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Associated Capital Group (AC) investor relations material
Associated Capital Group Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Assets under management (AUM) rose to $1.50 billion at March 31, 2026, up from $1.27 billion a year earlier, driven by investor inflows and strong merger arbitrage performance.
Book value per share increased to $44.53 from $42.51 year-over-year.
Voting control transitioned from Mario Gabelli to Marc Gabelli in January 2026 as part of a reorganization plan.
Financial highlights
Total revenues for Q1 2026 were $2.5 million, up from $2.1 million in Q1 2025, with $1.3 million from merger arbitrage strategies.
Net investment and other non-operating income was $3.2 million, down from $15.8 million in Q1 2025 due to lower unrealized appreciation.
Net loss attributable to shareholders was $0.8 million, or $(0.04) per diluted share, compared to net income of $7.7 million, or $0.36 per share, in Q1 2025.
Operating loss before management fee (non-GAAP) was $4.1 million, compared to $4.2 million in Q1 2025.
Outlook and guidance
Management plans to accelerate capital deployment to broaden product offerings and pursue acquisitions or direct investments in new businesses.
- Record merger arbitrage returns and strong M&A activity fueled double-digit growth in 2025.AC
Q4 202520 Mar 2026 - Nine directors up for election and auditor ratification headline the 2025 annual meeting.AC
Proxy Filing2 Dec 2025 - Strong Q3 returns, higher AUM, and increased dividends amid robust M&A activity.AC
Q3 202520 Nov 2025 - Q2 2025 net income jumped to $18.6M as merger arbitrage returns and AUM hit record highs.AC
Q2 20257 Aug 2025 - Q3 net income surged to $23.2M as $45.9M was returned to shareholders amid AUM decline.AC
Q3 202413 Jun 2025 - AUM dropped to $1.36B, but book value per share and shareholder returns increased.AC
Q2 202413 Jun 2025 - Net income fell, but AUM, book value per share, and share repurchases increased.AC
Q1 20256 Jun 2025 - Net income rose to $44.3M in 2024 as AUM fell and shareholder returns remained robust.AC
Q4 20245 Jun 2025
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