Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1694

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 1694
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 investment advisers, Cohen & Company Financial Management LLC ("CCFM"), is currently subject to an investigation by the SEC’s enforcement division, which is reviewing its disclosure practices around conflicts of interest and other issues.  As is the Company's current practice, it is cooperating with the SEC staff and is in the process of responding to their requests for information. The Company cannot predict the outcome of this investigation. The costs related to responding to and cooperating with the SEC staff  may be material and could continue to be material at least through the completion of the SEC investigation.
    
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        F-
       70

   29. SEGMENT AND GEOGRAPHIC INFORMATION 
    
   Segment Information 
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   The Company operates within three business segments: Capital Markets, Asset Management, and Principal Investing. See note 1.  The Company's chief executive officer is the chief operating decision-maker (“CODM”) and is responsible for allocating resources and assessing the performance of the business segments.  The CODM relies on enterprise net income / (loss) to allocate resources because it provides insight into profitability for the entire enterprise including the convertible non-controlling interest but excluding non-convertible non-controlling interest.   The CODM uses enterprise net income / (loss) in the annual budgeting and forecasting process.  The CODM considers budget to actual variances on a monthly basis when making allocation decisions.  
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   The Company’s business segment information was prepared in a manner consistent with the internal reporting provided to the CODM and represents the information that is relied upon by management in its decision-making processes. Revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment.
    
   Beginning with this Annual Report on Form 10-K, the Company presents principal transactions gains and losses that relate to financial instruments that the Company received through CCM's activities as part of the Capital Markets segment with all other principal transactions gains and losses included in the Principal Investing segment. Prior to this report, all principal transactions gains and losses were included in the Principal Investing segment.  The Company recast all prior periods presented in this Annual Report on Form 10-K to be consistent.  The CODM evaluates the performance of the Capital Markets segment including the gains and losses on the financial instruments received through CCM's activities.    
    
   Interest expense in the table below includes non-operating interest expense.