Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1257

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 1257
---
 valuation models and other estimates. See notes 9 and 10 to our consolidated financial statements included in this Annual Report on Form 10-K. The fair value estimates made by us may not be indicative of the final sale price at which these assets may be sold.  We consider our matched book repo business to be subject to significant concentration risk.  See note 11 to our consolidated financial statements included in this Annual Report on Form 10-K.  All net trading revenue is included in our Capital Markets segment.  See note 29 to our consolidated financial statements included in this Annual Report on Form 10-K.

Asset Management 

﻿ 

Assets Under Management ﻿ 

Our AUM equals the sum of the NAV or gross assets of the Investment Vehicles we manage based on whichever measurement serves as the basis for the calculation of our management fees. Our calculation of AUM may differ from the calculations used by other asset managers and, as a result, this measure may not be comparable to similar measures presented by other asset managers. This definition of AUM is not necessarily identical to the definitions of AUM that may be used in our management agreements.

﻿

﻿ 

      ASSETS UNDER MANAGEMENT 

      (Dollars in Thousands) 

      As of December 31, 

      2024 

      2023 

      2022 

      Company-sponsored CDOs 
      
     $
     965,887

     $
     995,191

     $
     1,053,430

      Other Investment Vehicles (1) 

     1,359,310

     1,362,484

     1,061,250

      Assets under management (2) 
      
     $
     2,325,197

     $
     2,357,675

     $
     2,114,680

﻿ 

      (1) 
      Other Investment Vehicles include any Investment Vehicle that is not a Company-sponsored CDO. 

      (2) 
      The accounts we manage may employ leverage.  In some cases, our fees are based on gross assets and in other cases on net assets.  Finally, in the case of the SPAC Series Funds, there are no management fees earned.  AUM included herein is calculated using either gross or net assets of each 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.