Book value

Associated Capital Announces Preliminary Book Value of $40.20 to $40.40 Per Share for Second Quarter – Form 8-K

Associated Capital Announces Second Quarter Preliminary Book Value of

$40.20 to $40.40 per share

Greenwich, Connecticut, July 20, 2022 – Associated Capital Group, Inc. (“AC” or the “Company”), today announced a range of its preliminary second quarter book value of $40.20 to $40.40 per share. This compares to $41.72 as of March 31, 2022, $42.48 per share as of December 31, 2021 and $42.21 as of June 30, 2021.

Assets under management were $1.80 billion as of June 30, 2022, compared to $1.61 billion as of June 30, 2021.

Associated Capital will release further details on its financial results in early August.

About Associated Capital Group, Inc.

Associated Capital, based in Greenwich, Connecticut, is a diversified global financial services firm that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc. .). We have also committed proprietary capital to our direct investment business which invests in new and existing businesses. The direct investment business is developed around three main pillars: Gabelli Private Equity Partners, LLC (“GPEP”), established in August 2017 with an authorized capital of $150 million as a “fundless” sponsor; the SPAC (Special Purpose Acquisition Vehicles Gabelli) activity, launched in April 2018; and Gabelli Principal Strategies Group, LLC (“GPS”), created to pursue strategic operational initiatives.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press release contains “forward-looking statements”. Forward-looking statements reflect our current expectations or predictions of future events. You can identify these statements because they do not relate strictly to historical or current facts. 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 operational 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 base our expectations and beliefs on reasonable assumptions within the limits of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ not noticeably of what we expect or believe. Accordingly, you should proceed with caution when relying on any of these forward-looking statements. They are neither statements of historical facts nor guarantees or assurances of future performance.