Financial Data and Key Metrics Changes - The company's total revenue for Q3 2025 was $84.2 million, with adjusted pretax income of $16.4 million, representing 19.4% of total revenue [7] - Year-to-date total revenue through September 30, 2025, was $172.8 million, with adjusted pretax income of $23.2 million, representing 13.4% of total revenue [7] - Net income attributable to shareholders for Q3 2025 was $4.6 million, or $2.58 per fully diluted share, compared to $1.4 million or $0.81 per share in the prior quarter [14] Business Line Data and Key Metrics Changes - Cohen and Company Capital Markets (CCM) generated $133 million in the first nine months of 2025, up from $22.7 million in the full year of 2021 [10] - CCM accounted for 77% of total company revenue for the first nine months of 2025, up from 15% in the full year of 2021 [10] - New issue and advisory revenue for Q3 2025 was $228 million, primarily driven by SPAC M&A activity and SPAC IPO transactions [15] Market Data and Key Metrics Changes - The company maintained its position as the leading adviser for de-SPAC transactions and has built strong franchises in rare earth and quantum computing [5] - CCM has underwritten 18 SPAC IPOs year-to-date, with significant potential de-SPAC fees expected in the next 12 to 18 months [11] Company Strategy and Development Direction - The company is focused on capitalizing on innovative areas in capital markets, including blockchain, fintech, and rare earth metals [10] - The strategy includes enhancing the SPAC franchise and expanding into digital asset markets, with over $12 billion raised with crypto clients [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating more than $50 million in revenue for Q4 2025 and over $220 million for the full year [13] - The declining interest rate environment has bolstered trading revenue, which was up 26% in Q3 2025 from the previous quarter [12] Other Important Information - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [22] - Total equity at the end of the quarter was $101.1 million, an increase from $90.3 million at the end of the previous year [21] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management is confident in the ability to navigate the current environment and execute strategic priorities to enhance long-term value for stockholders [23]