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GAMCO Investors, Inc. Reports Results for the Third Quarter 2023

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GAMCO Investors, Inc. (GAMI) Reports $29.2B Quarter End AUM, $0.52 EPS, and $74M Charitable Donations
Positive
  • GAMI reported a 5.0% decrease in AUM from June 30, 2023, reflecting general market trends.
  • The company's operating margin increased to 29.5% in the third quarter of 2023.
  • GAMI's non-operating income decreased by 90.8% for the quarter due to lower mark-to-market values on the investment portfolio.
  • Net outflows and market depreciation led to a decrease in assets under management in Mutual Funds, Closed-end Funds, and Institutional & PWM.
  • The company's charitable donations total approximately $74 million since its IPO in 1999.
Negative
  • None.
  • Quarter End AUM of $29.2 billion; Average AUM of $30.8 billion
  • Operating Margin of 29.5%
  • Third Quarter Fully Diluted EPS $0.52 versus $0.58 for Second Quarter 2023 and $0.36 in the Third Quarter of 2022

GREENWICH, Conn., Nov. 07, 2023 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. (“GAMI”) (OTCQX: GAMI) today reported its operating results for the quarter ended September 30, 2023.

Financial Highlights

(In thousands, except percentages and per share data)       
  Three Months Ended % Change From 
  September 30,
2023
 June 30,
2023
 September 30,
2022
 June 30,
2023
 September 30,
2022
 
U.S. GAAP           
Revenue $59,475  $59,171  $61,918  0.5% -3.9% 
Expenses  41,954   42,679   43,917  -1.7% -4.5% 
Operating income  17,521   16,492   18,001  6.2% -2.7% 
Non-operating income (loss)  303   3,281   (2,441) -90.8% n/m 
Net income  13,137   14,613   9,427  -10.1% 39.4% 
Diluted earnings per share $0.52  $0.58  $0.36  -10.3% 44.4% 
Operating margin  29.5%  27.9%  29.1% 160 bps 40 bps 
            
 

Giving Back to Society - $74 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $74 million, including $48 million through the shareholder designated charitable contribution (“SDCC”) program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of GAMCO’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, GAMI shareholders have designated charitable gifts to approximately 350 charitable organizations.

Revenue

(In thousands) Three Months Ended     
  September 30,
2023
 June 30,
2023
 $ Change % Change 
Investment advisory and incentive fees         
Fund revenues $37,755 $37,480 $275  0.7% 
Institutional and Private Wealth Management  15,457  15,222  235  1.5% 
SICAV  1,555  1,704  (149) -8.7% 
Total $54,767 $54,406 $361  0.7% 
Distribution fees and other income  4,708  4,765  (57) -1.2% 
Total revenue $59,475 $59,171 $304  0.5% 
          
          

The modest quarter over quarter increase in revenues was primarily the result of higher average assets under management in Funds and Institutional Private Wealth Management offset by lower average assets under management in the SICAV.

Expenses

(In thousands) Three Months Ended     
  September 30,
2023
 June 30,
2023
 $ Change % Change 
Compensation $28,192 $28,056 $136  0.5% 
Management fee  1,980  2,197  (217) -9.9% 
Distribution costs  5,992  6,369  (377) -5.9% 
Other operating expenses  5,790  6,057  (267) -4.4% 
Total expenses $41,954 $42,679 $(725) -1.7% 
          
          
  • Higher stock-based compensation expense ($0.4 million) for the third quarter, offset partially by lower salaries ($0.3 million), resulted in the slight increase in compensation expense.
  • The management fee was $0.2 million lower, based on lower pre-management fee income of $2.2 million.
  • Lower average assets under management in open-end equity fund resulted in lower distribution costs; and,
  • Other operating expenses decreased from the second quarter of 2023.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 29.5% for the third quarter of 2023 compared with 27.9% for the second quarter of 2023.  

Non-Operating Income

(In thousands) Three Months Ended     
  September 30,
2023
 June 30,
2023
 $ Change % Change 
Gain / (loss) from investments, net $(1,952) $1,616  $(3,568) -220.8% 
Interest and dividend income  2,542   1,958   584  29.8% 
Interest expense  (287)  (293)  6  -2.0% 
Total non-operating income / (loss) $303  $3,281  $(2,978) -90.8% 
          
          

Non-operating income was lower for the quarter, reflecting the lower mark to market values on our investment portfolio for the quarter offset in part by the higher earnings on our cash and cash equivalents balances.

Income Taxes

A reconciliation of the company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:

  Three Months Ended  
  September 30,
2023
 June 30,
2023
  
U.S. statutory tax rate 21.0% 21.0%  
State income tax, net of federal benefit 2.3  2.7   
Other 3.0  2.4   
Effective income tax rate 26.3% 26.1%  
       
       

Assets Under Management

(In millions) As of   
  September 30,
2023
 June 30,
2023
 % Change 
        
Mutual Funds $7,546 $8,271 -8.8% 
Closed-end Funds  6,727  7,195 -6.5% 
Institutional & PWM (a) (b)  10,034  11,035 -9.1% 
SICAV (c)  622  590 5.4% 
Total Equities  24,929  27,091 -8.0% 
        
100% U.S. Treasury Money Market Fund  4,217  3,596 17.3% 
Institutional & PWM Fixed Income  32  32 0.0% 
Total Treasuries & Fixed Income  4,249  3,628 17.1% 
Total Assets Under Management $29,178 $30,719 -5.0% 
        
(a) Includes $401 and $441 of AUM subadvised for Teton Advisors, Inc. at September 30, 2023 and June 30, 2023, respectively.  
(b) Includes $230 and $230 of 100% U.S. Treasury Fund AUM at September 30, 2023 and June 30, 2023, respectively.   
(c) Includes $613 and $579 of the SICAV AUM subadvised by Associated Capital Group, Inc. at September 30, 2023 and June 30, 2023, respectively.
        
        

Assets under management on September 30, 2023 were $29.2 billion, a decrease of 5.0% from the $30.7 billion on June 30, 2023 reflecting general market trends. The quarter’s decrease consisted of market depreciation of $1.3 billion, net outflows of $104 million and distributions of $132 million.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund on September 30, 2023 were $4.2 billion, an increase of 17.3% from the $3.6 billion on June 30, 2023 reflecting net inflows of $569 million and market appreciation of $52 million and up from $2.7 billion at September 30, 2022.

Gabelli U.S. Treasury Money Market Fund

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df3b8402-cc51-4028-80ac-92eca71c9e04

Mutual Funds

Assets under management in Mutual Funds on September 30, 2023 were $7.5 billion, a decrease of 8.8% from the $8.3 billion at June 30, 2023. The quarterly change was attributed to:

  • Net outflows of $217 million;
  • Market depreciation of $503 million; and
  • Distributions, net of reinvestment, of $5 million.

Closed-end Funds

Assets under management in Closed-end Funds on September 30, 2023 were $6.7 billion, a decrease of 6.5% from the $7.2 billion on June 30, 2023. The quarterly change was comprised of:

  • Net outflows of $29 million, consisting of the put of $16 million of preferred shares and $13 million of common stock repurchased by the Funds;
  • Market depreciation of $312 million; and
  • Distributions, net of reinvestment, of $127 million.

Institutional & PWM

Assets under management in Institutional & PWM on September 30, 2023 were $10.0 billion, a decrease of 9.1% from the $11.0 billion on June 30, 2023. The quarterly change was due to:

  • Net outflows of $462 million; and
  • Market depreciation of $539 million.

SICAV

Assets under management in SICAV on September 30, 2023 were $622 million, an increase from the $590 million on June 30, 2023. The quarterly change was comprised as follows:

  • Net inflows of $35 million; and
  • Market depreciation of $3 million.

Balance Sheet Information

As of September 30, 2023, cash, cash equivalents, and investments were $219.5 million, compared with $169.5 million as of December 31, 2022. As of September 30, 2023, stockholders’ equity was $170.1 million compared to $139.1 million as of December 31, 2022.

Return to Shareholders

During the third quarter, GAMI paid a dividend of $0.04 per share for a total of $1.0 million and purchased 159,518 shares for $3.3 million at an average investment of $20.74 per share. From October 1, 2023, to November 7, 2023, the Company has purchased 84,657 shares at an average investment of $18.92 per share. On November 7, 2023, the Board of Directors increased the buyback authorization by 500,000 shares to 1,023,171 shares.

On November 7, 2023, GAMI’s board of directors declared a regular quarterly dividend of $0.04 per share, which is payable on December 26, 2023, to class A and class B shareholders of record on December 12, 2023.

About GAMCO Investors, Inc.

GAMI is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst™). GAMI conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed semi-transparent ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). GAMI serves a broad client base including institutions, intermediaries, private wealth, and direct retail investors. In recent years, GAMI has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities.

Gabelli Funds offers a wide range of solutions for clients across Value and Growth Equity, SRI, Convertibles, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and U.S. Treasury Money Market Fixed Income.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com

GAMCO Investors, Inc. and Subsidiaries         
Condensed Consolidated Statements of Operations (Unaudited)         
(in thousands, except per share data)         
  Three Months Ended % Change From 
  September 30,
2023
 June 30,
2023
 September 30,
2022
 June 30,
2023
 September 30,
2022
 
Revenue:           
Investment advisory and incentive fees $54,767  $54,406  $56,215      
Distribution fees and other income  4,708   4,765   5,703      
Total revenue  59,475   59,171   61,918  0.5% -3.9% 
Expenses:           
Compensation  28,192   28,056   29,539      
Management fee  1,980   2,197   1,730      
Distribution costs  5,992   6,369   6,599      
Other operating expenses  5,790   6,057   6,049      
Total expenses  41,954   42,679   43,917  -1.7% -4.5% 
Operating income  17,521   16,492   18,001  6.2% -2.7% 
Non-operating income (loss):           
Gain / (loss) from investments, net  (1,952)  1,616   (2,686)     
Interest and dividend income  2,542   1,958   893      
Interest expense  (287)  (293)  (648)     
Total non-operating income / (loss)  303   3,281   (2,441) -90.8% -112.4% 
Income before provision for income taxes  17,824   19,773   15,560  -9.9% 14.6% 
Provision for income taxes  4,687   5,160   6,133      
Net income $13,137  $14,613  $9,427  -10.1% 39.4% 
            
Earnings per share attributable to common           
stockholders:           
Basic $0.52  $0.58  $0.36  -10.3% 44.4% 
Diluted $0.52  $0.58  $0.36  -10.3% 44.4% 
            
Weighted average shares outstanding:           
Basic  25,224   25,358   26,152      
Diluted  25,224   25,358   26,370      
            
            


GAMCO Investors, Inc. and Subsidiaries      
Condensed Consolidated Statements of Operations (Unaudited)      
(in thousands, except per share data)      
  Nine Months Ended   
  September 30,
2023
 September 30,
2022
 % Change  
Revenue:        
Investment advisory and incentive fees $164,168  $180,225     
Distribution fees and other income  14,384   16,919     
Total revenue  178,552   197,144  -9.4%  
Expenses:        
Compensation  85,434   82,812     
Management fee  6,213   3,407     
Distribution costs  18,834   20,416     
Other operating expenses  17,660   18,282     
Total expenses  128,141   124,917  2.6%  
Operating income  50,411   72,227  -30.2%  
Non-operating income (loss):        
Gain / (loss) from investments, net  225   (9,891)    
Interest and dividend income  6,161   1,537     
Interest expense  (878)  (2,235)    
Total non-operating income / (loss)  5,508   (10,589) -152.0%  
Income before provision for income taxes  55,919   61,638  -9.3%  
Provision for income taxes  12,272   17,471     
Net income $43,647  $44,167  -1.2%  
         
Earnings per share attributable to common        
stockholders:        
Basic $1.72  $1.68  2.4%  
Diluted $1.72  $1.66  3.6%  
         
Weighted average shares outstanding:        
Basic  25,369   26,319     
Diluted  25,369   26,604     
         
         


GAMCO Investors, Inc. and Subsidiaries       
Condensed Consolidated Statements of Financial Condition (Unaudited)    
(in thousands)       
    
  September 30, December 31, September 30, 
  2023 2022 2022 
Assets       
Cash, cash equivalents, and U.S. Treasury Bills $125,181 $66,381 $112,274 
Investments in securities  71,933  84,742  28,744 
Seed capital investments  22,361  18,347  17,464 
Receivable from brokers  1,958  1,932  3,241 
Other receivables  20,218  25,839  22,569 
Deferred tax asset and income tax receivable  10,844  16,701  10,216 
Other assets  9,735  9,879  10,718 
Total assets $262,230 $223,821 $205,226 
        
Liabilities and stockholders' equity       
Payable for investments purchased $- $2,980 $- 
Income taxes payable  -  -  750 
Compensation payable  47,548  33,919  37,932 
Accrued expenses and other liabilities  44,560  47,868  45,094 
Total liabilities  92,108  84,767  83,776 
        
Stockholders' equity  170,122  139,054  121,450 
Total liabilities and stockholders' equity $262,230 $223,821 $205,226 
        
Shares outstanding  25,153  25,680  25,904 
        
        


GAMCO Investors, Inc. and Subsidiaries          
Assets Under Management           
By investment vehicle           
(in millions)           
  Three Months Ended % Changed From 
  September 30, June 30, September 30, June 30, September 30, 
   2023   2023   2022  2023 2022 
Equities:           
Mutual Funds           
Beginning of period assets $8,271  $8,288  $8,354      
Inflows  146   168   189      
Outflows  (363)  (423)  (367)     
Net inflows (outflows)  (217)  (255)  (178)     
Market appreciation (depreciation)  (503)  242   (482)     
Fund distributions, net of reinvestment  (5)  (4)  (5)     
Total increase (decrease)  (725)  (17)  (665)     
Assets under management, end of period $7,546  $8,271  $7,689  -8.8% -1.9% 
Percentage of total assets under management  25.9%  26.9%  27.8%     
Average assets under management $8,100  $8,165  $8,571  -0.8% -5.5% 
            
Closed-end Funds           
Beginning of period assets $7,195  $7,155  $7,036      
Inflows  -   1   25      
Outflows  (29)  (24)  (43)     
Net inflows (outflows)  (29)  (23)  (18)     
Market appreciation (depreciation)  (312)  191   (312)     
Fund distributions, net of reinvestment  (127)  (128)  (126)     
Total increase (decrease)  (468)  40   (456)     
Assets under management, end of period $6,727  $7,195  $6,580  -6.5% 2.2% 
Percentage of total assets under management  23.1%  23.4%  23.8%     
Average assets under management $7,124  $7,117  $7,234  0.1% -1.5% 
            
Institutional & PWM           
Beginning of period assets $11,035  $10,764  $10,569      
Inflows  51   66   64      
Outflows  (513)  (297)  (426)     
Net inflows (outflows)  (462)  (231)  (362)     
Market appreciation (depreciation)  (539)  502   (375)     
Total increase (decrease)  (1,001)  271   (737)     
Assets under management, end of period $10,034  $11,035  $9,832  -9.1% 2.1% 
Percentage of total assets under management  34.4%  35.9%  35.6%     
Average assets under management $10,928  $10,628  $10,878  2.8% 0.5% 
            
SICAV           
Beginning of period assets $590  $824  $886      
Inflows  103   48   78      
Outflows  (68)  (269)  (146)     
Net inflows (outflows)  35   (221)  (68)     
Market appreciation (depreciation)  (3)  (13)  (33)     
Total increase (decrease)  32   (234)  (101)     
Assets under management, end of period $622  $590  $785  5.4% -20.8% 
Percentage of total assets under management  2.1%  1.9%  2.8%     
Average assets under management $610  $683  $851  -10.7% -28.3% 
            
Total Equities           
Beginning of period assets $27,091  $27,031  $26,845      
Inflows  300   283   356      
Outflows  (973)  (1,013)  (982)     
Net inflows (outflows)  (673)  (730)  (626)     
Market appreciation (depreciation)  (1,357)  922   (1,202)     
Fund distributions, net of reinvestment  (132)  (132)  (131)     
Total increase (decrease)  (2,162)  60   (1,959)     
Assets under management, end of period $24,929  $27,091  $24,886  -8.0% 0.2% 
Percentage of total assets under management  85.4%  88.2%  90.1%     
Average assets under management $26,762  $26,593  $27,534  0.6% -2.8% 
            
            


GAMCO Investors, Inc. and Subsidiaries          
Assets Under Management           
By investment vehicle - continued           
(in millions)           
  Three Months Ended % Changed From 
  September 30, June 30, September 30, June 30, September 30, 
   2023   2023   2022  2023 2022 
Fixed Income:           
100% U.S. Treasury fund           
Beginning of period assets $3,596  $3,609  $1,836      
Inflows  1,297   931   1,705      
Outflows  (728)  (988)  (838)     
Net inflows (outflows)  569   (57)  867      
Market appreciation (depreciation)  52   44   12      
Total increase (decrease)  621   (13)  879      
Assets under management, end of period $4,217  $3,596  $2,715  17.3% 55.3% 
Percentage of total assets under management  14.5%  11.7%  9.8%     
Average assets under management $3,995  $3,618  $2,433  10.4% 64.2% 
            
Institutional & PWM Fixed Income           
Beginning of period assets $32  $32  $32      
Inflows  -   -   -      
Outflows  -   -   -      
Net inflows (outflows)  -   -   -      
Market appreciation (depreciation)  -   -   -      
Total increase (decrease)  -   -   -      
Assets under management, end of period $32  $32  $32  0.0% 0.0% 
Percentage of total assets under management  0.1%  0.1%  0.1%     
Average assets under management $32  $32  $32  0.0% 0.0% 
            
Total Treasuries & Fixed Income           
Beginning of period assets $3,628  $3,641  $1,868      
Inflows  1,297   931   1,705      
Outflows  (728)  (988)  (838)     
Net inflows (outflows)  569   (57)  867      
Market appreciation (depreciation)  52   44   12      
Total increase (decrease)  621   (13)  879      
Assets under management, end of period $4,249  $3,628  $2,747  17.1% 54.7% 
Percentage of total assets under management  14.6%  11.8%  9.9%     
Average assets under management $4,027  $3,650  $2,465  10.3% 63.4% 
            
Total AUM           
Beginning of period assets $30,719  $30,672  $28,713      
Inflows  1,597   1,214   2,061      
Outflows  (1,701)  (2,001)  (1,820)     
Net inflows (outflows)  (104)  (787)  241      
Market appreciation (depreciation)  (1,305)  966   (1,190)     
Fund distributions, net of reinvestment  (132)  (132)  (131)     
Total increase (decrease)  (1,541)  47   (1,080)     
Assets under management, end of period $29,178  $30,719  $27,633  -5.0% 5.6% 
Average assets under management $30,789  $30,243  $29,999  1.8% 2.6% 
            
            


GAMCO Investors, Inc. and Subsidiaries       
Assets Under Management        
By investment vehicle        
(in millions)        
  Nine Months Ended   
  September 30, September 30,    
   2023   2022  % Change  
Equities:        
Mutual Funds        
Beginning of period assets $8,140  $10,249     
Inflows  556   745     
Outflows  (1,164)  (1,157)    
Net inflows (outflows)  (608)  (412)    
Market appreciation (depreciation)  27   (2,135)    
Fund distributions, net of reinvestment  (13)  (13)    
Total increase (decrease)  (594)  (2,560)    
Assets under management, end of period $7,546  $7,689  -1.9%  
Percentage of total assets under management  25.9%  27.8%    
Average assets under management $8,185  $9,117  -10.2%  
         
Closed-end Funds        
Beginning of period assets $7,046  $8,656     
Inflows  25   120     
Outflows  (68)  (300)    
Net inflows (outflows)  (43)  (180)    
Market appreciation (depreciation)  112   (1,504)    
Fund distributions, net of reinvestment  (388)  (392)    
Total increase (decrease)  (319)  (2,076)    
Assets under management, end of period $6,727  $6,580  2.2%  
Percentage of total assets under management  23.1%  23.8%    
Average assets under management $7,150  $7,669  -6.8%  
         
Institutional & PWM        
Beginning of period assets $10,714  $13,497     
Inflows  178   252     
Outflows  (1,368)  (1,110)    
Net inflows (outflows)  (1,190)  (858)    
Market appreciation (depreciation)  510   (2,807)    
Total increase (decrease)  (680)  (3,665)    
Assets under management, end of period $10,034  $9,832  2.1%  
Percentage of total assets under management  34.4%  35.6%    
Average assets under management $10,893  $11,795  -7.6%  
         
SICAV        
Beginning of period assets $867  $831     
Inflows  275   443     
Outflows  (513)  (369)    
Net inflows (outflows)  (238)  74     
Market appreciation (depreciation)  (7)  (120)    
Total increase (decrease)  (245)  (46)    
Assets under management, end of period $622  $785  -20.8%  
Percentage of total assets under management  2.1%  2.8%    
Average assets under management $716  $871  -17.8%  
         
Total Equities        
Beginning of period assets $26,767  $33,233     
Inflows  1,034   1,560     
Outflows  (3,113)  (2,936)    
Net inflows (outflows)  (2,079)  (1,376)    
Market appreciation (depreciation)  642   (6,566)    
Fund distributions, net of reinvestment  (401)  (405)    
Total increase (decrease)  (1,838)  (8,347)    
Assets under management, end of period $24,929  $24,886  0.2%  
Percentage of total assets under management  85.4%  90.1%    
Average assets under management $26,944  $29,452  -8.5%  
         
         


GAMCO Investors, Inc. and Subsidiaries       
Assets Under Management        
By investment vehicle - continued        
(in millions)        
  Nine Months Ended   
  September 30, September 30,    
   2023   2022  % Change  
Fixed Income:        
100% U.S. Treasury fund        
Beginning of period assets $2,462  $1,717     
Inflows  4,073   3,708     
Outflows  (2,448)  (2,724)    
Net inflows (outflows)  1,625   984     
Market appreciation (depreciation)  130   14     
Total increase (decrease)  1,755   998     
Assets under management, end of period $4,217  $2,715  55.3%  
Percentage of total assets under management  14.5%  9.8%    
Average assets under management $3,622  $2,020  79.3%  
         
Institutional & PWM Fixed Income        
Beginning of period assets $32  $32     
Inflows  -   -     
Outflows  -   -     
Net inflows (outflows)  -   -     
Market appreciation (depreciation)  -   -     
Total increase (decrease)  -   -     
Assets under management, end of period $32  $32  0.0%  
Percentage of total assets under management  0.1%  0.1%    
Average assets under management $32  $32  0.0%  
         
Total Treasuries & Fixed Income        
Beginning of period assets $2,494  $1,749     
Inflows  4,073   3,708     
Outflows  (2,448)  (2,724)    
Net inflows (outflows)  1,625   984     
Market appreciation (depreciation)  130   14     
Total increase (decrease)  1,755   998     
Assets under management, end of period $4,249  $2,747  54.7%  
Percentage of total assets under management  14.6%  9.9%    
Average assets under management $3,654  $2,052  78.1%  
         
Total AUM        
Beginning of period assets $29,261  $34,982     
Inflows  5,107   5,268     
Outflows  (5,561)  (5,660)    
Net inflows (outflows)  (454)  (392)    
Market appreciation (depreciation)  772   (6,552)    
Fund distributions, net of reinvestment  (401)  (405)    
Total increase (decrease)  (83)  (7,349)    
Assets under management, end of period $29,178  $27,633  5.6%  
Average assets under management $30,598  $31,504  -2.9%  
         


Contact:Kieran Caterina
 Chief Accounting Officer
 (914) 921-5149
  
 For further information please visit
 www.gabelli.com

FAQ

What is the operating margin of GAMI in the third quarter of 2023?

GAMI's operating margin was 29.5% in the third quarter of 2023, representing a 160 basis points increase from the second quarter of 2023.

How much did GAMI's AUM decrease by in the third quarter of 2023?

GAMI's AUM decreased by 5.0% from June 30, 2023, reflecting general market trends.

What was the non-operating income change for GAMI in the third quarter of 2023?

GAMI's non-operating income decreased by 90.8% for the quarter due to lower mark-to-market values on the investment portfolio.

What is the total amount of charitable donations made by GAMI since its IPO?

GAMI's firm's combined charitable donations total approximately $74 million since its IPO in February 1999.

What was GAMI's diluted EPS in the third quarter of 2023?

GAMI's diluted EPS was $0.52 in the third quarter of 2023, down 10.3% from the second quarter of 2023.

How much was the dividend per share paid by GAMI in the third quarter of 2023?

During the third quarter, GAMI paid a dividend of $0.04 per share for a total of $1.0 million.

What was the change in AUM for GAMI's Mutual Funds in the third quarter of 2023?

Assets under management in Mutual Funds on September 30, 2023, were $7.5 billion, a decrease of 8.8% from the $8.3 billion at June 30, 2023, attributed to net outflows, market depreciation, and distributions.

What was the change in AUM for GAMI's Closed-end Funds in the third quarter of 2023?

Assets under management in Closed-end Funds on September 30, 2023, were $6.7 billion, a decrease of 6.5% from the $7.2 billion on June 30, 2023, due to net outflows, market depreciation, and distributions.

What was the change in AUM for GAMI's Institutional & PWM in the third quarter of 2023?

Assets under management in Institutional & PWM on September 30, 2023, were $10.0 billion, a decrease of 9.1% from the $11.0 billion on June 30, 2023, attributed to net outflows and market depreciation.

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