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]

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]

Financial Data and Key Metrics Changes - The net income attributable to Cohen and Company Inc. shareholders was $300,000 for Q1 2025, compared to a net loss of $2,000,000 in the prior quarter and net income of $2,000,000 in the same quarter last year [6] - Adjusted pretax income was $1,300,000 for the quarter, a significant improvement from an adjusted pretax loss of $7,700,000 in the prior quarter and adjusted pretax income of $7,700,000 in the same quarter last year [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 [10] Business Line Data and Key Metrics Changes - Cohen and Company Capital Markets (CCM) generated $20,100,000 in net revenue, reflecting strong performance [4] - New issue and advisory revenue was $33,200,000, an increase of $23,200,000 from the prior quarter and $8,900,000 from the year-ago quarter, primarily driven by SPAC M&A and SPAC IPO transactions [7] - Asset management revenue totaled $2,000,000, down slightly from the prior quarter and down $700,000 from the prior year quarter [9] Market Data and Key Metrics Changes - Negative principal transactions revenue was $13,100,000 during the quarter, primarily due to mark downs of financial instruments received as consideration for advisory services [8] - Net trading revenue was $9,200,000, up $300,000 from the prior quarter but down $600,000 from the first quarter of 2024 [8] Company Strategy and Development Direction - The company launched a new SPAC-focused equity trading desk in April 2025, aiming to build on CCM's momentum and enhance its capabilities [4] - The company remains committed to enhancing long-term sustained value for stockholders through continued return of capital, including a quarterly dividend [5][11] 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][12] - The company is focused on disciplined execution 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, up from both prior quarters due to fluctuations in revenue and related variable incentive compensation [9] - The company declared a quarterly dividend of $0.25 per share, payable on June 2 to stockholders of record as of May 16 [11] Q&A Session Summary Question: Are there any questions from the participants? - There were no questions at this time, and management thanked everyone for joining the call [14]