<SEC-DOCUMENT>0001104659-22-068151.txt : 20220603
<SEC-HEADER>0001104659-22-068151.hdr.sgml : 20220603
<ACCEPTANCE-DATETIME>20220603170714
ACCESSION NUMBER:		0001104659-22-068151
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220603
DATE AS OF CHANGE:		20220603
EFFECTIVENESS DATE:		20220603

FILER:

	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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265424
		FILM NUMBER:		22995620

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2217149d1_s8.htm
<DESCRIPTION>FORM S-8
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; 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="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>FORM&nbsp;S-8</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">(Exact name of registrant
as specified in its charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Maryland</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>16-1685692</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(State
    or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>Cira
                                    Centre, 2929 Arch Street, Suite&nbsp;1703,</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>Philadelphia,
    Pennsylvania</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>19104</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(Address
    of Principal Executive Offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(Zip
    Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>COHEN&nbsp;&amp;
COMPANY INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>2020 LONG-TERM INCENTIVE
PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">(Full title of the
plan)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>Joseph W. Pooler,&nbsp;Jr.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>Chief Financial
Officer</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black">(Name
and address of agent for service)</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">(Telephone number,
including area code, of agent for service)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B><I>Copies to:</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>Darrick M. Mix,&nbsp;Esq.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>Duane Morris LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>30 South 17th Street</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>Philadelphia, PA
19103</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>(215) 979-1000</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &quot;emerging growth company&quot; in Rule&nbsp;12b-2 of the Exchange Act.</FONT></P>

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

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    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Large
                                            accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; color: Black">&uml;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Non-accelerated
    filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; color: Black">&uml;</FONT></P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Accelerated
                                            filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; color: Black">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Smaller
    reporting company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: Black">&#8999;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Emerging
    growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt; color: Black">&#168;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings; color: Black">&uml;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>INTRODUCTORY NOTE</B></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">Cohen&nbsp;&amp; Company Inc. (the &ldquo;<B>Registrant</B>&rdquo;)
has filed this registration statement on form S-8 (this &ldquo;<B>Registration Statement</B>&rdquo;) to register under the Securities
Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), the offer and sale of 700,000 shares of the Registrant&rsquo;s common
stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), not previously registered, pursuant to the Registrant&rsquo;s
2020 Long-Term Incentive Plan, as amended (the &ldquo;<B>Plan</B>&rdquo;). Such shares are being registered in addition to the Common
Stock previously registered for issuance on the Registrant&rsquo;s Registration Statements on Form&nbsp;S-8 concerning the Plan filed
with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on September&nbsp;17, 2021 (Registration No.&nbsp;333-248867)
and June&nbsp;10, 2022 (Registration No.&nbsp;333-256999) (together, the &ldquo;<B>Prior Registration Statement</B>&rdquo;).</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">Effective as of March&nbsp;28, 2022, the Board of Directors of the
Registrant authorized the registration of an additional 700,000 shares of Common Stock under the Plan. In accordance with Instruction
E to the General Instructions to Form&nbsp;S-8, the Registrant is registering the additional 700,000 shares of Common Stock which may,
following approval of the Plan by the Registrant&rsquo;s stockholders, which occurred on June&nbsp;2, 2022, be offered and sold under
the Plan pursuant to this Registration Statement, and the contents of the Prior Registration Statement are incorporated by reference herein
except to the extent supplemented, amended or superseded by the information set forth herein.</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; text-align: center; background-color: white"><B><BR>
PART&nbsp;I</B></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; text-align: center; background-color: white"><B>INFORMATION REQUIRED
IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></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; text-indent: 0.5in; background-color: white">The documents containing
the information specified in Item 1 and Item 2 of Part&nbsp;I of Form&nbsp;S-8 will be sent or given to employees as specified by Rule&nbsp;428(b)(1)&nbsp;under
the&nbsp;Securities Act. In accordance with the rules&nbsp;and regulations of the Commission and the instructions to Form&nbsp;S-8, such
documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule&nbsp;424&nbsp;under the&nbsp;Securities Act.</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; text-align: center"><B>PART&nbsp;II</B></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; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation of Documents by Reference. </B></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 following documents filed by the Registrant with the Commission
pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), are incorporated into this Registration
Statement by reference (other than, in each case, documents or information deemed to have been furnished and not filed in accordance with
the Commission&rsquo;s rules):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000143774922005639/cohn20211231_10k.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2021, filed with the Commission on March&nbsp;9, 2022;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000143774922011264/cohn20220331_10q.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2022, filed with the Commission on May&nbsp;6, 2022;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>The Registrant&rsquo;s Current Reports on Form&nbsp;8-K and Form&nbsp;8-K/A, filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000110465922009545/tm224795d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;31,
                                                                 2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000110465922032456/tm228555d2_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;10,
                                                                 2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000110465922036587/tm2210111d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;22,
                                                                 2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000110465922056180/tm2214399d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;5,
                                                                 2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000110465922064665/tm2216779d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;25,
                                                                 2022</A> and <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1270436/000110465922068125/tm2216779d2_8k.htm" STYLE="-sec-extract: exhibit">June 3, 2022</A>, respectively;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>The description of the Registrant&rsquo;s shares of Common Stock contained in its registration statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509253948/d8a12b.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A filed by the Registrant with the Commission on December&nbsp;16, 2009</A> pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act, including all amendments
and reports filed for the purpose of updating such description; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>The description of the Registrant&rsquo;s preferred stock purchase rights contained in its registration statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920031454/tm207557d5_8a12b.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A filed by the Registrant with the Commission on March&nbsp;10, 2020</A> pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act, including
all amendments and reports filed for the purpose of updating such description.</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"></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">All documents that the Registrant subsequently files pursuant to Sections
13(a), 13(c), 14 and 15(d)&nbsp;of the&nbsp;Exchange Act&nbsp;prior to the filing of a post-effective amendment to this Registration Statement
which indicates that all of the shares of Common Stock offered have been sold or which deregisters all of such shares then remaining unsold,
shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of
such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished
under current Items 2.02 or 7.01 of Form&nbsp;8-K, and exhibits furnished on such form that relate to such items, that is not deemed filed
under such provisions. For the purposes of this Registration Statement, any statement contained in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in
any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits.&nbsp;&nbsp;&nbsp;</B></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 following Exhibits are filed as part of this Registration Statement:</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; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 88%"><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="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000095013404001272/d10735a1exv3w1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000095013404001272/d10735a1exv3w1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;3.1 to Amendment No.&nbsp;1 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-11 (file&nbsp;no.&nbsp;333-111018) filed with the Commission on February&nbsp;6, 2004).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312506212079/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312506212079/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment changing name to Alesco Financial Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-3 (file no. 333-138136) filed with the Commission on October&nbsp;20, 2006).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to Effectuate a Reverse Stock Split (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex32.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex32.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to Set Par Value (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex33.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex33.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;A Voting Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.3 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex34.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex34.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;B Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.4 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex35.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex35.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to change Name to Cohen&nbsp;&amp; Company Inc. (incorporated by reference to Exhibit&nbsp;3.5 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511012457/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511012457/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment Changing Name to Institutional Financial Markets,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on January&nbsp;24, 2011).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312505199598/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312505199598/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-laws, as amended (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on October&nbsp;11, 2005).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312512519280/d460032dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312512519280/d460032dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;D Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;31, 2012).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;E Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on May&nbsp;13, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 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="text-align: center; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</FONT></A></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment Changing Name to Cohen&nbsp;&amp; Company Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on September&nbsp;1, 2017).</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 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; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
</TABLE>

<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="text-align: center; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</FONT></A></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to Effectuate a Reverse Stock Split and to Set Par Value (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on September&nbsp;1, 2017).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465919076944/tm1927524d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465919076944/tm1927524d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cohen&nbsp;&amp; Company Inc. Articles Supplementary Series&nbsp;F Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on December&nbsp;31, 2019). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of 10.50% Contingent Convertible Senior Notes due 2027 (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on July&nbsp;26, 2011).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312507147431/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312507147431/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junior Subordinated Indenture, dated as of June&nbsp;25, 2007, by and between Alesco Financial Inc. and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on June&nbsp;29, 2007).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Specimen Stock Certificate (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K (file no. 001-32026) filed with the Commission on March&nbsp;10, 2010).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated as of May&nbsp;9, 2013, by and among Institutional Financial Markets,&nbsp;Inc., Cohen Bros. Financial, LLC and Mead Park Capital Partners LLC (incorporated by reference to Exhibit&nbsp;10.3 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on May&nbsp;13, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Indenture (incorporated by reference to Exhibit&nbsp;4.18 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-3 (file no. 333-193975) filed with the Commission on February&nbsp;14, 2014).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;382 Rights Agreement, dated as of August&nbsp;3, 2016, by and between Institutional Financial Markets,&nbsp;Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on August&nbsp;3, 2016).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000127043620000003/cohn-20191231xex4_7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000127043620000003/cohn-20191231xex4_7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities Registered Pursuant to Section&nbsp;12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit&nbsp;4.7 to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K filed with the Commission on March&nbsp;6, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.23</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;382 Rights Agreement, dated as of March&nbsp;10, 2020, between Cohen&nbsp;&amp; Company Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on March&nbsp;10, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cohen&nbsp;&amp; Company Inc. 2020 Long-Term Incentive Plan (incorporated by reference to Exhibit&nbsp;4.24 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-8 filed with the Commission on September&nbsp;17, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465921049808/tm212435-1_pre14a.htm#tANNEXA" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465921049808/tm212435-1_pre14a.htm#tANNEXA" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No.&nbsp;1 to the Cohen&nbsp;&amp; Company Inc. 2020 Long-Term Incentive Plan (incorporated by reference to Annex A to the Registrant&rsquo;s Definitive Proxy Statement on Schedule 14A filed with the Commission on April&nbsp;13, 2021).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.26</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="background-color: white"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of 10.50% Contingent Convertible Senior Notes due 2027 (incorporated by reference to Exhibit&nbsp;4.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on July&nbsp;26, 2011).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.27</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junior Subordinated Indenture, dated as of June&nbsp;25, 2007, by and between Alesco Financial Inc. and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on June&nbsp;29, 2007).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.28</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Specimen Stock Certificate (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Annual Report on Form&nbsp;10-K filed with the SEC on March&nbsp;10, 2010). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.29</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="background-color: white"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated as of May&nbsp;9, 2013, by and among Institutional Financial Markets,&nbsp;Inc., Cohen Bros. Financial, LLC and Mead Park Capital Partners LLC (incorporated by reference to Exhibit&nbsp;10.3 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on May&nbsp;13, 2013).</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 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; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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="text-align: center; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.30</FONT></A></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Indenture (incorporated by reference to Exhibit&nbsp;4.18 to the Company&rsquo;s Registration Statement on Form&nbsp;S-3 filed with the SEC on February&nbsp;14, 2014).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.31</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;382 Rights Agreement, dated as of August&nbsp;3, 2016, by and between Institutional Financial Markets,&nbsp;Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on August&nbsp;3, 2016).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920031424/tm207557d4_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920031424/tm207557d4_ex4-1.htm" STYLE="-sec-extract: exhibit">Section&nbsp;382 Rights Agreement, dated as of March&nbsp;10, 2020, between Cohen&nbsp;&amp; Company Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on March&nbsp;10, 2020).&nbsp;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Duane Morris LLP. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Grant Thornton LLP,&nbsp;Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Duane Morris LLP (included in Exhibit&nbsp;5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature pages&nbsp;of this Registration Statement).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex-fillingfees.htm">107.1*</A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex-fillingfees.htm">Filing Fee Table.</A></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-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&#8239;&#8239;
Filed herewith.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings.&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The undersigned Registrant hereby undertakes:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective Registration Statement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Provided,
however,</I></FONT>&nbsp;that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant
to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the Registration Statement;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where
applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that
is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</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"></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; text-align: center"><B><A NAME="a_001"></A>SIGNATURES AND POWER OF ATTORNEY</B></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">Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Philadelphia, Commonwealth
of Pennsylvania, on June&nbsp;3, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COHEN&nbsp;&amp; COMPANY INC.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lester R. Brafman</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lester R. Brafman</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Principal Executive Officer)</B></P></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">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Lester R. Brafman and Joseph W. Pooler,&nbsp;Jr., and each of them, with full power to act without
the other, as such person&rsquo;s true and lawful&nbsp;attorneys-in-fact&nbsp;and agents, with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign this registration statement and any and all
amendments thereto, and to file the same, with exhibits and schedules thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said&nbsp;attorneys-in-fact&nbsp;and agents, and each of them, full power and authority to do and
perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes
as he or she might or could do in person, hereby ratifying and confirming all that said&nbsp;attorneys-in-fact&nbsp;and agents, or any
of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</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">Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Signatures</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Title</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Date</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;Lester R. Brafman</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lester R. Brafman</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;Daniel G. Cohen</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Executive <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Daniel G. Cohen</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;G. Steven Dawson</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G. Steven Dawson</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;Jack J. DiMaio,&nbsp;Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jack J. DiMaio,&nbsp;Jr.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;Jack Haraburda</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jack Haraburda</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;Diana Louise Liberto</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Diana Louise Liberto</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;Joseph W. Pooler,&nbsp;Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Executive Vice President, Chief</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Financial Officer and Treasurer</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joseph W. Pooler,&nbsp;Jr.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Douglas Listman</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Accounting Officer and Assistant</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Treasurer</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Douglas Listman</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Accounting Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</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"></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; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></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="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 88%"><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="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000095013404001272/d10735a1exv3w1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000095013404001272/d10735a1exv3w1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;3.1 to Amendment No.&nbsp;1 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-11 (file&nbsp;no.&nbsp;333-111018) filed with the Commission on February&nbsp;6, 2004).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312506212079/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312506212079/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment changing name to Alesco Financial Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-3 (file no. 333-138136) filed with the Commission on October&nbsp;20, 2006).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to Effectuate a Reverse Stock Split (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex32.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex32.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to Set Par Value (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex33.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex33.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;A Voting Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.3 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex34.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex34.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;B Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.4 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex35.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312509254037/dex35.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to change Name to Cohen&nbsp;&amp; Company Inc. (incorporated by reference to Exhibit&nbsp;3.5 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;17, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511012457/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511012457/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment Changing Name to Institutional Financial Markets,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on January&nbsp;24, 2011).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312505199598/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312505199598/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-laws, as amended (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on October&nbsp;11, 2005).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312512519280/d460032dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312512519280/d460032dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;D Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on December&nbsp;31, 2012).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary &mdash; Series&nbsp;E Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on May&nbsp;13, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 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="text-align: center; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</FONT></A></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment Changing Name to Cohen&nbsp;&amp; Company Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on September&nbsp;1, 2017).</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<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; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
</TABLE>

<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="text-align: center; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</FONT></A></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465917055240/a17-21184_1ex3d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to Effectuate a Reverse Stock Split and to Set Par Value (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on September&nbsp;1, 2017).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465919076944/tm1927524d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465919076944/tm1927524d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cohen&nbsp;&amp; Company Inc. Articles Supplementary Series&nbsp;F Voting Non-Convertible Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on December&nbsp;31, 2019). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of 10.50% Contingent Convertible Senior Notes due 2027 (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on July&nbsp;26, 2011).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312507147431/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312507147431/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junior Subordinated Indenture, dated as of June&nbsp;25, 2007, by and between Alesco Financial Inc. and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on June&nbsp;29, 2007).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Specimen Stock Certificate (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K (file no. 001-32026) filed with the Commission on March&nbsp;10, 2010).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated as of May&nbsp;9, 2013, by and among Institutional Financial Markets,&nbsp;Inc., Cohen Bros. Financial, LLC and Mead Park Capital Partners LLC (incorporated by reference to Exhibit&nbsp;10.3 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K (file no. 001-32026) filed with the Commission on May&nbsp;13, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Indenture (incorporated by reference to Exhibit&nbsp;4.18 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-3 (file no. 333-193975) filed with the Commission on February&nbsp;14, 2014).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;382 Rights Agreement, dated as of August&nbsp;3, 2016, by and between Institutional Financial Markets,&nbsp;Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on August&nbsp;3, 2016).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000127043620000003/cohn-20191231xex4_7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000127043620000003/cohn-20191231xex4_7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities Registered Pursuant to Section&nbsp;12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit&nbsp;4.7 to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K filed with the Commission on March&nbsp;6, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.23</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;382 Rights Agreement, dated as of March&nbsp;10, 2020, between Cohen&nbsp;&amp; Company Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on March&nbsp;10, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920106110/tm2031002d1_ex4-24.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cohen&nbsp;&amp; Company Inc. 2020 Long-Term Incentive Plan (incorporated by reference to Exhibit&nbsp;4.24 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-8 filed with the Commission on September&nbsp;17, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465921049808/tm212435-1_pre14a.htm#tANNEXA" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465921049808/tm212435-1_pre14a.htm#tANNEXA" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No.&nbsp;1 to the Cohen&nbsp;&amp; Company Inc. 2020 Long-Term Incentive Plan (incorporated by reference to Annex A to the Registrant&rsquo;s Definitive Proxy Statement on Schedule 14A filed with the Commission on April&nbsp;13, 2021).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.26</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="background-color: white"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex42.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of 10.50% Contingent Convertible Senior Notes due 2027 (incorporated by reference to Exhibit&nbsp;4.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on July&nbsp;26, 2011).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.27</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312511197000/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junior Subordinated Indenture, dated as of June&nbsp;25, 2007, by and between Alesco Financial Inc. and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on June&nbsp;29, 2007).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.28</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312510052707/dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Specimen Stock Certificate (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Annual Report on Form&nbsp;10-K filed with the SEC on March&nbsp;10, 2010). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.29</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="background-color: white"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312513217065/d537407dex103.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated as of May&nbsp;9, 2013, by and among Institutional Financial Markets,&nbsp;Inc., Cohen Bros. Financial, LLC and Mead Park Capital Partners LLC (incorporated by reference to Exhibit&nbsp;10.3 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on May&nbsp;13, 2013).</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<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; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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="text-align: center; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.30</FONT></A></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000119312514055210/d676998dex418.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Indenture (incorporated by reference to Exhibit&nbsp;4.18 to the Company&rsquo;s Registration Statement on Form&nbsp;S-3 filed with the SEC on February&nbsp;14, 2014).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.31</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465916136367/a16-15931_2ex4d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;382 Rights Agreement, dated as of August&nbsp;3, 2016, by and between Institutional Financial Markets,&nbsp;Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on August&nbsp;3, 2016).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920031424/tm207557d4_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1270436/000110465920031424/tm207557d4_ex4-1.htm" STYLE="-sec-extract: exhibit">Section&nbsp;382 Rights Agreement, dated as of March&nbsp;10, 2020, between Cohen&nbsp;&amp; Company Inc. and Computershare Inc. (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the SEC on March&nbsp;10, 2020).&nbsp;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Duane Morris LLP. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Grant Thornton LLP,&nbsp;Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Duane Morris LLP (included in Exhibit&nbsp;5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature pages&nbsp;of this Registration Statement).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><A HREF="tm2217149d1_ex-fillingfees.htm">107.1*</A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2217149d1_ex-fillingfees.htm">Filing Fee Table</A></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.</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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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2217149d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.1</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 33%">NEW YORK<BR>
    LONDON<BR>
    SINGAPORE<BR>
    PHILADELPHIA<BR>
    CHICAGO<BR>
    WASHINGTON, DC<BR>
    SAN FRANCISCO<BR>
    SILICON VALLEY<BR>
    SAN DIEGO<BR>
    LOS ANGELES<BR>
    BOSTON<BR>
    HOUSTON<BR>
    DALLAS<BR>
    AUSTIN<BR>
    HANOI<BR>
    HO CHI MINH CITY</TD>
  <TD STYLE="text-align: center; width: 34%"><P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="tm2217149d1_ex5-1img001.jpg" ALT=""></P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0"><I>&nbsp;</I></P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0"><I>FIRM and AFFILIATE OFFICES</I></P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0"><I>www.duanemorris.com</I></P></TD>
  <TD STYLE="text-align: center; width: 33%"><P STYLE="margin-top: 0; margin-bottom: 0">SHANGHAI<BR> ATLANTA<BR> BALTIMORE<BR> WILMINGTON<BR> MIAMI<BR> BOCA RATON<BR> PITTSBURGH<BR> NEWARK<BR> LAS VEGAS<BR> CHERRY HILL<BR> LAKE TAHOE<BR> MYANMAR</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">ALLIANCES IN MEXICO<BR>
    AND SRI LANKA</P></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">June&nbsp;3, 2022</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-top: 0pt; margin-bottom: 0pt">Cohen&nbsp;&amp; Company Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Cira Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">2929 Arch Street, Suite&nbsp;1703</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Philadelphia, Pennsylvania 19104</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Cohen&nbsp;&amp; Company Inc. - Registration Statement on Form&nbsp;S-8 Relating<BR>
<U>to the Cohen&nbsp;&amp; Company Inc. 2020 Long-Term Incentive Plan</U></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">Ladies and Gentlemen:</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; text-align: justify; text-indent: 0.5in">We have acted as counsel to&nbsp;Cohen&nbsp;&amp;
Company&nbsp;Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the preparation of a registration statement
on Form&nbsp;S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;). The Registration Statement is to be filed with the U.S. Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;), for the registration by the
Company of 700,000 shares of the Company&rsquo;s common stock, par value $0.01 per share (collectively, the &ldquo;<B>Shares</B>&rdquo;),
which may be issued under the Cohen&nbsp;&amp; Company&nbsp;Inc. 2020 Long-Term Incentive Plan, as amended (the &ldquo;<B>Plan</B>&rdquo;).&nbsp;
This opinion letter is being furnished in connection with the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Act, and
no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement, other than as expressly set
forth herein.</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; text-align: justify; text-indent: 0.5in">In connection with the opinion
set forth in this letter, we have examined the Registration Statement, originals, or copies certified or otherwise identified to our satisfaction,
of the Plan, the Company&rsquo;s Second Articles of Amendment and Restatement, as amended, and the Company&rsquo;s By-laws, and such other
documents, records and other instruments as we have deemed appropriate for purposes of the opinion set forth herein.&nbsp; With your consent,
we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently
verified such factual matters.</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-variant: small-caps">Duane
                                            Morris </FONT><FONT STYLE="font-size: 9pt; font-variant: small-caps">llp</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; text-transform: uppercase">30
    SOUTH 17TH STREET&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA, PA 19103-4196</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; text-transform: uppercase">PHONE:
    +1 215 979 1000&nbsp;&nbsp;&nbsp;&nbsp;FAX: +1 215 979 1020</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"></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2217149d1_ex5-1img002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;3, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</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; text-align: justify; text-indent: 0.5in">We have assumed the genuineness
of all signatures, the legal capacity of all natural persons, the authenticity of the documents submitted to us as originals, the conformity
with the originals of all documents submitted to us as certified, facsimile, photostatic or other copies and the authenticity of the originals
of all documents submitted to us as copies.</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; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
we are of the opinion that the Shares to be issued by the Company under the Plan, when issued in accordance with the terms and conditions
of the Plan, will be legally issued, fully paid and non-assessable.</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; text-align: justify; text-indent: 0.5in">The opinions set forth above
are limited to the Maryland General Corporation Law as currently in effect, and no opinion is expressed with respect to such laws as subsequently
amended, or any other laws, or any effect that such amended or other laws may have on the opinions expressed herein. The opinions expressed
herein are limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein.
The opinions expressed herein are given as of the date hereof, and we undertake no obligation to advise you of any changes in applicable
laws after the date hereof or of any facts that might change the opinions expressed herein that we may become aware of after the date
hereof.</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; text-align: justify; text-indent: 0.5in">We hereby consent to the use
of this opinion letter as Exhibit&nbsp;5.1 to the Registration Statement to be filed by the Company on or about the date hereof. In giving
the opinion herein set forth, we do not hereby admit that we are acting within the category of persons whose consent is required under
Section&nbsp;7 of the Act or the rules&nbsp;or regulations of the U.S. Securities and Exchange Commission thereunder.</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 0pt 4in">Very truly yours,</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 0pt 4in">/s/ Duane Morris LLP</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>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2217149d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;23.1</B></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; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></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">We have issued our report dated March&nbsp;9, 2022 with respect to
the consolidated financial statements of Cohen&nbsp;&amp; Company Inc. included in the Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2021, which is incorporated by reference in this Registration Statement. We consent to the incorporation by reference
of the aforementioned report in this Registration Statement.</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 100%">/s/ GRANT THORNTON LLP</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Philadelphia, Pennsylvania</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">June&nbsp;3, 2022</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"></P>

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2217149d1_ex-fillingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit&nbsp;107</B></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; text-align: center; background-color: white"><B>Calculation of Filing
Fee Table</B></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; text-align: center; background-color: white"><B>Form&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Form&nbsp;Type)</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; text-align: center; background-color: white"><B>Cohen&nbsp;&amp; Company
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Exact Name of Registrant
as Specified in its Charter)</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; text-align: center; background-color: white"><U>Table 1: Newly Registered
Securities</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Security&nbsp;Type</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security<BR> Class</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title</B></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fee<BR> Calculation<BR> Rule</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR> Registered<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed<BR> Maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering<BR> Price Per<BR> Unit<SUP>(2)</SUP></B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum<BR> Aggregate</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price<SUP>(2)</SUP></B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rate</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of<BR> Registration<BR> Fee<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 0pt">&nbsp;</TD><TD STYLE="font-size: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 8pt">Equity</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-bottom: 1pt">Common Stock, $0.01 par value per share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center; padding-bottom: 1pt">Rule&nbsp;457(c)&nbsp;and <BR>Rule&nbsp;457(h)</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 10pt; text-align: right">700,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 10pt; text-align: right">15.24</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">(2)</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 10pt; text-align: right">10,668,000.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 10pt; text-align: right">0.0000927</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 10pt; text-align: right">988.92</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 8pt">Equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">Preferred Stock Purchase Rights<FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&mdash;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="8" STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 8pt">Total Offering Amounts</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,668,000.00</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">988.92</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="8" STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 8pt">Total Fees Previously Paid</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="8" STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 8pt">Total Fee Offsets</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="8" STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 8pt">Net Fee Due</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">988.92</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</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: 3%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 97%">Pursuant to Rule&nbsp;416(a)&nbsp;under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), this Registration Statement on Form&nbsp;S-8 (this &ldquo;<B>Registration Statement</B>&rdquo;) of Cohen&nbsp;&amp; Company Inc. (the &ldquo;<B>Registrant</B>&rdquo;) shall also cover such additional shares of the Registrant&rsquo;s common stock, par value $0.01 per share (&ldquo;<B>Common Stock</B>&rdquo;), as may hereafter be offered or issued to prevent dilution resulting from stock splits, stock dividends, or similar transactions.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD>Calculated pursuant to Rule&nbsp;457(c)&nbsp;and (h)&nbsp;under the Securities Act based upon the average ($15.24) of the high ($15.49) and low ($14.99) prices of the Common Stock reported by the NYSE American on May&nbsp;26, 2022, which is within five (5)&nbsp;business days prior to the date of this Registration Statement. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(3)</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each share of Common Stock is accompanied by a right to purchase
a unit consisting of one ten-thousandth of a share of the Registrant&rsquo;s Series&nbsp;C Junior Participating Preferred Stock, par
value $0.001 per share, pursuant to a Rights Agreement between the Registrant and Computershare Inc., as Rights Agent.</P></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"></P>

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