PHILADELPHIA, PA & NEW YORK, NY — Cohen & Company Inc. (NYSE American: COHN) reported financial results for the fourth quarter and full year ended December 31, 2025, and announced quarterly and special dividend payments.
The company said its board declared a quarterly dividend of $0.25 per share and a special dividend of $0.70 per share, both payable April 3, 2026, to shareholders of record as of March 20.
Cohen & Company reported fourth-quarter revenue of $102.7 million and full-year revenue of $275.6 million.
Net income attributable to the company was $8.1 million, or $1.48 per diluted share, for the fourth quarter.
For the full year, net income totaled $14.4 million, or $4.35 per diluted share.
Adjusted pre-tax income was $18.3 million, or $2.97 per diluted share, in the fourth quarter and $41.4 million, or $6.92 per diluted share, for the full year.
Chief Executive Officer Lester Brafman said results were driven in part by activity in the company’s investment banking division.
“We are pleased to deliver strong fourth quarter and full year 2025 results, driven by the continued expansion of our client franchise,” Brafman said.
Fourth-quarter investment banking and new issue revenue totaled $54.7 million.
Net trading revenue was $13.8 million in the quarter, while asset management revenue totaled $2.7 million.
Principal transactions and other revenue totaled $31.5 million in the fourth quarter, compared with $0.1 million in the prior quarter.
The company said the December 5, 2025 business combination between Columbus Circle Capital Corp I, a sponsored special purpose acquisition company, and ProCap Financial Inc. contributed $33.0 million in principal transaction revenue.
Compensation and benefits expense increased in the quarter, including $16.5 million tied to founder shares allocated to employees following the SPAC transaction.
As of December 31, 2025, the company reported total equity of $103.1 million, compared with $90.3 million a year earlier.
Cohen & Company said its board will continue reviewing the dividend policy quarterly based on operating results and capital requirements.
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