PHILADELPHIA, PA, AND NEW YORK, NY — Cohen & Company Inc. (NYSE American: COHN) has released its financial results for the fourth quarter and full year of 2024, reflecting both challenges and growth opportunities within its operations.
Financial Highlights
The company reported a net loss of $2.0 million, or $1.21 per diluted share, for Q4 2024, compared to a net income of $2.2 million in Q3 2024 and $4.5 million in Q4 2023. Adjusted pre-tax loss for Q4 2024 reached $7.7 million, marking a turn from the adjusted pre-tax income of $7.7 million in the preceding quarter and $16.0 million in the same period last year.
Revenues for the fourth quarter totaled $18.5 million, a decline from $31.7 million in Q3 2024 and $34.5 million in Q4 2023.
Across the year, revenues from Cohen & Company Capital Markets (CCM) climbed to $38.9 million, almost double the $21.9 million recorded in 2023. This growth, attributed to CCM’s expanding market share and new underwriting capabilities in initial public offerings, contrasted with pressures in other areas of the business.
Segment Performance
- Mortgage Trading: Net trading revenue in Q4 2024 improved by $1.1 million compared to the same period in 2023, supported by growth in the company’s mortgage group. The gestation repo book closed the year at $2.7 billion, up over 30% year over year.
- Asset Management: Asset management revenue for the quarter was $2.1 million, a slight increase from the same quarter in 2023 due to deferred performance fees in European funds.
- New Issue and Advisory: This segment generated $10.1 million in revenue during Q4 2024, reflecting declines of $12.4 million and $8.6 million against Q3 2024 and Q4 2023, respectively.
Dividend Declaration
Cohen & Company’s Board of Directors declared a quarterly dividend of $0.25 per share, payable April 9, 2025, for shareholders of record as of March 26, 2025. The Board indicated that dividend policies would be re-evaluated periodically, based on operating performance and financial needs.
Outlook
Despite a net loss, Cohen & Company remains focused on sustainable value creation for shareholders. Strengthening its mortgage trading operations and capital markets business has positioned the company to capitalize on emerging opportunities, even amid challenges from higher mortgage rates and reduced origination volumes.
With disciplined strategic initiatives and a commitment to operational efficiency, the company expressed confidence in its potential for future earnings growth and long-term resilience.
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