Associated Capital Group (AC) Q4 2025 earnings summary

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.