AUM: $1.55 billion at March 31, 2024 compared to $1.59 billion at December 31, 2023 Book Value per share ended the quarter at $42.80 per share vs $42.11 at December 31, 2023 GREENWICH, Conn., May 09, 2024 (GLOBE NEWSWIRE) -- Associated Capital Group, Inc. ("AC" or the "Company"), a diversified financial services company, today reported its financial results for the first quarter ended March 31, 2024. Financial Highlights ($ in 000's except AUM and per share data) (Unaudited)   Three Months Ended March 31,       2024     2023   AUM - end of period (in millions)   $ 1,549     $ 1,799   AUM - average (in millions)     1,556       1,841                     Revenues     3,011       2,465   Operating loss before management fee (Non-GAAP)     (2,988 )     (2,590 ) Investment and other non-operating income/(loss), net     22,625       24,735   Income/(loss) before income taxes     17,655       19,602                     Net income/(loss)     13,821       17,754   Net income/(loss) per share-diluted     0.64       0.81                     Class A shares outstanding (000's)     2,469       2,975   Class B "                 "     18,951       18,963   Total      "                 "     21,420       21,938                     Book value per share   $ 42.80     $ 41.30                     First Quarter Financial Data Assets under management ended the quarter at $1.55 billion versus $1.80 billion at March 31, 2023. Book value was $42.80 per share compared to $41.30 per share at March 31, 2023.  First Quarter Results Total revenues in the first quarter were $3.0 million compared to $2.5 million in the first quarter of 2023. Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage (the "SICAV") were $1.7 million versus $1.1 million in the prior year period. All other revenues were $1.3 million compared to $1.4 million in the year-ago quarter. Starting in December 2023, the SICAV revenue recognized by the Company for its services increased to 100% of the revenues received by Gabelli Funds, LLC. In turn, AC now pays the marketing expenses of the SICAV that were previously paid by Gabelli Funds and remits an admin fee to GAMCO for administrative services provided to the SICAV. This change better aligns the financial arrangements with the services rendered by each party. The net effect of this change did not have a material impact on our operating results. Total operating expenses, excluding management fee, were $6.0 million in the first quarter of 2024 and $5.1 million in the first quarter of 2023. The increase is driven primarily by $0.7 million of marketing expenses on the newly realigned SICAV and higher mark to market stock-based compensation expense of $0.2 million. Net investment and other non-operating income was $22.6 million for the first quarter of 2024 compared to $24.7 million in the first quarter of 2023. The primary drivers of this quarter's results included mark to market increases from our GAMCO holdings and merger arbitrage partnerships. Higher interest rates in the 2024 quarter as compared to 2023 contributed to higher interest income. For the quarter ending March 31, 2024, the management fee was $2.0 million versus $2.5 million for the three months ended March 31, 2023. The effective tax rate applied to our pre-tax income for the quarter ended March 31, 2024 was 21.5%. In the year ago quarter, the effective tax rate was 8.1%; 2023's lower rate is primarily driven by deferred tax benefits from a foreign investment. Assets Under Management (AUM) Assets under management at March 31, 2024 were $1.55 billion, $42 million less than year-end 2023 primarily due to net outflows of $43 million and the impact of currency fluctuations in non-US dollar denominated classes of investment funds ($11 million). These were offset partially by market appreciation of $12 million.      March 31,     December 31,     March 31, ($ in millions)   2024     2023     2023 Merger Arbitrage(a)   $ 1,262     $ 1,312     $ 1,537 Long/Short Value(b)     251       244       229 Other     36       35       33 Total AUM   $ 1,549     $ 1,591     $ 1,799   (a) Includes $580, $621, and $812 of sub-advisory AUM related to GAMCO International SICAV - GAMCO Merger Arbitrage, $66, $69, and $68 of sub-advisory AUM related to Gabelli Merger Plus+ Trust Plc and $196, $240 and $187 of 100% U.S. Treasury Fund managed by GAMCO at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.(b) Includes $243, $237 and $222 where Associated Capital receives only performance fees, less expenses of $26, $25 and $24, respectively. Alternative Investment Management The alternative investment strategy offerings center around our merger arbitrage strategy which has an absolute return focus of generating returns independent of the broad equity and fixed income markets. We also offer strategies utilizing fundamental, active, event-driven and special situations investments. Merger Arbitrage   For the first quarter of 2024, the longest continuously offered fund in the merger arbitrage strategy generated gross returns of 1.33% (0.87% net of fees). A summary of the performance is as follows:                     Full Year                 Performance%(a)   1Q '24     1Q '23     2023     2022     2021