0001140361-21-037200.txt : 20211109 0001140361-21-037200.hdr.sgml : 20211109 20211109161552 ACCESSION NUMBER: 0001140361-21-037200 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20211105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211109 DATE AS OF CHANGE: 20211109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Associated Capital Group, Inc. CENTRAL INDEX KEY: 0001642122 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37387 FILM NUMBER: 211392388 BUSINESS ADDRESS: STREET 1: 191 MASON STREET CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 914-921-5135 MAIL ADDRESS: STREET 1: 191 MASON STREET CITY: GREENWICH STATE: CT ZIP: 06830 FORMER COMPANY: FORMER CONFORMED NAME: Gabelli Securities Group, Inc. DATE OF NAME CHANGE: 20150512 8-K 1 brhc10030590_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 5, 2021

ASSOCIATED CAPITAL GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware
1-37387
47-3965991
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

191 Mason Street, Greenwich, CT
  
06830
     
(Address of principal executive offices)
  
(Zip Code)

Registrant’s telephone number, including area code (203) 629-9595

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.001 per share
AC
New York Stock Exchange

Item 2.02
Results of Operations and Financial Condition.
 
The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

On November 5, 2021, Associated Capital Group, Inc. (NYSE: AC), (“Associated Capital”), announced its results of operations for the quarter ended September 30, 2021. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

The information furnished under Item 2.02, including the exhibit attached hereto, is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.
 
Item 9.01
Financial Statements and Exhibits.

 
(d)
Exhibits

 
Associated Capital Group’s Press Release, dated November 5, 2021.

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Associated Capital Group, Inc.
  
   
By: /s/ Timothy H. Schott
  
Timothy H. Schott
  
Chief Financial Officer
  
   
Date:November 9, 2021
  
 

 EX-99.1 2 brhc10030590_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

 For Immediate Release:
Timothy H. Schott
Chief Financial Officer
(914) 921 8351
Associated-Capital-Group.com

ASSOCIATED CAPITAL GROUP, INC.
Reports Third Quarter Results

-
September Quarter-end Book Value was $42.24 per share vs. $38.25 a year ago
 
-
AUM increased to $1.7 billion at September 30, 2021 vs. $1.3 billion at September 30, 2020
 
-
Launch of a Private Equity Fund approved (additional information to be provided in due course)
 
-
Approved a $6.6 million, or $0.30 cents per share, shareholder designated contribution to 501(c)(3) organizations
 
Greenwich, CT, November 5, 2021 – Associated Capital Group, Inc. (“AC” or the “Company”), a diversified financial services company, today reported its financial results for the third quarter ended September 30, 2021.

Financial Highlights – GAAP basis
($’s in 000’s except AUM and per share data)
   
Three months ended
September 30,
    
Nine months ended
September 30,
  
(Unaudited)
  
2021
    
2020
    
2021
    
2020
  
AUM – end of period (in millions)
  
$
1,680
    
$
1,251
    
$
1,680
    
$
1,251
  
AUM – average (in millions)
    
1,651
      
1,280
      
1,548
      
1,437
  
                                 
Revenues
    
2,112
      
1,945
      
6,926
      
6,974
  
Operating Loss
    
(169
)
    
(3,552
)
    
(16,945
)
    
(7,853
)
Investment and other non-operating income, net
    
6,157
      
14,007
      
85,454
      
(33,248
)
Income/(loss) before income taxes
    
5,988
      
10,455
      
68,509
      
(41,101
)
                                 
Net income/(loss) to shareholders:
                                
Continuing operations, net of NCI
    
1,503
      
5,954
      
49,774
      
(31,671
)
Discontinued operations, net of NCI
    
-
      
(139
)
    
-
      
(632
)
Net income/(loss)
    
1,503
      
5,815
      
49,774
      
(32,303
)
Net income/(loss) per share-diluted
  
$
0.07
    
$
0.26
    
$
2.25
    
$
(1.44
)
                                 
Class A shares outstanding (thousands)
    
3,099
      
3,370
      
3,099
      
3,370
  
Class B shares outstanding (thousands)
    
18,963
      
18,963
      
18,963
      
18,963
  
Total shares outstanding at September 30 (thousands)
    
22,062
      
22,333
      
22,062
      
22,333
  
Book Value Per Share at September 30
  
$
42.24
    
$
38.25
    
$
42.24
    
$
38.25
  

1
Giving Back to Society – (Y)our “S” in ESG

On November 5, the Board of Directors of Associated Capital approved a $0.30 per share shareholder designated charitable contribution (“SDCC”) for registered shareholders. This is an increase from last year’s $0.20 per share contribution. Including the approximate $6.6 million contribution, Associated Capital’s SDCC program of corporate giving has resulted in nearly $32 million in donations to over 160 501(c)(3) institutions across the United States since AC was created in 2015.

To be eligible for the 2021 program, shareholders must register their shares by December 1, 2021 in order to participate.

 Third Quarter Financial Data


 -
At September 30, 2021 the book value was $42.24 per share versus $42.21 at June 30, 2021, and $40.36 per share at December 31, 2020.


-
Assets under management ended the quarter at $1.68 billion compared to $1.61 billion at June 30, 2021, $1.35 billion at December 31, 2020 and $1.25 billion at September 30, 2020.

Third Quarter Results
 
Third quarter revenues were $2.1 million, $0.2 million higher than the $1.9 million in revenues for the third quarter of 2020, largely due to higher AUM.  Operating expenses were $2.3 million in the third quarter 2021, compared to $5.5 million in the comparable 2020 period primarily due to a $2.4 million one-time credit recorded in the third quarter of 2021. Excluding the one-time item, operating expenses were $4.8 million, $0.7 million lower than 2020, which included start- up costs related to the launch of PMV SPAC.
 
Net investment and other non-operating income was $6.2 million for the quarter, $7.8 million lower than the $14.0 million generated in the prior year period, driven mainly by lower market performance in Q3 2021.
 
Our provision for income taxes was $0.5 million for the quarter compared to $3.6 million in the comparable period of 2020.
 
The increase in book value per share is driven by income during the period, partially offset by the impact of accretion of redeemable non-controlling interest. The discount amount related to the issuance of redeemable noncontrolling interest is being amortized over a period of 18 months through an adjustment to additional paid-in capital and noncontrolling interest (proportionate to our ownership of the SPAC Sponsor) and is also adjusted periodically for income/loss allocated to redeemable noncontrolling interest. Accumulated accretion is expected to reverse upon the consummation of a business combination, which is expected to result in the deconsolidation of PMV SPAC.
 
2
Assets Under Management (AUM)
Assets under management at September 30, 2021 were $1.7 billion, up $329 million from year-end 2020 due to net inflows of $268 million and $61 million in market appreciation.
 
($ in millions)
  
September 30,
2021
    
December 31,
2020
    
September 30,
2020
  
Merger Arbitrage
  
$
1,438
    
$
1,126
    
$
1,091
  
Event-Driven Value(a)
    
198
      
180
      
105
  
Other
    
44
      
45
      
55
  
Total AUM
  
$
1,680
    
$
1,351
    
$
1,251
  

(a) Assets under management represent the assets invested in this strategy that are attributable to Associated Capital Group, Inc.

Alternative Investment Management

The alternative investment strategies focus on the merger arbitrage strategy which has an absolute return focus of generating returns in excess of short term Treasury Bills, as well as strategies using fundamental, active, event-driven special situations.

Merger Arbitrage

For the third quarter 2021, merger arbitrage generated gross returns of 0.27% (0.02% net of fees), for the year to date period, gross returns were 8.2% (5.9% net of fees), adding to its historical record of positive net returns in 34 of the last 36 years. A summary of our performance by strategy is as follows:

Performance(a)
  
3Q ‘21
    
YTD ‘21
    
2020
    
2019
    
2018
    
5 Year(b)
    
Since
Inception
(b)(c)
Merger Arb
                                          
Gross
    
0.27
      
8.23
      
9.45
      
8.55
      
4.35
      
7.49
      
10.38
  
Net
    
0.02
      
5.94
      
6.70
      
5.98
      
2.65
      
5.14
      
7.36
  

(a) All performance is net of fees and expenses, unless otherwise noted. Performance shown for actual fund in this strategy. Other fund performance in this strategy may vary. Performance is no guarantee of future results.
(b) Represents annualized returns through September 30, 2021
(c) Inception Date: Merger Arb - Feb-85

Global M&A activity continued its vigorous pace in the third quarter, with deal making reaching $4.4 trillion year to date, an increase of more than 90% compared to 2020. The first nine months of 2021 have already surpassed the full year M&A record set in 2015 at $4.3 trillion. Excluding the $550 billion in SPAC deals in 2021, M&A activity has totaled $3.85 trillion.  Acquisitions by private equity funds accounted for 19% of M&A, or about $840 billion, more than double their activity in 2020. Private equity firms are taking advantage of low interest rates, accommodative debt markets, and they are looking to deploy capital from record-breaking fund raises in recent years. The U.S. remains the primary venue for deals, with targets totaling $2 trillion in announced deals, with Technology, Financials and Industrials remaining the most active sectors.

3
The Merger Arbitrage strategy is offered domestically through partnerships as well as to institutional investors.  Internationally, the strategy is offered through a number of vehicles, including EU regulated UCITS structures and the London Stock Exchange listed investment company, Gabelli Merger Plus + Trust Plc (GMP-LN).

Shareholder Dividends and Buybacks
 
On November 5, 2021, AC’s board of directors declared a semi-annual dividend of $0.10 per share, which is payable on December 15, 2021 to class A and class B shareholders of record on December 1, 2021.

During the third quarter, AC repurchased approximately 38,577 Class A shares, for $1.4 million, at an average investment of $36.19 per share.
 
Since our spin-off from GBL on November 30, 2015, AC has returned $153.6 million to shareholders through share repurchases, exchange offers, and dividends of $25 million, including the $4.4 million tax-free distribution of Morgan Group Holdings (MGHL) on August 5, 2020.
 
At September 30, 2021, there were 3.1 million Class A shares and 19.0 million Class B shares outstanding.
 
About Associated Capital Group, Inc.
 
Associated Capital Group, Inc. (NYSE:AC), based in Greenwich Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). The proprietary capital is earmarked for our direct investment business that invests in new and existing businesses. The direct investment business long term plan has three core pillars; Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor; the SPAC business (Gabelli special purpose acquisition vehicles), launched in April 2018; and, Gabelli Principal Strategies Group, LLC (“GPS”) created to pursue strategic operating initiatives.
 
4
Operating Loss Before Management Fee

Operating loss before management fee expense represents a non-GAAP financial measure used by management to evaluate its business operations.  We believe this measure is useful in illustrating the operating results of the Company as management fee expense is based on pre-tax income before management fee expense, which includes non-operating items including investment gains and losses from the Company’s proprietary investment portfolio and interest expense.

   
Year-to-date
  
($ in 000’s)
  
2021
    
2020
  
Operating loss – GAAP
  
$
(16,945
)
  
$
(7,853
)
Add: management fee expense
    
7,209
      
-
  
Operating loss before management fee – Non-GAAP
  
$
(9,736
)
  
$
(7,853
)

5
Table I
ASSOCIATED CAPITAL GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Amounts in thousands)

   
September 30,
2021
    
December 31,
2020
    
September 30,
2020
  
ASSETS
                  
                   
Cash, cash equivalents and US Treasury Bills (a)
  
$
619,772
    
$
383,962
    
$
47,331
  
Investments in securities and partnerships (a)
    
500,367
      
495,579
      
784,963
  
Investment in GAMCO stock (b)
    
65,578
      
48,907
      
33,921
  
Receivable from brokers (a)
    
43,481
      
24,677
      
21,065
  
Deferred tax assets
    
-
      
2,207
      
10,059
  
Other receivables
    
7,071
      
15,273
      
7,227
  
Other assets (a)
    
22,879
      
28,900
      
21,043
  
Investments in marketable securities held in trust (a)
    
175,085
      
175,040
      
175,002
  
                         
Total assets
  
$
1,434,233
    
$
1,174,545
    
$
1,100,611
  
                         
LIABILITIES AND EQUITY
                        
                         
Payable to brokers
  
$
243,282
    
$
6,496
    
$
8,443
  
Income taxes payable, including deferred tax liabilities, net
    
12,406
      
9,746
      
897
  
Compensation payable
    
17,307
      
18,567
      
7,445
  
Securities sold short, not yet purchased (a)
    
13,603
      
17,571
      
12,827
  
Accrued expenses and other liabilities (a)
    
4,939
      
7,823
      
12,668
  
Deferred underwriting fee payable (a)
    
6,125
      
6,125
      
-
  
PMV warrant liability
    
5,590
      
-
          
Sub-total
  
$
303,252
    
$
66,328
    
$
42,280
  
                         
Redeemable noncontrolling interests (a)
    
199,793
      
206,828
      
204,164
  
                         
Total equity
    
931,188
      
901,389
      
854,167
  
                         
Total liabilities and equity
  
$
1,434,233
    
$
1,174,545
    
$
1,100,611
  

(a) Includes amounts related to consolidated variable interest entities (“VIEs”) and voting interest entities (“VOEs”), refer to footnote D of the Condensed Consolidated Financial Statements included in the 10-Q report to be filed for the quarter ended September 30, 2021 for more details on the impact of consolidating these entities.

(b) 2,485,900, 2,756,876 and 2,931,791 shares, respectively.

6
Table II
ASSOCIATED CAPITAL GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)

   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2021
    
2020
    
2021
    
2020
  
Revenues
                        
Investment advisory and incentive fees
  
$
2,014
    
$
1,865
    
$
6,627
    
$
6,424
  
Other
    
98
      
80
      
299
      
550
  
Total revenues
    
2,112
      
1,945
      
6,926
      
6,974
  
                                 
Compensation costs
    
2,819
      
3,026
      
11,710
      
8,405
  
Other operating expenses
    
(764
)
    
2,471
      
4,952
      
6,422
  
Total expenses
    
2,055
      
5,497
      
16,662
      
14,827
  
                                 
Operating income/(loss) before management fee
    
57
      
(3,552
)
    
(9,736
)
    
(7,853
)
                                 
Investment gain/(loss)
    
5,676
      
15,603
      
79,303
      
(34,770
)
Interest and dividend income from GAMCO
    
107
      
59
      
5,288
      
177
  
Interest and dividend income, net
    
915
      
1,127
      
3,580
      
4,352
  
Shareholder-designated contribution
    
(541
)
    
(2,782
)
    
(2,717
)
    
(3,007
)
Investment and other non-operating income/(expense), net
    
6,157
      
14,007
      
85,454
      
(33,248
)
                                 
Income/(loss) before management fee and income taxes
    
6,214
      
10,455
      
75,718
      
(41,101
)
Management fee
    
226
      
-
      
7,209
      
-
  
Income/(loss) before income taxes
    
5,988
      
10,455
      
68,509
      
(41,101
)
Income tax expense/(benefit)
    
484
      
3,564
      
15,094
      
(8,858
)
Income/(loss) from continuing operations, net of taxes
    
5,504
      
6,891
      
53,415
      
(32,243
)
Income/(loss) from discontinued operations, net of taxes
    
-
      
(139
)
    
-
      
(632
)
Income/(loss) before noncontrolling interests
    
5,504
      
6,752
      
53,415
      
(32,875
)
Income/(loss) attributable to noncontrolling interests
    
4,001
      
937
      
3,641
      
(572
)
Net income/(loss) attributable to Associated Capital Group, Inc.’s shareholders
  
$
1,503
    
$
5,815
    
$
49,774
    
$
(32,303
)
                                 
Net income/(loss) per share attributable to Associated Capital Group, Inc.’s shareholders:
                                
Basic - Continuing operations
  
$
0.07
    
$
0.27
    
$
2.25
    
$
(1.41
)
Basic - Discontinued operations
    
-
      
(0.01
)
    
-
      
(0.03
)
Basic – Total
  
$
0.07
    
$
0.26
    
$
2.25
    
$
(1.44
)
                                 
Diluted - Continuing operations
  
$
0.07
    
$
0.27
    
$
2.25
    
$
(1.41
)
Diluted - Discontinued operations
    
-
      
(0.01
)
    
-
      
(0.03
)
Diluted - Total
  
$
0.07
    
$
0.26
    
$
2.25
    
$
(1.44
)
                                 
Weighted average shares outstanding:
                                
Basic
    
22,084
      
22,354
      
22,141
      
22,391
  
Diluted
    
22,084
      
22,354
      
22,141
      
22,391
  
                                 
Actual shares outstanding – end of period
    
22,062
      
22,333
      
22,062
      
22,333
  

7
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
 
The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.
 
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements.  Some of the factors that could cause our actual results to differ from our expectations or beliefs include a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Form 10 and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.
 

8
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