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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.
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Frequently asked questions
Associated Capital Group Inc. (AC) is a diversified financial services company primarily involved in alternative investment management and institutional research. The company manages a range of investment products, including hedge funds, and offers specialized research services to institutional clients. Additionally, Associated Capital manages its own proprietary investment portfolio. The company emerged as a spin-off from GAMCO Investors, Inc., focusing on expanding its footprint in alternative asset management and research services. The firm operates through its subsidiaries, including Gabelli & Partners and Gabelli Private Equity Partners, among others. Associated Capital Group is headquartered in Greenwich, Connecticut, and its shares are listed on the New York Stock Exchange.
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