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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Associated Capital Group Inc | NYSE:AC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.405 | 0 | 09:16:44 |
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
47-3965991
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
One Corporate Center, Rye, NY
|
10580-1422
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of each exchange on
which registered
|
|
Class A Common Stock, par value $0.001 per share
|
New York Stock Exchange
|
Large accelerated filer
|
Accelerated filer
|
Non-accelerated filer
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
Assets Under Management (a)
|
||||||||||||||||||||
(in millions)
|
||||||||||||||||||||
Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Event-Driven Arb
|
$
|
1,076
|
$
|
869
|
$
|
796
|
$
|
691
|
$
|
721
|
||||||||||
Event-Driven Value (b)
|
133
|
145
|
167
|
140
|
124
|
|||||||||||||||
Other (c)
|
63
|
66
|
77
|
76
|
75
|
|||||||||||||||
Total AUM
|
$
|
1,272
|
$
|
1,080
|
$
|
1,040
|
$
|
907
|
$
|
920
|
(a) |
Asset levels include managed accounts, partnerships and offshore companies.
|
(b) |
Excluding event merger arbitrage.
|
(c) |
Includes
investment vehicles focused on private equity, merchant banking, non-investment-grade credit and capital structure arbitrage.
|
February 25, 2016
|
26th
|
Pump, Valve, & Water Systems
|
|
March 3, 2016
|
2nd
|
Waste & Environmental Services
|
|
March 23, 2016
|
7th
|
Specialty Chemicals Conference
|
|
April 29 - 30, 2016
|
10th
|
Omaha Research Trip
|
|
June 6, 2016
|
8th
|
Movie & Entertainment Conference
|
|
September 8, 2016
|
22nd
|
Aircraft & Connectivity Conference
|
|
November 1, 2016
|
40th
|
Automotive Aftermarket Symposium
|
2015:
|
“Capital Allocation – The Tug of War”
|
2013:
|
“Value Investing 20 Years Later: A Celebration of the Roger Murray Lecture Series”
|
2006:
|
“Closed-End Funds: Premiums vs. Discounts, Dividends and Distributions”
|
2003:
|
“Dividends, Taxable versus Non-Taxable Issues”
|
2001:
1998:
|
“Virtues of Value Investing”
“The Role of Hedge Funds as a Way of Generating Absolute Returns”
|
1997:
|
“Active vs. Passive Stock Selection”
|
·
|
have more than $1 billion in annual revenue in a fiscal year;
|
·
|
issue more than $1 billion of non-convertible debt during the preceding three-year period; or
|
·
|
become a “large accelerated filer” as defined in Exchange Act Rule 12b-2, which would occur after: (i) we have filed at least one annual report pursuant to the Exchange Act; (ii) we have been an SEC-reporting company for at least 12 months; and (iii) the market value of AC common stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter.
|
·
|
our quarterly or annual earnings, or those of other companies in our industry;
|
·
|
actual or anticipated reductions in our revenue, net earnings and cash flow resulting from actual or anticipated decline in AUM;
|
·
|
changes in accounting standards, policies, guidance, interpretations or principles;
|
·
|
the failure of securities analysts to cover Associated Capital or changes in financial estimates by analysts;
|
·
|
changes in earnings estimates by securities analysts or our ability to meet those estimates;
|
·
|
the operating and stock price performance of other comparable companies;
|
·
|
overall market fluctuations; and
|
·
|
general economic conditions.
|
·
|
we have a board that is composed of a majority of “independent directors,” as defined under the rules of the NYSE;
|
·
|
we have a compensation committee that is composed entirely of independent directors; and
|
·
|
we have a nominating/corporate governance committee that is composed entirely of independent directors.
|
2015
|
2016
|
|||||||||||||||||||||||||||||||
Dividend Declared
|
Dividend Declared
|
|||||||||||||||||||||||||||||||
High
|
Low
|
Regular
|
Special
|
High
|
Low
|
Regular
|
Special
|
|||||||||||||||||||||||||
First Quarter
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
30.40
|
$
|
24.67
|
$
|
0.10
|
$
|
-
|
||||||||||||||||
Second Quarter
|
-
|
-
|
-
|
-
|
30.89
|
27.58
|
-
|
-
|
||||||||||||||||||||||||
Third Quarter
|
-
|
-
|
-
|
-
|
35.51
|
28.51
|
-
|
-
|
||||||||||||||||||||||||
Fourth Quarter
|
36.51
|
28.05
|
-
|
-
|
35.96
|
32.25
|
0.10
|
-
|
||||||||||||||||||||||||
Total Number of
|
Maximum
|
|||||||||||||||
Total
|
Average
|
Shares Repurchased as
|
Number of Shares
|
|||||||||||||
Number of
|
Price Paid Per
|
Part of Publicly
|
That May Yet Be
|
|||||||||||||
Shares
|
Share, net of
|
Announced Plans
|
Purchased Under
|
|||||||||||||
Period
|
Repurchased
|
Commissions
|
or Programs
|
the Plans or Programs
|
||||||||||||
10/01/16 - 10/31/16
|
17,365
|
$
|
34.27
|
17,365
|
245,380
|
|||||||||||
11/01/16 - 11/30/16
|
76,430
|
33.91
|
76,430
|
168,950
|
||||||||||||
12/01/16 - 12/31/16
|
1,008,882
|
31.28
|
82,537
|
86,413
|
||||||||||||
Totals
|
1,102,677
|
$
|
31.51
|
176,332
|
Number of Securities to be
|
|||||||||
Issued upon Exercise of
|
Weighted-Average Exercise
|
||||||||
Outstanding Options,
|
Price of Outstanding Options,
|
||||||||
Plan Category
|
Warrants and Rights
|
Warrants and Rights
|
|||||||
Equity compensation plans approved by security holders:
|
|||||||||
Restricted stock awards
|
424,340
|
|
$65.74
|
||||||
Equity compensation plans not approved by security holders:
|
-
|
n/a
|
|||||||
Total
|
424,340
|
(as of December 31, 2016)
|
(as of January 23, 2017)
|
Reconciliation of Total Equity to Adjusted Economic Book Value
|
||||||||
|
Total
|
Per Share
|
||||||
Total equity as reported
|
$
|
874,022
|
$
|
36.04
|
||||
Add: GAMCO Note
|
100,000
|
4.12
|
||||||
Adjusted Economic book value
|
$
|
974,022
|
$
|
40.16
|
|
Year Ended December 31,
|
CAGR (a)
|
|||||||||||||||||||||||
|
2016
|
|
2015
|
2014
|
2013
|
2012
|
2016/2012
|
||||||||||||||||||
|
|||||||||||||||||||||||||
Event Merger Arb
|
$
|
1,076
|
|
$
|
869
|
$
|
796
|
$
|
691
|
$
|
721
|
10.5
|
%
|
||||||||||||
Event-Driven Value
|
133
|
|
145
|
167
|
140
|
124
|
1.8
|
||||||||||||||||||
Other
|
63
|
|
66
|
77
|
76
|
75
|
(4.3
|
)
|
|||||||||||||||||
Total AUM
|
$
|
1,272
|
(b)
|
$
|
1,080
|
$
|
1,040
|
$
|
907
|
$
|
920
|
8.4
|
%
|
|
Year Ended December 31,
|
|||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Event Merger Arb
|
$
|
297
|
$
|
166
|
$
|
162
|
$
|
79
|
$
|
248
|
||||||||||
Event-Driven Value
|
1
|
39
|
45
|
38
|
29
|
|||||||||||||||
Other
|
1
|
2
|
5
|
6
|
23
|
|||||||||||||||
Total Cash Inflows
|
$
|
299
|
$
|
207
|
$
|
212
|
$
|
123
|
$
|
300
|
|
Year Ended December 31,
|
|||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Event Merger Arb
|
$
|
(148
|
)
|
$
|
(119
|
)
|
$
|
(68
|
)
|
$
|
(137
|
)
|
$
|
(58
|
)
|
|||||
Event-Driven Value
|
(18
|
)
|
(54
|
)
|
(21
|
)
|
(36
|
)
|
(42
|
)
|
||||||||||
Other
|
(9
|
)
|
(12
|
)
|
(5
|
)
|
(13
|
)
|
(20
|
)
|
||||||||||
Total Cash Outflows
|
$
|
(175
|
)
|
$
|
(185
|
)
|
$
|
(94
|
)
|
$
|
(186
|
)
|
$
|
(120
|
)
|
|
Year Ended December 31,
|
|||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
|
||||||||||||||||||||
Event Merger Arb
|
$
|
58
|
$
|
26
|
$
|
11
|
$
|
28
|
$
|
18
|
||||||||||
Event-Driven Value
|
5
|
(7
|
)
|
3
|
14
|
5
|
||||||||||||||
Other
|
5
|
(1
|
)
|
1
|
8
|
7
|
||||||||||||||
Total Net Appreciation/(Depreciation)
|
$
|
68
|
$
|
18
|
$
|
15
|
$
|
50
|
$
|
30
|
|
Three Months Ended December 31,
|
Increase (decrease)
|
|||||||||||||
2016 | 2015 | $ | % | ||||||||||||
Investment advisory and incentive fees
|
$
|
11,734
|
$
|
6,340
|
$
|
5,394
|
85.1
|
%
|
|||||||
Institutional research services income
|
2,650
|
2,267
|
383
|
16.9
|
|||||||||||
Other income
|
1,911
|
388
|
1,523
|
392.5
|
|||||||||||
Total revenues
|
$
|
16,295
|
$
|
8,995
|
$
|
7,300
|
81.2
|
%
|
|
Year Ended December 31,
|
Increase (decrease)
|
||||||||||||
|
2016
|
2015
|
$ |
%
|
||||||||||
Investment advisory and incentive fees
|
$
|
18,320
|
$
|
12,635
|
$
|
5,685
|
45.0
|
%
|
||||||
Institutional research services income
|
9,604
|
8,397
|
1,207
|
14.4
|
||||||||||
Other income
|
3,303
|
1,811
|
1,492
|
82.4
|
||||||||||
Total revenues
|
$
|
31,227
|
$
|
22,843
|
$
|
8,384
|
36.7
|
%
|
Year Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
(in thousands)
|
||||||||
Cash flows provided by (used in):
|
||||||||
Operating activities
|
$
|
6,588
|
$
|
(47,350
|
)
|
|||
Investing activities
|
(4,115
|
)
|
(41,734
|
)
|
||||
Financing activities
|
105,872
|
9,281
|
||||||
Net increase (decrease) in cash and cash equivalents
|
108,345
|
(79,803
|
)
|
|||||
Cash and cash equivalents at beginning of year
|
205,750
|
285,530
|
||||||
Increase in cash from consolidation
|
-
|
10
|
||||||
Increase (decrease) in cash from deconsolidation
|
(2
|
)
|
13
|
|||||
Cash and cash equivalents at end of year
|
$
|
314,093
|
$
|
205,750
|
|
Total
|
2017
|
||||||
Contractual Obligations:
|
||||||||
Occupancy charge
|
$
|
96
|
$
|
96
|
||||
Total
|
$
|
96
|
$
|
96
|
Page
|
|
Report of Independent Registered Public Accounting Firm
|
40
|
Consolidated Financial Statements:
|
|
Consolidated Statements of Income for the years ended December 31, 2016 and 2015
|
41
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2016 and 2015
|
42
|
Consolidated Statements of Financial Condition at December 31, 2016 and 2015
|
43
|
Consolidated Statements of Equity for the years ended December 31, 2016 and 2015
|
44
|
Consolidated Statements of Cash Flows for the years ended December 31, 2016 and 2015
|
46
|
Notes to Consolidated Financial Statements
|
48
|
Year Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues
|
||||||||
Investment advisory and incentive fees
|
$
|
18,320
|
$
|
12,635
|
||||
Institutional research services
|
9,604
|
8,397
|
||||||
Other revenues
|
3,303
|
1,810
|
||||||
Total revenues
|
31,227
|
22,842
|
||||||
Expenses
|
||||||||
Compensation
|
30,968
|
26,343
|
||||||
Stock based compensation
|
2,464
|
4,931
|
||||||
Management fee
|
1,593
|
(309
|
)
|
|||||
Other operating expenses
|
8,434
|
6,189
|
||||||
Total expenses
|
43,459
|
37,154
|
||||||
Operating loss
|
(12,232
|
)
|
(14,312
|
)
|
||||
Other income (expense)
|
||||||||
Net gain from investments
|
19,909
|
8,276
|
||||||
Interest and dividend income
|
12,669
|
4,720
|
||||||
Interest expense
|
(590
|
)
|
(1,260
|
)
|
||||
Shareholder-designated contributions
|
(5,411
|
)
|
-
|
|||||
Total other income, net
|
26,577
|
11,736
|
||||||
Income (loss) before income taxes
|
14,345
|
(2,576
|
)
|
|||||
Income tax provision (benefit)
|
3,876
|
(1,685
|
)
|
|||||
Net income (loss)
|
10,469
|
(891
|
)
|
|||||
Net income (loss) attributable to noncontrolling interests
|
251
|
(780
|
)
|
|||||
Net income (loss) attributable to Associated Capital Group, Inc.'s shareholders
|
$
|
10,218
|
$
|
(111
|
)
|
|||
Net income (loss) per share attributable to Associated Capital Group, Inc.'s shareholders:
|
||||||||
Basic
|
$
|
0.41
|
$
|
-
|
||||
Diluted
|
$
|
0.41
|
$
|
-
|
||||
Weighted average shares outstanding:
|
||||||||
Basic
|
24,870
|
24,887
|
||||||
Diluted
|
25,175
|
25,170
|
||||||
Actual shares outstanding
|
24,255
|
25,440
|
Year Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Net income (loss)
|
$
|
10,469
|
$
|
(891
|
)
|
|||
Other comprehensive income (loss), net of tax:
|
||||||||
Net unrealized gains (losses) on securities available for sale (a)
|
4,138
|
(11,035
|
)
|
|||||
Comprehensive income (loss)
|
14,607
|
(11,926
|
)
|
|||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
1,215
|
(780
|
)
|
|||||
Comprehensive income (loss) attributable to Associated Capital Group, Inc.
|
$
|
13,392
|
$
|
(11,146
|
)
|
December 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
314,093
|
$
|
205,750
|
||||
Investments in securities (Including GBL stock with a market value of $135.7 million and $136.4 at
|
||||||||
December 31, 2016 and December 31, 2015, respectively)
|
342,797
|
333,624
|
||||||
Investments in affiliated registered investment companies
|
131,645
|
118,676
|
||||||
Investments in partnerships
|
129,398
|
105,051
|
||||||
Receivable from brokers
|
12,588
|
56,510
|
||||||
Investment advisory fees receivable
|
9,784
|
4,896
|
||||||
Receivable from affiliates
|
1,523
|
7,457
|
||||||
Goodwill
|
3,422
|
3,254
|
||||||
Other assets
|
7,353
|
1,530
|
||||||
Total assets
|
$
|
952,603
|
$
|
836,748
|
||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
||||||||
Payable to brokers
|
$
|
2,396
|
$
|
50,648
|
||||
Income taxes payable and deferred tax liabilities
|
6,978
|
5,669
|
||||||
Compensation payable
|
17,676
|
10,926
|
||||||
Securities sold, not yet purchased
|
9,984
|
9,623
|
||||||
Mandatorily redeemable noncontrolling interests
|
-
|
1,129
|
||||||
Payable to affiliates
|
1,455
|
-
|
||||||
Accrued expenses and other liabilities
|
35,862
|
1,466
|
||||||
Total liabilities
|
74,351
|
79,461
|
||||||
Redeemable noncontrolling interests
|
4,230
|
5,738
|
||||||
Commitments and contingencies (Note J)
|
||||||||
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; 6,398,580 and 6,247,452 shares
|
||||||||
issued, respectively; 5,058,648 and 6,242,952 shares outstanding, respectively
|
6
|
6
|
||||||
Class B Common Stock, $0.001 par value; 100,000,000 shares authorized; 19,196,792 shares issued
|
||||||||
and outstanding
|
19
|
19
|
||||||
Additional paid-in capital
|
1,007,027
|
999,000
|
||||||
Retained earnings
|
7,327
|
2,072
|
||||||
GBL 4 % PIK Note
|
(100,000
|
)
|
(250,000
|
)
|
||||
Accumulated comprehensive income (loss)
|
1,317
|
(1,857
|
)
|
|||||
Treasury stock, at cost (1,339,932 and 1,500 shares, respectively)
|
(41,674
|
)
|
(44
|
)
|
||||
Total Associated Capital Group, Inc. equity
|
874,022
|
749,196
|
||||||
Noncontrolling interests
|
-
|
2,353
|
||||||
Total equity
|
874,022
|
751,549
|
||||||
Total liabilities and equity
|
$
|
952,603
|
$
|
836,748
|
Associated Capital Group, Inc. shareholders
|
||||||||||||||||||||||||||||||||||||||||
Parent
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Company | ||||||||||||||||||||||||||||||||||||||||
|
|
Equity
|
|
Additional
|
|
Accumulated
|
|
Redeemable
|
||||||||||||||||||||||||||||||||
Noncontrolling | Common | pre Spin- | Retained | Paid-in | GBL 4% | Comprehensive | Treasury | Noncontrolling | ||||||||||||||||||||||||||||||||
Interests
|
Stock
|
off
|
Earnings
|
Capital
|
PIK Note
|
Income
|
Stock
|
Total
|
Interests
|
|||||||||||||||||||||||||||||||
Balance at December 31, 2014
|
$
|
-
|
$
|
-
|
$
|
573,749
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9,178
|
$
|
-
|
$
|
582,927
|
$
|
68,334
|
||||||||||||||||||||
Recapitalization
|
-
|
25
|
(522,758
|
)
|
-
|
522,733
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Redemptions of
|
||||||||||||||||||||||||||||||||||||||||
noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(901
|
)
|
|||||||||||||||||||||||||||||
Contributions from redeemable
|
||||||||||||||||||||||||||||||||||||||||
noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,036
|
||||||||||||||||||||||||||||||
Consolidation of a consolidated
|
||||||||||||||||||||||||||||||||||||||||
feeder fund and a partnership
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
996
|
||||||||||||||||||||||||||||||
Deconsolidation of an offshore
|
||||||||||||||||||||||||||||||||||||||||
fund
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(63,256
|
)
|
|||||||||||||||||||||||||||||
Net income (loss)
|
(309
|
)
|
-
|
-
|
(111
|
)
|
-
|
-
|
-
|
-
|
(420
|
)
|
(471
|
)
|
||||||||||||||||||||||||||
Net unrealized losses on
|
||||||||||||||||||||||||||||||||||||||||
securities available for sale,
|
||||||||||||||||||||||||||||||||||||||||
net of income tax benefit | ||||||||||||||||||||||||||||||||||||||||
($6,503)
|
-
|
-
|
-
|
-
|
-
|
-
|
(11,157
|
)
|
-
|
(11,157
|
)
|
-
|
||||||||||||||||||||||||||||
Amounts reclassified from
|
||||||||||||||||||||||||||||||||||||||||
accumulated other
|
||||||||||||||||||||||||||||||||||||||||
comprehensive income,
|
||||||||||||||||||||||||||||||||||||||||
net of income tax ($69)
|
-
|
-
|
-
|
-
|
-
|
-
|
122
|
-
|
122
|
-
|
||||||||||||||||||||||||||||||
Stock based compensation
|
||||||||||||||||||||||||||||||||||||||||
expense
|
-
|
-
|
-
|
-
|
4,931
|
-
|
-
|
-
|
4,931
|
-
|
||||||||||||||||||||||||||||||
Issuance of GBL 4% PIK Note
|
-
|
-
|
-
|
-
|
250,000
|
(250,000
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(44
|
)
|
(44
|
)
|
-
|
||||||||||||||||||||||||||||
Net transfer from GBL
|
2,662
|
-
|
(50,991
|
)
|
2,183
|
221,336
|
-
|
-
|
-
|
175,190
|
-
|
|||||||||||||||||||||||||||||
Balance at December 31, 2015
|
$
|
2,353
|
$
|
25
|
$
|
-
|
$
|
2,072
|
$
|
999,000
|
$
|
(250,000
|
)
|
$
|
(1,857
|
)
|
$
|
(44
|
)
|
$
|
751,549
|
$
|
5,738
|
Associated Capital Group, Inc. shareholders
|
||||||||||||||||||||||||||||||||||||
Additional
|
Accumulated
|
Redeemable
|
||||||||||||||||||||||||||||||||||
Noncontrolling
|
Common
|
Retained
|
Paid-in
|
GBL 4%
|
Comprehensive
|
Treasury
|
Noncontrolling
|
|||||||||||||||||||||||||||||
Interests
|
Stock
|
Earnings
|
Capital
|
PIK Note
|
Income
|
Stock
|
Total
|
Interests
|
||||||||||||||||||||||||||||
Balance at December 31, 2015
|
$
|
2,353
|
$
|
25
|
$
|
2,072
|
$
|
999,000
|
$
|
(250,000
|
)
|
$
|
(1,857
|
)
|
$
|
(44
|
)
|
$
|
751,549
|
$
|
5,738
|
|||||||||||||||
Redemptions of
|
||||||||||||||||||||||||||||||||||||
noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(244
|
)
|
||||||||||||||||||||||||||
Contributions from redeemable
|
||||||||||||||||||||||||||||||||||||
noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
250
|
|||||||||||||||||||||||||||
Deconsolidation of an offshore
|
||||||||||||||||||||||||||||||||||||
fund
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,811
|
)
|
||||||||||||||||||||||||||
Net income (loss)
|
(46
|
)
|
-
|
10,218
|
-
|
-
|
-
|
-
|
10,172
|
297
|
||||||||||||||||||||||||||
Net unrealized gains on
|
||||||||||||||||||||||||||||||||||||
securities available for sale,
|
||||||||||||||||||||||||||||||||||||
net of income tax ($2,319)
|
964
|
-
|
-
|
-
|
-
|
3,189
|
-
|
4,153
|
-
|
|||||||||||||||||||||||||||
Amounts reclassified from
|
||||||||||||||||||||||||||||||||||||
accumulated other
|
||||||||||||||||||||||||||||||||||||
comprehensive income,
|
||||||||||||||||||||||||||||||||||||
net of income tax benefit ($9)
|
-
|
-
|
-
|
-
|
-
|
(15
|
)
|
-
|
(15
|
)
|
-
|
|||||||||||||||||||||||||
Noncontrolling minority interest
|
(3,271
|
)
|
-
|
-
|
4,862
|
-
|
-
|
-
|
1,591
|
-
|
||||||||||||||||||||||||||
Stock based compensation
|
||||||||||||||||||||||||||||||||||||
expense
|
-
|
-
|
-
|
2,464
|
-
|
-
|
-
|
2,464
|
-
|
|||||||||||||||||||||||||||
Increase to paid in capital for the
|
||||||||||||||||||||||||||||||||||||
excess of actual tax benefit
|
||||||||||||||||||||||||||||||||||||
over recorded RSA tax benefit
|
-
|
-
|
-
|
701
|
-
|
-
|
-
|
701
|
-
|
|||||||||||||||||||||||||||
Dividends declared ($.20 per | ||||||||||||||||||||||||||||||||||||
share)
|
-
|
-
|
(4,963
|
)
|
-
|
-
|
-
|
-
|
(4,963
|
)
|
-
|
|||||||||||||||||||||||||
Proceeds from payment of GBL
|
||||||||||||||||||||||||||||||||||||
4% PIK Note
|
-
|
-
|
-
|
-
|
150,000
|
-
|
-
|
150,000
|
-
|
|||||||||||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(41,630
|
)
|
(41,630
|
)
|
-
|
|||||||||||||||||||||||||
Balance at December 31, 2016
|
$
|
-
|
$
|
25
|
$
|
7,327
|
$
|
1,007,027
|
$
|
(100,000
|
)
|
$
|
1,317
|
$
|
(41,674
|
)
|
$
|
874,022
|
$
|
4,230
|
Year Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Operating activities
|
||||||||
Net income (loss)
|
$
|
10,469
|
$
|
(891
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Equity in net gains from partnerships
|
(11,183
|
)
|
(4,756
|
)
|
||||
Depreciation and amortization
|
17
|
13
|
||||||
Stock based compensation expense
|
2,464
|
4,931
|
||||||
Deferred income taxes
|
(1,378
|
)
|
(6,450
|
)
|
||||
Other-than-temporary loss on available for sale securities
|
324
|
216
|
||||||
Donated securities
|
1,051
|
73
|
||||||
Gains on sales of available for sale securities
|
(348
|
)
|
(25
|
)
|
||||
(Increase) decrease in assets:
|
||||||||
Investments in securities - trading
|
(13,769
|
)
|
(71,552
|
)
|
||||
Investments in partnerships:
|
||||||||
Contributions to partnerships
|
(36,367
|
)
|
(15,169
|
)
|
||||
Distributions from partnerships
|
23,199
|
22,857
|
||||||
Receivable from affiliates
|
5,934
|
(7,055
|
)
|
|||||
Receivable from brokers
|
43,225
|
(30,008
|
)
|
|||||
Investment advisory fees receivable
|
(4,907
|
)
|
(949
|
)
|
||||
Other assets
|
(5,465
|
)
|
17,568
|
|||||
Increase (decrease) in liabilities:
|
||||||||
Payable to affiliates
|
1,455
|
(4,733
|
)
|
|||||
Payable to brokers
|
(48,231
|
)
|
44,516
|
|||||
Income taxes payable and deferred tax liabilities
|
1,060
|
2,191
|
||||||
Compensation payable
|
6,751
|
1,747
|
||||||
Mandatorily redeemable noncontrolling interests
|
292
|
(172
|
)
|
|||||
Accrued expenses and other liabilities
|
31,995
|
298
|
||||||
Total adjustments
|
(3,881
|
)
|
(46,459
|
)
|
||||
Net cash provided by (used in) operating activities
|
$
|
6,588
|
$
|
(47,350
|
)
|
Year Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Investing activities
|
||||||||
Purchases of available for sale securities
|
$
|
(5,107
|
)
|
$
|
(43,271
|
)
|
||
Proceeds from sales of available for sale securities
|
803
|
1,013
|
||||||
Return of capital on available for sale securities
|
189
|
524
|
||||||
Net cash used in investing activities
|
(4,115
|
)
|
(41,734
|
)
|
||||
Financing activities
|
||||||||
Contributions from redeemable noncontrolling interests
|
250
|
1,036
|
||||||
Redemptions of redeemable noncontrolling interests
|
(244
|
)
|
(901
|
)
|
||||
Repayment of demand loan with GBL
|
-
|
(16,000
|
)
|
|||||
Net transfer from GBL
|
-
|
25,190
|
||||||
Dividends paid
|
(2,504
|
)
|
-
|
|||||
Purchase of treasury stock
|
(41,630
|
)
|
(44
|
)
|
||||
Proceeds from payment of GBL 4% PIK Note
|
150,000
|
-
|
||||||
Net cash provided by financing activities
|
105,872
|
9,281
|
||||||
Net increase (decrease) in cash and cash equivalents
|
108,345
|
(79,803
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
205,750
|
285,530
|
||||||
Increase in cash from consolidation
|
-
|
10
|
||||||
Increase (decrease) in cash from deconsolidation
|
(2
|
)
|
13
|
|||||
Cash and cash equivalents at end of period
|
$
|
314,093
|
$
|
205,750
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
298
|
$
|
1,428
|
||||
Cash paid for taxes
|
$
|
2,989
|
$
|
2
|
·
|
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 asset includes cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities.
|
·
|
Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets that generally are included in this category may include certain limited partnership interests in private funds and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data.
|
·
|
Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships.
|
2016
|
2015
|
|||||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Trading securities:
|
||||||||||||||||
Government obligations
|
$
|
119,755
|
$
|
119,823
|
$
|
99,897
|
$
|
99,940
|
||||||||
Common stocks
|
69,503
|
82,158
|
78,974
|
92,194
|
||||||||||||
Mutual funds
|
2,402
|
3,143
|
2,578
|
3,216
|
||||||||||||
Other investments
|
1,275
|
1,472
|
570
|
771
|
||||||||||||
Total trading securities
|
192,935
|
206,596
|
182,019
|
196,121
|
||||||||||||
Available for sale securities:
|
||||||||||||||||
Common stocks
|
150,000
|
135,701
|
150,000
|
136,360
|
||||||||||||
Mutual funds
|
206
|
500
|
627
|
1,143
|
||||||||||||
Total available for sale securities
|
150,206
|
136,201
|
150,627
|
137,503
|
||||||||||||
Total investments in securities
|
$
|
343,141
|
$
|
342,797
|
$
|
332,646
|
$
|
333,624
|
2016
|
2015
|
|||||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Trading securities:
|
||||||||||||||||
Common stocks
|
$
|
9,583
|
$
|
9,947
|
$
|
10,095
|
$
|
9,537
|
||||||||
Other investments
|
27
|
37
|
24
|
86
|
||||||||||||
Total securities sold, not yet purchased
|
$
|
9,610
|
$
|
9,984
|
$
|
10,119
|
$
|
9,623
|
2016
|
2015
|
|||||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Trading securities:
|
||||||||||||||||
Mutual funds
|
$
|
40,096
|
$
|
45,351
|
$
|
40,097
|
$
|
43,133
|
||||||||
Total trading securities
|
40,096
|
45,351
|
40,097
|
43,133
|
||||||||||||
Available for sale securities:
|
||||||||||||||||
Closed-end funds
|
62,890
|
80,650
|
62,070
|
72,591
|
||||||||||||
Mutual funds
|
4,396
|
5,644
|
1,846
|
2,952
|
||||||||||||
Total available for sale securities
|
67,286
|
86,294
|
63,916
|
75,543
|
||||||||||||
Total investments in affiliated
|
||||||||||||||||
registered investment companies
|
$
|
107,382
|
$
|
131,645
|
$
|
104,013
|
$
|
118,676
|
Type of Derivative
|
Income Statement Location
|
Year ended December 31,
|
||||||||
2016
|
2015
|
|||||||||
Foreign exchange contracts
|
Net gain from investments
|
$
|
1,373
|
$
|
2,456
|
|||||
Equity contracts
|
Net gain from investments
|
143
|
264
|
|||||||
Total
|
$
|
1,516
|
$
|
2,720
|
Gross Amounts Not Offset in the
|
||||||||||||||||||||||||
Statements of Financial Condition
|
||||||||||||||||||||||||
Gross
|
Gross Amounts
|
Net Amounts of
|
||||||||||||||||||||||
Amounts of
|
Offset in the
|
Assets Presented
|
||||||||||||||||||||||
Recognized
|
Statements of
|
in the Statements of
|
Financial
|
Cash Collateral
|
||||||||||||||||||||
Assets
|
Financial Condition
|
Financial Condition
|
Instruments
|
Received
|
Net Amount
|
|||||||||||||||||||
Swaps:
|
(In thousands)
|
|||||||||||||||||||||||
December 31, 2016
|
$
|
96
|
$
|
-
|
$
|
96
|
$
|
(9
|
)
|
$
|
-
|
$
|
87
|
|||||||||||
December 31, 2015
|
$
|
177
|
$
|
-
|
$
|
177
|
$
|
(81
|
)
|
$
|
-
|
$
|
96
|
Gross Amounts Not Offset in the
|
||||||||||||||||||||||||
Statements of Financial Condition
|
||||||||||||||||||||||||
Gross
|
Gross Amounts
|
Net Amounts of
|
||||||||||||||||||||||
Amounts of
|
Offset in the
|
Liabilities Presented
|
||||||||||||||||||||||
Recognized
|
Statements of
|
in the Statements of
|
Financial
|
Cash Collateral
|
||||||||||||||||||||
Liabilities
|
Financial Condition
|
Financial Condition
|
Instruments
|
Pledged
|
Net Amount
|
|||||||||||||||||||
Swaps:
|
(In thousands)
|
|||||||||||||||||||||||
December 31, 2016
|
$
|
9
|
$
|
-
|
$
|
9
|
$
|
(9
|
)
|
$
|
-
|
$
|
-
|
|||||||||||
December 31, 2015
|
$
|
81
|
$
|
-
|
$
|
81
|
$
|
(81
|
)
|
$
|
-
|
$
|
-
|
December 31, 2016
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Common stocks
|
$
|
150,000
|
$
|
-
|
$
|
(14,299
|
)
|
$
|
135,701
|
|||||||
Closed-end Funds
|
62,890
|
17,760
|
-
|
80,650
|
||||||||||||
Mutual funds
|
4,602
|
1,542
|
-
|
6,144
|
||||||||||||
Total available for sale securities
|
$
|
217,492
|
$
|
19,302
|
$
|
(14,299
|
)
|
$
|
222,495
|
December 31, 2015
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Common stocks
|
$
|
150,000
|
$
|
-
|
$
|
(13,640
|
)
|
$
|
136,360
|
|||||||
Closed-end Funds
|
62,070
|
11,299
|
(778
|
)
|
72,591
|
|||||||||||
Mutual funds
|
2,472
|
1,641
|
(18
|
)
|
4,095
|
|||||||||||
Total available for sale securities
|
$
|
214,542
|
$
|
12,940
|
$
|
(14,436
|
)
|
$
|
213,046
|
December 31, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Cost
|
Losses
|
Fair Value
|
Cost
|
Losses
|
Fair Value
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Common Stock
|
$
|
150,000
|
$
|
(14,299
|
)
|
$
|
135,701
|
$
|
150,000
|
$
|
(13,640
|
)
|
$
|
136,360
|
||||||||||
Closed-end Funds
|
-
|
-
|
-
|
40,627
|
(778
|
)
|
39,849
|
|||||||||||||||||
Mutual Funds
|
-
|
-
|
-
|
244
|
(18
|
)
|
226
|
|||||||||||||||||
Total available for sale securities
|
$
|
150,000
|
$
|
(14,299
|
)
|
$
|
135,701
|
$
|
190,871
|
$
|
(14,436
|
)
|
$
|
176,435
|
Entities consolidated
|
|||||||||||||||
CFFs
|
Partnerships
|
Offshore Funds
|
Total
|
||||||||||||
VIEs
|
VOEs
|
VIEs
|
VOEs
|
VIEs
|
VOEs
|
VIEs
|
VOEs
|
||||||||
Entities consolidated at December 31, 2014
|
1
|
2
|
-
|
1
|
-
|
1
|
1
|
4
|
|||||||
Additional consolidated entities
|
-
|
1
|
-
|
1
|
1
|
-
|
1
|
2
|
|||||||
Deconsolidated entities
|
-
|
(1)
|
-
|
-
|
-
|
(1)
|
-
|
(2)
|
|||||||
Entities consolidated at December 31, 2015
|
1
|
2
|
-
|
2
|
1
|
-
|
2
|
4
|
|||||||
Additional consolidated entities
|
-
|
-
|
1
|
-
|
-
|
-
|
1
|
-
|
|||||||
Deconsolidated entities
|
(1)
|
(1)
|
-
|
(2)
|
(1)
|
-
|
(2)
|
(3)
|
|||||||
Entities consolidated at December 31, 2016
|
-
|
1
|
1
|
-
|
-
|
-
|
1
|
1
|
December 31, 2016
|
||||||||||||||||||||||||
Investment Type
|
||||||||||||||||||||||||
Affiliated
|
Unaffiliated
|
|||||||||||||||||||||||
Accounting method
|
Consolidated Feeder Funds
|
Partnerships
|
Offshore Funds
|
Partnerships
|
Offshore Funds
|
Total
|
||||||||||||||||||
Fair Value
|
$
|
8,343
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,343
|
||||||||||||
Equity Method
|
-
|
33,202
|
70,745
|
6,761
|
10,347
|
121,055
|
||||||||||||||||||
Total
|
$
|
8,343
|
$
|
33,202
|
$
|
70,745
|
$
|
6,761
|
$
|
10,347
|
$
|
129,398
|
December 31, 2015 | ||||||||||||||||||||||||
Investment Type
|
||||||||||||||||||||||||
Affiliated
|
Unaffiliated
|
|||||||||||||||||||||||
Accounting method
|
Consolidated Feeder Funds
|
Partnerships
|
Offshore Funds
|
Partnerships
|
Offshore Funds
|
Total
|
||||||||||||||||||
Fair Value
|
$
|
13,953
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
13,953
|
||||||||||||
Equity Method
|
-
|
39,552
|
35,746
|
7,911
|
7,889
|
91,098
|
||||||||||||||||||
Total
|
$
|
13,953
|
$
|
39,552
|
$
|
35,746
|
$
|
7,911
|
$
|
7,889
|
$
|
105,051
|
December 31, 2016
|
||||||||||||||||||||
Prior to
|
||||||||||||||||||||
Consolidation
|
CFFs
|
Partnerships
|
Offshore Funds
|
As Reported
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
313,785
|
$
|
-
|
$
|
308
|
$
|
-
|
$
|
314,093
|
||||||||||
Investments in securities (including GBL stock)
|
336,459
|
-
|
6,338
|
-
|
342,797
|
|||||||||||||||
Investments in affiliated investment companies
|
131,645
|
-
|
-
|
-
|
131,645
|
|||||||||||||||
Investments in partnerships
|
133,794
|
3,964
|
(8,360
|
)
|
-
|
129,398
|
||||||||||||||
Receivable from brokers
|
10,542
|
-
|
2,046
|
-
|
12,588
|
|||||||||||||||
Investment advisory fees receivable
|
9,800
|
(8
|
)
|
(8
|
)
|
-
|
9,784
|
|||||||||||||
Other assets
|
12,298
|
-
|
-
|
-
|
12,298
|
|||||||||||||||
Total assets
|
$
|
948,323
|
$
|
3,956
|
$
|
324
|
$
|
-
|
$
|
952,603
|
||||||||||
Liabilities and equity
|
||||||||||||||||||||
Securities sold, not yet purchased
|
$
|
9,984
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9,984
|
||||||||||
Accrued expenses and other liabilities
|
64,317
|
13
|
37
|
-
|
64,367
|
|||||||||||||||
Redeemable noncontrolling interests
|
-
|
3,943
|
287
|
-
|
4,230
|
|||||||||||||||
Total equity
|
874,022
|
-
|
-
|
-
|
874,022
|
|||||||||||||||
Total liabilities and equity
|
$
|
948,323
|
$
|
3,956
|
$
|
324
|
$
|
-
|
$
|
952,603
|
December 31, 2015
|
||||||||||||||||||||
Prior to
|
||||||||||||||||||||
Consolidation
|
CFFs
|
Partnerships
|
Offshore Funds
|
As Reported
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
205,708
|
$
|
-
|
$
|
41
|
$
|
1
|
$
|
205,750
|
||||||||||
Investments in securities (including GBL stock)
|
325,692
|
-
|
7,849
|
83
|
333,624
|
|||||||||||||||
Investments in affiliated investment companies
|
118,676
|
- | - | - |
118,676
|
|||||||||||||||
Investments in partnerships
|
109,274
|
4,506
|
(8,729
|
)
|
-
|
105,051
|
||||||||||||||
Receivable from brokers
|
53,921
|
-
|
2,164
|
425
|
56,510
|
|||||||||||||||
Investment advisory fees receivable
|
4,881
|
2
|
5
|
8
|
4,896
|
|||||||||||||||
Other assets
|
12,614
|
5
|
15
|
(393
|
)
|
12,241
|
||||||||||||||
Total assets
|
$
|
830,766
|
$
|
4,513
|
$
|
1,345
|
$
|
124
|
$
|
836,748
|
||||||||||
Liabilities and equity
|
||||||||||||||||||||
Securities sold, not yet purchased
|
$
|
9,505
|
$
|
-
|
$
|
118
|
$
|
-
|
$
|
9,623
|
||||||||||
Accrued expenses and other liabilities
|
69,712
|
28
|
79
|
19
|
69,838
|
|||||||||||||||
Redeemable noncontrolling interests
|
-
|
4,485
|
1,148
|
105
|
5,738
|
|||||||||||||||
Total equity
|
751,549
|
-
|
-
|
-
|
751,549
|
|||||||||||||||
Total liabilities and equity
|
$
|
830,766
|
$
|
4,513
|
$
|
1,345
|
$
|
124
|
$
|
836,748
|
Twelve Months Ended December 31, 2016
|
||||||||||||||||||||
Prior to
|
||||||||||||||||||||
Consolidation
|
CFFs
|
Partnerships
|
Offshore Funds
|
As Reported
|
||||||||||||||||
Total revenues
|
$
|
31,247
|
$
|
(17
|
)
|
$
|
(3
|
)
|
$
|
-
|
$
|
31,227
|
||||||||
Total expenses
|
43,285
|
128
|
46
|
-
|
43,459
|
|||||||||||||||
Operating loss
|
(12,038
|
)
|
(145
|
)
|
(49
|
)
|
-
|
(12,232
|
)
|
|||||||||||
Total other income, net
|
26,086
|
437
|
54
|
-
|
26,577
|
|||||||||||||||
Income before income taxes
|
14,048
|
292
|
5
|
-
|
14,345
|
|||||||||||||||
Income tax provision
|
3,876
|
-
|
-
|
-
|
3,876
|
|||||||||||||||
Net income before NCI
|
10,172
|
292
|
5
|
-
|
10,469
|
|||||||||||||||
Net income attributable to noncontrolling interests
|
(46
|
)
|
292
|
5
|
-
|
251
|
||||||||||||||
Net income
|
$
|
10,218
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
10,218
|
Twelve Months Ended December 31, 2015
|
||||||||||||||||||||
Prior to
|
||||||||||||||||||||
Consolidation
|
CFFs
|
Partnerships
|
Offshore Funds
|
As Reported
|
||||||||||||||||
Total revenues
|
$
|
22,883
|
$
|
(34
|
)
|
$
|
(7
|
)
|
$
|
-
|
$
|
22,842
|
||||||||
Total expenses
|
36,963
|
114
|
71
|
6
|
37,154
|
|||||||||||||||
Operating loss
|
(14,080
|
)
|
(148
|
)
|
(78
|
)
|
(6
|
)
|
(14,312
|
)
|
||||||||||
Total other income (expense), net
|
11,967
|
(170
|
)
|
(69
|
)
|
8
|
11,736
|
|||||||||||||
Loss before income taxes
|
(2,113
|
)
|
(318
|
)
|
(147
|
)
|
2
|
(2,576
|
)
|
|||||||||||
Income tax provision
|
(1,685
|
)
|
-
|
-
|
-
|
(1,685
|
)
|
|||||||||||||
Net loss before NCI
|
(428
|
)
|
(318
|
)
|
(147
|
)
|
2
|
(891
|
)
|
|||||||||||
Net loss attributable to noncontrolling interests
|
(317
|
)
|
(318
|
)
|
(147
|
)
|
2
|
(780
|
)
|
|||||||||||
Net loss
|
$
|
(111
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(111
|
)
|
December 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Cash and cash equivalents
|
$
|
308
|
$
|
1
|
||||
Investments in securities
|
6,338
|
83
|
||||||
Investments in partnerships
|
-
|
4,791
|
||||||
Receivable from broker
|
2,046
|
425
|
||||||
Other assets
|
(8
|
)
|
-
|
|||||
Payable to brokers
|
-
|
(6
|
)
|
|||||
Accrued expenses and other liabilities
|
(37
|
)
|
(404
|
)
|
||||
Redeemable noncontrolling interests
|
(287
|
)
|
(350
|
)
|
||||
AC's net interests in consolidated VIE
|
$
|
8,360
|
$
|
4,540
|
December 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(In millions)
|
||||||||
Total assets
|
$
|
2,137
|
$
|
2,414
|
||||
Total liabilities
|
350
|
301
|
||||||
Total equity
|
1,787
|
2,113
|
For the year
|
||||||||
2016
|
2015
|
|||||||
Net loss
|
$
|
(17
|
)
|
$
|
(18
|
)
|
For the year
|
||||
2016
|
||||
(In thousands)
|
||||
Total investment income
|
$
|
2,848
|
||
Net investment loss
|
(3,462
|
) | ||
Net gains on investments
|
14,192
|
|||
Net increase in net assets resulting from operations
|
10,730
|
Quoted Prices in Active
|
Significant Other
|
Significant
|
Investments
|
Other Assets
|
Balance as of
|
|||||||||||||||||||
Markets for Identical
|
Observable
|
Unobservable
|
Measured at
|
Not Held at
|
December 31,
|
|||||||||||||||||||
Assets
|
Assets (Level 1)
|
Inputs (Level 2)
|
Inputs (Level 3)
|
NAV (a)
|
Fair Value (b)
|
2016
|
||||||||||||||||||
Cash equivalents
|
$
|
314,082
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
314,082
|
||||||||||||
Investments in partnerships
|
-
|
-
|
-
|
125,527
|
3,871
|
129,398
|
||||||||||||||||||
Investments in securities (including GBL stock):
|
||||||||||||||||||||||||
AFS - Common stocks
|
135,701
|
-
|
-
|
-
|
-
|
135,701
|
||||||||||||||||||
AFS - Mutual funds
|
500
|
-
|
-
|
-
|
-
|
500
|
||||||||||||||||||
Trading - Gov't obligations
|
119,823
|
-
|
-
|
-
|
-
|
119,823
|
||||||||||||||||||
Trading - Common stocks
|
81,696
|
1
|
461
|
-
|
-
|
82,158
|
||||||||||||||||||
Trading - Mutual funds
|
3,143
|
-
|
-
|
-
|
-
|
3,143
|
||||||||||||||||||
Trading - Other
|
1,062
|
127
|
283
|
-
|
-
|
1,472
|
||||||||||||||||||
Total investments in securities
|
341,925
|
128
|
744
|
-
|
-
|
342,797
|
||||||||||||||||||
Investments in affiliated
|
||||||||||||||||||||||||
registered investment companies:
|
||||||||||||||||||||||||
AFS - Closed-end Funds
|
80,650
|
-
|
-
|
-
|
-
|
80,650
|
||||||||||||||||||
AFS - Mutual Funds
|
5,644
|
-
|
-
|
-
|
-
|
5,644
|
||||||||||||||||||
Trading - Mutual funds
|
45,351
|
-
|
-
|
-
|
-
|
45,351
|
||||||||||||||||||
Total investments in affiliated
|
||||||||||||||||||||||||
registered investment companies
|
131,645
|
-
|
-
|
-
|
-
|
131,645
|
||||||||||||||||||
Total investments
|
473,570
|
128
|
744
|
125,527
|
3,871
|
603,840
|
||||||||||||||||||
Total assets at fair value
|
$
|
787,652
|
$
|
128
|
$
|
744
|
$
|
125,527
|
$
|
3,871
|
$
|
917,922
|
||||||||||||
Liabilities
|
||||||||||||||||||||||||
Trading - Common stocks
|
$
|
9,947
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9,947
|
||||||||||||
Trading - Other
|
-
|
37
|
-
|
-
|
-
|
37
|
||||||||||||||||||
Securities sold, not yet purchased
|
$
|
9,947
|
$
|
37
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9,984
|
Quoted Prices in Active
|
Significant Other
|
Significant
|
Investments
|
Other Assets
|
Balance as of
|
|||||||||||||||||||
Markets for Identical
|
Observable
|
Unobservable
|
Measured at
|
Not Held at
|
December 31,
|
|||||||||||||||||||
Assets
|
Assets (Level 1)
|
Inputs (Level 2)
|
Inputs (Level 3)
|
NAV (a)
|
Fair Value (b)
|
2015
|
||||||||||||||||||
Cash equivalents
|
$
|
205,733
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
205,733
|
||||||||||||
Investments in partnerships
|
-
|
-
|
-
|
101,454
|
3,597
|
105,051
|
||||||||||||||||||
Investments in securities (including GBL stock):
|
||||||||||||||||||||||||
AFS - Common stocks
|
136,360
|
-
|
-
|
-
|
-
|
136,360
|
||||||||||||||||||
AFS - Mutual funds
|
1,143
|
-
|
-
|
-
|
-
|
1,143
|
||||||||||||||||||
Trading - Gov't obligations
|
99,940
|
-
|
-
|
-
|
-
|
99,940
|
||||||||||||||||||
Trading - Common stocks
|
91,686
|
-
|
508
|
-
|
-
|
92,194
|
||||||||||||||||||
Trading - Mutual funds
|
3,216
|
-
|
-
|
-
|
-
|
3,216
|
||||||||||||||||||
Trading - Other
|
230
|
236
|
305
|
-
|
-
|
771
|
||||||||||||||||||
Total investments in securities
|
332,575
|
236
|
813
|
-
|
-
|
333,624
|
||||||||||||||||||
Investments in affiliated
|
||||||||||||||||||||||||
registered investment companies:
|
||||||||||||||||||||||||
AFS - Closed-end Funds
|
72,591
|
-
|
-
|
-
|
-
|
72,591
|
||||||||||||||||||
AFS - Mutual Funds
|
2,952
|
-
|
-
|
-
|
-
|
2,952
|
||||||||||||||||||
Trading - Mutual funds
|
43,133
|
-
|
-
|
-
|
-
|
43,133
|
||||||||||||||||||
Total investments in affiliated
|
||||||||||||||||||||||||
registered investment companies
|
118,676
|
-
|
-
|
-
|
-
|
118,676
|
||||||||||||||||||
Total investments
|
451,251
|
236
|
813
|
101,454
|
3,597
|
557,351
|
||||||||||||||||||
Total assets at fair value
|
$
|
656,984
|
$
|
236
|
$
|
813
|
$
|
101,454
|
$
|
3,597
|
$
|
763,084
|
||||||||||||
Liabilities
|
||||||||||||||||||||||||
Trading - Common stocks
|
$
|
9,537
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9,537
|
||||||||||||
Trading - Other
|
-
|
86
|
-
|
-
|
-
|
86
|
||||||||||||||||||
Securities sold, not yet purchased
|
$
|
9,537
|
$
|
86
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9,623
|
(a)
|
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy (see Note B,
Recent Accounting Developments
, for more detail).
|
(b)
|
Amounts are comprised of certain equity method investments which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Unrealized
|
|||||||||||||||||||||||||||||||||||||||
Gains or
|
Total
|
||||||||||||||||||||||||||||||||||||||
Total Realized and
|
(Losses)
|
Realized
|
|||||||||||||||||||||||||||||||||||||
December
|
Unrealized Gains or
|
Included in
|
and
|
Transfers
|
|||||||||||||||||||||||||||||||||||
31, 2015 | (Losses) in Income | Other | Unrealized | In and/or | |||||||||||||||||||||||||||||||||||
Beginning
|
AFS
|
Comprehensive
|
Gains or
|
(Out) of
|
Ending
|
||||||||||||||||||||||||||||||||||
Asset
|
Balance
|
Trading
|
Investments
|
Income
|
(Losses)
|
Purchases
|
Sales
|
Level 3
|
Balance
|
||||||||||||||||||||||||||||||
Financial
|
|||||||||||||||||||||||||||||||||||||||
instruments owned:
|
|||||||||||||||||||||||||||||||||||||||
Trading - Common
|
|||||||||||||||||||||||||||||||||||||||
stocks
|
$ |
508
|
$
|
(47
|
)
|
$
|
-
|
$
|
-
|
$
|
(47
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
461
|
|||||||||||||||||||
Trading - Other
|
$ |
305
|
(2
|
)
|
-
|
-
|
(2
|
)
|
-
|
(20
|
)
|
-
|
283
|
||||||||||||||||||||||||||
Total
|
$ |
813
|
$
|
(49
|
)
|
$
|
-
|
$
|
-
|
$
|
(49
|
)
|
$
|
-
|
$
|
(20
|
)
|
$
|
-
|
$
|
744
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Unrealized
|
|||||||||||||||||||||||||||||||||||||||
Gains or
|
Total
|
||||||||||||||||||||||||||||||||||||||
Total Realized and
|
(Losses)
|
Realized
|
|||||||||||||||||||||||||||||||||||||
December
|
Unrealized Gains or
|
Included in
|
and
|
Transfers
|
|||||||||||||||||||||||||||||||||||
31, 2014 | (Losses) in Income | Unrealized | Gains or | In and/or | |||||||||||||||||||||||||||||||||||
Beginning
|
AFS
|
Comprehensive
|
Gains or
|
(Out) of
|
Ending
|
||||||||||||||||||||||||||||||||||
Asset
|
Balance
|
Trading
|
Investments
|
Income
|
(Losses)
|
Purchases
|
Sales
|
Level 3
|
Balance
|
||||||||||||||||||||||||||||||
Financial
|
|||||||||||||||||||||||||||||||||||||||
instruments owned:
|
|||||||||||||||||||||||||||||||||||||||
Trading - Common
|
|||||||||||||||||||||||||||||||||||||||
stocks
|
$ |
1,293
|
$
|
(195
|
)
|
$
|
-
|
$
|
-
|
$
|
(195
|
)
|
$
|
6
|
$
|
(238
|
)
|
$
|
(358
|
)
|
$
|
508
|
|||||||||||||||||
Trading - Other
|
$ |
294
|
98
|
-
|
-
|
98
|
5
|
(80
|
)
|
(12
|
)
|
305
|
|||||||||||||||||||||||||||
Total
|
$ |
1,587
|
$
|
(97
|
)
|
$
|
-
|
$
|
-
|
$
|
(97
|
)
|
$
|
11
|
$
|
(318
|
)
|
$
|
(370
|
)
|
$
|
813
|
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Federal:
|
||||||||
Current
|
$
|
5,018
|
$
|
4,540
|
||||
Deferred
|
(1,231
|
)
|
(6,160
|
)
|
||||
State and local:
|
||||||||
Current
|
236
|
225
|
||||||
Deferred
|
(147
|
)
|
(290
|
)
|
||||
Total
|
$
|
3,876
|
$
|
(1,685
|
)
|
2016
|
2015
|
||||
Statutory Federal income tax rate
|
34.0
|
%
|
34.0
|
%
|
|
State income tax, net of Federal benefit
|
1.2
|
1.6
|
|||
Dividends received deduction
|
(3.6
|
) |
26.4
|
||
Donation of appreciated securities
|
(4.5
|
) |
3.2
|
||
Noncontrolling interests
|
(0.7
|
) |
0.0
|
||
Other
|
0.6
|
0.2
|
|||
Effective income tax rate
|
27.0
|
%
|
65.4
|
%
|
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Deferred tax assets:
|
||||||||
Stock compensation expense
|
$
|
719
|
$
|
77
|
||||
Deferred compensation
|
1,315
|
871
|
||||||
Investments in securities available for sale
|
3,652
|
5,523
|
||||||
Shareholder-designated contribution
|
1,461
|
-
|
||||||
Other
|
4
|
-
|
||||||
Total deferred tax assets
|
7,151
|
6,471
|
||||||
Deferred tax liabilities:
|
||||||||
Investments in securities and partnerships
|
(11,103
|
)
|
(9,839
|
)
|
||||
Other liabilities
|
-
|
(41
|
)
|
|||||
Total deferred tax liabilities
|
(11,103
|
)
|
(9,880
|
)
|
||||
Net deferred tax liabilities
|
$
|
(3,952
|
)
|
$
|
(3,409
|
)
|
(in thousands)
|
||||
Balance at January 1, 2015
|
$
|
57.1
|
||
Additions based on tax positions related to the current year
|
(59.7
|
)
|
||
Additions for tax positions of prior years
|
-
|
|||
Reductions for tax positions of prior years
|
(1.9
|
)
|
||
Settlements
|
(11.2
|
)
|
||
Balance at December 31, 2015
|
(15.7
|
)
|
||
Additions based on tax positions related to the current year
|
-
|
|||
Additions for tax positions of prior years
|
125.5
|
|||
Reductions for tax positions of prior years
|
(9.7
|
)
|
||
Settlements
|
-
|
|||
Balance at December 31, 2016
|
$
|
100.1
|
2017
|
2018
|
2019
|
2020
|
|||||||||||
$
|
1,642
|
$
|
1,082
|
$
|
893
|
$
|
413
|
|||||||
2021
|
2022
|
2023
|
2024 | |||||||||||
$
|
275
|
$
|
168
|
$
|
72
|
$ | 12 |
2016
|
||||||||||||||||||||
1st
|
2nd
|
3rd
|
4th
|
Total
|
||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||||||
Revenues
|
$
|
4,517
|
$
|
4,964
|
$
|
5,451
|
$
|
16,295
|
$
|
31,227
|
||||||||||
Operating income (loss)
|
(4,515
|
)
|
(3,352
|
)
|
(4,497
|
)
|
132
|
(12,232
|
)
|
|||||||||||
Net income attributable to Associated
|
||||||||||||||||||||
Capital Group, Inc.'s shareholders
|
1,593
|
1,019
|
3,959
|
3,647
|
10,218
|
|||||||||||||||
Net income attributable to Associated
|
||||||||||||||||||||
Capital Group, Inc.'s shareholders per share:
|
||||||||||||||||||||
Basic
|
$
|
0.06
|
$
|
0.04
|
$
|
0.16
|
$
|
0.15
|
$
|
0.41
|
||||||||||
Diluted
|
$
|
0.06
|
$
|
0.04
|
$
|
0.16
|
$
|
0.15
|
$
|
0.41
|
2015
|
||||||||||||||||||||
1st
|
2nd
|
3rd
|
4th
|
Total
|
||||||||||||||||
Revenues
|
$
|
4,567
|
$
|
4,590
|
$
|
4,690
|
$
|
8,995
|
$
|
22,842
|
||||||||||
Operating loss
|
(3,880
|
)
|
(3,468
|
)
|
(1,081
|
)
|
(5,883
|
)
|
(14,312
|
)
|
||||||||||
Net income (loss) attributable to Associated
|
||||||||||||||||||||
Capital Group, Inc.'s shareholders
|
2,385
|
855
|
(7,540
|
)
|
4,189
|
(111
|
)
|
|||||||||||||
Net income (loss) attributable to Associated
|
||||||||||||||||||||
Capital Group, Inc.'s shareholders per share:
|
||||||||||||||||||||
Basic
|
$
|
0.09
|
$
|
0.03
|
$
|
(0.30
|
)
|
$
|
0.17
|
$
|
-
|
|||||||||
Diluted
|
$
|
0.09
|
$
|
0.03
|
$
|
(0.30
|
)
|
$
|
0.17
|
$
|
-
|
ITEM 14: |
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
2.1
|
Separation and Distribution Agreement, dated November 30, 2015, between GAMCO Investors, Inc., a Delaware corporation and Associated Capital Group, Inc., a Delaware corporation. (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 Associated Capital Group, Inc. (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).
|
|
10.1
|
Service Mark and Name License Agreement, dated November 30, 2015, by and between the Company and GAMCO Investors, Inc. (“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 Investors, Inc. (“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 Investors, Inc. (“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).
|
|
21.1
|
Subsidiaries of the Company.
|
|
23.1
|
Consent of Independent Registered Public Accounting Firm.
|
|
24.1
|
Powers of Attorney (included on page 80 of this Report).
|
|
31.1
|
Certification of CEO pursuant to Rule 13a-14(a).
|
|
31.2
|
Certification of CFO pursuant to Rule 13a-14(a).
|
|
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.
|
|
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.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
By: /s/ Patrick Dennis
|
|
Name: Patrick Dennis
|
|
Date: March 13, 2017
|
Signature
|
Title
|
Date
|
||
/s/ Douglas R. Jamieson
|
President and
|
March 13, 2017
|
||
Douglas R. Jamieson
|
Chief Executive Officer
|
|||
(Principal Executive Officer)
|
||||
/s/ Patrick Dennis
|
Executive Vice-President
|
March 13, 2017
|
||
Patrick Dennis
|
and Chief Financial Officer
|
|||
(Principal Accounting Officer)
|
||||
/s/ Mario J. Gabelli
|
Executive Chairman of the
|
March 13, 2017
|
||
Mario J. Gabelli
|
Board and Director
|
|||
/s/ Marc Gabelli
|
Director
|
March 13, 2017
|
||
Marc Gabelli
|
||||
/s/ Richard L. Bready
|
Director
|
March 13, 2017
|
||
Richard L. Bready
|
||||
/s/ Daniel R. Lee
|
Director
|
March 13, 2017
|
||
Daniel R. Lee
|
||||
/s/ Bruce M. Lisman
|
Director
|
March 13, 2017
|
||
Bruce M. Lisman
|
||||
/s/ Frederic V. Salerno
|
Director
|
March 13, 2017
|
||
Frederic V. Salerno
|
||||
/s/ Salvatore F. Sodano
|
Director
|
March 13, 2017
|
||
Salvatore F. Sodano
|
||||
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