Associated Capital Group (AC) Q3 2025 earnings summary

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.