Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1499

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 1499
---
     $
     9,009

     $
     7,337

     $
     1,672

Asset management fees from CDOs remained relatively unchanged. Asset management fees from other increased primarily due to the recognition in 2024 of deferred performance fees related to certain PriDe Funds and the portfolio servicing fee on the notional amount of loans owned by the CREO JV. 

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.

﻿ 

New Issue and Advisory Revenue 

﻿ 

New issue and advisory revenue increased by $35,158, or 124%, to $63,422 for the year ended December 31, 2024, as compared to $28,264 for the year ended December 31, 2023.

      Year Ended December 31, 

      2024 

      2023 

      Change 

      CCM 
      
     $
     61,567

     $
     26,174

     $
     35,393

      Commercial Real Estate Originations 

     484

     47

     437

      U.S. Insurance Originations 

     -

     800

     (800
     )

      European Insurance Originations 

     1,371

     1,243

     128

      Total 
      
     $
     63,422

     $
     28,264

     $
     35,158

﻿   

Our revenue earned from new issue and advisory has been, and we expect will continue to be, volatile. We earn revenue from a limited number of engagements. Therefore, a small change in the number of engagements can result in large fluctuations in the revenue recognized. Further, even if the number of engagements remains consistent, the average revenue per engagement can fluctuate considerably. Finally, our revenue is generally earned when an underlying transaction closes (rather than on a monthly or quarterly basis). Therefore, the timing of underlying transactions increases the volatility of our revenue recognition. ﻿  In addition, we often incur certain costs related to new issue engagements.  These costs are included as a component of either subscriptions, clearing and execution, or professional fees and other. All new issue 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.