Page 1

For Immediate Release : Timothy H. Schott Chief Financial Officer ( 914 ) 921 8351 Associated-Capital-Group.com - ASSOCIATED CAPITAL GROUP , INC . Reports First Quarter Results March 31 , 2021 Book Value reaches a record $ 41.22 per share vs. $ 40.36 at year - end 2020 Quarter - end AUM at $ 1.5 billion based on performance and positive flows Investment Income reflects $ 131 million positive swing from first quarter 2020 Greenwich , CT , May 5 , 2021 - Associated Capital Group , Inc. ( " AC " or the " Company " ) , a diversified financial services company , today reported its financial results for the first quarter ended March 31 , 2021 . Financial Highlights ( $ ' s in 000's except AUM and per share data ) ( Unaudited ) AUM - end of period ( in millions ) AUM - average ( in millions ) First Quarter 2021 2020 $ 1,495 $ 1,473 1,431 1,688 Revenues 2,325 2,962 Operating Loss ( 6,365 ) ( 640 ) Investment and other non - operating income , net 30,681 ( 100,091 ) Income before income taxes 24,316 ( 100,731 ) Net income / ( loss ) to shareholders Continuing operatings Discontinued Operations Net income / ( loss ) Net income / ( loss ) per share - diluted 18,555 ( 77,069 ) 0 231 18,555 ( 73,355 ) $ 0.83 ( $ 3.27 ) Shares outstanding at March 31 , ( thousands ) 22,155 22,394 Book Value Per Share $ 41.22 $ 36.61 1