Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2225

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 4
Chunk 2225
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 on Form 10-K. The fair value estimates made by us may not be indicative of the final sale price at which these assets may be sold.  We consider our matched book repo business to be subject to significant concentration risk.  See note 11 to our consolidated financial statements included in this Annual Report on Form 10-K.  All net trading revenue is included in our Capital Markets segment.  See note 29 to our consolidated financial statements included in this Annual Report on Form 10-K.

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Asset Management 

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Asset management fees decreased by $1,667, or 19%, to $7,337 for the year ended December 31, 2023, as compared to $9,004 for the year ended December 31, 2022, as discussed in more detail below.

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      ASSET MANAGEMENT 

      (Dollars in Thousands) 

      For the Year Ended December 31, 

      2023 

      2022 

      Change 

      CDOs 
      
     $
     1,638

     $
     3,454

     $
     (1,816
     )

      Other 

     5,699

     5,550

     149

      Total 
      
     $
     7,337

     $
     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