|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
||
(Address of principal executive offices)
|
(Zip Code)
|
|
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))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits | |
Associated Capital Group’s Press Release, dated May 5, 2022.
|
Associated Capital Group, Inc.
|
|
By: /s/ Timothy H. Schott
|
|
Timothy H. Schott
|
|
Chief Financial Officer
|
|
Date: May 9, 2022
|
For Immediate Release:
|
Timothy H. Schott
Chief Financial Officer
(203) 629-9595
Associated-Capital-Group.com
|
- |
Book Value per share ended the quarter at $41.72 per share vs $41.22 at March 31, 2021
|
- |
Record level of AUM: $1.84 billion at March 31, 2022 compared to $1.78 billion at December 31, 2021 and $1.50 billion at March 31, 2021
|
- |
Net AUM inflows were $76 million for the quarter
|
- |
Company continues to review staffing for a Private Equity Fund
|
Financial Highlights – GAAP basis
|
||||||||
($’s in 000’s except AUM and per share data)
|
||||||||
(Unaudited)
|
Three months ended
March 31, |
|||||||
2022
|
2021
|
|||||||
AUM – end of period (in millions)
|
$
|
1,839
|
$
|
1,495
|
||||
AUM – average (in millions)
|
1,801
|
1,431
|
||||||
Revenues
|
2,582
|
2,325
|
||||||
Operating Loss
|
(3,306
|
)
|
(6,365
|
)
|
||||
Investment and other non-operating income, net
|
(15,047
|
)
|
30,682
|
|||||
Income/(loss) before income taxes
|
(18,353
|
)
|
24,317
|
|||||
Net income/(loss) to shareholders:
|
||||||||
Net income/(loss)
|
(16,186
|
)
|
18,555
|
|||||
Net income/(loss) per share-diluted
|
$
|
(0.73
|
)
|
$
|
0.83
|
|||
Class A shares outstanding (thousands)
|
3,088
|
3,192
|
||||||
Class B shares outstanding (thousands)
|
18,963
|
18,963
|
||||||
Total shares outstanding (thousands)
|
22,051
|
22,155
|
||||||
Book Value Per Share
|
$
|
41.72
|
$
|
41.22
|
||||
- |
At March 31, 2022 the book value was $41.72 per share versus $41.22 per share at March 31, 2021.
|
- |
Assets under management ended the quarter at $1.84 billion compared to $1.78
billion at December 31, 2021 and $1.50 billion at March 31, 2021. The increase in AUM for the 1st
quarter 2022 is driven by net investor inflows of $76 million and market appreciation of $2 million, offset by the impact of currency fluctuations of non-US dollar classes of investment funds of $(20) million.
|
($ in millions)
|
March 31,
2022
|
December 31,
2021
|
March 31,
2021
|
|||||||||
Merger Arbitrage
|
$
|
1,606
|
$
|
1,542
|
$
|
1,253
|
||||||
Event-Driven Value(a)
|
191
|
195
|
196
|
|||||||||
Other
|
42
|
44
|
46
|
|||||||||
Total AUM
|
$
|
1,839
|
$
|
1,781
|
$
|
1,495
|
Performance(a)
|
1Q ‘22
|
2021
|
2020
|
2019
|
2018
|
5 Year(b)
|
Since
Inception(b)(c)
|
|||||||||||||||||||||
Merger Arb
|
||||||||||||||||||||||||||||
Gross
|
0.85
|
10.81
|
9.45
|
8.55
|
4.35
|
7.69
|
10.33
|
|||||||||||||||||||||
Net
|
0.49
|
7.78
|
6.70
|
5.98
|
2.65
|
5.31
|
7.33
|
Year-to-date
|
||||||||
($ in 000’s)
|
2022
|
2021
|
||||||
Operating loss – GAAP
|
$
|
(3,306
|
)
|
$
|
(6,365
|
)
|
||
Add: management fee expense
|
-
|
2,663
|
||||||
Operating loss before management fee – Non-GAAP
|
$
|
(3,306
|
)
|
$
|
(3,702
|
)
|
March 31,
2022
|
December 31, 2021
|
March 31,
2021
|
||||||||||
ASSETS
|
||||||||||||
Cash, cash equivalents and US Treasury Bills (a)
|
$
|
348,629
|
$
|
380,044
|
$
|
354,725
|
||||||
Investments in securities and partnerships (a)
|
500,423
|
501,706
|
532,238
|
|||||||||
Investment in GAMCO stock (b)
|
53,451
|
60,389
|
51,129
|
|||||||||
Receivable from brokers (a)
|
176,898
|
42,478
|
31,412
|
|||||||||
Other receivables
|
6,616
|
18,409
|
2,437
|
|||||||||
Other assets (a)
|
23,024
|
25,201
|
24,251
|
|||||||||
Investments in marketable securities held in trust (a)
|
175,151
|
175,109
|
175,074
|
|||||||||
Total assets
|
$
|
1,284,192
|
$
|
1,203,336
|
$
|
1,171,266
|
||||||
LIABILITIES AND EQUITY
|
||||||||||||
Payable to brokers (a)
|
$
|
133,867
|
$
|
9,339
|
$
|
10,488
|
||||||
Income taxes payable, including deferred tax liabilities, net
|
3,703
|
8,575
|
13,181
|
|||||||||
Compensation payable
|
6,638
|
19,730
|
9,526
|
|||||||||
Securities sold short, not yet purchased (a)
|
5,812
|
12,905
|
16,702
|
|||||||||
Accrued expenses and other liabilities (a)
|
2,394
|
3,580
|
4,428
|
|||||||||
Deferred underwriting fee payable (a)
|
6,125
|
6,125
|
6,125
|
|||||||||
PMV warrant liability (a)
|
2,145
|
5,280
|
-
|
|||||||||
Sub-total
|
$
|
160,684
|
$
|
65,534
|
$
|
60,450
|
||||||
Redeemable noncontrolling interests (a)
|
205,320
|
202,456
|
195,070
|
|||||||||
Total Associated Capital Group, Inc. equity
|
920,039
|
937,102
|
913,295
|
|||||||||
Noncontrolling interests
|
(1,851
|
)
|
(1,756
|
)
|
2,451
|
|||||||
Total equity
|
918,188
|
935,346
|
915,746
|
|||||||||
Total liabilities and equity
|
$
|
1,284,192
|
$
|
1,203,336
|
$
|
1,171,266
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Investment advisory and incentive fees
|
$
|
2,486
|
$
|
2,225
|
||||
Other
|
96
|
100
|
||||||
Total revenues
|
2,582
|
2,325
|
||||||
Compensation
|
3,933
|
3,868
|
||||||
Other operating expenses
|
1,955
|
2,159
|
||||||
Total expenses
|
5,888
|
6,027
|
||||||
Operating loss before management fee
|
(3,306
|
)
|
(3,702
|
)
|
||||
Investment gain/(loss)
|
(15,610
|
)
|
31,321
|
|||||
Interest and dividend income from GAMCO
|
153
|
54
|
||||||
Interest and dividend income, net
|
618
|
1,044
|
||||||
Shareholder-designated contribution
|
(208
|
)
|
(1,737
|
)
|
||||
Investment and other non-operating income/(expense), net
|
(15,047
|
)
|
30,682
|
|||||
Income/(loss) before management fee expense and income taxes
|
(18,353
|
)
|
26,980
|
|||||
Management fee expense
|
-
|
2,663
|
||||||
Income/(loss) before income taxes
|
(18,353
|
)
|
24,317
|
|||||
Income tax expense/(benefit)
|
(4,848
|
)
|
5,590
|
|||||
Income/(loss) before noncontrolling interests
|
(13,505
|
)
|
18,727
|
|||||
Income/(loss) attributable to noncontrolling interests
|
2,681
|
172
|
||||||
Net income/(loss) attributable to Associated Capital Group, Inc.’s (“AC”) shareholders
|
$
|
(16,186
|
)
|
$
|
18,555
|
|||
Net income/(loss) per share attributable to AC’s shareholders:
|
||||||||
Basic
|
$
|
(0.73
|
)
|
$
|
0.83
|
|||
Diluted
|
$
|
(0.73
|
)
|
$
|
0.83
|
|||
Weighted average shares outstanding:
|
||||||||
Basic
|
22,054
|
22,222
|
||||||
Diluted
|
22,054
|
22,222
|
||||||
Actual shares outstanding:
|
22,051
|
22,155
|
Document and Entity Information |
May 05, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 05, 2022 |
Entity Registrant Name | ASSOCIATED CAPITAL GROUP, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-37387 |
Entity Tax Identification Number | 47-3965991 |
Entity Address, Address Line One | 191 Mason Street |
Entity Address, City or Town | Greenwich |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06830 |
City Area Code | 203 |
Local Phone Number | 629-9595 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001642122 |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share |
Trading Symbol | AC |
Security Exchange Name | NYSE |
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