Cohen & Company Reports Second Quarter 2025 Financial Results

Financial Performance - Cohen & Company Inc. reported second quarter 2025 revenue of $59.9 million, a significant increase from $28.7 million in the prior quarter and $10.8 million in the same quarter last year [1][7]. - Net income attributable to Cohen & Company Inc. was $1.4 million, or $0.81 per diluted share, compared to $0.3 million, or $0.19 per diluted share in the prior quarter, and a net loss of $2.3 million, or $1.47 per diluted share in the same quarter last year [2][7]. - Adjusted pre-tax income for the second quarter 2025 was $5.5 million, or $0.94 per diluted share, up from $1.3 million, or $0.22 per diluted share in the prior quarter, and a loss of $8.6 million, or $1.51 per diluted share in the same quarter last year [2][7]. Revenue Breakdown - Net trading revenue for the second quarter 2025 was $10.8 million, an increase of $1.5 million from the prior quarter and $2.0 million from the same quarter last year, primarily driven by higher trading revenue from SPAC equity, SBA, and mortgage groups [4][7]. - Asset management revenue was $2.2 million, slightly up from both the prior quarter and the same quarter last year, mainly due to deferred performance fees in European funds [4][7]. - New issue and advisory revenue reached $37.4 million, up $4.2 million from the prior quarter and $30.9 million from the same quarter last year, reflecting strong performance from Cohen & Company Capital Markets [4][7]. Operating Expenses - Compensation and benefits expense increased to $44.3 million for the second quarter 2025, up $22.7 million from the prior quarter and $33.6 million from the same quarter last year, largely due to fluctuations in revenue and related variable incentive compensation [4][7]. - Non-compensation operating expenses were $8.1 million, compared to $7.0 million in the prior quarter and $6.5 million in the same quarter last year [4][7]. Strategic Initiatives - The company is entering the second half of 2025 with strong momentum and a robust pipeline, driven by its full-service boutique investment banking operation [5][6]. - Cohen & Company launched a SPAC-focused equity trading desk, generating over $1.4 million in trading revenue in its first quarter of operation, which is expected to complement its capital markets strategy [6][7]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.25 per share, payable on August 29, 2025, to stockholders of record as of August 15, 2025 [2][11].