Our merger arbitrage team delivered its strongest results in 25 years, with returns of 16.1% before expenses (12.0% net) in 2025 Year-end AUM: $1.48 billion at December 31, 2025 (+19% over the last 12 months) 2025 Net income of $53.0 million (+20% versus 2024) Returned $20.6 million to shareholders through share repurchases and dividends in 2025 Book Value was $44.69 per share at year-end 2025 ver...
Our merger arbitrage team delivered its strongest results in 25 years, with returns of 16.1% before expenses (12.0% net) in 2025 Year-end AUM: $1.48 billion at December 31, 2025 (+19% over the last 12 months) 2025 Net income of $53.0 million (+20% versus 2024) Returned $20.6 million to shareholders through share repurchases and dividends in 2025 Book Value was $44.69 per share at year-end 2025 versus $42.14 per share a year ago Added office in Zurich, Switzerland in January 2026 GREENWICH, Conn., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Associated Capital Group, Inc. (“AC” or the “Company”), a diversified financial services company, today reported its financial results for the fourth quarter and full year-ended December 31, 2025. Financial Highlights – GAAP basis ($’s in 000’s except AUM and per share data) Fourth Quarter Full Year (Unaudited) 2025 2024 2025 2024 AUM – end of period (in millions) $ 1,482 $ 1,248 $ 1,482 $ 1,248 AUM – average (in millions) 1,430 1,291 1,341 1,410 Revenues 20,074 5,154 26,888 13,175 Income before income taxes 13,595 1,179 68,765 52,735 Net income 11,122 4,280 52,986 44,328 Net income per share - basic and diluted $ 0.54 $ 0.20 $ 2.52 $ 2.08 Shares outstanding (000’s): Class A 1,779 2,234 1,779 2,234 Class B 18,921 18,951 18,921 18,951 Total shares outstanding 20,700 21,185 20,700 21,185 Book Value per share $ 44.69 $ 42.14 $ 44.69 $ 42.14 Fourth Quarter Financial Data Assets under management ended the quarter at $1.48 billion versus $1.41 billion at September 30, 2025. At December 31, 2025, book value per share was $44.69 per share compared to $44.23 per share at September 30, 2025. Fourth Quarter Results Fourth quarter revenues were $20.1 million compared to $5.2 million for the fourth quarter of 2024. The increase in revenues is driven by higher incentive fees in 2025 due to performance. Incentive fees were $17.7 million in the 2025 quarter versus $3.0 million in 2024. As in the past, incentive fees are accrued when earned, typically on an...