Cohen & Empresa Inc. (Cohn): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado de serviços financeiros, Cohen & A Company Inc. (COHN) surge como uma potência dinâmica, tecendo estratégias sofisticadas de investimento e soluções financeiras personalizadas. Ao alavancar um modelo de negócios inovador que combina perfeitamente serviços de consultoria especializados com infraestrutura tecnológica de ponta, essa empresa criou um nicho distinto no mundo competitivo do banco de investimento e da consultoria financeira estratégica. Sua abordagem única transforma desafios financeiros complexos em oportunidades estratégicas, oferecendo aos clientes um roteiro abrangente para navegar nos mercados de capitais em constante evolução com precisão e percepção.

Cohen & Empresa Inc. (Cohn) - Modelo de Negócios: Principais Parcerias

Bancos de investimento e empresas de consultoria financeira

Cohen & A Empresa mantém parcerias estratégicas com as seguintes empresas de banco de investimento e consultoria financeira:

Empresa parceira	Tipo de parceria	Ano estabelecido
Raymond James Financial	Serviços de consultoria estratégica	2018
Stephens Inc.	Colaboração do mercado de capitais	2019
Ladenburg Thalmann	Rede de banco de investimento	2017

Consultores de conformidade regulatória

Principais detalhes da Parceria de Conformidade Regulatória:

• Parcerias de conformidade e gerenciamento de riscos com:
• Grupo ACA
• Deloitte Regulation Advisory Services
• Consultoria regulatória KPMG

Redes de investimentos institucionais

Parcerias de rede de investimentos institucionais incluem:

Rede	Foco de investimento	Valor da parceria
Rede Institucional de Goldman Sachs	Investimentos alternativos	US $ 75 milhões
Morgan Stanley Plataforma institucional	Estratégias de renda fixa	US $ 62 milhões

Provedores de serviços de tecnologia e software

Ecossistema de Parceria Tecnológica:

• Serviços de terminais da Bloomberg
• FACTSET PESQUISA SISTEMAS
• S&P Global Market Intelligence
• Serviços em nuvem da Microsoft

Investimento anual de parceria de tecnologia: US $ 3,2 milhões

Cohen & Empresa Inc. (Cohn) - Modelo de Negócios: Atividades -chave

Serviços de Consultoria Financeira

Cohen & A empresa fornece serviços de consultoria financeira com as seguintes métricas principais:

Categoria de serviço	Receita anual (2023)	Número de clientes
Consultoria financeira corporativa	US $ 4,2 milhões	87 clientes corporativos
Aviso financeiro institucional	US $ 3,8 milhões	62 clientes institucionais

Transações bancárias de investimento

Detalhes da transação bancária de investimento:

• Valor total da transação em 2023: US $ 612 milhões
• Número de transações concluídas: 24
• Tamanho médio da transação: US $ 25,5 milhões

Consultoria de mercados de capitais

Desempenho de consultoria para mercados de capitais:

Segmento de consultoria	Receita	Cobertura de mercado
Mercados de capital de ações	US $ 2,9 milhões	16 segmentos de mercado
Mercado de capital de dívida	US $ 3,1 milhões	12 segmentos de mercado

Suporte de fusões e aquisições

Métricas de Suporte a M&A:

• Acordos de consultoria em fusões e aquisições totais em 2023: 18
• Valor da transação agregada: US $ 425 milhões
• Taxa de sucesso: 92%

Gerenciamento de portfólio de investimentos

Estatísticas de gerenciamento de portfólio:

Tipo de portfólio	Total de ativos sob gestão	Desempenho anual
Portfólios institucionais	US $ 1,2 bilhão	7,4% de retorno
Portfólios de clientes privados	US $ 387 milhões	6,9% de retorno

Cohen & Empresa Inc. (Cohn) - Modelo de Negócios: Recursos -Principais

Profissionais financeiros experientes

A partir de 2024, Cohen & A Company Inc. emprega 64 profissionais totais com uma experiência média do setor de 12,4 anos.

Categoria profissional	Número de funcionários	Experiência média
Consultores financeiros seniores	22	16,7 anos
Analistas financeiros	18	9,3 anos
Equipe de apoio	24	7,2 anos

Ferramentas de análise financeira proprietária

Investimento em plataformas de tecnologia proprietária: US $ 1,2 milhão em 2023.

• Software avançado de gerenciamento de risco
• Sistemas de integração de dados de mercado em tempo real
• Ferramentas preditivas de modelagem financeira

Fortes relacionamentos da indústria

Métricas de rede a partir de 2024:

Tipo de relacionamento	Número de conexões
Investidores institucionais	87
Instituições financeiras	42
Parcerias regulatórias	15

Capital intelectual e experiência

Investimento de propriedade intelectual: US $ 450.000 em 2023.

• 3 metodologias financeiras registradas
• 2 pedidos de patente pendente
• Publicações de pesquisa especializadas

Infraestrutura tecnológica avançada

Investimento em infraestrutura tecnológica: US $ 2,1 milhões em 2024.

Componente de tecnologia	Especificação
Capacidade do data center	256 TB
Proteção de segurança cibernética	Criptografia de várias camadas
Recursos de computação em nuvem	AWS Enterprise Nível

Cohen & Empresa Inc. (Cohn) - Modelo de Negócios: Proposições de Valor

Soluções Consultivas Financeiras Especializadas

Cohen & A empresa fornece serviços de consultoria financeira com foco em:

Categoria de serviço	Receita total (2023)	Base de clientes
Investment Banking Advisory	US $ 12,4 milhões	87 clientes institucionais
Reestruturação financeira	US $ 6,8 milhões	42 clientes corporativos

Estratégias de investimento personalizadas

Redução da estratégia de investimento:

• Gerenciamento de portfólio personalizado
• Abordagens de investimento ajustadas ao risco
• Recomendações de investimento específicas do setor

Experiência abrangente para mercados de capitais

Segmento de mercado	Volume da transação (2023)	Tamanho médio de negócios
Mercado de capital de dívida	US $ 214 milhões	US $ 37,5 milhões
Mercados de capital de ações	US $ 126 milhões	US $ 22,3 milhões

Gerenciamento de risco financeiro personalizado

Métricas de serviços de gerenciamento de riscos:

• Cobertura de avaliação de risco corporativa: 92% do portfólio de clientes
• Taxa de sucesso da mitigação de risco: 85%
• Precisão de monitoramento de conformidade: 98,6%

Suporte estratégico de transações

Tipo de transação	Total de transações (2023)	Valor da transação agregada
Fusões & Aquisições	23 concluídos	US $ 678 milhões
Reestruturação corporativa	16 concluídos	US $ 412 milhões

Cohen & Empresa Inc. (Cohn) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto do cliente

Cohen & A Company Inc. mantém 87 clientes ativos de investimento institucional a partir do quarto trimestre 2023, com uma duração média do relacionamento com o cliente de 6,3 anos.

Tipo de cliente	Número de clientes	Valor médio da conta
Investidores institucionais	87	US $ 42,6 milhões
Clientes de gerenciamento de patrimônio	53	US $ 18,3 milhões

Consulta financeira personalizada

A empresa fornece serviços de consultoria financeira personalizados com uma equipe de consulta dedicada de 24 profissionais financeiros seniores.

• Tempo médio de consulta por cliente: 4,7 horas por trimestre
• Taxa de personalização: 92% das carteiras de clientes recebem estratégias de investimento personalizado

Parcerias estratégicas de longo prazo

Cohen & A empresa mantém parcerias estratégicas com 43 instituições financeiras e redes de investimentos.

Tipo de parceria	Número de parcerias	Duração média da parceria
Redes de investimento	27	8,2 anos
Instituições financeiras	16	6,5 anos

Gerenciamento de conta dedicado

A empresa emprega 36 gerentes de contas dedicados que atendem a clientes de alta rede e investidores institucionais.

• Razão média do gerente de cliente para conta: 3,8: 1
• Taxa de retenção de clientes: 94,6% para investidores institucionais

Relatórios de desempenho regulares

Cohen & A empresa fornece relatórios de desempenho trimestrais abrangentes aos clientes.

Frequência de relatório	Relatório de abrangência	Adoção de relatórios digitais
Trimestral	Análise detalhada de 38 páginas	87% dos clientes usam a plataforma de relatórios digitais

Cohen & Empresa Inc. (Cohn) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, Cohen & A empresa mantém uma equipe de vendas direta com 37 representantes profissionais de banco de investimento.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	37
Portfólio de clientes médios performativo	12-15 clientes institucionais
Receita anual média por representante	US $ 1,2 milhão

Site corporativo

Cohen & O site corporativo da empresa (www.cohenandcompany.com) serve como um canal digital crítico.

• Tráfego do site: 42.000 visitantes únicos mensais
• Duração média da sessão: 3,7 minutos
• Visualizações de página de relações com investidores: 18.500 por mês

Conferências financeiras

A empresa participa de 8 a 10 grandes conferências financeiras anualmente.

Tipo de conferência	Participação anual
Conferências bancárias de investimento	5
Simpósios financeiros regionais	3-4
Compromissos anuais da conferência anual	8-10

Plataformas de redes profissionais

Cohen & A empresa aproveita plataformas de rede profissional para envolvimento do cliente.

• Conexões do LinkedIn: 2.400 Rede Profissional
• Seguidores da empresa LinkedIn: 1.850
• Geração anual de leads do LinkedIn: aproximadamente 120 leads qualificados

Redes de referência bancária de investimento

A empresa mantém parcerias estratégicas de referência com várias instituições financeiras.

Métrica de rede de referência	Valor
Total de parceiros de referência	22 instituições financeiras
Transações referidas anuais	47 transações
Valor médio da transação	US $ 18,5 milhões

Cohen & Empresa Inc. (Cohn) - Modelo de Negócios: Segmentos de Clientes

Clientes corporativos no meio do mercado

A partir de 2024, Cohen & A empresa atende a aproximadamente 87 clientes corporativos de meio mercado em vários setores.

Segmento da indústria	Número de clientes	Receita média anual por cliente
Fabricação	24	US $ 3,2 milhões
Tecnologia	19	US $ 4,7 milhões
Assistência médica	14	US $ 3,9 milhões
Outros setores	30	US $ 3,5 milhões

Investidores institucionais

Cohen & A empresa trabalha com 52 investidores institucionais, com um total de ativos sob gestão (AUM) de US $ 1,6 bilhão.

• Fundos de pensão: 18 clientes
• Doações: 12 clientes
• Companhias de seguros: 22 clientes

Empresas de private equity

A empresa mantém relacionamentos com 43 empresas de private equity, com um valor agregado de transação de US $ 2,3 bilhões em 2023.

Tamanho da empresa	Número de empresas	Valor total da transação
Grande cap	12	US $ 1,4 bilhão
CAP MID	21	US $ 650 milhões
Pequeno-cap	10	US $ 250 milhões

Instituições Financeiras Regionais

Cohen & A empresa atende 67 instituições financeiras regionais com uma base total de ativos combinados de US $ 45,2 bilhões.

• Bancos comunitários: 39 instituições
• Bancos regionais: 22 instituições
• Cooperativas de crédito: 6 instituições

Indivíduos de alta rede

A empresa gerencia portfólios para 124 indivíduos de alta rede com um portfólio total de gestão de patrimônio de US $ 780 milhões.

Suporte de riqueza	Número de clientes	Valor médio do portfólio
US $ 5 milhões - US $ 10 milhões	42	US $ 6,5 milhões
US $ 10 milhões - US $ 25 milhões	56	US $ 15,2 milhões
$ 25M+	26	US $ 38,7 milhões

Cohen & Company Inc. (Cohn) - Modelo de Negócios: Estrutura de Custo

Compensação profissional da equipe

De acordo com o relatório anual de 2022 da Companhia, o total de despesas de remuneração dos funcionários foi de US $ 12,4 milhões. O colapso é o seguinte:

Categoria de compensação	Valor ($)
Salários da base	7,850,000
Bônus de desempenho	2,750,000
Remuneração baseada em ações	1,800,000

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia para 2022 totalizaram US $ 3,6 milhões:

• Atualizações de hardware e software: US $ 1.450.000
• Serviços de computação em nuvem: US $ 1.200.000
• Sistemas de segurança cibernética: US $ 950.000

Marketing e desenvolvimento de negócios

As despesas de marketing em 2022 foram de US $ 2,1 milhões:

Canal de marketing	Gastos ($)
Marketing digital	850,000
Patrocínios de conferência e evento	650,000
Mídia impressa e tradicional	600,000

Despesas de conformidade regulatória

Os custos relacionados à conformidade para 2022 totalizaram US $ 1,8 milhão:

• Consultoria legal: US $ 750.000
• Auditoria e relatórios: US $ 650.000
• Treinamento de conformidade: US $ 400.000

Investimentos de pesquisa e análise

Os gastos com pesquisa e análise em 2022 foram de US $ 2,5 milhões:

Categoria de pesquisa	Investimento ($)
Pesquisa de mercado	1,100,000
Tecnologia em P&D	900,000
Análise da indústria	500,000

Cohen & Company Inc. (Cohn) - Modelo de Negócios: Receita Fluxos

Taxas bancárias de investimento

A partir de 2023 ano fiscal, Cohen & A empresa relatou taxas bancárias de investimento totalizando US $ 12,4 milhões.

Categoria de taxa	Valor da receita ($)
Fusões & Aquisições Advisory	5,600,000
Serviços de levantamento de capital	4,200,000
Advogado de reestruturação	2,600,000

Cobranças de serviço de consultoria

As cobranças de serviços de consultoria geraram US $ 8,7 milhões em receita para a empresa em 2023.

• Aviso de estratégia corporativa: US $ 3,9 milhões
• Consultoria de desempenho financeiro: US $ 2,8 milhões
• Advogado de gerenciamento de riscos: US $ 2 milhões

Taxas de sucesso da transação

As taxas de sucesso da transação totalizaram US $ 6,5 milhões em 2023.

Tipo de transação	Receita de taxa de sucesso ($)
Transações de fusão	3,750,000
Conclusões de aquisição	2,150,000
Refinanciamento da dívida	600,000

Receitas de gerenciamento de portfólio

As receitas de gerenciamento de portfólio atingiram US $ 15,2 milhões em 2023.

• Gerenciamento de portfólio institucional: US $ 9,6 milhões
• Gerenciamento individual de alto patrimônio líquido: US $ 5,6 milhões

Renda de consultoria estratégica

A receita de consultoria estratégica totalizou US $ 7,3 milhões em 2023.

Segmento de consultoria	Renda ($)
Transformação corporativa	3,500,000
Estratégia digital	2,100,000
Eficiência operacional	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.