Associated Capital Group, Inc. reported fourth-quarter revenues of $5.2 million, a decrease from $5.6 million in the fourth quarter of 2023. For the full year 2024, revenues increased to $13.2 million from $12.7 million in 2023. The GAMCO International SICAV – GAMCO Merger Arbitrage revenues were $1.0 million in Q4 2024 and $5.0 million for the full year 2024.
Net investment and other non-operating income for the fourth quarter was $4.4 million, a decrease from $26.7 million in the prior year quarter. For the full year 2024, this income increased to $71.5 million from $63.8 million in 2023, primarily due to higher dividend income from GAMCO Investors, Inc. The company reported an income tax benefit of $3.1 million for Q4 2024, resulting from deferred tax benefits from the sale of GAMCO shares.
Assets under management (AUM) ended 2024 at $1.25 billion, a decrease of $343 million from year-end 2023. This was primarily due to net outflows of $363 million, with $198 million of these outflows tied to GAMCO Merger Arbitrage UCITS, and currency fluctuations of $29 million, partially offset by market appreciation of $49 million. The merger arbitrage strategy fund generated gross returns of 0.95% (0.57% net of fees) in Q4 2024 and 5.83% (3.82% net of fees) for the full year 2024.
In terms of shareholder compensation, the company paid a semi-annual dividend of $0.10 per share on December 19, 2024, contributing to total dividends of $46.8 million, or $2.20 per share, for the full year. Associated Capital Group repurchased 63,075 Class A shares for $2.3 million at an average price of $35.87 per share during the fourth quarter. For the full year 2024, AC repurchased 353,116 Class A shares for $11.8 million at an average price of $33.53 per share.
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