Executive Summary

Q1 2025 revenue rose 54.9% sequentially to $28.74M, with a return to profitability: net income attributable to COHN was $0.33M ($0.19 diluted EPS) vs a loss of $(1.95)M ($(1.21) diluted EPS) in Q4 2024; adjusted pre-tax income improved to $1.25M from $(7.71)M in Q4 2024 .
Strength came from new issue and advisory revenue of $33.24M (all from CCM), offset by a significant non-cash drag in principal transactions of $(15.73)M driven by $13.1M of mark-to-market losses on consideration received in prior advisory engagements, and broader SPAC-related principal exposure .
Management highlighted CCM’s momentum (CCM net revenue $20.1M) and launched a SPAC-focused equity trading desk in April to leverage franchise insights; the quarterly dividend of $0.25 per share was maintained .
No Wall Street (S&P Global) EPS or revenue consensus was available for Q1 2025; thus no formal beat/miss benchmarking can be made (see Estimates Context) [GetEstimates – no data].

What Went Well and What Went Wrong

What Went Well
- Strong advisory: New issue and advisory revenue of $33.24M (+$23.16M q/q; +$8.85M y/y), entirely from CCM; management noted CCM net revenue of $20.1M and emphasized expanding capabilities (new SPAC-focused equity trading desk) .
- Sequential profitability improvement: Adjusted pre-tax swung to +$1.25M from $(7.71)M in Q4; GAAP diluted EPS improved to $0.19 from $(1.21) .
- Dividend stability: Board declared $0.25 quarterly dividend payable June 2, 2025, reinforcing capital return commitment .
What Went Wrong
- Principal transactions drag: $(15.73)M in principal transactions and other revenue, including $(13.1)M non-cash marks on instruments previously received for CCM advisory; broader SPAC-related exposures also pressured results .
- Compensation increased with revenue: Comp and benefits rose to $21.67M (+$8.73M q/q; +$6.83M y/y) given variable incentive structures tied to performance; headcount increased to 117 .
- Equity method affiliate income far below prior-year comp: $2.42M vs $29.05M in Q1 2024, reflecting fewer de‑SPAC closings (one in Q1 2025 vs six in Q1 2024) .

Financial Results

Headline results (USD):

Metric	Q1 2024	Q4 2024	Q1 2025
Total Revenues ($M)	$18.56	$18.54	$28.74
Net Income Attributable to COHN ($M)	$2.02	$(1.95)	$0.33
Diluted EPS ($)	$1.28	$(1.21)	$0.19
Adjusted Pre‑Tax Income ($M)	$7.73	$(7.70)	$1.25
Income (Loss) from Equity Method Affiliates ($M)	$29.05	$(0.66)	$2.42

Revenue mix (USD):

Revenue Line	Q1 2024	Q4 2024	Q1 2025
Net Trading ($M)	$9.85	$8.95	$9.21
Asset Management ($M)	$2.72	$2.07	$2.02
New Issue & Advisory ($M)	$24.39	$10.08	$33.24
Principal Transactions & Other ($M)	$(18.39)	$(2.55)	$(15.73)

KPIs and balance sheet highlights:

KPI	Q1 2024	Q4 2024	Q1 2025
Employees (period-end)	116	113	117
Total Equity ($M)	n/a	$90.28	$85.66
Debt ($M)	n/a	$34.90	$35.00
AUM ($B)	n/a	~$2.3	~$2.3
Dividend Declared (per share)	n/a	$0.25	$0.25
CCM Net Revenue ($M)	n/a	n/a	$20.1

Notes: Management did not provide explicit margin metrics; company-level margin percentages are not disclosed in the release/8‑K and were unavailable via our financials tool for this quarter .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share	Quarterly	$0.25 (declared for Q4 2024, payable Apr 9, 2025)	$0.25 (declared for Q1 2025, payable Jun 2, 2025)	Maintained

No quantitative revenue/EPS/OpEx/tax guidance was provided in the Q1 2025 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024 and Q4 2024)	Current Period (Q1 2025)	Trend
CCM momentum and pipeline	Q3: $21.4M advisory revenue; robust pipeline . Q4: full-year CCM revenue $38.9M; expanded into IPO underwriting .	CCM net revenue $20.1M; launched SPAC-focused equity trading desk in April .	Improving platform breadth; execution remains strong .
Principal transactions / SPAC exposure	Principal transactions: $(1.7)M (Q3); $(2.5)M (Q4), with marks tied to SPAC/post-combination equities .	$(15.7)M in Q1, including $(13.1)M non-cash marks on prior advisory consideration; broader SPAC exposures weighed .	Deteriorated in Q1 (higher non-cash drag) .
Equity method affiliates volatility	Loss $(0.7)M both Q3 and Q4 due to de‑SPAC timing .	$2.4M in Q1; only one business combination closed vs six in Q1 2024 .	Volatile; depends on de‑SPAC cadence .
Mortgage/gestation repo	Q4: gestation repo book $2.7B, +30% y/y despite rate headwinds .	No update provided in Q1 materials .	Stable/unchanged in disclosures .
Capital returns	Dividend maintained in Q3 and Q4 .	Dividend maintained at $0.25 .	Maintained .
Headcount/comp	Headcount 113 (Q4); comp variable with results .	Headcount 117; comp rose with revenue/variable incentives .	Up modestly; comp aligned with performance .

Management Commentary

“We are encouraged by our first quarter results, reflecting strong performance from our full-service boutique investment banking operation, Cohen & Company Capital Markets (“CCM”), which generated $20.1 million of net revenue… launch of a new SPAC-focused equity trading desk, creating a synergistic opportunity to build on CCM’s momentum” — CEO Lester Brafman .
“Adjusted pretax income was $1.3 million for the quarter… New issue and advisory revenue was $33.2 million… offset by $13.1 million of negative principal transactions revenue during the quarter” — CFO Joseph Pooler .
“Despite ongoing mark-to-market headwinds in our principal investing portfolio, we remain focused on disciplined execution… and committed to enhancing long-term, sustained value… including our quarterly dividend.” — CEO Lester Brafman .
“At the end of the quarter, total equity was $85.7 million… consolidated corporate indebtedness was carried at $35 million… [we] declared a quarterly dividend of $0.25 per share.” — CFO Joseph Pooler .

Q&A Highlights

The published transcript contains prepared remarks and opening for questions; no specific Q&A exchanges or guidance clarifications were captured in the available transcript text .

Estimates Context

No S&P Global consensus estimates for revenue or EPS were available for Q1 2025; therefore, we cannot benchmark results vs Street expectations for this quarter [GetEstimates – no data].
Values and availability referenced in this section are retrieved from S&P Global.*

Key Takeaways for Investors

Advisory-led rebound with non-cash offset: Strong new issue/advisory ($33.24M) drove sequential revenue and EPS improvement, but principal transactions non-cash marks remain a swing factor for quarterly earnings .
CCM expansion is a medium-term positive: CCM net revenue ($20.1M) and the new SPAC-focused equity trading desk should enhance monetization of franchise expertise and deal flow over time .
Earnings volatility tied to SPAC cycle: Principal marks and equity method affiliate results will track de‑SPAC timing and post-combination equity performance; Q1 saw only one closing vs six in Q1 2024 .
Variable compensation magnifies operating leverage: Comp moved up with revenue and affiliate income; watch comp ratio as advisory cycles normalize .
Balance sheet/capital return steady: Total equity of $85.7M, debt ~$35.0M, and a maintained $0.25 dividend suggest continued capacity to return capital while investing in growth .
Near-term trading implications: Headlines on SPAC completions/IPO activity and marks on advisory consideration could drive discrete earnings volatility; dividend support may mitigate downside narratives between catalysts .

Appendix: Additional Context Press Releases

Q1 release timing: Company announced Q1 2025 results release and call timing on April 28, 2025 .
Post-quarter SPAC activity: Columbus Circle Capital Corp. I upsized SPAC IPO ($250M) where CCM acted as lead bookrunner; supports CCM opportunity set post-quarter .

*Values retrieved from S&P Global.

Cohen & Co Inc. (COHN)·Q1 2025 Earnings Summary