Core Viewpoint - Cohen & Company Inc. reported a net loss of $2.0 million for Q4 2024, a significant decline compared to net income in the previous quarters, indicating challenges in revenue generation and operational performance [6][14]. Financial Performance - Total revenues for Q4 2024 were $18.5 million, down from $31.7 million in Q3 2024 and $34.5 million in Q4 2023 [6][14]. - Net trading revenue was $8.9 million, stable compared to the prior quarter and up from $7.8 million in the same quarter last year [6][14]. - Asset management revenue decreased slightly to $2.1 million, while new issue and advisory revenue fell to $10.1 million, down $12.4 million from the previous quarter [6][14]. - Principal transactions and other revenue reported a loss of $2.5 million, worsening from a loss of $1.7 million in the prior quarter [6][14]. Operating Expenses - Compensation and benefits expenses decreased to $12.9 million, down $5.0 million from the prior quarter [6][14]. - Non-compensation operating expenses were $11.1 million, reflecting an increase from $6.6 million in the previous quarter [6][14]. Income and Earnings - The company reported an operating loss of $5.5 million for Q4 2024, compared to an operating income of $7.2 million in Q3 2024 [6][14]. - Net income attributable to Cohen & Company Inc. was a loss of $1.95 million, or $1.21 per diluted share, contrasting with net income of $2.15 million, or $1.31 per diluted share in Q3 2024 [6][14]. - Adjusted pre-tax loss was $7.7 million for Q4 2024, compared to adjusted pre-tax income of $7.7 million in the prior quarter [6][14]. Business Segments - Cohen & Company Capital Markets (CCM) generated full-year revenue of $38.9 million, nearly double the $21.9 million from 2023, despite a decline in Q4 revenue [3][6]. - The mortgage business grew, ending the year with a gestation repo book of $2.7 billion, up over 30% from December 2023 [3][6]. Equity and Dividends - Total equity as of December 31, 2024, was $90.3 million, a decrease from $91.8 million a year earlier [6][14]. - The Board of Directors declared a quarterly dividend of $0.25 per share, payable on April 9, 2025 [6][14].
Cohen & Company Reports Fourth Quarter & Full Year 2024 Financial Results