New York, NY, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Columbus Circle Capital Corp. II (Nasdaq: CMIIU) (the “Company”) and Cohen & Company Inc. (NYSE American: COHN) (“Cohen & Company”) today announced the closing of the Company’s initial public offering of 23,000,000 units, which included 3,000,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000. The Company’s units began trad ...

Core Insights - Cohen & Company Capital Markets has opened a new office in Houston, aiming to enhance its advisory services in the energy and energy transition sectors following a significant increase in deal flow, closing $44 billion in transactions in 2025 [1][4] Company Expansion - The firm appointed Rahul Jasuja as Head of Energy and Energy Transition, who brings 20 years of investment banking experience, particularly in M&A advisory and capital markets transactions [2] - The Houston office will serve as a hub for energy and energy transition advisory services, focusing on disciplined capital allocation across traditional energy and sustainable solutions [3] Strategic Focus Areas - The Houston office will concentrate on four core verticals: 1. Advising on nuclear, geothermal, and other dispatchable energy platforms to support long-term demand growth 2. Advising companies in critical minerals and technology sectors essential for energy security 3. Supporting sustainable fuels and decarbonization technologies 4. Assisting traditional energy operators with M&A and portfolio evolution strategies [7] Market Positioning - Cohen & Company Capital Markets is recognized as a leading SPAC bank, having led various SPAC IPOs in 2025, and is committed to investing in infrastructure that supports AI, defense, and energy transition [4][5] - The firm emphasizes a high-touch alternative to bulge-bracket banks, focusing on the transition from incubation to industrial scale-up in frontier technology [5] Asset Management Overview - As of September 30, 2025, Cohen & Company managed approximately $1.4 billion in assets, primarily in fixed income across various asset classes, including European bank securities and commercial real estate loans [8] Company Profile - Cohen & Company Capital Markets operates as a full-service boutique investment bank, providing strategic counsel and execution capabilities across M&A advisory, capital markets, and SPAC transactions, with a focus on middle-market and growth companies [9]

Core Viewpoint - Premarket trading is showing significant activity with notable price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - Ventyx Biosciences, Inc. (VTYX) increased by 57% to $15.79 [3] - Cardio Diagnostics Holdings, Inc. (CDIO) rose by 36% to $4.02 [3] - Monte Rosa Therapeutics, Inc. (GLUE) saw a 28% increase to $20.54 [3] - Momentus Inc. (MNTS) gained 27% reaching $12.50 [3] - BioAge Labs, Inc. (BIOA) went up by 13% to $17.50 [3] - Neumora Therapeutics, Inc. (NMRA) increased by 11% to $2.03 [3] - Mobileye Global Inc. (MBLY) rose by 10% to $13.45 [3] - Society Pass Incorporated (SOPA) increased by 10% to $3.47 [3] - SU Group Holdings Limited (SUGP) saw an 8% rise to $6.32 [3] - Critical Metals Corp. (CRML) gained 7% reaching $12.73 [3] Premarket Losers - Evolution Metals & Technologies Corp. (EMAT) decreased by 28% to $15.20 [4] - Ascent Solar Technologies, Inc. (ASTI) fell by 12% to $4.65 [4] - Apogee Enterprises, Inc. (APOG) saw a 10% decline to $33.30 [4] - Next Technology Holding Inc. (NXTT) dropped by 8% to $8.49 [4] - AST SpaceMobile, Inc. (ASTS) decreased by 7% to $90.45 [4] - Nomadar Corp. (NOMA) fell by 7% to $3.66 [4] - EZGO Technologies Ltd. (EZGO) decreased by 7% to $1.99 [4] - Cohen & Company Inc. (COHN) saw a 6% decline to $28.30 [4] - PMGC Holdings Inc. (ELAB) dropped by 4% to $5.34 [4] - Anghami Inc. (ANGH) decreased by 3% to $4.49 [4]

Core Viewpoint - Cohen & Company Inc. has declared a special cash dividend of $2.00 per share, reflecting strong operating performance and commitment to returning value to stockholders [1][2]. Company Overview - Cohen & Company is a financial services firm specializing in capital markets and asset management services, with segments including Capital Markets, Asset Management, and Principal Investing [2]. - The Capital Markets segment includes fixed income sales, trading, underwriting, and advisory services, primarily through its subsidiaries in the U.S. and Europe [2]. - As of September 30, 2025, the company managed approximately $1.4 billion in assets, focusing on fixed income assets across various classes [2]. Dividend Announcement - The special cash dividend of $2.00 per share will be payable on January 22, 2026, to stockholders of record as of January 7, 2026 [1]. - The CEO emphasized that the dividend reflects the company's confidence in future performance and commitment to stockholder value [2].

Business Segments - The company operates in three business segments: Capital Markets, Asset Management, and Principal Investing, with a focus on capital markets and asset management services [363]. - The Capital Markets segment includes unrealized and realized gains and losses on investments, with a notable focus on SPAC-related activities [367][376]. - The company has established SPAC Series Funds to invest in SPACs, which have become a significant part of the Principal Investing segment [378]. Revenue Generation - Revenue generation is primarily through fixed income sales, trading, advisory services, and asset management fees, with significant reliance on market conditions and trading volumes [367][374]. - The mortgage group's revenue is highly dependent on U.S. mortgage origination volumes, which are sensitive to interest rates and economic conditions [384]. - Rising interest rates have negatively impacted the fair value of fixed income securities and reduced mortgage activity, affecting overall profitability [386]. - Management fees are contingent on the performance of Investment Vehicles, with potential declines in demand affecting future fee income [374]. Market Conditions and Competition - Recent market conditions have led to margin pressures in the fixed income brokerage business, with expectations of continued competition impacting profitability [382]. - The company's trading activities are sensitive to market movements, with proprietary trading and riskless trades contributing to revenue generation [372]. Financial Performance - Total revenues increased by $111,767, or 183%, to $172,824 for the nine months ended September 30, 2025, compared to $61,057 for the same period in 2024 [420]. - Net trading revenue rose by $6,066 to $33,528 for the nine months ended September 30, 2025, compared to $27,462 for the same period in 2024, driven by significant gains in the gestation repo segment [421]. - New issue and advisory revenue surged by $245,311 to $298,658 for the nine months ended September 30, 2025, compared to $53,347 for the same period in 2024, primarily due to CCM's activities [433]. - Operating income increased to $29,362 for the nine months ended September 30, 2025, compared to a loss of ($2,520) for the same period in 2024, reflecting a significant turnaround [419]. - Net income attributable to Cohen & Company Inc. rose to $6,330 for the nine months ended September 30, 2025, compared to $1,824 for the same period in 2024, marking a 247% increase [419]. Operating Expenses - Total operating expenses increased by $79,885 to $143,462 for the nine months ended September 30, 2025, compared to $63,577 for the same period in 2024, primarily driven by increased compensation and benefits [419]. - Compensation and benefits rose by $76,220, or 175%, to $119,673 for the nine months ended September 30, 2025, compared to $43,453 in 2024 [453]. - Business development, occupancy, and equipment expenses increased by $1,259, or 27%, to $5,858 for the nine months ended September 30, 2025, compared to $4,599 in 2024 [456]. Cash Flow and Liquidity - Cash flow from operating activities for the nine months ended September 30, 2025, was $29,405, up from $5,042 in 2024, indicating improved operational efficiency [556]. - Cash and cash equivalents increased to $54,688 as of September 30, 2025, from $19,590 at the end of 2024, demonstrating enhanced liquidity [554]. - The company reported a net cash flow of $35,098 for the nine months ended September 30, 2025, compared to $3,640 in 2024, indicating strong cash generation [556]. SPAC Activities - Columbus Circle Capital Corp I completed the sale of 25,000,000 units in its IPO, with the company acting as the lead underwriter [387][388]. - The Columbus Circle SPAC entered a definitive business combination agreement with ProCap Financial, which will become publicly traded [401]. - Proceeds from the Business Combination are expected to be used by ProCap Financial to purchase bitcoin, aligning with its business strategy [402]. Tax and Income - Income tax expense increased by $1,208 million to $1,643 million for the nine months ended September 30, 2025, compared to $435 million in 2024 [469]. - The net income before tax for the Operating LLC was $15,998 million for the nine months ended September 30, 2025 [479]. - The net income after tax for the Operating LLC was $14,397 million for the nine months ended September 30, 2025 [479]. Future Financing Needs - The company may need to raise additional debt or equity financing to capitalize on attractive investment opportunities [557]. - Future merger or acquisition activities may require additional funding through equity or debt offerings if liquidity sources are insufficient [557].

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $84.2 million, with adjusted pre-tax income of $16.4 million, representing 19.4% of total revenue [6][12] - Year-to-date total revenue through September 30, 2025, was $172.8 million, with adjusted pre-tax income of $23.2 million, representing 13.4% of total revenue [6][12] - Net income attributable to shareholders for Q3 was $4.6 million, or $2.58 per fully diluted share, compared to $1.4 million or $0.81 per share in the prior quarter [13] Business Line Data and Key Metrics Changes - Cohen & Company Capital Markets (CCM) generated $133 million in revenue for the first nine months of 2025, up from $22.7 million in the full year of 2021 [8] - CCM accounted for 77% of total company revenue for the first nine months of 2025, up from 15% in 2021 [8] - New issue and advisory revenue for Q3 was $228 million, primarily driven by SPAC M&A activity and IPO transactions [14] Market Data and Key Metrics Changes - CCM has underwritten 18 SPAC IPOs year-to-date, with a gross pipeline of possible transactions valued at $300 million [9][10] - The company raised over $12 billion with crypto clients, placing CCM in the top three firms on Wall Street in the digital asset space [8] Company Strategy and Development Direction - The company aims to be the advisor of choice in the growth and frontier technology sectors, including blockchain, fintech, and rare earth metals [9] - The focus on SPACs and digital assets is expected to continue, with plans to enhance liquidity through an equity trading team [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating more than $50 million in revenue for Q4 2025 and over $220 million for the full year [11] - The declining interest rate environment has positively impacted trading revenue, which was up 26% in Q3 from the previous quarter [10] Other Important Information - Compensation and benefits expense for Q3 was $53.7 million, representing 64% of revenue [17] - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [19] Q&A Session Summary - There were no questions during the Q&A session, and management concluded the call without further inquiries [23][25]

Financial Data and Key Metrics Changes - The company's total revenue for Q3 2025 was $84.2 million, with adjusted pretax income of $16.4 million, representing 19.4% of total revenue [7] - Year-to-date total revenue through September 30, 2025, was $172.8 million, with adjusted pretax income of $23.2 million, representing 13.4% of total revenue [7] - Net income attributable to shareholders for Q3 2025 was $4.6 million, or $2.58 per fully diluted share, compared to $1.4 million or $0.81 per share in the prior quarter [14] Business Line Data and Key Metrics Changes - Cohen and Company Capital Markets (CCM) generated $133 million in the first nine months of 2025, up from $22.7 million in the full year of 2021 [10] - CCM accounted for 77% of total company revenue for the first nine months of 2025, up from 15% in the full year of 2021 [10] - New issue and advisory revenue for Q3 2025 was $228 million, primarily driven by SPAC M&A activity and SPAC IPO transactions [15] Market Data and Key Metrics Changes - The company maintained its position as the leading adviser for de-SPAC transactions and has built strong franchises in rare earth and quantum computing [5] - CCM has underwritten 18 SPAC IPOs year-to-date, with significant potential de-SPAC fees expected in the next 12 to 18 months [11] Company Strategy and Development Direction - The company is focused on capitalizing on innovative areas in capital markets, including blockchain, fintech, and rare earth metals [10] - The strategy includes enhancing the SPAC franchise and expanding into digital asset markets, with over $12 billion raised with crypto clients [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating more than $50 million in revenue for Q4 2025 and over $220 million for the full year [13] - The declining interest rate environment has bolstered trading revenue, which was up 26% in Q3 2025 from the previous quarter [12] Other Important Information - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [22] - Total equity at the end of the quarter was $101.1 million, an increase from $90.3 million at the end of the previous year [21] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management is confident in the ability to navigate the current environment and execute strategic priorities to enhance long-term value for stockholders [23]

Financial Performance - Third Quarter 2025 revenue was $84.2 million, an increase from $59.9 million in the previous quarter and $31.7 million in the same quarter last year[6] - Net income attributable to Cohen & Company Inc. for Q3 2025 was $4.6 million, or $2.58 per diluted share, compared to $1.4 million, or $0.81 per diluted share in Q2 2025[6] - Adjusted pre-tax income for Q3 2025 was $16.4 million, or $2.71 per diluted share, up from $5.5 million, or $0.94 per diluted share in Q2 2025[6] - Total revenues for the three months ended September 30, 2025, were $84.213 million, a significant increase from $31.695 million in the same period last year, representing a growth of 165%[15] - Operating income for the three months ended September 30, 2025, was $21.760 million, compared to $7.222 million in the same quarter last year, reflecting a growth of 201%[15] - Net income attributable to Cohen & Company Inc. for the three months ended September 30, 2025, was $4.593 million, up from $2.150 million in the same period last year, an increase of 114%[15] - Basic earnings per share for the three months ended September 30, 2025, was $2.64, compared to $1.32 in the same quarter last year, representing a growth of 100%[15] - Adjusted pre-tax income for the three months ended September 30, 2025, was $16.375 million, compared to $7.738 million in the same quarter last year, an increase of 111%[16] - Fully diluted net income per share for the three months ended September 30, 2025, was $2.58, compared to $1.31 in the same period last year, reflecting a growth of 97%[16] Revenue Breakdown - New issue and advisory revenue reached $228.0 million in Q3 2025, a significant increase from $37.4 million in Q2 2025 and $21.4 million in Q3 2024[6] - Net trading revenue was $13.6 million in Q3 2025, up 26% from the previous quarter and up $4.7 million from the same quarter last year[5] - Net trading revenues reached $13.560 million, up from $8.816 million year-over-year, indicating a growth of 54%[15] - New issue and advisory revenues surged to $228.008 million, compared to $22.459 million in the prior year, marking an increase of 914%[15] Expenses and Liabilities - Compensation and benefits expense increased by $9.4 million from the prior quarter and $35.8 million from the prior year quarter, totaling $53.7 million in Q3 2025[9] - Total operating expenses increased to $62.453 million from $24.473 million year-over-year, a rise of 155%[15] - The company reported a net loss from equity method affiliates of $12.663 million for the three months ended September 30, 2025, compared to a loss of $683 thousand in the same period last year[15] - The loss from equity method affiliates was $12.7 million in Q3 2025, primarily due to mark-to-market losses on SPAC investments[9] Equity and Assets - Total equity as of September 30, 2025, was $101.1 million, an increase from $90.3 million as of December 31, 2024[9] - Total assets decreased to $773,854 million as of September 30, 2025, from $971,149 million on December 31, 2024, representing a decline of approximately 20.3%[19] - Total liabilities decreased to $672,800 million, down from $880,866 million, indicating a reduction of about 23.6%[19] - Total stockholders' equity increased to $47,840 million, compared to $41,728 million, reflecting an increase of approximately 14.5%[19] Cash Flow and Investments - Cash and cash equivalents rose significantly to $54,688 million from $19,590 million, marking an increase of approximately 178%[19] - Receivables under resale agreements decreased to $414,710 million from $668,259 million, a decline of about 38%[19] - Accrued compensation increased dramatically to $85,988 million from $17,770 million, representing an increase of approximately 384%[19] - The company reported a decrease in investments under fair value from $64,361 million to $35,262 million, a decline of about 45.2%[19] Future Outlook - The company expects to generate more than $50 million in revenue for Q4 2025 and over $220 million for the full year 2025[5] Adjusted Pre-Tax Income - Adjusted pre-tax income (loss) is presented as a useful measure of performance, excluding income tax expense and including net income attributable to convertible non-controlling interest[20] - The company emphasizes that adjusted pre-tax income (loss) should not be viewed as a substitute for net income prepared in accordance with GAAP[21] - The company continues to utilize adjusted pre-tax income (loss) to evaluate enterprise operations, indicating a focus on performance metrics beyond GAAP measures[21]

Core Insights - Cohen & Company Inc. reported a third quarter 2025 revenue of $84.2 million, a significant increase from $59.9 million in the previous quarter and $31.7 million in the same quarter last year [1][7]. - The net income attributable to Cohen & Company Inc. for the third quarter was $4.6 million, or $2.58 per diluted share, compared to $1.4 million, or $0.81 per diluted share in the previous quarter [2][7]. - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [2][11]. Financial Performance - Total revenues for the nine months ended September 30, 2025, were $172.8 million, compared to $61.1 million for the same period in 2024 [4]. - Net trading revenue increased to $13.6 million in Q3 2025, up from $10.8 million in Q2 2025 and $8.8 million in Q3 2024 [4][7]. - Asset management revenue was $1.9 million for Q3 2025, a slight decrease from $2.2 million in both the previous quarter and the same quarter last year [4][7]. - New issue and advisory revenue surged to $228.0 million in Q3 2025, a substantial increase from $37.4 million in Q2 2025 and $22.5 million in Q3 2024 [4][7]. Operational Highlights - The company's Capital Markets division, Cohen & Company Capital Markets (CCM), generated $68.6 million in net revenue during the quarter, primarily from advisory services [5][6]. - The decline in principal transactions revenue was attributed to negative revenue of $159.3 million from investment assets received as client consideration [4][7]. - The company experienced a 26% increase in trading revenue from the previous quarter, supported by a favorable interest rate environment [6]. Equity and Dividends - As of September 30, 2025, total equity was reported at $101.1 million, an increase from $90.3 million at the end of 2024 [11][22]. - The board of directors has committed to evaluating the dividend policy quarterly, with future decisions influenced by operating results and capital needs [11][12]. Future Outlook - The company anticipates generating over $50 million in revenue for the fourth quarter and more than $220 million for the full year 2025, driven by strong trading revenue and a robust pipeline in CCM [6].

Core Insights - Cohen & Company Inc. will release its financial results for Q3 2025 on November 4, 2025, and will host a conference call at 10:00 a.m. ET to discuss these results [1][2]. Company Overview - Cohen & Company is a financial services firm that offers a range of capital markets and asset management services, with operating segments including Capital Markets, Asset Management, and Principal Investing [3]. - The Capital Markets segment includes fixed income sales, trading, repo financing, new issue placements, underwriting, and advisory services, primarily through its subsidiaries in the U.S. and Europe [3]. - The Asset Management segment manages approximately $1.4 billion in assets as of September 30, 2025, focusing on fixed income assets across various classes [3]. - The Principal Investing segment consists mainly of investments related to the company's SPAC franchise and other investment returns [3].