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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Associated Capital Group Inc - Class A

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Announcement: AC 10-K Annual Report

Form 8-K - Current report - Item 2.02 Item 9.01

Analyst Summary

Associated Capital Group reported its financial results for the fourth quarter and full year-ended December 31, 2022. The company showed lower revenues for the quarter but higher revenues for the full year of 2022 compared to the prior year. Associated Capital Group's income tax rate for the year was 24.7% compared to 21.8% for the prior year, mainly caused by foreign investments and foreign income which reduced the prior year rate. Assets under management at December 31, 2022, set a record of $1.84 billion, up $61 million from year-end 2021. For the Merger Arbitrage strategy, the longest continuously offered fund generated gross returns of 4.40% (3.45% net of fees) for the fourth quarter of 2022, and 4.47% (2.75% net of fees) for the full year. Worldwide M&A activity totaled $3.6 trillion for 2022 with Technology accounting for a record 20% of deal making. The company declared a semi-annual dividend of $0.10 per share, which was paid on December 15, 2022, and during the fourth quarter, repurchased 13,212 Class A shares, investing $0.5 million at an average of $39.66 per share. Looking ahead, the company has a plan to accelerate the use of its capital, making direct investments in businesses, and pursuing acquisitions and alliances to broaden its product offerings and add new sources of distribution.

Announcement: AC 8-K Special Filing

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

Announcement: AC SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Analyst Summary:

Associated Capital Group, Inc. (AC) released a preliminary estimate of its financial results for Q4 and full year 2022. The company estimated a book value in the range of $40.37 to $40.57 per share as of December 31, 2022, compared to $39.96 per share as of September 30, 2022, and $42.48 per share at December 31, 2021. Additionally, AC's assets under management increased from $1.78 billion at December 31, 2021, to $1.84 billion at December 31, 2022. Further details about its financial results will be released in February. AC is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. 

According to their forward-looking statements, AC does not guarantee or assure their expected financial performance for the future. Investors should proceed with caution when relying on such statements.

Form 8-K - Current report - Item 8.01 Item 9.01