Good morning, ladies and gentlemen, and welcome to Cohen & Company's Second Quarter 2019 Earnings Call. My name is Nicole, and I will be your operator for today. Before we begin, Cohen & Company would like to remind everyone that some of the statements the company makes during this call may contain forward-looking statements under 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.

Thank you, Nicole, and thank you, everybody for joining us for our second quarter 2019 earnings call. With me on the call is Joe Pooler, our CFO. Although, our overall results during the second quarter fell short of our expectations, we are pleased with the growth of our TBA, Gestational Repo and GCF Repo business. The Board's decision to suspend the quarterly dividend will allow the company to focus on preserving its cash and deploying its capital on new business initiatives, which we believe will generate long-term value for our shareholders. Now I will turn the call over to Joe to walk through this quarter's financial highlights in more detail.

Thank you, Lester. We will begin with our statement of operations. Our operating income was $518,000 for the quarter compared to an operating loss of $63,000 for the prior quarter and operating income of $1.4 million for the prior year quarter. Our loss before income taxes was $1.7 million for the current quarter compared to $1.9 million for the prior quarter and $826,000 for the prior year quarter. And our net loss attributable to Cohen & Company shareholders was $410,000 or $0.36 per diluted share for the current quarter compared to net loss of $1.2 million or $1.06 per diluted share for the prior quarter and net income of $80,000 or $0.07 per diluted share for the prior year quarter. Net trading revenue came in at $8.7 million in the second quarter, down $59,000 from the first quarter and up $1.5 million from the second quarter of '18. The increase from the year ago quarter was primarily the result of increased trading from mortgages, GCF Repo, SBA and Munis. Our asset management revenue totaled $1.7 million in the quarter, down $257,000 from the prior quarter and down $1.5 million from the year ago quarter. The decrease from the prior quarter was primarily a result of onetime incentive fees in our European managed accounts reported during the prior quarter. The decrease from the prior year quarter was primarily a result of the successful auction of one of our managed European CDOs in the prior year quarter, which resulted in the payment of accrued but unpaid subordinated management fees as well as onetime incentive fees in our European managed accounts reported during the prior year quarter. Second quarter of '19 principal transactions revenue was $585,000, up from the prior quarter and down from the year ago quarter. The increase from the prior…

Thanks, Joe. Please direct any investor questions to Joe Pooler at (215) 701-8952. His contact information is at the bottom of our earnings release or via e-mail to investorrelations@cohenandcompany.com. Thank you for joining us today. Operator, you can now end the call.

This does conclude today's conference call. We thank you for your participation and ask that you please disconnect your lines. End of Q&A: