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what it is
It manages alternative investment funds and also makes direct bets on businesses with its own capital.
how it gets paid
Last year Associated Capital made $13M in revenue. risk arbitrage portfolios was the main engine at $4.6M, or 35% of sales.
what just happened
Latest quarter revenue reached $4M, up 96% vs. prior year, while EPS came in at $1.87.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
5/100 earnings predictability — expect surprises
13.8x trailing p/e — the market's not buying it — or you found a deal
1.0% dividend yield — cash in your pocket every quarter
5.0% return on capital — nothing to write home about
xvary composite: 64/100 — average
What they do
It manages alternative investment funds and also makes direct bets on businesses with its own capital.
The moat is niche trust. AUM was ~$1.41B at Sep 30, 2025 per the Q3’25 shareholder letter / release—still a small team by design. After the Sep 4, 2025 Form 15, standard 10-Q / 10-K cadence stopped; read voluntary updates on OTCQX: ACGP.
How they make money
$13M
annual revenue
risk arbitrage portfolios
$4.6M
event arbitrage portfolios
$3.3M
equity event-driven value strategies
$2.6M
separate accounts and advisory
$2.5M
The products that matter
manages deal-spread capital
Merger Arbitrage Strategy
16.1% return in 2025
it returned 16.1% before expenses in 2025, the team's strongest result in 25 years. that performance matters, but it sits next to a $65.2M one-off gain, so you should not treat it as a clean run-rate.
best in 25 years
invests balance-sheet capital
Direct Investment Business
$4.5M of $13M revenue
this segment generated $4.5M of the company's $13M annual revenue. it's meaningful inside a small business, but disclosure is too thin to call it a hidden asset with confidence.
35% of revenue
Key numbers
~$1.41B
AUM (Sep 30, 2025)
Latest public AUM figure from Q3’25 materials; older $1.25B YE2024 prints are stale.
$13M
annual revenue
This is tiny next to an $831M market cap. You are paying a big price for a very small revenue stream.
n/m
operating margin
Reported operating margin is not a clean operating metric here—investment gains, fair-value swings, and affiliate income distort the line. Use EPS and AUM, not a single margin percent.
13.8x
trailing p/e
That multiple looks cheap until you remember earnings have swung from a FY2022 loss of $2.22 per share to FY2024 EPS of $2.08.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 75 / 100
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ACGP right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue reached $4M, up 96% vs. prior year, while EPS came in at $1.87.
The quiet part is the volatility. shows FY2024 quarterly EPS of $0.65, $0.14, $1.09, and $0.20 before EDGAR's latest-quarter update hit $1.87.
$4M
revenue (Q)
$1.87
eps (Q · print)
n/m
operating margin
the number that mattered
$4M matters because one quarter produced nearly 31% of the company's $13M annual revenue base.
source: EDGAR latest quarter and FY2024
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What could go wrong
the #1 risk is reduced disclosure after the september 2025 Form 15 filing.
high
Less SEC reporting, less visibility
The company filed Form 15 in September 2025, suspending its SEC reporting obligations. You now have less standardized financial data and fewer recurring updates.
impact: regular 10-Q disclosure is gone, so your margin for analytical error goes up.
med
Peak-year gains may not repeat
The 2025 story was helped by a $65.2M one-off gain, and merger arbitrage returned 16.1% before expenses — the team's best result in 25 years. Great years happen. They are not a forecasting method.
impact: if that gain does not recur, the cheap-looking 13.8x multiple tells you less than it seems to.
med
Low underlying return on capital
A 5.0% return on capital is not distress. It is also not evidence of a strong compounding engine. If earnings quality weakens, that low baseline matters more.
impact: weak underlying returns leave less room for mistakes in a business already asking for trust.
low
OTCQX trading friction
The stock voluntarily left the NYSE in September 2025 and now trades over-the-counter on OTCQX. That usually means wider spreads and less liquidity when you want in or out.
impact: trading friction rises even if the business does not change.
You own an $831M company with just $13M of annual revenue, a 13.8x trailing p/e helped by a $65.2M gain, and less disclosure after leaving SEC reporting. That shifts more of the thesis onto management credibility and less onto hard evidence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capital return
semi-annual dividend payment
The next dividend of $0.30 per share is payable on March 19, 2026. At a 1.0% yield, it signals steadiness, not upside.
disclosure
any voluntary shareholder update
There is no next 10-Q to wait for. Watch for any press release, annual letter, or shareholder communication because that is now your main visibility channel.
earnings quality
results without a one-off boost
The stock's 13.8x multiple only means something if future periods stand on their own. You want a clean stretch where a $65.2M gain is not carrying the optics.
strategy performance
whether merger-arb stays above ordinary
A 16.1% return in 2025 was the best in 25 years. Watch whether that strength fades back toward normal, because mean reversion is part of the job in event-driven investing.
Analyst rankings
earnings predictability
5 / 100
historical earnings have been highly uneven. in human-speak: one good year here is evidence of volatility, not proof of a new baseline.
risk rank
2
risk rank 2 means safer than most stocks on balance-sheet measures. in human-speak: the financial footing looks fine even if the reporting picture does not.
source: institutional data
Institutional activity
institutional ownership data for ACGP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$38
current price
n/a
target midpoint · n/a from current
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