Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 329

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 329
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UM is from a diversified mix of other Investment Vehicles that were more recently formed.   

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      Principal Investing: Our Principal Investing business segment is comprised of investments that we hold related to our SPAC franchise and other investments we have made for the purpose of earning an investment return rather than investments to support our trading and CCM activities.  These investments are a component of our other investments, at fair value, other investments sold, not yet purchased, and investments in equity method affiliates in our consolidated balance sheet.   

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We generate our revenue by business segment primarily through the following activities.

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Capital Markets: 

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      Our trading activities, which include execution and brokerage services, riskless trading activities, as well as gains and losses (unrealized and realized) and income and expense earned on securities classified as trading; 

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      Revenue earned on our gestation repo financing program;  

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      New issue and advisory revenue comprised of (a) origination fees for newly created financial instruments originated by us, (b) revenue from advisory services, (c) underwriting; and (d) revenue associated with originating, arranging, or placing newly created financial instruments; and 

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     Gains and losses (unrealized and realized) and income and expense earned on securities classified as other investments, at fair value and other investments sold, not yet purchased, which were acquired in connection with our CCM business.

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Asset Management: 

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      Asset management fees for our on-going asset management services provided to certain Investment Vehicles, which may include fees both senior and subordinate to the securities issued in the Investment Vehicle; and 

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      Incentive management fees earned based on the performance of Investment Vehicles. 

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Principal Investing: 

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      Gains and losses (unrealized and realized) and income and expense earned on securities classified as other investments, at fair value and other investments sold, not yet purchased, which were not acquired as part of our CCM business; and 

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     Income and loss earned on equity method investments.

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      39

Business Environment 

Our business in general and our Capital Markets business segment in particular do not produce predictable earnings.  Our results can vary dramatically from year-to-year and quarter-to-quarter.  Our business is materially affected by economic conditions in the financial markets, political conditions