Cohen & Company

What Cohen & Company does

Cohen & Company (NYSE American: COHN) is a publicly traded financial services firm founded in 1999 and headquartered in Philadelphia, Pennsylvania. The firm operates through three reportable segments: Capital Markets, Asset Management, and Principal Investing. Its capital markets business is focused on SPAC (Special Purpose Acquisition Company) advisory and related capital raising for institutional and corporate clients, having led over 50 SPAC IPOs in 2025 and being recognized as the #1 SPAC bank of 2025 by SPACInsider. The asset management segment manages approximately $1.3-1.4 billion in assets across multiple investment vehicles, including the PriDe credit fund series focused on European insurance company balance sheet investments, with PriDe IV closing at €481.5 million in February 2026. The principal investing segment deploys the firm's own capital alongside clients. The firm also operates a European subsidiary, Cohen & Company Financial Services (Europe), which anchors transatlantic distribution.

The firm's revenue model combines advisory and underwriting fees from SPAC IPOs and de-SPAC transactions, asset management fees on its AUM base, and realized gains from principal investments. In FY2025, Cohen & Company reported revenue of $275.6 million, a 246% increase from FY2024's $79.6 million, with the increase driven primarily by SPAC advisory mandate volume and AUM expansion. Q2 2026 revenue was $69.5 million (16% YoY growth) with net income of $3.6 million and EPS of $0.94; total equity stood at $109.3 million. Customers include pension funds, endowments, European insurance companies, SPAC sponsors, and corporate issuers of capital markets. The firm serves institutional clients rather than retail.

Geographically, Cohen & Company has expanded its US footprint in 2026 with new offices in Houston (January 2026) and Charlotte (June 2026), complementing its Philadelphia headquarters and European subsidiary. Recent mandates include Columbus Circle Capital Corp. II ($230M, February 2026), Columbus Circle Capital Corp. III ($230M, July 2026), and the Elroy Air de-SPAC with a $1.0 billion post-transaction valuation (June 2026). The platform combines traditional financial services distribution with principal capital deployment, creating a vertically integrated sponsor-and-advisor model centered on the SPAC market.

Name

Cohen & Company

Legal name

Cohen & Company Inc.

Website

https://cohenandcompany.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

51–100 employees

Short description

Cohen & Company (NYSE American: COHN) is a Philadelphia-based financial services firm operating in Capital Markets, Asset Management, and Principal Investing, with a leading SPAC advisory franchise and ~$1.3-1.4B AUM serving institutional, corporate, and European insurance clients.

Ownership category

akta.pro rank

Product category

Investment Banking & Capital Markets

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Vehicles (52599)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Independent Broker-Dealers (Retail Network) (FSAAAAAC)

akta.pro secondary industries

Corporate Trust Services (Trustee, Agent & Escrow Roles) (FSAEAKAB), Corporate & Institutional Trust Services (FSAAANAB)

Keywords

• Fixed income trading
• Investment banking services
• Asset management
• SPAC advisory
• Institutional brokerage

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking / Advisory: Revenue from mergers and acquisitions advisory, capital markets transactions, and SPAC IPO underwriting and de-SPAC advisory services. Cohen & Company Capital Markets (CCM) serves as the full-service boutique investment bank focusing on M&A, capital markets, and SPAC advisory.
2. Fixed Income Sales and Trading: Revenue from fixed income sales, trading, gestation repo financing, and new issue placements in corporate and securitized products. Operates through Cohen & Company Securities in the US and Cohen & Company Financial (Europe) in Europe.
3. Asset Management Fees: Management fees from assets under management across collateralized debt obligations, managed accounts, joint ventures, and investment funds. AUM of approximately $1.3 billion as of June 30, 2026.
4. Principal Investing: Investment returns on financial instruments and SPAC-related equity interests held for investment purposes rather than trading support.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Cohen & Company is a financial services firm that delivers fixed income sales and trading, underwriting, and advisory services through its broker-dealer subsidiaries, alongside asset management across collateralized debt obligations, managed accounts, joint ventures, and investment funds. It also operates a SPAC franchise, acting as sponsor and book-running manager for blank-check IPOs and providing M&A and de-SPAC advisory through its boutique investment bank, Cohen & Company Capital Markets (CCM).

Product overview

Cohen & Company Inc. is a financial services company offering a diversified range of capital markets and asset management services through three operating segments: Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales, trading, gestation repo financing, new issue placements, underwriting, and advisory services operating primarily through its subsidiaries Cohen & Company Securities in the US and Cohen & Company Financial (Europe) in Europe. A key division, Cohen & Company Capital Markets (CCM), serves as the full-service boutique investment bank focusing on M&A, capital markets, and SPAC advisory services. The Asset Management segment manages approximately $1.4 billion in assets through collateralized debt obligations, managed accounts, joint ventures, and investment funds, including the PriDe IV Fund. The Principal Investing segment holds investments related to the company's SPAC franchise and other strategic investments.

Differentiator

Problem solved

Functional benefit

Brands

• PriDe IV: European regulatory capital solutions fund for insurance companies
• Columbus Circle Capital

Products and services

• Capital Markets
• Cohen & Company Capital Markets (CCM)
• Asset Management
• Principal Investing
• PriDe IV Fund
• Columbus Circle Capital SPAC Series
• Cohen & Company Securities, LLC

Quantifiable outcome

• $43 billion in SPAC transactions closed in 2025
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered major, core and minor.

• GX Acquisition IIImajorStrategic or Co-development Partner · 3 August 2026Blank check company backed by Trimaran Capital Partners targeting advanced computing, AI, machine learning, high-performance computing, and quantum computing technologies. Cohen & Company Securities serving as sole bookrunner for the $200 million IPO.
• Karman Line AcquisitionmajorStrategic or Co-development Partner · 27 July 2026SPAC backed by Meteora Capital targeting space-based infrastructure within aerospace and defense sectors. Cohen & Company Securities serving as sole bookrunner for the $200 million IPO.
• Clear Street LLCmajorChannel Partner/ Reseller/ Distributor · 10 July 2026Joint book-runner on multiple SPAC IPOs including Columbus Circle Capital Corp. III ($230M IPO) and Columbus Circle Capital Corp. II. Clear Street LLC acts alongside Cohen & Company Capital Markets as joint book-running manager.
• Columbus Circle Capital Corp. IIIcoreStrategic or Co-development Partner · 9 July 2026Cohen & Company sponsored SPAC that completed $230 million IPO on Nasdaq Global Market under ticker symbol CCCTU. Cohen & Company Capital Markets served as lead book-running manager. The SPAC intends to pursue a merger, share exchange, asset acquisition, or similar business combination.
• Viking Acquisition IImajorStrategic or Co-development Partner · 2 July 2026SPAC led by executives from KingsRock advisory firm, priced at $200 million IPO. Cohen & Company Securities acted as sole bookrunner on the deal. The management team previously led Viking Acquisition I, which is currently in a pending business combination with NorthStar Earth & Space.
• Elroy Air, Inc.coreStrategic or Co-development Partner · 26 June 2026Elroy Air, an autonomous heavy-cargo drone developer, entered into a definitive business combination agreement with SPAC Columbus Circle Capital Corp II (CMII). The transaction values Elroy Air at approximately $800 million pre-money and $1.0 billion post-transaction enterprise value, with more than $165 million in committed PIPE capital. Expected to close Q4 2026.
• Kratos Defense & Security SolutionsminorStrategic or Co-development Partner · 26 June 2026U.S. manufacturing partner for Elroy Air's Chaparral VTOL heavy-cargo drone, mentioned in the context of the de-SPAC transaction intended to fully fund commercial-scale production.
• Columbus Circle Capital Corp. IIcoreStrategic or Co-development Partner · 12 February 2026Cohen & Company sponsored SPAC that completed $230 million IPO. Columbus Circle Capital Corp II later signed business combination agreement with Elroy Air for approximately $1.0 billion post-transaction enterprise value.
• Hennessy Capital Investment VIIImajorStrategic or Co-development Partner · 5 February 2026SPAC targeting industrial innovation and energy transition with enterprise value targets of $500 million or greater. Cohen & Company Securities acted as joint bookrunner alongside Barclays on the $210 million upsized IPO.
• ProCap FinancialcoreStrategic or Co-development Partner · 5 December 2025Business combination completed where Columbus Circle Capital Corp. I (SPAC) and ProCap BTC merged into subsidiaries of ProCap Financial. ProCap Financial's common stock and warrants trade on Nasdaq under symbols BRR and BRRWW. Cohen & Company received approximately 2,150,000 shares as part of the transaction.
• Invest Green AcquisitionmajorStrategic or Co-development Partner · 25 November 2025SPAC focused on renewable energy, sustainable finance, and nuclear energy sectors. Cohen & Company Securities serving as sole bookrunner for the $150 million IPO.
• Texas Ventures Acquisition IIImajorStrategic or Co-development Partner · 10 February 2025SPAC backed by Texas Ventures targeting industrial technology businesses. Cohen & Company Securities serving as sole bookrunner for the $200 million IPO.

Scale indicators11 records

Recent moves12 records

Expansion highlights5 records

Broad incumbents

• Jefferies Financial Group: Jefferies is a large, diversified investment bank and broker-dealer with capital markets, fixed income sales/trading, investment banking, and asset management. It competes broadly with Cohen & Company Securities in fixed income trading and with Cohen & Company Capital Markets in SPAC and small-cap advisory, but at substantially greater scale.
• Stifel Financial Corp: Stifel Financial is a larger, established middle-market investment bank and broker-dealer with institutional fixed income, equity capital markets, M&A advisory, and asset management. It operates at greater scale but competes with Cohen & Company for many of the same middle-market SPAC, M&A, and fixed income mandates.
• Piper Sandler Companies: Piper Sandler is a middle-market focused investment bank and institutional securities firm with advisory, equity capital markets, and fixed income capabilities. It serves many of the same small/mid-cap issuers and SPAC sponsors that drive Cohen & Company Capital Markets' deal flow, though at meaningfully larger scale.

Direct peers

• Cantor Fitzgerald: Cantor Fitzgerald is one of the most active SPAC sponsors and institutional broker-dealers in the US, running the CF Acquisition Corp series and providing fixed income sales and trading. Its parallel mix of SPAC franchise, institutional brokerage, and investment banking makes it a directly comparable counterpart to Cohen & Company's Columbus Circle Capital SPAC platform and Cohen & Company Securities broker-dealer.
• Ladenburg Thalmann: Ladenburg Thalmann is an independent broker-dealer and investment banking platform serving small/mid-cap issuers and financial advisors, with capital markets and corporate advisory capabilities similar to Cohen & Company Capital Markets. Both firms target similar sponsor and operating company clients for SPAC and follow-on capital markets transactions.
• Maxim Group: Maxim Group is a full-service boutique investment bank and broker-dealer with active SPAC underwriting and small-cap equity capital markets franchise. Its role as bookrunner on SPAC IPOs and small-cap offerings places it in direct competition with Cohen & Company Securities for the same sponsor-led mandates.
• Oppenheimer Holdings: Oppenheimer Holdings operates a full-service broker-dealer with institutional sales and trading, investment banking, and asset management — a similar diversified mid-market financial services platform. Its investment banking and equity capital markets franchises overlap with Cohen & Company Capital Markets' M&A and SPAC advisory work for small/mid-cap issuers.
• EF Hutton: EF Hutton is a boutique investment bank and broker-dealer with a particular emphasis on SPAC advisory, underwriting, and small-cap capital markets transactions. Its niche in SPAC bookrunning directly overlaps with Cohen & Company Securities' Columbus Circle Capital franchise.
• Cowen Inc: Cowen is a boutique investment bank with sector-focused M&A advisory, capital markets, and equity research — directly comparable to Cohen & Company Capital Markets' sector-driven coverage model. Both firms build verticals (energy, healthcare, technology) and target similar middle-market clients, though Cowen operates at larger scale and was acquired by TD.
• B. Riley Financial: B. Riley Financial is a diversified financial services firm combining capital markets, investment banking, asset management, and principal investing — closely mirroring Cohen & Company's three-segment structure. Both firms pursue SPAC advisory/sponsorship and small/mid-cap public company advisory work with overlapping client profiles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/cohenandcompany
• LinkedInlinkedin.com/company/cohen-and-company-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cohen & Company