Associated Capital Group, Inc. reported total revenues of $2.2 million for the second quarter of 2025, compared to $2.6 million in the second quarter of 2024. Revenues from the GAMCO International SICAV – GAMCO Merger Arbitrage were $1.0 million, down from $1.3 million in the prior year period due to lower average AUM.
Net investment and other non-operating income significantly increased to $32.9 million for the second quarter of 2025, compared to $7.3 million in the same period of 2024. This increase was primarily driven by strong performance in merger arbitrage investments, as well as dividend and interest income. The effective tax rate for the quarter was 25%, an increase from 19.1% in the year-ago quarter.
Assets under management (AUM) at June 30, 2025, were $1.34 billion, an increase of $73 million from March 31, 2025. This growth was primarily due to market appreciation of $49 million, favorable currency fluctuations of $23 million, and net inflows of $1 million. The longest continuously offered fund in the merger arbitrage strategy generated gross returns of +5.45% (+4.19% net) for the second quarter, marking its strongest first-half performance in over 25 years with gross returns of +9.4% (+7.1% net).
The Board of Directors authorized the repurchase of up to an additional 150,000 shares, signaling a continued commitment to shareholder returns. During the second quarter of 2025, AC repurchased 21,241 Class A shares for $0.8 million at an average price of $36.53 per share. The semi-annual dividend of $0.10 per share, declared on May 7, 2025, was paid on June 26, 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.