Cohen & Co. reports Q2 adjusted EPS ($1.51) vs. (30c) last year

Reports Q2 revenue $10.8M vs. $22.6M last year. Lester Brafman, Chief Executive Officer of Cohen & Company, said, “We were pleased with the performance of our full-service boutique investment banking operation, Cohen & Company Capital Markets, which generated $6.4 million of advisory revenue and acted as lead bookrunner on two SPAC IPOs. CCM has grown to 24 professionals, and we intend to continue to opportunistically add investment banking professionals to our CCM team. We are optimistic about CCM’s pipeline and look forward to consistent CCM production through the end of the year. While our second quarter results were weakened by the impact of ongoing unfavorable mark-to-market adjustments on our principal investing portfolio, we are pleased to have improved the Company’s performance at the adjusted pre-tax loss line by $10.4 million year-to-date versus 2023. We remain confident about our future earnings potential and are focused on enhancing long-term, sustained value for our stockholders, including through continued payment of our quarterly dividend.”