en & pany (US:COHN)2025-07-31 15:00Financial 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]