• Fixed Income Portfolio Management: Cohen & Company Inc. manages customized fixed income portfolios for individual and institutional clients.
• Fund Management: Cohen & Company Inc. manages various investment funds, including collateralized debt obligations (CDOs), for its clients.

Major Customers of Cohen & Company Inc. (COHN)

Based on the provided information, Cohen & Company Inc. serves primarily two major categories of customers:

• Individuals: This includes high-net-worth individuals and other private clients seeking investment management services for their fixed-income portfolios and alternative investments.
• Institutional Clients: This broad category encompasses various organizations that require investment management, fund management, and collateralized debt obligation services. Examples typically include pension funds, endowments, foundations, corporations, and other financial entities.

Lester Brafman, Chief Executive Officer

Lester Brafman has served as Chief Executive Officer of Cohen & Company, Inc. and Cohen & Company, LLC since 2013. He also serves on the Board of Directors of Cohen & Company Financial (Europe) Ltd, and as Chief Executive Officer of Cohen & Company Securities, LLC. Prior to joining Cohen & Company, Mr. Brafman spent 11 years at Goldman Sachs where he was Chief Operating Officer of Credit and Mortgage Trading and Head of High Yield and Distressed Trading. Before Goldman Sachs, he spent over six years at Credit Suisse First Boston, holding positions such as Head of High Yield Trading and Head of Emerging Market and Sovereign Trading. He also held roles at Wasserstein Perella & Co. and Lehman Brothers.

Joseph W. Pooler, Jr., Executive Vice President, Chief Financial Officer and Treasurer

Joseph W. Pooler, Jr. has been Executive Vice President, Chief Financial Officer and Treasurer of Cohen & Company Inc. since December 16, 2009. He has also served as Cohen & Company, LLC's Chief Financial Officer since November 2007 and Chief Administrative Officer since May 2007. From 1999 through 2005, Mr. Pooler held key management positions at Pegasus Communications Corporation (now Xanadoo Company), including Chief Financial Officer, Principal Accounting Officer, and Senior Vice President of Finance. From 1993 through 1999, he held various management positions with MEDIQ, Incorporated, including Corporate Controller, Director of Operations, and Director of Sales Support.

Daniel G. Cohen, Chairman

Daniel Cohen is the Chairman of the Board of Directors of Cohen & Company Inc. and of the board of managers of Cohen & Company's majority-owned subsidiary, Cohen & Company LLC. Mr. Cohen serves as an officer of various Special Purpose Acquisition Companies (SPACs). He is also the Chairman of the Board of the Paideia Institute and a Trustee of the Arete Foundation.

Dennis J. Crilly, General Counsel and Secretary

Dennis J. Crilly has served as the General Counsel of Cohen & Company Inc. since April 2020. Previously, Mr. Crilly served as General Counsel at DA Capital LLC for over 15 years and as General Counsel of Mount Kellett LLP. His background also includes roles as a Vice President at AIG Global Investment Group, where he counseled the Alternative Investments Group, and a Vice President with J. & W. Seligman & Co. Inc., counseling its private investment funds. He was also a Securities and M&A associate at Clifford Chance LLP and a Staff Attorney in the Enforcement Division at the United States Securities and Exchange Commission.

Andrew K. Davilman, Chief Operating Officer of Asset Management

Andrew K. Davilman serves as Chief Operating Officer of Cohen & Company's Asset Management business and is a Managing Director, Sales and Special Projects with Cohen & Company Securities, LLC. He spent 16 years at Goldman, Sachs & Co. From 2006 to 2010, as a Managing Director, Mr. Davilman founded and co-ran the Structured Credit Sales desk. Prior to that, he worked in institutional mortgage sales from 1998 to 2006.

The key risks to Cohen & Company Inc. (COHN) include:

1. Volatility in Principal Investing Portfolio and SPAC Market Exposure: The most significant risk for Cohen & Company Inc. stems from the volatile nature of its principal investing portfolio, particularly its exposure to the Special Purpose Acquisition Company (SPAC) market. The company has experienced negative impacts from principal transactions due to valuation markdowns of financial instruments received as advisory consideration, directly reducing revenue and net income. The ongoing unfavorable mark-to-market adjustments on its principal investment portfolio are directly linked to its SPAC market exposure, with the decline in equity value of post-business combination SPACs negatively impacting financial results. This principal investing strategy involves taking direct stakes in companies, which can lead to substantial losses and contribute to earnings volatility.
2. Cyclicality and Volatility of Investment Banking Revenues: Cohen & Company's business model, particularly its Capital Markets segment, is inherently cyclical and subject to significant earnings volatility. Revenues from investment banking activities, such as advisory fees for IPOs and M&A deals, are often project-based and can lead to substantial swings in profitability due to their timing and structure. This cyclicality in deal flow directly impacts the company's financial performance.
3. Extensive Regulatory Oversight and Compliance: As a financial services company operating in both the U.S. and Europe, Cohen & Company Inc. is subject to extensive regulatory oversight. The evolving regulatory landscape, including new regulations related to anti-money laundering (AMLA) and digital operational resilience (DORA) in Europe, presents ongoing compliance challenges. Failure to navigate and comply with these complex and wide-ranging regulations could adversely affect the company's operations and financial condition.

Cohen & Company Inc. (COHN) operates in several significant addressable markets related to investment management, primarily focusing on fixed income and alternative investments.

Here are the estimated market sizes for their main products and services:

• Fixed Income Asset Management: The global fixed income asset management market was valued at approximately $64.9 trillion in 2022 and is projected to reach $160 trillion by 2032. Another estimate places the global market at around $153.39 trillion in 2025, expected to grow to $198.58 trillion by 2030. The U.S. fixed income market alone accounts for approximately 40% of the more than $130 trillion in global debt securities outstanding, with the U.S. market estimated at around $58 trillion in 2026. As of the third quarter of 2025, outstanding U.S. fixed income securities (excluding mortgage-backed and asset-backed securities) totaled $48.9 trillion.
• Alternative Investments: The global alternative assets industry reached $16.8 trillion at the end of 2023 and is projected to exceed $30 trillion by 2030. Other projections estimate global alternative investments assets under management (AUM) to exceed $33 trillion in 2025. The global alternative investment funds (AIFs) market was valued at $12.8 trillion in 2023 and is projected to reach $25.8 trillion by 2032. In the U.S., alternative investments accounted for approximately $12 trillion of the total assets under management.
• Collateralized Debt Obligations (CDOs): The global collateralized debt obligation market was valued at $27.5 billion in 2023 and is projected to reach $80.4 billion by 2033. Another estimate indicates the global CDO market was valued at $124.59 billion in 2024 and is projected to reach $165.29 billion by 2032. The North America CDO market is expected to reach a value of $20.88 billion by 2031, with the U.S. market estimated at $8.8 billion in 2024.
• Mortgage-Backed Securities (MBS): The global mortgage-backed securities market size was approximately $2.5 trillion in 2023 and is projected to reach around $3.8 trillion by 2032. Another report valued the global MBS market at $13.625 trillion in 2024, growing to $22.43 trillion by 2030. The U.S. MBS market alone has more than $11 trillion in outstanding securities. North America holds the largest share, approximately 55% of the global MBS market in 2023.
• Asset-Backed Securities (ABS): The global asset-backed securities market was valued at $2.58 trillion in 2025 and is projected to reach $3.62 trillion by 2030. Another source values the global asset-backed securities market at approximately $6.89 trillion in 2024, projected to reach $10.55 trillion by 2034. The U.S. ABS market had approximately $1.61 trillion outstanding as of December 31, 2024. North America accounts for approximately 60% of the global ABS market share.

Cohen & Company Inc. (COHN) anticipates several key drivers to fuel its revenue growth over the next two to three years, primarily stemming from strategic expansions within its capital markets division and continued strength in specialized investment banking services.

Here are 4 expected drivers of future revenue growth:

1. Expansion in Frontier Technologies and New Industry Verticals: Cohen & Company Capital Markets (CCM), the firm's boutique investment bank, is strategically expanding its focus on frontier technologies, including digital assets and energy transitions. This involves broadening its investment banking footprint into new industry verticals such as space technology, aerospace, telecommunications, and energy, supported by the appointment of new managing directors to enhance its influence in these sectors.
2. Continued Leadership in SPAC IPO Underwritings and De-SPAC Advisory: The CCM segment has secured a leading market position in SPAC (Special Purpose Acquisition Company) IPO underwritings and de-SPAC advisory services, having closed $43 billion in transactions in 2025. With a robust transaction pipeline projected for 2026, the company expects to maintain its strong performance and leadership in these specialized capital markets activities.
3. Growth in Fixed Income Trading Revenue: Cohen & Company is targeting a significant increase in its fixed income trading revenue, aiming to grow from approximately $50 million in 2025 to a target range of $60 million to $65 million. This growth is expected to be supported by strategic operational plans, including adding about eight new hires in fixed-income trading in 2026.
4. Broadening Client Base and Capital Markets Services: Beyond specific niches, the company's overall strategy includes the expansion of its client base and a wider array of services within its Capital Markets segment. This encompasses increased activity in fixed-income sales, trading, matched book repo financing, and new issue placements in corporate and securitized products, which have been pivotal in driving past revenue surges and are expected to continue contributing to growth.

Share Repurchases

• No significant share repurchase programs or authorized amounts were explicitly identified within the last 3-5 years based on the provided information.

Share Issuance

• The number of common shares outstanding increased from 2,040,052 in 2024 to 2,130,063 as of December 31, 2025.
• As of March 5, 2025, Cohen & Company Inc. had 2,054,674 shares of Common Stock outstanding.
• The company entered into an agreement on February 20, 2026, to sell up to $75 million in common stock through at-the-market offerings.

Inbound Investments

• Cohen & Co finalized a strategic growth investment from Lovell Minnick Partners (LMP), effective December 31, 2024, aimed at accelerating its multi-year strategic plan for growth, people, technology, quality initiatives, and service expansion.

Outbound Investments

• Cohen & Co completed the acquisition of Tassi and Company on March 31, 2025, enhancing its national real estate service offerings and expanding its presence in the Chicago market.
• The firm acquired Tax & Wealth Management in Cleveland, Ohio, in December 2024 (effective January 2025), and BBD's Investment Management Group out of Philadelphia.
• Cohen & Co also acquired Szymkowiak & Associates CPAs in Buffalo and Gioffre & Company, LLP in August 2025.

Capital Expenditures

• No specific dollar values for capital expenditures were explicitly identified within the last 3-5 years based on the provided information.