olivLaw · US equity research
Cohen & Company Inc. COHN
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Cohen & Company Inc. is a financial services firm active in capital markets through its boutique investment bank CCM and in asset management, with a focus on SPACs and de-SPAC transactions. Total revenue in the second quarter of 2026 was 69.5 million USD, while assets under management stood at about 1.4 billion USD at the end of 2025.
At the close of 04 Nov 2026, Cohen & Company Inc. (COHN) stock was 10.23 USD (+2.40% on the day), with market capitalisation 33.0 m USD, P/E 1.9 on diluted EPS of 5.26 USD over the last 12 months, dividend yield 29.33%, beta 0.47, 52-week range 9.11–32.39 USD. Latest reported quarter (Q2 2026): revenue of 69.5 m USD (+16.1% YoY), net income of 3.6 m USD (+153.8% YoY), diluted EPS 0.94 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.1
- neutral
- Bollinger (20, 2)
- 8.89 – 11.02
- in the upper half of the band · %B 0.63 · band width 21.4%
- SMA 50 / 200
- 10.31 / 13.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.3% | −1.1% | +4.4 pp | — |
| 3 months | −10.1% | −0.5% | −9.7 pp | — |
| 6 months | −26.5% | +4.4% | −30.9 pp | — |
| Year to date | −56.6% | +12.3% | −68.9 pp | — |
| 1 year | −0.1% | +13.5% | −13.6 pp | −11.1% |
| 3 years | +66.3% | +76.4% | −10.1 pp | +61.7% |
| 5 years | −44.2% | +63.7% | −107.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.7 m | 18.5 m | 28.7 m | 59.9 m | 84.2 m | 102.7 m | 57.9 m | 69.5 m |
| Operating income | 7.2 m | -5.5 m | 107.0 k | 7.5 m | 21.8 m | 30.0 m | 5.1 m | 12.4 m |
| Depreciation & amortisation | 144.0 k | 163.0 k | 172.0 k | 172.0 k | 183.0 k | 197.0 k | 203.0 k | 217.0 k |
| Interest expense | 9.2 m | 9.5 m | 9.2 m | 10.4 m | 9.2 m | 6.4 m | 3.8 m | 4.8 m |
| Pre-tax income | 5.3 m | -7.6 m | 1.1 m | 5.4 m | 9.5 m | 23.5 m | 3.3 m | 8.1 m |
| Income tax | 142.0 k | -764.0 k | 139.0 k | 771.0 k | 733.0 k | -2.3 m | -182.0 k | 141.0 k |
| Net income | 2.2 m | -2.0 m | 329.0 k | 1.4 m | 4.6 m | 8.1 m | 1.5 m | 3.6 m |
| Diluted EPS | 1.31 | -0.35 ≈ | 0.19 | 0.81 | 2.58 | 1.32 ≈ | 0.42 | 0.94 |
| Operating cash flow | 4.1 m ≈ | 4.4 m | -6.4 m | 13.4 m ≈ | 22.4 m ≈ | -2.1 m | -31.2 m | 3.9 m ≈ |
| Capex | 315.0 k ≈ | 460.0 k | 157.0 k | 413.0 k ≈ | 253.0 k ≈ | 431.0 k | 328.0 k | 196.0 k ≈ |
| Dividends paid | 408.0 k ≈ | 408.0 k | 383.0 k | 878.0 k ≈ | 434.0 k ≈ | 436.0 k | 4.2 m | -1.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 6 percentile of its own 18-quarter history (min 1.7, median 4.2, max 20.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49.4 m | 49.7 m | 130.1 m | 146.4 m | 44.4 m | 83.0 m | 79.6 m | 275.6 m |
| Revenue YoY | +3.9% | +0.6% | +162.0% | +12.5% | −69.7% | +86.9% | −4.1% | +246.2% |
| Net income | -2.5 m | -2.1 m | 14.2 m | 11.8 m | -13.4 m | -5.1 m | -129.0 k | 14.4 m |
| Net income YoY | −219.3% | unavailable | unavailable | −16.9% | −213.4% | unavailable | unavailable | unavailable |
| Diluted EPS | -2.14 | -1.81 | 7.66 | 7.83 | -9.43 | -3.38 | -0.08 | 4.35 |
| Diluted EPS YoY | −233.8% | unavailable | unavailable | +2.2% | −220.4% | unavailable | unavailable | unavailable |
| net % | -5.0% | -4.1% | 10.9% | 8.1% | -30.2% | -6.2% | -0.2% | 5.2% |
| Free cash flow | -8.0 m | -15.6 m | 41.2 m | 17.3 m | -24.1 m | -40.0 m | 8.2 m | 26.1 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 56.8 m USD
- Financial debt
- 32.9 m USD
- Net debt
- -23.9 m USD
- Equity
- 103.1 m USD
- Total assets
- 700.6 m USD
- Debt / equity
- 0.32x
- Current ratio
- unavailable
- ROE
- 14.9%
- ROA
- 1.7%
- FCF margin
- 9.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 130.1 m | 146.4 m | 44.4 m | 83.0 m | 79.6 m | 275.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Operating income | 42.3 m | 39.6 m | -28.0 m | 6.9 m | -8.0 m | 59.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 334.0 k | 371.0 k | 557.0 k | 563.0 k | 556.0 k | 724.0 k | SEC (XBRL)· 06 Mar 2026verified |
| EBITDA | 42.7 m ≈ | 40.0 m ≈ | -27.4 m ≈ | 7.4 m ≈ | -7.5 m ≈ | 60.1 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Interest expense | 66.2 m | 41.0 m | 33.7 m | 31.3 m | 38.3 m | 35.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Pre-tax income | 29.8 m | 70.5 m | -53.9 m | 15.9 m | 7.9 m | 39.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | -8.7 m | -3.5 m | 4.8 m | 5.5 m | -329.0 k | -632.0 k | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 14.2 m | 11.8 m | -13.4 m | -5.1 m | -129.0 k | 14.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 7.66 | 7.83 | -9.43 | -3.38 | -0.08 | 4.35 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 5.1 m | 5.3 m | 1.4 m | 1.5 m | 5.7 m | 6.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividend per share | 0.00 | 0.50 | 1.75 | 1.00 | 1.00 | 3.00 | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 42.0 m | 50.6 m | 29.1 m | 10.7 m | 19.6 m | 56.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 799.0 k | 1.5 m | 1.5 m | 1.3 m | 2.0 m | 2.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Goodwill | 109.0 k | 109.0 k | 109.0 k | 109.0 k | 109.0 k | 109.0 k | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 166.0 k | 166.0 k | 166.0 k | 166.0 k | 166.0 k | 166.0 k | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 6.1 bn | 3.7 bn | 887.1 m | 772.8 m | 971.1 m | 700.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Long-term debt | 47.1 m | 43.4 m | 29.0 m | 29.7 m | 34.9 m | 32.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 6.0 bn | 3.5 bn | 793.0 m | 681.0 m | 880.9 m | 597.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 101.4 m | 151.4 m | 94.0 m | 91.8 m | 90.3 m | 103.1 m | SEC (XBRL)· 06 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 41.4 m | 18.3 m | -23.5 m | -39.7 m | 9.5 m | 27.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Capex | 217.0 k | 1.0 m | 573.0 k | 373.0 k | 1.2 m | 1.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | 41.2 m ≈ | 17.3 m ≈ | -24.1 m ≈ | -40.0 m ≈ | 8.2 m ≈ | 26.1 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | -11.9 m | -22.5 m | 13.8 m | 38.1 m | 16.5 m | 26.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | 3.8 m | 13.2 m | -11.5 m | -17.1 m | -16.7 m | -17.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividends paid | 27.0 k | 671.0 k | 2.6 m | 1.8 m | 1.9 m | 2.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Share repurchases | 2.1 m | 857.0 k | 0 | 0 | — | — | SEC (XBRL)· 06 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 33.0 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation71
- Returns100
- Quality55
- Balance sheet70
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 39.42 – 364.00 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)85.90 – 156.12 (Mid 110.11)WACC 7.3% · starting FCFF 12.2 m USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA301.07 – 364.00 (Mid 310.86)3 companies used · median multiple 14.1x · quartiles 13.7x – 16.6xBLK, MIAX, MKTX
- Peers: P/E60.54 – 102.68 (Mid 81.87)17 companies used · median multiple 15.6x · quartiles 11.5x – 19.5xBLK, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)39.42 – 53.02 (Mid 45.22)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 59.1% | 100 (vs peers) | 13% |
| Net margin · Quality | 5.6% | 35 (vs peers) | 8% |
| FCF conversion · Quality | -45.7% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 83.8% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.2x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 2.9x | 21 (on a fixed band) | 8% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 1.9x | 100 (vs peers) | 13% |
| EV/EBITDA · Valuation | 0.3x | 100 (on a fixed band) | 13% |
| FCF yield · Valuation | -24.6% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 12.1% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation71/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Cohen & Co Inc. (COHN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 275.6 m USD in 2025; YoY growth 246.2%; net margin 5.6%; ROE 33.3%; net debt/EBITDA -0.2x.
The estimated value range is 73.22–129.40 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 95.99 USD, the price of 10.23 USD leaves a potential of 838.3% (value / price − 1) and a margin of safety of 89.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 59.1%
- Revenue CAGR 3Y: 83.8%
- Net debt / EBITDA: -0.2x
- P/E (TTM): 1.9x
- EV/EBITDA: 0.3x
- Shareholder yield (distributions): 12.1%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -45.7%
- Interest coverage: 2.9x
- FCF yield: -24.6%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Current ratio, Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −0% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for COHN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.99 Total return -5% · Per year -5% | 12.30 Total return 56% · Per year 56% | 18.45 Total return 123% · Per year 123% |
| 3 years | 8.29 Total return 69% · Per year 19% | 16.27 Total return 181% · Per year 41% | 26.57 Total return 314% · Per year 61% |
| 5 years | 9.83 Total return 156% · Per year 21% | 21.52 Total return 348% · Per year 35% | 38.26 Total return 589% · Per year 47% |
- Exit P/E± 4.07
- Net margin± 2.85
- Annual revenue growth± 2.12
- Annual dilution± 0.24
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cohen & Company Inc. is a financial services firm active in capital markets through its boutique investment bank CCM and in asset management, with a focus on SPACs and de-SPAC transactions. Total revenue in the second quarter of 2026 was 69.5 million USD 3, while assets under management stood at about 1.4 billion USD at the end of 2025 1.
SWOT
Strengths
- The company has a boutique investment bank with a team specialised in SPAC and de-SPAC deals, which generated most revenue in recent quarters 3.
- Its trading and mortgage financing platform is diversified across several asset classes 1.
- Fixed costs are monitored to keep operating leverage, which helps limit losses in slow periods 1.
Weaknesses
Opportunities
Threats
Risks
- Dependence on the SPAC markethigh
Revenue and investments depend heavily on SPAC activity, and a decline in that market would have a significant effect on results 1.
- Volatility of principal investmentshigh
Principal investments are exposed to capital losses, especially when prices of SPAC-related securities fall 13.
- Dependence on the US mortgage marketmedium
Mortgage group revenue depends on mortgage volumes and interest rates, which makes results sensitive to the housing market 1.
- Client concentration and clearing dependencemedium
The company depends on a limited group of clients and on one main clearing provider, which creates operational risk 1.
- Tax adjustmentslow
Periodic evaluation of deferred tax assets can lead to adjustments that could be material to financial results 3.
Investment thesis
What would need to be true (bull case)
- CCM generated most revenue in recent quarters and grew in the second quarter of 2026 3. If this momentum holds, revenue could keep rising.
- The company declared a quarterly dividend of 0.25 USD per share, signalling a commitment to shareholders 3.
- Launching SPACs it sponsors and signing business combination deals could generate extra advisory and investment revenue 3.
What would break the thesis
- Results are unpredictable and can vary widely, and fixed income trading faces margin pressure 1.
- SPAC-related investments have produced losses and remain exposed to capital market volatility 13.
- The company competes with much larger firms that have advantages in client financing, which could limit growth 1.
What to watch
- Development of investment banking and SPAC advisory revenueQ3 2026
- Board decision on the quarterly dividendQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company runs three segments: Capital Markets, Asset Management and Principal Investing. Capital Markets covers sales, trading, gestation repo financing, new issue placements, underwriting and advisory, through Cohen Securities in the US and CCFESA in Europe 1. CCM, its boutique investment bank, had 28 investment banking professionals at the end of 2025 1. Asset Management runs investment vehicles, managed accounts and CDOs, and Principal Investing holds investments made for the company's own return 1.
Segments
Capital Markets
This is the main segment. It includes trading in bonds, mortgage instruments such as TBAs and CMOs, gestation repo financing and investment banking through CCM, with a focus on SPACs and de-SPACs 13. It generated most of the revenue in the second quarter of 2026 3.
Asset Management
It manages funds, managed accounts and CDOs, earning management and performance fees. Assets under management have declined in recent years, and quarterly revenue is modest 13.
Principal Investing
It covers investments made for the company's own return, especially SPAC-related securities and equity method affiliates. Results are volatile and produced losses in the second quarter of 2026 3.
Market context
The company operates in capital markets in the US and Europe, where revenue depends on transaction volumes and the economy. The SPAC market matters for the principal investment book, and mortgage trading revenue depends on mortgage volumes and interest rates 1. The company has said its activity is closely tied to the broader economic outlook 1.
US housing and mortgage markets and interest rate levels shape the volumes of the mortgage group and repo transactions 12. Margins in fixed income brokerage have fallen as competition has increased 1.
Trends
- Return of SPAC activitytailwind
SPAC activity supported investment banking revenue in 2026, and a new SPAC IPO in July 2026 could sustain this if the market stays favourable 3.
- Margin pressure in fixed income tradingheadwind
Margins and volumes in fixed income trading have declined, and the company expects competitive pressure to keep increasing over time 1. If this continues, segment profitability could be affected.
- Dependence on the US mortgage marketmixed
Mortgage group revenue rises when mortgage volumes rise and falls when they fall, with interest rates a key driver 12. Results in the second quarter were positive for this unit 3.
- Profit recovery after investment lossesmixed
Losses from principal investments and equity method affiliates weighed on earlier results, but adjusted pre-tax income rose in the second quarter 3. Developments depend on the SPAC market 1.
Competitive position
The company faces intense competition because larger firms can offer clients more financing 1. It aims to compete by serving clients and asset classes that the large firms underserve 1.
In bond trading and SPAC advisory, competition has reduced margins and increased pressure on revenue 12. The company expects this pressure to increase over time 1.
- Large full-service investment banks and brokers
The sources refer generally to larger firms that can provide more financing to clients than Cohen & Company 1.
- Other broker-dealers in mortgage-related trading
Competition in bond and mortgage trading has reduced margins in the trading business 1.
- Other investment banks specialising in SPACs
SPAC advisory operates in a competitive setting, and the sources do not name specific competitors 1.
- Managers of credit and alternative asset funds
The asset management segment competes with fund managers in credit and alternative investments 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report31 Aug 2026Material agreement · Termination of a material agreement · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report10 Jul 2026Other events
- Current report30 Jun 2026Other events
- Current report22 Jun 2026Material agreement · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote
- Current report27 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cohen & Company Inc. · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cohen & Company Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cohen & Company Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.