Cohen & Co

COHN

Market cap $39.6M

Cohen & Company Inc. (COHN) Q4 2025 Earnings Call Transcript

Board Declares Quarterly Dividend of $0.25 per Share and Special Dividend of $0.70 per Share Revenue of $102.7 Million in Fourth Quarter 2025 and $275.6 Million in Full Year 2025 Net Income Attributable to Cohen & Company Inc. of $8.1 Million, or $1.48 per Diluted Share, in Fourth Quarter 2025 and $14.4 Million, or $4.35 per Diluted Share, in Full Year 2025 Adjusted Pre-Tax Income of $18.3 Million, or $2.97 per Diluted Share, in Fourth Quarter 2025 and $41.4 Million, or $6.92 per Diluted Share, in Full Year 2025 PHILADELPHIA and NEW YORK, March 06, 2026 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) today reported financial results for its fourth quarter and full year ended December 31, 2025. Summary Operating Results                                                         Three Months Ended       Twelve Months Ended     ($ in thousands) 12/31/25   9/30/25   12/31/24   12/31/25   12/31/24                             Investment banking and new issue $ 54,704     $ 68,606     $ 8,194     $ 187,608     $ 40,778       Net trading   13,819       13,560       8,947       47,347       36,409       Asset management   2,681       1,948       2,067       8,817       9,009       Principal transactions and other revenue   31,536       99       (667 )     31,792       (6,598 )     Total revenues   102,740       84,213       18,541       275,564       79,598       Compensation and benefits   57,845       53,684       12,935       177,518       56,388       Non-compensation operating expenses   14,850       8,769       11,109       38,639       31,233       Operating income (loss)   30,045       21,760       (5,503 )     59,407       (8,023 )     Interest expense, net   (1,460 )     (1,472 )     (1,474 )     (5,876 )     (5,821 )     Gain on sale of management contracts   -       1,897       -       2,734       -       Income (loss) from equity method affiliates   (5,081 )     (12,663 )     (662 )     (16,763 )     21,704       Income (loss) before income tax expense (benefit)   23,504       9,522       (7,639 )     39,502       7,860       Income tax expense (benefit)   (2,275 )     733       (764 )     (632 )     (329 )     Net income (loss)   25,779       8,789       (6,875 )     40,134       8,189       Less: Net income (loss) attributable to the non-convertible non-controlling interest   5,254       (6,853 )     66       (1,913 )     8,675       Enterprise net income (loss)   20,525       15,642       (6,941 )     42,047       (486 )     Less: Net income (loss) attributable to the convertible non-controlling interest   12,424       11,049       (4,988 )     27,616       (357 )     Net income (loss) attributable to Cohen & Company Inc. $ 8,101     $ 4,593     $ (1,953 )   $ 14,431     $ (129 )     Fully diluted net income (loss) per share $ 1.48     $ 2.58     $ (1.21 )   $ 4.35     $ (0.08 )                             Adjusted pre-tax income (loss) (1) $ 18,250     $ 16,375     $ (7,705 )   $ 41,415     $ (815 )     Fully diluted adjusted pre-tax income (loss) per share (1) $ 2.97     $ 2.71     $ (1.32 )   $ 6.92     $ (0.14 )                           (1) Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per share are not measures recognized under U.S. generally accepted accounting principles (“GAAP”).

Cohen & Company is rated Buy, with a forward P/E of 5.8x and a P/B of 0.58x, signaling undervaluation relative to cyclical risks. Q3'25 saw strong advisory revenue and operating income, but principal segment losses due to high-risk equity holdings like NAKA offset gains. COHN's asset quality is supported by 53% of assets in short-term, high-quality repo arrangements, mitigating some balance sheet risk.

PARIS, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) today announced that its controlled subsidiary, Cohen & Company Financial (Europe) S.A. (“CCFESA”), has successfully completed the second and final closing of its PriDe IV funds, with total commitments of €481.5 million. PriDe IV is the latest vintage in a series of funds focused on investing in Tier II capital instruments issued by small and mid-sized insurance companies with limited access to capital markets. The PriDe Program enables insurers to enhance their regulatory capital ratios, fund acquisitions or internal growth, optimize their reinsurance programs, and/or lower their weighted average cost of capital.

Firm Launches Houston Office Strategic Hire Anchors Firm's Expansion Across Energy, Power, and Infrastructure PHILADELPHIA and NEW YORK, Jan. 12, 2026 /PRNewswire/ -- After nearly doubling deal flow and closing $44 billion in transactions in 2025, Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, an indirect, controlled subsidiary of Cohen & Company Inc. (NYSE American: COHN), today announced the appointment of senior leadership to its Energy and Energy Transition team, along with the opening of its Houston office to serve as the firm's hub for energy and energy transition advisory services. Rahul Jasuja has joined the firm as Head of Energy and Energy Transition, bringing two decades of investment banking experience advising senior corporate leaders and boards across traditional energy, energy transition, and infrastructure, with a focus on M&A advisory and capital markets transactions.

Cohen & Company Inc. ( COHN ) Q3 2025 Earnings Call November 4, 2025 10:00 AM EST Company Participants Daniel Cohen - Executive Chairman Lester Brafman - Chief Executive Officer Joseph Pooler - Executive VP, CFO & Treasurer Presentation Operator Good morning, ladies and gentlemen. Welcome to Cohen & Company's Third Quarter 2025 Earnings Call.

PHILADELPHIA and NEW YORK, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) will release its financial results for the third quarter 2025 on Tuesday, November 4, 2025. The Company will host a conference call at 10:00 a.m. Eastern Time (ET) that day to discuss these results.

Cohen (COHN) Q2 Revenue Jumps 454%

Second Quarter 2025 Revenue of $59.9 Million Second Quarter 2025 Net Income Attributable to Cohen & Company Inc. of $1.4 Million, or $0.81 per Diluted Share Second Quarter 2025 Adjusted Pre-Tax Income of $5.5 Million, or $0.94 per Diluted Share Board Declares Quarterly Dividend of $0.25 per Share PHILADELPHIA and NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in an expanding range of capital markets and asset management services, today reported financial results for its second quarter ended June 30, 2025. Summary Operating Results       Three Months Ended   Six Months Ended ($ in thousands) 6/30/25   3/31/25   6/30/24   6/30/25   6/30/24                     Net trading $ 10,757     $ 9,211     $ 8,798     $ 19,968     $ 18,646   Asset management   2,168       2,020       2,078       4,188       4,795   New issue and advisory   37,411       33,239       6,500       70,650       30,888   Principal transactions and other revenue   9,535       (15,730 )     (6,578 )     (6,195 )     (24,967 ) Total revenues   59,871       28,740       10,798       88,611       29,362                                           Compensation and benefits   44,323       21,666       10,699       65,989       25,538   Non-compensation operating expenses   8,053       6,967       6,466       15,020       13,566   Operating income (loss)   7,495       107       (6,367 )     7,602       (9,742 )                                         Interest expense, net   (1,496 )     (1,448 )     (1,425 )     (2,944 )     (3,091 ) Gain on sale of management contracts   837       -       -       837       -   Income (loss) from equity method affiliates   (1,437 )     2,418       (5,996 )     981       23,049   Income (loss) before income tax expense (benefit)   5,399       1,077       (13,788 )     6,476       10,216   Income tax expense (benefit)   771       139       (205 )     910       293   Net income (loss)   4,628       938       (13,583 )     5,566       9,923   Less: Net income (loss) attributable to the non-convertible non-controlling interest   (141 )     (173 )     (5,206 )     (314 )     11,064   Enterprise net income (loss)   4,769       1,111       (8,377 )     5,880       (1,141 ) Less: Net income (loss) attributable to the convertible non-controlling interest   3,361       782       (6,028 )     4,143       (815 ) Net income (loss) attributable to Cohen & Company Inc. $ 1,408     $ 329     $ (2,349 )   $ 1,737     $ (326 ) Fully diluted net income (loss) per share $ 0.81     $ 0.19     $ (1.47 )   $ 1.00     $ (0.20 )                     Adjusted pre-tax income (loss) (1) $ 5,540     $ 1,250     $ (8,582 )   $ 6,790     $ (848 ) Fully diluted adjusted pre-tax income (loss) per share $ 0.94     $ 0.22     $ (1.51 )   $ 1.15     $ (0.15 )                     (1)   Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles (“GAAP”).

PHILADELPHIA and NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) will release its financial results for the second quarter 2025 on Thursday, July 31, 2025. The Company will host a conference call at 10:00 a.m. Eastern Time (ET) that day to discuss these results.