<SEC-DOCUMENT>0001104659-24-125085.txt : 20241203
<SEC-HEADER>0001104659-24-125085.hdr.sgml : 20241203
<ACCEPTANCE-DATETIME>20241203161731
ACCESSION NUMBER:		0001104659-24-125085
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241203
DATE AS OF CHANGE:		20241203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cohen & Co Inc.
		CENTRAL INDEX KEY:			0001270436
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				161685692
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-79769
		FILM NUMBER:		241522996

	BUSINESS ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104-2870
		BUSINESS PHONE:		215-701-9555

	MAIL ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104-2870

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INSTITUTIONAL FINANCIAL MARKETS, INC.
		DATE OF NAME CHANGE:	20110121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & Co INC.
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALESCO FINANCIAL INC
		DATE OF NAME CHANGE:	20061006

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brafman Lester Raymond
		CENTRAL INDEX KEY:			0001578554
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		C/O INSTITUTIONAL FINANCIAL MARKETS, INC
		STREET 2:		2929 ARCH STREET, 17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tm2429874d1_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<HTML>
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<P STYLE="margin: 0"></P>

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

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



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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp;4)*</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class&nbsp;of Securities)</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>19249M 102</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December&nbsp;2, 2024</B></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the filing person has previously filed a statement on Schedule&nbsp;13G to report the acquisition that is the subject of this Schedule&nbsp;13D,
and is filing this schedule because of &sect;&sect;&nbsp;240.13d-1(e), 240.13d-1(f)&nbsp;or 240.13d-1(g), check the following box.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note:
</B></FONT>Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
Rule&nbsp;13d-7 for other parties to whom copies are to be sent.</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
    13D</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.&nbsp;19249M 102</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;2
    of 5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;1&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of reporting person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lester R. Brafman</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box if a member of a group (see instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC use only</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of funds (see instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;OO&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check if disclosure of legal proceedings is required pursuant
    to Items 2(d) or 2(e)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or place of organization</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;United States of America&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-left: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Number&nbsp;of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">beneficially</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">owned&nbsp;by</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">each</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reporting</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">with</P>
    <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">&nbsp;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole voting power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;275,702<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared voting power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;0&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole dispositive power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;275,702 <FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared dispositive power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;0&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate amount beneficially owned by each reporting person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;275,702 <FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check box, if the aggregate amount in Row (11) excludes certain
    shares (see instructions)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of class represented by amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;14.14%&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of reporting person (see instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;IN&nbsp;</P></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 5%">(1)</TD>
  <TD STYLE="text-align: left; width: 95%">Includes 40,000 restricted shares of the common stock, par value $0.01 per share (&ldquo;Common
  Stock&rdquo;), of Cohen &amp; Company Inc., a Maryland corporation, held directly by Lester R. Brafman (the &ldquo;Reporting Person&rdquo;),
  the restrictions on which will expire on January 31, 2025. Upon the expiration of such restrictions on January 31, 2025, which date
  is within 60 days of the date of this Amendment No. 4 to Schedule 13D, the Reporting Person will acquire both voting and dispositive
  control over all such shares of Common Stock. Accordingly, the Reporting Person may be deemed to be the beneficial owner of all of
  such 40,000 restricted shares of Common Stock, which shares are the subject of this Amendment No. 4 to Schedule 13D.</TD></TR>
</TABLE>


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  <TR>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
    13D</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.&nbsp;19249M 102</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;3
    of 5</FONT></TD></TR>
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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">This Amendment No. 4 to Schedule 13D is filed to amend Items 3, 4
and 5 of the Schedule 13D filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on February 16, 2021, as amended
by Amendment No. 1 to Schedule 13D filed with the SEC on December 3, 2021; as amended by Amendment No. 2 to Schedule 13D filed with the
SEC on December 5, 2022; and as amended by Amendment No. 3 to Schedule 13D filed with the SEC on December 4, 2023 (as so amended, the
 &ldquo;Schedule 13D&rdquo;). Except as set forth herein, the Schedule 13D is unmodified.</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="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S</B></FONT><B><FONT STYLE="font-size: 10pt">ource
    and Amount of Funds or Other Consideration.</FONT></B></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">Item 3 of the Schedule 13D is hereby supplemented as follows:</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">As previously disclosed, on October 22, 2020, Cohen &amp; Company
Inc., a Maryland corporation (the &ldquo;Issuer&rdquo;), granted to Lester R. Brafman (the &ldquo;Reporting Person&rdquo;) 200,000 restricted
shares of the Issuer&rsquo;s common stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;), pursuant to the Issuer&rsquo;s 2020
Long-Term Incentive Plan, as amended. The restrictions will expire with respect to 40,000 of such restricted shares of Common Stock on
January 31, 2025 (collectively, the &ldquo;October 2020 Shares&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">Upon the expiration of the restrictions on January 31, 2025 (which
date is within 60 days of the date of this Amendment No. 4 to Schedule 13D) with respect to the October 2020 Shares, the Reporting Person
will acquire both voting and dispositive control over such shares of Common Stock. Accordingly, the Reporting Person may be deemed to
be the beneficial owner of all of the October 2020 Shares (or, an aggregate of 40,000 shares of Common Stock). Such 40,000 shares of
Common Stock are the subject of this Amendment No. 4 to Schedule 13D.</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="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purpose of Transaction.</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">Item 4 of this Schedule 13D is hereby supplemented by the information
set forth in Item 3 above, which information is incorporated by reference herein.</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="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest in Securities of the
    Issuer. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5 of the Schedule 13D is hereby amended and restated in its entirety
as follows:</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">The responses of the Reporting Person to rows (7)&nbsp;through (13)
of the cover page&nbsp;of this Schedule 13D are incorporated herein by reference.</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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;The
percentage of ownership indicated in this Schedule 13D is calculated based on 1,950,152 shares of Common Stock outstanding as of November
27, 2024, as provided by the Company.</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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;Upon
the expiration on January 31, 2025 of the restrictions on the October 2020 Shares, the Reporting Person will have the sole power to vote
or direct the vote of, and the sole power to dispose or direct the disposition of, all such shares of Common Stock.</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; text-align: left; margin: 0pt 0; background-color: white">(c)&nbsp;The information
in Item 4 is incorporated herein by reference. Except as set forth in this Schedule 13D, there have been no transactions in the Common
Stock effected during the past 60 days by the Reporting Person.</P>

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

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

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  <TR>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
    13D</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.&nbsp;19249M 102</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;4
    of 5</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;To
the knowledge of the Reporting Person, no person other than the Reporting Person has the right to receive or the power to direct the
receipt of dividends from, or proceeds from the sale of, the October 2020 Shares.</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; background-color: white">(e)&nbsp;Not applicable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</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">After reasonable inquiry and to the best of the undersigned&rsquo;s
knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.</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">Dated: December 3, 2024</P>

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

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Lester R. Brafman</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Lester R. Brafman</TD></TR>
</TABLE>


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