Financial Performance - Total revenues for Q1 2025 were $2.1 million, down from $3.0 million in Q1 2024, reflecting a decrease of approximately 30%[90] - Net income attributable to shareholders for Q1 2025 was $7.7 million, down from $13.8 million in Q1 2024, representing a decline of approximately 44%[90] - The company reported a net gain from investments of $10.9 million in Q1 2025, down from $16.8 million in Q1 2024[96] Assets Under Management - Assets under management (AUM) at the end of Q1 2025 were $1.3 billion, a decrease of 18.1% compared to $1.5 billion in Q1 2024[99] - Total AUM as of March 31, 2025, was $1,269 million, reflecting a net increase from $1,248 million as of December 31, 2024[101] - Assets under management (AUM) increased by $21 million for the quarter ended March 31, 2025, driven by market appreciation of $33 million and currency fluctuations of $13 million, partially offset by net investor outflows of $25 million[102] Expenses - Management fee expense decreased to $1.1 million in Q1 2025 from $2.0 million in Q1 2024, a reduction of 45%[94] - Compensation expenses increased to $4.4 million in Q1 2025 from $3.8 million in Q1 2024, primarily due to higher stock-based compensation[93] Cash and Investments - The company ended Q1 2025 with approximately $870.8 million in cash and investments, providing flexibility for strategic objectives[88] - Cash, cash equivalents, and restricted cash at the end of the period were $317.4 million, down from $341.0 million at the beginning of the period[104] - The company had cash and cash equivalents of $293.9 million, investments in U.S. Treasury Bills of $64.0 million, and $202.1 million of investments net of securities sold as of March 31, 2025[104] Cash Flow - Net cash used in operating activities was $8.1 million for the three months ended March 31, 2025, compared to $1.1 million for the same period in 2024[105][106] - Net cash provided by investing activities was $1.2 million, primarily from proceeds of $0.6 million from sales of securities[105] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $8.3 million for the three months ended March 31, 2025[104] Tax and Incentives - The effective tax rate for Q1 2025 was 26.3%, compared to 21.5% in Q1 2024, primarily due to deferred tax benefits from a foreign investment[97] - Unrecognized incentive fees for Q1 2025 amounted to $2.0 million, with no material unrecognized fees in Q1 2024[92] Liquidity Position - The company’s principal assets include cash, treasury securities, and marketable securities, indicating a strong liquidity position despite net cash used in operating activities[103] - The company anticipates that available liquid assets will be sufficient to meet cash requirements as it builds out its operating business[104] Operating Cash Flows - Operating cash flows in 2025 were impacted by $7.7 million of net decreases in securities and $6.7 million in adjustments for noncash items[105]

Company Information - The company is listed on the New York Stock Exchange under the trading symbol AC[3] - The company is incorporated in Delaware with IRS Employer Identification No. 47-3965991[3] - The address of the principal executive offices is 191 Mason Street, Greenwich, CT 06830[3] Financial Reporting - Associated Capital Group, Inc. announced a preliminary range for its book value per share for the quarter ended March 31, 2025[4] - The press release related to the financial results is filed as Exhibit 99.1[4] - The report was signed by Ian J. McAdams, Chief Financial Officer, on April 7, 2025[8] - The filing is made pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934[4] - The report does not include detailed financial statements or operational results[5] - The information provided is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934[5] - The company has not indicated if it is an emerging growth company[3]

Core Insights - Associated Capital Group, Inc. reported financial results for Q1 2025, showing a decline in total revenues and net income compared to the same period in 2024 [1][5][19] - The company experienced a change in leadership with Patrick Huvane appointed as Interim CEO following Doug Jamieson's retirement [2][3] Financial Performance - Total revenues for Q1 2025 were $2.1 million, down from $3.0 million in Q1 2024 [5][28] - Net income for Q1 2025 was $7.7 million, compared to $13.8 million in Q1 2024, resulting in a diluted net income per share of $0.36 versus $0.64 in the prior year [4][28] - Operating loss before management fee was $4.2 million in Q1 2025, compared to a loss of $3.0 million in Q1 2024 [4][28] Assets Under Management (AUM) - AUM at the end of Q1 2025 was $1.27 billion, an increase from $1.25 billion at the end of 2024, but down from $1.55 billion a year earlier [6][11] - The increase in AUM was attributed to market appreciation and currency fluctuations, offset by net outflows of $25 million [11] Operating Expenses - Total operating expenses, excluding management fees, were $6.3 million in Q1 2025, up from $6.0 million in Q1 2024, primarily due to increased mark-to-market expenses [8][28] - Management fees decreased to $1.1 million in Q1 2025 from $2.0 million in Q1 2024 [9][28] Investment Strategy Performance - The Merger Arbitrage strategy generated gross returns of 3.77% in Q1 2025, with net returns of 2.81% after fees [15] - Global M&A activity reached $890 billion in Q1 2025, a 15% increase from the previous year, with technology and financial sectors being the most active [15] Shareholder Actions - The Board declared a semi-annual dividend of $0.10 per share, payable on June 26, 2025 [19] - The company repurchased 39,018 Class A shares for $1.4 million in Q1 2025, compared to 117,354 shares for $3.9 million in Q1 2024 [19][20]

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Assets Under Management (AUM) - As of December 31, 2024, the company managed approximately $1.25 billion in assets under management (AUM), a decrease from $1.59 billion at December 31, 2023, representing a decline of about 21.6%[26] - The AUM composition includes 80.4% from merger arbitrage ($1.003 billion) and 16.7% from long/short value strategies ($209 million) as of December 31, 2024[26] - Total assets under management (AUM) decreased by 21.6% to $1,248 million as of December 31, 2024, down from $1,591 million in 2023[96] - The company’s revenues are highly correlated to the level of assets under management (AUM) and investment performance[112] Financial Performance - Net income for the year ended December 31, 2024, was $44.3 million, an increase from $37.5 million in 2023, primarily driven by higher dividend income[110] - Total revenues for 2024 were $13.2 million, a 3.9% increase from $12.7 million in 2023[100] - Investment advisory and incentive fees rose to $12.8 million in 2024, compared to $12.3 million in 2023, reflecting a 3.5% increase[101] - Total revenues for 2024 increased to $13,175,000 from $12,683,000 in 2023, representing a growth of 3.9%[154] - Net income attributable to Associated Capital Group, Inc.'s shareholders rose to $44,328,000 in 2024, compared to $37,451,000 in 2023, marking an increase of 18.7%[154] - Basic and diluted net income per share increased to $2.08 in 2024 from $1.72 in 2023, reflecting a growth of 20.9%[154] Cash and Investments - Cash and cash equivalents at the end of 2024 totaled $299.6 million, down from $317.5 million in 2023[86] - The company ended 2024 with approximately $864.1 million in cash and investments, providing flexibility for strategic objectives[94] - The company had cash and cash equivalents of $325.7 million at the end of 2024, down from $347.1 million at the end of 2023[112] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $21.4 million in 2024[112] - The company had investments in U.S. Treasury Bills totaling $68.3 million as of December 31, 2024[112] Expenses and Liabilities - Management fee expense increased to $5.9 million in 2024 from $5.4 million in 2023[105] - Total liabilities increased to $36,991,000 in 2024 from $30,719,000 in 2023, an increase of 20.3%[157] - Dividends declared increased to $46,750,000 in 2024 from $4,346,000 in 2023, a significant rise[161] - Net cash provided by operating activities decreased to $26,874,000 in 2024 from $145,075,000 in 2023, a decline of 81.5%[166] - Net cash used in financing activities increased to $59,208,000 in 2024 from $25,039,000 in 2023, an increase of 136.1%[168] Strategic Initiatives - The company is reviewing the launch of new products, including private equity and direct investment funds, to leverage its core strengths in fundamental investing[25] - The company aims to grow its Investment Partnerships advisory operations by introducing new products and expanding internationally[31] - The company plans to pursue partnerships and joint ventures to enhance its product offerings and distribution capabilities, particularly in Asian and European markets[35] - The company has a proprietary portfolio of cash and investments aimed at expanding geographic presence and pursuing strategic acquisitions[29] Regulatory and Compliance - The company is subject to extensive regulations, including the Advisers Act, which imposes fiduciary duties and disclosure obligations on registered investment advisers[41] - The company is subject to EU regulations on OTC derivatives, requiring central clearing and reporting of all derivative contracts[55] - The company is classified as a "smaller reporting company," allowing it to take advantage of certain exemptions from various reporting requirements[59] Competition and Market Position - The company faces intense competition in the alternative asset management industry, competing with larger firms that may have greater resources[36] - The Company’s principal market is in the United States, focusing on alternative investment management[172] Employee and Organizational Structure - As of March 11, 2025, the company had a full-time staff of 24, with 9 in portfolio management, research, and trading, 7 in marketing and shareholder servicing, and 8 in finance, legal, operations, and administration[58] Investment Strategies - The Company primarily earns management fees based on a percentage of assets under management, which directly influences revenue generation[203] - Performance-based advisory fees are typically 15%-20% of investment performance, with a "high water mark" provision requiring recovery of losses before earning fees[205] - The Company charges asset-based advisory fees at a rate of 1%-1.5% per annum, recognized monthly in advance based on the net asset value of clients[205] Other Financial Metrics - The effective tax rate decreased to 15.8% in 2024 from 19.5% in 2023, primarily due to dividends received deductions[108] - Net gains from investments were $42.8 million in 2024, slightly down from $43.0 million in 2023[107] - The Company reported a significant investment income of $150 million from the distribution of GAMCO shares during the Spin-off[174] - As of December 31, 2024, the Company held 699,749 shares of GAMCO Class A common stock, a decrease from 2,386,295 shares in 2023[174]

Financial Results Announcement - Associated Capital Group, Inc. announced a preliminary range for its book value per share for the quarter and year ended December 31, 2024[4] - The press release related to the financial results is filed as Exhibit 99.1 to the Form 8-K[4] Report Details - The report was signed by Ian J. McAdams, Chief Financial Officer, on January 15, 2025[8]

Financial Performance - The company reported fourth quarter revenues of $5.2 million, a decrease from $5.6 million in the same quarter of 2023 [3] - For the full year 2024, revenues increased to $13.2 million from $12.7 million in 2023 [9] - The operating loss before management fee for the fourth quarter was $3.1 million, compared to a loss of $2.5 million in the fourth quarter of 2023 [7][9] - Net income for the fourth quarter was $4.3 million, down from $16.3 million in the prior year [32] - The company reported a net income of $44.3 million for the full year 2024, compared to $37.5 million in 2023 [32] Assets Under Management (AUM) - AUM at the end of 2024 was $1.25 billion, down from $1.59 billion at the end of 2023 [2][11] - The decrease in AUM was attributed to net outflows of $363 million and currency fluctuations, partially offset by market appreciation of $49 million [11] - The merger arbitrage strategy saw significant outflows, particularly from the GAMCO Merger Arbitrage UCITS [11] Investment Strategy and Performance - The company's merger arbitrage strategy generated gross returns of 5.83% for the full year 2024, with net returns of 3.82% [15] - The strategy has historically outperformed 90-day T-Bills, with a consistent record of positive net returns in 38 of the last 40 years [15][16] - The company aims to leverage its research and investment capabilities to pursue acquisitions and broaden its product offerings [21] Shareholder Returns - The company returned $58.6 million to shareholders in 2024 through dividends and share repurchases [5] - Dividends paid in 2024 amounted to $2.20 per share, with a total of $46.8 million distributed [23] - The company repurchased 353,116 Class A shares for $11.8 million during the year [24] Market Context - Worldwide M&A activity reached $3.2 trillion in 2024, a 10% increase from 2023, with the US accounting for approximately $1.4 trillion [18] - The technology sector led M&A activity with $500 billion in deals, a 32% increase from the previous year [18] - Changes in regulatory appointments in the US are expected to facilitate an increase in deal activity [19]

Financial Performance - Associated Capital Group reported fourth quarter revenues of $5.2 million, a decrease from $5.6 million in the same quarter of 2023 [3] - For the full year 2024, revenues increased to $13.2 million from $12.7 million in 2023 [9] - The company experienced an operating loss before management fee of $12.9 million for 2024, compared to $11.5 million in 2023 [9][10] Assets Under Management (AUM) - AUM at the end of 2024 was $1.25 billion, down from $1.59 billion at the end of 2023, reflecting net outflows of $363 million [11] - The decline in AUM was attributed to client reallocations to other asset classes, particularly in the merger arbitrage strategy [11][19] Investment Income - Net investment and other non-operating income for the fourth quarter was $4.4 million, significantly lower than $26.7 million in the prior year [7] - For the full year, net investment income was $71.5 million, up from $63.8 million in 2023, primarily due to higher dividend income from GAMCO [10] Shareholder Returns - The company returned $58.6 million, or $2.72 per share, to shareholders through dividends and share repurchases in 2024 [4][24] - Book value per share at year-end 2024 was $42.14, reflecting a slight increase from $42.11 a year earlier [5][4] Merger Arbitrage Strategy - The merger arbitrage strategy generated gross returns of 5.83% for the full year 2024, outperforming the return on 90-day T-Bills [15][17] - The strategy has a historical record of positive net returns in 38 of the last 40 years [15] M&A Market Overview - Worldwide M&A activity totaled $3.2 trillion in 2024, a 10% increase from 2023, with the US accounting for approximately $1.4 trillion [19] - The technology sector led deal activity with approximately $500 billion, marking a 32% increase compared to 2023 [19] Corporate Strategy - The company plans to leverage its capital for acquisitions and alliances to broaden product offerings and enhance distribution [22] - Associated Capital Group aims to continue repurchasing shares, with 353,116 Class A shares repurchased in 2024 [25][26]

Financial Performance - Net income attributable to Associated Capital Group, Inc.'s shareholders for Q3 2024 was $23.2 million, compared to a net loss of $16,000 in Q3 2023, indicating a significant turnaround [98]. - Total revenues for Q3 2024 were $2.4 million, an increase of 9.1% from $2.2 million in Q3 2023, driven by higher investment advisory and incentive fees [99]. - Investment advisory and incentive fees for Q3 2024 were $2.31 million, up from $2.10 million in Q3 2023, reflecting a growth of approximately 10.1% [98]. - The company reported a net gain from investments of $26.2 million in Q3 2024, compared to a loss of $2.2 million in Q3 2023, highlighting strong performance in its securities portfolio [102]. - Total revenues for the nine months ended September 30, 2024, were $8.0 million, up from $7.0 million in the same period in 2023, with GAMCO International SICAV revenues increasing to $4.0 million from $2.9 million [106]. - Investment gains increased to $42.8 million in Q3 2024 from $21.6 million in Q3 2023, indicating improved performance of the securities portfolio [112]. Assets Under Management (AUM) - Total assets under management (AUM) at the end of Q3 2024 was $1,340 million, down from $1,588 million in Q3 2023, representing a decrease of approximately 15.6% [89]. - Average AUM for Q3 2024 was $1,349 million, down from $1,580 million in Q3 2023, a decline of about 14.6% [89]. - Assets under management (AUM) decreased to $1.3 billion as of September 30, 2024, from $1.6 billion at December 31, 2023, primarily due to investor outflows [116]. - Net investor outflows for the quarter ended September 30, 2024, amounted to $93 million, offset by market appreciation of $60 million [119]. Expenses - Compensation expenses increased to $4.2 million in Q3 2024 from $4.1 million in Q3 2023, primarily due to higher performance-based compensation accruals [102]. - Management fee expense for Q3 2024 was $3.3 million, with no management fee expense recorded in Q3 2023, indicating a shift in compensation structure [103]. - Management fee expense rose to $5.7 million for the nine months ended September 30, 2024, compared to $3.1 million in the prior year, reflecting a higher incentive-based compensation [109]. Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were $286.2 million, down from $399.5 million at the end of September 2023 [127]. - Net cash used in operating activities was $45.8 million for the nine months ended September 30, 2024, driven by an increase in trading securities [123]. Shareholder Equity - Total shareholders' equity as of September 30, 2024, was $892.8 million, down from $907.0 million at the end of 2023, largely due to a special dividend of $2 per share declared in September 2024 [96]. - Unrecognized incentive fees as of September 30, 2024, approximated $2.9 million, with no material unrecognized incentive fees reported in the prior year [101]. - Shareholder-designated contributions decreased to $0.4 million for the nine months ended September 30, 2024, compared to $1.6 million in the prior year [114]. Taxation - The effective tax rate for the nine months ended September 30, 2024, was 22.1%, up from 14.3% in the prior year, primarily due to deferred tax benefits from a foreign investment [115]. Legal Matters - The company is not currently subject to any legal proceedings involving claims for damages exceeding 10% of its consolidated assets [132]. - Management believes that potential legal matters are not material to the company's financial condition, operations, or cash flows as of September 30, 2024 [132]. - The condensed consolidated financial statements include necessary provisions for probable and estimable losses related to legal actions [132]. - The company evaluates reasonably possible losses and makes necessary disclosures if material [132].

Financial Results Announcement - Associated Capital Group announced a preliminary range for its book value per share for the quarter ended September 30, 2024[5]. - The press release related to the financial results was filed as Exhibit 99.1 on October 7, 2024[4]. - The report is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934[5]. - The Chief Financial Officer, Ian J. McAdams, signed the report on October 7, 2024[8].