Cohen & Company Reports Fourth Quarter & Full Year 2024 Financial Results

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]