Cohen & Co Inc. SEC 10-Q Report

Cohen & Co Inc. has released its latest Form 10-Q report, highlighting strong financial performance with total revenues of $172.824 million, up significantly from the previous year. Operating income reached $29.362 million, while net income was $14.355 million, slightly down due to equity method affiliate losses. The report also details business segments, including Capital Markets, Asset Management, and Principal Investing, along with a successful SPAC IPO raising $250 million. The company is focused on expanding services and evaluating new accounting standards.

Cohen & Co Inc., a prominent player in the financial services industry, has released its latest Form 10-Q report, showcasing robust financial and operational performance. The report highlights significant growth in revenues and operational improvements, alongside strategic business developments and future outlooks.

Financial Highlights

Total Revenues: $172.824 million, reflecting a significant increase from the previous year, driven by a substantial rise in new issue and advisory revenues.
Operating Income: $29.362 million, indicating a strong operational performance with a notable improvement from a loss in the prior year.
Net Income: $14.355 million, showing a slight decrease compared to the previous year, impacted by losses from equity method affiliates.
Net Income Attributable to Cohen & Company Inc.: $6.330 million, demonstrating growth from the prior year, supported by increased revenues.
Basic Income Per Common Share: $3.66, up from $1.13 in the previous year, reflecting improved profitability.
Diluted Income Per Common Share: $3.61, compared to $1.12 in the previous year, indicating enhanced earnings performance.

Business Highlights

Capital Markets Segment: The Capital Markets segment includes fixed income sales, trading, underwriting, gestation repo financing, new issue placements in corporate and securitized products, and advisory services. This segment also includes unrealized and realized gains and losses on other investments acquired as part of its CCM business.
Asset Management Segment: The Asset Management segment manages assets within collateralized debt obligations (CDOs), managed accounts, joint ventures, and investment funds. It includes fee-based asset management operations with ongoing base and incentive management fees.
Principal Investing Segment: The Principal Investing segment comprises investments related to the SPAC franchise and other investments made for earning an investment return. These investments are included in other investments, at fair value, and investments in equity method affiliates.
Columbus Circle Capital Corp I: The Columbus Circle SPAC completed its IPO, raising $250 million. The Operating LLC is a managing member of the Columbus Circle Sponsor, and CCM acted as the lead underwriter. The SPAC aims to complete a business combination within 24 months.
Sale of Management Contracts: The Company sold its rights and obligations under certain CDO Agreements to Hildene Capital Management, recording a gain of $2,734. This transaction involved multiple closings and required consent from preferred security holders.
Vellar Opportunities GP, LLC: The Operating LLC sold its 33.4% interest in Vellar GP, resulting in a loss of $836. The Company no longer holds any investment in Vellar GP.
New Business Combination Agreement: The Columbus Circle SPAC entered into a definitive business combination agreement with ProCap BTC and ProCap Financial. Proceeds from the transaction are expected to be used to purchase bitcoin.
Future Outlook: The Company continues to evaluate new accounting standards and their potential impact on its financial statements. It is also focused on expanding its capital markets and asset management services.

SEC Filing: Cohen & Co Inc. [ COHN ] - 10-Q - Nov. 06, 2025