Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2605

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 5
Chunk 2605
---
 fair value   5,680   34,129 
 Investment in equity method affiliates   15,881   2,638 
 Accounts payable and other liabilities   (4)  - 
 Other investments sold, not yet purchased   (1,591)  (24,396)
 Non-controlling interest   (11,460)  (9,604)
 Investment in consolidated VIEs  $10,738  $3,255 

   ﻿ 
   The maximum potential loss the Company could incur related to the consolidated VIEs is the investment in the consolidated VIEs shown in the table above. 
    
   The Company’s Principal Investing Portfolio 
   ﻿ 
   Included in other investments, at fair value and investment in equity method affiliates in the consolidated balance sheets are unconsolidated investments in several VIEs.  In each case, the Company determined that it was not the primary beneficiary. The maximum potential financial statement loss the Company would incur if the VIEs were to default on all their obligations would be the loss of the carrying value of these investments as well as any future investments the Company were to make.  As of  December 31, 2024 and 2023, there were $10,118 and $11,150, respectively, of unfunded investment commitments to VIEs in which the Company has invested.  Other than its investment in these entities, the Company did not provide financial support to these VIEs during the years ended  December 31, 2024 and 2023, and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these VIEs at  December 31, 2024 and 2023.  See table below. 
   ﻿ 
   ﻿ 
   For each investment management contract entered into by the Company, the Company assesses whether the entity being managed is a VIE and if the Company is the primary beneficiary.  Certain of the Investment Vehicles managed by the Company are VIEs.  Under the current guidance of FASB ASU 2015-12, the Company has concluded that its asset management contracts are not variable interests.  Currently, the Company has no other interests in entities it manages that are considered variable interests and are considered significant.  Therefore, the Company is not the primary beneficiary of any VIEs that it manages. 
   ﻿ 
   The Company