Associated Capital posts Q3 net income $23.2M, EPS $1.09; AUM drops to $1.34B; declares $2 special dividend

Associated Capital Group, Inc.

2024-Q3 EPS reported $1.87 revenue$8,021,000

Net income $23.2M ($1.09 EPS) vs net loss $16K in Q3 2023; revenue $2.4M, up from $2.2M.
AUM $1.34B at Sep 30, 2024, down from $1.59B YoY; net outflows $288M partly offset by $41M market gains.
Investment and other non-operating income surged to $37.2M from $3.8M, aided by $2 special dividend from GAMCO Investors stake.
Board declared $2.00 special dividend (paid Nov 4) and $0.10 semi-annual dividend (payable Dec 19); $45.9M returned to shareholders in Q3.
Merger Arbitrage fund gross return 4.88% (net 3.80%) in Q3; YTD gross 4.82% (net 3.23%).

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