Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 120

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 120
---
 managed account or CDO based on whichever serves as the basis for our management fees. In the case where no management fees are earned, the net assets are included.  

Asset management fees increased by $90, or 4%, to $2,168 for the three months ended June 30, 2025, as compared to $2,078 for the three months ended June 30, 2024, as discussed in more detail below. The following table provides a more detailed comparison of the two periods.

ASSET MANAGEMENT

﻿ 

      Three Months Ended June 30, 

      2025 

      2024 

      Change 

      CDOs 
      
     $
     367

     $
     397

     $
     (30
     )

      Other 

     1,801

     1,681

     120

      Total 
      
     $
     2,168

     $
     2,078

     $
     90

Asset management fees from CDOs declined because of continued principal paydowns of assets in the CDOs.  The sale of the Alesco V and Alesco VIII CDO Agreements closed in July 2025.  During the three months ended June 30, 2025, we earned a total of $124 in revenue from these two contracts. As a result of the sale, asset management revenue from CDOs will decline in future quarters.  See note 4 to our consolidated financial statements included in this Quarterly Report on Form 10-Q.  Asset management fees from other increased primarily due to increases in fees earned in the PriDe Funds.  

       75

New Issue and Advisory

New issue and advisory revenue increased by $30,911 to $37,411 for the three months ended June 30, 2025, as compared to $6,500 for the three months ended June 30, 2024.  All of the new issue and advisory revenue recognized in both periods resulted from CCM's activities.  

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