Good morning, ladies and gentlemen, and welcome to the Cohen & Company's Third Quarter 2020 Earnings Conference Call. My name is Nicole, and I'll 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 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 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 on our third quarter 2020 earnings call. With me on the call is Joe Pooler, our CFO. We are pleased with our third quarter results, particularly on the broker-dealer side, where we continued to strengthen our Gestation Repo business, with balances now increasing to $2.9 billion by the end of the quarter. For the second quarter in a row, we were able to generate more than $3 million of net income and more than $4 million of adjusted net income for the firm from wide. Additionally, we are excited to announce positive developments in our SPAC business. Recently, subsequent to the quarter end, our first company-sponsored insurance SPAC, Insurance Acquisition Corp. closed its merger with Shift Technologies, Inc., symbol SFT, and during the third quarter, our second company-sponsored Insurance SPAC, INSU Acquisition Corp. II, raised $230 million in an initial public offering of its units. We're active in multiple aspects of the SPAC market, including as a sponsor, asset manager and investor. Our team has a long history in the SPAC space, and we continue to grow - we continue growing our SPAC franchise and capitalizing on opportunities in this space. We are enthusiastic about our business going forward, and we remain committed to executing on our strategic priorities and a continued focus on enhancing stockholder value. Now I will turn the call over to Joe to walk through the quarter's financial highlights in more detail.

Thank you, Lester. We'll start with our statement of operations. Our net income was $3.3 million for the quarter or $1.19 per fully diluted share compared to net income of $3.3 million for the prior quarter or $0.69 per diluted share and net loss of $1.9 million for the prior year quarter or a loss of $1.06 per fully diluted share. Our adjusted net income was $4.2 million for the quarter compared to adjusted net income of $4 million for the prior quarter and adjusted net loss of $1.9 million for the prior year quarter. Note that adjusted net income is not a measure recognized under U.S. generally accepted accounting principles. See our disclosures, calculations and reconciliations surrounding adjusted net income in our earnings release. Net trading revenue came in at $17 million in the third quarter, down $3 million from the second quarter and up $8.5 million from the third quarter of '19. The decrease from the second quarter was primarily the result of decreased trading from our GCF Repo and corporate trading groups, which was offset by an increase of $3.1 million in our Gestation Repo revenue. Our Gestation Repo balances have grown to $2.9 billion as of September 30, 2020. The increase from the third quarter of '19 was primarily the result of increased trading from our Gestation Repo and corporate trading groups. Our asset management revenue totaled $1.6 million in the quarter, down $61,000 from the prior quarter and down $387,000 from the year ago quarter. Third quarter 2020 principal transactions revenue was $2.6 million compared to $2.3 million in the prior quarter and $310,000 in the year ago quarter. The principal transactions revenue includes all gains and losses and income earned on our $22.5 million investment portfolio classified as other investments at fair value on…

Thanks Joe. Please direct any off-line investor questions to Joe Pooler at (215) 701-8952 or via e-mail to investorrelations@cohencompany.com. The contact information can also be found at the bottom of our earnings release. Operator, you can now open the call lines for questions. Thank you all for joining us today.

Okay. Then again, thanks, everybody, for joining us today. And we look forward to speaking with you next quarter.

This does conclude today's conference call. We thank you for your participation and ask that you please disconnect your lines.