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Cohen & Company, Inc. (COHN) CEO Lester Brafman on Q3 2021 Results - Earnings Call Transcript

Nov. 02, 2021 2:24 PM ETCohen & Company Inc. (COHN)
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Cohen & Company, Inc. (NYSE:COHN) Q3 2021 Earnings Conference Call November 2, 2021 10:00 AM ET

Company Participants

Lester Brafman - CEO

Joseph Pooler - EVP, CFO & Treasurer

Conference Call Participants


Good morning, ladies and gentlemen, and welcome to Cohen & Company's Third Quarter 2021 Earnings Call. My name is Leo, and I will be your operator for today.

Before we begin, coin and company would like to remind everyone that some of the statements the company makes during this call may contain forward-looking statements under the applicable securities laws. These statements may involve risks and uncertainties that could cause the company's actual results to differ materially from the results discussed in such forward-looking statements. The forward-looking statements made during this call are made only as of the date of this call, and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances.

Cohen & Company advises you to read the cautionary note regarding forward-looking statements in its earnings release and in its most recent annual report on Form 10-K filed with the SEC.

I would now like to turn the call over to Mr. Lester Brafman, Chief Executive Officer of Cohen & Company.

Lester Brafman

Thank you, Leo, and thank you, everyone, for joining us for our third quarter 2021 earnings call. With me on the call is Joe Pooler, our CFO.

So our financial results in the third quarter were impacted by significant unrealized negative mark-to-market adjustments in our principal investing portfolio. It is important to note that these investments were created at a de minimis cost and have restrictions on sales, so we'll continue to see some of this volatility going forward. Absent these negative mark-to-market adjustments, our underlying business remains strong. New issue and advisory revenue was $8.8 million in the quarter, including $7.2 million related to

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