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Cohen & Company (COHN) investor relations material
Cohen & Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Revenue for the nine months ended September 30, 2025, rose 183% year-over-year to $172.8M, driven by a surge in new issue and advisory revenue, despite a significant principal transactions loss.
Achieved strong third quarter performance, with Q3 2025 revenue reaching $84.2 million and net income attributable to the company of $4.6 million ($2.58 per diluted share), up from $1.4 million in Q2 2025.
CCM generated $68.6 million in net revenue across 18 clients in Q3, with a robust pipeline for future transactions.
The company completed the sale of several CDO management contracts, recorded a $2.7M gain, and exited its investment in Vellar GP, incurring a loss.
Confident in continued growth, supported by a strong transaction pipeline and talent acquisition.
Financial highlights
Q3 total revenue: $84.2 million; adjusted pre-tax income: $16.4 million (19.4% of revenue).
YTD revenue through September 30: $172.8 million; adjusted pre-tax income: $23.2 million (13.4% of revenue).
New issue and advisory revenue soared 460% year-over-year to $298.7M for the nine months, with $212.7M recognized as non-cash revenue from receipt of financial instruments.
Principal transactions and other income swung to a loss of $165.5M, mainly due to declines in the fair value of equity investments received as compensation.
Net trading revenue increased 26% sequentially to $13.6 million, with gestation repo and SPAC equity trading as key contributors.
Outlook and guidance
Projecting Q4 revenue above $50 million and full-year 2025 revenue above $220 million.
Anticipates compensation and benefits expense for 2025 to be 68%-72% of revenue; adjusted pre-tax income for 2025 expected at 10%-15% of revenue.
Annual revenue per employee projected at $1.8 million for 2025, up from $700,000 in 2024.
Management expects asset management revenue from CDOs to decline in future quarters due to the sale of contracts.
The business remains highly sensitive to market volatility, SPAC activity, and interest rate trends, with continued margin pressure in fixed income brokerage anticipated.
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Next Cohen & Company earnings date
Q4 20259 Mar, 2026
Next Cohen & Company earnings date
Q4 20259 Mar, 2026
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Frequently asked questions
Cohen & Company Inc. (NYSE American: COHN) is a financial services firm established in 1999, initially focusing on small-cap financial institutions. Over the years, the company's focus has evolved towards debt financing, securitization, and primarily asset management, alongside niche segments of fixed income trading. Cohen & Company operates through various subsidiaries, engaging in U.S. and European Asset Management, U.S. and European Capital Markets, Loan Trading, and Principal Investing. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.
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