Associated Capital Q1 net income falls 44.5% to $7.7M; CEO Jamieson retires, Huvane interim CEO

Associated Capital Group, Inc.

Net income $7.7M ($0.36 diluted EPS) vs $13.8M ($0.64) in Q1 2024; revenue down 29% to $2.1M.
Merger Arbitrage gross return 3.8% (net 2.8%) in Q1; AUM $1.27B vs $1.25B at year-end 2024.
Book value per share $42.51 vs $42.14 at Dec 31, 2024; declared $0.10 semi-annual dividend.
CEO Doug Jamieson retired March 2025; Patrick Huvane named Interim CEO effective upon retirement.
Repurchased 39,018 Class A shares for $1.4M in Q1; cumulative shareholder return $184.2M since spin-off.

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