Ok hand reading exercise time. Both players have $25. UTG is 23/6/.75, and CO is 20/8/1.3. Go ahead and adjust ranges for each player after each street.

$25nl 9 players

UTG raises to $0.85
Folds to CO
CO raises to $2
Folds to UTG
UTG calls $1.15

Flop: (Pot = $4.35)
UTG check, CO checks

Turn (Pot = $4.35)
UTG bets $3, CO raises to $6, UTG calls $3

River (Pot = $16.35)
UTG checks, CO bets $7, UTG calls $7