Associated Capital (AC) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-37387
Entity Registrant Name	ASSOCIATED CAPITAL GROUP, INC.
Entity Central Index Key	0001642122
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3965991
Entity Address, Address Line One	191 Mason Street
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
City Area Code	203
Local Phone Number	629-9595
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	AC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,080,965
Common Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,962,754

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents (includes U.S. Treasury Bills with maturities of less than 3 months)		$ 348,629	$ 319,048
Investments in U.S. Treasury Bills with greater than 3 month maturities		0	60,996
Investments in equity securities (Including GBL stock with a value of $53.5 million and $60.4 million, respectively)		266,178	273,087
Investments in affiliated registered investment companies		133,253	134,548
Investments in partnerships		154,443	154,460
Receivable from brokers		176,898	42,478
Investment advisory fees receivable		1,308	8,315
Receivable and investment in note receivable from affiliates		5,308	10,094
Goodwill		3,519	3,519
Other assets		19,505	21,682
Investments in marketable securities held in trust	[1]	175,151	175,109
Total assets		1,284,192	1,203,336
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Payable to brokers		133,867	9,339
Income taxes payable, including deferred tax liabilities, net		3,703	8,575
Compensation payable		6,638	19,730
Securities sold, not yet purchased		5,812	12,905
Accrued expenses and other liabilities		2,394	3,580
Deferred underwriting fee payable		6,125	6,125
PMV warrant liability		2,145	5,280
Total liabilities		160,684	65,534
Redeemable noncontrolling interests		205,320	202,456
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		989,485	990,069
Retained earnings		52,249	68,435
Treasury stock, at cost (3,541,621 and 3,534,085 shares, respectively)		(121,720)	(121,427)
Total Associated Capital Group, Inc. equity		920,039	937,102
Noncontrolling interests		(1,851)	(1,756)
Total equity	[2]	918,188	935,346
Total liabilities and equity		1,284,192	1,203,336
Class A [Member]
Equity:
Common stock		6	6
Class B [Member]
Equity:
Common stock		$ 19	$ 19
[1]	At March 31, 2022 and December 31, 2021, marketable securities held in the trust account through PMV were comprised of U.S Treasury Bills which mature in less than one year with an amortized cost and fair value of approximately $175  million, respectively. Such investments are categorized as Level 1.
[2]	Debit adjustments to Total equity reflect the amortization of the discount related to the issuance of PMV SPAC’s redeemable noncontrolling interest. The discount is amortized through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to ownership interest in PMV Sponsor) and is also adjusted periodically for income/loss allocated to redeemable noncontrolling interest.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investment in GBL stock	$ 53.5	$ 60.4
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)	22,051,000
Treasury stock, shares outstanding (in shares)	3,541,621	3,534,085
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)	3,087,797	3,095,169
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)	18,962,754	18,962,918

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 2,582	$ 2,325
Expenses
Compensation	3,933	3,868
Management fee	0	2,663
Other operating expenses	1,955	2,159
Total expenses	5,888	8,690
Operating loss	(3,306)	(6,365)
Other income (expense)
Net gain/(loss) from investments	(15,610)	31,321
Interest and dividend income	804	1,189
Interest expense	(33)	(91)
Shareholder-designated contribution	(208)	(1,737)
Total other income (expense), net	(15,047)	30,682
Income/(loss) before income taxes	(18,353)	24,317
Income tax expense/(benefit)	(4,848)	5,590
Income/(loss) before noncontrolling interests	(13,505)	18,727
Income/(loss) attributable to noncontrolling interests	2,681	172
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ (16,186)	$ 18,555
Net income/(loss) per share attributable to Associated Capital Group, Inc.'s shareholders:
Basic (in dollars per share)	$ (0.73)	$ 0.83
Diluted (in dollars per share)	$ (0.73)	$ 0.83
Weighted average shares outstanding:
Basic (in shares)	22,054	22,222
Diluted (in shares)	22,054	22,222
Actual shares outstanding (in shares)	22,051	22,155
Investment Advisory and Incentive Fees [Member]
Revenues
Total revenues	$ 2,486	$ 2,225
Other [Member]
Revenues
Total revenues	$ 96	$ 100

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income/(loss) before noncontrolling interests	$ (13,505)	$ 18,727
Less: Comprehensive income/(loss) attributable to noncontrolling interests	2,681	172
Comprehensive income/(loss) attributable to Associated Capital Group, Inc.	$ (16,186)	$ 18,555

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Parent [Member]	Noncontrolling Interests [Member]	Total		Redeemable Noncontrolling Interests [Member]
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
Balance at Dec. 31, 2021	25	68,435	990,069	(121,427)	937,102	(1,756)	935,346	[1]	202,456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0		(486)
Net income/(loss)	0	(16,186)	0	0	(16,186)	197	(15,989)		2,484
Purchase of treasury stock	0	0	0	(293)	(293)	0	(293)		0
Accretion of redeemable noncontrolling interests	0	0	(584)	0	(584)	(292)	(876)		876
Other changes to redeemable noncontrolling interests	0	0	0	0	0	0	0		(10)
Balance at Mar. 31, 2022	$ 25	$ 52,249	$ 989,485	$ (121,720)	$ 920,039	$ (1,851)	$ 918,188	[1]	$ 205,320
[1]	Debit adjustments to Total equity reflect the amortization of the discount related to the issuance of PMV SPAC’s redeemable noncontrolling interest. The discount is amortized through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to ownership interest in PMV Sponsor) and is also adjusted periodically for income/loss allocated to redeemable noncontrolling interest.

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income/(loss)	$ (13,505)	$ 18,727
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Equity in net (gains) losses from partnerships	1,202	(6,935)
Depreciation and amortization	90	12
Deferred income taxes	(4,954)	2,714
Donated securities	127	1,648
Unrealized (gains)/losses on securities	21,166	(18,548)
Realized (gains)/losses on sales of securities	(6,753)	(538)
(Increase)/decrease in assets:
Investments in trading securities	46,153	250,884
Investments in partnerships:
Contributions to partnerships	(2,702)	(1,061)
Distributions from partnerships	1,563	1,663
Receivable from affiliates	4,786	3,875
Receivable from brokers	(137,995)	(8,578)
Investment advisory fees receivable	6,961	6,209
Income taxes receivable	0	(507)
Other assets	2,087	(808)
Increase/(decrease) in liabilities:
Payable to affiliates	0	(1,946)
Payable to brokers	124,528	3,991
Income taxes payable	82	3,435
Compensation payable	(13,092)	(9,041)
Accrued expenses and other liabilities	(1,186)	(1,628)
Total adjustments	42,063	224,841
Net cash provided by operating activities	28,558	243,568
Investing activities
Maturities of marketable securities held in trust	0	175,074
Purchases of marketable securities held in trust, net	0	(175,074)
Purchases of securities	(2,601)	(250)
Proceeds from sales of securities	0	805
Return of capital on securities	828	155
Net cash provided by/(used in) investing activities	(1,773)	710
Financing activities
Purchase of treasury stock	(293)	(4,198)
Contributions from redeemable noncontrolling interests	0	136
Redemptions of redeemable noncontrolling interests	(486)	0
Net cash provided by (used in) financing activities	(779)	(4,062)
Net increase in cash, cash equivalents and restricted cash	26,006	240,216
Cash, cash equivalents and restricted cash at beginning of period	328,594	39,509
Cash, cash equivalents and restricted cash at end of period	354,600	279,725
Supplemental disclosures of cash flow information:
Cash paid for interest	33	91
Cash paid/(received) for taxes	23	0
Reconciliation to cash, cash equivalents and restricted cash
Cash and cash equivalents	348,629	279,725
Restricted cash included in receivable from brokers	5,971	0
Cash, cash equivalents and restricted cash at end of period	$ 354,600	$ 279,725

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization [Abstract]
Organization	A. Organization Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.,” “AC Group,” “the Company,” “AC,” “we,” “us” and “our” or similar terms are to Associated Capital Group, Inc., its predecessors and its subsidiaries. We are a Delaware corporation that provides alternative investment management, and we derive investment income/(loss) from proprietary investment of cash and other assets in our operating business. Gabelli & Company Investment Advisors, Inc. (“GCIA”) PMV Consumer Acquisition Corp. On September 22, 2020, Associated Capital announced the $175 million initial public offering of its special purpose acquisition corporation, PMV Consumer Acquisition Corp. (NYSE:PMVC). PMV Consumer Acquisition Corp. (“PMV”) was created to pursue an initial business combination following the consumer globally with companies having an enterprise valuation in the range of $200 million to $3.5 billion. PMV Consumer Acquisition Holding Company, LLC (“Sponsor”) was created to assist PMV in sourcing, analyzing and consummating acquisition opportunities for that initial business combination. The Sponsor and PMV have been consolidated in the financial statements of AC because AC has a controlling financial interest in these entities. This resulted in the consolidation of $162.6 million of assets, $8.3 million of liabilities, $165.0 million of redeemable noncontrolling interests, $(1.9) million of noncontrolling interests relating to PMV and the Sponsor as of March 31, 2022. See Note D 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 March 31, 2022. Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. The unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated. In addition to PMV, there are several other entities that are consolidated within the financial statements. The details on the impact of consolidating these entities on the condensed consolidated financial statements can be seen in Note D. Investment Partnerships and Other Entities. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The condensed consolidated statements of income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other, to simplify the process used to test for impairment of goodwill. Under the new standard, an impairment loss must be recognized in an amount equal to the excess of the carrying amount of a reporting unit over its fair value, limited to the total amount of goodwill allocated to that reporting unit. As a smaller reporting company pursuant to ASU 2019-10, the ASU is effective for the Company on January 1, 2023. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue [Abstract]
Revenue	B. Revenue Refer to the Company’s audited consolidated financial statements included in our Annual Report on Form 10K for the year ended December 31, 2021 for the Company’s revenue recognition policy. The Company’s major revenue sources are as follows for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Investment advisory and incentive fees Asset-based advisory fees $ 1,304 $ 1,183 Performance-based advisory fees 44 9 Sub-advisory fees 1,138 1,033 Sub-total 2,486 2,225 Other Miscellaneous 96 100 Total $ 2,582 $ 2,325

Investments in Securities

Investments in Securities	3 Months Ended
	Mar. 31, 2022
Investments in Securities [Abstract]
Investments in Securities	C. Investments in Securities Investments in securities at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ - $ - $ 60,992 $ 60,996 Equity Securities: Common stocks 254,946 259,420 239,383 265,156 Mutual funds 542 1,213 524 1,351 Other investments 5,907 5,545 6,253 6,580 Total investments in equity securities $ 261,395 $ 266,178 $ 246,160 $ 273,087 Investments in marketable securities held in trust (1) $ 175,151 $ 175,151 $ 175,109 $ 175,109 (1) $175 million, respectively. Such investments are categorized as Level 1. Our held to maturity investments at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investment in note receivable from affiliate (2) $ 5,145 $ - $ - $ 5,145 December 31, 2023 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investment in note receivable from affiliate (2) $ 5,066 $ - $ - $ 5,066 (2) 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. Securities sold, not yet purchased at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value Equity securities: Common stocks $ 3,373 $ 3,282 $ 9,021 $ 9,838 Other investments 2,189 2,530 2,767 3,067 Total securities sold, not yet purchased $ 5,562 $ 5,812 $ 11,788 $ 12,905 Investments in affiliated registered investment companies at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 44,071 $ 63,613 $ 42,484 $ 64,381 Mutual funds 49,547 69,640 49,362 70,167 Total investments in affiliated registered investment companies $ 93,618 $ 133,253 $ 91,846 $ 134,548

Investment Partnerships and Oth

Investment Partnerships and Other Entities	3 Months Ended
	Mar. 31, 2022
Investment Partnerships and Other Entities [Abstract]
Investment Partnerships and Other Entities	D. Investment Partnerships and Other Entities The Company is general partner or co-general partner of various affiliated entities whose underlying assets consist primarily of marketable securities (“Affiliated Entities”). We also had investments in unaffiliated partnerships, offshore funds and other entities of $39.1 million and $41.9 million at March 31, 2022, and December 31, 2021, respectively (“Unaffiliated Entities”). We evaluate each entity to determine its appropriate accounting treatment and disclosure. Certain of the Affiliated Entities, and none of the Unaffiliated Entities, are consolidated. Investments in partnerships that are not required to be consolidated are accounted for using the equity method and are included in investments in partnerships on the condensed consolidated statements of financial condition. The Company had investments in Affiliated Entities totaling $115.3 million and $112.6 million at March 31, 2022 and December 31, 2021, respectively. The Company reflects the equity in earnings of these Affiliated Entities and Unaffiliated Entities as net gain/(loss) from investments on the condensed consolidated statements of income. Capital may generally be redeemed from Affiliated Entities on a monthly basis upon adequate notice as determined in the sole discretion of each entity’s investment manager. Capital invested in Unaffiliated Entities may generally be redeemed at various intervals ranging from monthly to annually upon notice of 30 to 95 days. Certain Unaffiliated Entities and Affiliated Entities may require a minimum investment period before capital can be voluntarily redeemed (a “Lockup Period”). No investment in any Investment Partnership has an unexpired Lockup Period. The Company has no outstanding capital commitments to any Affiliated or Unaffiliated Entity. PMV Consumer Acquisition Corp. The Company 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 The registration statement for the PMV initial public offering was declared effective on September 21, 2020. On September 24, 2020, PMV consummated the initial public offering of 17,500,000 units (the “Units” and, with respect to the shares of common stock included in the Units Sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $175,000,000. Each Unit consists of one share of Class A common stock and one-half entitles per share, subject to adjustment. Simultaneously with the closing of the initial public offering, PMV consummated the sale of 6,150,000 warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant in a private placement to the Sponsor, generating gross proceeds of $6,150,000. AC invested $10 million in the Class A shares in PMV and the Sponsor invested Following the closing of the initial public offering on September 24, 2020, an amount of $175,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the initial public offering and the sale of the Private Warrants was placed in a trust account (the “Trust Account”) located in the United States, which 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 condensed consolidated statements of financial condition (in thousands): March 31, 2022 Prior to Consolidation Consolidated Entities As Reported Total assets $ 1,074,188 $ 210,004 $ 1,284,192 Liabilities and equity Total liabilities 144,587 16,097 160,684 Redeemable noncontrolling interests - 205,320 205,320 Total equity (1) 929,601 (11,413 ) 918,188 Total liabilities and equity $ 1,074,188 $ 210,004 $ 1,284,192 December 31, 2021 Prior to Consolidation Consolidated Entities As Reported Total assets $ 991,104 $ 212,232 $ 1,203,336 Liabilities and equity Total liabilities 45,024 20,510 65,534 Redeemable noncontrolling interests - 202,456 202,456 Total equity (1) 946,080 (10,734 ) 935,346 Total liabilities and equity $ 991,104 $ 212,232 $ 1,203,336 (1) Debit adjustments to Total equity reflect the amortization of the discount related to the issuance of PMV SPAC’s redeemable noncontrolling interest. The discount is amortized through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to ownership interest in PMV Sponsor) and is also adjusted periodically for income/loss allocated to redeemable noncontrolling interest. The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of income (in thousands): Three Months Ended March 31, 2022 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,772 $ (190 ) $ 2,582 Operating loss (2,641 ) (665 ) (3,306 ) Total other income/(expense), net (18,393 ) 3,346 (15,047 ) Income/(loss) before noncontrolling interests, net of taxes (16,186 ) 2,681 (13,505 ) Income attributable to noncontrolling interests - 2,681 2,681 Net income/(loss) $ (16,186 ) $ - $ (16,186 ) Three Months Ended March 31, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,140 $ 185 $ 2,325 Operating loss (5,852 ) (513 ) (6,365 ) Total other income, net 30,056 626 30,682 Income before noncontrolling interests, net of taxes 18,614 113 18,727 Income attributable to noncontrolling interests - 172 172 Net income/(loss) $ 18,614 $ (59 ) $ 18,555 Variable Interest Entities With respect to each consolidated VIE, its assets may only be used to satisfy its obligations. The investors and creditors of any consolidated VIE have no recourse to the Company’s general assets. In addition, the Company neither benefits from such VIE’s assets nor bears the related risk beyond its beneficial interest in the VIE. The following table presents the balances related to VIEs that are consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,686 $ 1,911 Investments in securities 10,868 11,227 Receivable from brokers 1,033 1,106 Investments in partnerships and affiliates - - Investments in marketable securities held in trust 175,151 175,109 Other assets 68 103 Accrued expenses and other liabilities (1) (7,076 ) (7,074 ) PMV warrant liability (2,145 ) (5,280 ) Redeemable noncontrolling interests (165,527 ) (162,314 ) Nonredeemable noncontrolling interests 1,851 1,757 AC Group’s net interests in consolidated VIEs $ 15,909 $ 16,545 (1) . Voting Interest Entities We have an investment partnership that is consolidated as a VOE for both 2022 and 2021 because AC has a controlling interest in the entity. This resulted in the consolidation of $107.2 million of assets, $7.2 million of liabilities, and $39.8 million of redeemable noncontrolling interests at March 31, 2022 and $109.3 million of assets, $8.4 million of liabilities, and $40.1 million of redeemable noncontrolling interests at December 31, 2021. AC’s net interest in the consolidated VOE for 2022 and 2021 was $60.2 million and $60.8 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	3 Months Ended
	Mar. 31, 2022
Fair Value [Abstract]
Fair Value	E. Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1 - Unadjusted quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. • Level 3 - Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. The followin g tables present assets and liabilities measured at fair value on a recurring basis, unless otherwise noted, as of the dates specified March 31, 2022 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 $ 346,891 $ - $ - $ 346,891 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills - - - - Common stocks 255,076 2,271 2,073 259,420 Mutual funds 1,213 - - 1,213 Other 4,515 783 247 5,545 Total investments in securities 260,804 3,054 2,320 266,178 Investments in affiliated registered investment companies: Closed-end funds 53,213 - 10,400 63,613 Mutual funds 69,640 - - 69,640 Total investments in affiliated registered investment companies 122,853 - 10,400 133,253 Total investments held at fair value 383,657 3,054 12,720 399,431 Total assets at fair value $ 730,548 $ 3,054 $ 12,720 $ 746,322 Liabilities Common stocks $ 3,282 $ - $ - $ 3,282 Other 1,786 744 - 2,530 Securities sold, not yet purchased 5,068 744 - 5,812 PMV warrant liability 2,145 - - 2,145 Total liabilities at fair value $ 7,213 $ 744 $ - $ 7,957 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 The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Three Months Ended March 31 2022 2021 Assets: Beginning balance $ 10,600 $ 6,498 Total gains/(losses) 50 (30 ) Purchases 2,400 44 Sales (330 ) - Transfers - (358 ) Ending balance $ 12,720 $ 6,154 Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date $ 50 $ (30 ) Total realized and unrealized gains and losses for Level 3 assets are reported in net gain/(loss) from investments in the condensed consolidated statements of income. During the three months ended March 31, 2022, there were no transfers into or out of Level 3. For the three months ended March 31, 2021, the Company transferred an investment with a value of approximately $0.4 million from Level 3 to Level 1 due to increased availability of market price quotations. The following table presents the carrying amounts and estimated fair values of financial assets that are not measured at fair value on a recurring basis and their respective levels within the fair value hierarchy: As of March 31, 2022 As of December 31, 2021 Assets Level Within Fair Value Hierarchy Fair Value Amortized Cost Level Within Fair Value Hierarchy Fair Value Amortized Cost Investment in note receivable from affiliate (1) 2 $ 5,145 $ 5,145 2 $ 5,066 $ 5,066 Total assets $ 5,145 $ 5,145 $ 5,066 $ 5,066 (1) Included in Receivable and investment in note receivable from affiliates in the condensed consolidated statements of financial condition.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes [Abstract]
Income Taxes	F. Income Taxes The effective tax rate (“ETR”) for the three months ended March and March was 26.4% and , respectively. The ETR in the year to date period of differs from the U.S. corporate tax rate of primarily due to (a) state and local taxes (net of federal benefit), (b) the dividends received deduction, (c) deferred tax asset valuation allowances related to the carryforward of charitable contributions and (d) excluded income on certain consolidated entities. The ETR in the year to date period of differs from the standard corporate tax rate of 21% primarily due to (a) state and local taxes (net of federal benefit), (b) deferred tax asset valuation allowances related to the carryforward of charitable contributions and the (c) the deductibility of officers’ compensation. At March 31, 2022 the Company had net deferred tax liabilities, before valuation allowance of approximately $1.6 million that were recorded within income taxes payable in the condensed consolidated statements of financial condition. The Company believes that it is more-likely-than-not that the benefit from a portion of the shareholder-designated charitable contribution carryforwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $1.3 million and $1.3 million as of March 31, 2022 and December 31, 2021, respectively, on the deferred tax assets related to these charitable contribution carryforwards. The Company records penalties and interest related to tax uncertainties in income taxes. These amounts are included in accrued expenses and other liabilities on the condensed consolidated statements of financial condition. As of and for the periods ended March and December the Company has not identified any uncertain tax positions The Company remains subject to income tax examination by the IRS for the years 2018 through 2020 and state examinations for years after 2016.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings per Share [Abstract]
Earnings per Share	G. Earnings per Share Basic earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares, 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): Three Months Ended March 31, (In thousands, except for per share amounts) 2022 2021 Income/(loss) before noncontrolling interests $ (13,505 ) $ 18,727 Less: Income/(loss) attributable to noncontrolling interests 2,681 172 Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ (16,186 ) $ 18,555 Weighted average number of shares of Common Stock outstanding - basic 22,054 22,222 Weighted average number of shares of Common Stock outstanding - diluted 22,054 22,222 Basic and Diluted EPS $ (0.73 ) $ 0.83

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	H. Equity Voting Rights The holders of Class A Common stock (“Class A Stock”) and Class B Common stock (“Class B Stock”) have identical rights except that holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general. Holders of each share class, however, are not eligible to vote on matters relating exclusively to the other share class. Stock Award and Incentive Plan The Company’s Board of Directors periodically grants shares of Phantom Restricted Stock awards (“Phantom RSAs”). Under the terms of the grants, the Phantom RSAs vest 30% and 70% after three The Phantom RSAs are treated as a liability because cash settlement is required and compensation will be recognized over the vesting period. In determining the compensation expense to be recognized each period, the Company will re-measure the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award and the current market value of the Company’s Class A stock. In making these determinations, the Company will consider the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur. Based on the closing price of the Company’s Class A Common Stock on March 31, 2022 and December 31, 2021, the total liability recorded by the Company in compensation payable in our condensed consolidated statements of financial condition as of March 31, 2022 and December 31, 2021, with respect to the Phantom RSAs was $3.5 million and $3.0 million, respectively. The following table summarizes our stock-based compensation as well as unrecognized compensation for the three-month periods ended March 31, 2022 and 2021, respectively. Stock-based compensation expense is included in compensation expense in the condensed consolidated statements of income: Three Months Ended March 31, 2022 2021 Stock-based compensation expense $ 439 $ 375 Remaining expense to be recognized if all vesting conditions are met (1) $ 5,922 $ 3,414 Weighted average remaining contractual term (in years) 2.1 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 December 31, 2021 222,905 $ 36.03 Granted - - Forfeited (945 ) 37.40 Vested - - Balance at March 31 2022 221,960 $ 36.02 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 December 31, 2021 677,144 Share repurchase plan (1) (7,536 ) $ 38.84 Remaining repurchase authorization March 31 2022 669,608 Remaining repurchase authorization December 31, 2020 893,102 Share repurchase plan (1) (119,087 ) $ 35.24 Remaining repurchase authorization March 31 2021 774,015 (1) Repurchases totaled $0.3 million and $4.2 million for the three-month periods ended March 31, 2022 and 2021, respectively. Dividends There were no dividends declared during each of the three-month periods ended March 31, 2022 and 2021.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2022
Goodwill [Abstract]
Goodwill	I. Goodwill At March 31, 2022, goodwill on the condensed consolidated statements of financial condition includes $3.4 million of goodwill related to GCIA. The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required. There were no indicators of impairment for the three months ended March 31, 2022 or March 31, 2021, and as such there was no impairment analysis performed or charge recorded.

Guarantees, Contingencies and C

Guarantees, Contingencies and Commitments	3 Months Ended
	Mar. 31, 2022
Guarantees, Contingencies and Commitments [Abstract]
Guarantees, Contingencies and Commitments	J. Guarantees, Contingencies and Commitments From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. We are also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses, if any, that the Company believes are probable and estimable. Furthermore, the Company evaluates whether losses exist which may be reasonably possible and will, if material, make the necessary disclosures. Management believes, however, that such amounts, both those that are probable and those that are reasonably possible, are not material to the Company’s financial condition, results of operations or cash flows at March 31, 2022. The Company has also entered into arrangements with various other third parties, many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements. The Company has had no claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote, and, therefore, no accrual has been made on the condensed consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	K. Subsequent Events On May 4, 2022, the Company's board of directors declared a semi-annual dividend of $0.10 per share, which is payable on June 29, 2022 to class A and class B shareholders of record on June 15, 2022.

Organization (Policies)

Organization (Policies)	3 Months Ended
	Mar. 31, 2022
Organization [Abstract]
Organization	Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.,” “AC Group,” “the Company,” “AC,” “we,” “us” and “our” or similar terms are to Associated Capital Group, Inc., its predecessors and its subsidiaries. We are a Delaware corporation that provides alternative investment management, and we derive investment income/(loss) from proprietary investment of cash and other assets in our operating business. Gabelli & Company Investment Advisors, Inc. (“GCIA”)
Acquisition and Spin-offs	PMV Consumer Acquisition Corp. On September 22, 2020, Associated Capital announced the $175 million initial public offering of its special purpose acquisition corporation, PMV Consumer Acquisition Corp. (NYSE:PMVC). PMV Consumer Acquisition Corp. (“PMV”) was created to pursue an initial business combination following the consumer globally with companies having an enterprise valuation in the range of $200 million to $3.5 billion. PMV Consumer Acquisition Holding Company, LLC (“Sponsor”) was created to assist PMV in sourcing, analyzing and consummating acquisition opportunities for that initial business combination. The Sponsor and PMV have been consolidated in the financial statements of AC because AC has a controlling financial interest in these entities. This resulted in the consolidation of $162.6 million of assets, $8.3 million of liabilities, $165.0 million of redeemable noncontrolling interests, $(1.9) million of noncontrolling interests relating to PMV and the Sponsor as of March 31, 2022. See Note D 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 March 31, 2022.
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements. The unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All material intercompany transactions and balances have been eliminated. In addition to PMV, there are several other entities that are consolidated within the financial statements. The details on the impact of consolidating these entities on the condensed consolidated financial statements can be seen in Note D. Investment Partnerships and Other Entities. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, U.S. GAAP requires an “incurred loss” methodology that delays recognition until it is probable a loss has been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The condensed consolidated statements of income will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. In November 2019, the FASB issued ASU 2019-10, which deferred the effective date of this guidance for smaller reporting companies for three years. This guidance is effective for the Company on January 1, 2023 and requires a modified retrospective transition method, which will result in a cumulative-effect adjustment in retained earnings upon adoption. Early adoption is permitted. The Company is currently assessing the potential impact of this new guidance on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other, to simplify the process used to test for impairment of goodwill. Under the new standard, an impairment loss must be recognized in an amount equal to the excess of the carrying amount of a reporting unit over its fair value, limited to the total amount of goodwill allocated to that reporting unit. As a smaller reporting company pursuant to ASU 2019-10, the ASU is effective for the Company on January 1, 2023. This guidance will be effective for the Company on January 1, 2023 using a prospective transition method and early adoption is permitted. The Company is currently evaluating the potential effect of this new guidance on the Company’s consolidated financial statements.

Fair Value (Policies)

Fair Value (Policies)	3 Months Ended
	Mar. 31, 2022
Fair Value [Abstract]
Fair Value Measurement	Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1 - Unadjusted quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. • Level 3 - Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue [Abstract]
Revenues by Type	The Company’s major revenue sources are as follows for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Investment advisory and incentive fees Asset-based advisory fees $ 1,304 $ 1,183 Performance-based advisory fees 44 9 Sub-advisory fees 1,138 1,033 Sub-total 2,486 2,225 Other Miscellaneous 96 100 Total $ 2,582 $ 2,325

Investments in Securities (Tabl

Investments in Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments in Securities [Abstract]
Investments in Securities	Investments in securities at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value Debt - Trading Securities: U.S. Treasury Bills $ - $ - $ 60,992 $ 60,996 Equity Securities: Common stocks 254,946 259,420 239,383 265,156 Mutual funds 542 1,213 524 1,351 Other investments 5,907 5,545 6,253 6,580 Total investments in equity securities $ 261,395 $ 266,178 $ 246,160 $ 273,087 Investments in marketable securities held in trust (1) $ 175,151 $ 175,151 $ 175,109 $ 175,109 (1) $175 million, respectively. Such investments are categorized as Level 1.
Held to Maturity Investments	Our held to maturity investments at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investment in note receivable from affiliate (2) $ 5,145 $ - $ - $ 5,145 December 31, 2023 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Held to maturity: Investment in note receivable from affiliate (2) $ 5,066 $ - $ - $ 5,066 (2) 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.
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value Equity securities: Common stocks $ 3,373 $ 3,282 $ 9,021 $ 9,838 Other investments 2,189 2,530 2,767 3,067 Total securities sold, not yet purchased $ 5,562 $ 5,812 $ 11,788 $ 12,905
Investments in Affiliated Registered Investment Companies	Investments in affiliated registered investment companies at March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value Equity securities: Closed-end funds $ 44,071 $ 63,613 $ 42,484 $ 64,381 Mutual funds 49,547 69,640 49,362 70,167 Total investments in affiliated registered investment companies $ 93,618 $ 133,253 $ 91,846 $ 134,548

Investment Partnerships and O_2

Investment Partnerships and Other Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Investment Partnerships and Other Entities [Abstract]
Condensed Consolidated Statements of Financial Condition by Entity Consolidated	The following table reflects the net impact of the consolidated investment partnerships and other entities (“Consolidated Entities”) on the condensed consolidated statements of financial condition (in thousands): March 31, 2022 Prior to Consolidation Consolidated Entities As Reported Total assets $ 1,074,188 $ 210,004 $ 1,284,192 Liabilities and equity Total liabilities 144,587 16,097 160,684 Redeemable noncontrolling interests - 205,320 205,320 Total equity (1) 929,601 (11,413 ) 918,188 Total liabilities and equity $ 1,074,188 $ 210,004 $ 1,284,192 December 31, 2021 Prior to Consolidation Consolidated Entities As Reported Total assets $ 991,104 $ 212,232 $ 1,203,336 Liabilities and equity Total liabilities 45,024 20,510 65,534 Redeemable noncontrolling interests - 202,456 202,456 Total equity (1) 946,080 (10,734 ) 935,346 Total liabilities and equity $ 991,104 $ 212,232 $ 1,203,336 (1) Debit adjustments to Total equity reflect the amortization of the discount related to the issuance of PMV SPAC’s redeemable noncontrolling interest. The discount is amortized through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to ownership interest in PMV Sponsor) and is also adjusted periodically for income/loss allocated to redeemable noncontrolling interest.
Condensed Consolidated Statements of Income by Entity Consolidated	The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of income (in thousands): Three Months Ended March 31, 2022 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,772 $ (190 ) $ 2,582 Operating loss (2,641 ) (665 ) (3,306 ) Total other income/(expense), net (18,393 ) 3,346 (15,047 ) Income/(loss) before noncontrolling interests, net of taxes (16,186 ) 2,681 (13,505 ) Income attributable to noncontrolling interests - 2,681 2,681 Net income/(loss) $ (16,186 ) $ - $ (16,186 ) Three Months Ended March 31, 2021 Prior to Consolidation Consolidated Entities As Reported Total revenues $ 2,140 $ 185 $ 2,325 Operating loss (5,852 ) (513 ) (6,365 ) Total other income, net 30,056 626 30,682 Income before noncontrolling interests, net of taxes 18,614 113 18,727 Income attributable to noncontrolling interests - 172 172 Net income/(loss) $ 18,614 $ (59 ) $ 18,555
Net Interests in Consolidated VIE's	The following table presents the balances related to VIEs that are consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in these VIEs (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,686 $ 1,911 Investments in securities 10,868 11,227 Receivable from brokers 1,033 1,106 Investments in partnerships and affiliates - - Investments in marketable securities held in trust 175,151 175,109 Other assets 68 103 Accrued expenses and other liabilities (1) (7,076 ) (7,074 ) PMV warrant liability (2,145 ) (5,280 ) Redeemable noncontrolling interests (165,527 ) (162,314 ) Nonredeemable noncontrolling interests 1,851 1,757 AC Group’s net interests in consolidated VIEs $ 15,909 $ 16,545 (1) .

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The followin g tables present assets and liabilities measured at fair value on a recurring basis, unless otherwise noted, as of the dates specified March 31, 2022 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 $ 346,891 $ - $ - $ 346,891 Investments in securities (including GBL stock): Trading - U.S. Treasury Bills - - - - Common stocks 255,076 2,271 2,073 259,420 Mutual funds 1,213 - - 1,213 Other 4,515 783 247 5,545 Total investments in securities 260,804 3,054 2,320 266,178 Investments in affiliated registered investment companies: Closed-end funds 53,213 - 10,400 63,613 Mutual funds 69,640 - - 69,640 Total investments in affiliated registered investment companies 122,853 - 10,400 133,253 Total investments held at fair value 383,657 3,054 12,720 399,431 Total assets at fair value $ 730,548 $ 3,054 $ 12,720 $ 746,322 Liabilities Common stocks $ 3,282 $ - $ - $ 3,282 Other 1,786 744 - 2,530 Securities sold, not yet purchased 5,068 744 - 5,812 PMV warrant liability 2,145 - - 2,145 Total liabilities at fair value $ 7,213 $ 744 $ - $ 7,957 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
Changes in Level 3 Assets	The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Three Months Ended March 31 2022 2021 Assets: Beginning balance $ 10,600 $ 6,498 Total gains/(losses) 50 (30 ) Purchases 2,400 44 Sales (330 ) - Transfers - (358 ) Ending balance $ 12,720 $ 6,154 Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date $ 50 $ (30 )
Carrying Amounts and Estimated Fair Values of Financial Assets	The following table presents the carrying amounts and estimated fair values of financial assets that are not measured at fair value on a recurring basis and their respective levels within the fair value hierarchy: As of March 31, 2022 As of December 31, 2021 Assets Level Within Fair Value Hierarchy Fair Value Amortized Cost Level Within Fair Value Hierarchy Fair Value Amortized Cost Investment in note receivable from affiliate (1) 2 $ 5,145 $ 5,145 2 $ 5,066 $ 5,066 Total assets $ 5,145 $ 5,145 $ 5,066 $ 5,066 (1) Included in Receivable and investment in note receivable from affiliates in the condensed consolidated statements of financial condition.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings per Share [Abstract]
Computations of Basic and Diluted Net Income (Loss) Per Share	The computations of basic and diluted net income/(loss) per share are as follows (in thousands, except per share data): Three Months Ended March 31, (In thousands, except for per share amounts) 2022 2021 Income/(loss) before noncontrolling interests $ (13,505 ) $ 18,727 Less: Income/(loss) attributable to noncontrolling interests 2,681 172 Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders $ (16,186 ) $ 18,555 Weighted average number of shares of Common Stock outstanding - basic 22,054 22,222 Weighted average number of shares of Common Stock outstanding - diluted 22,054 22,222 Basic and Diluted EPS $ (0.73 ) $ 0.83

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Expense Related to Stock-based Compensation Arrangements	The following table summarizes our stock-based compensation as well as unrecognized compensation for the three-month periods ended March 31, 2022 and 2021, respectively. Stock-based compensation expense is included in compensation expense in the condensed consolidated statements of income: Three Months Ended March 31, 2022 2021 Stock-based compensation expense $ 439 $ 375 Remaining expense to be recognized if all vesting conditions are met (1) $ 5,922 $ 3,414 Weighted average remaining contractual term (in years) 2.1 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 December 31, 2021 222,905 $ 36.03 Granted - - Forfeited (945 ) 37.40 Vested - - Balance at March 31 2022 221,960 $ 36.02
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 December 31, 2021 677,144 Share repurchase plan (1) (7,536 ) $ 38.84 Remaining repurchase authorization March 31 2022 669,608 Remaining repurchase authorization December 31, 2020 893,102 Share repurchase plan (1) (119,087 ) $ 35.24 Remaining repurchase authorization March 31 2021 774,015 (1) Repurchases totaled $0.3 million and $4.2 million for the three-month periods ended March 31, 2022 and 2021, respectively.

Organization (Details)

Organization (Details) - USD ($) $ in Thousands	Sep. 22, 2020	Nov. 30, 2015	Mar. 31, 2022	Dec. 31, 2021
The Spin-off and Related Transactions [Abstract]
Number of AC shares issued for each GAMCO shares in connection with spin-off (in shares)		1
Acquisition [Abstract]
Assets			$ 1,284,192	$ 1,203,336
Liabilities			160,684	65,534
Redeemable noncontrolling interests			205,320	202,456
Noncontrolling interest			(1,851)	$ (1,756)
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			162,600
Liabilities			8,300
Redeemable noncontrolling interests			165,000
Noncontrolling interest			$ (1,900)
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
GAMCO [Member]
The Spin-off and Related Transactions [Abstract]
Number of GAMCO shares exchanged for each AC shares in connection with spin-off (in shares)		1
GAMCO [Member] | Class A [Member]
The Spin-off and Related Transactions [Abstract]
Number of shares of common stock acquired (in shares)		4,393,055
Value of common stock acquired (in shares)		$ 150,000
Number of shares of common stock held (in shares)			2,417,500

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues by type [Abstract]
Revenues	$ 2,582	$ 2,325
Investment Advisory and Incentive Fees [Member]
Revenues by type [Abstract]
Revenues	2,486	2,225
Asset-Based Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	1,304	1,183
Performance-Based Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	44	9
Sub-Advisory Fees [Member]
Revenues by type [Abstract]
Revenues	1,138	1,033
Other [Member]
Revenues by type [Abstract]
Revenues	96	100
Miscellaneous [Member]
Revenues by type [Abstract]
Revenues	$ 96	$ 100

Investments in Securities, Inve

Investments in Securities, Investment in Securities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Investments in securities [Abstract]
Fair value		$ 0	$ 60,996
Fair value		266,178	273,087
Total investment in equity securities, cost		261,395	246,160
Total investment in equity securities, fair value		266,178	273,087
Investments in marketable securities held in trust, cost	[1]	175,151	175,109
Investments in marketable securities held in trust, fair value	[1]	175,151	175,109
US Treasury Bills [Member]
Investments in securities [Abstract]
Cost		0	60,992
Fair value		0	60,996
Investments in marketable securities held in trust, cost	[1]	175,000	175,000
Investments in marketable securities held in trust, fair value	[1]	175,000	175,000
Common Stocks [Member]
Investments in securities [Abstract]
Cost		254,946	239,383
Fair value		259,420	265,156
Mutual Funds [Member]
Investments in securities [Abstract]
Cost		542	524
Fair value		1,213	1,351
Other Investments [Member]
Investments in securities [Abstract]
Cost		5,907	6,253
Fair value		$ 5,545	$ 6,580
[1]	At March 31, 2022 and December 31, 2021, marketable securities held in the trust account through PMV were comprised of U.S Treasury Bills which mature in less than one year with an amortized cost and fair value of approximately $175  million, respectively. Such investments are categorized as Level 1.

Investments in Securities, Held

Investments in Securities, Held to Maturity Investments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Held to maturity [Abstract]
Investment in note receivable from affiliate, amortized cost	[1]	$ 5,145	$ 5,066
Investment in note receivable from affiliate, gross unrealized holding gains	[1]	0	0
Investment in note receivable from affiliate, gross unrealized holding losses	[1]	0	0
Investment in note receivable from affiliate, fair value	[1]	$ 5,145	$ 5,066
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.

Investments in Securities, Secu

Investments in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Equity securities [Abstract]
Cost	$ 5,562	$ 11,788
Fair value	5,812	12,905
Common Stocks [Member]
Equity securities [Abstract]
Cost	3,373	9,021
Fair value	3,282	9,838
Other Investments [Member]
Equity securities [Abstract]
Cost	2,189	2,767
Fair value	$ 2,530	$ 3,067

Investments in Securities, In_2

Investments in Securities, Investment in Affiliated Registered Investment Companies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in affiliated registered investment companies [Abstract]
Cost	$ 93,618	$ 91,846
Fair value	133,253	134,548
Closed-end Funds [Member]
Investments in affiliated registered investment companies [Abstract]
Cost	44,071	42,484
Fair value	63,613	64,381
Mutual Funds [Member]
Investments in affiliated registered investment companies [Abstract]
Cost	49,547	49,362
Fair value	$ 69,640	$ 70,167

Investment Partnerships and O_3

Investment Partnerships and Other Entities, Breakdown of Consolidated Entities and Investments in Partnerships Line by Accounting Method (Details) - USD ($)	Sep. 24, 2020	Sep. 22, 2020	Mar. 31, 2022	Dec. 31, 2021
Investments In Affiliated and Unaffiliated Entities [Abstract]
Investments in unaffiliated entities			$ 39,100,000	$ 41,900,000
Investments in affiliated entities			115,300,000	$ 112,600,000
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
Unaffiliated [Member] | Minimum [Member]
Acquisition [Abstract]
Notice period for redeeming investments			30 days
Unaffiliated [Member] | Maximum [Member]
Acquisition [Abstract]
Notice period for redeeming investments			95 days
PMV Consumer Acquisition Corp. [Member]
Acquisition [Abstract]
Proceeds from initial public offering		$ 175,000,000
PMV Consumer Acquisition Corp. [Member] | Class A [Member]
Acquisition [Abstract]
Common stock invested			$ 10,000,000
PMV Consumer Acquisition Corp. [Member] | Private Warrants [Member]
Acquisition [Abstract]
Value of warrants owed by Sponsor			$ 6,150,000
PMV Consumer Acquisition Corp. [Member] | Initial Public Offering [Member] [Member] | Common Stock [Member]
Acquisition [Abstract]
Number of unit issued (in shares)	17,500,000
Security price (in dollars per share)	$ 10
Proceeds from initial public offering	$ 175,000,000
PMV Consumer Acquisition Corp. [Member] | Initial Public Offering [Member] [Member] | Common Stock [Member] | Class A [Member]
Acquisition [Abstract]
Number of securities to be called by each unit (in shares)	1
Number of securities called by each warrant (in shares)	1
PMV Consumer Acquisition Corp. [Member] | Initial Public Offering [Member] [Member] | Public Warrant [Member]
Acquisition [Abstract]
Number of securities to be called by each unit (in shares)	0.5
Warrants exercise price (In dollars per share)	$ 11.50
PMV Consumer Acquisition Corp. [Member] | Private Placement [Member] | Private Warrants [Member]
Acquisition [Abstract]
Warrants issued (in shares)	6,150,000
Per share price of warrants issued (in dollars per share)	$ 1
Proceeds from issuance of warrants	$ 6,150,000

Investment Partnerships and O_4

Investment Partnerships and Other Entities, Net Impact of the Consolidated Entities on the Statements of Financial Position (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022		Mar. 31, 2021	Dec. 31, 2021		Dec. 31, 2020
Consolidated Statements of Financial Condition [Abstract]
Total assets		$ 1,284,192			$ 1,203,336
Liabilities and equity [Abstract]
Total liabilities		160,684			65,534
Redeemable noncontrolling interests		205,320			202,456
Total equity		918,188	[1]	$ 915,746	935,346	[1]	$ 901,389
Total liabilities and equity		1,284,192			1,203,336
Consolidated Statements of Income [Abstract]
Total revenues		2,582		2,325
Operating loss		(3,306)		(6,365)
Total other income/(expense), net		(15,047)		30,682
Income/(loss) before noncontrolling interests, net of taxes		(13,505)		18,727
Income attributable to noncontrolling interests		2,681		172
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		(16,186)		18,555
Consolidated Entities [Member]
Consolidated Statements of Financial Condition [Abstract]
Total assets		210,004			212,232
Liabilities and equity [Abstract]
Total liabilities		16,097			20,510
Redeemable noncontrolling interests		205,320			202,456
Total equity	[1]	(11,413)			(10,734)
Total liabilities and equity		210,004			212,232
Consolidated Statements of Income [Abstract]
Total revenues		(190)		185
Operating loss		(665)		(513)
Total other income/(expense), net		3,346		626
Income/(loss) before noncontrolling interests, net of taxes		2,681		113
Income attributable to noncontrolling interests		2,681		172
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		0		(59)
Prior to Consolidation [Member]
Consolidated Statements of Financial Condition [Abstract]
Total assets		1,074,188			991,104
Liabilities and equity [Abstract]
Total liabilities		144,587			45,024
Redeemable noncontrolling interests		0			0
Total equity	[1]	929,601			946,080
Total liabilities and equity		1,074,188			$ 991,104
Consolidated Statements of Income [Abstract]
Total revenues		2,772		2,140
Operating loss		(2,641)		(5,852)
Total other income/(expense), net		(18,393)		30,056
Income/(loss) before noncontrolling interests, net of taxes		(16,186)		18,614
Income attributable to noncontrolling interests		0		0
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders		$ (16,186)		$ 18,614
[1]	Debit adjustments to Total equity reflect the amortization of the discount related to the issuance of PMV SPAC’s redeemable noncontrolling interest. The discount is amortized through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to ownership interest in PMV Sponsor) and is also adjusted periodically for income/loss allocated to redeemable noncontrolling interest.

Investment Partnerships and O_5

Investment Partnerships and Other Entities, Variable Interest Entities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Balances related to VIEs [Abstract]
Cash and cash equivalents		$ 348,629	$ 319,048	$ 279,725
Receivable from brokers		176,898	42,478
Investments in marketable securities held in trust	[1]	175,151	175,109
Other assets		19,505	21,682
PMV warrant liability		(2,145)	(5,280)
Redeemable noncontrolling interests		(205,320)	(202,456)
VIEs [Member]
Balances related to VIEs [Abstract]
Cash and cash equivalents		1,686	1,911
Investments in securities		10,868	11,227
Receivable from brokers		1,033	1,106
Investments in partnerships and affiliates		0	0
Investments in marketable securities held in trust		175,151	175,109
Other assets		68	103
Accrued expenses and other liabilities	[2]	(7,076)	(7,074)
PMV warrant liability		(2,145)	(5,280)
Redeemable noncontrolling interests		(165,527)	(162,314)
Nonredeemable noncontrolling interests		1,851	1,757
AC Group's net interests in consolidated entities		$ 15,909	$ 16,545
[1]	At March 31, 2022 and December 31, 2021, marketable securities held in the trust account through PMV were comprised of U.S Treasury Bills which mature in less than one year with an amortized cost and fair value of approximately $175  million, respectively. Such investments are categorized as Level 1.
[2]	Represents the summation of multiple captions from the condensed consolidated statements of financial condition.

Investment Partnerships and O_6

Investment Partnerships and Other Entities, Voting Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balances related to VOE's [Abstract]
Assets	$ 1,284,192	$ 1,203,336
Liabilities	160,684	65,534
Redeemable noncontrolling interests	(205,320)	(202,456)
Voting Interest Entities [Member]
Balances related to VOE's [Abstract]
Assets	107,200	109,300
Liabilities	7,200	8,400
Redeemable noncontrolling interests	39,800	40,100
AC Group's net interests in consolidated entities	$ 60,200	$ 60,800

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Investments in government securities	$ 0	$ 60,996
Investments in securities	266,178	273,087
Investments in affiliated registered investment companies	133,253	134,548
Liabilities [Abstract]
Securities sold, not yet purchased	5,812	12,905
PMV warrant liability	2,145	5,280
Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	0	60,996
Common Stocks [Member]
Assets [Abstract]
Investments in securities	259,420	265,156
Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	63,613	64,381
Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,213	1,351
Investments in affiliated registered investment companies	69,640	70,167
Other [Member]
Assets [Abstract]
Investments in securities	5,545	6,580
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	346,891	314,172
Investments in securities	266,178	334,083
Investments in affiliated registered investment companies	133,253	134,548
Total investments held at fair value	399,431	468,631
Total assets at fair value	746,322	782,803
Liabilities [Abstract]
Securities sold, not yet purchased	5,812	12,905
PMV warrant liability	2,145	5,280
Total liabilities at fair value	7,957	18,185
Recurring Basis [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	0	60,996
Recurring Basis [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	259,420	265,156
Liabilities [Abstract]
Trading	3,282	9,838
Recurring Basis [Member] | Closed-end Funds [Member]
Assets [Abstract]
Investments in affiliated registered investment companies	63,613	64,381
Recurring Basis [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,213	1,351
Investments in affiliated registered investment companies	69,640	70,167
Recurring Basis [Member] | Other [Member]
Assets [Abstract]
Investments in securities	5,545	6,580
Liabilities [Abstract]
Trading	2,530	3,067
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	346,891	314,172
Investments in securities	260,804	327,943
Investments in affiliated registered investment companies	122,853	126,548
Total investments held at fair value	383,657	454,491
Total assets at fair value	730,548	768,663
Liabilities [Abstract]
Securities sold, not yet purchased	5,068	11,797
PMV warrant liability	2,145	5,280
Total liabilities at fair value	7,213	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	0	60,996
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	255,076	260,763
Liabilities [Abstract]
Trading	3,282	9,838
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	53,213	56,381
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member]
Assets [Abstract]
Investments in securities	1,213	1,351
Investments in affiliated registered investment companies	69,640	70,167
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member]
Assets [Abstract]
Investments in securities	4,515	4,833
Liabilities [Abstract]
Trading	1,786	1,959
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities	3,054	3,540
Investments in affiliated registered investment companies	0	0
Total investments held at fair value	3,054	3,540
Total assets at fair value	3,054	3,540
Liabilities [Abstract]
Securities sold, not yet purchased	744	1,108
PMV warrant liability	0	0
Total liabilities at fair value	744	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	2,271	2,320
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	783	1,220
Liabilities [Abstract]
Trading	744	1,108
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities	2,320	2,600
Investments in affiliated registered investment companies	10,400	8,000
Total investments held at fair value	12,720	10,600
Total assets at fair value	12,720	10,600
Liabilities [Abstract]
Securities sold, not yet purchased	0	0
PMV warrant liability	0	0
Total liabilities at fair value	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trading - U.S. Treasury Bills [Member]
Assets [Abstract]
Investments in government securities	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member]
Assets [Abstract]
Investments in securities	2,073	2,073
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	10,400	8,000
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	247	527
Liabilities [Abstract]
Trading	$ 0	$ 0

Fair Value, Changes in Level 3

Fair Value, Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning balance	$ 10,600	$ 6,498	$ 6,498
Total gains/(losses)	50	(30)
Purchases	2,400	44
Sales	(330)	0
Transfers	0	(358)
Ending balance	12,720	$ 6,154	10,600
Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to Level 3 assets still held as of the reporting date	$ 50		$ (30)

Fair Value, Changes in Level _2

Fair Value, Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unobservable Inputs Reconciliation, Transfers [Abstract]
Transfers into level 3	$ 0
Transfers out of level 3	$ 0
Transfers into level 1		$ 0.4

Fair Value, Carrying Amounts an

Fair Value, Carrying Amounts and Estimated Fair Values of Financial Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Investment in note receivable from affiliate	[1]	$ 5,145	$ 5,066
Fair Value [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Total assets at fair value		5,145	5,066
Fair Value [Member] | Level 2 [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Investment in note receivable from affiliate	[2]	5,145	5,066
Amortized Cost [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Total assets at fair value		5,145	5,066
Amortized Cost [Member] | Level 2 [Member]
Carrying Amounts and Estimated Fair Values of Financial Assets [Abstract]
Investment in note receivable from affiliate	[2]	$ 5,145	$ 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.
[2]	Included in Receivable and investment in note receivable from affiliates in the condensed consolidated statements of financial condition.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Taxes [Abstract]
Effective income tax rate	26.40%	23.20%
Standard corporate tax rate	21.00%	21.00%
Net deferred tax liabilities	$ 1.6
Valuation allowance	$ 1.3		$ 1.3

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per Share [Abstract]
Income/(loss) before noncontrolling interests	$ (13,505)	$ 18,727
Less: Income/(loss) attributable to noncontrolling interests	2,681	172
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders	$ (16,186)	$ 18,555
Weighted average number of shares of Common Stock outstanding - basic (in shares)	22,054	22,222
Weighted average number of shares of Common Stock outstanding - diluted (in shares)	22,054	22,222
Basic EPS (in dollars per share)	$ (0.73)	$ 0.83
Diluted EPS (in dollars per share)	$ (0.73)	$ 0.83

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands		May 08, 2018shares	Aug. 03, 2017shares	Mar. 31, 2022USD ($)Vote$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)shares	Feb. 07, 2017shares	Dec. 31, 2015shares
Stock Award and Incentive Plan [Abstract]
Compensation payable | $				$ 6,638		$ 19,730
Share-based compensation [Abstract]
Stock-based compensation expense | $				439	$ 375
Remaining expense to be recognized, if all vesting conditions are met | $	[1]			$ 5,922	$ 3,414
Weighted average remaining contractual term (in years)				2 years 1 month 6 days	2 years 3 months 18 days
Stock Repurchase Program [Abstract]
Number of shares available under stock repurchase program (in shares)				669,608	774,015	677,144	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)				677,144	893,102
Share repurchase plan (in shares)	[2]			(7,536)	(119,087)
Remaining repurchase authorization, end of period (in shares)				669,608	774,015
Average price per share [Abstract]
Share repurchase plan (in dollars per share) | $ / shares	[2]			$ 38.84	$ 35.24
Shares repurchased during the period | $				$ 300	$ 4,200
Dividends [Abstract]
Dividends declared (in dollars per share) | $ / shares				$ 0	$ 0
Maximum [Member]
Stock Repurchase Program [Abstract]
Number of shares authorized under stock repurchase program (in shares)								500,000
Class A [Member]
Voting Rights [Abstract]
Number of votes per share | Vote				1
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | Vote				10
Phantom RSAs [Member]
Stock Award and Incentive Plan [Abstract]
Compensation payable | $				$ 3,500		$ 3,000
RSA's [Roll Forward]
Balance, beginning of period (in shares)				222,905
Granted (in shares)				0
Forfeited (in shares)				(945)
Vested (in shares)				0
Balance, end of period (in shares)				221,960
Weighted Average Grant Date Fair Value [Abstract]
Balance, beginning of period (in dollars per share) | $ / shares				$ 36.03
Granted (in dollars per share) | $ / shares				0
Forfeited (in dollars per share) | $ / shares				37.40
Vested (in dollars per share) | $ / shares				0
Balance, end of period (in dollars per share) | $ / shares				$ 36.02
Phantom RSAs [Member] | Vesting in Three Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Awards vesting percentage				30.00%
Award vesting period				3 years
Phantom RSAs [Member] | Vesting in Five Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Awards vesting percentage				70.00%
Award vesting period				5 years
[1]	Does not include an estimate for projected future dividends.
[2]	Repurchases totaled $0.3 million and $4.2 million for the three-month periods ended March 31, 2022 and 2021, respectively.

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill [Abstract]
Goodwill	$ 3,519		$ 3,519
Impairment charges on goodwill	0	$ 0
GCIA [Member]
Goodwill [Abstract]
Goodwill	$ 3,400

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	May 04, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Events [Abstract]
Dividends declared (in dollars per share)		$ 0	$ 0
Subsequent Event [Member]
Subsequent Events [Abstract]
Dividends, declared date	May 4, 2022
Dividends declared (in dollars per share)	$ 0.10
Dividends, payable date	Jun. 29, 2022
Dividends, record date	Jun. 15, 2022