Cohen & Company (NYSE: COHN) highlights 2021–2025 revenue surge and deal volume
Rhea-AI Filing Summary
Cohen & Company Inc. filed an 8-K to furnish a new investor presentation dated May 26, 2026. The deck highlights that revenue grew from $146M in 2021 to $276M in 2025, driven largely by its investment banking franchise, which recorded a 60% revenue CAGR over that period.
The company reports 191 announced or closed investment banking transactions since 2021, including more than $81.6B in announced M&A and $25.2B in announced financing transactions. It emphasizes leadership in SPAC IPOs and De-SPAC advisory, repeat sponsor relationships, and a pipeline of capital raises and strategic combinations.
The presentation also outlines diversified activities in sales & trading and asset management, including a $3.9B institutional mortgage funding program and $1.4B of insurance-focused assets under management as of December 31, 2025. Capital structure data show cash of $19, total debt of $50, enterprise value of $107, a regular 2025 dividend of $1.00 per share, and price-to-book of 0.5x.
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Insights
Deck showcases rapid growth in investment banking and updated valuation metrics, but is mainly informational.
The presentation positions Cohen & Company as a capital-markets-focused platform with strong investment banking momentum. Revenue rose from $146M in 2021 to $276M in 2025, with investment banking revenue growing at a disclosed 60% CAGR, underscoring a shift toward fee-based advisory and capital-raising work.
Transaction statistics are sizable: 191 announced or closed deals since 2021, over $81.6B in announced M&A and $25.2B in financings, plus 65 IPOs and 95 strategic combinations. The firm also highlights leadership in SPAC IPOs and De-SPACs over 2025–2026, repeat sponsor activity, and a roadmap to target larger enterprise values and deepen global reach.
Beyond banking, the deck describes a recurring-fee institutional mortgage funding program of $3.9B and insurance-credit AUM of $1.4B as of December 31, 2025, alongside summary balance-sheet figures such as cash of $19, total debt of $50, enterprise value of $107, and a 2025 regular dividend of $1.00. While these details enrich investors’ understanding, the 8-K itself primarily furnishes information rather than announcing a discrete new transaction or guidance change.
8-K Event Classification
Key Figures
Key Terms
PIPE financial
De-SPAC financial
Tier II subordinated Notes financial
up-C structure financial
enterprise value financial
price-to-book financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
Cohen & Company Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including
area code: (
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered | ||
| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 7.01 | Regulation FD Disclosure. |
On May 27, 2026, Cohen & Company Inc., a Maryland corporation (the “Company”), posted on the investor relations page of its website at www.cohenandcompany.com an investor presentation (the “Investor Presentation”), a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others. The information contained in the Investor Presentation is summary information and contains forward-looking statements that are subject to risks and uncertainties, including those set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 6, 2026, and in subsequent filings. The information in the Investor Presentation is as of May 26, 2026, except for information that is specifically identified as being as of an earlier date. The Company undertakes no obligation to publicly update or revise the information contained in the Investor Presentation or this Item 7.01, except as required by law, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, press releases, disclosure on the Company’s website or other means of public disclosure.
By furnishing this Current Report on Form 8-K and the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
The information in this Item 7.01 and in Exhibit 99.1 attached hereto is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Item 7.01 and in Exhibit 99.1 attached hereto shall not be incorporated by reference into any registration statement or other document filed by the Company with the SEC under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) Exhibits. | ||
| Exhibit Number |
Description | |
| 99.1 | Investor Presentation, dated May 26, 2026. | |
| 104 | Cover Page Interactive Data File (Embedded within the inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COHEN & COMPANY INC. | |||
| Date: May 27, 2026 | By: |
/s/ Joseph W. Pooler, Jr. | |
| Name: | Joseph W. Pooler, Jr. | ||
| Title: | Executive Vice President, Chief Financial Officer and Treasurer | ||
Exhibit 99.1
Cohen & Company Inc. Specializing in an expanding range of capital markets activities, capitalizing on opportunities outside the bulge bracket Wall Street banking model. Company Presentation | May 26, 2026 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
Notices & Disclaimers This informational material (this “Material”) has been prepared solely by Cohen & Company Inc . (NYSE American : COHN) (“Cohen”) . The Material is solely intended for informational and illustrative purposes to provide a general overview of certain aspects of Cohen’s business . This is not an offer or solicitation of any offer to buy or sell any security or other investment product, and under no circumstances is the information contained herein to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security or other investment product, nor do these materials constitute legal, accounting, tax, or investment advice . Information about Cohen as a public company should be read together with Cohen’s filings with the U . S . Securities and Exchange Commission (including its Annual Report on Form 10 - K, Quarterly Reports on Form 10 - Q, and Current Reports on Form 8 - K), which are available at www . sec . gov . Cohen’s subsidiaries include Cohen & Company Financial Management, LLC, a registered investment adviser with the U . S . Securities and Exchange Commission, and Cohen & Company Securities, LLC (“CCS”), a broker - dealer registered with the U . S . Securities and Exchange Commission and a member of FINRA and SIPC . Registration as an investment adviser or broker - dealer does not imply any certain level of skill or training . CCS markets private funds through its Cohen & Company Marketing division ; any offering of interests in such funds will be made only to eligible investors through the applicable definitive offering documents . The Material may be marketed by Cohen & Company Marketing, a division of CCS, an indirect subsidiary of Cohen that markets private funds . The information presented is subject to significant assumptions . While C&Co . believes these assumptions are reasonable, they are subjective in nature and, as a result, different assumptions may result in materially different outcomes . The information in this Material reflects prevailing conditions and C&Co . ’s views as of the date of this Material, all of which are accordingly subject to change, and C&Co . has no obligation to update this information in the future . C&Co . ’s opinions and estimates constitute C&Co . ’s judgment and should be regarded as indicative, preliminary and for illustrative purposes only . The information contained herein is in summary form for convenience of presentation . It is not complete, and it should not be relied upon as such . Recipients should not construe this Material or any prior or subsequent communication as legal, accounting, tax, or investment advice . The Material is for informational purposes only and may not be relied upon for making any investment decision, including any decision to buy or sell securities of C&Co .. With respect to any potential investment in a private fund or other product offered through a C&Co . subsidiary, prospective investors should rely on the definitive offering documentation for that investment and their own independent investigation as the basis for making any investment decision . Certain information contained herein has been provided by third parties and has not been independently verified by C&Co . , and C&Co . makes no representation or warranty, express or implied, as to the accuracy or completeness of such information . The information contained herein was obtained from a number of sources, including, but not limited to, third party reports and publicly available information which C&Co . believes, but does not guarantee, to be accurate . The information contained herein was prepared based on certain assumptions and projections, future market conditions and other matters, as set forth herein . None of C&Co . or its affiliates or representatives have independently verified or audited such information and none of them is making any representation or warranty regarding, nor do they assume any responsibility for, the accuracy or completeness of the information included herein or the reasonableness of the assumptions and projections on which any portion thereof is based, and C&Co . expressly disclaims liability for errors or omissions in such information . No warranty of any kind, express or implied, including but not limited to, warranties of merchantability, noninfringement, or fitness for any particular purpose, is given in conjunction with such information and materials . No regulatory authority has reviewed or takes any responsibility for the contents of the Material . The Material may be based in part on hypothetical projections and past performance and have certain inherent limitations . The Material should not be relied upon, and any recipient of the Material acknowledges the Material's inherent limitations and will not rely on the information in making any investment decision . Any recipient of the Material acknowledges the Material’s inherent limitations and will not rely on the information in making any investment decision . Nothing contained herein shall constitute any representation or warranty as to future performance . There can be no assurance that C&Co . will be able to achieve comparable results, that any target results will be met, or that C&Co . will be able to avoid losses . There can be no assurance that future events will resemble past events in terms of frequency or severity . Past performance is not indicative of future returns . 2
Notices & Disclaimers ( cont. ) This Material contains forward - looking statements within the meaning of the federal securities laws . These forward - looking statements (including observations about markets, industry and regulatory trends as of the original date of this document) involve significant risks and uncertainties, which are difficult to predict, and are not guarantees of future performance or of C&Co . ’s future plans . Such statements can generally be identified by words such as “anticipates,” “expects,” “intends,” “seeks,” “will,” “could,” “believes,” “estimates,” “continue,” “target,” “project,” or the negatives thereof or other variations thereon and similar expressions . Forward - looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections and/or targets or state other forward - looking information . Due to various risks and uncertainties beyond our control, actual events, results, or performance may differ materially from those reflected or contemplated in such forward - looking statements . C&Co . ’s ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain and subject to significant economic and competitive uncertainties and contingencies beyond the control of C&Co . , or its affiliates or representatives . Additional information regarding the risks and uncertainties affecting C&Co . is contained in C&Co . ’s filings with the U . S . Securities and Exchange Commission, which are available at www . sec . gov . As a result, the recipient of this Material should not place undue reliance on any forward - looking statement . C&Co . has no obligation to update any of the forward - looking statements in this document . In connection with this Material, C&Co . is not acting and does not purport to act in any way as an adviser or in a fiduciary capacity vis - à - vis any recipient . Therefore, recipients are strongly encouraged to seek their own independent legal, tax, accounting, and investment advice . Investments in securities, and in any private fund or other product offered through C&Co . ’s subsidiaries, involve risk, including the potential loss of all or a substantial portion of the amount invested . Returns generated from any such investment may not adequately compensate investors for the business and financial risks assumed . Certain investment products managed by C&Co . ’s subsidiaries may employ trading techniques and speculative investment practices that may increase the risk of investment loss . Any potential investment should be evaluated on the basis of the definitive offering documents for that investment . All of the information contained in this Material is as of a date prior, and in some cases significantly prior, to the date of access . The recipient should not assume that such information, even if accurate as of its date, is accurate as of the date of access . C&Co . and its respective affiliates or representatives are under no obligation to update the information contained in the materials attached hereto . To the extent this Material includes financial measures that are not calculated in accordance with U . S . generally accepted accounting principles (“GAAP”), such as adjusted earnings, adjusted EBITDA, or assets under management figures, those measures are presented as supplemental information and should not be considered in isolation or as a substitute for the most directly comparable GAAP measures . Reconciliations to the most directly comparable GAAP measures, where required, are provided in C&Co . ’s filings with the U . S . Securities and Exchange Commission or in the appendix to this Material 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 . THE MATERIAL IS PROPRIETARY TO COHEN & COMPANY INC . THE MATERIAL IS NOT INTENDED FOR DISTRIBUTION TO OR USE BY ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO APPLICABLE LAW OR REGULATIONS . THE INFORMATION INCLUDED IN THE MATERIAL IS CURRENT ONLY AS OF THE DATE SET FORTH ON THE COVER PAGE HEREOF AND MAY NOT REFLECT SUBSEQUENT DEVELOPMENTS . C&CO . ’S INVESTMENT, OPERATIONAL AND RISK MANAGEMENT PROCESSES ARE CONTINUALLY EVOLVING . C&Co . IS UNDER NO OBLIGATION TO UPDATE OR PROVIDE ANY RECIPIENT OF THIS MATERIAL WITH AN UPDATED VERSION OF THIS MATERIAL FOLLOWING ANY UPDATES BEING MADE TO THIS MATERIAL . C&CO . DISCLAIMS ANY DUTY TO UPDATE THE INFORMATION PROVIDED HEREIN . 3
2021 Revenue $146M 2025 Revenue $276M Investment Banking Sales & Trading Asset Management 60% Investment Banking Revenue CAGR $29M $70M $11M $188M $48M $9M Diversified Revenue Sources C&Co. Annual Transaction Count 2 311% Advised Deal Value 3 150% 2021 – 2025 Growth Driven by Investment Banking For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3. 4 ¹ Cohen & Company Inc., together with its subsidiaries and affiliates (collectively, “C&Co.”) ² Includes announced or closed transactions 3 Includes Enterprise Value of announced or closed transactions $37M $32M Principal Transactions & Other Cohen & Company Inc. 1 (“C&Co.”) operates across 3 segments – Capital Markets, Asset Management , and Principal Investing . Capital Markets contributes the majority of C&Co. revenue, primarily from our Investment Banking and Sales & Trading activities. Established in 2021, our Investment Bank focuses on advising and raising capital for frontier industries, and bringing these companies from the private to the public markets so that all investors, not just large institutions, can participate in their growth. Blockchain Quantum Aerospace Mobility AI Energy Transition Fintech &UHDWHGE\+HUPDQWR IURP1RXQ3URMHFW &UHDWHGE\'DQ V IURPWKH1RXQ3URMHFW &UHDWHGE\0XKDPPDG$GDP IURP1RXQ3URMHFW &UHDWHGE\/DUV0HLHUWREHUHQV IURP1RXQ3URMHFW Dual Use Technology
Firm History & Key Milestones 5 Mid 2000s Cohen & Company Inc. becomes a leading manager of credit assets, peak assets over $45B. 2011/2012 C&Co. acquires JVB Financial Holdings, LLC, a dynamic Sales & Trading boutique, and PrinceRidge 1 , an investment banking and fixed income firm, to expand Sales & Trading activities; rebrands as Institutional Financial Markets Inc. (ticker: IFMI). 2025 C&Co. adds senior leaders to its equity Sales & Trading efforts, focused on high - touch equity execution and securities services. 2021 C&Co. adds senior leaders to its Investment Banking efforts, establishing an investment banking practice focused on advising frontier sector companies. ¹ The PrinceRidge acquisition took place in two parts: acquisition of a majority holding in 2011, with the remaining stake ac qui red in 2012 1999 Cohen & Company Inc. founded as an investment firm focused on financial institutions with specialized needs outside the bulge bracket Wall Street banking model. 2009 C&Co. diversifies into more investment areas; goes public (ticker: COHN) via reverse merger with Alesco Financial Holdings, a specialty finance REIT. 2017 IFMI reverts to original C&Co. brand (ticker: COHN). Sales & Trading area’s prudent risk management & capital markets expertise accelerated growth in Mortgage group, winning market share during interest rate volatility and Fed interventions. 2020 - 2022 C&Co. adds senior leaders to strengthen Sales & Trading focus on financial institutions that fall outside the bulge bracket Wall Street banking model. 2024 C&Co. expands dedicated frontier industry expertise in Energy / Energy Transition and Space / Aerospace via appointment of senior leadership. 2026 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3. C&Co.
Investment Banking 1 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy any security. Please review the importan t disclosures and forward - looking statements notice on pages 2 and 3.
Frontier Investment Banking Platform IPO Execution Private Placements PIPEs Convertible Debt Debt & Restructuring Direct Listing & Reverse Takeover (RTO) SPAC Formation & Funding De - SPAC Execution Capital Markets Strategic capital markets advisory for complex transactions, backed by deep institutional relationships. 191 Transactions Announced or Closed since 2021 $81.6B+ Announced M&A Transactions since 2021 $25.2B+ Announced Financing Transactions since 2021 Investment Banking M&A Advisory Bespoke M&A advisory built on institutional experience delivering tailored solutions for clients. Mergers & Recapitalizations Spin - offs, Carve - outs, & Divestitures Leveraged Buyouts Review of Strategic Alternatives Dual Track Efforts SPAC Buyside & Sellside Advisory 7 New York, NY (HQ) Menlo Park, CA Houston, TX For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
Robust Transaction History Investment Banking 8 Diversified Across Industry Coverage and Products Broad sector coverage across emerging and established industries. Positioned to provide quality solutions for a broad selection of clients. Deliver full - lifecycle execution across M&A, IPOs, and capital raises to serve clients at every stage. Transaction Type 1 Capital Raises Advisory IPOs Industry Type 1 Blockchain & FinTech CleanTech Automobility Healthcare Sports & Media Other AI / Software Mining / Natural Resources ¹ Represents transaction count from 2021 - May 26, 2026; percentages may not add up to 100% due to rounding 2.1% For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3. 49.7% 34.0% 16.2% 8.9% 23.0% 20.9% 8.4% 3.1% 24.6% 8.9%
Early relationships drive recurring revenue: the IPO lifecycle advantage Strategic Combination / Advisory 2 Post Strategic Combination Financing 3 Initial Public Offerings 1 Repeat Issuers 4 2025 Lead Left Bookrunner $175M SPAC IPO 2025 Lead Left Bookrunner $220M SPAC IPO 2025 Lead Left Bookrunner $ 230 M SPAC IPO 2026 Lead Left Bookrunner $241.5M SPAC IPO 2025 Lead Left Bookrunner $345M SPAC IPO 2026 Lead Left Bookrunner $ 230 M SPAC IPO 2025 Financial Advisor & Capital Markets Advisor $609M EV 2026 Financial & Capital Markets Advisor / Placement Agent $3.1B EV 2024 Financial Advisor & Capital Markets Advisor $15M PIPE 2026 Financial & Capital Markets Advisor / Placement Agent $275M PIPE 65 IPOs Completed $13.6B Total IPO Value 95 Strategic Combinations Completed or Announced $81.6B Total Announced Strategic Combination Value Merger with Merger with 41% Repeat Sponsor Share of Announced / Closed Deals $49.5B Repeat Sponsor Total Deal Volume 1 53 Total Announced PIPEs & Financings $11.6B PIPEs & Financings Capital Raised Merger with Merger with IPO Relationships Begin Long - Term Client Engagement Investment Banking 9 Announced Financial & Capital Markets Advisor / Placement Agent $105M PIPE Merger with 2026 Financial & Capital Markets Advisor / Placement Agent $312M EV Merger with II Note: All figures from 2021 – May 26, 2026 ¹ Comprised of Enterprise Value of De - SPAC and M&A transactions, total IPO value, and capital raise size from standalone financi ng transactions For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
Source: SPAC Insider, SPAC Research ¹ Includes SPAC transactions from 1/1/2025 – 12/31/2025. Ranked by deal count ² Includes announced and closed De - SPAC advisory from 1/1/2025 – 12/31/2025. Ranked by deal count 2025 Announced and Closed De - SPACs 2 2025 SPAC IPOs Priced 1 Total PIPE Capital Raised in 2025 ($M) 2 $2,764 $1,047 $610 $275 $275 $261 $240 $186 $157 $112 CCM Raised $805M in Common Equity PIPE Capital at $10.00/sh. in 2025 2 1 2 2 3 3 5 7 10 16 14 3 2 1 1 1 1 1 1 Announced De - SPAC CCM Closed De - SPAC Closed De - SPAC CCM served as Lead Left or Sole Bookrunner on all of the firm’s 2025 SPAC IPOs 5 5 5 6 8 9 18 20 29 31 2025 Market Leader in Core Segments… Investment Banking 10 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
2026 SPAC IPOs Priced 1 2026 Announced and Closed De - SPACs 2 Select CCM Transactions in 2026 2 2 2 3 4 6 7 10 10 14 4 4 7 1 1 1 2 1 1 1 1 1 1 1 2 2 1 Announced April 2026 Exclusive Financial Advisor, Lead Capital Markets Advisor, and Sole Placement Agent $405M Combination with $30M PIPE Announced April 2026 Financial Advisor Capital Markets Advisor, and Placement Agent $571M Combination with Constellation Acquisition Corp. I Closed March 2026 Financial Advisor, Capital Markets Advisor, and Placement Agent $3.1B Combination with $275M PIPE Closed March 2026 Capital Markets Advisor and Placement Agent $800M Pre - Money EV Combination with $200M PIPE Closed February 2026 Exclusive Financial Advisor, Lead Capital Markets Advisor, and Placement Agent $312M Combination with Announced February 2026 Exclusive Financial Advisor and Lead Capital Markets Advisor $1.5B Pro - Forma Equity Value Bleichroeder Acquisition Corp. I $30M PIPE Announced February 2026 Financial Advisor and Lead Capital Markets Advisor $1.2B Combination with Announced January 2026 Exclusive Financial Advisor and Capital Markets Advisor $316M Combination with Announced January 2026 Exclusive Financial Advisor, Lead Capital Markets Advisor, and Placement Agent $1B Pro - Forma Equity Value Digital Asset Acquisition Corp. $105M PIPE Buyside Engagement Sellside Engagement …With Continued Momentum in 2026 Source: SPAC Insider, SPAC Research ¹ Includes SPAC transactions from 1/1/2026 – 4/16/2026. Ranked by deal count ² Includes announced and closed De - SPAC advisory from 1/1/2026 – 4/16/2026. Ranked by deal count 11 Announced De - SPAC CCM Closed De - SPAC Closed De - SPAC Investment Banking For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
Notable M&A Transactions as a Trusted Advisor Investment Banking 12 Total Announced or Closed Transactions across Sellside & Buyside M&A since 2021 95 Aggregated Advised Deal Value since 2021 $81.6B+ February 2024 Financial Advisor / Capital Markets Advisor / Placement Agent $838M Combination with $10M PIPE June 2025 Exclusive Financial Advisor / Lead Capital Markets Advisor $609M Combination with February 2025 Financial Advisor / Capital Markets Advisor $500M Combination with $30M Fixed Price Convert March 2024 Exclusive Financial Advisor / Lead Capital Markets Advisor $1.2B Combination with April 2025 Exclusive Financial Advisor / Capital Markets Advisor $4.7B Combination with June 2025 Exclusive Financial Advisor / Joint Capital Markets Advisor $1.8 B Combination with March 2026 Financial Advisor / Capital Markets Advisor / Placement Agent $3.1B Combination with $302M Gross Proceeds Announced Exclusive Financial Advisor / Lead Capital Markets Advisor ~$240M Gross Proceeds $1.5B in Pro - Forma Equity Value Combination with Announced Financial Advisor / Capital Markets Advisor / Placement Agent $1.3B Combination with $100M PIPE Archimedes Tech SPAC Partners II Co. March 2025 Exclusive Financial Advisor / Capital Markets Advisor / Placement Agent $903M Combination with ~$50M PIPE II March 2025 Exclusive Financial Advisor $66M Equity Value Sale to $45M Debt Paydown December 2023 Exclusive Financial Advisor / Capital Markets Advisor $903M Combination with $38M Convertible Note Announced Exclusive Financial / Lead Capital Markets Advisor $4.7B Combination with December 2025 Exclusive Financial Advisor / Co - Placement Agent $1.0B Combination with $750M+ in Gross Proceeds Comprised of Preferred Equity, Convertible Notes, and Cash in Trust ProCap BTC, LLC February 2026 Exclusive Financial Advisor / Lead Capital Markets Advisor / Placement Agent $312M Combination $30M PIPE Announced Financial Advisor / Lead Capital Markets Advisor $1.2B Combination with Announced Exclusive Financial / Lead Capital Markets Advisor / Placement Agent $105M PIPE $1B Pro Forma Equity Value November 2023 Exclusive Financial Advisor / Lead Capital Markets Advisor $325M Combination with October 2023 Exclusive Financial Advisor / Lead Capital Markets Advisor $848M Combination with $89M Committed Financing July 2025 Sale to Exclusive Financial Advisor For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3. May 2026 Exclusive Financial Advisor / Lead Capital Markets Advisor ~$780M Combination with $25M Gross Proceeds BS1
Talent Grow MD headcount to broaden coverage and product expertise. Further leverage established Capital Markets presence with Equity Research. Deal Size Increase average target Enterprise Value from ~$300M to $500M+. Leverage product and sector expertise toward larger firms for increased deal size. Geography Build on closed or active transactions across North America, South America, Europe, Asia, Australia, and Africa. Deepen presence internationally to broaden deal flow and capital raising reach. Client Lifecycle Deepen client relationships and wallet share across the full company lifecycle. Cross - sell IPO → De - SPAC → Follow - on → M&A advisory to deepen wallet share per client. Roadmap for Investment Banking Growth Investment Banking 13 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
Sales & Trading 2 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy any security. Please review the importan t disclosures and forward - looking statements notice on pages 2 and 3.
Differentiated Fixed Income & Equity Platforms 15 Equities Specialized, high - touch equity execution and securities services for institutional and event - driven investors. Equities Equity Derivatives Preferred Securities Fixed Income Financing, advisory, sales and trading solutions for institutional clients across the fixed income markets. >2x Growth in Institutional Accounts since Year End 2021 20% → 40% Percentage of Institutional Clients since Year End 2021 28+ Average Years of Experience in Seasoned Team Sales & Trading Mortgages (Agency MBS, TBAs, Whole Loans) Mortgage Originator Funding SBA Loans Government Securities Municipal Securities Corporate Bonds & Loans Structured Products (CDOs, CLOs, ABS, RMBS, CMBS) Structured Notes New York, NY (HQ) Philadelphia, PA Memphis, TN Boca Raton, FL Charlotte, NC For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
$3. 9 B A specialized financing program serving the agency and government mortgage pipeline funding needs of mid to large - sized mortgage originators . 1 Revenue is recurring, fee - like, and independent of M&A and capital markets cycles . 1 4 Yr TRACK RECORD SINCE 2012 100 + ROBUST PIPELINE OF ORIGINATORS SEEKING FUNDING Extraordinary Client Retention Clients roll monthly positions continually as their source of short - term funding, often for many years . Each holds collateral in a dedicated, separate trust account. Institutional Investor Base B ank holding companies, regional banks, credit unions, pension funds, municipalities, and corporate treasuries. Government - Backed Collateral & Above - Market Yields Trust certificates backed by government and agency - backed mortgage loans. Currently a ~10% yield enhancement over comparable investment alternatives. Recurring, fee - like revenue – a durable foundation for Investment Banking growth . Spotlight – Institutional Mortgage Funding Program Sales & Trading 16 ¹ As reported in COHN 5/1/2026 Q1 2026 earnings press release For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
Asset Management 3 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy any security. Please review the importan t d isclosures and forward - looking statements notice on pages 2 and 3.
Specialty Private Credit and Insurance Offerings 18 European Platform Providing Tier II subordinated lending to small and mid - sized insurance companies in Europe and Bermuda with limited access to capital markets and bank financing. Solvency II compliant Tier II subordinated Notes Property, Health, Motor, Life, Non - Standard Motor, Run - Off, Medical Malpractice, Casualty, Pet, Credit Insurance $1.4B AUM as of 12/31/2025 1 $4.9B Invested across 226 insurance issuers since 2004 40+ Jurisdictions across U.S., Bermuda, and Europe Asset Management Senior, Subordinated & Surplus Notes U.S. Platform Providing private credit to U.S. and Bermuda - domiciled insurers with limited access to capital markets and traditional bank financing. Property & Casualty, Workers' Compensation, Specialty Insurance New York, NY Paris, FR Philadelphia, PA For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3. ¹ AUM includes the CREO JV servicing mandate ($193M notional); CREO origination activity and dedicated headcount sit within t he Capital Markets segment per FY2025 10 - K
Summary Statistics 4 For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy any security. Please review the importan t d isclosures and forward - looking statements notice on pages 2 and 3.
Equity Composition 1 6.67M Fully Diluted Shares Common stock: 2,477,655 Operating LLC units: 4,194,086 2 $75.3M Implied equity value 6.67M shares @ $11.28 Debt Detail ($M, face value) 3 Senior Notes 2024 Note – Aug 2026 Tranche $2.6M 12.00% fixed Aug 2026 Junior Subordinated Notes 3 Alesco Capital Trust I $28.1M SOFR + 4.00% Jul 2037 Sunset Financial Trust I $20.0M SOFR + 4.15% Mar 2035 Revolving Credit Facility $15M Unsecured Credit Line Byline Facility $0 drawn SOFR + 6.00% Jun 2026 Total Debt (face value) $50.7M $107.0M Total Enterprise Value Capital Structure Overview Summary Statistics ¹ Common stock as of 5/26/2026 ² C&Co. is organized as a traditional up - C structure. Operating LLC units as converted, as reported in COHN 3/31/2026 form 10 - Q. Operating LLC units (convertible 10 - for - 1 for common stock) entitle holders to economic value associated with equity ownership. Voting rights associated with equity ownership are conferred through Series E and Series F preferred shares, which hold no right to economi c v alue associated with equity ownership and are therefore excluded from this equity composition table 3 Carried on COHN balance sheet at discounted value of $26.0M as of 3/31/2026 Source: COHN 10 - Q for three months ended 3/31/2026 20 Cash - on - hand Cash $19.0M For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.
1 Common stock as of 5/26/2026; Operating LLC units as converted (convertible 10 - for - 1 for common stock), as reported in COHN 3/3 1/2026 form 10 - Q Price & Trading COHN Overview Current price $11.28 Enterprise value $107.0M Market cap $75.3M Shares out. (FD) 1 6.67M 52 - wk. range $7.78 - $32.60 30 - day avg. volume 40,308 2025 Regular Dividend $1.00 Headquarters Philadelphia, PA Employees 129 Founded 1999 Fiscal year end Dec 31 21 Summary Trading Overview: Snapshot as of 5/26/2026 Summary Statistics P / B 0.5x For informational purposes only. This presentation does not constitute an offer to sell or solicitation of an offer to buy an y s ecurity. Please review the important disclosures and forward - looking statements notice on pages 2 and 3.