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Associated Capital Group
Associated Capital Group (AC) investor relations material
Associated Capital Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Merger arbitrage strategy delivered +4.0% gross (+3.0% net) in Q3 2025 and +13.8% gross (+10.4% net) YTD, outperforming prior year periods.
Assets under management (AUM) rose to $1.41 billion at September 30, 2025, up from $1.34 billion at June 30, 2025, driven by market appreciation and net inflows.
Book value per share increased to $44.23 from $43.30 sequentially.
Net income for Q3 2025 was $15.6 million, with EPS of $0.74, compared to $23.2 million and $1.09 in Q3 2024.
Financial highlights
Q3 2025 revenues were $2.5 million, up from $2.4 million in Q3 2024; YTD revenues were $6.8 million, down from $8.0 million YTD 2024.
Operating loss before management fee (Non-GAAP) was $(4.5) million in Q3 2025, compared to $(3.6) million in Q3 2024.
Net investment and other non-operating income was $26.4 million in Q3 2025, down from $37.2 million in Q3 2024, which included a $4.6 million special dividend.
Effective tax rate for Q3 2025 was 20.1%, down from 22.9% in Q3 2024.
Outlook and guidance
Management expects vibrant M&A activity to continue for the remainder of the year, supported by a favorable regulatory environment and pent-up demand.
How will delisting savings enhance operations?
What types of businesses GPEP targets?
Explain how regulatory shifts aid arbitrage.
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Latest events from Associated Capital Group
- Nine directors up for election and auditor ratification headline the 2025 annual meeting.AC
Proxy Filing2 Dec 2025 - Q2 2025 net income jumped to $18.6M as merger arbitrage returns and AUM hit record highs.ACQ2 20257 Aug 2025
- Q3 net income surged to $23.2M as $45.9M was returned to shareholders amid AUM decline.ACQ3 202413 Jun 2025
- AUM dropped to $1.36B, but book value per share and shareholder returns increased.ACQ2 202413 Jun 2025
- Net income fell, but AUM, book value per share, and share repurchases increased.ACQ1 20256 Jun 2025
- Net income rose to $44.3M in 2024 as AUM fell and shareholder returns remained robust.ACQ4 20245 Jun 2025
Next Associated Capital Group earnings date
Q4 202526 Mar, 2026
Associated Capital Group
Next Associated Capital Group earnings date
Q4 202526 Mar, 2026
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