Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 292

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 292
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     41

     19

     22

      Redeemable Financial Instrument - JKD Investor 

     -

     (149
     )

     149

     $
     1,472

     $
     1,256

     $
     216

See notes 15 to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q.  

Gain on Sale of Management Contracts

     On March 13, 2025, we entered into an MTA with Hildene to sell our CDO collateral management contracts for (i) Alesco Preferred Funding III, Ltd., (ii) Alesco Preferred Funding IV, Ltd., (iii) Alesco Preferred Funding V, Ltd., (iv) Alesco Preferred Funding VI, Ltd., and (v) Alesco Preferred Funding VIII, Ltd. for a total of $3,500.  Each CDO collateral management contract sale was contingent upon certain conditions to closing.  The most significant condition outside of our and Hildene's control was consent of the preferred security holders of each CDO.  The MTA called for the purchase price to be reduced, dollar for dollar, for any management fees received by us after March 1, 2025. 

     During the nine months ended September 30, 2025, we received all required consents, and all of the sales were closed.  During the nine months ended September 30, 2025, we recorded a gain of $2,734, which represented the sale price of $3,500 less offsets of $766, which represented management fees received by us subsequent to March 1, 2025.  Of that gain of $2,734, $837 was recorded in the three months ended June 30, 2025, as a result of the closing of the Alesco Preferred Funding V and VIII sales, and $1,897 was recorded in the three months ended September 30, 2025, as a result of the closing of the Alesco Preferring Funding III, IV, and VI sales.    

Income / (Loss) from Equity Method Affiliates 

Income / (loss) from equity method affiliates decreased by $11,980 to ($12,663) for the three months ended September 30, 2025, as compared to ($683) for the three months ended September