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Cohen & Company Inc. (COHN-1.53%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $79.6 million for the year, a decrease from $83 million in 2023. The decline was primarily due to a significant decrease in principal transactions and other income, which fell by $45.7 million.
Net trading revenue increased by 18% to $36.4 million, driven by improvements in wholesale and other trading groups.
Asset management revenue rose by 23% to $9 million, mainly due to deferred performance fees and servicing fees from the CREO JV.
New issue and advisory revenue saw a substantial increase of 124% to $63.4 million, largely due to higher activity in Cohen & Company Capital Markets (CCM).
Operating expenses increased by 15% to $87.6 million, with significant rises in professional fees and other operating expenses.
The company reported a net income of $8.2 million, down from $10.4 million in the previous year. The decrease was attributed to higher operating expenses and lower principal transaction revenues.
Cohen & Company Inc. continues to focus on its SPAC franchise, asset management, and capital markets segments, with a particular emphasis on expanding its advisory services and managing assets through various investment vehicles.
The company has also been active in the SPAC market, sponsoring several SPACs and investing in SPAC sponsor entities, which contributed to its principal investing revenues.
Cohen & Company Inc. maintains a strong liquidity position with $19.6 million in cash and cash equivalents as of December 31, 2024, and continues to manage its capital to support operations and potential growth opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cohen & Company Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.