# EDGAR Filing Document

**Accession Number:** 0001578554
**File Stem:** 0001104659-25-117695
**Filing Date:** 2025-12
**Character Count:** 7389
**Document Hash:** 3c1afb79fe6711eb9f544ee9833a583f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-117695.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001104659-25-117695

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cohen & Co Inc.
- **CENTRAL INDEX KEY:** 0001270436
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 161685692
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-79769
- **FILM NUMBER:** 251543053

**BUSINESS ADDRESS:**
- **STREET 1:** CIRA CENTRE, 2929 ARCH STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104-2870
- **BUSINESS PHONE:** 215-701-9555

**MAIL ADDRESS:**
- **STREET 1:** CIRA CENTRE, 2929 ARCH STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104-2870

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL FINANCIAL MARKETS, INC.
- **DATE OF NAME CHANGE:** 20110121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COHEN & Co INC.
- **DATE OF NAME CHANGE:** 20091216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALESCO FINANCIAL INC
- **DATE OF NAME CHANGE:** 20061006
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brafman Lester Raymond
- **CENTRAL INDEX KEY:** 0001578554

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** C/O INSTITUTIONAL FINANCIAL MARKETS, INC
- **STREET 2:** 2929 ARCH STREET, 17TH FLOOR
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Cohen & Co Inc.**

*(Name of Issuer)*

**COMMON STOCK, PAR VALUE $0.01 PER SHARE**

*(Title of Class of Securities)*

**19249M102**

*(CUSIP Number)*

**Lester R. Brafman**<br>Cira Centre<br>2929 Arch Street, Suite 1703<br>Philadelphia PA 19104-2870<br>(215) 701-9555

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/02/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **19249M102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lester R. Brafman** | Name of reporting person<br>**Lester R. Brafman** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**315702.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**315702.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**315702.00** | Aggregate amount beneficially owned by each reporting person<br>**315702.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**15.51%** | Percent of class represented by amount in Row (11)<br>**15.51%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Includes 40,000 restricted shares of the common stock, par value $0.01 per share ("Common Stock"), of Cohen & Company Inc., a Maryland corporation, held directly by Lester R. Brafman (the "Reporting Person"), the restrictions on which will expire on January 31, 2026. Upon the expiration of such restrictions on January 31, 2026, which date is within 60 days of the date of this Amendment No. 5 to Schedule 13D, the Reporting Person will acquire both voting and dispositive control over all such shares of Common Stock.  Accordingly, the Reporting Person may be deemed to be the beneficial owner of all of such 40,000 restricted shares of Common Stock, which shares are the subject of this Amendment No. 5 to Schedule 13D.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
COMMON STOCK, PAR VALUE $0.01 PER SHARE

**(b) Name of Issuer:**
Cohen & Co Inc.

**(c) Address of Issuer's Principal Executive Offices:**
Cira Centre, 2929 Arch Street, Suite 1703, Philadelphia, PA, 19104-2870

This Amendment No. 5 to Schedule 13D is filed to amend Items 3, 4 and 5 of the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on February 16, 2021, as amended by Amendment No. 1 to Schedule 13D filed with the SEC on December 3, 2021; as amended by Amendment No. 2 to Schedule 13D filed with the SEC on December 5, 2022; as amended by Amendment No. 3 to Schedule 13D filed with the SEC on December 4, 2023; and as amended by Amendment No. 4 to Schedule 13D filed with the SEC on December 2, 2024 (as so amended, the "Schedule 13D"). Except as set forth herein, the Schedule 13D is unmodified.

**Item 4. Purpose of Transaction**

Item 4 of this Schedule 13D is hereby supplemented by the information set forth in Item 3 above, which information is incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses of the Reporting Person to rows (7) through (13) of the cover page of this Schedule 13D are incorporated herein by reference.

(a) The percentage of ownership indicated in this Schedule 13D is calculated based on 2,035,863 shares of Common Stock outstanding as of November 28, 2025, as provided by the Company.

**(b)**
Upon the expiration on January 31, 2026 of the restrictions on the October 2020 Shares, the Reporting Person will have the sole power to vote or direct the vote of, and the sole power to dispose or direct the disposition of, all such shares of Common Stock.

**(c)**
The information in Item 4 is incorporated herein by reference. Except as set forth in this Schedule 13D, there have been no transactions in the Common Stock effected during the past 60 days by the Reporting Person.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Lester R. Brafman

**Signature:** /s/ Lester R. Brafman

**Name/Title:** Lester R. Brafman

**Date:** 12/02/2025