Cohen & Co Inc.

Listed Company

COHNCIK 0001270436NYSENon-AcceleratedSmaller ReportingSecurity Brokers, Dealers & Flotation CompaniesMarylandFY ends Dec 31

Period

FY 2025

Revenue

$275.56M

Net Income

$14.43M

Total Assets

$700.59M

Equity

$51.08M

Shares Out

2.45M

Op. Cash Flow

$27.35M

Business

Cohen & Co Inc. is a financial services company that provides capital markets, asset management, and principal investing activities. It offers fixed income sales and trading, gestation repo financing, underwriting, advisory and investment banking services, asset management of investment vehicles including CDOs and SPAC-related investments, and principal investments tied to its SPAC franchise. Its key business segments are Capital Markets (including Cohen & Company Capital Markets), Asset Management (through registered advisors and subsidiaries) and Principal Investing. The company operates through broker‑dealer and asset management subsidiaries across the United States and Europe, distributing services to institutional investors, corporate clients, mortgage originators and other financial counterparties through trading desks, advisory teams and managed investment vehicles.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net trading	47	36	31	40	69
Principal transactions and other income	32	−7	21	−29	37
Total revenues	276	80	83	44	146
Compensation and benefits	178	56	52	50	85
Business development, occupancy, equipment	8	7	5	5	3
Subscriptions, clearing, and execution	16	10	9	8	10
Professional fee and other operating	14	14	9	8	8
Depreciation and amortization	724,000	556,000	563,000	557,000	371,000
Total operating expenses	216	88	76	72	107
Operating income / (loss)	59	−8	7	−28	40
Interest expense, net	−6	−6	−7	−5	−7
Gain (Loss) on Sales of Management Contracts	3	0	0	—	—
Income / (loss) from equity method affiliates	−17	22	16	−21	36
Income / (loss) before income tax expense / (benefit)	40	8	16	−54	70
Income tax expense / (benefit)	−632,000	−329,000	6	5	−4
Net income / (loss)	40	8	10	−59	74
Net income (loss) attributable to Cohen & Company Inc.	14	−129,000	−5	−13	12
Basic income (loss) per common share (in dollars per share)	8.33	−0.08	−3.38	−9.43	9.95
Weighted average shares outstanding-basic (in shares)	2	2	2	1	1
Diluted income (loss) per common share (in dollars per share)	4.35	−0.08	−3.38	−9.43	7.83
Weighted average shares outstanding-diluted (in shares)	6	6	2	1	5
Foreign currency translation adjustments, net of tax	361,000	−167,000	86,000	−206,000	−244,000
Other comprehensive income / (loss), net of tax	361,000	−167,000	86,000	−206,000	−244,000
Comprehensive income / (loss)	40	8	10	−59	74
Less: comprehensive income / (loss) attributable to the non-controlling interest	26	8	16	−45	62
Comprehensive income (loss) attributable to Cohen & Company Inc.	15	−177,000	−5	−13	12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	57	20	11	29	51
Receivables from brokers, dealers, and clearing agencies	46	46	67	141	68
Other receivables	9	7	5	10	3
Investments-trading	141	148	181	212	224
Other Investments, Fair Value Disclosure	57	35	72	28	56
Receivables under resale agreements	357	668	408	438	3,176
Investments in equity method affiliates	7	23	14	9	48
Deferred income taxes	4	2	2	7	12
Goodwill	109,000	109,000	109,000	109,000	109,000
Right-of-use asset - operating leases	15	16	8	10	10
Other assets	6	5	4	4	4
Total assets	701	971	773	887	3,656
Payables to brokers, dealers, and clearing agencies	4,000	67	111	135	161
Accounts payable and other liabilities	18	11	8	11	23
Accrued compensation	93	18	17	12	23
Lease liability - operating leases	17	17	8	10	11
Trading securities sold, not yet purchased	37	36	66	134	63
Other investments sold, not yet purchased	0	2	25	78,000	2
Securities sold under agreement to repurchase	400	696	408	453	3,171
Debt	33	35	30	29	43
Total liabilities	597	881	681	793	3,505
Commitments and contingencies (See note 28)	—	—	—	—	—
Voting Non-Convertible Preferred Stock, $0.001 par value per share, 50,000,000 shares authorized, 27,413,098 shares issued and outstanding, respectively	27,000	27,000	27,000	27,000	27,000
Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 2,130,063 and 2,040,052 shares issued and outstanding, respectively, including 380,008 and 404,791 unvested or restricted share awards, respectively	21,000	20,000	19,000	17,000	17,000
Additional paid-in capital	79	77	75	73	72
Accumulated other comprehensive loss	−914,000	−1	−944,000	−955,000	−905,000
Accumulated deficit	−27	−34	−32	−25	−9
Total stockholders' equity	51	42	42	47	62
Non-controlling interest	52	49	50	47	89
Total equity	103	90	92	94	151
Total liabilities and equity	701	971	773	887	3,656

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity-based compensation	20	5	4	4	16
Loss (gain) on other investments, at fair value	157	63	93	31	−35
Loss (gain) on other investments, sold not yet purchased	−1	−30	−108	−307,000	−830,000
Loss (gain) on disposal of interest in Vellar GP	836,000	0	0	—	—
Noncash advisory fees received	−232	−24	−18	−7	0
Amortization of discount on debt	564,000	42,000	692,000	630,000	860,000
Deferred tax provision / (benefit)	−2	−677,000	5	5	−4
Change in receivables from/ payables to brokers, dealers, and clearing agencies	−68	−23	118	−98	−11
Change in receivables from / payables to related parties, net	−460,000	−169,000	15,000	4	−4
(Increase) decrease in other receivables	−2	−1	4	−6	726,000
(Increase) decrease in investments-trading	8	33	31	12	19
(Increase) decrease in receivables under resale agreement	311	−260	29	2,738	2,541
(Increase) decrease in other assets	−421,000	−9	2	981,000	−5
Increase (decrease) in accounts payable and other liabilities	167,000	11	−88	−12	−19
Increase (decrease) in accrued compensation	75	502,000	5	−10	8
Increase (decrease) in trading securities sold, not yet purchased	185,000	−29	−68	71	18
Increase (decrease) in securities sold under agreement to repurchase	−296	288	−45	−2,719	−2,542
Net cash provided by (used in) operating activities	27	9	−40	−23	18
Purchase of investments - other investments, at fair value	−27	−61	−86	−7	−123
Purchase of investments - other investments sold, not yet purchased, at fair value	0	−1	−6	−6	−59
Reduction in cash from disposal of interest in Vellar GP	−433,000	0	0	—	—
Sales and returns of principal - other investments, at fair value	55	79	76	27	112
Sales and returns of principal - other investments sold, not yet purchased, at fair value	316,000	214,000	54	3	57
Investments in equity method affiliates	−3	−236,000	−2	−3	−8
Distribution from equity method affiliate	2	1	2	77,000	249,000
Purchase of furniture, equipment, and leasehold improvements	−1	−1	−373,000	−573,000	−1
Net cash provided by (used in) investing activities	26	17	38	14	−23
Repayment of redeemable financial instrument	0	−3	0	0	—
Proceeds from draws on revolving credit facility	0	0	15	0	18
Repayment of draws on revolving credit facility	0	0	−15	0	−18
Proceeds from debt	0	0	2	2	0
Repayment of debt	−3	0	−2	−2	−2
Cash used to net share settle equity awards	−343,000	−189,000	−175,000	−234,000	−378,000
Proceeds from issuance of Common Stock	0	154,000	0	0	9
Cohen & Company Inc. dividends	−2	−2	−2	−3	−671,000
Convertible non-controlling interest distributions	−13	−5	−4	−6	−2
Redemption of convertible non-controlling interest units	−954,000	−659,000	−834,000	0	0
Non-convertible non-controlling interest investment	3	0	39,000	9,000	17
Non-convertible non-controlling interest distributions	−969,000	−7	−10	−2	−3
Net cash provided by (used in) financing activities	−17	−17	−17	−12	13
Effect of exchange rate on cash	915,000	−324,000	191,000	−272,000	−377,000
Net increase (decrease) in cash and cash equivalents	37	9	−18	−21	9

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