COHN
Cohen & Company Inc.19.55
+0.74+3.96%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
2026 priorities: diversify IB, grow trading
Q&A spotlighted 2026 priorities: broaden investment banking beyond SPAC dominance into space, aerospace, telecom, and energy verticals while targeting $60M-$65M in fixed income trading revenue, up from $50M last year. Management plans 2-5 more MDs and five total IB hires, with pipeline ahead of 2025 levels. SPACs still lead, but diversification reduces reliance. No walk-backs; answers reinforced scripted optimism. Investors watch hiring execution and non-SPAC traction. Pipeline stronger. Fixed income beckons growth.
Key Stats
Market Cap
39.80MP/E (TTM)
8.11Basic EPS (TTM)
2.41Dividend Yield
0.05%Recent Filings
10-K
FY2025 results
Cohen & Company posted FY2025 net income of $40.1M, up sharply from $8.2M in FY2024, propelled by explosive Capital Markets momentum as Q4's Columbus Circle SPAC closed with ProCap Financial, yielding $32.2M revenue and $15.7M equity comp hit. Investment banking soared 360% y/y to $187.6M on CCM deals, while net trading climbed 30% to $47.3M; AUM shrank to $1.4B after CDO sales but fees held at $8.8M. Principal investments swung to $31.8M gain (derived), offset by $16.8M equity method losses. Year-end debt stood at $32.9M with $56.8M cash; quarterly $0.25 dividends continued alongside $2.00 special payout. SPAC post-merger volatility threatens Q4 gains.
8-K
Q4 revenue $102.7M, dividends declared
Cohen & Company Inc. reported Q4 2025 revenue of $102.7M and full-year $275.6M, up 246% from 2024, with net income attributable to the company at $8.1M ($1.48 diluted share) and $14.4M ($4.35 diluted share). Board declared $0.25 quarterly and $0.70 special dividends, payable April 3. CCM closed $43B in transactions. Q1 2026 revenue trends higher.
8-K
LTIP Units authorized
Cohen & Co Inc. entered a Second Amended and Restated LLC Agreement for its operating subsidiary on March 6, 2026, enabling issuance of LTIP Units as profits interests under its equity incentive plan. Vested LTIP Units convert one-for-one into regular Units, subject to capital account limits; they're non-voting and non-transferable without consent. LTIP Units align management incentives with performance. No other material changes.
8-K
New $75M ATM program launched
Cohen & Company Inc. entered an Equity Distribution Agreement on February 20, 2026, with Northland Securities and Cohen Securities for an at-the-market program up to $75M in common stock. It terminated the prior 2023 agreement with Northland. Sales agents earn 2.5% commissions; initial capacity caps at $13M due to public float rules. Dilution risk looms.
8-K
SPAC IPO closes at $230M
Cohen & Co's operating subsidiary links to the sponsor of Columbus Circle Capital Corp. II SPAC, which closed its $230M IPO on February 12, 2026, with Cohen's capital markets division as lead underwriter. Sponsor grabbed 265,000 placement units for $2.65M from third parties; CCM snagged 360,000 more using its $3.6M fee. Funds locked in trust for 24 months. SPAC hunt begins now.
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