Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 50

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 50
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       35

   14. VARIABLE INTEREST ENTITIES
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   As a general matter, a reporting entity must consolidate a variable interest entity (“VIE”) when it is deemed to be the primary beneficiary.  The primary beneficiary is the entity that has both (a) the power to direct the matters that most significantly impact the VIE’s financial performance and (b) a significant variable interest in the VIE.
   ﻿ 
   Consolidated VIEs
    
   The Company determined it was the primary beneficiary of several VIEs and, therefore, has consolidated them.  The following table provides certain information regarding the consolidated VIEs.
    
   CARRYING VALUE OF CONSOLIDATED VARIABLE INTEREST ENTITIES
   (Dollars in Thousands)

       June 30, 2025    December 31, 2024  
 Cash and cash equivalents  $27  $59 
 Other receivables   -   19 
 Receivables from brokers, dealers, and clearing agencies   612   2,154 
 Other investments, at fair value   2,566   5,680 
 Investment in equity method affiliates   18,207   15,881 
 Accounts payable and other liabilities   -   (4)
 Other investments sold, not yet purchased, at fair value   -   (1,591)
 Non-controlling interest   (10,888)  (11,460)
 Investment in consolidated VIEs  $10,524  $10,738 

   The maximum potential loss the Company could incur related to the consolidated VIEs is the investment in consolidated VIEs shown in the table above.
    
   The Company’s Principal Investing Portfolio
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   Included in other investments, at fair value and investment in equity method affiliates in the consolidated balance sheets are investments in several VIEs.  In each case, the Company determined it was not the primary beneficiary.  The maximum potential financial statement loss the Company would incur if the VIEs were to default on all their obligations would be the loss of the carrying value of these investments as well as any future investments the Company were to make.  As of  June 30, 2025 and  December 31, 2024, there were $9,893 and $10,118, respectively,