Cohen & Co Inc. Segments Disclosure
29. SEGMENT AND GEOGRAPHIC INFORMATION
Segment Information
The Company operates within business segments: Capital Markets, Asset Management, and Principal Investing. See note 1. The Company's chief executive officer is the chief operating decision-maker (“CODM”) and is responsible for allocating resources and assessing the performance of the business segments. The CODM relies on enterprise net income / (loss) to allocate resources because it provides insight into profitability for the entire enterprise including the convertible non-controlling interest but excluding non-convertible non-controlling interest. The CODM uses enterprise net income / (loss) in the annual budgeting and forecasting process. The CODM considers budget to actual variances on a monthly basis when making allocation decisions.
The Company’s business segment information was prepared in a manner consistent with the internal reporting provided to the CODM and represents the information that is relied upon by management in its decision-making processes. Revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment.
The Company presents principal transactions gains and losses that relate to financial instruments that the Company received through CCM's activities as part of the Capital Markets segment with all other principal transactions gains and losses included in the Principal Investing segment. The CODM evaluates the performance of the Capital Markets segment including the gains and losses on the financial instruments received through CCM's activities.
Interest expense in the table below includes non-operating interest expense. Interest income and expense relating to operations is included in net trading revenue. See note 5. Indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not directly associated with specific business segments are not allocated to the business segments’ statements of operations. See (1) below.
Beginning in 2024 annual reporting, the Company adopted ASU 2023-07 retrospectively. The following table sets forth our segment information of revenue, expenses, and income (loss) from operations.
| SEGMENT INFORMATION | ||||||||||||||||||
| Statement of Operations Information | ||||||||||||||||||
| For the Year Ended December 31, 2025 | ||||||||||||||||||
| (Dollars in Thousands) |
| Capital | Asset | Principal | Segment | |||||||||||||||||||||
| Markets | Management | Investing | Total | Unallocated (1) | Total | |||||||||||||||||||
| Investment banking and new issue | $ | 187,608 | $ | - | $ | - | $ | 187,608 | $ | - | $ | 187,608 | ||||||||||||
| Net trading | 47,347 | - | - | 47,347 | - | 47,347 | ||||||||||||||||||
| Asset management | - | 8,817 | - | 8,817 | - | 8,817 | ||||||||||||||||||
| Principal transactions | - | - | 30,344 | 30,344 | - | 30,344 | ||||||||||||||||||
| Other income | - | 1,796 | (348 | ) | 1,448 | - | 1,448 | |||||||||||||||||
| Total revenues | 234,955 | 10,613 | 29,996 | 275,564 | - | 275,564 | ||||||||||||||||||
| Compensation | 134,696 | 7,660 | 524 | 142,880 | 14,425 | 157,305 | ||||||||||||||||||
| Stock based compensation | 357 | 98 | 15,671 | 16,126 | 4,087 | 20,213 | ||||||||||||||||||
| Business development | 1,950 | 225 | 1 | 2,176 | 1,377 | 3,553 | ||||||||||||||||||
| Occupancy and equipment | 2,892 | 238 | - | 3,130 | 1,214 | 4,344 | ||||||||||||||||||
| Subscriptions, clearing, and execution | 15,378 | 337 | 30 | 15,745 | 182 | 15,927 | ||||||||||||||||||
| Professional fee and other operating | 8,875 | 1,727 | 267 | 10,869 | 3,222 | 14,091 | ||||||||||||||||||
| Depreciation and amortization | - | 7 | - | 7 | 717 | 724 | ||||||||||||||||||
| Total operating expenses | 164,148 | 10,292 | 16,493 | 190,933 | 25,224 | 216,157 | ||||||||||||||||||
| Operating income / (loss) | 70,807 | 321 | 13,503 | 84,631 | (25,224 | ) | 59,407 | |||||||||||||||||
| Interest income (expense) | (126 | ) | - | - | (126 | ) | (5,750 | ) | (5,876 | ) | ||||||||||||||
| Gain on sale of management contracts | - | 2,734 | - | 2,734 | - | 2,734 | ||||||||||||||||||
| Income from equity method affiliates | (792 | ) | - | (15,971 | ) | (16,763 | ) | - | (16,763 | ) | ||||||||||||||
| Income /(loss) before income taxes | 69,889 | 3,055 | (2,468 | ) | 70,476 | (30,974 | ) | 39,502 | ||||||||||||||||
| Income tax expense (benefit) | - | - | - | - | (632 | ) | (632 | ) | ||||||||||||||||
| Net income / (loss) | 69,889 | 3,055 | (2,468 | ) | 70,476 | (30,342 | ) | 40,134 | ||||||||||||||||
| Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | - | 1 | (1,914 | ) | (1,913 | ) | - | (1,913 | ) | |||||||||||||||
| Enterprise net income /(loss) | 69,889 | 3,054 | (554 | ) | 72,389 | (30,342 | ) | 42,047 | ||||||||||||||||
| Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. | - | - | - | - | 27,616 | 27,616 | ||||||||||||||||||
| Net income / (loss) attributable to Cohen & Company Inc. | $ | 69,889 | $ | 3,054 | $ | (554 | ) | $ | 72,389 | $ | (57,958 | ) | $ | 14,431 | ||||||||||
| Other statement of operations data | ||||||||||||||||||||||||
| Cash compensation as a percentage of revenue | 57.33 | % | 72.18 | % | 1.75 | % | 51.85 | % | N/A | 57.08 | % | |||||||||||||
| Operating income / (loss) as a percentage of revenue | 30.14 | % | 3.02 | % | 45.02 | % | 30.71 | % | N/A | 21.56 | % | |||||||||||||
| Net income / (loss) as a percentage of revenue | 29.75 | % | 28.79 | % | 8.23 | % | 25.58 | % | N/A | 14.56 | % | |||||||||||||
| Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue | 29.75 | % | 28.78 | % | 1.85 | % | 26.27 | % | N/A | 5.24 | % | |||||||||||||
| SEGMENT INFORMATION | ||||||||||||||||||
| Statement of Operations Information | ||||||||||||||||||
| For the Year Ended December 31, 2024 | ||||||||||||||||||
| (Dollars in Thousands) |
| Capital | Asset | Principal | Segment | |||||||||||||||||||||
| Markets | Management | Investing | Total | Unallocated (1) | Total | |||||||||||||||||||
| Investment banking and new issue | $ | 40,778 | $ | - | $ | - | $ | 40,778 | $ | - | $ | 40,778 | ||||||||||||
| Net trading | 36,409 | - | - | 36,409 | - | 36,409 | ||||||||||||||||||
| Asset management | - | 9,009 | - | 9,009 | - | 9,009 | ||||||||||||||||||
| Principal transactions | - | - | (10,246 | ) | (10,246 | ) | - | (10,246 | ) | |||||||||||||||
| Other income | 10 | 2,615 | 1,023 | 3,648 | - | 3,648 | ||||||||||||||||||
| Total revenues | 77,197 | 11,624 | (9,223 | ) | 79,598 | - | 79,598 | |||||||||||||||||
| Compensation | 42,536 | 6,058 | 1,648 | 50,242 | 1,478 | 51,720 | ||||||||||||||||||
| Stock based compensation | 575 | 145 | - | 720 | 3,948 | 4,668 | ||||||||||||||||||
| Business development | 1,377 | 250 | 14 | 1,641 | 641 | 2,282 | ||||||||||||||||||
| Occupancy and equipment | 2,976 | 213 | - | 3,189 | 1,146 | 4,335 | ||||||||||||||||||
| Subscriptions, clearing, and execution | 8,893 | 368 | 170 | 9,431 | 208 | 9,639 | ||||||||||||||||||
| Professional fee and other operating | 7,591 | 1,772 | 1,216 | 10,579 | 3,842 | 14,421 | ||||||||||||||||||
| Depreciation and amortization | - | 6 | - | 6 | 550 | 556 | ||||||||||||||||||
| Total operating expenses | 63,948 | 8,812 | 3,048 | 75,808 | 11,813 | 87,621 | ||||||||||||||||||
| Operating income / (loss) | 13,249 | 2,812 | (12,271 | ) | 3,790 | (11,813 | ) | (8,023 | ) | |||||||||||||||
| Interest income (expense) | (76 | ) | - | - | (76 | ) | (5,745 | ) | (5,821 | ) | ||||||||||||||
| Income from equity method affiliates | - | - | 21,704 | 21,704 | - | 21,704 | ||||||||||||||||||
| Income (loss) before income taxes | 13,173 | 2,812 | 9,433 | 25,418 | (17,558 | ) | 7,860 | |||||||||||||||||
| Income tax expense / (benefit) | - | - | - | - | (329 | ) | (329 | ) | ||||||||||||||||
| Net income / (loss) | 13,173 | 2,812 | 9,433 | 25,418 | (17,229 | ) | 8,189 | |||||||||||||||||
| Less: Net income attributable to the non-convertible non-controlling interest of the Operating LLC | - | 1 | 8,674 | 8,675 | - | 8,675 | ||||||||||||||||||
| Enterprise net income/ (loss) | 13,173 | 2,811 | 759 | 16,743 | (17,229 | ) | (486 | ) | ||||||||||||||||
| Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. | - | - | - | - | (357 | ) | (357 | ) | ||||||||||||||||
| Net income / (loss) attributable to Cohen & Company Inc. | $ | 13,173 | $ | 2,811 | $ | 759 | $ | 16,743 | $ | (16,872 | ) | $ | (129 | ) | ||||||||||
| Other statement of operations data | ||||||||||||||||||||||||
| Cash compensation as a percentage of revenue | 55.10 | % | 52.12 | % | 17.87 | % | 63.12 | % | N/A | 64.98 | % | |||||||||||||
| Operating income / (loss) as a percentage of revenue | 17.16 | % | 24.19 | % | 133.05 | % | 4.76 | % | N/A | (10.08 | )% | |||||||||||||
| Net income / (loss) as a percentage of revenue | 17.06 | % | 24.19 | % | 102.28 | % | 31.93 | % | N/A | 10.29 | % | |||||||||||||
| Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue | 17.06 | % | 24.18 | % | 8.23 | % | 21.03 | % | N/A | (0.16 | )% | |||||||||||||
| SEGMENT INFORMATION | ||||||||||||||||||
| Statement of Operations Information | ||||||||||||||||||
| For the Year Ended December 31, 2023 | ||||||||||||||||||
| (Dollars in Thousands) |
| Capital | Asset | Principal | Segment | |||||||||||||||||||||
| Markets | Management | Investing | Total | Unallocated (1) | Total | |||||||||||||||||||
| Investment banking and new issue | $ | 23,952 | $ | - | $ | - | $ | 23,952 | $ | - | $ | 23,952 | ||||||||||||
| Net trading | 30,926 | - | - | 30,926 | - | 30,926 | ||||||||||||||||||
| Asset management | - | 7,337 | - | 7,337 | - | 7,337 | ||||||||||||||||||
| Principal transactions | - | - | 19,254 | 19,254 | - | 19,254 | ||||||||||||||||||
| Other income | 1 | 1,071 | 440 | 1,512 | - | 1,512 | ||||||||||||||||||
| Total revenues | 54,879 | 8,408 | 19,694 | 82,981 | - | 82,981 | ||||||||||||||||||
| Compensation | 30,641 | 5,777 | 2,335 | 38,753 | 8,948 | 47,701 | ||||||||||||||||||
| Stock based compensation | 515 | 106 | - | 621 | 3,770 | 4,391 | ||||||||||||||||||
| Business development | 741 | 268 | 23 | 1,032 | 383 | 1,415 | ||||||||||||||||||
| Occupancy and equipment | 2,560 | 202 | - | 2,762 | 1,027 | 3,789 | ||||||||||||||||||
| Subscriptions, clearing, and execution | 8,125 | 334 | 251 | 8,710 | 255 | 8,965 | ||||||||||||||||||
| Professional fee and other operating | 4,320 | 1,408 | 843 | 6,571 | 2,725 | 9,296 | ||||||||||||||||||
| Depreciation and amortization | - | 6 | - | 6 | 557 | 563 | ||||||||||||||||||
| Total operating expenses | 46,902 | 8,101 | 3,452 | 58,455 | 17,665 | 76,120 | ||||||||||||||||||
| Operating income / (loss) | 7,977 | 307 | 16,242 | 24,526 | (17,665 | ) | 6,861 | |||||||||||||||||
| Interest income (expense) | (338 | ) | - | - | (338 | ) | (6,188 | ) | (6,526 | ) | ||||||||||||||
| (Loss) from equity method affiliates | - | - | 15,609 | 15,609 | - | 15,609 | ||||||||||||||||||
| Income before income taxes | 7,639 | 307 | 31,851 | 39,797 | (23,853 | ) | 15,944 | |||||||||||||||||
| Income tax expense / (benefit) | - | - | - | - | 5,545 | 5,545 | ||||||||||||||||||
| Net income /(loss) | 7,639 | 307 | 31,851 | 39,797 | (29,398 | ) | 10,399 | |||||||||||||||||
| Less: Net (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | - | 17 | 19,573 | 19,590 | - | 19,590 | ||||||||||||||||||
| Enterprise net income /(loss) | 7,639 | 290 | 12,278 | 20,207 | (29,398 | ) | (9,191 | ) | ||||||||||||||||
| Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. | - | - | - | - | (4,078 | ) | (4,078 | ) | ||||||||||||||||
| Net income (loss) attributable to Cohen & Company Inc. | $ | 7,639 | $ | 290 | $ | 12,278 | $ | 20,207 | $ | (25,320 | ) | $ | (5,113 | ) | ||||||||||
| Other statement of operations data | ||||||||||||||||||||||||
| Cash compensation as a percentage of revenue | 55.83 | % | 68.71 | % | 11.86 | % | 46.70 | % | N/A | 57.48 | % | |||||||||||||
| Operating income / (loss) as a percentage of revenue | 14.54 | % | 3.65 | % | 82.47 | % | 29.56 | % | N/A | 8.27 | % | |||||||||||||
| Net income / (loss) as a percentage of revenue | 13.92 | % | 3.65 | % | 161.73 | % | 47.96 | % | N/A | 12.53 | % | |||||||||||||
| Net income / (loss) attributable to Cohen & Company Inc. as a percentage of revenue | 13.92 | % | 3.45 | % | 62.34 | % | 24.35 | % | N/A | (6.16 | )% | |||||||||||||
| (1) | Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance, and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the CODM. |
| BALANCE SHEET DATA | ||||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||
| (Dollars in Thousands) |
| Capital | Asset | Principal | Segment | |||||||||||||||||||||
| Markets | Management | Investing | Total | Unallocated (1) | Total | |||||||||||||||||||
| Total Assets | $ | 591,923 | $ | 11,408 | $ | 27,093 | $ | 630,424 | $ | 70,161 | $ | 700,585 | ||||||||||||
| Included within total assets: | ||||||||||||||||||||||||
| Investments in equity method affiliates | $ | - | $ | - | $ | 6,661 | $ | 6,661 | $ | - | $ | 6,661 | ||||||||||||
| Goodwill (2) | $ | 54 | $ | 55 | $ | - | $ | 109 | $ | - | $ | 109 | ||||||||||||
| Intangible assets (2) | $ | 166 | $ | - | $ | - | $ | 166 | $ | - | $ | 166 | ||||||||||||
| BALANCE SHEET DATA | ||||||||||||||||||
| As of December 31, 2024 | ||||||||||||||||||
| (Dollars in Thousands) |
| Capital | Asset | Principal | Segment | |||||||||||||||||||||
| Markets | Management | Investing | Total | Unallocated (1) | Total | |||||||||||||||||||
| Total Assets | $ | 888,780 | $ | 7,371 | $ | 44,175 | $ | 940,326 | $ | 30,823 | $ | 971,149 | ||||||||||||
| Included within total assets: | ||||||||||||||||||||||||
| Investments in equity method affiliates | $ | - | $ | - | $ | 23,430 | $ | 23,430 | $ | - | $ | 23,430 | ||||||||||||
| Goodwill (2) | $ | 54 | $ | 55 | $ | - | $ | 109 | $ | - | $ | 109 | ||||||||||||
| Intangible assets (2) | $ | 166 | $ | - | $ | - | $ | 166 | $ | - | $ | 166 | ||||||||||||
| (1) | Unallocated assets primarily include (1) amounts due from related parties; (2) furniture and equipment, net; and (3) other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded from business segment reporting to the CODM. |
| (2) | Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table above. |
Geographic Information
The Company has conducted its business activities through offices in the following locations: (1) United States and (2) Europe and other. Total revenues by geographic area are summarized as follows.
| GEOGRAPHIC DATA | ||||||||
| (Dollars in Thousands) |
| Year Ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Total Revenues: | ||||||||||||
| United States | $ | 265,585 | $ | 72,573 | $ | 77,532 | ||||||
| Europe & Other | 9,979 | 7,025 | 5,449 | |||||||||
| Total | $ | 275,564 | $ | 79,598 | $ | 82,981 | ||||||
Long-lived assets attributable to an individual country, other than the United States, are not material. The Capital Markets segment has earned non-cash advisory revenue of $232,398, and $18,248 in the years ended December 31, 2025, 2024, and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.