COHN · Cohen & Company Inc.

Cohen & Company Inc. delivered Q1 2026 results with revenue of $57.9 million, down from $102.7 million in Q4 2025 due to the absence of a $33.0 million principal transactions gain from the ProCap Financial business combination closing, but up significantly from $28.7 million in Q1 2025. Investment banking and new issue revenue of $45.7 million, primarily from Cohen & Company Capital Markets, increased $25.5 million year-over-year, reflecting strength in frontier technologies including digital assets, energy transition, and natural resources. Net trading revenue rose to $13.2 million, supported by the mortgage group and SPAC equity, CMO, and preferred equity desks, with the gestation repo book expanding to $3.9 billion. Asset management revenue held steady at $2.4 million. Principal transactions showed a $3.4 million loss, contrasting the prior quarter's large gain. Compensation and benefits of $41.3 million aligned with lower variable incentives post the prior quarter's $16.5 million founder share expense. CEO Lester Brafman highlighted client franchise expansion, CCM performance, repo growth, and the $230 million IPO of sponsored SPAC Columbus Circle Capital Corp. II, expressing confidence in revenue growth and profitability. Total equity stood at $100.1 million, with equity excluding non-convertible non-controlling interest at $97.8 million. The board's $0.25 per share dividend underscores capital return commitment amid quarterly evaluation of results and needs. No forward guidance was provided, but management emphasized long-term stockholder value.