Cohen & Company Inc
cohenandcompany.comWhat Do They Do?
Provides securities trading, underwriting, and advisory services to corporations, institutional investors, and mortgage originators; manages investment funds and accounts.
10-K for FY2025, filed Mar 6, 2026CCM was established in 2021 as a division of Cohen Securities to address the coverage gaps and structural shortfalls at leading investment…View ↗
Our sales and trading group provides trade execution to corporate investors, institutional investors, mortgage originators, and other…View ↗
Our Asset Management business segment manages and services assets within a variety of Investment Vehicles. We earn management fees for our…View ↗
How Do They Make Money?
Capital-markets customers pay for advisory, underwriting and securities-placement work as services are provided; trading revenue also comes from execution, commissions, trading gains and interest, with trades counted when made. Asset-management fees are earned monthly for ongoing services and generally paid monthly or quarterly; principal investing produces investment income and gains or losses.
10-K for FY2025, filed Mar 6, 2026CCM was established in 2021 as a division of Cohen Securities to address the coverage gaps and structural shortfalls at leading investment…View ↗
Investment banking and new issue revenue consists of (a) revenue from advisory services, (b) revenue from underwriting, (c) revenue…View ↗
Net trading includes: (i) all gains, losses, interest income, dividend income, and interest expense from securities classified as…View ↗
Asset management revenue consists of management fees earned from Investment Vehicles. In the case of CDOs, the fees earned by the Company…View ↗
Principal transactions include all gains, losses, and income from financial instruments classified as other investments, at fair value…View ↗
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10-K for FY2025, filed Mar 6, 2026
FY2025 revenue by reportable segment ↗
$275.6M
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10-K for FY2025, filed Mar 6, 2026
$275.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Capital Markets
|
85%
FY2022: 139%
|
Capital Markets, FY2025
$235M Sources
|
|
|
Asset Management Segment
Recurring
|
3.9%
FY2022: 22%
|
Asset Management Segment, FY2025
$10.6M Sources
|
Recurring |
|
Principal Investing
|
11%
FY2022: −61%
|
Principal Investing, FY2025
$30M Sources
|
Who Are Their Customers?
The firm's subsidiaries provide investment-banking and trading services to corporations, financial sponsors, investors, institutions, mortgage originators and smaller broker-dealers. It also manages funds and accounts for family offices, high-net-worth individuals and asset managers.
10-K for FY2025, filed Mar 6, 2026Our Capital Markets business segment consists primarily of sales, trading, gestation repo financing, new issue placements in corporate and…View ↗
CCM was established in 2021 as a division of Cohen Securities to address the coverage gaps and structural shortfalls at leading investment…View ↗
Our sales and trading group provides trade execution to corporate investors, institutional investors, mortgage originators, and other…View ↗
PriDe Funds and Other Managed Accounts. In July 2014, we became the investment advisor of a newly created French investment fund with total…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.
10-K for FY2025, filed Mar 6, 2026
$59.4MView ↗
10-K for FY2025, filed Mar 6, 2026
$14.4MView ↗
10-K for FY2025, filed Mar 6, 2026
$26.1MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 3, 2026
Open tableView ↗
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Jun 30, 2026
Columbus Circle Capital Corp. II agrees to combine with Elroy Air
Cohen & Company Capital Markets is a joint financial advisor and co-placement agent to the SPAC.
Sources
8-K, filed Jun 30, 2026
On June 26, 2026, the SPAC issued a press release announcing that the SPAC entered into a definitive business combination agreement (as it…View ↗
Growing. Revenue grew 88% in 4 years, from $146.4M in FY2021 to $275.6M in FY2025, about 17% a year.
CREO loan servicing
The newer business description includes an annual servicing fee on loans held by the CREO joint venture alongside its commercial real estate lending and origination activities.
10-K for FY2022, filed Mar 9, 2023 10-K for FY2025, filed Mar 6, 2026Our commercial real estate lending platform (“CRE Opportunities”), which operates outside of JVB, was created in 2021 with a primary focus…View ↗
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