Cohen & Company (COHN) investor relations material

Executive summary

• Reported revenue of $57.9 million for Q1 2026, a decrease from $102.7 million in Q4 2025 but an increase from $28.7 million in Q1 2025.

• Net income attributable to shareholders was $1.5 million ($0.42 per diluted share), down from $8.1 million in the prior quarter but up from $300,000 in the prior year quarter.

• Adjusted pre-tax income was $4.0 million ($0.65 per diluted share), compared to $18.3 million in the prior quarter and $1.3 million in the prior year quarter.

• Management remains confident in future earnings potential and is committed to enhancing long-term value for stockholders, including through quarterly dividends.

• Focus remains on frontier technologies, digital assets, energy transition, and natural resources.

Financial highlights

• Investment banking and new issue revenue was $45.7 million, down from $54.7 million in the prior quarter but up from $20.2 million year-over-year.

• Net trading revenue was $13.2 million, down $600,000 sequentially but up $4 million year-over-year.

• Asset management revenue was $2.4 million, down $0.3 million sequentially, up $0.4 million year-over-year.

• Principal transactions and other revenue was -$3.4 million, compared to +$31.5 million in the prior quarter and -$2.7 million in the prior year quarter.

• Compensation and benefits expense was $41.3 million (71% of revenue), down $16.5 million sequentially and up $19.6 million year-over-year.

Segment performance

• All investment banking and new issue revenue was generated by the CCM business, primarily from SPAC M&A and IPO transactions.

• Gestation repo business grew to $3.9 billion as of March 31, 2026.

• Asset management revenue totaled $2.4 million for the quarter, with $1.3 billion in assets under management, primarily fixed income.

• Loss from equity method affiliates was $500,000, compared to a $5.1 million loss in the prior quarter and $2.4 million income in the prior year quarter.

• Number of employees at quarter end was 128, up from 126 at year end and 117 in the prior year quarter.