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"). See Note 1 below.
Lester Brafman, Chief Executive Officer of Cohen & Company, said, "We are pleased to deliver strong fourth quarter and full year 2025 results, driven by the continued expansion of our client franchise, particularly within our full-service boutique investment bank, Cohen & Company Capital Markets ("CCM"), focused on frontier technologies, including digital assets, energy transition, and natural resources. In 2025, we strengthened our leadership team with the appointment of managing directors to expand our presence in the energy and energy transition sectors, as well as across space technology, aerospace, and communications infrastructure. During the year, CCM closed $43 billion in transactions and according to SPAC Research ranked number one in SPAC IPO underwritings by left book run deals and in de-SPAC advisory, with a leading share in de-SPAC PIPE transactions, reflecting the strength of our client franchise and execution capabilities."
Brafman continued, "Supported by its growing team and strong pipeline of transactions, we believe that CCM is well positioned for continued success over the long term. CCM's pipeline is significantly more robust than it was a year ago, reflecting our strong IPO presence and significant de-SPAC opportunities. Going forward we will continue to focus on being the advisor of choice to the growth and frontier technology sectors of the economy."
Brafman concluded, "For the full year 2025, basic and fully diluted net income attributable to Cohen & Company Inc. per share was $8.33 and $4.35, respectively; total revenue was $275.6 million, an increase of 246% from 2024; and adjusted pre-tax income was $41.4 million, representing 15.0% of total revenue. We finished 2025 with $2.3 million of revenue per employee. We are pleased to announce a special dividend of $0.70 per share, as well as our recurring quarterly dividend of $0.25 per share. These dividends are in addition to the special dividend of $2.00 per share that was announced in December 2025 and paid in January 2026. As we look ahead, with first quarter 2026 revenue trending substantially higher than first quarter 2025, we are well-positioned to continue building on the significant momentum underway and remain confident in our ability to drive long-term, sustainable value for our stockholders."
Financial Highlights
-- Net income attributable to Cohen & Company Inc. was $8.1 million, or
$1.48 per diluted share, for the three months ended December 31, 2025,
compared to net income of $4.6 million, or $2.58 per diluted share, for
the three months ended September 30, 2025, and net loss of $2.0 million,
or $1.21 per diluted share, for the three months ended December 31, 2024.
Adjusted pre-tax income was $18.3 million, or $2.97 per diluted share,
for the three months ended December 31, 2025, compared to adjusted
pre-tax income of $16.4 million, or $2.71 per diluted share, for the
three months ended September 30, 2025, and adjusted pre-tax loss of $7.7
million, or $1.32 per diluted share, for the three months ended December
31, 2024. Adjusted pre-tax income (loss) and adjusted pre-tax income
(loss) per diluted share are not measures recognized under GAAP. See Note
1 below.
-- Revenue was $102.7 million for the three months ended December 31, 2025,
compared to $84.2 million for the prior quarter and $18.5 million for the
prior year quarter.
-- Investment banking and new issue revenue was $54.7 million for the
three months ended December 31, 2025, down $13.9 million from the
prior quarter and up $46.5 million from the prior year quarter.
CCM generated $50.8 million, $68.6 million, and $7.5 million of
the investment banking and new issue revenue in 4Q25, 3Q25, and
4Q24, respectively. From time to time, CCM receives financial
instruments in lieu of cash as consideration for underwriting,
advisory, and new issue placement services provided. The fair
value of the financial instruments received is recorded as
investment banking and new issue revenue at the time it is
received using the share price on the day after the transaction
closes. Any subsequent changes in the share price are also
recorded as investment banking and new issue revenue. Certain
financial instruments are subject to transfer and selling
restrictions, thus they are not able to be immediately monetized.
-- Net trading revenue was $13.8 million for the three months ended
December 31, 2025, up $0.3 million from the prior quarter and up
$4.9 million from the prior year quarter. The increase from the
prior quarter was due primarily to higher trading revenue from the
Company's mortgage group, and the increase from the prior year
quarter reflected higher trading revenue from the Company's
mortgage group, and the SPAC equity and SBA trading desks.
-- Asset management revenue was $2.7 million for the three months
ended December 31, 2025, up $0.7 million from the prior quarter
and up $0.6 million from the prior year quarter. The change from
both the prior quarters was primarily due to incentive fees
related to one of the Company's European funds recorded in the
current quarter.
-- Principal transactions and other revenue was positive $31.5
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