Approved a $6.6 million, or $0.30 cents per share, shareholder designated contribution to 501(c)(3) organizations
|
Three months ended
September 30,
|
Nine months ended
September 30,
| |||||||||||||||
(Unaudited)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||
AUM - end of period (in millions)
|
$
|
1,680
|
$
|
1,251
|
$
|
1,680
|
$
|
1,251
| ||||||||
AUM - average (in millions)
|
1,651
|
1,280
|
1,548
|
1,437
| ||||||||||||
Revenues
|
2,112
|
1,945
|
6,926
|
6,974
| ||||||||||||
Operating Loss
|
(169
|
)
|
(3,552
|
)
|
(16,945
|
)
|
(7,853
|
)
| ||||||||
Investment and other non-operating income, net
|
6,157
|
14,007
|
85,454
|
(33,248
|
)
| |||||||||||
Income/(loss) before income taxes
|
5,988
|
10,455
|
68,509
|
(41,101
|
)
| |||||||||||
Net income/(loss) to shareholders:
| ||||||||||||||||
Continuing operations, net of NCI
|
1,503
|
5,954
|
49,774
|
(31,671
|
)
| |||||||||||
Discontinued operations, net of NCI
|
-
|
(139
|
)
|
-
|
(632
|
)
| ||||||||||
Net income/(loss)
|
1,503
|
5,815
|
49,774
|
(32,303
|
)
| |||||||||||
Net income/(loss) per share-diluted
|
$
|
0.07
|
$
|
0.26
|
$
|
2.25
|
$
|
(1.44
|
)
| |||||||
Class A shares outstanding (thousands)
|
3,099
|
3,370
|
3,099
|
3,370
| ||||||||||||
Class B shares outstanding (thousands)
|
18,963
|
18,963
|
18,963
|
18,963
| ||||||||||||
Total shares outstanding at September 30 (thousands)
|
22,062
|
22,333
|
22,062
|
22,333
| ||||||||||||
Book Value Per Share at September 30
|
$
|
42.24
|
$
|
38.25
|
$
|
42.24
|
$
|
38.25
|
- |
At September 30, 2021 the book value was $42.24 per share versus $42.21 at June 30, 2021, and $40.36 per share at December 31, 2020.
|
- |
Assets under management ended the quarter at $1.68 billion compared to $1.61 billion at June 30, 2021, $1.35 billion at December 31, 2020 and $1.25 billion at September 30, 2020.
|
($ in millions)
|
September 30,
2021
|
December 31,
2020
|
September 30,
2020
| |||||||||
Merger Arbitrage
|
$
|
1,438
|
$
|
1,126
|
$
|
1,091
| ||||||
Event-Driven Value(a) |
198
|
180
|
105
| |||||||||
Other
|
44
|
45
|
55
| |||||||||
Total AUM
|
$
|
1,680
|
$
|
1,351
|
$
|
1,251
|
Performance(a) |
3Q '21
|
YTD '21
|
2020
|
2019
|
2018
|
5 Year(b) |
Since
Inception
| (b)(c) | ||||||||||||||||||||
Merger Arb
| ||||||||||||||||||||||||||||
Gross
|
0.27
|
8.23
|
9.45
|
8.55
|
4.35
|
7.49
|
10.38
| |||||||||||||||||||||
Net
|
0.02
|
5.94
|
6.70
|
5.98
|
2.65
|
5.14
|
7.36
|
Year-to-date
| ||||||||
($ in 000's)
|
2021
|
2020
| ||||||
Operating loss - GAAP
|
$
|
(16,945
|
)
|
$
|
(7,853
|
)
| ||
Add: management fee expense
|
7,209
|
-
| ||||||
Operating loss before management fee - Non-GAAP
|
$
|
(9,736
|
)
|
$
|
(7,853
|
)
|
September 30,
2021
|
December 31,
2020
|
September 30,
2020
| ||||||||||
ASSETS
| ||||||||||||
Cash, cash equivalents and US Treasury Bills (a)
|
$
|
619,772
|
$
|
383,962
|
$
|
47,331
| ||||||
Investments in securities and partnerships (a)
|
500,367
|
495,579
|
784,963
| |||||||||
Investment in GAMCO stock (b)
|
65,578
|
48,907
|
33,921
| |||||||||
Receivable from brokers (a)
|
43,481
|
24,677
|
21,065
| |||||||||
Deferred tax assets
|
-
|
2,207
|
10,059
| |||||||||
Other receivables
|
7,071
|
15,273
|
7,227
| |||||||||
Other assets (a)
|
22,879
|
28,900
|
21,043
| |||||||||
Investments in marketable securities held in trust (a)
|
175,085
|
175,040
|
175,002
| |||||||||
Total assets
|
$
|
1,434,233
|
$
|
1,174,545
|
$
|
1,100,611
| ||||||
LIABILITIES AND EQUITY
| ||||||||||||
Payable to brokers
|
$
|
243,282
|
$
|
6,496
|
$
|
8,443
| ||||||
Income taxes payable, including deferred tax liabilities, net
|
12,406
|
9,746
|
897
| |||||||||
Compensation payable
|
17,307
|
18,567
|
7,445
| |||||||||
Securities sold short, not yet purchased (a)
|
13,603
|
17,571
|
12,827
| |||||||||
Accrued expenses and other liabilities (a)
|
4,939
|
7,823
|
12,668
| |||||||||
Deferred underwriting fee payable (a)
|
6,125
|
6,125
|
-
| |||||||||
PMV warrant liability
|
5,590
|
-
| ||||||||||
Sub-total
|
$
|
303,252
|
$
|
66,328
|
$
|
42,280
| ||||||
Redeemable noncontrolling interests (a)
|
199,793
|
206,828
|
204,164
| |||||||||
Total equity
|
931,188
|
901,389
|
854,167
| |||||||||
Total liabilities and equity
|
$
|
1,434,233
|
$
|
1,174,545
|
$
|
1,100,611
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenues
| ||||||||||||||||
Investment advisory and incentive fees
|
$
|
2,014
|
$
|
1,865
|
$
|
6,627
|
$
|
6,424
| ||||||||
Other
|
98
|
80
|
299
|
550
| ||||||||||||
Total revenues
|
2,112
|
1,945
|
6,926
|
6,974
| ||||||||||||
Compensation costs
|
2,819
|
3,026
|
11,710
|
8,405
| ||||||||||||
Other operating expenses
|
(764
|
)
|
2,471
|
4,952
|
6,422
| |||||||||||
Total expenses
|
2,055
|
5,497
|
16,662
|
14,827
| ||||||||||||
Operating income/(loss) before management fee
|
57
|
(3,552
|
)
|
(9,736
|
)
|
(7,853
|
)
| |||||||||
Investment gain/(loss)
|
5,676
|
15,603
|
79,303
|
(34,770
|
)
| |||||||||||
Interest and dividend income from GAMCO
|
107
|
59
|
5,288
|
177
| ||||||||||||
Interest and dividend income, net
|
915
|
1,127
|
3,580
|
4,352
| ||||||||||||
Shareholder-designated contribution
|
(541
|
)
|
(2,782
|
)
|
(2,717
|
)
|
(3,007
|
)
| ||||||||
Investment and other non-operating income/(expense), net
|
6,157
|
14,007
|
85,454
|
(33,248
|
)
| |||||||||||
Income/(loss) before management fee and income taxes
|
6,214
|
10,455
|
75,718
|
(41,101
|
)
| |||||||||||
Management fee
|
226
|
-
|
7,209
|
-
| ||||||||||||
Income/(loss) before income taxes
|
5,988
|
10,455
|
68,509
|
(41,101
|
)
| |||||||||||
Income tax expense/(benefit)
|
484
|
3,564
|
15,094
|
(8,858
|
)
| |||||||||||
Income/(loss) from continuing operations, net of taxes
|
5,504
|
6,891
|
53,415
|
(32,243
|
)
| |||||||||||
Income/(loss) from discontinued operations, net of taxes
|
-
|
(139
|
)
|
-
|
(632
|
)
| ||||||||||
Income/(loss) before noncontrolling interests
|
5,504
|
6,752
|
53,415
|
(32,875
|
)
| |||||||||||
Income/(loss) attributable to noncontrolling interests
|
4,001
|
937
|
3,641
|
(572
|
)
| |||||||||||
Net income/(loss) attributable to Associated Capital Group, Inc.'s shareholders
|
$
|
1,503
|
$
|
5,815
|
$
|
49,774
|
$
|
(32,303
|
)
| |||||||
Net income/(loss) per share attributable to Associated Capital Group, Inc.'s shareholders:
| ||||||||||||||||
Basic - Continuing operations
|
$
|
0.07
|
$
|
0.27
|
$
|
2.25
|
$
|
(1.41
|
)
| |||||||
Basic - Discontinued operations
|
-
|
(0.01
|
)
|
-
|
(0.03
|
)
| ||||||||||
Basic - Total
|
$
|
0.07
|
$
|
0.26
|
$
|
2.25
|
$
|
(1.44
|
)
| |||||||
Diluted - Continuing operations
|
$
|
0.07
|
$
|
0.27
|
$
|
2.25
|
$
|
(1.41
|
)
| |||||||
Diluted - Discontinued operations
|
-
|
(0.01
|
)
|
-
|
(0.03
|
)
| ||||||||||
Diluted - Total
|
$
|
0.07
|
$
|
0.26
|
$
|
2.25
|
$
|
(1.44
|
)
| |||||||
Weighted average shares outstanding:
| ||||||||||||||||
Basic
|
22,084
|
22,354
|
22,141
|
22,391
| ||||||||||||
Diluted
|
22,084
|
22,354
|
22,141
|
22,391
| ||||||||||||
Actual shares outstanding - end of period
|
22,062
|
22,333
|
22,062
|
22,333
|
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Disclaimer
Associated Capital Group Inc. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 21:41:55 UTC.