Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1511

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 1511
---
337

     $
     9,004

     $
     (1,667
     )

﻿

A significant portion of our asset management fees are earned from the management of CDOs.  We have not completed a new securitization since 2008.  As a result, our asset management revenue from CDOs has declined from its historical highs as the assets of the CDOs decline due to maturities, repayments, auction call redemptions, liquidations, and defaults.  Our ability to complete securitizations in the future will depend upon, among other things, our asset origination capacity and success, our ability to arrange warehouse financing to originate assets, our willingness and capacity to fund required amounts to obtain warehouse financing and securitized financings, and the demand in the markets for such securitizations. 

Asset management fees from CDOs decreased primarily because one of the securitizations we manage completed a successful auction during 2022.  As a result, we received payment of deferred subordinated management fees of $1,600 in 2022.  Otherwise, asset management fees from CDOs declined by $216 during 2023 mainly due to a decline in AUM due to liquidations and principal paydowns of collateral. 

Asset management fees from other investment vehicles remained relatively unchanged.

All asset management revenue is included in our asset management segment.  See note 29 to our consolidated financial statements included in this Annual Report on Form 10-K.

      54

New Issue and Advisory Revenue 

﻿ 

New issue and advisory revenue increased by $3,543, or 14%, to $28,264 for the year ended December 31, 2023, as compared to $24,721 for the year ended December 31, 2022. 

      Year Ended December 31, 

      2023 

      2022 

      Change 

      CCM 
      
     $
     26,174

     $
     16,880

     $
     9,294

      Commercial Real Estate Originations 

     47

     1,897

     (1,850
     )

      U.S. Insurance Originations 

     800

     4,753

     (3,953
     )

      Europe Insurance Originations 

     1,243

     1,191

     52

      Total