Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Entity Information [Line Items] | ||
Entity Registrant Name | GAMCO INVESTORS, INC. ET AL | |
Entity Central Index Key | 0001060349 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Address, State or Province | NY | |
Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,666,148 | |
Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 19,024,117 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 77,834 | $ 86,136 |
Investments in securities | 17,819 | 27,726 |
Investments in debt securities, at amortized cost | 2,998 | 6,547 |
Receivable from brokers | 3,808 | 989 |
Investment advisory fees receivable | 19,249 | 36,093 |
Receivable from affiliates | 3,917 | 3,940 |
Goodwill and identifiable intangible assets | 3,337 | 3,765 |
Deferred tax asset and income taxes receivable | 11,043 | 16,389 |
Other assets | 7,459 | 8,301 |
Total assets | 147,464 | 189,886 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Income taxes payable and deferred tax liabilities | 219 | 757 |
Lease liability obligations | 5,315 | 5,431 |
Compensation payable | 21,291 | 64,279 |
Payable to affiliates | 265 | 3,982 |
Accrued expenses and other liabilities | 30,833 | 36,529 |
Sub-total | 57,923 | 110,978 |
Senior Notes (net of issuance costs of $28 and $34, respectively) (due June 1, 2021) (Note 7) | 24,197 | 24,191 |
Total liabilities | 82,120 | 135,169 |
Commitments and contingencies (Note 10) | ||
Stockholders' Equity | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 17,974 | 17,033 |
Retained earnings | 373,208 | 362,515 |
Accumulated comprehensive income | (265) | (204) |
Treasury stock, at cost (7,692,260 and 6,012,002 shares, respectively) | (325,606) | (324,660) |
Total stockholders' equity | 65,344 | 54,717 |
Total liabilities and stockholders' equity | 147,464 | 189,886 |
Class A [Member] | ||
Stockholders' Equity | ||
Common stock | 14 | 14 |
Class B [Member] | ||
Stockholders' Equity | ||
Common stock | $ 19 | $ 19 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
GAMCO Investors, Inc. stockholders equity | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, outstanding (in shares) | 27,700,000 | 27,400,000 |
Treasury stock, shares (in shares) | 7,901,529 | 7,846,436 |
Class A [Member] | ||
GAMCO Investors, Inc. stockholders equity | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, issued (in shares) | 16,582,676 | 16,202,726 |
Common Stock, outstanding (in shares) | 8,681,147 | 8,356,290 |
Class B [Member] | ||
GAMCO Investors, Inc. stockholders equity | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, issued (in shares) | 24,000,000 | 24,000,000 |
Common Stock, outstanding (in shares) | 19,024,117 | 19,024,117 |
5.875% Senior Notes [Member] | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Debt issuance costs | $ 28 | $ 34 |
Debt instrument, maturity date | Jun. 1, 2021 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Total revenues | $ 69,567 | $ 74,336 |
Expenses | ||
Compensation | 29,250 | 30,347 |
Management fee | 1,665 | 1,449 |
Distribution costs | 7,630 | 8,670 |
Other operating expenses | 5,702 | 5,257 |
Total expenses | 44,247 | 45,723 |
Operating income | 25,320 | 28,613 |
Non-operating income / (loss) | ||
Gain / (loss) from investments, net | (10,237) | (1,895) |
Interest and dividend income | 544 | 724 |
Interest expense | (647) | (655) |
Total non-operating income / (loss) | (10,340) | (1,826) |
Income before income taxes | 14,980 | 26,787 |
Provision for income taxes | 3,735 | 6,895 |
Net income | $ 11,245 | $ 19,892 |
Earnings per share | ||
Basic (in dollars per share) | $ 0.42 | $ 0.70 |
Diluted (in dollars per share) | $ 0.42 | $ 0.70 |
Weighted average shares outstanding | ||
Basic (in shares) | 26,687 | 28,507 |
Diluted (in shares) | 26,770 | 28,539 |
Investment Advisory and Incentive Fees [Member] | ||
Revenues | ||
Total revenues | $ 62,273 | $ 65,888 |
Distribution Fees and Other Income [Member] | ||
Revenues | ||
Total revenues | $ 7,294 | $ 8,448 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract] | ||
Net income | $ 11,245 | $ 19,892 |
Other comprehensive income/(loss): | ||
Foreign currency translation | (61) | 20 |
Total comprehensive income | $ 11,184 | $ 19,912 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Total |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Adoption of ASU | ASU 2016-01 [Member] | $ 0 | $ 0 | $ (106) | $ 0 | $ 0 | $ (106) |
Balance at Dec. 31, 2018 | 33 | 14,192 | 282,928 | (240) | (287,303) | 9,610 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 19,892 | 0 | 0 | 19,892 |
Foreign currency translation gain / (loss) | 0 | 0 | 0 | 20 | 0 | 20 |
Dividends declared | 0 | 0 | (575) | 0 | 0 | (575) |
Stock based compensation expense | 0 | 577 | 0 | 0 | 0 | 577 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (2,547) | (2,547) |
Balance at Mar. 31, 2019 | 33 | 14,769 | 302,139 | (220) | (289,850) | 26,871 |
Balance at Dec. 31, 2019 | 33 | 17,033 | 362,515 | (204) | (324,660) | 54,717 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 11,245 | 0 | 0 | 11,245 |
Foreign currency translation gain / (loss) | 0 | 0 | 0 | (61) | 0 | (61) |
Dividends declared | 0 | 0 | (552) | 0 | 0 | (552) |
Stock based compensation expense | 0 | 941 | 0 | 0 | 0 | 941 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (946) | (946) |
Balance at Mar. 31, 2020 | $ 33 | $ 17,974 | $ 373,208 | $ (265) | $ (325,606) | $ 65,344 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - $ / shares | 3 Months Ended | ||||
Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Dividends declared (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 11,245 | $ 19,892 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 209 | 313 |
Accretion of discounts and amortization of premiums | 36 | 0 |
Stock based compensation expense | 941 | 577 |
Deferred income taxes | 8,281 | 4,015 |
Foreign currency translation gain/ (loss) | (61) | 20 |
Cost basis of donated securities | 0 | 1,691 |
Unrealized loss on securities | 5,906 | 920 |
Net realized loss on available for sale securities | 530 | 6 |
Write down of Goodwill | 428 | 0 |
(Increase) decrease in assets: | ||
Investments in securities | 3,647 | 2,686 |
Receivable from brokers | (2,818) | (106) |
Investment advisory fees receivable | 16,844 | 2,619 |
Receivable from affiliates | 15 | (239) |
Deferred tax asset and income taxes receivable | (2,936) | (660) |
Other assets | 621 | (623) |
Increase (decrease) in liabilities: | ||
Payable to brokers | 0 | 366 |
Income taxes payable | (536) | 1,664 |
Compensation payable | (42,984) | (1,267) |
Payable to affiliates | (3,717) | (1,041) |
Accrued expenses and other liabilities | (5,826) | (1,393) |
Total adjustments | (21,420) | 9,548 |
Net cash provided by operating activities | (10,175) | 29,440 |
Cash flows from investing activities: | ||
Purchases of securities | (151) | (3,393) |
Proceeds from sales of securities | 3,487 | 252 |
Return of capital on securities | 2 | 5 |
Net cash used in investing activities | 3,338 | (3,136) |
Cash flows from financing activities: | ||
Dividends paid | (533) | (571) |
Purchase of treasury stock | (946) | (2,547) |
Repayment of principal portion of lease liability | (51) | (42) |
Amortization of debt issuance costs | 0 | 6 |
Net cash used in financing activities | (1,479) | (3,112) |
Effect of exchange rates on cash and cash equivalents | 14 | (5) |
Net increase in cash and cash equivalents | (8,302) | 23,187 |
Cash and cash equivalents, beginning of period | 86,136 | 41,202 |
Cash and cash equivalents, end of period | 77,834 | 64,389 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 279 | 279 |
Cash paid for taxes | $ 800 | $ 764 |
CONDENSED CONSOLIDATED STATEM_8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Non-cash activity: | ||
Accrued restricted stock award dividends | $ 18 | $ 8 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Organization and Description of Business Unless indicated otherwise, or the context otherwise requires, references in this report to “GAMCO Investors, Inc.,” “GAMCO,” “the Company,” “the Firm,” and “GBL” or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries. GAMCO (New York Stock Exchange (“NYSE”): GBL), a company incorporated under the laws of Delaware, is a widely-recognized provider of investment advisory services through 24 mutual funds, 16 closed-end funds, one société d’investissement à capital variable (“SICAV”), and approximately 1,700 institutional and private wealth management (“Institutional and PWM”) accounts principally in the United States (U.S.). The investments are generally in value, growth, gold, utilities, and convertible securities. The Company’s revenues are based primarily on the levels of assets under management (“AUM”) and fees associated with the various investment products. Since the Company’s inception in 1977, its value assets have been identified with its research-driven approach to equity investing and proprietary Private Market Value (PMV) with a TM investment approach. The investment advisory business is conducted principally through the following subsidiaries: Gabelli Funds, LLC (mutual and closed-end funds) (“Gabelli Funds”) and GAMCO Asset Management Inc. (Institutional and PWM) (“GAMCO Asset”). The distribution of mutual funds is conducted through G.distributors, LLC (“G.distributors”), the Company’s broker-dealer subsidiary. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair presentation of financial position, results of operations, and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Gabelli Funds, GAMCO Asset, Distributors Holdings, Inc., G.distributors, GAMCO Asset Management (UK) Limited, Gabelli Fixed Income, Inc., Gabelli Fixed Income L.L.C., GAMCO International Partners LLC, and GAMCO Acquisition LLC. Intercompany accounts and transactions have been eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2019. Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Developments In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Leases (Topic 842): Effective Dates In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The discussion below includes all material revenue streams that are within the scope of ASU 2014-09, Revenue From Contracts With Customers (Topic 606) Significant judgments that affect the amounts and timing of revenue recognition: The Company’s analysis of the timing of revenue recognition for each revenue stream is based upon an analysis of the current terms of each contract. Performance obligations could, however, change from time to time if and when existing contracts are modified or new contracts are entered into. These changes could potentially affect the timing of satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations. In the case of the revenue streams discussed below, the performance obligation is satisfied either at a point in time or over time. For incentive fee revenues, the performance obligation (advising a client portfolio) is satisfied over time, while the recognition of revenues effectively occurs at the end of the measurement period as defined within the contract, as such amounts are subject to reduction to zero on the date where the measurement period ends even if the performance benchmarks were exceeded during the intervening period. The judgments outlined below, where the determination as to these factors is discussed in detail, are continually reviewed and monitored by the Company when new contracts or contract modifications occur. Transaction price is in all instances formulaic and not subject to significant (or any) judgment at the current time. The allowance for doubtful accounts is subject to judgment. Advisory Fee Revenues Advisory fees for Funds, sub-advisory accounts, and the SICAV are earned based on predetermined percentages of the average net assets of the individual Funds and are recognized as revenues as the related services are performed. Fees for mutual funds, one non-U.S. closed-end Fund, sub-advisory accounts, and the SICAV are computed on a daily basis based on average daily net AUM. Fees for U.S. closed-end Funds are computed on average weekly net AUM and fees for one non-U.S. closed-end Fund are computed on a daily basis based on daily market value. These fees are received in cash after the end of each monthly period within 30 days. The revenue recognition occurs ratably as the performance obligation (advising the Fund) is met continuously over time. There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Advisory fees for Institutional and PWM accounts are earned based on predetermined percentages of the AUM and are generally computed quarterly based on account values at the end of the preceding quarter. The revenue recognition occurs daily as the performance obligation (advising the client portfolio) is met continuously. These fees are received in cash, typically within 60 days of the client being billed. There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Performance Correlated and Conditional Revenues Investment advisory fees are earned on a portion of some closed-end Funds’ preferred shares at year-end if the total return to common shareholders of the respective closed-end Fund for the year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which coincides with the calendar year. These fees would also be earned and the contract period ended at any interim point in time that the respective preferred shares are redeemed. These fees are received in cash after the end of each annual measurement period, within 30 days. Two closed-end Funds charge incentive fees. For The GDL Fund (GDL), there is an incentive fee, which is earned and recognized as of the end of each calendar year and varies to the extent the total return of the Fund is in excess of the ICE Bank of America Merrill Lynch 3-month U.S. Treasury Bill Index total return. For the Gabelli Merger Plus+ Trust Plc (GMP), there is an incentive fee, which is earned and recognized as of the end of each annual measurement period, June 30 th A SICAV sub-fund, the GAMCO Merger Arbitrage SICAV, charges a performance fee. This fee is recognized at the end of the measurement period, which coincides with the calendar year. The fee would also be earned and the measurement period ended at any interim point in time that a client redeemed their respective shares. This fee is received in cash after the end of the measurement period, within 30 days. The Company also receives incentive fees from certain institutional clients, which are based upon exceeding either a specific benchmark index or a defined return for these accounts. These fees are recognized at the end of the stipulated contract period, which is generally annually, for each respective account. These fees would also be earned and the contract period ended at any interim point in time that the client terminated its relationship with the Company. These fees are received in cash after the end of the measurement period, typically within 60 days. In all cases of the incentive fees, because of the variable nature of the consideration, revenue recognition is delayed until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, which is generally when the uncertainty associated with the variable consideration is subsequently resolved (for example, the measurement period has concluded and the hurdle rate has been exceeded). There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Distribution Fees and Other Income Distribution fees and other income primarily includes distribution fee revenue earned in accordance with Rule 12b-1 of the Company Act of 1940, as amended, along with sales charges and underwriting fees associated with the sale of the class A shares of mutual funds. Distribution fees are computed based on average daily net assets of certain classes of each Fund and are accrued during the period in which they are earned. These fees are received in cash after the end of each monthly period within 30 days. In evaluating the appropriate timing of the recognition of these fees, the Company applied the guidance on up-front fees to determine whether such fees are related to the transfer of a promised service (a distinct performance obligation). The Company’s conclusion is that the service being provided by G.distributors to the customer in exchange for the fee is for the initial distribution of certain classes of the mutual funds and is completed at the time of each respective sale. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company’s influence, the Company does not believe that it can overcome this constraint until the market value of the Fund and the investor activities are known, which are generally monthly. Sales charges and underwriting fees associated with the sale of certain classes of the mutual funds are recognized on the trade date of the sale of the respective shares. There is a risk of non-payment and, therefore, an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the periods presented. Revenue Disaggregated The following table presents the Company’s revenue disaggregated by investment vehicle (in thousands): Three Months Ended March 31, 2020 2019 Investment advisory and incentive fees: Mutual Funds $ 23,556 $ 26,925 Closed-end Funds 16,420 15,789 Sub-advisory accounts 732 935 Institutional & PWM 20,005 20,726 SICAV 1,465 1,335 Performance-based 95 178 Distribution fees and other income 7,294 8,448 Total revenues $ 69,567 $ 74,336 |
Investment in Securities
Investment in Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments in Securities [Abstract] | |
Investments in Securities | 3. Investment in Securities Investments in equity securities at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, 2020 December 31, 2019 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities: Common stocks $ 41,148 $ 16,729 $ 41,226 $ 26,463 Mutual funds 755 661 755 752 Closed-end funds 494 429 494 511 Total investments in equity securities $ 42,397 $ 17,819 $ 42,475 $ 27,726 Investments in equity securities, including the Company’s investments in common stocks and the Funds, are stated at fair value with any unrealized gains or losses reported in each respective period’s earnings. Investments in debt securities at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Investments in debt securities: Foreign government obligations $ 2,998 $ - $ - $ 2,998 Total investments in debt securities $ 2,998 $ - $ - $ 2,998 December 31, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Investments in debt securities: Foreign government obligations $ 6,547 $ - $ - $ 6,547 Total investments in debt securities $ 6,547 $ - $ - $ 6,547 Held-to-maturity investments are stated at amortized cost with any foreign currency remeasurement included in unrealized gains or losses in each respective period’s earnings. The maturity dates of all of the Company’s investments in debt securities are less than one year. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value [Abstract] | |
Fair Value | 4. Fair Value All of the instruments within cash and cash equivalents and investments in securities are measured at fair value, except for those investments designated as held-to-maturity. The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement - Level 1 - the valuation methodology utilizes quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end funds, closed-end funds, and listed equities. - Level 2 - the valuation methodology utilizes inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. - Level 3 - the valuation methodology utilizes unobservable inputs for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2020 and December 31, 2019 (in thousands): Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2020 Cash equivalents $ 77,481 $ - $ - $ 77,481 Investments in securities: Common stocks 16,729 - - 16,729 Mutual funds 661 - - 661 Closed-end funds 429 - - 429 Total investments in securities 17,819 - - 17,819 Total assets at fair value $ 95,300 $ - $ - $ 95,300 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2019 Cash equivalents $ 85,823 $ - $ - $ 85,823 Investments in securities: Common stocks 26,463 - - 26,463 Mutual funds 752 - - 752 Closed-end funds 511 - - 511 Total investments in securities 27,726 - - 27,726 Total assets at fair value $ 113,549 $ - $ - $ 113,549 Cash equivalents primarily consist of an affiliated money market mutual fund which is invested solely in U.S. Treasuries and valued based on the net asset value of the fund. Financial assets disclosed but not carried at fair value The following table presents the carrying value and fair value of the Company’s investments in debt securities disclosed but not carried at fair value, including as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value Level Carrying Value Fair Value Level Foreign government obligations $ 2,998 $ 2,998 $ 6,547 $ 6,547 Total $ 2,998 $ 2,998 $ 6,547 $ 6,547 At March 31, 2020 and December 31, 2019, the Senior Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition : March 31, 2020 December 31, 2019 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 Senior notes $ 24,197 $ 24,022 $ 24,191 $ 24,815 Total $ 24,197 $ 24,022 $ 24,191 $ 24,815 The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 5. Income Taxes The effective tax rate for the three months ended March 31, 2020 and 2019 was 24.9% and . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding and restricted stock awards. The computations of basic and diluted net income per share were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Basic: Net income $ 11,245 $ 19,892 Weighted average shares outstanding 26,687 28,507 Basic net income per share $ 0.42 $ 0.70 Diluted: Net income $ 11,245 $ 19,892 Weighted average shares outstanding 26,687 28,507 Restricted stock awards 83 32 Total 26,770 28,539 Diluted net income per share $ 0.42 $ 0.70 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt [Abstract] | |
Debt | 7. Debt Senior Notes On May 31, 2011, the Company issued 10-year, $100 million senior notes (“Senior Notes”). The Senior Notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011. Upon the occurrence of a change of control triggering event, as defined in the indenture, the Company would be required to offer to repurchase the Senior Notes at 101% of their principal amount plus accrued interest. At March 31, 2020 and December 31, 2019, the debt was recorded at its face value, net of issuance costs, of $24.2 million. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders ’ Shares outstanding were 27.7 million and 27.4 million on March 31, 2020 and December 31, 2019, respectively. Voting Rights The holders of class A common stock of GBL (“Class A Stock”) and class B common stock of GBL (“Class B Stock”) have identical rights except that (i) 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, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa. Stock Award and Incentive Plan The Company maintains a stock award and incentive plan approved by the shareholders (the “Plan”), which is designed to provide incentives which will attract and retain individuals key to the success of GBL through direct or indirect ownership of our common stock. A maximum of 7.5 million shares of Class A Stock have been reserved for issuance under the Plan by a committee of GBL’s board of directors (the “Board of Directors”) responsible for administering the Plan (“Compensation Committee”). Benefits under the Plan may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, and other stock or cash based awards. Under the Plan, the Compensation Committee may grant restricted stock awards (“RSAs”), each of which entitles the grantee to one share of Class A Stock subject to restrictions, and either incentive or nonqualified stock options, with a term not to exceed ten years from the grant date and at an exercise price that the Compensation Committee may determine, which were recommended by the Company’s Chairman who did not receive any awards. On June 30, 2019, 264,900 RSAs were issued at a grant price of $19.17 per RSA. On March 5, 2020, 392,700 RSAs were issued at a grant price of $14.31 per RSA. As of March 31, 2020 and December 31, 2019, there were 1,040,900 and 660,950, respectively, of these RSAs outstanding with weighted average grant prices per RSA of $19.54 and $22.67, respectively, and 10,000 of these stock options outstanding with an exercise price of $25.55. For the three months ended March 31, 2020 and 2019, the Company recognized stock-based compensation expense of $0.9 million and $0.6 million, respectively. The total compensation costs related to non-vested awards not yet recognized was approximately $13.6 million as of March 31, 2020. On April 1, 2019, the deferred cash compensation agreement (“DCCA”) with the CEO covering compensation from the fourth quarter of 2017 vested in accordance with the terms of the agreement and a cash payment in the amount of $11.0 million was made to the CEO. This payment was reduced by $4.5 million resulting from the DCCA being indexed to the GBL stock price and utilizing the lesser of the volume weighted average price (“VWAP”) on the vesting date ($20.7916) versus the VWAP over the fourth quarter of 2017 ($29.1875). On January 2, 2020, the DCCA with the CEO covering compensation from 2016 vested in accordance with the terms of the agreement and a cash payment in the amount of $43.7 million was made to the CEO. This payment was reduced by $32.3 million resulting from the DCCA being indexed to the GBL stock price and utilizing the lesser of the VWAP on the vesting date ($18.8812) versus the VWAP over 2016 ($32.8187). Stock Repurchase Program In March 1999, the Board of Directors established a stock repurchase program (the “Stock Repurchase Program”) to grant management the authority to repurchase shares of Class A Stock. In May 2019, the Board of Directors increased the buyback authorization by 1,212,759 shares of Class A Stock. On March 18, 2020, the Board of Directors authorized an increase to purchase $30 million of its outstanding Class A Stock, which resulted in a modification in the form of the authorization from previously being stated in shares to being stated in dollars. For the three months ended March 31, 2020 and 2019, the Company repurchased 55,093 and 126,354 shares, respectively, at an average price per share of $17.16 and $20.15, respectively. At March 31, 2020, the total dollar amount available under the Stock Repurchase Program to be repurchased in the future was $30 million. The Stock Repurchase Program is not subject to an expiration date. On March 11, 2020, GAMCO commenced an offer to purchase up to $30 million in aggregate purchase price of its Class A Stock, pursuant to which holders of shares were invited to tender some or all of their shares at a price within the range of $15.00 to $17.00 per share, which would have enabled GAMCO to purchase for cash up to 2,000,000 shares of its Class A common stock (such offer, the “Offer”). The Offer which was due to expire on April 8, 2020, was terminated on March 18, 2020 as a result of the suspension of trading and market index conditions of the Offer not having been satisfied. As a result of this termination, no shares were purchased in the Offer and all shares previously tendered and not withdrawn were promptly returned to tendering holders. Dividends During the three months ended March 31, 2020 and 2019, the Company declared dividends of $0.02 per share to shareholders of Class A Stock and Class B Stock. Shelf Registration In April 2018, the SEC declared effective the Company’s “shelf” registration statement on Form S-3 giving the Company the flexibility to sell any combination of senior and subordinate debt securities, convertible debt securities, and equity securities (including common and preferred securities) up to a total amount of $500 million. The shelf is available through April 2021, at which time it may be renewed. |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Identifiable Intangible Assets [Abstract] | |
Goodwill and Identifiable Intangible Assets | 9. Goodwill and Identifiable Intangible Assets Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At , there was goodwill of $0.2 million maintained on the Condensed Consolidated Statements of Financial Condition related to G.distributors. As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund (the “Enterprise Fund”) and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.5 million at March 31, 2020 and $1.9 million at December 31, 2019. The investment advisory agreement for the Enterprise Fund is next up for renewal in February 2021. As a result of becoming the advisor to the Bancroft Fund Ltd. (the “Bancroft Fund”) and the Ellsworth Growth and Income Fund Ltd. (the “Ellsworth Fund”) and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.6 million at March 31, 2020 and December 31, 2019. The investment advisory agreements for the Bancroft Fund and the Ellsworth Fund are next up for renewal in August 2020. Each of these investment advisory agreements are subject to annual renewal by the respective fund’s board of directors, which the Company expects to be renewed, and the Company does not expect to incur additional expense as a result, which is consistent with other investment advisory agreements entered into by the Company. The Company assesses the recoverability of goodwill and intangible assets at least annually, or more often should events warrant. In December 2019, a novel strain of coronavirus (“COVID-19”) surfaced in China and has since spread quickly to numerous countries, including the United States. On March 11, 2020, COVID-19 was identified as a global pandemic by the World Health Organization. In response to its spread, governmental authorities have imposed restrictions on travel and congregation and the temporary closure of many non-essential businesses in affected jurisdictions, including, beginning in March 2020, in the United States. The pandemic and resulting economic dislocations have had adverse consequences for the portfolios of the Funds, including the Enterprise Fund, Bancroft Fund, and Ellsworth Fund. For the three months ended March 31, 2020, as a result of the dislocations in the financial markets resulting from COVID-19, impairment analyses were performed which resulted in a $428 thousand impairment charge to the identifiable intangible asset related to the Enterprise Fund included within other operating expenses on the Condensed Consolidated Statements of Income. There was no impairment charge recorded to the identifiable intangible asset related to the Bancroft Fund or Ellsworth Fund. There were no indicators of impairment for the three months ended March 31, 2019 and, as such, there was no impairment analysis performed or charge recorded for such period. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies 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. The Company is 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 such matters, if any, the consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and will, if material, make the necessary disclosures. However, management believes such amounts, both those that are probable and those that are reasonably possible, are not material to the Company’s financial condition, operations, or cash flows at March 31, 2020. Leases On December 5, 1997, the Company entered into a fifteen-year lease, expiring on April 30, 2013, of office space from an entity controlled by members of the Chairman’s family. On June 11, 2013, the Company modified and extended its lease with M4E, LLC, the Company’s landlord at One Corporate Center, Rye, NY. The lease term was extended to December 31, 2028 and the base rental remained at $18 per square foot, or $1.1 million, for 2014. For each subsequent year through December 31, 2028, the base rental is determined by the change in the consumer price index for the New York Metropolitan Area for November of the immediate prior year with the base period as November 2008 for the New York Metropolitan Area. This lease has been accounted for as a finance lease under FASB ASC Topic 842 (and prior to 2019, as a capital lease under FASB ASC Topic 840, Leases The Company also rents office space under operating leases which expire at various dates through May 31, 2024. The following table summarizes the Company's leases for the periods presented (in thousands, except lease term and discount rate): Three Months Ended March 31, 2020 2019 Finance lease cost - interest expense $ 269 $ 272 Finance lease cost - amortization of right-of-use asset 67 66 Operating lease cost 75 181 Sublease income (46 ) (122 ) Total lease cost $ 365 $ 397 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance lease $ - $ - Operating cash flows from operating leases 65 213 Financing cash flows from finance lease 51 42 Total cash paid for amounts included in the measurement of lease liabilities $ 116 $ 255 Right-of-use assets obtained in exchange for new operating lease liabilities - - Weighted average remaining lease term—finance lease (years) 8.8 9.8 Weighted average remaining lease term—operating leases (years) 2.6 3.1 Weighted average discount rate—finance lease 19.1 % 19.1 % Weighted average discount rate—operating leases 5.0 % 5.0 % The finance lease right-of-use asset, net of amortization, at March 31, 2020 and December 31, 2019 was $1.8 million and $1.9 million, respectively, and the operating right-of-use assets, net of amortization, were $0.7 million and $0.8, respectively, and these right-of-use assets were included within other assets in the Condensed Consolidated Statements of Financial Condition. The following table summarizes the maturities of lease liabilities at March 31, 2020 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2020 (excluding the three months ended March 31, 2020) $ 957 $ 332 $ 1,289 2021 1,080 231 1,311 2022 1,080 164 1,244 2023 1,080 155 1,235 2024 1,080 61 1,141 Thereafter 4,320 - 4,320 Total lease payments $ 9,597 $ 943 $ 10,540 Less imputed interest (5,035 ) (80 ) (5,115 ) Total lease liabilities $ 4,562 $ 863 $ 5,425 The finance lease contains an escalation clause tied to the change in the New York Metropolitan Area Consumer Price Index which may cause the future minimum payments to exceed the amounts shown above. Future minimum lease payments have not been reduced by related minimum future sublease rentals of approximately $0.8 million due over the next four years, which are due from affiliated entities. Future minimum lease payments have also not been reduced by future sublease payments of approximately $15 thousand per month from Associated Capital Group, Inc. (“AC”) pursuant to AC’s lease agreement that expired on March 31, 2019, which was extended on the same terms and conditions on a month-to-month basis commencing on April 1, 2019. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions On December 26, 2018, the Chief Executive Officer (“CEO”) of the Company elected to irrevocably waive all of his compensation that he would otherwise have been entitled to for the period from January 1, 2019 to March 31, 2019. On August 27, 2019, the CEO elected to irrevocably waive all of his compensation that he would otherwise have been entitled to for the period from September 1, 2019 to November 30, 2019. For the three months ended March 31, 2019, the waiver reduced compensation by $12.2 million and management fee expense by $1.7 million. |
Regulatory Requirements
Regulatory Requirements | 3 Months Ended |
Mar. 31, 2020 | |
Regulatory Requirements [Abstract] | |
Regulatory Requirements | 12. Regulatory Requirements The Company’s broker-dealer subsidiary, G.distributors, is subject to certain net capital requirements. G.distributors computes its net capital under the alternative method permitted, which requires minimum net capital of the greater of $250,000 or 2% of the aggregate debit items in the reserve formula for those broker-dealers subject to Rule 15c3-3 promulgated under the Securities Exchange Act of 1934, as amended. The requirement was $250,000 for the broker-dealer at March 31, 2020. At March 31, 2020, G.distributors had net capital, as defined, of approximately $5.2 million, exceeding the regulatory requirement by approximately $4.9 million. Net capital requirements for the Company’s affiliated broker-dealer may increase in accordance with the rules and regulations applicable to broker-dealers to the extent G.distributors engages in other business activities. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events From April 1, 2020 to May 8, 2020, the Company repurchased 37,056 shares at $11.22 per share. On May 5, 2020, the Board of Directors declared its regular quarterly dividend of $0.02 per share to all of the Company’s shareholders, payable on June 30, 2020 to shareholders of record on June 16, 2020. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair presentation of financial position, results of operations, and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Gabelli Funds, GAMCO Asset, Distributors Holdings, Inc., G.distributors, GAMCO Asset Management (UK) Limited, Gabelli Fixed Income, Inc., Gabelli Fixed Income L.L.C., GAMCO International Partners LLC, and GAMCO Acquisition LLC. Intercompany accounts and transactions have been eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2019. |
Use of Estimates | Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Developments | Recent Accounting Developments In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Leases (Topic 842): Effective Dates In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Disaggregated | Revenue Disaggregated The following table presents the Company’s revenue disaggregated by investment vehicle (in thousands): Three Months Ended March 31, 2020 2019 Investment advisory and incentive fees: Mutual Funds $ 23,556 $ 26,925 Closed-end Funds 16,420 15,789 Sub-advisory accounts 732 935 Institutional & PWM 20,005 20,726 SICAV 1,465 1,335 Performance-based 95 178 Distribution fees and other income 7,294 8,448 Total revenues $ 69,567 $ 74,336 |
Investment in Securities (Table
Investment in Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments in Securities [Abstract] | |
Investments in Equity Securities | Investments in equity securities at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, 2020 December 31, 2019 Cost Estimated Fair Value Cost Estimated Fair Value Investments in equity securities: Common stocks $ 41,148 $ 16,729 $ 41,226 $ 26,463 Mutual funds 755 661 755 752 Closed-end funds 494 429 494 511 Total investments in equity securities $ 42,397 $ 17,819 $ 42,475 $ 27,726 |
Investments in Debt Securities | Investments in debt securities at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, 2020 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Investments in debt securities: Foreign government obligations $ 2,998 $ - $ - $ 2,998 Total investments in debt securities $ 2,998 $ - $ - $ 2,998 December 31, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Investments in debt securities: Foreign government obligations $ 6,547 $ - $ - $ 6,547 Total investments in debt securities $ 6,547 $ - $ - $ 6,547 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2020 and December 31, 2019 (in thousands): Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2020 Cash equivalents $ 77,481 $ - $ - $ 77,481 Investments in securities: Common stocks 16,729 - - 16,729 Mutual funds 661 - - 661 Closed-end funds 429 - - 429 Total investments in securities 17,819 - - 17,819 Total assets at fair value $ 95,300 $ - $ - $ 95,300 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2019 Cash equivalents $ 85,823 $ - $ - $ 85,823 Investments in securities: Common stocks 26,463 - - 26,463 Mutual funds 752 - - 752 Closed-end funds 511 - - 511 Total investments in securities 27,726 - - 27,726 Total assets at fair value $ 113,549 $ - $ - $ 113,549 |
Financial Assets and Liabilities Disclosed But Not Carried at Fair Value | The following table presents the carrying value and fair value of the Company’s investments in debt securities disclosed but not carried at fair value, including as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value Level Carrying Value Fair Value Level Foreign government obligations $ 2,998 $ 2,998 $ 6,547 $ 6,547 Total $ 2,998 $ 2,998 $ 6,547 $ 6,547 At March 31, 2020 and December 31, 2019, the Senior Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition : March 31, 2020 December 31, 2019 Carrying Value Fair Value Level 2 Carrying Value Fair Value Level 2 Senior notes $ 24,197 $ 24,022 $ 24,191 $ 24,815 Total $ 24,197 $ 24,022 $ 24,191 $ 24,815 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Income per Share | Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding and restricted stock awards. The computations of basic and diluted net income per share were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Basic: Net income $ 11,245 $ 19,892 Weighted average shares outstanding 26,687 28,507 Basic net income per share $ 0.42 $ 0.70 Diluted: Net income $ 11,245 $ 19,892 Weighted average shares outstanding 26,687 28,507 Restricted stock awards 83 32 Total 26,770 28,539 Diluted net income per share $ 0.42 $ 0.70 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Summary of Leases | The following table summarizes the Company's leases for the periods presented (in thousands, except lease term and discount rate): Three Months Ended March 31, 2020 2019 Finance lease cost - interest expense $ 269 $ 272 Finance lease cost - amortization of right-of-use asset 67 66 Operating lease cost 75 181 Sublease income (46 ) (122 ) Total lease cost $ 365 $ 397 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance lease $ - $ - Operating cash flows from operating leases 65 213 Financing cash flows from finance lease 51 42 Total cash paid for amounts included in the measurement of lease liabilities $ 116 $ 255 Right-of-use assets obtained in exchange for new operating lease liabilities - - Weighted average remaining lease term—finance lease (years) 8.8 9.8 Weighted average remaining lease term—operating leases (years) 2.6 3.1 Weighted average discount rate—finance lease 19.1 % 19.1 % Weighted average discount rate—operating leases 5.0 % 5.0 % |
Maturities of Lease Liabilities | The following table summarizes the maturities of lease liabilities at March 31, 2020 (in thousands): Year ending December 31, Finance Leases Operating Leases Total Leases 2020 (excluding the three months ended March 31, 2020) $ 957 $ 332 $ 1,289 2021 1,080 231 1,311 2022 1,080 164 1,244 2023 1,080 155 1,235 2024 1,080 61 1,141 Thereafter 4,320 - 4,320 Total lease payments $ 9,597 $ 943 $ 10,540 Less imputed interest (5,035 ) (80 ) (5,115 ) Total lease liabilities $ 4,562 $ 863 $ 5,425 |
Organization and Description _2
Organization and Description of Business (Details) | Mar. 31, 2020FundInvestor |
Organization and Description of Business [Abstract] | |
Number of open-end funds | 24 |
Number of closed-end funds | 16 |
Number of open-end investment funds | 1 |
Number of institutional investors | Investor | 1,700 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
New Accounting Pronouncement [Abstract] | ||
Increase to other assets | $ (621) | $ 623 |
ASU 2016-02 [Member] | ||
New Accounting Pronouncement [Abstract] | ||
Impact of ASU adoption on retained earnings | (106) | |
Increase to other assets | 650 | |
Increase to lease liability obligations | $ 756 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue Streams [Abstract] | ||
Revenue | $ 69,567 | $ 74,336 |
Closed-end Funds [Member] | Performance-based [Member] | ||
Revenue Streams [Abstract] | ||
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 62,273 | 65,888 |
Advisory Fees [Member] | Performance-based [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | 95 | 178 |
Advisory Fees [Member] | Conditional [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 0 | 0 |
Number of days for customer to make payment after being invoiced | 60 days | |
Advisory Fees [Member] | Open-end Funds [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 23,556 | 26,925 |
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | Closed-end Funds [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 16,420 | 15,789 |
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | Closed-end Funds [Member] | Performance-based [Member] | ||
Revenue Streams [Abstract] | ||
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | Sub-advisory Accounts [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 732 | 935 |
Number of days for customer to make payment after being invoiced | 30 days | |
Advisory Fees [Member] | Institutional & PWM [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 20,005 | 20,726 |
Number of days for customer to make payment after being invoiced | 60 days | |
Advisory Fees [Member] | Institutional & PWM [Member] | Performance-based [Member] | ||
Revenue Streams [Abstract] | ||
Number of days for customer to make payment after being invoiced | 60 days | |
Advisory Fees [Member] | SICAVs [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 1,465 | 1,335 |
Number of days for customer to make payment after being invoiced | 30 days | |
Distribution Fees and Other Income [Member] | ||
Revenue Streams [Abstract] | ||
Revenue | $ 7,294 | $ 8,448 |
Number of days for customer to make payment after being invoiced | 30 days |
Investment in Securities, Inves
Investment in Securities, Investment in Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments in Equity Securities [Abstract] | ||
Cost | $ 42,397 | $ 42,475 |
Estimated Fair Value | 17,819 | 27,726 |
Common Stock [Member] | ||
Investments in Equity Securities [Abstract] | ||
Cost | 41,148 | 41,226 |
Estimated Fair Value | 16,729 | 26,463 |
Open-end Funds [Member] | ||
Investments in Equity Securities [Abstract] | ||
Cost | 755 | 755 |
Estimated Fair Value | 661 | 752 |
Closed-end Funds [Member] | ||
Investments in Equity Securities [Abstract] | ||
Cost | 494 | 494 |
Estimated Fair Value | $ 429 | $ 511 |
Investment in Securities, Inv_2
Investment in Securities, Investment in Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments in Debt Securities [Abstract] | ||
Amortized cost | $ 2,998 | $ 6,547 |
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | 0 | 0 |
Estimated fair value | 2,998 | 6,547 |
Foreign Government Obligations [Member] | ||
Investments in Debt Securities [Abstract] | ||
Amortized cost | 2,998 | 6,547 |
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | 0 | 0 |
Estimated fair value | $ 2,998 | $ 6,547 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments in securities [Abstract] | ||
Estimated Fair Value | $ 17,819 | $ 27,726 |
Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 16,729 | 26,463 |
Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 661 | 752 |
Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 429 | 511 |
Recurring Basis [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 77,481 | 85,823 |
Investments in securities [Abstract] | ||
Estimated Fair Value | 17,819 | 27,726 |
Total assets at fair value | 95,300 | 113,549 |
Recurring Basis [Member] | Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 16,729 | 26,463 |
Recurring Basis [Member] | Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 661 | 752 |
Recurring Basis [Member] | Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 429 | 511 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 77,481 | 85,823 |
Investments in securities [Abstract] | ||
Estimated Fair Value | 17,819 | 27,726 |
Total assets at fair value | 95,300 | 113,549 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 16,729 | 26,463 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 661 | 752 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 429 | 511 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities [Abstract] | ||
Estimated Fair Value | 0 | 0 |
Total assets at fair value | 0 | 0 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 0 | 0 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 0 | 0 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 0 | 0 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities [Abstract] | ||
Estimated Fair Value | 0 | 0 |
Total assets at fair value | 0 | 0 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Common Stocks [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 0 | 0 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Open-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | 0 | 0 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Closed-end Funds [Member] | ||
Investments in securities [Abstract] | ||
Estimated Fair Value | $ 0 | $ 0 |
Fair Value, Financial Assets an
Fair Value, Financial Assets and Liabilities Disclosed But Not Carried at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | May 31, 2011 |
Investments in debt securities [Abstract] | |||
Debt securities held-to-maturity | $ 2,998 | $ 6,547 | |
Investments in debt securities, at amortized cost | 2,998 | 6,547 | |
5.875% Senior Notes [Member] | |||
Debt instruments [Abstract] | |||
Debt instrument, interest rate | 5.875% | ||
Foreign Government Obligations [Member] | |||
Investments in debt securities [Abstract] | |||
Debt securities held-to-maturity | 2,998 | 6,547 | |
Investments in debt securities, at amortized cost | 2,998 | 6,547 | |
Carrying Value [Member] | |||
Investments in debt securities [Abstract] | |||
Total | 2,998 | 6,547 | |
Debt instruments [Abstract] | |||
Total | 24,197 | 24,191 | |
Carrying Value [Member] | 5.875% Senior Notes [Member] | |||
Debt instruments [Abstract] | |||
Senior notes | 24,197 | 24,191 | |
Carrying Value [Member] | Foreign Government Obligations [Member] | |||
Investments in debt securities [Abstract] | |||
Debt securities held-to-maturity | 2,998 | 6,547 | |
Level 1 [Member] | Fair Value [Member] | |||
Investments in debt securities [Abstract] | |||
Total | 2,998 | 6,547 | |
Level 1 [Member] | Fair Value [Member] | Foreign Government Obligations [Member] | |||
Investments in debt securities [Abstract] | |||
Debt securities held-to-maturity | 2,998 | 6,547 | |
Level 2 [Member] | Fair Value [Member] | |||
Debt instruments [Abstract] | |||
Total | 24,022 | 24,815 | |
Level 2 [Member] | Fair Value [Member] | 5.875% Senior Notes [Member] | |||
Debt instruments [Abstract] | |||
Senior notes | $ 24,022 | $ 24,815 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Effective tax rate [Abstract] | ||
Effective income tax rate | 24.90% | 25.70% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic [Abstract] | ||
Net income | $ 11,245 | $ 19,892 |
Weighted average shares outstanding (in shares) | 26,687 | 28,507 |
Basic net income per share (in dollars per share) | $ 0.42 | $ 0.70 |
Diluted [Abstract] | ||
Net income | $ 11,245 | $ 19,892 |
Weighted average shares outstanding (in shares) | 26,687 | 28,507 |
Restricted stock awards (in shares) | 83 | 32 |
Total (in shares) | 26,770 | 28,539 |
Diluted net income per share (in dollars per share) | $ 0.42 | $ 0.70 |
Debt (Details)
Debt (Details) - 5.875% Senior Notes [Member] - USD ($) $ in Millions | May 31, 2011 | Mar. 31, 2020 | Dec. 31, 2018 |
Long-term debt [Abstract] | |||
Debt instrument, term | 10 years | ||
Face value of debt | $ 100 | $ 24.2 | $ 24.2 |
Debt instrument, interest rate | 5.875% | ||
Debt instrument, maturity date | Jun. 1, 2021 | ||
Debt redemption price | 101.00% |
Stockholders' Equity, Shares Ou
Stockholders' Equity, Shares Outstanding (Details) - shares shares in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity [Abstract] | ||
Shares outstanding (in shares) | 27.7 | 27.4 |
Stockholders' Equity, Voting Ri
Stockholders' Equity, Voting Rights, Stock Award and Incentive Plan (Details) $ / shares in Units, $ in Thousands | Mar. 05, 2020$ / sharesshares | Jan. 02, 2020USD ($)$ / shares | Apr. 01, 2019USD ($)$ / shares | Mar. 31, 2020USD ($)VoteperShare$ / sharesshares | Mar. 31, 2019USD ($) | Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2019$ / sharesshares |
Actual and projected stock based compensation expense for RSA shares and options [Abstract] | ||||||||
Actual stock based compensation expense | $ | $ 941 | $ 577 | ||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||||||
Compensation cost related to non-vested options not yet recognized | $ | $ 13,600 | |||||||
Deferred Compensation Arrangements [Abstract] | ||||||||
Payments for compensation agreement | $ | $ 43,700 | $ 11,000 | ||||||
Reduction of RSU expense due to cap and waiver of receipt of deferred compensation expense | $ | $ 32,300 | $ 4,500 | ||||||
Deferred compensation agreement, share price (in dollars per share) | $ / shares | $ 18.8812 | $ 20.7916 | $ 29.1875 | $ 32.8187 | ||||
Stock Options [Member] | ||||||||
Stock Award and Incentive Plan [Abstract] | ||||||||
Stock option outstanding (in shares) | shares | 10,000 | |||||||
Stock option outstanding, exercise price (in dollars per share) | $ / shares | $ 25.55 | |||||||
Stock Options [Member] | Maximum [Member] | ||||||||
Stock Award and Incentive Plan [Abstract] | ||||||||
Term of nonqualified stock options | 10 years | |||||||
Restricted Stock Awards [Member] | ||||||||
Stock Award and Incentive Plan [Abstract] | ||||||||
RSAs granted (in shares) | shares | 392,700 | 264,900 | ||||||
Grant date fair value (in dollars per share) | $ / shares | $ 14.31 | $ 19.17 | ||||||
RSA shares outstanding (in shares) | shares | 1,040,900 | 660,950 | ||||||
Average weighted grant price (in dollars per share) | $ / shares | $ 19.54 | $ 22.67 | ||||||
Class A [Member] | ||||||||
Voting Rights [Abstract] | ||||||||
Number of votes per share | VoteperShare | 1 | |||||||
Class A [Member] | Maximum [Member] | ||||||||
Stock Award and Incentive Plan [Abstract] | ||||||||
Number of shares reserved for issuance under each plan (in shares) | shares | 7,500,000 | |||||||
Class B [Member] | ||||||||
Voting Rights [Abstract] | ||||||||
Number of votes per share | VoteperShare | 10 |
Stockholders' Equity, Stock Rep
Stockholders' Equity, Stock Repurchase Program, Dividends and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 11, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 18, 2020 | May 31, 2019 | Apr. 23, 2018 |
Stock Repurchase Program [Abstract] | |||||||||
Incremental Class A shares authorized to buyback (in shares) | 1,212,759 | ||||||||
Dividends [Abstract] | |||||||||
Dividends declared (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | ||||
Shelf Registration [Abstract] | |||||||||
Maximum amount of debt and equity to be issued under shelf registration | $ 500 | ||||||||
Maximum [Member] | |||||||||
Stock Repurchase Program [Abstract] | |||||||||
Aggregate purchase price | $ 30 | ||||||||
Class A [Member] | Stock Repurchase Program [Member] | |||||||||
Stock Repurchase Program [Abstract] | |||||||||
Stock repurchase authorized, amount | $ 30 | ||||||||
Shares repurchased (in shares) | 55,093 | 126,354 | |||||||
Average price per share of repurchased shares (in dollars per share) | $ 17.16 | $ 20.15 | |||||||
Remaining authorized repurchase amount | $ 30 | ||||||||
Aggregate number of shares offered to be purchased (in shares) | 2,000,000 | ||||||||
Class A [Member] | Stock Repurchase Program [Member] | Minimum [Member] | |||||||||
Stock Repurchase Program [Abstract] | |||||||||
Average price per share of repurchased shares (in dollars per share) | $ 15 | ||||||||
Class A [Member] | Stock Repurchase Program [Member] | Maximum [Member] | |||||||||
Stock Repurchase Program [Abstract] | |||||||||
Average price per share of repurchased shares (in dollars per share) | $ 17 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Goodwill and Identifiable Intangible Assets [Abstract] | |||
Goodwill | $ 200 | $ 200 | |
Gabelli Enterprise Mergers and Acquisitions Fund [Member] | |||
Intangible assets, net [Abstract] | |||
Impairment on intangible assets | 428 | $ 0 | |
Investment Advisory Contract [Member] | Gabelli Enterprise Mergers and Acquisitions Fund [Member] | |||
Intangible assets, net [Abstract] | |||
Identifiable intangible asset | 1,500 | 1,900 | |
Investment Advisory Contract [Member] | Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. [Member] | |||
Intangible assets, net [Abstract] | |||
Identifiable intangible asset | $ 1,600 | $ 1,600 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)$ / ft² | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Commitments and Contingencies [Abstract] | |||
Lease term | 15 years | ||
Base rent per square foot (in dollars per square foot) | $ / ft² | 18 | ||
Base rental | $ 1,100 | ||
Accumulated amortization on the leased property | 5,300 | $ 5,200 | |
Lease Cost [Abstract] | |||
Finance lease cost - interest expense | 269 | $ 272 | |
Finance lease cost - amortization of right-of-use asset | 67 | 66 | |
Operating lease cost | 75 | 181 | |
Sublease income | (46) | (122) | |
Total lease cost | 365 | 397 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | |||
Operating cash flows from finance lease | 0 | 0 | |
Operating cash flows from operating leases | 65 | 213 | |
Financing cash flows from finance lease | 51 | 42 | |
Total cash paid for amounts included in the measurement of lease liabilities | 116 | $ 255 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | ||
Weighted average remaining lease term-finance lease | 8 years 9 months 18 days | 9 years 9 months 18 days | |
Weighted average remaining lease term-operating leases | 2 years 7 months 6 days | 3 years 1 month 6 days | |
Weighted average discount rate-finance lease | 19.10% | 19.10% | |
Weighted average discount rate-operating leases | 5.00% | 5.00% | |
Finance lease right-of-use asset, net of amortization | $ 1,800 | 1,900 | |
Operating right-of-use assets, net of amortization | 700 | $ 800 | |
Finance Leases [Abstract] | |||
2020 (excluding the three months ended March 31, 2020) | 957 | ||
2021 | 1,080 | ||
2022 | 1,080 | ||
2023 | 1,080 | ||
2024 | 1,080 | ||
Thereafter | 4,320 | ||
Total lease payments | 9,597 | ||
Less imputed interest | (5,035) | ||
Total lease payments | 4,562 | ||
Operating Leases [Abstract] | |||
2020 (excluding the three months ended March 31, 2020) | 332 | ||
2021 | 231 | ||
2022 | 164 | ||
2023 | 155 | ||
2024 | 61 | ||
Thereafter | 0 | ||
Total lease payments | 943 | ||
Less imputed interest | (80) | ||
Total lease liabilities | 863 | ||
Total Leases [Abstract] | |||
2020 (excluding the three months ended March 31, 2020) | 1,289 | ||
2021 | 1,311 | ||
2022 | 1,244 | ||
2023 | 1,235 | ||
2024 | 1,141 | ||
Thereafter | 4,320 | ||
Total lease payments | 10,540 | ||
Less imputed interest | (5,115) | ||
Total lease liabilities | 5,425 | ||
Minimum future sublease rental, due from affiliated entities | $ 800 | ||
Period of minimum future sublease rental, due from affiliated entities | 4 years | ||
Future sublease payments from AC per month | $ 15 |
Related Party Transactions (Det
Related Party Transactions (Details) - Chief Executive Officer [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Related party expenses [Abstract] | |
Compensation | $ (12.2) |
Management fee | $ (1.7) |
Regulatory Requirements (Detail
Regulatory Requirements (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Regulatory Requirements [Abstract] | |
Minimum capital requirement | $ 250,000 |
Percentage of minimum capital requirement | 2.00% |
Net capital | $ 5,200,000 |
Net capital exceeding regulatory requirements | $ 4,900,000 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | May 05, 2020 | May 08, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Dividends [Abstract] | |||||||
Dividends declared (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | ||
Subsequent Event [Member] | |||||||
Stock Repurchase [Abstract] | |||||||
Stock repurchased (in shares) | 37,056 | ||||||
Stock repurchased per share (in dollars per share) | $ 11.22 | ||||||
Subsequent Event [Member] | Quarterly Dividend Declared in Q4 2019 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividends declared (in dollars per share) | $ 0.02 | ||||||
Dividends declared date | May 5, 2020 | ||||||
Dividends payable date | Jun. 30, 2020 | ||||||
Dividends record date | Jun. 16, 2020 |