<SEC-DOCUMENT>0001104659-21-024308.txt : 20210216
<SEC-HEADER>0001104659-21-024308.hdr.sgml : 20210216
<ACCEPTANCE-DATETIME>20210216165313
ACCESSION NUMBER:		0001104659-21-024308
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210216
DATE AS OF CHANGE:		20210216

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-79769
		FILM NUMBER:		21640172

	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

	FILING VALUES:
		FORM TYPE:		SC 13D

	MAIL ADDRESS:	
		STREET 1:		C/O INSTITUTIONAL FINANCIAL MARKETS, INC
		STREET 2:		2929 ARCH STREET, 17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>tm216557d1_sc13d.htm
<DESCRIPTION>SCHEDULE 13D
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of
1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. )* </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>COHEN
 &amp; COMPANY INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Issuer) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMON STOCK, PAR VALUE $0.01 PER SHARE
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>19249M 102</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CUSIP Number) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lester R. Brafman </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cira Centre </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2929 Arch Street, Suite 1703 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Philadelphia, Pennsylvania 19104-2870
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(215) 701-9555 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, Address and Telephone Number of
Person Authorized to Receive Notices and Communications) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>January 31, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Date of Event Which Requires Filing
of This Statement) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the filing person has previously filed a statement on Schedule&nbsp;13G
to report the acquisition that is the subject of this Schedule&nbsp;13D, and is filing this schedule because of &sect;&sect;&nbsp;240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note:</B> Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. See Rule&nbsp;13d-7 for other parties to whom copies are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required on the remainder of this cover page
shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">SCHEDULE 13D</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 33%"><FONT STYLE="font-size: 10pt">CUSIP No. 19249M 102</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 34%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">2 </FONT>of
    </FONT>6</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border: black 1pt solid; padding-top: 6.25pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6.25pt 6.25pt 6.25pt 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lester R. Brafman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) &#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) &#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 6pt 6.25pt 7pt 6pt; vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding: 6pt; border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6pt; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding: 6.25pt 6.25pt 6.25pt 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States of America</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 6pt 6.25pt 6.25pt; width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NUMBER OF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHARES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BENEFICIALLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OWNED BY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EACH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPORTING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITH</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6pt; text-align: center; font-size: 10pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid; width: 66%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">70,798</P></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">70,798</P></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">70,798(1)</P></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="padding: 6pt; vertical-align: top; border-bottom: black 1pt solid; font-size: 10pt; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6pt; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.3%<B>&nbsp;</B></P></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 6pt 6.25pt 6.25pt 6pt; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Does not include 200,000 restricted shares of the common
stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;), of Cohen &amp; Company Inc. (the &ldquo;Issuer&rdquo;) granted to
the Reporting Person on October 22, 2020 under the Issuer&rsquo;s 2020 Long-Term Incentive Plan, as the Reporting Person will not
have voting or dispositive control over any such restricted shares until the restrictions on such shares expire. The restrictions
expire with respect to one-fifth&nbsp;of such 200,000 restricted shares on each of January 31, 2022, January 31, 2023, January
31, 2024, January 31, 2025 and January 31, 2026, in each case, so long as the Reporting Person is then employed by the Issuer or
any of its subsidiaries. Also does not include 44,904 restricted shares of Common Stock granted to the Reporting Person on various
dates under the Issuer&rsquo;s Second Amended and Restated 2010 Long-Term Incentive Plan, as amended, and the Issuer&rsquo;s 2020
Long-Term Incentive Plan, as the Reporting Person will not have voting or dispositive control over any such restricted shares until
the restrictions on such shares expire. The restrictions expire with respect to 35,154&nbsp;of such 44,904 restricted shares on
January 31, 2022 and with respect to the remaining 9,750 of such restricted shares on January 31, 2023, in each case, so long as
the Reporting Person is then employed by the Issuer or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">SCHEDULE 13D</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 33%"><FONT STYLE="font-size: 10pt">CUSIP No. 19249M 102</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 34%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">3 </FONT>of
    6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 1.</B></FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Security and Issuer.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This statement on Schedule 13D (this
 &#8220;<U>Schedule 13D</U>&#8221;) relates to the common stock, par value $0.01 per share (&#8220;<U>Common Stock</U>&#8221;),
of Cohen &amp; Company Inc., a Maryland corporation (the &#8220;<U>Issuer</U>&#8221;). The principal executive office of the Issuer
is located at Cira Centre, 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104-2870.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Identity and Background.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(a) This statement is filed by Lester
R. Brafman, an individual (the &#8220;Reporting Person&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(b) The principal business address
of the Reporting Person is Cira Centre, 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104-2870.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(c) The Reporting Person is the Chief
Executive Officer of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(d) During the past five years, the
Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(e) During the last five years, the
Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and
as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(f) The Reporting Person is a citizen
of the Unites States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Source and Amount of Funds or Other Consideration.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The disclosure in Item 4 below is incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Purpose of Transaction.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On January 31, 2021, the restrictions
with respect to 24,263 shares of Common Stock (the &#8220;<U>Unrestricted Shares</U>&#8221;) which were previously issued to the
Reporting Person pursuant to the Issuer&#8217;s Second Amended and Restated 2010 Long-Term Incentive Plan, as amended, a copy of
which, as amended, is attached hereto as Exhibits 1 and 2 (the &#8220;<U>2010 Long-Term Incentive Plan</U>&#8221;) expired. As
a result of the expiration of the restrictions, the Reporting Person may be deemed to be the beneficial owner of the Unrestricted
Shares. At the time of the expiration of such restrictions, the Reporting Person owned 46,535 shares of unrestricted Common Stock.
The form of award agreement pursuant to which the Unrestricted Shares were originally granted to the Reporting Person is attached
hereto as Exhibit 3 (the &#8220;<U>Form Award Agreement</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The foregoing descriptions of the 2010
Long-Term Incentive Plan and the Form Award Agreement do not purport to be complete and are qualified in their entirety by reference
to the full text of the 2010 Long-Term Incentive Plan and the Form Award Agreement, respectively, copies of which are attached
hereto as Exhibit&nbsp;1 and 2 and Exhibit 3, respectively, and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The shares of Common Stock to which this Schedule 13D relates
do not include 200,000 restricted shares of Common Stock granted to the Reporting Person on October 22, 2020, as the Reporting
Person will not have voting or dispositive control over any such restricted shares until the restrictions on such shares expire.
The restrictions expire with respect to one-fifth&nbsp;of such restricted shares on each of January 31, 2022, January 31, 2023,
January 31, 2024, January 31, 2025 and January 31, 2026, in each case, so long as the Reporting Person is then employed by the
Issuer or any of its subsidiaries. The shares of Common Stock to which this Schedule 13D relates also do not include 44,904 restricted
shares of Common Stock granted to the Reporting Person on various dates under the Issuer&rsquo;s Second Amended and Restated 2010
Long-Term Incentive Plan, as amended, which has expired pursuant to its own terms, and the Issuer&rsquo;s 2020 Long-Term Incentive
Plan, as the Reporting Person will not have voting or dispositive control over any such restricted shares until the restrictions
on such shares expire. The restrictions expire with respect to 35,154&nbsp;of such 44,904 restricted shares on January 31, 2022
and with respect to the remaining 9,750 of such restricted shares on January 31, 2023, in each case, so long as the Reporting Person
is then employed by the Issuer or any of its subsidiaries. The Reporting Person and the Issuer have agreed that all of the above-described
244,904 shares of restricted Common Stock are non-voting stock until the applicable restrictions expire with respect to such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">SCHEDULE 13D</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 33%"><FONT STYLE="font-size: 10pt">CUSIP No. 19249M 102</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 34%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page 4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"> </FONT>of
    6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Reporting Person intends to review
his investment on a regular basis and, as a result thereof, may at any time or from time to time determine, either alone or as
part of a group, (a) to acquire additional securities of the Issuer, through open market purchases, privately negotiated transactions
or otherwise, (b) to dispose of all or a portion of the securities of the Issuer owned by it in the open market, in privately negotiated
transactions or otherwise, or (c) to take any other available course of action, which could involve one or more of the types of
transactions or have one or more of the results described in the next paragraph of this Item 4. Any such acquisition or disposition
or other transaction would be made in compliance with all applicable laws and regulations. Notwithstanding anything contained herein,
the Reporting Person specifically reserves the right to change his intention with respect to any or all of such matters. In reaching
any decision as to his course of action (as well as to the specific elements thereof), the Reporting Person currently expects that
the Reporting Person would take into consideration a variety of factors, including, but not limited to, the following: the Issuer&#8217;s
business and prospects; other developments concerning the Issuer and its businesses generally; other business opportunities available
to the Reporting Person; changes in law and government regulations; general economic conditions; and money and stock market conditions,
including the market price of the securities of the Issuer. In addition, in connection with the Reporting Person&#8217;s review
of his investment, the Reporting Person may from time to time seek to engage in communications with one or more stockholders of
the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer regarding the
Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Other than as set forth in this Schedule
13D, the Reporting Person has no present plans or proposals which relate to or would result in any of the matters set forth in
clauses (a) through (j) of Item 4 of Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 5.</B></FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Interest in Securities of the Issuer.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The responses of the Reporting Person
to rows (7) through (13) of the cover page of this Schedule 13D are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(a) The percentage of ownership indicated
in this Schedule 13D is calculated based on 1,334,541 shares of Common Stock outstanding as of February 12, 2021, as provided by
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(b) The Reporting Person has the sole
power to vote or direct its vote of all of the shares of the Common Stock that are the subject of this Schedule 13D (collectively,
the &#8220;Shares&#8221;) and the sole power to dispose or direct the disposition of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(d) To the knowledge of the Reporting
Person, no person other than the Reporting Person has the right to receive or the power to direct the receipt of dividends from,
or proceeds from the sale of, the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(e) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">SCHEDULE 13D</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 33%"><FONT STYLE="font-size: 10pt">CUSIP No. 19249M 102</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 34%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page 5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"> </FONT>of
    6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ITEM 6.</B></FONT></TD>
    <TD STYLE="width: 91%; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The disclosure in Item 4 is incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Material to Be Filed as Exhibits.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 87%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Second Amended and Restated Cohen &amp; Company Inc.
    2010 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.73 to the Issuer&#8217;s Annual Report on Form 10-K
    filed with the Securities and Exchange Commission on March 7, 2014).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Amendment No.&nbsp;1 to Second Amended and Restated Cohen &amp;
    Company Inc. 2010 Long-Term Incentive Plan (incorporated by reference to Appendix A to the Issuer&#8217;s Proxy Statement
    on Schedule 14A filed with the SEC on November 10, 2016).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Form of Restricted Stock Award under Cohen &amp; Company Inc.&nbsp;Second
    Amended and Restated 2010 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.46 to the Issuer&#8217;s Annual
    Report on Form 10-K filed with the SEC on March 4, 2011).</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">SCHEDULE 13D</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 33%"><FONT STYLE="font-size: 10pt">CUSIP No. 19249M 102</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 34%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page 6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"> </FONT>of
    6</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>SIGNATURE</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">February 16, 2021</P>

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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%"><FONT STYLE="font-size: 10pt">/s/ Lester R. Brafman</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Lester R. Brafman</FONT></TD></TR>
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