Associated Capital Group (AC) Q1 2026 earnings summary

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.