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Associated Capital Group
Associated Capital Group (AC) investor relations material
Associated Capital Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved strongest merger arbitrage results in 25 years, with 16.1% gross and 12.0% net returns in 2025.
Year-end assets under management (AUM) reached $1.48 billion, up 19% year-over-year.
Net income for 2025 was $53.0 million, a 20% increase versus 2024.
Returned $20.6 million to shareholders via repurchases and dividends in 2025.
Opened a new office in Zurich, Switzerland in January 2026.
Financial highlights
Fourth quarter 2025 revenues were $20.1 million, up from $5.2 million in Q4 2024, driven by higher incentive fees.
Full year 2025 revenues were $26.9 million, up from $13.2 million in 2024.
Net investment and other income for 2025 was $85.2 million, up from $71.5 million in 2024.
Book value per share at year-end 2025 was $44.69, up from $42.14 at year-end 2024.
Operating loss before management fee expense improved to $9.0 million in 2025 from $12.9 million in 2024.
Outlook and guidance
Dealmaking momentum expected to continue in 2026, supported by a favorable regulatory environment, CEO optimism, AI-driven dealmaking, and strong private equity activity.
Anticipates ongoing robust M&A activity due to pent-up demand and regulatory shifts.
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Latest events from Associated Capital Group
- 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.ACQ3 202520 Nov 2025
- Q2 2025 net income jumped to $18.6M as merger arbitrage returns and AUM hit record highs.ACQ2 20257 Aug 2025
- Q3 net income surged to $23.2M as $45.9M was returned to shareholders amid AUM decline.ACQ3 202413 Jun 2025
- AUM dropped to $1.36B, but book value per share and shareholder returns increased.ACQ2 202413 Jun 2025
- Net income fell, but AUM, book value per share, and share repurchases increased.ACQ1 20256 Jun 2025
- Net income rose to $44.3M in 2024 as AUM fell and shareholder returns remained robust.ACQ4 20245 Jun 2025
Next Associated Capital Group earnings date
Q1 20268 May, 2026
Associated Capital Group
Next Associated Capital Group earnings date
Q1 20268 May, 2026
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