Associated Capital Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Associated Capital Group, Inc. filed its 2023 10-K, reporting $19.2M in assets and $0.94M in net income, with a significant $16.3M in share repurchases.</b>

AI Summary

Associated Capital Group, Inc. (ACGP) filed a Annual Report (10-K) with the SEC on March 21, 2024. Associated Capital Group, Inc. reported total assets of $19,196,792 for the fiscal year ended December 31, 2023. The company's net income for the fiscal year ended December 31, 2023, was $943,797. Earnings per share (EPS) for the fiscal year ended December 31, 2023, were $0.10. Total debt for the company was $0 for the fiscal year ended December 31, 2023. Associated Capital Group, Inc. repurchased $16.3 million of stock in 2023.

Why It Matters

For investors and stakeholders tracking Associated Capital Group, Inc., this filing contains several important signals. The filing details the company's financial performance and position for the fiscal year 2023, providing key metrics like total assets, net income, and EPS. The significant share repurchase activity of $16.3 million in 2023 indicates a potential focus on returning capital to shareholders or managing its share count.

Risk Assessment

Risk Level: low — Associated Capital Group, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures, posing minimal new risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's financial health and strategic direction.

Financial Highlights

total Assets

19,196,792

total Debt

0

net Income

943,797

eps

0.10

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K.)
• 19,196,792 — Total Assets (As of December 31, 2023.)
• 943,797 — Net Income (For the fiscal year ended December 31, 2023.)
• 0.10 — EPS (For the fiscal year ended December 31, 2023.)
• 0 — Total Debt (As of December 31, 2023.)
• 16,300,000 — Share Repurchases (Total for 2023.)

Key Players & Entities

• Associated Capital Group, Inc. (company) — Filer and subject of the 10-K filing.
• Gabelli Securities Group, Inc. (company) — Former name of Associated Capital Group, Inc.
• Gamco Investors Inc. (company) — Mentioned in relation to affiliated entities.

FAQ

Industry Context

Associated Capital Group, Inc. operates within the financial services sector, specifically as a security broker and dealer.

Regulatory Implications

The company is subject to regulations governing security brokers and dealers in the United States.

What Investors Should Do

1. Analyze the consolidated statements of financial condition for detailed asset and liability breakdowns.
2. Review the statement of operations to understand revenue sources and expense management.
3. Examine any disclosures related to share repurchases and their impact on equity.

Key Dates

• 2024-03-21: 10-K Filing — Annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the 2023 annual report (10-K), following previous filings which would include quarterly reports (10-Q) and potentially prior annual reports.

Key Financial Figures

• $0.001 — tered Class A Common Stock, par value $0.001 per share AC New York Stock Exchang
• $0.20 — 2023, the Board of Directors approved a $0.20 per share shareholder designated charit
• $0.15 — . This was an increase from last year's $0.15 per share contribution. In the first qu
• $4.0 million — leted the distribution of approximately $4.0 million to various organizations selected by ou
• $38 m — olders of AC have donated approximately $38 million, including the most recent SDCC,
• $10 million — ive years, net, overall. As a result, a $10 million investment by a tax free vehicle in thi
• $140 million — its inception would be worth more than $140 million as of December 31, 2023. In addition, t
• $1.59 billion — mber 31, 2023, we managed approximately $1.59 billion in assets vs. $1.84 billion at December
• $1.84 billion — proximately $1.59 billion in assets vs. $1.84 billion at December 31, 2022. The following tab
• $150 million — LC ("GPEP"), formed in August 2017 with $150 million of authorized capital as a "fund-less"

Filing Documents

• ac20231231_10k.htm (10-K) — 1747KB
• ex_596604.htm (EX-21.1) — 4KB
• ex_596605.htm (EX-31.1) — 13KB
• ex_596606.htm (EX-31.2) — 13KB
• ex_596608.htm (EX-32.1) — 6KB
• ex_596609.htm (EX-32.2) — 8KB
• ex_637764.htm (EX-97.1) — 22KB
• 0001437749-24-008882.txt (&nbsp;) — 8380KB
• ac-20231231.xsd (EX-101.SCH) — 63KB
• ac-20231231_cal.xml (EX-101.CAL) — 57KB
• ac-20231231_def.xml (EX-101.DEF) — 442KB
• ac-20231231_lab.xml (EX-101.LAB) — 381KB
• ac-20231231_pre.xml (EX-101.PRE) — 477KB
• ac20231231_10k_htm.xml (XML) — 1525KB

Business

Business 4 Business Strategy 6 Competition 6 Intellectual Property 7 Regulation 7 Employees 9 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 10 Item 1C Cybersecurity 10 Item 2

Properties

Properties 11 Item 3

Legal Proceedings

Legal Proceedings 11 Item 4 Mine Safety Disclosures 11 Part II Item 5 Market For The Registrant's Common Equity, Related Stockholder Matters And Issuer Purchases Of Equity Securities 12 Item 6

Selected Financial Data

Selected Financial Data 12 Item 7

Management's Discussion And Analysis ("MD&A") Of Financial Condition And Results Of Operations

Management's Discussion And Analysis ("MD&A") Of Financial Condition And Results Of Operations 12 Item 7A

Quantitative And Qualitative Disclosures About Market Risk

Quantitative And Qualitative Disclosures About Market Risk 19 Item 8

Financial Statements And Supplementary Data

Financial Statements And Supplementary Data 20 Item 9 Changes In And Disagreements With Accountants On Accounting And Financial Disclosure 51 Item 9A

Controls And Procedures

Controls And Procedures 51 Item 9B Other Information 52 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 Part III Item 10 Directors, Executive Officers and Corporate Governance 52 Item 11

Executive Compensation

Executive Compensation 52 Item 12

Security Ownership Of Certain Beneficial Owners And Management And Related Stockholder Matters

Security Ownership Of Certain Beneficial Owners And Management And Related Stockholder Matters 52 Item 13 Certain Relationships And Related Transactions, and Director Independence 52 Item 14 Principal Accountant Fees And Services 52 Part IV Item 15 Exhibits, Financial Statement Schedules 52 Item 16 Form 10-K Summary 53

Signatures

Signatures 54 Power of Attorney 55 Exhibit 21.1 - Subsidiaries of Associated Capital Group, Inc. Certifications Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 32.2 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Our disclosure and analysis in this report and in documents that are incorporated by reference contain some forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act " ). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. You should not place undue reliance on these statements. 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, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation: the adverse effect from a decline in the securities markets; a decline in the performance of our products; a general downturn in the economy; changes in government policy or regulation; changes in our ability to attract or retain key employees; and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. We also direct your attention to any more specific discussions of risk contained in our other public filings or in documents incorporated by reference here or in prior filings or reports. We are providing these statements

BUSINESS

BUSINESS (Y)our Business We are a Delaware corporation, incorporated in 2015, that provides alternative investment management services and operates a direct investment business to invest and control businesses that fit our criteria over time. Additionally, we derive income from proprietary investments. Alternative Investment Management We conduct our investment management activities through our wholly-owned subsidiary Gabelli & Company Investment Advisers, Inc. ("GCIA") and its wholly-owned subsidiary, Gabelli & Partners, LLC ("Gabelli & Partners"). GCIA is an investment adviser registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). GCIA and Gabelli & Partners together serve as general partners or investment managers to investment funds including limited partnerships and offshore companies (collectively, "Investment Partnerships"), and separate accounts. We primarily manage assets across a range of risk and event arbitrage portfolios and in equity event-driven value strategies. The business earns management and incentive fees from its advisory activities. Management fees are largely based on a percentage of assets under management ("AUM"). Incentive fees are based on a percentage of the investment returns of certain client portfolios. We manage assets on a discretionary basis and invest in a variety of U.S. and foreign securities mainly in the developed global markets. We primarily employ absolute return strategies with the objective of generating positive returns. We serve a wide variety of investors globally, including private wealth management clients, corporations, corporate pension and profit-sharing plans, foundations and endowments. In merger arbitrage, the goal is to earn absolute positive returns. We introduced our first limited partnership, Gabelli Arbitrage (renamed Gabelli Associates Fund), in February 1985. Our typical investment process begins when a deal is an

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View this 10-K filing on SEC EDGAR