Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32026 COHEN & COMPANY INC. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Maryland 16-1685692 (State or other jur ...

Financial Data and Key Metrics Changes - Net income attributable to Cohen & Company Inc. shareholders was $1,400,000 for the quarter, or $0.81 per fully diluted share, compared to $300,000 or $0.19 per fully diluted share in the prior quarter, and a net loss of $2,300,000 or $1.47 per fully diluted share in the same quarter last year [7] - Adjusted pretax income was $5,500,000 for the quarter, up from $1,300,000 in the prior quarter and a loss of $8,600,000 in the year-ago quarter [8] - Total equity increased to $92,500,000 from $90,300,000 at the end of the previous year [12] Business Line Data and Key Metrics Changes - New issue and advisory revenue was $37,400,000, an increase of $4,200,000 from the prior quarter and $30,900,000 from the year-ago quarter, primarily driven by SPAC M&A and SPAC IPO transactions [9] - Net trading revenue was $10,800,000, up $1,500,000 from the prior quarter and $2,000,000 from the previous year [10] - Asset management revenue totaled $2,200,000, showing a slight increase from both prior quarters [10] Market Data and Key Metrics Changes - The company is entering the second half of the year with strong momentum and a robust pipeline in its investment banking operation [4] - The new SPAC-focused equity trading desk generated over $1,400,000 in trading revenue in its first quarter of operation [6] Company Strategy and Development Direction - The company is committed to creating long-term sustained value for stockholders, including through a quarterly dividend of $0.25 per share [6] - The involvement in the SPAC market is expected to grow, with a business combination agreement with ProCap DTC anticipated to close by the end of the year [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current environment and execute on strategic priorities [15] - The Board of Directors will continue to evaluate the dividend policy each quarter, with future decisions potentially impacted by operating results and capital needs [13] Other Important Information - Compensation and benefits expense for the quarter was $44,300,000, up from both prior quarters due to fluctuations in revenue [11] - The company is actively pursuing consents for the sale of remaining Alesco CDO management contracts, which will eliminate future asset management revenue from these legacy contracts [12] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator noted that there were no questions at this time and passed the call back to management for closing remarks [18]

Exhibit 99.1 COHEN & COMPANY REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS Second Quarter 2025 Revenue of $59.9 Million Second Quarter 2025 Net Income Attributable to Cohen & Company Inc. of $1.4 Million, or $0.81 per Diluted Share Second Quarter 2025 Adjusted Pre-Tax Income of $5.5 Million, or $0.94 per Diluted Share Board Declares Quarterly Dividend of $0.25 per Share Philadelphia and New York, July 31, 2025 – Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in an expandi ...

Financial Performance - Cohen & Company Inc. reported second quarter 2025 revenue of $59.9 million, a significant increase from $28.7 million in the prior quarter and $10.8 million in the same quarter last year [1][7]. - Net income attributable to Cohen & Company Inc. was $1.4 million, or $0.81 per diluted share, compared to $0.3 million, or $0.19 per diluted share in the prior quarter, and a net loss of $2.3 million, or $1.47 per diluted share in the same quarter last year [2][7]. - Adjusted pre-tax income for the second quarter 2025 was $5.5 million, or $0.94 per diluted share, up from $1.3 million, or $0.22 per diluted share in the prior quarter, and a loss of $8.6 million, or $1.51 per diluted share in the same quarter last year [2][7]. Revenue Breakdown - Net trading revenue for the second quarter 2025 was $10.8 million, an increase of $1.5 million from the prior quarter and $2.0 million from the same quarter last year, primarily driven by higher trading revenue from SPAC equity, SBA, and mortgage groups [4][7]. - Asset management revenue was $2.2 million, slightly up from both the prior quarter and the same quarter last year, mainly due to deferred performance fees in European funds [4][7]. - New issue and advisory revenue reached $37.4 million, up $4.2 million from the prior quarter and $30.9 million from the same quarter last year, reflecting strong performance from Cohen & Company Capital Markets [4][7]. Operating Expenses - Compensation and benefits expense increased to $44.3 million for the second quarter 2025, up $22.7 million from the prior quarter and $33.6 million from the same quarter last year, largely due to fluctuations in revenue and related variable incentive compensation [4][7]. - Non-compensation operating expenses were $8.1 million, compared to $7.0 million in the prior quarter and $6.5 million in the same quarter last year [4][7]. Strategic Initiatives - The company is entering the second half of 2025 with strong momentum and a robust pipeline, driven by its full-service boutique investment banking operation [5][6]. - Cohen & Company launched a SPAC-focused equity trading desk, generating over $1.4 million in trading revenue in its first quarter of operation, which is expected to complement its capital markets strategy [6][7]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.25 per share, payable on August 29, 2025, to stockholders of record as of August 15, 2025 [2][11].

PHILADELPHIA and NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) will release its financial results for the second quarter 2025 on Thursday, July 31, 2025. The Company will host a conference call at 10:00 a.m. Eastern Time (ET) that day to discuss these results. The conference call will be available via webcast. Interested parties can access the webcast by clicking the webcast link on the Company’s homepage at www.cohenandcompany.com. Those wishing to listen to the con ...

Core Insights - Cohen & Company Securities, LLC has officially changed its name from J.V.B. Financial Group, LLC to align more closely with its parent company, Cohen & Company Inc. [2][3] - The name change is part of a broader strategy to create a consistent brand identity and leverage the reputation of the Cohen name in the financial services industry [3][6] - The company has expanded its capabilities by adding 18 professionals in sales, trading, and technology, enhancing its service offerings to middle market clients [4][5] - Cohen & Company Securities has launched a SPAC-focused equity trading desk and has become a leading advisor for de-SPAC transactions [5][6] - As of March 31, 2025, Cohen & Company managed approximately $2.3 billion in assets, primarily in fixed income assets across various classes [7] Company Overview - Cohen & Company Securities specializes in securities financing and the sales and trading of fixed income securities, operating as a division of Cohen & Company [6] - The Capital Markets segment of Cohen & Company includes fixed income sales, trading, gestation repo financing, and advisory services, primarily through its subsidiaries [7] - The Asset Management segment manages assets through various investment vehicles, while the Principal Investing segment focuses on investments related to its SPAC franchise [7]

Financial Data and Key Metrics Changes - The company reported a quorum of 4,755,983 votes entitled to be cast at the meeting, indicating strong shareholder engagement [5] - The meeting resulted in the approval of several proposals, including an increase in the number of shares authorized for issuance under the long-term incentive plan from 1,900,000 shares to 2,500,000 shares [13][15] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided during the meeting [0] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [0] Company Strategy and Development Direction and Industry Competition - The board of directors recommended several proposals aimed at enhancing the company's long-term incentive plan and executive compensation structure, indicating a focus on aligning management incentives with shareholder interests [8][9][10] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [0] Other Important Information - The meeting included the election of five directors to serve until the 2026 annual meeting, reflecting continuity in leadership [15] - The appointment of Grant Thornton as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified, ensuring ongoing compliance and oversight [14][16] Q&A Session Summary Question: Are there any questions from shareholders? - There were no questions submitted by shareholders during the meeting, indicating either satisfaction with the information provided or a lack of engagement [17]

Company Overview - Columbus Circle Capital Corp. I is a blank check company formed to effect mergers, amalgamations, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses [7] - The management team includes Gary Quin as CEO and Chairman, and Joseph W. Pooler, Jr. as CFO, along with independent directors Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy [7] Initial Public Offering (IPO) Details - The company closed its upsized initial public offering of 25,000,000 units, with gross proceeds of $250,000,000, priced at $10.00 per unit [1] - The offering included 3,000,000 units from the partial exercise of the underwriters' overallotment option [1] - Units began trading on NASDAQ under the ticker symbol "CCCMU" on May 16, 2025, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant [2] Financial and Legal Aspects - The proceeds from the IPO and a simultaneous private placement were placed in the company's trust account for the benefit of public shareholders [6] - The registration statement for the offering was declared effective by the SEC on May 15, 2025 [4] - Legal counsel for the company included Ellenoff Grossman & Schole LLP and Ogier (Cayman) LLP, while Loeb & Loeb LLP served as legal counsel to the underwriters [3] Cohen & Company Overview - Cohen & Company Inc. is a financial services company specializing in capital markets and asset management services [8] - The company operates through segments including Capital Markets, Asset Management, and Principal Investing, with a focus on mergers and acquisitions, capital markets, and SPAC advisory services [8] - As of March 31, 2025, Cohen & Company had approximately $2.3 billion in assets under management, primarily in fixed income assets [9]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2025 financials show total assets increased to $978.1 million, but net income significantly declined to $0.9 million due to reduced equity affiliate income [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly increased to $978.1 million by March 31, 2025, while total liabilities rose and total equity decreased to $85.7 million Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$978,050** | **$971,149** | | Cash and cash equivalents | $13,985 | $19,590 | | Investments-trading | $160,566 | $148,332 | | Receivables under resale agreements | $673,700 | $668,259 | | **Total Liabilities** | **$892,390** | **$880,866** | | Securities sold under agreements to repurchase | $707,454 | $695,966 | | **Total Equity** | **$85,660** | **$90,283** | | Non-controlling interest | $43,656 | $48,555 | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Q1 2025 total revenues increased to $28.7 million, but net income attributable to the company significantly declined to $0.3 million due to reduced equity affiliate income Consolidated Statements of Operations Highlights (in thousands) | Income Statement Item | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$28,740** | **$18,564** | | Net trading | $9,211 | $9,848 | | New issue and advisory | $33,239 | $24,388 | | Principal transactions and other income (loss) | ($15,730) | ($18,389) | | **Total Operating Expenses** | **$28,633** | **$21,939** | | Compensation and benefits | $21,666 | $14,839 | | **Operating Income (Loss)** | **$107** | **($3,375)** | | Income (loss) from equity method affiliates | $2,418 | $29,045 | | **Net Income (Loss)** | **$938** | **$23,506** | | **Net Income (Loss) Attributable to Cohen & Company Inc.** | **$329** | **$2,023** | | **Diluted EPS** | **$0.19** | **$1.28** | [Consolidated Statements of Changes in Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased by $4.6 million to $85.7 million in Q1 2025, primarily due to distributions to non-controlling interests and the sale of Vellar GP interest - Total equity decreased by **$4,623 thousand** during the first quarter of 2025, from **$90,283 thousand** to **$85,660 thousand**[27](index=27&type=chunk) - Key drivers of the equity decrease include distributions to convertible non-controlling interests (**$1,796 thousand**), redemption of convertible non-controlling interest units (**$954 thousand**), sale of interest in Vellar GP (**$1,691 thousand**), and other non-convertible non-controlling interest distributions (**$1,236 thousand**)[27](index=27&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw net cash used in operations of $6.4 million, leading to a $5.6 million decrease in cash and cash equivalents to $14.0 million Consolidated Cash Flow Highlights (in thousands) | Cash Flow Item | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | ($6,372) | $5,137 | | Net cash provided by (used in) investing activities | $4,189 | ($2,856) | | Net cash provided by (used in) financing activities | ($3,631) | ($999) | | **Net increase (decrease) in cash and cash equivalents** | **($5,605)** | **$1,179** | | **Cash and cash equivalents, end of period** | **$13,985** | **$11,829** | [Notes to Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes detail accounting policies, key events like Vellar GP sale and CDO management contract sale, and segment reporting, highlighting SPAC-related income - On February 25, 2025, the Company sold its **33.4% interest in Vellar GP**, recording a loss on sale of **$836 thousand**[79](index=79&type=chunk) - On March 13, 2025, the Company entered into a Master Transaction Agreement (MTA) with an affiliate of Hildene Capital Management to sell its rights and obligations for five CDO management agreements for an aggregate base purchase price of **$3.5 million**[82](index=82&type=chunk)[83](index=83&type=chunk)[86](index=86&type=chunk) - As of March 31, 2025, the Company had **$2.3 billion in assets under management (AUM)**, with **$1.0 billion in collateralized debt obligations (CDOs)**[38](index=38&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=68&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 revenue growth driven by advisory fees, offset by a sharp decline in net income due to reduced equity affiliate income, highlighting liquidity and market risks [Overview and Business Environment](index=68&type=section&id=Overview%20and%20Business%20Environment) The company's three segments are highly sensitive to economic conditions, market volatility, and interest rates, with significant exposure to the volatile SPAC market - The company's business is organized into three segments: **Capital Markets, Asset Management, and Principal Investing**[333](index=333&type=chunk)[336](index=336&type=chunk) - The business is materially affected by **economic conditions, market volatility, and interest rates**, which are beyond its control[339](index=339&type=chunk) - A significant portion of the Principal Investing business and CCM advisory activities are concentrated in the **SPAC market**, which has seen equity price declines, impacting results[349](index=349&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk) - Rising or elevated interest rates have negatively impacted the company by reducing the fair value of fixed income securities, creating equity market instability, reducing new issue volumes, and decreasing mortgage activity[356](index=356&type=chunk)[358](index=358&type=chunk) [Recent Events](index=74&type=section&id=Recent%20Events) Q1 2025 saw the sale of the company's Vellar GP interest, resulting in an $836 thousand loss, and an agreement to sell five CDO management contracts for $3.5 million - On February 25, 2025, the company sold its entire **33.4% interest in Vellar GP** for **$10**, recording a loss on sale of **$836 thousand**[360](index=360&type=chunk)[362](index=362&type=chunk) - On March 13, 2025, the company agreed to sell five CDO management contracts to an affiliate of Hildene Capital Management for an aggregate base purchase price of **$3.5 million**[364](index=364&type=chunk)[365](index=365&type=chunk)[368](index=368&type=chunk) - Through March 31, 2025, the company recognized **$352 thousand in asset management revenue** that will reduce the final purchase price from the Hildene transaction[369](index=369&type=chunk) [Results of Operations (Q1 2025 vs. Q1 2024)](index=76&type=section&id=Results%20of%20Operations) Q1 2025 total revenues rose 55% to $28.7 million, but net income attributable to the company fell 84% to $0.3 million due to a 92% decline in equity affiliate income Consolidated Results of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$28,740** | **$18,564** | **$10,176** | **55%** | | New issue and advisory | $33,239 | $24,388 | $8,851 | 36% | | **Total Operating Expenses** | **$28,633** | **$21,939** | ($6,694) | (31%) | | Compensation and benefits | $21,666 | $14,839 | ($6,827) | (46%) | | **Operating Income / (Loss)** | **$107** | **($3,375)** | **$3,482** | **103%** | | Income / (loss) from equity method affiliates | $2,418 | $29,045 | ($26,627) | (92%) | | **Net Income / (Loss) Attributable to Cohen & Company Inc.** | **$329** | **$2,023** | **($1,694)** | **(84%)** | - The decrease in income from equity method affiliates was primarily driven by **SPAC sponsor entities**, which generated **$2.1 million** in income in Q1 2025 compared to **$29.2 million** in Q1 2024[412](index=412&type=chunk)[413](index=413&type=chunk) [Liquidity and Capital Resources](index=86&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased to $14.0 million in Q1 2025, with significant capital concentrated in regulated broker-dealer subsidiaries, limiting parent company liquidity - Cash and cash equivalents decreased by **$5,605 thousand** to **$13,985 thousand** as of March 31, 2025[433](index=433&type=chunk)[437](index=437&type=chunk) - The company's U.S. broker-dealer, JVB, is subject to SEC and FINRA net capital rules, which restrict capital withdrawals. As of March 31, 2025, JVB's equity was **$78.1 million** out of the company's total consolidated equity of **$85.7 million**, indicating significant capital concentration in the regulated subsidiary[428](index=428&type=chunk)[448](index=448&type=chunk)[449](index=449&type=chunk) Contractual Obligations Summary (in thousands) | Obligation | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating lease arrangements | $21,725 | $2,284 | $4,902 | $4,776 | $9,763 | | Debt Maturities & Interest | $106,406 | $12,319 | $11,072 | $8,293 | $74,822 | | Other Operating Obligations | $1,410 | $1,143 | $251 | $16 | $0 | | **Total** | **$129,541** | **$15,746** | **$16,225** | **$13,085** | **$84,585** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=94&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risk from fixed income and equity positions, estimating losses of $2.0 million from a 100 bps yield curve shift and $1.3 million from a 10% equity price drop - As of March 31, 2025, a **100 basis point adverse shift** across the yield curve would result in an estimated loss of **$1,978 thousand** on the company's net interest rate sensitive assets[476](index=476&type=chunk) - A **10% adverse change in equity prices** would result in an estimated loss of **$1,323 thousand** on the company's equity price sensitive assets as of March 31, 2025[477](index=477&type=chunk) - A **100 basis point change in variable base rates** would change the company's annual cash paid for interest on its debt by **$481 thousand**[479](index=479&type=chunk) - The company manages counterparty and settlement risk through credit assessments, requiring collateral (margin), and utilizing haircuts on collateralized financing transactions[485](index=485&type=chunk)[486](index=486&type=chunk) [Item 4. Controls and Procedures](index=96&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[490](index=490&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter ended March 31, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[491](index=491&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=97&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal and regulatory matters, which management believes will not materially affect its financial condition or operations - The company is involved in routine legal and regulatory matters, which management believes will not have a **material adverse effect** on its financial condition[281](index=281&type=chunk)[493](index=493&type=chunk) [Item 1A. Risk Factors](index=97&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the significant risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have occurred in the significant risk factors from those disclosed in the Annual Report on **10-K** for the year ended December 31, 2024[494](index=494&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=98&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company made no equity security repurchases in Q1 2025, and dividend payments are subject to business performance and regulated subsidiary restrictions - The company made **no purchases of its own equity securities** during the first quarter of 2025[498](index=498&type=chunk) [Item 3. Defaults Upon Senior Securities](index=98&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[499](index=499&type=chunk) [Item 4. Mine Safety Disclosures](index=98&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - None[499](index=499&type=chunk) [Item 5. Other Information](index=98&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the first quarter of 2025 - No directors or officers adopted, modified, or terminated a **Rule 10b5-1 trading plan** during the first quarter of 2025[499](index=499&type=chunk) [Item 6. Exhibits](index=99&type=section&id=Item%206.%20Exhibits) The report includes various exhibits filed with Form 10-Q, such as the Master Transaction Agreement and CEO/CFO certifications - Exhibits filed include the **Master Transaction Agreement** dated March 13, 2025, and **CEO/CFO certifications**[500](index=500&type=chunk)

Financial Data and Key Metrics Changes - Net income attributable to Cohen and Company Inc. shareholders was $300,000 for the quarter, a significant improvement from a net loss of $2,000,000 in the prior quarter and a decrease from net income of $2,000,000 in the same quarter last year [6] - Adjusted pretax income was $1,300,000 for the quarter, compared to an adjusted pretax loss of $7,700,000 in the prior quarter and adjusted pretax income of $7,700,000 in the prior year quarter [6][7] - Total equity at the end of the quarter was $85,700,000, down from $90,300,000 at the end of the previous year [11] Business Line Data and Key Metrics Changes - Cohen and Company Capital Markets (CCM) generated $20,100,000 of net revenue, contributing significantly to the overall performance [4] - New issue and advisory revenue was $33,200,000, an increase of $23,200,000 from the prior quarter and an increase of $8,900,000 from the year-ago quarter, primarily driven by SPAC M&A and IPO transactions [7][8] - Asset management revenue totaled $2,000,000, down slightly from the prior quarter and down $700,000 from the prior year quarter [10] Market Data and Key Metrics Changes - Negative principal transactions revenue amounted to $13,100,000 during the quarter, primarily due to marked-down financial instruments received as consideration for advisory services [9] - Net trading revenue was $9,200,000, up $300,000 from the prior quarter but down $600,000 from the first quarter of the previous year [9] Company Strategy and Development Direction - The company launched a new SPAC-focused equity trading desk in April, aimed at creating synergistic opportunities to build on CCM's momentum [4] - The management remains focused on disciplined execution and enhancing long-term sustained value for stockholders through continued return of capital, including quarterly dividends [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future earnings potential and the ability to navigate the current environment while executing strategic priorities [5][13] - The company is well-positioned for continued growth despite ongoing mark-to-market headwinds in its principal investing portfolio [4] Other Important Information - Compensation and benefits expense for the first quarter was $21,700,000, reflecting fluctuations in revenue and related variable incentive compensation impacts [10] - The company declared a quarterly dividend of $0.25 per share, payable on June 2 to stockholders of record as of May 16 [12] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions at this time, and the operator turned the floor back to management for further remarks [15]