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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.
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Q2 2025 earnings summary6 Aug, 2025

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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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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