Assets Under Management ("AUM"): $1.50 billion at March 31, 2026 compared to $1.48 billion at December 31, 2025
Book value was $44.53 per share at March 31, 2026 versus $42.51 per share at March 31, 2025
Dividend and share repurchases in the first quarter returned $3.9 million to shareholders
In January 2026, pursuant to a previously established reorganization plan, voting control of the Company changed from Chairman Mario Gabelli to Vice Chairman Marc Gabelli
GREENWICH, Conn., May 15, 2026 (GLOBE NEWSWIRE) -- Associated Capital Group, Inc. ("AC" or the "Company"), a diversified financial services company, today reported its financial results for the first quarter ended March 31, 2026.
Financial Highlights($ in 000's except AUM and per share data)
(Unaudited)
Three Months EndedMarch 31,
2026
2025
AUM - end of period (in millions)
$
1,503
$
1,268
AUM - average (in millions)
1,521
1,261
Revenues
2,524
2,129
Income/(loss) before income taxes
(879
)
10,546
Net income/(loss)
(824
)
7,669
Net income/(loss) per share-diluted
$
(0.04
)
$
0.36
Shares outstanding (000's):
Class A
1,734
2,194
Class B
18,921
18,921
Total shares outstanding
20,655
21,145
Book Value per share
$
44.53
$
42.51
First Quarter Financial Data
Assets under management ended the quarter at $1.50 billion versus $1.27 billion at March 31, 2025.
Book value was $44.53 per share at March 31, 2026 versus $42.51 per share at March 31, 2025.
First Quarter Results
Total revenues in the first quarter were $2.5 million compared to $2.1 million in the first quarter of 2025. Revenues generated by the GAMCO International SICAV, GAMCO Merger Arbitrage (the "SICAV") were $1.3 million versus $0.9 million in the prior year period due to higher average AUM in 2026. All other revenues were $1.2 million in both periods.
Total operating expenses, excluding management fee, were $6.6 million in the first quarter of 2026 and $6.3 million in the first quarter of 2025. The increase is driven primarily by higher variable-based marketing expenses on the SICAV of $0.1 million in the 2026 quarter.
Net investment and other non-operating income was $3.2 million for the first quarter of 2026 compared to $15.8 million in the first quarter of 2025. The primary driver of the 2026 quarter's results was our merger arbitrage partnerships and interest income. The year ago quarter's result also reflects unrealized appreciation on certain investments.
No management fee expense was incurred in the first quarter of 2026 due to a loss in the period. For the quarter ended March 31, 2025, management fee expense was $1.1 million.
The effective tax rate applied to our pre-tax loss for the quarter ended March 31, 2026 was -8.3%, resulting in an income tax expense of $0.1 million. In the year ago quarter, the effective tax rate applied to our pre-tax income was 26.3%, which resulted in an income tax expense of $2.8 million.
Assets Under Management (AUM)
Assets under management at March 31, 2026 were $1.50 billion, $21 million higher than year-end 2025 primarily due to investor inflows of $19 million.
March 31,
December 31,
March 31,
2026
2025
2025
($ in millions)
Merger Arbitrage(a)
$
1,174
$
1,156
$
1,012
Long/Short Value(b)
293
289
221
Other
36
37
36
Total AUM
$
1,503
$
1,482
$
1,269
(a) Includes $546, $527, and $401 of sub-advisory AUM related to GAMCO International SICAV - GAMCO Merger Arbitrage, $72, $73, and $70 of sub-advisory AUM related to Gabelli Merchant Partners Plc (f/k/a Gabelli Merger Plus+ Trust Plc), respectively.(b) Assets under management represent the assets invested in this strategy that are attributable to Associated Capital Group, Inc.
Alternative Investment Management
Our alternative investment offerings center around our merger arbitrage strategy, which seeks absolute return independent of the broad equity and fixed income markets through a proven strategy of investing in global announced corporate mergers and acquisitions. We also manage funds using strategies focused on fundamental, active, event-driven and special situations investing.
Merger Arbitrage
For the first quarter of 2026, the longest continuously offered fund in the merger arbitrage strategy generated gross returns of 1.17% (0.73% net of fees). A summary of the performance is as follows:
Full Year
Performance%(a)
1Q '26
1Q '25
2025
2024
