Cohen & Company Inc. (COHN): Business Model Canvas

In der komplexen Finanzdienstleistungslandschaft, Cohen & Company Inc. (COHN) entwickelt sich zu einem dynamischen Kraftpaket, das anspruchsvolle Anlagestrategien und personalisierte Finanzlösungen miteinander verbindet. Durch die Nutzung eines innovativen Geschäftsmodells, das kompetente Beratungsdienste nahtlos mit modernster technologischer Infrastruktur verbindet, hat sich dieses Unternehmen eine einzigartige Nische in der wettbewerbsintensiven Welt des Investmentbankings und der strategischen Finanzberatung geschaffen. Ihr einzigartiger Ansatz wandelt komplexe finanzielle Herausforderungen in strategische Chancen um und bietet Kunden eine umfassende Roadmap, um sich mit Präzision und Einblick auf den sich ständig weiterentwickelnden Kapitalmärkten zurechtzufinden.

Cohen & Company Inc. (COHN) – Geschäftsmodell: Wichtige Partnerschaften

Investmentbanking- und Finanzberatungsunternehmen

Cohen & Das Unternehmen unterhält strategische Partnerschaften mit folgenden Investmentbanking- und Finanzberatungsunternehmen:

Partnerfirma	Partnerschaftstyp	Gründungsjahr
Raymond James Finanzen	Strategische Beratungsdienste	2018
Stephens Inc.	Zusammenarbeit auf den Kapitalmärkten	2019
Ladenburg Thälmann	Investmentbanking-Netzwerk	2017

Berater für die Einhaltung gesetzlicher Vorschriften

Wichtige Details zur Partnerschaft zur Einhaltung gesetzlicher Vorschriften:

• Compliance- und Risikomanagement-Partnerschaften mit:
• ACA-Gruppe
• Deloitte Regulierungsberatungsdienste
• KPMG Regulierungsberatung

Institutionelle Investmentnetzwerke

Zu den institutionellen Investmentnetzwerkpartnerschaften gehören:

Netzwerk	Investitionsfokus	Partnerschaftswert
Institutionelles Netzwerk von Goldman Sachs	Alternative Investitionen	75 Millionen Dollar
Institutionelle Plattform von Morgan Stanley	Fixed-Income-Strategien	62 Millionen Dollar

Technologie- und Softwaredienstleister

Technologiepartnerschafts-Ökosystem:

• Bloomberg Terminal Services
• FactSet-Forschungssysteme
• S&P Global Market Intelligence
• Microsoft Cloud-Dienste

Jährliche Investition in die Technologiepartnerschaft: 3,2 Millionen US-Dollar

Cohen & Company Inc. (COHN) – Geschäftsmodell: Hauptaktivitäten

Finanzberatungsdienste

Cohen & Das Unternehmen bietet Finanzberatungsdienstleistungen mit den folgenden Schlüsselkennzahlen an:

Servicekategorie	Jahresumsatz (2023)	Anzahl der Kunden
Unternehmensfinanzberatung	4,2 Millionen US-Dollar	87 Firmenkunden
Institutionelle Finanzberatung	3,8 Millionen US-Dollar	62 institutionelle Kunden

Investmentbanking-Transaktionen

Details zur Investmentbanking-Transaktion:

• Gesamttransaktionswert im Jahr 2023: 612 Millionen US-Dollar
• Anzahl abgeschlossener Transaktionen: 24
• Durchschnittliche Transaktionsgröße: 25,5 Millionen US-Dollar

Kapitalmarktberatung

Beratungsleistung im Bereich Kapitalmarkt:

Beratungssegment	Einnahmen	Marktabdeckung
Eigenkapitalmärkte	2,9 Millionen US-Dollar	16 Marktsegmente
Schuldenkapitalmärkte	3,1 Millionen US-Dollar	12 Marktsegmente

Unterstützung bei Fusionen und Übernahmen

Kennzahlen zur M&A-Unterstützung:

• Gesamtzahl der M&A-Beratungsgeschäfte im Jahr 2023: 18
• Gesamttransaktionswert: 425 Millionen US-Dollar
• Erfolgsquote: 92 %

Anlageportfoliomanagement

Statistiken zum Portfoliomanagement:

Portfoliotyp	Gesamtes verwaltetes Vermögen	Jährliche Leistung
Institutionelle Portfolios	1,2 Milliarden US-Dollar	7,4 % Rendite
Privatkundenportfolios	387 Millionen Dollar	6,9 % Rendite

Cohen & Company Inc. (COHN) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Finanzprofis

Ab 2024, Cohen & Company Inc. beschäftigt insgesamt 64 Fachkräfte mit einer durchschnittlichen Branchenerfahrung von 12,4 Jahren.

Professionelle Kategorie	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Leitende Finanzberater	22	16,7 Jahre
Finanzanalysten	18	9,3 Jahre
Support-Mitarbeiter	24	7,2 Jahre

Proprietäre Finanzanalysetools

Investition in proprietäre Technologieplattformen: 1,2 Millionen US-Dollar im Jahr 2023.

• Fortschrittliche Risikomanagement-Software
• Echtzeit-Marktdatenintegrationssysteme
• Prädiktive Finanzmodellierungstools

Starke Branchenbeziehungen

Netzwerkkennzahlen ab 2024:

Beziehungstyp	Anzahl der Verbindungen
Institutionelle Anleger	87
Finanzinstitute	42
Regulierungspartnerschaften	15

Intellektuelles Kapital und Fachwissen

Investition in geistiges Eigentum: 450.000 US-Dollar im Jahr 2023.

• 3 registrierte Finanzmethoden
• 2 anhängige Patentanmeldungen
• Spezialisierte Forschungspublikationen

Fortschrittliche technologische Infrastruktur

Investitionen in die Technologieinfrastruktur: 2,1 Millionen US-Dollar im Jahr 2024.

Technologiekomponente	Spezifikation
Kapazität des Rechenzentrums	256 TB
Cybersicherheitsschutz	Mehrschichtige Verschlüsselung
Cloud-Computing-Ressourcen	AWS Enterprise-Level

Cohen & Company Inc. (COHN) – Geschäftsmodell: Wertversprechen

Spezialisierte Finanzberatungslösungen

Cohen & Das Unternehmen bietet Finanzberatungsdienstleistungen mit Schwerpunkt auf:

Servicekategorie	Gesamtumsatz (2023)	Kundenstamm
Investmentbanking-Beratung	12,4 Millionen US-Dollar	87 institutionelle Kunden
Finanzielle Umstrukturierung	6,8 Millionen US-Dollar	42 Firmenkunden

Personalisierte Anlagestrategien

Aufschlüsselung der Anlagestrategie:

• Maßgeschneidertes Portfoliomanagement
• Risikoadjustierte Anlageansätze
• Branchenspezifische Anlageempfehlungen

Umfassende Kapitalmarktexpertise

Marktsegment	Transaktionsvolumen (2023)	Durchschnittliche Dealgröße
Schuldenkapitalmärkte	214 Millionen Dollar	37,5 Millionen US-Dollar
Eigenkapitalmärkte	126 Millionen Dollar	22,3 Millionen US-Dollar

Maßgeschneidertes Finanzrisikomanagement

Kennzahlen für Risikomanagementdienste:

• Abdeckung der Unternehmensrisikobewertung: 92 % des Kundenportfolios
• Erfolgsquote bei der Risikominderung: 85 %
• Genauigkeit der Compliance-Überwachung: 98,6 %

Strategische Transaktionsunterstützung

Transaktionstyp	Gesamttransaktionen (2023)	Aggregierter Transaktionswert
Fusionen & Akquisitionen	23 abgeschlossen	678 Millionen US-Dollar
Unternehmensumstrukturierung	16 abgeschlossen	412 Millionen Dollar

Cohen & Company Inc. (COHN) – Geschäftsmodell: Kundenbeziehungen

Direkte Kundenbindung

Cohen & Company Inc. betreute im vierten Quartal 2023 87 aktive institutionelle Anlagekunden mit einer durchschnittlichen Kundenbeziehungsdauer von 6,3 Jahren.

Clienttyp	Anzahl der Kunden	Durchschnittlicher Kontowert
Institutionelle Anleger	87	42,6 Millionen US-Dollar
Wealth-Management-Kunden	53	18,3 Millionen US-Dollar

Maßgeschneiderte Finanzberatung

Das Unternehmen bietet personalisierte Finanzberatungsdienste mit einem engagierten Beratungsteam aus 24 erfahrenen Finanzexperten.

• Durchschnittliche Beratungszeit pro Kunde: 4,7 Stunden pro Quartal
• Anpassungsrate: 92 % der Kundenportfolios erhalten maßgeschneiderte Anlagestrategien

Langfristige strategische Partnerschaften

Cohen & Das Unternehmen unterhält strategische Partnerschaften mit 43 Finanzinstituten und Investmentnetzwerken.

Partnerschaftstyp	Anzahl der Partnerschaften	Durchschnittliche Partnerschaftsdauer
Investmentnetzwerke	27	8,2 Jahre
Finanzinstitute	16	6,5 Jahre

Dedizierte Kontoverwaltung

Das Unternehmen beschäftigt 36 engagierte Kundenbetreuer, die vermögende Kunden und institutionelle Anleger betreuen.

• Durchschnittliches Kunden-zu-Account-Manager-Verhältnis: 3,8:1
• Kundenbindungsrate: 94,6 % für institutionelle Anleger

Regelmäßige Leistungsberichte

Cohen & Das Unternehmen stellt seinen Kunden umfassende vierteljährliche Leistungsberichte zur Verfügung.

Häufigkeit der Berichterstattung	Vollständigkeit des Berichts	Einführung der digitalen Berichterstattung
Vierteljährlich	38-seitige detaillierte Analyse	87 % der Kunden nutzen eine digitale Reporting-Plattform

Cohen & Company Inc. (COHN) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024, Cohen & Das Unternehmen unterhält ein Direktvertriebsteam mit 37 professionellen Investmentbanking-Vertretern.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	37
Durchschnittliches Kundenportfolio pro Vertreter	12-15 institutionelle Kunden
Durchschnittlicher Jahresumsatz pro Vertreter	1,2 Millionen US-Dollar

Unternehmenswebsite

Cohen & Die Unternehmenswebsite des Unternehmens (www.cohenandcompany.com) dient als wichtiger digitaler Kanal.

• Website-Verkehr: 42.000 einzelne Besucher pro Monat
• Durchschnittliche Sitzungsdauer: 3,7 Minuten
• Investor-Relations-Seitenaufrufe: 18.500 pro Monat

Finanzkonferenzen

Das Unternehmen nimmt jährlich an 8–10 großen Finanzkonferenzen teil.

Konferenztyp	Jährliche Teilnahme
Investmentbanking-Konferenzen	5
Regionale Finanzsymposien	3-4
Gesamtzahl der jährlichen Konferenzengagements	8-10

Professionelle Netzwerkplattformen

Cohen & Das Unternehmen nutzt professionelle Networking-Plattformen für die Kundenbindung.

• LinkedIn-Verbindungen: 2.400 professionelle Netzwerke
• LinkedIn-Unternehmens-Follower: 1.850
• Jährliche LinkedIn-Lead-Generierung: Ungefähr 120 qualifizierte Leads

Empfehlungsnetzwerke für Investmentbanking

Das Unternehmen unterhält strategische Empfehlungspartnerschaften mit mehreren Finanzinstituten.

Empfehlungsnetzwerk-Metrik	Wert
Gesamtzahl der Empfehlungspartner	22 Finanzinstitute
Jährliche empfohlene Transaktionen	47 Transaktionen
Durchschnittlicher Transaktionswert	18,5 Millionen US-Dollar

Cohen & Company Inc. (COHN) – Geschäftsmodell: Kundensegmente

Mittelständische Firmenkunden

Ab 2024, Cohen & Das Unternehmen betreut rund 87 mittelständische Firmenkunden aus verschiedenen Branchen.

Branchensegment	Anzahl der Kunden	Durchschnittlicher Jahresumsatz pro Kunde
Herstellung	24	3,2 Millionen US-Dollar
Technologie	19	4,7 Millionen US-Dollar
Gesundheitswesen	14	3,9 Millionen US-Dollar
Andere Sektoren	30	3,5 Millionen Dollar

Institutionelle Anleger

Cohen & Das Unternehmen arbeitet mit 52 institutionellen Anlegern zusammen, die ein verwaltetes Gesamtvermögen (AUM) von 1,6 Milliarden US-Dollar haben.

• Pensionskassen: 18 Kunden
• Stiftungen: 12 Kunden
• Versicherungsunternehmen: 22 Kunden

Private-Equity-Firmen

Das Unternehmen unterhält Beziehungen zu 43 Private-Equity-Firmen mit einem Gesamttransaktionswert von 2,3 Milliarden US-Dollar im Jahr 2023.

Feste Größe	Anzahl der Firmen	Gesamttransaktionswert
Großkapital	12	1,4 Milliarden US-Dollar
Mid-Cap	21	650 Millionen Dollar
Small-Cap	10	250 Millionen Dollar

Regionale Finanzinstitute

Cohen & Das Unternehmen betreut 67 regionale Finanzinstitute mit einer Gesamtvermögensbasis von 45,2 Milliarden US-Dollar.

• Gemeinschaftsbanken: 39 Institutionen
• Regionalbanken: 22 Institute
• Kreditgenossenschaften: 6 Institutionen

Vermögende Privatpersonen

Das Unternehmen verwaltet Portfolios für 124 vermögende Privatpersonen mit einem gesamten Vermögensverwaltungsportfolio von 780 Millionen US-Dollar.

Vermögensklasse	Anzahl der Kunden	Durchschnittlicher Portfoliowert
5 bis 10 Millionen US-Dollar	42	6,5 Millionen Dollar
10 bis 25 Millionen US-Dollar	56	15,2 Millionen US-Dollar
25 Millionen US-Dollar+	26	38,7 Millionen US-Dollar

Cohen & Company Inc. (COHN) – Geschäftsmodell: Kostenstruktur

Professionelle Personalvergütung

Laut dem Jahresbericht 2022 des Unternehmens beliefen sich die Gesamtaufwendungen für die Mitarbeitervergütung auf 12,4 Millionen US-Dollar. Die Aufteilung ist wie folgt:

Vergütungskategorie	Betrag ($)
Grundgehälter	7,850,000
Leistungsprämien	2,750,000
Aktienbasierte Vergütung	1,800,000

Wartung der Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2022 auf insgesamt 3,6 Millionen US-Dollar:

• Hardware- und Software-Upgrades: 1.450.000 $
• Cloud-Computing-Dienste: 1.200.000 US-Dollar
• Cybersicherheitssysteme: 950.000 US-Dollar

Marketing und Geschäftsentwicklung

Die Marketingausgaben beliefen sich im Jahr 2022 auf 2,1 Millionen US-Dollar:

Marketingkanal	Ausgaben ($)
Digitales Marketing	850,000
Sponsoring von Konferenzen und Veranstaltungen	650,000
Print und traditionelle Medien	600,000

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Kosten für 2022 beliefen sich auf 1,8 Millionen US-Dollar:

• Rechtsberatung: 750.000 US-Dollar
• Prüfung und Berichterstattung: 650.000 US-Dollar
• Compliance-Schulung: 400.000 US-Dollar

Forschungs- und Analyseinvestitionen

Die Forschungs- und Analyseausgaben beliefen sich im Jahr 2022 auf 2,5 Millionen US-Dollar:

Forschungskategorie	Investition ($)
Marktforschung	1,100,000
Technologie-F&E	900,000
Branchenanalyse	500,000

Cohen & Company Inc. (COHN) – Geschäftsmodell: Einnahmequellen

Gebühren für das Investmentbanking

Ab dem Geschäftsjahr 2023, Cohen & Das Unternehmen meldete Investmentbanking-Gebühren in Höhe von insgesamt 12,4 Millionen US-Dollar.

Gebührenkategorie	Umsatzbetrag ($)
Fusionen & Akquisitionsberatung	5,600,000
Kapitalbeschaffungsdienste	4,200,000
Restrukturierungsberatung	2,600,000

Gebühren für Beratungsleistungen

Die Beratungsgebühren generierten im Jahr 2023 einen Umsatz von 8,7 Millionen US-Dollar für das Unternehmen.

• Unternehmensstrategieberatung: 3,9 Millionen US-Dollar
• Finanzielle Leistungsberatung: 2,8 Millionen US-Dollar
• Risikomanagement-Beratung: 2 Millionen US-Dollar

Gebühren für den Transaktionserfolg

Die Transaktionserfolgsgebühren beliefen sich im Jahr 2023 auf 6,5 Millionen US-Dollar.

Transaktionstyp	Einnahmen aus Erfolgshonoraren ($)
Fusionstransaktionen	3,750,000
Akquisitionsabschlüsse	2,150,000
Umschuldung	600,000

Erträge aus dem Portfoliomanagement

Die Einnahmen aus dem Portfoliomanagement erreichten im Jahr 2023 15,2 Millionen US-Dollar.

• Institutionelles Portfoliomanagement: 9,6 Millionen US-Dollar
• High Net Worth Individual Management: 5,6 Millionen US-Dollar

Strategische Beratungserträge

Die Einnahmen aus strategischer Beratung beliefen sich im Jahr 2023 auf insgesamt 7,3 Millionen US-Dollar.

Beratungssegment	Einkommen ($)
Unternehmenstransformation	3,500,000
Digitale Strategie	2,100,000
Betriebseffizienz	1,700,000

Cohen & Company Inc. (COHN) - Canvas Business Model: Value Propositions

Premier boutique investment bank for Frontier Technology (blockchain, AI)

• Over $12 billion raised with crypto clients year-to-date through September 30, 2025.
• 26 transactions closed across digital asset treasury strategies, M&A, IPOs, and de-SPACs during the 2025 year-to-date.
• Positioned in the top 3 firms on Wall Street in the digital asset space.
• Cohen & Company Capital Markets (CCM) generated $133 million in the first 9 months of 2025.

The Executive Chairman stated the company is still in the process of building out into the Premier Frontier Technology Investment Bank.

Top-ranked expertise in SPAC IPO underwritings and advisory

CCM is ranked #1 in SPAC IPO underwritings with the most left book run deals year-to-date and #1 in SPAC advisory by a wide margin. As of September 30, 2025, CCM has underwritten 18 SPAC IPOs. Of those, four have announced transactions, with 14 searching for de-SPAC target companies. The gross pipeline of possible transactions is valued at $300 million for potential de-SPAC fees in the next 12 to 18 months.

Metric	Role/Ranking	Deal Size/Value	Count/Share
SPAC IPO Underwritings (YTD 9/30/2025)	#1	N/A	18 IPOs underwritten
SPAC Advisory (YTD 2025)	#1	N/A	#1 by a wide margin
Digital Asset Transactions (YTD 2025)	Top 3 Firm	$12 billion raised	26 transactions closed
Gross Pipeline for De-SPAC Fees (Late 2025)	N/A	$300 million	N/A

Differentiated product focus in fixed income and hybrid capital securities

As of September 30, 2025, the Company had approximately $1.4 billion of assets under management, primarily in fixed income assets. The Capital Markets segment includes fixed income sales and trading. Trading revenue for Q3 2025 was $13.6 million, a 26% increase from the previous quarter.

Access to a deep network of institutional capital for niche sectors

Full-year 2025 revenue is projected to be more than $220 million. The third quarter 2025 total revenue was $84.2 million. Year-to-date through September 30, 2025, total revenue was $172.8 million.

Superior execution and trusted advice in complex transactions

• Projected full-year 2025 adjusted pretax income to be between 10% and 15% of revenue.
• Projected full-year 2025 compensation and benefits expense to range from 68% to 72% of revenue.
• Projected full-year 2025 revenue per employee to reach $1.8 million, up from $700,000 for 2024.
• Total equity at the end of Q3 2025 was $101.1 million.

The net income attributable to shareholders for the third quarter was $4.6 million, or $2.58 per fully diluted share.

Cohen & Company Inc. (COHN) - Canvas Business Model: Customer Relationships

You're looking at how Cohen & Company Inc. (COHN) keeps its client base engaged across its diverse financial services platform. The relationships are built on specialized expertise and a commitment to staying with clients through market ups and downs.

The Cohen & Company Capital Markets (CCM) division exemplifies the dedicated, high-touch advisory model for M&A and capital markets. This focus is evident in their market leadership; CCM ranked #1 in SPAC IPO underwritings year-to-date through September 30, 2025. This level of service requires deep, direct engagement with a select group of clients.

The firm emphasizes a long-term, consistent client focus, which is a core part of their strategy, especially through market cycles. For instance, Cohen & Company Capital Markets continued working with its SPAC clients through difficult times in 2022 and 2023, which positioned them well for later success. This consistency is reflected in the firm's commitment to shareholder returns, managed through regular dividend payouts.

Investor relations are managed through consistent quarterly dividends. The Board of Directors declared a quarterly dividend of $0.25 per share for Q1 2025, Q2 2025, and Q3 2025.

• Q1 2025 Dividend: $0.25 per share, payable April 9, 2025.
• Q2 2025 Dividend: $0.25 per share, payable August 29, 2025.
• Q3 2025 Dividend: $0.25 per share, payable December 3, 2025.

Direct sales and trading relationships with institutional counterparties are supported by the performance of the trading desks. The focus on high-growth sectors is driving efficiency; projected total revenue per employee for the full year 2025 is around $1.8 million, a significant jump from $700,000 in 2024. This suggests a high-value relationship per person involved in the sales and trading function.

For asset management clients, the relationship is maintained through personalized portfolio management, though the AUM base has seen shifts. The Asset Management segment revenue for Q3 2025 was $1.9 million.

Here's a look at the assets under management trend:

Date	Assets Under Management (AUM)
December 31, 2024	Approximately $2.3 billion
June 30, 2025	Approximately $2.2 billion
September 30, 2025	Approximately $1.4 billion

The Capital Markets business is clearly the primary driver of client interaction and revenue generation, especially in specialized areas like digital assets and SPACs. The depth of engagement in these areas is substantial.

CCM Client and Transaction Metrics (Year-to-Date September 30, 2025):

Metric	Value
Total Digital Asset Capital Raised	Over $12 billion
Total Transactions Closed (Digital Assets)	26
SPAC IPOs Underwritten	18
SPACs Searching for De-SPAC Targets	14
Gross Pipeline of Possible Transactions	$300 million
Q3 2025 Net Revenue from CCM	$68.6 million
Q3 2025 New Issue and Advisory Revenue	$228.0 million

The firm has been building out its SPAC franchise and has also invested in client outreach in the digital asset space, resulting in CCM placing in the top 3 firms on Wall Street in that sector. Finance: draft 13-week cash view by Friday.

Cohen & Company Inc. (COHN) - Canvas Business Model: Channels

You're looking at how Cohen & Company Inc. (COHN) gets its services and value to the market as of late 2025. This is all about the distribution and sales channels, which are deeply integrated with their operating segments.

The primary channels are defined by the firm's operating divisions, which serve distinct client needs across geographies. For the third quarter of 2025, Cohen & Company Inc. reported total revenues of $84.2 million, with a full-year 2025 revenue projection exceeding $220 million based on current trends.

Here is a look at the revenue contribution by the key channels/segments for the most recent reported periods:

Channel/Segment	Q3 2025 Revenue (in thousands)	Q2 2025 Revenue (in thousands)	AUM/Scale Metric (as of Q3 2025)
Cohen & Company Capital Markets (CCM) Advisory Revenue	$228,000 (Advisory only)	$33,239 (New issue and advisory, Q1 2025)	18 clients served in Q3 2025
Net Trading Revenue (Fixed Income/Equity Desks)	$13,600	$10,757	Gross Repo Book over $3.3 billion
Asset Management Revenue	$1,900	$2,168	Approximately $1.4 billion in AUM (as of September 30, 2025)

The Cohen & Company Capital Markets (CCM) boutique investment bank channel is a major driver, generating $133,000,000 in revenue for the first nine months of 2025 alone, growing its contribution to total company revenue to 77% for that period, up from 15% in the full year of 2021.

Cohen & Company Securities, LLC (US broker-dealer) is central to the US fixed income and equity trading access. Net trading revenue, which reflects activity across these desks, was $13.6 million for the third quarter of 2025, a 26% increase from the previous quarter.

The Cohen & Company Financial (Europe) S.A. (European subsidiary) channel is integrated within the Capital Markets segment, which focuses on fixed income sales, trading, and new issue placements in both US and European products.

Direct access via trading desks for fixed income and equity is facilitated through the broker-dealer and Capital Markets operations. The Gross Repo Book stood at over $3.3 billion as of the third quarter of 2025, indicating the scale of this direct channel.

The Investor relations website for financial reporting and communication serves as the formal channel for stakeholder engagement. The Q3 2025 results conference call was scheduled for 10:00 a.m. Eastern Time (ET), with replays available for three days.

The firm's overall distribution and client reach are supported by its personnel base, with 118 employees reported as of June 30, 2025.

• CCM focuses on M&A, capital markets, and SPAC advisory services.
• The firm completed the sale of its final three legacy Alesco CDO management contracts in Q3 2025.
• The Asset Management segment manages assets through collateralized debt obligations and investment funds.
• The firm is focusing on growth and frontier technology sectors like blockchain, fintech, and AI.

Finance: draft 13-week cash view by Friday.

Cohen & Company Inc. (COHN) - Canvas Business Model: Customer Segments

You're looking to map out exactly who Cohen & Company Inc. (COHN) is serving as of late 2025. Based on their Q3 2025 performance and strategic focus, their customer base is heavily concentrated in high-growth, specialized capital markets niches.

The core of their client engagement is through Cohen & Company Capital Markets (CCM), which reported generating $68.6 million in net revenue across 18 clients in the third quarter of 2025 alone. The firm is actively building its reputation as the Premier Frontier Technology Investment Bank.

Here is a breakdown of the key customer segments Cohen & Company Inc. (COHN) targets:

• SPAC Sponsors and their target companies (e.g., de-SPACs)
• Growth and Frontier Technology companies (fintech, crypto, AI)
• Institutional Investors (pension funds, insurance companies, hedge funds)
• Small-to-medium sized European and US insurance/reinsurance companies
• High-Net-Worth Individuals and family offices

The focus on technology and SPACs is driving significant top-line growth; the firm projects full-year 2025 revenue to be more than $220 million, up from $73.78 million in annual revenue for 2024.

SPAC Sponsors and their target companies (e.g., de-SPACs)

Cohen & Company Capital Markets (CCM) has established clear market leadership in the Special Purpose Acquisition Company (SPAC) space. They are ranked #1 in SPAC IPO underwritings year-to-date through Q3 2025 and #1 in SPAC advisory by a wide margin.

The activity level with this segment is concrete:

Metric	Value (YTD Q3 2025)
SPAC IPOs Underwritten	18
SPACs with Announced Target Transactions	4 (out of the 18 IPOs)
SPACs Searching for de-SPAC Target Companies	14
Gross Pipeline of Possible Transactions	$300 million

Furthermore, they launched a new SPAC-focused equity trading desk in April 2025 to support this client base.

Growth and Frontier Technology companies (fintech, crypto, AI)

Cohen & Company Inc. (COHN) is specifically targeting sectors like blockchain, fintech, rare earth metals, stable tokenization, and AI. This focus is yielding substantial results in the digital asset space.

Key financial metrics tied to this segment for 2025 year-to-date include:

• Capital raised with crypto clients: over $12 billion.
• Total transactions closed across digital asset treasury strategies, M&A, IPOs, and de-SPACs: 26.

The firm is aiming for a total revenue per employee of around $1.8 million for the full year 2025, a sharp increase from $700,000 in 2024, reflecting the high-value nature of these technology-focused advisory mandates.

Institutional Investors (pension funds, insurance companies, hedge funds)

While specific client counts aren't broken out for this broad category, the firm's overall capital markets activity and trading revenue directly serve this ecosystem. Trading revenue was up 26% in the third quarter of 2025 from the previous quarter, driven by a declining interest rate environment, which benefits institutional trading desks.

Small-to-medium sized European and US insurance/reinsurance companies

The firm serves middle market clients through its broker-dealer subsidiary, Cohen & Company Securities, LLC (rebranded July 1, 2025). This service enhancement builds upon established programs.

The offerings supporting these clients include:

• The established gestation repo financing program.
• Fixed income trading activities.
• Operations in Europe via Cohen & Company Financial (Europe) S.A.

The company's total employee count grew to 124 as of September 30, 2025, indicating an expansion of the team supporting these capital markets services.

High-Net-Worth Individuals and family offices

Direct quantitative data on the number of High-Net-Worth Individuals or family offices served was not explicitly detailed in the Q3 2025 results, but their needs are generally addressed through the firm's broader asset management and capital markets platform, which saw total revenue of $172.8 million year-to-date through September 30, 2025.

Finance: draft 13-week cash view by Friday.

Cohen & Company Inc. (COHN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Cohen & Company Inc. (COHN) business model, and honestly, it's what you'd expect for a high-touch financial services firm: people are the biggest cost driver. This structure is heavily weighted toward rewarding the revenue generators.

The dominant cost is Compensation and Benefits, which Cohen & Company Inc. projects will be in the range of 68% to 72% of revenue for the full-year 2025. To give you a concrete look at how this plays out, for the third quarter ended September 30, 2025, this expense line item totaled $53.7 million. That specific quarter's compensation and benefits expense represented 64% of the $84.2 million total revenue reported for the period.

The structure of this compensation is inherently variable, which is a key feature of the cost structure. You see variable compensation tied directly to advisory and trading revenue reflected in the quarterly fluctuations. For instance, the compensation and benefits expense increased by $9.4 million quarter-over-quarter and $35.8 million year-over-year for Q3 2025, primarily due to revenue increases and the related variable incentive compensation.

Next up, you have the costs associated with debt financing. The interest expense on consolidated indebtedness, which includes items like trust preferred securities debt, is a fixed, though relatively small, component compared to personnel costs. As of the three months ended September 30, 2025, the net interest expense was $1.5 million.

Here's a quick breakdown of that interest expense for the third quarter of 2025:

Debt Instrument	Interest Expense (3 Months Ended 9/30/2025)
Trust Preferred Securities Debt	$1.2 million
Senior Promissory Notes	$0.2 million
Bank Credit Facility	$41 thousand

The total consolidated indebtedness carried on the balance sheet as of September 30, 2025, was $32.7 million.

Then there are the non-compensation operating expenses. These cover the day-to-day running of the business, like keeping the lights on and the technology current. For the three months ended September 30, 2025, these expenses were $8,769 thousand (or about $8.77 million).

You can see the year-to-date trend for these fixed-ish costs:

• Year-to-date (9 months ended 9/30/2025) Non-compensation operating expenses: $23,789 thousand.
• Non-compensation operating expenses for the 3 months ended 9/30/2024: $6,558 thousand.
• Non-compensation operating expenses for the 3 months ended 6/30/2025: $8,053 thousand.

The firm operates across multiple jurisdictions, which brings in regulatory and compliance costs for multi-jurisdictional operations. While not broken out separately in the top-line expense reporting, these costs are certainly baked into the non-compensation operating expenses figure. What this estimate hides is the specific spend on compliance versus general rent or technology upgrades.

To put the scale into perspective, Cohen & Company Inc. projects full-year 2025 revenue to exceed $220 million. If we take the midpoint of the compensation projection, say 70% of $220 million, that suggests a compensation and benefits expense of around $154 million for the full year. That's a massive cost base you're managing.

Finance: draft 13-week cash view by Friday.

Cohen & Company Inc. (COHN) - Canvas Business Model: Revenue Streams

You're looking at how Cohen & Company Inc. (COHN) actually brings in the money, and right now, it's heavily weighted toward deal flow. The biggest piece by far is the New Issue and Advisory Revenue, primarily driven by the Cohen & Company Capital Markets (CCM) division. For the three months ended September 30, 2025, this stream hit $228.0 million. Honestly, you need to remember that a significant portion of this can be non-cash, as Cohen & Company Inc. sometimes receives financial instruments instead of cash for the advisory and underwriting work they complete.

Next up is the Net Trading Revenue, which comes from the fixed income and equity desks. This was a solid contributor in the third quarter of 2025, coming in at $13.6 million. Management noted that lower interest rates helped boost this revenue by 26% quarter-over-quarter, and they defintely expect that trend to continue, providing more opportunities to enhance this stream.

The Asset Management Revenue, which is based on fees charged on assets under management (AUM), provided a smaller, more consistent base. For Q3 2025, this was $1.9 million. This figure was slightly down from prior quarters, largely because the firm closed the sale of its legacy Alesco CDO management contracts during 2025.

Now, here's where the volatility shows up: Principal Transactions Revenue. This line item reflects the gains and losses on the firm's investment portfolio, and it can swing wildly. In Q3 2025, this was negative, showing a hit of $159.4 million. This negative mark was partially due to fair-value movements on equity instruments received as client consideration for advisory work. It's a reminder that the high advisory fees often come with an embedded, volatile asset component.

Here's the quick math on the key revenue components for the third quarter of 2025, alongside the full-year expectation:

Revenue Stream	Q3 2025 Amount (USD)	Notes
New Issue and Advisory Revenue	$228.0 million	From CCM, often non-cash consideration
Net Trading Revenue	$13.6 million	From fixed income and equity desks
Asset Management Revenue	$1.9 million	Fees on AUM, impacted by Alesco sale
Principal Transactions Revenue	Negative $159.4 million	Highly volatile, fair-value movements
Total Q3 2025 Revenue (GAAP)	$84.2 million	Total reported revenue for the quarter
Full-Year 2025 Revenue Outlook	Exceed $220 million	Management projection as of November 2025

The overall revenue picture for Cohen & Company Inc. is clearly dominated by the capital markets activity, which is a strategic shift. You can see how much the CCM pipeline is expected to drive the final numbers for the year.

• CCM generated $68.6 million in net revenue across 18 clients in Q3 2025.
• CCM generated $133 million in the first nine months of 2025.
• CCM's share of total company revenue grew to 77% for the first nine months of 2025.
• CCM has a gross pipeline of possible transactions valued at $300 million.
• Year-to-date through September 30, 2025, total revenue was $172.8 million.

Finance: draft 13-week cash view by Friday.