EXHIBIT 99.4

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

In this report on Form 8-K, unless otherwise noted or as the context requires: “the Company,”, “Institutional Financial Markets”, “we”, “us”, “IFMI”, and “our” refers to Institutional Financial Markets, Inc. and it subsidiaries (formerly known as Cohen & Company Inc.). “IFMI LLC,” refers to IFMI LLC (formerly known as Cohen Brothers, LLC), the main operating subsidiary of the Company. “PrinceRidge” refers to PrinceRidge Partners, LLC, and its consolidated entities, including PrinceRidge Holdings LP. “Business Combination” refers to the June 1, 2011 closing of the contribution transaction between IFMI and PrinceRidge.

On April 19, 2011, the Company entered into a contribution agreement, referred to herein, as amended, as the “Contribution Agreement,” with PrinceRidge. On June 1, 2011, the Company completed the Business Combination, pursuant to which the Company contributed the equity interests of its wholly owned subsidiary, Cohen and Company Capital Markets, LLC (“CCCM”) along with cash and other amounts payable to PrinceRidge in exchange for a 69.9% equity interest in PrinceRidge. The owners of PrinceRidge prior to the Business Combination are referred to herein as the PrinceRidge Principals. The PrinceRidge Principals retained a 30.1% interest in PrinceRidge subsequent to the Business Combination and contribution.

The following unaudited pro forma condensed combined statements give effect to the Business Combination as if it had been completed as of March 31, 2011 for balance sheet purposes, and at the beginning of the periods presented for statements of operations purposes. We have adjusted the historical consolidated financial statements of both IFMI and PrinceRidge to give effect to pro forma events that are (1) directly attributable to the Business Combination, (2) factually supportable, and (3) with respect to the statement of operations, expected to have a continuing impact on the combined results. The manner in which this pro forma financial information is calculated may differ from similarly titled measures reported by other companies.

The unaudited pro forma condensed combined financial statements are presented for illustrative purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the Business Combination had been completed during the period or as of the dates for which the pro forma data is presented, nor is it necessarily indicative of future operating results or the future financial position of the combined company. These statements do not give effect to (1) IFMI or PrinceRidge’s results of operations or other transactions or developments since March 31, 2011, (2) the impact of possible enhancements, expense efficiencies or synergies expected to result from the Business Combination, or (3) the effects of events or developments that may occur subsequent to the Business Combination. The foregoing matters could cause both the combined company’s pro forma historical financial position and results of operations, and the combined company’s actual future financial position and results of operations, to differ materially from those presented in the accompanying unaudited pro forma condensed combined financial statements.

The unaudited pro forma condensed combined balance sheet and statement of operations and accompanying notes should be read in conjunction with the historical consolidated financial statements of IFMI and PrinceRidge. PrinceRidge’s audited financial statements for 2010 and 2011 are filed as an exhibit to the Form 8-K of which this exhibit is a part. IFMI’s historical audited financial statements and interim unaudited quarterly financial statements are included on Form 10-K and Forms 10-Q filed with the Securities and Exchange Commission and are available via IFMI’s website at www.ifmi.com.

Institutional Financial Markets, Inc.

Unaudited Pro Forma Condensed Combined Balance Sheet

As of March 31, 2011

(In thousands, except share amounts)

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Institutional Financial Markets, Inc.

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Three Months Ended March 31, 2011

(In thousands, except share and per share amounts)

3

Institutional Financial Markets, Inc.

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2010

(In thousands, except share and per share amounts)

4

Note 1 – Basis of Presentation

The unaudited pro forma condensed combined statements give effect to the Business Combination as a transaction to be accounted for as a purchase business combination under FASB Accounting Standards Codification (“ASC”) 805 “Business Combinations” and as if the acquisition of PrinceRidge had been completed as of March 31, 2011 for balance sheet purposes and at the beginning of the periods presented for statements of operations purposes. IFMI is the acquirer for accounting purposes. IFMI will record the acquisition of PrinceRidge’s assets and liabilities as of the effective date of the Business Combination.

The unaudited pro forma condensed combined financial statements are presented for illustrative purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the Business Combination had been completed during the period or as of the dates for which the pro forma data is presented, nor is it necessarily indicative of future operating results or the financial position of the combined company.

The purchase price of PrinceRidge has been allocated to the assets acquired and liabilities assumed based upon management’s preliminary estimates of their respective fair values as of the assumed date of acquisition as described above. The purchase price allocation reflected in the unaudited pro forma condensed combined financial statements is preliminary, and the final allocation will be based upon the fair values of the actual assets and liabilities of PrinceRidge as of the effective date of the combination. Accordingly, the actual purchase price adjustments may differ materially from those presented in these statements.

Certain reclassifications have been made to the PrinceRidge historical balances in the unaudited pro forma condensed combined financial statements in order to conform to IFMI’s presentation. IFMI has completed a preliminary review of PrinceRidge’s accounting policies but the review is ongoing. As such, additional reclassifications or pro forma adjustments may be identified.

Note 2 – Assets and Liabilities Acquired

The following represents the identifiable assets and liabilities acquired and the values assigned as of March 31, 2011:

Values Assigned to Identifiable Net Assets Acquired

Note 3 – Pro Forma Adjustments

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Calculation of Goodwill

The purchase price equals the fair value of the non-controlling interest retained by the PrinceRidge Principals. The fair value is calculated in (C) below.

Calculation of Fair Value of Non Controlling Interest

This interest represents the membership interests of PrinceRidge that are not owned by IFMI, LLC. The members of PrinceRidge have the right to withdraw from PrinceRidge and require PrinceRidge to redeem the interests for cash over an agreed upon payment period. The Company has concluded it will treat these interests as temporary equity under Accounting Series Release 268 (“ASR 268”). These interests will be shown outside of the permanent equity of IFMI in its consolidated balance sheet as redeemable non controlling interests.

6

Calculation of Adjustment to Non Controlling Interest

Calculation of Adjustment to Non Controlling Interest

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