of 2016, the Company established a Shareholder Designated Charitable Contribution program. Under the program, each shareholder is eligible to designate a charity to which the Company would make a donation at a rate of $0.25 per share based upon the number of shares registered in the shareholder’s name. Shares held in nominee or street name were not eligible to participate. For the three months ended March 31, 2017, the Company recorded a cost of $4.9 million related to this contribution which was included in shareholder-designated contribution in the condensed consolidated statements of income. There was no comparable expense in the current quarter.

Contractual Obligations

Contractual Obligations	3 Months Ended
	Mar. 31, 2018
Contractual Obligations [Abstract]
Contractual Obligations	L. Contractual Obligations In February 2018, the Company renewed its sublease agreement with GAMCO for an additional year ending March 31, 2019. Future minimum lease commitments under this operating lease as of March 31, 2018 are as follows (in thousands): 2018 $ 410 2019 137 Total $ 547

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	M. Subsequent Events From April 1, 2018 to May 8, 2018, the Company repurchased 28,142 shares at an average price of $36.29 per share. In addition, on May 8, 2018, the Board of Directors approved a semi-annual dividend of $0.10 per share to all of its Class A and Class B shareholders payable on July 2, 2018 to shareholders of record on June 18, 2018. On April 4, 2018, GAMCO prepaid an additional $10 million of the GAMCO Note, reducing the outstanding principal balance to $30 million.

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Basis of Presentation and Significant Accounting Policies [Abstract]
The Spin-off and Related Transactions	The Spin-off and Related Transactions We are a Delaware corporation that provides alternative investment management, institutional research and underwriting services. In addition, we derive investment income/(loss) from proprietary trading of cash and other assets awaiting deployment in our operating businesses. On November 30, 2015, GAMCO Investors, Inc. (“GAMCO” or “GBL”) distributed all the outstanding shares of each class of AC common stock on a pro rata one-for-one basis to the holders of each class of GAMCO’s common stock (the “Spin-off”). We conduct our investment management business through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The business earns management and incentive fees from its advisory assets. Management fees are largely based on a percentage of assets under management. Incentive fees are based on the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. We provide our institutional research and underwriting services through G.research, LLC (“G.research”) doing business as “Gabelli & Company”, an indirect wholly-owned subsidiary of the Company. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). G.research's revenues are derived primarily from institutional research services. In connection with the Spin-off, GAMCO issued a promissory note (the “GAMCO Note”) to AC Group in the original principal amount of $250 million used to partially capitalize the Company. The GAMCO Note bears interest at 4% per annum and has a maturity date of November 30, 2020 with respect to its original principal amount. Interest on the GAMCO Note will accrue from the most recent date for which interest has been paid. Prior to November 30, 2019, at the election of GAMCO, payment of interest on the GAMCO Note may, in lieu of being paid in cash, be paid, in whole or in part, in kind (a “PIK Amount”). GAMCO will repay all PIK Amounts added to the outstanding principal amount of the GAMCO Note, in cash, on the fifth anniversary of the date on which each such PIK Amount was added to the outstanding principal amount of the GAMCO Note. GAMCO may prepay the GAMCO Note prior to maturity without penalty. AC has received principal repayments totaling $210 million on the GAMCO Note, of which $10 million was received during the three months ended March 31, 2018 leaving an outstanding principal balance of $40 million due on November 30, 2020. In addition, GCIA purchased 4,393,055 shares of GAMCO Class A common stock in exchange for a note in the principal amount of $150 million (the “GCIA Note”). In connection with the Spin-off, GAMCO contributed the GCIA Note to the Company. During the quarter ended December 31, 2017, AC forgave the outstanding principal and interest on the GCIA Note.
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue Recognition In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other On May 10, 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation On December 22, 2017, the SEC issued SAB 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act Income Taxes In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue [Abstract]
Revenues by Type	Total revenues by type were as follows for the three months ended March 31, 2018 and 2017, respectively (dollars in thousands): Three months ended March 31, 2018 2017 Investment advisory and incentive fees Asset-based advisory fees $ 1,839 $ 1,852 Performance-based advisory fees 7 - Sub-advisory fees 683 549 2,529 2,401 Institutional research services Hard dollar payments 930 979 Commissions 1,196 1,603 Selling concessions 26 - 2,152 2,582 Other Underwriting fees 19 - Miscellaneous 3 4 22 4 Total $ 4,703 $ 4,987

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2018
Investment in Securities [Abstract]
Investments in Securities	Investments in securities, including GBL stock, at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 March 31, 2017 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Debt and equity securities: Government obligations $ 86,039 $ 86,242 $ 53,681 $ 53,804 $ 99,687 $ 99,820 Common stocks 271,415 267,708 209,686 228,557 71,511 85,802 Mutual funds 2,063 3,393 1,959 3,157 2,405 3,333 Other investments 680 3,105 825 1,824 3,411 3,654 Total debt and equity securities 360,197 360,448 266,151 287,342 177,014 192,609 Available for sale securities: Common stocks - - 65,331 65,024 130,869 129,990 Mutual funds - - 103 271 206 511 Total available for sale securities - - 65,434 65,295 131,075 130,501 Total investments in securities $ 360,197 $ 360,448 $ 331,585 $ 352,637 $ 308,089 $ 323,110
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 March 31, 2017 Proceeds Fair Value Proceeds Fair Value Proceeds Fair Value Debt and equity securities: (In thousands) Common stocks $ 4,726 $ 4,844 $ 4,862 $ 5,396 $ 7,279 $ 7,467 Other investments - 367 1 335 1 52 Total securities sold, not yet purchased $ 4,726 $ 5,211 $ 4,863 $ 5,731 $ 7,280 $ 7,519
Investments in Affiliated Registered Investment Companies	Investments in affiliated registered investment companies at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following: March 31, 2018 December 31, 2017 March 31, 2017 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Debt and equity securities: Closed-end funds $ 79,899 $ 87,069 $ 26,231 $ 26,929 $ - $ - Mutual funds 46,735 53,677 41,950 48,328 40,096 45,250 Total debt and equity securities 126,634 140,746 68,181 75,257 40,096 45,250 Available for sale securities: Closed-end funds - - 53,782 66,218 64,589 85,123 Mutual funds - - 3,420 4,439 4,387 5,911 Total available for sale securities - - 57,202 70,657 68,976 91,034 Total investments in affiliated registered investment companies $ 126,634 $ 140,746 $ 125,383 $ 145,914 $ 109,072 $ 136,284
Reclassifications Out of Accumulated Other Comprehensive Loss	The following table identifies all reclassifications out of accumulated other comprehensive income (“AOCI”) into income for the three months ended March 31, 2018 and 2017 (in thousands): Amount Reclassified from AOCI Affected Line Items in the Statements Of Income Reason for Reclassification from AOCI Three months ended March 31, 2018 2017 $ - $ (19,131 ) Net loss from investments Other than temporary impairment of AFS securities - (19,131 ) Loss before income taxes - 6,887 Income tax benefit $ - $ (12,244 ) Net loss
Schedule of Fair Values and Gains and Losses of All Derivatives and Foreign Currency Positions	The following table identifies the fair values of all derivatives held by the Company (in thousands): Asset Derivatives Liability Derivatives Statement of Fair Value Statement of Fair Value Financial Condition Location March 31, 2018 December 31, 2017 March 31, 2017 Financial Condition Location March 31, 2018 December 31, 2017 March 31, 2017 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ - $ - Payable to brokers $ - $ - $ - Sub total $ - $ - $ - $ - $ - $ - Derivatives not designated as hedging instruments under FASB ASC 815-20 Equity contracts Investments in securities $ 745 $ 229 $ 102 Securities sold, not yet purchased $ 367 $ 335 $ 52 Foreign exchange contracts Receivable from brokers - - - Payable to brokers - - - Sub total $ 745 $ 229 $ 102 $ 367 $ 335 $ 52 Total derivatives $ 745 $ 229 $ 102 $ 367 $ 335 $ 52
Schedule of Derivative Instruments, Gain (Loss)	The following table identifies gains and losses of all derivatives held by the Company (in thousands): Type of Derivative Income Statement Location Three Months ended March 31, 2018 2017 Foreign exchange contracts Net loss from investments $ - $ - Equity contracts Net loss from investments 1,778 (11 ) Total $ 1,778 $ (11 )
Master Netting Arrangements for Swaps	The swaps have a firm contract end date and are closed out and settled when each contract expires. Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets Presented in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Swaps: (In thousands) March 31, 2018 $ 745 $ - $ 745 $ (367 ) $ - $ 378 December 31, 2017 229 - 229 (229 ) - - March 31, 2017 $ 102 $ - $ 102 $ (51 ) $ - $ 51 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities Presented in the Statements of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount Swaps: (In thousands) March 31, 2018 $ 367 $ - $ 367 $ (367 ) $ - $ - December 31, 2017 334 - 334 (229 ) - 105 March 31, 2017 $ 51 $ - $ 51 $ (51 ) $ - $ -
Summary of Available-for-Sale Securities	The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of AFS investments as of December 31, 2017 and March 31, 2017: December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Common stocks $ 65,331 $ - $ (307 ) $ 65,024 Closed-end funds 53,782 12,436 - 66,218 Mutual funds 3,523 1,187 - 4,710 Total available for sale securities $ 122,636 $ 13,623 $ (307 ) $ 135,952 March 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Common stocks $ 130,869 $ - $ (879 ) $ 129,990 Closed-end funds 64,589 20,600 (66 ) 85,123 Mutual funds 4,593 1,829 - 6,422 Total available for sale securities $ 200,051 $ 22,429 $ (945 ) $ 221,535
Investments Classified as Available for Sale in Unrealized Loss Position	Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following (in thousands): December 31, 2017 March 31, 2017 Cost Unrealized Losses Fair Value Cost Unrealized Losses Fair Value Common stocks $ 65,331 $ (307 ) $ 65,024 $ 130,869 $ (879 ) $ 129,990 Closed-end funds - - - 1,864 (66 ) 1,798 Total available for sale securities in unrealized loss position $ 65,331 $ (307 ) $ 65,024 $ 132,733 $ (945 ) $ 131,788

Investment Partnerships and V27

Investment Partnerships and Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Investment in Partnerships and Variable Interest Entities [Abstract]
Schedule of Number of Entities Consolidated	The following table highlights the number of entities that we consolidate as well as the basis under which they are consolidated: Entities consolidated VIEs VOEs Entities consolidated at December 31, 2016 1 1 Additional consolidated entities - - Deconsolidated entities - - Entities consolidated at March 31, 2017 1 1 Additional consolidated entities - 2 Deconsolidated entities - - Entities consolidated at December 31, 2017 1 3 Additional consolidated entities - 2 Deconsolidated entities - - Entities consolidated at March 31, 2018 1 5
Investment in Partnerships by Accounting Method	The following table breaks down the investments in partnerships line by accounting method used (in thousands): March 31, 2018 Accounting method Affiliated Unaffiliated Total Fair Value $ 9,432 $ - $ 9,432 Equity Method 110,544 20,608 131,152 Total $ 119,976 $ 20,608 $ 140,584 December 31, 2017 Accounting method Affiliated Unaffiliated Total Fair Value $ 9,442 $ - $ 9,442 Equity Method 115,046 21,103 136,149 Total $ 124,488 $ 21,103 $ 145,591 March 31, 2017 Accounting method Affiliated Unaffiliated Total Fair Value $ 8,195 $ - $ 8,195 Equity Method 104,245 17,618 121,863 Total $ 112,440 $ 17,618 $ 130,058
Condensed Consolidated Statements of Financial Condition by Entity Consolidated	The following table includes the net impact by line item on the condensed consolidated statements of financial condition for the consolidated entities (in thousands): March 31, 2018 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 276,065 $ 7,907 $ 283,972 Investments in securities (including GBL stock) 255,410 105,038 360,448 Investments in affiliated investment companies 191,986 (51,240 ) 140,746 Investments in partnerships 160,332 (19,748 ) 140,584 Receivable from brokers 6,567 11,968 18,535 Investment advisory fees receivable 1,503 (18 ) 1,485 Other assets 9,277 296 9,573 Total assets $ 901,140 $ 54,203 $ 955,343 Liabilities and equity Securities sold, not yet purchased $ 4,808 $ 403 $ 5,211 Accrued expenses and other liabilities 8,538 3,196 11,734 Redeemable noncontrolling interests - 50,604 50,604 Total equity 887,794 - 887,794 Total liabilities and equity $ 901,140 $ 54,203 $ 955,343 December 31, 2017 Prior to Consolidated Consolidation Entities As Reported Assets Cash and cash equivalents $ 287,963 $ 5,149 $ 293,112 Investments in securities (including GBL stock) 255,252 97,385 352,637 Investments in affiliated investment companies 198,469 (52,555 ) 145,914 Investments in partnerships 160,456 (14,865 ) 145,591 Receivable from brokers 11,722 23,159 34,881 Investment advisory fees receivable 5,749 (10 ) 5,739 Other assets 28,865 176 29,041 Total assets $ 948,476 $ 58,439 $ 1,006,915 Liabilities and equity Securities sold, not yet purchased $ 5,405 $ 326 $ 5,731 Accrued expenses and other liabilities 24,924 11,883 36,807 Redeemable noncontrolling interests - 46,230 46,230 Total equity 918,147 - 918,147 Total liabilities and equity $ 948,476 $ 58,439 $ 1,006,915 March 31, 2017 Prior to Consolidated Consolidation Entities As Reported Assets Cash and cash equivalents $ 307,505 $ 146 $ 307,651 Investments in securities (including GBL stock) 316,424 6,686 323,110 Investments in affiliated investment companies 136,284 - 136,284 Investments in partnerships 135,129 (5,071 ) 130,058 Receivable from brokers 9,666 2,355 12,021 Investment advisory fees receivable 1,361 (12 ) 1,349 Other assets 7,160 - 7,160 Total assets $ 913,529 $ 4,104 $ 917,633 Liabilities and equity Securities sold, not yet purchased $ 7,519 $ - $ 7,519 Accrued expenses and other liabilities 24,179 54 24,233 Redeemable noncontrolling interests - 4,050 4,050 Total equity 881,831 - 881,831 Total liabilities and equity $ 913,529 $ 4,104 $ 917,633
Condensed Consolidated Statements of Income by Entity Consolidated	The following table includes the net impact by line item on the condensed consolidated statements of income for the consolidated entities (in thousands): Three Months Ended March 31, 2018 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 4,720 $ (17 ) $ 4,703 Total expenses 8,441 512 8,953 Operating loss (3,721 ) (529 ) (4,250 ) Total other income/(expense), net (25,242 ) 386 (24,856 ) Loss before income taxes (28,963 ) (143 ) (29,106 ) Income tax benefit (6,734 ) - (6,734 ) Net loss before NCI (22,229 ) (143 ) (22,372 ) Net loss attributable to noncontrolling interests - (143 ) (143 ) Net loss $ (22,229 ) $ - $ (22,229 ) Three Months Ended March 31, 2017 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 4,993 $ (6 ) $ 4,987 Total expenses 9,277 42 9,319 Operating loss (4,284 ) (48 ) (4,332 ) Total other income/(expense), net (17,218 ) 109 (17,109 ) Income/(loss) before income taxes (21,502 ) 61 (21,441 ) Income tax benefit (8,424 ) - (8,424 ) Net income/(loss) before NCI (13,078 ) 61 (13,017 ) Net income attributable to noncontrolling interests - 61 61 Net loss $ (13,078 ) $ - $ (13,078 )
GAMCO's Net Interests in Consolidated VIE's	The following table presents the balances related to VIEs that are consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs: March 31, December 31, March 31, (In thousands) Cash and cash equivalents $ 71 $ 120 $ 146 Investments in securities 9,350 8,757 6,686 Receivable from brokers 981 1,657 2,355 Other assets (1 ) (19 ) (7 ) Accrued expenses and other liabilities (33 ) (29 ) (35 ) Redeemable noncontrolling interests (399 ) (284 ) (310 ) AC Group's net interests in consolidated VIE $ 9,969 $ 10,202 $ 8,835

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets and liabilities by major category measured at fair value on a recurring basis as of March 31, 2018, December 31, 2017 and March 31, 2017 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Investments in certain entities that calculate net asset value per share and other investments that are not held at fair value are provided as separate items to permit reconciliation of the fair value of investments included in the fair value hierarchy to the total amounts presented in the condensed consolidated statements of financial condition. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2018 (in thousands) Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (a) Other Assets Not Held at Fair Value (b) Balance as of March 31, 2018 Cash equivalents $ 283,946 $ - $ - $ - $ - $ 283,946 Investments in partnerships - - - 135,594 4,990 140,584 Investments in securities (including GBL stock): Gov't obligations 86,242 - - - - 86,242 Common stocks 267,100 1 607 - - 267,708 Mutual funds 3,393 - - - - 3,393 Other 220 745 2,140 - - 3,105 Total investments in securities 356,955 746 2,747 - - 360,448 Investments in affiliated registered investment companies: Closed-end funds 87,069 - - - - 87,069 Mutual funds 53,677 - - - - 53,677 Total investments in affiliated registered investment companies 140,746 - - - - 140,746 Total investments 497,701 746 2,747 135,594 4,990 641,778 Total assets at fair value $ 781,647 $ 746 $ 2,747 $ 135,594 $ 4,990 $ 925,724 Liabilities Common stocks $ 4,844 $ - $ - $ - $ 4,844 Other - 367 - - - 367 Securities sold, not yet purchased $ 4,844 $ 367 $ - $ - $ - $ 5,211 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2017 (in thousands) Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (a) Other Assets Not Held at Fair Value (b) Balance as of December 31, 2017 Cash equivalents $ 290,043 $ - $ - $ - $ - $ 290,043 Investments in partnerships - - - 140,617 4,974 145,591 Investments in securities (including GBL stock): AFS - Common stocks 65,024 - - - - 65,024 AFS - Mutual funds 271 - - - - 271 Trading - Gov't obligations 53,804 - - - - 53,804 Trading - Common stocks 227,938 1 618 - - 228,557 Trading - Mutual funds 3,157 - - - - 3,157 Trading - Other 426 229 1,169 - - 1,824 Total investments in securities 350,620 230 1,787 - - 352,637 Investments in affiliated registered investment companies: AFS - Closed-end funds 66,218 - - - - 66,218 AFS - Mutual funds 4,439 - - - - 4,439 Trading - Closed-end funds 26,929 - - - - 26,929 Trading - Mutual funds 48,328 - - - - 48,328 Total investments in affiliated registered investment companies 145,914 - - - - 145,914 Total investments 496,534 230 1,787 140,617 4,974 644,142 Total assets at fair value $ 786,577 $ 230 $ 1,787 $ 140,617 $ 4,974 $ 934,185 Liabilities Trading - Common stocks $ 5,396 $ - $ - $ - $ - $ 5,396 Trading - Other - 335 - - - 335 Securities sold, not yet purchased $ 5,396 $ 335 $ - $ - $ - $ 5,731 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2017 (in thousands) Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Investments Measured at NAV (a) Other Assets Not Held at Fair Value (b) Balance as of March 31, 2017 Cash equivalents $ 307,640 $ - $ - $ - $ - $ 307,640 Investments in partnerships - - - 126,187 3,871 130,058 Investments in securities (including GBL stock): AFS - Common stocks 129,990 - - - - 129,990 AFS - Mutual funds 511 - - - - 511 Trading - Gov't obligations 99,820 - - - - 99,820 Trading - Common stocks 85,308 - 494 - - 85,802 Trading - Mutual funds 3,333 - - - - 3,333 Trading - Other 3,102 102 450 - - 3,654 Total investments in securities 322,064 102 944 - - 323,110 Investments in affiliated registered investment companies: AFS - Closed-end funds 85,123 - - - - 85,123 AFS - Mutual funds 5,911 - - - - 5,911 Trading - Mutual funds 45,250 - - - - 45,250 Total investments in affiliated registered investment companies 136,284 - - - - 136,284 Total investments 458,348 102 944 126,187 3,871 589,452 Total assets at fair value $ 765,988 $ 102 $ 944 $ 126,187 $ 3,871 $ 897,092 Liabilities Trading - Common stocks $ 7,467 $ - $ - $ - $ - $ 7,467 Trading - Other - 52 - - - 52 Securities sold, not yet purchased $ 7,467 $ 52 $ - $ - $ - $ 7,519 (a) Amounts are comprised of certain investments measured at fair value using NAV or its equivalent as a practical expedient. These investments have not been classified in the fair value hierarchy. (b) Amounts include certain equity method investments which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.
Changes in Level 3 Assets and Liabilities	The following tables present additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the three months ended March 31, 2018 (in thousands) Asset December 31, 2017 Beginning Balance Consolidated as of January 1, 2018 Total Realized and Unrealized Gains or (Losses) Total Realized and Unrealized Gains or (Losses) Purchases Sales Transfers In and/or (Out) of Level 3 March 31, 2018 Ending Balance Financial instruments owned: Common stocks $ 618 $ - $ (11 ) $ (11 ) $ - $ - $ - $ 607 Other 1,169 984 8 8 - (21 ) - 2,140 Total $ 1,787 $ 984 $ (3 ) $ (3 ) $ - $ (21 ) $ - $ 2,747 There were no transfers between any Levels during the three months ended March 31, 2018. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the three months ended March 31, 2017 (in thousands) Asset December 31, 2016 Beginning Balance Total Realized and Unrealized Gains or (Losses) in Income Total Unrealized Gains or (Losses) Included in Other Comprehensive Income Total Realized and Unrealized Gains or (Losses) Purchases Sales Transfers In and/or (Out) of Level 3 March 31, 2017 Ending Balance Trading AFS Financial instruments owned: Trading - Common stocks $ 461 $ 33 $ - $ - $ 33 $ - $ - $ - $ 494 Trading - Other 283 - - - - 167 - - 450 Total $ 744 $ 33 $ - $ - $ 33 $ 167 $ - $ - $ 944 There were no transfers between any Levels during the three months ended March 31, 2017.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Loss Per Share	The computations of basic and diluted net loss per share are as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2018 2017 Basic: Net loss attributable to Associated Capital Group, Inc.'s shareholders $ (22,229 ) $ (13,078 ) Weighted average shares outstanding 23,508 23,829 Basic net loss attributable to Associated Capital Group, Inc.'s shareholders per share $ (0.95 ) $ (0.55 ) Diluted: Net loss attributable to Associated Capital Group, Inc.'s shareholders $ (22,229 ) $ (13,078 ) Weighted average share outstanding 23,508 23,829 Dilutive restricted stock awards - - Total 23,508 23,829 Diluted net loss attributable to Associated Capital Group, Inc.'s shareholders per share $ (0.95 ) $ (0.55 )

Contractual Obligations (Tables

Contractual Obligations (Tables)	3 Months Ended
	Mar. 31, 2018
Contractual Obligations [Abstract]
Future Minimum Lease Commitments under Operating Lease	Future minimum lease commitments under this operating lease as of March 31, 2018 are as follows (in thousands): 2018 $ 410 2019 137 Total $ 547

Basis of Presentation and Sig31

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Nov. 30, 2015	Mar. 31, 2018
Class of Stock [Line Items]
Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares)	1
GAMCO Note [Member]
Class of Stock [Line Items]
Notes receivable, face amount		$ 250
Notes receivable, interest rate		4.00%
Notes receivable, maturity date		Nov. 30, 2020
Principal repayments received to date		$ 210
Principal repayments received		10
GAMCO Note [Member] | Principal Amount Due on November 30, 2020 [Member]
Class of Stock [Line Items]
Notes receivable outstanding		$ 40
GAMCO [Member]
Class of Stock [Line Items]
Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares)	1
GAMCO [Member] | Class A [Member]
Class of Stock [Line Items]
Number of shares of common stock purchased (in shares)		4,393,055
GCIA [Member]
Class of Stock [Line Items]
Notes receivable, face amount		$ 150
ASU 2018-02 [Member] | OCI [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from AOCI to retained earnings, tax effect		1.5
ASU 2018-02 [Member] | Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from AOCI to retained earnings, tax effect		$ (1.5)

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues by type [Abstract]
Revenues	$ 4,703	$ 4,987
Investment Advisory and Incentive Fees [Member]
Revenues by type [Abstract]
Revenues	2,529	2,401
Asset-Based Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	$ 1,839	1,852
Asset-Based Advisory Fees [Member] | Minimum [Member]
Disaggregation of Revenue [Line Items]
Percentage of management fee	1.00%
Asset-Based Advisory Fees [Member] | Maximum [Member]
Disaggregation of Revenue [Line Items]
Percentage of management fee	1.50%
Performance-Based Advisory Fees [Member]
Disaggregation of Revenue [Line Items]
Percentage of investment performance calculated for additional fees	20.00%
Revenues by type [Abstract]
Revenues	$ 7	0
Sub-Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	683	549
Institutional Research Services [Member]
Revenues by type [Abstract]
Revenues	2,152	2,582
Hard Dollar Payments [Member]
Revenues by type [Abstract]
Revenues	930	979
Commissions [Member]
Revenues by type [Abstract]
Revenues	1,196	1,603
Selling Concessions [Member]
Revenues by type [Abstract]
Revenues	26	0
Other [Member]
Revenues by type [Abstract]
Revenues	22	4
Underwriting Fees [Member]
Revenues by type [Abstract]
Revenues	19	0
Miscellaneous [Member]
Revenues by type [Abstract]
Revenues	$ 3	$ 4

Investment in Securities, Inves

Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Available for sale securities [Abstract]
Cost		$ 122,636	$ 200,051
Fair value		135,952	221,535
Total investments in securities [Abstract]
Cost	$ 360,197	331,585	308,089
Fair value	360,448	352,637	323,110
Common Stocks [Member]
Available for sale securities [Abstract]
Cost		65,331	130,869
Fair value		65,024	129,990
Mutual Funds [Member]
Available for sale securities [Abstract]
Cost		3,523	4,593
Fair value		4,710	6,422
Investment in Securities [Member] | Debt and Equity Securities [Member]
Debt and equity securities [Abstract]
Cost	360,197	266,151	177,014
Fair value	360,448	287,342	192,609
Investment in Securities [Member] | Debt and Equity Securities [Member] | Government Obligations [Member]
Debt and equity securities [Abstract]
Cost	86,039	53,681	99,687
Fair value	86,242	53,804	99,820
Investment in Securities [Member] | Debt and Equity Securities [Member] | Common Stocks [Member]
Debt and equity securities [Abstract]
Cost	271,415	209,686	71,511
Fair value	267,708	228,557	85,802
Investment in Securities [Member] | Debt and Equity Securities [Member] | Mutual Funds [Member]
Debt and equity securities [Abstract]
Cost	2,063	1,959	2,405
Fair value	3,393	3,157	3,333
Investment in Securities [Member] | Debt and Equity Securities [Member] | Other Investments [Member]
Debt and equity securities [Abstract]
Cost	680	825	3,411
Fair value	3,105	1,824	3,654
Investment in Securities [Member] | Available for Sale Securities [Member]
Available for sale securities [Abstract]
Cost	0	65,434	131,075
Fair value	0	65,295	130,501
Investment in Securities [Member] | Available for Sale Securities [Member] | Common Stocks [Member]
Available for sale securities [Abstract]
Cost	0	65,331	130,869
Fair value	0	65,024	129,990
Investment in Securities [Member] | Available for Sale Securities [Member] | Mutual Funds [Member]
Available for sale securities [Abstract]
Cost	0	103	206
Fair value	$ 0	$ 271	$ 511

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - Investment in Securities [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Debt and equity securities [Abstract]
Proceeds	$ 4,726	$ 4,863	$ 7,280
Fair value	5,211	5,731	7,519
Debt and Equity Securities [Member] | Common Stocks [Member]
Debt and equity securities [Abstract]
Proceeds	4,726	4,862	7,279
Fair value	4,844	5,396	7,467
Debt and Equity Securities [Member] | Other Investments [Member]
Debt and equity securities [Abstract]
Proceeds	0	1	1
Fair value	$ 367	$ 335	$ 52

Investment in Securities, Inv35

Investment in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Available for sale securities [Abstract]
Cost		$ 122,636	$ 200,051
Fair value		135,952	221,535
Total investments in affiliated registered investment companies [Abstract]
Cost	$ 126,634	125,383	109,072
Fair value	140,746	145,914	136,284
Closed-end Funds [Member]
Available for sale securities [Abstract]
Cost		53,782	64,589
Fair value		66,218	85,123
Mutual Funds [Member]
Available for sale securities [Abstract]
Cost		3,523	4,593
Fair value		4,710	6,422
Investment in Affiliated Registered Investment Companies [Member] | Debt and Equity Securities [Member]
Debt and equity securities [Abstract]
Cost	126,634	68,181	40,096
Fair value	140,746	75,257	45,250
Investment in Affiliated Registered Investment Companies [Member] | Debt and Equity Securities [Member] | Closed-end Funds [Member]
Debt and equity securities [Abstract]
Cost	79,899	26,231	0
Fair value	87,069	26,929	0
Investment in Affiliated Registered Investment Companies [Member] | Debt and Equity Securities [Member] | Mutual Funds [Member]
Debt and equity securities [Abstract]
Cost	46,735	41,950	40,096
Fair value	53,677	48,328	45,250
Investment in Affiliated Registered Investment Companies [Member] | Available for Sale Securities [Member]
Available for sale securities [Abstract]
Cost	0	57,202	68,976
Fair value	0	70,657	91,034
Investment in Affiliated Registered Investment Companies [Member] | Available for Sale Securities [Member] | Closed-end Funds [Member]
Available for sale securities [Abstract]
Cost	0	53,782	64,589
Fair value	0	66,218	85,123
Investment in Affiliated Registered Investment Companies [Member] | Available for Sale Securities [Member] | Mutual Funds [Member]
Available for sale securities [Abstract]
Cost	0	3,420	4,387
Fair value	$ 0	$ 4,439	$ 5,911

Investment in Securities, Recla

Investment in Securities, Reclassifications Out of Accumulated Other Comprehensive Income into Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Contractshares	Mar. 31, 2017USD ($)Contractshares	Dec. 31, 2017Contractshares
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net loss from investments	$ (27,530)	$ (14,401)
Loss before income taxes	(29,106)	(21,441)
Income tax benefit	6,734	8,424
Net loss	$ (22,372)	$ (13,017)
Shares under derivative contract (in shares) | shares	1,400,000	(3,041)	1,700,000
Number of foreign exchange contracts | Contract	0	0	0
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss before income taxes	$ 0	$ (19,131)
Income tax benefit	0	6,887
Net loss	0	(12,244)
Other than Temporary Impairment of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net loss from investments	$ 0	$ (19,131)

Investment in Securities, Fair

Investment in Securities, Fair Values and Gains and Losses of All Derivatives Held (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	$ 745	$ 102	$ 229
Liability derivatives fair value	367	52	335
Derivative Instruments, Gain (Loss) [Line Items]
Net loss from investments	1,778	(11)
Net Loss from Investments [Member] | Equity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net loss from investments	1,778	(11)
Net Loss from Investments [Member] | Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net loss from investments	0	0
Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	0	0	0
Liability derivatives fair value	0	0	0
Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Receivable from Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	0	0	0
Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Payable to Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives fair value	0	0	0
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	745	102	229
Liability derivatives fair value	367	52	335
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Receivable from Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	0	0	0
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Payable to Brokers [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives fair value	0	0	0
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Investments in Securities [Member] | Equity Contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives fair values	745	102	229
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Securities Sold, Not yet Purchased [Member] | Equity Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives fair value	$ 367	$ 52	$ 335

Investment in Securities, Maste

Investment in Securities, Master Netting Arrangements for Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	$ 745	$ 229	$ 102
Swaps [Member]
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	745	229	102
Gross amounts offset in the statements of financial condition	0	0	0
Net amounts of assets presented in the statements of financial condition	745	229	102
Gross amounts not offset in the statements of financial condition [Abstract]
Financial instruments	(367)	(229)	(51)
Cash collateral received	0	0	0
Net amount	378	0	51
Offsetting derivative liabilities [Abstract]
Gross amounts of recognized liabilities	367	334	51
Gross amounts offset in the statements of financial condition	0	0	0
Net amounts of liabilities presented in the statements of financial condition	367	334	51
Gross amounts not offset in the statements of financial condition [Abstract]
Financial instruments	(367)	(229)	(51)
Cash collateral pledged	0	0	0
Net amount	$ 0	$ 105	$ 0

Investment in Securities, Summa

Investment in Securities, Summary of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost		$ 200,051	$ 122,636
Gross unrealized gains		22,429	13,623
Gross unrealized losses		(945)	(307)
Fair value		221,535	135,952
Changes in net unrealized gains/(losses), net of taxes, for available for sale securities		10,600
Return of capital on available for sale securities	$ 0	423
Proceeds from sale of investment available for sale		0
Gross gains on sale of investments available for sale		0
Common Stock [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost		130,869	65,331
Gross unrealized gains		0	0
Gross unrealized losses		(879)	(307)
Fair value		129,990	65,024
Closed-end Funds [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost		64,589	53,782
Gross unrealized gains		20,600	12,436
Gross unrealized losses		(66)	0
Fair value		85,123	66,218
Mutual Funds [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost		4,593	3,523
Gross unrealized gains		1,829	1,187
Gross unrealized losses		0	0
Fair value		$ 6,422	$ 4,710

Investment in Securities, Inv40

Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Investments classified as available for sale unrealized loss position [Abstract]
Cost		$ 65,331	$ 132,733
Unrealized losses		(307)	(945)
Fair value		65,024	131,788
GAMCO [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Losses deemed to be other than temporary	$ 19,100
Common Stocks [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Cost		65,331	130,869
Unrealized losses		(307)	(879)
Fair value		65,024	129,990
Closed-end Funds [Member]
Investments classified as available for sale unrealized loss position [Abstract]
Cost		0	1,864
Unrealized losses		0	(66)
Fair value		$ 0	$ 1,798

Investment Partnerships and V41

Investment Partnerships and Variable Interest Entities, Breakdown of Consolidated Entities and Investments in Partnerships Line by Accounting Method (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018USD ($)Entity	Mar. 31, 2017USD ($)Entity	Dec. 31, 2017USD ($)Entity
Variable Interest Entity [Line Items]
Investments in affiliated entities	$ 120,000	$ 112,400	$ 124,500
Investments in unaffiliated entities	20,600	17,600	21,100
Investments in Partnerships by Accounting Method [Abstract]
Fair value	9,432	8,195	9,442
Equity method	131,152	121,863	136,149
Total	140,584	130,058	145,591
Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	9,432	8,195	9,442
Equity method	110,544	104,245	115,046
Total	119,976	112,440	124,488
Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	0	0	0
Equity method	20,608	17,618	21,103
Total	$ 20,608	$ 17,618	$ 21,103
VIEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period | Entity	1	1	1
Additional consolidated entities | Entity	0	0	0
Deconsolidated entities | Entity	0	0	0
Entities consolidated at end of period | Entity	1	1	1
VOEs [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period | Entity	3	1	1
Additional consolidated entities | Entity	2	0	2
Deconsolidated entities | Entity	0	0	0
Entities consolidated at end of period | Entity	5	1	3

Investment Partnerships and V42

Investment Partnerships and Variable Interest Entities, Net Impact by Line Item on the Condensed Consolidated Statements of Financial Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Assets [Abstract]
Cash and cash equivalents	$ 283,972	$ 307,651	$ 293,112	$ 314,093
Investments in securities (including GBL stock)	360,448	323,110	352,637
Investments in affiliated registered investment companies	140,746	136,284	145,914
Investments in partnerships	140,584	130,058	145,591
Receivable from brokers	18,535	12,021	34,881
Investment advisory fees receivable	1,485	1,349	5,739
Other assets	9,573	7,160	29,041
Total assets	955,343	917,633	1,006,915
Liabilities and equity [Abstract]
Securities sold, not yet purchased	5,211	7,519	5,731
Accrued expenses and other liabilities	11,734	24,233	36,807
Redeemable noncontrolling interests	50,604	4,050	46,230
Total equity	887,794	881,831	918,147	$ 874,022
Total liabilities and equity	955,343	917,633	1,006,915
Consolidated Statements of Income [Abstract]
Total revenues	4,703	4,987
Total expenses	8,953	9,319
Operating loss	(4,250)	(4,332)
Total other income/(expense), net	(24,856)	(17,109)
Loss before income taxes	(29,106)	(21,441)
Income tax benefit	(6,734)	(8,424)
Net loss	(22,372)	(13,017)
Net income (loss) attributable to noncontrolling interests	(143)	61
Net loss attributable to Associated Capital Group, Inc.'s shareholders	(22,229)	(13,078)
Prior to Consolidation [Member]
Assets [Abstract]
Cash and cash equivalents	276,065	307,505	287,963
Investments in securities (including GBL stock)	255,410	316,424	255,252
Investments in affiliated registered investment companies	191,986	136,284	198,469
Investments in partnerships	160,332	135,129	160,456
Receivable from brokers	6,567	9,666	11,722
Investment advisory fees receivable	1,503	1,361	5,749
Other assets	9,277	7,160	28,865
Total assets	901,140	913,529	948,476
Liabilities and equity [Abstract]
Securities sold, not yet purchased	4,808	7,519	5,405
Accrued expenses and other liabilities	8,538	24,179	24,924
Redeemable noncontrolling interests	0	0	0
Total equity	887,794	881,831	918,147
Total liabilities and equity	901,140	913,529	948,476
Consolidated Statements of Income [Abstract]
Total revenues	4,720	4,993
Total expenses	8,441	9,277
Operating loss	(3,721)	(4,284)
Total other income/(expense), net	(25,242)	(17,218)
Loss before income taxes	(28,963)	(21,502)
Income tax benefit	(6,734)	(8,424)
Net loss	(22,229)	(13,078)
Net income (loss) attributable to noncontrolling interests	0	0
Net loss attributable to Associated Capital Group, Inc.'s shareholders	(22,229)	(13,078)
Consolidated Entities [Member]
Assets [Abstract]
Cash and cash equivalents	7,907	146	5,149
Investments in securities (including GBL stock)	105,038	6,686	97,385
Investments in affiliated registered investment companies	(51,240)	0	(52,555)
Investments in partnerships	(19,748)	(5,071)	(14,865)
Receivable from brokers	11,968	2,355	23,159
Investment advisory fees receivable	(18)	(12)	(10)
Other assets	296	0	176
Total assets	54,203	4,104	58,439
Liabilities and equity [Abstract]
Securities sold, not yet purchased	403	0	326
Accrued expenses and other liabilities	3,196	54	11,883
Redeemable noncontrolling interests	50,604	4,050	46,230
Total equity	0	0	0
Total liabilities and equity	54,203	4,104	$ 58,439
Consolidated Statements of Income [Abstract]
Total revenues	(17)	(6)
Total expenses	512	42
Operating loss	(529)	(48)
Total other income/(expense), net	386	109
Loss before income taxes	(143)	61
Income tax benefit	0	0
Net loss	(143)	61
Net income (loss) attributable to noncontrolling interests	(143)	61
Net loss attributable to Associated Capital Group, Inc.'s shareholders	$ 0	$ 0

Investment Partnerships and V43

Investment Partnerships and Variable Interest Entities, Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Balances related to VIEs [Abstract]
Cash and cash equivalents	$ 283,972	$ 293,112	$ 307,651	$ 314,093
Investments in securities	360,448	352,637	323,110
Receivable from brokers	18,535	34,881	12,021
Accrued expenses and other liabilities	(11,734)	(36,807)	(24,233)
Redeemable noncontrolling interests	(50,604)	(46,230)	(4,050)
VIEs [Member]
Balances related to VIEs [Abstract]
Cash and cash equivalents	71	120	146
Investments in securities	9,350	8,757	6,686
Receivable from brokers	981	1,657	2,355
Other assets	(1)	(19)	(7)
Accrued expenses and other liabilities	(33)	(29)	(35)
Redeemable noncontrolling interests	(399)	(284)	(310)
AC Group's net interests in consolidated VIE	$ 9,969	$ 10,202	$ 8,835

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Assets [Abstract]
Investments in partnerships		$ 9,432	$ 9,442	$ 8,195
AFS			135,952	221,535
Liabilities [Abstract]
Securities sold, not yet purchased		5,211	5,731	7,519
Common Stocks [Member]
Assets [Abstract]
AFS			65,024	129,990
Closed-end Funds [Member]
Assets [Abstract]
AFS			66,218	85,123
Mutual Funds [Member]
Assets [Abstract]
AFS			4,710	6,422
Unaffiliated [Member]
Assets [Abstract]
Investments in partnerships		$ 0	0	0
Unaffiliated [Member] | Minimum [Member]
Liabilities [Abstract]
Notice period to redeem capital investment		30 days
Unaffiliated [Member] | Maximum [Member]
Liabilities [Abstract]
Notice period to redeem capital investment		95 days
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents		$ 283,946	290,043	307,640
Investments in partnerships		140,584	145,591	130,058
Total investments		641,778	644,142	589,452
Total assets at fair value		925,724	934,185	897,092
Liabilities [Abstract]
Securities sold, not yet purchased		5,211	5,731	7,519
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents		283,946	290,043	307,640
Investments in partnerships		0	0	0
Total investments		497,701	496,534	458,348
Total assets at fair value		781,647	786,577	765,988
Liabilities [Abstract]
Securities sold, not yet purchased		4,844	5,396	7,467
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents		0	0	0
Investments in partnerships		0	0	0
Total investments		746	230	102
Total assets at fair value		746	230	102
Liabilities [Abstract]
Securities sold, not yet purchased		367	335	52
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents		0	0	0
Investments in partnerships		0	0	0
Total investments		2,747	1,787	944
Total assets at fair value		2,747	1,787	944
Liabilities [Abstract]
Securities sold, not yet purchased		0	0	0
Recurring Basis [Member] | Common Stocks [Member]
Liabilities [Abstract]
Trading		4,844	5,396	7,467
Recurring Basis [Member] | Common Stocks [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Liabilities [Abstract]
Trading		4,844	5,396	7,467
Recurring Basis [Member] | Common Stocks [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities [Abstract]
Trading		0	0	0
Recurring Basis [Member] | Common Stocks [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities [Abstract]
Trading		0	0	0
Recurring Basis [Member] | Other [Member]
Liabilities [Abstract]
Trading		367	335	52
Recurring Basis [Member] | Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Liabilities [Abstract]
Trading		0	0	0
Recurring Basis [Member] | Other [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities [Abstract]
Trading		367	335	52
Recurring Basis [Member] | Other [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities [Abstract]
Trading		0	0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member]
Assets [Abstract]
Total investments		360,448	352,637	323,110
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total investments		356,955	350,620	322,064
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total investments		746	230	102
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total investments		2,747	1,787	944
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member]
Assets [Abstract]
Trading		86,242	53,804	99,820
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Trading		86,242	53,804	99,820
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Trading		0	0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading		0	0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member]
Assets [Abstract]
AFS			65,024	129,990
Trading		267,708	228,557	85,802
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
AFS			65,024	129,990
Trading		267,100	227,938	85,308
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
AFS			0	0
Trading		1	1	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
AFS			0	0
Trading		607	618	494
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS			271	511
Trading		3,393	3,157	3,333
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
AFS			271	511
Trading		3,393	3,157	3,333
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
AFS			0	0
Trading		0	0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
AFS			0	0
Trading		0	0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member]
Assets [Abstract]
Trading		3,105	1,824	3,654
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Trading		220	426	3,102
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Trading		745	229	102
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading		2,140	1,169	450
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member]
Assets [Abstract]
Total investments		140,746	145,914	136,284
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total investments		140,746	145,914	136,284
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total investments		0	0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total investments		0	0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member]
Assets [Abstract]
AFS			66,218	85,123
Trading		87,069	26,929
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
AFS			66,218	85,123
Trading		87,069	26,929
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
AFS			0	0
Trading		0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
AFS			0	0
Trading		0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS			4,439	5,911
Trading		53,677	48,328	45,250
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
AFS			4,439	5,911
Trading		53,677	48,328	45,250
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
AFS			0	0
Trading		0	0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
AFS			0	0
Trading		0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member]
Assets [Abstract]
Cash equivalents	[1]	0	0	0
Investments in partnerships	[1]	135,594	140,617	126,187
Total investments	[1]	135,594	140,617	126,187
Total assets at fair value	[1]	135,594	140,617	126,187
Liabilities [Abstract]
Securities sold, not yet purchased	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Common Stocks [Member]
Liabilities [Abstract]
Trading	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Other [Member]
Liabilities [Abstract]
Trading	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Securities (Including GBL Stock) [Member]
Assets [Abstract]
Total investments	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member]
Assets [Abstract]
Trading	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member]
Assets [Abstract]
AFS	[1]		0	0
Trading	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS	[1]		0	0
Trading	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member]
Assets [Abstract]
Trading	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Affiliated Registered Investment Companies [Member]
Assets [Abstract]
Total investments	[1]	0	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member]
Assets [Abstract]
AFS	[1]		0	0
Trading	[1]	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS	[1]		0	0
Trading	[1]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member]
Assets [Abstract]
Cash equivalents	[2]	0	0	0
Investments in partnerships	[2]	4,990	4,974	3,871
Total investments	[2]	4,990	4,974	3,871
Total assets at fair value	[2]	4,990	4,974	3,871
Liabilities [Abstract]
Securities sold, not yet purchased	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Common Stocks [Member]
Liabilities [Abstract]
Trading	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Other [Member]
Liabilities [Abstract]
Trading	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Securities (Including GBL Stock) [Member]
Assets [Abstract]
Total investments	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member]
Assets [Abstract]
Trading	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member]
Assets [Abstract]
AFS	[2]		0	0
Trading	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS	[2]		0	0
Trading	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member]
Assets [Abstract]
Trading	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Affiliated Registered Investment Companies [Member]
Assets [Abstract]
Total investments	[2]	0	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member]
Assets [Abstract]
AFS	[2]		0	0
Trading	[2]	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS	[2]		0	0
Trading	[2]	$ 0	$ 0	$ 0
[1]	Amounts are comprised of certain investments measured at fair value using NAV or its equivalent as a practical expedient. These investments have not been classified in the fair value hierarchy.
[2]	Amounts include certain equity method investments which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company's investment in such equity method investees may not represent fair value.

Fair Value, Changes in Level 3

Fair Value, Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	$ 1,787	$ 744
Total realized and unrealized gains or (losses) in income - trading		33
Total realized and unrealized gains or (losses) in income - AFS investments		0
Total unrealized gains or (losses) included in other comprehensive income		0
Total realized and unrealized gains or (losses)	(3)	33
Purchases	0	167
Sales	(21)	0
Transfers in and/or (out) of Level 3	0	0
Ending balance	2,747	944
ASU 2016-01 [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	984
Common Stocks [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	618	461
Total realized and unrealized gains or (losses) in income - trading		33
Total realized and unrealized gains or (losses) in income - AFS investments		0
Total unrealized gains or (losses) included in other comprehensive income		0
Total realized and unrealized gains or (losses)	(11)	33
Purchases	0	0
Sales	0	0
Transfers in and/or (out) of Level 3	0	0
Ending balance	607	494
Common Stocks [Member] | ASU 2016-01 [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	0
Other [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	1,169	283
Total realized and unrealized gains or (losses) in income - trading		0
Total realized and unrealized gains or (losses) in income - AFS investments		0
Total unrealized gains or (losses) included in other comprehensive income		0
Total realized and unrealized gains or (losses)	8	0
Purchases	0	167
Sales	(21)	0
Transfers in and/or (out) of Level 3	0	0
Ending balance	2,140	$ 450
Other [Member] | ASU 2016-01 [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	$ 984

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Taxes [Abstract]
Effective income tax rate	23.10%	39.30%
Standard corporate tax rate	21.00%	34.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic [Abstract]
Net loss attributable to Associated Capital Group, Inc.'s shareholders	$ (22,229)	$ (13,078)
Weighted average shares outstanding (in shares)	23,508	23,829
Basic net loss attributable to Associated Capital Group, Inc.'s shareholders per share (in dollars per share)	$ (0.95)	$ (0.55)
Diluted [Abstract]
Net loss attributable to Associated Capital Group, Inc.'s shareholders	$ (22,229)	$ (13,078)
Weighted average shares outstanding (in shares)	23,508	23,829
Dilutive restricted stock awards (in shares)	0	0
Total (in shares)	23,508	23,829
Diluted net loss attributable to Associated Capital Group, Inc.'s shareholders per share (in dollars per share)	$ (0.95)	$ (0.55)

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2015shares	Mar. 31, 2018USD ($)VoteperShare$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2017shares
Stockholders' Equity [Abstract]
Shares outstanding (in shares)		23,100,000	24,200,000	23,600,000
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares		$ 0	$ 0
Stock Award and Incentive Plan [Abstract]
Stock-based compensation | $		$ 72	$ 444
Class A [Member]
Stockholders' Equity [Abstract]
Shares outstanding (in shares)		3,944,656	5,051,686	4,451,379
Exchange Offer [Abstract]
Number of share tendered upon completion of exchange offer (in shares)		493,954
Voting Rights [Abstract]
Number of votes per share | VoteperShare		1
Class B [Member]
Stockholders' Equity [Abstract]
Shares outstanding (in shares)		19,187,885	19,196,792	19,187,885
Voting Rights [Abstract]
Number of votes per share | VoteperShare		10
GAMCO [Member] | Class A [Member]
Exchange Offer [Abstract]
Number of shares received in exchange (in shares)		1.35
Number of shares accepted for exchange (in shares)		666,805
Value of shares in exchange offer | $		$ 17,737
Restricted Stock Awards [Member]
Stock Award and Incentive Plan [Abstract]
RSAs issued (in shares)		0	0
Granted (in shares)	554,100
RSA shares outstanding (in shares)			420,240	0
Restricted Stock Awards [Member] | GAMCO [Member]
Stock Award and Incentive Plan [Abstract]
Number of GAMCO shares exchanged in connection with spin-off (in shares)	554,100
RSA shares outstanding (in shares)			420,240	19,400
Number of shares with accelerated vesting (in shares)		19,400

Goodwill and Identifiable Int49

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Goodwill [Line Items]
Goodwill	$ 3,422	$ 3,422	$ 3,422
Impairment charges on goodwill	0	$ 0
GCIA [Member]
Goodwill [Line Items]
Goodwill	$ 3,400

Shareholder-Designated Contri50

Shareholder-Designated Contribution Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2016
Shareholder-Designated Contribution Plan [Abstract]
Contribution price (in dollars per share)			$ 0.25
Shareholder-designated contribution	$ 0	$ (4,895)

Contractual Obligations (Detail

Contractual Obligations (Details) $ in Thousands	Mar. 31, 2018USD ($)
Future minimum lease commitment under operating lease [Abstract]
2,018	$ 410
2,019	137
Total	$ 547

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	May 08, 2018	Apr. 04, 2018	May 08, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Dividends declared (in dollars per share)				$ 0	$ 0
GAMCO Note [Member]
Subsequent Event [Line Items]
Prepayment of note				$ 10
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.10
Dividends declared date	May 8, 2018
Dividends payable date	Jul. 2, 2018
Dividends record date	Jun. 18, 2018
Subsequent Event [Member] | GAMCO Note [Member]
Subsequent Event [Line Items]
Prepayment of note		$ 10
Principal amount outstanding		$ 30
Subsequent Event [Member] | Repurchase of Common Stock [Member]
Subsequent Event [Line Items]
Number of shares of stock repurchased (in shares)			28,142
Average price per share of repurchased shares (in dollars per share)			$ 36.29