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Repurchases totaled $2.2 million and $7.6 million for the three-month periods ended June 30, 2024 and 2023, respectively. Repurchases totaled $6.2 and $9.6 million for the six-month periods ended June 30, 2024 and 2023, respectively.
On February 6, 2024, the Board of Directors authorized the repurchase of an additional 350,000 shares.
Represents the summation of multiple captions from the condensed consolidated statements of financial condition.
Does not include an estimate for projected future dividends.
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended June 30, 2024
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 001-37387
ASSOCIATED CAPITAL GROUP, INC.
(Exact name of registrant as specified in its charter)
| Delaware | | 47-3965991 |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| 191 Mason Street, Greenwich, CT | | 06830 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code (203) 629-9595
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbol | | Name of each exchange on which registered |
| Class A Common Stock, par value $0.001 per share | | AC | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | Large accelerated filer ☐ | Accelerated filer ☐ |
| | Non-accelerated filer ☒ | Smaller reporting company ☒ |
| | | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2) Yes ☐ No ☒.
Indicate the number of shares outstanding of each of the Registrant’s classes of Common Stock, as of the latest practical date.
| Class | | Outstanding at August 1, 2024 |
| Class A Common Stock, .001 par value | | 2,319,994 |
| Class B Common Stock, .001 par value | | 18,950,571 |
As of August 1, 2024, 2,319,994 shares of class A common stock and 18,950,571 shares of class B common stock were outstanding. GGCP, Inc., a private company controlled by the Company’s Executive Chairman, held 77,165 shares of class A common stock and indirectly held 18,423,741 shares of class B common stock. Other executive officers and directors of GGCP, Inc. held 29,866 and 176,758 shares of class A and class B common stock, respectively. In addition, there are 303,595 Phantom Restricted Stock Awards outstanding as of June 30, 2024.
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
INDEX
* Items other than those listed above have been omitted because they are not applicable.
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
UNAUDITED
(Dollars in thousands, except per share data)
| | | | | | | |
| | | June 30, 2024 | | | December 31, 2023 | |
| ASSETS | | | | | | | | |
| Cash and cash equivalents (includes U.S. Treasury Bills with maturities of 3 months or less) | | $ | 341,317 | | | $ | 317,487 | |
| Investments in U.S. Treasury Bills with maturities greater than 3 months | | | 46,060 | | | | 89,155 | |
| Investments in equity securities (includes GAMCO stock with a fair value of $57.3 million and $45.6 million, respectively) | | | 230,123 | | | | 196,583 | |
| Investments in affiliated registered investment companies | | | 128,924 | | | | 126,751 | |
| Investments in partnerships | | | 140,593 | | | | 142,974 | |
| Receivable from brokers | | | 29,298 | | | | 16,005 | |
| Receivable from brokers (cash held for real estate purchase) | | | - | | | | 14,263 | |
| Investment advisory fees receivable | | | 1,228 | | | | 4,711 | |
| Receivable from affiliates | | | 255 | | | | 876 | |
| Income taxes receivable, including deferred tax assets, net | | | 8,370 | | | | 8,474 | |
| Goodwill | | | 3,519 | | | | 3,519 | |
| Other assets | | | 19,329 | | | | 22,999 | |
| Total assets | | $ | 949,016 | | | $ | 943,797 | |
| | | | | | | | | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | | | | | | | | |
| | | | | | | | | |
| Payable to brokers | | $ | 6,642 | | | $ | 4,459 | |
| Compensation payable | | | 12,448 | | | | 15,169 | |
| Securities sold, not yet purchased | | | 6,392 | | | | 5,918 | |
| Accrued expenses and other liabilities | | | 2,367 | | | | 5,173 | |
| Total liabilities | | | 27,849 | | | | 30,719 | |
| | | | | | | | | |
| Redeemable noncontrolling interests | | | 5,688 | | | | 6,103 | |
| | | | | | | | | |
| Commitments and contingencies (Note 10) | | | | | | | | |
| | | | | | | | | |
| Equity: | | | | | | | | |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding | | | - | | | | - | |
| Class A Common Stock, $0.001 par value; 100,000,000 shares authorized; 6,641,601 shares issued; 2,404,213 and 2,587,036 shares outstanding, respectively | | | 6 | | | | 6 | |
| Class B Common Stock, $0.001 par value; 100,000,000 shares authorized; 19,196,792 shares issued; 18,950,571 outstanding, respectively | | | 19 | | | | 19 | |
| Additional paid-in capital | | | 999,047 | | | | 999,047 | |
| Retained earnings | | | 62,899 | | | | 48,231 | |
| Treasury stock, at cost (4,237,388 and 4,054,565 shares, respectively) | | | (146,492 | ) | | | (140,328 | ) |
| Total equity | | | 915,479 | | | | 906,975 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 949,016 | | | $ | 943,797 | |
As of June 30, 2024 and December 31, 2023, certain balances include amounts related to a consolidated variable interest entity (“VIE”) and voting interest entity (“VOE”). See Note 4.
See accompanying notes.
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
(In thousands, except per share data)
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory and incentive fees |
|
$ |
2,489 |
|
|
$ |
2,280 |
|
|
$ |
5,396 |
|
|
$ |
4,691 |
|
| Other revenues |
|
|
106 |
|
|
|
102 |
|
|
|
210 |
|
|
|
156 |
|
| Total revenues |
|
|
2,595 |
|
|
|
2,382 |
|
|
|
5,606 |
|
|
|
4,847 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation |
|
|
3,942 |
|
|
|
3,789 |
|
|
|
7,762 |
|
|
|
7,359 |
|
| Management fee |
|
|
442 |
|
|
|
544 |
|
|
|
2,424 |
|
|
|
3,087 |
|
| Other operating expenses |
|
|
1,885 |
|
|
|
1,520 |
|
|
|
4,064 |
|
|
|
3,005 |
|
| Total expenses |
|
|
6,269 |
|
|
|
5,853 |
|
|
|
14,250 |
|
|
|
13,451 |
|
| Operating loss |
|
|
(3,674 |
) |
|
|
(3,471 |
) |
|
|
(8,644 |
) |
|
|
(8,604 |
) |
| Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net gain/(loss) from investments |
|
|
(159 |
) |
|
|
3,297 |
|
|
|
16,635 |
|
|
|
23,808 |
|
| Interest and dividend income |
|
|
7,860 |
|
|
|
5,968 |
|
|
|
13,843 |
|
|
|
11,161 |
|
| Interest expense |
|
|
(69 |
) |
|
|
(156 |
) |
|
|
(152 |
) |
|
|
(254 |
) |
| Shareholder-designated contribution |
|
|
(380 |
) |
|
|
(498 |
) |
|
|
(449 |
) |
|
|
(1,369 |
) |
| Total other income, net |
|
|
7,252 |
|
|
|
8,611 |
|
|
|
29,877 |
|
|
|
33,346 |
|
| Income before income taxes |
|
|
3,578 |
|
|
|
5,140 |
|
|
|
21,233 |
|
|
|
24,742 |
|
| Income tax expense |
|
|
684 |
|
|
|
1,840 |
|
|
|
4,482 |
|
|
|
3,420 |
|
| Income before noncontrolling interests |
|
|
2,894 |
|
|
|
3,300 |
|
|
|
16,751 |
|
|
|
21,322 |
|
| Income/(loss) attributable to noncontrolling interests |
|
|
(91 |
) |
|
|
(71 |
) |
|
|
(55 |
) |
|
|
197 |
|
| Net income attributable to Associated Capital Group, Inc.'s shareholders |
|
$ |
2,985 |
|
|
$ |
3,371 |
|
|
$ |
16,806 |
|
|
$ |
21,125 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per share attributable to Associated Capital Group, Inc.'s shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
|
$ |
0.78 |
|
|
$ |
0.96 |
|
| Diluted |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
|
$ |
0.78 |
|
|
$ |
0.96 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
21,392 |
|
|
|
21,870 |
|
|
|
21,446 |
|
|
|
21,920 |
|
| Diluted |
|
|
21,392 |
|
|
|
21,870 |
|
|
|
21,446 |
|
|
|
21,920 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Actual shares outstanding (in thousands) |
|
|
21,355 |
|
|
|
21,726 |
|
|
|
21,355 |
|
|
|
21,726 |
|
See accompanying notes.
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
UNAUDITED
(Dollars in thousands)
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income before noncontrolling interests |
|
$ |
2,894 |
|
|
$ |
3,300 |
|
|
$ |
16,751 |
|
|
$ |
21,322 |
|
| Less: Comprehensive income/(loss) attributable to noncontrolling interests |
|
|
(91 |
) |
|
|
(71 |
) |
|
|
(55 |
) |
|
|
197 |
|
| Comprehensive income attributable to Associated Capital Group, Inc. |
|
$ |
2,985 |
|
|
$ |
3,371 |
|
|
$ |
16,806 |
|
|
$ |
21,125 |
|
See accompanying notes.
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
UNAUDITED
(Dollars in thousands)
| | | Three Months Ended June 30, 2024 | |
| | | | | | | | | | | Additional | | | | | | | | | | | Redeemable | |
| | | Common | | | Retained | | | Paid-in | | | Treasury | | | Total | | | Noncontrolling | |
| | | Stock | | | Earnings | | | Capital | | | Stock | | | Equity | | | Interests | |
| Balance at March 31, 2024 | | $ | 25 | | | $ | 62,052 | | | $ | 999,047 | | | $ | (144,274 | ) | | $ | 916,850 | | | $ | 5,779 | |
| Net income/(loss) | | | - | | | | 2,985 | | | | - | | | | - | | | | 2,985 | | | | (91 | ) |
| Dividends declared ($0.10 per share) | | | - | | | | (2,138 | ) | | | - | | | | - | | | | (2,138 | ) | | | - | |
| Purchases of treasury stock | | | - | | | | - | | | | - | | | | (2,218 | ) | | | (2,218 | ) | | | - | |
| Balance at June 30, 2024 | | $ | 25 | | | $ | 62,899 | | | $ | 999,047 | | | $ | (146,492 | ) | | $ | 915,479 | | | $ | 5,688 | |
| | | Three Months Ended June 30, 2023 | |
| | | | | | | | | | | Additional | | | | | | | | | | | Redeemable | |
| | | Common | | | Retained | | | Paid-in | | | Treasury | | | Total | | | Noncontrolling | |
| | | Stock | | | Earnings | | | Capital | | | Stock | | | Equity | | | Interests | |
| Balance at March 31, 2023 | | $ | 25 | | | $ | 32,880 | | | $ | 999,047 | | | $ | (125,951 | ) | | $ | 906,001 | | | $ | 7,233 | |
| Redemptions of noncontrolling interests | | | - | | | | - | | | | - | | | | - | | | | - | | | | (76 | ) |
| Net income/(loss) | | | - | | | | 3,371 | | | | - | | | | - | | | | 3,371 | | | | (71 | ) |
| Dividends declared ($0.10 per share) | | | - | | | | (2,188 | ) | | | - | | | | - | | | | (2,188 | ) | | | - | |
| Purchases of treasury stock | | | - | | | | - | | | | - | | | | (7,617 | ) | | | (7,617 | ) | | | - | |
| Balance at June 30, 2023 | | $ | 25 | | | $ | 34,063 | | | $ | 999,047 | | | $ | (133,568 | ) | | $ | 899,567 | | | $ | 7,086 | |
| | | Six Months Ended June 30, 2024 | |
| | | | | | | | | | | Additional | | | | | | | | | | | Redeemable | |
| | | Common | | | Retained | | | Paid-in | | | Treasury | | | Total | | | Noncontrolling | |
| | | Stock | | | Earnings | | | Capital | | | Stock | | | Equity | | | Interests | |
| Balance at December 31, 2023 | | $ | 25 | | | $ | 48,231 | | | $ | 999,047 | | | $ | (140,328 | ) | | $ | 906,975 | | | $ | 6,103 | |
| Redemptions of noncontrolling interests | | | - | | | | - | | | | - | | | | - | | | | - | | | | (360 | ) |
| Net income/(loss) | | | - | | | | 16,806 | | | | - | | | | - | | | | 16,806 | | | | (55 | ) |
| Dividends declared ($0.10 per share) | | | - | | | | (2,138 | ) | | | - | | | | - | | | | (2,138 | ) | | | - | |
| Purchases of treasury stock | | | - | | | | - | | | | - | | | | (6,164 | ) | | | (6,164 | ) | | | - | |
| Balance at June 30, 2024 | | $ | 25 | | | $ | 62,899 | | | $ | 999,047 | | | $ | (146,492 | ) | | $ | 915,479 | | | $ | 5,688 | |
| | | Six Months Ended June 30, 2023 | |
| | | | | | | | | | | Additional | | | | | | | | | | | Redeemable | |
| | | Common | | | Retained | | | Paid-in | | | Treasury | | | Total | | | Noncontrolling | |
| | | Stock | | | Earnings | | | Capital | | | Stock | | | Equity | | | Interests | |
| Balance at December 31, 2022 | | $ | 25 | | | $ | 15,126 | | | $ | 999,047 | | | $ | (124,002 | ) | | $ | 890,196 | | | $ | 10,193 | |
| Redemptions of noncontrolling interests | | | - | | | | - | | | | - | | | | - | | | | - | | | | (3,304 | ) |
| Net income/(loss) | | | - | | | | 21,125 | | | | - | | | | - | | | | 21,125 | | | | 197 | |
| Dividends declared ($0.10 per share) | | | - | | | | (2,188 | ) | | | - | | | | - | | | | (2,188 | ) | | | - | |
| Purchases of treasury stock | | | - | | | | - | | | | - | | | | (9,566 | ) | | | (9,566 | ) | | | - | |
| Balance at June 30, 2023 | | $ | 25 | | | $ | 34,063 | | | $ | 999,047 | | | $ | (133,568 | ) | | $ | 899,567 | | | $ | 7,086 | |
See accompanying notes.
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(Dollars in thousands)
| |
|
Six Months Ended |
|
| |
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
| Operating activities |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
16,751 |
|
|
$ |
21,322 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Equity in net (gains)/losses from partnerships |
|
|
(1,801 |
) |
|
|
(1,493 |
) |
| Depreciation and amortization |
|
|
181 |
|
|
|
180 |
|
| Deferred income taxes |
|
|
2,258 |
|
|
|
772 |
|
| Donated securities |
|
|
1,346 |
|
|
|
966 |
|
| Unrealized (gains)/losses on securities |
|
|
(13,030 |
) |
|
|
(18,022 |
) |
| Realized gains on sales of securities |
|
|
(2,790 |
) |
|
|
(1,757 |
) |
| (Increase)/decrease in assets: |
|
|
|
|
|
|
|
|
| Investments in trading securities |
|
|
22,971 |
|
|
|
183,400 |
|
| Investments in partnerships: |
|
|
|
|
|
|
|
|
| Contributions to partnerships |
|
|
(5,619 |
) |
|
|
(2,390 |
) |
| Distributions from partnerships |
|
|
9,800 |
|
|
|
5,300 |
|
| Receivable from affiliates |
|
|
621 |
|
|
|
2,246 |
|
| Receivable from brokers |
|
|
(3,539 |
) |
|
|
(14,599 |
) |
| Investment advisory fees receivable |
|
|
3,483 |
|
|
|
2,517 |
|
| Income taxes receivable |
|
|
(2,154 |
) |
|
|
2,038 |
|
| Other assets |
|
|
3,489 |
|
|
|
417 |
|
| Increase/(decrease) in liabilities: |
|
|
|
|
|
|
|
|
| Payable to brokers |
|
|
2,183 |
|
|
|
2,133 |
|
| Compensation payable |
|
|
(2,721 |
) |
|
|
(2,931 |
) |
| Accrued expenses and other liabilities |
|
|
(2,806 |
) |
|
|
(696 |
) |
| Total adjustments |
|
|
11,872 |
|
|
|
158,081 |
|
| Net cash provided by operating activities |
|
|
28,623 |
|
|
|
179,403 |
|
| |
|
|
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
|
|
|
| Purchases of securities |
|
|
(5,030 |
) |
|
|
(1,110 |
) |
| Proceeds from sales of securities |
|
|
3,510 |
|
|
|
777 |
|
| Return of capital on securities |
|
|
880 |
|
|
|
1,009 |
|
| Net provided by/(used in) investing activities |
|
$ |
(640 |
) |
|
$ |
676 |
|
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED (continued)
(Dollars in thousands)
| |
|
Six Months Ended |
|
| |
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
| Financing activities |
|
|
|
|
|
|
|
|
| Dividends paid |
|
$ |
(2,138 |
) |
|
$ |
(2,188 |
) |
| Purchases of treasury stock |
|
|
(6,164 |
) |
|
|
(9,566 |
) |
| Redemptions of redeemable noncontrolling interests |
|
|
(360 |
) |
|
|
(3,304 |
) |
| Net cash used in financing activities |
|
|
(8,662 |
) |
|
|
(15,058 |
) |
| Net increase in cash, cash equivalents and restricted cash |
|
|
19,321 |
|
|
|
165,021 |
|
| Cash, cash equivalents and restricted cash at beginning of period |
|
|
347,057 |
|
|
|
221,269 |
|
| Cash, cash equivalents and restricted cash at end of period |
|
$ |
366,378 |
|
|
$ |
386,290 |
|
| |
|
|
|
|
|
|
|
|
| Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
| Cash paid for interest |
|
$ |
152 |
|
|
$ |
156 |
|
| Cash paid for taxes |
|
$ |
4,364 |
|
|
$ |
591 |
|
| |
|
|
|
|
|
|
|
|
| Reconciliation of Cash, cash equivalents and restricted cash at end of period: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
341,317 |
|
|
$ |
381,387 |
|
| Cash included in receivable from brokers |
|
|
15,111 |
|
|
|
- |
|
| Restricted cash included in receivable from brokers |
|
|
9,950 |
|
|
|
4,903 |
|
| Cash, cash equivalents and restricted cash |
|
$ |
366,378 |
|
|
$ |
386,290 |
|
See accompanying notes.
ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2024
(UNAUDITED)
1. Organization
Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.”, "Associated Capital", “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 from proprietary investments of cash and other assets in our operating business.
Gabelli & Company Investment Advisors, Inc. (“GCIA”), a wholly-owned subsidiary of AC, 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 the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.
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. 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, 2023.
The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All intercompany transactions and balances have been eliminated. The details on the impact of consolidating certain partnership entities on the condensed consolidated financial statements can be seen in Note 4. Investment Partnerships and Other Entities.
For the three and six months ended June 30, 2024 and 2023, there were no items related to other comprehensive income.
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 December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements. The new standard will require enhanced disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact that this guidance will have on our consolidated financial statements and related disclosures.
2. Revenue
The Company’s major revenue sources are as follows for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Investment advisory and incentive fees | | | | | | | | | | | | | | | | |
| Asset-based advisory fees | | $ | 1,217 | | | $ | 1,291 | | | $ | 2,444 | | | $ | 2,606 | |
| Performance-based advisory fees | | | 1 | | | | - | | | | 1 | | | | 1 | |
| Sub-advisory fees | | | 1,271 | | | | 989 | | | | 2,951 | | | | 2,084 | |
| Total investment advisory and incentive fees | | | 2,489 | | | | 2,280 | | | | 5,396 | | | | 4,691 | |
| | | | | | | | | | | | | | | | | |
| Other | | | 106 | | | | 102 | | | | 210 | | | | 156 | |
| | | | | | | | | | | | | | | | | |
| Total revenues | | $ | 2,595 | | | $ | 2,382 | | | $ | 5,606 | | | $ | 4,847 | |
3. Investments in Securities
Investments in securities at June 30, 2024 and December 31, 2023, consisted of the following (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| Debt - Trading Securities: | | | | | | | | | | | | | | | | |
| U.S. Treasury Bills | | $ | 45,133 | | | $ | 46,060 | | | $ | 88,300 | | | $ | 89,155 | |
| Equity Securities: | | | | | | | | | | | | | | | | |
| Common stocks | | | 219,878 | | | | 225,108 | | | | 198,269 | | | | 191,346 | |
| Mutual funds | | | 651 | | | | 1,384 | | | | 566 | | | | 1,186 | |
| Other investments | | | 4,609 | | | | 3,631 | | | | 5,166 | | | | 4,051 | |
| Total investments in equity securities | | | 225,138 | | | | 230,123 | | | | 204,001 | | | | 196,583 | |
| Total investments in securities | | $ | 270,271 | | | $ | 276,183 | | | $ | 292,301 | | | $ | 285,738 | |
Securities sold, not yet purchased at June 30, 2024 and December 31, 2023, consisted of the following (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,782 | | | $ | 5,998 | | | $ | 5,227 | | | $ | 5,035 | |
| Other investments | | | 105 | | | | 394 | | | | 631 | | | | 883 | |
| Total securities sold, not yet purchased | | $ | 5,887 | | | $ | 6,392 | | | $ | 5,858 | | | $ | 5,918 | |
Investments in affiliated registered investment companies at June 30, 2024 and December 31, 2023, consisted of the following (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| | | | | | | | | | | | | | | | | |
| Closed-end funds | | $ | 40,270 | | | $ | 55,021 | | | $ | 39,680 | | | $ | 53,048 | |
| Mutual funds | | | 50,783 | | | | 73,903 | | | | 50,136 | | | | 73,703 | |
| Total investments in affiliated registered investment companies | | $ | 91,053 | | | $ | 128,924 | | | $ | 89,816 | | | $ | 126,751 | |
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4. Investment Partnerships and Other Entities
The Company is a general partner or co-general partner of various affiliated entities whose underlying assets consist primarily of marketable securities (“Affiliated Entities”). The Company had investments in Affiliated Entities totaling $102.0 million and $107.4 million at June 30, 2024 and December 31, 2023, respectively. The Company also had investments in unaffiliated partnerships, offshore funds and other entities of $38.6 million and $35.6 million at June 30, 2024, and December 31, 2023, 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 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 material outstanding capital commitments to any Affiliated or Unaffiliated Entity.
Consolidated Entities
The following table reflects the net impact of the consolidated investment partnerships (“Consolidated Entities”) on the condensed consolidated statements of financial condition (in thousands):
| | | June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| Assets | | Consolidation | | | Entities | | | As Reported | |
| Cash and cash equivalents | | $ | 337,777 | | | $ | 3,540 | | | $ | 341,317 | |
| Investments in U.S. Treasury Bills | | | 39,863 | | | | 6,197 | | | | 46,060 | |
| Investments in equity securities | | | 172,456 | | | | 57,667 | | | | 230,123 | |
| Investments in affiliated registered investment companies | | | 182,362 | | | | (53,438 | ) | | | 128,924 | |
| Investments in partnerships | | | 160,488 | | | | (19,895 | ) | | | 140,593 | |
| Receivable from brokers | | | 19,010 | | | | 10,288 | | | | 29,298 | |
| Investment advisory fees receivable | | | 1,234 | | | | (6 | ) | | | 1,228 | |
| Other assets(1) | | | 28,499 | | | | 2,974 | | | | 31,473 | |
| Total assets | | $ | 941,689 | | | $ | 7,327 | | | $ | 949,016 | |
| Liabilities, redeemable noncontrolling interests and equity | | | | | | | | | | | | |
| Securities sold, not yet purchased | | $ | 6,043 | | | $ | 349 | | | $ | 6,392 | |
| Payable to brokers and other liabilities(1) | | | 20,167 | | | | 1,290 | | | | 21,457 | |
| Redeemable noncontrolling interests | | | - | | | | 5,688 | | | | 5,688 | |
| Total equity | | | 915,479 | | | | - | | | | 915,479 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 941,689 | | | $ | 7,327 | | | $ | 949,016 | |
| | | December 31, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| Assets | | Consolidation | | | Entities | | | As Reported | |
| Cash and cash equivalents | | $ | 299,508 | | | $ | 17,979 | | | $ | 317,487 | |
| Investments in U.S. Treasury Bills | | | 79,714 | | | | 9,441 | | | | 89,155 | |
| Investments in equity securities | | | 149,154 | | | | 47,429 | | | | 196,583 | |
| Investments in affiliated registered investment companies | | | 181,641 | | | | (54,890 | ) | | | 126,751 | |
| Investments in partnerships | | | 163,226 | | | | (20,252 | ) | | | 142,974 | |
| Receivable from brokers(1) | | | 25,026 | | | | 5,242 | | | | 30,268 | |
| Investment advisory fees receivable | | | 4,714 | | | | (3 | ) | | | 4,711 | |
| Other assets(1) | | | 33,444 | | | | 2,424 | | | | 35,868 | |
| Total assets | | $ | 936,427 | | | $ | 7,370 | | | $ | 943,797 | |
| Liabilities, redeemable noncontrolling interests and equity | | | | | | | | | | | | |
| Securities sold, not yet purchased | | $ | 5,639 | | | $ | 279 | | | $ | 5,918 | |
| Payable to brokers and other liabilities(1) | | | 23,813 | | | | 988 | | | | 24,801 | |
| Redeemable noncontrolling interests | | | - | | | | 6,103 | | | | 6,103 | |
| Total equity | | | 906,975 | | | | - | | | | 906,975 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 936,427 | | | $ | 7,370 | | | $ | 943,797 | |
(1) Represents the summation of multiple assets and liabilities from the condensed consolidated statements of financial condition.
The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of income (in thousands):
| | | Three Months Ended June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 2,703 | | | $ | (108 | ) | | $ | 2,595 | |
| Operating loss | | | (3,270 | ) | | | (404 | ) | | | (3,674 | ) |
| Total other income, net | | | 7,250 | | | | 2 | | | | 7,252 | |
| Income/(loss) before noncontrolling interests | | | 2,985 | | | | (91 | ) | | | 2,894 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (91 | ) | | | (91 | ) |
| Net income | | $ | 2,985 | | | $ | - | | | $ | 2,985 | |
| | | Three Months Ended June 30, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 2,489 | | | $ | (107 | ) | | $ | 2,382 | |
| Operating loss | | | (3,107 | ) | | | (364 | ) | | | (3,471 | ) |
| Total other income, net | | | 8,003 | | | | 608 | | | | 8,611 | |
| Income/(loss) before noncontrolling interests | | | 3,371 | | | | (71 | ) | | | 3,300 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (71 | ) | | | (71 | ) |
| Net income | | $ | 3,371 | | | $ | - | | | $ | 3,371 | |
| | | Six Months Ended June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 5,823 | | | $ | (217 | ) | | $ | 5,606 | |
| Operating loss | | | (7,877 | ) | | | (767 | ) | | | (8,644 | ) |
| Total other income, net | | | 29,697 | | | | 180 | | | | 29,877 | |
| Income/(loss) before noncontrolling interests | | | 16,806 | | | | (55 | ) | | | 16,751 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (55 | ) | | | (55 | ) |
| Net income | | $ | 16,806 | | | $ | - | | | $ | 16,806 | |
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| | | Six Months Ended June 30, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 5,067 | | | $ | (220 | ) | | $ | 4,847 | |
| Operating loss | | | (7,843 | ) | | | (761 | ) | | | (8,604 | ) |
| Total other income/(loss), net | | | 35,625 | | | | (2,279 | ) | | | 33,346 | |
| Income/(loss) before noncontrolling interests | | | 21,125 | | | | 197 | | | | 21,322 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | 197 | | | | 197 | |
| Net income | | $ | 21,125 | | | $ | - | | | $ | 21,125 | |
Variable Interest Entity
We have one investment partnership that is consolidated as a VIE as of June 30, 2024 and December 31, 2023 because AC is the primary beneficiary of the entity. With respect to the consolidated VIE, its assets may only be used to satisfy its obligations. The investors and creditors of the 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 the VIE that is consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in that VIE (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| Cash and cash equivalents | | $ | 294 | | | $ | 302 | |
| Investments in equity securities | | | 9,544 | | | | 9,695 | |
| Receivable from brokers | | | 234 | | | | 166 | |
| Accrued expenses and other liabilities | | | (23 | ) | | | (46 | ) |
| Redeemable noncontrolling interests | | | (451 | ) | | | (451 | ) |
| AC Group's net interests in consolidated VIEs | | $ | 9,598 | | | $ | 9,666 | |
Voting Interest Entity
We have one investment partnership that is consolidated as a VOE as of June 30, 2024 and December 31, 2023 because AC has a controlling interest in the entity. This resulted in the consolidation of $70.6 million of assets, $1.8 million of liabilities, and $5.2 million of redeemable noncontrolling interests at June 30, 2024 and $72.4 million of assets, $1.4 million of liabilities, and $5.6 million of redeemable noncontrolling interests at December 31, 2023. AC’s net interest in the consolidated VOE at June 30, 2024 and December 31, 2023 was $63.6 million and $65.4 million, respectively.
Equity Method Investments
The Company’s equity method investments include investments in partnerships and offshore funds. The Company evaluates each of its equity method investments to determine if any are significant as defined in the regulations applicable to smaller reporting companies promulgated by the SEC. As of and for the three and six months ended June 30, 2024, no individual equity method investment held by the Company met the significance criteria. As such, the Company is not required to present summarized income statement information for any of its equity method investments.
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5. Fair Value
Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:
| | • | Level 1 - Unadjusted quoted prices for identical instruments in active markets. |
| | • | Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. |
| | • | Level 3 - Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. |
Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments.
The following tables present assets and liabilities measured at fair value on a recurring basis, unless otherwise noted, as of the dates specified (in thousands):
| | | June 30, 2024 | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Cash equivalents | | $ | 339,920 | | | $ | - | | | $ | - | | | $ | 339,920 | |
| Investments in securities (including GAMCO stock): | | | | | | | | | | | | | | | | |
| Trading - U.S. Treasury Bills | | | 46,060 | | | | - | | | | - | | | | 46,060 | |
| Common stocks | | | 221,813 | | | | 1,260 | | | | 2,035 | | | | 225,108 | |
| Mutual funds | | | 1,384 | | | | - | | | | - | | | | 1,384 | |
| Other | | | 2,778 | | | | 727 | | | | 126 | | | | 3,631 | |
| Total investments in securities | | | 272,035 | | | | 1,987 | | | | 2,161 | | | | 276,183 | |
| Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | |
| Closed-end funds - equity securities | | | 45,165 | | | | - | | | | - | | | | 45,165 | |
| Preferred securities issued by Closed-end funds (a) | | | - | | | | - | | | | 9,856 | | | | 9,856 | |
| Mutual funds | | | 73,903 | | | | - | | | | - | | | | 73,903 | |
| Total investments in affiliated registered investment companies | | | 119,068 | | | | - | | | | 9,856 | | | | 128,924 | |
| Total investments held at fair value | | | 391,103 | | | | 1,987 | | | | 12,017 | | | | 405,107 | |
| Total assets at fair value | | $ | 731,023 | | | $ | 1,987 | | | $ | 12,017 | | | $ | 745,027 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,998 | | | $ | - | | | $ | - | | | $ | 5,998 | |
| Other | | | 36 | | | | 358 | | | | - | | | | 394 | |
| Securities sold, not yet purchased | | | 6,034 | | | | 358 | | | | - | | | | 6,392 | |
| Total liabilities at fair value | | $ | 6,034 | | | $ | 358 | | | $ | - | | | $ | 6,392 | |
(a) These securities represent privately issued, puttable and callable preferred securities issued by affiliated closed-end funds.
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| | | December 31, 2023 | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Cash equivalents | | $ | 315,017 | | | $ | - | | | $ | - | | | $ | 315,017 | |
| Investments in securities (including GAMCO stock): | | | | | | | | | | | | | | | | |
| Trading - U.S. Treasury Bills | | | 89,155 | | | | - | | | | - | | | | 89,155 | |
| Common stocks | | | 187,963 | | | | 1,348 | | | | 2,035 | | | | 191,346 | |
| Mutual funds | | | 1,186 | | | | - | | | | - | | | | 1,186 | |
| Other | | | 3,347 | | | | 485 | | | | 219 | | | | 4,051 | |
| Total investments in securities | | | 281,651 | | | | 1,833 | | | | 2,254 | | | | 285,738 | |
| Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | |
| Closed-end funds - equity securities | | | 44,692 | | | | - | | | | - | | | | 44,692 | |
| Preferred securities issued by Closed-end funds (a) | | | - | | | | - | | | | 8,356 | | | | 8,356 | |
| Mutual funds | | | 73,703 | | | | - | | | | - | | | | 73,703 | |
| Total investments in affiliated registered investment companies | | | 118,395 | | | | - | | | | 8,356 | | | | 126,751 | |
| Total investments held at fair value | | | 400,046 | | | | 1,833 | | | | 10,610 | | | | 412,489 | |
| Total assets at fair value | | $ | 715,063 | | | $ | 1,833 | | | $ | 10,610 | | | $ | 727,506 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,035 | | | $ | - | | | $ | - | | | $ | 5,035 | |
| Other | | | 579 | | | | 304 | | | | - | | | | 883 | |
| Securities sold, not yet purchased | | | 5,614 | | | | 304 | | | | - | | | | 5,918 | |
| Total liabilities at fair value | | $ | 5,614 | | | $ | 304 | | | $ | - | | | $ | 5,918 | |
(a) These securities represent privately issued, puttable and callable preferred securities issued by affiliated closed-end funds.
The following table presents additional information about assets 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 | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| Assets: | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Beginning balance | | $ | 12,110 | | | $ | 14,741 | | | $ | 10,610 | | | $ | 13,774 | |
| Total gains/(losses) | | | 100 | | | | - | | | | 100 | | | | (33 | ) |
| Purchases | | | - | | | | - | | | | 3,900 | | | | 1,000 | |
| Sales/return of capital | | | (193 | ) | | | (250 | ) | | | (2,593 | ) | | | (250 | ) |
| Ending balance | | $ | 12,017 | | | $ | 14,491 | | | $ | 12,017 | | | $ | 14,491 | |
| 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 | | $ | 100 | | | $ | - | | | $ | 100 | | | $ | (33 | ) |
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 and six months ended June 30, 2024 and 2023, there were no transfers into or out of Level 3.
The Company uses a discounted cash flow analysis when determining the fair value of privately issued preferred securities of affiliated closed-end funds that are categorized as Level 3. Projected cash flows in the discounted cash flow analysis represent the relevant security’s dividend rate plus the assumption of full principal repayment at the preferred security’s earliest available redemption date.
The significant unobservable input used in the fair value measurement of each of the Company’s investments in privately issued preferred securities of closed-end funds is the discount rate. The discount rate was determined using the interest rates of U.S. Treasury Bills that are held over a similar period as the preferred security. The discount rates used in the valuation of these investments as of June 30, 2024 ranged from 4.51% to 5.36% with a weighted average of 5.15% calculated based on the relative fair value. Significant changes in the discount rate could result in a significantly higher or lower fair value measurement of these Level 3 investments.
The Company uses the market approach as the valuation technique to value its investment in common stocks classified as Level 3, specifically considering recent transactions.
15
6. Income Taxes
The effective tax rate (“ETR”) for the six months ended June 30, 2024 and June 30, 2023 was 21.1% and 13.8%, respectively. The ETR in the year to date periods of 2024 and 2023 differ from the U.S. corporate tax rate of 21% primarily due to (a) deferred tax benefits from a foreign investment, (b) state and local taxes (net of federal benefit) and (c) the deductibility of officers' compensation. The increase in the ETR for the six months ended June 30, 2024 was primarily due to deferred tax benefits from a foreign investment which reduced the prior year's rate.
At June 30, 2024 the Company had net deferred tax assets, before valuation allowance of approximately $6.5 million that were recorded within income taxes receivable 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 $0.2 million and $0.4 million as of June 30, 2024 and December 31, 2023, respectively, on the deferred tax assets related to these charitable contribution carryforwards.
As of and for the six month periods ended June 30, 2024 and December 31, 2023, the Company has not identified any uncertain tax positions.
The Company remains subject to income tax examination by the IRS for the years 2020 through 2022 and state examinations for years after 2017.
7. 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 per share are as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| (In thousands, except per share amounts) | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Income before noncontrolling interests | | $ | 2,894 | | | $ | 3,300 | | | $ | 16,751 | | | $ | 21,322 | |
| Income/(loss) attributable to noncontrolling interests | | | (91 | ) | | | (71 | ) | | | (55 | ) | | | 197 | |
| Net income attributable to Associated Capital Group, Inc.'s shareholders | | $ | 2,985 | | | $ | 3,371 | | | $ | 16,806 | | | $ | 21,125 | |
| | | | | | | | | | | | | | | | | |
| Weighted average number of shares outstanding - basic | | | 21,392 | | | | 21,870 | | | | 21,446 | | | | 21,920 | |
| Weighted average number of shares outstanding - diluted | | | 21,392 | | | | 21,870 | | | | 21,446 | | | | 21,920 | |
| | | | | | | | | | | | | | | | | |
| Basic and Diluted EPS | | $ | 0.14 | | | $ | 0.15 | | | $ | 0.78 | | | $ | 0.96 | |
8. 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 and five years, respectively. The Phantom RSAs will be settled by a cash payment, net of applicable withholding tax, on the vesting dates. In addition, an amount equivalent to the cumulative dividends declared on shares of the Company’s Class A Stock during the vesting period will be paid to participants on vesting.
The Phantom RSAs are treated as a liability because cash settlement is required and compensation will be recognized over the vesting period. In determining the compensation expense to be recognized each period, the Company will re-measure the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award and the current market value of the Company’s Class A Stock. In making these determinations, the Company will consider the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur.
Based on the closing price of the Company’s Class A Stock on June 30, 2024 and December 31, 2023, the total liability recorded by the Company in compensation payable in our condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023, with respect to the Phantom RSAs was $3.3 million and $3.5 million, respectively.
The following table summarizes our stock-based compensation as well as unrecognized compensation for the three and six month periods ended June 30, 2024 and 2023, respectively. Stock-based compensation expense is included in compensation expense in the condensed consolidated statements of income (dollars in thousands, unless otherwise noted):
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | |
| Stock-based compensation expense | | $ | 595 | | | $ | 323 | | | $ | 757 | | | $ | 205 | |
| | | | | | | | | | | | | | | | | |
| Remaining expense to be recognized, if all vesting conditions are met(1) | | | | | | | | | | | 7,131 | | | | 6,012 | |
| | | | | | | | | | | | | | | | | |
| Weighted average remaining contractual term (in years) | | | | | | | | | | | 2.2 | | | | 2.2 | |
(1) Does not include an estimate for projected future dividends.
The following table summarizes Phantom RSA ("PRSA") activity:
| | | PRSAs | | | Weighted Average Grant Date Fair Value | |
| Balance at December 31, 2023 | | | 233,695 | | | $ | 37.38 | |
| Granted | | | - | | | | - | |
| Forfeited | | | - | | | | - | |
| Vested | | | - | | | | - | |
| Balance at March 31, 2024 | | | 233,695 | | | $ | 37.38 | |
| Granted | | | 97,200 | | | | 34.28 | |
| Forfeited | | | - | | | | - | |
| Vested | | | (27,300 | ) | | | 35.82 | |
| Balance at June 30, 2024 | | | 303,595 | | | $ | 36.53 | |
Stock Repurchase Program
In December 2015, the Board of Directors established a stock repurchase program ("Stock Repurchase Program") authorizing the Company to repurchase up to 500,000 shares of Class A Stock. 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. On February 6, 2024, the Board of Directors authorized the repurchase of an additional 350,000 shares. Our stock repurchase program is not subject to an expiration date.
The following table presents the Company's stock repurchase activity and remaining authorization:
| For the period ended June 30, 2024: | | | Number of shares purchased | | | | Average price per share | |
| Remaining repurchase authorization December 31, 2023 | | | 156,664 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (117,354 | ) | | $ | 33.63 | |
| Remaining repurchase authorization March 31, 2024 (2) | | | 389,310 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (65,469 | ) | | $ | 33.88 | |
| Remaining repurchase authorization June 30, 2024 | | | 323,841 | | | | | |
| For the period ended June 30, 2023: | | | | | | | | |
| Remaining repurchase authorization December 31, 2022 | | | 609,352 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (52,307 | ) | | $ | 37.27 | |
| Remaining repurchase authorization March 31, 2023 | | | 557,045 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (211,870 | ) | | $ | 35.95 | |
| Remaining repurchase authorization June 30, 2023 | | | 345,175 | | | | | |
(1) Repurchases totaled $2.2 million and $7.6 million for the three-month periods ended June 30, 2024 and 2023, respectively. Repurchases totaled $6.2 and $9.6 million for the six-month periods ended June 30, 2024 and 2023, respectively.
(2) On February 6, 2024, the Board of Directors authorized the repurchase of an additional 350,000 shares.
Dividends
During the three and six-month periods ended June 30, 2024 and 2023, the Company declared dividends of $0.10 per share to Class A and Class B shareholders.
9. Goodwill
At June 30, 2024 and December 31, 2023, 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 and six months ended June 30, 2024 or 2023, and as such there was no impairment analysis performed or charge recorded.
10. 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 is not aware of any probable or reasonably possible losses.
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.
11. Subsequent Events
From July 1, 2024 to August 9, 2024, the Company repurchased 84,861 shares at an average price of $31.43 per share.
On August 7, 2024, the Board of Directors approved a $0.20 per share shareholder designated charitable contribution. If all eligible shares outstanding were registered to participate, the total contribution would total $4.3 million.
On August 7, 2024, the Board of Directors increased the buyback authorization under the Stock Repurchase Program by 200,000 shares of Class A Stock.
ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS (“MD&A”) OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Introduction
MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s unaudited interim consolidated financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the Company’s audited annual financial statements included in our Form 10-K filed with the SEC on March 21, 2024 to help provide an understanding of our financial condition, changes in financial condition and results of operations. Unless the context otherwise requires, all references to “we,” “us,” “our,” “AC Group” or the “Company” refer collectively to Associated Capital Group, Inc., a holding company, and its subsidiaries through which our operations are actually conducted.
Overview
We are a Delaware corporation, incorporated in 2015, that provides alternative investment management services and operates a direct investment business that over time invests in businesses that fit our criteria. Additionally, we derive income from proprietary investments.
Alternative Investment Management
We conduct our investment management activities through our wholly-owned subsidiary Gabelli & Company Investment Advisers, Inc. (“GCIA”) and its wholly-owned subsidiary, Gabelli & Partners, LLC (“Gabelli & Partners”). GCIA is an investment adviser registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). GCIA and Gabelli & Partners together 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 business earns management and incentive fees from its advisory activities. Management fees are largely based on a percentage of assets under management (“AUM”). Incentive fees are based on a percentage of the investment returns of certain client portfolios.
We manage assets on a discretionary basis and invest in a variety of U.S. and foreign securities mainly in the developed global markets. We primarily employ absolute return strategies with the objective of generating positive returns. We serve a wide variety of investors globally including private wealth management clients, corporations, corporate pension and profit-sharing plans, foundations and endowments.
In merger arbitrage, the goal is to earn absolute positive returns. We introduced our first limited partnership, Gabelli Arbitrage (renamed Gabelli Associates Fund), in February 1985. Our typical investment process begins at the time of deal announcement, buying shares of the target at a discount to the stated deal terms, earning the spread until the deal closes, and reinvesting the proceeds in new deals in a similar manner. By owning a diversified portfolio of transactions, we mitigate the adverse impact of single deal-specific risks.
As the business and investor base expanded, we launched an offshore version in 1989. Building on our strengths in global event-driven value investing, several investment vehicles have been added to balance investors’ geographic, strategic and sector-specific needs. Today, we manage investments in multiple categories, including merger arbitrage, long/short value and other strategies.
Proprietary Capital
Proprietary capital is earmarked for our direct investment business that invests in new and existing businesses, using a variety of techniques and structures. We launched our direct private equity and merchant banking activities in August 2017. The direct investment business is developing along several core pillars:
| |
● |
Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fundless” sponsor. |
| |
● |
Gabelli Principal Strategies Group, LLC (“GPS”) was created in December 2015 to pursue strategic operating initiatives broadly. |
Our direct investing efforts are organized to invest in various ways, including growth capital, leveraged buyouts and restructurings, with an emphasis on small and mid-sized companies. Our investment sourcing is across a variety of channels including direct owners, private equity funds, classic agents, and corporate carve outs (which are positioned for accelerated growth, as businesses seek to enhance shareholder value through financial engineering). The Company’s direct investing vehicles allow us to acquire companies and create long-term value with no pre-determined exit timetable.
We have a proprietary portfolio of cash and investments which we expect to use to invest primarily in funds that we will manage, provide seed capital for new products, expand our geographic presence, develop new markets and pursue strategic acquisitions and alliances.
Financial Highlights
The following is a summary of the Company’s financial performance for the quarters ended June 30, 2024 and 2023:
($000s except per share data or as noted)
| |
|
Second Quarter |
|
| |
|
2024 |
|
|
2023 |
|
| AUM - end of period (in millions) |
|
$ |
1,362 |
|
|
$ |
1,549 |
|
| AUM - average (in millions) |
|
$ |
1,446 |
|
|
$ |
1,640 |
|
| Net income per share-diluted |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
| Book value per share at June 30 |
|
$ |
42.87 |
|
|
$ |
41.41 |
|
Condensed Consolidated Statements of Income
Investment advisory and incentive fees, which are based on the amount and composition of AUM in our funds and accounts, represent our largest source of revenues. Growth in revenues depends on good investment performance, which influences the value of existing AUM as well as contributes to higher investment and lower redemption rates and attracts additional investors while maintaining current fee levels. Growth in AUM is also dependent on being able to access various distribution channels, which is usually based on several factors, including performance and service. In light of the ongoing dynamics created by the conflicts in the Middle East and the Ukraine and their impact on the global economy and markets, we could experience higher volatility in the short-term returns of our funds.
Incentive fees generally consist of an incentive allocation on the absolute gain in a portfolio generally equating to 20% of the economic profit, as defined in the agreements governing the investment vehicle or account. We recognize such revenue only when the measurement period has been completed, generally in December or at the time of an investor redemption.
Compensation includes variable and fixed compensation and related expenses paid to officers, portfolio managers, sales, trading, research and all other professional staff. Variable compensation is paid to sales personnel and portfolio management and may represent up to 55% of revenues.
Management fee expense is incentive-based compensation equal to 10% of adjusted aggregate pre-tax profits paid to the Executive Chair or his designees for his services pursuant to an employment agreement.
Other operating expenses include general and administrative operating costs.
Other income and expense includes net gains and losses from investments (which include both realized and unrealized gains and losses from securities and equity in earnings of investments in partnerships), interest and dividend income, and interest expense. Net gains and losses from investments are derived from our proprietary investment portfolio consisting of various public and private investments and from consolidated investment funds.
Net income attributable to noncontrolling interests represents the share of net income attributable to third-party limited partners of certain partnerships and offshore funds we consolidate. Please refer to Notes 1 and 4 in our condensed consolidated financial statements included elsewhere in this report.
Condensed Consolidated Statements of Financial Condition
We ended the second quarter of 2024 with approximately $880.6 million in cash and investments, net of securities sold, not yet purchased of $6.4 million. This includes $341.3 million of cash and cash equivalents; $46.1 million of U.S. Treasury obligations; $223.7 million of securities, net of securities sold, not yet purchased, including shares of GAMCO Investors, Inc. ("GAMCO") with a market value of $57.3 million; and $269.5 million invested in affiliated and third-party funds and partnerships, including investments in affiliated closed end funds which have a value of $55.0 million and more limited liquidity. Our financial resources provide flexibility to pursue strategic objectives that may include acquisitions, lift-outs, seeding new investment strategies, and co-investing, as well as shareholder compensation in the form of share repurchases and dividends.
Total shareholders’ equity was $915.5 million or $42.87 per share as of June 30, 2024, compared to $907.0 million or $42.11 per share as of December 31, 2023. Shareholders’ equity per share is calculated by dividing the total equity by the number of common shares outstanding. The increase in equity from the end of 2023 was largely attributable to income for the year to date period.
RESULTS OF OPERATIONS
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory and incentive fees |
|
$ |
2,489 |
|
|
$ |
2,280 |
|
|
$ |
5,396 |
|
|
$ |
4,691 |
|
| Other revenues |
|
|
106 |
|
|
|
102 |
|
|
|
210 |
|
|
|
156 |
|
| Total revenues |
|
|
2,595 |
|
|
|
2,382 |
|
|
|
5,606 |
|
|
|
4,847 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation |
|
|
3,942 |
|
|
|
3,789 |
|
|
|
7,762 |
|
|
|
7,359 |
|
| Management fee |
|
|
442 |
|
|
|
544 |
|
|
|
2,424 |
|
|
|
3,087 |
|
| Other operating expenses |
|
|
1,885 |
|
|
|
1,520 |
|
|
|
4,064 |
|
|
|
3,005 |
|
| Total expenses |
|
|
6,269 |
|
|
|
5,853 |
|
|
|
14,250 |
|
|
|
13,451 |
|
| Operating loss |
|
|
(3,674 |
) |
|
|
(3,471 |
) |
|
|
(8,644 |
) |
|
|
(8,604 |
) |
| Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net gain/(loss) from investments |
|
|
(159 |
) |
|
|
3,297 |
|
|
|
16,635 |
|
|
|
23,808 |
|
| Interest and dividend income |
|
|
7,860 |
|
|
|
5,968 |
|
|
|
13,843 |
|
|
|
11,161 |
|
| Interest expense |
|
|
(69 |
) |
|
|
(156 |
) |
|
|
(152 |
) |
|
|
(254 |
) |
| Shareholder-designated contribution |
|
|
(380 |
) |
|
|
(498 |
) |
|
|
(449 |
) |
|
|
(1,369 |
) |
| Total other income, net |
|
|
7,252 |
|
|
|
8,611 |
|
|
|
29,877 |
|
|
|
33,346 |
|
| Income before income taxes |
|
|
3,578 |
|
|
|
5,140 |
|
|
|
21,233 |
|
|
|
24,742 |
|
| Income tax expense |
|
|
684 |
|
|
|
1,840 |
|
|
|
4,482 |
|
|
|
3,420 |
|
| Income before noncontrolling interests |
|
|
2,894 |
|
|
|
3,300 |
|
|
|
16,751 |
|
|
|
21,322 |
|
| Income/(loss) attributable to noncontrolling interests |
|
|
(91 |
) |
|
|
(71 |
) |
|
|
(55 |
) |
|
|
197 |
|
| Net income attributable to Associated Capital Group, Inc.'s shareholders |
|
$ |
2,985 |
|
|
$ |
3,371 |
|
|
$ |
16,806 |
|
|
$ |
21,125 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per share attributable to Associated Capital Group, Inc.'s shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
|
$ |
0.78 |
|
|
$ |
0.96 |
|
| Diluted |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
|
$ |
0.78 |
|
|
$ |
0.96 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding (thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
21,392 |
|
|
|
21,870 |
|
|
|
21,446 |
|
|
|
21,920 |
|
| Diluted |
|
|
21,392 |
|
|
|
21,870 |
|
|
|
21,446 |
|
|
|
21,920 |
|
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
Revenues
Total revenues in the second quarter were $2.6 million compared to $2.4 million in the second quarter of 2023. Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage (the “SICAV”) were $1.3 million versus $1.0 million in the prior year period. All other revenues were $1.3 million compared to $1.4 million in the year-ago quarter.
Starting in December 2023, the SICAV revenue recognized by the Company for its services increased to 100% of the revenues received by Gabelli Funds, LLC. In turn, AC now pays the marketing expenses of the SICAV that were previously paid by Gabelli Funds and remits an admin fee to GAMCO for administrative services provided to the SICAV. This change better aligns the financial arrangements with the services rendered by each party. The net effect of this change did not have a material impact on our operating results.
Incentive fees are not recognized until the uncertainty surrounding the amount of variable consideration ends and the fee is crystalized, typically on an annual basis on December 31. There were no material unrecognized incentive fees for the quarters ended June 30, 2024 and 2023.
Expenses
Compensation, which includes variable compensation, salaries, bonuses and benefits, was $3.9 million and $3.8 million for the three month periods ended June 30, 2024 and 2023, respectively, primarily driven by higher stock-based compensation expense in 2024 offset partially by lower variable based compensation expense in 2024 driven by lower average AUM.
Management fee expense represents incentive-based and entirely variable compensation in the amount of 10% of income before management fee and income taxes and excluding the impact of consolidating entities and is payable to Mario J. Gabelli, Executive Chair, or his designee pursuant to his employment agreement. Management fee expense of $0.4 million was recorded for the three-month period ended June 30, 2024 compared to $0.5 million for the three-month period ended June 30, 2023.
Other operating expenses were $1.9 million during the three months ended June 30, 2024 compared to $1.5 million in the prior year's quarter driven primarily by marketing expenses on the newly realigned SICAV.
Other
Net gain/(loss) from investments is primarily related to the performance of our securities portfolio and investments in partnerships. Investment losses were $0.2 million in the 2024 quarter compared to gains of $3.3 million in the comparable 2023 quarter.
Interest and dividend income increased to $7.9 million in the 2024 quarter from $6.0 million in the 2023 quarter primarily driven by increased interest income as a result of higher sustained interest rates in the 2024 quarter.
Shareholder-designated contributions in the 2024 quarter decreased to $0.4 million compared to $0.5 million in the prior year’s quarter, driven by timing of contributions.
Income taxes
The effective tax rate for the three months ended June 30, 2024 and 2023 was 19.1% and 35.8%, respectively. The difference in effective tax rate period over period is primarily driven by deferred tax benefits from a foreign investment which reduced the current quarter's effective tax rate.
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Revenues
Total revenues for the six months ended June 30, 2024 were $5.6 million compared to $4.8 million in the six months ended June 30, 2023. Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage (the “SICAV”) were $3.0 million versus $2.1 million in the prior year period. All other revenues were $2.6 million compared to $2.7 million in the year-ago quarter driven by lower average AUM in 2024.
Starting in December 2023, the SICAV revenue recognized by the Company for its services increased to 100% of the revenues received by Gabelli Funds, LLC. In turn, AC now pays the marketing expenses of the SICAV that were previously paid by Gabelli Funds and remits an admin fee to GAMCO for administrative services provided to the SICAV. This change better aligns the financial arrangements with the services rendered by each party.
Expenses
Compensation, which includes variable compensation, salaries, bonuses and benefits, was $7.8 million and $7.4 million for the six month periods ended June 30, 2024 and 2023, respectively, primarily driven by higher stock-based compensation expense in 2024, offset partially by lower variable based compensation expense.
Management fee expense represents incentive-based and entirely variable compensation in the amount of 10% of income before management fee and income taxes and excluding the impact of consolidating entities and is payable to Mario J. Gabelli, Executive Chair, or his designee pursuant to his employment agreement. Management fee expense was $2.4 million and $3.1 million for the six month periods ended June 30, 2024 and 2023, respectively.
Other operating expenses were $4.1 million during the six months ended June 30, 2024 compared to $3.0 million in the prior year period driven primarily by marketing expenses on the newly realigned SICAV.
Other
Net gain/(loss) from investments is primarily related to the performance of our securities portfolio and investments in partnerships. Investment gains were $16.6 million in the 2024 period compared to $23.8 million in the 2023 period.
Interest and dividend income increased to $13.8 million in the 2024 period from $11.2 million in the 2023 period primarily driven by increased interest income as a result of higher sustained interest rates in the 2024 period.
Shareholder-designated contributions for the six months ended June 30, 2024 decreased to $0.4 million compared to $1.4 million in the prior year period, driven by timing of contributions.
Income taxes
The effective tax rate for the six months ended June 30, 2024 and 2023 was 21.1% and 13.8%, respectively. The difference in effective tax rate period over period is primarily driven by deferred tax benefits from a foreign investment which reduced the prior year's effective tax rate
ASSETS UNDER MANAGEMENT
Our revenues are highly correlated to the level of assets under management and fees associated with our various investment products, rather than our own corporate assets. Assets under management, which are directly influenced by the level and changes of the overall equity markets, can also fluctuate through acquisitions, the creation of new products, and the addition of new accounts or the loss of existing accounts. Since various equity products have different fees, changes in our business mix may also affect revenues. At times, the performance of our equity products may differ markedly from popular market indices, and this can also impact our revenues.
Assets under management were $1.4 billion as of June 30, 2024 compared to $1.6 billion at December 31, 2023. The decrease from year-end was primarily attributable to investor outflows.
Assets Under Management (in millions)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change From |
|
| |
|
June 30, |
|
|
December 31, |
|
|
June 30, |
|
|
December 31, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
| Merger Arbitrage(a) |
|
$ |
1,127 |
|
|
$ |
1,312 |
|
|
$ |
1,286 |
|
|
|
(14.1 |
) |
|
|
(12.4 |
) |
| Long/Short Value |
|
|
199 |
|
|
|
244 |
|
|
|
230 |
|
|
|
(18.4 |
) |
|
|
(13.5 |
) |
| Other |
|
|
36 |
|
|
|
35 |
|
|
|
33 |
|
|
|
2.9 |
|
|
|
9.1 |
|
| Total AUM |
|
$ |
1,362 |
|
|
$ |
1,591 |
|
|
$ |
1,549 |
|
|
|
(14.4 |
) |
|
|
(12.1 |
) |
(a) Includes $468, $621, and $579 of sub-advisory AUM related to GAMCO International SICAV - GAMCO Merger Arbitrage, $66, $69, and $66 of sub-advisory AUM related to Gabelli Merger Plus+ Trust Plc and $128, $240 and $141 of 100% U.S. Treasury Fund managed by GAMCO at June 30, 2024, December 31, 2023 and June 30, 2023, respectively.
Fund flows for the three months ended June 30, 2024 (in millions):
| |
|
March 31, 2024 |
|
|
Market Appreciation/ (Depreciation) |
|
|
Foreign Currency(1) |
|
|
Net Inflows/ (Outflows) |
|
|
June 30, 2024 |
|
| Merger Arbitrage |
|
$ |
1,262 |
|
|
$ |
(25 |
) |
|
$ |
(4 |
) |
|
$ |
(106 |
) |
|
$ |
1,127 |
|
| Long/Short Value |
|
|
251 |
|
|
|
(6 |
) |
|
|
- |
|
|
|
(46 |
) |
|
|
199 |
|
| Other |
|
|
36 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36 |
|
| Total AUM |
|
$ |
1,549 |
|
|
$ |
(31 |
) |
|
$ |
(4 |
) |
|
$ |
(152 |
) |
|
$ |
1,362 |
|
(1) Reflects the impact of currency fluctuations of non-US dollar denominated classes of investment funds.
The majority of our AUM have calendar year-end measurement periods, and our incentive fees are primarily recognized in the fourth quarter. Assets under management decreased on a net basis by $187 million for the quarter ended June 30, 2024 due to net investor outflows of $152 million, market depreciation of $31 million and the impact of currency fluctuations in non-US dollar denominated classes of investment funds of $4 million.
Liquidity and Capital Resources
Our principal assets consist of cash and cash equivalents; treasury securities; marketable securities, primarily equities, including 2.4 million shares of GAMCO; and interests in affiliated and third-party funds and partnerships. Although Investment Partnerships may be subject to restrictions as to the timing of distributions, the underlying investments of such Investment Partnerships are generally liquid, and the valuations of these products reflect that underlying liquidity.
Summary cash flow data is as follows (in thousands):
| |
|
Six Months Ended |
|
| |
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
| Cash flows provided by (used in): |
|
|
|
|
|
|
|
|
| Operating activities |
|
$ |
28,623 |
|
|
$ |
179,403 |
|
| Investing activities |
|
|
(640 |
) |
|
|
676 |
|
| Financing activities |
|
|
(8,662 |
) |
|
|
(15,058 |
) |
| Net increase in cash, cash equivalents and restricted cash |
|
|
19,321 |
|
|
|
165,021 |
|
| Cash, cash equivalents and restricted cash at beginning of period |
|
|
347,057 |
|
|
|
221,269 |
|
| Cash, cash equivalents and restricted cash at end of period |
|
$ |
366,378 |
|
|
$ |
386,290 |
|
We require relatively low levels of capital expenditures and have a highly variable cost structure where costs increase and decrease based on the level of revenues we receive. Our revenues, in turn, are highly correlated to the level of AUM and to investment performance. We anticipate that our available liquid assets should be sufficient to meet our cash requirements as we build out our operating business. At June 30, 2024, we had cash and cash equivalents of $341.3 million, Investments in U.S. Treasury Bills of $46.1 million and $223.7 million of investments net of securities sold, not yet purchased of $6.4 million. Included in cash and cash equivalents as of June 30, 2024 is $3.5 million which is held by consolidated investment funds and may not be readily available for the Company to access.
Net cash provided by operating activities was $28.6 million for the six months ended June 30, 2024. Operating cash flows in 2024 are driven by our net income of $16.8 million, $22.9 million of net decreases in securities, and net distributions from investment partnerships of $4.1 million. These were offset partially by adjustments for noncash items, primarily gains on investments securities and partnership investments and deferred taxes of $13.8 million, and $1.4 million of net receivables/payables. Net cash used in investing activities was $0.6 million primarily due to purchases of securities of $5.0 million, partially offset by proceeds from sales of securities of $3.5 million and return of capital on securities of $0.9 million. Net cash used in financing activities was $8.7 million resulting primarily from stock buyback payments of $6.2 million, dividends paid of $2.1 million and redemptions of redeemable noncontrolling interests of $0.4 million.
Net cash provided by operating activities was $179.4 million for the six months ended June 30, 2023 due to $186.3 million of net decreases of securities and net distributions from investment partnerships and our net income of $21.3 million, partially offset by $19.4 million of adjustments for noncash items, primarily gains on investments securities and partnership investments and deferred taxes and $8.8 million of net receivables/payables. Net cash provided by investing activities was $0.7 million primarily due to return of capital on securities of $1.0 million and proceeds from sales of securities of $0.8 million, partially offset by purchases of securities of $1.1 million. Net cash used in financing activities was $15.1 million resulting primarily from stock buyback payments of $9.6 million, redemptions of redeemable noncontrolling interests of $3.3 million and dividends paid of $2.2 million.
Critical Accounting Policies and Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. See Note 1 and the Company’s Critical Accounting Policies in Management’s Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations in AC’s 2023 Annual Report on Form 10-K filed with the SEC on March 21, 2024 for details on Critical Accounting Policies.
ITEM 3: Quantitative and Qualitative Disclosures About Market Risk
Smaller reporting companies are not required to provide the information required by this item.
ITEM 4. Controls and Procedures
Disclosure Controls and Procedures
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of and for the period covered by this report.
Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting as defined by Rule 13a-15(f) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Forward-Looking Information
Our disclosure and analysis in this report contain some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation:
| |
• |
the adverse effect from a decline in the securities markets |
| |
• |
a decline in the performance of our products |
| |
• |
a general downturn in the economy |
| |
• |
changes in government policy or regulation |
| |
• |
changes in our ability to attract or retain key employees |
| |
• |
unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations |
We also direct your attention to any more specific discussions of risk contained in our Form 10 and other public filings. We are providing these statements as permitted by the Private Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.
PART II: Other Information
ITEM 1: Legal Proceedings
Currently, we are not subject to any legal proceedings that individually or in the aggregate involved a claim for damages in excess of 10% of our consolidated assets. From time to time, we 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. Examinations or investigations can result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that we believe are probable and estimable. Furthermore, we evaluate whether there exist losses which may be reasonably possible and, if material, make the necessary disclosures. However, management believes such matters, both those that are probable and those that are reasonably possible, are not material to the Company’s condensed consolidated financial condition, operations, or cash flows at June 30, 2024. See also Note 10, Guarantees, Contingencies and Commitments, to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.
ITEM 1A: Risk Factors.
Smaller reporting companies are not required to provide the information required by this item.
ITEM 2: Unregistered Sales of Equity Securities And Use Of Proceeds
The following table provides information for our repurchase of our Class A Stock during the quarter ended June 30, 2024:
| Period |
|
Total Number of Shares Repurchased |
|
|
Average Price Paid Per Share, net of Commissions |
|
|
Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs |
|
|
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs |
|
| 04/01/24 - 04/30/24 |
|
|
14,749 |
|
|
$ |
32.75 |
|
|
|
14,749 |
|
|
|
374,561 |
|
| 05/01/24 - 05/31/24 |
|
|
23,795 |
|
|
|
33.83 |
|
|
|
23,795 |
|
|
|
350,766 |
|
| 06/01/24 - 06/30/24 |
|
|
26,925 |
|
|
|
34.54 |
|
|
|
26,925 |
|
|
|
323,841 |
|
| Totals |
|
|
65,469 |
|
|
$ |
33.88 |
|
|
|
65,469 |
|
|
|
|
|
ITEM 6: (a) Exhibits
| Exhibit Number |
|
Description of Exhibit |
| |
|
|
| 2.1 |
|
Separation and Distribution Agreement, dated November 30, 2015, between GAMCO Investors, Inc., a Delaware corporation (“GAMCO”), and Associated Capital Group, Inc., a Delaware corporation (the “Company”). (Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K dated November 30, 2015 filed with the Securities and Exchange Commission on December 4, 2015). |
| |
|
|
| 3.1 |
|
Amended and Restated Certificate of Incorporation of the Company. (Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K dated November 19, 2015 filed with the Securities and Exchange Commission on November 25, 2015). |
| |
|
|
| 3.2 |
|
Amended and Restated Bylaws of the Company. (Incorporated by reference to Exhibit 3.2 to the Company’s Report on Form 8-K dated November 19, 2015 filed with the Securities and Exchange Commission on November 25, 2015). |
| |
|
|
| 4.1 |
|
Form of Common Stock Certificate. (Incorporated by reference to Exhibit 4.1 to Amendment No. 4 to the Company’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 21, 2015). |
| |
|
|
| 4.2 |
|
Description of The Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. (Incorporated by reference to Exhibit 4.2 of the Company’s Report on Form 10-K filed with the Commission on March 16, 2020). |
| |
|
|
| 10.1 |
|
Service Mark and Name License Agreement, dated November 30, 2015, by and between the Company and GAMCO. (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015). |
| |
|
|
| 10.2 |
|
Transitional Administrative and Management Services Agreement, dated November 30, 2015, by and between the Company and GAMCO. (Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015). |
| |
|
|
| 10.3 |
|
Employment Agreement between the Company and Mario J. Gabelli dated November 30, 2015 (Incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015). |
| |
|
|
| 10.4 |
|
Promissory Note in aggregate principal amount of $250,000,000, dated November 30, 2015, issued by GAMCO in favor of the Company (Incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015). |
| |
|
|
| 10.5 |
|
Tax Indemnity and Sharing Agreement, dated November 30, 2015, by and between the Company and GAMCO. (Incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015). |
| |
|
|
| 10.6 |
|
2015 Stock Award Incentive Plan (Incorporated by reference to Exhibit 10.11 to Amendment No. 4 to the Company’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 21, 2015). |
| |
|
|
| 10.7 |
|
Form of Indemnification Agreement by and between the Company and the Indemnitee defined therein (Incorporated by reference to Exhibit 10.7 to Amendment No. 4 to the Company’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 21, 2015). |
| |
|
|
| 10.8 |
|
Agreement and Plan of Merger, dated as of October 31, 2019, by and among Morgan Group Holding Co., G.R. acquisition, LLC, G.research, LLC, Institutional Services Holdings, LLC and Associated Capital Group, Inc. (Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Morgan Group Holding Co. filed with the Securities and Exchange Commission on November 6, 2019). |
| |
|
|
| 31.1 |
|
Certification of CEO pursuant to Rule 13a-14(a). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ASSOCIATED CAPITAL GROUP, INC. |
| (Registrant) |
|
|
|
|
| |
|
|
|
|
|
| By: |
/s/ Ian J. McAdams |
|
|
|
|
| Name: |
Ian J. McAdams |
|
|
|
|
| Title: |
Chief Financial Officer |
|
|
|
|
| |
|
|
|
|
|
| Date: August 9, 2024 |
|
|
|
Exhibit 31.1
Certifications
I, Douglas R. Jamieson, certify that:
| |
1.
|
I have reviewed this quarterly report on Form 10-Q of Associated Capital Group, Inc.;
|
| |
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| |
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of income and cash flows of the registrant as of, and for, the periods presented in this report;
|
| |
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| |
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| |
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| |
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures as of the end of the period covered by this report; and
|
| |
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
| |
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| |
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
| |
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
By:
|
/s/ Douglas R. Jamieson
|
|
|
Name:
|
Douglas R. Jamieson
|
|
|
Title:
|
Chief Executive Officer
|
|
| |
|
|
|
Date:
|
August 9, 2024
|
|
Exhibit 31.2
Certifications
I, Ian J. McAdams, certify that:
| |
1.
|
I have reviewed this quarterly report on Form 10-Q of Associated Capital Group, Inc.;
|
| |
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| |
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of income and cash flows of the registrant as of, and for, the periods presented in this report;
|
| |
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| |
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| |
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| |
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures as of the end of the period covered by this report; and
|
| |
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
| |
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| |
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
| |
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
By:
|
/s/ Ian J. McAdams
|
|
|
Name:
|
Ian J. McAdams
|
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
Date:
|
August 9, 2024
|
|
Exhibit 32.1
Certification of CEO Pursuant to
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Associated Capital Group, Inc. (the “Company”) for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Douglas R. Jamieson, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:
| |
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| |
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of income of the Company.
|
|
By:
|
/s/ Douglas R. Jamieson
|
|
|
Name:
|
Douglas R. Jamieson
|
|
|
Title:
|
Chief Executive Officer
|
|
| |
|
|
|
Date:
|
August 9, 2024
|
|
This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.
Exhibit 32.2
Certification of CFO Pursuant to
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Associated Capital Group, Inc. (the “Company”) for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Ian J. McAdams, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:
| |
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| |
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of income of the Company.
|
|
By:
|
/s/ Ian J. McAdams
|
|
|
|
|
Name:
|
Ian J. McAdams
|
|
|
|
|
Title:
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
|
Date:
|
August 9, 2024
|
|
|
|
This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.
v3.24.2.u1
Document And Entity Information - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 01, 2024 |
| Document Information [Line Items] |
|
|
| Entity Central Index Key |
0001642122
|
|
| Entity Registrant Name |
Associated Capital Group, Inc.
|
|
| Amendment Flag |
false
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Document Fiscal Period Focus |
Q2
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Jun. 30, 2024
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-37387
|
|
| 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
|
|
| 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 B [Member] |
|
|
| Document Information [Line Items] |
|
|
| Entity Common Stock, Shares Outstanding |
|
18,950,571
|
| Common Class A [Member] |
|
|
| Document Information [Line Items] |
|
|
| Entity Common Stock, Shares Outstanding |
|
2,319,994
|
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v3.24.2.u1
Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Cash and cash equivalents |
$ 341,317
|
$ 317,487
|
| Trading - U.S. Treasury Bills |
46,060
|
89,155
|
| Investments in equity securities (includes GAMCO stock with a fair value of $57.3 million and $45.6 million, respectively) |
230,123
|
196,583
|
| Investments in affiliated registered investment companies |
128,924
|
126,751
|
| Investments in partnerships |
140,593
|
142,974
|
| Receivable from brokers |
29,298
|
16,005
|
| Receivable from brokers (cash held for real estate purchase) |
0
|
14,263
|
| Investment advisory fees receivable |
1,228
|
4,711
|
| Income taxes receivable, including deferred tax assets, net |
8,370
|
8,474
|
| Goodwill |
3,519
|
3,519
|
| Other assets |
19,329
|
22,999
|
| Total assets |
949,016
|
943,797
|
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
| Payable to brokers |
6,642
|
4,459
|
| Compensation payable |
12,448
|
15,169
|
| Securities sold, not yet purchased |
6,392
|
5,918
|
| Accrued expenses and other liabilities |
2,367
|
5,173
|
| Total liabilities |
27,849
|
30,719
|
| Redeemable noncontrolling interests |
5,688
|
6,103
|
| Commitments and contingencies (Note 10) |
|
|
| Equity: |
|
|
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding |
0
|
0
|
| Additional paid-in capital |
999,047
|
999,047
|
| Retained earnings |
62,899
|
48,231
|
| Treasury stock, at cost (4,237,388 and 4,054,565 shares, respectively) |
(146,492)
|
(140,328)
|
| Total equity |
915,479
|
906,975
|
| Total liabilities, redeemable noncontrolling interests and equity |
949,016
|
943,797
|
| Common Class A [Member] |
|
|
| Equity: |
|
|
| Common Stock |
6
|
6
|
| Common Class B [Member] |
|
|
| Equity: |
|
|
| Common Stock |
19
|
19
|
| Affiliated Entity [Member] |
|
|
| Receivable from affiliates |
255
|
876
|
| Investment, Affiliated Issuer [Member] |
|
|
| Investments in affiliated registered investment companies |
$ 128,924
|
$ 126,751
|
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.2.u1
Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Stock value |
$ 230,123
|
$ 196,583
|
| 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) |
21,355
|
|
| Treasury stock shares (in shares) |
4,237,388
|
4,054,565
|
| Common Class A [Member] |
|
|
| 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) |
6,641,601
|
6,641,601
|
| Common stock, shares outstanding (in shares) |
2,404,213
|
2,587,036
|
| Common Class B [Member] |
|
|
| 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) |
18,950,571
|
18,950,571
|
| GAMCO Investors, Inc [Member] |
|
|
| Stock value |
$ 57,300
|
$ 45,600
|
| X |
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v3.24.2.u1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Revenues |
|
|
|
|
| Total revenues |
$ 2,595
|
$ 2,382
|
$ 5,606
|
$ 4,847
|
| Expenses |
|
|
|
|
| Compensation |
3,942
|
3,789
|
7,762
|
7,359
|
| Management fee |
442
|
544
|
2,424
|
3,087
|
| Other operating expenses |
1,885
|
1,520
|
4,064
|
3,005
|
| Total expenses |
6,269
|
5,853
|
14,250
|
13,451
|
| Operating loss |
(3,674)
|
(3,471)
|
(8,644)
|
(8,604)
|
| Other income |
|
|
|
|
| Net gain/(loss) from investments |
(159)
|
3,297
|
16,635
|
23,808
|
| Interest and dividend income |
7,860
|
5,968
|
13,843
|
11,161
|
| Interest expense |
(69)
|
(156)
|
(152)
|
(254)
|
| Shareholder-designated contribution |
(380)
|
(498)
|
(449)
|
(1,369)
|
| Total other income, net |
7,252
|
8,611
|
29,877
|
33,346
|
| Income before income taxes |
3,578
|
5,140
|
21,233
|
24,742
|
| Income tax expense |
684
|
1,840
|
4,482
|
3,420
|
| Income before noncontrolling interests |
2,894
|
3,300
|
16,751
|
21,322
|
| Income/(loss) attributable to noncontrolling interests |
(91)
|
(71)
|
(55)
|
197
|
| Net income attributable to Associated Capital Group, Inc.'s shareholders |
$ 2,985
|
$ 3,371
|
$ 16,806
|
$ 21,125
|
| Net income per share attributable to Associated Capital Group, Inc.'s shareholders: |
|
|
|
|
| Basic (in dollars per share) |
$ 0.14
|
$ 0.15
|
$ 0.78
|
$ 0.96
|
| Diluted (in dollars per share) |
$ 0.14
|
$ 0.15
|
$ 0.78
|
$ 0.96
|
| Weighted average shares outstanding (in thousands): |
|
|
|
|
| Basic (in shares) |
21,392
|
21,870
|
21,446
|
21,920
|
| Diluted (in shares) |
21,392
|
21,870
|
21,446
|
21,920
|
| Actual shares outstanding (in thousands) (in shares) |
21,355
|
21,726
|
21,355
|
21,726
|
| Investment Advice [Member] |
|
|
|
|
| Revenues |
|
|
|
|
| Total revenues |
$ 2,489
|
$ 2,280
|
$ 5,396
|
$ 4,691
|
| Financial Service, Other [Member] |
|
|
|
|
| Revenues |
|
|
|
|
| Total revenues |
$ 106
|
$ 102
|
$ 210
|
$ 156
|
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v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Net income before noncontrolling interests |
$ 2,894
|
$ 3,300
|
$ 16,751
|
$ 21,322
|
| Less: Comprehensive income/(loss) attributable to noncontrolling interests |
(91)
|
(71)
|
(55)
|
197
|
| Comprehensive income attributable to Associated Capital Group, Inc. |
$ 2,985
|
$ 3,371
|
$ 16,806
|
$ 21,125
|
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v3.24.2.u1
Condensed Consolidated Statements of Equity and Redeemable Noncontrolling Interests (Unaudited) - USD ($)
$ in Thousands |
Common Stock [Member] |
Retained Earnings [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Redeemable Noncontrolling Interests [Member] |
Total |
| Balance at Dec. 31, 2022 |
$ 25
|
$ 15,126
|
$ 999,047
|
$ (124,002)
|
$ 10,193
|
$ 890,196
|
| Net income/(loss) |
0
|
21,125
|
0
|
0
|
197
|
21,125
|
| Dividends declared ($0.10 per share) |
0
|
(2,188)
|
0
|
0
|
0
|
(2,188)
|
| Purchases of treasury stock |
0
|
0
|
0
|
(9,566)
|
0
|
(9,566)
|
| Redemptions of noncontrolling interests |
0
|
0
|
0
|
0
|
(3,304)
|
0
|
| Balance at Jun. 30, 2023 |
25
|
34,063
|
999,047
|
(133,568)
|
7,086
|
899,567
|
| Balance at Mar. 31, 2023 |
25
|
32,880
|
999,047
|
(125,951)
|
7,233
|
906,001
|
| Net income/(loss) |
0
|
3,371
|
0
|
0
|
(71)
|
3,371
|
| Dividends declared ($0.10 per share) |
0
|
(2,188)
|
0
|
0
|
0
|
(2,188)
|
| Purchases of treasury stock |
0
|
0
|
0
|
(7,617)
|
0
|
(7,617)
|
| Redemptions of noncontrolling interests |
0
|
0
|
0
|
0
|
(76)
|
0
|
| Balance at Jun. 30, 2023 |
25
|
34,063
|
999,047
|
(133,568)
|
7,086
|
899,567
|
| Balance at Dec. 31, 2023 |
25
|
48,231
|
999,047
|
(140,328)
|
6,103
|
906,975
|
| Net income/(loss) |
0
|
16,806
|
0
|
0
|
(55)
|
16,806
|
| Dividends declared ($0.10 per share) |
0
|
(2,138)
|
0
|
0
|
0
|
(2,138)
|
| Purchases of treasury stock |
0
|
0
|
0
|
(6,164)
|
0
|
(6,164)
|
| Redemptions of noncontrolling interests |
0
|
0
|
0
|
0
|
(360)
|
0
|
| Balance at Jun. 30, 2024 |
25
|
62,899
|
999,047
|
(146,492)
|
5,688
|
915,479
|
| Balance at Mar. 31, 2024 |
25
|
62,052
|
999,047
|
(144,274)
|
5,779
|
916,850
|
| Net income/(loss) |
0
|
2,985
|
0
|
0
|
(91)
|
2,985
|
| Dividends declared ($0.10 per share) |
0
|
(2,138)
|
0
|
0
|
0
|
(2,138)
|
| Purchases of treasury stock |
0
|
0
|
0
|
(2,218)
|
0
|
(2,218)
|
| Balance at Jun. 30, 2024 |
$ 25
|
$ 62,899
|
$ 999,047
|
$ (146,492)
|
$ 5,688
|
$ 915,479
|
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|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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$ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Operating activities |
|
|
| Net income |
$ 16,751
|
$ 21,322
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Equity in net (gains)/losses from partnerships |
(1,801)
|
(1,493)
|
| Depreciation and amortization |
181
|
180
|
| Deferred income taxes |
2,258
|
772
|
| Donated securities |
1,346
|
966
|
| Unrealized (gains)/losses on securities |
(13,030)
|
(18,022)
|
| Realized gains on sales of securities |
(2,790)
|
(1,757)
|
| (Increase)/decrease in assets: |
|
|
| Investments in trading securities |
22,971
|
183,400
|
| Investments in partnerships: |
|
|
| Contributions to partnerships |
(5,619)
|
(2,390)
|
| Distributions from partnerships |
9,800
|
5,300
|
| Receivable from affiliates |
621
|
2,246
|
| Receivable from brokers |
(3,539)
|
(14,599)
|
| Investment advisory fees receivable |
3,483
|
2,517
|
| Income taxes receivable |
(2,154)
|
2,038
|
| Other assets |
3,489
|
417
|
| Increase/(decrease) in liabilities: |
|
|
| Payable to brokers |
2,183
|
2,133
|
| Compensation payable |
(2,721)
|
(2,931)
|
| Accrued expenses and other liabilities |
(2,806)
|
(696)
|
| Total adjustments |
11,872
|
158,081
|
| Net cash provided by operating activities |
28,623
|
179,403
|
| Investing activities |
|
|
| Purchases of securities |
(5,030)
|
(1,110)
|
| Proceeds from sales of securities |
3,510
|
777
|
| Return of capital on securities |
880
|
1,009
|
| Net provided by/(used in) investing activities |
(640)
|
676
|
| Financing activities |
|
|
| Dividends paid |
(2,138)
|
(2,188)
|
| Purchases of treasury stock |
(6,164)
|
(9,566)
|
| Redemptions of redeemable noncontrolling interests |
(360)
|
(3,304)
|
| Net cash used in financing activities |
(8,662)
|
(15,058)
|
| Net increase in cash, cash equivalents and restricted cash |
19,321
|
165,021
|
| Cash, cash equivalents and restricted cash at beginning of period |
347,057
|
221,269
|
| Cash, cash equivalents and restricted cash at end of period |
366,378
|
386,290
|
| Supplemental disclosures of cash flow information: |
|
|
| Cash paid for interest |
152
|
156
|
| Cash paid for taxes |
4,364
|
591
|
| Reconciliation of Cash, cash equivalents and restricted cash at end of period: |
|
|
| Cash and cash equivalents |
341,317
|
381,387
|
| Restricted cash included in receivable from brokers |
9,950
|
4,903
|
| Cash, cash equivalents and restricted cash |
366,378
|
$ 386,290
|
| Receivables from Brokers [Member] |
|
|
| Reconciliation of Cash, cash equivalents and restricted cash at end of period: |
|
|
| Cash and cash equivalents |
$ 15,111
|
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v3.24.2.u1
Note 1 - Organization
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
1. Organization
Unless we have indicated otherwise, or the context otherwise requires, references in this report to “Associated Capital Group, Inc.”, "Associated Capital", “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 from proprietary investments of cash and other assets in our operating business.
Gabelli & Company Investment Advisors, Inc. (“GCIA”), a wholly-owned subsidiary of AC, 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 the percentage of the investment returns of certain clients’ portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.
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. 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, 2023.
The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All intercompany transactions and balances have been eliminated. The details on the impact of consolidating certain partnership entities on the condensed consolidated financial statements can be seen in Note 4. Investment Partnerships and Other Entities.
For the three and six months ended June 30, 2024 and 2023, there were no items related to other comprehensive income.
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 December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements. The new standard will require enhanced disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact that this guidance will have on our consolidated financial statements and related disclosures.
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v3.24.2.u1
Note 2 - Revenue
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Revenue from Contract with Customer [Text Block] |
2. Revenue
The Company’s major revenue sources are as follows for the three and six months ended June 30, 2024 and 2023 (in thousands):
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Investment advisory and incentive fees | | | | | | | | | | | | | | | | |
| Asset-based advisory fees | | $ | 1,217 | | | $ | 1,291 | | | $ | 2,444 | | | $ | 2,606 | |
| Performance-based advisory fees | | | 1 | | | | - | | | | 1 | | | | 1 | |
| Sub-advisory fees | | | 1,271 | | | | 989 | | | | 2,951 | | | | 2,084 | |
| Total investment advisory and incentive fees | | | 2,489 | | | | 2,280 | | | | 5,396 | | | | 4,691 | |
| | | | | | | | | | | | | | | | | |
| Other | | | 106 | | | | 102 | | | | 210 | | | | 156 | |
| | | | | | | | | | | | | | | | | |
| Total revenues | | $ | 2,595 | | | $ | 2,382 | | | $ | 5,606 | | | $ | 4,847 | |
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v3.24.2.u1
Note 3 - Investments in Securities
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
3. Investments in Securities
Investments in securities at June 30, 2024 and December 31, 2023, consisted of the following (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| Debt - Trading Securities: | | | | | | | | | | | | | | | | |
| U.S. Treasury Bills | | $ | 45,133 | | | $ | 46,060 | | | $ | 88,300 | | | $ | 89,155 | |
| Equity Securities: | | | | | | | | | | | | | | | | |
| Common stocks | | | 219,878 | | | | 225,108 | | | | 198,269 | | | | 191,346 | |
| Mutual funds | | | 651 | | | | 1,384 | | | | 566 | | | | 1,186 | |
| Other investments | | | 4,609 | | | | 3,631 | | | | 5,166 | | | | 4,051 | |
| Total investments in equity securities | | | 225,138 | | | | 230,123 | | | | 204,001 | | | | 196,583 | |
| Total investments in securities | | $ | 270,271 | | | $ | 276,183 | | | $ | 292,301 | | | $ | 285,738 | |
Securities sold, not yet purchased at June 30, 2024 and December 31, 2023, consisted of the following (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,782 | | | $ | 5,998 | | | $ | 5,227 | | | $ | 5,035 | |
| Other investments | | | 105 | | | | 394 | | | | 631 | | | | 883 | |
| Total securities sold, not yet purchased | | $ | 5,887 | | | $ | 6,392 | | | $ | 5,858 | | | $ | 5,918 | |
Investments in affiliated registered investment companies at June 30, 2024 and December 31, 2023, consisted of the following (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| | | | | | | | | | | | | | | | | |
| Closed-end funds | | $ | 40,270 | | | $ | 55,021 | | | $ | 39,680 | | | $ | 53,048 | |
| Mutual funds | | | 50,783 | | | | 73,903 | | | | 50,136 | | | | 73,703 | |
| Total investments in affiliated registered investment companies | | $ | 91,053 | | | $ | 128,924 | | | $ | 89,816 | | | $ | 126,751 | |
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent
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v3.24.2.u1
Note 4 - Investment Partnerships and Other Entities
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Investment Holdings [Text Block] |
4. Investment Partnerships and Other Entities
The Company is a general partner or co-general partner of various affiliated entities whose underlying assets consist primarily of marketable securities (“Affiliated Entities”). The Company had investments in Affiliated Entities totaling $102.0 million and $107.4 million at June 30, 2024 and December 31, 2023, respectively. The Company also had investments in unaffiliated partnerships, offshore funds and other entities of $38.6 million and $35.6 million at June 30, 2024, and December 31, 2023, 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 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 material outstanding capital commitments to any Affiliated or Unaffiliated Entity.
Consolidated Entities
The following table reflects the net impact of the consolidated investment partnerships (“Consolidated Entities”) on the condensed consolidated statements of financial condition (in thousands):
| | | June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| Assets | | Consolidation | | | Entities | | | As Reported | |
| Cash and cash equivalents | | $ | 337,777 | | | $ | 3,540 | | | $ | 341,317 | |
| Investments in U.S. Treasury Bills | | | 39,863 | | | | 6,197 | | | | 46,060 | |
| Investments in equity securities | | | 172,456 | | | | 57,667 | | | | 230,123 | |
| Investments in affiliated registered investment companies | | | 182,362 | | | | (53,438 | ) | | | 128,924 | |
| Investments in partnerships | | | 160,488 | | | | (19,895 | ) | | | 140,593 | |
| Receivable from brokers | | | 19,010 | | | | 10,288 | | | | 29,298 | |
| Investment advisory fees receivable | | | 1,234 | | | | (6 | ) | | | 1,228 | |
| Other assets(1) | | | 28,499 | | | | 2,974 | | | | 31,473 | |
| Total assets | | $ | 941,689 | | | $ | 7,327 | | | $ | 949,016 | |
| Liabilities, redeemable noncontrolling interests and equity | | | | | | | | | | | | |
| Securities sold, not yet purchased | | $ | 6,043 | | | $ | 349 | | | $ | 6,392 | |
| Payable to brokers and other liabilities(1) | | | 20,167 | | | | 1,290 | | | | 21,457 | |
| Redeemable noncontrolling interests | | | - | | | | 5,688 | | | | 5,688 | |
| Total equity | | | 915,479 | | | | - | | | | 915,479 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 941,689 | | | $ | 7,327 | | | $ | 949,016 | |
| | | December 31, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| Assets | | Consolidation | | | Entities | | | As Reported | |
| Cash and cash equivalents | | $ | 299,508 | | | $ | 17,979 | | | $ | 317,487 | |
| Investments in U.S. Treasury Bills | | | 79,714 | | | | 9,441 | | | | 89,155 | |
| Investments in equity securities | | | 149,154 | | | | 47,429 | | | | 196,583 | |
| Investments in affiliated registered investment companies | | | 181,641 | | | | (54,890 | ) | | | 126,751 | |
| Investments in partnerships | | | 163,226 | | | | (20,252 | ) | | | 142,974 | |
| Receivable from brokers(1) | | | 25,026 | | | | 5,242 | | | | 30,268 | |
| Investment advisory fees receivable | | | 4,714 | | | | (3 | ) | | | 4,711 | |
| Other assets(1) | | | 33,444 | | | | 2,424 | | | | 35,868 | |
| Total assets | | $ | 936,427 | | | $ | 7,370 | | | $ | 943,797 | |
| Liabilities, redeemable noncontrolling interests and equity | | | | | | | | | | | | |
| Securities sold, not yet purchased | | $ | 5,639 | | | $ | 279 | | | $ | 5,918 | |
| Payable to brokers and other liabilities(1) | | | 23,813 | | | | 988 | | | | 24,801 | |
| Redeemable noncontrolling interests | | | - | | | | 6,103 | | | | 6,103 | |
| Total equity | | | 906,975 | | | | - | | | | 906,975 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 936,427 | | | $ | 7,370 | | | $ | 943,797 | |
(1) Represents the summation of multiple assets and liabilities from the condensed consolidated statements of financial condition.
The following table reflects the net impact of the consolidated entities on the condensed consolidated statements of income (in thousands):
| | | Three Months Ended June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 2,703 | | | $ | (108 | ) | | $ | 2,595 | |
| Operating loss | | | (3,270 | ) | | | (404 | ) | | | (3,674 | ) |
| Total other income, net | | | 7,250 | | | | 2 | | | | 7,252 | |
| Income/(loss) before noncontrolling interests | | | 2,985 | | | | (91 | ) | | | 2,894 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (91 | ) | | | (91 | ) |
| Net income | | $ | 2,985 | | | $ | - | | | $ | 2,985 | |
| | | Three Months Ended June 30, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 2,489 | | | $ | (107 | ) | | $ | 2,382 | |
| Operating loss | | | (3,107 | ) | | | (364 | ) | | | (3,471 | ) |
| Total other income, net | | | 8,003 | | | | 608 | | | | 8,611 | |
| Income/(loss) before noncontrolling interests | | | 3,371 | | | | (71 | ) | | | 3,300 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (71 | ) | | | (71 | ) |
| Net income | | $ | 3,371 | | | $ | - | | | $ | 3,371 | |
| | | Six Months Ended June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 5,823 | | | $ | (217 | ) | | $ | 5,606 | |
| Operating loss | | | (7,877 | ) | | | (767 | ) | | | (8,644 | ) |
| Total other income, net | | | 29,697 | | | | 180 | | | | 29,877 | |
| Income/(loss) before noncontrolling interests | | | 16,806 | | | | (55 | ) | | | 16,751 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (55 | ) | | | (55 | ) |
| Net income | | $ | 16,806 | | | $ | - | | | $ | 16,806 | |
| | | Six Months Ended June 30, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 5,067 | | | $ | (220 | ) | | $ | 4,847 | |
| Operating loss | | | (7,843 | ) | | | (761 | ) | | | (8,604 | ) |
| Total other income/(loss), net | | | 35,625 | | | | (2,279 | ) | | | 33,346 | |
| Income/(loss) before noncontrolling interests | | | 21,125 | | | | 197 | | | | 21,322 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | 197 | | | | 197 | |
| Net income | | $ | 21,125 | | | $ | - | | | $ | 21,125 | |
Variable Interest Entity
We have one investment partnership that is consolidated as a VIE as of June 30, 2024 and December 31, 2023 because AC is the primary beneficiary of the entity. With respect to the consolidated VIE, its assets may only be used to satisfy its obligations. The investors and creditors of the 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 the VIE that is consolidated and included on the condensed consolidated statements of financial condition as well as the Company’s net interest in that VIE (in thousands):
| | | June 30, 2024 | | | December 31, 2023 | |
| Cash and cash equivalents | | $ | 294 | | | $ | 302 | |
| Investments in equity securities | | | 9,544 | | | | 9,695 | |
| Receivable from brokers | | | 234 | | | | 166 | |
| Accrued expenses and other liabilities | | | (23 | ) | | | (46 | ) |
| Redeemable noncontrolling interests | | | (451 | ) | | | (451 | ) |
| AC Group's net interests in consolidated VIEs | | $ | 9,598 | | | $ | 9,666 | |
Voting Interest Entity
We have one investment partnership that is consolidated as a VOE as of June 30, 2024 and December 31, 2023 because AC has a controlling interest in the entity. This resulted in the consolidation of $70.6 million of assets, $1.8 million of liabilities, and $5.2 million of redeemable noncontrolling interests at June 30, 2024 and $72.4 million of assets, $1.4 million of liabilities, and $5.6 million of redeemable noncontrolling interests at December 31, 2023. AC’s net interest in the consolidated VOE at June 30, 2024 and December 31, 2023 was $63.6 million and $65.4 million, respectively.
Equity Method Investments
The Company’s equity method investments include investments in partnerships and offshore funds. The Company evaluates each of its equity method investments to determine if any are significant as defined in the regulations applicable to smaller reporting companies promulgated by the SEC. As of and for the three and six months ended June 30, 2024, no individual equity method investment held by the Company met the significance criteria. As such, the Company is not required to present summarized income statement information for any of its equity method investments.
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- DefinitionThe entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-12
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v3.24.2.u1
Note 5 - Fair Value
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Fair Value Disclosures [Text Block] |
5. Fair Value
Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:
| | • | Level 1 - Unadjusted quoted prices for identical instruments in active markets. |
| | • | Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. |
| | • | Level 3 - Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. |
Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments.
The following tables present assets and liabilities measured at fair value on a recurring basis, unless otherwise noted, as of the dates specified (in thousands):
| | | June 30, 2024 | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Cash equivalents | | $ | 339,920 | | | $ | - | | | $ | - | | | $ | 339,920 | |
| Investments in securities (including GAMCO stock): | | | | | | | | | | | | | | | | |
| Trading - U.S. Treasury Bills | | | 46,060 | | | | - | | | | - | | | | 46,060 | |
| Common stocks | | | 221,813 | | | | 1,260 | | | | 2,035 | | | | 225,108 | |
| Mutual funds | | | 1,384 | | | | - | | | | - | | | | 1,384 | |
| Other | | | 2,778 | | | | 727 | | | | 126 | | | | 3,631 | |
| Total investments in securities | | | 272,035 | | | | 1,987 | | | | 2,161 | | | | 276,183 | |
| Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | |
| Closed-end funds - equity securities | | | 45,165 | | | | - | | | | - | | | | 45,165 | |
| Preferred securities issued by Closed-end funds (a) | | | - | | | | - | | | | 9,856 | | | | 9,856 | |
| Mutual funds | | | 73,903 | | | | - | | | | - | | | | 73,903 | |
| Total investments in affiliated registered investment companies | | | 119,068 | | | | - | | | | 9,856 | | | | 128,924 | |
| Total investments held at fair value | | | 391,103 | | | | 1,987 | | | | 12,017 | | | | 405,107 | |
| Total assets at fair value | | $ | 731,023 | | | $ | 1,987 | | | $ | 12,017 | | | $ | 745,027 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,998 | | | $ | - | | | $ | - | | | $ | 5,998 | |
| Other | | | 36 | | | | 358 | | | | - | | | | 394 | |
| Securities sold, not yet purchased | | | 6,034 | | | | 358 | | | | - | | | | 6,392 | |
| Total liabilities at fair value | | $ | 6,034 | | | $ | 358 | | | $ | - | | | $ | 6,392 | |
(a) These securities represent privately issued, puttable and callable preferred securities issued by affiliated closed-end funds.
| | | December 31, 2023 | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Cash equivalents | | $ | 315,017 | | | $ | - | | | $ | - | | | $ | 315,017 | |
| Investments in securities (including GAMCO stock): | | | | | | | | | | | | | | | | |
| Trading - U.S. Treasury Bills | | | 89,155 | | | | - | | | | - | | | | 89,155 | |
| Common stocks | | | 187,963 | | | | 1,348 | | | | 2,035 | | | | 191,346 | |
| Mutual funds | | | 1,186 | | | | - | | | | - | | | | 1,186 | |
| Other | | | 3,347 | | | | 485 | | | | 219 | | | | 4,051 | |
| Total investments in securities | | | 281,651 | | | | 1,833 | | | | 2,254 | | | | 285,738 | |
| Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | |
| Closed-end funds - equity securities | | | 44,692 | | | | - | | | | - | | | | 44,692 | |
| Preferred securities issued by Closed-end funds (a) | | | - | | | | - | | | | 8,356 | | | | 8,356 | |
| Mutual funds | | | 73,703 | | | | - | | | | - | | | | 73,703 | |
| Total investments in affiliated registered investment companies | | | 118,395 | | | | - | | | | 8,356 | | | | 126,751 | |
| Total investments held at fair value | | | 400,046 | | | | 1,833 | | | | 10,610 | | | | 412,489 | |
| Total assets at fair value | | $ | 715,063 | | | $ | 1,833 | | | $ | 10,610 | | | $ | 727,506 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,035 | | | $ | - | | | $ | - | | | $ | 5,035 | |
| Other | | | 579 | | | | 304 | | | | - | | | | 883 | |
| Securities sold, not yet purchased | | | 5,614 | | | | 304 | | | | - | | | | 5,918 | |
| Total liabilities at fair value | | $ | 5,614 | | | $ | 304 | | | $ | - | | | $ | 5,918 | |
(a) These securities represent privately issued, puttable and callable preferred securities issued by affiliated closed-end funds.
The following table presents additional information about assets 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 | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| Assets: | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Beginning balance | | $ | 12,110 | | | $ | 14,741 | | | $ | 10,610 | | | $ | 13,774 | |
| Total gains/(losses) | | | 100 | | | | - | | | | 100 | | | | (33 | ) |
| Purchases | | | - | | | | - | | | | 3,900 | | | | 1,000 | |
| Sales/return of capital | | | (193 | ) | | | (250 | ) | | | (2,593 | ) | | | (250 | ) |
| Ending balance | | $ | 12,017 | | | $ | 14,491 | | | $ | 12,017 | | | $ | 14,491 | |
| 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 | | $ | 100 | | | $ | - | | | $ | 100 | | | $ | (33 | ) |
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 and six months ended June 30, 2024 and 2023, there were no transfers into or out of Level 3.
The Company uses a discounted cash flow analysis when determining the fair value of privately issued preferred securities of affiliated closed-end funds that are categorized as Level 3. Projected cash flows in the discounted cash flow analysis represent the relevant security’s dividend rate plus the assumption of full principal repayment at the preferred security’s earliest available redemption date.
The significant unobservable input used in the fair value measurement of each of the Company’s investments in privately issued preferred securities of closed-end funds is the discount rate. The discount rate was determined using the interest rates of U.S. Treasury Bills that are held over a similar period as the preferred security. The discount rates used in the valuation of these investments as of June 30, 2024 ranged from 4.51% to 5.36% with a weighted average of 5.15% calculated based on the relative fair value. Significant changes in the discount rate could result in a significantly higher or lower fair value measurement of these Level 3 investments.
The Company uses the market approach as the valuation technique to value its investment in common stocks classified as Level 3, specifically considering recent transactions.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1
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v3.24.2.u1
Note 6 - Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Income Tax Disclosure [Text Block] |
6. Income Taxes
The effective tax rate (“ETR”) for the six months ended June 30, 2024 and June 30, 2023 was 21.1% and 13.8%, respectively. The ETR in the year to date periods of 2024 and 2023 differ from the U.S. corporate tax rate of 21% primarily due to (a) deferred tax benefits from a foreign investment, (b) state and local taxes (net of federal benefit) and (c) the deductibility of officers' compensation. The increase in the ETR for the six months ended June 30, 2024 was primarily due to deferred tax benefits from a foreign investment which reduced the prior year's rate.
At June 30, 2024 the Company had net deferred tax assets, before valuation allowance of approximately $6.5 million that were recorded within income taxes receivable 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 $0.2 million and $0.4 million as of June 30, 2024 and December 31, 2023, respectively, on the deferred tax assets related to these charitable contribution carryforwards.
As of and for the six month periods ended June 30, 2024 and December 31, 2023, the Company has not identified any uncertain tax positions.
The Company remains subject to income tax examination by the IRS for the years 2020 through 2022 and state examinations for years after 2017.
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12
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-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231
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-Section 50
-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-URI https://asc.fasb.org/740/tableOfContent
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-Paragraph 14
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-Section 50
-Paragraph 21
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v3.24.2.u1
Note 7 - Earnings Per Share
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Earnings Per Share [Text Block] |
7. 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 per share are as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| (In thousands, except per share amounts) | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Income before noncontrolling interests | | $ | 2,894 | | | $ | 3,300 | | | $ | 16,751 | | | $ | 21,322 | |
| Income/(loss) attributable to noncontrolling interests | | | (91 | ) | | | (71 | ) | | | (55 | ) | | | 197 | |
| Net income attributable to Associated Capital Group, Inc.'s shareholders | | $ | 2,985 | | | $ | 3,371 | | | $ | 16,806 | | | $ | 21,125 | |
| | | | | | | | | | | | | | | | | |
| Weighted average number of shares outstanding - basic | | | 21,392 | | | | 21,870 | | | | 21,446 | | | | 21,920 | |
| Weighted average number of shares outstanding - diluted | | | 21,392 | | | | 21,870 | | | | 21,446 | | | | 21,920 | |
| | | | | | | | | | | | | | | | | |
| Basic and Diluted EPS | | $ | 0.14 | | | $ | 0.15 | | | $ | 0.78 | | | $ | 0.96 | |
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-Section 50
-Paragraph 1
-Subparagraph (c)
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-Section 50
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v3.24.2.u1
Note 8 - Equity
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Equity [Text Block] |
8. 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 and five years, respectively. The Phantom RSAs will be settled by a cash payment, net of applicable withholding tax, on the vesting dates. In addition, an amount equivalent to the cumulative dividends declared on shares of the Company’s Class A Stock during the vesting period will be paid to participants on vesting.
The Phantom RSAs are treated as a liability because cash settlement is required and compensation will be recognized over the vesting period. In determining the compensation expense to be recognized each period, the Company will re-measure the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award and the current market value of the Company’s Class A Stock. In making these determinations, the Company will consider the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur.
Based on the closing price of the Company’s Class A Stock on June 30, 2024 and December 31, 2023, the total liability recorded by the Company in compensation payable in our condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023, with respect to the Phantom RSAs was $3.3 million and $3.5 million, respectively.
The following table summarizes our stock-based compensation as well as unrecognized compensation for the three and six month periods ended June 30, 2024 and 2023, respectively. Stock-based compensation expense is included in compensation expense in the condensed consolidated statements of income (dollars in thousands, unless otherwise noted):
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | |
| Stock-based compensation expense | | $ | 595 | | | $ | 323 | | | $ | 757 | | | $ | 205 | |
| | | | | | | | | | | | | | | | | |
| Remaining expense to be recognized, if all vesting conditions are met(1) | | | | | | | | | | | 7,131 | | | | 6,012 | |
| | | | | | | | | | | | | | | | | |
| Weighted average remaining contractual term (in years) | | | | | | | | | | | 2.2 | | | | 2.2 | |
(1) Does not include an estimate for projected future dividends.
The following table summarizes Phantom RSA ("PRSA") activity:
| | | PRSAs | | | Weighted Average Grant Date Fair Value | |
| Balance at December 31, 2023 | | | 233,695 | | | $ | 37.38 | |
| Granted | | | - | | | | - | |
| Forfeited | | | - | | | | - | |
| Vested | | | - | | | | - | |
| Balance at March 31, 2024 | | | 233,695 | | | $ | 37.38 | |
| Granted | | | 97,200 | | | | 34.28 | |
| Forfeited | | | - | | | | - | |
| Vested | | | (27,300 | ) | | | 35.82 | |
| Balance at June 30, 2024 | | | 303,595 | | | $ | 36.53 | |
Stock Repurchase Program
In December 2015, the Board of Directors established a stock repurchase program ("Stock Repurchase Program") authorizing the Company to repurchase up to 500,000 shares of Class A Stock. 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. On February 6, 2024, the Board of Directors authorized the repurchase of an additional 350,000 shares. Our stock repurchase program is not subject to an expiration date.
The following table presents the Company's stock repurchase activity and remaining authorization:
| For the period ended June 30, 2024: | | | Number of shares purchased | | | | Average price per share | |
| Remaining repurchase authorization December 31, 2023 | | | 156,664 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (117,354 | ) | | $ | 33.63 | |
| Remaining repurchase authorization March 31, 2024 (2) | | | 389,310 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (65,469 | ) | | $ | 33.88 | |
| Remaining repurchase authorization June 30, 2024 | | | 323,841 | | | | | |
| For the period ended June 30, 2023: | | | | | | | | |
| Remaining repurchase authorization December 31, 2022 | | | 609,352 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (52,307 | ) | | $ | 37.27 | |
| Remaining repurchase authorization March 31, 2023 | | | 557,045 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (211,870 | ) | | $ | 35.95 | |
| Remaining repurchase authorization June 30, 2023 | | | 345,175 | | | | | |
(1) Repurchases totaled $2.2 million and $7.6 million for the three-month periods ended June 30, 2024 and 2023, respectively. Repurchases totaled $6.2 and $9.6 million for the six-month periods ended June 30, 2024 and 2023, respectively.
(2) On February 6, 2024, the Board of Directors authorized the repurchase of an additional 350,000 shares.
Dividends
During the three and six-month periods ended June 30, 2024 and 2023, the Company declared dividends of $0.10 per share to Class A and Class B shareholders.
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v3.24.2.u1
Note 9 - Goodwill
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Goodwill Disclosure [Text Block] |
9. Goodwill
At June 30, 2024 and December 31, 2023, 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 and six months ended June 30, 2024 or 2023, and as such there was no impairment analysis performed or charge recorded.
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-Topic 350
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-Section 55
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v3.24.2.u1
Note 10 - Guarantees, Contingencies and Commitments
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Commitments and Contingencies Disclosure [Text Block] |
10. 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 is not aware of any probable or reasonably possible losses.
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.
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v3.24.2.u1
Note 11 - Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes to Financial Statements |
|
| Subsequent Events [Text Block] |
11. Subsequent Events
From July 1, 2024 to August 9, 2024, the Company repurchased 84,861 shares at an average price of $31.43 per share.
On August 7, 2024, the Board of Directors approved a $0.20 per share shareholder designated charitable contribution. If all eligible shares outstanding were registered to participate, the total contribution would total $4.3 million.
On August 7, 2024, the Board of Directors increased the buyback authorization under the Stock Repurchase Program by 200,000 shares of Class A Stock.
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-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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v3.24.2.u1
Note 2 - Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes Tables |
|
| Disaggregation of Revenue [Table Text Block] |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Investment advisory and incentive fees | | | | | | | | | | | | | | | | |
| Asset-based advisory fees | | $ | 1,217 | | | $ | 1,291 | | | $ | 2,444 | | | $ | 2,606 | |
| Performance-based advisory fees | | | 1 | | | | - | | | | 1 | | | | 1 | |
| Sub-advisory fees | | | 1,271 | | | | 989 | | | | 2,951 | | | | 2,084 | |
| Total investment advisory and incentive fees | | | 2,489 | | | | 2,280 | | | | 5,396 | | | | 4,691 | |
| | | | | | | | | | | | | | | | | |
| Other | | | 106 | | | | 102 | | | | 210 | | | | 156 | |
| | | | | | | | | | | | | | | | | |
| Total revenues | | $ | 2,595 | | | $ | 2,382 | | | $ | 5,606 | | | $ | 4,847 | |
|
| X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 5
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v3.24.2.u1
Note 3 - Investments in Securities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes Tables |
|
| Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] |
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| Debt - Trading Securities: | | | | | | | | | | | | | | | | |
| U.S. Treasury Bills | | $ | 45,133 | | | $ | 46,060 | | | $ | 88,300 | | | $ | 89,155 | |
| Equity Securities: | | | | | | | | | | | | | | | | |
| Common stocks | | | 219,878 | | | | 225,108 | | | | 198,269 | | | | 191,346 | |
| Mutual funds | | | 651 | | | | 1,384 | | | | 566 | | | | 1,186 | |
| Other investments | | | 4,609 | | | | 3,631 | | | | 5,166 | | | | 4,051 | |
| Total investments in equity securities | | | 225,138 | | | | 230,123 | | | | 204,001 | | | | 196,583 | |
| Total investments in securities | | $ | 270,271 | | | $ | 276,183 | | | $ | 292,301 | | | $ | 285,738 | |
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| | | | | | | | | | | | | | | | | |
| Closed-end funds | | $ | 40,270 | | | $ | 55,021 | | | $ | 39,680 | | | $ | 53,048 | |
| Mutual funds | | | 50,783 | | | | 73,903 | | | | 50,136 | | | | 73,703 | |
| Total investments in affiliated registered investment companies | | $ | 91,053 | | | $ | 128,924 | | | $ | 89,816 | | | $ | 126,751 | |
|
| Security Sold Short [Table Text Block] |
| | | June 30, 2024 | | | December 31, 2023 | |
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | |
| | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,782 | | | $ | 5,998 | | | $ | 5,227 | | | $ | 5,035 | |
| Other investments | | | 105 | | | | 394 | | | | 631 | | | | 883 | |
| Total securities sold, not yet purchased | | $ | 5,887 | | | $ | 6,392 | | | $ | 5,858 | | | $ | 5,918 | |
|
| X |
- DefinitionTabular disclosure of the investments sold, not yet purchased (securities sold short). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A)
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v3.24.2.u1
Note 4 - Investment Partnerships and Other Entities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes Tables |
|
| Condensed Balance Sheet [Table Text Block] |
| | | June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| Assets | | Consolidation | | | Entities | | | As Reported | |
| Cash and cash equivalents | | $ | 337,777 | | | $ | 3,540 | | | $ | 341,317 | |
| Investments in U.S. Treasury Bills | | | 39,863 | | | | 6,197 | | | | 46,060 | |
| Investments in equity securities | | | 172,456 | | | | 57,667 | | | | 230,123 | |
| Investments in affiliated registered investment companies | | | 182,362 | | | | (53,438 | ) | | | 128,924 | |
| Investments in partnerships | | | 160,488 | | | | (19,895 | ) | | | 140,593 | |
| Receivable from brokers | | | 19,010 | | | | 10,288 | | | | 29,298 | |
| Investment advisory fees receivable | | | 1,234 | | | | (6 | ) | | | 1,228 | |
| Other assets(1) | | | 28,499 | | | | 2,974 | | | | 31,473 | |
| Total assets | | $ | 941,689 | | | $ | 7,327 | | | $ | 949,016 | |
| Liabilities, redeemable noncontrolling interests and equity | | | | | | | | | | | | |
| Securities sold, not yet purchased | | $ | 6,043 | | | $ | 349 | | | $ | 6,392 | |
| Payable to brokers and other liabilities(1) | | | 20,167 | | | | 1,290 | | | | 21,457 | |
| Redeemable noncontrolling interests | | | - | | | | 5,688 | | | | 5,688 | |
| Total equity | | | 915,479 | | | | - | | | | 915,479 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 941,689 | | | $ | 7,327 | | | $ | 949,016 | |
| | | December 31, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| Assets | | Consolidation | | | Entities | | | As Reported | |
| Cash and cash equivalents | | $ | 299,508 | | | $ | 17,979 | | | $ | 317,487 | |
| Investments in U.S. Treasury Bills | | | 79,714 | | | | 9,441 | | | | 89,155 | |
| Investments in equity securities | | | 149,154 | | | | 47,429 | | | | 196,583 | |
| Investments in affiliated registered investment companies | | | 181,641 | | | | (54,890 | ) | | | 126,751 | |
| Investments in partnerships | | | 163,226 | | | | (20,252 | ) | | | 142,974 | |
| Receivable from brokers(1) | | | 25,026 | | | | 5,242 | | | | 30,268 | |
| Investment advisory fees receivable | | | 4,714 | | | | (3 | ) | | | 4,711 | |
| Other assets(1) | | | 33,444 | | | | 2,424 | | | | 35,868 | |
| Total assets | | $ | 936,427 | | | $ | 7,370 | | | $ | 943,797 | |
| Liabilities, redeemable noncontrolling interests and equity | | | | | | | | | | | | |
| Securities sold, not yet purchased | | $ | 5,639 | | | $ | 279 | | | $ | 5,918 | |
| Payable to brokers and other liabilities(1) | | | 23,813 | | | | 988 | | | | 24,801 | |
| Redeemable noncontrolling interests | | | - | | | | 6,103 | | | | 6,103 | |
| Total equity | | | 906,975 | | | | - | | | | 906,975 | |
| Total liabilities, redeemable noncontrolling interests and equity | | $ | 936,427 | | | $ | 7,370 | | | $ | 943,797 | |
|
| Condensed Income Statement [Table Text Block] |
| | | Three Months Ended June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 2,703 | | | $ | (108 | ) | | $ | 2,595 | |
| Operating loss | | | (3,270 | ) | | | (404 | ) | | | (3,674 | ) |
| Total other income, net | | | 7,250 | | | | 2 | | | | 7,252 | |
| Income/(loss) before noncontrolling interests | | | 2,985 | | | | (91 | ) | | | 2,894 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (91 | ) | | | (91 | ) |
| Net income | | $ | 2,985 | | | $ | - | | | $ | 2,985 | |
| | | Three Months Ended June 30, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 2,489 | | | $ | (107 | ) | | $ | 2,382 | |
| Operating loss | | | (3,107 | ) | | | (364 | ) | | | (3,471 | ) |
| Total other income, net | | | 8,003 | | | | 608 | | | | 8,611 | |
| Income/(loss) before noncontrolling interests | | | 3,371 | | | | (71 | ) | | | 3,300 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (71 | ) | | | (71 | ) |
| Net income | | $ | 3,371 | | | $ | - | | | $ | 3,371 | |
| | | Six Months Ended June 30, 2024 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 5,823 | | | $ | (217 | ) | | $ | 5,606 | |
| Operating loss | | | (7,877 | ) | | | (767 | ) | | | (8,644 | ) |
| Total other income, net | | | 29,697 | | | | 180 | | | | 29,877 | |
| Income/(loss) before noncontrolling interests | | | 16,806 | | | | (55 | ) | | | 16,751 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | (55 | ) | | | (55 | ) |
| Net income | | $ | 16,806 | | | $ | - | | | $ | 16,806 | |
| | | Six Months Ended June 30, 2023 | |
| | | Prior to | | | Consolidated | | | | | |
| | | Consolidation | | | Entities | | | As Reported | |
| Total revenues | | $ | 5,067 | | | $ | (220 | ) | | $ | 4,847 | |
| Operating loss | | | (7,843 | ) | | | (761 | ) | | | (8,604 | ) |
| Total other income/(loss), net | | | 35,625 | | | | (2,279 | ) | | | 33,346 | |
| Income/(loss) before noncontrolling interests | | | 21,125 | | | | 197 | | | | 21,322 | |
| Income/(loss) attributable to noncontrolling interests, net of taxes | | | - | | | | 197 | | | | 197 | |
| Net income | | $ | 21,125 | | | $ | - | | | $ | 21,125 | |
|
| Schedule of Variable Interest Entities [Table Text Block] |
| | | June 30, 2024 | | | December 31, 2023 | |
| Cash and cash equivalents | | $ | 294 | | | $ | 302 | |
| Investments in equity securities | | | 9,544 | | | | 9,695 | |
| Receivable from brokers | | | 234 | | | | 166 | |
| Accrued expenses and other liabilities | | | (23 | ) | | | (46 | ) |
| Redeemable noncontrolling interests | | | (451 | ) | | | (451 | ) |
| AC Group's net interests in consolidated VIEs | | $ | 9,598 | | | $ | 9,666 | |
|
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-Name Regulation S-X (SX)
-Number 210
-Section 12
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-Paragraph a
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v3.24.2.u1
Note 5 - Fair Value (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes Tables |
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
| | | June 30, 2024 | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Cash equivalents | | $ | 339,920 | | | $ | - | | | $ | - | | | $ | 339,920 | |
| Investments in securities (including GAMCO stock): | | | | | | | | | | | | | | | | |
| Trading - U.S. Treasury Bills | | | 46,060 | | | | - | | | | - | | | | 46,060 | |
| Common stocks | | | 221,813 | | | | 1,260 | | | | 2,035 | | | | 225,108 | |
| Mutual funds | | | 1,384 | | | | - | | | | - | | | | 1,384 | |
| Other | | | 2,778 | | | | 727 | | | | 126 | | | | 3,631 | |
| Total investments in securities | | | 272,035 | | | | 1,987 | | | | 2,161 | | | | 276,183 | |
| Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | |
| Closed-end funds - equity securities | | | 45,165 | | | | - | | | | - | | | | 45,165 | |
| Preferred securities issued by Closed-end funds (a) | | | - | | | | - | | | | 9,856 | | | | 9,856 | |
| Mutual funds | | | 73,903 | | | | - | | | | - | | | | 73,903 | |
| Total investments in affiliated registered investment companies | | | 119,068 | | | | - | | | | 9,856 | | | | 128,924 | |
| Total investments held at fair value | | | 391,103 | | | | 1,987 | | | | 12,017 | | | | 405,107 | |
| Total assets at fair value | | $ | 731,023 | | | $ | 1,987 | | | $ | 12,017 | | | $ | 745,027 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,998 | | | $ | - | | | $ | - | | | $ | 5,998 | |
| Other | | | 36 | | | | 358 | | | | - | | | | 394 | |
| Securities sold, not yet purchased | | | 6,034 | | | | 358 | | | | - | | | | 6,392 | |
| Total liabilities at fair value | | $ | 6,034 | | | $ | 358 | | | $ | - | | | $ | 6,392 | |
| | | December 31, 2023 | |
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Cash equivalents | | $ | 315,017 | | | $ | - | | | $ | - | | | $ | 315,017 | |
| Investments in securities (including GAMCO stock): | | | | | | | | | | | | | | | | |
| Trading - U.S. Treasury Bills | | | 89,155 | | | | - | | | | - | | | | 89,155 | |
| Common stocks | | | 187,963 | | | | 1,348 | | | | 2,035 | | | | 191,346 | |
| Mutual funds | | | 1,186 | | | | - | | | | - | | | | 1,186 | |
| Other | | | 3,347 | | | | 485 | | | | 219 | | | | 4,051 | |
| Total investments in securities | | | 281,651 | | | | 1,833 | | | | 2,254 | | | | 285,738 | |
| Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | |
| Closed-end funds - equity securities | | | 44,692 | | | | - | | | | - | | | | 44,692 | |
| Preferred securities issued by Closed-end funds (a) | | | - | | | | - | | | | 8,356 | | | | 8,356 | |
| Mutual funds | | | 73,703 | | | | - | | | | - | | | | 73,703 | |
| Total investments in affiliated registered investment companies | | | 118,395 | | | | - | | | | 8,356 | | | | 126,751 | |
| Total investments held at fair value | | | 400,046 | | | | 1,833 | | | | 10,610 | | | | 412,489 | |
| Total assets at fair value | | $ | 715,063 | | | $ | 1,833 | | | $ | 10,610 | | | $ | 727,506 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common stocks | | $ | 5,035 | | | $ | - | | | $ | - | | | $ | 5,035 | |
| Other | | | 579 | | | | 304 | | | | - | | | | 883 | |
| Securities sold, not yet purchased | | | 5,614 | | | | 304 | | | | - | | | | 5,918 | |
| Total liabilities at fair value | | $ | 5,614 | | | $ | 304 | | | $ | - | | | $ | 5,918 | |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| Assets: | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Beginning balance | | $ | 12,110 | | | $ | 14,741 | | | $ | 10,610 | | | $ | 13,774 | |
| Total gains/(losses) | | | 100 | | | | - | | | | 100 | | | | (33 | ) |
| Purchases | | | - | | | | - | | | | 3,900 | | | | 1,000 | |
| Sales/return of capital | | | (193 | ) | | | (250 | ) | | | (2,593 | ) | | | (250 | ) |
| Ending balance | | $ | 12,017 | | | $ | 14,491 | | | $ | 12,017 | | | $ | 14,491 | |
| 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 | | $ | 100 | | | $ | - | | | $ | 100 | | | $ | (33 | ) |
|
| X |
- DefinitionTabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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v3.24.2.u1
Note 7 - Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes Tables |
|
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| (In thousands, except per share amounts) | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Income before noncontrolling interests | | $ | 2,894 | | | $ | 3,300 | | | $ | 16,751 | | | $ | 21,322 | |
| Income/(loss) attributable to noncontrolling interests | | | (91 | ) | | | (71 | ) | | | (55 | ) | | | 197 | |
| Net income attributable to Associated Capital Group, Inc.'s shareholders | | $ | 2,985 | | | $ | 3,371 | | | $ | 16,806 | | | $ | 21,125 | |
| | | | | | | | | | | | | | | | | |
| Weighted average number of shares outstanding - basic | | | 21,392 | | | | 21,870 | | | | 21,446 | | | | 21,920 | |
| Weighted average number of shares outstanding - diluted | | | 21,392 | | | | 21,870 | | | | 21,446 | | | | 21,920 | |
| | | | | | | | | | | | | | | | | |
| Basic and Diluted EPS | | $ | 0.14 | | | $ | 0.15 | | | $ | 0.78 | | | $ | 0.96 | |
|
| X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
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-Section 50
-Paragraph 1
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v3.24.2.u1
Note 8 - Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Notes Tables |
|
| Share-Based Payment Arrangement, Cost by Plan [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | |
| Stock-based compensation expense | | $ | 595 | | | $ | 323 | | | $ | 757 | | | $ | 205 | |
| | | | | | | | | | | | | | | | | |
| Remaining expense to be recognized, if all vesting conditions are met(1) | | | | | | | | | | | 7,131 | | | | 6,012 | |
| | | | | | | | | | | | | | | | | |
| Weighted average remaining contractual term (in years) | | | | | | | | | | | 2.2 | | | | 2.2 | |
|
| Share-Based Payment Arrangement, Activity [Table Text Block] |
| | | PRSAs | | | Weighted Average Grant Date Fair Value | |
| Balance at December 31, 2023 | | | 233,695 | | | $ | 37.38 | |
| Granted | | | - | | | | - | |
| Forfeited | | | - | | | | - | |
| Vested | | | - | | | | - | |
| Balance at March 31, 2024 | | | 233,695 | | | $ | 37.38 | |
| Granted | | | 97,200 | | | | 34.28 | |
| Forfeited | | | - | | | | - | |
| Vested | | | (27,300 | ) | | | 35.82 | |
| Balance at June 30, 2024 | | | 303,595 | | | $ | 36.53 | |
|
| Class of Treasury Stock [Table Text Block] |
| For the period ended June 30, 2024: | | | Number of shares purchased | | | | Average price per share | |
| Remaining repurchase authorization December 31, 2023 | | | 156,664 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (117,354 | ) | | $ | 33.63 | |
| Remaining repurchase authorization March 31, 2024 (2) | | | 389,310 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (65,469 | ) | | $ | 33.88 | |
| Remaining repurchase authorization June 30, 2024 | | | 323,841 | | | | | |
| For the period ended June 30, 2023: | | | | | | | | |
| Remaining repurchase authorization December 31, 2022 | | | 609,352 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (52,307 | ) | | $ | 37.27 | |
| Remaining repurchase authorization March 31, 2023 | | | 557,045 | | | | | |
| Share repurchases under stock repurchase program (1) | | | (211,870 | ) | | $ | 35.95 | |
| Remaining repurchase authorization June 30, 2023 | | | 345,175 | | | | | |
|
| X |
- DefinitionTabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
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v3.24.2.u1
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Total revenues |
$ 2,595
|
$ 2,382
|
$ 5,606
|
$ 4,847
|
| Asset Based Advisory Fees [Member] |
|
|
|
|
| Total revenues |
1,217
|
1,291
|
2,444
|
2,606
|
| Performance Based Advisory Fees [Member] |
|
|
|
|
| Total revenues |
1
|
0
|
1
|
1
|
| Sub Advisory Fees [Member] |
|
|
|
|
| Total revenues |
1,271
|
989
|
2,951
|
2,084
|
| Investment Advice [Member] |
|
|
|
|
| Total revenues |
2,489
|
2,280
|
5,396
|
4,691
|
| Other Miscellaneous Revenues [Member] |
|
|
|
|
| Total revenues |
$ 106
|
$ 102
|
$ 210
|
$ 156
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.2.u1
Note 3 - Investments in Securities - Investments in Securities (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Trading - U.S. Treasury Bills |
$ 46,060
|
$ 89,155
|
| Equity Securities |
225,138
|
204,001
|
| Investments in equity securities |
230,123
|
196,583
|
| Total investments in securities |
270,271
|
292,301
|
| Total investments in securities, fair value |
276,183
|
285,738
|
| Investment, Affiliated Issuer [Member] |
|
|
| Investment in registered investment companies, cost |
91,053
|
89,816
|
| Investments in affiliated registered investment companies, fair value |
128,924
|
126,751
|
| Closed End Funds [Member] | Investment, Affiliated Issuer [Member] |
|
|
| Investment in registered investment companies, cost |
40,270
|
39,680
|
| Investments in affiliated registered investment companies, fair value |
55,021
|
53,048
|
| US Treasury Bill Securities [Member] |
|
|
| U.S. Treasury Bills |
45,133
|
88,300
|
| Trading - U.S. Treasury Bills |
46,060
|
89,155
|
| Mutual Fund [Member] |
|
|
| Equity Securities |
651
|
566
|
| Investments in equity securities |
1,384
|
1,186
|
| Mutual Fund [Member] | Investment, Affiliated Issuer [Member] |
|
|
| Investment in registered investment companies, cost |
50,783
|
50,136
|
| Investments in affiliated registered investment companies, fair value |
73,903
|
73,703
|
| Common Stock [Member] |
|
|
| Equity Securities |
219,878
|
198,269
|
| Investments in equity securities |
225,108
|
191,346
|
| Other Investments [Member] |
|
|
| Equity Securities |
4,609
|
5,166
|
| Investments in equity securities |
$ 3,631
|
$ 4,051
|
| X |
- DefinitionCost of investment in debt investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security with change in fair value recognized in net income (FV-NI). Excludes equity method investment and investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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- DefinitionCost of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Excludes equity method investment and investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
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-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-14
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
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-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all investments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-14
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
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-Section 55
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(h))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionFair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1
| Name: |
us-gaap_TradingSecurities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in net income (trading). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1
| Name: |
us-gaap_TradingSecuritiesDebt |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmortized cost of investments in debt securities classified as trading. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_TradingSecuritiesDebtAmortizedCost |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_InvestmentIssuerAffiliationAxis=us-gaap_InvestmentAffiliatedIssuerMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=ac_ClosedEndFundsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_USTreasuryBillSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_MutualFundMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommonStockMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_OtherInvestmentsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.2.u1
Note 3 - Investments in Securities - Securities Sold, Not Yet Purchased (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Total securities sold, not yet purchased, cost |
$ 5,887
|
$ 5,858
|
| Total securities sold, not yet purchased, fair value |
6,392
|
5,918
|
| Common Stock [Member] |
|
|
| Total securities sold, not yet purchased, cost |
5,782
|
5,227
|
| Total securities sold, not yet purchased, fair value |
5,998
|
5,035
|
| Other Investments [Member] |
|
|
| Total securities sold, not yet purchased, cost |
105
|
631
|
| Total securities sold, not yet purchased, fair value |
$ 394
|
$ 883
|
| X |
- DefinitionThe cost of investment sold but not yet purchased during the period.
| Name: |
ac_InvestmentSoldNotYetPurchasedCost |
| Namespace Prefix: |
ac_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFair value of security sold but not yet purchased. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 5))
-SubTopic 320
-Topic 946
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2
| Name: |
us-gaap_InvestmentSoldNotYetPurchasedAtFairValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommonStockMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_OtherInvestmentsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.2.u1
Note 4 - Investment Partnerships and Other Entities (Details Textual) - USD ($)
$ in Thousands |
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
| Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures |
$ 102,000
|
$ 107,400
|
| Investments in Unaffiliated Entities |
38,600
|
35,600
|
| Assets |
949,016
|
943,797
|
| Liabilities |
27,849
|
30,719
|
| Redeemable Noncontrolling Interest, Equity, Carrying Amount |
5,688
|
6,103
|
| Voting Interest Entities [Member] |
|
|
| Assets |
70,600
|
72,400
|
| Liabilities |
1,800
|
1,400
|
| Redeemable Noncontrolling Interest, Equity, Carrying Amount |
5,200
|
5,600
|
| Net Assets |
$ 63,600
|
$ 65,400
|
| Minimum [Member] |
|
|
| Notice Period for Redeeming Investments in Unaffiliated Entities (Day) |
30 days
|
|
| Maximum [Member] |
|
|
| Notice Period for Redeeming Investments in Unaffiliated Entities (Day) |
95 days
|
|
| X |
- DefinitionInvestments in unaffiliated partnerships, offshore funds and other entities as of the balance sheet date.
| Name: |
ac_InvestmentsInUnaffiliatedEntities |
| Namespace Prefix: |
ac_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionRefers to the notice period for redeeming investments, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
| Name: |
ac_NoticePeriodForRedeemingInvestmentsInUnaffiliatedEntities |
| Namespace Prefix: |
ac_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionAmount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 825
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.2.u1
Note 4 - Investment Partnerships and Other Entities - Net Impact of the Consolidated Investment Partnerships and Other Entities on the Statements of Financial Condition (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
| Cash and cash equivalents |
|
$ 341,317
|
|
$ 317,487
|
$ 381,387
|
|
|
| Investments in U.S. Treasury Bills |
|
46,060
|
|
89,155
|
|
|
|
| Investments in equity securities |
|
230,123
|
|
196,583
|
|
|
|
| Investments in affiliated registered investment companies |
|
128,924
|
|
126,751
|
|
|
|
| Investments in partnerships |
|
140,593
|
|
142,974
|
|
|
|
| Receivable from brokers |
|
29,298
|
|
30,268
|
|
|
|
| Investment advisory fees receivable |
|
1,228
|
|
4,711
|
|
|
|
| Other assets |
[1] |
31,473
|
|
35,868
|
|
|
|
| Total assets |
|
949,016
|
|
943,797
|
|
|
|
| Securities sold, not yet purchased |
|
6,392
|
|
5,918
|
|
|
|
| Payable to brokers and other liabilities(1) |
|
21,457
|
|
24,801
|
|
|
|
| Redeemable noncontrolling interests |
|
5,688
|
|
6,103
|
|
|
|
| Total equity |
|
915,479
|
$ 916,850
|
906,975
|
$ 899,567
|
$ 906,001
|
$ 890,196
|
| Total liabilities, redeemable noncontrolling interests and equity |
|
949,016
|
|
943,797
|
|
|
|
| Consolidated Entity, Excluding Consolidated Entities [Member] |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
337,777
|
|
299,508
|
|
|
|
| Investments in U.S. Treasury Bills |
|
39,863
|
|
79,714
|
|
|
|
| Investments in equity securities |
|
172,456
|
|
149,154
|
|
|
|
| Investments in affiliated registered investment companies |
|
182,362
|
|
181,641
|
|
|
|
| Investments in partnerships |
|
160,488
|
|
163,226
|
|
|
|
| Receivable from brokers |
|
19,010
|
|
25,026
|
|
|
|
| Investment advisory fees receivable |
|
1,234
|
|
4,714
|
|
|
|
| Other assets |
[1] |
28,499
|
|
33,444
|
|
|
|
| Total assets |
|
941,689
|
|
936,427
|
|
|
|
| Securities sold, not yet purchased |
|
6,043
|
|
5,639
|
|
|
|
| Payable to brokers and other liabilities(1) |
[1] |
20,167
|
|
23,813
|
|
|
|
| Redeemable noncontrolling interests |
|
0
|
|
0
|
|
|
|
| Total equity |
|
915,479
|
|
906,975
|
|
|
|
| Total liabilities, redeemable noncontrolling interests and equity |
|
941,689
|
|
936,427
|
|
|
|
| Consolidated Entities [Member] |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
3,540
|
|
17,979
|
|
|
|
| Investments in U.S. Treasury Bills |
|
6,197
|
|
9,441
|
|
|
|
| Investments in equity securities |
|
57,667
|
|
47,429
|
|
|
|
| Investments in affiliated registered investment companies |
|
(53,438)
|
|
(54,890)
|
|
|
|
| Investments in partnerships |
|
(19,895)
|
|
(20,252)
|
|
|
|
| Receivable from brokers |
|
10,288
|
|
5,242
|
|
|
|
| Investment advisory fees receivable |
|
(6)
|
|
(3)
|
|
|
|
| Other assets |
[1] |
2,974
|
|
2,424
|
|
|
|
| Total assets |
|
7,327
|
|
7,370
|
|
|
|
| Securities sold, not yet purchased |
|
349
|
|
279
|
|
|
|
| Payable to brokers and other liabilities(1) |
|
1,290
|
|
988
|
|
|
|
| Redeemable noncontrolling interests |
|
5,688
|
|
6,103
|
|
|
|
| Total equity |
|
0
|
|
0
|
|
|
|
| Total liabilities, redeemable noncontrolling interests and equity |
|
$ 7,327
|
|
$ 7,370
|
|
|
|
|
|
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.2.u1
Note 4 - Investment Partnerships and Other Entities - Net Impact of Consolidated Entities on the Statements of Income (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Total revenues |
$ 2,595
|
$ 2,382
|
$ 5,606
|
$ 4,847
|
| Operating loss |
(3,674)
|
(3,471)
|
(8,644)
|
(8,604)
|
| Total other income, net |
7,252
|
8,611
|
29,877
|
33,346
|
| Income/(loss) before noncontrolling interests |
2,894
|
3,300
|
16,751
|
21,322
|
| Income/(loss) attributable to noncontrolling interests |
(91)
|
(71)
|
(55)
|
197
|
| Net income |
2,985
|
3,371
|
16,806
|
21,125
|
| Consolidated Entity, Excluding Consolidated Entities [Member] |
|
|
|
|
| Total revenues |
2,703
|
2,489
|
5,823
|
5,067
|
| Operating loss |
(3,270)
|
(3,107)
|
(7,877)
|
(7,843)
|
| Total other income, net |
7,250
|
8,003
|
29,697
|
35,625
|
| Income/(loss) before noncontrolling interests |
2,985
|
3,371
|
16,806
|
21,125
|
| Income/(loss) attributable to noncontrolling interests |
0
|
0
|
0
|
0
|
| Net income |
2,985
|
3,371
|
16,806
|
21,125
|
| Consolidated Entities [Member] |
|
|
|
|
| Total revenues |
(108)
|
(107)
|
(217)
|
(220)
|
| Operating loss |
(404)
|
(364)
|
(767)
|
(761)
|
| Total other income, net |
2
|
608
|
180
|
(2,279)
|
| Income/(loss) before noncontrolling interests |
(91)
|
(71)
|
(55)
|
197
|
| Income/(loss) attributable to noncontrolling interests |
(91)
|
(71)
|
(55)
|
197
|
| Net income |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
| X |
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v3.24.2.u1
Note 4 - Investment Partnerships and Other Entities - Balances Related to VIEs (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
| Cash and cash equivalents |
|
$ 341,317
|
$ 317,487
|
$ 381,387
|
| Investments in equity securities |
|
230,123
|
196,583
|
|
| Receivable from brokers |
|
29,298
|
30,268
|
|
| Redeemable noncontrolling interests |
|
(5,688)
|
(6,103)
|
|
| Variable Interest Entity, Primary Beneficiary [Member] |
|
|
|
|
| Cash and cash equivalents |
|
294
|
302
|
|
| Investments in equity securities |
|
9,544
|
9,695
|
|
| Receivable from brokers |
|
234
|
166
|
|
| Accrued expenses and other liabilities |
[1] |
(23)
|
(46)
|
|
| Redeemable noncontrolling interests |
|
(451)
|
(451)
|
|
| AC Group's net interests in consolidated VIEs |
|
$ 9,598
|
$ 9,666
|
|
|
|
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.2.u1
Note 5 - Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
| Trading - U.S. Treasury Bills |
$ 46,060
|
$ 89,155
|
| Investments in equity securities |
230,123
|
196,583
|
| Total investments in securities |
276,183
|
285,738
|
| Securities sold, not yet purchased |
6,392
|
5,918
|
| US Treasury Bill Securities [Member] |
|
|
| Trading - U.S. Treasury Bills |
46,060
|
89,155
|
| Common Stock [Member] |
|
|
| Investments in equity securities |
225,108
|
191,346
|
| Mutual Fund [Member] |
|
|
| Investments in equity securities |
1,384
|
1,186
|
| Other Investments [Member] |
|
|
| Investments in equity securities |
3,631
|
4,051
|
| Fair Value, Recurring [Member] |
|
|
| Cash equivalents |
339,920
|
315,017
|
| Total investments in securities |
276,183
|
285,738
|
| Investments in affiliated registered investment companies |
128,924
|
126,751
|
| Investment, fair value |
405,107
|
412,489
|
| Total assets at fair value |
745,027
|
727,506
|
| Securities sold, not yet purchased |
6,392
|
5,918
|
| Total liabilities at fair value |
6,392
|
5,918
|
| Fair Value, Recurring [Member] | US Treasury Bill Securities [Member] |
|
|
| Trading - U.S. Treasury Bills |
46,060
|
89,155
|
| Fair Value, Recurring [Member] | Common Stock [Member] |
|
|
| Investments in equity securities |
225,108
|
191,346
|
| Securities sold, not yet purchased |
5,998
|
5,035
|
| Fair Value, Recurring [Member] | Mutual Fund [Member] |
|
|
| Investments in equity securities |
1,384
|
1,186
|
| Investments in affiliated registered investment companies |
73,903
|
73,703
|
| Fair Value, Recurring [Member] | Other Investments [Member] |
|
|
| Investments in equity securities |
3,631
|
4,051
|
| Securities sold, not yet purchased |
394
|
883
|
| Fair Value, Recurring [Member] | Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
45,165
|
44,692
|
| Fair Value, Recurring [Member] | Preferred Securities From Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
9,856
|
8,356
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Cash equivalents |
339,920
|
315,017
|
| Total investments in securities |
272,035
|
281,651
|
| Investments in affiliated registered investment companies |
119,068
|
118,395
|
| Investment, fair value |
391,103
|
400,046
|
| Total assets at fair value |
731,023
|
715,063
|
| Securities sold, not yet purchased |
6,034
|
5,614
|
| Total liabilities at fair value |
6,034
|
5,614
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Bill Securities [Member] |
|
|
| Trading - U.S. Treasury Bills |
46,060
|
89,155
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] |
|
|
| Investments in equity securities |
221,813
|
187,963
|
| Securities sold, not yet purchased |
5,998
|
5,035
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] |
|
|
| Investments in equity securities |
1,384
|
1,186
|
| Investments in affiliated registered investment companies |
73,903
|
73,703
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Investments [Member] |
|
|
| Investments in equity securities |
2,778
|
3,347
|
| Securities sold, not yet purchased |
36
|
579
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
45,165
|
44,692
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Preferred Securities From Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Cash equivalents |
0
|
0
|
| Total investments in securities |
1,987
|
1,833
|
| Investments in affiliated registered investment companies |
0
|
0
|
| Investment, fair value |
1,987
|
1,833
|
| Total assets at fair value |
1,987
|
1,833
|
| Securities sold, not yet purchased |
358
|
304
|
| Total liabilities at fair value |
358
|
304
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Bill Securities [Member] |
|
|
| Trading - U.S. Treasury Bills |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Common Stock [Member] |
|
|
| Investments in equity securities |
1,260
|
1,348
|
| Securities sold, not yet purchased |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] |
|
|
| Investments in equity securities |
0
|
0
|
| Investments in affiliated registered investment companies |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Investments [Member] |
|
|
| Investments in equity securities |
727
|
485
|
| Securities sold, not yet purchased |
358
|
304
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Preferred Securities From Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
| Cash equivalents |
0
|
0
|
| Total investments in securities |
2,161
|
2,254
|
| Investments in affiliated registered investment companies |
9,856
|
8,356
|
| Investment, fair value |
12,017
|
10,610
|
| Total assets at fair value |
12,017
|
10,610
|
| Securities sold, not yet purchased |
0
|
0
|
| Total liabilities at fair value |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Bill Securities [Member] |
|
|
| Trading - U.S. Treasury Bills |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Common Stock [Member] |
|
|
| Investments in equity securities |
2,035
|
2,035
|
| Securities sold, not yet purchased |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] |
|
|
| Investments in equity securities |
0
|
0
|
| Investments in affiliated registered investment companies |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] |
|
|
| Investments in equity securities |
126
|
219
|
| Securities sold, not yet purchased |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
0
|
0
|
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Preferred Securities From Closed End Funds [Member] |
|
|
| Investments in affiliated registered investment companies |
$ 9,856
|
$ 8,356
|
| X |
- DefinitionFair value portion of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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- DefinitionFair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 820
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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- DefinitionFair value portion of investments in an entity not consolidated. Includes, but is not limited to, investments in an entity that is affiliated with the reporting entity by means of direct or indirect ownership, an entity in which the reporting entity shares control of the entity with another party or group, an entity which the company has significant influence, but does not have control and subsidiaries that are not required to be consolidated and are accounted for using the equity or cost method. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(4))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
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-Subparagraph (SX 210.5-02(2))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
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| X |
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-Topic 820
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
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-Section 45
-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_MutualFundMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_OtherInvestmentsMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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- Details
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| Namespace Prefix: |
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|
v3.24.2.u1
Note 5 - Fair Value - Additional Information About Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Beginning balance |
$ 12,110
|
$ 14,741
|
$ 10,610
|
$ 13,774
|
| Total gains/(losses) |
100
|
0
|
100
|
(33)
|
| Purchases |
0
|
0
|
3,900
|
1,000
|
| Sales/return of capital |
(193)
|
(250)
|
(2,593)
|
(250)
|
| Ending balance |
12,017
|
14,491
|
12,017
|
14,491
|
| 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 |
$ 100
|
$ 0
|
$ 100
|
$ (33)
|
| X |
- DefinitionAmount of unrealized gain (loss) recognized in income from asset measured at fair value on recurring basis using unobservable input (level 3) and still held. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 102
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-102
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.2.u1
| X |
- DefinitionAmount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionTax year that remains open to examination under enacted tax laws, in YYYY format. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15
| Name: |
us-gaap_OpenTaxYear |
| Namespace Prefix: |
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| Data Type: |
dtr-types:gYearListItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.24.2.u1
Note 7 - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Income/(loss) before noncontrolling interests |
$ 2,894
|
$ 3,300
|
$ 16,751
|
$ 21,322
|
| Income/(loss) attributable to noncontrolling interests |
(91)
|
(71)
|
(55)
|
197
|
| Net income attributable to Associated Capital Group, Inc.'s shareholders |
$ 2,985
|
$ 3,371
|
$ 16,806
|
$ 21,125
|
| Weighted average number of shares outstanding - basic (in shares) |
21,392
|
21,870
|
21,446
|
21,920
|
| Weighted average number of shares outstanding - diluted (in shares) |
21,392
|
21,870
|
21,446
|
21,920
|
| Basic (in dollars per share) |
$ 0.14
|
$ 0.15
|
$ 0.78
|
$ 0.96
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7
| Name: |
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| Namespace Prefix: |
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| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
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-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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v3.24.2.u1
Note 8 - Equity (Details Textual)
$ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
|
|
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Mar. 31, 2024
shares
|
[1] |
Feb. 06, 2024
shares
|
Dec. 31, 2023
USD ($)
shares
|
Mar. 31, 2023
shares
|
Dec. 31, 2022
shares
|
May 08, 2018
shares
|
Aug. 03, 2017
shares
|
Feb. 07, 2017
shares
|
Dec. 31, 2015
shares
|
| Employee-related Liabilities | $ |
$ 12,448
|
|
$ 12,448
|
|
|
|
$ 15,169
|
|
|
|
|
|
|
| Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares |
|
|
|
|
|
350,000
|
|
|
|
500,000
|
1,000,000
|
|
|
| Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares |
323,841
|
345,175
|
323,841
|
345,175
|
389,310
|
|
156,664
|
557,045
|
609,352
|
|
|
500,000
|
|
| Treasury Stock, Value, Acquired, Cost Method | $ |
$ 2,218
|
$ 7,617
|
$ 6,164
|
$ 9,566
|
|
|
|
|
|
|
|
|
|
| Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares |
$ 0.1
|
$ 0.1
|
$ 0.1
|
$ 0.1
|
|
|
|
|
|
|
|
|
|
| Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares |
|
|
|
|
|
|
|
|
|
|
|
|
500,000
|
| Phantom Restricted Stock Award [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Employee-related Liabilities | $ |
$ 3,300
|
|
$ 3,300
|
|
|
|
$ 3,500
|
|
|
|
|
|
|
| Phantom Restricted Stock Award [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage |
|
|
30.00%
|
|
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
| Phantom Restricted Stock Award [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage |
|
|
70.00%
|
|
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
| Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of Votes Per Share |
|
|
1
|
|
|
|
|
|
|
|
|
|
|
| Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares |
$ 0.1
|
0.1
|
$ 0.1
|
0.1
|
|
|
|
|
|
|
|
|
|
| Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of Votes Per Share |
|
|
10
|
|
|
|
|
|
|
|
|
|
|
| Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares |
$ 0.1
|
$ 0.1
|
$ 0.1
|
$ 0.1
|
|
|
|
|
|
|
|
|
|
|
|
| X |
- DefinitionNumber of votes per share entitled to class of shares.
| Name: |
ac_NumberOfVotesPerShare |
| Namespace Prefix: |
ac_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of shares authorized to be purchased under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-4
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionPeriod over which grantee's right to exercise award under share-based payment arrangement is no longer contingent on satisfaction of service or performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, combination of market, performance or service condition. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionPercentage of vesting of award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of shares remaining authorized to be purchased under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.
| Name: |
us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased |
| Namespace Prefix: |
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| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionEquity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481549/505-30-45-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MaximumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AwardTypeAxis=ac_PhantomRestrictedStockAwardMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
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| Period Type: |
|
|
v3.24.2.u1
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
us-gaap_AllocatedShareBasedCompensationExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cost to be recognized for nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionWeighted average remaining contractual term for equity-based awards excluding options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (e)(1)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
xbrli:durationItemType |
| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_AwardTypeAxis=ac_PhantomRestrictedStockAwardMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.2.u1
Note 8 - Equity - Phantom RSA Activity (Details) - Phantom Restricted Stock Award [Member] - $ / shares
|
3 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
| Balance, shares (in shares) |
233,695
|
233,695
|
| Balance, weighted average grant date fair value (in dollars per share) |
$ 37.38
|
$ 37.38
|
| Granted, shares (in shares) |
97,200
|
0
|
| Granted, weighted average grant date fair value (in dollars per share) |
$ 34.28
|
$ 0
|
| Forfeited, shares (in shares) |
0
|
0
|
| Forfeited, weighted average grant date fair value (in dollars per share) |
$ 0
|
$ 0
|
| Vested, shares (in shares) |
(27,300)
|
0
|
| Vested, weighted average grant date fair value (in dollars per share) |
$ 35.82
|
$ 0
|
| Balance, shares (in shares) |
303,595
|
233,695
|
| Balance, weighted average grant date fair value (in dollars per share) |
$ 36.53
|
$ 37.38
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionPer share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_AwardTypeAxis=ac_PhantomRestrictedStockAwardMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.2.u1
Note 8 - Equity - Stock Repurchase Activity (Details) - $ / shares
|
3 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
| Remaining repurchase authorization (in shares) |
|
389,310
|
[1] |
156,664
|
|
557,045
|
609,352
|
| Share repurchases under stock repurchase program (1) (in shares) |
[2] |
(65,469)
|
|
(117,354)
|
|
(211,870)
|
(52,307)
|
| Share repurchases under stock repurchase program (1) (in dollars per share) |
[2] |
$ 33.88
|
|
$ 33.63
|
|
$ 35.95
|
$ 37.27
|
| Remaining repurchase authorization (in shares) |
|
323,841
|
|
389,310
|
[1] |
345,175
|
557,045
|
|
|
| X |
- DefinitionNumber of shares remaining authorized to be purchased under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.
| Name: |
us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionTotal cost of shares repurchased divided by the total number of shares repurchased. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481549/505-30-45-1
| Name: |
us-gaap_TreasuryStockAcquiredAverageCostPerShare |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
| Name: |
us-gaap_TreasuryStockSharesAcquired |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.24.2.u1
Note 9 - Goodwill (Details Textual) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
| Goodwill |
$ 3,519
|
|
$ 3,519
|
|
$ 3,519
|
| Goodwill, Impairment Loss |
0
|
$ 0
|
0
|
$ 0
|
|
| Gabelli Company Investment Advisers Inc [Member] |
|
|
|
|
|
| Goodwill |
$ 3,400
|
|
$ 3,400
|
|
$ 3,400
|
| X |
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v3.24.2.u1
Note 11 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands |
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Aug. 07, 2024 |
Aug. 08, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
| Treasury Stock, Shares, Acquired (in shares) |
[1] |
|
|
65,469
|
117,354
|
211,870
|
52,307
|
|
|
| Shares Acquired, Average Cost Per Share (in dollars per share) |
[1] |
|
|
$ 33.88
|
$ 33.63
|
$ 35.95
|
$ 37.27
|
|
|
| Common Stock, Dividends, Per Share, Declared (in dollars per share) |
|
|
|
$ 0.1
|
|
$ 0.1
|
|
$ 0.1
|
$ 0.1
|
| Dividends |
|
|
|
$ 2,138
|
|
$ 2,188
|
|
$ 2,138
|
$ 2,188
|
| Common Class A [Member] |
|
|
|
|
|
|
|
|
|
| Common Stock, Dividends, Per Share, Declared (in dollars per share) |
|
|
|
$ 0.1
|
|
$ 0.1
|
|
$ 0.1
|
$ 0.1
|
| Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
| Treasury Stock, Shares, Acquired (in shares) |
|
|
84,861
|
|
|
|
|
|
|
| Shares Acquired, Average Cost Per Share (in dollars per share) |
|
|
$ 31.43
|
|
|
|
|
|
|
| Common Stock, Dividends, Per Share, Declared (in dollars per share) |
|
$ 0.2
|
|
|
|
|
|
|
|
| Dividends |
|
$ 4,300
|
|
|
|
|
|
|
|
| Subsequent Event [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
| Share Repurchase Program, Authorized, Increase in Number of Shares (in shares) |
|
200,000
|
|
|
|
|
|
|
|
|
|
| X |
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| X |
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-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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