Cohen & Company Inc. (COHN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de los servicios financieros, Cohen & Company Inc. (Cohn) emerge como una potencia dinámica, entrelazando estrategias de inversión sofisticadas y soluciones financieras personalizadas. Al aprovechar un modelo de negocio innovador que combina sin problemas los servicios de asesoramiento de expertos con infraestructura tecnológica de vanguardia, esta empresa ha forjado un nicho distintivo en el mundo competitivo de la banca de inversión y la consultoría financiera estratégica. Su enfoque único transforma desafíos financieros complejos en oportunidades estratégicas, ofreciendo a los clientes una hoja de ruta integral para navegar por los mercados de capital en constante evolución con precisión y perspicacia.

Cohen & Company Inc. (COHN) - Modelo de negocios: asociaciones clave

Empresas de asesoramiento financiero y de banca financiera

Cohen & La compañía mantiene asociaciones estratégicas con las siguientes empresas de banca de inversión y asesoramiento financiero:

Empresa asociada	Tipo de asociación	Año establecido
Raymond James Financial	Servicios de asesoramiento estratégico	2018
Stephens Inc.	Colaboración de mercados de capitales	2019
Ladenburg Thalmann	Red de banca de inversión	2017

Consultores de cumplimiento regulatorio

Detalles de la asociación de cumplimiento regulatorio clave:

• Asociaciones de cumplimiento y gestión de riesgos con:
• Grupo ACA
• Servicios de asesoramiento regulatorio de Deloitte
• Consultoría regulatoria de KPMG

Redes de inversión institucionales

Las asociaciones de la red de inversión institucional incluyen:

Red	Enfoque de inversión	Valor de asociación
Red institucional de Goldman Sachs	Inversiones alternativas	$ 75 millones
Plataforma institucional de Morgan Stanley	Estrategias de renta fija	$ 62 millones

Proveedores de servicios de tecnología y software

Ecosistema de asociación tecnológica:

• Servicios terminales de Bloomberg
• Sistemas de investigación de datos
• S&P Global Market Intelligence
• Servicios en la nube de Microsoft

Inversión anual de asociación tecnológica: $ 3.2 millones

Cohen & Company Inc. (Cohn) - Modelo de negocio: actividades clave

Servicios de asesoramiento financiero

Cohen & La compañía proporciona servicios de asesoramiento financiero con las siguientes métricas clave:

Categoría de servicio	Ingresos anuales (2023)	Número de clientes
Asesoramiento financiero corporativo	$ 4.2 millones	87 clientes corporativos
Asesoramiento financiero institucional	$ 3.8 millones	62 clientes institucionales

Transacciones de banca de inversión

Detalles de la transacción de banca de inversión:

• Valor de transacción total en 2023: $ 612 millones
• Número de transacciones completadas: 24
• Tamaño promedio de la transacción: $ 25.5 millones

Consultoría de mercados de capitales

Desempeño de consultoría de mercados de capitales:

Segmento de consultoría	Ganancia	Cobertura del mercado
Mercados de capital de renta variable	$ 2.9 millones	16 segmentos de mercado
Mercados de capital de deuda	$ 3.1 millones	12 segmentos de mercado

Soporte de fusiones y adquisiciones

Métricas de soporte de M&A:

• Total de acuerdos de asesoramiento de M&A en 2023: 18
• Valor de transacción agregado: $ 425 millones
• Tasa de éxito: 92%

Gestión de la cartera de inversiones

Estadísticas de gestión de cartera:

Tipo de cartera	Activos totales bajo administración	Rendimiento anual
Carteras institucionales	$ 1.2 mil millones	Retorno de 7.4%
Carteras de clientes privados	$ 387 millones	6.9% de retorno

Cohen & Company Inc. (Cohn) - Modelo de negocio: recursos clave

Profesionales financieros experimentados

A partir de 2024, Cohen & Company Inc. emplea a 64 profesionales totales con una experiencia de la industria promedio de 12.4 años.

Categoría profesional	Número de empleados	Experiencia promedio
Asesores financieros senior	22	16.7 años
Analistas financieros	18	9.3 años
Personal de apoyo	24	7.2 años

Herramientas de análisis financiero patentado

Inversión en plataformas tecnológicas patentadas: $ 1.2 millones en 2023.

• Software avanzado de gestión de riesgos
• Sistemas de integración de datos de mercado en tiempo real
• Herramientas de modelado financiero predictivo

Relaciones de la industria fuertes

Métricas de red a partir de 2024:

Tipo de relación	Número de conexiones
Inversores institucionales	87
Instituciones financieras	42
Asociaciones regulatorias	15

Capital intelectual y experiencia

Inversión de propiedad intelectual: $ 450,000 en 2023.

• 3 metodologías financieras registradas
• 2 solicitudes de patentes pendientes
• Publicaciones de investigación especializadas

Infraestructura tecnológica avanzada

Inversión en infraestructura tecnológica: $ 2.1 millones en 2024.

Componente tecnológico	Especificación
Capacidad del centro de datos	256 TB
Protección contra ciberseguridad	Cifrado de múltiples capas
Recursos de computación en la nube	Nivel empresarial de AWS

Cohen & Company Inc. (COHN) - Modelo de negocio: propuestas de valor

Soluciones de asesoramiento financiero especializados

Cohen & La compañía proporciona a los servicios de asesoramiento financiero un enfoque en:

Categoría de servicio	Ingresos totales (2023)	Base de clientes
Aviso de banca de inversión	$ 12.4 millones	87 clientes institucionales
Reestructuración financiera	$ 6.8 millones	42 clientes corporativos

Estrategias de inversión personalizadas

Desglose de la estrategia de inversión:

• Gestión de cartera personalizada
• Enfoques de inversión ajustados al riesgo
• Recomendaciones de inversión específicas del sector

Experiencia integral de los mercados de capitales

Segmento de mercado	Volumen de transacción (2023)	Tamaño de trato promedio
Mercados de capital de deuda	$ 214 millones	$ 37.5 millones
Mercados de capital de renta variable	$ 126 millones	$ 22.3 millones

Gestión de riesgos financieros personalizados

Métricas de servicios de gestión de riesgos:

• Cobertura de evaluación de riesgos empresariales: 92% de la cartera de clientes
• Tasa de éxito de la mitigación de riesgos: 85%
• Precisión de monitoreo de cumplimiento: 98.6%

Soporte de transacciones estratégicas

Tipo de transacción	Transacciones totales (2023)	Valor de transacción agregado
Fusiones & Adquisiciones	23 completado	$ 678 millones
Reestructuración corporativa	16 completado	$ 412 millones

Cohen & Company Inc. (Cohn) - Modelo de negocios: relaciones con los clientes

Compromiso directo del cliente

Cohen & Company Inc. mantiene 87 clientes activos de inversión institucional a partir del cuarto trimestre de 2023, con una duración promedio de la relación con el cliente de 6.3 años.

Tipo de cliente	Número de clientes	Valor de cuenta promedio
Inversores institucionales	87	$ 42.6 millones
Clientes de gestión de patrimonio	53	$ 18.3 millones

Consulta financiera personalizada

La firma brinda servicios de asesoramiento financiero personalizado con un equipo de consulta dedicado de 24 profesionales financieros senior.

• Tiempo de consulta promedio por cliente: 4.7 horas por trimestre
• Tasa de personalización: el 92% de las carteras de los clientes reciben estrategias de inversión a medida

Asociaciones estratégicas a largo plazo

Cohen & La compañía mantiene asociaciones estratégicas con 43 instituciones financieras y redes de inversión.

Tipo de asociación	Número de asociaciones	Duración promedio de la asociación
Redes de inversión	27	8.2 años
Instituciones financieras	16	6.5 años

Gestión de cuentas dedicada

La firma emplea a 36 gerentes de cuentas dedicados que atienden a clientes de alto nivel de red e inversores institucionales.

• Relación promedio de gerente de cliente a cuenta: 3.8: 1
• Tasa de retención del cliente: 94.6% para inversores institucionales

Informes de rendimiento regulares

Cohen & La compañía proporciona informes de rendimiento trimestrales completos a los clientes.

Frecuencia de informes	Informar la amplitud	Adopción de informes digitales
Trimestral	Análisis detallado de 38 páginas	El 87% de los clientes usan la plataforma de informes digitales

Cohen & Company Inc. (COHN) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Cohen & La compañía mantiene un equipo de ventas directo con 37 representantes de banca de inversión profesional.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	37
Cartera de clientes promedio por representante	12-15 clientes institucionales
Ingresos anuales promedio por representante	$ 1.2 millones

Sitio web corporativo

Cohen & El sitio web corporativo de la empresa (www.cohenandcompany.com) sirve como un canal digital crítico.

• Tráfico del sitio web: 42,000 visitantes únicos mensuales
• Duración promedio de la sesión: 3.7 minutos
• Vistas de la página de relaciones con los inversores: 18,500 por mes

Conferencias financieras

La compañía participa en 8-10 conferencias financieras principales anualmente.

Tipo de conferencia	Participación anual
Conferencias de banca de inversión	5
Simposios financieros regionales	3-4
Compromisos de la conferencia anual total	8-10

Plataformas de redes profesionales

Cohen & La empresa aprovecha las plataformas de redes profesionales para la participación del cliente.

• Conexiones de LinkedIn: 2.400 red profesional
• Seguidores de la empresa de LinkedIn: 1.850
• Generación anual de liderazgo de LinkedIn: aproximadamente 120 clientes potenciales calificados

Redes de referencia de banca de inversión

La Compañía mantiene asociaciones estratégicas de referencia con múltiples instituciones financieras.

Métrica de red de referencia	Valor
Socios de referencia total	22 instituciones financieras
Transacciones anuales referidas	47 transacciones
Valor de transacción promedio	$ 18.5 millones

Cohen & Company Inc. (COHN) - Modelo de negocios: segmentos de clientes

Clientes corporativos de mercado medio

A partir de 2024, Cohen & La compañía atiende a aproximadamente 87 clientes corporativos del mercado medio en varias industrias.

Segmento de la industria	Número de clientes	Ingresos anuales promedio por cliente
Fabricación	24	$ 3.2 millones
Tecnología	19	$ 4.7 millones
Cuidado de la salud	14	$ 3.9 millones
Otros sectores	30	$ 3.5 millones

Inversores institucionales

Cohen & La compañía trabaja con 52 inversores institucionales, con un total de activos bajo administración (AUM) de $ 1.6 mil millones.

• Fondos de pensiones: 18 clientes
• Dotaciones: 12 clientes
• Compañías de seguros: 22 clientes

Empresas de capital privado

La Compañía mantiene relaciones con 43 empresas de capital privado, con un valor de transacción agregado de $ 2.3 mil millones en 2023.

Tamaño firme	Número de empresas	Valor de transacción total
De gran capitalización	12	$ 1.4 mil millones
Mediano capitalización	21	$ 650 millones
Pequeño y pequeño	10	$ 250 millones

Instituciones financieras regionales

Cohen & La compañía atiende a 67 instituciones financieras regionales con una base de activos combinada total de $ 45.2 mil millones.

• Bancos comunitarios: 39 instituciones
• Bancos regionales: 22 instituciones
• Uniones de crédito: 6 instituciones

Individuos de alto nivel de red

La compañía administra carteras para 124 personas de alto valor de la red con una cartera total de gestión de patrimonio de $ 780 millones.

Riqueza	Número de clientes	Valor de cartera promedio
$ 5M - $ 10M	42	$ 6.5 millones
$ 10M - $ 25M	56	$ 15.2 millones
$ 25M+	26	$ 38.7 millones

Cohen & Company Inc. (Cohn) - Modelo de negocio: Estructura de costos

Compensación del personal profesional

Según el informe anual de 2022 de la compañía, los gastos totales de compensación de empleados fueron de $ 12.4 millones. El desglose es el siguiente:

Categoría de compensación	Monto ($)
Salarios base	7,850,000
Bonos de rendimiento	2,750,000
Compensación basada en acciones	1,800,000

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para 2022 totalizaron $ 3.6 millones:

• Actualizaciones de hardware y software: $ 1,450,000
• Servicios de computación en la nube: $ 1,200,000
• Sistemas de ciberseguridad: $ 950,000

Marketing y desarrollo de negocios

Los gastos de marketing en 2022 fueron de $ 2.1 millones:

Canal de marketing	Gasto ($)
Marketing digital	850,000
Patrocinios de conferencia y eventos	650,000
Impresión y medios tradicionales	600,000

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento para 2022 ascendieron a $ 1.8 millones:

• Consultoría legal: $ 750,000
• Auditoría e informes: $ 650,000
• Capacitación de cumplimiento: $ 400,000

Inversiones de investigación y análisis

El gasto de investigación y análisis en 2022 fue de $ 2.5 millones:

Categoría de investigación	Inversión ($)
Investigación de mercado	1,100,000
I + D de tecnología	900,000
Análisis de la industria	500,000

Cohen & Company Inc. (COHN) - Modelo de negocios: flujos de ingresos

Tarifas de banca de inversión

A partir del año fiscal 2023, Cohen & La compañía informó que las tarifas de banca de inversión por un total de $ 12.4 millones.

Categoría de tarifa	Monto de ingresos ($)
Fusiones & Aviso de adquisiciones	5,600,000
Servicios de recaudación de capital	4,200,000
Aviso de reestructuración	2,600,000

Cargos de servicio de asesoramiento

Los cargos de servicio de asesoramiento generaron $ 8.7 millones en ingresos para la compañía en 2023.

• Aviso de estrategia corporativa: $ 3.9 millones
• Consultoría de rendimiento financiero: $ 2.8 millones
• Aviso de gestión de riesgos: $ 2 millones

Tarifas de éxito de transacciones

Las tarifas de éxito de la transacción ascendieron a $ 6.5 millones en 2023.

Tipo de transacción	Ingresos de tarifas de éxito ($)
Transacciones de fusión	3,750,000
Finalización de adquisición	2,150,000
Refinanciación de la deuda	600,000

Ingresos de gestión de cartera

Los ingresos de la gestión de la cartera alcanzaron los $ 15.2 millones en 2023.

• Gestión de la cartera institucional: $ 9.6 millones
• Gestión individual de alto patrimonio neto: $ 5.6 millones

Ingresos de consultoría estratégica

Los ingresos de consultoría estratégica totalizaron $ 7.3 millones en 2023.

Segmento de consultoría	Ingresos ($)
Transformación corporativa	3,500,000
Estrategia digital	2,100,000
Eficiencia operativa	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.