Associated Capital Group, Inc. Reports Net Income of $17.8 Million in the First Quarter of 2023

Associated Capital Group, Inc.(AC), a leading financial services compa ny, has announced its financial results for the first quarter of 2023. The company reported a net income of $17.8 million, marking a significant turnaround compared to the net loss of $16.2 million in the same period last year. Additionally, the company generated revenue of $2.5 million during the quarter.

Financial Condition

The condensed consolidated statements of financial condition as of March 31, 2023, reveal that Associated Capital Group, Inc. had total assets amounting to $942.9 million, reflecting a slight increase compared to the previous quarter's figure of $927.7 million. The assets included cash and cash equivalents of $396.8 million, investments in U.S. Treasury Bills of $4.9 million, and investments in equity securities totaling $217.0 million. Other assets, such as investments in partnerships, receivables, and goodwill, amounted to $326.1 million.

On the liabilities side, the company's total liabilities stood at $29.7 million, with payable to brokers amounting to $15.2 million and compensation payable at $8.9 million. The company also had redeemable noncontrolling interests totaling $7.2 million.