COHN on NYSE

Cohen & Co Inc.

We are a Maryland corporation that incorporated on October 6, 2003.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerCOHN on NYSE1
  • IndustrySecurity Brokers, Dealers & Flotation Companies1
  • HeadquartersPhiladelphia, Pennsylvania1
  • Incorporated inMD2
  • Business addressCira Centre, 2929 Arch Street, 17Th Floor, Philadelphia, Pa 19104-28702
  • Filer categoryAccelerated filer, Smaller reporting company2

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We are a Maryland corporation that incorporated on October 6, 2003. We are a financial services company specializing in an expanding range of capital markets and asset management services. Our business segments are Capital Markets, Asset Management, and Principal Investing. Our Capital Markets business segment consists of sales, trading, gestation repo financing, new issue placements in corporate and securitized products, underwriting, and advisory services, operating primarily through our subsidiaries, Cohen Securities in the United States (the “U.S.”) and CCFESA in Europe. A division of Cohen Securities, Cohen & Company Capital Markets (“CCM”) is our full-service boutique investment bank providing capital markets and special purpose acquisition corporation ("SPAC") advisory services to corporations, financial sponsors, investors, and institutions. Our Capital Markets business segment a…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.6%Operating margin4
5.2%Net margin4
246.2%Revenue growth, 20254
28.3%Return on equity4
0.64×Debt to equity4
$26.1MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

New Issue and Advisory brought in 87% of the revenue Cohen & Co Inc. broke down this way in fiscal 2025.

  1. New Issue and Advisory$187.6M487%up 360% from 2024
  2. Gestational Repo Business$19.2M49%up 27% from 2024
  3. Asset Management$8.8M44%down 2% from 2024
Products and services by year
Products and services202320242025
New Issue and Advisory$24.0M$40.8M$187.6M
Gestational Repo Business$16.1M$15.2M$19.2M
Asset Management$7.3M$9.0M$8.8M

Business segments

Capital Markets brought in 85% of the revenue Cohen & Co Inc. broke down this way in fiscal 2025.

  1. Capital Markets$235.0M485%up 204% from 2024
  2. Principal Investing$30.0M411%up 425% from 2024
  3. Asset Management$10.6M44%down 9% from 2024
Business segments by year
Business segments202320242025
Capital Markets$54.9M$77.2M$235.0M
Principal Investing$19.7M-$9.2M$30.0M
Asset Management$8.4M$11.6M$10.6M

Regions

United States brought in 96% of the revenue Cohen & Co Inc. broke down this way in fiscal 2025.

  1. United States$265.6M496%up 266% from 2024
  2. Outside the United States$10.0M44%up 42% from 2024
Regions by year
Regions202320242025
United States$77.5M$72.6M$265.6M
Outside the United States$5.4M$7.0M$10.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs82¢$225.3M
  • Interest13¢$35.2M
  • Income tax0¢$632.0K
  • Profit5¢$14.4M

Out of $275.6M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending5¢$1.3M
  • Dividends paid8¢$2.1M
  • Kept or used elsewhere88¢$24.0M

Out of $27.4M of cash from operations.4

Financial statements

Revenue56784$275.6M in 2025+455% since 2019
0$100.0M$200.0M$300.0M2019: $49.7M$49.7M20192020: $130.1M$130.1M2020+162%2021: $146.4M$146.4M2021+12%2022: $44.4M$44.4M2022−70%2023: $83.0M$83.0M2023+87%2024: $79.6M$79.6M2024−4%2025: $275.6M$275.6M2025+246%
Operating income56784$59.4M in 2025+1370% since 2019
-$50.0M-$25.0M0$25.0M$50.0M$75.0M2019: $4.0M$4.0M20192020: $42.3M$42.3M2020+947%2021: $39.6M$39.6M2021−6%2022: -$28.0M-$28.0M20222023: $6.9M$6.9M20232024: -$8.0M-$8.0M20242025: $59.4M$59.4M2025
Net income56784$14.4M in 2025
-$20.0M-$10.0M0$10.0M$20.0M2019: -$2.1M-$2.1M20192020: $14.2M$14.2M20202021: $11.8M$11.8M2021−17%2022: -$13.4M-$13.4M20222023: -$5.1M-$5.1M2023−62%2024: -$129.0K-$129.0K2024−97%2025: $14.4M$14.4M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Net trading$47.3M$36.4M$30.9M
Principal transactions and other income$31.8M-$6.6M$20.8M
Total revenues$275.6M$79.6M$83.0M
Compensation and benefits$177.5M$56.4M$52.1M
Business development, occupancy, equipment$7.9M$6.6M$5.2M
Subscriptions, clearing, and execution$15.9M$9.6M$9.0M
Professional fee and other operating$14.1M$14.4M$9.3M
Depreciation and amortization$724.0K$556.0K$563.0K
Total operating expenses$216.2M$87.6M$76.1M
Operating income / (loss)$59.4M-$8.0M$6.9M
Interest expense, net-$5.9M-$5.8M-$6.5M
Gain (Loss) on Sales of Management Contracts$2.7M$0$0
Income / (loss) from equity method affiliates-$16.8M$21.7M$15.6M
Income / (loss) before income tax expense / (benefit)$39.5M$7.9M$15.9M
Income tax expense / (benefit)-$632.0K-$329.0K$5.5M
Net income (loss) attributable to Cohen & Company Inc.$14.4M-$129.0K-$5.1M
Basic income (loss) per common share (in dollars per share)$8.33-$0.08-$3.38
Weighted average shares outstanding-basic (in shares)1.7M shares1.6M shares1.5M shares
Diluted income (loss) per common share (in dollars per share)$4.35-$0.08-$3.38
Weighted average shares outstanding-diluted (in shares)6.0M shares5.7M shares1.5M shares
Net income / (loss)$40.1M$8.2M$10.4M
Foreign currency translation adjustments, net of tax$361.0K-$167.0K$86.0K
Other comprehensive income / (loss), net of tax$361.0K-$167.0K$86.0K
Comprehensive income / (loss)$40.5M$8.0M$10.5M
Less: comprehensive income / (loss) attributable to the non-controlling interest$26.0M$8.2M$15.6M
Comprehensive income (loss) attributable to Cohen & Company Inc.$14.5M-$177.0K-$5.1M
Foreign currency translation adjustments, tax$0$0$0
Other comprehensive income (loss), tax$0$0$0

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Leadership

Who has led Cohen & Co Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Daniel G. Cohen2009–2013
  2. Lester Raymond Brafman2013–now

Chair

  1. Daniel G. Cohen2006–2011
  2. John P. Costas2011

President

  1. Christopher Ricciardi2009–2011
  2. Lester Raymond Brafman2013

Chief financial officer

  1. John Longino2006–2009
  2. Joseph W. Pooler Jr.2009–now

Chief operating officer

  1. Shami Patel2006–2007
2010201520202025
Board members and other officers (17)

Former names

  • INSTITUTIONAL FINANCIAL MARKETS, INC.Jan 24, 2011 to Sep 1, 20172
  • ALESCO FINANCIAL INCOct 6, 2006 to Dec 15, 20092
  • SUNSET FINANCIAL RESOURCES INCDec 8, 2003 to Oct 6, 20062

Timeline

  1. Dec 3, 2013New chief executive Lester Raymond Brafman becomes CEO12
  2. Dec 18, 2009New chief executive Daniel G. Cohen becomes CEO13

Filings

201 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 57 major events, 75 insider forms, 12 large holders, 37 other. The latest 20:

  1. Aug 31, 20268-K EDGAR
  2. Aug 7, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Aug 6, 2026144 EDGAR
  4. Aug 5, 2026144 EDGAR
  5. Aug 3, 202610-Q EDGAR
  6. Aug 3, 20268-K EDGAR
  7. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Jul 10, 20268-K EDGAR
  9. Jun 30, 20268-K EDGAR
  10. Jun 22, 20268-K EDGAR
  11. Jun 4, 2026S-8 EDGAR
  12. Jun 3, 20268-K EDGAR
  13. Jun 2, 2026EFFECT EDGAR
  14. May 29, 2026CORRESP EDGAR
  15. May 28, 2026UPLOAD EDGAR
  16. May 27, 20268-K EDGAR
  17. May 18, 2026S-3 EDGAR
  18. May 4, 202610-Q EDGAR
  19. May 1, 20268-K EDGAR
  20. Apr 24, 20264 OWNERSHIP DOCUMENT EDGAR

The 201 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 0 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 6, 2026Pooler Joseph W. Jr.EVP, CFO and TreasurerSale1,500$11.50$17.2KForm 4
Aug 5, 2026Pooler Joseph W. Jr.EVP, CFO and TreasurerSale7,295$11.75$85.7KForm 4
Mar 20, 2026Pooler Joseph W. Jr.EVP, CFO and TreasurerSale705$15.58$11.0KForm 4
Mar 19, 2026Pooler Joseph W. Jr.EVP, CFO and TreasurerSale6,113$17.15$104.8KForm 4
Jun 7, 2024Pooler Joseph W. Jr.EVP, CFO and TreasurerSale10,000$11.64$116.4KForm 4
Mar 14, 2023Listman DouglasChief Accounting OfficerSale2,332$8.76$20.4KForm 4
Nov 28, 2022DAWSON G STEVENDirectorSale254$8.54$2.2KForm 4
Mar 14, 2022Listman DouglasChief Accounting OfficerSale1,379$16.38$22.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.31,345$425.7K0.0%+6,668
Vanguard Capital Management LLC29,521$400.9K0.0%+6,236
Two Sigma Investments, LP26,538$360.4K0.0%+14,827
Bridgeway Capital Management, LLC17,044$231.5K0.0%New
Geode Capital Management, LLC13,433$182.4K0.0%+1,342
Dimensional Fund Advisors LP12,873$174.8K0.0%+2,608
Vanguard Fiduciary Trust Co10,718$145.6K0.0%+4,019
Citadel Advisors LLC10,278$139.6K0.0%New
Spire Wealth Management2,000$27.2K0.0%−500
Wells Fargo & Company/mn1,401$19.0K0.0%+1
Tower Research Capital LLC (TRC)338$4.6K0.0%+56
Barclays PLC66$8960.0%New
Morgan Stanley9$1270.0%+6
Caitong International Asset Management Co., Ltd2$270.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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