Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 114

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 114
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 with the same company.  Both the interest in the public company and the offsetting derivative are carried at fair value.  The amounts shown in the table above represent the net change in fair value recorded during the periods presented.  The interests we hold in SFA Counterparties are included as a component of other investments, at fair value.  The derivatives are included as a component of other investments sold, not yet purchased, at fair value.  Most our SFA transactions were undertaken in Vellar GP.  We sold our interest in Vellar GP during the nine months ended September 30, 2025.  

Other principal investments consist of realized and unrealized gains and losses from other investments reported at fair value. 

Other Income (Loss)

Other income / (loss) is comprised of an ongoing revenue share arrangement as well as other miscellaneous operating income items. The revenue share arrangement noted in the table above entitles us to a percentage of revenue earned by IIFC.  The IIFC revenue share arrangement expires at the earlier of (i) the dissolution of IIFC or (ii) when we have earned a cumulative $20,000 in revenue share payments.  To date, we have earned $9,863 in connection with this revenue share arrangement.

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Operating Expenses 

Operating expenses increased by $79,885, or 126%, to $143,462 for the nine months ended September 30, 2025, as compared to $63,577 for the nine months ended September 30, 2024. Each line item is discussed in more detail below.  

Compensation and Benefits 

Compensation and benefits increased by $76,220, or 175%, to $119,673, for the nine months ended September 30, 2025, as compared to $43,453 for the nine months ended September 30, 2024.

COMPENSATION AND BENEFITS

      Nine Months Ended September 30, 

      2025 

      2024 

      Change 

      Cash compensation and benefits 
      
     $
     116,387

     $
     39,997

     $
     76,390

      Equity-based compensation 

     3,286

     3,456

     (170
     )

      Total 
      
     $
     119,673

     $
     43,453