Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Entity File Number | 001-37387 | |
Entity Registrant Name | ASSOCIATED CAPITAL GROUP, INC. | |
Entity Central Index Key | 0001642122 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-3965991 | |
Entity Address, Address Line One | 191 Mason Street | |
Entity Address, City or Town | Greenwich | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06830 | |
City Area Code | 203 | |
Local Phone Number | 629-9595 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | AC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,095,169 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,962,918 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 569,776 | $ 39,509 |
Investments in U.S. Treasury Bills | 49,996 | 344,453 |
Investments in equity securities (Including GBL stock with a value of $65.6 million and $48.9 million, respectively) | 273,456 | 249,887 |
Investments in affiliated registered investment companies | 142,525 | 170,605 |
Investments in partnerships | 149,964 | 123,994 |
Receivable from brokers | 43,481 | 24,677 |
Investment advisory fees receivable | 1,410 | 7,346 |
Receivable and investment in note receivable from affiliates | 5,661 | 4,743 |
Deferred tax assets, net | 0 | 2,207 |
Goodwill | 3,519 | 3,519 |
Other assets | 19,360 | 28,565 |
Investments in marketable securities held in trust | 175,085 | 175,040 |
Total assets | 1,434,233 | 1,174,545 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Payable to brokers | 243,282 | 6,496 |
Income taxes payable, including deferred tax liabilities, net | 12,406 | 9,746 |
Compensation payable | 17,307 | 18,567 |
Securities sold, not yet purchased | 13,603 | 17,571 |
Payable to affiliates | 0 | 2,188 |
Accrued expenses and other liabilities | 4,939 | 5,635 |
Deferred underwriting fee payable | 6,125 | 6,125 |
PMV warrant liability | 5,590 | 0 |
Total liabilities | 303,252 | 66,328 |
Redeemable noncontrolling interests | 199,793 | 206,828 |
Commitments and contingencies (Note J) | ||
Equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 992,018 | 999,047 |
Retained earnings | 61,212 | 13,649 |
Treasury stock, at cost (3,529,783 and 3,318,127 shares, respectively) | (121,270) | (113,783) |
Total Associated Capital Group, Inc. equity | 931,985 | 898,938 |
Noncontrolling interests | (797) | 2,451 |
Total equity | 931,188 | 901,389 |
Total liabilities and equity | 1,434,233 | 1,174,545 |
Class A [Member] | ||
Equity: | ||
Common stock | 6 | 6 |
Class B [Member] | ||
Equity: | ||
Common stock | $ 19 | $ 19 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment in GBL stock | $ 65.6 | $ 48.9 |
Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 22,062,000 | |
Treasury stock, shares outstanding (in shares) | 3,529,783 | 3,318,127 |
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 | 6,629,254 |
Common stock, shares outstanding (in shares) | 3,099,471 | 3,311,127 |
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 | 18,962,918 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||||
Total revenues | $ 2,112 | $ 1,945 | $ 6,926 | $ 6,974 |
Expenses | ||||
Compensation | 2,819 | 3,026 | 11,710 | 8,405 |
Management fee | 226 | 0 | 7,209 | 0 |
Other operating expenses | (764) | 2,471 | 4,952 | 6,422 |
Total expenses | 2,281 | 5,497 | 23,871 | 14,827 |
Operating loss | (169) | (3,552) | (16,945) | (7,853) |
Other income (expense) | ||||
Net gain/(loss) from investments | 5,676 | 15,603 | 79,303 | (34,770) |
Interest and dividend income | 1,119 | 1,218 | 9,119 | 4,675 |
Interest expense | (97) | (32) | (251) | (146) |
Shareholder-designated contribution | (541) | (2,782) | (2,717) | (3,007) |
Total other income (expense), net | 6,157 | 14,007 | 85,454 | (33,248) |
Income/(loss) before income taxes | 5,988 | 10,455 | 68,509 | (41,101) |
Income tax expense/(benefit) | 484 | 3,564 | 15,094 | (8,858) |
Income/(loss) from continuing operations, net of taxes | 5,504 | 6,891 | 53,415 | (32,243) |
Income/(loss) from discontinued operations, net of taxes | 0 | (139) | 0 | (632) |
Income/(loss) before noncontrolling interests | 5,504 | 6,752 | 53,415 | (32,875) |
Income/(loss) attributable to noncontrolling interests | 4,001 | 937 | 3,641 | (572) |
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | $ 1,503 | $ 5,815 | $ 49,774 | $ (32,303) |
Net income/(loss) per share attributable to Associated Capital Group, Inc.'s shareholders: | ||||
Basic - Continuing operations (in dollars per share) | $ 0.07 | $ 0.27 | $ 2.25 | $ (1.41) |
Basic - Discontinued operations (in dollars per share) | 0 | (0.01) | 0 | (0.03) |
Basic - Total (in dollars per share) | 0.07 | 0.26 | 2.25 | (1.44) |
Diluted - Continuing operations (in dollars per share) | 0.07 | 0.27 | 2.25 | (1.41) |
Diluted - Discontinued operations (in dollars per share) | 0 | (0.01) | 0 | (0.03) |
Diluted - Total (in dollars per share) | $ 0.07 | $ 0.26 | $ 2.25 | $ (1.44) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 22,084 | 22,354 | 22,141 | 22,391 |
Diluted (in shares) | 22,084 | 22,354 | 22,141 | 22,391 |
Actual shares outstanding (in shares) | 22,062 | 22,333 | 22,062 | 22,333 |
Investment Advisory and Incentive Fees [Member] | ||||
Revenues | ||||
Total revenues | $ 2,014 | $ 1,865 | $ 6,627 | $ 6,424 |
Other [Member] | ||||
Revenues | ||||
Total revenues | $ 98 | $ 80 | $ 299 | $ 550 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income/(loss) | $ 5,504 | $ 6,752 | $ 53,415 | $ (32,875) |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | 4,001 | 937 | 3,641 | (572) |
Comprehensive income/(loss) attributable to Associated Capital Group, Inc. | $ 1,503 | $ 5,815 | $ 49,774 | $ (32,303) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED 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, 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 redeemable 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] | ||||||||
Net income/(loss) | 0 | 35,237 | 0 | 0 | 35,237 | (48) | 35,189 | (1,167) |
Dividends declared ($0.10 per share) | 0 | (2,237) | 0 | 0 | (2,237) | 0 | (2,237) | 2,436 |
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 redeemable 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 | 0 |
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 |
Balance at Dec. 31, 2020 | 25 | 13,649 | 999,047 | (113,783) | 898,938 | 2,451 | 901,389 | 206,828 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Contributions from redeemable noncontrolling interests | 136 | |||||||
Redemptions of redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12,066) |
Net income/(loss) | 0 | 18,555 | 0 | 0 | 18,555 | 0 | 18,555 | 172 |
Purchase of treasury stock | 0 | 0 | 0 | (4,198) | (4,198) | 0 | (4,198) | 0 |
Balance at Mar. 31, 2021 | 25 | 32,204 | 999,047 | (117,981) | 913,295 | 2,451 | 915,746 | 195,070 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Contributions from redeemable noncontrolling interests | 665 | |||||||
Net income/(loss) | 0 | 29,716 | 0 | 0 | 29,716 | 0 | 29,716 | (532) |
Dividends declared ($0.10 per share) | 0 | (2,211) | 0 | 0 | (2,211) | 0 | (2,211) | 0 |
Purchase of treasury stock | 0 | 0 | 0 | (1,893) | (1,893) | 0 | (1,893) | 0 |
Accretion of redeemable noncontrolling interests to redemption value | 0 | 0 | (6,001) | 0 | (6,001) | (2,892) | (8,893) | 8,893 |
Other changes to redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (7,527) |
Balance at Jun. 30, 2021 | 25 | 59,709 | 993,046 | (119,874) | 932,906 | (441) | 932,465 | 196,569 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemptions of redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,161) |
Net income/(loss) | 0 | 1,503 | 0 | 0 | 1,503 | 122 | 1,625 | 3,879 |
Purchase of treasury stock | 0 | 0 | 0 | (1,396) | (1,396) | 0 | (1,396) | 0 |
Accretion of redeemable noncontrolling interests to redemption value | 0 | 0 | (1,028) | 0 | (1,028) | (478) | (1,506) | 1,506 |
Balance at Sep. 30, 2021 | $ 25 | $ 61,212 | $ 992,018 | $ (121,270) | $ 931,985 | $ (797) | $ 931,188 | $ 199,793 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income/(loss) | $ 53,415 | $ (32,875) |
Income/(loss) from discontinued operations, net of taxes | 0 | 632 |
Income/(loss) from continuing operations | 53,415 | (32,243) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Equity in net (gains) losses from partnerships | (15,530) | (4,316) |
Depreciation and amortization | 289 | 40 |
Deferred income taxes | 8,411 | (5,923) |
Donated securities | 2,052 | 441 |
Unrealized (gains)/losses on securities | (39,384) | 37,511 |
Dividends received as securities | (5,066) | 0 |
Realized gains on sales of securities | (23,860) | 1,017 |
(Increase)/decrease in assets: | ||
Investments in trading securities | 295,687 | (283,070) |
Investments in partnerships: | ||
Contributions to partnerships | (13,562) | (4,229) |
Distributions from partnerships | 6,333 | 24,841 |
Receivable from affiliates | 4,148 | 3,600 |
Receivable from brokers | (20,646) | 2,077 |
Investment advisory fees receivable | 5,989 | 8,423 |
Income taxes receivable | (507) | (2,207) |
Other assets | 697 | 1,260 |
Increase/(decrease) in liabilities: | ||
Payable to affiliates | (2,188) | 122 |
Payable to brokers | 236,786 | (6,446) |
Income taxes payable | (3,037) | (2,833) |
Compensation payable | (1,260) | (12,092) |
Accrued expenses and other liabilities | (696) | 1,824 |
Total adjustments | 434,656 | (239,960) |
Net cash provided by operating activities | 488,071 | (272,203) |
Investing activities | ||
Maturities of marketable securities held in trust | 175,085 | 0 |
Purchases of marketable securities held in trust | (175,085) | 0 |
Purchases of securities | (2,452) | (434) |
Proceeds from sales of securities | 16,724 | 8,406 |
Return of capital on securities | 38,982 | 1,320 |
Purchase of building | 0 | (11,084) |
Investment of cash in Trust Account | 0 | (175,000) |
Net cash provided by/(used in) investing activities | 53,254 | (176,792) |
Financing activities | ||
Dividends paid | (2,211) | (4,486) |
Purchase of treasury stock | (7,487) | (5,395) |
Contributions from redeemable noncontrolling interests | 0 | 162,020 |
Redemptions of redeemable noncontrolling interests | (1,360) | 0 |
Contributions from nonredeemable noncontrolling interests | 0 | 2,072 |
Net cash provided by (used in) financing activities | (11,058) | 154,211 |
Cash flows of discontinued operations | ||
Net cash provided by operating activities | 0 | 114 |
Net increase in cash and cash equivalents | 530,267 | (294,670) |
Cash and cash equivalents at beginning of period | 39,509 | 342,001 |
Cash and cash equivalents at end of period | 569,776 | 47,331 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 252 | 114 |
Cash paid/(received) for taxes | $ 10,296 | $ 2,000 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2021 | |
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. Gabelli & Company Investment Advisors, Inc. (“GCIA”) 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 of $177.1 million of assets, $12.0 million of liabilities, $158.6 million of redeemable noncontrolling interests, $(0.8) million of noncontrolling interests relating to PMV and the Sponsor as of September 30, 2021. 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 condensed consolidated financial statements can be seen in Note D. Investment Partnerships and Other Entities. See Note D for a further discussion of PMV Consumer Acquisition Corp. as well as its registration statement, Annual Report on Form 10-K/A for the year ended December 31, 2020, and Quarterly Reports on Form 10-Q, which are all located on the U.S. Securities and Exchange Commission website https://www.sec.gov 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 2,485,900 shares as of September 30, 2021. 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 LLC, the Company’s former institutional research business, 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. 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 Capital 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. Based on the distribution ratio, AC stockholders of record received approximately 0.022356 shares of Morgan Group common stock for each share of AC common stock held. The historical financial results of Morgan Group have been reflected in the Company’s condensed consolidated financial statements as discontinued operations for all periods presented through the date of the spin-off Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. The unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Investment in Marketable Securities held in trust account Marketable securities of our consolidated SPAC, PMV, are held in short-term investments such as money market funds that invest primarily in U.S. Treasury Bills or directly in U.S. Treasury Bills. At December 31, 2020 such investments were accounted for as held to maturity. During the nine-month period ended September 30, 2021, those held to maturity investments matured and were invested primarily in U.S. Treasury Bills recorded at fair value , which approximates their carrying values due to their short maturity profiles Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The condensed consolidated statements of income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other, to simplify the process used to test for impairment of goodwill. Under the new standard, an impairment loss must be recognized in an amount equal to the excess of the carrying amount of a reporting unit over its fair value, limited to the total amount of goodwill allocated to that reporting unit. As a smaller reporting company pursuant to ASU 2019-10, the ASU is effective for the Company on January 1, 2023. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue [Abstract] | |
Revenue | B. Revenue Refer to the Company’s audited consolidated financial statements included in our Annual Report on Form 10K for the year ended December 31, 2020 for the Company’s revenue recognition policy. The Company’s major revenue sources are as follows for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Investment advisory and incentive fees Asset-based advisory fees $ 1,280 $ 1,161 $ 3,712 $ 4,284 Performance-based advisory fees 64 8 120 8 Sub-advisory fees 670 696 2,795 2,132 2,014 1,865 6,627 6,424 Other Miscellaneous 98 80 299 550 98 80 299 550 Total $ 2,112 $ 1,945 $ 6,926 $ 6,974 |
Investments in Securities
Investments in Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments in Securities [Abstract] | |
Investments in Securities | C. Investments in Securities Investments in securities at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ 49,993 $ 49,996 $ 344,367 $ 344,453 Equity Securities: Common stocks 243,577 265,403 239,240 237,377 Mutual funds 507 1,359 546 1,294 Other investments 6,306 6,694 8,806 11,216 Total investments in securities $ 300,383 $ 323,452 $ 592,959 $ 594,340 Investment in note receivable from affiliate $ 5,066 $ 5,066 $ - $ - Investments in marketable securities held in trust $ 175,085 $ 175,085 $ 175,040 $ 175,040 At September 30, 2021 and December 31, 2020 securities held in the trust account through PMV were comprised primarily of U.S. Treasury Bills which mature in less than one year with an amortized cost and fair value of approximately $175 million, respectively. Such investments are categorized as Level 1. Investment in note receivable from affiliate relates to 2-Year Securities sold, not yet purchased at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Equity securities: Common stocks $ 10,459 $ 10,358 $ 14,369 $ 16,090 Other investments 3,326 3,245 1,209 1,481 Total securities sold, not yet purchased $ 13,785 $ 13,603 $ 15,578 $ 17,571 Investments in affiliated registered investment companies at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 38,008 $ 73,577 $ 76,462 $ 106,719 Mutual funds 49,069 68,948 48,395 63,886 Total investments in affiliated registered investment companies $ 87,077 $ 142,525 $ 124,857 $ 170,605 |
Investment Partnerships and Oth
Investment Partnerships and Other Entities | 9 Months Ended |
Sep. 30, 2021 | |
Investment Partnerships and Other Entities [Abstract] | |
Investment Partnerships and Other Entities | D. 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 $36.1 million and $24.9 million at September 30, 2021, and December 31, 2020, 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 the condensed consolidated statements of financial condition. The Company had investments in Affiliated Entities totaling $113.9 million and $99.1 million at September 30, 2021 and December 31, 2020, respectively. The Company reflects the equity in earnings of these Affiliated Entities and Unaffiliated Entities as net gain/(loss) from investments on the condensed consolidated statements of income. 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 any Investment Partnership 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 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 has a right to the benefits from nor do they bear the risks associated with the marketable securities held in trust assets held by PMV. Further, if the Company were to liquidate, the marketable securities 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. Each Unit consists of one share of Class A common stock and one-half entitles per share, subject to adjustment. 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 units in PMV and the Sponsor invested 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. Treasury Bills or funds that invest primarily in them. 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 The discount amount related to the issuance of redeemable noncontrolling interest is being amortized over a period of through an adjustment to additional paid-in capital and noncontrolling interest and is adjusted periodically for income/loss allocated to redeemable noncontrolling interest. The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of financial condition (in thousands): September 30, 2021 Prior to Consolidation Consolidated Entities As Reported Total assets $ 1,210,800 $ 223,433 $ 1,434,233 Liabilities and equity Total liabilities 270,913 32,339 303,252 Redeemable noncontrolling interests - 199,793 199,793 Total equity 939,887 (8,699 ) 931,188 Total liabilities and equity $ 1,210,800 $ 223,433 $ 1,434,233 December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Total assets $ 947,807 $ 226,738 $ 1,174,545 Liabilities and equity Total liabilities 46,418 19,910 66,328 Redeemable noncontrolling interests - 206,828 206,828 Total equity 901,389 - 901,389 Total liabilities and equity $ 947,807 $ 226,738 $ 1,174,545 The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of income (in thousands): Three Months Ended September 30, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,657 $ (545 ) $ 2,112 Operating loss (1,821 ) 1,652 (169 ) Total other income, net 3,777 2,380 6,157 Income from continuing operations, net of taxes 1,473 4,031 5,504 Income attributable to noncontrolling interests - 4,001 4,001 Net income/(loss) $ 1,473 $ 30 $ 1,503 Three Months Ended September 30, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,117 $ (172 ) $ 1,945 Operating loss (2,637 ) (915 ) (3,552 ) Total other income, net 12,040 1,967 14,007 Income from continuing operations, net of taxes 5,947 944 6,891 Loss from discontinued operations, net of taxes (139 ) - (139 ) Income attributable to noncontrolling interests (7 ) 944 937 Net Income $ 5,815 $ - $ 5,815 Nine Months Ended September 30, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 9,658 $ (2,732 ) $ 6,926 Operating loss (13,830 ) (3,115 ) (16,945 ) Total other income, net 78,710 6,744 85,454 Income from continuing operations, net of taxes 49,788 3,627 53,415 Income attributable to noncontrolling interests - 3,641 3,641 Net income/(loss) $ 49,788 $ (14 ) $ 49,774 Nine Months Ended September 30, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 6,669 $ 305 $ 6,974 Operating loss (6,462 ) (1,391 ) (7,853 ) Total other expense, net (34,182 ) 934 (33,248 ) Loss from continuing operations, net of taxes (31,678 ) (565 ) (32,243 ) Loss from discontinued operations, net of taxes (632 ) - (632 ) Income attributable to noncontrolling interests (7 ) (565 ) (572 ) Net loss $ (32,303 ) $ - $ (32,303 ) 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 condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 418 $ 1,925 Investments in securities (1) 16,758 20,739 Receivable from brokers 1,174 2,784 Investments in partnerships and affiliates - 376 Other assets 10 7,105 Accrued expenses and other liabilities (61 ) (138 ) Nonredeemable noncontrolling interests (797 ) (2,451 ) Redeemable noncontrolling interests (567 ) (12,661 ) AC Group’s net interests in consolidated VIEs $ 16,935 $ 17,679 (1) Includes $6.15 million in private placement warrants eliminated in consolidation of 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): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 9,439 $ 5,558 Investments in securities 87,103 93,780 Receivable from brokers 27,249 15,230 Investments in marketable securities held in trust 175,085 175,040 Other assets 338 322 Securities sold, not yet purchased (1,216 ) (8,057 ) Accrued expenses and other liabilities (25,709 ) (11,840 ) PMV warrant liability (5,590 ) - Redeemable noncontrolling interests (199,226 ) (194,167 ) AC Group’s net interests in consolidated VOEs $ 67,473 $ 75,866 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 | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value [Abstract] | |
Fair Value | E. Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1 - Unadjusted quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. • Level 3 - Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. The following tables present assets and liabilities measured at fair value on a recurring basis, unless otherwise noted, as of the dates specified (in thousands): September 30, 2021 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 $ 564,039 $ - $ - $ 564,039 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 49,996 - - 49,996 Common stocks 260,421 2,917 2,064 265,402 Mutual funds 1,359 - - 1,359 Other 4,896 1,254 545 6,695 Total investments in securities 316,672 4,171 2,609 323,452 Investments in affiliated registered investment companies: Closed-end funds 71,577 - 2,000 73,577 Mutual funds 68,948 - - 68,948 Total investments in affiliated registered investment companies 140,525 - 2,000 142,525 Total investments held at fair value 457,197 4,171 4,609 465,977 Total assets at fair value $ 1,021,236 $ 4,171 $ 4,609 $ 1,030,016 Liabilities Common stocks $ 10,358 $ - $ - $ 10,358 Other 2,195 1,050 - 3,245 Securities sold, not yet purchased 12,553 1,050 - 13,603 PMV warrant liability - - 5,590 5,590 Total liabilities at fair value $ 12,553 $ 1,050 $ 5,590 $ 19,193 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 The following table presents additional information about assets and liabilities 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: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Common Stocks Other Total Common Stocks Other Total Assets: Beginning balance $ 51 $ 6,084 $ 6,135 $ 36 $ 4,988 $ 5,024 Total gains/(losses) (6 ) (483 ) (489 ) - 17 17 Purchases - 9 9 - - - Sales - - - - - - Transfers - - - - - - Other - (1,046 ) (1,046 ) - - - Ending balance $ 45 $ 4,564 $ 4,609 $ 36 $ 5,005 $ 5,041 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 $ (6 ) $ (483 ) $ (489 ) $ - $ 17 $ 17 PMV Warrant Liability Other Total PMV Warrant Liability Other Total Liabilities: Beginning balance $ 7,508 $ - $ 7,508 $ - $ - $ - Total (gains)/losses (1,918 ) - (1,918 ) - - - Issuances - - - - - - Ending balance $ 5,590 $ - $ 5,590 $ - $ - $ - 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 $ (1,918 ) $ - $ (1,918 ) $ - $ - $ - Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Common Stocks Other Total Common Stocks Other Total Assets: Beginning balance $ 36 $ 6,462 $ 6,498 $ 89 $ 4,134 $ 4,223 Total gains/(losses) 9 (547 ) (538 ) (53 ) (6 ) (59 ) Purchases - 53 53 - - - Sales - - - - (41 ) (41 ) Transfers - (358 ) (358 ) - 918 918 Other - (1,046 ) (1,046 ) - - - Ending balance $ 45 $ 4,564 $ 4,609 $ 36 $ 5,005 $ 5,041 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 $ 9 $ (547 ) $ (538 ) $ (53 ) $ (18 ) $ (71 ) PMV Warrant Liability Other Total PMV Warrant Liability Other Total Liabilities: Beginning balance $ - $ - $ - $ - $ - $ - Total (gains)/losses (2,743 ) - (2,743 ) - - - Issuances 8,333 - 8,333 - - - Ending balance $ 5,590 $ - $ 5,590 $ - $ - $ - Changes in net unrealized (gain)/loss included in Net (gain)/loss from investments related to level 3 assets still held as of the reporting date $ (2,743 ) $ - $ (2,743 ) $ - $ - $ - Total realized and unrealized gains and losses for Level 3 assets are reported in net gain/(loss) from investments in the condensed consolidated statements of income. During the three months ended September 30, 2021, and 2020 there were no transfers into or out of Level 3. During the nine months ended September 30, 2021, the Company transferred investments with a value of approximately $0.4 million from Level 3 to Level 1 due to increased availability of market price quotations. For the nine months ended September 30, 2020, the Company transferred an investment with a value of approximately $0.9 million from Level 1 to Level 3 due to the unavailability of observable inputs. Level 3 financial liabilities consist of the PMV Public Warrant for which there is little or no current market such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company utilizes a Monte Carlo simulation model to value the warrants at each reporting period, with changes in fair value recognized in the condensed consolidated statement of operations. The estimated fair value of the warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of PMV units based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on PMV’s historical rate, which the Company anticipates to remain at zero. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be materially different. The aforementioned warrant liabilities are not subject to qualified hedge accounting. The following table presents the carrying amounts and estimated fair values of financial assets that are not measured at fair value on a recurring basis and their respective levels within the fair value hierarchy: As of September 30, 2021 As of December 31, 2020 Assets Level Within Fair Value Hierarchy Fair Value Amortized Cost Level Within Fair Value Hierarchy Fair Value Amortized Cost Investment in note receivable from affiliate (1) 2 $ 5,066 $ 5,066 - $ - $ - Total assets $ 5,066 $ 5,066 - $ - $ - (1) Included in Receivable and investment in note receivable from affiliates in the condensed consolidated statement of financial condition. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | F. Income Taxes The effective tax rate (“ETR”) for the nine months ended September 30, 2021 and September 30, 2020 was 22.0% and 21.5%, respectively. The ETR in the year to date period of 2021 differs from the U.S. corporate tax rate of 21% primarily due to (a) state and local taxes (net of federal benefit), (b) the deductibility of officers’ compensation, (c) the dividends received deduction, (d) the deferred tax asset valuation allowances related to the carryforward of charitable contributions, and (e) excluded income on certain consolidated entities. The ETR in the year to date period of 2020 differs from the standard corporate tax rate of 21% primarily due to (a) state and local taxes (net of federal benefit), the benefit of (b) the rate differential on the carryback of a net operating loss, and (c) deferred tax asset valuation allowances related to the carryforward of charitable contributions. At September 30, 2021 the Company had net deferred tax liabilities, before valuation allowance of approximately $6.9 million that were recorded within income taxes payable in the condensed consolidated statement of financial condition. 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 $1.5 million and $1.8 million as of September 30, 2021 and December 31, 2020, respectively, on the deferred tax assets related to these charitable contribution carryforwards. 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 condensed 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 | 9 Months Ended |
Sep. 30, 2021 | |
Earnings per Share [Abstract] | |
Earnings per Share | G. 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): Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except for per share amounts) 2021 2020 2021 2020 Income/loss from continuing operations $ 5,504 $ 6,891 $ 53,415 $ (32,243 ) Less: Income/(loss) attributable to noncontrolling interests 4,001 937 3,641 (572 ) Net income/loss from continuing operations attributable to AC’s shareholders $ 1,503 $ 5,954 $ 49,774 $ (31,671 ) Income/loss from discontinued operations - (139 ) - (632 ) Net income/loss attributable to AC’s shareholders $ 1,503 $ 5,815 $ 49,774 $ (32,303 ) Weighted average number of shares of Common Stock outstanding - basic 22,084 22,354 22,141 22,391 Weighted average number of shares of Common Stock outstanding - diluted 22,084 22,354 22,141 22,391 Basic Net income/(loss) from continuing operations $ 0.07 $ 0.27 $ 2.25 $ (1.41 ) Net income/(loss) from discontinued operations - (0.01 ) - (0.03 ) Net income/(loss) attributable to AC’s shareholders per share $ 0.07 $ 0.26 $ 2.25 $ (1.44 ) Diluted Net income/(loss) from continuing operations $ 0.07 $ 0.27 $ 2.25 $ (1.41 ) Net income/(loss) from discontinued operations - (0.01 ) - (0.03 ) Net income/(loss) attributable to AC’s shareholders per share $ 0.07 $ 0.26 $ 2.25 $ (1.44 ) |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity | H. 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’s Board of Directors periodically grants shares of Phantom Restricted Stock awards (“Phantom RSAs”). Under the terms of the grants, the Phantom RSAs vest 30% and 70% after three 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 September 30, 2021 and December 31, 2020, the total liability recorded by the Company in compensation payable as of September 30, 2021 and December 31, 2020, with respect to the Phantom RSAs was $2.1 million and $1.8 million, respectively. The condensed consolidated statements of income includes the following expense related to our stock-based compensation arrangements, which is included in compensation expense: Three Months Ended September 30, Nine Months Ended September 30, Remaining Expense to be Recognized if All Vesting Weighted Average Remaining Contractual 2021 2020 2021 2020 Conditions Are Met Term (in years) Phantom restricted stock awards $ 365 $ 61 $ 1,223 $ (310 ) 6,264 2.30 Total 365 61 1,223 (310 ) 6,264 The following table summarizes Phantom RSA activity: RSA’s Weighted Average Grant Date Fair Value Balance at January 1, 2021 155,500 $ 36.42 Granted 100,500 35.82 Forfeited (8,000 ) 36.64 Vested (25,095 ) 37.40 Balance at September 30, 2021 222,905 $ 36.03 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. For the three month periods ended September 30, 2021 and September 30, 2020 , the Company repurchased 39 thousand and 30 thousand shares at an average price of $36.19 and $37.03 per share for a total investment of $1.4 million and $1.1 million, respectively. For the nine month periods ended September 30, 2021 and September 30, 2020 , the Company repurchased 0.2 million and 0.1 million shares at an average price of $35.37 and $37.86 per share for a total investment of $7.5 million and $5.4 million, respectively As of September 30, 2021, the maximum number of shares that may be purchased under the plans or programs is 681,446. Dividends During the three and nine months ended September 30, 2021 and 2020, respectively the Company declared dividends of $0.10 per share to class A and class B shareholders. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill [Abstract] | |
Goodwill | I. Goodwill At September 30, 2021, goodwill on the condensed consolidated statements of financial condition includes $3.4 million of goodwill related to GCIA. The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required. There were no indicators of impairment for the three months ended September 30, 2021 or September 30, 2020, and as such there was no impairment analysis performed or charge recorded. |
Guarantees, Contingencies and C
Guarantees, Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees, Contingencies and Commitments [Abstract] | |
Guarantees, Contingencies and Commitments | J. 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 condensed 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 September 30, 2021. The Company has also entered into arrangements with various other third parties, many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements. The Company has had no claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote, and, therefore, no accrual has been made on the condensed consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | K. Discontinued Operations As a result of the Morgan Group spin-off on August 5, 2020, the results of its operations have been classified in the condensed 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 September 30, 2020, were as follows: Nine Months Ended September 30, 2020 Revenues Institutional research services $ 2,924 Other 36 Total revenues 2,960 Expenses Compensation 2,276 Other operating expenses 1,699 Total expenses 3,975 Operating loss (1,015 ) Other income (expense) Net loss from investments (8 ) Interest and dividend income 81 Total other income, net 73 Income/(loss) from discontinued operations before income taxes (942 ) Income tax provision/(benefit) (205 ) Income/(loss) from discontinued operations, net of taxes (737 ) Net income/(loss) attributable to noncontrolling interests (105 ) Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes $ (632 ) For the nine-month period ended September 30, 2020, operating cash flows from discontinued operations was $114 thousand provided by operating activities. There was no investing or financing cash flows for the period. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | L. Subsequent Events On November 5, 2021, AC's board of directors declared a semi-annual dividend of $0.10 per share, which is payable on December 15, 2021 to Class A and Class B shareholders of record on December 1, 2021. |
Organization (Policies)
Organization (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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. Gabelli & Company Investment Advisors, Inc. (“GCIA”) 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. |
Acquisition and Spin-offs | 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 of $177.1 million of assets, $12.0 million of liabilities, $158.6 million of redeemable noncontrolling interests, $(0.8) million of noncontrolling interests relating to PMV and the Sponsor as of September 30, 2021. 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 condensed consolidated financial statements can be seen in Note D. Investment Partnerships and Other Entities. See Note D for a further discussion of PMV Consumer Acquisition Corp. as well as its registration statement, Annual Report on Form 10-K/A for the year ended December 31, 2020, and Quarterly Reports on Form 10-Q, which are all located on the U.S. Securities and Exchange Commission website https://www.sec.gov 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 2,485,900 shares as of September 30, 2021. 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 LLC, the Company’s former institutional research business, 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. 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 Capital 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. Based on the distribution ratio, AC stockholders of record received approximately 0.022356 shares of Morgan Group common stock for each share of AC common stock held. The historical financial results of Morgan Group have been reflected in the Company’s condensed consolidated financial statements as discontinued operations for all periods presented through the date of the spin-off |
Basis of Presentation | Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. The unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Investment in Marketable Securities held in trust account | Investment in Marketable Securities held in trust account Marketable securities of our consolidated SPAC, PMV, are held in short-term investments such as money market funds that invest primarily in U.S. Treasury Bills or directly in U.S. Treasury Bills. At December 31, 2020 such investments were accounted for as held to maturity. During the nine-month period ended September 30, 2021, those held to maturity investments matured and were invested primarily in U.S. Treasury Bills recorded at fair value , which approximates their carrying values due to their short maturity profiles |
Recent Accounting Developments | Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The condensed consolidated statements of income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other, to simplify the process used to test for impairment of goodwill. Under the new standard, an impairment loss must be recognized in an amount equal to the excess of the carrying amount of a reporting unit over its fair value, limited to the total amount of goodwill allocated to that reporting unit. As a smaller reporting company pursuant to ASU 2019-10, the ASU is effective for the Company on January 1, 2023. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements. |
Fair Value (Policies)
Fair Value (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value [Abstract] | |
Fair Value Measurement | Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1 - Unadjusted quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. • Level 3 - Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue [Abstract] | |
Revenues by Type | The Company’s major revenue sources are as follows for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Investment advisory and incentive fees Asset-based advisory fees $ 1,280 $ 1,161 $ 3,712 $ 4,284 Performance-based advisory fees 64 8 120 8 Sub-advisory fees 670 696 2,795 2,132 2,014 1,865 6,627 6,424 Other Miscellaneous 98 80 299 550 98 80 299 550 Total $ 2,112 $ 1,945 $ 6,926 $ 6,974 |
Investments in Securities (Tabl
Investments in Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments in Securities [Abstract] | |
Investments in Securities | Investments in securities at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ 49,993 $ 49,996 $ 344,367 $ 344,453 Equity Securities: Common stocks 243,577 265,403 239,240 237,377 Mutual funds 507 1,359 546 1,294 Other investments 6,306 6,694 8,806 11,216 Total investments in securities $ 300,383 $ 323,452 $ 592,959 $ 594,340 Investment in note receivable from affiliate $ 5,066 $ 5,066 $ - $ - Investments in marketable securities held in trust $ 175,085 $ 175,085 $ 175,040 $ 175,040 |
Securities Sold, Not Yet Purchased | Securities sold, not yet purchased at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Equity securities: Common stocks $ 10,459 $ 10,358 $ 14,369 $ 16,090 Other investments 3,326 3,245 1,209 1,481 Total securities sold, not yet purchased $ 13,785 $ 13,603 $ 15,578 $ 17,571 |
Investments in Affiliated Registered Investment Companies | Investments in affiliated registered investment companies at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 38,008 $ 73,577 $ 76,462 $ 106,719 Mutual funds 49,069 68,948 48,395 63,886 Total investments in affiliated registered investment companies $ 87,077 $ 142,525 $ 124,857 $ 170,605 |
Investment Partnerships and O_2
Investment Partnerships and Other Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment Partnerships and Other Entities [Abstract] | |
Condensed Consolidated Statements of Financial Condition by Entity Consolidated | The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of financial condition (in thousands): September 30, 2021 Prior to Consolidation Consolidated Entities As Reported Total assets $ 1,210,800 $ 223,433 $ 1,434,233 Liabilities and equity Total liabilities 270,913 32,339 303,252 Redeemable noncontrolling interests - 199,793 199,793 Total equity 939,887 (8,699 ) 931,188 Total liabilities and equity $ 1,210,800 $ 223,433 $ 1,434,233 December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Total assets $ 947,807 $ 226,738 $ 1,174,545 Liabilities and equity Total liabilities 46,418 19,910 66,328 Redeemable noncontrolling interests - 206,828 206,828 Total equity 901,389 - 901,389 Total liabilities and equity $ 947,807 $ 226,738 $ 1,174,545 |
Condensed Consolidated Statements of Income by Entity Consolidated | The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of income (in thousands): Three Months Ended September 30, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,657 $ (545 ) $ 2,112 Operating loss (1,821 ) 1,652 (169 ) Total other income, net 3,777 2,380 6,157 Income from continuing operations, net of taxes 1,473 4,031 5,504 Income attributable to noncontrolling interests - 4,001 4,001 Net income/(loss) $ 1,473 $ 30 $ 1,503 Three Months Ended September 30, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,117 $ (172 ) $ 1,945 Operating loss (2,637 ) (915 ) (3,552 ) Total other income, net 12,040 1,967 14,007 Income from continuing operations, net of taxes 5,947 944 6,891 Loss from discontinued operations, net of taxes (139 ) - (139 ) Income attributable to noncontrolling interests (7 ) 944 937 Net Income $ 5,815 $ - $ 5,815 Nine Months Ended September 30, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 9,658 $ (2,732 ) $ 6,926 Operating loss (13,830 ) (3,115 ) (16,945 ) Total other income, net 78,710 6,744 85,454 Income from continuing operations, net of taxes 49,788 3,627 53,415 Income attributable to noncontrolling interests - 3,641 3,641 Net income/(loss) $ 49,788 $ (14 ) $ 49,774 Nine Months Ended September 30, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 6,669 $ 305 $ 6,974 Operating loss (6,462 ) (1,391 ) (7,853 ) Total other expense, net (34,182 ) 934 (33,248 ) Loss from continuing operations, net of taxes (31,678 ) (565 ) (32,243 ) Loss from discontinued operations, net of taxes (632 ) - (632 ) Income attributable to noncontrolling interests (7 ) (565 ) (572 ) Net loss $ (32,303 ) $ - $ (32,303 ) |
Net Interests in Consolidated VIE's | The following table presents the balances related to VIEs that are consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 418 $ 1,925 Investments in securities (1) 16,758 20,739 Receivable from brokers 1,174 2,784 Investments in partnerships and affiliates - 376 Other assets 10 7,105 Accrued expenses and other liabilities (61 ) (138 ) Nonredeemable noncontrolling interests (797 ) (2,451 ) Redeemable noncontrolling interests (567 ) (12,661 ) AC Group’s net interests in consolidated VIEs $ 16,935 $ 17,679 (1) Includes $6.15 million in private placement warrants eliminated in consolidation of 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): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 9,439 $ 5,558 Investments in securities 87,103 93,780 Receivable from brokers 27,249 15,230 Investments in marketable securities held in trust 175,085 175,040 Other assets 338 322 Securities sold, not yet purchased (1,216 ) (8,057 ) Accrued expenses and other liabilities (25,709 ) (11,840 ) PMV warrant liability (5,590 ) - Redeemable noncontrolling interests (199,226 ) (194,167 ) AC Group’s net interests in consolidated VOEs $ 67,473 $ 75,866 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, unless otherwise noted, as of the dates specified (in thousands): September 30, 2021 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 $ 564,039 $ - $ - $ 564,039 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 49,996 - - 49,996 Common stocks 260,421 2,917 2,064 265,402 Mutual funds 1,359 - - 1,359 Other 4,896 1,254 545 6,695 Total investments in securities 316,672 4,171 2,609 323,452 Investments in affiliated registered investment companies: Closed-end funds 71,577 - 2,000 73,577 Mutual funds 68,948 - - 68,948 Total investments in affiliated registered investment companies 140,525 - 2,000 142,525 Total investments held at fair value 457,197 4,171 4,609 465,977 Total assets at fair value $ 1,021,236 $ 4,171 $ 4,609 $ 1,030,016 Liabilities Common stocks $ 10,358 $ - $ - $ 10,358 Other 2,195 1,050 - 3,245 Securities sold, not yet purchased 12,553 1,050 - 13,603 PMV warrant liability - - 5,590 5,590 Total liabilities at fair value $ 12,553 $ 1,050 $ 5,590 $ 19,193 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 |
Changes in Level 3 Assets | The following table presents additional information about assets and liabilities 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: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Common Stocks Other Total Common Stocks Other Total Assets: Beginning balance $ 51 $ 6,084 $ 6,135 $ 36 $ 4,988 $ 5,024 Total gains/(losses) (6 ) (483 ) (489 ) - 17 17 Purchases - 9 9 - - - Sales - - - - - - Transfers - - - - - - Other - (1,046 ) (1,046 ) - - - Ending balance $ 45 $ 4,564 $ 4,609 $ 36 $ 5,005 $ 5,041 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 $ (6 ) $ (483 ) $ (489 ) $ - $ 17 $ 17 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Common Stocks Other Total Common Stocks Other Total Assets: Beginning balance $ 36 $ 6,462 $ 6,498 $ 89 $ 4,134 $ 4,223 Total gains/(losses) 9 (547 ) (538 ) (53 ) (6 ) (59 ) Purchases - 53 53 - - - Sales - - - - (41 ) (41 ) Transfers - (358 ) (358 ) - 918 918 Other - (1,046 ) (1,046 ) - - - Ending balance $ 45 $ 4,564 $ 4,609 $ 36 $ 5,005 $ 5,041 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 $ 9 $ (547 ) $ (538 ) $ (53 ) $ (18 ) $ (71 ) |
Changes in Level 3 Liabilities | The following table presents additional information about assets and liabilities 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: PMV Warrant Liability Other Total PMV Warrant Liability Other Total Liabilities: Beginning balance $ 7,508 $ - $ 7,508 $ - $ - $ - Total (gains)/losses (1,918 ) - (1,918 ) - - - Issuances - - - - - - Ending balance $ 5,590 $ - $ 5,590 $ - $ - $ - 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 $ (1,918 ) $ - $ (1,918 ) $ - $ - $ - PMV Warrant Liability Other Total PMV Warrant Liability Other Total Liabilities: Beginning balance $ - $ - $ - $ - $ - $ - Total (gains)/losses (2,743 ) - (2,743 ) - - - Issuances 8,333 - 8,333 - - - Ending balance $ 5,590 $ - $ 5,590 $ - $ - $ - Changes in net unrealized (gain)/loss included in Net (gain)/loss from investments related to level 3 assets still held as of the reporting date $ (2,743 ) $ - $ (2,743 ) $ - $ - $ - |
Carrying Amounts and Estimated Fair Values of Financial Assets | The following table presents the carrying amounts and estimated fair values of financial assets that are not measured at fair value on a recurring basis and their respective levels within the fair value hierarchy: As of September 30, 2021 As of December 31, 2020 Assets Level Within Fair Value Hierarchy Fair Value Amortized Cost Level Within Fair Value Hierarchy Fair Value Amortized Cost Investment in note receivable from affiliate (1) 2 $ 5,066 $ 5,066 - $ - $ - Total assets $ 5,066 $ 5,066 - $ - $ - (1) Included in Receivable and investment in note receivable from affiliates in the condensed consolidated statement of financial condition. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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): Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except for per share amounts) 2021 2020 2021 2020 Income/loss from continuing operations $ 5,504 $ 6,891 $ 53,415 $ (32,243 ) Less: Income/(loss) attributable to noncontrolling interests 4,001 937 3,641 (572 ) Net income/loss from continuing operations attributable to AC’s shareholders $ 1,503 $ 5,954 $ 49,774 $ (31,671 ) Income/loss from discontinued operations - (139 ) - (632 ) Net income/loss attributable to AC’s shareholders $ 1,503 $ 5,815 $ 49,774 $ (32,303 ) Weighted average number of shares of Common Stock outstanding - basic 22,084 22,354 22,141 22,391 Weighted average number of shares of Common Stock outstanding - diluted 22,084 22,354 22,141 22,391 Basic Net income/(loss) from continuing operations $ 0.07 $ 0.27 $ 2.25 $ (1.41 ) Net income/(loss) from discontinued operations - (0.01 ) - (0.03 ) Net income/(loss) attributable to AC’s shareholders per share $ 0.07 $ 0.26 $ 2.25 $ (1.44 ) Diluted Net income/(loss) from continuing operations $ 0.07 $ 0.27 $ 2.25 $ (1.41 ) Net income/(loss) from discontinued operations - (0.01 ) - (0.03 ) Net income/(loss) attributable to AC’s shareholders per share $ 0.07 $ 0.26 $ 2.25 $ (1.44 ) |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Expense Related to Stock-based Compensation Arrangements | The condensed consolidated statements of income includes the following expense related to our stock-based compensation arrangements, which is included in compensation expense: Three Months Ended September 30, Nine Months Ended September 30, Remaining Expense to be Recognized if All Vesting Weighted Average Remaining Contractual 2021 2020 2021 2020 Conditions Are Met Term (in years) Phantom restricted stock awards $ 365 $ 61 $ 1,223 $ (310 ) 6,264 2.30 Total 365 61 1,223 (310 ) 6,264 |
Phantom Restricted Stock Awards Activity | The following table summarizes Phantom RSA activity: RSA’s Weighted Average Grant Date Fair Value Balance at January 1, 2021 155,500 $ 36.42 Granted 100,500 35.82 Forfeited (8,000 ) 36.64 Vested (25,095 ) 37.40 Balance at September 30, 2021 222,905 $ 36.03 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Operating results for the period from January 1, 2020 through September 30, 2020, were as follows: Nine Months Ended September 30, 2020 Revenues Institutional research services $ 2,924 Other 36 Total revenues 2,960 Expenses Compensation 2,276 Other operating expenses 1,699 Total expenses 3,975 Operating loss (1,015 ) Other income (expense) Net loss from investments (8 ) Interest and dividend income 81 Total other income, net 73 Income/(loss) from discontinued operations before income taxes (942 ) Income tax provision/(benefit) (205 ) Income/(loss) from discontinued operations, net of taxes (737 ) Net income/(loss) attributable to noncontrolling interests (105 ) Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes $ (632 ) |
Organization (Details)
Organization (Details) $ / shares in Units, $ in Thousands, € in Millions | Sep. 22, 2020USD ($) | Jul. 30, 2020shares | May 05, 2020$ / shares | Oct. 31, 2019USD ($)shares | Nov. 30, 2015USD ($)shares | Apr. 30, 2018EUR (€) | Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Aug. 05, 2020 | Mar. 16, 2020shares |
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] | ||||||||||
Number of shares received by each shareholder on the record date (in shares) | shares | 0.022356 | |||||||||
Total assets | $ 1,434,233 | $ 1,174,545 | ||||||||
Liabilities | 303,252 | 66,328 | ||||||||
Redeemable noncontrolling interests | 199,793 | 206,828 | ||||||||
Noncontrolling interest | (797) | $ 2,451 | ||||||||
PMV Consumer Acquisition Corp. [Member] | ||||||||||
The Spin-off and Related Transactions [Abstract] | ||||||||||
Proceeds from initial public offering for capital amount | $ 175,000 | |||||||||
Acquisition [Abstract] | ||||||||||
Total assets | 177,100 | |||||||||
Liabilities | 12,000 | |||||||||
Redeemable noncontrolling interests | 158,600 | |||||||||
Noncontrolling interest | $ (800) | |||||||||
PMV Consumer Acquisition Corp. [Member] | Minimum [Member] | ||||||||||
Acquisition [Abstract] | ||||||||||
Enterprise valuation amount | 200,000 | |||||||||
PMV Consumer Acquisition Corp. [Member] | Maximum [Member] | ||||||||||
Acquisition [Abstract] | ||||||||||
Enterprise valuation amount | $ 3,500,000 | |||||||||
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] | ||||||||||
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 | |||||||||
Morgan Group Holding, Co. [Member] | G.research LLC [Member] | ||||||||||
Acquisition [Abstract] | ||||||||||
Stock acquired (in shares) | shares | 50,000,000 | |||||||||
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 | |||||||||
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 | |||||||||
Number of shares of common stock held (in shares) | shares | 2,485,900 | |||||||||
GAMCO [Member] | Morgan Group Holding, Co. [Member] | Class A [Member] | ||||||||||
The Spin-off and Related Transactions [Abstract] | ||||||||||
Value of common stock acquired (in shares) | $ 150,000 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues by type [Abstract] | ||||
Revenues | $ 2,112 | $ 1,945 | $ 6,926 | $ 6,974 |
Investment Advisory and Incentive Fees [Member] | ||||
Revenues by type [Abstract] | ||||
Revenues | 2,014 | 1,865 | 6,627 | 6,424 |
Asset-Based Advisory Fees [Member] | ||||
Revenues by type [Abstract] | ||||
Revenues | 1,280 | 1,161 | 3,712 | 4,284 |
Performance-Based Advisory Fees [Member] | ||||
Revenues by type [Abstract] | ||||
Revenues | 64 | 8 | 120 | 8 |
Sub-Advisory Fees [Member] | ||||
Revenues by type [Abstract] | ||||
Revenues | 670 | 696 | 2,795 | 2,132 |
Other [Member] | ||||
Revenues by type [Abstract] | ||||
Revenues | 98 | 80 | 299 | 550 |
Miscellaneous [Member] | ||||
Revenues by type [Abstract] | ||||
Revenues | $ 98 | $ 80 | $ 299 | $ 550 |
Investments in Securities, Inve
Investments in Securities, Investment in Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Investments in securities [Abstract] | |||
Fair value | $ 49,996 | $ 344,453 | |
Fair value | 273,456 | 249,887 | |
Total investment securities, cost | 300,383 | 592,959 | |
Total investment securities, fair value | 323,452 | 594,340 | |
Investment in note receivable from affiliate, cost | 5,066 | 0 | |
Investment in note receivable from affiliate, fair value | [1] | 5,066 | 0 |
Investments in marketable securities held in trust, cost | 175,085 | 175,040 | |
Investments in marketable securities held in trust, fair value | $ 175,085 | 175,040 | |
Puttable Subordinated Notes Due 2023 [Member] | |||
Investments in securities [Abstract] | |||
Subordinated notes term | 2 years | ||
US Treasury Bills [Member] | |||
Investments in securities [Abstract] | |||
Cost | $ 49,993 | 344,367 | |
Fair value | 49,996 | 344,453 | |
Common Stocks [Member] | |||
Investments in securities [Abstract] | |||
Cost | 243,577 | 239,240 | |
Fair value | 265,403 | 237,377 | |
Mutual Funds [Member] | |||
Investments in securities [Abstract] | |||
Cost | 507 | 546 | |
Fair value | 1,359 | 1,294 | |
Other Investments [Member] | |||
Investments in securities [Abstract] | |||
Cost | 6,306 | 8,806 | |
Fair value | $ 6,694 | $ 11,216 | |
[1] | Included in Receivable and investment in note receivable from affiliates in the condensed consolidated statement of financial condition. |
Investments in Securities, Secu
Investments in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Equity securities [Abstract] | ||
Cost | $ 13,785 | $ 15,578 |
Fair value | 13,603 | 17,571 |
Common Stocks [Member] | ||
Equity securities [Abstract] | ||
Cost | 10,459 | 14,369 |
Fair value | 10,358 | 16,090 |
Other Investments [Member] | ||
Equity securities [Abstract] | ||
Cost | 3,326 | 1,209 |
Fair value | $ 3,245 | $ 1,481 |
Investments in Securities, In_2
Investments in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total investments in affiliated registered investment companies [Abstract] | ||
Cost | $ 87,077 | $ 124,857 |
Fair value | 142,525 | 170,605 |
Closed-end Funds [Member] | ||
Total investments in affiliated registered investment companies [Abstract] | ||
Cost | 38,008 | 76,462 |
Fair value | 73,577 | 106,719 |
Mutual Funds [Member] | ||
Total investments in affiliated registered investment companies [Abstract] | ||
Cost | 49,069 | 48,395 |
Fair value | $ 68,948 | $ 63,886 |
Investment Partnerships and O_3
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Investments In Affiliated and Unaffiliated Entities [Abstract] | ||||
Investments in unaffiliated entities | $ 36,100,000 | $ 24,900,000 | ||
Investments in affiliated entities | 113,900,000 | $ 99,100,000 | ||
Acquisition [Abstract] | ||||
Direct Investment in Sponsor | $ 4,000,000 | |||
Sponsor partnership investment percentage | 62.00% | |||
Sponsor partnership commitment amount | $ 6,480,000 | |||
Accretion of redeemable noncontrolling interest discount amortization period | 18 months | |||
Maximum [Member] | ||||
Acquisition [Abstract] | ||||
Number of business days to cease all operations except for the purposes of winding up | 10 days | |||
Unaffiliated [Member] | Minimum [Member] | ||||
Acquisition [Abstract] | ||||
Notice period for redeeming investments | 30 days | |||
Unaffiliated [Member] | Maximum [Member] | ||||
Acquisition [Abstract] | ||||
Notice period for redeeming investments | 95 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 owed by Sponsor | $ 6,150,000 | |||
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] | Initial Public Offering [Member] [Member] | Common Stock [Member] | Class A [Member] | ||||
Acquisition [Abstract] | ||||
Number of securities to be called by each unit (in shares) | 1 | |||
Number of securities called by each warrant (in shares) | 1 | |||
PMV Consumer Acquisition Corp. [Member] | Initial Public Offering [Member] [Member] | Public Warrant [Member] | ||||
Acquisition [Abstract] | ||||
Number of securities to be called by each unit (in shares) | 0.5 | |||
Warrants exercise price (In dollars per share) | $ 11.50 | |||
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_4
Investment Partnerships and Other Entities, Net Impact of the Consolidated Entities on the Statements of Financial Position (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Financial Condition [Abstract] | ||||||||||
Total assets | $ 1,434,233 | $ 1,434,233 | $ 1,174,545 | |||||||
Liabilities and equity [Abstract] | ||||||||||
Total liabilities | 303,252 | 303,252 | 66,328 | |||||||
Redeemable noncontrolling interests | 199,793 | 199,793 | 206,828 | |||||||
Total equity | 931,188 | $ 854,167 | 931,188 | $ 854,167 | $ 932,465 | $ 915,746 | 901,389 | $ 852,687 | $ 820,803 | $ 897,435 |
Total liabilities and equity | 1,434,233 | 1,434,233 | 1,174,545 | |||||||
Consolidated Statements of Income [Abstract] | ||||||||||
Total revenues | 2,112 | 1,945 | 6,926 | 6,974 | ||||||
Operating loss | (169) | (3,552) | (16,945) | (7,853) | ||||||
Total other income (expense), net | 6,157 | 14,007 | 85,454 | (33,248) | ||||||
Income/(loss) from continuing operations, net of taxes | 5,504 | 6,891 | 53,415 | (32,243) | ||||||
Loss from discontinued operations, net of taxes | 0 | (139) | 0 | (632) | ||||||
Income attributable to noncontrolling interests | 4,001 | 937 | 3,641 | (572) | ||||||
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | 1,503 | 5,815 | 49,774 | (32,303) | ||||||
Consolidated Entities [Member] | ||||||||||
Consolidated Statements of Financial Condition [Abstract] | ||||||||||
Total assets | 223,433 | 223,433 | 226,738 | |||||||
Liabilities and equity [Abstract] | ||||||||||
Total liabilities | 32,339 | 32,339 | 19,910 | |||||||
Redeemable noncontrolling interests | 199,793 | 199,793 | 206,828 | |||||||
Total equity | (8,699) | (8,699) | 0 | |||||||
Total liabilities and equity | 223,433 | 223,433 | 226,738 | |||||||
Consolidated Statements of Income [Abstract] | ||||||||||
Total revenues | (545) | (172) | (2,732) | 305 | ||||||
Operating loss | 1,652 | (915) | (3,115) | (1,391) | ||||||
Total other income (expense), net | 2,380 | 1,967 | 6,744 | 934 | ||||||
Income/(loss) from continuing operations, net of taxes | 4,031 | 944 | 3,627 | (565) | ||||||
Loss from discontinued operations, net of taxes | 0 | 0 | ||||||||
Income attributable to noncontrolling interests | 4,001 | 944 | 3,641 | (565) | ||||||
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | 30 | 0 | (14) | 0 | ||||||
Prior to Consolidation [Member] | ||||||||||
Consolidated Statements of Financial Condition [Abstract] | ||||||||||
Total assets | 1,210,800 | 1,210,800 | 947,807 | |||||||
Liabilities and equity [Abstract] | ||||||||||
Total liabilities | 270,913 | 270,913 | 46,418 | |||||||
Redeemable noncontrolling interests | 0 | 0 | 0 | |||||||
Total equity | 939,887 | 939,887 | 901,389 | |||||||
Total liabilities and equity | 1,210,800 | 1,210,800 | $ 947,807 | |||||||
Consolidated Statements of Income [Abstract] | ||||||||||
Total revenues | 2,657 | 2,117 | 9,658 | 6,669 | ||||||
Operating loss | (1,821) | (2,637) | (13,830) | (6,462) | ||||||
Total other income (expense), net | 3,777 | 12,040 | 78,710 | (34,182) | ||||||
Income/(loss) from continuing operations, net of taxes | 1,473 | 5,947 | 49,788 | (31,678) | ||||||
Loss from discontinued operations, net of taxes | (139) | (632) | ||||||||
Income attributable to noncontrolling interests | 0 | (7) | 0 | (7) | ||||||
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | $ 1,473 | $ 5,815 | $ 49,788 | $ (32,303) |
Investment Partnerships and O_5
Investment Partnerships and Other Entities, Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Balances related to VIEs [Abstract] | |||||
Cash and cash equivalents | $ 569,776 | $ 39,509 | $ 47,331 | $ 342,001 | |
Receivable from brokers | 43,481 | 24,677 | |||
Other assets | 19,360 | 28,565 | |||
Redeemable noncontrolling interests | (199,793) | (206,828) | |||
VIEs [Member] | |||||
Balances related to VIEs [Abstract] | |||||
Cash and cash equivalents | 418 | 1,925 | |||
Investments in securities | [1] | 16,758 | 20,739 | ||
Receivable from brokers | 1,174 | 2,784 | |||
Investments in partnerships and affiliates | 0 | 376 | |||
Other assets | 10 | 7,105 | |||
Accrued expenses and other liabilities | (61) | (138) | |||
Nonredeemable noncontrolling interests | (797) | (2,451) | |||
Redeemable noncontrolling interests | (567) | (12,661) | |||
AC Group's net interests in consolidated entities | 16,935 | $ 17,679 | |||
VIEs [Member] | Private Placement [Member] | Private Warrants [Member] | |||||
Balances related to VIEs [Abstract] | |||||
Investments in securities | $ 6,150 | ||||
[1] | Includes $6.15 million in private placement warrants eliminated in consolidation of PMV |
Investment Partnerships and O_6
Investment Partnerships and Other Entities, Voting Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Balances related to VOE's [Abstract] | ||||
Cash and cash equivalents | $ 569,776 | $ 39,509 | $ 47,331 | $ 342,001 |
Receivable from brokers | 43,481 | 24,677 | ||
Investments in marketable securities held in trust | 175,085 | 175,040 | ||
Securities sold, not yet purchased | (13,603) | (17,571) | ||
PMV warrant liability | (5,590) | 0 | ||
Redeemable noncontrolling interests | (199,793) | (206,828) | ||
Voting Interest Entities [Member] | ||||
Balances related to VOE's [Abstract] | ||||
Cash and cash equivalents | 9,439 | 5,558 | ||
Investments in securities | 87,103 | 93,780 | ||
Receivable from brokers | 27,249 | 15,230 | ||
Investments in marketable securities held in trust | 175,085 | 175,040 | ||
Other assets | 338 | 322 | ||
Securities sold, not yet purchased | (1,216) | (8,057) | ||
Accrued expenses and other liabilities | (25,709) | (11,840) | ||
PMV warrant liability | (5,590) | 0 | ||
Redeemable noncontrolling interests | (199,226) | (194,167) | ||
AC Group's net interests in consolidated entities | $ 67,473 | $ 75,866 |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Investments in government securities | $ 49,996 | $ 344,453 |
Investments in securities | 273,456 | 249,887 |
Investments in affiliated registered investment companies | 142,525 | 170,605 |
Total assets at fair value | 5,066 | 0 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased | 13,603 | 17,571 |
PMV warrant liability | 5,590 | 0 |
Trading - U.S. Treasury Bills [Member] | ||
Assets [Abstract] | ||
Investments in government securities | 49,996 | 344,453 |
Common Stocks [Member] | ||
Assets [Abstract] | ||
Investments in securities | 265,403 | 237,377 |
Closed-end Funds [Member] | ||
Assets [Abstract] | ||
Investments in affiliated registered investment companies | 73,577 | 106,719 |
Mutual Funds [Member] | ||
Assets [Abstract] | ||
Investments in securities | 1,359 | 1,294 |
Investments in affiliated registered investment companies | 68,948 | 63,886 |
Other [Member] | ||
Assets [Abstract] | ||
Investments in securities | 6,694 | 11,216 |
Recurring Basis [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 564,039 | 34,010 |
Investments in securities | 323,452 | 594,340 |
Investments in affiliated registered investment companies | 142,525 | 170,605 |
Total investments held at fair value | 465,977 | 764,945 |
Total assets at fair value | 1,030,016 | 798,955 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased | 13,603 | 17,571 |
PMV warrant liability | 5,590 | |
Total liabilities at fair value | 19,193 | |
Recurring Basis [Member] | Trading - U.S. Treasury Bills [Member] | ||
Assets [Abstract] | ||
Investments in government securities | 49,996 | 344,453 |
Recurring Basis [Member] | Common Stocks [Member] | ||
Assets [Abstract] | ||
Investments in securities | 265,402 | 237,377 |
Liabilities [Abstract] | ||
Trading | 10,358 | 16,090 |
Recurring Basis [Member] | Closed-end Funds [Member] | ||
Assets [Abstract] | ||
Investments in affiliated registered investment companies | 73,577 | 106,719 |
Recurring Basis [Member] | Mutual Funds [Member] | ||
Assets [Abstract] | ||
Investments in securities | 1,359 | 1,294 |
Investments in affiliated registered investment companies | 68,948 | 63,886 |
Recurring Basis [Member] | Other [Member] | ||
Assets [Abstract] | ||
Investments in securities | 6,695 | 11,216 |
Liabilities [Abstract] | ||
Trading | 3,245 | 1,481 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 564,039 | 34,010 |
Investments in securities | 316,672 | 583,781 |
Investments in affiliated registered investment companies | 140,525 | 168,605 |
Total investments held at fair value | 457,197 | 752,386 |
Total assets at fair value | 1,021,236 | 786,396 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased | 12,553 | 16,633 |
PMV warrant liability | 0 | |
Total liabilities at fair value | 12,553 | |
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 | 49,996 | 344,453 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member] | ||
Assets [Abstract] | ||
Investments in securities | 260,421 | 231,901 |
Liabilities [Abstract] | ||
Trading | 10,358 | 16,090 |
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 | 71,577 | 104,719 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member] | ||
Assets [Abstract] | ||
Investments in securities | 1,359 | 1,294 |
Investments in affiliated registered investment companies | 68,948 | 63,886 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | ||
Assets [Abstract] | ||
Investments in securities | 4,896 | 6,133 |
Liabilities [Abstract] | ||
Trading | 2,195 | 543 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities | 4,171 | 6,061 |
Investments in affiliated registered investment companies | 0 | 0 |
Total investments held at fair value | 4,171 | 6,061 |
Total assets at fair value | 4,171 | 6,061 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased | 1,050 | 938 |
PMV warrant liability | 0 | |
Total liabilities at fair value | 1,050 | |
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 | 2,917 | 5,440 |
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 | 1,254 | 621 |
Liabilities [Abstract] | ||
Trading | 1,050 | 938 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities | 2,609 | 4,498 |
Investments in affiliated registered investment companies | 2,000 | 2,000 |
Total investments held at fair value | 4,609 | 6,498 |
Total assets at fair value | 4,609 | 6,498 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased | 0 | 0 |
PMV warrant liability | 5,590 | |
Total liabilities at fair value | 5,590 | |
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 | 2,064 | 36 |
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 | 2,000 |
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 | 545 | 4,462 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward] | ||||
Beginning balance | $ 6,135 | $ 5,024 | $ 6,498 | $ 4,223 |
Total gains/(losses) | (489) | 17 | (538) | (59) |
Purchases | 9 | 0 | 53 | 0 |
Sales | 0 | 0 | 0 | (41) |
Transfers | 0 | 0 | (358) | 918 |
Other | (1,046) | 0 | (1,046) | 0 |
Ending balance | 4,609 | 5,041 | 4,609 | 5,041 |
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 | (489) | 17 | (538) | (71) |
Common Stocks [Member] | ||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward] | ||||
Beginning balance | 51 | 36 | 36 | 89 |
Total gains/(losses) | (6) | 0 | 9 | (53) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Ending balance | 45 | 36 | 45 | 36 |
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 | (6) | 0 | 9 | (53) |
Other [Member] | ||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward] | ||||
Beginning balance | 6,084 | 4,988 | 6,462 | 4,134 |
Total gains/(losses) | (483) | 17 | (547) | (6) |
Purchases | 9 | 0 | 53 | 0 |
Sales | 0 | 0 | 0 | (41) |
Transfers | 0 | 0 | (358) | 918 |
Other | (1,046) | 0 | (1,046) | 0 |
Ending balance | 4,564 | 5,005 | 4,564 | 5,005 |
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 | $ (483) | $ 17 | $ (547) | $ (18) |
Fair Value, Changes in Level _2
Fair Value, Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 7,508 | $ 0 | $ 0 | $ 0 |
Total (gains)/losses | (1,918) | 0 | (2,743) | 0 |
Issuances | 0 | 0 | 8,333 | 0 |
Ending balance | 5,590 | 0 | 5,590 | 0 |
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 | (1,918) | 0 | (2,743) | 0 |
Unobservable Inputs Reconciliation, Transfers [Abstract] | ||||
Transfers into level 3 | 0 | 0 | 900 | |
Transfers out of level 3 | 0 | 0 | 400 | |
PMV Warrant Liability [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 7,508 | 0 | 0 | 0 |
Total (gains)/losses | (1,918) | 0 | (2,743) | 0 |
Issuances | 0 | 0 | 8,333 | 0 |
Ending balance | 5,590 | 0 | 5,590 | 0 |
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 | (1,918) | 0 | (2,743) | 0 |
Other [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 0 |
Total (gains)/losses | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 |
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 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Carrying Amounts an
Fair Value, Carrying Amounts and Estimated Fair Values of Financial Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract] | |||
Investment in note receivable from affiliate | [1] | $ 5,066 | $ 0 |
Total assets at fair value | 5,066 | $ 0 | |
Level 2 [Member] | |||
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract] | |||
Investment in note receivable from affiliate | [1] | $ 5,066 | |
[1] | Included in Receivable and investment in note receivable from affiliates in the condensed consolidated statement of financial condition. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Effective income tax rate | 22.00% | 21.50% | |
Standard corporate tax rate | 21.00% | 21.00% | |
Net deferred tax liabilities | $ 6.9 | ||
Valuation allowance | $ 1.5 | $ 1.8 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings per Share [Abstract] | ||||
Income/loss from continuing operations | $ 5,504 | $ 6,891 | $ 53,415 | $ (32,243) |
Less: Income/(loss) attributable to noncontrolling interests | 4,001 | 937 | 3,641 | (572) |
Net income/loss from continuing operations attributable to AC's shareholders | 1,503 | 5,954 | 49,774 | (31,671) |
Income/loss from discontinued operations | 0 | (139) | 0 | (632) |
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders | $ 1,503 | $ 5,815 | $ 49,774 | $ (32,303) |
Weighted average number of shares of Common Stock outstanding - basic (in shares) | 22,084 | 22,354 | 22,141 | 22,391 |
Weighted average number of shares of Common Stock outstanding - diluted (in shares) | 22,084 | 22,354 | 22,141 | 22,391 |
Basic [Abstract] | ||||
Net income/(loss) from continuing operations (in dollars per share) | $ 0.07 | $ 0.27 | $ 2.25 | $ (1.41) |
Net income/(loss) from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | (0.03) |
Basic - Total (in dollars per share) | 0.07 | 0.26 | 2.25 | (1.44) |
Diluted [Abstract] | ||||
Net income/(loss) from continuing operations (in dollars per share) | 0.07 | 0.27 | 2.25 | (1.41) |
Net income/(loss) from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | (0.03) |
Diluted - Total (in dollars per share) | $ 0.07 | $ 0.26 | $ 2.25 | $ (1.44) |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | May 08, 2018shares | Aug. 03, 2017shares | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021$ / shares | Sep. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020$ / shares | Sep. 30, 2021USD ($)Vote$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Feb. 07, 2017shares | Dec. 31, 2015shares |
Stock Award and Incentive Plan [Abstract] | |||||||||||
Compensation payable | $ | $ 17,307 | $ 17,307 | $ 18,567 | ||||||||
Share-based compensation [Abstract] | |||||||||||
Stock-based compensation expense | $ | 365 | $ 61 | 1,223 | $ (310) | |||||||
Remaining expense to be recognized, if all vesting conditions are met | $ | $ 6,264 | $ 6,264 | |||||||||
Stock Repurchase Program [Abstract] | |||||||||||
Number of shares available under stock repurchase program (in shares) | shares | 500,000 | ||||||||||
Number of additional shares authorized to be repurchased under stock repurchase program (in shares) | shares | 500,000 | 1,000,000 | |||||||||
Shares repurchased during the period (in shares) | shares | 39,000 | 30,000 | 200,000 | 100,000 | |||||||
Average price per share of repurchased shares (in dollars per share) | $ / shares | $ 36.19 | $ 37.03 | $ 35.37 | $ 37.86 | |||||||
Total investment amount | $ | $ 1,400 | $ 1,100 | $ 7,500 | $ 5,400 | |||||||
Dividends [Abstract] | |||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | |||||||||
Maximum [Member] | |||||||||||
Stock Repurchase Program [Abstract] | |||||||||||
Number of shares authorized under stock repurchase program (in shares) | shares | 681,446 | 681,446 | 500,000 | ||||||||
Class A [Member] | |||||||||||
Voting Rights [Abstract] | |||||||||||
Number of votes per share | Vote | 1 | ||||||||||
Dividends [Abstract] | |||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | |||||||||
Class B [Member] | |||||||||||
Voting Rights [Abstract] | |||||||||||
Number of votes per share | Vote | 10 | ||||||||||
Dividends [Abstract] | |||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | |||||||||
Phantom RSAs [Member] | |||||||||||
Stock Award and Incentive Plan [Abstract] | |||||||||||
Compensation payable | $ | $ 2,100 | $ 2,100 | $ 1,800 | ||||||||
Share-based compensation [Abstract] | |||||||||||
Stock-based compensation expense | $ | 365 | $ 61 | 1,223 | $ (310) | |||||||
Remaining expense to be recognized, if all vesting conditions are met | $ | $ 6,264 | $ 6,264 | |||||||||
Weighted average remaining contractual term (in years) | 2 years 3 months 18 days | ||||||||||
RSA's [Roll Forward] | |||||||||||
Balance, beginning of period (in shares) | shares | 155,500 | ||||||||||
Granted (in shares) | shares | 100,500 | ||||||||||
Forfeited (in shares) | shares | (8,000) | ||||||||||
Vested (in shares) | shares | (25,095) | ||||||||||
Balance, end of period (in shares) | shares | 222,905 | 222,905 | |||||||||
Weighted Average Grant Date Fair Value [Abstract] | |||||||||||
Balance, beginning of period (in dollars per share) | $ / shares | $ 36.42 | ||||||||||
Granted (in dollars per share) | $ / shares | 35.82 | ||||||||||
Forfeited (in dollars per share) | $ / shares | 36.64 | ||||||||||
Vested (in dollars per share) | $ / shares | 37.40 | ||||||||||
Balance, end of period (in dollars per share) | $ / shares | $ 36.03 | $ 36.03 | |||||||||
Phantom RSAs [Member] | Vesting in Three Years from Date of Grant [Member] | |||||||||||
Stock Award and Incentive Plan [Abstract] | |||||||||||
Awards vesting percentage | 30.00% | ||||||||||
Award vesting period | 3 years | ||||||||||
Phantom RSAs [Member] | Vesting in Five Years from Date of Grant [Member] | |||||||||||
Stock Award and Incentive Plan [Abstract] | |||||||||||
Awards vesting percentage | 70.00% | ||||||||||
Award vesting period | 5 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Goodwill [Abstract] | |||
Goodwill | $ 3,519 | $ 3,519 | |
Impairment charges on goodwill | 0 | $ 0 | |
GCIA [Member] | |||
Goodwill [Abstract] | |||
Goodwill | $ 3,400 |
Discontinued Operations, Summar
Discontinued Operations, Summary (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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other income (expense) [Abstract] | ||||
Income/(loss) from discontinued operations, net of taxes | $ 0 | $ (139) | $ 0 | $ (632) |
Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes | $ 0 | $ (139) | $ 0 | (632) |
Morgan Group Holding, Co. [Member] | ||||
Revenue [Abstract] | ||||
Total revenues | 2,960 | |||
Expenses [Abstract] | ||||
Compensation | 2,276 | |||
Other operating expenses | 1,699 | |||
Total expenses | 3,975 | |||
Operating loss | (1,015) | |||
Other income (expense) [Abstract] | ||||
Net loss from investments | (8) | |||
Interest and dividend income | 81 | |||
Total other income, net | 73 | |||
Income/(loss) from discontinued operations before income taxes | (942) | |||
Income tax provision/(benefit) | (205) | |||
Income/(loss) from discontinued operations, net of taxes | (737) | |||
Net income/(loss) attributable to noncontrolling interests | (105) | |||
Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes | (632) | |||
Morgan Group Holding, Co. [Member] | Institutional Research Services [Member] | ||||
Revenue [Abstract] | ||||
Total revenues | 2,924 | |||
Morgan Group Holding, Co. [Member] | Other [Member] | ||||
Revenue [Abstract] | ||||
Total revenues | $ 36 |
Discontinued Operations, Cash F
Discontinued Operations, Cash Flows from Discontinued Operations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Discontinued Operations [Abstract] | ||
Net cash provided by operating activities | $ 0 | $ 114 |
Net cash provided by (used in) investing activities | 0 | |
Net cash provided by (used in) financing activities | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Nov. 05, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsequent Events [Abstract] | |||
Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 | |
Subsequent Event [Member] | |||
Subsequent Events [Abstract] | |||
Dividends, declared date | Nov. 5, 2021 | ||
Dividends declared (in dollars per share) | $ 0.10 | ||
Dividends, payable date | Dec. 15, 2021 | ||
Dividends, record date | Dec. 1, 2021 |