Company: COHN
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-035625
Chunk: 93

Company: Cohen & Co Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 93
---
see note 31D to our consolidated financial statements included in the 2024 Form 10-K for further information regarding Cohen Circle, LLC) and third parties. Prior to March 31, 2023, the Vellar GP had an investment in the Vellar Master Fund, the potential to earn incentive fees, and did not consolidate the Vellar Master Fund. Effective April 1, 2023, all of the investors in the Vellar Master Fund, other than Vellar GP, redeemed all of their interests in the Vellar Master Fund. As a result, effective April 1, 2023, the Vellar GP became the sole owner of the Vellar Master Fund and began consolidating it. Effective April 1, 2023, Cohen & Company, LLC began consolidating the Vellar Master Fund as well. Vellar GP continued to run a principal investing business after April 1, 2023. In 2023 and 2024, the members of Vellar GP, including Solomon Cohen and Cohen & Company, LLC received distributions of earnings from Vellar GP. Solomon Cohen received distributions of $3,976 during 2023 and $3,304 in 2024. The total net income (loss) attributable to the non-controlling interest recognized by the Company during the year ended December 31, 2024 in connection with Solomon Cohen’s investments in the Vellar GP allocable to Solomon Cohen in 2023 was $7,377 and $317 in 2024. The total net income/(loss) attributable to the non-controlling interest recognized by the Company in connection with Solomon Cohen’s investments in the Vellar GP allocable to Solomon Cohen through March 31, 2025 was $432. Prior to the execution of the Vellar Agreements on February 25, 2025, Solomon Cohen was employed by the Company as a Portfolio Manager of the Company’s investment advisor subsidiary, Cohen & Company Financial Management, LLC. In connection with Solomon Cohen’s employment with the Company, the Company paid to Solomon Cohen an aggregate of $59 and $459 and in compensation and discretionary bonuses for 2024 and 2023, respectively. Pursuant to the Vellar Purchase Agreement, Cohen & Company, LLC sold half of its 33.4% interest in Vellar GP to each of Solomon Cohen and Jason Capone for an aggregate of $10. In connection with the execution of the Vellar Purchase Agreement, Solomon Cohen resigned from all positions he held at the 56