Core Insights - Associated Capital Group, Inc. has voluntarily delisted from the New York Stock Exchange and is now trading on the OTCQX Best Market under the symbol "ACGP" [1][2] Company Overview - Associated Capital Group, Inc. is a diversified global financial services company based in Greenwich, Connecticut, providing alternative investment management through Gabelli & Company Investment Advisers, Inc. [4] - The company has allocated proprietary capital for direct investments in new and existing businesses, focusing on several core pillars including Gabelli Private Equity Partners, LLC, which was formed in August 2017 with $150 million of authorized capital [4] OTC Markets Group Overview - OTC Markets Group Inc. operates regulated markets for trading 12,000 U.S. and international securities, offering efficient and cost-effective access to U.S. capital markets [5] - The OTCQX Best Market has streamlined market requirements designed to lower the cost and complexity of being publicly traded while ensuring transparent trading for investors [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]