PriDe IV Exceeds Expectations, Becoming Cohen & Company Asset Management’s Largest European Vintage to Date at €481.5 Million

Rhea-AI Summary

Cohen & Company (NYSE American: COHN) completed the final closing of its PriDe IV funds with total commitments of 481.5 million euros, making PriDe IV the firms largest European vintage to date. The fund targets Tier II capital instruments for small and mid-sized insurers to bolster regulatory capital and finance growth.

Alma Capital raised 43% and Bury Street Capital 31% of commitments; Cohen & Company has deployed roughly $5 billion across 226 insurers globally.

Positive

• PriDe IV commitments: 481.5M
• Largest European vintage: PriDe IV is Cohen & Company vintage to date
• Distribution partners: Alma Capital raised 43% and Bury Street Capital raised 31% of total commitments
• Established deployment track record: ~ $5B deployed across 226 insurance companies globally

Negative

• None.

Key Figures

PriDe IV commitments: €481.5 million Alma Capital share: 43% Bury Street share: 31% +4 more

7 metrics

PriDe IV commitments €481.5 million Total commitments for PriDe IV funds

Alma Capital share 43% Portion of PriDe IV commitments raised via Alma Capital channels

Bury Street share 31% Portion of PriDe IV commitments raised by Bury Street Capital

Q4 2025 transactions 6 transactions Significant insurance-related transactions closed in Q4 2025

Global insurance deployment $5 billion Capital deployed across 226 insurance companies worldwide

European deployment €1.8 billion Capital deployed in 72 European insurance companies

European countries covered 18 countries Number of European countries with deployed insurance investments

Market Reality Check

Price: $15.00 Vol: Volume 16,321 is below 20...

normal vol

$15.00 Last Close

Volume Volume 16,321 is below 20-day average 18,740 (relative volume 0.87x). normal

Technical Price $15.00 is trading above 200-day MA at $13.05, after a -1.32% day.

Peers on Argus

COHN fell 1.32% while sector peers showed mixed moves: ZBAI -8.18%, SOS -7.69%, ...

1 Up 2 Down

COHN fell 1.32% while sector peers showed mixed moves: ZBAI -8.18%, SOS -7.69%, and ANY +4.96%. Scanner data flags a broader sector dynamic with both upside and downside momentum across related names.

Historical Context

4 past events · Latest: Jan 12 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Jan 12	Business expansion	Positive	+4.5%	Opened Houston office and hired senior leadership for energy advisory.
Dec 22	Special dividend	Positive	+0.4%	Declared $2.00 per share special cash dividend to shareholders.
Nov 04	Earnings results	Positive	+10.1%	Reported Q3 2025 revenue, earnings, and positive guidance for Q4 and 2025.
Oct 31	Earnings date set	Neutral	-3.1%	Announced schedule and access details for Q3 2025 earnings call.

Pattern Detected

Recent operational, earnings, and capital-return announcements often coincided with positive next-day moves.

Recent Company History

Over the past few months, COHN reported several notable milestones. On Nov 4, 2025, strong Q3 2025 results and guidance coincided with a 10.11% gain. A special $2.00 cash dividend announced on Dec 22, 2025 saw a modestly positive reaction. On Jan 12, 2026, expansion into Energy and Energy Transition advisory, supported by $44 billion in 2025 deal volume, preceded a 4.54% rise. Today’s PriDe IV closing adds to this pattern of growth- and fee-generating initiatives.

Market Pulse Summary

This announcement highlights the final closing of PriDe IV at €481.5 million, Cohen & Company’s larg...

Analysis

This announcement highlights the final closing of PriDe IV at €481.5 million, Cohen & Company’s largest European vintage, reinforcing its role in Tier II capital solutions for small and mid-sized insurers. It builds on recent transactional momentum, including six insurance-related deals in Q4 2025 and prior capital-markets growth. Investors may track how this capital base translates into fee revenues, deployment pace across 72 European insurers, and future updates alongside earnings disclosures.

Key Terms

weighted average cost of capital, subordinated debt

2 terms

weighted average cost of capital financial

"and/or lower their weighted average cost of capital."

Weighted average cost of capital (WACC) is the average annual price a company pays for the money it uses, combining the cost of borrowed funds (debt) and the cost of owners’ funds (equity), with each source weighted by its share of the company’s financing. Investors use it as a benchmark to judge whether projects or a stock are likely to earn more than that blended price—think of it as a household’s combined interest rate on a mortgage and credit cards; a lower WACC usually makes future cash flows and valuation more attractive.

subordinated debt financial

"highlights the robustness of insurance subordinated debt, the attractiveness"

Subordinated debt is a type of loan that is paid back after other debts have been settled if a company encounters financial trouble. It is considered riskier for lenders because they have lower priority in getting repaid, similar to being last in line during a payout. For investors, this means higher potential returns in exchange for taking on more risk.

AI-generated analysis. Not financial advice.

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.

Lester Brafman, CEO of Cohen & Company, said, “We thank our investors for their confidence in our established expertise in navigating the insurance industry’s regulatory capital framework. This funding is a continuation of our extensive involvement in the global SME insurance market.”

Paul Vernhes, Managing Director of Cohen & Company’s European Asset Management platform, added, “The successful final closing of PriDe IV, our largest vintage ever in this space, solidifies our leading position as a regulatory capital provider to small and mid-sized insurance companies in Europe. This achievement, secured despite a challenging market environment, highlights the robustness of insurance subordinated debt, the attractiveness of our funding solutions for issuers, and investors’ continued confidence in Cohen & Company’s deep expertise in the global insurance market.”

Alma Capital and Bury Street Capital played a pivotal role in PriDe IV’s success, raising a substantial portion of total commitments. Alma Capital raised 43% of total commitments through its distribution channels, while Bury Street Capital secured 31%, underscoring strong collaboration and a shared vision.

Henri Vernhes, Founder and CEO at Alma Capital, commented, “We are proud to continue our long-term partnership with Cohen & Company on this landmark fund. The strong performance and clear strategy presented by the PriDe IV team made it an attractive opportunity for investors, and we are confident in its future success.”

Robert Drake, Managing Director at Bury Street Capital, added, “Our participation in PriDe IV reflects our commitment to investing in high-caliber opportunities that deliver significant value. We look forward to the continued success of this partnership.”

The successful closing of PriDe IV comes as Cohen & Company continues to manage a busy period of transactional activity, including the closing of six significant insurance-related transactions during the fourth quarter of 2025.

Cohen & Company has been a leading investment specialist in the insurance market, having deployed approximately $5 billion across 226 insurance companies worldwide through various funds managed or advised by its subsidiaries. In Europe alone, Cohen & Company has deployed €1.8 billion in 72 insurance companies located in 18 different countries.

A Reed Smith team led by Baptiste Gelpi (Partner, Paris) with Audrey Minnie has assisted Cohen & Company and Alma Capital in setting up PriDe IV funds. “We are delighted to have assisted our clients in setting up this new vintage and its series of funds. It shows that a robust legal framework is the bedrock of success, no matter the legal complexity.”

This communication is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund or account. 

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, Cohen & Company Capital Markets (“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 December 31, 2025, the Company had approximately $1.4 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.

About Alma Capital

Alma Capital is one of the largest independent fund platforms with circa 3 billion € AUM, offering liquid alternative and long only UCITS as well as private assets strategies. We select independent and talented fund managers with proven track records and create EU regulated format funds on our platform. Our senior experienced sales team actively covers institutional and professional investors in major European markets.

About Bury Street Capital

Bury Street Capital (BSC) was established in 2005 and is a trusted partner to institutional alternatives managers and investors. The firm’s high-quality fund management client base and technical strengths have helped it develop close relationships with many of the world’s largest and most sophisticated investors. Increasingly BSC spends time with these very large investors devising strategies that specifically suit their investment goals and structures that meet their requirements from all perspectives.

About Reed Smith LLP

Reed Smith is a dynamic international law firm, dedicated to helping clients move their businesses forward. Our long-standing relationships, international outlook, and collaborative structure make us the go-to partner for speedy resolution of complex disputes, transactions, and regulatory matters.

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

What did Cohen & Company (COHN) announce on February 23, 2026 about PriDe IV?

They announced the second and final closing of PriDe IV with 481.5 million euros in total commitments. According to the company, PriDe IV is focused on Tier II capital instruments for small and mid-sized insurers to strengthen regulatory capital and finance growth.

How significant is the PriDe IV size for COHN shareholders?

PriDe IV is the firm's largest European vintage at 481.5 million euros, reflecting scaling in asset management. According to the company, this underscores investor confidence and expands its regulatory-capital funding platform in the SME insurance market.

Who were the main distribution partners for PriDe IV and what portion did they raise for COHN?

Alma Capital raised 43% of total commitments and Bury Street Capital raised 31% of commitments. According to the company, these partners played pivotal fundraising roles, contributing the bulk of capital for the PriDe IV final close.

How does PriDe IV relate to Cohen & Company global track record?

PriDe IV complements Cohen & Company deployment, which totals approximately $5 billion across 226 insurers. According to the company, PriDe IV expands its European offering where it has deployed 1.8 billion across 72 insurers.

What types of investments will PriDe IV make and how will insurers use the capital?

PriDe IV will invest in Tier II capital instruments of small and mid-sized insurers to boost regulatory ratios. According to the company, proceeds may fund acquisitions, internal growth, reinsurance optimization, and lower issuers weighted average cost of capital.