# EDGAR Filing Document

**Accession Number:** 0001642122
**File Stem:** 0001437749-25-025453
**Filing Date:** 2025-8
**Character Count:** 106679
**Document Hash:** fc114310f85618df560a12639035504a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-025453.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001437749-25-025453

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Associated Capital Group, Inc.
- **CENTRAL INDEX KEY:** 0001642122
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37387
- **FILM NUMBER:** 251194596

**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

?xml version='1.0' encoding='ASCII'? ac20250630_10q.htm

[**Table of Contents**](#toc)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended June 30, 2025

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number 001-37387

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

---

| | |
|:---|:---|
| Delaware | 47-3965991 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. 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

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.001 per share<br> AC | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
|  | 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2) Yes ☐ No ☒.

Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock, as of the latest practical date.

---

| | |
|:---|:---|
| Class | Outstanding at August 1, 2025 |
| Class A Common Stock, .001 par value | 2,172,492 |
| Class B Common Stock, .001 par value | 18,921,100 |

---

As of August 1, 2025, 2,172,492 shares of class A common stock and 18,921,100 shares of class B common stock were outstanding. GGCP, Inc., a private company controlled by the Company's Executive Chairman, held 77,165 shares of class A common stock and indirectly held 18,423,741 shares of class B common stock. Other executive officers and directors of GGCP, Inc. held 29,866 and 176,758 shares of class A and class B common stock, respectively. In addition, there are 296,095 Phantom Restricted Stock Awards outstanding as of June 30, 2025.

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[**Table of Contents**](#toc)

**ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES**

**INDEX**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| **PART I.** | **FINANCIAL INFORMATION** |  |
| Item 1. | Unaudited Condensed Consolidated Financial Statements: |  |
|  | [Condensed Consolidated Statements of Financial Condition (Unaudited)](#fs) | [3](#fs) |
|  | [Condensed Consolidated Statements of Income (Unaudited)](#income) | [4](#income) |
|  | [Condensed Consolidated Statements of Equity and Redeemable Noncontrolling Interests (Unaudited)](#equity) | [5](#equity) |
|  | [Condensed Consolidated Statements of Cash Flows (Unaudited)](#cashflows) | [6](#cashflows) |
|  | [Notes to the Condensed Consolidated Financial Statements (Unaudited):](#notes) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[1. Organization](#notea) | [8](#notea) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[2. Revenue](#noteb) | [9](#noteb) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[3. Investments in Securities](#notec) | [9](#notec) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[4. Investment Partnerships and Other Entities](#noted) | [10](#noted) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[5. Fair Value](#notee) | [13](#notee) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[6. Income Taxes](#notef) | [15](#notef) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[7. Earnings per Share](#noteg) | [15](#noteg) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[8. Equity](#noteh) | [15](#noteh) |
|  | &nbsp;&nbsp;&nbsp; [9. Segment Information](#note9) | [17](#note9) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[10. Goodwill](#notei) | [17](#notei) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[11. Guarantees, Contingencies and Commitments](#notek) | [17](#notej) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[12. Subsequent Events](#notek) | [17](#notek) |
| Item 2. | [Management's Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations](#mda) | [18](#mda) |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#qqd) | [23](#qqd) |
| Item 4. | [Controls and Procedures](#controls) | [24](#controls) |
| **PART II.** | [**OTHER INFORMATION \***](#part2other) |  |
| Item 1. | [Legal Proceedings](#legal) | [25](#legal) |
| Item 1A. | [Risk Factors](#riskfactors) | [25](#riskfactors) |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#unregistered) | [25](#unregistered) |
| Item 5. | [Other Information](#itemfive) | [25](#itemfive) |
| Item 6. | [Exhibits](#exhibits) | [26](#exhibits) |
|  | [Signature](#signatures) | [27](#signatures) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items other than those listed above have been omitted because they are not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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[**Table of Contents**](#toc)

**ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

**UNAUDITED**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
|  | ***June 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| ASSETS |  |  |
| Cash and cash equivalents (includes U.S. Treasury Bills with maturities of 3 months or less) | $249360 | $299551 |
| Investments in U.S. Treasury Bills with maturities greater than 3 months | 143140 | 68299 |
| Investments in equity securities (includes GAMCO stock with a fair value of $16,248 and $16,920, respectively) | 194736 | 199040 |
| Investments in affiliated registered investment companies | 174592 | 165515 |
| Investments in partnerships | 144611 | 139988 |
| Receivable from brokers | 27373 | 27634 |
| Investment advisory fees receivable | 1103 | 4142 |
| Receivable from affiliates | 1122 | 636 |
| Income taxes receivable, including deferred tax assets, net | 2108 | 6021 |
| Goodwill | 3519 | 3519 |
| Other assets | 17462 | 20944 |
| Total assets | $959126 | $935289 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |
| Payable to brokers | $6886 | $5491 |
| Income taxes payable, including deferred tax liabilities, net | 4046 |  |
| Compensation payable | 18213 | 17747 |
| Securities sold, not yet purchased | 7243 | 8436 |
| Accrued expenses and other liabilities | 2314 | 5317 |
| Total liabilities | 38702 | 36991 |
| Redeemable noncontrolling interests | 5770 | 5592 |
| Commitments and contingencies (Note 11) |  |  |
| Equity: |  |  |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding |  |  |
| Class A Common Stock, $0.001 par value; 100,000,000 shares authorized; 6,671,072 and 6,641,601 shares issued; 2,203,132 and 2,233,920 shares outstanding, respectively | 6 | 6 |
| Class B Common Stock, $0.001 par value; 100,000,000 shares authorized; 19,196,792 shares issued; 18,921,100 and 18,950,571 outstanding, respectively | 19 | 19 |
| Additional paid-in capital | 999047 | 999047 |
| Retained earnings | 69950 | 45809 |
| Treasury stock, at cost (4,467,940 and 4,407,681 shares, respectively) | (154368) | (152175) |
| Total equity | 914654 | 892706 |
| Total liabilities, redeemable noncontrolling interests and equity | $959126 | $935289 |

---

As of June 30, 2025 and December 31, 2024, certain balances include amounts related to a consolidated variable interest entity ("VIE") and voting interest entity ("VOE"). See Note 4.

See accompanying notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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[**Table of Contents**](#toc)

**ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**UNAUDITED**

**(In thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Six months ended*** | ***Six months ended*** |
|  | ***June 30,*** | ***June 30,*** | ***June 30,*** | ***June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Revenues |  |  |  |  |
| Investment advisory and incentive fees | $2081 | $2489 | $4085 | $5396 |
| Other revenues | 126 | 106 | 251 | 210 |
| Total revenues | 2207 | 2595 | 4336 | 5606 |
| Expenses |  |  |  |  |
| Compensation | 5297 | 3942 | 9745 | 7762 |
| Management fee | 2757 | 442 | 3860 | 2424 |
| Other operating expenses | 2130 | 1885 | 3996 | 4064 |
| Total expenses | 10184 | 6269 | 17601 | 14250 |
| Operating loss | (7977) | (3674) | (13265) | (8644) |
| Other income |  |  |  |  |
| Net gain/(loss) from investments | 27081 | (159) | 37973 | 16635 |
| Interest and dividend income | 5819 | 7860 | 10837 | 13843 |
| Interest expense | (34) | (69) | (79) | (152) |
| Shareholder-designated contribution |  | (380) | (31) | (449) |
| Total other income, net | 32866 | 7252 | 48700 | 29877 |
| Income before income taxes | 24889 | 3578 | 35435 | 21233 |
| Income tax expense | 6217 | 684 | 8994 | 4482 |
| Income before noncontrolling interests | 18672 | 2894 | 26441 | 16751 |
| Income/(loss) attributable to noncontrolling interests | 88 | (91) | 188 | (55) |
| Net income attributable to Associated Capital Group, Inc.'s shareholders | $18584 | $2985 | $26253 | $16806 |
| Net income per share attributable to Associated Capital Group, Inc.'s shareholders: |  |  |  |  |
| Basic and diluted | $0.88 | $0.14 | $1.24 | $0.78 |
| Weighted average shares outstanding: |  |  |  |  |
| Basic and diluted | 21135 | 21392 | 21150 | 21446 |
| Total shares outstanding | 21124 | 21355 | 21124 | 21355 |

---

See accompanying notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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**ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS**

**UNAUDITED**

**(Dollars in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Three months ended June 30, 2025*** | ***Three months ended June 30, 2025*** | ***Three months ended June 30, 2025*** | ***Three months ended June 30, 2025*** | ***Three months ended June 30, 2025*** | ***Three months ended June 30, 2025*** |
|  |  |  | ***Additional*** |  |  | ***Redeemable*** |
|  | ***Common*** | ***Retained*** | ***Paid-in*** | ***Treasury*** | ***Total*** | ***Noncontrolling*** |
|  | ***Stock*** | ***Earnings*** | ***Capital*** | ***Stock*** | ***Equity*** | ***Interests*** |
| Balance at March 31, 2025 | $25 | $53478 | $999047 | $(153592) | $898958 | $5682 |
| Net income |  | 18584 |  |  | 18584 | 88 |
| Dividends declared ($0.10 per share) |  | (2112) |  |  | (2112) |  |
| Purchases of treasury stock |  |  |  | (776) | (776) |  |
| Balance at June 30, 2025 | $25 | $69950 | $999047 | $(154368) | $914654 | $5770 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Three months ended June 30, 2024*** | ***Three months ended June 30, 2024*** | ***Three months ended June 30, 2024*** | ***Three months ended June 30, 2024*** | ***Three months ended June 30, 2024*** | ***Three months ended June 30, 2024*** |
|  |  |  | ***Additional*** |  |  | ***Redeemable*** |
|  | ***Common*** | ***Retained*** | ***Paid-in*** | ***Treasury*** | ***Total*** | ***Noncontrolling*** |
|  | ***Stock*** | ***Earnings*** | ***Capital*** | ***Stock*** | ***Equity*** | ***Interests*** |
| Balance at March 31, 2024 | $25 | $62052 | $999047 | $(144274) | $916850 | $5779 |
| Net income/(loss) |  | 2985 |  |  | 2985 | (91) |
| Dividends declared ($0.10 per share) |  | (2138) |  |  | (2138) |  |
| Purchases of treasury stock |  |  |  | (2218) | (2218) |  |
| Balance at June 30, 2024 | $25 | $62899 | $999047 | $(146492) | $915479 | $5688 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Six months ended June 30, 2025*** | ***Six months ended June 30, 2025*** | ***Six months ended June 30, 2025*** | ***Six months ended June 30, 2025*** | ***Six months ended June 30, 2025*** | ***Six months ended June 30, 2025*** |
|  |  |  | ***Additional*** |  |  | ***Redeemable*** |
|  | ***Common*** | ***Retained*** | ***Paid-in*** | ***Treasury*** | ***Total*** | ***Noncontrolling*** |
|  | ***Stock*** | ***Earnings*** | ***Capital*** | ***Stock*** | ***Equity*** | ***Interests*** |
| Balance at December 31, 2024 | $25 | $45809 | $999047 | $(152175) | $892706 | $5592 |
| Redemptions of noncontrolling interests |  |  |  |  |  | (10) |
| Net income |  | 26253 |  |  | 26253 | 188 |
| Dividends declared ($0.10 per share) |  | (2112) |  |  | (2112) |  |
| Purchases of treasury stock |  |  |  | (2193) | (2193) |  |
| Balance at June 30, 2025 | $25 | $69950 | $999047 | $(154368) | $914654 | $5770 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Six months ended June 30, 2024*** | ***Six months ended June 30, 2024*** | ***Six months ended June 30, 2024*** | ***Six months ended June 30, 2024*** | ***Six months ended June 30, 2024*** | ***Six months ended June 30, 2024*** |
|  |  |  | ***Additional*** |  |  | ***Redeemable*** |
|  | ***Common*** | ***Retained*** | ***Paid-in*** | ***Treasury*** | ***Total*** | ***Noncontrolling*** |
|  | ***Stock*** | ***Earnings*** | ***Capital*** | ***Stock*** | ***Equity*** | ***Interests*** |
| Balance at December 31, 2023 | $25 | $48231 | $999047 | $(140328) | $906975 | $6103 |
| Redemptions of noncontrolling interests |  |  |  |  |  | (360) |
| Net income/(loss) |  | 16806 |  |  | 16806 | (55) |
| Dividends declared ($0.10 per share) |  | (2138) |  |  | (2138) |  |
| Purchases of treasury stock |  |  |  | (6164) | (6164) |  |
| Balance at June 30, 2024 | $25 | $62899 | $999047 | $(146492) | $915479 | $5688 |

---

See accompanying notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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[**Table of Contents**](#toc)

**ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**UNAUDITED**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
|  | ***Six months ended*** | ***Six months ended*** |
|  | ***June 30,*** | ***June 30,*** |
|  | ***2025*** | ***2024*** |
| **Operating activities** |  |  |
| Net income | $26441 | $16751 |
| Adjustments to reconcile net income to net cash (used in)/provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Equity in net gains from partnerships | (9360) | (1801) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 179 | 181 |
| &nbsp;&nbsp;&nbsp; Deferred income taxes | 4147 | 2258 |
| &nbsp;&nbsp;&nbsp; Donated securities | 284 | 1346 |
| &nbsp;&nbsp;&nbsp; Unrealized gains on securities | (20822) | (13030) |
| &nbsp;&nbsp;&nbsp; Realized gains on sales of securities | (5791) | (2790) |
| (Increase)/decrease in assets: |  |  |
| &nbsp;&nbsp;&nbsp; Investments in trading securities | (56587) | 22971 |
| &nbsp;&nbsp;&nbsp; Investments in partnerships: |  |  |
| Contributions to partnerships | (1663) | (5619) |
| Distributions from partnerships | 6400 | 9800 |
| &nbsp;&nbsp;&nbsp; Receivable from affiliates | (486) | 621 |
| &nbsp;&nbsp;&nbsp; Receivable from brokers | (1021) | (3539) |
| &nbsp;&nbsp;&nbsp; Investment advisory fees receivable | 3039 | 3483 |
| &nbsp;&nbsp;&nbsp; Income taxes receivable | 704 | (2154) |
| &nbsp;&nbsp;&nbsp; Other assets | 3303 | 3489 |
| Increase/(decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Payable to brokers | 1395 | 2183 |
| &nbsp;&nbsp;&nbsp; Income taxes payable | 3108 |  |
| &nbsp;&nbsp;&nbsp; Compensation payable | 466 | (2721) |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (3003) | (2806) |
| Total adjustments | (75708) | 11872 |
| Net cash (used in)/provided by operating activities | (49267) | 28623 |
| **Investing activities** |  |  |
| Purchases of securities | (56) | (5030) |
| Proceeds from sales of securities | 1199 | 3510 |
| Return of capital on securities | 966 | 880 |
| Net cash provided by/(used in) investing activities | $2109 | $(640) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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**ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**UNAUDITED (continued)**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
|  | ***Six months ended*** | ***Six months ended*** |
|  | ***June 30,*** | ***June 30,*** |
|  | ***2025*** | ***2024*** |
| **Financing activities** |  |  |
| Dividends paid | $(2112) | $(2138) |
| Purchases of treasury stock | (2193) | (6164) |
| Redemptions of redeemable noncontrolling interests | (10) | (360) |
| Net cash used in financing activities | (4315) | (8662) |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (51473) | 19321 |
| Cash, cash equivalents and restricted cash at beginning of period | 325703 | 347057 |
| Cash, cash equivalents and restricted cash at end of period | $274230 | $366378 |
| Supplemental disclosures of cash flow information: |  |  |
| Cash paid for interest | $79 | $152 |
| Cash paid for taxes | $1024 | $4364 |
| Reconciliation of Cash, cash equivalents and restricted cash at end of period: |  |  |
| Cash and cash equivalents | $249360 | $341317 |
| Cash included in receivable from brokers | 16661 | 15111 |
| Restricted cash included in receivable from brokers | 8209 | 9950 |
| Cash, cash equivalents and restricted cash | $274230 | $366378 |

---

See accompanying notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7

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**ASSOCIATED CAPITAL GROUP, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**June 30, 2025**

**(UNAUDITED)**

***1.* Organization**

Unless we have indicated otherwise, or the context otherwise requires, references in this report to "Associated Capital Group, Inc.", "Associated Capital", "AC Group", "the Company", "AC", "we", "us" and "our" or similar terms are to Associated Capital Group, Inc., its predecessors and its subsidiaries.

We are a Delaware corporation that provides alternative investment management, and we derive investment income from proprietary investments of cash and other assets in our operating business.

Gabelli & Company Investment Advisors, Inc. ("GCIA"), a wholly-owned subsidiary of AC, and its wholly-owned subsidiary, Gabelli & Partners, LLC ("Gabelli & Partners"), collectively serve as general partners or investment managers to investment funds, including limited partnerships and offshore companies (collectively, "Investment Partnerships") and separate accounts. We primarily manage assets across a range of risk and event arbitrage portfolios and in equity event-driven value strategies. The businesses earn management and incentive fees from their advisory activities. Management fees are largely based on a percentage of assets under management. Incentive fees are based on the percentage of the investment returns of certain clients' portfolios. GCIA is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of *1940,* as amended.

*Basis of Presentation*

The unaudited interim condensed consolidated financial statements of AC Group included herein have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form *10*-Q and Rule *10*-*01* of Regulation S-*X.* Accordingly, they do *not* include all the information and footnotes required by GAAP in the United States for complete financial statements. The unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of the Company for the interim periods presented and are *not* necessarily indicative of a full year's results. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form *10*-K for the year ended *December 31, 2024.*

The interim condensed consolidated financial statements include the accounts of AC Group and its subsidiaries. All intercompany transactions and balances have been eliminated. The details on the impact of consolidating certain partnership entities on the condensed consolidated financial statements can be seen in Note *4.* Investment Partnerships and Other Entities.

For the *three* and *six* months ended *June 30, 2025* and *2024*, there were *no* items related to other comprehensive income.

*Use of Estimates*

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

*Recent Accounting Developments*

In *December 2023,* the FASB issued ASU *2023*-*09, Income Taxes (Topic *740*): Improvements to Income Tax Disclosures*. The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after *December 15, 2024,* with early adoption permitted. We are currently evaluating the impact that the adoption of this new standard will have on our consolidated financial statements and related disclosures.

In *November 2024,* the FASB issued ASU *2024*-*03, Income Statement* — *Reporting Comprehensive Income* — *Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses*. The standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This new guidance will be effective on *January 1, 2027* for annual reporting and *January 1, 2028* for interim reporting. We are currently evaluating the impact that the adoption of this new standard will have on our consolidated financial statements and related disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *8*

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*Recently Enacted Tax Legislation* 

On *July 4, 2025,* the One Big Beautiful Bill Act (the "Act") was enacted into law and became effective in the *third* quarter of fiscal year *2025.* We are currently evaluating the impact of the Act on our consolidated financial statements and disclosures.

***2.* Revenue**

The Company's major revenue sources are as follows for the *three* and *six* months ended *June 30, 2025* and *2024* (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended June 30,*** | ***Three months ended June 30,*** | ***Six months ended June 30,*** | ***Six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Investment advisory and incentive fees |  |  |  |  |
| Asset-based advisory fees | $1063 | $1217 | $2120 | $2444 |
| Performance-based advisory fees | 21 | 1 | 31 | 1 |
| Sub-advisory fees | 997 | 1271 | 1934 | 2951 |
| Total investment advisory and incentive fees | 2081 | 2489 | 4085 | 5396 |
| Other | 126 | 106 | 251 | 210 |
| Total revenues | $2207 | $2595 | $4336 | $5606 |

---

***3.* Investments in Securities**

Investments in securities at *June 30, 2025* and *December 31, 2024*, consisted of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | ***Cost*** | ***Fair Value*** | ***Cost*** | ***Fair Value*** |
| Debt - Trading Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $140932 | $143140 | $66721 | $68299 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common stocks | 159250 | 192722 | 173436 | 196557 |
| &nbsp;&nbsp;&nbsp; Mutual funds | 728 | 1372 | 686 | 1315 |
| &nbsp;&nbsp;&nbsp; Other investments | 1151 | 642 | 1483 | 1168 |
| Total investments in equity securities | 161129 | 194736 | 175605 | 199040 |
| Total investments in securities | $302061 | $337876 | $242326 | $267339 |

---

Securities sold, *not* yet purchased at *June 30, 2025* and *December 31, 2024*, consisted of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | ***Cost*** | ***Fair Value*** | ***Cost*** | ***Fair Value*** |
| Common stocks | $6938 | $7000 | $8116 | $8236 |
| Other investments | 16 | 243 | 41 | 200 |
| Total securities sold, not yet purchased | $6954 | $7243 | $8157 | $8436 |

---

Investments in affiliated registered investment companies at *June 30, 2025* and *December 31, 2024*, consisted of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | ***Cost*** | ***Fair Value*** | ***Cost*** | ***Fair Value*** |
| Closed-end funds | $66240 | $86587 | $67215 | $83705 |
| Mutual funds | 54718 | 88005 | 54698 | 81810 |
| Total investments in affiliated registered investment companies | $120958 | $174592 | $121913 | $165515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

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***4.* Investment Partnerships and Other Entities**

The Company is a general partner or co-general partner of various affiliated entities whose underlying assets consist primarily of marketable securities ("Affiliated Entities"). The Company had investments in Affiliated Entities totaling $105.0 million and $101.8 million at *June 30, 2025* and *December 31, 2024*, respectively. The Company also had investments in unaffiliated partnerships, offshore funds and other entities of $39.6 million and $38.1 million at *June 30, 2025*, and *December 31, 2024*, respectively ("Unaffiliated Entities").

We evaluate each entity to determine its appropriate accounting treatment and disclosure. Investments in partnerships that are *not* required to be consolidated are accounted for using the equity method and are included in investments in partnerships on the condensed consolidated statements of financial condition. The Company reflects the equity in earnings of these Affiliated Entities and Unaffiliated Entities as net gain from investments on the condensed consolidated statements of income.

Capital *may* generally be redeemed from Affiliated Entities on a monthly basis upon adequate notice as determined in the sole discretion of each entity's investment manager. Capital invested in Unaffiliated Entities *may* generally be redeemed at various intervals ranging from monthly to annually upon notice of 30 to 95 days. Certain Unaffiliated Entities and Affiliated Entities *may* require a minimum investment period before capital can be voluntarily redeemed (a "Lockup Period"). *No* investment in an Unaffiliated Entity has an unexpired Lockup Period. The Company has *no* outstanding capital commitments to any Affiliated or Unaffiliated Entity.

*Consolidated Entities*

The following table reflects the net impact of the consolidated investment partnerships ("Consolidated Entities") on the condensed consolidated statements of financial condition (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** |
|  | ***Prior to*** | ***Consolidated*** |  |
| **Assets** | ***Consolidation*** | ***Entities*** | ***As Reported*** |
| Cash and cash equivalents | $231316 | $18044 | $249360 |
| Investments in U.S. Treasury Bills | 128774 | 14366 | 143140 |
| Investments in equity securities | 146578 | 48158 | 194736 |
| Investments in affiliated registered investment companies | 231530 | (56938) | 174592 |
| Investments in partnerships | 166566 | (21955) | 144611 |
| Receivable from brokers | 20872 | 6501 | 27373 |
| Investment advisory fees receivable | 1104 | (1) | 1103 |
| Other assets<sup>(1)</sup> | 22751 | 1460 | 24211 |
| Total assets | $949491 | $9635 | $959126 |
| **Liabilities, redeemable noncontrolling interests and equity** |  |  |  |
| Securities sold, not yet purchased | $7028 | $215 | $7243 |
| Payable to brokers and other liabilities<sup>(1)</sup> | 27809 | 3650 | 31459 |
| Redeemable noncontrolling interests |  | 5770 | 5770 |
| Total equity | 914654 |  | 914654 |
| &nbsp;&nbsp;&nbsp; Total liabilities, redeemable noncontrolling interests and equity | $949491 | $9635 | $959126 |

---

(*1*) Represents the summation of multiple assets and liabilities from the condensed consolidated statements of financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *10*

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---

| | | | |
|:---|:---|:---|:---|
|  | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | ***Prior to*** | ***Consolidated*** |  |
| **Assets** | ***Consolidation*** | ***Entities*** | ***As Reported*** |
| Cash and cash equivalents | $289991 | $9560 | $299551 |
| Investments in U.S. Treasury Bills | 64320 | 3979 | 68299 |
| Investments in equity securities | 139303 | 59737 | 199040 |
| Investments in affiliated registered investment companies | 220422 | (54907) | 165515 |
| Investments in partnerships | 160537 | (20549) | 139988 |
| Receivable from brokers | 20402 | 7232 | 27634 |
| Investment advisory fees receivable | 4142 |  | 4142 |
| Other assets<sup>(1)</sup> | 28385 | 2735 | 31120 |
| Total assets | $927502 | $7787 | $935289 |
| **Liabilities, redeemable noncontrolling interests and equity** |  |  |  |
| Securities sold, not yet purchased | $8290 | $146 | $8436 |
| Payable to brokers and other liabilities<sup>(1)</sup> | 26506 | 2049 | 28555 |
| Redeemable noncontrolling interests |  | 5592 | 5592 |
| Total equity | 892706 |  | 892706 |
| Total liabilities, redeemable noncontrolling interests and equity | $927502 | $7787 | $935289 |

---

(*1*) Represents the summation of multiple assets and liabilities from the condensed consolidated statements of financial condition.

The following table reflects the net impact of the Consolidated Entities on the condensed consolidated statements of income (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | ***Three months ended June 30, 2025*** | ***Three months ended June 30, 2025*** | ***Three months ended June 30, 2025*** |
|  | ***Prior to*** | ***Consolidated*** |  |
|  | ***Consolidation*** | ***Entities*** | ***As Reported*** |
| Total revenues | $2978 | $(771) | $2207 |
| Operating loss | (6369) | (1608) | (7977) |
| Total other income, net | 31186 | 1680 | 32866 |
| Income before noncontrolling interests | 18584 | 88 | 18672 |
| Income attributable to noncontrolling interests, net of taxes |  | 88 | 88 |
| Net income | $18584 | $- | $18584 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | ***Three months ended June 30, 2024*** | ***Three months ended June 30, 2024*** | ***Three months ended June 30, 2024*** |
|  | ***Prior to*** | ***Consolidated*** |  |
|  | ***Consolidation*** | ***Entities*** | ***As Reported*** |
| Total revenues | $2703 | $(108) | $2595 |
| Operating loss | (3270) | (404) | (3674) |
| Total other income, net | 7250 | 2 | 7252 |
| Income/(loss) before noncontrolling interests | 2985 | (91) | 2894 |
| Income/(loss) attributable to noncontrolling interests, net of taxes |  | (91) | (91) |
| Net income | $2985 | $- | $2985 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | ***Six months ended June 30, 2025*** | ***Six months ended June 30, 2025*** | ***Six months ended June 30, 2025*** |
|  | ***Prior to*** | ***Consolidated*** |  |
|  | ***Consolidation*** | ***Entities*** | ***As Reported*** |
| Total revenues | $4937 | $(601) | $4336 |
| Operating loss | (11291) | (1974) | (13265) |
| Total other income, net | 46033 | 2667 | 48700 |
| Income before noncontrolling interests | 26253 | 188 | 26441 |
| Income attributable to noncontrolling interests, net of taxes |  | 188 | 188 |
| Net income | $26253 | $- | $26253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

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| | | | |
|:---|:---|:---|:---|
|  | ***Six months ended June 30, 2024*** | ***Six months ended June 30, 2024*** | ***Six months ended June 30, 2024*** |
|  | ***Prior to*** | ***Consolidated*** |  |
|  | ***Consolidation*** | ***Entities*** | ***As Reported*** |
| Total revenues | $5823 | $(217) | $5606 |
| Operating loss | (7877) | (767) | (8644) |
| Total other income, net | 29697 | 180 | 29877 |
| Income/(loss) before noncontrolling interests | 16806 | (55) | 16751 |
| Income/(loss) attributable to noncontrolling interests, net of taxes |  | (55) | (55) |
| Net income | $16806 | $- | $16806 |

---

*Variable Interest Entity*

We have *one* investment partnership that is consolidated as a VIE as of *June 30, 2025* and *December 31, 2024* because AC is the primary beneficiary of the entity. With respect to the consolidated VIE, its assets *may* only be used to satisfy its obligations. The investors and creditors of the consolidated VIE have *no* recourse to the Company's general assets. In addition, the Company neither benefits from such VIE's assets nor bears the related risk beyond its beneficial interest in the VIE.

The following table presents the balances related to the VIE that is consolidated and included on the condensed consolidated statements of financial condition as well as the Company's net interest in that VIE (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Cash and cash equivalents | $302 | $118 |
| Investments in equity securities | 10980 | 10473 |
| Receivable from brokers | 223 |  |
| Accrued expenses and other liabilities <sup>(1)</sup> | (35) | (127) |
| Redeemable noncontrolling interests | (294) | (307) |
| AC Group's net interest in the consolidated VIE | $11176 | $10157 |

---

(*1*) Represents the summation of multiple liabilities from the condensed consolidated statements of financial condition.

*Voting Interest Entity*

We have *one* investment partnership that is consolidated as a VOE as of *June 30, 2025* and *December 31, 2024* because AC has a controlling interest in the entity. This resulted in the consolidation of $77.6 million of assets, $4.6 million of liabilities, and $5.5 million of redeemable noncontrolling interests at *June 30, 2025* and $72.4 million of assets, $1.9 million of liabilities, and $5.3 million of redeemable noncontrolling interests at *December 31, 2024*. AC's net interest in the consolidated VOE at *June 30, 2025* and *December 31, 2024* was $67.5 million and $65.2 million, respectively.

*Equity Method Investments*

The Company's equity method investments include investments in partnerships and offshore funds. The Company evaluates each of its equity method investments to determine if any are significant as defined in the regulations applicable to smaller reporting companies promulgated by the SEC. As of and for the *three* and *six* months ended *June 30, 2025*, *no* individual equity method investment held by the Company met the significance criteria. As such, the Company is *not* required to present summarized income statement information for any of its equity method investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *12*

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***5.* Fair Value**

Accounting Standards Codification Topic *820,* Fair Value Measurement (ASC *820*) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the *three* broad levels listed below:

• Level *1* - Unadjusted quoted prices for identical instruments in active markets.

• Level *2* - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are *not* active; and model-derived valuations in which all significant inputs and significant value drivers are observable.

• Level *3* - Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.

Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are *not* necessarily an indication of the risk or liquidity associated with the investments.

The following tables present assets and liabilities measured at fair value on a recurring basis, unless otherwise noted, as of the dates specified (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** |
| **Assets** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| Cash equivalents | $248147 | $- | $- | $248147 |
| Investments in securities (including GAMCO stock): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trading - U.S. Treasury Bills | 143140 |  |  | 143140 |
| &nbsp;&nbsp;&nbsp; Common stocks | 190205 | 491 | 2026 | 192722 |
| &nbsp;&nbsp;&nbsp; Mutual funds | 1372 |  |  | 1372 |
| &nbsp;&nbsp;&nbsp; Other | 7 | 510 | 125 | 642 |
| Total investments in securities | 334724 | 1001 | 2151 | 337876 |
| Investments in affiliated registered investment companies: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed-end funds - equity securities | 45731 |  |  | 45731 |
| Preferred securities issued by Closed-end funds <sup>(a)</sup> |  |  | 40856 | 40856 |
| &nbsp;&nbsp;&nbsp; Mutual funds | 88005 |  |  | 88005 |
| Total investments in affiliated registered investment companies | 133736 |  | 40856 | 174592 |
| Total investments held at fair value | 468460 | 1001 | 43007 | 512468 |
| Total assets at fair value | $716607 | $1001 | $43007 | $760615 |
| **Liabilities** |  |  |  |  |
| Common stocks | $7000 | $- | $- | $7000 |
| Other | 2 | 241 |  | 243 |
| Securities sold, not yet purchased | 7002 | 241 |  | 7243 |
| Total liabilities at fair value | $7002 | $241 | $- | $7243 |

---

(a) These securities represent privately issued, puttable and callable preferred securities issued by affiliated closed-end funds. These securities are considered as trading securities at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
| **Assets** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| Cash equivalents | $298208 | $- | $- | $298208 |
| Investments in securities (including GAMCO stock): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trading - U.S. Treasury Bills | 68299 |  |  | 68299 |
| &nbsp;&nbsp;&nbsp; Common stocks | 193668 | 854 | 2035 | 196557 |
| &nbsp;&nbsp;&nbsp; Mutual funds | 1315 |  |  | 1315 |
| &nbsp;&nbsp;&nbsp; Other | 43 | 1010 | 115 | 1168 |
| Total investments in securities | 263325 | 1864 | 2150 | 267339 |
| Investments in affiliated registered investment companies: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed-end funds - equity securities | 42849 |  |  | 42849 |
| Preferred securities issued by Closed-end funds <sup>(a)</sup> |  |  | 40856 | 40856 |
| &nbsp;&nbsp;&nbsp; Mutual funds | 81810 |  |  | 81810 |
| Total investments in affiliated registered investment companies | 124659 |  | 40856 | 165515 |
| Total investments held at fair value | 387984 | 1864 | 43006 | 432854 |
| Total assets at fair value | $686192 | $1864 | $43006 | $731062 |
| **Liabilities** |  |  |  |  |
| Common stocks | $8236 | $- | $- | $8236 |
| Other | 11 | 189 |  | 200 |
| Securities sold, not yet purchased | 8247 | 189 |  | 8436 |
| Total liabilities at fair value | $8247 | $189 | $- | $8436 |

---

(a) These securities represent privately issued, puttable and callable preferred securities issued by affiliated closed-end funds. These securities are considered as trading securities at the time of purchase.

The following table presents additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level *3* inputs to determine fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Six months ended*** | ***Six months ended*** |
|  | ***June 30,*** | ***June 30,*** | ***June 30,*** | ***June 30,*** |
| Assets: | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Beginning balance | $42997 | $12110 | $43006 | $10610 |
| Total gains/(losses) |  | 100 | (9) | 100 |
| Purchases |  |  |  | 3900 |
| Sales/return of capital |  | (193) |  | (2593) |
| &nbsp;&nbsp;&nbsp; Transfers | 10 |  | 10 |  |
| Ending balance | $43007 | $12017 | $43007 | $12017 |
| Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to level 3 assets still held as of the reporting date | $- | $100 | $(9) | $100 |

---

Total realized and unrealized gains and losses for Level *3* assets are reported in net gain/(loss) from investments in the condensed consolidated statements of income.

During the *three* and *six* months ended *June 30, 2025*, $10 thousand was transferred into Level *3* from Level *1.* During the *three* and *six* months ended *June 30, 2024*, there were no transfers into or out of Level *3.*

The Company uses a discounted cash flow analysis when determining the fair value of privately issued preferred securities of affiliated closed-end funds that are categorized as Level *3.* Projected cash flows in the discounted cash flow analysis represent the relevant security's dividend rate plus the assumption of full principal repayment at the preferred security's earliest available redemption date.

The significant unobservable input used in the fair value measurement of each of the Company's investments in privately issued preferred securities of closed-end funds is the discount rate. The discount rate was determined using the interest rates of U.S. Treasury Bills that are held over a similar period as the preferred security. The discount rates used in the valuation of these investments as of *June 30, 2025* ranged from 3.72% to 4.30% with a weighted average of 4.22% calculated based on the relative fair value. At *December 31, 2024*, the discount rates used ranged from 4.16% to 4.28% with a weighted average of 4.19%. Significant changes in the discount rate could result in a significantly higher or lower fair value measurement of these Level *3* investments.

The Company uses the market approach as the valuation technique to value its investment in common stocks classified as Level *3,* specifically considering recent transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

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***6.* Income Taxes**

A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Statutory Federal income tax rate | 21.0% | 21.0% | 21.0% | 21.0% |
| State income tax, net of Federal benefit | 1.1% | 1.4% | 1.7% | 1.4% |
| Dividends received deduction | -0.4% | -6.9% | -0.6% | -1.5% |
| Foreign tax rate differential | 1.1% | 0.0% | 1.9% | -2.0% |
| Nondeductible compensation | 2.3% | 2.4% | 1.7% | 1.4% |
| Other | -0.1% | 1.3% | -0.3% | 0.8% |
| Effective income tax rate | 25.0% | 19.1% | 25.4% | 21.1% |

---

***7.* Earnings per Share**

Basic earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income/(loss) attributable to our shareholders by the weighted average number of shares, plus any potentially dilutive securities (if any), outstanding during the period.

The computations of basic and diluted net income per share are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Six months ended*** | ***Six months ended*** |
|  | ***June 30,*** | ***June 30,*** | ***June 30,*** | ***June 30,*** |
| (In thousands, except per share amounts) | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Income before noncontrolling interests | $18672 | $2894 | $26441 | $16751 |
| Income/(loss) attributable to noncontrolling interests | 88 | (91) | 188 | (55) |
| Net income attributable to AC's shareholders | $18584 | $2985 | $26253 | $16806 |
| Weighted average number of shares outstanding - basic and diluted | 21135 | 21392 | 21150 | 21446 |
| Basic and Diluted EPS | $0.88 | $0.14 | $1.24 | $0.78 |

---

***8.* Equity**

*Voting Rights*

The holders of Class A Common stock ("Class A Stock") and Class B Common stock ("Class B Stock") have identical rights except that holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general. Holders of each share class, however, are *not* eligible to vote on matters relating exclusively to the other share class.

*Stock Award and Incentive Plan*

The Company's Board of Directors periodically grants shares of Phantom Restricted Stock awards ("Phantom RSAs" or "PRSAs"). Under the terms of the grants, the Phantom RSAs vest 30% and 70% after three and five years, respectively. The Phantom RSAs will be settled by a cash payment, net of applicable withholding tax, on the vesting dates. In addition, an amount equivalent to the cumulative dividends declared on shares of the Company's Class A Stock during the vesting period will be paid to participants on vesting.

The Phantom RSAs are treated as a liability because cash settlement is required and compensation will be recognized over the vesting period. In determining the compensation expense to be recognized each period, the Company will re-measure the fair value of the liability at each reporting date taking into account the remaining vesting period attributable to each award, cumulative dividends and the current market value of the Company's Class A Stock. In making these determinations, the Company will consider the impact of Phantom RSAs that have been forfeited prior to vesting (e.g., due to an employee termination). The Company has elected to consider forfeitures as they occur.

Based on the closing price of the Company's Class A Stock and cumulative dividends on *June 30, 2025* and *December 31, 2024*, the total liability recorded by the Company in compensation payable in our condensed consolidated statements of financial condition as of *June 30, 2025* and *December 31, 2024*, with respect to the Phantom RSAs was $6.5 million and $4.8 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *15*

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The following table summarizes our stock-based compensation as well as unrecognized compensation for the *three* and *six* months ended *June 30, 2025* and *2024*, respectively. Stock-based compensation expense is included in compensation expense in the condensed consolidated statements of income (dollars in thousands, unless otherwise noted):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** | ***Six months ended*** | ***Six months ended*** |
|  | ***June 30,*** | ***June 30,*** | ***June 30,*** | ***June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Stock-based compensation expense | $565 | $595 | $1718 | $757 |
| Remaining expense to be recognized, if all vesting conditions are met<sup>(1)</sup> |  |  | 5374 | 7131 |
| Weighted average remaining contractual term (in years) |  |  | 1.8 | 2.2 |

---

(*1*) Does *not* include an estimate for projected future dividends.

The following table summarizes Phantom RSA activity:

---

| | | |
|:---|:---|:---|
|  | ***PRSAs*** | ***Weighted Average Grant Date Fair Value*** |
| Balance at December 31, 2024 | 301595 | $36.52 |
| Granted |  |  |
| Forfeited | (5500) | 36.70 |
| Vested |  |  |
| Balance at June 30, 2025 | 296095 | $36.52 |

---

*Stock Repurchase Program*

In *December 2015,* the Board of Directors established a stock repurchase program authorizing the Company to repurchase up to 500,000 shares of Class A Stock. On *February 7, 2017,* the Board of Directors reset the available number of shares to be purchased under the stock repurchase program to 500,000 shares. On *August 3, 2017* and *May 8, 2018,* the Board of Directors authorized the repurchase of an additional 1 million and 500,000 shares, respectively. On *February 6, 2024* and *August 7, 2024,* the Board of Directors authorized the repurchase of an additional 350,000 and 200,000 shares, respectively. Our stock repurchase program is *not* subject to an expiration date.

The following table presents the Company's stock repurchase activity and remaining authorization:

---

| | | |
|:---|:---|:---|
| **For the period ended June 30, 2025:** | ***Number of shares purchased*** | ***Average price per share*** |
| Remaining repurchase authorization December 31, 2024 | 353548 |  |
| Share repurchases under stock repurchase program <sup>(1)</sup> | (39018) | $36.32 |
| &nbsp;&nbsp;&nbsp; Remaining repurchase authorization March 31, 2025 | 314530 |  |
| Share repurchases under stock repurchase program <sup>(1)</sup> | (21241) | $36.53 |
| &nbsp;&nbsp;&nbsp; Remaining repurchase authorization June 30, 2025 | 293289 |  |
| **For the period ended June 30, 2024:** |  |  |
| Remaining repurchase authorization December 31, 2023 | 156664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share repurchases under stock repurchase program <sup>(1)</sup> | (117354) | $33.63 |
| &nbsp;&nbsp;&nbsp; Remaining repurchase authorization March 31, 2024 <sup>(2)</sup> | 389310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share repurchases under stock repurchase program <sup>(1)</sup> | (65469) | $33.88 |
| &nbsp;&nbsp;&nbsp; Remaining repurchase authorization June 30, 2024 | 323841 |  |

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(*1*) Repurchases totaled $0.8 million and $2.2 million for the *three*-month periods ended *June 30, 2025* and *2024*, respectively. Repurchases totaled $2.2 million and $6.2 million for the *six*-month periods ended *June 30, 2025* and *2024*, respectively.

(*2*) On *February 6, 2024,* the Board of Directors authorized the repurchase of an additional 350,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *16*

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*Dividends*

During the *three* and *six* months ended *June 30, 2025* and *2024*, the Company declared dividends of $0.10 per share to Class A and Class B shareholders totaling $2.1 million and $2.1 million, respectively.

***9.* Segment Information**

The Company operates in one business segment, the investment advisory and alternative asset management business. The Company conducts its business principally through Gabelli & Company Investment Advisers, Inc. and its wholly owned subsidiary Gabelli & Partners, LLC. The Company has identified the Executive Chair and the Interim Chief Executive Officer as the chief operating decision maker ("CODM"), who use net income in the condensed consolidated statements of income to evaluate the results of the business to manage the Company. The CODM uses net income in deciding whether to reinvest profits or allocate profits to other uses of capital, such as for acquisitions or to pay dividends. All expense categories on the condensed consolidated statements of income are significant and there are *no* other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the condensed consolidated statements of financial condition. The Company's operations constitute a single operating segment and, therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in Note *2,* Significant Accounting Policies, of the Annual Report on Form *10*-K for the year ended *December 31, 2024*.

***10.* Goodwill**

At *June 30, 2025* and *December 31, 2024*, goodwill on the condensed consolidated statements of financial condition includes $3.4 million of goodwill related to GCIA. The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than *not* that an impairment has occurred to determine if a quantitative analysis is required. There were no indicators of impairment for the *three* and *six* months ended *June 30, 2025* and *2024*, and as such there was *no* impairment analysis performed or charge recorded.

***11.* Guarantees, Contingencies and Commitments**

From time to time, the Company *may* be named in legal actions and proceedings. These actions *may* seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. We are also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses, if any, that the Company believes are probable and estimable. Furthermore, the Company evaluates whether losses exist which *may* be reasonably possible and will, if material, make the necessary disclosures. Management is *not* aware of any probable or reasonably possible losses.

The Company has also entered into arrangements with various other *third* parties, many of which provide for indemnification of the *third* parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements. The Company has had *no* claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote, and, therefore, *no* accrual has been made on the condensed consolidated financial statements.

***12.* Subsequent Events**

From *July 1, 2025* to *August 7, 2025,* the Company repurchased 31,640 shares at an average price of $37.57 per share.

On *August 5, 2025,* the Board of Directors increased the buyback authorization under the Stock Repurchase Program by 150,000 shares of Class A Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *17*

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**ITEM 2: MANAGEMENT**'**S DISCUSSION AND ANALYSIS (**"**MD&A**"**) OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Introduction**

MD&A is provided as a supplement to, and should be read in conjunction with, the Company's unaudited interim consolidated financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the Company's audited annual financial statements included in our Form 10-K filed with the SEC on March 19, 2025 to help provide an understanding of our financial condition, changes in financial condition and results of operations. Unless the context otherwise requires, all references to "we," "us," "our," "AC Group" or the "Company" refer collectively to Associated Capital Group, Inc., a holding company, and its subsidiaries through which our operations are actually conducted.

*Overview*

We are a Delaware corporation, incorporated in 2015, that provides alternative investment management services and operates a direct investment business that over time invests in businesses that fit our criteria. Additionally, we derive income from proprietary investments.

<u>Alternative Investment Management</u>

We conduct our investment management activities through our wholly-owned subsidiary Gabelli & Company Investment Advisers, Inc. ("GCIA") and its wholly-owned subsidiary, Gabelli & Partners, LLC ("Gabelli & Partners"). GCIA is an investment adviser registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). GCIA and Gabelli & Partners together serve as general partners or investment managers to investment funds, including limited partnerships and offshore companies (collectively, "Investment Partnerships") and separate accounts. We primarily manage assets across a range of risk and event arbitrage portfolios and in equity event-driven value strategies. The business earns management and incentive fees from its advisory activities. Management fees are largely based on a percentage of assets under management ("AUM"). Incentive fees are based on a percentage of the investment returns of certain client portfolios.

We manage assets on a discretionary basis and invest in a variety of U.S. and foreign securities mainly in the developed global markets. We primarily employ absolute return strategies with the objective of generating positive returns. We serve a wide variety of investors globally including private wealth management clients, corporations, corporate pension and profit-sharing plans, foundations and endowments, as well as serving as sub-advisor to certain third-party investment funds.

In merger arbitrage, the goal is to earn absolute positive returns. We introduced our first limited partnership, Gabelli Arbitrage (renamed Gabelli Associates Fund), in February 1985. Our typical investment process begins at the time of deal announcement, buying shares of the target at a discount to the stated deal terms, earning the spread until the deal closes, and reinvesting the proceeds in new deals in a similar manner. By owning a diversified portfolio of transactions, we mitigate the adverse impact of single deal-specific risks.

As the business and investor base expanded, we launched an offshore version in 1989. Building on our strengths in global event-driven value investing, several investment vehicles have been added to balance investors' geographic, strategic and sector-specific needs. Today, we manage investments in multiple categories, including merger arbitrage, event-driven value and other strategies.

<u>Proprietary Capital</u>

Proprietary capital is earmarked for our direct investment business that invests in new and existing businesses, using a variety of techniques and structures. We launched our direct private equity and merchant banking activities in August 2017. The direct investment business is developing along several core pillars:

● Gabelli Private Equity Partners, LLC ("GPEP"), formed in August 2017 with $150 million of authorized capital as a "fundless" sponsor.

● Gabelli Principal Strategies Group, LLC ("GPS") was created in December 2015 to pursue strategic operating initiatives broadly.

Our direct investing efforts are organized to invest in various ways, including growth capital, leveraged buyouts and restructurings, with an emphasis on small and mid-sized companies. Our investment sourcing is across a variety of channels including direct owners, private equity funds, classic agents, and corporate carve outs (which are positioned for accelerated growth, as businesses seek to enhance shareholder value through financial engineering). The Company's direct investing vehicles allow us to acquire companies and create long-term value with no pre-determined exit timetable.

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We have a proprietary portfolio of cash and investments which we expect to use to invest primarily in funds that we will manage, provide seed capital for new products, expand our geographic presence, develop new markets and pursue strategic acquisitions and alliances.

**Financial Highlights**

The following is a summary of the Company's financial performance for the quarters ended June 30, 2025 and 2024:

($000s except per share data or as noted)

---

| | | |
|:---|:---|:---|
|  | **Second Quarter** | **Second Quarter** |
|  | **2025** | **2024** |
| AUM - end of period (in millions) | $1342 | $1362 |
| AUM - average (in millions) | $1298 | $1446 |
| Net income per share-diluted | $0.88 | $0.14 |
| Book value per share at June 30 | $43.30 | $42.87 |

---

*Condensed Consolidated Statements of Income*

Investment advisory and incentive fees, which are based on the amount and composition of AUM in our funds and accounts, represent our largest source of revenues. Growth in revenues depends on good investment performance, which influences the value of existing AUM as well as contributes to higher investment and lower redemption rates and attracts additional investors while maintaining current fee levels. Growth in AUM is also dependent on being able to access various distribution channels, which is usually based on several factors, including performance and service. In light of the ongoing market uncertainty caused by global trade and geopolitical conflicts and their impact on the global economy and markets, we could experience higher volatility in the short-term returns of our funds.

Incentive fees generally consist of an incentive allocation on the absolute gain in a portfolio generally equating to 20% of the economic profit, as defined in the agreements governing the investment vehicle or account. We recognize such revenue only when the measurement period has been completed generally in December or at the time of an investor redemption.

Compensation includes variable and fixed compensation and related expenses paid to officers, portfolio managers, sales, trading, research and all other professional staff. Variable compensation is paid to sales personnel and portfolio management and may represent up to 55% of revenues.

Management fee expense is incentive-based compensation equal to 10% of adjusted aggregate pre-tax profits paid to the Executive Chair or his designees for his services pursuant to an employment agreement.

Other operating expenses include general and administrative operating costs.

Other income and expense includes net gains and losses from investments (which include both realized and unrealized gains and losses from securities and equity in earnings of investments in partnerships), interest and dividend income, and interest expense. Net gains and losses from investments are derived from our proprietary investment portfolio consisting of various public and private investments and from consolidated investment funds.

Net income attributable to noncontrolling interests represents the share of net income attributable to third-party limited partners of certain partnerships and offshore funds we consolidate. Please refer to Notes 1 and 4 in our condensed consolidated financial statements included elsewhere in this report.

*Condensed Consolidated Statements of Financial Condition*

We ended the second quarter of 2025 with approximately $899.2 million in cash and investments, net of securities sold, not yet purchased of $7.2 million. This includes $249.4 million of cash and cash equivalents; $143.1 million of U.S. Treasury obligations; $187.5 million of securities, net of securities sold, not yet purchased, including shares of GAMCO Investors, Inc. ("GAMCO") with a market value of $16.2 million; and $319.2 million invested in affiliated and third-party funds and partnerships, including investments in affiliated closed end funds which have a value of $86.6 million and more limited liquidity. Our financial resources provide flexibility to pursue strategic objectives that may include acquisitions, lift-outs, seeding new investment strategies, and co-investing, as well as shareholder compensation in the form of share repurchases and dividends.

Total shareholders' equity was $914.7 million or $43.30 per share as of June 30, 2025, compared to $892.7 million or $42.14 per share as of December 31, 2024. Shareholders' equity per share is calculated by dividing the total equity by the number of common shares outstanding. The increase in equity from the end of 2024 was largely attributable to income for the year to date period.

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**RESULTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| Investment advisory and incentive fees | $2081 | $2489 | $4085 | $5396 |
| Other revenues | 126 | 106 | 251 | 210 |
| Total revenues | 2207 | 2595 | 4336 | 5606 |
| Expenses |  |  |  |  |
| Compensation | 5297 | 3942 | 9745 | 7762 |
| Management fee | 2757 | 442 | 3860 | 2424 |
| Other operating expenses | 2130 | 1885 | 3996 | 4064 |
| Total expenses | 10184 | 6269 | 17601 | 14250 |
| Operating loss | (7977) | (3674) | (13265) | (8644) |
| Other income |  |  |  |  |
| Net gain/(loss) from investments | 27081 | (159) | 37973 | 16635 |
| Interest and dividend income | 5819 | 7860 | 10837 | 13843 |
| Interest expense | (34) | (69) | (79) | (152) |
| Shareholder-designated contribution |  | (380) | (31) | (449) |
| Total other income, net | 32866 | 7252 | 48700 | 29877 |
| Income before income taxes | 24889 | 3578 | 35435 | 21233 |
| Income tax expense | 6217 | 684 | 8994 | 4482 |
| Income before noncontrolling interests | 18672 | 2894 | 26441 | 16751 |
| Income/(loss) attributable to noncontrolling interests | 88 | (91) | 188 | (55) |
| Net income attributable to Associated Capital Group, Inc.'s shareholders | $18584 | $2985 | $26253 | $16806 |
| Net income per share attributable to Associated Capital Group, Inc.'s shareholders: |  |  |  |  |
| Basic and diluted | $0.88 | $0.14 | $1.24 | $0.78 |
| Weighted average shares outstanding: |  |  |  |  |
| Basic and diluted | 21135 | 21392 | 21150 | 21446 |

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***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024***

*Revenues*

Total revenues in the second quarter were $2.2 million compared to $2.6 million in the second quarter of 2024. Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage (the "SICAV") were $1.0 million versus $1.3 million in the prior year period. All other revenues were $1.2 million compared to $1.3 million in the year-ago quarter.

Incentive fees are not recognized until the uncertainty surrounding the amount of variable consideration ends and the fee is crystalized, typically on an annual basis on December 31. Unrecognized incentive fees amounted to $9.5 million for the quarter ended June 30, 2025. There were no material unrecognized incentive fees for the quarter ended June 30, 2024. An incentive fee of approximately $1.0 million was earned on Gabelli Merchant Partners Plc (f/k/a Gabelli Merger Plus+ Trust Plc) during the quarter ended June 30, 2025, however due to the Company's controlling ownership interest in the entity, this revenue is eliminated in the consolidation of the entity for financial reporting purposes.

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*Expenses*

Compensation, which includes variable compensation, salaries, bonuses and benefits, was $5.3 million and $3.9 million for the three month periods ended June 30, 2025 and 2024, respectively, primarily driven by higher variable compensation of $1.6 million, offset partially by lower salary expense. Variable compensation fluctuates with management and incentive fee revenues as well as the investment results of certain proprietary accounts.

Management fee expense represents incentive-based and entirely variable compensation in the amount of 10% of income before management fee and income taxes and excluding the impact of consolidating entities and is payable to Mario J. Gabelli, Executive Chair, or his designee pursuant to his employment agreement. Management fee expense of $2.8 million was recorded for the three-month period ended June 30, 2025 compared to $0.4 million for the three-month period ended June 30, 2024.

Other operating expenses were $2.1 million during the three months ended June 30, 2025 compared to $1.9 million in the prior year's quarter.

*Other*

Net gain/(loss) from investments is primarily related to the performance of our securities portfolio and investments in partnerships. Investment gains were $27.1 million in the 2025 quarter compared to losses of $0.2 million in the comparable 2024 quarter. The primary driver of the 2025 quarter's results is the performance of our investments in our merger arbitrage funds.

Interest and dividend income decreased to $5.8 million in the 2025 quarter from $7.9 million in the 2024 quarter primarily driven by lower sustained interest rates in the 2025 quarter.

There were no Shareholder-designated contributions in the 2025 quarter compared to $0.4 million in the prior year's quarter, the difference driven by timing of contributions.

*Income taxes*

The effective tax rate for the three months ended June 30, 2025 and 2024 was 25.0% and 19.1%, respectively. The difference in effective tax rate period over period is primarily driven by certain nondeductible compensation expenses in the 2025 quarter which increased the current year's effective tax rate, coupled with deferred tax benefits from a foreign investment which reduced the prior year quarter's effective tax rate.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024***

*Revenues*

Total revenues for the six months ended June 30, 2025 were $4.3 million compared to $5.6 million in the six months ended June 30, 2024. Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage (the "SICAV") were $1.9 million versus $3.0 million in the prior year period. All other revenues were $2.4 million compared to $2.6 million in the year-ago quarter driven by lower average AUM in 2025.

*Expenses*

Compensation, which includes variable compensation, salaries, bonuses and benefits, was $9.7 million and $7.8 million for the six months ended June 30, 2025 and 2024, respectively, primarily driven by higher variable based compensation of $1.3 million and higher stock-based compensation expense of $1.0 million in 2025, offset partially by lower salary expense.

Management fee expense represents incentive-based and entirely variable compensation in the amount of 10% of income before management fee and income taxes and excluding the impact of consolidating entities and is payable to Mario J. Gabelli, Executive Chair, or his designee pursuant to his employment agreement. Management fee expense was $3.9 million and $2.4 million for the six months ended June 30, 2025 and 2024, respectively.

Other operating expenses were $4.0 million during the six months ended June 30, 2025 compared to $4.1 million in the prior year period.

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*Other*

Net gain/(loss) from investments is primarily related to the performance of our securities portfolio and investments in partnerships. Investment gains were $38.0 million in the 2025 period compared to $16.6 million in the 2024 period. The primary driver of the 2025 period's results is the performance of our investments in our merger arbitrage funds.

Interest and dividend income decreased to $10.8 million in the 2025 period from $13.8 million in the 2024 period primarily driven by lower interest income as a result of lower sustained interest rates in the 2025 period.

Shareholder-designated contributions for the six months ended June 30, 2025 decreased to $31 thousand compared to $0.4 million in the prior year period, driven by timing of contributions.

*Income taxes*

The effective tax rate for the six months ended June 30, 2025 and 2024 was 25.4% and 21.1%, respectively. The difference in effective tax rate period over period is primarily driven by certain nondeductible compensation expenses in 2025 which increased the current year's effective tax rate, coupled with deferred tax benefits from a foreign investment which reduced the prior year's effective tax rate

**ASSETS UNDER MANAGEMENT**

Our revenues are highly correlated to the level of assets under management and fees associated with our various investment products, rather than our own corporate assets. Assets under management, which are directly influenced by the level and changes of the overall equity markets, can also fluctuate through acquisitions, the creation of new products, and the addition of new accounts or the loss of existing accounts. Since various equity products have different fees, changes in our business mix may also affect revenues. At times, the performance of our equity products may differ markedly from popular market indices, and this can also impact our revenues.

Assets under management were $1.3 billion as of June 30, 2025 compared to $1.2 billion at December 31, 2024. The increase from year-end was primarily attributable to market appreciation.

**Assets Under Management (in millions)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **% Change From** | **% Change From** |
|  | **June 30,** | **December 31,** | **June 30,** | **December 31,** | **June 30,** |
|  | **2025** | **2024** | **2024** | **2024** | **2024** |
| Merger Arbitrage<sup>(a)</sup> | $1078 | $1003 | $1127 | 7.5 | (4.3) |
| Long/Short Value<sup>(b)</sup> | 228 | 209 | 199 | 9.1 | 14.6 |
| Other | 36 | 36 | 36 |  |  |
| Total AUM | $1342 | $1248 | $1362 | 7.5 | (1.5) |

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(a) Includes $455, $408, and $468 of sub-advisory AUM related to GAMCO International SICAV - GAMCO Merger Arbitrage, $71, $68, and $66 of sub-advisory AUM related to Gabelli Merchant Partners Plc (f/k/a Gabelli Merger Plus+ Trust Plc), respectively.

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

**Fund flows for the three months ended June 30, 2025 (in millions):**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **Market Appreciation/ (Depreciation)** | **Foreign Currency<sup>(1)</sup>** | **Net Inflows/ (Outflows)** | **June 30, 2025** |
| Merger Arbitrage | $1012 | $41 | $23 | $2 | $1078 |
| Long/Short Value | 221 | 7 |  |  | 228 |
| Other | 36 | 1 |  | (1) | 36 |
| Total AUM | $1269 | $49 | $23 | $1 | $1342 |

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(1) Reflects the impact of currency fluctuations of non-US dollar denominated classes of investment funds.

The majority of our AUM have calendar year-end measurement periods, and our incentive fees are primarily recognized in the fourth quarter. Assets under management increased on a net basis by $73 million for the quarter ended June 30, 2025 due to market appreciation of $49 million, the impact of currency fluctuations in non-US dollar denominated classes of investment funds of $23 million and net investor inflows of $1 million.

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**Liquidity and Capital Resources**

Our principal assets consist of cash and cash equivalents; treasury securities; marketable securities, primarily equities, including 0.7 million shares of GAMCO; and interests in affiliated and third-party funds and partnerships. Although Investment Partnerships may be subject to restrictions as to the timing of distributions, the underlying investments of such Investment Partnerships are generally liquid, and the valuations of these products reflect that underlying liquidity.

Summary cash flow data is as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Cash flows provided by (used in): |  |  |
| Operating activities | $(49267) | $28623 |
| Investing activities | 2109 | (640) |
| Financing activities | (4315) | (8662) |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (51473) | 19321 |
| Cash, cash equivalents and restricted cash at beginning of period | 325703 | 347057 |
| Cash, cash equivalents and restricted cash at end of period | $274230 | $366378 |

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We require relatively low levels of capital expenditures and have a highly variable cost structure where costs increase and decrease based on the level of revenues we receive. Our revenues, in turn, are highly correlated to the level of AUM and to investment performance. We anticipate that our available liquid assets should be sufficient to meet our cash requirements as we build out our operating business. At June 30, 2025, we had cash and cash equivalents of $249.4 million, Investments in U.S. Treasury Bills of $143.1 million and $187.5 million of investments net of securities sold, not yet purchased of $7.2 million. Included in cash and cash equivalents as of June 30, 2025 is $18.0 million which is held by consolidated investment funds and may not be readily available for the Company to access.

Net cash used in operating activities was $49.3 million for the six months ended June 30, 2025. Operating cash flows in 2025 are driven by $56.6 million of net increases in securities and adjustments for noncash items, primarily gains on investments securities and partnership investments and deferred taxes of $31.4 million. These uses were offset partially by our net income of $26.4 million, $7.6 million of net receivables/payables and net distributions from investment partnerships of $4.7 million. Net cash provided by investing activities was $2.1 million primarily due to proceeds from sales of securities of $1.2 million and return of capital on securities of $1.0 million, partially offset by purchases of securities of $0.1 million. Net cash used in financing activities was $4.3 million resulting primarily from stock buyback payments of $2.2 million and dividends paid of $2.1 million.

Net cash provided by operating activities was $28.6 million for the six months ended June 30, 2024. Operating cash flows in 2024 are driven by our net income of $16.8 million, $22.9 million of net decreases in securities, and net distributions from investment partnerships of $4.1 million. These were offset partially by adjustments for noncash items, primarily gains on investments securities and partnership investments and deferred taxes of $13.8 million, and $1.4 million of net receivables/payables. Net cash used in investing activities was $0.6 million primarily due to purchases of securities of $5.0 million, partially offset by proceeds from sales of securities of $3.5 million and return of capital on securities of $0.9 million. Net cash used in financing activities was $8.7 million resulting primarily from stock buyback payments of $6.2 million, dividends paid of $2.1 million and redemptions of redeemable noncontrolling interests of $0.4 million.

**Critical Accounting Policies and Estimates**

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. See Note 1 and the Company's Critical Accounting Policies in Management's Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations in AC's 2024 Annual Report on Form 10-K filed with the SEC on March 19, 2025 for details on Critical Accounting Policies.

**ITEM 3: Quantitative and Qualitative Disclosures About Market Risk**

Smaller reporting companies are not required to provide the information required by this item.

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**ITEM 4. Controls and Procedures**

**Disclosure Controls and Procedures**

As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of and for the period covered by this report.

**Internal Control over Financial Reporting**

There have been no changes in our internal control over financial reporting as defined by Rule 13a-15(f) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Forward-Looking Information**

Our disclosure and analysis in this report contain some forward-looking statements. Forward-looking statements give 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, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation:

• the adverse effect from a decline in the securities markets

• a decline in the performance of our products

• a general downturn in the economy

• changes in government policy or regulation

• changes in our ability to attract or retain key employees

• unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations

We also direct your attention to any more specific discussions of risk contained in our Form 10 and other public filings. We are providing these statements as permitted by the Private Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.

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**PART II: Other Information**

**ITEM 1: Legal Proceedings**

Currently, we are not subject to any legal proceedings that individually or in the aggregate involved a claim for damages in excess of 10% of our consolidated assets. From time to time, we may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. We are also subject to governmental or regulatory examinations or investigations. Examinations or investigations can result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that we believe are probable and estimable. Furthermore, we evaluate whether there exist losses which may be reasonably possible and, if material, make the necessary disclosures. However, management believes such matters, both those that are probable and those that are reasonably possible, are not material to the Company's condensed consolidated financial condition, operations, or cash flows at June 30, 2025. See also Note 10, *Guarantees, Contingencies and Commitments*, to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.

**ITEM 1A: Risk Factors.**

Smaller reporting companies are not required to provide the information required by this item.

**ITEM 2:** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unregistered Sales of Equity Securities And Use Of Proceeds**

The following table provides information for our repurchase of our Class A Stock during the quarter ended June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Period | Total Number of Shares Repurchased | Average Price Paid Per Share, net of Commissions | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs |  |
| 04/01/25 - 04/30/25 | 7796 | $34.48 | 7796 | 306734 |  |
| 05/01/25 - 05/31/25 | 5211 | 37.04 | 5211 | 301523 | |
| 06/01/25 - 06/30/25 | 8234 | 38.14 | 8234 | 293289 |  |
| Totals | 21241 | $36.53 | 21241 |  |  |

---

**ITEM *5:* Other Information**

During the *six* months ended *June 30, 2025*, none of our directors or officers adopted, modified or terminated a "Rule *10b5*-*1* trading arrangement" or a "non-Rule *10b5*-*1* trading arrangement" as such terms are defined under Item *408* of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25

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**ITEM 6:**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a) Exhibits**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Exhibit** |
| **2.1** | [Separation and Distribution Agreement, dated November 30, 2015, between GAMCO Investors, Inc., a Delaware corporation ("GAMCO"), and Associated Capital Group, Inc., a Delaware corporation (the "Company"). (Incorporated by reference to Exhibit 2.1 to the Company's Form 8-K dated November 30, 2015 filed with the Securities and Exchange Commission on December 4, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915083060/a15-24521_1ex2d1.htm) |
| **3.1** | [Amended and Restated Certificate of Incorporation of the Company. (Incorporated by reference to Exhibit 3.1 to the Company's Form 8-K dated November 19, 2015 filed with the Securities and Exchange Commission on November 25, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915081320/a15-24101_1ex3d1.htm) |
| **3.2** | [Amended and Restated Bylaws of the Company. (Incorporated by reference to Exhibit 3.2 to the Company's Report on Form 8-K dated November 19, 2015 filed with the Securities and Exchange Commission on November 25, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915081320/a15-24101_1ex3d2.htm) |
| **4.1** | [Form of Common Stock Certificate. (Incorporated by reference to Exhibit 4.1 to Amendment No. 4 to the Company's Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 21, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000104746915007971/a2226253zex-4_1.htm) |
| **4.2** | [Description of The Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. (Incorporated by reference to Exhibit 4.2 of the Company's Report on Form 10-K filed with the Commission on March 16, 2020).](http://www.sec.gov/Archives/edgar/data/1642122/000114036120005911/ex4_2.htm) |
| **10.1** | [Service Mark and Name License Agreement, dated November 30, 2015, by and between the Company and GAMCO. (Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915083060/a15-24521_1ex10d1.htm) |
| **10.2** | [Transitional Administrative and Management Services Agreement, dated November 30, 2015, by and between the Company and GAMCO. (Incorporated by reference to Exhibit 10.2 to the Company's Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915083060/a15-24521_1ex10d2.htm) |
| **10.3** | [Employment Agreement between the Company and Mario J. Gabelli dated November 30, 2015 (Incorporated by reference to Exhibit 10.3 to the Company's Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915083060/a15-24521_1ex10d3.htm) |
| **10.4** | [Promissory Note in aggregate principal amount of $250,000,000, dated November 30, 2015, issued by GAMCO in favor of the Company (Incorporated by reference to Exhibit 10.4 to the Company's Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915083060/a15-24521_1ex10d4.htm) |
| **10.5** | [Tax Indemnity and Sharing Agreement, dated November 30, 2015, by and between the Company and GAMCO. (Incorporated by reference to Exhibit 10.5 to the Company's Form 8-K dated November 30, 2015 filed with the Commission on December 4, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000110465915083060/a15-24521_1ex10d5.htm) |
| **10.6** | [2015 Stock Award Incentive Plan (Incorporated by reference to Exhibit 10.11 to Amendment No. 4 to the Company's Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 21, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000104746915007971/a2226253zex-10_11.htm) |
| **10.7** | [Form of Indemnification Agreement by and between the Company and the Indemnitee defined therein (Incorporated by reference to Exhibit 10.7 to Amendment No. 4 to the Company's Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 21, 2015).](http://www.sec.gov/Archives/edgar/data/1642122/000104746915007971/a2226253zex-10_7.htm) |
| **10.8** | [Agreement and Plan of Merger, dated as of October 31, 2019, by and among Morgan Group Holding Co., G.R. acquisition, LLC, G.research, LLC, Institutional Services Holdings, LLC and Associated Capital Group, Inc. (Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Morgan Group Holding Co. filed with the Securities and Exchange Commission on November 6, 2019).](http://www.sec.gov/Archives/edgar/data/1162283/000114036119019947/ex2_1.htm) |
| **19.1** | [Insider Trading Policy (Incorporated by reference to Exhibit 19.1 to the Company's Form 10-K dated December 31, 2024 filed with the Commission on March 19, 2025).](http://www.sec.gov/Archives/edgar/data/1642122/000143774925008454/ex_789243.htm) |
| **31.1** | [Certification of CEO pursuant to Rule 13a-14(a).](ex_818813.htm) |
| **31.2** | [Certification of CFO pursuant to Rule 13a-14(a).](ex_818814.htm) |
| **32.1** | [Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex_818815.htm) |
| **32.2** | [Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.](ex_818816.htm) |
| **97.1** | [Associated Capital Group, Inc. Clawback Policy (Incorporated by reference to Exhibit 97.1 to the Company's Form 10-K dated December 31, 2023 filed with the Commission on March 21, 2024).](http://www.sec.gov/Archives/edgar/data/1642122/000143774924008882/ex_637764.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26

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**SIGNATURES**

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 thereunto duly authorized.

---

| | |
|:---|:---|
| <u>ASSOCIATED CAPITAL GROUP, INC.</u> | <u>ASSOCIATED CAPITAL GROUP, INC.</u> |
| (Registrant) | (Registrant) |
| By: | /s/ Ian J. McAdams |
| Name: | Ian J. McAdams |
| Title: | Chief Financial Officer |
| Date: August 7, 2025 | Date: August 7, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27

## Exhibit 31.1

**Exhibit 31.1**

**Certifications**

I, Patrick B. Huvane, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Associated Capital Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of income and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures as of the end of the period covered by this report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Patrick B. Huvane |
| Name: | Patrick B. Huvane |
| Title: | Interim Chief Executive Officer |
| Date: | August 7, 2025 |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certifications**

I, Ian J. McAdams, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Associated Capital Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of income and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures as of the end of the period covered by this report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Ian J. McAdams |
| Name: | Ian J. McAdams |
| Title: | Chief Financial Officer |
| Date: | August 7, 2025 |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of CEO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Associated Capital Group, Inc. (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Patrick B. Huvane, as Interim Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of income of the Company.

---

| | |
|:---|:---|
| By: | /s/ Patrick B. Huvane |
| Name: | Patrick B. Huvane |
| Title: | Interim Chief Executive Officer |
| Date: | August 7, 2025 |

---

This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

## Exhibit 32.2

**Exhibit 32.2**

**Certification of CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Associated Capital Group, Inc. (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Ian J. McAdams, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of income of the Company.

---

| | |
|:---|:---|
| By: | /s/ Ian J. McAdams |
| Name: | Ian J. McAdams |
| Title: | Chief Financial Officer |
| Date: | August 7, 2025 |

---

This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.