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Associated Capital Group (AC) investor relations material
Associated Capital Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income attributable to shareholders rose to $18.6M for Q2 2025, up from $3.0M in Q2 2024, driven by strong investment gains and record merger arbitrage returns.
Revenues declined to $2.2M from $2.6M year-over-year, mainly due to lower advisory and incentive fees.
Assets under management (AUM) increased to $1.34B at June 30, 2025, from $1.25B at year-end 2024, primarily due to market appreciation.
Book value per share rose to $43.30 at June 30, 2025, from $42.14 at December 31, 2024.
Board authorized repurchase of up to an additional 150,000 shares.
Financial highlights
Net income for Q2 2025 was $18.6M ($0.88 per share), up from $3.0M ($0.14 per share) in Q2 2024.
Investment gains were $27.1M in Q2 2025, compared to a $0.2M loss in Q2 2024.
Net investment and other non-operating income surged to $32.9M from $7.3M year-over-year.
Operating loss for Q2 2025 was $8.0M, compared to $3.7M in Q2 2024, offset by strong investment gains.
Effective tax rate for Q2 2025 was 25.0%, up from 19.1% in Q2 2024.
Outlook and guidance
Expects vibrant M&A activity for the remainder of the year, supported by regulatory tailwinds and a more accommodative antitrust environment.
Management expects continued volatility in short-term fund returns due to global trade and geopolitical uncertainties.
The company is evaluating the impact of the recently enacted One Big Beautiful Bill Act on its financial statements.
Plans to accelerate capital deployment through acquisitions, alliances, and direct investments.
Available liquid assets are expected to be sufficient to meet cash requirements as the business grows.
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