Cohen & Company Inc. (COHN) Q2 2025 Earnings Call

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WEBVTT 00:00:00.000 -- 00:00:05.460 Good morning, ladies and gentlemen, and welcome to Cohen & Company's second quarter 2025 00:00:05.460 -- 00:00:10.060 earnings call. My name is Alicia, and I'll be your operator for today. 00:00:10.060 -- 00:00:14.620 Before we begin, Cohen & Company would like to remind everyone that some of the statements 00:00:14.620 -- 00:00:20.000 the company makes during this call may contain forward-looking statements under applicable 00:00:20.000 -- 00:00:24.720 security laws. These statements may involve risks and uncertainties that could cause 00:00:24.720 -- 00:00:29.420 the company's actual results to differ materially from the results discussed in such 00:00:29.420 -- 00:00:34.620 forward-looking statements. The forward-looking statements made during this call are 00:00:34.620 -- 00:00:39.840 made only as of the date of this call, and the company undertakes no obligation to 00:00:39.840 -- 00:00:44.580 update such statements to reflect the subsequent events or circumstances. 00:00:44.580 -- 00:00:49.180 Cohen & Company advises you to read the cautionary note regarding forward-looking statements 00:00:49.180 -- 00:00:54.280 in its earnings release and its most recent annual report on Form 10-K filed 00:00:54.280 -- 00:00:59.480 with the SEC. Earlier today, Cohen & Company issued a press release 00:00:59.480 -- 00:01:03.300 announcing second quarter 2025 financial results. 00:01:03.300 -- 00:01:07.920 Today's discussion is complementary to that press release, which is available on the 00:01:07.920 -- 00:01:11.520 company's website at cohenandcompany.com. 00:01:11.940 -- 00:01:16.020 This conference call is being recorded, and a replay of it will be available for three 00:01:16.020 -- 00:01:19.660 days, beginning shortly after the conclus...