Associated Capital (AC) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 02, 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 Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,539,753
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	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 348,887	$ 293,112
Investments in securities	268,414	222,383
Investment in GBL stock (3,726,250 and 4,393,055 shares, respectively)	87,269	130,254
Investments in affiliated registered investment companies	146,446	145,914
Investments in partnerships	142,283	145,591
Receivable from brokers	18,352	34,881
Investment advisory fees receivable	1,367	5,739
Receivable from affiliates	415	15,866
Goodwill and intangible assets	3,519	3,422
Other assets	4,037	9,753
Total assets	1,020,989	1,006,915
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Payable to brokers	13,325	13,281
Income taxes payable and deferred tax liabilities	827	5,484
Compensation payable	6,790	12,785
Securities sold, not yet purchased	22,353	5,731
Payable to affiliates	602	442
Accrued expenses and other liabilities	2,148	4,815
Total liabilities	46,045	42,538
Redeemable noncontrolling interests	51,119	46,230
Equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Additional paid-in capital	1,010,577	1,010,505
Retained earnings	426	13,800
GBL 4% PIK Note	0	(50,000)
Accumulated comprehensive income	0	6,712
Treasury stock, at cost (2,620,953 and 1,952,908 shares, respectively)	(87,203)	(62,895)
Total Associated Capital Group, Inc. stockholders' equity	923,825	918,147
Total liabilities and equity	1,020,989	1,006,915
Class A [Member]
Equity:
Common stock	6	6
Class B [Member]
Equity:
Common stock	$ 19	$ 19

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Investment in GBL stock, shares (in shares)	3,726,250	4,393,055
Equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares outstanding (in shares)	23,000,000	23,600,000
Treasury stock, shares (in shares)	2,620,953	1,952,908
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
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	6,534,287	6,404,287
Common stock, shares outstanding (in shares)	3,913,334	4,451,379
Class B [Member]
Equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,196,792	19,196,792
Common stock, shares outstanding (in shares)	19,057,885	19,187,885

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Total revenues	$ 4,666	$ 5,248	$ 14,165	$ 15,330
Expenses
Compensation	5,907	8,354	18,173	24,922
Other operating expenses	2,258	3,006	7,187	7,305
Total expenses	8,165	11,360	25,360	32,227
Operating loss	(3,499)	(6,112)	(11,195)	(16,897)
Other income (expense)
Net gain/(loss) from investments	(7,977)	5,234	(18,936)	(1,018)
Interest and dividend income	3,466	2,347	9,338	7,295
Interest expense	(70)	(69)	(142)	(210)
Shareholder-designated contribution	0	0	0	(4,895)
Total other income (expense), net	(4,581)	7,512	(9,740)	1,172
Income/(loss) before income taxes	(8,080)	1,400	(20,935)	(15,725)
Income tax expense/(benefit)	(858)	67	(4,204)	(8,667)
Net income/(loss) before NCI	(7,222)	1,333	(16,731)	(7,058)
Net income/(loss) attributable to noncontrolling interests	157	(186)	1,053	(95)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ (7,379)	$ 1,519	$ (17,784)	$ (6,963)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders per share:
Basic (in dollars per share)	$ (0.32)	$ 0.06	$ (0.77)	$ (0.29)
Diluted (in dollars per share)	$ (0.32)	$ 0.06	$ (0.77)	$ (0.29)
Weighted average shares outstanding:
Basic (in shares)	22,979	23,841	23,187	23,826
Diluted (in shares)	22,979	23,841	23,187	23,826
Dividends declared (in dollars per share)	$ 0	$ 0	$ 0.10	$ 0.10
Investment Advisory and Incentive Fees [Member]
Revenues
Total revenues	$ 2,805	$ 2,587	$ 7,949	$ 7,318
Institutional Research Services [Member]
Revenues
Total revenues	1,855	2,584	6,179	7,917
Other [Member]
Revenues
Total revenues	$ 6	$ 77	$ 37	$ 95

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net income/(loss)		$ (7,222)	$ 1,333	$ (16,731)	$ (7,058)
Other comprehensive income, net of tax:
Net unrealized gains on securities available for sale	[1]	0	1,686	0	14,201
Other comprehensive income		0	1,686	0	14,201
Comprehensive income/(loss)		(7,222)	3,019	(16,731)	7,143
Less: Comprehensive income attributable to noncontrolling interests		157	(186)	1,053	(95)
Comprehensive income/(loss) attributable to Associated Capital Group, Inc.		$ (7,379)	$ 3,205	$ (17,784)	$ 7,238
[1]	Net of income tax expense of $0, $948, $0, and $7,988, respectively.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other comprehensive income, net of tax:
Net unrealized gains on securities available for sale, income tax expense	$ 0	$ 948	$ 0	$ 7,988

CONDENSED CONSOLIDATED STATEM_6

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	(236)
Contributions from noncontrolling interests	0	0	0	0	0	0	0	38,220
Net income/(loss)	0	(6,963)	0	0	0	0	(6,963)	(95)
Net unrealized gains on securities available for sale, net of income tax expense ($1,161)	0	0	0	0	2,064	0	2,064	0
Amounts reclassified from accumulated other comprehensive income, net of income tax expense ($6,827)	0	0	0	0	12,137	0	12,137	0
Stock-based compensation expense	0	0	5,226	0	0	0	5,226	0
Proceeds from payment of GBL 4% PIK Note	0	0	0	30,000	0	0	30,000	0
Dividends declared	0	0	(2,401)	0	0	0	(2,401)
Purchase of treasury stock	0	0	0	0	0	(15,877)	(15,877)	0
Balance at Sep. 30, 2017	25	364	1,009,852	(70,000)	15,518	(57,551)	898,208	42,119
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	6,712	0	0	(6,712)	0	0	0
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(2,652)
Consolidation of certain investment funds	0	0	0	0	0	0	0	6,488
Net income/(loss)	0	(17,784)	0	0	0	0	(17,784)	1,053
Stock-based compensation expense	0	0	72	0	0	0	72	0
Proceeds from payment of GBL 4% PIK Note	0	0	0	50,000	0	0	50,000	0
Dividends declared		(2,302)					(2,302)
Exchange offer	0	0	0	0	0	(17,737)	(17,737)	0
Purchase of treasury stock	0	0	0	0	0	(6,571)	(6,571)	0
Balance at Sep. 30, 2018	$ 25	$ 426	$ 1,010,577	$ 0	$ 0	$ (87,203)	$ 923,825	$ 51,119

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gains on securities available for sale, income tax expense				$ 1,161
Amounts reclassified from accumulated other comprehensive income, income tax expense				$ 6,872
Dividend declared (in dollars per share)	$ 0	$ 0	$ 0.10	$ 0.10
GBL 4% PIK Note [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt instrument, interest rate	4.00%	4.00%	4.00%	4.00%

CONDENSED CONSOLIDATED STATEM_8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net loss	$ (16,731)	$ (7,058)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net gains from partnerships	(3,697)	(6,325)
Depreciation and amortization	15	12
Stock-based compensation expense	72	5,226
Loss on exchange offer	2,127	0
Other-than-temporary loss on available for sale securities	0	19,131
Donated securities	0	2,627
Net gains on sales of available for sale securities	0	(167)
(Increase) decrease in assets:
Investments in trading securities	1,983	(91,584)
Investments in partnerships:
Contributions to partnerships	(8,077)	(16,928)
Distributions from partnerships	9,512	11,557
Receivable from affiliates	451	(1,651)
Goodwill and intangible assets	(97)	0
Receivable from brokers	19,706	(3,165)
Investment advisory fees receivable	4,372	8,351
Other assets	5,983	2,672
Increase (decrease) in liabilities:
Payable to brokers	44	11,025
Income taxes payable and deferred tax liabilities	(4,656)	(10,619)
Payable to affiliates	161	(1,019)
Compensation payable	(5,994)	(8,237)
Accrued expenses and other liabilities	(557)	(33,368)
Total adjustments	21,348	(112,462)
Net cash provided by (used in) operating activities	4,617	(119,520)
Investing activities
Purchases of available for sale securities	0	(3,583)
Proceeds from sales of available for sale securities	0	271
Return of capital on available for sale securities	0	1,337
Proceeds from note receivable	15,000	0
Net cash provided by (used in) investing activities	15,000	(1,975)
Financing activities
Contributions from redeemable noncontrolling interests	0	38,220
Redemptions of redeemable noncontrolling interests	(2,652)	(236)
Dividends paid	(4,666)	(2,403)
Purchase of treasury stock	(6,571)	(15,877)
Proceeds from payment of GBL 4% PIK Note	50,000	30,000
Net cash provided by financing activities	36,111	49,704
Net increase (decrease) in cash and cash equivalents	55,728	(71,791)
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	348,887	242,302
Supplemental disclosures of cash flow information:
Cash paid for interest	141	210
Cash paid for taxes	$ 304	$ 2,077

CONDENSED CONSOLIDATED STATEM_9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Jul. 19, 2017	Mar. 31, 2018	Sep. 30, 2017	Dec. 31, 2017
Non-cash activity:
Dividends accrued on restricted stock awards			$ 8
Increase in cash and cash equivalent from consolidation			$ 0	$ 47
Increase in other net assets from consolidation	$ 99,276			6,441
Increase in redeemable noncontrolling interest from consolidation	$ 37,901			$ 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

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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, 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 event and risk arbitrage portfolios. The business earns management and incentive fees from its advisory assets under management. 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”), 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. 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 bearing interest at 4% per annum and with an original maturity date of November 30, 2020. GAMCO could prepay the GAMCO Note prior to maturity without penalty. As of June 30, 2018, AC had received principal repayments totaling $230 million on the GAMCO Note and, during the third quarter, GBL repaid the outstanding $20 million balance. In addition, GCIA purchased 4,393,055 shares of GAMCO Class A common stock for $150 million. 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, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification

Revenue

Revenue	9 Months Ended
	Sep. 30, 2018
Revenue [Abstract]
Revenue	B. Revenue 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 based on value of the net assets of the client. It 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, typically the calendar year. In addition, the contracts provide that performance-based fees or allocations become fixed in the event of an investor redemption prior to the end of the measurement period. 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 or the time of the investor redemption when the liability for such fees becomes fixed and not subject to adjustment. 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 not subject to adjustment. 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 and incentive fees payable by investment funds are typically approved by third-party administrators and paid directly from the accounts’ assets. Such fees attributable to 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 when the related 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. The Company recognizes selling commissions upon the sale of the related securities to its clients. d. Sales manager fees – The Company participates as sales manager of at-the-market offerings of certain affiliated closed-end funds and receives a tiered percentage of proceeds as stipulated in agreements between the Company, the funds and the funds’ investment adviser. The Company recognizes sales manager fees upon sale of the related closed-end funds. Sales manager fees earned are typically collected from the clearing brokers utilized by G.research on a daily or weekly basis. 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 and nine months ended September 30, 2018, respectively (in thousands): Three months ended September 30, 2018 Nine months ended September 30, 2018 Investment advisory and incentive fees Asset-based advisory fees $ 1,879 $ 5,561 Performance-based advisory fees 27 34 Sub-advisory fees 899 2,354 2,805 7,949 Institutional research services Hard dollar payments 541 2,236 Commissions 1,284 3,844 Selling concessions 15 84 Sales manager fees 15 15 1,855 6,179 Other Underwriting fees - 19 Miscellaneous 6 18 6 37 Total $ 4,666 $ 14,165

Investment in Securities

Investment in Securities	9 Months Ended
	Sep. 30, 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 September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Debt and equity securities: Government obligations $ 34,970 $ 35,256 $ 53,681 $ 53,804 Common stocks 319,880 313,742 209,686 228,557 Mutual funds 808 1,553 1,959 3,157 Other investments 5,446 5,132 825 1,824 Total debt and equity securities 361,104 355,683 266,151 287,342 Available for sale securities: Common stocks - - 65,331 65,024 Mutual funds - - 103 271 Total available for sale securities - - 65,434 65,295 Total investments in securities $ 361,104 $ 355,683 $ 331,585 $ 352,637 Securities sold, not yet purchased at September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, 2018 December 31, 2017 Proceeds Fair Value Proceeds Fair Value Debt and equity securities: Common stocks $ 21,297 $ 22,093 $ 4,862 $ 5,396 Other investments 2 260 1 335 Total securities sold, not yet purchased $ 21,299 $ 22,353 $ 4,863 $ 5,731 Investments in affiliated registered investment companies at September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Debt and equity securities: Closed-end funds $ 79,097 $ 90,610 $ 26,231 $ 26,929 Mutual funds 47,727 55,836 41,950 48,328 Total debt and equity securities 126,824 146,446 68,181 75,257 Available for sale securities: Closed-end funds - - 53,782 66,218 Mutual funds - - 3,420 4,439 Total available for sale securities - - 57,202 70,657 Total investments in affiliated registered investment companies $ 126,824 $ 146,446 $ 125,383 $ 145,914 The following table identifies all reclassifications out of accumulated other comprehensive income (“AOCI”) into income for the three and nine months ended September 30, 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 September 30, 2018 2017 $ - $ 125 Net gain/(loss) from investments Realized gain on sale of AFS securities - 125 Income/(loss) before income taxes - (45 ) Income tax (expense)/benefit $ - $ 80 Net income/(loss) Amount Reclassified from AOCI Affected Line Items in the Statements Of Income Reason for Reclassification from AOCI Nine months ended September 30, 2018 2017 $ - $ 167 Net gain/(loss) from investments Realized gain on sale of AFS securities - (19,131 ) Net gain/(loss) from investments OTT impairment of AFS securities - (18,964 ) Income/(loss) before income taxes - 6,827 Income tax (expense)/benefit $ - $ (12,137 ) Net income/(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 September 30, 2018 and December 31, 2017, we held derivative contracts on 0.6 million and 1.7 million 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 foreign exchange contracts outstanding at September 30, 2018, but none at December 31, 2017. Except for the foreign exchange contracts entered into by the Company, these transactions are not designated as hedges for accounting purposes, and 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 Financial Condition Location Fair Value Statement of Financial Condition Location Fair Value September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ 138 $ - Payable to brokers $ - $ - Sub total $ 138 $ - $ - $ - Derivatives not designated as hedging instruments under FASB ASC 815-20 Equity contracts Investments in securities $ 425 $ 229 Securities sold, not yet purchased $ 260 $ 335 Foreign exchange contracts Receivable from brokers - - Payable to brokers - - Sub total $ 425 $ 229 $ 260 $ 335 Total derivatives $ 563 $ 229 $ 260 $ 335 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 September 30, Nine Months ended September 30, 2018 2017 2018 2017 Foreign exchange contracts Net gain/(loss) from investments $ 36 $ - $ 138 $ - Equity contracts Net gain/(loss) from investments 652 (456 ) 3,304 (490 ) Total $ 688 $ (456 ) $ 3,442 $ (490 ) 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 of Recognized Assets Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Swaps: (In thousands) September 30, 2018 $ 250 $ - $ 250 $ (250 ) $ - $ - December 31, 2017 229 - 229 (229 ) - - 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 Gross Amounts Not Offset in the Statements of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount Swaps: (In thousands) September 30, 2018 $ 259 $ - $ 259 $ (250 ) $ - $ 9 December 31, 2017 334 - 334 (229 ) - 105 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 (in thousands): December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 Changes in net unrealized gains, net of taxes, for AFS securities for the three months ended September 30, 2017 of $1.7 million have been included in other comprehensive income, a component of equity, at September 30, 2017. Return of capital on AFS securities was $0.5 million for the three months ended September 30, 2017. For the three months ended September 30, 2017, proceeds and gross gains from the sales of AFS investments were approximately $0.2 million and $0.1 million, respectively. Changes in net unrealized gains, net of taxes, for AFS securities for the nine months ended September 30, 2017 of $14.2 million have been included in other comprehensive income, a component of equity, at September 30, 2017. Return of capital on AFS securities was $1.3 million for the nine months ended September 30, 2017. For the nine months ended September 30, 2017, proceeds and gross gains from the sales of AFS investments were approximately $0.3 million and $0.2 million, respectively. The Company determines the cost of a security sold by using specific identification. Investments classified as available for sale that were in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following (in thousands): December 31, 2017 Cost Unrealized Losses Fair Value Common stocks $ 65,331 $ (307 ) $ 65,024 Total available for sale securities in unrealized loss position $ 65,331 $ (307 ) $ 65,024 For the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2018
Investment 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 $122.1 million and $124.5 million at September 30, 2018 and December 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 $20.2 million and $21.1 million at September 30, 2018 and December 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 both Affiliated Entities and Unaffiliated Entities. The Company reflects its equity in earnings or the change in fair value of these entities under the caption “net gain/(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 - 1 Deconsolidated entities - - Entities consolidated at September 30, 2017 1 2 Additional consolidated entities - 1 Deconsolidated entities - - Entities consolidated at December 31, 2017 1 3 Additional consolidated entities - 2 Deconsolidated entities - - Entities consolidated at September 30, 2018 1 5 The following table provides details regarding the investments in partnerships by accounting method used (in thousands): September 30, 2018 Accounting method Affiliated Unaffiliated Total Fair Value $ 9,507 $ - $ 9,507 Equity Method 112,567 20,209 132,776 Total $ 122,074 $ 20,209 $ 142,283 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 The following table includes the net impact by line item on the condensed consolidated statements of financial condition for the consolidated entities (in thousands): September 30, 2018 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 351,253 $ (2,366 ) $ 348,887 Investments in securities (including GBL stock) 226,918 128,765 355,683 Investments in affiliated investment companies 197,791 (51,345 ) 146,446 Investments in partnerships 163,141 (20,858 ) 142,283 Receivable from brokers 6,318 12,034 18,352 Investment advisory fees receivable 1,389 (22 ) 1,367 Other assets 7,664 307 7,971 Total assets $ 954,474 $ 66,515 $ 1,020,989 Liabilities and equity Securities sold, not yet purchased $ 11,257 $ 11,096 $ 22,353 Accrued expenses and other liabilities 19,392 4,300 23,692 Redeemable noncontrolling interests - 51,119 51,119 Total equity 923,825 - 923,825 Total liabilities and equity $ 954,474 $ 66,515 $ 1,020,989 December 31, 2017 Prior to Consolidation Consolidated 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 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 September 30, 2018 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 4,683 $ (17 ) $ 4,666 Total expenses 7,698 467 8,165 Operating loss (3,015 ) (484 ) (3,499 ) Total other income/(expense), net (5,222 ) 641 (4,581 ) Loss/(income) before income taxes (8,237 ) 157 (8,080 ) Income tax benefit (858 ) - (858 ) Net income/(loss) before NCI (7,379 ) 157 (7,222 ) Net income attributable to noncontrolling interests - 157 157 Net loss $ (7,379 ) $ - $ (7,379 ) Three Months Ended September 30, 2017 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 5,252 $ (4 ) $ 5,248 Total expenses 10,188 1,172 11,360 Operating loss (4,936 ) (1,176 ) (6,112 ) Total other income, net 6,522 990 7,512 Income/(loss) before income taxes 1,586 (186 ) 1,400 Income tax expense 67 - 67 Net income/(loss) before NCI 1,519 (186 ) 1,333 Net loss attributable to noncontrolling interests - (186 ) (186 ) Net income $ 1,519 $ - $ 1,519 Nine Months Ended September 30, 2018 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 14,215 $ (50 ) $ 14,165 Total expenses 23,913 1,447 25,360 Operating loss (9,698 ) (1,497 ) (11,195 ) Total other income/(expense), net (12,290 ) 2,550 (9,740 ) Loss before income taxes (21,988 ) 1,053 (20,935 ) Income tax benefit (4,204 ) - (4,204 ) Net income/(loss) before NCI (17,784 ) 1,053 (16,731 ) Net income attributable to noncontrolling interests - 1,053 1,053 Net loss $ (17,784 ) $ - $ (17,784 ) Nine Months Ended September 30, 2017 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 15,345 $ (15 ) $ 15,330 Total expenses 30,959 1,268 32,227 Operating loss (15,614 ) (1,283 ) (16,897 ) Total other income/(expense), net (16 ) 1,188 1,172 Loss before income taxes (15,630 ) (95 ) (15,725 ) Income tax benefit (8,667 ) - (8,667 ) Net loss before NCI (6,963 ) (95 ) (7,058 ) Net loss attributable to noncontrolling interests - (95 ) (95 ) Net loss $ (6,963 ) $ - $ (6,963 ) 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 (in thousands): September 30, 2018 December 31, 2017 Cash and cash equivalents $ 2,546 $ 120 Investments in securities 8,177 8,757 Receivable from brokers 364 1,657 Other assets (2 ) (19 ) Accrued expenses and other liabilities (27 ) (29 ) Redeemable noncontrolling interests (420 ) (284 ) AC Group’s net interests in consolidated VIE $ 10,638 $ 10,202

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 September 30, 2018 and December 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 September 30, 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 September 30, 2018 Cash equivalents $ 353,402 $ - $ - $ - $ - $ 353,402 Investments in partnerships - - - 137,887 4,396 142,283 Investments in securities (including GBL stock): Gov’t obligations 35,256 - - - - 35,256 Common stocks 306,127 7,603 12 - - 313,742 Mutual funds 1,553 - - - - 1,553 Other 172 425 4,535 - - 5,132 Total investments in securities 343,108 8,028 4,547 - - 355,683 Investments in affiliated registered investment companies: Closed-end funds 90,610 - - - - 90,610 Mutual funds 55,836 - - - - 55,836 Total investments in affiliated registered investment companies 146,446 - - - - 146,446 Total investments 489,554 8,028 4,547 137,887 4,396 644,412 Total assets at fair value $ 842,956 $ 8,028 $ 4,547 $ 137,887 $ 4,396 $ 997,814 Liabilities Securities sold, not yet purchased Common stocks $ 22,093 $ - $ - $ - $ - $ 22,093 Other - 260 - - - 260 Total liabilities at fair value $ 22,093 $ 260 $ - $ - $ - $ 22,353 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 Securities sold, not yet purchased Trading - Common stocks $ 5,396 $ - $ - $ - $ - $ 5,396 Trading - Other - 335 - - - 335 Total liabilities at fair value $ 5,396 $ 335 $ - $ - $ - $ 5,731 (a) Amounts include certain investments measured at fair value using NAV or its equivalent as a practical expedient. At September 30, 2018 and December 31, 2017, these amounts were $9,507 and $9,442, respectively. Amounts also include certain equity method investments which account for their financial assets and most financial liabilities under fair value measures and therefore the Company’s investment approximates fair value. At September 30, 2018 and December 31, 2017, these amounts were $128,380 and $131,175, respectively. 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 measured at NAV shown in the above tables 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 summarize changes in assets reported at fair value for which level 3 inputs have been used to determine fair value for the three and nine months ended September 30, 2018 and 2017, respectively (in thousands): Three months ended September 30, 2018 Three months ended September 30, 2017 Common Stocks Other Total Common Stocks Other Total Beginning balance $ 590 $ 4,465 $ 5,055 $ 510 $ 449 $ 959 Total gains/(losses) 2 2 4 2 39 41 Purchases - 15 15 - - - Sales - - - - (142 ) (142 ) Transfers (580 ) 53 (527 ) (36 ) - (36 ) Ending balance $ 12 $ 4,535 $ 4,547 $ 476 $ 346 $ 822 Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date $ 2 $ 2 $ 4 $ 2 $ 1 $ 3 Nine months ended September 30, 2018 Nine months ended September 30, 2017 Common Stocks Other Total Common Stocks Other Total Beginning balance $ 618 $ 1,169 $ 1,787 $ 461 $ 283 $ 744 Consolidated fund - 984 984 - - - Total gains/(losses) (1 ) (2,413 ) (2,414 ) 51 46 97 Purchases - 4,773 4,773 - 167 167 Sales - (31 ) (31 ) - (150 ) (150 ) Transfers (605 ) 53 (552 ) (36 ) - (36 ) Ending balance $ 12 $ 4,535 $ 4,547 $ 476 $ 346 $ 822 Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date $ - $ (2,429 ) $ (2,429 ) $ 42 $ 3 $ 45 Total realized and unrealized gains and losses for level 3 assets are reported in net gain/(loss) from investments in the condensed consolidated statements of income. During the three months ended September 30, 2018 and September 30, 2017, the Company transferred investments with values of approximately $580,000 and $36,000, respectively, from level 3 to level 1 due to increased availability of market price quotations. During the nine months ended September 30, 2018 and September 30, 2017, the Company transferred investments with values of approximately $605,000 and $36,000, respectively, from level 3 to level 1 due to increased availability of market price quotations. During the three and nine months ended September 30, 2018, the Company transferred investments with a value of approximately $53,000 from level 1 to level 3 due to the unavailability of observable inputs.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Taxes [Abstract]
Income Taxes	F. Income Taxes The effective tax rate (“ETR”) for the three months ended September 30, 2018 and September 30, 2017 was 10.6% and 4.8%, respectively. The ETR in the third quarter of 2018 differs from the standard corporate tax rate of 21% primarily due to state and local taxes (net of federal benefit) and the impact of (a) income attributable to noncontrolling interests, (b) capital losses for which the Company does not expect to realize a tax benefit, and (c) the dividends received deduction. The ETR in the third quarter of 2017 differs from the standard corporate tax rate of 34% primarily due to the benefit of (x) the dividends received deduction, and (y) the acceleration of restricted stock awards (“RSAs”). The ETR for the nine months ended September 30, 2018 and September 30, 2017 was 20.1% and 55.1%, respectively. The 2018 year-to-date ETR differs from the standard corporate tax rate of 21% primarily due to state and local taxes (net of federal benefit) and the impact of (a) income attributable to noncontrolling interests, (b) capital losses for which the Company does not expect to realize a tax benefit, and (c) the dividends received deduction. The 2017 year-to-date ETR differs from the standard corporate tax rate of 34% primarily due to state and local taxes (net of federal benefit) and the benefit of (x) the donation of appreciated securities, (y) the dividends received deduction, and (z) the acceleration of RSAs.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	G. Earnings Per Share Basic earnings per share is computed by dividing net income/(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 income/(loss) per share attributable to our shareholders by the weighted average number of shares outstanding during the period, adjusted for the dilutive effect of outstanding RSAs. The computations of basic and diluted net income/(loss) per share are as follows: Three Months Ended September 30, (amounts in thousands, except per share amounts) 2018 2017 Basic: Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ (7,379 ) $ 1,519 Weighted average shares outstanding 22,979 23,841 Basic net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.32 ) $ 0.06 Diluted: Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ (7,379 ) $ 1,519 Weighted average share outstanding 22,979 23,841 Dilutive restricted stock awards - - Total 22,979 23,841 Diluted net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.32 ) $ 0.06 Nine Months Ended September 30, (amounts in thousands, except per share amounts) 2018 2017 Basic: Net loss attributable to Associated Capital Group, Inc.’s shareholders $ (17,784 ) $ (6,963 ) Weighted average shares outstanding 23,187 23,826 Basic net loss attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.77 ) $ (0.29 ) Diluted: Net loss attributable to Associated Capital Group, Inc.’s shareholders $ (17,784 ) $ (6,963 ) Weighted average share outstanding 23,187 23,826 Dilutive restricted stock awards - - Total 23,187 23,826 Diluted net loss attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.77 ) $ (0.29 ) Diluted weighted average shares outstanding for the nine months ended September 30, 2017 exclude outstanding RSAs as we have a net loss for this period and their inclusion would be anti-dilutive. There were no outstanding RSAs during the nine months ended September 30, 2018.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity [Abstract]
Stockholders' Equity	H. Stockholders’ Equity Shares outstanding were 23.0 million and 23.6 million on September 30, 2018 and December 31, 2017, respectively. Dividends During the nine months ended September 30, 2018 and 2017, the Company declared dividends of $0.10 per share to class A and class B shareholders. 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 RSAs issued by AC during the three and nine months ended September 30, 2018 or 2017. On November 30, 2015, in connection with the spin-off, the Company issued 554,100 AC RSA shares to GAMCO employees (including GAMCO employees who became AC employees) who held 554,100 GAMCO RSA shares at that date. The purpose of the issuance was to ensure that any employee who had GAMCO RSAs was granted an equal number of AC RSAs so that the total value of the RSAs post-spin-off was equivalent to the total value pre-spin-off. The value of the GAMCO RSAs held by AC employees is recognized as expense by the Company over the remaining vesting period because the employees’ services are for the benefit of the Company. In accordance with GAAP, we have allocated the stock compensation costs between GAMCO and AC based upon each employee’s individual allocation of their responsibilities between GAMCO and AC. As of December 31, 2017, there were no AC RSA shares and 19,400 GAMCO RSA shares outstanding. 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. At its August 2018 meeting, the Company’s Board of Directors approved the grant of 171,800 shares of Phantom Restricted Stock awards (“Phantom RSAs”). Under the terms of the grants, which were effective August 8, the Phantom RSAs vest 30% and 70% after three and five years, respectively. The Phantom RSAs will be settled by a cash payment, net of applicable withholding tax, on the vesting dates. In addition, an amount equivalent to the cumulative dividends declared on shares of the Company’s Class A common stock during the vesting period will be paid to participants on vesting. Based on the price of the Company’s stock, the total value of the Phantom RSAs was $6.1 million as of the grant date. Pursuant to ASC 718, the Phantom RSAs will be treated as a liability because cash settlement is required and compensation will be recognized over the vesting period. In determining the compensation expense to be recognized each period, the Company will remeasure the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award and the current market value of the Company’s Class A stock. In making these determinations, the Company will consider the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur. The expense attributable to the Phantom RSAs is allocated solely to AC. As of September 30, 2018, there were 169,800 Phantom RSAs outstanding. The unrecognized compensation cost related to these was $6.9 million which is expected to be recognized over a weighted-average period of 2.6 years. For the three months ended September 30, 2018 and 2017, the Company recorded approximately $0.3 million and $1.9 million in stock-based compensation expense, respectively. For the nine months ended September 30, 2018 and 2017, the Company recorded approximately $0.4 million and $5.2 million in stock-based compensation expense, respectively.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	9 Months Ended
	Sep. 30, 2018
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill and Identifiable Intangible Assets	I. Goodwill and Identifiable Intangible Assets At September 30, 2018, goodwill and intangible assets on the condensed consolidated statements of financial condition includes $3.4 million of goodwill related to GCIA. 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 and nine months ended September 30, 2018 or September 30, 2017, and as such there was no impairment analysis performed or charge recorded.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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, results of operations or cash flows at September 30, 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 September 30, 2018 and December 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 Program	9 Months Ended
	Sep. 30, 2018
Shareholder-Designated Contribution Program [Abstract]
Shareholder-Designated Contribution Program	K. Shareholder-Designated Contribution Program During the first quarter of 2017 each shareholder was 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 under the Company’s Shareholder-Designated Charitable Contribution program. Shares held in nominee or street name were not eligible to participate. For the three and nine months ended September 30, 2017, the Company recorded a cost of $0.0 million and $4.9 million, respectively, 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 periods.

Contractual Obligations

Contractual Obligations	9 Months Ended
	Sep. 30, 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 September 30, 2018 are as follows (in thousands): 2018 $ 121 2019 121 Total $ 242

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	M. Subsequent Events In September 2018, the Company commenced a tender offer for its Class A shares. Tendering shareholders received 1.9 GAMCO shares for each Class A share. Upon its expiration on October 29, the Company acquired approximately 370,000 shares in exchange for approximately 710,000 GAMCO shares with a value of approximately $14.6 million. At its meeting on November 6, 2018, the Company’s Board of Directors declared a semi-annual dividend of $0.10 per share payable on January 9, 2019 to its Class A and Class B shareholders of record on December 26, 2018. In addition, the Board approved a 2018 allocation to its Shareholder-Designated Contribution Program. Each shareholder of record on November 30, 2018 will be eligible to identify a qualified charity to which AC will make a twenty-five cent ($0.25) per share on the shareholder's behalf. As in the past, shares held in nominee or street name will not be eligible to participate.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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, 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 event and risk arbitrage portfolios. The business earns management and incentive fees from its advisory assets under management. 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”), 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. 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 bearing interest at 4% per annum and with an original maturity date of November 30, 2020. GAMCO could prepay the GAMCO Note prior to maturity without penalty. As of June 30, 2018, AC had received principal repayments totaling $230 million on the GAMCO Note and, during the third quarter, GBL repaid the outstanding $20 million balance. In addition, GCIA purchased 4,393,055 shares of GAMCO Class A common stock for $150 million.
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, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2018
Revenue [Abstract]
Revenues by Type	Total revenues by type were as follows for the three and nine months ended September 30, 2018, respectively (in thousands): Three months ended September 30, 2018 Nine months ended September 30, 2018 Investment advisory and incentive fees Asset-based advisory fees $ 1,879 $ 5,561 Performance-based advisory fees 27 34 Sub-advisory fees 899 2,354 2,805 7,949 Institutional research services Hard dollar payments 541 2,236 Commissions 1,284 3,844 Selling concessions 15 84 Sales manager fees 15 15 1,855 6,179 Other Underwriting fees - 19 Miscellaneous 6 18 6 37 Total $ 4,666 $ 14,165

Investment in Securities (Table

Investment in Securities (Tables)	9 Months Ended
	Sep. 30, 2018
Investment in Securities [Abstract]
Investments in Securities	Investments in securities, including GBL stock, at September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Debt and equity securities: Government obligations $ 34,970 $ 35,256 $ 53,681 $ 53,804 Common stocks 319,880 313,742 209,686 228,557 Mutual funds 808 1,553 1,959 3,157 Other investments 5,446 5,132 825 1,824 Total debt and equity securities 361,104 355,683 266,151 287,342 Available for sale securities: Common stocks - - 65,331 65,024 Mutual funds - - 103 271 Total available for sale securities - - 65,434 65,295 Total investments in securities $ 361,104 $ 355,683 $ 331,585 $ 352,637
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, 2018 December 31, 2017 Proceeds Fair Value Proceeds Fair Value Debt and equity securities: Common stocks $ 21,297 $ 22,093 $ 4,862 $ 5,396 Other investments 2 260 1 335 Total securities sold, not yet purchased $ 21,299 $ 22,353 $ 4,863 $ 5,731
Investments in Affiliated Registered Investment Companies	Investments in affiliated registered investment companies at September 30, 2018 and December 31, 2017 consisted of the following (in thousands): September 30, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Debt and equity securities: Closed-end funds $ 79,097 $ 90,610 $ 26,231 $ 26,929 Mutual funds 47,727 55,836 41,950 48,328 Total debt and equity securities 126,824 146,446 68,181 75,257 Available for sale securities: Closed-end funds - - 53,782 66,218 Mutual funds - - 3,420 4,439 Total available for sale securities - - 57,202 70,657 Total investments in affiliated registered investment companies $ 126,824 $ 146,446 $ 125,383 $ 145,914
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 and nine months ended September 30, 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 September 30, 2018 2017 $ - $ 125 Net gain/(loss) from investments Realized gain on sale of AFS securities - 125 Income/(loss) before income taxes - (45 ) Income tax (expense)/benefit $ - $ 80 Net income/(loss) Amount Reclassified from AOCI Affected Line Items in the Statements Of Income Reason for Reclassification from AOCI Nine months ended September 30, 2018 2017 $ - $ 167 Net gain/(loss) from investments Realized gain on sale of AFS securities - (19,131 ) Net gain/(loss) from investments OTT impairment of AFS securities - (18,964 ) Income/(loss) before income taxes - 6,827 Income tax (expense)/benefit $ - $ (12,137 ) Net income/(loss)
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 Financial Condition Location Fair Value Statement of Financial Condition Location Fair Value September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ 138 $ - Payable to brokers $ - $ - Sub total $ 138 $ - $ - $ - Derivatives not designated as hedging instruments under FASB ASC 815-20 Equity contracts Investments in securities $ 425 $ 229 Securities sold, not yet purchased $ 260 $ 335 Foreign exchange contracts Receivable from brokers - - Payable to brokers - - Sub total $ 425 $ 229 $ 260 $ 335 Total derivatives $ 563 $ 229 $ 260 $ 335
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 September 30, Nine Months ended September 30, 2018 2017 2018 2017 Foreign exchange contracts Net gain/(loss) from investments $ 36 $ - $ 138 $ - Equity contracts Net gain/(loss) from investments 652 (456 ) 3,304 (490 ) Total $ 688 $ (456 ) $ 3,442 $ (490 )
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 of Recognized Assets Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Swaps: (In thousands) September 30, 2018 $ 250 $ - $ 250 $ (250 ) $ - $ - December 31, 2017 229 - 229 (229 ) - - 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 Gross Amounts Not Offset in the Statements of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount Swaps: (In thousands) September 30, 2018 $ 259 $ - $ 259 $ (250 ) $ - $ 9 December 31, 2017 334 - 334 (229 ) - 105
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 (in thousands): December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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
Investments Classified as Available for Sale in Unrealized Loss Position	Investments classified as available for sale that were in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following (in thousands): December 31, 2017 Cost Unrealized Losses Fair Value Common stocks $ 65,331 $ (307 ) $ 65,024 Total available for sale securities in unrealized loss position $ 65,331 $ (307 ) $ 65,024

Investment Partnerships and V_2

Investment Partnerships and Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2018
Investment Partnerships and Variable Interest Entities [Abstract]
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 - 1 Deconsolidated entities - - Entities consolidated at September 30, 2017 1 2 Additional consolidated entities - 1 Deconsolidated entities - - Entities consolidated at December 31, 2017 1 3 Additional consolidated entities - 2 Deconsolidated entities - - Entities consolidated at September 30, 2018 1 5
Investment in Partnerships by Accounting Method	The following table provides details regarding the investments in partnerships by accounting method used (in thousands): September 30, 2018 Accounting method Affiliated Unaffiliated Total Fair Value $ 9,507 $ - $ 9,507 Equity Method 112,567 20,209 132,776 Total $ 122,074 $ 20,209 $ 142,283 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
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): September 30, 2018 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 351,253 $ (2,366 ) $ 348,887 Investments in securities (including GBL stock) 226,918 128,765 355,683 Investments in affiliated investment companies 197,791 (51,345 ) 146,446 Investments in partnerships 163,141 (20,858 ) 142,283 Receivable from brokers 6,318 12,034 18,352 Investment advisory fees receivable 1,389 (22 ) 1,367 Other assets 7,664 307 7,971 Total assets $ 954,474 $ 66,515 $ 1,020,989 Liabilities and equity Securities sold, not yet purchased $ 11,257 $ 11,096 $ 22,353 Accrued expenses and other liabilities 19,392 4,300 23,692 Redeemable noncontrolling interests - 51,119 51,119 Total equity 923,825 - 923,825 Total liabilities and equity $ 954,474 $ 66,515 $ 1,020,989 December 31, 2017 Prior to Consolidation Consolidated 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
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 September 30, 2018 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 4,683 $ (17 ) $ 4,666 Total expenses 7,698 467 8,165 Operating loss (3,015 ) (484 ) (3,499 ) Total other income/(expense), net (5,222 ) 641 (4,581 ) Loss/(income) before income taxes (8,237 ) 157 (8,080 ) Income tax benefit (858 ) - (858 ) Net income/(loss) before NCI (7,379 ) 157 (7,222 ) Net income attributable to noncontrolling interests - 157 157 Net loss $ (7,379 ) $ - $ (7,379 ) Three Months Ended September 30, 2017 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 5,252 $ (4 ) $ 5,248 Total expenses 10,188 1,172 11,360 Operating loss (4,936 ) (1,176 ) (6,112 ) Total other income, net 6,522 990 7,512 Income/(loss) before income taxes 1,586 (186 ) 1,400 Income tax expense 67 - 67 Net income/(loss) before NCI 1,519 (186 ) 1,333 Net loss attributable to noncontrolling interests - (186 ) (186 ) Net income $ 1,519 $ - $ 1,519 Nine Months Ended September 30, 2018 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 14,215 $ (50 ) $ 14,165 Total expenses 23,913 1,447 25,360 Operating loss (9,698 ) (1,497 ) (11,195 ) Total other income/(expense), net (12,290 ) 2,550 (9,740 ) Loss before income taxes (21,988 ) 1,053 (20,935 ) Income tax benefit (4,204 ) - (4,204 ) Net income/(loss) before NCI (17,784 ) 1,053 (16,731 ) Net income attributable to noncontrolling interests - 1,053 1,053 Net loss $ (17,784 ) $ - $ (17,784 ) Nine Months Ended September 30, 2017 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 15,345 $ (15 ) $ 15,330 Total expenses 30,959 1,268 32,227 Operating loss (15,614 ) (1,283 ) (16,897 ) Total other income/(expense), net (16 ) 1,188 1,172 Loss before income taxes (15,630 ) (95 ) (15,725 ) Income tax benefit (8,667 ) - (8,667 ) Net loss before NCI (6,963 ) (95 ) (7,058 ) Net loss attributable to noncontrolling interests - (95 ) (95 ) Net loss $ (6,963 ) $ - $ (6,963 )
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 (in thousands): September 30, 2018 December 31, 2017 Cash and cash equivalents $ 2,546 $ 120 Investments in securities 8,177 8,757 Receivable from brokers 364 1,657 Other assets (2 ) (19 ) Accrued expenses and other liabilities (27 ) (29 ) Redeemable noncontrolling interests (420 ) (284 ) AC Group’s net interests in consolidated VIE $ 10,638 $ 10,202

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 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 September 30, 2018 Cash equivalents $ 353,402 $ - $ - $ - $ - $ 353,402 Investments in partnerships - - - 137,887 4,396 142,283 Investments in securities (including GBL stock): Gov’t obligations 35,256 - - - - 35,256 Common stocks 306,127 7,603 12 - - 313,742 Mutual funds 1,553 - - - - 1,553 Other 172 425 4,535 - - 5,132 Total investments in securities 343,108 8,028 4,547 - - 355,683 Investments in affiliated registered investment companies: Closed-end funds 90,610 - - - - 90,610 Mutual funds 55,836 - - - - 55,836 Total investments in affiliated registered investment companies 146,446 - - - - 146,446 Total investments 489,554 8,028 4,547 137,887 4,396 644,412 Total assets at fair value $ 842,956 $ 8,028 $ 4,547 $ 137,887 $ 4,396 $ 997,814 Liabilities Securities sold, not yet purchased Common stocks $ 22,093 $ - $ - $ - $ - $ 22,093 Other - 260 - - - 260 Total liabilities at fair value $ 22,093 $ 260 $ - $ - $ - $ 22,353 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 Securities sold, not yet purchased Trading - Common stocks $ 5,396 $ - $ - $ - $ - $ 5,396 Trading - Other - 335 - - - 335 Total liabilities at fair value $ 5,396 $ 335 $ - $ - $ - $ 5,731 (a) Amounts include certain investments measured at fair value using NAV or its equivalent as a practical expedient. At September 30, 2018 and December 31, 2017, these amounts were $9,507 and $9,442, respectively. Amounts also include certain equity method investments which account for their financial assets and most financial liabilities under fair value measures and therefore the Company’s investment approximates fair value. At September 30, 2018 and December 31, 2017, these amounts were $128,380 and $131,175, respectively. 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 summarize changes in assets reported at fair value for which level 3 inputs have been used to determine fair value for the three and nine months ended September 30, 2018 and 2017, respectively (in thousands): Three months ended September 30, 2018 Three months ended September 30, 2017 Common Stocks Other Total Common Stocks Other Total Beginning balance $ 590 $ 4,465 $ 5,055 $ 510 $ 449 $ 959 Total gains/(losses) 2 2 4 2 39 41 Purchases - 15 15 - - - Sales - - - - (142 ) (142 ) Transfers (580 ) 53 (527 ) (36 ) - (36 ) Ending balance $ 12 $ 4,535 $ 4,547 $ 476 $ 346 $ 822 Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date $ 2 $ 2 $ 4 $ 2 $ 1 $ 3 Nine months ended September 30, 2018 Nine months ended September 30, 2017 Common Stocks Other Total Common Stocks Other Total Beginning balance $ 618 $ 1,169 $ 1,787 $ 461 $ 283 $ 744 Consolidated fund - 984 984 - - - Total gains/(losses) (1 ) (2,413 ) (2,414 ) 51 46 97 Purchases - 4,773 4,773 - 167 167 Sales - (31 ) (31 ) - (150 ) (150 ) Transfers (605 ) 53 (552 ) (36 ) - (36 ) Ending balance $ 12 $ 4,535 $ 4,547 $ 476 $ 346 $ 822 Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date $ - $ (2,429 ) $ (2,429 ) $ 42 $ 3 $ 45

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Income (Loss) Per Share	The computations of basic and diluted net income/(loss) per share are as follows: Three Months Ended September 30, (amounts in thousands, except per share amounts) 2018 2017 Basic: Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ (7,379 ) $ 1,519 Weighted average shares outstanding 22,979 23,841 Basic net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.32 ) $ 0.06 Diluted: Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ (7,379 ) $ 1,519 Weighted average share outstanding 22,979 23,841 Dilutive restricted stock awards - - Total 22,979 23,841 Diluted net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.32 ) $ 0.06 Nine Months Ended September 30, (amounts in thousands, except per share amounts) 2018 2017 Basic: Net loss attributable to Associated Capital Group, Inc.’s shareholders $ (17,784 ) $ (6,963 ) Weighted average shares outstanding 23,187 23,826 Basic net loss attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.77 ) $ (0.29 ) Diluted: Net loss attributable to Associated Capital Group, Inc.’s shareholders $ (17,784 ) $ (6,963 ) Weighted average share outstanding 23,187 23,826 Dilutive restricted stock awards - - Total 23,187 23,826 Diluted net loss attributable to Associated Capital Group, Inc.’s shareholders per share $ (0.77 ) $ (0.29 )

Contractual Obligations (Tables

Contractual Obligations (Tables)	9 Months Ended
	Sep. 30, 2018
Contractual Obligations [Abstract]
Future Minimum Lease Commitments under Operating Lease	Future minimum lease commitments under this operating lease as of September 30, 2018 are as follows (in thousands): 2018 $ 121 2019 121 Total $ 242

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Nov. 30, 2015	Sep. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
The Spin-off and Related Transactions [Abstract]
Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares)	1
GAMCO Note [Member]
The Spin-off and Related Transactions [Abstract]
Notes receivable, face amount		$ 250	$ 250
Notes receivable, interest rate		4.00%	4.00%
Notes receivable, maturity date			Nov. 30, 2020
Principal repayments received to date				$ 230
Principal repayments received		$ 20
GAMCO [Member]
The Spin-off and Related Transactions [Abstract]
Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares)	1
GAMCO [Member] | Class A [Member]
The Spin-off and Related Transactions [Abstract]
Number of shares of common stock purchased (in shares)			4,393,055
GCIA [Member]
The Spin-off and Related Transactions [Abstract]
Notes receivable, face amount		$ 150	$ 150
ASU 2018-02 [Member] | OCI [Member]
Recent Accounting Developments [Abstract]
Reclassification from AOCI to retained earnings, tax effect					$ 1.5
ASU 2018-02 [Member] | Retained Earnings [Member]
Recent Accounting Developments [Abstract]
Reclassification from AOCI to retained earnings, tax effect					$ (1.5)

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues by type [Abstract]
Revenues	$ 4,666	$ 5,248	$ 14,165	$ 15,330
Investment Advisory and Incentive Fees [Member]
Revenues by type [Abstract]
Revenues	2,805	2,587	7,949	7,318
Asset-Based Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	1,879		$ 5,561
Asset-Based Advisory Fees [Member] | Minimum [Member]
Major Revenue Sources [Abstract]
Percentage of management fee			1.00%
Asset-Based Advisory Fees [Member] | Maximum [Member]
Major Revenue Sources [Abstract]
Percentage of management fee			1.50%
Performance-Based Advisory Fees [Member]
Major Revenue Sources [Abstract]
Percentage of investment performance calculated for additional fees			20.00%
Revenues by type [Abstract]
Revenues	27		$ 34
Sub-Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	899		2,354
Institutional Research Services [Member]
Revenues by type [Abstract]
Revenues	1,855	2,584	6,179	7,917
Hard Dollar Payments [Member]
Revenues by type [Abstract]
Revenues	541		2,236
Commissions [Member]
Revenues by type [Abstract]
Revenues	1,284		3,844
Selling Concessions [Member]
Revenues by type [Abstract]
Revenues	15		84
Sales Manager Fees [Member]
Revenues by type [Abstract]
Revenues	15		15
Other [Member]
Revenues by type [Abstract]
Revenues	6	$ 77	37	$ 95
Underwriting Fees [Member]
Revenues by type [Abstract]
Revenues	0		19
Miscellaneous [Member]
Revenues by type [Abstract]
Revenues	$ 6		$ 18

Investment in Securities, Inves

Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Available for sale securities [Abstract]
Cost		$ 122,636
Fair value		135,952
Total investments in securities [Abstract]
Cost	$ 361,104	331,585
Fair value	355,683	352,637
Common Stocks [Member]
Available for sale securities [Abstract]
Cost		65,331
Fair value		65,024
Mutual Funds [Member]
Available for sale securities [Abstract]
Cost		3,523
Fair value		4,710
Investment in Securities [Member]
Debt and equity securities [Abstract]
Cost	361,104	266,151
Fair value	355,683	287,342
Available for sale securities [Abstract]
Cost	0	65,434
Fair value	0	65,295
Investment in Securities [Member] | Government Obligations [Member]
Debt and equity securities [Abstract]
Cost	34,970	53,681
Fair value	35,256	53,804
Investment in Securities [Member] | Common Stocks [Member]
Debt and equity securities [Abstract]
Cost	319,880	209,686
Fair value	313,742	228,557
Available for sale securities [Abstract]
Cost	0	65,331
Fair value	0	65,024
Investment in Securities [Member] | Mutual Funds [Member]
Debt and equity securities [Abstract]
Cost	808	1,959
Fair value	1,553	3,157
Available for sale securities [Abstract]
Cost	0	103
Fair value	0	271
Investment in Securities [Member] | Other Investments [Member]
Debt and equity securities [Abstract]
Cost	5,446	825
Fair value	$ 5,132	$ 1,824

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - Investment in Securities [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt and equity securities [Abstract]
Proceeds	$ 21,299	$ 4,863
Fair value	22,353	5,731
Common Stocks [Member]
Debt and equity securities [Abstract]
Proceeds	21,297	4,862
Fair value	22,093	5,396
Other Investments [Member]
Debt and equity securities [Abstract]
Proceeds	2	1
Fair value	$ 260	$ 335

Investment in Securities, Inv_2

Investment in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Available for sale securities [Abstract]
Cost		$ 122,636
Fair value		135,952
Total investments in affiliated registered investment companies [Abstract]
Cost	$ 126,824	125,383
Fair value	146,446	145,914
Closed-end Funds [Member]
Available for sale securities [Abstract]
Cost		53,782
Fair value		66,218
Mutual Funds [Member]
Available for sale securities [Abstract]
Cost		3,523
Fair value		4,710
Investment in Affiliated Registered Investment Companies [Member]
Debt and equity securities [Abstract]
Cost	126,824	68,181
Fair value	146,446	75,257
Available for sale securities [Abstract]
Cost	0	57,202
Fair value	0	70,657
Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member]
Debt and equity securities [Abstract]
Cost	79,097	26,231
Fair value	90,610	26,929
Available for sale securities [Abstract]
Cost	0	53,782
Fair value	0	66,218
Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member]
Debt and equity securities [Abstract]
Cost	47,727	41,950
Fair value	55,836	48,328
Available for sale securities [Abstract]
Cost	0	3,420
Fair value	$ 0	$ 4,439

Investment in Securities, Recla

Investment in Securities, Reclassifications Out of Accumulated Other Comprehensive Income into Income (Details) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Dec. 31, 2017Contractshares
Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") into Income [Abstract]
Net gain/(loss) from investments	$ (7,977)	$ 5,234	$ (18,936)	$ (1,018)
Income/(loss) before income taxes	(8,080)	1,400	(20,935)	(15,725)
Income tax (expense)/benefit	858	(67)	4,204	8,667
Net income/(loss) before NCI	$ (7,222)	1,333	$ (16,731)	(7,058)
Shares under derivative contract (in shares) | shares	0.6		0.6		1.7
Number of foreign exchange contracts | Contract					0
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") into Income [Abstract]
Net gain/(loss) from investments	$ 0	125	$ 0	167
Income/(loss) before income taxes	0	125	0	(18,964)
Income tax (expense)/benefit	0	(45)	0	6,827
Net income/(loss) before NCI	$ 0	$ 80	0	(12,137)
Other than Temporary Impairment of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") into Income [Abstract]
Net gain/(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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Fair Values of All Derivatives Held [Abstract]
Asset derivatives fair values	$ 563		$ 563		$ 229
Liability derivatives fair value	260		260		335
Gains and Losses of All Derivatives Held [Abstract]
Net gain/(loss) from investments	688	$ (456)	3,442	$ (490)
Net gain/(loss) from investments [Member] | Equity Contracts [Member]
Gains and Losses of All Derivatives Held [Abstract]
Net gain/(loss) from investments	652	(456)	3,304	(490)
Net gain/(loss) from investments [Member] | Foreign Exchange Contracts [Member]
Gains and Losses of All Derivatives Held [Abstract]
Net gain/(loss) from investments	36	$ 0	138	$ 0
Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member]
Fair Values of All Derivatives Held [Abstract]
Asset derivatives fair values	138		138		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]
Fair Values of All Derivatives Held [Abstract]
Asset derivatives fair values	138		138		0
Derivatives Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Payable to Brokers [Member] | Foreign Exchange Contracts [Member]
Fair Values of All Derivatives Held [Abstract]
Liability derivatives fair value	0		0		0
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member]
Fair Values of All Derivatives Held [Abstract]
Asset derivatives fair values	425		425		229
Liability derivatives fair value	260		260		335
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Receivable from Brokers [Member] | Foreign Exchange Contracts [Member]
Fair Values of All Derivatives Held [Abstract]
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]
Fair Values of All Derivatives Held [Abstract]
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]
Fair Values of All Derivatives Held [Abstract]
Asset derivatives fair values	425		425		229
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-20 [Member] | Securities Sold, Not yet Purchased [Member] | Equity Contracts [Member]
Fair Values of All Derivatives Held [Abstract]
Liability derivatives fair value	$ 260		$ 260		$ 260

Investment in Securities, Maste

Investment in Securities, Master Netting Arrangements for Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	$ 563	$ 229
Swaps [Member]
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	250	229
Gross amounts offset in the statements of financial condition	0	0
Net amounts of assets presented in the statements of financial condition	250	229
Gross amounts not offset in the statements of financial condition [Abstract]
Financial instruments	(250)	(229)
Cash collateral received	0	0
Net amount	0	0
Offsetting derivative liabilities [Abstract]
Gross amounts of recognized liabilities	259	334
Gross amounts offset in the statements of financial condition	0	0
Net amounts of liabilities presented in the statements of financial condition	259	334
Gross amounts not offset in the statements of financial condition [Abstract]
Financial instruments	(250)	(229)
Cash collateral pledged	0	0
Net amount	$ 9	$ 105

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	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost				$ 122,636
Gross unrealized gains				13,623
Gross unrealized losses				(307)
Fair value				135,952
Changes in net unrealized gains, net of taxes, for available for sale securities	$ 1,700		$ 14,200
Return of capital on available for sale securities	500	$ 0	1,337
Proceeds from sale of investment available for sale	200	$ 0	271
Gross gains on sale of investments available for sale	$ 100		$ 200
Common Stock [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost				65,331
Gross unrealized gains				0
Gross unrealized losses				(307)
Fair value				65,024
Closed-end Funds [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost				53,782
Gross unrealized gains				12,436
Gross unrealized losses				0
Fair value				66,218
Mutual Funds [Member]
Available-for-sale Securities, fair value to amortized cost basis [Abstract]
Cost				3,523
Gross unrealized gains				1,187
Gross unrealized losses				0
Fair value				$ 4,710

Investment in Securities, Inv_3

Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2017
Investments classified as available for sale unrealized loss position [Abstract]
Cost		$ 65,331
Unrealized losses		(307)
Fair value		65,024
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
Unrealized losses		(307)
Fair value		$ 65,024

Investment Partnerships and V_3

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
	Dec. 31, 2017USD ($)Entity	Sep. 30, 2018USD ($)Entity	Sep. 30, 2017Entity
Investments In Affiliated and Unaffiliated Entities [Abstract]
Investments in affiliated entities	$ 124,500	$ 122,100
Investments in unaffiliated entities	21,100	20,200
Investments in Partnerships by Accounting Method [Abstract]
Fair value	9,442	9,507
Equity method	136,149	132,776
Total	145,591	142,283
Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	9,442	9,507
Equity method	115,046	112,567
Total	124,488	122,074
Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	0	0
Equity method	21,103	20,209
Total	$ 21,103	$ 20,209
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	2	3	1
Additional consolidated entities | Entity	1	2	1
Deconsolidated entities | Entity	0	0	0
Entities consolidated at end of period | Entity	3	5	2

Investment Partnerships and V_4

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Assets [Abstract]
Cash and cash equivalents	$ 348,887	$ 242,302	$ 348,887	$ 242,302	$ 293,112	$ 314,093
Investments in securities (including GBL stock)	355,683		355,683		352,637
Investments in affiliated registered investment companies	146,446		146,446		145,914
Investments in partnerships	142,283		142,283		145,591
Receivable from brokers	18,352		18,352		34,881
Investment advisory fees receivable	1,367		1,367		5,739
Other assets	7,971		7,971		29,041
Total assets	1,020,989		1,020,989		1,006,915
Liabilities and equity [Abstract]
Securities sold, not yet purchased	22,353		22,353		5,731
Accrued expenses and other liabilities	23,692		23,692		36,807
Redeemable noncontrolling interests	51,119		51,119		46,230
Total equity	923,825	898,208	923,825	898,208	918,147	$ 874,022
Total liabilities and equity	1,020,989		1,020,989		1,006,915
Consolidated Statements of Income [Abstract]
Total revenues	4,666	5,248	14,165	15,330
Total expenses	8,165	11,360	25,360	32,227
Operating loss	(3,499)	(6,112)	(11,195)	(16,897)
Total other income/(expense), net	(4,581)	7,512	(9,740)	1,172
Income/(loss) before income taxes	(8,080)	1,400	(20,935)	(15,725)
Income tax benefit (expense)	(858)	67	(4,204)	(8,667)
Net income/(loss) before NCI	(7,222)	1,333	(16,731)	(7,058)
Net income/(loss) attributable to noncontrolling interests	157	(186)	1,053	(95)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	(7,379)	1,519	(17,784)	(6,963)
Prior to Consolidation [Member]
Assets [Abstract]
Cash and cash equivalents	351,253		351,253		287,963
Investments in securities (including GBL stock)	226,918		226,918		255,252
Investments in affiliated registered investment companies	197,791		197,791		198,469
Investments in partnerships	163,141		163,141		160,456
Receivable from brokers	6,318		6,318		11,722
Investment advisory fees receivable	1,389		1,389		5,749
Other assets	7,664		7,664		28,865
Total assets	954,474		954,474		948,476
Liabilities and equity [Abstract]
Securities sold, not yet purchased	11,257		11,257		5,405
Accrued expenses and other liabilities	19,392		19,392		24,924
Redeemable noncontrolling interests	0		0		0
Total equity	923,825		923,825		918,147
Total liabilities and equity	954,474		954,474		948,476
Consolidated Statements of Income [Abstract]
Total revenues	4,683	5,252	14,215	15,345
Total expenses	7,698	10,188	23,913	30,959
Operating loss	(3,015)	(4,936)	(9,698)	(15,614)
Total other income/(expense), net	(5,222)	6,522	(12,290)	(16)
Income/(loss) before income taxes	(8,237)	1,586	(21,988)	(15,630)
Income tax benefit (expense)	(858)	67	(4,204)	(8,667)
Net income/(loss) before NCI	(7,379)	1,519	(17,784)	(6,963)
Net income/(loss) attributable to noncontrolling interests	0	0	0	0
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	(7,379)	1,519	(17,784)	(6,963)
Consolidated Entities [Member]
Assets [Abstract]
Cash and cash equivalents	(2,366)		(2,366)		5,149
Investments in securities (including GBL stock)	128,765		128,765		97,385
Investments in affiliated registered investment companies	(51,345)		(51,345)		(52,555)
Investments in partnerships	(20,858)		(20,858)		(14,865)
Receivable from brokers	12,034		12,034		23,159
Investment advisory fees receivable	(22)		(22)		(10)
Other assets	307		307		176
Total assets	66,515		66,515		58,439
Liabilities and equity [Abstract]
Securities sold, not yet purchased	11,096		11,096		326
Accrued expenses and other liabilities	4,300		4,300		11,883
Redeemable noncontrolling interests	51,119		51,119		46,230
Total equity	0		0		0
Total liabilities and equity	66,515		66,515		$ 58,439
Consolidated Statements of Income [Abstract]
Total revenues	(17)	(4)	(50)	(15)
Total expenses	467	1,172	1,447	1,268
Operating loss	(484)	(1,176)	(1,497)	(1,283)
Total other income/(expense), net	641	990	2,550	1,188
Income/(loss) before income taxes	157	(186)	1,053	(95)
Income tax benefit (expense)	0	0	0	0
Net income/(loss) before NCI	157	(186)	1,053	(95)
Net income/(loss) attributable to noncontrolling interests	157	(186)	1,053	(95)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ 0	$ 0	$ 0	$ 0

Investment Partnerships and V_5

Investment Partnerships and Variable Interest Entities, Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Balances related to VIEs [Abstract]
Cash and cash equivalents	$ 348,887	$ 293,112	$ 242,302	$ 314,093
Investments in securities	355,683	352,637
Receivable from brokers	18,352	34,881
Accrued expenses and other liabilities	(23,692)	(36,807)
Redeemable noncontrolling interests	(51,119)	(46,230)
VIEs [Member]
Balances related to VIEs [Abstract]
Cash and cash equivalents	2,546	120
Investments in securities	8,177	8,757
Receivable from brokers	364	1,657
Other assets	(2)	(19)
Accrued expenses and other liabilities	(27)	(29)
Redeemable noncontrolling interests	(420)	(284)
AC Group's net interests in consolidated VIE	$ 10,638	$ 10,202

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Assets [Abstract]
Investments in partnerships		$ 9,507	$ 9,442
AFS			135,952
Liabilities [Abstract]
Total liabilities at fair value		22,353	5,731
Equity method investments		132,776	136,149
Common Stocks [Member]
Assets [Abstract]
AFS			65,024
Closed-end Funds [Member]
Assets [Abstract]
AFS			66,218
Mutual Funds [Member]
Assets [Abstract]
AFS			4,710
Investment in Securities (Including GBL Stock) [Member]
Assets [Abstract]
AFS		0	65,295
Trading		355,683	287,342
Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member]
Assets [Abstract]
Trading		35,256	53,804
Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member]
Assets [Abstract]
AFS		0	65,024
Trading		313,742	228,557
Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS		0	271
Trading		1,553	3,157
Investment in Securities (Including GBL Stock) [Member] | Other [Member]
Assets [Abstract]
Trading		5,132	1,824
Investment in Affiliated Registered Investment Companies [Member]
Assets [Abstract]
AFS		0	70,657
Trading		146,446	75,257
Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member]
Assets [Abstract]
AFS		0	66,218
Trading		90,610	26,929
Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS		0	4,439
Trading		55,836	48,328
Unaffiliated [Member]
Assets [Abstract]
Investments in partnerships		0	0
Liabilities [Abstract]
Equity method investments		$ 20,209	21,103
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
Investments Measured at NAV [Member]
Assets [Abstract]
Investments in partnerships		$ 9,507	9,442
Liabilities [Abstract]
Equity method investments		128,380	131,175
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents		353,402	290,043
Investments in partnerships		142,283	145,591
Total investments		644,412	644,142
Total assets at fair value		997,814	934,185
Liabilities [Abstract]
Total liabilities at fair value		22,353	5,731
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents		353,402	290,043
Investments in partnerships		0	0
Total investments		489,554	496,534
Total assets at fair value		842,956	786,577
Liabilities [Abstract]
Total liabilities at fair value		22,093	5,396
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents		0	0
Investments in partnerships		0	0
Total investments		8,028	230
Total assets at fair value		8,028	230
Liabilities [Abstract]
Total liabilities at fair value		260	335
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents		0	0
Investments in partnerships		0	0
Total investments		4,547	1,787
Total assets at fair value		4,547	1,787
Liabilities [Abstract]
Total liabilities at fair value		0	0
Recurring Basis [Member] | Common Stocks [Member]
Liabilities [Abstract]
Trading		22,093	5,396
Recurring Basis [Member] | Common Stocks [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Liabilities [Abstract]
Trading		22,093	5,396
Recurring Basis [Member] | Common Stocks [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities [Abstract]
Trading		0	0
Recurring Basis [Member] | Common Stocks [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities [Abstract]
Trading		0	0
Recurring Basis [Member] | Other [Member]
Liabilities [Abstract]
Trading		260	335
Recurring Basis [Member] | Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Liabilities [Abstract]
Trading		0	0
Recurring Basis [Member] | Other [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities [Abstract]
Trading		260	335
Recurring Basis [Member] | Other [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities [Abstract]
Trading		0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member]
Assets [Abstract]
Total investments		355,683	352,637
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		343,108	350,620
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total investments		8,028	230
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total investments		4,547	1,787
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member]
Assets [Abstract]
Trading		35,256	53,804
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		35,256	53,804
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
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading		0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member]
Assets [Abstract]
AFS			65,024
Trading		313,742	228,557
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
Trading		306,127	227,938
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
AFS			0
Trading		7,603	1
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
AFS			0
Trading		12	618
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS			271
Trading		1,553	3,157
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
Trading		1,553	3,157
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
AFS			0
Trading		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
Trading		0	0
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member]
Assets [Abstract]
Trading		5,132	1,824
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		172	426
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Trading		425	229
Recurring Basis [Member] | Investment in Securities (Including GBL Stock) [Member] | Other [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading		4,535	1,169
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member]
Assets [Abstract]
Total investments		146,446	145,914
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		146,446	145,914
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total investments		0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total investments		0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Closed-end Funds [Member]
Assets [Abstract]
AFS			66,218
Trading		90,610	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
Trading		90,610	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
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
Trading		0	0
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member]
Assets [Abstract]
AFS			4,439
Trading		55,836	48,328
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
Trading		55,836	48,328
Recurring Basis [Member] | Investment in Affiliated Registered Investment Companies [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
AFS			0
Trading		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
Trading		0	0
Recurring Basis [Member] | Investments Measured at NAV [Member]
Assets [Abstract]
Cash equivalents	[1]	0	0
Investments in partnerships	[1]	137,887	140,617
Total investments	[1]	137,887	140,617
Total assets at fair value	[1]	137,887	140,617
Liabilities [Abstract]
Total liabilities at fair value	[1]	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Common Stocks [Member]
Liabilities [Abstract]
Trading	[1]	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Other [Member]
Liabilities [Abstract]
Trading	[1]	0	0
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Securities (Including GBL Stock) [Member]
Assets [Abstract]
Total investments	[1]	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
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Securities (Including GBL Stock) [Member] | Common Stocks [Member]
Assets [Abstract]
AFS	[1]		0
Trading	[1]	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
Trading	[1]	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
Recurring Basis [Member] | Investments Measured at NAV [Member] | Investment in Affiliated Registered Investment Companies [Member]
Assets [Abstract]
Total investments	[1]	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
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
Trading	[1]	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member]
Assets [Abstract]
Cash equivalents	[2]	0	0
Investments in partnerships	[2]	4,396	4,974
Total investments	[2]	4,396	4,974
Total assets at fair value	[2]	4,396	4,974
Liabilities [Abstract]
Total liabilities at fair value	[2]	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Common Stocks [Member]
Liabilities [Abstract]
Trading	[2]	0	0
Recurring Basis [Member] | Other Assets Not Held at Fair Value [Member] | Other [Member]
Liabilities [Abstract]
Trading	[2]	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
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
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
Trading	[2]	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
Trading	[2]	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
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
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
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
Trading	[2]	$ 0	$ 0
[1]	Amounts include certain investments measured at fair value using NAV or its equivalent as a practical expedient. At September 30, 2018 and December 31, 2017, these amounts were $9,507 and $9,442, respectively. Amounts also include certain equity method investments which account for their financial assets and most financial liabilities under fair value measures and therefore the Company's investment approximates fair value. At September 30, 2018 and December 31, 2017, these amounts were $128,380 and $131,175, respectively. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	$ 5,055	$ 959	$ 1,787	$ 744
Total gains/(losses)	4	41	(2,414)	97
Purchases	15	0	4,773	167
Sales	0	(142)	(31)	(150)
Transfers	(527)	(36)	(552)	(36)
Ending balance	4,547	822	4,547	822
Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date	4	3	(2,429)	45
ASU 2016-01 [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance			984	0
Common Stocks [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	590	510	618	461
Total gains/(losses)	2	2	(1)	51
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers	(580)	(36)	(605)	(36)
Ending balance	12	476	12	476
Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date	2	2	0	42
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	0
Other [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	4,465	449	1,169	283
Total gains/(losses)	2	39	(2,413)	46
Purchases	15	0	4,773	167
Sales	0	(142)	(31)	(150)
Transfers	53	0	53	0
Ending balance	4,535	346	4,535	346
Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date	$ 2	$ 1	(2,429)	3
Other [Member] | ASU 2016-01 [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance			$ 984	$ 0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Taxes [Abstract]
Effective income tax rate	10.60%	4.80%	20.10%	55.10%
Standard corporate tax rate	21.00%	34.00%	21.00%		34.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic [Abstract]
Net income (loss) attributable to Associated Capital Group, Inc.'s shareholders	$ (7,379)	$ 1,519	$ (17,784)	$ (6,963)
Weighted average shares outstanding (in shares)	22,979,000	23,841,000	23,187,000	23,826,000
Basic net income (loss) attributable to Associated Capital Group, Inc.'s shareholders per share (in dollars per share)	$ (0.32)	$ 0.06	$ (0.77)	$ (0.29)
Diluted [Abstract]
Net income (loss) attributable to Associated Capital Group, Inc.'s shareholders	$ (7,379)	$ 1,519	$ (17,784)	$ (6,963)
Weighted average shares outstanding (in shares)	22,979,000	23,841,000	23,187,000	23,826,000
Dilutive restricted stock awards (in shares)	0	0	0	0
Total (in shares)	22,979,000	23,841,000	23,187,000	23,826,000
Diluted net income (loss) attributable to Associated Capital Group, Inc.'s shareholders per share (in dollars per share)	$ (0.32)	$ 0.06	$ (0.77)	$ (0.29)
Restricted Stock [Member]
Earnings per Share [Abstract]
Shares outstanding (in shares)	0		0

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2015shares	Aug. 31, 2018USD ($)shares	Sep. 30, 2018USD ($)$ / sharesshares	Mar. 31, 2018shares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2018USD ($)Vote$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2017shares
Stockholders' Equity [Abstract]
Shares outstanding (in shares)			23,000,000			23,000,000		23,600,000
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares			$ 0		$ 0	$ 0.10	$ 0.10
Stock Award and Incentive Plan [Abstract]
Stock-based compensation | $			$ 300		$ 1,900	$ 400	$ 5,226
Class A [Member]
Stockholders' Equity [Abstract]
Shares outstanding (in shares)			3,913,334			3,913,334		4,451,379
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares						$ 0.10	$ 0.10
Voting Rights [Abstract]
Number of votes per share | Vote						1
Class B [Member]
Stockholders' Equity [Abstract]
Shares outstanding (in shares)			19,057,885			19,057,885		19,187,885
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares						$ 0.10	$ 0.10
Voting Rights [Abstract]
Number of votes per share | Vote						10
Restricted Stock Awards [Member]
Stock Award and Incentive Plan [Abstract]
RSAs issued (in shares)			0		0	0	0
Granted (in shares)	554,100
RSA shares outstanding (in shares)								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)								19,400
Number of shares with accelerated vesting (in shares)				19,400
Phantom RSAs [Member]
Stock Award and Incentive Plan [Abstract]
Granted (in shares)		171,800
RSA shares outstanding (in shares)		169,800
Total value of shares granted | $		$ 6,100
Unrecognized compensation cost | $		$ 6,900
Weighted-average period for recognizing unrecognized compensation cost		2 years 7 months 6 days
Phantom RSAs [Member] | Vesting in Three Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Awards vesting percentage		30.00%
Award vesting period		3 years
Phantom RSAs [Member] | Vesting in Five Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Awards vesting percentage		70.00%
Award vesting period		5 years

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Goodwill [Abstract]
Impairment charges on goodwill	$ 0	$ 0	$ 0	$ 0
GCIA [Member]
Goodwill [Abstract]
Goodwill	$ 3,400		$ 3,400

Shareholder-Designated Contri_2

Shareholder-Designated Contribution Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Shareholder-Designated Contribution Program [Abstract]
Contribution price (in dollars per share)			$ 0.25
Shareholder-designated contribution	$ 0	$ 0		$ 0	$ (4,895)

Contractual Obligations (Detail

Contractual Obligations (Details) $ in Thousands	Sep. 30, 2018USD ($)
Future minimum lease commitment under operating lease [Abstract]
2,018	$ 121
2,019	121
Total	$ 242

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 06, 2018	Sep. 30, 2018	Oct. 29, 2018	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Financing Activities [Abstract]
Dividends declared (in dollars per share)				$ 0		$ 0		$ 0.10	$ 0.10
Shareholder-Designated Contribution Program [Abstract]
Contribution price (in dollars per share)							$ 0.25
Class A [Member]
Financing Activities [Abstract]
Number of shares received in exchange per each share (in shares)					493,954
Dividends declared (in dollars per share)								0.10	0.10
Class A [Member] | GAMCO [Member]
Financing Activities [Abstract]
Number of shares received in exchange per each share (in shares)		1.9
Class B [Member]
Financing Activities [Abstract]
Dividends declared (in dollars per share)								$ 0.10	$ 0.10
Subsequent Event [Member]
Financing Activities [Abstract]
Number of shares acquired (in shares)			370,000
Shareholder-Designated Contribution Program [Abstract]
Contribution price (in dollars per share)	$ 0.25
Subsequent Event [Member] | GAMCO [Member]
Financing Activities [Abstract]
Number of shares accepted for exchange (in shares)			710,000
Value of shares in exchange offer			$ 14.6
Subsequent Event [Member] | Class A [Member]
Financing Activities [Abstract]
Dividends declared date	Nov. 6, 2018
Dividends declared (in dollars per share)	$ 0.10
Dividends payable date	Jan. 9, 2019
Dividends record date	Dec. 26, 2018
Subsequent Event [Member] | Class B [Member]
Financing Activities [Abstract]
Dividends declared date	Nov. 6, 2018
Dividends declared (in dollars per share)	$ 0.10
Dividends payable date	Jan. 9, 2019
Dividends record date	Dec. 26, 2018