Cohen & Company Inc. (COHN): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the actual business engine of Cohen & Company Inc. (COHN) right now, and frankly, their model is pure niche specialization in volatile, high-growth sectors like Frontier Technology. Forget massive scale; their strength is high-touch advisory, evidenced by that huge Q3 2025 new issue revenue of $228 million, though you need to see that against the $159 million negative hit from principal transactions that same period. It's a high-stakes game where human capital is king, with compensation eating up 68% to 72% of their revenue, so you definitely want to see how their key activities and customer segments support that cost structure. Dive into the full Business Model Canvas below to see the nine building blocks that define this specialized investment bank.

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

SPAC Sponsor Entities involved Cohen & Company Capital Markets (CCM), a division of Cohen & Company Securities, LLC, acting as the lead book-running manager for the initial public offering of Columbus Circle Capital Corp. I (CCCMU).

The CCCMU IPO closed with gross proceeds of $250,000,000 from the sale of 25,000,000 units priced at $10.00 per unit.

The Operating LLC, a subsidiary of Cohen & Company Inc., acts as the managing member of Columbus Circle 1 Sponsor Corp LLC.

Cohen & Company Inc. retained 2.1 million founder shares as sponsor in the business combination agreement with ProCap BTC.

Strategic alliances with Frontier Technology companies include the definitive business combination agreement between the sponsor SPAC and ProCap BTC, with the combined entity planning to hold up to $1 billion in bitcoin on its balance sheet.

CCM has become a leader in the crypto capital markets, raising over $12 billion with crypto clients and closing 26 transactions across digital asset strategies year-to-date through September 30, 2025.

The Capital Markets segment utilizes financial services firms for financing, as the gross gestation repo book grew to over $3.3 billion as of the third quarter of 2025.

CCM also acted as a co-placement agent for the related Convertible Note Financing and Preferred Equity Investment for the ProCap BTC transaction.

The firm has a gross pipeline of possible de-SPAC transactions valued at $300 million, with potential fees to earn in the next 12 to 18 months.

Broker-dealers for fixed income distribution are part of the Capital Markets segment, which operates primarily through subsidiaries like J.V.B. Financial Group, LLC (now Cohen & Company Securities, LLC) in the United States and Cohen & Company Financial (Europe) S.A. in Europe.

The scale of related asset management activities as of March 31, 2025, involved approximately $2.3 billion of assets under management.

Key quantitative partnership metrics as of late 2025 are summarized below:

CCM's role in the Capital Markets segment includes specific activities with partners:

• Underwriting of 18 SPAC IPOs year-to-date through Q3 2025.
• Lead underwriter role for the CCCMU IPO.
• Acting as co-placement agent for related financing.
• Serving as adviser choice for frontier technology, including blockchain.

The firm's Principal Investing segment includes equity interests of SPACs and their sponsor entities.

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

You're looking at the core engine of Cohen & Company Inc., the essential things they absolutely must do well to keep the lights on and make money as of late 2025. These aren't just tasks; they are the revenue drivers.

Underwriting and advisory for SPAC IPOs and de-SPAC M&A

The boutique investment bank division, Cohen & Company Capital Markets (CCM), is heavily focused here. They are definitely a leader in this space, ranking #1 in SPAC IPO underwritings year-to-date 2025 based on left book run deals. They also claim the top spot in SPAC advisory, leading in de-SPAC pipes. This activity is a massive part of their current story; CCM generated $133 million in the first 9 months of 2025 alone. That's a huge jump from the $22.7 million they generated in the entire year of 2021. Honestly, CCM now represents 77% of total company revenue for the first 9 months of 2025, up from just 15% in 2021.

Here's a quick look at the recent deal flow driving that revenue:

• Underwrote 18 SPAC IPOs in the 9 months ended September 30, 2025.
• Four of those IPOs have announced transactions.
• 14 of those IPOs are currently searching for de-SPAC target companies.
• CCM has a gross pipeline of possible transactions valued at $300 million for potential de-SPAC fees over the next 12 to 18 months.

During the third quarter of 2025, CCM brought in $68.6 million in net revenue from 18 clients. They've even added an equity trading team to support their SPAC franchise and provide liquidity. It's a clear focus area for the firm.

Fixed income sales, trading, and matched book repo financing

The Capital Markets segment houses the bread-and-butter fixed income operations, which includes sales, trading, and gestation repo financing. The trading desks are performing well; net trading revenue for the third quarter ended September 30, 2025, hit $13.6 million. That was an increase of $4.7 million from the prior year quarter. The overall trading revenue saw a 26% increase quarter-over-quarter in Q3 2025. Plus, the Gross Repo Book stands at over $3.3 billion as of Q3 2025. That's a substantial amount of financing activity keeping the wheels turning.

You can see the recent trading performance here:

Asset management for collateralized debt obligations (CDOs) and funds

The Asset Management segment manages capital across several structures, including CDOs, managed accounts, joint ventures, and investment funds. As of September 30, 2025, Cohen & Company managed approximately $1.4 billion in assets, mostly in fixed income. These assets cover things like European bank and insurance trust preferred securities, debt from smaller insurance companies in Europe, the U.S., and Bermuda, and commercial real estate loans. Asset management revenue for the three months ended September 30, 2025, was $1.9 million. To be fair, that was down $0.2 million from both prior quarters, which they attribute to selling off legacy Alesco CDO management contracts earlier in 2025.

Principal investing in SPAC-related equity and other instruments

This segment focuses on investments made for the purpose of earning a return, separate from the day-to-day trading business. A key component of this is the equity the Company holds in its SPAC franchise, including equity interests in SPACs and their sponsor entities. Also, remember that the Capital Markets segment recognizes investment returns on financial instruments received as payment for advisory or underwriting work done by CCM. While I don't have a specific standalone dollar figure for the Principal Investing segment's income for the period, its activity is directly tied to the success of the SPAC franchise mentioned above.

Compliance and regulatory adherence across US and European markets

Operating across the US and Europe means managing multiple regulatory regimes, which is a critical, non-revenue-generating activity that protects the whole business. Cohen & Company Financial (Europe) S.A. (CCFESA) is regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France. Furthermore, their former European entity, Cohen & Company Financial (Europe) Limited (CCFEL), was regulated by the Central Bank of Ireland (CBI). This requires dedicated internal resources to manage filings and adherence to rules like GDPR and European Legal Disclosures.

The firm's focus on compliance is evident in its structure:

• Subsidiary Cohen Securities, LLC operates in the United States.
• Subsidiary CCFESA operates in Europe, regulated by the ACPR.
• The firm has specific disclosures for European Legal Disclosures and GDPR.

Keeping the regulatory house in order definitely costs money, especially with operations in two major economic zones.

Finance: draft 13-week cash view by Friday.

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

You're looking at the bedrock of Cohen & Company Inc.'s operations as of late 2025. These aren't just line items; they are the tangible and intangible assets that drive their niche market positioning, especially in complex capital markets.

The firm's capacity to execute deals and manage capital rests heavily on a few core pillars. Honestly, the headcount and the balance sheet items are the easiest to quantify, so let's lay those out first.

The investment portfolio value of approximately $64 million reflects the capital Cohen & Company Inc. deploys directly, which is distinct from the assets they manage for clients. This principal investing capability is a key differentiator in their advisory work.

Beyond the balance sheet, the human and regulatory capital are critical for their specific market focus. Here's a quick breakdown of those specialized assets:

• Proprietary expertise in SPACs and digital asset capital markets.
• Regulatory licenses for US operations: FINRA and SIPC membership.
• Regulatory licenses for European operations, including FCA regulation in the UK and ACPR authorization in France.

That regulatory footprint, spanning the US via Cohen & Company Securities, LLC and key European hubs, allows Cohen & Company Inc. to bridge international capital flows, which is essential given their focus on both US and European fixed income products. Finance: draft 13-week cash view by Friday.

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.

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:

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):

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:

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:

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.

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:

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:

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.