Cohen & Company is a small financial services firm with two core businesses: a boutique investment bank called CCM (Cohen & Company Capital Markets) and a fixed income sales and trading operation. CCM, which generated roughly two-thirds of total company revenue in FY25, focuses on SPAC IPOs, de-SPAC transactions, PIPE financings, and traditional M&A advisory. CCM describes itself as the #1 SPAC advisor by left book-run IPO deals and de-SPAC advisory activity, and targets frontier technology sectors including digital assets, energy transition, rare earth metals, space and aerospace, and fintech. CCM earns fees when deals close, and sometimes receives non-cash compensation — equity, warrants, or convertible notes in client companies — which are marked to market and create additional earnings volatility. The fixed income trading business, which operates through Cohen Securities, earns spread on trades across MBS, corporate bonds, ABS, government securities, and other structured products. A notable component is gestation repo, where Cohen acts as an intermediary between mortgage originators and lenders, earning net interest margin on repurchase agreements backed by newly originated mortgage loans. Cohen also manages roughly $1.4B in AUM across niche vehicles focused on European and Bermudian insurance company debt, U.S. insurance debt, and commercial real estate loans, and maintains a principal investing portfolio of SPAC-related equity and post-de-SPAC stakes. Compensation runs at roughly 64–72% of revenue, and profitability swings significantly quarter to quarter given the deal-driven nature of CCM and mark-to-market movements in its investment portfolio.