Cohen & Co Q3 2026 revenue falls to $32.4M
A $0.25 quarterly dividend was declared as more than $17 million of mark-to-market adjustments weighed on results.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Cohen & Co Inc. (COHN) reported third-quarter 2026 revenue of $32.441 million, compared with $84.213 million in the third quarter of 2025. Investment banking and new issue revenue was $12.714 million versus $68.607 million. Net income attributable to Cohen & Company Inc. was $6.700 million, compared with $4.593 million, while enterprise net income was $6.912 million versus $15.642 million. Fully diluted net income per share was $0.12, compared with $2.58; adjusted pre-tax income was $648,000 versus $16.375 million.
Management said results included more than $17 million of unfavorable mark-to-market adjustments in investment banking and new issue revenue. Cohen & Company Capital Markets 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. The gestation repo book grew to an all-time high of $4.5 billion during the quarter. The board declared a $0.25 quarterly dividend per share, and Daniel G. Cohen, Executive Chairman of the Board, was appointed Chief Executive Officer.
How this balance works
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.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointAttributable net income: $6.700 million versus $4.593 million.
Negative
- Moderate pointRevenue was $32.441 million, versus $84.213 million in Q3 2025.
Filing Explained
The results release attached to this 8-K includes a
8-K Event Classification
Key Figures
Key Terms
SPAC IPOs financial
de-SPAC transactions financial
gestation repo financial
mark-to-market adjustments financial
adjusted pre-tax income financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did COHN report in Q3 2026?
What dividend did COHN declare?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 | ||
| |
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 2.02 | Results of Operations and Financial Condition. |
On November 12, 2026, Cohen & Company Inc., a Maryland corporation (the “Company”), issued a press release announcing the Company’s financial results for the third quarter ended September 30, 2026. A copy of the earnings release is attached to this report as Exhibit 99.1.
The information hereunder shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press release dated November 12, 2026 announcing Cohen & Company Inc.’s financial results for the third quarter ended September 30, 2026. | |
| 104 | Cover Page Interactive Data File (Embedded within the inline XBRL document.) |
2
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: November 12, 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 REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Board Declares Quarterly Dividend of $0.25 per Share
Philadelphia and New York, November 12, 2026 – 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. |
| 1 |
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. |
| o | 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. |
| o | 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. |
| o | 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. |
| o | 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. |
| 2 |
| · | 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.
| 3 |
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.
| 4 |
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.
| 5 |
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 | ||||
| 6 |
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 |
| 7 |