Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 555

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 555
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 Agreement, the Company no longer had any investment in Vellar GP. Pursuant to the Vellar Purchase Agreement, the Operating LLC resigned as the managing member of Vellar GP, effective  February 25, 2025.  In the first quarter of 2025, the Company expects to record a net loss of $404 related to Vellar GP which includes both the loss on sale and results of operations for the 2025 period prior to the sale.  
    
   Pursuant to the Vellar Transition Services Agreement, in exchange for the Operating LLC’s agreement to provide certain transitional services to Vellar GP, Vellar GP agreed to pay to the Operating LLC certain defined revenue share amounts up to an aggregate of $4,234; and (ii) agreed to decrease the amount which the Operating LLC had previously agreed to pay to Vellar GP  in connection with the funding of certain Vellar GP litigation expenses from $2,121 to $1,084.
    
   Other 
    
   The Company invests in sponsor entities of SPACS, either directly or through its interest in the SPAC Series Funds, which are not otherwise affiliated with the Company, but are considered related parties because they are accounted for under the equity method.  As of  December 31, 2024, the Company owned 5.35% of these entities in the aggregate. Income earned, or loss incurred, on the equity method investment in these other SPAC sponsor entities is included in the table below.   

        F-
       79

   The following table displays the routine transactions recognized in the statements of operations from the identified related parties that are described above.
    
     RELATED PARTY TRANSACTIONS 
  (Dollars in Thousands) 

       For the Years Ended December 31,  
   2024    2023    2022  
             
 Asset management             
 CREO JV  $711  $113  $- 
 SPAC Fund   -   173   954 
 U.S. Insurance JV   1,165   1,201   1,069 
  $1,876  $1,487  $2,023 
 Principal transactions and other income             
 CREO JV  $617  $901  $32 
 Insurance SPAC III   -   -   220