Cohen & Company Inc (NYSE American: COHN) is a financial services company that operates as a boutique investment bank and capital markets firm. It generates revenue through investment banking fees, SPAC advisory and underwriting, gestation repo financing, and principal transactions involving financial instruments. The company operates through its Capital Markets segment, anchored by Cohen & Company Capital Markets (CCM), which provides capital markets and SPAC advisory services to corporations and financial institutions. Investment banking and new issue revenue totaled $40.8 million in FY2024, up from $24.0 million in FY2023, driven primarily by CCM advisory and other new issue activity of $55.4 million gross before losses on non-cash consideration. The firm also holds investments in post-business combination SPAC entities, Dutch real estate entities through a 45% interest in CK Capital (acquired December 2019), and various equity and private investments. Cohen & Company pays a quarterly cash dividend of $0.25 per share, reinstated July 2021, and declared a special dividend of $2.00 per share in December 2025.

Revenue model

Transactional fees from investment banking, SPAC underwriting and advisory, gestation repo net interest margin and agency fees, and gains or losses on principal transactions including SPAC-related financial instruments and public equity holdings.

Products and services

SPAC advisory and sponsorship, capital markets underwriting, gestation repo financing (on-balance-sheet and agency structures), principal investments in public equities and SPAC sponsor entities, Dutch real estate asset and investment advisory via CK Capital, and IIFC revenue sharing arrangements.

Customers and end markets

Corporations and financial institutions seeking capital markets and SPAC advisory services; mortgage originators as borrowers in gestation repo transactions; banks, insurance companies, and other financial institutions as lenders in gestation repo transactions.

Value-chain role

Boutique intermediary providing advisory, underwriting, and financing services; acts as principal in on-balance-sheet gestation repo trades and as agent in fee-based gestation repo trades; sponsors and co-invests in SPAC vehicles.

Geographic exposure

Primarily United States; Netherlands exposure through 45% interest in CK Capital and a 10% interest in a related Dutch real estate holding company (as of December 31, 2025).

Source: SEC 10-K, filed 2026-03-06

Industry: Security Brokers, Dealers & Flotation Companies Peers: Forge Global Holdings, Inc.