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( $ in thousands ) Net trading Asset management New issue and advisory Principal transactions and other revenue Total revenues C & со COHEN & COMPANY REPORTS THIRD QUARTER 2021 FINANCIAL RESULTS Board Declares Dividend of $ 0.25 per Share Philadelphia and New York , November 2 , 2021 - Cohen & Company Inc. ( NYSE American : COHN ) , a financial services firm specializing in fixed income markets and , more recently , in SPAC markets , today reported financial results for its third quarter ended September 30 , 2021 . Summary Operating Results Compensation and benefits Non - compensation operating expenses Operating income Interest expense , net Other non - operating income Income ( loss ) from equity method affiliates Income ( loss ) before income tax expense ( benefit ) COHEN & COMPANY Income tax expense ( benefit ) Net income ( loss ) Less : Net income ( loss ) attributable to the convertible non - controlling interest Less : Net income ( loss ) attributable to the non - convertible non - controlling interest Net income ( loss ) attributable to Cohen & Company Inc. Fully diluted net income ( loss ) per share Adjusted pre - tax income ( loss ) Fully diluted adjusted pre - tax income ( loss ) per share Three Months Ended 6/30/21 1 9/30/21 $ 16,599 1,856 8,838 ( 20,709 ) 6,584 20,577 5,125 ( 19,118 ) ( 1,731 ) 2,857 ( 17,992 ) $ 18,399 1,838 850 ( 11,021 ) 10,066 14,190 4,949 ( 9,073 ) ( 1,782 ) 2,127 5,490 ( 3,238 ) ( 43 ) ( 3,195 ) 4,119 ( 248 ) ( 17,744 ) ( 11,221 ) ( 3,094 ) $ ( 3,429 ) $ ( 9,039 ) 1,725 $ ( 3.46 ) $ 1.21 $ ( 14,898 ) $ 3,674 $ ( 3.57 ) $ 0.78 9/30/20 $ 16,957 1,631 500 2,768 21,856 10,965 4,819 6,072 ( 1,952 ) ( 1,371 ) 2,749 ( 594 ) 3,343 2,542 ( 854 ) $ 1,655 $ 1.19 $ 3,603 $ 0.78 Nine Months Ended 9/30/21 9/30/20 $ 54,181 5,787 11,527 47,831 119,326 61,414 15,658 42,254 ( 5,527 ) 2,127 7,512 46,366 577 45,789 20,301 17,837 $ 7,651 5.31 $ $ 26,402 $ 5.23 $ 55,524 4,938 500 2,783 63,745 36,423 22,769 4,553 ( 7,638 ) ( 2,711 ) ( 5,796 ) ( 623 ) ( 5,173 ) ( 2,874 ) ( 1,753 ) $ ( 546 ) $ ( 0.48 ) $ 3,840 $ 0.97 Lester Brafman , Chief Executive Officer of Cohen & Company , said , " Our financial results in the third quarter were impacted by significant unrealized negative mark - to - market adjustments in our principal investing portfolio . Absent these negative mark - to - market adjustments , our underlying business remained strong . New issue and advisory revenue was $ 8.8 million in the quarter , including $ 7.2 million related to investment banking revenue generated by our new Cohen & Company Capital Markets platform and $ 1.6 million related to US and European insurance origination . Our Gestation repo book remained stable at $ 3.9 billion , with related Gestation repo trading revenue approaching a $ 45 million annual run - rate . In addition , during the quarter we entered into a joint venture agreement with an institutional investor to invest in CRE loans and B - pieces of new issue CRE CLO transactions . To that end , we have hired a team of eight professionals to originate and underwrite mostly multi - family commercial real estate loans . We expect to begin accumulating assets into this joint venture during the fourth quarter . "