Cohen & Company Reports Third Quarter 2026 Financial Results

Equity excluding non-convertible non-controlling interests rose by $14.9 million from December 31, 2025, to $117.5 million.

Rhea-AI Summary

Cohen & Company (COHN) reported third-quarter 2026 net income attributable to the company of $6.7 million, higher than a year earlier. Fully diluted earnings fell to $0.12 per share from $2.58 in the prior-year quarter and $0.94 in the second quarter. Revenue declined to $32.441 million from $84.213 million a year earlier and $69.487 million sequentially.

Investment banking and new issue revenue included $17.6 million of mark-to-market losses, versus $26.0 million of gains in the prior quarter. Adjusted pre-tax income, a non-GAAP measure, fell to $648,000 from $16.375 million a year earlier. A $6.264 million income tax benefit supported earnings. CCM raised $1.8 billion for clients through underwriting, and the gestation repo financing book reached $4.5 billion. The board declared a $0.25 quarterly dividend, payable December 14, 2026, to holders of record November 30. Daniel G. Cohen was appointed CEO.

16 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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1 major · 22 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 attributable net income of $6.700 million exceeded $3.574 million sequentially and $4.593 million a year earlier.
• Moderate pointGestation repo financing book reached $4.5 billion at September 30, 2026.
• Moderate pointQ3 principal transactions and other revenue of $5.538 million compared with negative $297,000 sequentially and positive $98,000 a year earlier.
• Moderate pointQ3 compensation expense fell to $21.143 million from $48.185 million sequentially and $53.684 million a year earlier.
• Moderate pointQ3 equity-method affiliate loss narrowed to $1.251 million from $3.038 million sequentially and $12.663 million a year earlier.
• Moderate pointQ3 income tax benefit of $6.264 million compared with tax expenses in both comparison quarters.
• Moderate pointEquity excluding non-convertible non-controlling interests increased $14.9 million from December 31, 2025, to $117.5 million.
• Moderate pointNine-month attributable net income rose to $11.766 million from $6.330 million a year earlier.
• Moderate pointNine-month net trading revenue rose to $39.596 million from $33.528 million a year earlier.
• Moderate pointNine-month compensation expense fell to $110.635 million from $119.673 million a year earlier.
• Moderate pointNine-month equity-method affiliate loss narrowed to $4.816 million from $11.682 million a year earlier.

5 minor points

• Minor pointCCM underwriting raised $1.8 billion for clients through six SPAC IPOs and one closed-end fund in Q3.
• Minor pointCCM advised on and raised capital for eight de-SPAC transactions during Q3.
• Minor pointQ3 non-compensation operating expenses fell to $8.668 million from $8.893 million sequentially and $8.769 million a year earlier.
• Minor pointNine-month principal transactions and other revenue rose to $1.813 million from $256,000 a year earlier.
• Minor pointNine-month net interest expense fell to $4.001 million from $4.416 million a year earlier.

Negative

• Major pointQ3 revenue fell to $32.441 million from $69.487 million sequentially and $84.213 million a year earlier.
• Moderate pointQ3 fully diluted EPS fell to $0.12 from $0.94 sequentially and $2.58 a year earlier.
• Moderate pointQ3 mark-to-market losses of $17.6 million on service-related financial instruments replaced $26.0 million of gains sequentially. 50% of market cap
• Moderate pointQ3 operating income fell to $2.630 million from $12.409 million sequentially and $21.760 million a year earlier.
• Moderate pointQ3 pre-tax income fell to $24,000 from $8.060 million sequentially and $9.522 million a year earlier.
• Moderate pointQ3 enterprise net income fell to $6.912 million from $9.977 million sequentially and $15.642 million a year earlier.
• Moderate pointQ3 adjusted pre-tax income fell to $648,000 from $10.118 million sequentially and $16.375 million a year earlier.
• Moderate pointNine-month revenue fell to $159.830 million from $172.824 million a year earlier.
• Moderate pointNine-month investment banking revenue fell to $112.484 million from $132.904 million a year earlier.
• Moderate pointNine-month non-compensation operating expenses rose to $29.023 million from $23.789 million a year earlier.
• Moderate pointNine-month operating income fell to $20.172 million from $29.362 million a year earlier.
• Moderate pointNine-month pre-tax income fell to $11.355 million from $15.998 million a year earlier.
• Moderate pointNine-month fully diluted EPS fell to $1.47 from $3.61 a year earlier.
• Moderate pointNine-month adjusted pre-tax income fell to $14.755 million from $23.165 million a year earlier.

8 minor points

• Minor pointQ3 investment banking revenue fell to $12.714 million from $54.059 million sequentially and $68.607 million a year earlier.
• Minor pointQ3 net trading revenue fell to $12.508 million from $13.888 million sequentially and $13.560 million a year earlier.
• Minor pointQ3 asset management revenue fell to $1.681 million from $1.837 million sequentially and $1.948 million a year earlier.
• Minor pointQ3 adjusted pre-tax income per diluted share fell to $0.10 from $1.62 sequentially and $2.71 a year earlier.
• Minor pointNine-month asset management revenue fell to $5.937 million from $6.136 million a year earlier.
• Minor pointNine-month enterprise net income fell to $21.060 million from $21.522 million a year earlier.
• Minor pointNine-month adjusted pre-tax income per diluted share fell to $2.36 from $3.90 a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Future tax valuation allowance adjustments could be material and may produce additional tax benefit or expense.

News Explained

Most of the quarter’s tax benefit came from reducing the valuation allowance against carryforward tax assets; the company will review the allowance quarterly, and future adjustments may be material and could produce additional tax benefit or expense.

Key Figures

Total revenue: $32.4 million Fully diluted net income per share: $0.12 Adjusted pre-tax income: $0.6 million +4 more

Total revenue

$32.4 million

Q3 2026; compared with $69.5 million in Q2 2026 and $84.2 million in Q3 2025

Fully diluted net income per share

$0.12

Q3 2026; compared with $0.94 in Q2 2026 and $2.58 in Q3 2025

Adjusted pre-tax income

$0.6 million

Q3 2026; compared with $10.1 million in Q2 2026 and $16.4 million in Q3 2025

Investment banking and new issue revenue

$12.7 million

Q3 2026; down $41.3 million from Q2 2026 and $55.9 million from Q3 2025

Mark-to-market losses

$17.6 million

Q3 2026 losses on financial instruments received as consideration for services

Gestation repo book

$4.5 billion

At September 30, 2026; described as an all-time high during the quarter

Quarterly dividend

$0.25 per share

Record date November 30, 2026; payable December 14, 2026

Previous Earnings Reports

1 past event · Latest: Aug 03

Same Type 1 event

1. Aug 03

   Q2 earnings

   24h Move

   +9.2%

   Q2 2026 reported $69.5 million revenue and $10.1 million adjusted pre-tax income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

mark-to-market, de-spac, spac, gaap

4 terms

mark-to-market financial

"there were $17.6 million of mark-to-market losses on financial instruments"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

de-spac financial

"raised capital for eight de-SPAC transactions"

A de-spac occurs when a company that was created through a special type of public listing, called a SPAC, officially becomes a regular publicly traded company. This process is similar to a startup moving out of its temporary workspace into a permanent office, allowing investors to see the company's true value and operations. For investors, de-spacs are important because they mark the transition to a more established company, often leading to clearer financial information and investment opportunities.

spac financial

"CCM underwrote six SPAC IPOs and one closed-end fund"

A special purpose acquisition company (SPAC) is a company formed specifically to raise money through an initial public offering (IPO) with the goal of buying or merging with an existing private company. For investors, a SPAC offers a way to invest in a potential future business without initially knowing which company it will acquire, making it a way to access new investment opportunities that might otherwise be difficult to invest in directly.

View in glossary

gaap financial

"not measures recognized under U.S. generally accepted accounting principles"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Board Declares Quarterly Dividend of $0.25 per Share

PHILADELPHIA and NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) (“Cohen & Company” or the “Company”) today reported financial results for its third quarter ended September 30, 2026. In a separate release, the Company also announced today that Daniel G. Cohen, Executive Chairman of the Board, has been appointed Chief Executive Officer.

Daniel G. Cohen, Executive Chairman and Chief Executive Officer of Cohen & Company, said, “We are encouraged by the continued strong performance in our full-service boutique investment bank, Cohen & Company Capital Markets (“CCM”), and in our gestation repo business. During the third quarter, CCM underwrote six SPAC IPOs and one closed-end fund, raising $1.8 billion for clients, and advised on and raised capital for eight de-SPAC transactions, exemplifying its status as a leading SPAC advisor on Wall Street. Additionally, our gestation repo book grew to an all-time high of $4.5 billion during the quarter, illustrating the strength of our mortgage business. While third quarter results were unfavorably impacted by more than $17 million of mark-to-market adjustments in our investment banking and new issue revenue line, in large part due to the environment in our businesses, we still generated $6.9 million of enterprise net income and $648,000 of adjusted pre-tax income. We are focused on consistent production through the end of the year and positioning ourselves to enter 2027 with a strong pipeline. We continue to believe in our future earnings potential and are committed to driving long-term value for our stockholders, including through our quarterly dividend. We have generated $1.47 of fully diluted net income per share year to date and are confident in our future value creation potential.” 

Summary Operating Results

	Three Months Ended												Nine Months Ended
($ in thousands)	9/30/26				6/30/26				9/30/25				9/30/26				9/30/25
Investment banking and new issue	$	12,714			$	54,059			$	68,607			$	112,484			$	132,904
Net trading		12,508				13,888				13,560				39,596				33,528
Asset management		1,681				1,837				1,948				5,937				6,136
Principal transactions and other revenue		5,538				(297	)			98				1,813				256
Total revenues		32,441				69,487				84,213				159,830				172,824
Compensation and benefits		21,143				48,185				53,684				110,635				119,673
Non-compensation operating expenses		8,668				8,893				8,769				29,023				23,789
Operating income (loss)		2,630				12,409				21,760				20,172				29,362
Interest expense, net		(1,355	)			(1,311	)			(1,472	)			(4,001	)			(4,416	)
Gain on sale of management contracts		-				-				1,897				-				2,734
Income (loss) from equity method affiliates		(1,251	)			(3,038	)			(12,663	)			(4,816	)			(11,682	)
Income (loss) before income tax expense (benefit)		24				8,060				9,522				11,355				15,998
Income tax expense (benefit)		(6,264	)			141				733				(6,305	)			1,643
Net income (loss)		6,288				7,919				8,789				17,660				14,355
Less: Net income (loss) attributable to the non-convertible non-controlling interest		(624	)			(2,058	)			(6,853	)			(3,400	)			(7,167	)
Enterprise net income (loss)		6,912				9,977				15,642				21,060				21,522
Less: Net income (loss) attributable to the convertible non-controlling interest		212				6,403				11,049				9,294				15,192
Net income (loss) attributable to Cohen & Company Inc.	$	6,700			$	3,574			$	4,593			$	11,766			$	6,330
Fully diluted net income (loss) per share	$	0.12			$	0.94			$	2.58			$	1.47			$	3.61
Adjusted pre-tax income (loss) (1)	$	648			$	10,118			$	16,375			$	14,755			$	23,165
Fully diluted adjusted pre-tax income (loss) per share (1)	$	0.10			$	1.62			$	2.71			$	2.36			$	3.90

(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.

Financial Highlights

• Net income attributable to Cohen & Company Inc. was $6.7 million, or $0.12 per diluted share, for the three months ended September 30, 2026, compared to $3.6 million, or $0.94 per diluted share, for the three months ended June 30, 2026, and $4.6 million, or $2.58 per diluted share, for the three months ended September 30, 2025. Adjusted pre-tax income was $0.6 million, or $0.10 per diluted share, for the three months ended September 30, 2026, compared to $10.1 million, or $1.62 per diluted share, for the three months ended June 30, 2026, and $16.4 million, or $2.71 per diluted share, for the three months ended September 30, 2025. Adjusted pre-tax income and adjusted pre-tax income per diluted share are not measures recognized under GAAP. See Note 1 below.
  
• Revenue was $32.4 million for the three months ended September 30, 2026, compared to $69.5 million for the prior quarter and $84.2 million for the prior year quarter.
  

• • Investment banking and new issue revenue was $12.7 million for the three months ended September 30, 2026, down $41.3 million from the prior quarter and down $55.9 million from the prior year quarter. CCM, a division of Cohen & Company Securities, LLC, generated substantially all of the investment banking and new issue revenue in the three quarters presented. During the current quarter, there were $17.6 million of mark-to-market losses on financial instruments CCM received as consideration for services provided, compared to $26.0 million of mark-to-market gains in the prior quarter.
    
  • Net trading revenue was $12.5 million for the three months ended September 30, 2026, down $1.4 million from the prior quarter and down $1.1 million from the prior year quarter. The decrease from both prior quarters reflected lower trading revenue from the Company’s SPAC equity, corporate, agency, and structured notes trading desks, which was partially offset by higher trading revenue from the mortgage group. The gestation repo book of business was $4.5 billion at September 30, 2026.
    
  • Asset management revenue was $1.7 million for the three months ended September 30, 2026, down $0.2 million from the prior quarter and down $0.3 million from the prior year quarter.
    
  • Principal transactions and other revenue was positive $5.5 million for the three months ended September 30, 2026, compared to negative $0.3 million in the prior quarter and positive $0.1 million in the prior year quarter. The current quarter revenue was primarily the result of mark-to-market gains on the Company’s position in Silvia, Inc. (Nasdaq: SVIA), formerly ProCap Financial, Inc., which completed a business combination with Columbus Circle Capital Corp I in December 2025.
    

• Compensation and benefits expense during the three months ended September 30, 2026 decreased by $27.0 million from the prior quarter and decreased by $32.5 million from the prior year quarter. The change from both prior quarters was primarily the result of fluctuations in revenue and the related variable incentive compensation. The number of Company employees was 135 as of September 30, 2026, compared to 129 as of June 30, 2026, and 124 as of September 30, 2025.
  
• Interest expense during the three months ended September 30, 2026 was $1.4 million, including $1.2 million on our trust preferred securities debt, $94 thousand on our senior promissory notes, and $42 thousand on our bank credit facility.
  
• Loss from equity method affiliates for the three months ended September 30, 2026 was $1.3 million, compared to a loss of $3.0 million for the prior quarter and loss of $12.7 million for the prior year quarter. The loss in the current quarter was primarily driven by a $0.8 million loss in Columbus Circle Capital Corp III, which had an offsetting credit recorded in the net income (loss) attributable to the non-convertible non-controlling interest line item of $0.6 million, resulting in a net loss of $0.2 million to the Company, as well as a $0.5 million loss on the Company’s Dutch real estate investments.
  
• Income tax benefit for the three months ended September 30, 2026 was $6.3 million, compared to income tax expense of $0.1 million in the prior quarter, and income tax expense of $0.7 million in the prior year quarter. The current quarter included a $6.5 million deferred tax benefit, partially offset by $0.2 million of current tax expense.  Most of the benefit was a result of the reduction of the valuation allowance against carryforward tax assets. The Company will continue to evaluate its operations on a quarterly basis and may adjust the valuation allowance applied against the Company's net operating loss and net capital loss tax assets. Future adjustments could be material and may result in additional tax benefit or tax expense.
  

Total Equity and Dividend Declaration

• As of September 30, 2026, total equity was $119.6 million, compared to $103.1 million as of December 31, 2025; the non-convertible non-controlling interest component of total equity was $2.0 million as of September 30, 2026 and $0.4 million as of December 31, 2025. Thus, the total equity excluding the non-convertible non-controlling interest component was $117.5 million as of September 30, 2026, a $14.9 million increase from $102.6 million as of December 31, 2025.
  
• The Company’s Board of Directors has declared a quarterly dividend of $0.25 per share, payable on December 14, 2026, to stockholders of record as of November 30, 2026. The Board of Directors will continue to evaluate the dividend policy each quarter, and future decisions regarding dividends may be impacted by quarterly operating results and the Company’s capital needs.
  

Conference Call

The Company will host a conference call at 10:00 a.m. Eastern Time (ET), today, November 12, 2026, to discuss these results. The conference call will be available via webcast. Interested parties can access the webcast by clicking the webcast link on the Company’s homepage at www.cohenandcompany.com. Those wishing to listen to the conference call with operator assistance can dial (877) 524-8416 (domestic) or +1 (412) 902-1028 (international). A replay of the call will be available for three days following the call by dialing (877) 660-6853 or (201) 612-7415, with participant passcode 13763622.

About Cohen & Company

Cohen & Company is a financial services company specializing in an expanding range of capital markets and asset management services. Cohen & Company’s operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of sales, trading, gestation repo financing, new issue placements in corporate and securitized products, underwriting, and advisory services, operating primarily through Cohen & Company’s subsidiaries, Cohen & Company Securities, LLC (“Cohen Securities”) in the United States and Cohen & Company Financial (Europe) S.A. in Europe. A division of Cohen Securities, CCM is the Company’s full-service boutique investment bank providing capital markets and SPAC advisory services to corporations, financial sponsors, investors, and institutions. The Capital Markets business segment also includes investment returns on financial instruments that the Company has received as consideration for investment banking and new issue services provided by CCM. The Asset Management segment manages and services assets through investment funds, managed accounts, joint ventures, and collateralized debt obligations. As of September 30, 2026, the Company had approximately $1.3 billion of assets under management in primarily fixed income assets in a variety of asset classes including European bank and insurance trust preferred securities, debt issued by small and medium sized European, U.S., and Bermudian insurance and reinsurance companies, and servicing commercial real estate loans. The Principal Investing segment is comprised primarily of investments the Company has made for the purpose of earning an investment return rather than investments made to support its trading or other capital markets business activity. For more information, please visit www.cohenandcompany.com.

Note 1: Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per share are non-GAAP measures of performance. Please see the discussion under “Non-GAAP Measures” below. Also see the tables below for the reconciliations of non-GAAP measures of performance to their corresponding GAAP measures of performance.

Forward-looking Statements

This communication contains certain statements, estimates, and forecasts with respect to future performance and events. These statements, estimates, and forecasts are “forward-looking statements.” In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this communication are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties, and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied in the forward-looking statements including, but not limited to, those discussed under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition” in our filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website at www.sec.gov and our website at www.cohenandcompany.com/investor-relations/sec-filings. Such risk factors include the following: (a) a decline in general economic conditions or the global financial markets, including those caused by inflation, rising interest rates, and the current geopolitical situation, (b) unfavorable market conditions may lead to a reduction in revenues from our investment banking and new issue revenues, including from underwriting and placement activities, (c) losses caused by financial or other problems experienced by third parties, (d) losses due to unidentified or unanticipated risks, (e) a lack of liquidity, i.e., ready access to funds for use in our businesses, (f) the ability to attract and retain personnel, (g) litigation and regulatory proceedings, (h) reputational harm due to losses or our inability to sell securities we purchase as an underwriter at the anticipated price levels, (i) competitive pressure, (j) an inability to generate incremental income from new or expanded businesses, (k) unanticipated market closures or effects due to inclement weather or other disasters, (l) losses (whether realized or unrealized) on our principal investments, (m) the possibility that payments to the Company of subordinated management fees from its CDOs will continue to be deferred or will be discontinued, (n) the possibility that the Company’s stockholder rights plan may fail to preserve the value of the Company’s deferred tax assets, whether as a result of the acquisition by a person of 5% of the Company’s common stock or otherwise, (o) the Company’s reduction in the volume of its investments into SPACs, (p) the difficulty in identifying potential business combinations as a result of increased competition in the SPAC market, (q) the value of the Company’s holdings of founders shares in post-business combination companies is volatile and may decline and the possibility that significant portions of the founder shares may remain restricted for a long period of time, (r) the possibility that the Company will stop paying quarterly dividends to its stockholders, and (s) that CCM’s gross pipeline of possible transactions may not result in transactions that are consummated and total recognition of all pipeline fees. As a result, there can be no assurance that the forward-looking statements included in this communication will prove to be accurate or correct. In light of these risks, uncertainties, and assumptions, the future performance or events described in the forward-looking statements in this communication might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Cautionary Note Regarding Quarterly Financial Results

Due to the nature of our business, our revenue and operating results may fluctuate materially from quarter to quarter. Accordingly, revenue and net income in any particular quarter may not be indicative of future results. Further, our employee compensation arrangements are in large part incentive-based and, therefore, will fluctuate with revenue. The amount of compensation expense recognized in any one quarter may not be indicative of such expense in future periods. As a result, we suggest that annual results may be the most meaningful gauge for investors in evaluating our business performance.

COHEN & COMPANY INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
						Three Months Ended								Nine Months Ended
		9/30/26				6/30/26				9/30/25				9/30/26				9/30/25
	Revenues
	Investment banking and new issue	$	12,714			$	54,059			$	68,607			$	112,484			$	132,904
	Net trading		12,508				13,888				13,560				39,596				33,528
	Asset management		1,681				1,837				1,948				5,937				6,136
	Principal transactions and other revenue		5,538				(297	)			98				1,813				256
	Total revenues		32,441				69,487				84,213				159,830				172,824
	Operating expenses
	Compensation and benefits		21,143				48,185				53,684				110,635				119,673
	Business development, occupancy, equipment		2,005				2,591				2,041				6,979				5,858
	Subscriptions, clearing, and execution		3,800				3,573				2,771				11,325				7,277
	Professional services and other operating		2,650				2,512				3,774				10,086				10,127
	Depreciation and amortization		213				217				183				633				527
	Total operating expenses		29,811				57,078				62,453				139,658				143,462
	Operating income (loss)		2,630				12,409				21,760				20,172				29,362
	Non-operating income (expense)
	Interest expense, net		(1,355	)			(1,311	)			(1,472	)			(4,001	)			(4,416	)
	Gain on sale of management contracts		-				-				1,897				-				2,734
	Income (loss) from equity method affiliates		(1,251	)			(3,038	)			(12,663	)			(4,816	)			(11,682	)
	Income (loss) before income tax expense (benefit)		24				8,060				9,522				11,355				15,998
	Income tax expense (benefit)		(6,264	)			141				733				(6,305	)			1,643
	Net income (loss)		6,288				7,919				8,789				17,660				14,355
	Less: Net income (loss) attributable to the non-convertible non-controlling interest		(624	)			(2,058	)			(6,853	)			(3,400	)			(7,167	)
	Enterprise net income (loss)		6,912				9,977				15,642				21,060				21,522
	Less: Net income (loss) attributable to the convertible non-controlling interest		212				6,403				11,049				9,294				15,192
	Net income (loss) attributable to Cohen & Company Inc.	$	6,700			$	3,574			$	4,593			$	11,766			$	6,330
Earnings per share
	Basic
	Net income (loss) attributable to Cohen & Company Inc.	$	6,700			$	3,574			$	4,593			$	11,766			$	6,330
	Basic shares outstanding		2,691				2,260				1,741				2,259				1,729
	Net income (loss) attributable to Cohen & Company Inc. per share	$	2.49			$	1.58			$	2.64			$	5.21			$	3.66
	Fully Diluted
	Net income (loss) attributable to Cohen & Company Inc.	$	6,700			$	3,574			$	4,593			$	11,766			$	6,330
	Net income (loss) attributable to the convertible non-controlling interest		212				6,403				11,049				9,294				15,192
	Income tax and conversion adjustment		(6,142	)			(4,134	)			(107	)			(11,868	)			(98	)
	Net income (loss) attributable to Cohen & Company Inc. for fully diluted net income (loss) per share calculation	$	770			$	5,843			$	15,535			$	9,192			$	21,424
	Basic shares outstanding		2,691				2,260				1,741				2,259				1,729
	Unrestricted Operating LLC membership units exchangeable into COHN shares		3,594				3,885				4,129				3,883				4,121
	Additional dilutive shares		107				102				162				106				83
	Fully diluted shares outstanding (1)		6,392				6,247				6,032				6,248				5,933
	Fully diluted net income (loss) per share	$	0.12			$	0.94			$	2.58			$	1.47			$	3.61
Reconciliation of adjusted pre-tax income (loss) to net income (loss) attributable to Cohen & Company Inc. and calculations of per share amounts
	Net income (loss) attributable to Cohen & Company Inc.	$	6,700			$	3,574			$	4,593			$	11,766			$	6,330
	Addback (deduct): Income tax expense (benefit)		(6,264	)			141				733				(6,305	)			1,643
	Addback (deduct): Net income (loss) attributable to the convertible non-controlling interest		212				6,403				11,049				9,294				15,192
	Adjusted pre-tax income (loss)	$	648			$	10,118			$	16,375			$	14,755			$	23,165
	Adjusted fully diluted shares outstanding (2)		6,392				6,247				6,032				6,248				5,933
	Fully diluted adjusted pre-tax income (loss) per share	$	0.10			$	1.62			$	2.71			$	2.36			$	3.90
	(1) When the fully diluted net income (loss) per share is anti-dilutive, the basic shares outstanding are presented on this line item.
	(2) Adjusted fully diluted shares outstanding includes (a) weighted average unrestricted and restricted Operating LLC units exchangeable into COHN shares and (b) weighted average unrestricted and restricted shares, even during periods when the corresponding GAAP calculation of fully diluted shares outstanding above does not include them. The Operating LLC units are always included because the non-GAAP measure of performance, adjusted pre-tax income (loss), always includes net income (loss) attributable to the corresponding convertible interest.

COHEN & COMPANY INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
		September 30, 2026
		(unaudited)				December 31, 2025
	Assets
	Cash and cash equivalents	$	68,812			$	56,762
	Receivables from brokers, dealers, and clearing agencies		58,794				46,194
	Due from related parties		1,371				1,401
	Other receivables		15,766				8,896
	Investments - trading		187,776				140,576
	Other investments, at fair value		69,737				57,258
	Receivables under resale agreements		561,696				357,408
	Investment in equity method affiliates		10,659				6,661
	Deferred income taxes		10,659				4,126
	Goodwill		109				109
	Right-of-use asset - operating leases		14,299				15,406
	Other assets		7,205				5,788
	Total assets	$	1,006,883			$	700,585
	Liabilities
	Payables to brokers, dealers, and clearing agencies	$	48,040			$	4
	Accounts payable and other liabilities		8,841				17,944
	Due to related parties		2,744				-
	Accrued compensation		95,231				92,689
	Trading securities sold, not yet purchased		81,659				36,617
	Other investments sold, not yet purchased, at fair value		87				-
	Securities sold under agreements to repurchase		603,527				400,391
	Operating lease liability		15,754				16,959
	Debt		31,449				32,895
	Total liabilities		887,332				597,499
	Equity
	Voting non-convertible preferred stock		27				27
	Common stock		34				21
	Additional paid-in capital		91,317				78,539
	Accumulated other comprehensive loss		(1,087	)			(914	)
	Accumulated deficit		(18,778	)			(26,593	)
	Total stockholders' equity		71,513				51,080
	Non-controlling interest		48,038				52,006
	Total equity		119,551				103,086
	Total liabilities and equity	$	1,006,883			$	700,585

Non-GAAP Measures

Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share

Adjusted pre-tax income (loss) is not a financial measure recognized by GAAP. Adjusted pre-tax income (loss) represents net income (loss) attributable to Cohen & Company Inc., computed in accordance with GAAP, excluding income tax expense (benefit), plus the net income (loss) attributable to the convertible non-controlling interest. Income tax expense (benefit) has been excluded because a pre-tax measurement of enterprise earnings that includes net income (loss) attributable to the convertible non-controlling interest is a useful and appropriate measure of performance. Furthermore, our income tax expense (benefit) has been, and we expect it will continue to be, a substantially non-cash item for the foreseeable future, generated from adjustments in our valuation allowance applied to the Company’s gross deferred tax assets. Convertible non-controlling interest is added back to adjusted pre-tax income (loss) because the underlying Cohen & Company, LLC equity units are convertible into Cohen & Company Inc. shares. Adjusted pre-tax income (loss) per diluted share is calculated by dividing adjusted pre-tax income (loss) by diluted shares outstanding, both of which include adjustments used in the corresponding calculation in accordance with GAAP.

We present adjusted pre-tax income (loss) and related per diluted share amounts in this release because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted pre-tax income (loss) and related per diluted share amounts help us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash or recurring impact on our current operating performance. In addition, our management uses adjusted pre-tax income (loss) and related per diluted share amounts to evaluate the performance of our enterprise operations. Adjusted pre-tax income (loss) and related per diluted share amounts, as we define them, are not necessarily comparable to similarly named measures of other companies and may not be appropriate measures for performance relative to other companies. Adjusted pre-tax income (loss) should not be assessed in isolation from or construed as a substitute for net income (loss) attributable to Cohen & Company Inc. prepared in accordance with GAAP. Adjusted pre-tax income (loss) is not intended to represent and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP.

Contact:
Investors -	Media -
Cohen & Company Inc.	Joele Frank, Wilkinson Brimmer Katcher
Joseph W. Pooler, Jr.	Joseph Sala or Zach Genirs
Executive Vice President and	212-355-4449
Chief Financial Officer
215-701-8952
investorrelations@cohenandcompany.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Cohen & Company's third-quarter 2026 earnings?

Cohen & Company reported $6.700 million of net income attributable to the company and fully diluted earnings of $0.12 per share. A year earlier, attributable net income was $4.593 million and fully diluted earnings were $2.58 per share.

When will Cohen & Company pay its quarterly dividend?

The $0.25 per-share quarterly dividend is payable December 14, 2026, to stockholders of record as of November 30, 2026.

What drove Cohen & Company's third-quarter principal transactions revenue?

Third-quarter principal transactions and other revenue primarily reflected mark-to-market gains on Cohen & Company's position in Silvia (SVIA), formerly ProCap Financial. Silvia completed a business combination with Columbus Circle Capital Corp I in December 2025.

What caused Cohen & Company's third-quarter 2026 tax benefit?

Most of the tax benefit resulted from reducing the valuation allowance against carryforward tax assets. The quarter included a $6.5 million deferred tax benefit, partially offset by $0.2 million of current tax expense. Future allowance adjustments could be material and may result in additional tax benefit or expense.