Associated Capital (AC) 10-K 17 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 124,403,412
Auditor Name	Deloitte & Touche, LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	34
Common Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,088,197
Common Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,962,754

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 20,924	$ 18,983
Expenses
Compensation	24,457	19,436
Management fee	8,426	3,101
Other operating expenses	7,117	8,915
Total expenses	40,000	31,452
Operating loss	(19,076)	(12,469)
Other income/(expense)
Net gain from investments	93,405	36,864
Interest and dividend income	12,109	8,675
Interest expense	(310)	(180)
Shareholder-designated contribution	(4,789)	(3,007)
Total other income, net	100,415	42,352
Income/(loss) before income taxes	81,339	29,883
Income tax expense/(benefit)	17,705	9,374
Income/(loss) from continuing operations, net of taxes	63,634	20,509
Income/(loss) from discontinued operations, net of taxes	0	(632)
Income/(loss) before noncontrolling interests	63,634	19,877
Income/(loss) attributable to noncontrolling interests	4,431	1,061
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ 59,203	$ 18,816
Net income/(loss) per share attributable to Associated Capital Group, Inc.'s shareholders:
Basic - Continuing operations (in dollars per share)	$ 2.68	$ 0.87
Basic - Discontinued operations (in dollars per share)	0	(0.03)
Basic - Total (in dollars per share)	2.68	0.84
Diluted - Continuing operations (in dollars per share)	2.68	0.87
Diluted - Discontinued operations (in dollars per share)	0	(0.03)
Diluted - Total (in dollars per share)	$ 2.68	$ 0.84
Weighted average shares outstanding:
Basic (in shares)	22,120	22,369
Diluted (in shares)	22,120	22,369
Actual shares outstanding (in shares)	22,058	22,274
Investment Advisory and Incentive Fees [Member]
Revenues
Total revenues	$ 20,530	$ 18,288
Other [Member]
Revenues
Total revenues	$ 394	$ 695

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Income/(loss) before noncontrolling interests	$ 63,634	$ 19,877
Less: Comprehensive income/(loss) attributable to noncontrolling interests	4,431	1,061
Comprehensive income/(loss) attributable to Associated Capital Group, Inc.	$ 59,203	$ 18,816

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 319,048	$ 39,509
Investments in U.S. Treasury Bills	60,996	344,453
Investments in equity securities (Including GBL stock with a value of $60.4 million and $48.9 million, respectively)	273,087	249,887
Investments in affiliated registered investment companies	134,548	170,605
Investments in partnerships	154,460	123,994
Receivable from brokers	42,478	24,677
Investment advisory fees receivable	8,315	7,346
Receivable and investment in note receivable from affiliates	10,094	4,743
Deferred tax assets, net	0	2,207
Goodwill	3,519	3,519
Other assets	21,682	28,565
Investments in marketable securities held in trust	175,109	175,040	[1]
Total assets	1,203,336	1,174,545
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Payable to brokers	9,339	6,496
Income taxes payable, including deferred tax liabilities, net	8,575	9,746
Compensation payable	19,730	18,567
Securities sold, not yet purchased	12,905	17,571
Payable to affiliates	0	2,188
Accrued expenses and other liabilities	3,580	5,635
Deferred underwriting fee payable	6,125	6,125
PMV warrant liability	5,280	0
Total liabilities	65,534	66,328
Redeemable noncontrolling interests	202,456	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	990,069	999,047
Retained earnings	68,435	13,649
Treasury stock, at cost (3,534,085 and 3,318,127 shares, respectively)	(121,427)	(113,783)
Total Associated Capital Group, Inc. equity	937,102	898,938
Noncontrolling interest	(1,756)	2,451
Total equity	935,346	901,389
Total liabilities and equity	1,203,336	1,174,545
Class A [Member]
Equity:
Common stock	6	6
Class B [Member]
Equity:
Common stock	$ 19	$ 19
[1]	At December 31, 2020, marketable 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, due to the short maturity profile.

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investment in GBL stock	$ 60.4	$ 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)	22,058,000	22,274,000
Treasury stock, shares outstanding (in shares)	3,534,085	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)	3,095,169	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

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings/Accumulated Deficit [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Parent [Member]	Noncontrolling Interests [Member]	Total	Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2019	$ 25	$ (701)	$ 1,003,450	$ (106,342)	$ 896,432	$ 1,003	$ 897,435	$ 50,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(531)
Net income/(loss)	0	(73,355)	0	0	(73,355)	(52)	(73,407)	(3,945)
Purchase of treasury stock	0	0	0	(3,225)	(3,225)	0	(3,225)	0
Balance at Mar. 31, 2020	25	(74,056)	1,003,450	(109,567)	819,852	951	820,803	45,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(1,167)
Net income/(loss)	0	35,237	0	0	35,237	(48)	35,189	2,436
Dividends declared ($0.10 per share)	0	(2,237)	0	0	(2,237)	0	(2,237)	0
Purchase of treasury stock	0	0	0	(1,068)	(1,068)	0	(1,068)	0
Balance at Jun. 30, 2020	25	(41,056)	1,003,450	(110,635)	851,784	903	852,687	47,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	1,031
PMV Sponsor members' interest	0	0	0	0	0	379	379	0
Net income/(loss)	0	51,120	0	0	51,120	0	51,120	1,633
Dividends declared ($0.10 per share)	0	(2,230)	0	0	(2,230)	0	(2,230)	0
Purchase of treasury stock	0	0	0	(2,047)	(2,047)	0	(2,047)	0
Balance at Dec. 31, 2020	25	13,649	999,047	(113,783)	898,938	2,451	901,389	206,828
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	136
Redemptions of 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	0	0	0	0	0	0	0	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 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(973)
Net income/(loss)	0	9,429	0	0	9,429	15	9,444	775
Dividends declared ($0.10 per share)	0	(2,206)	0	0	(2,206)	0	(2,206)	0
Purchase of treasury stock	0	0	0	(157)	(157)	0	(157)	0
Accretion of redeemable noncontrolling interests to redemption value	0	0	(1,949)	0	(1,949)	(974)	(2,923)	2,923
Other changes to redeemable noncontrolling interests	0	0	0	0	0	0	0	(62)
Balance at Dec. 31, 2021	$ 25	$ 68,435	$ 990,069	$ (121,427)	$ 937,102	$ (1,756)	$ 935,346	$ 202,456

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income/(loss)	$ 63,634	$ 19,877
Less: Loss from discontinued operations, net of taxes	0	632
Income/(loss) from continuing operations	63,634	20,509
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Equity in net (gains) from partnerships	(23,392)	(15,000)
Depreciation and amortization	379	52
Deferred income taxes	8,742	(209)
Donated securities	2,213	891
Unrealized (gains)/losses on securities	(26,791)	(20,213)
Dividends received as securities	(5,066)	0
Realized (gains)/losses on sales of securities	(38,971)	3,299
(Increase)/decrease in assets:
Investments in trading securities	281,986	(295,795)
Investments in partnerships:
Contributions to partnerships	(15,172)	(4,829)
Distributions from partnerships	11,308	35,847
Receivable from affiliates	(285)	(405)
Receivable from brokers	(10,097)	(1,535)
Investment advisory fees receivable	(916)	2,236
Other assets	(1,454)	(4,383)
Increase/(decrease) in liabilities:
Payable to affiliates	(2,188)	1,705
Payable to brokers	2,843	(8,393)
Income taxes payable	(7,706)	6,176
Compensation payable	1,163	(970)
Accrued expenses and other liabilities	(2,036)	1,534
Total adjustments	174,560	(299,992)
Net cash provided by/(used in) operating activities	238,194	(279,483)
Investing activities
Maturities of marketable securities held in trust	175,109	0
Purchases of marketable securities held in trust, net	(175,109)	0
Purchases of securities	(8,738)	(2,749)
Proceeds from sales of securities	35,329	13,115
Return of capital on securities	38,694	1,646
Purchase of building	0	(11,084)
Investment of cash in Trust Account	0	(175,000)
Net cash provided by/(used in) investing activities	65,285	(174,072)
Financing activities
Dividends paid	(4,417)	(6,716)
Purchase of treasury stock	(7,644)	(7,441)
Contributions/(redemptions) from/(of) redeemable noncontrolling interests	(2,333)	162,655
Contributions from nonredeemable noncontrolling interests	0	2,451
Net cash provided by (used in) financing activities	(14,394)	150,949
Cash flows from discontinued operations
Net cash provided by (used in) operating activities	0	114
Net increase in cash, cash equivalents and restricted cash	289,085	(302,492)
Cash, cash equivalents and restricted cash at beginning of period	39,509	342,001
Cash, cash equivalents and restricted cash at end of period	328,594	39,509
Supplemental disclosures of cash flow information:
Cash paid for interest	310	177
Cash paid/(received) for taxes	16,741	2,000
Reconciliation to cash, cash equivalents and restricted cash
Cash and cash equivalents	319,048	39,509
Restricted cash included in receivable from brokers	9,546	0
Cash, cash equivalents and restricted cash	$ 328,594	$ 39,509

CONSOLIDATED STATEMENTS OF CA_2

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

Organization

Organization	12 Months Ended
	Dec. 31, 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. GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets across a range of risk and event arbitrage portfolios and in equity event-driven value strategies. The businesses earn management and incentive fees from their advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on a percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). 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”, or “PMV SPAC”) 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 $163.8 million of assets, $11.5 million of liabilities, $161.8 million of redeemable noncontrolling interests and $1.8 million of noncontrolling interests relating to PMV and the Sponsor as of December 31, 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 consolidated financial statements can be seen in Note E. Investment Partnerships and Other Entities See Note E for a further discussion of PMV Consumer Acquisition Corp. as well as its registration statement, Annual Reports, and Quarterly Reports, 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 2,417,500 shares as of December 31, 2021. Morgan Group Spin-off On March 16, 2020, the Company’s Board of Directors approved the spin-off of Morgan Group Holding Co. (“Morgan Group”) to AC’s shareholders. On August 5, 2020, AC distributed its 83.3% stake in Morgan Group to shareholders of record as of July 30, 2020. Following the 1 for 100 reverse split on June 10, 2020, AC shareholders received approximately 0.022356 shares of Morgan Group common stock for each share of AC common stock they held. The historical financial results of Morgan Group have been reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented through August 5, 2020.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies [Abstract]
Significant Accounting Policies	B. Significant Accounting Policies Consolidated Financial Statements All material intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date the Company obtains control and continue to be consolidated until the date that such control ceases. The Company’s principal market is in the United States. Amounts in Note E, Investment Partnerships and Other Entities, related to PMV SPAC were reported in the impact of consolidating VOE table as of December 31, 2020. This prior year disclosure in Note E has been revised to correctly include the assets, liabilities, redeemable noncontrolling interests and total net interests of PMV SPAC of $14.1 million in the VIE table. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. Investments in Securities Securities owned are recorded at fair value in the statements of financial condition with any unrealized gains or losses reported in current period earnings in net gain from investments on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain from investments on the consolidated statements of income. Management determines the appropriate classification of debt securities at the time of purchase. Government debt securities with maturities of greater than three months at the time of purchase are considered investments in debt securities. A majority of our investments in debt securities are accounted for as trading securities, except in 2020 in which investments in marketable securities held in trust by PMV were accounted for as held to maturity. Investments in securities are reflected in U.S. Treasury Bills, investments in equity securities, investments in affiliated registered investment companies and investments in marketable securities held in trust. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of AC to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Unrealized gains and losses and realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain from investments on the consolidated statements of income. Fair Value of Financial Instruments The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets included in this category are over-the-counter derivatives that have valuation inputs that can generally be corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets in this category generally include equities that trade infrequently and direct private equity investments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that market participants are willing to pay for an asset. Ask prices represent the lowest price that market participants are willing to accept for an asset. Cash equivalents Investments in securities Investment in note receivable from affiliate PMV warrant liability Investments in marketable securities held in trust account At December 31, 2021 and 2020, debt securities of our consolidated SPAC, PMV, are held in a trust account and consist of U.S. Treasury Bills accounted for as trading and held-to-maturity, respectively, in accordance with ASC 320 “Investments – Debt and Equity Securities.” Trading securities are recorded at fair value, with changes in fair value recorded in the consolidated statements of income. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying consolidated balance sheet and adjusted for the amortization or accretion of premiums or discounts. Receivables from Affiliates and Payables to Affiliates Receivables from affiliates consist primarily of sub-advisory fees due from Gabelli Funds, LLC, a subsidiary of GAMCO. Payables to affiliates primarily consist of expenses paid by affiliates on behalf of the Company pursuant to a transitional services agreement with GAMCO entered into in connection with the AC Spin-off. Receivables from and Payables to Brokers Receivables from and payables to brokers consist of amounts related to purchases and sales of securities, restricted cash held on deposit and cash amounts held in anticipation of investment. Consolidation The Company assesses all entities with which it is involved for consolidation on a case by case basis depending on the specific facts and circumstances surrounding each entity. Pursuant to accounting guidance, the Company first evaluates whether it holds a variable interest in an entity. The Company considers all economic interests, including proportionate interests through related parties, to determine if such interests are considered a variable interest. Fees paid to the Company that are customary and commensurate with the level of services provided from entities in which the Company does not hold more than an insignificant economic interest are not considered as a variable interest. For any entity where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether it qualifies as a variable interest entity (“VIE”). The granting of substantive kick-out or participating rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. The Company evaluates for consolidation on a case by case basis those VIEs in which substantive kick-out or participating rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner. Under the variable interest entity model, the Company consolidates those entities where it is determined that the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. When the Company alone is not considered to have a controlling financial interest in the VIE but the Company and its related parties under common control in the aggregate have a controlling financial interest in the VIE, the Company will be deemed the primary beneficiary if it is the party that is most closely associated with the VIE. When the Company and its related parties not under common control in the aggregate have a controlling financial interest in the VIE, the Company would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of the Company. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion as required. Investments and redemptions (either by the Company, related parties or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. The Company evaluates whether the entity should be evaluated under the guidance for partnerships and similar entities, or corporations, and consolidates those entities it controls through a majority voting interest or other means. If the Company is the general partner or managing member it generally will not be required to consolidate a VOE. The Company records noncontrolling interests in consolidated entities for which the Company’s ownership is less than 100%. Refer to Noncontrolling Interests below for additional information. Investments in Partnerships and Affiliates The Company is general partner or co-general partner of various affiliated entities. We also have investments in unaffiliated partnerships, offshore funds and other entities (collectively, “unaffiliated entities”). Given that we are not a general partner or investment manager in any unaffiliated entity, we neither earn any management or incentive fees nor have a controlling financial interest in such entity. We do not consolidate any unaffiliated entity. The balance sheet caption investments in partnerships includes investments in both affiliated and unaffiliated entities. The Company accounts for its investments in partnerships and affiliates under the equity method. Substantially all of the Company’s equity method investees are entities that record their underlying investments at fair value and are included in investments in partnerships. Therefore, under the equity method of accounting, the Company’s share of the investee’s underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. The Company’s share of the investee’s underlying net income or loss is based upon the most currently available information and is recorded as net gain from investments on the consolidated statements of income. Capital contributions are recorded as an increase in investments when paid, and withdrawals and distributions are recorded as reductions of the investments when received. Depending on the terms of the investment, the Company may be restricted as to the timing and amounts of withdrawals. Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes such derivatives in either investments in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company will enter into hedging transactions to manage its exposure to foreign currencies or equity prices related to its proprietary investments. Except for a foreign exchange contract entered into by the Company, these transactions are not designated as hedges for accounting purposes, and changes in fair values of these derivatives are included in net gain from investments on the consolidated statements of income. See Note D, Investments in Securities, for additional information. Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees. Investment advisory and incentive fees are directly influenced by the level and mix of AUM as fees are derived from a contractually-determined percentage of the balance of each account as well as a percentage of the investment performance of certain accounts. Management fees from Investment Partnerships and offshore funds are computed either monthly or quarterly, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. These revenues vary depending upon the level of capital flows, financial market conditions, investment performance and the fee rates applicable to each account. Incentive allocations or fees are generally recognized at the end of an annual measurement period and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company’s major revenue sources are as follows: Investment advisory and incentive fees. The Company and its subsidiaries act as general partner, investment manager or sub-advisor to investment funds and/or separately managed accounts of institutional investors (e.g., corporate pension plans). The fees that are paid to the Company are set forth in the offering documents for the investment fund or the separately managed account agreement. Investment advisory and incentive fee revenue consists of: a) Asset-based advisory fees – The Company receives a management fee, payable monthly in advance based on value of the net assets of the client. It is generally set at a rate of 1%-1.5% per annum. Asset-based management fee revenue is recognized only as the services are performed over the period. b) Performance-based advisory fees – Certain client contracts call for additional fees and or allocations of income tied to a certain percentage, generally 20%, of the investment performance of the account over a measurement period, typically the calendar year. In addition, the contracts provide that performance-based fees or allocations become fixed in the event of an investor redemption prior to the end of the measurement period. In the event that an account suffers a loss in one period, it must be recovered before incentive fees are earned by the Company; this is commonly referred to as a “high water mark” provision. While the Company’s performance obligation is satisfied over time, the Company does not recognize performance-based fees until the end of the measurement period or the time of the investor redemption when the uncertainty surrounding the amount of the variable consideration is resolved. c) Sub-advisory fees – Pursuant to agreements with other investment advisors, the Company receives a percentage of advisory fees received by such advisors from certain of their investment fund clients. These fees may be either asset- or performance-based. In addition, they may be subject to reduction by certain expenses as set forth in the respective agreements. Sub-advisory fee revenue which is asset-based is recognized ratably as the services are performed over the relevant contractual performance period. Sub-advisory fee revenue which is performance-based is recognized only when it becomes fixed and not subject to adjustment. The Company reserves the right to waive or reduce asset-based and performance-based fees with respect to certain investors in the investment funds which may include investments by employees and other related parties. Advisory and incentive fees payable by investment funds are typically approved by third-party administrators and paid directly from the accounts’ assets. Such fees attributable to separate accounts may be subject to review and approval by the client and may be paid either from the accounts’ assets or directly by the client. Our advisory fee revenues are influenced by both the amount of AUM and the investment performance of our products. An overall decline in the prices of securities may cause our advisory fees to decline by either causing the value of our AUM to decrease or causing our clients to withdraw funds in favor of investments they perceive to offer greater opportunity or lower risk. Similarly, success in the investment management business is dependent on investment performance as well as distribution and client services. Good performance can stimulate sales of our investment products and tends to keep withdrawals and redemptions low, which generates higher asset-based management fees. Conversely, poor performance, both in absolute terms and/or relative to peers and industry benchmarks, tends to result in decreased sales, increased withdrawals and redemptions and in the loss of clients, with corresponding decreases in revenues to us. Depreciation Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives of four Fixed assets as of December 31, 2021 and 2020 consisted of the following: 2021 2020 Buildings $ 17,745 $ 17,727 Equipment 206 186 Total 17,951 17,913 Less: accumulated depreciation (761 ) (383 ) Net book value $ 17,190 $ 17,530 Allocated Expenses The Company is charged or incurs certain overhead expenses that are paid by, or paid on our behalf by, other affiliates and are included in other operating expenses on the consolidated statements of income. These overhead expenses primarily relate to centralized functions including finance and accounting, legal, compliance, treasury, tax, internal audit, information technology, human resources and risk management. These overhead expenses are allocated to the Company by other affiliates (primarily GAMCO) or allocated by the Company to other affiliates as the expenses are incurred, based upon direct usage when identifiable, or by revenue, headcount, space or other allocation methodologies periodically reviewed by the management of the Company and the affiliates. The compensation expense and related payroll taxes and benefits of certain dual employees that provide services to both AC and affiliates are allocated based upon the relative time each employee devotes to each affiliate. These allocated compensation expenses are included in compensation on the consolidated statements of income. All of the allocations and estimates in the financial statements are based on assumptions that management of AC believes are reasonable. However, these allocations may not be indicative of the actual expenses we would have incurred or may incur in the future. Management Fee Management fee expense in the amount of 10% of the aggregate pre-tax profits, before consideration of this fee and before consideration of the income attributable to consolidated funds and partnerships, is paid to the Executive Chair or his designees in accordance with his employment agreement. Stock-Based Compensation From time to time, the Company’s Board of Directors approves grants of Phantom Restricted Stock awards (“Phantom RSAs”). The Phantom RSAs are settled by a cash payment, net of applicable withholding tax, on the vesting dates. In addition, an amount equivalent to the cumulative dividends declared on shares of the Company’s Class A common stock during the vesting period will be paid to participants on vesting. The Phantom RSAs are accounted for as a liability because cash settlement is required and compensation will be recognized over the vesting period. The Company amortizes each award based on the applicable vesting period. In determining the compensation expense to be recognized each period, the Company will remeasure the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award and the current market value of the Company’s Class A stock. In making these determinations, the Company will consider the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur. Goodwill Goodwill is initially measured as the excess of the cost of an acquired business over the sum of the fair value assigned to assets acquired less the liabilities assumed. Goodwill is tested for impairment at least annually on November 30th and whenever certain triggering events are met. In assessing the recoverability of goodwill as of November 30, 2021 and 2020, we performed a qualitative assessment of whether it was more likely than not that an impairment had occurred and concluded that a quantitative analysis was not required. As such, no impairment was recorded during 2021 or 2020. Income Taxes For purposes of the preparation of the consolidated financial statements, the provision for income taxes is computed using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense/benefit in the period that includes the enactment date of the change in tax rate. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. A valuation allowance would be recorded to reduce the carrying value of deferred tax assets to the amount that is more likely than not to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that the Company would be able to realize the Company’s deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. For uncertain tax positions the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position. For those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. Accrued interest and penalties on uncertain tax positions are included within accrued expenses and other liabilities on the consolidated statements of financial condition. Noncontrolling Interests Noncontrolling interests in Investment Partnerships or other entities that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section of the consolidated statements of financial condition between liabilities and equity. Noncontrolling interests in other entities that are not redeemable at the option of the holder are classified as such as a separate component of shareholder’s equity. Redeemable noncontrolling Interests-PMV The Company accounts for the common stock held by noncontrolling interest holders of our consolidated SPAC, PMV, as subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. PMVs common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, common stock held by noncontrolling interest holders is presented at redemption value in redeemable noncontrolling interests, outside of the stockholders’ equity section of the Company’s balance sheet. The discount amount related to the issuance of redeemable noncontrolling interest is being amortized over a period of 18 months through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to our ownership of the SPAC Sponsor) and is adjusted periodically for income/loss allocated to redeemable noncontrolling interest. For the years ended December 31, 2021 and 2020, net income/(loss) attributable to noncontrolling interests on the consolidated statements of income represents the share of net income/(loss) attributable to third-party investors in consolidated funds. PMV Warrant Liability In connection with their initial public offering, PMV sold 17,500,000 Units, at $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized in net gain from investments on the consolidated statements of income. The warrant liability related to the Public Warrant was charged against the redeemable noncontrolling interest of PMV. Offering Costs Offering costs incurred by the initial public offering of PMV consist of legal, accounting, underwriting fees and other costs. Offering costs amounting to $9,957,390, including deferred underwriting fees of $6,125,000, net of a $175,000 credit paid by the underwriter, were allocated as follows, $502,848 in offering costs was charged to expense and $9,454,542 was charged to redeemable noncontrolling interest of PMV, similar to the warrant liability. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivables from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government. Receivables from brokers and financial institutions can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees and incentive fees, which are included in investment advisory fees receivable and receivables from affiliates on the consolidated statements of financial condition, is generally limited due to the short payment terms extended to clients by the Company. All investments in securities are held at third party brokers or custodians. Business Segment The Company operates in one business segment. The Company’s chief operating decision maker reviews the Company’s financial performance at an aggregate level. Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify US GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. We adopted this standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on our financial condition or results of operations.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue [Abstract]
Revenue	C. Revenue The Company’s revenue is accounted for as contracts with customers, and the timing of revenue recognition is based on the Company’s analysis of the provisions of each respective contract. Depending upon the specific terms, revenue may be recognized over time or at a point in time. Modifications to contracts may affect the timing of the satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations, any of which may impact the timing of the recognition of the related revenue. Total revenues by type were as follows for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Revenues Investment advisory and incentive fees Asset-based advisory fees $ 5,021 $ 5,415 Performance-based advisory fees 7,006 5,706 Sub-advisory fees 8,503 7,167 20,530 18,288 Other Miscellaneous 394 695 394 695 Total $ 20,924 $ 18,983

Investments in Securities

Investments in Securities	12 Months Ended
	Dec. 31, 2021
Investments in Securities [Abstract]
Investments in Securities	D. Investments in Securities Investments in securities at December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ 60,992 $ 60,996 $ 344,367 $ 344,453 Equity Securities: Common stocks 239,383 265,156 239,240 237,377 Mutual funds 524 1,351 546 1,294 Other investments 6,253 6,580 8,806 11,216 Total equity securities 246,160 273,087 248,592 249,887 Total investments in securities $ 307,152 $ 334,083 $ 592,959 $ 594,340 Investments in marketable securities held in trust $ 175,109 $ 175,109 Our held to maturity investments at December 31, 2021 and 2020 consisted of the following (in thousands): December 31, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investment in note receivable from affiliate (1) $ 5,066 $ - $ - $ 5,066 (1) Investment in note receivable from affiliate relates to 2-Year Puttable and Callable Subordinated Notes due 2023 issued as part of a 2021 special dividend on GAMCO’s Class A Common Stock and Class B Common Stock. The Company has the intent to hold these investments until maturity, and as such they were recorded at amortized cost. December 31, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investments in marketable securities held in trust (2) $ 175,040 $ - $ - $ 175,040 (2) At December 31, 2020, marketable 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, due to the short maturity profile. Securities sold, not yet purchased at December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Cost Fair Value Cost Fair Value Equity securities: Common stocks $ 9,021 $ 9,838 $ 14,369 $ 16,090 Other investments 2,767 3,067 1,209 1,481 Total securities sold, not yet purchased $ 11,788 $ 12,905 $ 15,578 $ 17,571 Investments in affiliated registered investment companies at December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 42,484 $ 64,381 $ 76,462 $ 106,719 Mutual funds 49,362 70,167 48,395 63,886 Total investments in affiliated registered investment companies $ 91,846 $ 134,548 $ 124,857 $ 170,605

Investment Partnerships and Oth

Investment Partnerships and Other Entities	12 Months Ended
	Dec. 31, 2021
Investment Partnerships and Other Entities [Abstract]
Investment Partnerships and Other Entities	E. Investment Partnerships and Other Entities The Company is general partner or co-general partner of various affiliated entities whose underlying assets consist primarily of marketable securities (“Affiliated Entities”). We also had investments in unaffiliated partnerships, offshore funds and other entities of $41.9 and $24.9 million at December 31, 2021 and 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 consolidated statements of financial condition. The Company had investments in Affiliated Entities totaling $112.6 million and $99.1 million at December 31, 2021 and 2020 respectively. The Company reflects the equity in earnings of these Affiliated Entities and Unaffiliated Entities as net gain from investments on the consolidated statements of income. The summarized financial information of the Company’s equity method investments as of and for the years ended December 31, 2021 and 2020 are as follows: (in millions) 2021 2020 Total assets $ 1,818 $ 1,653 Total liabilities 358 326 Total equity 1,460 1,327 Year Ended December 31, 2021 2020 Net income/(loss) 239 64 Capital may generally be redeemed from Affiliated Entities on a monthly basis upon adequate notice as determined in the sole discretion of each entity’s investment manager. Capital invested in Unaffiliated Entities may generally be redeemed at various intervals ranging from monthly to annually upon notice of 30 to 95 days. Certain Unaffiliated Entities and Affiliated Entities may require a minimum investment period before capital can be voluntarily redeemed (a “Lockup Period”). No investment in an Unaffiliated Entity has an unexpired Lockup Period. The Company has no outstanding capital commitments to any Affiliated or Unaffiliated Entity. PMV Consumer Acquisition Corp. The Company consolidates the assets, liabilities and the results of operations of both PMV and Sponsor. The Company invested $4.0 million, or approximately 62% of the $6.48 million total Sponsor partnership commitment. The Sponsor is managed primarily 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. In addition, the Company has determined that PMV is a VIE due to the lack of equity at risk and therefore is consolidated by the Sponsor, who is deemed to be the primary beneficiary. Neither AC nor PMV have a right to the benefits from nor does it bear the risks associated with the U.S Treasury Bills held in trust assets held by PMV. Further, if the Company were to liquidate, the 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. Simultaneously with the closing of the initial public offering, PMV consummated the sale of 6,150,000 warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant in a private placement to the Sponsor, generating gross proceeds of $6,150,000. AC invested $10 million in the Class A shares in PMV and the Sponsor invested $6.15 million in Private Warrants, both of which eliminate in the consolidation of PMV. 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 are generally invested in U.S. Treasury Bills. PMV will have until September 24, 2022 to complete a business combination. If PMV is unable to complete a business combination by September 24, 2022, PMV will cease all operations except for the purpose of winding up, and as promptly as reasonably possible but not more than ten The following table reflects the net impact of the consolidated investment partnerships and other entities (“Consolidated Entities”) on the consolidated statements of financial condition (in thousands): December 31, 2021 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 315,009 $ 4,039 $ 319,048 Investments in U.S. Treasury Bills 60,996 - 60,996 Investments in securities 184,229 88,858 273,087 Investments in affiliated registered investment companies 186,474 (51,926 ) 134,548 Investments in partnerships 174,683 (20,223 ) 154,460 Receivable from brokers 21,993 20,485 42,478 Investment advisory fees receivable 8,320 (5 ) 8,315 Other assets (1) 39,400 (4,105 ) 35,295 Investments in marketable securities held in trust - 175,109 175,109 Total assets $ 991,104 $ 212,232 $ 1,203,336 Liabilities and equity Securities sold, not yet purchased $ 11,199 $ 1,706 $ 12,905 Accrued expenses and other liabilities (1) 33,825 18,804 52,629 Redeemable noncontrolling interests - 202,456 202,456 Total equity 946,080 (10,734 ) 935,346 Total liabilities and equity $ 991,104 $ 212,232 $ 1,203,336 December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 32,347 $ 7,162 $ 39,509 Investments in U.S. Treasury Bills 334,954 9,499 344,453 Investments in securities 167,317 82,570 249,887 Investments in affiliated registered investment companies 221,318 (50,713 ) 170,605 Investments in partnerships 146,162 (22,168 ) 123,994 Receivable from brokers 6,662 18,015 24,677 Investment advisory fees receivable 7,400 (54 ) 7,346 Other assets (1) 31,647 7,387 39,034 Investments in marketable securities held in trust - 175,040 175,040 Total assets $ 947,807 $ 226,738 $ 1,174,545 Liabilities and equity Securities sold, not yet purchased $ 9,514 $ 8,057 $ 17,571 Accrued expenses and other liabilities (1) 36,904 11,853 48,757 Redeemable noncontrolling interests - 206,828 206,828 Total equity 901,389 - 901,389 Total liabilities and equity $ 947,807 $ 226,738 $ 1,174,545 (1) Represents the summation of multiple captions from the consolidated statements of financial condition. The following table reflects the net impact of the Consolidated Entities on the consolidated statements of income (in thousands): Year Ended December 31, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 23,852 $ (2,928 ) $ 20,924 Total expenses 39,245 755 40,000 Operating loss (15,393 ) (3,683 ) (19,076 ) Total other income, net 92,301 8,114 100,415 Income before income taxes 76,908 4,431 81,339 Income tax expense 17,705 - 17,705 Income before noncontrolling interests 59,203 4,431 63,634 Income attributable to noncontrolling interests - 4,431 4,431 Net income $ 59,203 $ - $ 59,203 Year Ended December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 19,473 $ (490 ) $ 18,983 Total expenses 28,652 2,800 31,452 Operating loss (9,179 ) (3,290 ) (12,469 ) Total other income, net 38,033 4,319 42,352 Income before income taxes 28,854 1,029 29,883 Income tax expense/(benefit) 9,426 (52 ) 9,374 Income from continuing operations, net of taxes 19,428 1,081 20,509 Loss from discontinued operations, net of taxes (632 ) - (632 ) Income before noncontrolling interests 18,796 1,081 19,877 Income/(loss) attributable to noncontrolling interests (20 ) 1,081 1,061 Net income $ 18,816 $ - $ 18,816 Variable Interest Entities With respect to each consolidated VIE, its assets may only be used to satisfy its obligations. The investors and creditors of any consolidated VIE have no recourse to the Company’s general assets. In addition, the Company neither benefits from such VIE’s assets nor bears the related risk beyond its beneficial interest in the VIE. The following table presents the balances related to VIEs that are consolidated and included on the consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): December 31, 2021 December 31, 2020 Cash and cash equivalents $ 1,911 $ 3,930 Investments in securities 11,227 14,589 Receivable from brokers 1,106 2,784 Investments in partnerships and affiliates - 376 Investments in marketable securities held in trust 175,109 175,040 Other assets 103 7,367 Accrued expenses and other liabilities (7,074 ) (6,425 ) PMV Warrant liability (5,280 ) - Redeemable noncontrolling interests (162,314 ) (167,382 ) Nonredeemable noncontrolling interests 1,757 (2,451 ) AC Group’s net interests in consolidated VIEs $ 16,545 $ 27,828 Voting Interest Entities We have an investment partnership that is consolidated as a VOE for both 2021 and 2020 because AC has a controlling interest in the entity. This resulted in the consolidation of $109.3 million of assets, $8.4 million of liabilities, and $40.1 million of redeemable noncontrolling interests for 2021 and $112.6 million of assets, $13.6 million of liabilities, and $39.4 million of redeemable noncontrolling interests for 2020. AC’s net interest in the consolidated VOE for 2021 and 2021 was $60.8 million and $59.6 million, respectively. Equity Method Investments The Company’s equity method investments include investments in partnerships and offshore funds. These equity method investments are not consolidated but on an aggregate basis exceed 10% of the Company’s consolidated total assets or income.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2021
Fair Value [Abstract]
Fair Value	F. Fair Value The following tables present information about the Company’s assets and liabilities by major category measured at fair value on a recurring basis as of December 31, 2021 and 2020 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. The following tables present assets and liabilities measured at fair value on a recurring basis as of the dates specified (in thousands): December 31, 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 $ 314,172 $ - $ - $ 314,172 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 60,996 - - 60,996 Common stocks 260,763 2,320 2,073 265,156 Mutual funds 1,351 - - 1,351 Other 4,833 1,220 527 6,580 Total investments in securities 327,943 3,540 2,600 334,083 Investments in affiliated registered investment companies: Closed-end funds 56,381 - 8,000 64,381 Mutual funds 70,167 - - 70,167 Total investments in affiliated registered investment companies 126,548 - 8,000 134,548 Total investments held at fair value 454,491 3,540 10,600 468,631 Total assets at fair value $ 768,663 $ 3,540 $ 10,600 $ 782,803 Liabilities Common stocks $ 9,838 $ - $ - $ 9,838 Other 1,959 1,108 - 3,067 Securities sold, not yet purchased 11,797 1,108 - 12,905 PMV warrant liability 5,280 - - 5,280 Total liabilities at fair value $ 17,077 $ 1,108 $ - $ 18,185 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 as of the dates specified (in thousands) and for which the Company has utilized Level 3 inputs to determine fair value: Year Ended December 31, 2021 Year Ended December 31, 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 (555 ) (546 ) (53 ) 16 (37 ) Purchases - 6,053 6,053 - 2,000 2,000 Sales/return of capital - (1,046 ) (1,046 ) - (1,800 ) (1,800 ) Transfers - (359 ) (359 ) - 2,112 2,112 Ending balance $ 45 $ 10,555 $ 10,600 $ 36 $ 6,462 $ 6,498 Changes in net unrealized gain/(loss) included in net gain from investments related to Level 3 assets still held as of the reporting date $ 9 $ (555 ) $ (546 ) $ (31 ) $ (22 ) $ (53 ) Year Ended December 31, 2021 PMV Warrant Liability Other Total Liabilities: Beginning balance $ - $ - $ - Total (gains)/losses (3,053 ) - (3,053 ) Issuances 8,333 - 8,333 Transfers (5,280 ) - (5,280 ) Ending balance $ - $ - $ - Changes in net unrealized (gain) included in net gain from investments related to Level 3 assets still held as of the reporting date $ - $ - $ - There was no PMV Warrant liability balance for the year ended December 31, 2020. Total realized and unrealized gains and losses for level 3 assets are reported in net gain from investments in the consolidated statements of income. During the year ended December 31, 2021, the Company transferred no investments from Level 1 to Level 3. For the year ended December 31, 2020, the Company transferred investments with a value of approximately $2,221,000, respectively, from Level 1 to Level 3 due to the unavailability of observable inputs. For the years ended December 31, 2021 and 2020, the Company transferred investments with a value of approximately $359,000 and $109,000 from Level 3 to Level 1 due to increased availability of market price quotations. Transfers out of Level 3 liabilities during the year ended December 31, 2021 reflected the transfer of the PMV Warrant Liability to Level 1 principally due to increased availability of market price quotations. 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 (in thousands) and their respective levels within the fair value hierarchy: As of December 31, 2021 Assets 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 consolidated statement of financial condition. There was no balance in 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes [Abstract]
Income Taxes	G. Income Taxes The provision for income taxes for the years ended December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Federal: Current $ 8,512 $ 9,051 Deferred 7,966 (193 ) State and local: Current 453 532 Deferred 722 (16 ) Foreign: Current 36 - Deferred 16 - Total $ 17,705 $ 9,374 A reconciliation of the federal statutory rate to the effective tax rate for the years ended December 31, 2021 and 2020 is set forth below: 2021 2020 Statutory Federal income tax rate 21.0 % 21.0 % State income tax, net of Federal benefit 1.2 1.3 Dividends received deduction (1.0 ) (1.4 ) Deferred tax asset valuation allowance (0.5 ) 1.5 Foreign investments (0.5 ) 9.9 Foreign-derived intangible income (0.7 ) - Noncontrolling interests (1.1 ) (1.3 ) Nondeductible compensation 2.0 - Other 1.4 0.4 Effective income tax rate 21.8 % 31.4 % Significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Deferred tax assets: Stock-based compensation expense $ 683 $ 430 Deferred compensation 277 1,825 Shareholder-designated contribution carryover 2,990 3,244 Other 755 53 4,705 5,552 Deferred tax liabilities: Investments in securities and partnerships (9,683 ) (1,300 ) Other liabilities (182 ) (201 ) (9,865 ) (1,501 ) Gross deferred tax assets /(liabilities) (5,160 ) 4,051 Valuation allowance (1,336 ) (1,844 ) Net deferred tax assets/(liabilities) $ (6,496 ) $ 2,207 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 $1,336 and $1,844 as of December 31, 2021 and 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 consolidated statements of financial condition. As of and for the periods ended December 31, 2021 and 2020, the Company had not established a liability for uncertain tax positions as no such positions existed. The Company remains subject to income tax examination by the IRS for the years 2018 through 2020 and state examinations for years after 2016. Prior to 2021 the Company filed certain state and local tax returns jointly with GAMCO under a tax sharing agreement.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2021
Earnings per Share [Abstract]
Earnings per Share	H. Earnings per Share Basic earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares, plus any potentially dilutive securities (if any) outstanding during the period. The computations of basic and diluted net income/(loss) per share are as follows (in thousands, except per share data): Year Ended December 31, (In thousands, except per share amounts) 2021 2020 Income/(loss) from continuing operations $ 63,634 $ 20,509 Less: Income/(loss) attributable to noncontrolling interests 4,431 1,061 Net income/(loss) from continuing operations attributable to Associated Capital Group, Inc.’s shareholders 59,203 19,448 Income/(loss) from discontinued operations - (632 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ 59,203 $ 18,816 Weighted average number of shares of Common Stock outstanding - basic 22,120 22,369 Weighted average number of shares of Common Stock outstanding - diluted 22,120 22,369 Basic Net income/(loss) from continuing operations $ 2.68 $ 0.87 Net income/(loss) from discontinued operations - (0.03 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 2.68 $ 0.84 Diluted: Net income/(loss) from continuing operations $ 2.68 $ 0.87 Net income/(loss) from discontinued operations - (0.03 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 2.68 $ 0.84

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	I. Related Party Transactions The following is a summary of certain related party transactions. GGCP, Inc., a private company controlled by the Executive Chair, indirectly owns a majority of our Class B stock, representing approximately 96% of the combined voting power and 84% of the outstanding shares of our common stock at December 31, 2021. Investments in Securities At December 31, 2021 and 2020, the value of the Company’s investment in GAMCO common stock (GBL) was $60.4 million and $48.9 million, respectively. As of December 31, 2021 and 2020, AC and its subsidiaries own approximately 2.4 million and 2.8 million shares respectively of GAMCO Class A stock. The Company recorded investment income of $5.4 million and $2.8 million in 2021 and 2020, respectively from GAMCO which is included in interest and dividend income on the consolidated statements of income. For the year, the GBL stock price increased 40.8% to $24.98 per share, resulting in a $20.4 million net realized and unrealized gain for the Company versus a net realized and unrealized loss of $5.5 million in 2020. At December 31, 2021 and 2020, the Company invested $6.0 million and $31.5 million, respectively, in the Gabelli U.S. Treasury Money Market Fund, which is recorded in cash and cash equivalents on the consolidated statements of financial condition. For the year ended December 31, 2021, the Company earned insignificant interest and for the year ended December 31, 2020, the Company earned $1.6 million from the investment in this fund. Investments in equity mutual funds advised by our affiliates (primarily Gabelli Funds, an investment advisor under common control with the Company), totaled $134.5 million and $170.7 million at December 31, 2021 and 2020, respectively, and are included in investments in affiliated registered investment companies on the consolidated statements of financial condition. Included in other income/(expense) are $24.2 million and $12.0 million of gains from investments and dividends related to these funds for the years ending December 31, 2021 and 2020, respectively. Investments in Partnerships The Company serves as an investment advisor and/or general partner for certain affiliated investment partnerships and receives management fees and performance-based incentive fees for providing such services. Investment advisory and incentive fees relating to such services were $12.0 million and $10.5 million for the years ending December 31, 2021 and 2020 respectively, and are included in investment advisory and incentive fees on the consolidated statements of income. We had an aggregate investment in these affiliated Investment Partnerships of approximately $112.6 million and $99.1 million at December 31, 2021 and 2020, respectively. Investment Advisory Services Pursuant to a sub-advisory agreement between Gabelli & Company Investment Advisors, Inc. (“GCIA”), a wholly owned subsidiary of the Company, and Gabelli Funds, Gabelli Funds pays GCIA 90% of the net revenues received by Gabelli Funds related to investment advisory services provided to GAMCO International SICAV – GAMCO Merger Arbitrage, an investment company incorporated under the laws of Luxembourg (the “SICAV”). For this purpose, net revenues are defined as gross advisory fees less expenses related to payouts and expenses of the SICAV paid by Gabelli Funds. GCIA received $8.9 million and $7.2 million during 2021 and 2020, respectively under this sub-advisory agreement. These payments are included in investment advisory and incentive fees on the consolidated statements of income. In addition, GAMCO makes certain payments to employees of the company primarily related to marketing of SICAV. The Company also serves as sub-advisor to Gabelli Merger Plus+ Trust Plc., a closed-ended investment company based in the United Kingdom, which is consolidated due the Company’s controlling interest in the entity. As such, the Company’s portion of management and/or incentive fees received for services provided are eliminated in the consolidation of the entity. Compensation In accordance with an employment agreement, the Company pays the Executive Chair, or his designated assignees, a management fee equal to 10% of the Company’s pretax profits before consideration of this fee and before consolidation of Investment Partnerships. In 2021 and 2020, the Company recorded management fee expense of $8.4 million and $3.1 million, respectively. These fees are recorded as management fee on the consolidated statements of income. Affiliated Receivables/Payables At December 31, 2021 and 2020, the receivable and investment in note receivable from affiliates consisted primarily of sub-advisory fees due from Gabelli Funds, and for 2021 the balance also included the 2-Year Puttable and Callable Subordinated Notes due 2023 issued as part of a 2021 special dividend on GAMCO’s Class A Common Stock and Class B Common Stock. There were no material payables to affiliates at December 31, 2021. At December 31, 2020, the payable to affiliates primarily consisted of expenses paid by affiliates on behalf of the Company which were settled in 2021. Leases Our offices are owned by a wholly owned subsidiary of AC and are located at 191 Mason Street, Greenwich, CT 06830. A portion of the office space is leased to affiliates. During 2021 AC received $118.1 thousand from affiliates (primarily GAMCO) pursuant to lease agreements for this property. These amounts are included in other revenues on the consolidated statements of income. AC acquired a building at 3 St. James Place, London, UK on March 3, 2020 which is fully leased to GAMCO commencing 2021. For the year ended December 31, 2021, the Company received $275.4 thousand under the lease agreement. These amounts are included in other revenues on the consolidated statements of income. In June 2016, AC entered into a sublease agreement with GBL which is subject to annual renewal. Pursuant to the sublease, AC and its subsidiaries pay a monthly fixed lease amount based on the percentage of square footage occupied by its employees (including pro rata allocation of common space) at GBL’s Rye office. For the years ended December 31, 2021 and 2020, the Company paid $73.7 thousand and $144 thousand under the sublease agreement. These amounts are included in other operating expenses on the consolidated statements of income. Other AC and GBL entered into a transitional administrative and management services agreement in connection with the spin-off of AC from GBL on November 30, 2015. The agreement calls for GBL to provide to AC certain administrative services including but not limited to: human resources, compliance, legal, payroll, information technology, and operations. The agreement is terminable by either party on 30 days’ prior written notice to the other party. All services provided under the agreement by GBL to AC or by AC to GBL are charged at cost. Amounts charged under this agreement are included in compensation expense, if related to fixed or variable compensation, or other operating expenses, on the consolidated statements of income. For the years ended December 31, 2021 and 2020 we recorded $5.5 million and $4.1 million, respectively, of compensation expense related to employees shared with GBL. In addition, we recorded approximately $1.8 million and $0.9 million of other operating expense, primarily related to GBL’s share of management and incentive fees in funds we consolidate and the ancillary services provided by GBL as noted above, for the years ended December 31, 2021 and 2020 respectively. Certain officers and employees of the Company receive additional compensation from GBL.

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	J. Equity Voting Rights The holders of Class A Common stock (“Class A Stock”) and Class B Common stock (“Class B Stock”) have identical rights except that holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general. Holders of each share class, however, are not eligible to vote on matters relating exclusively to the other share class. Stock Award and Incentive Plan The Company maintains one stock award and incentive plan (the “Plan”) approved by the shareholders on May 3, 2016, which is designed to provide incentives to attract and retain individuals key to the success of AC through direct or indirect ownership of our common stock. Benefits under the Plan may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash-based awards. A maximum of 2 million shares of Class A Stock have been reserved for issuance under the Plan by the Compensation Committee of the Board of Directors (the “Compensation Committee”) which is responsible for administering the Plan. Under the Plan, the Compensation Committee may grant restricted stock awards (“RSAs”) and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that it may determine. Through December 31, 2021, approximately 0.7 million shares have been awarded under the Plan leaving approximately 1.3 million shares for future grants. There were no RSAs outstanding as of December 31, 2021 or 2020. Based on the closing price of the Company’s Class A Common Stock on December 31, 2021 and 2020, the total liability recorded by the Company in compensation payable in our consolidated statements of financial condition with respect to the Phantom RSAs was $3.0 million and $1.8 million, respectively. The following table summarizes our stock-based compensation as well as unrecognized compensation for the periods ended December 31, 2021 and 2020 respectively. Stock-based compensation expense is included in compensation expense in the consolidated statements of income: Year Ended December 31, (In thousands, unless otherwise noted) 2021 2020 Stock-based compensation expense $ 2,092 $ (163 ) Remaining expense to be recognized if all vesting conditions are met (1) $ 6,640 $ 3,674 Weighted average remaining contractual term (in years) 2.2 2.3 (1) Does not include an estimate for projected future dividends. 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 December 31, 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. The following table presents the Company’s stock repurchase activity and remaining authorization: Number of shares purchased Average price per share Remaining repurchase authorization January 1, 2020 1,094,356 Share repurchase plan (1) (201,254 ) $ 36.98 Remaining repurchase authorization December 31, 2020 893,102 Share repurchase plan (1) (215,958 ) $ 35.40 Remaining repurchase authorization December 31, 2021 677,144 (1) Repurchases totaled $7.6 million and $7.4 million in 2021 and 2020, respectively. Dividends During 2021 and 2020, the Company declared and paid dividends of $0.20 per share to class A and class B shareholders totaling $4.4 and $4.5 million, respectively.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2021
Retirement Plan [Abstract]
Retirement Plan	K. Retirement Plan The Company participates in an incentive savings plan (the “Savings Plan”) covering substantially all employees. Company contributions to the Savings Plan are determined annually by management of the Company but may not exceed the amount permitted as a deductible expense under the Internal Revenue Code of 1986, as amended. The expense for contributions to the Savings Plan was approximately $7,200 and $19,000 in 2021 and 2020, respectively, and is included in compensation on the consolidated statements of income.

Guarantees, Contingencies and C

Guarantees, Contingencies and Commitments	12 Months Ended
	Dec. 31, 2021
Guarantees, Contingencies and Commitments [Abstract]
Guarantees, Contingencies and Commitments	L. Guarantees, Contingencies and Commitments From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. We are also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the consolidated financial statements include the necessary provisions for losses, if any, that the Company believes are probable and estimable. Furthermore, the Company evaluates whether losses exist which may be reasonably possible and will, if material, make the necessary disclosures. Management believes, however, that such amounts, both those that are probable and those that are reasonably possible, are not material to the Company’s financial condition, results of operations or cash flows at December 31, 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 consolidated financial statements.

Shareholder Designated Contribu

Shareholder Designated Contribution Plan	12 Months Ended
	Dec. 31, 2021
Shareholder Designated Contribution Plan [Abstract]
Shareholder Designated Contribution Plan	M. Shareholder Designated Contribution Plan The Company has established a Shareholder Designated Charitable Contribution program. Under the program, from time to time each shareholder is eligible to designate a charity to which the Company would make a donation at a rate of $0.30 per share based upon the actual number of shares registered in the shareholder’s name. The Company recorded an expense of $4.8 million and $3.0 million related to this program for the years ended December 31, 2021 and 2020, respectively, which is included in shareholder-designated contribution in the consolidated statements of income. As of December 31, 2021 and 2020, the Company has reflected a liability in the amount of $1.5 million and $2.0 million, respectively, in connection with this program which is included in accrued expenses and other liabilities on the consolidated statement of financial condition.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2021
Discontinued Operations [Abstract]
Discontinued Operations	N. Discontinued Operations As a result of the Morgan Group spin-off, the results of its operations through August 5, 2020 have been classified in the consolidated statements of income as discontinued operations for all periods presented. There was no gain or loss on the spin-off for the Company, and it was a tax-free spin-off to AC’s shareholders. Other than a transition services agreement, Associated Capital does not have any significant continuing involvement in the operations of Morgan Group after the spin-off, and Associated Capital will not have the ability to influence operating or financial policies of Morgan Group. All stockholders received 0.022356 shares of Morgan Group stock for each share of AC stock that they held on the record date for the distribution. Operating results for the period from January 1, 2020 through August 5, 2020 were as follows: Year Ended December 31, (1) 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 ) (1) During 2020, reflects the period through August 5, 2020 For the year ended December 31, 2020, operating cash flows from discontinued operations was $114 thousand provided by operating activities. There were no investing or financing cash flows for the period.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	O. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Organization (Policies)

Organization (Policies)	12 Months Ended
	Dec. 31, 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. GCIA and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”), collectively serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, “Investment Partnerships”), and separate accounts. We primarily manage assets across a range of risk and event arbitrage portfolios and in equity event-driven value strategies. The businesses earn management and incentive fees from their advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on a percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).
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”, or “PMV SPAC”) 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 $163.8 million of assets, $11.5 million of liabilities, $161.8 million of redeemable noncontrolling interests and $1.8 million of noncontrolling interests relating to PMV and the Sponsor as of December 31, 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 consolidated financial statements can be seen in Note E. Investment Partnerships and Other Entities See Note E for a further discussion of PMV Consumer Acquisition Corp. as well as its registration statement, Annual Reports, and Quarterly Reports, 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 2,417,500 shares as of December 31, 2021. Morgan Group Spin-off On March 16, 2020, the Company’s Board of Directors approved the spin-off of Morgan Group Holding Co. (“Morgan Group”) to AC’s shareholders. On August 5, 2020, AC distributed its 83.3% stake in Morgan Group to shareholders of record as of July 30, 2020. Following the 1 for 100 reverse split on June 10, 2020, AC shareholders received approximately 0.022356 shares of Morgan Group common stock for each share of AC common stock they held. The historical financial results of Morgan Group have been reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented through August 5, 2020.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents.
Investments in Securities	Investments in Securities Securities owned are recorded at fair value in the statements of financial condition with any unrealized gains or losses reported in current period earnings in net gain from investments on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain from investments on the consolidated statements of income. Management determines the appropriate classification of debt securities at the time of purchase. Government debt securities with maturities of greater than three months at the time of purchase are considered investments in debt securities. A majority of our investments in debt securities are accounted for as trading securities, except in 2020 in which investments in marketable securities held in trust by PMV were accounted for as held to maturity. Investments in securities are reflected in U.S. Treasury Bills, investments in equity securities, investments in affiliated registered investment companies and investments in marketable securities held in trust. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of AC to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Unrealized gains and losses and realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain from investments on the consolidated statements of income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets included in this category are over-the-counter derivatives that have valuation inputs that can generally be corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets in this category generally include equities that trade infrequently and direct private equity investments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that market participants are willing to pay for an asset. Ask prices represent the lowest price that market participants are willing to accept for an asset. Cash equivalents Investments in securities Investment in note receivable from affiliate PMV warrant liability
Investments in Marketable Securities Held in Trust Account	Investments in marketable securities held in trust account At December 31, 2021 and 2020, debt securities of our consolidated SPAC, PMV, are held in a trust account and consist of U.S. Treasury Bills accounted for as trading and held-to-maturity, respectively, in accordance with ASC 320 “Investments – Debt and Equity Securities.” Trading securities are recorded at fair value, with changes in fair value recorded in the consolidated statements of income. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying consolidated balance sheet and adjusted for the amortization or accretion of premiums or discounts.
Receivables from Affiliates and Payables to Affiliates	Receivables from Affiliates and Payables to Affiliates Receivables from affiliates consist primarily of sub-advisory fees due from Gabelli Funds, LLC, a subsidiary of GAMCO. Payables to affiliates primarily consist of expenses paid by affiliates on behalf of the Company pursuant to a transitional services agreement with GAMCO entered into in connection with the AC Spin-off.
Receivables from and Payables to Brokers	Receivables from and Payables to Brokers Receivables from and payables to brokers consist of amounts related to purchases and sales of securities, restricted cash held on deposit and cash amounts held in anticipation of investment.
Consolidation	Consolidation The Company assesses all entities with which it is involved for consolidation on a case by case basis depending on the specific facts and circumstances surrounding each entity. Pursuant to accounting guidance, the Company first evaluates whether it holds a variable interest in an entity. The Company considers all economic interests, including proportionate interests through related parties, to determine if such interests are considered a variable interest. Fees paid to the Company that are customary and commensurate with the level of services provided from entities in which the Company does not hold more than an insignificant economic interest are not considered as a variable interest. For any entity where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether it qualifies as a variable interest entity (“VIE”). The granting of substantive kick-out or participating rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. The Company evaluates for consolidation on a case by case basis those VIEs in which substantive kick-out or participating rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner. Under the variable interest entity model, the Company consolidates those entities where it is determined that the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. When the Company alone is not considered to have a controlling financial interest in the VIE but the Company and its related parties under common control in the aggregate have a controlling financial interest in the VIE, the Company will be deemed the primary beneficiary if it is the party that is most closely associated with the VIE. When the Company and its related parties not under common control in the aggregate have a controlling financial interest in the VIE, the Company would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of the Company. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion as required. Investments and redemptions (either by the Company, related parties or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. The Company evaluates whether the entity should be evaluated under the guidance for partnerships and similar entities, or corporations, and consolidates those entities it controls through a majority voting interest or other means. If the Company is the general partner or managing member it generally will not be required to consolidate a VOE. The Company records noncontrolling interests in consolidated entities for which the Company’s ownership is less than 100%. Refer to Noncontrolling Interests below for additional information.
Investments in Partnerships and Affiliates	Investments in Partnerships and Affiliates The Company is general partner or co-general partner of various affiliated entities. We also have investments in unaffiliated partnerships, offshore funds and other entities (collectively, “unaffiliated entities”). Given that we are not a general partner or investment manager in any unaffiliated entity, we neither earn any management or incentive fees nor have a controlling financial interest in such entity. We do not consolidate any unaffiliated entity. The balance sheet caption investments in partnerships includes investments in both affiliated and unaffiliated entities. The Company accounts for its investments in partnerships and affiliates under the equity method. Substantially all of the Company’s equity method investees are entities that record their underlying investments at fair value and are included in investments in partnerships. Therefore, under the equity method of accounting, the Company’s share of the investee’s underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. The Company’s share of the investee’s underlying net income or loss is based upon the most currently available information and is recorded as net gain from investments on the consolidated statements of income. Capital contributions are recorded as an increase in investments when paid, and withdrawals and distributions are recorded as reductions of the investments when received. Depending on the terms of the investment, the Company may be restricted as to the timing and amounts of withdrawals.
Derivative Financial Instruments	Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes such derivatives in either investments in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company will enter into hedging transactions to manage its exposure to foreign currencies or equity prices related to its proprietary investments. Except for a foreign exchange contract entered into by the Company, these transactions are not designated as hedges for accounting purposes, and changes in fair values of these derivatives are included in net gain from investments on the consolidated statements of income. See Note D, Investments in Securities, for additional information.
Major Revenue-Generating Services and Revenue Recognition	Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees. Investment advisory and incentive fees are directly influenced by the level and mix of AUM as fees are derived from a contractually-determined percentage of the balance of each account as well as a percentage of the investment performance of certain accounts. Management fees from Investment Partnerships and offshore funds are computed either monthly or quarterly, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. These revenues vary depending upon the level of capital flows, financial market conditions, investment performance and the fee rates applicable to each account. Incentive allocations or fees are generally recognized at the end of an annual measurement period and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company’s major revenue sources are as follows: Investment advisory and incentive fees. The Company and its subsidiaries act as general partner, investment manager or sub-advisor to investment funds and/or separately managed accounts of institutional investors (e.g., corporate pension plans). The fees that are paid to the Company are set forth in the offering documents for the investment fund or the separately managed account agreement. Investment advisory and incentive fee revenue consists of: a) Asset-based advisory fees – The Company receives a management fee, payable monthly in advance based on value of the net assets of the client. It is generally set at a rate of 1%-1.5% per annum. Asset-based management fee revenue is recognized only as the services are performed over the period. b) Performance-based advisory fees – Certain client contracts call for additional fees and or allocations of income tied to a certain percentage, generally 20%, of the investment performance of the account over a measurement period, typically the calendar year. In addition, the contracts provide that performance-based fees or allocations become fixed in the event of an investor redemption prior to the end of the measurement period. In the event that an account suffers a loss in one period, it must be recovered before incentive fees are earned by the Company; this is commonly referred to as a “high water mark” provision. While the Company’s performance obligation is satisfied over time, the Company does not recognize performance-based fees until the end of the measurement period or the time of the investor redemption when the uncertainty surrounding the amount of the variable consideration is resolved. c) Sub-advisory fees – Pursuant to agreements with other investment advisors, the Company receives a percentage of advisory fees received by such advisors from certain of their investment fund clients. These fees may be either asset- or performance-based. In addition, they may be subject to reduction by certain expenses as set forth in the respective agreements. Sub-advisory fee revenue which is asset-based is recognized ratably as the services are performed over the relevant contractual performance period. Sub-advisory fee revenue which is performance-based is recognized only when it becomes fixed and not subject to adjustment. The Company reserves the right to waive or reduce asset-based and performance-based fees with respect to certain investors in the investment funds which may include investments by employees and other related parties. Advisory and incentive fees payable by investment funds are typically approved by third-party administrators and paid directly from the accounts’ assets. Such fees attributable to separate accounts may be subject to review and approval by the client and may be paid either from the accounts’ assets or directly by the client. Our advisory fee revenues are influenced by both the amount of AUM and the investment performance of our products. An overall decline in the prices of securities may cause our advisory fees to decline by either causing the value of our AUM to decrease or causing our clients to withdraw funds in favor of investments they perceive to offer greater opportunity or lower risk. Similarly, success in the investment management business is dependent on investment performance as well as distribution and client services. Good performance can stimulate sales of our investment products and tends to keep withdrawals and redemptions low, which generates higher asset-based management fees. Conversely, poor performance, both in absolute terms and/or relative to peers and industry benchmarks, tends to result in decreased sales, increased withdrawals and redemptions and in the loss of clients, with corresponding decreases in revenues to us.
Depreciation	Depreciation Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives of four Fixed assets as of December 31, 2021 and 2020 consisted of the following: 2021 2020 Buildings $ 17,745 $ 17,727 Equipment 206 186 Total 17,951 17,913 Less: accumulated depreciation (761 ) (383 ) Net book value $ 17,190 $ 17,530
Allocated Expenses	Allocated Expenses The Company is charged or incurs certain overhead expenses that are paid by, or paid on our behalf by, other affiliates and are included in other operating expenses on the consolidated statements of income. These overhead expenses primarily relate to centralized functions including finance and accounting, legal, compliance, treasury, tax, internal audit, information technology, human resources and risk management. These overhead expenses are allocated to the Company by other affiliates (primarily GAMCO) or allocated by the Company to other affiliates as the expenses are incurred, based upon direct usage when identifiable, or by revenue, headcount, space or other allocation methodologies periodically reviewed by the management of the Company and the affiliates. The compensation expense and related payroll taxes and benefits of certain dual employees that provide services to both AC and affiliates are allocated based upon the relative time each employee devotes to each affiliate. These allocated compensation expenses are included in compensation on the consolidated statements of income. All of the allocations and estimates in the financial statements are based on assumptions that management of AC believes are reasonable. However, these allocations may not be indicative of the actual expenses we would have incurred or may incur in the future.
Management Fee	Management Fee Management fee expense in the amount of 10% of the aggregate pre-tax profits, before consideration of this fee and before consideration of the income attributable to consolidated funds and partnerships, is paid to the Executive Chair or his designees in accordance with his employment agreement.
Stock-Based Compensation	Stock-Based Compensation From time to time, the Company’s Board of Directors approves grants of Phantom Restricted Stock awards (“Phantom RSAs”). The Phantom RSAs are settled by a cash payment, net of applicable withholding tax, on the vesting dates. In addition, an amount equivalent to the cumulative dividends declared on shares of the Company’s Class A common stock during the vesting period will be paid to participants on vesting. The Phantom RSAs are accounted for as a liability because cash settlement is required and compensation will be recognized over the vesting period. The Company amortizes each award based on the applicable vesting period. In determining the compensation expense to be recognized each period, the Company will remeasure the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award and the current market value of the Company’s Class A stock. In making these determinations, the Company will consider the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur.
Goodwill	Goodwill Goodwill is initially measured as the excess of the cost of an acquired business over the sum of the fair value assigned to assets acquired less the liabilities assumed. Goodwill is tested for impairment at least annually on November 30th and whenever certain triggering events are met. In assessing the recoverability of goodwill as of November 30, 2021 and 2020, we performed a qualitative assessment of whether it was more likely than not that an impairment had occurred and concluded that a quantitative analysis was not required. As such, no impairment was recorded during 2021 or 2020.
Income Taxes	Income Taxes For purposes of the preparation of the consolidated financial statements, the provision for income taxes is computed using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense/benefit in the period that includes the enactment date of the change in tax rate. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. A valuation allowance would be recorded to reduce the carrying value of deferred tax assets to the amount that is more likely than not to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that the Company would be able to realize the Company’s deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. For uncertain tax positions the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position. For those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. Accrued interest and penalties on uncertain tax positions are included within accrued expenses and other liabilities on the consolidated statements of financial condition.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests in Investment Partnerships or other entities that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section of the consolidated statements of financial condition between liabilities and equity. Noncontrolling interests in other entities that are not redeemable at the option of the holder are classified as such as a separate component of shareholder’s equity.
Redeemable noncontrolling Interests-PMV	Redeemable noncontrolling Interests-PMV The Company accounts for the common stock held by noncontrolling interest holders of our consolidated SPAC, PMV, as subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. PMVs common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2021, common stock held by noncontrolling interest holders is presented at redemption value in redeemable noncontrolling interests, outside of the stockholders’ equity section of the Company’s balance sheet. The discount amount related to the issuance of redeemable noncontrolling interest is being amortized over a period of 18 months through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to our ownership of the SPAC Sponsor) and is adjusted periodically for income/loss allocated to redeemable noncontrolling interest. For the years ended December 31, 2021 and 2020, net income/(loss) attributable to noncontrolling interests on the consolidated statements of income represents the share of net income/(loss) attributable to third-party investors in consolidated funds.
PMV Warrant Liability	PMV Warrant Liability In connection with their initial public offering, PMV sold 17,500,000 Units, at $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized in net gain from investments on the consolidated statements of income. The warrant liability related to the Public Warrant was charged against the redeemable noncontrolling interest of PMV.
Offering Costs	Offering Costs Offering costs incurred by the initial public offering of PMV consist of legal, accounting, underwriting fees and other costs. Offering costs amounting to $9,957,390, including deferred underwriting fees of $6,125,000, net of a $175,000 credit paid by the underwriter, were allocated as follows, $502,848 in offering costs was charged to expense and $9,454,542 was charged to redeemable noncontrolling interest of PMV, similar to the warrant liability.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivables from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government. Receivables from brokers and financial institutions can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees and incentive fees, which are included in investment advisory fees receivable and receivables from affiliates on the consolidated statements of financial condition, is generally limited due to the short payment terms extended to clients by the Company. All investments in securities are held at third party brokers or custodians.
Business Segment	Business Segment The Company operates in one business segment. The Company’s chief operating decision maker reviews the Company’s financial performance at an aggregate level.
Recent Accounting Developments	Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify US GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. We adopted this standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on our financial condition or results of operations.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies [Abstract]
Fixed Assets	Fixed assets as of December 31, 2021 and 2020 consisted of the following: 2021 2020 Buildings $ 17,745 $ 17,727 Equipment 206 186 Total 17,951 17,913 Less: accumulated depreciation (761 ) (383 ) Net book value $ 17,190 $ 17,530

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue [Abstract]
Revenues by Type	Total revenues by type were as follows for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Revenues Investment advisory and incentive fees Asset-based advisory fees $ 5,021 $ 5,415 Performance-based advisory fees 7,006 5,706 Sub-advisory fees 8,503 7,167 20,530 18,288 Other Miscellaneous 394 695 394 695 Total $ 20,924 $ 18,983

Investments in Securities (Tabl

Investments in Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Investments in Securities [Abstract]
Investments in Securities	Investments in securities at December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ 60,992 $ 60,996 $ 344,367 $ 344,453 Equity Securities: Common stocks 239,383 265,156 239,240 237,377 Mutual funds 524 1,351 546 1,294 Other investments 6,253 6,580 8,806 11,216 Total equity securities 246,160 273,087 248,592 249,887 Total investments in securities $ 307,152 $ 334,083 $ 592,959 $ 594,340 Investments in marketable securities held in trust $ 175,109 $ 175,109
Held to Maturity Investments	Our held to maturity investments at December 31, 2021 and 2020 consisted of the following (in thousands): December 31, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investment in note receivable from affiliate (1) $ 5,066 $ - $ - $ 5,066 (1) Investment in note receivable from affiliate relates to 2-Year Puttable and Callable Subordinated Notes due 2023 issued as part of a 2021 special dividend on GAMCO’s Class A Common Stock and Class B Common Stock. The Company has the intent to hold these investments until maturity, and as such they were recorded at amortized cost. December 31, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investments in marketable securities held in trust (2) $ 175,040 $ - $ - $ 175,040 (2) At December 31, 2020, marketable 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, due to the short maturity profile.
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Cost Fair Value Cost Fair Value Equity securities: Common stocks $ 9,021 $ 9,838 $ 14,369 $ 16,090 Other investments 2,767 3,067 1,209 1,481 Total securities sold, not yet purchased $ 11,788 $ 12,905 $ 15,578 $ 17,571
Investments in Affiliated Registered Investment Companies	Investments in affiliated registered investment companies at December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 42,484 $ 64,381 $ 76,462 $ 106,719 Mutual funds 49,362 70,167 48,395 63,886 Total investments in affiliated registered investment companies $ 91,846 $ 134,548 $ 124,857 $ 170,605

Investment Partnerships and O_2

Investment Partnerships and Other Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Investment Partnerships and Other Entities [Abstract]
Summarized Financial Information of Aggregate Equity Method Investments	The summarized financial information of the Company’s equity method investments as of and for the years ended December 31, 2021 and 2020 are as follows: (in millions) 2021 2020 Total assets $ 1,818 $ 1,653 Total liabilities 358 326 Total equity 1,460 1,327 Year Ended December 31, 2021 2020 Net income/(loss) 239 64
Condensed Consolidated Statements of Financial Condition by Entity Consolidated	The following table reflects the net impact of the consolidated investment partnerships and other entities (“Consolidated Entities”) on the consolidated statements of financial condition (in thousands): December 31, 2021 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 315,009 $ 4,039 $ 319,048 Investments in U.S. Treasury Bills 60,996 - 60,996 Investments in securities 184,229 88,858 273,087 Investments in affiliated registered investment companies 186,474 (51,926 ) 134,548 Investments in partnerships 174,683 (20,223 ) 154,460 Receivable from brokers 21,993 20,485 42,478 Investment advisory fees receivable 8,320 (5 ) 8,315 Other assets (1) 39,400 (4,105 ) 35,295 Investments in marketable securities held in trust - 175,109 175,109 Total assets $ 991,104 $ 212,232 $ 1,203,336 Liabilities and equity Securities sold, not yet purchased $ 11,199 $ 1,706 $ 12,905 Accrued expenses and other liabilities (1) 33,825 18,804 52,629 Redeemable noncontrolling interests - 202,456 202,456 Total equity 946,080 (10,734 ) 935,346 Total liabilities and equity $ 991,104 $ 212,232 $ 1,203,336 December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Assets Cash and cash equivalents $ 32,347 $ 7,162 $ 39,509 Investments in U.S. Treasury Bills 334,954 9,499 344,453 Investments in securities 167,317 82,570 249,887 Investments in affiliated registered investment companies 221,318 (50,713 ) 170,605 Investments in partnerships 146,162 (22,168 ) 123,994 Receivable from brokers 6,662 18,015 24,677 Investment advisory fees receivable 7,400 (54 ) 7,346 Other assets (1) 31,647 7,387 39,034 Investments in marketable securities held in trust - 175,040 175,040 Total assets $ 947,807 $ 226,738 $ 1,174,545 Liabilities and equity Securities sold, not yet purchased $ 9,514 $ 8,057 $ 17,571 Accrued expenses and other liabilities (1) 36,904 11,853 48,757 Redeemable noncontrolling interests - 206,828 206,828 Total equity 901,389 - 901,389 Total liabilities and equity $ 947,807 $ 226,738 $ 1,174,545 (1) Represents the summation of multiple captions from the consolidated statements of financial condition.
Condensed Consolidated Statements of Income by Entity Consolidated	The following table reflects the net impact of the Consolidated Entities on the consolidated statements of income (in thousands): Year Ended December 31, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 23,852 $ (2,928 ) $ 20,924 Total expenses 39,245 755 40,000 Operating loss (15,393 ) (3,683 ) (19,076 ) Total other income, net 92,301 8,114 100,415 Income before income taxes 76,908 4,431 81,339 Income tax expense 17,705 - 17,705 Income before noncontrolling interests 59,203 4,431 63,634 Income attributable to noncontrolling interests - 4,431 4,431 Net income $ 59,203 $ - $ 59,203 Year Ended December 31, 2020 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 19,473 $ (490 ) $ 18,983 Total expenses 28,652 2,800 31,452 Operating loss (9,179 ) (3,290 ) (12,469 ) Total other income, net 38,033 4,319 42,352 Income before income taxes 28,854 1,029 29,883 Income tax expense/(benefit) 9,426 (52 ) 9,374 Income from continuing operations, net of taxes 19,428 1,081 20,509 Loss from discontinued operations, net of taxes (632 ) - (632 ) Income before noncontrolling interests 18,796 1,081 19,877 Income/(loss) attributable to noncontrolling interests (20 ) 1,081 1,061 Net income $ 18,816 $ - $ 18,816
Net Interests in Consolidated VIE's	The following table presents the balances related to VIEs that are consolidated and included on the consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): December 31, 2021 December 31, 2020 Cash and cash equivalents $ 1,911 $ 3,930 Investments in securities 11,227 14,589 Receivable from brokers 1,106 2,784 Investments in partnerships and affiliates - 376 Investments in marketable securities held in trust 175,109 175,040 Other assets 103 7,367 Accrued expenses and other liabilities (7,074 ) (6,425 ) PMV Warrant liability (5,280 ) - Redeemable noncontrolling interests (162,314 ) (167,382 ) Nonredeemable noncontrolling interests 1,757 (2,451 ) AC Group’s net interests in consolidated VIEs $ 16,545 $ 27,828

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 as of the dates specified (in thousands): December 31, 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 $ 314,172 $ - $ - $ 314,172 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills 60,996 - - 60,996 Common stocks 260,763 2,320 2,073 265,156 Mutual funds 1,351 - - 1,351 Other 4,833 1,220 527 6,580 Total investments in securities 327,943 3,540 2,600 334,083 Investments in affiliated registered investment companies: Closed-end funds 56,381 - 8,000 64,381 Mutual funds 70,167 - - 70,167 Total investments in affiliated registered investment companies 126,548 - 8,000 134,548 Total investments held at fair value 454,491 3,540 10,600 468,631 Total assets at fair value $ 768,663 $ 3,540 $ 10,600 $ 782,803 Liabilities Common stocks $ 9,838 $ - $ - $ 9,838 Other 1,959 1,108 - 3,067 Securities sold, not yet purchased 11,797 1,108 - 12,905 PMV warrant liability 5,280 - - 5,280 Total liabilities at fair value $ 17,077 $ 1,108 $ - $ 18,185 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 as of the dates specified (in thousands) and for which the Company has utilized Level 3 inputs to determine fair value: Year Ended December 31, 2021 Year Ended December 31, 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 (555 ) (546 ) (53 ) 16 (37 ) Purchases - 6,053 6,053 - 2,000 2,000 Sales/return of capital - (1,046 ) (1,046 ) - (1,800 ) (1,800 ) Transfers - (359 ) (359 ) - 2,112 2,112 Ending balance $ 45 $ 10,555 $ 10,600 $ 36 $ 6,462 $ 6,498 Changes in net unrealized gain/(loss) included in net gain from investments related to Level 3 assets still held as of the reporting date $ 9 $ (555 ) $ (546 ) $ (31 ) $ (22 ) $ (53 )
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 as of the dates specified (in thousands) and for which the Company has utilized Level 3 inputs to determine fair value: Year Ended December 31, 2021 PMV Warrant Liability Other Total Liabilities: Beginning balance $ - $ - $ - Total (gains)/losses (3,053 ) - (3,053 ) Issuances 8,333 - 8,333 Transfers (5,280 ) - (5,280 ) Ending balance $ - $ - $ - Changes in net unrealized (gain) included in net gain from investments related to Level 3 assets still held as of the reporting date $ - $ - $ -
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 (in thousands) and their respective levels within the fair value hierarchy: As of December 31, 2021 Assets 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 consolidated statement of financial condition. There was no balance in 2020.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes [Abstract]
Provision for Income Taxes	The provision for income taxes for the years ended December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Federal: Current $ 8,512 $ 9,051 Deferred 7,966 (193 ) State and local: Current 453 532 Deferred 722 (16 ) Foreign: Current 36 - Deferred 16 - Total $ 17,705 $ 9,374
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate	A reconciliation of the federal statutory rate to the effective tax rate for the years ended December 31, 2021 and 2020 is set forth below: 2021 2020 Statutory Federal income tax rate 21.0 % 21.0 % State income tax, net of Federal benefit 1.2 1.3 Dividends received deduction (1.0 ) (1.4 ) Deferred tax asset valuation allowance (0.5 ) 1.5 Foreign investments (0.5 ) 9.9 Foreign-derived intangible income (0.7 ) - Noncontrolling interests (1.1 ) (1.3 ) Nondeductible compensation 2.0 - Other 1.4 0.4 Effective income tax rate 21.8 % 31.4 %
Significant Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Deferred tax assets: Stock-based compensation expense $ 683 $ 430 Deferred compensation 277 1,825 Shareholder-designated contribution carryover 2,990 3,244 Other 755 53 4,705 5,552 Deferred tax liabilities: Investments in securities and partnerships (9,683 ) (1,300 ) Other liabilities (182 ) (201 ) (9,865 ) (1,501 ) Gross deferred tax assets /(liabilities) (5,160 ) 4,051 Valuation allowance (1,336 ) (1,844 ) Net deferred tax assets/(liabilities) $ (6,496 ) $ 2,207

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, (In thousands, except per share amounts) 2021 2020 Income/(loss) from continuing operations $ 63,634 $ 20,509 Less: Income/(loss) attributable to noncontrolling interests 4,431 1,061 Net income/(loss) from continuing operations attributable to Associated Capital Group, Inc.’s shareholders 59,203 19,448 Income/(loss) from discontinued operations - (632 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ 59,203 $ 18,816 Weighted average number of shares of Common Stock outstanding - basic 22,120 22,369 Weighted average number of shares of Common Stock outstanding - diluted 22,120 22,369 Basic Net income/(loss) from continuing operations $ 2.68 $ 0.87 Net income/(loss) from discontinued operations - (0.03 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 2.68 $ 0.84 Diluted: Net income/(loss) from continuing operations $ 2.68 $ 0.87 Net income/(loss) from discontinued operations - (0.03 ) Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders per share $ 2.68 $ 0.84

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Expense Related to Stock-based Compensation Arrangements	The following table summarizes our stock-based compensation as well as unrecognized compensation for the periods ended December 31, 2021 and 2020 respectively. Stock-based compensation expense is included in compensation expense in the consolidated statements of income: Year Ended December 31, (In thousands, unless otherwise noted) 2021 2020 Stock-based compensation expense $ 2,092 $ (163 ) Remaining expense to be recognized if all vesting conditions are met (1) $ 6,640 $ 3,674 Weighted average remaining contractual term (in years) 2.2 2.3 (1) Does not include an estimate for projected future dividends.
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 December 31, 2021 222,905 $ 36.03
Stock Repurchase Activity and Remaining Authorization	The following table presents the Company’s stock repurchase activity and remaining authorization: Number of shares purchased Average price per share Remaining repurchase authorization January 1, 2020 1,094,356 Share repurchase plan (1) (201,254 ) $ 36.98 Remaining repurchase authorization December 31, 2020 893,102 Share repurchase plan (1) (215,958 ) $ 35.40 Remaining repurchase authorization December 31, 2021 677,144 (1) Repurchases totaled $7.6 million and $7.4 million in 2021 and 2020, respectively.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations [Abstract]
Discontinued Operations	Operating results for the period from January 1, 2020 through August 5, 2020 were as follows: Year Ended December 31, (1) 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 ) (1) During 2020, reflects the period through August 5, 2020

Organization (Details)

Organization (Details) $ in Thousands	Sep. 22, 2020USD ($)	Jul. 30, 2020shares	Jun. 10, 2020	Nov. 30, 2015USD ($)shares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Aug. 05, 2020
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]
Assets					$ 1,203,336	$ 1,174,545
Liabilities					65,534	66,328
Redeemable noncontrolling interests					202,456	206,828
Noncontrolling interest					(1,756)	$ 2,451
Number of shares received by each shareholder on the record date (in shares) | shares		0.022356
PMV Consumer Acquisition Corp. [Member]
The Spin-off and Related Transactions [Abstract]
Proceeds from initial public offering for capital amount	$ 175,000
Acquisition [Abstract]
Assets					163,800
Liabilities					11,500
Redeemable noncontrolling interests					161,800
Noncontrolling interest					$ 1,800
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
Morgan Group Holding, Co. [Member]
Acquisition [Abstract]
Ownership interest							83.30%
Reverse stock split ratio			0.01
GAMCO [Member]
The Spin-off and Related Transactions [Abstract]
Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares) | shares				1
GAMCO [Member] | Class A [Member]
The Spin-off and Related Transactions [Abstract]
Number of shares of common stock acquired (in shares) | shares				4,393,055
Value of common stock acquired (in shares)				$ 150,000
Number of shares of common stock held (in shares) | shares					2,417,500

Significant Accounting Polici_4

Significant Accounting Policies, Consolidated Financial Statements (Details) - VIEs [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Financial Statements [Abstract]
Net interests	$ 16,545	$ 27,828
Revision of Prior Period, Adjustment [Member] | PMV SPAC [Member]
Consolidated Financial Statements [Abstract]
Net interests		$ 14,100

Significant Accounting Polici_5

Significant Accounting Policies, Consolidation (Details)	12 Months Ended
	Dec. 31, 2021
Consolidation [Abstract]
Maximum threshold percentage of ownership interest for recording noncontrolling interests in consolidated entities	100.00%

Significant Accounting Polici_6

Significant Accounting Policies, Major Revenue-Generating Services and Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2021
Asset-Based Advisory Fees [Member] | Minimum [Member]
Major Revenue Sources [Abstract]
Percentage of management fee	1.00%
Asset-Based Advisory Fees [Member] | Maximum [Member]
Major Revenue Sources [Abstract]
Percentage of management fee	1.50%
Performance-Based Advisory Fees [Member]
Major Revenue Sources [Abstract]
Percentage of investment performance calculated for additional fees	20.00%

Significant Accounting Polici_7

Significant Accounting Policies, Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fixed assets [Abstract]
Fixed assets	$ 17,951	$ 17,913
Less: accumulated depreciation	(761)	(383)
Net book value	$ 17,190	17,530
Minimum [Member]
Depreciation [Abstract]
Estimated useful life of assets	4 years
Maximum [Member]
Depreciation [Abstract]
Estimated useful life of assets	39 years
Buildings [Member]
Fixed assets [Abstract]
Fixed assets	$ 17,745	17,727
Equipment [Member]
Fixed assets [Abstract]
Fixed assets	$ 206	$ 186

Significant Accounting Polici_8

Significant Accounting Policies, Management Fee (Details)	Dec. 31, 2021
Management Fee [Abstract]
Management fee expense percentage	10.00%

Significant Accounting Polici_9

Significant Accounting Policies, Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Abstract]
Impairment	$ 0	$ 0

Significant Accounting Polic_10

Significant Accounting Policies, Redeemable noncontrolling Interests-PMV (Details)	12 Months Ended
	Dec. 31, 2021
Redeemable Noncontrolling Interests-PMW [Abstract]
Accretion of redeemable noncontrolling interest discount amortization period	18 months

Significant Accounting Polic_11

Significant Accounting Policies, PMV Warrant Liability (Details) - PMV Consumer Acquisition Corp. [Member] - Initial Public Offering [Member] [Member]	Sep. 24, 2020$ / sharesshares
Common Stock [Member]
PMV Warrant Liability [Abstract]
Number of unit issued (in shares)	17,500,000
Security price (in dollars per share) | $ / shares	$ 10
Common Stock [Member] | Class A [Member]
PMV Warrant Liability [Abstract]
Number of securities to be called by each unit (in shares)	1
Public Warrant [Member]
PMV Warrant Liability [Abstract]
Number of securities called by each warrant (in shares)	0.5

Significant Accounting Polic_12

Significant Accounting Policies, Offering Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Offering Costs [Abstract]
Deferred underwriting fees	$ 6,125,000	$ 6,125,000
PMV Consumer Acquisition Corp. [Member]
Offering Costs [Abstract]
Offering costs	9,957,390
Deferred underwriting fees	6,125,000
Amount paid by underwriter	175,000
Offering costs, allocated to expense	502,848
Offering costs, allocated to redeemable noncontrolling interest	$ 9,454,542

Significant Accounting Polic_13

Significant Accounting Policies, Business Segment (Details)	12 Months Ended
	Dec. 31, 2021Segment
Business Segment [Abstract]
Number of operating segments	1

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues by type [Abstract]
Revenues	$ 20,924	$ 18,983
Investment Advisory and Incentive Fees [Member]
Revenues by type [Abstract]
Revenues	20,530	18,288
Asset-Based Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	5,021	5,415
Performance-Based Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	7,006	5,706
Sub-Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	8,503	7,167
Other [Member]
Revenues by type [Abstract]
Revenues	394	695
Miscellaneous [Member]
Revenues by type [Abstract]
Revenues	$ 394	$ 695

Investments in Securities, Inve

Investments in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in securities [Abstract]
Fair value	$ 60,996	$ 344,453
Cost	246,160	248,592
Fair value	273,087	249,887
Total investment securities, cost	307,152	592,959
Total investment securities, fair value	334,083	594,340
Investments in marketable securities held in trust, cost	175,109	175,040	[1]
Investments in marketable securities held in trust, fair value	175,109	175,040	[1]
US Treasury Bill [Member]
Investments in securities [Abstract]
Cost	60,992	344,367
Fair value	60,996	344,453
Common Stock [Member]
Investments in securities [Abstract]
Cost	239,383	239,240
Fair value	265,156	237,377
Mutual Funds [Member]
Investments in securities [Abstract]
Cost	524	546
Fair value	1,351	1,294
Other Investments [Member]
Investments in securities [Abstract]
Cost	6,253	8,806
Fair value	$ 6,580	$ 11,216
[1]	At December 31, 2020, marketable 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, due to the short maturity profile.

Investments in Securities, Held

Investments in Securities, Held to Maturity Investments (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Held to maturity [Abstract]
Investment in note receivable from affiliate, amortized cost	[1]	$ 5,066
Investment in note receivable from affiliate, gross unrealized holding gains	[1]	0
Investment in note receivable from affiliate, gross unrealized holding losses	[1]	0
Investment in note receivable from affiliate, fair value	[1]	5,066
Investments in marketable securities held in trust, amortized cost		175,109	$ 175,040	[2]
Investments in marketable securities held in trust, gross unrealized holding gains	[2]		0
Investments in marketable securities held in trust, gross unrealized holding losses	[2]		0
Investments in marketable securities held in trust, fair value		$ 175,109	$ 175,040	[2]
Puttable Subordinated Notes Due 2023 [Member]
Held to maturity [Abstract]
Subordinated notes term		2 years
[1]	Investment in note receivable from affiliate relates to 2-Year Puttable and Callable Subordinated Notes due 2023 issued as part of a 2021 special dividend on GAMCO’s Class A Common Stock and Class B Common Stock. The Company has the intent to hold these investments until maturity, and as such they were recorded at amortized cost.
[2]	At December 31, 2020, marketable 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, due to the short maturity profile.

Investments in Securities, Secu

Investments in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Equity securities [Abstract]
Cost	$ 11,788	$ 15,578
Fair value	12,905	17,571
Common Stock [Member]
Equity securities [Abstract]
Cost	9,021	14,369
Fair value	9,838	16,090
Other Investments [Member]
Equity securities [Abstract]
Cost	2,767	1,209
Fair value	$ 3,067	$ 1,481

Investments in Securities, In_2

Investments in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total investments in affiliated registered investment companies [Abstract]
Cost	$ 91,846	$ 124,857
Fair value	134,548	170,605
Closed-end Funds [Member]
Total investments in affiliated registered investment companies [Abstract]
Cost	42,484	76,462
Fair value	64,381	106,719
Mutual Funds [Member]
Total investments in affiliated registered investment companies [Abstract]
Cost	49,362	48,395
Fair value	$ 70,167	$ 63,886

Investment Partnerships and O_3

Investment Partnerships and Other Entities, Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Investments In Affiliated and Unaffiliated Entities [Abstract]
Investments in unaffiliated entities	$ 41,900	$ 24,900
Investments in affiliated entities	112,600	99,100
Summarized Financial Information [Abstract]
Total assets	1,203,336	1,174,545
Total liabilities	65,534	66,328
Total equity	935,346	901,389	$ 931,188	$ 932,465	$ 915,746	$ 854,167	$ 852,687	$ 820,803	$ 897,435
Net income/(loss)	59,203	18,816
Equity Method Investment [Member]
Summarized Financial Information [Abstract]
Total assets	1,818,000	1,653,000
Total liabilities	358,000	326,000
Total equity	1,460,000	1,327,000
Net income/(loss)	$ 239,000	$ 64,000
Unaffiliated [Member] | Minimum [Member]
Summarized Financial Information [Abstract]
Notice period for redeeming investments	30 days
Unaffiliated [Member] | Maximum [Member]
Summarized Financial Information [Abstract]
Notice period for redeeming investments	95 days

Investment Partnerships and O_4

Investment Partnerships and Other Entities, Breakdown of Consolidated Entities and Investments in Partnerships Line by Accounting Method (Details) - USD ($)	Sep. 24, 2020	Sep. 22, 2020	Dec. 31, 2021
Acquisition [Abstract]
Direct Investment in Sponsor			$ 4,000,000
Sponsor partnership investment percentage			62.00%
Sponsor partnership commitment amount			$ 6,480,000
Maximum [Member]
Acquisition [Abstract]
Number of business days to cease all operations except for the purposes of winding up			10 days
PMV Consumer Acquisition Corp. [Member]
Acquisition [Abstract]
Proceeds from initial public offering		$ 175,000,000
PMV Consumer Acquisition Corp. [Member] | Class A [Member]
Acquisition [Abstract]
Common stock invested			$ 10,000,000
PMV Consumer Acquisition Corp. [Member] | Private Warrants [Member]
Acquisition [Abstract]
Value of warrants invested by Sponsor			$ 6,150,000
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] | Private Placement [Member] | Private Warrants [Member]
Acquisition [Abstract]
Warrants issued (in shares)	6,150,000
Per share price of warrants issued (in dollars per share)	$ 1
Proceeds from issuance of warrants	$ 6,150,000

Investment Partnerships and O_5

Investment Partnerships and Other Entities, Net Impact by Line Item on Financial Statements (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Cash and cash equivalents		$ 319,048	$ 39,509
Investments in U.S. Treasury Bills		60,996	344,453
Investments in securities		273,087	249,887
Investments in affiliated registered investment companies		134,548	170,605
Investments in partnerships		154,460	123,994
Receivable from brokers		42,478	24,677
Investment advisory fees receivable		8,315	7,346
Other assets	[1]	35,295	39,034
Investments in marketable securities held in trust		175,109	175,040	[2]
Total assets		1,203,336	1,174,545
Liabilities and equity [Abstract]
Securities sold, not yet purchased		12,905	17,571
Accrued expenses and other liabilities	[1]	52,629	48,757
Redeemable noncontrolling interests		202,456	206,828
Total equity		935,346	901,389		$ 931,188	$ 932,465	$ 915,746	$ 854,167	$ 852,687	$ 820,803	$ 897,435
Total liabilities and equity		1,203,336	1,174,545
Consolidated Statements of Income [Abstract]
Total revenues		20,924	18,983
Total expenses		40,000	31,452
Operating loss		(19,076)	(12,469)
Total other income, net		100,415	42,352
Income/(loss) before income taxes		81,339	29,883
Income tax expense		17,705	9,374
Income/(loss) from continuing operations, net of taxes		63,634	20,509
Income/(loss) from discontinued operations, net of taxes		0	(632)
Income/(loss) before noncontrolling interests		63,634	19,877
Income/(loss) attributable to noncontrolling interests		4,431	1,061
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		59,203	18,816
Consolidated Entities [Member]
Assets [Abstract]
Cash and cash equivalents		4,039	7,162
Investments in U.S. Treasury Bills		0	9,499
Investments in securities		88,858	82,570
Investments in affiliated registered investment companies		(51,926)	(50,713)
Investments in partnerships		(20,223)	(22,168)
Receivable from brokers		20,485	18,015
Investment advisory fees receivable		(5)	(54)
Other assets	[1]	(4,105)	7,387
Investments in marketable securities held in trust		175,109	175,040
Total assets		212,232	226,738
Liabilities and equity [Abstract]
Securities sold, not yet purchased		1,706	8,057
Accrued expenses and other liabilities	[1]	18,804	11,853
Redeemable noncontrolling interests		202,456	206,828
Total equity		(10,734)	0
Total liabilities and equity		212,232	226,738
Consolidated Statements of Income [Abstract]
Total revenues		(2,928)	(490)
Total expenses		755	2,800
Operating loss		(3,683)	(3,290)
Total other income, net		8,114	4,319
Income/(loss) before income taxes		4,431	1,029
Income tax expense		0	(52)
Income/(loss) from continuing operations, net of taxes			1,081
Income/(loss) from discontinued operations, net of taxes			0
Income/(loss) before noncontrolling interests		4,431	1,081
Income/(loss) attributable to noncontrolling interests		4,431	1,081
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		0	0
Prior to Consolidation [Member]
Assets [Abstract]
Cash and cash equivalents		315,009	32,347
Investments in U.S. Treasury Bills		60,996	334,954
Investments in securities		184,229	167,317
Investments in affiliated registered investment companies		186,474	221,318
Investments in partnerships		174,683	146,162
Receivable from brokers		21,993	6,662
Investment advisory fees receivable		8,320	7,400
Other assets	[1]	39,400	31,647
Investments in marketable securities held in trust		0	0
Total assets		991,104	947,807
Liabilities and equity [Abstract]
Securities sold, not yet purchased		11,199	9,514
Accrued expenses and other liabilities	[1]	33,825	36,904
Redeemable noncontrolling interests		0	0
Total equity		946,080	901,389
Total liabilities and equity		991,104	947,807
Consolidated Statements of Income [Abstract]
Total revenues		23,852	19,473
Total expenses		39,245	28,652
Operating loss		(15,393)	(9,179)
Total other income, net		92,301	38,033
Income/(loss) before income taxes		76,908	28,854
Income tax expense		17,705	9,426
Income/(loss) from continuing operations, net of taxes			19,428
Income/(loss) from discontinued operations, net of taxes			(632)
Income/(loss) before noncontrolling interests		59,203	18,796
Income/(loss) attributable to noncontrolling interests		0	(20)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		$ 59,203	$ 18,816
[1]	Represents the summation of multiple captions from the consolidated statements of financial condition.
[2]	At December 31, 2020, marketable 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, due to the short maturity profile.

Investment Partnerships and O_6

Investment Partnerships and Other Entities, Variable Interest Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Balances related to VIEs [Abstract]
Cash and cash equivalents		$ 319,048	$ 39,509
Receivable from brokers		42,478	24,677
Investments in marketable securities held in trust		175,109	175,040	[1]
Other assets		21,682	28,565
Accrued expenses and other liabilities	[2]	(52,629)	(48,757)
PMV warrant liability		(5,280)	0
Redeemable noncontrolling interests		(202,456)	(206,828)
VIEs [Member]
Balances related to VIEs [Abstract]
Cash and cash equivalents		1,911	3,930
Investments in securities		11,227	14,589
Receivable from brokers		1,106	2,784
Investments in partnerships and affiliates		0	376
Investments in marketable securities held in trust		175,109	175,040
Other assets		103	7,367
Accrued expenses and other liabilities		(7,074)	(6,425)
PMV warrant liability		(5,280)	0
Redeemable noncontrolling interests		(162,314)	(167,382)
Nonredeemable noncontrolling interests		1,757	(2,451)
AC Group's net interests in consolidated entities		$ 16,545	$ 27,828
[1]	At December 31, 2020, marketable 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, due to the short maturity profile.
[2]	Represents the summation of multiple captions from the consolidated statements of financial condition.

Investment Partnerships and O_7

Investment Partnerships and Other Entities, Voting Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balances related to VOE's [Abstract]
Assets	$ 1,203,336	$ 1,174,545
Liabilities	65,534	66,328
Redeemable noncontrolling interests	(202,456)	(206,828)
Voting Interest Entities [Member]
Balances related to VOE's [Abstract]
Assets	109,300	112,600
Liabilities	8,400	13,600
Redeemable noncontrolling interests	40,100	39,400
AC Group's net interests in consolidated entities	$ 60,800	$ 59,600

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Investments in government securities	$ 60,996	$ 344,453
Investments in securities	273,087	249,887
Investments in affiliated registered investment companies	134,548	170,605
Liabilities [Abstract]
Securities sold, not yet purchased	12,905	17,571
PMV warrant liability	5,280	0
Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	60,996	344,453
Common Stocks [Member]
Assets [Abstract]
Investments in securities	265,156	237,377
Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	64,381	106,719
Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,351	1,294
Investments in affiliated registered investment companies	70,167	63,886
Other [Member]
Assets [Abstract]
Investments in securities	6,580	11,216
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	314,172	34,010
Investments in securities	334,083	594,340
Investments in affiliated registered investment companies	134,548	170,605
Total investments held at fair value	468,631	764,945
Total assets at fair value	782,803	798,955
Liabilities [Abstract]
Securities sold, not yet purchased	12,905	17,571
PMV warrant liability	5,280
Total liabilities at fair value	18,185
Recurring Basis [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	60,996	344,453
Recurring Basis [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	265,156	237,377
Liabilities [Abstract]
Trading	9,838	16,090
Recurring Basis [Member] | Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	64,381	106,719
Recurring Basis [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,351	1,294
Investments in affiliated registered investment companies	70,167	63,886
Recurring Basis [Member] | Other [Member]
Assets [Abstract]
Investments in securities	6,580	11,216
Liabilities [Abstract]
Trading	3,067	1,481
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	314,172	34,010
Investments in securities	327,943	583,781
Investments in affiliated registered investment companies	126,548	168,605
Total investments held at fair value	454,491	752,386
Total assets at fair value	768,663	786,396
Liabilities [Abstract]
Securities sold, not yet purchased	11,797	16,633
PMV warrant liability	5,280
Total liabilities at fair value	17,077
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	60,996	344,453
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	260,763	231,901
Liabilities [Abstract]
Trading	9,838	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	56,381	104,719
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,351	1,294
Investments in affiliated registered investment companies	70,167	63,886
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member]
Assets [Abstract]
Investments in securities	4,833	6,133
Liabilities [Abstract]
Trading	1,959	543
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities	3,540	6,061
Investments in affiliated registered investment companies	0	0
Total investments held at fair value	3,540	6,061
Total assets at fair value	3,540	6,061
Liabilities [Abstract]
Securities sold, not yet purchased	1,108	938
PMV warrant liability	0
Total liabilities at fair value	1,108
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	2,320	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	1,220	621
Liabilities [Abstract]
Trading	1,108	938
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities	2,600	4,498
Investments in affiliated registered investment companies	8,000	2,000
Total investments held at fair value	10,600	6,498
Total assets at fair value	10,600	6,498
Liabilities [Abstract]
Securities sold, not yet purchased	0	0
PMV warrant liability	0
Total liabilities at fair value	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	2,073	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	8,000	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	527	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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	$ 6,498	$ 4,223
Total gains/(losses)	(546)	(37)
Purchases	6,053	2,000
Sales/return of capital	(1,046)	(1,800)
Transfers	(359)	2,112
Ending balance	10,600	6,498
Changes in net unrealized gain/(loss) included in net gain from investments related to Level 3 assets still held as of the reporting date	(546)	(53)
Common Stocks [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	36	89
Total gains/(losses)	9	(53)
Purchases	0	0
Sales/return of capital	0	0
Transfers	0	0
Ending balance	45	36
Changes in net unrealized gain/(loss) included in net gain from investments related to Level 3 assets still held as of the reporting date	9	(31)
Other [Member]
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	6,462	4,134
Total gains/(losses)	(555)	16
Purchases	6,053	2,000
Sales/return of capital	(1,046)	(1,800)
Transfers	(359)	2,112
Ending balance	10,555	6,462
Changes in net unrealized gain/(loss) included in net gain from investments related to Level 3 assets still held as of the reporting date	$ (555)	$ (22)

Fair Value, Changes in Level _2

Fair Value, Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Total (gains)/losses	(3,053,000)
Issuances	8,333,000
Transfers	(5,280,000)
Ending balance	0	$ 0
Changes in net unrealized (gain) included in net gain from investments related to Level 3 assets still held as of the reporting date	0
Unobservable Inputs Reconciliation, Transfers [Abstract]
Transfers into level 3	2,221,000
Transfers into level 1	359,000	109,000
PMV Warrant Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Total (gains)/losses	(3,053,000)
Issuances	8,333,000
Transfers	(5,280,000)
Ending balance	0	0
Changes in net unrealized (gain) included in net gain from investments related to Level 3 assets still held as of the reporting date	0
Other [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Total (gains)/losses	0
Issuances	0
Transfers	0
Ending balance	0	$ 0
Changes in net unrealized (gain) included in net gain from investments related to Level 3 assets still held as of the reporting date	$ 0

Fair Value, Carrying Amounts an

Fair Value, Carrying Amounts and Estimated Fair Values of Financial Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2021		Dec. 31, 2020
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Investment in note receivable from affiliate	[1]	$ 5,066
Fair Value [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Total assets at fair value		5,066
Fair Value [Member] | Level 2 [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Investment in note receivable from affiliate		5,066	[2]	$ 0
Amortized Cost [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Total assets at fair value		5,066
Amortized Cost [Member] | Level 2 [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Investment in note receivable from affiliate		$ 5,066	[2]	$ 0
[1]	Investment in note receivable from affiliate relates to 2-Year Puttable and Callable Subordinated Notes due 2023 issued as part of a 2021 special dividend on GAMCO’s Class A Common Stock and Class B Common Stock. The Company has the intent to hold these investments until maturity, and as such they were recorded at amortized cost.
[2]	Included in Receivable and investment in note receivable from affiliates in the consolidated statement of financial condition. There was no balance in 2020.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal [Abstract]
Current	$ 8,512	$ 9,051
Deferred	7,966	(193)
State and local [Abstract]
Current	453	532
Deferred	722	(16)
Foreign [Abstract]
Current	36	0
Deferred	16	0
Total	$ 17,705	$ 9,374
Reconciliation of the Federal statutory rate to the effective tax rate [Abstract]
Statutory Federal income tax rate	21.00%	21.00%
State income tax, net of Federal benefit	1.20%	1.30%
Dividends received deduction	(1.00%)	(1.40%)
Deferred tax asset valuation allowance	(0.50%)	1.50%
Foreign investments	(0.50%)	9.90%
Foreign-derived intangible income	(0.70%)	0.00%
Noncontrolling interests	(1.10%)	(1.30%)
Nondeductible compensation	2.00%	0.00%
Other	1.40%	0.40%
Effective income tax rate	21.80%	31.40%
Deferred tax assets [Abstract]
Stock-based compensation expense	$ 683	$ 430
Deferred compensation	277	1,825
Shareholder-designated contribution carryover	2,990	3,244
Other	755	53
Total deferred tax assets	4,705	5,552
Deferred tax liabilities [Abstract]
Investments in securities and partnerships	(9,683)	(1,300)
Other liabilities	(182)	(201)
Total deferred tax liabilities	(9,865)	(1,501)
Gross deferred tax liabilities	(5,160)
Gross deferred tax assets		4,051
Valuation allowance	(1,336)	(1,844)
Net deferred tax liabilities	$ (6,496)
Net deferred tax assets		$ 2,207

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings per Share [Abstract]
Income/(loss) from continuing operations	$ 63,634	$ 20,509
Less: Income/(loss) attributable to noncontrolling interests	4,431	1,061
Net income/(loss) from continuing operations attributable to Associated Capital Group, Inc.'s shareholders	59,203	19,448
Income/(loss) from discontinued operations	0	(632)
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ 59,203	$ 18,816
Weighted average number of shares of Common Stock outstanding - basic (in shares)	22,120	22,369
Weighted average number of shares of Common Stock outstanding - diluted (in shares)	22,120	22,369
Basic [Abstract]
Net income/(loss) from continuing operations (in dollars per share)	$ 2.68	$ 0.87
Net income/(loss) from discontinued operations (in dollars per share)	0	(0.03)
Basic - Total (in dollars per share)	2.68	0.84
Diluted [Abstract]
Net income/(loss) from continuing operations (in dollars per share)	2.68	0.87
Net income/(loss) from discontinued operations (in dollars per share)	0	(0.03)
Diluted - Total (in dollars per share)	$ 2.68	$ 0.84

Related Party Transactions (Det

Related Party Transactions (Details) - GGCP [Member] - Class B Common Stock [Member]	Dec. 31, 2021
Ownership Percentage [Abstract]
Ownership percentage of voting rights	96.00%
Ownership interest	84.00%

Related Party Transactions, Inv

Related Party Transactions, Investments (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments in Securities [Abstract]
Net realized and unrealized (loss) gain on investments	$ 93,405	$ 36,864
Investments in Gabelli U.S. Treasury Money Market Fund	6,000	31,500
Investments in affiliated equity mutual funds	134,500	170,700
Gains from investments and dividends	12,109	8,675
Investments in Partnerships [Abstract]
Revenues	20,924	18,983
Investment in affiliated investment partnerships	112,600	99,100
Investment Advisory and Incentive Fees [Member]
Investments in Partnerships [Abstract]
Revenues	$ 12,000	10,500
GAMCO [Member]
Investments in Securities [Abstract]
Percentage of increase in stock price	40.80%
Share price (in dollars per share)	$ 24.98
Net realized and unrealized (loss) gain on investments	$ 20,400	(5,500)
GAMCO [Member] | Common Stock [Member]
Investments in Securities [Abstract]
Investment value	60,400	48,900
Dividend income	$ 5,400	$ 2,800
GAMCO [Member] | Common Stock [Member] | Class A [Member]
Investments in Securities [Abstract]
Number of shares owned (in shares)	2.4	2.8
GCIA [Member]
Investments in Securities [Abstract]
Interest earned on investments		$ 1,600
Gains from investments and dividends	$ 24,200	12,000
Investment Advisory Services [Abstract]
Percentage of revenue transferred	90.00%
Amounts of transaction	$ 8,900	$ 7,200

Related Party Transactions, Com

Related Party Transactions, Compensation and Others (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation [Abstract]
Management fee expense percentage	10.00%
Management fee expense	$ 8,426,000	$ 3,101,000
Other [Abstract]
Notice period for termination of agreement	30 days
Compensation	$ 24,457,000	19,436,000
Other operating expense	7,117,000	8,915,000
3 St. James Place, London, UK [Member]
Leases [Abstract]
Revenue under lease agreement	$ 275,400
Puttable Subordinated Notes Due 2023 [Member]
Affiliated Receivables/Payables [Abstract]
Subordinated notes term	2 years
GAMCO [Member]
Leases [Abstract]
Rent paid	$ 73,700	144,000
Other [Abstract]
Compensation	5,500,000	4,100,000
Other operating expense	1,800,000	$ 900,000
GAMCO [Member] | 191 Mason Street, Greenwich, CT 06830 [Member]
Leases [Abstract]
Revenue under lease agreement	$ 118,100

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands		May 08, 2018shares	Aug. 03, 2017shares	Dec. 31, 2021USD ($)$ / sharesshares	Jun. 30, 2021$ / shares	Dec. 31, 2020USD ($)$ / sharesshares	Jun. 30, 2020$ / shares	Dec. 31, 2021USD ($)VotePlan$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Feb. 07, 2017shares	Dec. 31, 2015shares
Stock Award and Incentive Plan [Abstract]
Number of stock award and incentive plans | Plan								1
Number of shares awarded (in shares)								700,000
Shares available for future issuance (in shares)				1,300,000				1,300,000
Compensation payable | $				$ 19,730		$ 18,567		$ 19,730	$ 18,567
Share-based compensation [Abstract]
Stock-based compensation expense | $								2,092	(163)
Remaining expense to be recognized if all vesting conditions are met | $	[1]			$ 6,640		$ 3,674		$ 6,640	$ 3,674
Weighted average remaining contractual term (in years)								2 years 2 months 12 days	2 years 3 months 18 days
Stock Repurchase Program [Abstract]
Number of shares available under stock repurchase program (in shares)				677,144		893,102		677,144	893,102	500,000
Number of additional shares authorized to be repurchased under stock repurchase program (in shares)		500,000	1,000,000
Number of shares purchased [Abstract]
Remaining repurchase authorization, beginning of period (in shares)								893,102	1,094,356
Share repurchase plan (in shares)	[2]							(215,958)	(201,254)
Remaining repurchase authorization, end of period (in shares)				677,144		893,102		677,144	893,102
Average price per share [Abstract]
Share repurchase plan (in dollars per share) | $ / shares	[2]							$ 35.40	$ 36.98
Total repurchases | $								$ 7,600	$ 7,400
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares				$ 0.10	$ 0.10	$ 0.10	$ 0.10
Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Term of RSAs and stock options								10 years
Stock Repurchase Program [Abstract]
Number of shares authorized under stock repurchase program (in shares)											500,000
Dividend Declared in 2021 [Member]
Dividends [Abstract]
Total dividends declared | $								$ 4,400
Dividend Declared in 2020 [Member]
Dividends [Abstract]
Total dividends declared | $									$ 4,500
Class A [Member]
Voting Rights [Abstract]
Number of votes per share | Vote								1
Class A [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Shares reserved for future issuance (in shares)				2,000,000				2,000,000
Class A [Member] | Dividend Declared in 2021 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares								$ 0.20
Class A [Member] | Dividend Declared in 2020 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares									$ 0.20
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | Vote								10
Class B [Member] | Dividend Declared in 2021 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares								$ 0.20
Class B [Member] | Dividend Declared in 2020 [Member]
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares									$ 0.20
Restricted Stock Awards [Member]
Stock Award and Incentive Plan [Abstract]
Shares outstanding (in shares)				0		0		0	0
RSA's [Roll Forward]
Balance, beginning of period (in shares)								0
Balance, end of period (in shares)				0		0		0	0
Phantom RSAs [Member]
Stock Award and Incentive Plan [Abstract]
Shares outstanding (in shares)				222,905		155,500		222,905	155,500
Compensation payable | $				$ 3,000		$ 1,800		$ 3,000	$ 1,800
RSA's [Roll Forward]
Balance, beginning of period (in shares)								155,500
Granted (in shares)								100,500
Forfeited (in shares)								(8,000)
Vested (in shares)								(25,095)
Balance, end of period (in shares)				222,905		155,500		222,905	155,500
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		$ 36.42		$ 36.03	$ 36.42
[1]	Does not include an estimate for projected future dividends.
[2]	Repurchases totaled $7.6 million and $7.4 million in 2021 and 2020, respectively.

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Plan [Abstract]
Allocated contributions	$ 7,200	$ 19,000

Shareholder Designated Contri_2

Shareholder Designated Contribution Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shareholder Designated Contribution Plan [Abstract]
Contribution price (in dollars per share)	$ 0.30
Shareholder designated contribution	$ 4,789	$ 3,007
Liability related to shareholder designated contribution program	$ 1,500	$ 2,000

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		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Other income (expense) [Abstract]
Income/(loss) from discontinued operations, net of taxes		$ 0	$ (632)
Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes		$ 0	(632)
Morgan Group Holding, Co. [Member]
Revenue [Abstract]
Revenues	[1]		2,960
Expenses [Abstract]
Compensation	[1]		2,276
Other operating expenses	[1]		1,699
Total expenses	[1]		3,975
Operating loss	[1]		(1,015)
Other income (expense) [Abstract]
Net loss from investments	[1]		(8)
Interest and dividend income	[1]		81
Total other income, net	[1]		73
Income/(loss) from discontinued operations before income taxes	[1]		(942)
Income tax provision/(benefit)	[1]		(205)
Income/(loss) from discontinued operations, net of taxes	[1]		(737)
Net income/(loss) attributable to noncontrolling interests	[1]		(105)
Net income/(loss) attributable to AC shareholders discontinued operations, net of taxes	[1]		(632)
Morgan Group Holding, Co. [Member] | Institutional Research Services [Member]
Revenue [Abstract]
Revenues	[1]		2,924
Morgan Group Holding, Co. [Member] | Other [Member]
Revenue [Abstract]
Revenues	[1]		$ 36
[1]	During 2020, reflects the period through August 5, 2020

Discontinued Operations, Cash F

Discontinued Operations, Cash Flows from Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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