Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2778

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 6
Chunk 2778
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DOs invest in bank and insurance company trust preferred securities ("TruPS") as well as insurance company subordinated debt.  CCFM also manages the SPAC Series Funds and managed the SPAC Fund.  
  2.  Dekania Capital Management, LLC (“DCM”) is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment adviser to the Company’s Dekania Europe II and Dekania Europe III CDOs.  The Dekania Europe CDOs invest primarily in financial institution TruPS and insurance company subordinated debt denominated in Euros.  DCM also manages the U.S. Insurance JV.     
  3.  JVB is a wholly owned subsidiary of the Operating LLC. JVB is a securities broker-dealer registered with the Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Industry Protection Corporation (“SIPC”).  JVB carries out the Company’s Capital Market business segment activities in the U.S.   
 4.CCFESA is regulated by the ACPR, and performs asset management and capital market activities in France and the European Union.  
  5.  Cohen & Compagnie SAS (formerly Cohen Fréres SAS), the Company’s French subsidiary, acted as a credit research adviser to DCM and CCFESA in analyzing the creditworthiness of insurance companies and financial institutions in Europe with respect to all assets included in the Dekania Europe CDOs and certain other Investment Vehicles.  This entity was merged into CCFESA in 2023.   
 6.SPAC Sponsor Entities:  A series of LLCs set up to pool investor funds and invest in private placements of Company sponsored special purpose acquisition companies ("SPACs").  See note 4.
 7.Vellar GP is an LLC in which the Operating LLC owns a one-third interest and consolidates.  Prior to  March 31, 2023, the Vellar GP was the general partner of the SPAC Fund but did not consolidate it.  Effective  April 1, 2023, the Vellar GP began consolidating the SPAC Fund. The Vellar GP primarily invests in share forward arrangements.  See notes 4, 10, and 31.    

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   2. BASIS OF PRESENTATION