Leverages Expertise in Capital Markets and SPAC Advisory Services to Enhance OfferingsNEW YORK and BOCA RATON, Fla., April 07, 2025 (GLOBE NEWSWIRE) -- J.V.B. Financial Group, LLC (“JVB”), an indirect, controlled subsidiary of Cohen & Company Inc. (NYSE American: COHN) (“Cohen”), a financial services firm specializing in an expanding range of capital markets and asset management services, today announced the launch of a new SPAC-focused equity trading platform. Based in New York, the new trading group will ...

Asset Management and Revenue - As of December 31, 2024, the company had approximately $2,325,000 in assets under management (AUM), with 42% in CDOs[320]. - The company has not completed a new securitization since 2008, leading to a decline in asset management revenue from historical highs due to CDO asset declines[331]. - A significant portion of the company's asset management revenue is derived from CDO management, which has been negatively impacted by maturities, repayments, and defaults[331]. - Asset management fees increased by $1,672, or 23%, to $9,009 for the year ended December 31, 2024, compared to $7,337 for 2023[362]. - New issue and advisory revenue increased by $35,158, or 124%, to $63,422 for the year ended December 31, 2024, compared to $28,264 for 2023[366]. - Total revenues increased by $38,594, or 87%, to $82,981 for the year ended December 31, 2023, compared to $44,387 for 2022[414]. Financial Performance - Revenues decreased by $3,383, or 4%, to $79,598 for the year ended December 31, 2024, compared to $82,981 for 2023[354]. - Net income decreased by $2,210, or 21%, to $8,189 for the year ended December 31, 2024, compared to $10,399 for 2023[353]. - Principal transactions and other income decreased by $45,696, or 278%, resulting in a total of $(29,242) for the year ended December 31, 2024[353]. - The net income attributable to the non-controlling interest decreased from $19,590 in 2023 to $8,675 in 2024, a decline of approximately 56%[407]. - The company reported a tax benefit of ($329) for the year ended December 31, 2024, compared to an expense of $5,545 in 2023, indicating a significant turnaround[401]. - The total net income attributable to the Operating LLC was $(25,063) thousand for 2023, with a significant loss attributed to wholly owned subsidiaries[467]. Expenses and Cost Management - Operating expenses increased by $11,501, or 15%, to $87,621 for the year ended December 31, 2024, compared to $76,120 for 2023[353]. - Compensation and benefits increased by $4,296, or 8%, to $56,388 for the year ended December 31, 2024, compared to $52,092 for the year ended December 31, 2023[384]. - Professional fee and other operating expenses increased by $5,125, or 55%, to $14,421 for the year ended December 31, 2024, compared to $9,296 for the year ended December 31, 2023[391]. - Business development, occupancy, and equipment expenses increased by $1,413, or 27%, to $6,617 for the year ended December 31, 2024, compared to $5,204 for the year ended December 31, 2023[388]. - Operating expenses increased by $3,770, or 5%, to $76,120 for the year ended December 31, 2023, compared to $72,350 for 2022[440]. Market Conditions and Economic Impact - The overall business environment remains unpredictable, influenced by economic conditions, market volatility, and competition[325]. - Rising interest rates have negatively impacted mortgage activity and overall transaction volumes in financial markets, potentially pushing the U.S. into recession[1]. - The U.S. Federal Reserve's actions to raise interest rates have negatively impacted the company's business, particularly during periods of elevated rates[342]. - The mortgage group's revenue is highly dependent on U.S. mortgage origination volumes, which are sensitive to interest rates and economic conditions[341]. Investments and Financial Instruments - The company’s redeemable financial instruments decreased from $6,526 in 2023 to $5,821 in 2024, a reduction of approximately 11%[395]. - The company had no redeemable financial instruments as of December 31, 2024, down from $7,868 in 2023[512]. - The CREO JV invests primarily in multi-family commercial real estate mortgage-backed loans, carrying the investment at its reported NAV[377]. - The U.S. Insurance JV invests in insurance company debt, also carried at its reported NAV[378]. - The total par amount owed by the company to the trusts is $49,614,000, while the common stock held by the company in the trusts is valued at $1,489,000[514]. Cash Flow and Liquidity - Cash flow from operating activities for 2024 was $9,475 thousand, a recovery from $(39,660) thousand in 2023[480]. - Cash and cash equivalents increased to $19,590 thousand as of December 31, 2024, up from $10,650 thousand at the end of 2023, indicating improved liquidity[481]. - The company generated cash from investing activities amounting to $16,506 thousand in 2024, compared to $38,123 thousand in 2023[480]. - The cash flow from financing activities was $(16,717) thousand in 2024, reflecting ongoing capital management efforts[480]. - The cash used in operating activities included a net cash outflow of $77,599 related to working capital fluctuations and a net cash inflow of $65,282 from trading activities[487]. Debt and Obligations - Long-term indebtedness increased to $34,904 as of December 31, 2024, compared to $29,716 in 2023[508]. - Total contractual obligations as of December 31, 2024, amount to $133,089,000[517]. - Operating lease arrangements total $22,054,000, with $2,022,000 due in less than one year[517]. - Maturity of 2024 Notes is $5,146,000, with $2,573,000 due in less than one year[517]. - Interest on junior subordinated notes totals $50,220,000, with $4,292,000 due in less than one year[517]. Future Outlook and Strategic Initiatives - The company aims to address margin compression by diversifying its fixed income trading platform and expanding product lines[340]. - The company believes it can fund current operations and meet contractual obligations through existing cash resources and credit sources[517]. - There are uncertainties in the economy that may affect the company's ability to replace existing financing or find additional financing in the future[517].

Cohen & Company Inc. (NYSE:COHN) Q4 2024 Earnings Conference Call March 10, 2025 10:00 AM ET Company Participants Lester Brafman - CEO Joe Pooler - CFO Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to Cohen & Company's Fourth Quarter 2024 Earnings Call. My name is Sherry, and I will be your operator for today. Before we begin, Cohen & Company would like to remind everyone that some of the statements the company makes during this call contain forward-looking statements ...

Financial Performance - For Q4 2024, net loss attributable to Cohen & Company Inc. was $2.0 million, or $1.21 per diluted share, compared to net income of $2.2 million, or $1.31 per diluted share in Q3 2024[6]. - Total revenues for Q4 2024 were $18.5 million, down from $31.7 million in the prior quarter and $34.5 million in the prior year quarter[6]. - The company reported a net loss of $6,875,000 for the three months ended December 31, 2024, compared to a net income of $26,881,000 for the same period in 2023[14]. - Basic earnings per share for the three months ended December 31, 2024, was $(1.20), compared to $2.99 for the same period in 2023[14]. - The company’s total operating income (loss) for the twelve months ended December 31, 2024, was $(8,023,000), compared to $6,861,000 for the same period in 2023[14]. Revenue Breakdown - Net trading revenue for Q4 2024 was $8.9 million, up $1.1 million from the prior year quarter, primarily due to higher trading revenue from the mortgage group[6]. - Asset management revenue for Q4 2024 was $2.1 million, slightly down from the prior quarter and up $0.1 million from the prior year quarter[6]. - New issue and advisory revenue for Q4 2024 was $10.1 million, down $12.4 million from the prior quarter and down $8.6 million from the prior year quarter[6]. - Full year revenue for Cohen & Company Capital Markets (CCM) was $38.9 million, nearly double the full year 2023 revenue of $21.9 million[4]. - Total revenues for the three months ended December 31, 2024, were $18,541,000, a decrease from $34,464,000 for the same period in 2023, representing a decline of 46.1%[14]. - Net trading revenue increased to $8,947,000 for the three months ended December 31, 2024, compared to $7,809,000 for the same period in 2023, reflecting a growth of 14.5%[14]. - New issue and advisory revenue decreased significantly to $10,075,000 for the three months ended December 31, 2024, down from $18,722,000 in the same period of 2023, a decline of 46.3%[14]. Expenses and Liabilities - Compensation and benefits expense decreased by $5.0 million from the prior quarter and $3.4 million from the prior year quarter, with 113 employees as of December 31, 2024[6]. - Operating expenses totaled $24,044,000 for the three months ended December 31, 2024, compared to $23,015,000 for the same period in 2023, an increase of 4.5%[14]. - Total liabilities increased to $880,866 million, up from $680,964 million[19]. Assets and Equity - Total equity as of December 31, 2024, was $90.3 million, a decrease from $91.8 million as of December 31, 2023[10]. - Total assets increased to $971,149 million as of December 31, 2023, up from $772,761 million[19]. - Cash and cash equivalents rose to $19,590 million, compared to $10,650 million in the previous period[19]. - Total stockholders' equity slightly increased to $41,728 million from $41,682 million[19]. - Receivables under resale agreements significantly increased to $668,259 million from $408,408 million[19]. - Trading securities sold, not yet purchased decreased to $36,432 million from $65,751 million[19]. Future Outlook - The company anticipates that future performance may be impacted by factors such as inflation, rising interest rates, and geopolitical situations[11]. - The company noted that its revenue and operating results may fluctuate materially from quarter to quarter, suggesting that annual results may be the most meaningful gauge for investors[12]. Adjusted Pre-Tax Income - Adjusted pre-tax income (loss) for the three months ended December 31, 2024, was $(7,705,000), compared to $15,993,000 for the same period in 2023[15]. - Adjusted pre-tax income (loss) is presented as a useful measure of performance, excluding income tax expense and including net income attributable to convertible non-controlling interest[20]. - The company emphasizes that adjusted pre-tax income (loss) should not be viewed as a substitute for net income prepared in accordance with GAAP[21]. - The company’s management uses adjusted pre-tax income (loss) to evaluate enterprise operations performance[21].

PHILADELPHIA and NEW YORK, March 10, 2025 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE:COHN), a financial services firm specializing in an expanding range of capital markets and asset management services, today reported financial results for its fourth quarter and full year ended December 31, 2024. Summary Operating Results    Three Months Ended Twelve Months Ended($ in thousands)12/31/24 9/30/24 12/31/23 12/31/24 12/31/23          Net trading$8,947  $8,816  $7,809  $36,409  $30,926 Asset management 2,067 ...

Core Insights - Cohen & Company Inc. reported a net loss of $2.0 million, or $1.21 per diluted share, for Q4 2024, a decline from a net income of $2.2 million, or $1.31 per diluted share, in Q3 2024 and $4.5 million, or $2.97 per diluted share, in Q4 2023 [6][11] - The company declared a quarterly dividend of $0.25 per share, payable on April 9, 2025, to stockholders of record as of March 26, 2025 [11] - Total revenues for Q4 2024 were $18.5 million, down from $31.7 million in the previous quarter and $34.5 million in the same quarter last year [6][11] Financial Performance - Net trading revenue for Q4 2024 was $8.9 million, comparable to the previous quarter and up from $7.8 million in Q4 2023, primarily due to higher trading revenue from the mortgage group [6][11] - Asset management revenue was $2.1 million for Q4 2024, slightly down from the previous quarter but up from $1.9 million in Q4 2023 [6][11] - New issue and advisory revenue decreased to $10.1 million in Q4 2024, down from $22.5 million in Q3 2024 and $18.7 million in Q4 2023 [6][11] Operating Expenses - Compensation and benefits expense decreased to $12.9 million in Q4 2024, down from $17.9 million in Q3 2024 and $16.3 million in Q4 2023 [6][11] - Non-compensation operating expenses were $11.1 million in Q4 2024, up from $6.6 million in Q3 2024 and $6.7 million in Q4 2023 [6][11] - Interest expense for Q4 2024 was $1.5 million, including $1.2 million on trust preferred securities debt [6][11] Business Segments - Cohen & Company Capital Markets (CCM) generated full-year revenue of $38.9 million in 2024, nearly double the $21.9 million in 2023, despite a decline in Q4 revenue compared to Q3 2024 [3] - The mortgage business grew, ending 2024 with a gestation repo book of $2.7 billion, an increase of over 30% from December 2023 [3] - The company managed approximately $2.3 billion in assets as of December 31, 2024, primarily in fixed income assets [8]

Core Viewpoint - Cohen & Company Inc. is set to release its financial results for Q4 and the full year 2024 on March 10, 2025, followed by a conference call to discuss these results [1]. Company Overview - Cohen & Company is a financial services firm that offers a range of capital markets and asset management services, operating through segments such as Capital Markets, Asset Management, and Principal Investing [3]. - The Capital Markets segment includes services like fixed income sales, trading, underwriting, and advisory services, primarily through subsidiaries in the U.S. and Europe [3]. - As of December 31, 2024, the company managed approximately $2.3 billion in assets, focusing on fixed income assets across various classes, including U.S. and European securities and commercial real estate loans [3]. Conference Call Details - The conference call will be accessible via webcast on the company's homepage, with dial-in options for those preferring operator assistance [2]. - A replay of the conference call will be available for three days post-event, allowing interested parties to catch up on the discussion [2].

Cohen & Company Inc. (NYSE:COHN) Q3 2024 Earnings Conference Call November 4, 2024 10:00 AM ET Company Participants Lester Brafman - CEO Joe Pooler - CFO Operator Good morning, ladies and gentlemen. And welcome to Cohen & Company's Third Quarter 2024 Earnings Call. My name is Daryl, and I will be your operator for today. Before we begin, Cohen & Company would like to remind everyone that some of the statements the company makes during this call may contain forward-looking statements under applicable securi ...

Asset Management - As of September 30, 2024, the company had approximately $2.37 billion in assets under management (AUM), with 41% in collateralized debt obligations (CDOs) [338] - A significant portion of the company's asset management revenue is derived from CDO management, which has been adversely affected by the decline in CDO assets [349] - The total assets under management (AUM) reached $2,365,525 as of September 30, 2024, compared to $2,013,372 as of September 30, 2023, reflecting an increase of $352,153 [373] - The mortgage group's revenue is highly dependent on U.S. mortgage origination volumes, which are influenced by interest rates and the overall health of the U.S. economy [357] Revenue and Income - Revenues increased by $12,540, or 26%, to $61,057 for the nine months ended September 30, 2024, compared to $48,517 for the same period in 2023 [364] - Net trading revenue rose by $4,345, or 19%, to $27,462 for the nine months ended September 30, 2024, compared to $23,117 for the same period in 2023 [368] - Asset management fees increased by $1,524, or 28%, to $6,942 for the nine months ended September 30, 2024, compared to $5,418 for the same period in 2023 [374] - New issue and advisory revenues surged by $43,805, or 459%, to $53,347 for the nine months ended September 30, 2024, compared to $9,542 for the same period in 2023 [364] - Net income attributable to Cohen & Company Inc. was $1,824 for the nine months ended September 30, 2024, compared to a net loss of $9,661 for the same period in 2023, representing a change of $11,485 [366] - Income from equity method affiliates increased significantly to $22,366 for the nine months ended September 30, 2024, compared to a loss of $1,608 for the same period in 2023, a change of $23,974 [366] Operating Expenses - Operating expenses totaled $63,577 for the nine months ended September 30, 2024, an increase of $10,472, or 20%, from $53,105 for the same period in 2023 [366] - Compensation and benefits increased by $7,696, or 22%, to $43,453 for the nine months ended September 30, 2024, compared to $35,757 for the same period in 2023 [392] - Business development, occupancy, and equipment expenses increased by $712, or 18%, to $4,599 for the nine months ended September 30, 2024, compared to $3,887 for the same period in 2023 [394] - Professional fee and other operating expenses increased by $1,987, or 32%, to $8,138 for the nine months ended September 30, 2024, compared to $6,151 for the same period in 2023 [395] Market Conditions - The company has not completed a new securitization since 2008, leading to a decline in asset management revenue from historical highs due to asset maturities and defaults [349] - Margin pressures in the fixed income brokerage business have increased due to heightened competition and declining market activity, leading to expectations of continued margin compression [355] - Rising interest rates have created instability in equity markets, negatively impacting equity financing and business combination volumes [358] Trading Activities - The company’s trading activities are sensitive to market movements, with revenue generated from proprietary trading and riskless trades [346] - The principal investing segment has been significantly impacted by declines in equity prices of SPACs, resulting in substantial principal transaction losses during 2023 and the first nine months of 2024 [353] - The SPAC market activities have become a significant part of the principal investing segment, with the company sponsoring multiple SPACs since 2018 [351] Cash Flow and Capital Management - Cash flow from operating activities for the nine months ended September 30, 2024, was $5,042, a significant recovery from $(36,177) in the same period of 2023 [476] - Cash and cash equivalents increased to $14,290 as of September 30, 2024, up from $10,650 at the end of 2023, reflecting an increase of $3,640 [479] - The company has seven primary uses for capital, including funding operations, expansion, investments, mergers, dividends, stock repurchases, and debt repayment [477] Risk Management - The company is subject to counterparty risk primarily in collateralized securities transactions and TBA activities [530] - The company faces general settlement risk in its fixed income and equity trading activities, which may lead to losses if a counterparty fails to settle a trade [532] - The company emphasizes the importance of liquidity management in its trading operations to safeguard against settlement risks [532] - Ongoing evaluations of counterparty creditworthiness are crucial for maintaining trading integrity and minimizing losses [532]

Financial Performance - Net income attributable to Cohen & Company Inc. was $2.2 million, or $1.31 per diluted share, for Q3 2024, compared to a net loss of $2.3 million, or $1.47 per diluted share, for Q2 2024[4]. - Total revenues for Q3 2024 were $31.7 million, up from $10.8 million in the prior quarter and $17.1 million in the prior year quarter[5]. - New issue and advisory revenue was $22.5 million for Q3 2024, an increase of $16.0 million from the prior quarter and $15.2 million from the prior year quarter[6]. - Adjusted pre-tax income was $7.7 million for Q3 2024, compared to an adjusted pre-tax loss of $8.6 million for Q2 2024[4]. - Total revenues for the three months ended September 30, 2024, were $31.695 million, a significant increase from $17.121 million for the same period in 2023, representing an 84.9% year-over-year growth[19]. - Net income attributable to Cohen & Company Inc. for the three months ended September 30, 2024, was $2.150 million, compared to a net loss of $2.349 million for the same period in 2023[20]. - Adjusted pre-tax income for the three months ended September 30, 2024, was $7.738 million, a recovery from an adjusted loss of $8.582 million in the same quarter of the previous year[21]. - The company reported a basic earnings per share of $1.32 for the three months ended September 30, 2024, compared to a loss per share of $1.45 for the same period in 2023[20]. Operating Expenses - Compensation and benefits expense increased by $7.2 million from the prior quarter to $17.9 million in Q3 2024[8]. - Total operating expenses for the three months ended September 30, 2024, were $24.473 million, up from $21.225 million in the same quarter of 2023, reflecting a 10.6% increase[19]. Assets and Equity - As of September 30, 2024, total equity was $100.6 million, up from $91.8 million as of December 31, 2023[13]. - Total assets increased to $818,011,000 as of September 30, 2024, up from $772,761,000 on December 31, 2023, representing a growth of approximately 5.9%[24]. - Total stockholders' equity rose to $100,625,000, compared to $91,797,000, indicating an increase of about 9.9%[24]. Cash and Liabilities - Cash and cash equivalents rose to $14,290,000, compared to $10,650,000, marking an increase of about 34.5%[24]. - Total liabilities increased to $717,386,000, up from $680,964,000, reflecting a rise of approximately 5.3%[24]. - Payables to brokers, dealers, and clearing agencies decreased significantly to $53,674,000 from $111,085,000, a reduction of about 51.7%[24]. - Securities sold under agreements to repurchase increased to $545,993,000 from $408,203,000, an increase of approximately 33.8%[24]. Revenue Streams - Net trading revenue was $8.8 million for Q3 2024, comparable to the prior quarter and up $1.3 million from the prior year quarter[5]. - The company experienced a net trading revenue of $8.816 million for the three months ended September 30, 2024, slightly up from $7.491 million in the same period last year[19]. - Asset management revenue increased to $2.147 million for the three months ended September 30, 2024, compared to $1.788 million for the same period in 2023, marking a 20.1% increase[19]. - The company’s principal transactions and other revenue showed a loss of $1.727 million for the three months ended September 30, 2024, an improvement from a loss of $6.578 million in the same quarter of 2023[19]. Dividends and Future Outlook - The Company declared a quarterly dividend of $0.25 per share, payable on December 5, 2024[14]. - The company anticipates continued fluctuations in revenue and operating results due to the nature of its business, suggesting that annual results may be the most meaningful gauge for investors[18]. Other Financial Metrics - Loss from equity method affiliates was $0.7 million for Q3 2024, compared to a loss of $6.0 million in the prior quarter[10]. - The Company managed approximately $2.4 billion in primarily fixed income assets as of September 30, 2024[16]. - The investment in equity method affiliates increased to $26,153,000 from $14,241,000, a growth of approximately 83.9%[24]. - Adjusted pre-tax income (loss) is presented as a useful measure of performance, excluding certain GAAP calculations[27]. - The company reported an increase in accumulated other comprehensive loss to $(948,000) from $(944,000)[24]. - The company continues to evaluate performance using adjusted pre-tax income (loss) and related per diluted share amounts[28].