Institutional Financial Markets Reports Strong Q4 and Full-Year 2025 Results

Highlights include growth in investment banking, SPAC activity, and fixed income trading

Published on Mar. 9, 2026

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Institutional Financial Markets (NYSEAMERICAN:COHN) reported a strong fourth quarter and full-year 2025 performance, driven by continued expansion of its client franchise, particularly through its Cohen & Company Capital Markets (CCM) division. The company saw significant growth in SPAC-related underwriting and advisory work, as well as increased activity in its fixed income trading business.

Why it matters

Institutional Financial Markets' robust results demonstrate the continued strength of the SPAC market and the company's ability to capitalize on opportunities in frontier technologies, energy transition, and natural resources. The growth in fixed income trading also highlights the diversification of the firm's revenue streams.

The details

In 2025, CCM closed $43 billion in transactions and ranked No. 1 in SPAC IPO underwritings by left bookrunner deals and in de-SPAC advisory, with a leading share in de-SPAC PIPE transactions. The company's full-year 2025 revenue was $275.6 million, up 246% from 2024, with adjusted pre-tax income of $41.4 million. CCM generated $184 million in revenue for the full year, an increase of 370% from 2024 and representing 67% of total company revenue.

  • For the full year of 2025, Institutional Financial Markets reported basic and fully diluted net income attributable to the company per share of $8.33 and $4.35, respectively.
  • In the fourth quarter of 2025, the company reported net income attributable to shareholders of $8.1 million, or $1.48 per fully diluted share, compared to a net loss of $2.0 million in the year-ago quarter.
  • The company announced a special dividend of $0.70 per share and a recurring quarterly dividend of $0.25 per share.

The players

Lester Brafman

Chief Executive Officer of Institutional Financial Markets.

Joe Pooler

Chief Financial Officer of Institutional Financial Markets.

Daniel Cohen

Founder and Chairman of Institutional Financial Markets.

Cohen & Company Capital Markets (CCM)

The investment banking division of Institutional Financial Markets, focusing on frontier technologies, energy transition, and natural resources.

Procaps Group

A company that Institutional Financial Markets held a stake in through its sponsor shares.

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What they’re saying

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— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

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— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.