Associated Capital Reports Estimated Fourth Quarter and Full Year Results

Rhea-AI Summary

Associated Capital Group, Inc. (AC) announced preliminary estimates for its financial results for the fourth quarter and year ending December 31, 2022. The company's estimated book value per share is projected to be between $40.37 and $40.57, a slight increase from $39.96 at the end of September 2022 but a decline from $42.48 a year earlier. Additionally, assets under management rose to $1.84 billion, up from $1.78 billion in 2021. Further financial details are expected to be released in February.

Positive

• Increase in assets under management to $1.84 billion from $1.78 billion YoY.
• Book value per share increased from $39.96 at September 30, 2022.

Negative

• Book value per share decreased from $42.48 at December 31, 2021.
• The growth in book value per share is modest and may raise concerns among investors.

GREENWICH, Conn.--(BUSINESS WIRE)-- Associated Capital Group, Inc. (“AC” or the “Company”) announced today a preliminary estimate of its financial results for the fourth quarter and year ended December 31, 2022.

As of December 31, 2022, AC’s book value is estimated to be within the range of $40.37 and $40.57 per share, compared to $39.96 per share at September 30, 2022 and $42.48 at December 31, 2021.

Assets under management were $1.84 billion at December 31, 2022 as compared to $1.78 billion at December 31, 2021.

AC will be issuing further details on its financial results in February.

About Associated Capital Group, Inc.
Associated Capital Group, Inc., based in Greenwich, Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. 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 “fund-less” sponsor, and Gabelli Principal Strategies Group, LLC (“GPS”), created to pursue strategic operating initiatives.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain “forward-looking statements”. Forward-looking statements convey 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, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230117006132/en/

Douglas R. Jamieson

Chief Executive Officer

(203) 629-9595

Associated-Capital-Group.com

Source: Associated Capital Group, Inc.

FAQ

What was the book value per share for Associated Capital Group as of December 31, 2022?

The estimated book value per share as of December 31, 2022, is between $40.37 and $40.57.

How much are the assets under management for Associated Capital Group at the end of 2022?

As of December 31, 2022, assets under management are $1.84 billion.

When will Associated Capital Group release its detailed financial results?

Associated Capital Group plans to release further details on its financial results in February.

How does the book value of Associated Capital Group compare to previous quarters?

The book value per share was $39.96 at September 30, 2022, and $42.48 at December 31, 2021.