Company: COHN
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-035625
Chunk: 38

Company: Cohen & Co Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 38
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 20 TABLE OF CONTENTS $1,053,696 under the Cohen & Company Inc. Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) on December 20, 2024 for their performance in 2024. In determining such performance-based bonuses, the Compensation Committee considered qualitative and quantitative achievements such as Messrs. Brafman’s, Cohen’s and Pooler’s respective roles during 2024 in connection with the following: • The adjusted revenue metric of revenue plus income (loss) from equity method affiliates less net income (loss) attributable to the non-convertible non-controlling interest increased $13.6 million, or 17%, in 2024 to $92.6 million from $79.0 million in 2023, driven by improvement in the Cohen & Company Capital Markets (“CCM”) investment banking group and the mortgage group, as well as the hiring of several new traders and salespeople across various asset classes; • Adjusted pre-tax income (loss) increased $2.8 million in 2024, from a loss of $3.6 million in 2023 to a loss of $0.8 million in 2024, despite the non-CCM investment income (from principal transactions revenue and income (loss) from equity method affiliates) being $12.4 million less in 2024; • CCM continued to grow market share as an advisor and agent, expanding into underwriting initial public offerings. CCM had advisory revenue of $61.6 million from 47 clients in 2024, offset by ($22.6) million of principal transactions losses, resulting in net revenue of $38.9 million, up $17.1 million, or 78%, from 2023; • Grew the mortgage business despite continued elevated mortgage rates and lower levels of mortgage origination in 2024, ending the year with a gestation repo book of $2.7 billion, up more than 30% from December 2023; and • Expanded the sales and trading operation by hiring 12 employees covering collateralized mortgage obligations, structured notes, Small Business Administration loans, and mortgage-backed securities; and • Worked to optimize the use of the Company’s capital position: • Extended the Company’s $15 million credit facility with Byline Bank; and • Restructured two-thirds, or $5.1 million, of the Investment Agreement, dated October 3, 2016, by and between Cohen & Company, LLC (the