AUM: $1.36 billion at June 30, 2024 compared to $1.55 billion at March 31, 2024 Book Value per share ended the quarter at $42.87 per share vs $42.80 at March 31, 2024 Returned $4.4 million to shareholders through dividend and share repurchases in the second quarter Board approves $0.20 per share Shareholder Designated Charitable Contribution ("SDCC") GREENWICH, Conn., Aug. 07, 2024 (GLOBE NEWSWIRE) --  Associated Capital Group, Inc. ("AC" or the "Company"), a diversified financial services company, today reported its financial results for the second quarter of 2024. Financial Highlights($ in 000's except AUM and per share data) (Unaudited)   Three Months Ended     Six Months Ended       June 30,     June 30,       2024     2023     2024     2023   AUM - end of period (in millions)   $ 1,362     $ 1,549     $ 1,362     $ 1,549   AUM - average (in millions)     1,446       1,640       1,501       1,740                                     Revenues     2,595       2,382       5,606       4,847   Operating loss before management fee (Non-GAAP)     (3,232 )     (2,927 )     (6,220 )     (5,517 ) Investment and other non-operating income, net     7,252       8,611       29,877       33,346   Income before income taxes     3,578       5,140       21,233       24,742                                     Net income     2,985       3,371       16,806       21,125   Net income per share-diluted     0.14       0.15       0.78       0.96                                     Class A shares outstanding (000's)     2,404       2,763       2,404       2,763   Class B " "     18,951       18,963       18,951       18,963        Total " "     21,355       21,726       21,355       21,726                                     Book Value per share   $ 42.87     $ 41.41     $ 42.87     $ 41.41                                     Second Quarter Financial Data Assets under management ended the quarter at $1.36 billion versus $1.55 billion at June 30, 2023. Book value was $42.87 per share compared to $41.41 per share at June 30, 2023.  Second Quarter Results Total revenues in the second quarter were $2.6 million compared to $2.4 million in the second quarter of 2023.  Revenues generated by the GAMCO International SICAV – GAMCO Merger Arbitrage (the "SICAV") were $1.3 million versus $1.0 million in the prior year period. All other revenues were $1.3 million compared to $1.4 million in the year ago quarter. Starting in December 2023, the SICAV revenue recognized by the Company for its services increased to 100% of the revenues received by Gabelli Funds, LLC. In turn, AC now pays the marketing expenses of the SICAV that were previously paid by Gabelli Funds and remits an administrative fee to GAMCO for administrative services provided to the SICAV. This change better aligns the financial arrangements with the services rendered by each party. The net effect of this change had no material impact on our operating results. Total operating expenses, excluding management fee, were $5.8 million in the second quarter of 2024 and $5.3 million in the second quarter of 2023. The increase is primarily attributed to the $0.6 million of marketing expenses on the merger arbitrage SICAV in addition to the higher mark to market stock-based compensation expense of $0.3 million.   Net investment and other non-operating income was $7.3 million for the second quarter of 2024 compared to $8.6 million in the second quarter of 2023. The primary driver of this quarter's results included mark to market increases from our GAMCO holdings, as well as our dividend and interest income. Higher interest rates in the 2024 quarter as compared to 2023 contributed to higher interest income. For the quarter ended June 30, 2024, the management fee was $0.4 million versus $0.5 million for the year ago quarter. The effective tax rate applied to our pre-tax income for the quarter ended June 30, 2024 was 19.1%. In the year ago quarter, the effective tax rate was 35.8%, reflecting a deferred tax expense from a foreign investment. Assets Under Management (AUM) Assets under management at June 30, 2024 were $1.36 billion, $229 million below year-end 2023, primarily due to 3 factors, net outflows of $195 million, market depreciation of $19 million and the impact of currency fluctuations in non-US dollar denominated classes of investment funds ($15 million).      June 30,     December 31,     June 30,       2024     2023     2023   ($ in millions)                   Merger Arbitrage(a)   $ 1,127     $ 1,312     $ 1,286   Long/Short Value(b)     199       244       230   Other     36       35       33   Total AUM   $ 1,362     $ 1,591     $ 1,549   (a) Includes $468, $621, and $579 of sub-advisory AUM related to GAMCO International SICAV - GAMCO Merger Arbitrage, $66, $69, and $66 of sub-advisory AUM related to Gabelli Merger Plus+ Trust Plc and $128, $240 and $141 of AUM invested in a 100% U.S. Treasury Fund managed by GAMCO at June 30, 2024, December 31, 2023 and June 30, 2023, respectively.(b) Includes $192, $237 and $223 where Associated Capital receives only performance fees, less expenses of $24, $25, and $24, respectively.   Alternative Investment Management The alternative investment strategy offerings center around our merger arbitrage strategy which has an absolute return focus of generating returns independent of the broad equity and fixed income markets. We also offer strategies utilizing fundamental, active, event-driven and special situations investments. Merger Arbitrage   For the second quarter of 2024, the longest continuously offered fund in the merger arbitrage strategy generated gross returns of -1.37% (-1.40% net of fees). A summary of the performance is as follows:                     July         Full Year                   Performance%(a)   2Q'24     2Q'23     YTD '24