Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 282

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 282
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 entities.  Therefore, the income/(loss) of these entities is included in our consolidated results, but no tax expense/(benefit) related to the unowned portions of these entities is included in our consolidated results. 

3. There are state, local, and foreign taxes that the Operating LLC or its subsidiaries are subject to, which are included in our effective tax rate.  

4. We also have valuation allowances applied against our NOL and NCL carryforward deferred tax assets as well as our tax over book basis in the Operating LLC.  Valuation allowances are applied to deferred tax assets when management determines that the assets may not be fully realized.  This determination requires significant judgement and is primarily based on management's expectations regarding the generation of future taxable income.  ASC 740 indicates that all available evidence should be considered when assessing the need for and the appropriate level of a valuation allowance.  All available evidence includes historical information supplemented by all currently available information about future periods.  

The Big Beautiful Bill Act ("OBBBA") was enacted on July 4, 2025.  The only provisions of the OBBBA that directly impact us are: (i) changes in bonus depreciation and (ii) changes in the calculation of the amount of net interest expense that is deductible.  In both cases, the impact to us will be immaterial.  The OBBBA made significant changes to individual income taxes including the taxation of overtime and tips that may impact certain company's workforces thereby having an indirect effect on these companies.  However, none of our employees receive tips and we have an immaterial number of hourly employees. 

       71

Net Income / (Loss) Attributable to the Non-Convertible Non-Controlling Interest 

Net income / (loss) attributable to the non-convertible non-controlling interest for the nine months ended September 30, 2025 and 2024 was comprised of the non-controlling interest related to member interests in consolidated subsidiaries of the Operating LLC other than interests held by us therein for the relevant periods.  These interests are not convertible into Common Stock.  

SUMMARY CALCULATION OF NON-CONVERTIBLE NON-CONTROLLING INTEREST

      Nine Months Ended September 30, 

      2025 

      2024 

      Change 

      Other SPAC Sponsor Investor 
      
     $
     (7,070
     )
      
     $
     6,