Cohen & Company Inc. reported significant financial improvements in its latest quarterly results, with total revenues reaching $88.6 million for the six months ended June 30, 2025, a 202% increase from $29.4 million in the same period last year. The surge in revenue was primarily driven by a substantial rise in new issue and advisory revenue, which soared to $70.7 million from $30.9 million, reflecting a 129% increase. Net trading revenue also saw a modest increase of 7%, totaling $20 million, while asset management revenue decreased by 13% to $4.2 million, attributed to ongoing principal paydowns in collateralized debt obligations (CDOs).
Operating expenses for the first half of 2025 rose to $81 million, up 107% from $39.1 million in the prior year. This increase was largely due to a significant rise in compensation and benefits, which jumped 158% to $66 million, reflecting higher incentive compensation linked to increased revenues. The company's operating income improved to $7.6 million, a turnaround from an operating loss of $9.7 million in the previous year. Net income attributable to Cohen & Company Inc. was reported at $1.7 million, compared to a loss of $326,000 in the same period last year.
In terms of strategic developments, Cohen & Company completed the sale of certain CDO management contracts to Hildene Capital Management, generating a gain of $837,000. The company also engaged in the initial public offering of Columbus Circle Capital Corp I, a special purpose acquisition company (SPAC), which raised $250 million. This IPO is expected to enhance the company's position in the SPAC market, which has become a significant part of its business strategy.
Operationally, Cohen & Company reported a total of $2.2 billion in assets under management (AUM) as of June 30, 2025, with 41% of this in CDOs. The company’s headcount was 118, slightly down from 121 a year earlier. The firm continues to face challenges in the asset management segment due to the decline in CDO assets, but it remains focused on expanding its capital markets and principal investing activities. The outlook for the remainder of 2025 suggests cautious optimism, with management anticipating continued revenue growth driven by advisory services and trading activities, despite potential market volatility and economic uncertainties.
About Cohen & Co Inc.
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