Associated Capital (AC) 10-K 24 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 28, 2021	Jun. 30, 2020
Entity Information [Line Items]
Entity Registrant Name	Associated Capital Group, Inc.
Entity Central Index Key	0001642122
Current Fiscal Year End Date	--12-31
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Address, State or Province	CT
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 125,203,285
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,249,309
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,962,918

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 18,983	$ 22,205
Expenses
Compensation	19,436	23,810
Management fee	3,101	5,713
Other operating expenses	8,915	5,942
Total expenses	31,452	35,465
Operating loss	(12,469)	(13,260)
Other income/(expense)
Net gain from investments	36,864	60,766
Interest and dividend income	8,675	13,214
Interest expense	(180)	(216)
Shareholder-designated contribution	(3,007)	(3,281)
Total other income, net	42,352	70,483
Income before income taxes	29,883	57,223
Income tax expense	9,374	12,627
Income from continuing operations, net of taxes	20,509	44,596
Income/(loss) from discontinued operations, net of taxes	(632)	(1,890)
Income before noncontrolling interests	19,877	42,706
Income attributable to noncontrolling interests	1,061	3,518
Net income attributable to Associated Capital Group, Inc.'s shareholders	$ 18,816	$ 39,188
Net income/(loss) per share attributable to Associated Capital Group, Inc.'s shareholders:
Basic - Continuing operations (in dollars per share)	$ 0.87	$ 1.82
Basic - Discontinued operations (in dollars per share)	(0.03)	(0.08)
Basic - Total (in dollars per share)	0.84	1.74
Diluted - Continuing operations (in dollars per share)	0.87	1.82
Diluted - Discontinued operations (in dollars per share)	(0.03)	(0.08)
Diluted - Total (in dollars per share)	$ 0.84	$ 1.74
Weighted average shares outstanding:
Basic (in shares)	22,369	22,534
Diluted (in shares)	22,369	22,534
Actual shares outstanding (in shares)	22,274	22,475
Investment Advisory and Incentive Fees [Member]
Revenues
Total revenues	$ 18,288	$ 22,148
Other [Member]
Revenues
Total revenues	$ 695	$ 57

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income before non-controlling interests	$ 19,877	$ 42,706
Less: Comprehensive income/(loss) attributable to noncontrolling interests	1,061	3,518
Comprehensive income/(loss) attributable to Associated Capital Group, Inc.	$ 18,816	$ 39,188

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 39,509	$ 342,001
Investments in U.S. Treasury Bills	344,453	29,037
Investments in equity securities (Including GBL stock with a value of $48.9 million and $57.2 million, respectively)	249,887	271,320
Investments in affiliated registered investment companies	170,605	159,311
Investments in partnerships	123,994	145,372
Receivable from brokers	24,677	23,141
Investment advisory fees receivable	7,346	9,582
Receivable from affiliates	4,743	4,338
Deferred tax assets, net	2,207	1,820
Goodwill	3,519	3,519
Other assets	28,565	13,328
Investments in U.S. Treasury Bills held in trust	175,040	0
Assets of discontinued operations	0	8,137
Total assets	1,174,545	1,010,906
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Payable to brokers	6,496	14,889
Income taxes payable, net	9,746	3,622
Compensation payable	18,567	19,536
Securities sold, not yet purchased	17,571	16,419
Payable to affiliates	2,188	483
Accrued expenses and other liabilities	5,635	6,037
Deferred underwriting fee payable	6,125	0
Liabilities of discontinued operations (including payable to affiliates $986)	0	2,100
Total liabilities	66,328	63,086
Redeemable noncontrolling interests	206,828	50,385
Commitments and contingencies (Note L)
Equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Additional paid-in capital	999,047	1,003,450
Retained earnings/(Accumulated Deficit)	13,649	(701)
Treasury stock, at cost (3,318,127 and 3,116,873 shares, respectively)	(113,783)	(106,342)
Total Associated Capital Group, Inc. equity	898,938	896,432
Noncontrolling interests (from discontinued operations in 2019)	2,451	1,003
Total equity	901,389	897,435
Total liabilities and equity	1,174,545	1,010,906
Class A [Member]
Equity:
Common stock	6	6
Class B [Member]
Equity:
Common stock	$ 19	$ 19

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Investment in GBL stock	$ 48.9	$ 57.2
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Discontinued operations, payable to affiliates		$ 986
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
Treasury stock, shares outstanding (in shares)	3,318,127	3,116,873
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)	6,629,254	6,569,254
Common stock, shares outstanding (in shares)	3,311,127	3,452,381
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)	18,962,918	19,022,918

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings/(Accumulated Deficit) [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Parent [Member]	Noncontrolling Interests [Member]	Total	Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2018	$ 25	$ (39,889)	$ 1,008,319	$ (102,207)	$ 866,248	$ 0	$ 866,248	$ 49,800
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(526)
Net income/(loss)	0	23,147	0	0	23,147	0	23,147	1,507
Purchase of treasury stock	0	0	0	(391)	(391)	0	(391)	0
Balance at Mar. 31, 2019	25	(16,742)	1,008,319	(102,598)	889,004	0	889,004	50,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(2,197)
Net income/(loss)	0	(932)	0	0	(932)	0	(932)	1,084
Dividends declared			(2,254)		(2,254)		(2,254)
Purchase of treasury stock	0	0	0	(1,630)	(1,630)	0	(1,630)	0
Balance at Jun. 30, 2019	25	(17,674)	1,006,065	(104,228)	884,188	0	884,188	49,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	0	0	0	0	0	0	0	390
Net income/(loss)	0	5,951	0	0	5,951	0	5,951	(359)
Purchase of treasury stock	0	0	0	(1,342)	(1,342)	0	(1,342)	0
Balance at Sep. 30, 2019	25	(11,723)	1,006,065	(105,570)	888,797	0	888,797	49,699
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(676)
Net income/(loss)	0	11,022	0	0	11,022	0	11,022	1,362
Morgan merger	0	0	(367)	0	(367)	1,003	636
Dividends declared			(2,248)		(2,248)		(2,248)
Purchase of treasury stock	0	0	0	(772)	(772)	0	(772)	0
Balance at Dec. 31, 2019	25	(701)	1,003,450	(106,342)	896,432	1,003	897,435	50,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(531)
Net income/(loss)	0	(73,355)	0	0	(73,355)	(52)	(73,407)	(3,945)
Purchase of treasury stock	0	0	0	(3,225)	(3,225)	0	(3,225)	0
Balance at Mar. 31, 2020	25	(74,056)	1,003,450	(109,567)	819,852	951	820,803	45,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(1,167)
Net income/(loss)	0	35,237	0	0	35,237	(48)	35,189	2,436
Dividends declared		(2,237)	0		(2,237)	0	(2,237)	0
Purchase of treasury stock	0	0	0	(1,068)	(1,068)	0	(1,068)	0
Balance at Jun. 30, 2020	25	(41,056)	1,003,450	(110,635)	851,784	903	852,687	47,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	0	0	0	0	0	0	0	156,049
Spin-off of MGHL	0	0	(4,403)	0	(4,403)	(903)	(5,306)	0
PMV Sponsor members' interest	0	0	0	0	0	2,072	2,072
Net income/(loss)	0	5,815	0	0	5,815	0	5,815	937
Purchase of treasury stock	0	0	0	(1,101)	(1,101)	0	(1,101)	0
Balance at Sep. 30, 2020	25	(35,241)	999,047	(111,736)	852,095	2,072	854,167	204,164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests	0	0	0	0	0	0	0	1,031
PMV Sponsor members' interest	0	0	0	0	0	379	379
Net income/(loss)	0	51,120	0	0	51,120	0	51,120	1,633
Dividends declared		(2,230)	0		(2,230)	0	(2,230)	0
Purchase of treasury stock	0	0	0	(2,047)	(2,047)	0	(2,047)	0
Balance at Dec. 31, 2020	$ 25	$ 13,649	$ 999,047	$ (113,783)	$ 898,938	$ 2,451	$ 901,389	$ 206,828

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income/(loss)	$ 19,877	$ 42,706
Less: (Loss) from discontinued operations, net of taxes	(632)	(1,890)
Income from continuing operations	20,509	44,596
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Equity in net (gains) from partnerships	(15,000)	(10,173)
Depreciation and amortization	52	19
Deferred income taxes	(209)	7,090
Donated securities	891	2,152
Unrealized (gains)/losses on securities	(20,213)	(38,367)
Realized losses on sales of securities	3,299	56
(Increase)/decrease in assets:
Investments in trading securities	(295,795)	(45,439)
Investments in partnerships:
Contributions to partnerships	(4,829)	(28,071)
Distributions from partnerships	35,847	11,603
Receivable from affiliates	(405)	(3,049)
Receivable from brokers	(1,535)	1,093
Investment advisory fees receivable	2,236	(5,188)
Income taxes receivable	(177)	0
Other assets	(4,206)	3,662
Increase/(decrease) in liabilities:
Payable to affiliates	1,705	(799)
Payable to brokers	(8,393)	9,378
Income taxes payable and deferred tax liabilities, net	6,176	204
Compensation payable	(970)	9,589
Accrued expenses and other liabilities	1,534	(320)
Total adjustments	(299,992)	(86,560)
Net cash provided by/(used in) operating activities	(279,483)	(41,964)
Investing activities
Purchases of securities	(2,749)	(4,989)
Proceeds from sales of securities	13,115	4,928
Return of capital on securities	1,646	932
Purchase of building	(11,084)	(6,518)
Investment in government securities held in trust account	(175,000)	589
Net cash provided by/(used in) investing activities	(174,072)	(5,058)
Financing activities
Contributions from redeemable noncontrolling interests	162,655	0
Redemptions of redeemable noncontrolling interests	0	(2,934)
Dividends paid	(6,716)	(4,513)
Purchase of treasury stock	(7,441)	(4,135)
Contributions from nonredeemable noncontrolling interests	2,451	0
Proceeds from promissory note from Executive Chairman	0	2,124
Repayment of promissory note to Executive Chairman	0	(2,126)
Net cash provided by (used in) financing activities	150,949	(11,584)
Cash flows of discontinued operations
Net cash provided by (used in) operating activities	114	(2,370)
Net increase/(decrease) in cash, cash equivalents and restricted cash	(302,492)	(60,976)
Cash, cash equivalents and restricted cash at beginning of period	342,001	402,977
Cash, cash equivalents and restricted cash at end of period	39,509	342,001
Supplemental disclosures of cash flow information:
Cash paid for interest	177	196
Cash paid/(received) for taxes	$ 2,000	$ 4,700

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Dec. 30, 2020	Sep. 21, 2020
Non-cash activity:
Deferred underwriting fee accrued		$ 6.1
Equity securities distributed from investments in partnerships	$ 4.2

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization [Abstract]
Organization	A. Organization 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. We are a Delaware corporation that provides alternative investment management, and we derive investment income/(loss) from proprietary investment of cash and other assets in our operating business. GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The businesses earn management and incentive fees from their advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). We may make direct investments in operating business using a variety of techniques and structures. For example, in April 2018, the Company sponsored a €110 million initial public offering of its first special purpose acquisition corporation, the Gabelli Value for Italy S.p.a., an Italian company listed on the London Stock Exchange’s Borsa Italiana AIM segment under the symbol “VALU”. VALU was created to acquire a small-to medium-sized Italian franchise business with the potential for international expansion, particularly in the United States. Gabelli Value for Italy S.p.a was subsequently liquidated on July 8, 2020 at the apex of the pandemic in Italy. PMV Consumer Acquisition Corp. On September 22, 2020, Associated Capital announced the $175 million initial public offering of its special purpose acquisition corporation, PMV Consumer Acquisition Corp. (NYSE:PMVC). PMV Consumer Acquisition Corp. (“PMV”) was created to pursue an initial business combination following the consumer globally with companies having an enterprise valuation in the range of $200 million to $3.5 billion. PMV Consumer Acquisition Holding Company, LLC (“Sponsor”) was created to assist PMV in sourcing, analyzing and consummating acquisition opportunities for that initial business combination. The Sponsor and PMV have been consolidated in the financial statements of AC beginning in September 2020 because AC has a controlling financial interest in these entities. This resulted in the consolidation $177.3 million of assets, $6.3 million of liabilities, $166.0 million of redeemable noncontrolling interests, $2.4 million of noncontrolling interests relating to PMV and the Sponsor as of December 31, 2020. In addition, there are several other entities that are consolidated within the financial statements. The details on the impact of consolidating these entities on the consolidated financial statements can be seen in Note E. Investment Partnerships and Other Entities See Note E for a further discussion of PMV Consumer Acquisition Corp. as well as its registration statement and Form 10K as of December 31, 2020 both located on the U.S. Securities and Exchange Commission website https://www.sec.gov/edgar/searchedgar/companysearch.html under the symbol PMVC. AC Spin-off 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”). As part of the Spin-off, AC received 4,393,055 shares of GAMCO Class A common stock for $150 million. The Company currently holds 2,756,876 shares as of December 31, 2020. Morgan Group Spin-off On October 31, 2019, the Company closed on a transaction whereby Morgan Group Holding Co., (“Morgan Group”) a company that trades in the over-the-counter market under the symbol “MGHL” and under common control of AC’s majority shareholder, acquired all of the Company’s interest in G.research for 50,000,000 shares of Morgan Group common stock. In addition, immediately prior to the closing 5.15 million Morgan Group shares were issued under a private placement for $515,000. Subsequent to the transaction and private placement, the Company had an 83.3% ownership interest in Morgan Group. The transaction was accounted for pursuant to ASC 805-50, Transactions Between Entities Under Common Control. A common-control transaction is similar to a business combination because there is no change in control over the entity by the parent. For transactions between entities under common control, there is no change in basis in the net assets received and therefore they are recorded at their historical cost. On March 16, 2020, the Company announced that its Board of Directors approved the spin-off of Morgan Group to AC’s shareholders in which AC would distribute to its shareholders on a pro rata basis the 50,000,000 shares of Morgan Group that it owns. On May 5, 2020, the Morgan Group board approved a reverse stock split of the issued and outstanding shares of their common stock, par value $0.01 per share, in a ratio of 1‑for‑100 that was effective on June 10, 2020. Associated held 83.3% of the outstanding shares of Morgan Group through August 5, 2020. On August 5, 2020, Morgan Group shares held by the Company were distributed to the Company’s shareholders of record as of July 30, 2020. The historical financial results of Morgan Group have been reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented through August 5, 2020.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies [Abstract]
Significant Accounting Policies	B. Significant Accounting Policies Consolidated Financial Statements All material intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date the Company obtains control and continue to be consolidated until the date that such control ceases. The Company’s principal market is in the United States. Certain prior year amounts have been conformed to the current year presentation including the presentation of “Noncontrolling Interests” in the consolidated statement of equity and the presentation of “Unrealized (gains)/losses on securities” within the operating section of the consolidated statement of cash flows. The amount of gains from investments and dividends with respect to funds advised by affiliates for the year ended December 31, 2019 was previously reported at an incorrect amount of $38.7 million. The disclosure in Note I was corrected to reflect the actual amount of $20.1 million Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. Investments in Securities Securities owned are recorded at fair value in the statements of financial condition with any unrealized gains or losses reported in current period earnings in gain/(loss) from investments, net on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in gain/(loss) from investments, net on the consolidated statements of income. Management determines the appropriate classification of debt securities at the time of purchase. Debt securities with maturities of greater than three months at the time of purchase are considered investments in debt securities. A majority of our investments in debt securities are accounted for as trading securities, except for the investment in U.S. Treasury Bills held in trust by PMV, which are accounted for as held to maturity. Investments in securities are reflected in U.S. Treasury Bills, investments in equity securities, investments in affiliated registered investment companies and investments U.S. Treasury Bills held in trust. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of AC to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Unrealized gains and losses and realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income. Fair Value of Financial Instruments The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets included in this category are over-the-counter derivatives that have valuation inputs that can generally be corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets in this category generally include equities that trade infrequently and direct private equity investments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that market participants are willing to pay for an asset. Ask prices represent the lowest price that market participants are willing to accept for an asset. Cash equivalents Investments in securities Investment in U.S. Treasury Bills held in trust account At December 31, 2020, debt securities of our consolidated SPAC, PMV, are held in a trust account and consist of U.S. Treasury Bills accounted for as held-to-maturity in accordance with ASC 320 “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying consolidated balance sheet and adjusted for the amortization or accretion of premiums or discounts. Receivables from Affiliates and Payables to Affiliates Receivables from affiliates consist primarily of sub-advisory fees due from Gabelli Funds, LLC, Receivables from and Payables to Brokers Receivables from and payables to brokers consist of amounts related to purchases and sales of securities as well as cash amounts held in anticipation of investment. Consolidation The Company assesses all entities with which it is involved for consolidation on a case by case basis depending on the specific facts and circumstances surrounding each entity. Pursuant to accounting guidance, the Company first evaluates whether it holds a variable interest in an entity. The Company considers all economic interests, including proportionate interests through related parties, to determine if such interests are considered a variable interest. Fees paid to the Company that are customary and commensurate with the level of services provided from entities in which the Company does not hold other more than insignificant economic interests in the entity are not considered as a variable interest. For any entity where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether it qualifies as a variable interest entity (“VIE”). The granting of substantive kick-out or participating rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. The Company evaluates for consolidation on a case by case basis those VIEs in which substantive kick-out or participating rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner. Under the variable interest entity model, the Company consolidates those entities where it is determined that the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. When the Company alone is not considered to have a controlling financial interest in the VIE but the Company and its related parties under common control in the aggregate have a controlling financial interest in the VIE, the Company will be deemed the primary beneficiary if it is the party that is most closely associated with the VIE. When the Company and its related parties not under common control in the aggregate have a controlling financial interest in the VIE, the Company would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of the Company. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion as required. Investments and redemptions (either by the Company, related parties or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. The Company evaluates whether the entity should be evaluated under the guidance for partnerships and similar entities, or corporations, and consolidates those entities it controls through a majority voting interest or other means. If the Company is the general partner or managing member it generally will not be required to consolidate a VOE. The Company records noncontrolling interests in consolidated entities for which the Company’s ownership is less than 100%. Refer to Non-controlling Interests below for additional information. Investments in Partnerships and Affiliates The Company is general partner or co-general partner of various affiliated entities. We also have investments in unaffiliated partnerships, offshore funds and other entities (collectively, “unaffiliated entities”). Given that we are not a general partner or investment manager in any unaffiliated entity, we neither earn any management or incentive fees nor have a controlling financial interest in such entity. We do not consolidate any unaffiliated entity. The balance sheet caption investments in partnerships includes investments in both affiliated and unaffiliated entities. The Company accounts for its investments in partnerships and affiliates under the equity method. Substantially all of the Company’s equity method investees are entities that record their underlying investments at fair value and are included in investments in partnerships. Therefore, under the equity method of accounting, the Company’s share of the investee’s underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. The Company’s share of the investee’s underlying net income or loss is based upon the most currently available information and is recorded as net gain/(loss) from investments on the consolidated statements of income. Capital contributions are recorded as an increase in investments when paid, and withdrawals and distributions are recorded as reductions of the investments when received. Depending on the terms of the investment, the Company may be restricted as to the timing and amounts of withdrawals. Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes such derivatives in either investment in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company will enter into hedging transactions to manage its exposure to foreign currencies or equity prices related to its proprietary investments. Except for a foreign exchange contract 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 consolidated statements of income. See Note D, Investments in Securities, for additional information. Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees. Investment advisory and incentive fees are directly influenced by the level and mix of AUM as fees are derived from a contractually-determined percentage of the balance of each account as well as a percentage of the investment performance of certain accounts. Management fees from Investment Partnerships and offshore funds are computed either monthly or quarterly, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. These revenues vary depending upon the level of capital flows, financial market conditions, investment performance and the fee rates applicable to each account. Incentive allocations or fees are generally recognized at the end of an annual measurement period and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. See Note C, Revenue, for additional information. Depreciation Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives of four to thirty-nine years and are included in other assets on the consolidated statements of financial condition. Fixed assets as of December 31, 2020 and 2019 consisted of the following: 2020 2019 Buildings $ 17,727 $ 6,518 Equipment 186 219 Total 17,913 6,737 Less: accumulated depreciation (383 ) (107 ) Net book value $ 17,530 $ 6,630 Allocated Expenses The Company is charged or incurs certain overhead expenses that are paid by, or paid on our behalf by, other affiliates and are included in other operating expenses on the consolidated statements of income. These overhead expenses primarily relate to centralized functions including finance and accounting, legal, compliance, treasury, tax, internal audit, information technology, human resources and risk management. These overhead expenses are allocated to the Company by other affiliates or allocated by the Company to other affiliates as the expenses are incurred, based upon direct usage when identifiable, or by revenue, headcount, space or other allocation methodologies periodically reviewed by the management of the Company and the affiliates. The compensation expense and related payroll taxes and benefits of certain dual employees that provide services to both AC and affiliates that are paid for by GCIA or GAMCO are allocated between the companies based upon the relative time each employee devotes to each affiliate. These allocated compensation expenses are included in compensation on the consolidated statements of income. All of the allocations and estimates in the financial statements are based on assumptions that management of AC believes are reasonable. However, these allocations may not be indicative of the actual expenses we would have incurred or may incur in the future. Management Fee Management fee expense in the amount of 10% of the aggregate pre-tax profits, before consideration of this fee and before consideration of the income attributable to consolidated funds and partnerships, is paid to the Executive Chairman or his designees in accordance with his employment agreement. Stock-Based Compensation During 2018, the Company’s Board of Directors approved the grant of Phantom Restricted Stock awards (“Phantom RSAs”). 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. The Phantom RSAs are accounted for 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. Goodwill Goodwill is initially measured as the excess of the cost of an acquired business over the sum of the fair value assigned to assets acquired less the liabilities assumed. Goodwill is tested for impairment at least annually on November 30th and whenever certain triggering events are met. In assessing the recoverability of goodwill as of November 30, 2020 and 2019, we performed a qualitative assessment of whether it was more likely than not that an impairment had occurred and concluded that a quantitative analysis was not required. As such, no impairment was recorded during 2020 or 2019. Income Taxes For purposes of the preparation of the consolidated financial statements, the provision for income taxes is computed using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense/benefit in the period that includes the enactment date of the change in tax rate. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. A valuation allowance would be recorded to reduce the carrying value of deferred tax assets to the amount that is more likely than not to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that the Company would be able to realize the Company’s deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. For uncertain tax positions the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position. For those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. Accrued interest and penalties on uncertain tax positions are included within accrued expenses and other liabilities on the consolidated statements of financial condition. Noncontrolling Interests Noncontrolling interests in Investment Partnerships or other entities that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section of the consolidated statements of financial condition between liabilities and equity. Noncontrolling interests in other entities that are not redeemable at the option of the holder are classified as such as a separate component of shareholder’s equity. Redeemable noncontrolling Interests-PMV The Company accounts for the common stock held by noncontrolling interest holders of our consolidated SPAC, PMV, as subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified in the mezzanine section of the consolidated statements of financial condition between liabilities and equity and is measured at redemption value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. PMVs common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2020, common stock held by noncontrolling interest holders is presented at redemption value in redeemable noncontrolling interests, outside of the stockholders’ equity section of the Company’s balance sheet. For the years ended December 31, 2020 and 2019, net income/(loss) attributable to noncontrolling interests on the consolidated statements of income represents the share of net income/(loss) attributable to third-party investors in consolidated funds. Offering Costs Offering costs incurred by the initial public offering of PMV consist of legal, accounting, underwriting fees and other costs. Offering costs amounting to $9,957,390, including deferred underwriting fees of $6,125,000, net of a $175,000 credit paid by the underwriter, were charged against equity of PMV upon the completion of the initial public offering. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government. Receivables from brokers and financial institutions can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees and incentive fees, which are included in investment advisory fees receivable and receivables from affiliates on the consolidated statements of financial condition, is generally limited due to the short payment terms extended to clients by the Company. All investments in securities are held at third party brokers or custodians. Business Segment The Company operates in one business segment. The Company’s chief operating decision maker reviews the Company’s financial performance at an aggregate level. Recent Accounting Developments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other 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

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenue [Abstract]
Revenue	C. Revenue The Company’s revenue is accounted for as contracts with customers, and the timing of revenue recognition is based on the Company’s analysis of the provisions of each respective contract. Depending upon the specific terms, revenue may be recognized over time or at a point in time. Modifications to contracts may affect the timing of the satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations, any of which may impact the timing of the recognition of the related 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 client 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. While the Company’s performance obligation is satisfied over time, the Company does not recognize performance-based fees until the end of the measurement period or the time of the investor redemption when the uncertainty surrounding the amount of the variable consideration is resolved. 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 ratably as the services are performed over the relevant contractual performance 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 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 services. 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. Total revenues by type were as follows for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Revenues Investment advisory and incentive fees Asset-based advisory fees $ 5,415 $ 7,022 Performance-based advisory fees 5,706 7,501 Sub-advisory fees 7,167 7,625 18,288 22,148 Other Miscellaneous 695 57 695 57 Total $ 18,983 $ 22,205

Investments in Securities

Investments in Securities	12 Months Ended
	Dec. 31, 2020
Investments in Securities [Abstract]
Investments in Securities	D. Investments in Securities Investments in securities at December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ 344,367 $ 344,453 $ 28,428 $ 29,037 Equity Securities: Common stocks 239,240 237,377 271,627 262,562 Mutual funds 546 1,294 1,207 2,196 Other investments 8,806 11,216 7,847 6,562 Total investments in securities 592,959 594,340 309,109 300,357 Securities sold, not yet purchased at December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Proceeds Fair Value Proceeds Fair Value Equity securities: Common stocks $ 14,369 $ 16,090 $ 13,863 $ 16,300 Other investments 1,209 1,481 13 119 Total securities sold, not yet purchased $ 15,578 $ 17,571 $ 13,876 $ 16,419 Investments in affiliated registered investment companies at December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 76,462 $ 106,719 $ 75,646 $ 99,834 Mutual funds 48,395 63,886 48,348 59,477 Total investments in affiliated registered investment companies $ 124,857 $ 170,605 $ 123,994 $ 159,311 The Company recognizes all equity derivatives as either assets or liabilities measured at fair value and includes them in either investment in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company and/or consolidated funds will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their proprietary investments. At December 31, 2020 and December 31, 2019 we held derivative contracts on 1.8 million and 3.4 million equity shares, respectively, that are included in investments in securities or securities sold, not yet purchased on the consolidated statements of financial condition as shown in the table below. We had two foreign exchange contracts outstanding at December 31, 2019. 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 consolidated statements of income and included in investments in securities, securities sold, not yet purchased, or receivable from or payable to brokers on the consolidated statements of financial condition. No foreign exchange contracts were outstanding at December 31, 2020. The following table identifies the fair values of all derivatives and foreign currency positions held by the Company (in thousands): Asset Derivatives Liability Derivatives Statement of Fair Value Statement of Fair Value Financial Condition Location December 31, 2020 December 31, 2019 Financial Condition Location December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ 23 Payable to brokers $ - $ - Derivatives not designated as hedging instruments under FASB ASC 815-20 Equity contracts Investments in Securities sold, securities $ 621 $ 291 not yet purchased $ 938 $ 119 Total derivatives $ 621 $ 314 $ 938 $ 119 The following table identifies gains and losses of all derivatives and foreign currency positions held by the Company (in thousands): Year ended December 31, Type of Derivative Income Statement Location 2020 2019 Foreign exchange contracts Net gain/(loss) from investments $ (51 ) $ 128 Equity contracts Net gain/(loss) from investments (336 ) (1,951 ) Total $ (387 ) $ (1,823 ) The Company is a party to enforceable master netting arrangements for swaps entered into with major U.S. financial institutions as part of its investment strategy. 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 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 Gross Amounts Offset in the Net Amounts of Assets Presented Gross Amounts Not Offset in the Statements of Financial Condition Recognized Assets Statements of Financial Condition in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Swaps: (In thousands) December 31, 2020 $ 621 $ - $ 621 $ (938 ) $ - $ (317 ) December 31, 2019 291 - 291 (119 ) - 172 Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Gross Amounts Not Offset in the Statements of Financial Condition Recognized Liabilities Statements of Financial Condition in the Statements of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount Swaps: (In thousands) December 31, 2020 $ 938 $ - $ 938 $ (938 ) $ - $ - December 31, 2019 119 - 119 (119 ) - -

Investment Partnerships and Oth

Investment Partnerships and Other Entities	12 Months Ended
	Dec. 31, 2020
Investment Partnerships and Other Entities [Abstract]
Investment Partnerships and Other Entities	E. Investment Partnerships and Other Entities The Company is general partner or co-general partner of various affiliated entities whose underlying assets consist primarily of marketable securities (“Affiliated Entities”). We also had investments in unaffiliated partnerships, offshore funds and other entities of $24.9 million and $20.5 million at December 31, 2020 and 2019, respectively (“Unaffiliated Entities”). We evaluate each entity to determine its appropriate accounting treatment and disclosure. Certain of the Affiliated Entities, and none of the Unaffiliated Entities, are consolidated. Investments in partnerships that are not required to be consolidated are accounted for using the equity method and are included in investments in partnerships on consolidated statements of financial condition. This caption includes investments in Affiliated Entities and Unaffiliated Entities which the Company accounts for under the equity method of accounting. The Company had investments in Affiliated Entities totaling $99.1 million and $124.8 million at December 31, 2020 and 2019, respectively. The Company reflects the equity in earnings of these Affiliated Entities and Unaffiliated Entities as net gain/(loss) from investments on the consolidated statements of income. The summarized financial information of the Company’s equity method investments as of and for the years ended December 31, 2020 and 2019 are as follows (in millions): December 31, 2020 December 31, 2019 Total assets $ 1,653 $ 1,607 Total liabilities 326 246 Total equity 1,327 1,361 For the year 2020 2019 Net income/(loss) 64 43 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 and Affiliated 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. PMV Consumer Acquisition Corp. The Company has determined that PMV is a voting interest entity (VOE) and since the Sponsor has substantive control of PMV due to its ability to control the board of directors of PMV, the Sponsor consolidates the assets and liabilities of PMV and the results of its operations. The Company invested $4.0 million, or approximately 62% of the $6.48 million total Sponsor partnership commitment. The Sponsor is managed by Company executives. The Company has determined that the Sponsor is a variable interest entity (VIE) and that the Company is the primary beneficiary and therefore consolidates the assets and liabilities and results of operations of the Sponsor, which includes PMV. However, neither AC nor PMV have a right to the benefits from nor does it bear the risks associated with the U.S Treasury Bills held in trust assets held by PMV. Further, if the Company were to liquidate, the U.S. Treasury Bills held in trust assets would not be available to its general creditors, and as a result, the Company does not consider these assets available for the benefit of its investors. The registration statement for the PMV initial public offering was declared effective on September 21, 2020. On September 24, 2020, PMV consummated the initial public offering of 17,500,000 units (the “Units” and, with respect to the shares of common stock included in the Units Sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $175,000,000. Simultaneously with the closing of the initial public offering, PMV consummated the sale of 6,150,000 warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant in a private placement to the Sponsor, generating gross proceeds of $6,150,000. AC invested $10 million in the Class A shares in PMV and the Sponsor invested $6.1 million in Private Warrants. Following the closing of the initial public offering on September 24, 2020, an amount of $175,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the initial public offering and the sale of the Private Warrants was placed in a trust account (the “Trust Account”) located in the United States, which will only be invested in U.S. U.S. Treasury Bills. PMV will have until September 24, 2022 to complete a business combination. If PMV is unable to complete a business combination by September 24, 2022, PMV will cease all operations except for the purpose of winding up, and as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account. The deferred fee will be forfeited by the underwriters solely in the event that we fail to complete a business combination within the required time period, subject to the terms of the underwriting agreement. The following table reflects the net impact of the consolidated entities on the consolidated statements of financial condition (in thousands): December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 32,347 $ 7,162 $ 39,509 Investments in U.S. Treasury Bills 334,954 9,499 344,453 Investments in securities (including GBL stock) 167,317 82,570 249,887 Investments in affiliated investment companies 221,318 (50,713 ) 170,605 Investments in partnerships 146,162 (22,168 ) 123,994 Receivable from brokers 6,662 18,015 24,677 Investment advisory fees receivable 7,400 (54 ) 7,346 Other assets (1) 31,647 7,387 39,034 Investments in U.S. Treasury Bills held in trust - 175,040 175,040 Total assets $ 947,807 $ 226,738 $ 1,174,545 Liabilities and equity Securities sold, not yet purchased $ 9,514 $ 8,057 $ 17,571 Accrued expenses and other liabilities (1) 36,904 11,853 48,757 Redeemable noncontrolling interests - 206,828 206,828 Total equity 901,389 - 901,389 Total liabilities and equity $ 947,807 $ 226,738 $ 1,174,545 December 31, 2019 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 328,834 $ 13,167 $ 342,001 Investments in U.S. Treasury Bills 25,050 3,987 29,037 Investments in securities (including GBL stock) 157,623 113,697 271,320 Investments in affiliated investment companies 211,024 (51,713 ) 159,311 Investments in partnerships 167,781 (22,409 ) 145,372 Receivable from brokers 6,750 16,391 23,141 Investment advisory fees receivable 9,604 (22 ) 9,582 Other assets (1) 22,976 29 23,005 Assets of discontinued operations 8,137 8,137 Total assets $ 937,779 $ 73,127 $ 1,010,906 Liabilities and equity Securities sold, not yet purchased $ 4,625 $ 11,794 $ 16,419 Accrued expenses and other liabilities (1) 33,618 10,949 44,567 Liabilities of discontinued operations 2,100 2,100 Redeemable noncontrolling interests 1 50,384 50,385 Total equity 897,435 - 897,435 Total liabilities and equity $ 937,779 $ 73,127 $ 1,010,906 (1) Represents the summation of multiple captions from the consolidated statement of financial condition The following table reflects the net impact of the consolidated entities on the consolidated statements of income (in thousands): Year Ended December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 19,473 $ (490 ) $ 18,983 Total expenses 28,652 2,800 31,452 Operating loss (9,179 ) (3,290 ) (12,469 ) Total other income, net 38,033 4,319 42,352 Income before income taxes 28,854 1,029 29,883 Income tax expense/(benefit) 9,426 (52 ) 9,374 Income from continuing operations, net of taxes 19,428 1,081 20,509 Loss from discontinued operations, net of taxes (632 ) - (632 ) Income before noncontrolling interests 18,796 1,081 19,877 Income/(loss) attributable to noncontrolling interests (20 ) 1,081 1,061 Net income $ 18,816 $ - $ 18,816 Year Ended December 31, 2019 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 23,761 $ (1,556 ) $ 22,205 Total expenses 34,140 1,325 35,465 Operating loss (10,379 ) (2,881 ) (13,260 ) Total other income, net 64,084 6,399 70,483 Income before income taxes 53,705 3,518 57,223 Income tax expense 12,627 - 12,627 Income from continuing operations, net of taxes 41,078 3,518 44,596 Loss from discontinued operations, net of taxes (1,890 ) - (1,890 ) Income before noncontrolling interests 39,188 3,518 42,706 Income attributable to noncontrolling interests - 3,518 3,518 Net income $ 39,188 $ - $ 39,188 Variable Interest Entities With respect to each consolidated VIE, its assets may only be used to satisfy its obligations. The investors and creditors of any consolidated VIE have no recourse to the Company’s general assets. In addition, the Company neither benefits from such 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 consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): December 31, 2020 December 31, 2019 Cash and cash equivalents $ 1,925 $ 2,224 Investments in securities (1) 20,739 18,454 Receivable from brokers 2,784 2,601 Investments in partnerships and affiliates 376 8,363 Other assets 7,105 - Accrued expenses and other liabilities (138 ) (329 ) Nonredeemable noncontrolling interests (2,451 ) - Redeemable noncontrolling interests (12,661 ) (9,592 ) AC Group’s net interests in consolidated VIEs $ 17,679 $ 21,721 (1) In 2020, includes $6.15 million in private placement warrants eliminated in consolidation with PMV Voting Interest Entities The following table presents the balances related to PMV and another investment partnership that are consolidated as VOE’s and included on the consolidated statements of financial condition as well as the Company’s net interest in these VOE’s (in thousands): December 31, 2020 December 31, 2019 Cash and cash equivalents $ 5,558 $ 10,943 Investments in securities 93,780 99,231 Receivable from brokers 15,230 13,790 Investments in debt securities held in trust 175,040 - Other assets 322 28 Securities sold, not yet purchased (8,057 ) (11,794 ) Accrued expenses and other liabilities (11,840 ) (10,665 ) Redeemable noncontrolling interests (194,167 ) (40,792 ) AC Group’s net interests in consolidated VOEs $ 75,866 $ 60,741 Equity Method Investments The Company’s equity method investments include investments in partnerships and offshore funds. These equity method investments are not consolidated but on an aggregate basis exceed 10% of the Company’s consolidated total assets or income.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2020
Fair Value [Abstract]
Fair Value	F. 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 December 31, 2020 and 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. The following tables present assets and liabilities measured at fair value on a recurring basis as of the dates specified (in thousands): December 31, 2020 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash equivalents $ 34,010 $ - $ - $ 34,010 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 344,453 - - 344,453 Common stocks 231,901 5,440 36 237,377 Mutual funds 1,294 - - 1,294 Other 6,133 621 4,462 11,216 Total investments in securities 583,781 6,061 4,498 594,340 Investments in affiliated registered investment companies: Closed-end funds 104,719 - 2,000 106,719 Mutual funds 63,886 - - 63,886 Total investments in affiliated registered investment companies 168,605 - 2,000 170,605 Total investments held at fair value 752,386 6,061 6,498 764,945 Total assets at fair value $ 786,396 $ 6,061 $ 6,498 $ 798,955 Liabilities Common stocks $ 16,090 $ - $ - $ 16,090 Other 543 938 - 1,481 Securities sold, not yet purchased $ 16,633 $ 938 $ - $ 17,571 December 31, 2019 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash equivalents $ 343,428 $ - $ - $ 343,428 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 29,037 - - 29,037 Common stocks 257,520 4,444 89 262,053 Mutual funds 2,196 - - 2,196 Other 2,428 509 4,134 7,071 Total investments in securities 291,181 4,953 4,223 300,357 Investments in affiliated registered investment companies: Closed-end funds 99,834 - - 99,834 Mutual funds 59,477 - - 59,477 Total investments in affiliated registered investment companies 159,311 - - 159,311 Total investments held at fair value 450,492 4,953 4,223 459,668 Total assets at fair value $ 793,920 $ 4,953 $ 4,223 $ 803,096 Liabilities Common stocks $ 16,300 $ - $ - $ 16,300 Other - 119 - 119 Securities sold, not yet purchased $ 16,300 $ 119 $ - $ 16,419 The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Year ended December 31, 2020 Year ended December 31, 2019 Common Stocks Other Total Common Stocks Other Total Beginning balance $ 89 $ 4,134 $ 4,223 $ 12 $ 3,458 $ 3,470 Total gains/(losses) (53 ) 16 (37 ) 14 673 687 Purchases - 2,000 2,000 - 3 3 Sales - (1,800 ) (1,800 ) - - - Transfers - 2,112 2,112 63 - 63 Ending balance $ 36 $ 6,462 $ 6,498 $ 89 $ 4,134 $ 4,223 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 $ (31 ) $ (22 ) $ (53 ) $ (8 ) $ 673 $ 665 Total realized and unrealized gains and losses for level 3 assets are reported in net gain/(loss) from investments in the consolidated statements of income. During the years ended December 31, 2020 and 2019, the Company transferred investments with a value of approximately $2,221,000 and $63,000, respectively, from Level 1 to Level 3 due to the unavailability of observable inputs. For the year ended December 31, 2020, the Company transferred an investment with a value of approximately $109,000 from Level 3 to Level 1 due to increased availability of market price quotations. At December 31, 2020, assets held in the trust account through PMV were comprised of U.S. Treasury Bills which mature in less than one year with an amortized cost and fair value of $175 million.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Income Taxes	G. Income Taxes The provision for income taxes for the years ended December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Federal: Current $ 9,051 $ 5,006 Deferred (193 ) 6,419 State and local: Current 532 531 Deferred (16 ) 671 Total $ 9,374 $ 12,627 A reconciliation of the federal statutory rate to the effective tax rate for the years ended December 31, 2020 and 2019 is set forth below: 2020 2019 Statutory Federal income tax rate 21.0 % 21.0 % State income tax, net of Federal benefit 1.3 1.6 Dividends received deduction (1.4 ) (0.5 ) Deferred tax asset valuation allowance 1.5 1.0 Foreign investments 9.9 - Noncontrolling interests (1.3 ) (1.3 ) Other 0.4 0.3 Effective income tax rate 31.4 % 22.1 % Significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Deferred tax assets: Stock-based compensation expense $ 430 $ 286 Deferred compensation 1,825 499 Shareholder-designated contribution carryover 3,244 2,831 Other 53 - 5,552 3,616 Deferred tax liabilities: Investments in securities and partnerships (1,300 ) (27 ) Other liabilities (201 ) (384 ) (1,501 ) (411 ) Gross deferred tax assets /(liabilities) 4,051 3,205 Valuation allowance (1,844 ) (1,385 ) Net deferred tax assets/(liabilities) $ 2,207 $ 1,820 The Company believes that it is more-likely-than-not that the benefit from a portion of the shareholder-designated charitable contribution carryforwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $1,844 and $1,385 as of December 31, 2020 and 2019, respectively, on the deferred tax assets related to these charitable contribution carryforwards. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows (in thousands): Balance at January 1, 2019 $ 6 Reductions for tax positions of prior years (6 ) Balance at December 31, 2019 $ - Reductions for tax positions of prior years - Balance at December 31, 2020 $ - The Company records penalties and interest related to tax uncertainties in income taxes. These amounts are included in accrued expenses and other liabilities on the consolidated statements of financial condition. The Company remains subject to income tax examination by the IRS for the years 2017 through 2019 and state examinations for years after 2011.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2020
Earnings per Share [Abstract]
Earnings per Share	H. Earnings per Share Basic earnings per share is computed by dividing net income/(loss) 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) attributable to our shareholders by the weighted average number of shares outstanding during the period. The computations of basic and diluted net income/(loss) per share are as follows (in thousands, except per share data): For the Years Ending December 31, (In thousands, except per share amounts) 2020 2019 Income from continuing operations $ 20,509 $ 44,596 Less: Income attributable to noncontrolling interests 1,061 3,518 Net income from continuing operations attributable to Associated Capital Group, Inc.’s shareholders 19,448 41,078 Income/(loss) from discontinued operations (632 ) (1,890 ) Net income attributable to Associated Capital Group, Inc.’s shareholders $ 18,816 $ 39,188 Weighted average number of shares of Common Stock outstanding - basic 22,369 22,534 Weighted average number of shares of Common Stock outstanding - diluted 22,369 22,534 Basic Net income/(loss) from continuing operations $ 0.87 $ 1.82 Net income/(loss) from discontinued operations (0.03 ) (0.08 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 0.84 $ 1.74 Diluted: Net income/(loss) from continuing operations $ 0.87 $ 1.82 Net income/(loss) from discontinued operations (0.03 ) (0.08 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 0.84 $ 1.74

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	I. Related Party Transactions The following is a summary of certain related party transactions. GGCP, Inc., a private company controlled by the Executive Chairman, indirectly owns a majority of our Class B stock, representing approximately 95% of the combined voting power and 83% of the outstanding shares of our common stock at December 31, 2020. Loans with related parties On April 23, 2019, the Company issued a promissory note for $2.1 million to our Executive Chairman. The promissory note was re-paid with interest at 1% per annum on May 28, 2019. Investments in Securities In August 2006, a son of the Executive Chairman was given responsibility for managing one proprietary investment account. The balance in the proprietary investment account at December 31, 2020 and 2019 was $34.3 million and $26.3 million, respectively, of which $2.8 million and $1.0 million, respectively, is owed to the portfolio manager representing earnings that have been re-invested in the account. At December 31, 2020 and 2019, the value of the Company’s investment in GAMCO common stock (GBL) was $48.9 million and $57.2 million, respectively. As of December 31, 2020 and 2019, AC and its subsidiaries own approximately 2.8 million and 2.9 million shares respectively of GAMCO Class A Stock. The Company recorded dividend income of $2.8 million and $0.3 million in 2020 and 2019, respectively from GAMCO which is on the consolidated statements of income. For the year, the GBL stock price decreased 9.0% to $17.74 per share, resulting in a $5.5 million net realized and unrealized loss for the Company versus a net realized and unrealized At December 31, 2020 and 2019, the Company invested $31.5 million and $336.7 million, respectively, in the Gabelli U.S. Treasury Money Market Fund, which is recorded in cash and cash equivalents on the consolidated statements of financial condition. For the years ended December 31, 2020 and 2019, the Company earned interest of $1.6 million and $7.8 million from the Company’s investment in this fund, respectively. Investments in affiliated equity mutual funds advised by Gabelli Funds and Teton Advisors, Inc., an investment advisor under common control with the Company, totaled $170.7 million and $159.3 million at December 31, 2020 and 2019, respectively and are included in either investments in affiliated registered investment companies on the consolidated statements of financial condition. Included in other income/(expense) are $12.0 million and $20.1 million of gains from investments and dividends with respect to funds advised by Gabelli Funds and Teton Advisors, Inc. for the years ending December 31, 2020 and 2019, respectively. Investments in Partnerships We had an aggregate investment in affiliated Investment Partnerships of approximately million and $ million at December 31, 2020 and 2019, respectively. Affiliates of the Company, including its consolidated subsidiaries, generally receive management fees and incentive fees and allocations of up to 20% with respect to certain of these entities. Investment Advisory Services Pursuant to a sub-advisory agreement with the Company, Gabelli Funds pays GCIA 90% of the net revenues it receives related to investment advisory services provided to GAMCO International SICAV – GAMCO Merger Arbitrage, an investment company incorporated under the laws of Luxembourg (the “SICAV”). For this purpose, net revenues are defined as gross advisory fees less expenses related to payouts and expenses of the SICAV paid by Gabelli Funds. GCIA received $7.2 million and $4.1 million during 2020 and 2019, respectively under this sub-advisory agreement. These payments are included in investment advisory and incentive fees on the consolidated statements of income. Compensation In accordance with an employment agreement, the Company pays the Executive Chairman, or his designated assignees, a management fee equal to 10% of the Company’s pretax profits before consideration of this fee and before consolidation of Investment Partnerships. In 2020 and 2019, the Company recorded management fee expense of $3.1 million and $5.7 million, respectively. These fees are recorded as management fee on the consolidated statements of income. Affiliated Receivables/Payables At December 31, 2020 and 2019, the receivable from affiliates consists primarily of sub-advisory fees due from Gabelli Funds. At December 31, 2020 and 2019, the payable to affiliates primarily consisted of expenses paid by affiliates on behalf of the Company. GAMCO Sublease In June 2016, AC entered into a sublease agreement with GBL which is subject to annual renewal. Pursuant to the sublease, AC and its subsidiaries pay a monthly fixed lease amount based on the percentage of square footage occupied by its employees (including pro rata allocation of common space) at GBL’s corporate offices. For the years ended December 31, 2020 and 2019, the Company paid $144 thousand and $501 thousand, respectively, under the sublease agreement. These amounts are included in other operating expenses on the consolidated statements of income. AC acquired a building at 3 St. James Place, London, UK on March 3, 2020 which is fully leased to GAMCO commencing 2021.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity	J. Equity 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 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. Holders of each share class, however, are not eligible to vote on matters relating exclusively to the other share class. Stock Award and Incentive Plan The Company maintains one stock award and incentive plan (the “Plan”) approved by the shareholders on May 3, 2016, which is designed to provide incentives to attract and retain individuals key to the success of AC through direct or indirect ownership of our common stock. Benefits under the Plan may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash-based awards. A maximum of 2 million shares of Class A Stock have been reserved for issuance under the Plan by the Compensation Committee of the Board of Directors (the “Compensation Committee”) which is responsible for administering the Plan. Under the Plan, the Compensation Committee may grant RSAs and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that it may determine. Through December 31, 2020, approximately 700,000 shares have been awarded under the Plan leaving approximately 1.3 million shares for future grants. There were no RSAs outstanding as of December 31, 2020 or 2019. In August and December 2018, the Company’s Board of Directors approved the grant of 172,800 shares of Phantom Restricted Stock awards (“Phantom RSAs”). Under the terms of the grants, which were effective August 8 and December 31 of 2018, 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. The Phantom RSAs are 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 re-measure 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. Based on the closing price of the Company’s Class A Common Stock on December 31, 2020 and 2019, the total liability recorded by the Company in compensation payable as of December 31, 2020 and 2019, with respect to the Phantom RSAs was $1.8 million and $2.0 million, respectively. For the years ended December 31, 2020 and 2019, the Company recorded approximately ($0.2) million and $1.4 million in stock-based compensation expense, respectively. This expense is included in compensation expense in the consolidated statements of income. As of December 31, 2020, there were RSAs outstanding. The unrecognized compensation expense related to these was $3.7 million which is expected to be recognized over a weighted-average period of 2.3 years. During 2020, 31,000 Phantom RSA’s were forfeited or terminated. On December 28, 2020, 66,850 Phantom RSA’s were issued. As of December 31, 2019, there were 119,650 Phantom RSAs outstanding and $3.9 million unrecognized compensation expense. Stock Repurchase Program In December 2015, the Board of Directors established a stock repurchase program authorizing the Company to repurchase up to 500,000 shares. On February 7, 2017, the Board of Directors reset the available number of shares to be purchased under the stock repurchase program to 500,000 shares. On August 3, 2017 and May 8, 2018, the Board of Directors authorized the repurchase of an additional 1 million and 500,000 shares, respectively. Our stock repurchase program is not subject to an expiration date. In 2020, the Company repurchased 0.2 million shares at an average price of $36.98 per share for a total investment of $7.4 million. In 2019, the Company repurchased 0.1 million shares at an average price of $37.62 per share for a total investment of $4.1 million. As of December 31, 2020, the maximum number of shares that may yet be purchased under the plans or programs are 893,102. Dividends During 2020, the Company declared and paid dividends of $0.20 per share to class A and class B shareholders totaling $4.5 million. During 2019, the Company declared dividends of $0.20 per share to class A and class B shareholders totaling $4.5 million, of which $2.3 million is payable on January 9, 2020 and is included in accrued expenses and other liabilities on the consolidated statement of financial condition as of December 31, 2019

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2020
Retirement Plan [Abstract]
Retirement Plan	K. Retirement Plan The Company participates in an incentive savings plan (the “Savings Plan”) covering substantially all employees. Company contributions to the Savings Plan are determined annually by management of the Company but may not exceed the amount permitted as a deductible expense under the Internal Revenue Code of 1986, as amended. The expense for contributions to the Savings Plan was approximately $19,000 and $29,000 in 2020 and 2019, respectively, and is included in compensation on the consolidated statements of income.

Guarantees, Contingencies and C

Guarantees, Contingencies and Commitments	12 Months Ended
	Dec. 31, 2020
Guarantees, Contingencies and Commitments [Abstract]
Guarantees, Contingencies and Commitments	L. Guarantees, Contingencies and Commitments 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 consolidated financial statements include the necessary provisions for losses, if any, 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. Management believes, however, that 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 December 31, 2020. 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 consolidated financial statements.

Shareholder-Designated Contribu

Shareholder-Designated Contribution Plan	12 Months Ended
	Dec. 31, 2020
Shareholder-Designated Contribution Plan [Abstract]
Shareholder-Designated Contribution Plan	M. Shareholder-Designated Contribution Plan The Company has established a Shareholder Designated Charitable Contribution program. Under the program, from time to time each shareholder is eligible to designate a charity to which the Company would make a donation at a rate of twenty cents per share based upon the actual number of shares registered in the shareholder’s name. The Company recorded an expense of $3.0 million and $3.3 million related to this program for the years ended December 31, 2020 and 2019, respectively, which is included in shareholder-designated contribution in the consolidated statements of income. As of December 31, 2020 and 2019, the Company has reflected a liability in the amount of $2.0 million in connection with this program which is included in accrued expenses and other liabilities on the consolidated statement of financial condition, respectively.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2020
Discontinued Operations [Abstract]
Discontinued Operations	N. Discontinued Operations As a result of the Morgan Group spin-off, the results of its operations through August 5, 2020 have been classified in the consolidated statements of income as discontinued operations for all periods presented. There was no gain or loss on the spin-off for the Company, and it was a tax-free spin-off to AC’s shareholders. Other than a transition services agreement, Associated Capital does not have any significant continuing involvement in the operations of Morgan Group after the spin-off, and Associated Capital will not have the ability to influence operating or financial policies of Morgan Group. All stockholders received 0.022356 shares of Morgan Group stock for each share of AC stock that they held on the record date for the distribution. Operating results for the period from January 1, 2020 through August 5, 2020 and the year ended December 31, 2019 were as follows. For the Year Ended December 31, (1) 2020 2019 Revenues Institutional research services $ 2,924 $ 8,947 Other 36 113 Total revenues 2,960 9,060 Expenses Compensation 2,276 8,374 Other operating expenses 1,699 3,184 Total expenses 3,975 11,558 Operating loss (1,015 ) (2,498 ) Other income (expense) Net loss from investments (8 ) (9 ) Interest and dividend income 81 192 Total other income, net 73 183 Income/(loss) from discontinued operations before income taxes (942 ) (2,315 ) Income tax provision/(benefit) (205 ) (501 ) Income/(loss) from discontinued operations, net of taxes (737 ) (1,814 ) Net income/(loss) attributable to noncontrolling interests (105 ) 76 Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes $ (632 ) $ (1,890 ) (1) During 2020 reflects the period through August 5, 2020 The assets and liabilities of Morgan Group have been classified in the consolidated statement of financial condition as of December 31, 2019 as assets and liabilities of discontinued operations and consist of the following: December 31, 2019 Cash and cash equivalents $ 6,587 Receivable from brokers 1,009 Receivable from affiliates 31 Deferred tax assets 184 Other assets 326 Total assets of discontinued operations 8,137 Income taxes payable 54 Compensation payable 710 Accrued expenses and other liabilities 1,336 Total liabilities of discontinued operations 2,100 Noncontrolling interests from discontinued operations 1,003 Net assets of discontinued operations attributable to AC shareholders $ 5,034 The following table summarizes the net impact of the spin-off to the Company’s equity (deficit) as of August 5, 2020: Decrease in additional paid-in capital $ (4,403 ) Decrease in noncontrolling interest (903 ) Total $ (5,306 )

Organization (Policies)

Organization (Policies)	12 Months Ended
	Dec. 31, 2020
Organization [Abstract]
Organization	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. We are a Delaware corporation that provides alternative investment management, and we derive investment income/(loss) from proprietary investment of cash and other assets in our operating business. GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets in equity event-driven value strategies, across a range of risk and event arbitrage portfolios. The businesses earn management and incentive fees from their advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). We may make direct investments in operating business using a variety of techniques and structures. For example, in April 2018, the Company sponsored a €110 million initial public offering of its first special purpose acquisition corporation, the Gabelli Value for Italy S.p.a., an Italian company listed on the London Stock Exchange’s Borsa Italiana AIM segment under the symbol “VALU”. VALU was created to acquire a small-to medium-sized Italian franchise business with the potential for international expansion, particularly in the United States. Gabelli Value for Italy S.p.a was subsequently liquidated on July 8, 2020 at the apex of the pandemic in Italy.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents.
Investments in Securities	Investments in Securities Securities owned are recorded at fair value in the statements of financial condition with any unrealized gains or losses reported in current period earnings in gain/(loss) from investments, net on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in gain/(loss) from investments, net on the consolidated statements of income. Management determines the appropriate classification of debt securities at the time of purchase. Debt securities with maturities of greater than three months at the time of purchase are considered investments in debt securities. A majority of our investments in debt securities are accounted for as trading securities, except for the investment in U.S. Treasury Bills held in trust by PMV, which are accounted for as held to maturity. Investments in securities are reflected in U.S. Treasury Bills, investments in equity securities, investments in affiliated registered investment companies and investments U.S. Treasury Bills held in trust. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of AC to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Unrealized gains and losses and realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets included in this category are over-the-counter derivatives that have valuation inputs that can generally be corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets in this category generally include equities that trade infrequently and direct private equity investments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that market participants are willing to pay for an asset. Ask prices represent the lowest price that market participants are willing to accept for an asset. Cash equivalents Investments in securities
Investment in U.S. Treasury Bills held in Trust Account	Investment in U.S. Treasury Bills held in trust account At December 31, 2020, debt securities of our consolidated SPAC, PMV, are held in a trust account and consist of U.S. Treasury Bills accounted for as held-to-maturity in accordance with ASC 320 “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying consolidated balance sheet and adjusted for the amortization or accretion of premiums or discounts.
Receivables from Affiliates and Payables to Affiliates	Receivables from Affiliates and Payables to Affiliates Receivables from affiliates consist primarily of sub-advisory fees due from Gabelli Funds, LLC,
Receivables from and Payables to Brokers	Receivables from and Payables to Brokers Receivables from and payables to brokers consist of amounts related to purchases and sales of securities as well as cash amounts held in anticipation of investment.
Consolidation	Consolidation The Company assesses all entities with which it is involved for consolidation on a case by case basis depending on the specific facts and circumstances surrounding each entity. Pursuant to accounting guidance, the Company first evaluates whether it holds a variable interest in an entity. The Company considers all economic interests, including proportionate interests through related parties, to determine if such interests are considered a variable interest. Fees paid to the Company that are customary and commensurate with the level of services provided from entities in which the Company does not hold other more than insignificant economic interests in the entity are not considered as a variable interest. For any entity where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether it qualifies as a variable interest entity (“VIE”). The granting of substantive kick-out or participating rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. The Company evaluates for consolidation on a case by case basis those VIEs in which substantive kick-out or participating rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner. Under the variable interest entity model, the Company consolidates those entities where it is determined that the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. When the Company alone is not considered to have a controlling financial interest in the VIE but the Company and its related parties under common control in the aggregate have a controlling financial interest in the VIE, the Company will be deemed the primary beneficiary if it is the party that is most closely associated with the VIE. When the Company and its related parties not under common control in the aggregate have a controlling financial interest in the VIE, the Company would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of the Company. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion as required. Investments and redemptions (either by the Company, related parties or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. The Company evaluates whether the entity should be evaluated under the guidance for partnerships and similar entities, or corporations, and consolidates those entities it controls through a majority voting interest or other means. If the Company is the general partner or managing member it generally will not be required to consolidate a VOE. The Company records noncontrolling interests in consolidated entities for which the Company’s ownership is less than 100%. Refer to Non-controlling Interests below for additional information.
Investments in Partnerships and Affiliates	Investments in Partnerships and Affiliates The Company is general partner or co-general partner of various affiliated entities. We also have investments in unaffiliated partnerships, offshore funds and other entities (collectively, “unaffiliated entities”). Given that we are not a general partner or investment manager in any unaffiliated entity, we neither earn any management or incentive fees nor have a controlling financial interest in such entity. We do not consolidate any unaffiliated entity. The balance sheet caption investments in partnerships includes investments in both affiliated and unaffiliated entities. The Company accounts for its investments in partnerships and affiliates under the equity method. Substantially all of the Company’s equity method investees are entities that record their underlying investments at fair value and are included in investments in partnerships. Therefore, under the equity method of accounting, the Company’s share of the investee’s underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. The Company’s share of the investee’s underlying net income or loss is based upon the most currently available information and is recorded as net gain/(loss) from investments on the consolidated statements of income. Capital contributions are recorded as an increase in investments when paid, and withdrawals and distributions are recorded as reductions of the investments when received. Depending on the terms of the investment, the Company may be restricted as to the timing and amounts of withdrawals.
Derivative Financial Instruments	Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes such derivatives in either investment in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company will enter into hedging transactions to manage its exposure to foreign currencies or equity prices related to its proprietary investments. Except for a foreign exchange contract 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 consolidated statements of income. See Note D, Investments in Securities, for additional information.
Major Revenue-Generating Services and Revenue Recognition	Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees. Investment advisory and incentive fees are directly influenced by the level and mix of AUM as fees are derived from a contractually-determined percentage of the balance of each account as well as a percentage of the investment performance of certain accounts. Management fees from Investment Partnerships and offshore funds are computed either monthly or quarterly, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. These revenues vary depending upon the level of capital flows, financial market conditions, investment performance and the fee rates applicable to each account. Incentive allocations or fees are generally recognized at the end of an annual measurement period and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. See Note C, Revenue, for additional information.
Depreciation	Depreciation Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives of four to thirty-nine years and are included in other assets on the consolidated statements of financial condition. Fixed assets as of December 31, 2020 and 2019 consisted of the following: 2020 2019 Buildings $ 17,727 $ 6,518 Equipment 186 219 Total 17,913 6,737 Less: accumulated depreciation (383 ) (107 ) Net book value $ 17,530 $ 6,630
Allocated Expenses	Allocated Expenses The Company is charged or incurs certain overhead expenses that are paid by, or paid on our behalf by, other affiliates and are included in other operating expenses on the consolidated statements of income. These overhead expenses primarily relate to centralized functions including finance and accounting, legal, compliance, treasury, tax, internal audit, information technology, human resources and risk management. These overhead expenses are allocated to the Company by other affiliates or allocated by the Company to other affiliates as the expenses are incurred, based upon direct usage when identifiable, or by revenue, headcount, space or other allocation methodologies periodically reviewed by the management of the Company and the affiliates. The compensation expense and related payroll taxes and benefits of certain dual employees that provide services to both AC and affiliates that are paid for by GCIA or GAMCO are allocated between the companies based upon the relative time each employee devotes to each affiliate. These allocated compensation expenses are included in compensation on the consolidated statements of income. All of the allocations and estimates in the financial statements are based on assumptions that management of AC believes are reasonable. However, these allocations may not be indicative of the actual expenses we would have incurred or may incur in the future.
Management Fee	Management Fee Management fee expense in the amount of 10% of the aggregate pre-tax profits, before consideration of this fee and before consideration of the income attributable to consolidated funds and partnerships, is paid to the Executive Chairman or his designees in accordance with his employment agreement.
Stock-Based Compensation	Stock-Based Compensation During 2018, the Company’s Board of Directors approved the grant of Phantom Restricted Stock awards (“Phantom RSAs”). 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. The Phantom RSAs are accounted for 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.
Goodwill	Goodwill Goodwill is initially measured as the excess of the cost of an acquired business over the sum of the fair value assigned to assets acquired less the liabilities assumed. Goodwill is tested for impairment at least annually on November 30th and whenever certain triggering events are met. In assessing the recoverability of goodwill as of November 30, 2020 and 2019, we performed a qualitative assessment of whether it was more likely than not that an impairment had occurred and concluded that a quantitative analysis was not required. As such, no impairment was recorded during 2020 or 2019.
Income Taxes	Income Taxes For purposes of the preparation of the consolidated financial statements, the provision for income taxes is computed using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense/benefit in the period that includes the enactment date of the change in tax rate. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. A valuation allowance would be recorded to reduce the carrying value of deferred tax assets to the amount that is more likely than not to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that the Company would be able to realize the Company’s deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. For uncertain tax positions the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position. For those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. Accrued interest and penalties on uncertain tax positions are included within accrued expenses and other liabilities on the consolidated statements of financial condition.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests in Investment Partnerships or other entities that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section of the consolidated statements of financial condition between liabilities and equity. Noncontrolling interests in other entities that are not redeemable at the option of the holder are classified as such as a separate component of shareholder’s equity.
Redeemable noncontrolling Interests-PMV	Redeemable noncontrolling Interests-PMV The Company accounts for the common stock held by noncontrolling interest holders of our consolidated SPAC, PMV, as subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified in the mezzanine section of the consolidated statements of financial condition between liabilities and equity and is measured at redemption value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. PMVs common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2020, common stock held by noncontrolling interest holders is presented at redemption value in redeemable noncontrolling interests, outside of the stockholders’ equity section of the Company’s balance sheet. For the years ended December 31, 2020 and 2019, net income/(loss) attributable to noncontrolling interests on the consolidated statements of income represents the share of net income/(loss) attributable to third-party investors in consolidated funds.
Offering Costs	Offering Costs Offering costs incurred by the initial public offering of PMV consist of legal, accounting, underwriting fees and other costs. Offering costs amounting to $9,957,390, including deferred underwriting fees of $6,125,000, net of a $175,000 credit paid by the underwriter, were charged against equity of PMV upon the completion of the initial public offering.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government. Receivables from brokers and financial institutions can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees and incentive fees, which are included in investment advisory fees receivable and receivables from affiliates on the consolidated statements of financial condition, is generally limited due to the short payment terms extended to clients by the Company. All investments in securities are held at third party brokers or custodians.
Business Segment	Business Segment The Company operates in one business segment. The Company’s chief operating decision maker reviews the Company’s financial performance at an aggregate level.
Recent Accounting Developments	Recent Accounting Developments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other 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

Revenue (Policies)

Revenue (Policies)	12 Months Ended
	Dec. 31, 2020
Revenue [Abstract]
Revenue	The Company’s revenue is accounted for as contracts with customers, and the timing of revenue recognition is based on the Company’s analysis of the provisions of each respective contract. Depending upon the specific terms, revenue may be recognized over time or at a point in time. Modifications to contracts may affect the timing of the satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations, any of which may impact the timing of the recognition of the related 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 client 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. While the Company’s performance obligation is satisfied over time, the Company does not recognize performance-based fees until the end of the measurement period or the time of the investor redemption when the uncertainty surrounding the amount of the variable consideration is resolved. 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 ratably as the services are performed over the relevant contractual performance 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 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 services. 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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies [Abstract]
Fixed Assets	Fixed assets as of December 31, 2020 and 2019 consisted of the following: 2020 2019 Buildings $ 17,727 $ 6,518 Equipment 186 219 Total 17,913 6,737 Less: accumulated depreciation (383 ) (107 ) Net book value $ 17,530 $ 6,630

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue [Abstract]
Revenues by Type	Total revenues by type were as follows for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Revenues Investment advisory and incentive fees Asset-based advisory fees $ 5,415 $ 7,022 Performance-based advisory fees 5,706 7,501 Sub-advisory fees 7,167 7,625 18,288 22,148 Other Miscellaneous 695 57 695 57 Total $ 18,983 $ 22,205

Investments in Securities (Tabl

Investments in Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Investments in Securities [Abstract]
Investments in Securities	Investments in securities at December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ 344,367 $ 344,453 $ 28,428 $ 29,037 Equity Securities: Common stocks 239,240 237,377 271,627 262,562 Mutual funds 546 1,294 1,207 2,196 Other investments 8,806 11,216 7,847 6,562 Total investments in securities 592,959 594,340 309,109 300,357
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Proceeds Fair Value Proceeds Fair Value Equity securities: Common stocks $ 14,369 $ 16,090 $ 13,863 $ 16,300 Other investments 1,209 1,481 13 119 Total securities sold, not yet purchased $ 15,578 $ 17,571 $ 13,876 $ 16,419
Investments in Affiliated Registered Investment Companies	Investments in affiliated registered investment companies at December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 76,462 $ 106,719 $ 75,646 $ 99,834 Mutual funds 48,395 63,886 48,348 59,477 Total investments in affiliated registered investment companies $ 124,857 $ 170,605 $ 123,994 $ 159,311
Fair Values of All Derivatives	The following table identifies the fair values of all derivatives and foreign currency positions held by the Company (in thousands): Asset Derivatives Liability Derivatives Statement of Fair Value Statement of Fair Value Financial Condition Location December 31, 2020 December 31, 2019 Financial Condition Location December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments under FASB ASC 815-20 Foreign exchange contracts Receivable from brokers $ - $ 23 Payable to brokers $ - $ - Derivatives not designated as hedging instruments under FASB ASC 815-20 Equity contracts Investments in Securities sold, securities $ 621 $ 291 not yet purchased $ 938 $ 119 Total derivatives $ 621 $ 314 $ 938 $ 119
Gains and Losses of All Derivatives Held	The following table identifies gains and losses of all derivatives and foreign currency positions held by the Company (in thousands): Year ended December 31, Type of Derivative Income Statement Location 2020 2019 Foreign exchange contracts Net gain/(loss) from investments $ (51 ) $ 128 Equity contracts Net gain/(loss) from investments (336 ) (1,951 ) Total $ (387 ) $ (1,823 )
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 Gross Amounts Offset in the Net Amounts of Assets Presented Gross Amounts Not Offset in the Statements of Financial Condition Recognized Assets Statements of Financial Condition in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Swaps: (In thousands) December 31, 2020 $ 621 $ - $ 621 $ (938 ) $ - $ (317 ) December 31, 2019 291 - 291 (119 ) - 172 Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented Gross Amounts Not Offset in the Statements of Financial Condition Recognized Liabilities Statements of Financial Condition in the Statements of Financial Condition Financial Instruments Cash Collateral Pledged Net Amount Swaps: (In thousands) December 31, 2020 $ 938 $ - $ 938 $ (938 ) $ - $ - December 31, 2019 119 - 119 (119 ) - -

Investment Partnerships and O_2

Investment Partnerships and Other Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Investment Partnerships and Other Entities [Abstract]
Summarized Financial Information of Aggregate Equity Method Investments	The summarized financial information of the Company’s equity method investments as of and for the years ended December 31, 2020 and 2019 are as follows (in millions): December 31, 2020 December 31, 2019 Total assets $ 1,653 $ 1,607 Total liabilities 326 246 Total equity 1,327 1,361 For the year 2020 2019 Net income/(loss) 64 43
Condensed Consolidated Statements of Financial Condition by Entity Consolidated	The following table reflects the net impact of the consolidated entities on the consolidated statements of financial condition (in thousands): December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 32,347 $ 7,162 $ 39,509 Investments in U.S. Treasury Bills 334,954 9,499 344,453 Investments in securities (including GBL stock) 167,317 82,570 249,887 Investments in affiliated investment companies 221,318 (50,713 ) 170,605 Investments in partnerships 146,162 (22,168 ) 123,994 Receivable from brokers 6,662 18,015 24,677 Investment advisory fees receivable 7,400 (54 ) 7,346 Other assets (1) 31,647 7,387 39,034 Investments in U.S. Treasury Bills held in trust - 175,040 175,040 Total assets $ 947,807 $ 226,738 $ 1,174,545 Liabilities and equity Securities sold, not yet purchased $ 9,514 $ 8,057 $ 17,571 Accrued expenses and other liabilities (1) 36,904 11,853 48,757 Redeemable noncontrolling interests - 206,828 206,828 Total equity 901,389 - 901,389 Total liabilities and equity $ 947,807 $ 226,738 $ 1,174,545 December 31, 2019 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 328,834 $ 13,167 $ 342,001 Investments in U.S. Treasury Bills 25,050 3,987 29,037 Investments in securities (including GBL stock) 157,623 113,697 271,320 Investments in affiliated investment companies 211,024 (51,713 ) 159,311 Investments in partnerships 167,781 (22,409 ) 145,372 Receivable from brokers 6,750 16,391 23,141 Investment advisory fees receivable 9,604 (22 ) 9,582 Other assets (1) 22,976 29 23,005 Assets of discontinued operations 8,137 8,137 Total assets $ 937,779 $ 73,127 $ 1,010,906 Liabilities and equity Securities sold, not yet purchased $ 4,625 $ 11,794 $ 16,419 Accrued expenses and other liabilities (1) 33,618 10,949 44,567 Liabilities of discontinued operations 2,100 2,100 Redeemable noncontrolling interests 1 50,384 50,385 Total equity 897,435 - 897,435 Total liabilities and equity $ 937,779 $ 73,127 $ 1,010,906 (1) Represents the summation of multiple captions from the consolidated statement of financial condition
Condensed Consolidated Statements of Income by Entity Consolidated	The following table reflects the net impact of the consolidated entities on the consolidated statements of income (in thousands): Year Ended December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 19,473 $ (490 ) $ 18,983 Total expenses 28,652 2,800 31,452 Operating loss (9,179 ) (3,290 ) (12,469 ) Total other income, net 38,033 4,319 42,352 Income before income taxes 28,854 1,029 29,883 Income tax expense/(benefit) 9,426 (52 ) 9,374 Income from continuing operations, net of taxes 19,428 1,081 20,509 Loss from discontinued operations, net of taxes (632 ) - (632 ) Income before noncontrolling interests 18,796 1,081 19,877 Income/(loss) attributable to noncontrolling interests (20 ) 1,081 1,061 Net income $ 18,816 $ - $ 18,816 Year Ended December 31, 2019 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 23,761 $ (1,556 ) $ 22,205 Total expenses 34,140 1,325 35,465 Operating loss (10,379 ) (2,881 ) (13,260 ) Total other income, net 64,084 6,399 70,483 Income before income taxes 53,705 3,518 57,223 Income tax expense 12,627 - 12,627 Income from continuing operations, net of taxes 41,078 3,518 44,596 Loss from discontinued operations, net of taxes (1,890 ) - (1,890 ) Income before noncontrolling interests 39,188 3,518 42,706 Income attributable to noncontrolling interests - 3,518 3,518 Net income $ 39,188 $ - $ 39,188
Net Interests in Consolidated VIE's	The following table presents the balances related to VIEs that are consolidated and included on the consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): December 31, 2020 December 31, 2019 Cash and cash equivalents $ 1,925 $ 2,224 Investments in securities (1) 20,739 18,454 Receivable from brokers 2,784 2,601 Investments in partnerships and affiliates 376 8,363 Other assets 7,105 - Accrued expenses and other liabilities (138 ) (329 ) Nonredeemable noncontrolling interests (2,451 ) - Redeemable noncontrolling interests (12,661 ) (9,592 ) AC Group’s net interests in consolidated VIEs $ 17,679 $ 21,721 (1) In 2020, includes $6.15 million in private placement warrants eliminated in consolidation with PMV
Net Interests in Consolidated VOE's	The following table presents the balances related to PMV and another investment partnership that are consolidated as VOE’s and included on the consolidated statements of financial condition as well as the Company’s net interest in these VOE’s (in thousands): December 31, 2020 December 31, 2019 Cash and cash equivalents $ 5,558 $ 10,943 Investments in securities 93,780 99,231 Receivable from brokers 15,230 13,790 Investments in debt securities held in trust 175,040 - Other assets 322 28 Securities sold, not yet purchased (8,057 ) (11,794 ) Accrued expenses and other liabilities (11,840 ) (10,665 ) Redeemable noncontrolling interests (194,167 ) (40,792 ) AC Group’s net interests in consolidated VOEs $ 75,866 $ 60,741

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present assets and liabilities measured at fair value on a recurring basis as of the dates specified (in thousands): December 31, 2020 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash equivalents $ 34,010 $ - $ - $ 34,010 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 344,453 - - 344,453 Common stocks 231,901 5,440 36 237,377 Mutual funds 1,294 - - 1,294 Other 6,133 621 4,462 11,216 Total investments in securities 583,781 6,061 4,498 594,340 Investments in affiliated registered investment companies: Closed-end funds 104,719 - 2,000 106,719 Mutual funds 63,886 - - 63,886 Total investments in affiliated registered investment companies 168,605 - 2,000 170,605 Total investments held at fair value 752,386 6,061 6,498 764,945 Total assets at fair value $ 786,396 $ 6,061 $ 6,498 $ 798,955 Liabilities Common stocks $ 16,090 $ - $ - $ 16,090 Other 543 938 - 1,481 Securities sold, not yet purchased $ 16,633 $ 938 $ - $ 17,571 December 31, 2019 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash equivalents $ 343,428 $ - $ - $ 343,428 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 29,037 - - 29,037 Common stocks 257,520 4,444 89 262,053 Mutual funds 2,196 - - 2,196 Other 2,428 509 4,134 7,071 Total investments in securities 291,181 4,953 4,223 300,357 Investments in affiliated registered investment companies: Closed-end funds 99,834 - - 99,834 Mutual funds 59,477 - - 59,477 Total investments in affiliated registered investment companies 159,311 - - 159,311 Total investments held at fair value 450,492 4,953 4,223 459,668 Total assets at fair value $ 793,920 $ 4,953 $ 4,223 $ 803,096 Liabilities Common stocks $ 16,300 $ - $ - $ 16,300 Other - 119 - 119 Securities sold, not yet purchased $ 16,300 $ 119 $ - $ 16,419
Changes in Level 3 Assets and Liabilities	The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Year ended December 31, 2020 Year ended December 31, 2019 Common Stocks Other Total Common Stocks Other Total Beginning balance $ 89 $ 4,134 $ 4,223 $ 12 $ 3,458 $ 3,470 Total gains/(losses) (53 ) 16 (37 ) 14 673 687 Purchases - 2,000 2,000 - 3 3 Sales - (1,800 ) (1,800 ) - - - Transfers - 2,112 2,112 63 - 63 Ending balance $ 36 $ 6,462 $ 6,498 $ 89 $ 4,134 $ 4,223 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 $ (31 ) $ (22 ) $ (53 ) $ (8 ) $ 673 $ 665

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Provision for Income Taxes	The provision for income taxes for the years ended December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Federal: Current $ 9,051 $ 5,006 Deferred (193 ) 6,419 State and local: Current 532 531 Deferred (16 ) 671 Total $ 9,374 $ 12,627
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate	A reconciliation of the federal statutory rate to the effective tax rate for the years ended December 31, 2020 and 2019 is set forth below: 2020 2019 Statutory Federal income tax rate 21.0 % 21.0 % State income tax, net of Federal benefit 1.3 1.6 Dividends received deduction (1.4 ) (0.5 ) Deferred tax asset valuation allowance 1.5 1.0 Foreign investments 9.9 - Noncontrolling interests (1.3 ) (1.3 ) Other 0.4 0.3 Effective income tax rate 31.4 % 22.1 %
Significant Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Deferred tax assets: Stock-based compensation expense $ 430 $ 286 Deferred compensation 1,825 499 Shareholder-designated contribution carryover 3,244 2,831 Other 53 - 5,552 3,616 Deferred tax liabilities: Investments in securities and partnerships (1,300 ) (27 ) Other liabilities (201 ) (384 ) (1,501 ) (411 ) Gross deferred tax assets /(liabilities) 4,051 3,205 Valuation allowance (1,844 ) (1,385 ) Net deferred tax assets/(liabilities) $ 2,207 $ 1,820
Reconciliation of Gross Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows (in thousands): Balance at January 1, 2019 $ 6 Reductions for tax positions of prior years (6 ) Balance at December 31, 2019 $ - Reductions for tax positions of prior years - Balance at December 31, 2020 $ -

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2020
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 (in thousands, except per share data): For the Years Ending December 31, (In thousands, except per share amounts) 2020 2019 Income from continuing operations $ 20,509 $ 44,596 Less: Income attributable to noncontrolling interests 1,061 3,518 Net income from continuing operations attributable to Associated Capital Group, Inc.’s shareholders 19,448 41,078 Income/(loss) from discontinued operations (632 ) (1,890 ) Net income attributable to Associated Capital Group, Inc.’s shareholders $ 18,816 $ 39,188 Weighted average number of shares of Common Stock outstanding - basic 22,369 22,534 Weighted average number of shares of Common Stock outstanding - diluted 22,369 22,534 Basic Net income/(loss) from continuing operations $ 0.87 $ 1.82 Net income/(loss) from discontinued operations (0.03 ) (0.08 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 0.84 $ 1.74 Diluted: Net income/(loss) from continuing operations $ 0.87 $ 1.82 Net income/(loss) from discontinued operations (0.03 ) (0.08 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 0.84 $ 1.74

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations [Abstract]
Discontinued Operations	Operating results for the period from January 1, 2020 through August 5, 2020 and the year ended December 31, 2019 were as follows. For the Year Ended December 31, (1) 2020 2019 Revenues Institutional research services $ 2,924 $ 8,947 Other 36 113 Total revenues 2,960 9,060 Expenses Compensation 2,276 8,374 Other operating expenses 1,699 3,184 Total expenses 3,975 11,558 Operating loss (1,015 ) (2,498 ) Other income (expense) Net loss from investments (8 ) (9 ) Interest and dividend income 81 192 Total other income, net 73 183 Income/(loss) from discontinued operations before income taxes (942 ) (2,315 ) Income tax provision/(benefit) (205 ) (501 ) Income/(loss) from discontinued operations, net of taxes (737 ) (1,814 ) Net income/(loss) attributable to noncontrolling interests (105 ) 76 Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes $ (632 ) $ (1,890 ) (1) During 2020 reflects the period through August 5, 2020 The assets and liabilities of Morgan Group have been classified in the consolidated statement of financial condition as of December 31, 2019 as assets and liabilities of discontinued operations and consist of the following: December 31, 2019 Cash and cash equivalents $ 6,587 Receivable from brokers 1,009 Receivable from affiliates 31 Deferred tax assets 184 Other assets 326 Total assets of discontinued operations 8,137 Income taxes payable 54 Compensation payable 710 Accrued expenses and other liabilities 1,336 Total liabilities of discontinued operations 2,100 Noncontrolling interests from discontinued operations 1,003 Net assets of discontinued operations attributable to AC shareholders $ 5,034 The following table summarizes the net impact of the spin-off to the Company’s equity (deficit) as of August 5, 2020: Decrease in additional paid-in capital $ (4,403 ) Decrease in noncontrolling interest (903 ) Total $ (5,306 )

Organization (Details)

Organization (Details) $ / shares in Units, € in Millions	Sep. 22, 2020USD ($)	Jul. 30, 2020shares	May 05, 2020$ / shares	Oct. 31, 2019USD ($)shares	Nov. 30, 2015USD ($)shares	Apr. 30, 2018EUR (€)	Dec. 31, 2020USD ($)$ / sharesshares	Aug. 05, 2020	Mar. 16, 2020shares	Dec. 31, 2019USD ($)$ / shares
The Spin-off and Related Transactions [Abstract]
Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares) | shares					1
Acquisition [Abstract]
Total assets							$ 1,174,545,000			$ 1,010,906,000
Liabilities							66,328,000			63,086,000
Redeemable noncontrolling interests							206,828,000			50,385,000
Noncontrolling interest							2,451,000			$ 1,003,000
Minimum [Member]
Acquisition [Abstract]
Enterprise valuation amount	$ 200,000,000
Maximum [Member]
Acquisition [Abstract]
Enterprise valuation amount	3,500,000,000
PMV Consumer Acquisition Corp. [Member]
The Spin-off and Related Transactions [Abstract]
Proceeds from initial public offering for capital amount	$ 175,000,000
Acquisition [Abstract]
Total assets							177,300,000
Liabilities							6,300,000
Redeemable noncontrolling interests							166,000,000
Noncontrolling interest							$ 2,400,000
Class A [Member]
Acquisition [Abstract]
Common Stock, par value (in dollars per share) | $ / shares							$ 0.001			$ 0.001
Morgan Group Holding, Co. [Member]
Acquisition [Abstract]
Stock acquired (in shares) | shares				50,000,000
Ownership interest				83.30%				83.30%
Number of shares of acquiree stock to be distributed to shareholders upon spin-off (in shares) | shares									50,000,000
Common Stock, par value (in dollars per share) | $ / shares			$ 0.01
Reverse stock split ratio			0.01
Number of shares received by each shareholder on the record date (in shares) | shares		0.022356
Morgan Group Holding, Co. [Member] | Private Placement [Member]
Acquisition [Abstract]
Number of shares issued (in shares) | shares				5,150,000
Values of shares issued				$ 515,000
Gabelli Value for Italy S.p.a. [Member]
The Spin-off and Related Transactions [Abstract]
Proceeds from initial public offering for capital amount | €						€ 110
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) | shares					1
GAMCO [Member] | Class A [Member]
The Spin-off and Related Transactions [Abstract]
Number of shares of common stock acquired (in shares) | shares					4,393,055
Value of common stock acquired (in shares)					$ 150,000,000
Number of shares of common stock held (in shares) | shares							2,756,876

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Financial Statements [Abstract]
Gains from investments and dividends	$ 8,675	$ 13,214
Consolidation [Abstract]
Maximum threshold percentage of ownership interest for recording noncontrolling interests in consolidated entities	100.00%
GCIA [Member]
Consolidated Financial Statements [Abstract]
Gains from investments and dividends	$ 12,000	20,100
GCIA [Member] | Previously Reported [Member]
Consolidated Financial Statements [Abstract]
Gains from investments and dividends		$ 38,700

Significant Accounting Polici_5

Significant Accounting Policies, Depreciation, Management Fee, and Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fixed assets [Abstract]
Total	$ 17,913	$ 6,737
Less: accumulated depreciation	(383)	(107)
Net book value	$ 17,530	6,630
Management Fee [Abstract]
Management fee expense percentage	10.00%
Goodwill [Abstract]
Impairment	$ 0	0
Minimum [Member]
Depreciation [Abstract]
Estimated useful life of assets	4 years
Maximum [Member]
Depreciation [Abstract]
Estimated useful life of assets	39 years
Building [Member]
Fixed assets [Abstract]
Total	$ 17,727	6,518
Equipment [Member]
Fixed assets [Abstract]
Total	$ 186	$ 219

Significant Accounting Polici_6

Significant Accounting Policies, Offering Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Offering Costs [Abstract]
Deferred underwriting fees	$ 6,125,000	$ 0
PMV Consumer Acquisition Corp. [Member]
Offering Costs [Abstract]
Offering costs	9,957,390
Deferred underwriting fees	6,125,000
Amount paid by underwriter	$ 175,000

Significant Accounting Polici_7

Significant Accounting Policies, Business Segment (Details)	12 Months Ended
	Dec. 31, 2020Segment
Business Segment [Abstract]
Number of operating segments	1

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues by type [Abstract]
Revenues	$ 18,983	$ 22,205
Investment Advisory and Incentive Fees [Member]
Revenues by type [Abstract]
Revenues	18,288	22,148
Asset-Based Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	$ 5,415	7,022
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	$ 5,706	7,501
Sub-Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	7,167	7,625
Other [Member]
Revenues by type [Abstract]
Revenues	695	57
Miscellaneous [Member]
Revenues by type [Abstract]
Revenues	$ 695	$ 57

Investments in Securities, Inve

Investments in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments in securities [Abstract]
Fair value	$ 344,453	$ 29,037
Fair value	249,887	271,320
Total investment securities, cost	592,959	309,109
Total investment securities, fair value	594,340	300,357
US Treasury Bill [Member]
Investments in securities [Abstract]
Cost	344,367	28,428
Fair value	344,453	29,037
Common Stock [Member]
Investments in securities [Abstract]
Cost	239,240	271,627
Fair value	237,377	262,562
Mutual Funds [Member]
Investments in securities [Abstract]
Cost	546	1,207
Fair value	1,294	2,196
Other Investments [Member]
Investments in securities [Abstract]
Cost	8,806	7,847
Fair value	$ 11,216	$ 6,562

Investments in Securities, Secu

Investments in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equity securities [Abstract]
Proceeds	$ 15,578	$ 13,876
Fair value	17,571	16,419
Common Stock [Member]
Equity securities [Abstract]
Proceeds	14,369	13,863
Fair value	16,090	16,300
Other Investments [Member]
Equity securities [Abstract]
Proceeds	1,209	13
Fair value	$ 1,481	$ 119

Investments in Securities, In_2

Investments in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total investments in affiliated registered investment companies [Abstract]
Cost	$ 124,857	$ 123,994
Fair value	170,605	159,311
Closed-end Funds [Member]
Total investments in affiliated registered investment companies [Abstract]
Cost	76,462	75,646
Fair value	106,719	99,834
Mutual Funds [Member]
Total investments in affiliated registered investment companies [Abstract]
Cost	48,395	48,348
Fair value	$ 63,886	$ 59,477

Investments in Securities, Fair

Investments in Securities, Fair Values and Gains and Losses of All Derivatives Held (Details) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2020USD ($)Contractshares	Dec. 31, 2019USD ($)Contractshares
Investments in Securities [Abstract]
Shares under derivative contract (in shares) | shares	1.8	3.4
Number of foreign exchange contracts | Contract	0	2
Fair Values of All Derivatives Held [Abstract]
Asset derivatives fair values	$ 621	$ 314
Liability derivatives fair value	938	119
Gains and Losses of All Derivatives Held [Abstract]
Net gain/(loss) from investments	(387)	(1,823)
Net Gain (Loss) from Investments [Member] | Foreign Exchange Contracts [Member]
Gains and Losses of All Derivatives Held [Abstract]
Net gain/(loss) from investments	(51)	128
Net Gain (Loss) from Investments [Member] | Equity Contracts [Member]
Gains and Losses of All Derivatives Held [Abstract]
Net gain/(loss) from investments	(336)	(1,951)
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	0	23
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
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	621	291
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	$ 938	$ 119

Investments in Securities, Mast

Investments in Securities, Master Netting Arrangements for Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	$ 621	$ 314
Swaps [Member]
Offsetting derivative assets [Abstract]
Gross amounts of recognized assets	621	291
Gross amounts offset in the statements of financial condition	0	0
Net amounts of assets presented in the statements of financial condition	621	291
Gross amounts not offset in the statements of financial condition [Abstract]
Financial instruments	(938)	(119)
Cash collateral received	0	0
Net amount	(317)	172
Offsetting derivative liabilities [Abstract]
Gross amounts of recognized liabilities	938	119
Gross amounts offset in the statements of financial condition	0	0
Net amounts of liabilities presented in the statements of financial condition	938	119
Gross amounts not offset in the statements of financial condition [Abstract]
Financial instruments	(938)	(119)
Cash collateral pledged	0	0
Net amount	$ 0	$ 0

Investment Partnerships and O_3

Investment Partnerships and Other Entities, Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Investments In Affiliated and Unaffiliated Entities [Abstract]
Investments in unaffiliated entities	$ 24,900	$ 20,500
Investments in affiliated entities	99,100	124,800
Summarized Financial Information [Abstract]
Total assets	1,174,545	1,010,906
Total liabilities	66,328	63,086
Total equity	901,389	897,435	$ 854,167	$ 852,687	$ 820,803	$ 888,797	$ 884,188	$ 889,004	$ 866,248
Net income/(loss)	18,816	39,188
Equity Method Investment [Member]
Summarized Financial Information [Abstract]
Total assets	1,653,000	1,607,000
Total liabilities	326,000	246,000
Total equity	1,327,000	1,361,000
Net income/(loss)	$ 64,000	$ 43,000
Unaffiliated [Member] | Minimum [Member]
Summarized Financial Information [Abstract]
Notice period for redeeming investments	30 days
Unaffiliated [Member] | Maximum [Member]
Summarized Financial Information [Abstract]
Notice period for redeeming investments	95 days

Investment Partnerships and O_4

Investment Partnerships and Other Entities, Breakdown of Consolidated Entities and Investments in Partnerships Line by Accounting Method (Details) - USD ($)	Sep. 24, 2020	Sep. 22, 2020	Dec. 31, 2020
Acquisition [Abstract]
Direct Investment in Sponsor			$ 4,000,000
Sponsor partnership investment percentage			62.00%
Sponsor partnership commitment amount			$ 6,480,000
Maximum [Member]
Acquisition [Abstract]
Number of business days to cease all operations except for the purposes of winding up			10 days
PMV Consumer Acquisition Corp. [Member]
Acquisition [Abstract]
Proceeds from initial public offering		$ 175,000,000
PMV Consumer Acquisition Corp. [Member] | Class A [Member]
Acquisition [Abstract]
Common stock invested			$ 10,000,000
PMV Consumer Acquisition Corp. [Member] | Private Warrants [Member]
Acquisition [Abstract]
Value of warrants invested by Sponsor			$ 6,100,000
PMV Consumer Acquisition Corp. [Member] | Initial Public Offering [Member] [Member] | Common Stock [Member]
Acquisition [Abstract]
Number of unit issued (in shares)	17,500,000
Security price (in dollars per share)	$ 10
Proceeds from initial public offering	$ 175,000,000
PMV Consumer Acquisition Corp. [Member] | Private Placement [Member] | Private Warrants [Member]
Acquisition [Abstract]
Warrants issued (in shares)	6,150,000
Per share price of warrants issued (in dollars per share)	$ 1
Proceeds from issuance of warrants	$ 6,150,000

Investment Partnerships and O_5

Investment Partnerships and Other Entities, Net Impact by Line Item on Financial Statements (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Cash and cash equivalents		$ 39,509		$ 342,001
Investments in U.S. Treasury Bills		344,453		29,037
Investments in securities (including GBL stock)		249,887		271,320
Investments in affiliated registered investment companies		170,605		159,311
Investments in partnerships		123,994		145,372
Receivable from brokers		24,677		23,141
Investment advisory fees receivable		7,346		9,582
Other assets	[1]	39,034		23,005
Assets of discontinued operations		0		8,137
Investments in U.S. Treasury Bills held in trust		175,040		0
Total assets		1,174,545		1,010,906
Liabilities and equity [Abstract]
Securities sold, not yet purchased		17,571		16,419
Accrued expenses and other liabilities	[1]	48,757		44,567
Liabilities of discontinued operations		0		2,100
Redeemable noncontrolling interests		206,828	[1]	50,385
Total equity		901,389		897,435	$ 854,167	$ 852,687	$ 820,803	$ 888,797	$ 884,188	$ 889,004	$ 866,248
Total liabilities and equity		1,174,545		1,010,906
Consolidated Statements of Income [Abstract]
Total revenues		18,983		22,205
Total expenses		31,452		35,465
Operating loss		(12,469)		(13,260)
Total other income, net		42,352		70,483
Income before income taxes		29,883		57,223
Income tax expense/(benefit)		9,374		12,627
Income from continuing operations, net of taxes		20,509		44,596
Income/(loss) from discontinued operations, net of taxes		(632)		(1,890)
Income before noncontrolling interests		19,877		42,706
Income/(loss) attributable to noncontrolling interests		1,061		3,518
Net income attributable to Associated Capital Group, Inc.'s shareholders		18,816		39,188
Consolidated Entities [Member]
Assets [Abstract]
Cash and cash equivalents		7,162		13,167
Investments in U.S. Treasury Bills		9,499		3,987
Investments in securities (including GBL stock)		82,570		113,697
Investments in affiliated registered investment companies		(50,713)		(51,713)
Investments in partnerships		(22,168)		(22,409)
Receivable from brokers		18,015		16,391
Investment advisory fees receivable		(54)		(22)
Other assets	[1]	7,387		29
Investments in U.S. Treasury Bills held in trust		175,040
Total assets		226,738		73,127
Liabilities and equity [Abstract]
Securities sold, not yet purchased		8,057		11,794
Accrued expenses and other liabilities	[1]	11,853		10,949
Redeemable noncontrolling interests		206,828	[1]	50,384
Total equity		0		0
Total liabilities and equity		226,738		73,127
Consolidated Statements of Income [Abstract]
Total revenues		(490)		(1,556)
Total expenses		2,800		1,325
Operating loss		(3,290)		(2,881)
Total other income, net		4,319		6,399
Income before income taxes		1,029		3,518
Income tax expense/(benefit)		(52)		0
Income from continuing operations, net of taxes		1,081		3,518
Income/(loss) from discontinued operations, net of taxes		0		0
Income before noncontrolling interests		1,081		3,518
Income/(loss) attributable to noncontrolling interests		1,081		3,518
Net income attributable to Associated Capital Group, Inc.'s shareholders		0		0
Prior to Consolidation [Member]
Assets [Abstract]
Cash and cash equivalents		32,347		328,834
Investments in U.S. Treasury Bills		334,954		25,050
Investments in securities (including GBL stock)		167,317		157,623
Investments in affiliated registered investment companies		221,318		211,024
Investments in partnerships		146,162		167,781
Receivable from brokers		6,662		6,750
Investment advisory fees receivable		7,400		9,604
Other assets	[1]	31,647		22,976
Assets of discontinued operations				8,137
Investments in U.S. Treasury Bills held in trust		0
Total assets		947,807		937,779
Liabilities and equity [Abstract]
Securities sold, not yet purchased		9,514		4,625
Accrued expenses and other liabilities	[1]	36,904		33,618
Liabilities of discontinued operations				2,100
Redeemable noncontrolling interests		0	[1]	1
Total equity		901,389		897,435
Total liabilities and equity		947,807		937,779
Consolidated Statements of Income [Abstract]
Total revenues		19,473		23,761
Total expenses		28,652		34,140
Operating loss		(9,179)		(10,379)
Total other income, net		38,033		64,084
Income before income taxes		28,854		53,705
Income tax expense/(benefit)		9,426		12,627
Income from continuing operations, net of taxes		19,428		41,078
Income/(loss) from discontinued operations, net of taxes		(632)		(1,890)
Income before noncontrolling interests		18,796		39,188
Income/(loss) attributable to noncontrolling interests		(20)		0
Net income attributable to Associated Capital Group, Inc.'s shareholders		$ 18,816		$ 39,188
[1]	Represents the summation of multiple captions from the consolidated statement of financial condition

Investment Partnerships and O_6

Investment Partnerships and Other Entities, Variable Interest Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2020		Dec. 31, 2019
Balances related to VIEs [Abstract]
Cash and cash equivalents		$ 39,509		$ 342,001
Receivable from brokers		24,677		23,141
Other assets		28,565		13,328
Accrued expenses and other liabilities	[1]	(48,757)		(44,567)
Redeemable noncontrolling interests		(206,828)	[1]	(50,385)
VIEs [Member]
Balances related to VIEs [Abstract]
Cash and cash equivalents		1,925		2,224
Investments in securities	[2]	20,739		18,454
Receivable from brokers		2,784		2,601
Investments in partnerships and affiliates		376		8,363
Other assets		7,105		0
Accrued expenses and other liabilities		(138)		(329)
Nonredeemable noncontrolling interests		(2,451)		0
Redeemable noncontrolling interests		(12,661)		(9,592)
AC Group's net interests in consolidated entities		17,679		$ 21,721
VIEs [Member] | Private Placement [Member] | Private Warrants [Member]
Balances related to VIEs [Abstract]
Investments in securities		$ 6,150
[1]	Represents the summation of multiple captions from the consolidated statement of financial condition
[2]	In 2020, includes $6.15 million in private placement warrants eliminated in consolidation with PMV

Investment Partnerships and O_7

Investment Partnerships and Other Entities, Voting Interest Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2020		Dec. 31, 2019
Balances related to VOE's [Abstract]
Cash and cash equivalents		$ 39,509		$ 342,001
Receivable from brokers		24,677		23,141
Investments in debt securities held in trust		175,040		0
Other assets	[1]	39,034		23,005
Securities sold, not yet purchased		(17,571)		(16,419)
Accrued expenses and other liabilities	[1]	(48,757)		(44,567)
Redeemable noncontrolling interests		(206,828)	[1]	(50,385)
Voting Interest Entities [Member]
Balances related to VOE's [Abstract]
Cash and cash equivalents		5,558		10,943
Investments in securities		93,780		99,231
Receivable from brokers		15,230		13,790
Investments in debt securities held in trust		175,040		0
Other assets		322		28
Securities sold, not yet purchased		(8,057)		(11,794)
Accrued expenses and other liabilities		(11,840)		(10,665)
Redeemable noncontrolling interests		(194,167)		(40,792)
AC Group's net interests in consolidated entities		$ 75,866		$ 60,741
[1]	Represents the summation of multiple captions from the consolidated statement of financial condition

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Investments in government securities	$ 344,453	$ 29,037
Investments in securities	249,887	271,320
Investments in affiliated registered investment companies	170,605	159,311
Liabilities [Abstract]
Securities sold, not yet purchased	17,571	16,419
Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	344,453	29,037
Common Stocks [Member]
Assets [Abstract]
Investments in securities	237,377	262,562
Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	106,719	99,834
Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,294	2,196
Investments in affiliated registered investment companies	63,886	59,477
Other [Member]
Assets [Abstract]
Investments in securities	11,216	6,562
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	34,010	343,428
Investments in securities	594,340	300,357
Investments in affiliated registered investment companies	170,605	159,311
Total investments held at fair value	764,945	459,668
Total assets at fair value	798,955	803,096
Liabilities [Abstract]
Securities sold, not yet purchased	17,571	16,419
Recurring Basis [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	344,453	29,037
Recurring Basis [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	237,377	262,053
Liabilities [Abstract]
Trading	16,090	16,300
Recurring Basis [Member] | Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	106,719	99,834
Recurring Basis [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,294	2,196
Investments in affiliated registered investment companies	63,886	59,477
Recurring Basis [Member] | Other [Member]
Assets [Abstract]
Investments in securities	11,216	7,071
Liabilities [Abstract]
Trading	1,481	119
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	34,010	343,428
Investments in securities	583,781	291,181
Investments in affiliated registered investment companies	168,605	159,311
Total investments held at fair value	752,386	450,492
Total assets at fair value	786,396	793,920
Liabilities [Abstract]
Securities sold, not yet purchased	16,633	16,300
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	344,453	29,037
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	231,901	257,520
Liabilities [Abstract]
Trading	16,090	16,300
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	104,719	99,834
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,294	2,196
Investments in affiliated registered investment companies	63,886	59,477
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member]
Assets [Abstract]
Investments in securities	6,133	2,428
Liabilities [Abstract]
Trading	543	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities	6,061	4,953
Investments in affiliated registered investment companies	0	0
Total investments held at fair value	6,061	4,953
Total assets at fair value	6,061	4,953
Liabilities [Abstract]
Securities sold, not yet purchased	938	119
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	5,440	4,444
Liabilities [Abstract]
Trading	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	0	0
Investments in affiliated registered investment companies	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member]
Assets [Abstract]
Investments in securities	621	509
Liabilities [Abstract]
Trading	938	119
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities	4,498	4,223
Investments in affiliated registered investment companies	2,000	0
Total investments held at fair value	6,498	4,223
Total assets at fair value	6,498	4,223
Liabilities [Abstract]
Securities sold, not yet purchased	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	36	89
Liabilities [Abstract]
Trading	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	2,000	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	0	0
Investments in affiliated registered investment companies	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member]
Assets [Abstract]
Investments in securities	4,462	4,134
Liabilities [Abstract]
Trading	$ 0	$ 0

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	$ 4,223	$ 3,470
Total gains/(losses)	(37)	687
Purchases	2,000	3
Sales	(1,800)	0
Transfers	2,112	63
Ending balance	6,498	4,223
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	(53)	665
Unobservable Inputs Reconciliation, Transfers [Abstract]
Transfers into level 3	2,221	63
Transfers into level 1	109
Common Stocks [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	89	12
Total gains/(losses)	(53)	14
Purchases	0	0
Sales	0	0
Transfers	0	63
Ending balance	36	89
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	(31)	(8)
Other [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	4,134	3,458
Total gains/(losses)	16	673
Purchases	2,000	3
Sales	(1,800)	0
Transfers	2,112	0
Ending balance	6,462	4,134
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	(22)	$ 673
US Treasury Bill [Member]
Unobservable Inputs Reconciliation, Transfers [Abstract]
Amortized cost	175,000
Fair value	$ 175,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal [Abstract]
Current	$ 9,051	$ 5,006
Deferred	(193)	6,419
State and local [Abstract]
Current	532	531
Deferred	(16)	671
Total	$ 9,374	$ 12,627
Reconciliation of the Federal statutory rate to the effective tax rate [Abstract]
Statutory Federal income tax rate	21.00%	21.00%
State income tax, net of Federal benefit	1.30%	1.60%
Dividends received deduction	(1.40%)	(0.50%)
Deferred tax asset valuation allowance	1.50%	1.00%
Foreign investments	9.90%	0.00%
Noncontrolling interests	(1.30%)	(1.30%)
Other	0.40%	0.30%
Effective income tax rate	31.40%	22.10%
Deferred tax assets [Abstract]
Stock-based compensation expense	$ 430	$ 286
Deferred compensation	1,825	499
Shareholder-designated contribution carryover	3,244	2,831
Other	53	0
Total deferred tax assets	5,552	3,616
Deferred tax liabilities [Abstract]
Investments in securities and partnerships	(1,300)	(27)
Other liabilities	(201)	(384)
Total deferred tax liabilities	(1,501)	(411)
Gross deferred tax assets /(liabilities)	4,051	3,205
Valuation allowance	(1,844)	(1,385)
Net deferred tax assets/(liabilities)	2,207	1,820
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits [Roll Forward]
Balance, beginning of period	0	6
Reductions for tax positions of prior years	0	(6)
Balance, end of period	$ 0	$ 0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings per Share [Abstract]
Income from continuing operations	$ 20,509	$ 44,596
Less: Income attributable to noncontrolling interests	1,061	3,518
Net income from continuing operations attributable to Associated Capital Group, Inc.'s shareholders	19,448	41,078
Income/(loss) from discontinued operations	(632)	(1,890)
Net income attributable to Associated Capital Group, Inc.'s shareholders	$ 18,816	$ 39,188
Weighted average number of shares of Common Stock outstanding - basic (in shares)	22,369	22,534
Weighted average number of shares of Common Stock outstanding - diluted (in shares)	22,369	22,534
Basic [Abstract]
Net income/(loss) from continuing operations (in dollars per share)	$ 0.87	$ 1.82
Net income/(loss) from discontinued operations (in dollars per share)	(0.03)	(0.08)
Basic - Total (in dollars per share)	0.84	1.74
Diluted [Abstract]
Net income/(loss) from continuing operations (in dollars per share)	0.87	1.82
Net income/(loss) from discontinued operations (in dollars per share)	(0.03)	(0.08)
Diluted - Total (in dollars per share)	$ 0.84	$ 1.74

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2020	May 28, 2019	Apr. 23, 2019
Executive Chairman [Member] | Promissory Note [Member]
Loans with Related Parties [Abstract]
Debt instrument, face amount			$ 2.1
Debt instrument, interest rate		1.00%
GGCP [Member] | Class B Common Stock [Member]
Ownership Percentage [Abstract]
Ownership percentage of voting rights	95.00%
Ownership interest	83.00%

Related Party Transactions, Inv

Related Party Transactions, Investments (Details) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2020USD ($)Account$ / sharesshares	Dec. 31, 2019USD ($)shares
Investments in Securities [Abstract]
Net realized and unrealized (loss) gain on investments	$ 36,864	$ 60,766
Investments in Gabelli U.S. Treasury Money Market Fund	31,500	336,700
Investments in affiliated equity mutual funds	170,700	159,300
Gains from investments and dividends	8,675	13,214
Investments in Partnerships [Abstract]
Investment in affiliated investment partnerships	$ 99,100	124,800
Maximum [Member]
Investments in Partnerships [Abstract]
Percentage of revenues from related parties allocated	20.00%
GAMCO [Member]
Investments in Securities [Abstract]
Percentage of increase (decrease) in stock price	9.00%
Share price (in dollars per share) | $ / shares	$ 17.74
Net realized and unrealized (loss) gain on investments	$ (5,500)	7,600
GAMCO [Member] | Common Stock [Member]
Investments in Securities [Abstract]
Investment value	48,900	57,200
Dividend income	$ 2,800	$ 300
GAMCO [Member] | Common Stock [Member] | Class A [Member]
Investments in Securities [Abstract]
Number of shares owned (in shares) | shares	2.8	2.9
Son of Executive Chairman [Member]
Investments in Securities [Abstract]
Number of proprietary investment account managed by related party | Account	1
Balance in funding of proprietary account	$ 34,300	$ 26,300
Balance in funding of proprietary account owed to portfolio manager	2,800	100
GCIA [Member]
Investments in Securities [Abstract]
Interest earned on investments	1,600	7,800
Gains from investments and dividends	$ 12,000	20,100
Investment Advisory Services [Abstract]
Percentage of revenue transferred	90.00%
Amounts of transaction	$ 7,200	$ 4,100

Related Party Transactions, Com

Related Party Transactions, Compensation and Others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Compensation [Abstract]
Management fee expense percentage	10.00%
Management fee expense	$ 3,101	$ 5,713
GAMCO [Member]
GAMCO Sublease [Abstract]
Rent paid	$ 144	$ 501

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Dec. 28, 2020shares	May 08, 2018shares	Aug. 03, 2017shares	Dec. 31, 2018shares	Aug. 31, 2018shares	Dec. 31, 2020USD ($)$ / sharesshares	Jun. 30, 2020$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Jun. 30, 2019$ / shares	Dec. 31, 2020USD ($)VoteperSharePlan$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Jan. 09, 2020USD ($)	Feb. 07, 2017shares	Dec. 31, 2015shares
Stock Award and Incentive Plan [Abstract]
Number of stock award and incentive plans | Plan										1
Number of shares awarded (in shares)										700,000
Shares available for future issuance (in shares)						1,300,000				1,300,000
Compensation payable | $						$ 18,567		$ 19,536		$ 18,567	$ 19,536
Stock-based compensation expense | $										$ (200)	$ 1,400
Stock Repurchase Program [Abstract]
Number of shares available under stock repurchase program (in shares)													500,000
Number of additional shares authorized to be repurchased under stock repurchase program (in shares)		500,000	1,000,000
Shares repurchased during the period (in shares)										200,000	100,000
Average price per share of repurchased shares (in dollars per share) | $ / shares										$ 36.98	$ 37.62
Total investment amount | $										$ 7,400	$ 4,100
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares						$ 0.10	$ 0.10	$ 0.10	$ 0.10
Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Term of RSAs and stock options										10 years
Stock Repurchase Program [Abstract]
Number of shares authorized under stock repurchase program (in shares)						893,102				893,102				500,000
Dividend Declared in 2020 [Member]
Dividends [Abstract]
Total dividends declared | $										$ 4,500
Dividend Declared in 2019 [Member]
Dividends [Abstract]
Total dividends declared | $											$ 4,500
Dividends payable | $												$ 2,300
Dividends payable, date to be paid										Jan. 9, 2020
Class A [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare										1
Class A [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Shares reserved for future issuance (in shares)						2,000,000				2,000,000
Class A [Member] | Dividend Declared in 2020 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares										$ 0.20
Class A [Member] | Dividend Declared in 2019 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares											$ 0.20
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare										10
Class B [Member] | Dividend Declared in 2020 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares										$ 0.20
Class B [Member] | Dividend Declared in 2019 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares											$ 0.20
Restricted Stock Awards [Member]
Stock Award and Incentive Plan [Abstract]
Shares outstanding (in shares)						0		0		0	0
Phantom RSAs [Member]
Stock Award and Incentive Plan [Abstract]
Shares outstanding (in shares)						155,500		119,650		155,500	119,650
Granted (in shares)	66,850			172,800	172,800
Compensation payable | $						$ 1,800		$ 2,000		$ 1,800	$ 2,000
Shares forfeited or terminated (in shares)										31,000
Unrecognized compensation cost | $						$ 3,700		$ 3,900		$ 3,700	$ 3,900
Weighted-average period for recognizing unrecognized compensation cost										2 years 3 months 18 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

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Retirement Plan [Abstract]
Allocated contributions	$ 19,000	$ 29,000

Shareholder-Designated Contri_2

Shareholder-Designated Contribution Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Shareholder-Designated Contribution Plan [Abstract]
Contribution price (in dollars per share)	$ 0.20
Shareholder-designated contribution	$ 3,007	$ 3,281
Liability related to shareholder designated contribution program	$ 2,000	$ 2,000

Discontinued Operations (Detail

Discontinued Operations (Details)	Aug. 05, 2020shares
Morgan Group Holding, Co. [Member]
Discontinued Operations and Disposal Groups [Abstract]
Number of shares received against each share (in shares)	0.022356

Discontinued Operations, Operat

Discontinued Operations, Operating Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020		Dec. 31, 2019
Other income (expense) [Abstract]
Income/(loss) from discontinued operations, net of taxes	$ 632		$ 1,890
Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes	(632)		(1,890)
Morgan Group Holding, Co. [Member]
Revenue [Abstract]
Revenues	2,960	[1]	9,060
Expenses [Abstract]
Compensation	2,276	[1]	8,374
Other operating expenses	1,699	[1]	3,184
Total expenses	3,975	[1]	11,558
Operating loss	(1,015)	[1]	(2,498)
Other income (expense) [Abstract]
Net loss from investments	(8)	[1]	(9)
Interest and dividend income	81	[1]	192
Total other income, net	73	[1]	183
Income/(loss) from discontinued operations before income taxes	(942)	[1]	(2,315)
Income tax provision/(benefit)	(205)	[1]	(501)
Income/(loss) from discontinued operations, net of taxes	(737)	[1]	(1,814)
Net income/(loss) attributable to noncontrolling interests	(105)	[1]	76
Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes	(632)	[1]	(1,890)
Morgan Group Holding, Co. [Member] | Institutional Research Services [Member]
Revenue [Abstract]
Revenues	2,924	[1]	8,947
Morgan Group Holding, Co. [Member] | Other [Member]
Revenue [Abstract]
Revenues	$ 36	[1]	$ 113
[1]	During 2020 reflects the period through August 5, 2020

Discontinued Operations, Consol

Discontinued Operations, Consolidated Statement of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Financial Condition [Abstract]
Total assets of discontinued operations	$ 0	$ 8,137
Total liabilities of discontinued operations	$ 0	2,100
Morgan Group Holding, Co. [Member]
Consolidated Statement of Financial Condition [Abstract]
Cash and cash equivalents		6,587
Receivable from brokers		1,009
Receivable from affiliates		31
Deferred tax assets		184
Other assets		326
Total assets of discontinued operations		8,137
Income taxes payable		54
Compensation payable		710
Accrued expenses and other liabilities		1,336
Total liabilities of discontinued operations		2,100
Noncontrolling interests from discontinued operations		1,003
Net assets of discontinued operations attributable to AC shareholders		$ 5,034

Discontinued Operations, Net Im

Discontinued Operations, Net Impact of Spin-off to the Equity (Deficit) (Details) - USD ($) $ in Thousands	Aug. 05, 2020	Sep. 30, 2020
Net Impact of Spin-Off to Equity (Deficit) [Abstract]
Total		$ (5,306)
Morgan Group Holding, Co. [Member]
Net Impact of Spin-Off to Equity (Deficit) [Abstract]
Decrease in additional paid-in capital	$ (4,403)
Decrease in noncontrolling interest	(903)
Total	$ (5,306)