Cohen & Company Inc. (COHN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe des services financiers, Cohen & Company Inc. (COHN) apparaît comme une puissance dynamique, tissant ensemble des stratégies d'investissement sophistiquées et des solutions financières personnalisées. En tirant parti d'un modèle commercial innovant qui mélange parfaitement les services de conseil d'experts avec des infrastructures technologiques de pointe, cette entreprise a taillé un créneau distinctif dans le monde concurrentiel de la banque d'investissement et du conseil financier stratégique. Leur approche unique transforme les défis financiers complexes en opportunités stratégiques, offrant aux clients une feuille de route complète pour naviguer sur les marchés des capitaux en constante évolution avec précision et perspicacité.

Cohen & Company Inc. (COHN) - Modèle d'entreprise: partenariats clés

Sociétés de conseil en banque d'investissement et financier

Cohen & La société maintient des partenariats stratégiques avec les cabinets de conseil en banque d'investissement et financiers suivants:

Entreprise partenaire	Type de partenariat	Année établie
Raymond James Financial	Services de conseil stratégique	2018
Stephens Inc.	Collaboration sur les marchés des capitaux	2019
Ladenburg Thalmann	Réseau de banque d'investissement	2017

Consultants en conformité réglementaire

Détails de partenariat de conformité réglementaire clé:

• Partenaires à la conformité et à la gestion des risques avec:
• Groupe ACA
• Services de conseil réglementaire Deloitte
• Conseil réglementaire KPMG

Réseaux d'investissement institutionnels

Les partenariats des réseaux d'investissement institutionnels comprennent:

Réseau	Focus d'investissement	Valeur de partenariat
Réseau institutionnel de Goldman Sachs	Investissements alternatifs	75 millions de dollars
Plateforme institutionnelle de Morgan Stanley	Stratégies à revenu fixe	62 millions de dollars

Fournisseurs de services de technologie et de logiciel

Écosystème de partenariat technologique:

• Services de terminal Bloomberg
• Systèmes de recherche de faits
• S&P Global Market Intelligence
• Services Cloud Microsoft

Investissement de partenariat technologique annuel: 3,2 millions de dollars

Cohen & Company Inc. (COHN) - Modèle d'entreprise: activités clés

Services de conseil financier

Cohen & La société fournit des services de conseil financier avec les mesures clés suivantes:

Catégorie de service	Revenus annuels (2023)	Nombre de clients
Avis financier des entreprises	4,2 millions de dollars	87 clients d'entreprise
Avis financier institutionnel	3,8 millions de dollars	62 clients institutionnels

Transactions de banque d'investissement

Détails de la transaction de la banque d'investissement:

• Valeur totale de la transaction en 2023: 612 millions de dollars
• Nombre de transactions terminées: 24
• Taille moyenne des transactions: 25,5 millions de dollars

Conseil des marchés des capitaux

Performance de consultation des marchés des capitaux:

Segment de conseil	Revenu	Couverture du marché
Marchés des capitaux propres	2,9 millions de dollars	16 segments de marché
Marchés des capitaux de la dette	3,1 millions de dollars	12 segments de marché

Les fusions et acquisitions soutiennent

Metrics de support de fusions et acquisitions:

• Total des transactions de fusions et acquisitions en 2023: 18
• Valeur de la transaction globale: 425 millions de dollars
• Taux de réussite: 92%

Gestion du portefeuille d'investissement

Statistiques de gestion du portefeuille:

Type de portefeuille	Total des actifs sous gestion	Performance annuelle
Portefeuilles institutionnels	1,2 milliard de dollars	Rendement de 7,4%
Portefeuilles de clients privés	387 millions de dollars	6,9%

Cohen & Company Inc. (COHN) - Modèle d'entreprise: Ressources clés

Professionnels financiers expérimentés

Depuis 2024, Cohen & Company Inc. emploie 64 professionnels au total avec une expérience moyenne de l'industrie de 12,4 ans.

Catégorie professionnelle	Nombre d'employés	Expérience moyenne
Conseillers financiers supérieurs	22	16,7 ans
Analystes financiers	18	9.3 ans
Personnel de soutien	24	7,2 ans

Outils d'analyse financière propriétaires

Investissement dans les plateformes technologiques propriétaires: 1,2 million de dollars en 2023.

• Logiciel de gestion des risques avancée
• Systèmes d'intégration des données du marché en temps réel
• Outils de modélisation financière prédictifs

Solides relations de l'industrie

Métriques du réseau à partir de 2024:

Type de relation	Nombre de connexions
Investisseurs institutionnels	87
Institutions financières	42
Partenariats réglementaires	15

Capital intellectuel et expertise

Investissement en propriété intellectuelle: 450 000 $ en 2023.

• 3 méthodologies financières enregistrées
• 2 demandes de brevet en instance
• Publications de recherche spécialisées

Infrastructure technologique avancée

Investissement sur l'infrastructure technologique: 2,1 millions de dollars en 2024.

Composant technologique	Spécification
Capacité de centre de données	256 TB
Protection contre la cybersécurité	Cryptage multicouche
Ressources de cloud computing	AWS Enterprise Niveau

Cohen & Company Inc. (COHN) - Modèle d'entreprise: propositions de valeur

Solutions de conseil financière spécialisées

Cohen & La société fournit des services de conseil financier sur le fait:

Catégorie de service	Revenu total (2023)	Clientèle
Conseil des banques d'investissement	12,4 millions de dollars	87 clients institutionnels
Restructuration financière	6,8 millions de dollars	42 clients d'entreprise

Stratégies d'investissement personnalisées

Répartition de la stratégie d'investissement:

• Gestion de portefeuille personnalisée
• Approches d'investissement ajustées au risque
• Recommandations d'investissement spécifiques au secteur

Expertise complète des marchés des capitaux

Segment de marché	Volume de transaction (2023)	Taille moyenne de l'accord
Marchés des capitaux de la dette	214 millions de dollars	37,5 millions de dollars
Marchés des capitaux propres	126 millions de dollars	22,3 millions de dollars

Gestion des risques financiers sur mesure

Métriques des services de gestion des risques:

• Couverture d'évaluation des risques d'entreprise: 92% du portefeuille client
• Taux de réussite sur l'atténuation des risques: 85%
• Précision de surveillance de la conformité: 98,6%

Support de transaction stratégique

Type de transaction	Total des transactions (2023)	Valeur de transaction agrégée
Fusion & Acquisitions	23 terminé	678 millions de dollars
Restructuration des entreprises	16 terminé	412 millions de dollars

Cohen & Company Inc. (COHN) - Modèle d'entreprise: relations clients

Engagement direct du client

Cohen & Company Inc. maintient 87 clients actifs d'investissement institutionnel au T2 2023, avec une durée moyenne de la relation client de 6,3 ans.

Type de client	Nombre de clients	Valeur moyenne du compte
Investisseurs institutionnels	87	42,6 millions de dollars
Clients de gestion de la patrimoine	53	18,3 millions de dollars

Consultation financière personnalisée

L'entreprise fournit des services de conseil financier personnalisés une équipe de consultation dédiée de 24 professionnels financiers seniors.

• Temps de consultation moyen par client: 4,7 heures par trimestre
• Taux de personnalisation: 92% des portefeuilles de clients reçoivent des stratégies d'investissement sur mesure

Partenariats stratégiques à long terme

Cohen & La société maintient des partenariats stratégiques avec 43 institutions financières et réseaux d'investissement.

Type de partenariat	Nombre de partenariats	Durée du partenariat moyen
Réseaux d'investissement	27	8,2 ans
Institutions financières	16	6,5 ans

Gestion de compte dédiée

L'entreprise emploie 36 gestionnaires de comptes dédiés desservant des clients à forte valeur et des investisseurs institutionnels.

• Ratio moyen du gestionnaire client-compte: 3,8: 1
• Taux de rétention des clients: 94,6% pour les investisseurs institutionnels

Rapports de performances réguliers

Cohen & La société fournit des rapports de performance trimestriels complets aux clients.

Fréquence de rapport	Signaler l'exhaustivité	Adoption des rapports numériques
Trimestriel	Analyse détaillée de 38 pages	87% des clients utilisent une plateforme de rapports numériques

Cohen & Company Inc. (COHN) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, Cohen & La société maintient une équipe de vente directe avec 37 représentants professionnels de la banque d'investissement.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	37
Portefeuille de clients moyen par représentant	12-15 clients institutionnels
Revenu annuel moyen par représentant	1,2 million de dollars

Site Web de l'entreprise

Cohen & Le site Web d'entreprise de l'entreprise (www.cohenandcompany.com) sert de chaîne numérique critique.

• Trafic de site Web: 42 000 visiteurs uniques mensuels
• Durée moyenne de la session: 3,7 minutes
• Relations des investisseurs Page Vues: 18 500 par mois

Conférences financières

L'entreprise participe à 8 à 10 conférences financières majeures chaque année.

Type de conférence	Participation annuelle
Conférences de banque d'investissement	5
Symposiums financiers régionaux	3-4
Engagements totaux de conférence annuelle	8-10

Plateformes de réseautage professionnels

Cohen & L'entreprise tire parti des plateformes de réseautage professionnelles pour l'engagement des clients.

• Connexions LinkedIn: 2 400 réseau professionnel
• Followers de la société LinkedIn: 1 850
• Génération annuelle de leads LinkedIn: environ 120 pistes qualifiées

Réseaux de référence de la banque d'investissement

La société maintient des partenariats de référence stratégiques avec plusieurs institutions financières.

Métrique du réseau de référence	Valeur
Partenaires de référence totaux	22 institutions financières
Transactions référées annuelles	47 transactions
Valeur de transaction moyenne	18,5 millions de dollars

Cohen & Company Inc. (COHN) - Modèle d'entreprise: segments de clients

Clients d'entreprise de marché intermédiaire

Depuis 2024, Cohen & L'entreprise dessert environ 87 clients d'entreprises intermédiaires dans divers secteurs.

Segment de l'industrie	Nombre de clients	Revenu annuel moyen par client
Fabrication	24	3,2 millions de dollars
Technologie	19	4,7 millions de dollars
Soins de santé	14	3,9 millions de dollars
Autres secteurs	30	3,5 millions de dollars

Investisseurs institutionnels

Cohen & L'entreprise travaille avec 52 investisseurs institutionnels, avec un actif total sous gestion (AUM) de 1,6 milliard de dollars.

• Fonds de pension: 18 clients
• Dotations: 12 clients
• Compagnies d'assurance: 22 clients

Sociétés de capital-investissement

La société entretient des relations avec 43 sociétés de capital-investissement, avec une valeur de transaction globale de 2,3 milliards de dollars en 2023.

Taille de l'entreprise	Nombre d'entreprises	Valeur totale de transaction
Grande capitalisation	12	1,4 milliard de dollars
Crappé	21	650 millions de dollars
Capeur	10	250 millions de dollars

Institutions financières régionales

Cohen & La société dessert 67 institutions financières régionales avec une base d'actifs combinée totale de 45,2 milliards de dollars.

• Banques communautaires: 39 institutions
• Banques régionales: 22 institutions
• Unions de crédit: 6 institutions

Individus à haute nette

La société gère des portefeuilles pour 124 personnes à haute teneur en noue avec un portefeuille total de gestion de patrimoine de 780 millions de dollars.

Support de richesse	Nombre de clients	Valeur de portefeuille moyenne
5 M $ - 10 M $	42	6,5 millions de dollars
10 M $ - 25 M $	56	15,2 millions de dollars
25 M $ +	26	38,7 millions de dollars

Cohen & Company Inc. (COHN) - Modèle d'entreprise: Structure des coûts

Compensation professionnelle du personnel

Selon le rapport annuel de la société en 2022, les frais totaux de rémunération des employés étaient de 12,4 millions de dollars. La ventilation est la suivante:

Catégorie de compensation	Montant ($)
Salaires de base	7,850,000
Bonus de performance	2,750,000
Compensation en stock	1,800,000

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour 2022 ont totalisé 3,6 millions de dollars:

• Mises à niveau du matériel et des logiciels: 1 450 000 $
• Services de cloud computing: 1 200 000 $
• Systèmes de cybersécurité: 950 000 $

Marketing et développement commercial

Les dépenses de marketing en 2022 étaient de 2,1 millions de dollars:

Canal de marketing	Dépenses ($)
Marketing numérique	850,000
Conférences et parrainages d'événements	650,000
Impression et médias traditionnels	600,000

Frais de conformité réglementaire

Les coûts liés à la conformité pour 2022 s'élevaient à 1,8 million de dollars:

• Conseil juridique: 750 000 $
• Audit et rapport: 650 000 $
• Formation en conformité: 400 000 $

Investissements de recherche et d'analyse

Les dépenses de recherche et d'analyse en 2022 étaient de 2,5 millions de dollars:

Catégorie de recherche	Investissement ($)
Étude de marché	1,100,000
R&D technologique	900,000
Analyse de l'industrie	500,000

Cohen & Company Inc. (COHN) - Modèle d'entreprise: Strots de revenus

Frais de banque d'investissement

Depuis 2023 Exercice, Cohen & La société a déclaré des frais de banque d'investissement totalisant 12,4 millions de dollars.

Catégorie de frais	Montant de revenus ($)
Fusion & Conseil des acquisitions	5,600,000
Services de levée de capitaux	4,200,000
Avis de restructuration	2,600,000

Frais de service consultatif

Les frais de service consultatif ont généré 8,7 millions de dollars de revenus pour la société en 2023.

• Conseil de stratégie d'entreprise: 3,9 millions de dollars
• Conseil des performances financières: 2,8 millions de dollars
• Conseil de gestion des risques: 2 millions de dollars

Frais de réussite des transactions

Les frais de réussite des transactions s'élevaient à 6,5 millions de dollars en 2023.

Type de transaction	Revenus de frais de réussite ($)
Transactions de fusion	3,750,000
Compléments d'acquisition	2,150,000
Refinancement de la dette	600,000

Revenus de gestion du portefeuille

Les revenus de gestion du portefeuille ont atteint 15,2 millions de dollars en 2023.

• Gestion du portefeuille institutionnel: 9,6 millions de dollars
• Gestion individuelle de valeur nette élevée: 5,6 millions de dollars

Revenus de conseil stratégique

Les revenus de conseil stratégique ont totalisé 7,3 millions de dollars en 2023.

Segment de conseil	Revenus ($)
Transformation de l'entreprise	3,500,000
Stratégie numérique	2,100,000
Efficacité opérationnelle	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.