Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 115

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 115
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 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 six months ended June 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

      Six Months Ended June 30, 

      2025 

      2024 

      Change 

      Other SPAC Sponsor Investor 
      
     $
     (353
     )
      
     $
     11,892

     $
     12,245

      Columbus Circle SPAC 

     (825
     )

     -

     825

      Vellar GP 

     864

     (828
     )

     (1,692
     )

      Total 
      
     $
     (314
     )
      
     $
     11,064

     $
     11,378

Other SPAC Sponsor Investor represents an entity that we consolidate, but do not wholly own, that invests in other SPAC sponsor entities. We sold