Core Insights - Associated Capital Group, Inc. reported its financial results for Q3 2025, showing a slight increase in revenues and a significant rise in net income compared to the previous year [1][2]. Financial Performance - Total revenues for Q3 2025 were $2.478 million, up from $2.415 million in Q3 2024 [2][4]. - Net income for Q3 2025 was $15.611 million, compared to $23.242 million in Q3 2024, reflecting a decrease [2][33]. - The net income per share for Q3 2025 was $0.74, down from $1.09 in Q3 2024 [2][33]. - Operating loss before management fee (Non-GAAP) was $(4.546) million for Q3 2025, compared to $(3.604) million in Q3 2024 [2][28]. Assets Under Management (AUM) - AUM at the end of Q3 2025 was $1.409 billion, an increase from $1.340 billion at the end of Q2 2025 [2][10]. - The average AUM for Q3 2025 was $1.373 billion, compared to $1.349 billion in Q3 2024 [2][10]. Investment Strategy and Performance - The merger arbitrage strategy returned +4.0% before expenses (+3.0% net) in Q3 2025 and +13.8% before expenses (+10.4% net) for the first nine months of the year [5][14]. - Global M&A activity reached $3.0 trillion in the first nine months of 2025, a 33% increase compared to 2024 [15]. Shareholder Actions - The Board of Directors approved a 100% increase in the regular cash dividend, setting the quarterly rate at $0.10 per share starting in 2026 [23]. - During Q3 2025, the company repurchased 361,301 Class A shares for $11.9 million at an average price of $32.83 per share [24][25]. Corporate Developments - The company moved its shares to OTCQX under the new symbol "ACGP" after delisting from the NYSE [3]. - A private foundation, the Associated Capital Foundation, was created with an initial contribution of $4 million authorized by the Board of Directors [21].