en & pany (COHN) - 2025 Q4 - Annual Results

Financial Performance - Revenue for Q4 2025 was $102.7 million, an increase from $84.2 million in Q3 2025 and $18.5 million in Q4 2024, while full-year revenue reached $275.6 million, up 246% from 2024[1][4] - Net income attributable to Cohen & Company Inc. for Q4 2025 was $8.1 million, or $1.48 per diluted share, compared to $4.6 million, or $2.58 per diluted share in Q3 2025, and a net loss of $2.0 million, or $1.21 per diluted share in Q4 2024[1][4] - Adjusted pre-tax income for Q4 2025 was $18.3 million, or $2.97 per diluted share, compared to $16.4 million, or $2.71 per diluted share in Q3 2025, and an adjusted pre-tax loss of $7.7 million, or $1.32 per diluted share in Q4 2024[1][4] - Total revenues for the three months ended December 31, 2025, were $102.74 million, compared to $84.21 million for the previous quarter, representing a 22% increase[13] - Net income attributable to Cohen & Company Inc. for the quarter was $8.10 million, compared to $4.59 million in the previous quarter, reflecting a 76% increase[13] - Adjusted pre-tax income for the quarter was $18.25 million, compared to $16.38 million in the previous quarter, showing an increase of 11%[14] - Fully diluted net income per share was $1.48, down from $2.58 in the previous quarter, a decrease of 43%[14] - The total operating income for the quarter was $30.05 million, compared to $21.76 million in the previous quarter, a 38% increase[13] Revenue Breakdown - Investment banking and new issue revenue was $54.7 million in Q4 2025, down from $68.6 million in Q3 2025 but up from $7.5 million in Q4 2024[2][4] - Investment banking and new issue revenues reached $54.70 million for the quarter, up from $68.61 million in the prior quarter, indicating a decrease of 20%[13] - The company reported a net trading revenue of $13.82 million for the quarter, slightly up from $13.56 million in the previous quarter[13] - Asset management revenue was $2.68 million for the quarter, compared to $1.95 million in the previous quarter, a 37% increase[13] Expenses and Liabilities - Compensation and benefits expense increased to $57.8 million in Q4 2025, up $4.2 million from Q3 2025 and $44.9 million from Q4 2024[7] - Operating expenses for the quarter totaled $72.70 million, compared to $62.45 million in the previous quarter, an increase of 16%[13] - Loss from equity method affiliates was $5.1 million in Q4 2025, compared to $12.7 million in Q3 2025 and $0.7 million in Q4 2024[7] - The company experienced a loss of $5.08 million from equity method affiliates during the quarter, compared to a loss of $12.66 million in the previous quarter, indicating an improvement[13] Balance Sheet Highlights - Total equity as of December 31, 2025, was $103.1 million, an increase from $90.3 million as of December 31, 2024[7] - Total assets decreased from $971,149 million in December 2024 to $700,585 million in December 2025, a decline of approximately 28%[17] - Total liabilities decreased from $880,866 million in December 2024 to $597,499 million in December 2025, a decline of approximately 32%[17] - Total stockholders' equity increased from $41,728 million in December 2024 to $51,080 million in December 2025, an increase of approximately 22%[17] - Cash and cash equivalents increased significantly from $19,590 million in December 2024 to $56,762 million in December 2025, an increase of approximately 190%[17] - Receivables under resale agreements decreased from $668,259 million in December 2024 to $357,408 million in December 2025, a decline of approximately 47%[17] - The company reported an accumulated deficit improvement from $(34,016) million in December 2024 to $(26,593) million in December 2025[17] - The company’s additional paid-in capital increased from $76,704 million in December 2024 to $78,539 million in December 2025, an increase of approximately 2.4%[17] - Non-controlling interest increased from $48,555 million in December 2024 to $52,006 million in December 2025, an increase of approximately 7.5%[17] Dividends and Transactions - The Board declared a quarterly dividend of $0.25 per share and a special dividend of $0.70 per share, both payable on April 3, 2026[7] - Cohen & Company Capital Markets closed $43 billion in transactions in 2025 and ranked number one in SPAC IPO underwritings and de-SPAC advisory[3] Performance Metrics - The company reported $2.3 million of revenue per employee for the full year 2025[3] - 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[18] - The company emphasizes that adjusted pre-tax income (loss) should not be viewed as a substitute for net income prepared in accordance with GAAP[19]