Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 243

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 243
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 Vehicles. Management fees are based on the value of the AUM or the investment performance of the vehicle, or both. As of December 31, 2024, we had $2.3 billion in AUM. AUM equals the sum of the net asset value (“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. Beginning in November 2023, we earn an annual servicing fee on the notional amount of the loans owned by the CREO JV and, from that point, the notional amount of these loans has been included in our AUM. Our calculation of AUM may differ from the calculations of 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 any definition of AUM that may be used in our management agreements. We do not receive management fees for assets managed within our SPAC Series Funds. See discussion below.  

As of December 31, 2024, we had four subsidiaries that act as managers to our Investment Vehicles. Two of these subsidiaries, Cohen & Company Financial Management, LLC (“CCFM”) and Dekania Capital Management, LLC (“DCM”), are registered investment advisors under the Investment Advisers Act of 1940 (the “Investment Advisers Act”). CCFESA is based in France and regulated by the ACPR. Cohen CREO LLC, which is not a registered investment advisor, provides services for the assets of the CREO JV.

      Subsidiary 
      Product Line 

      CCFM 
      SPAC Fund, SPAC Series Funds, Alesco CDOs 

     DCM
      U.S. Insurance JV, Dekania Europe CDOs 

     CCFESA
     PriDe Funds and other managed accounts. 

     Cohen CREO LLC
     CREO JV

 ﻿The table below shows changes in our AUM by product line for the last five years.

      ASSETS UNDER MANAGEMENT 

      (Dollars in Millions) 

      As of December 31, 

      2024 

      2023 

      2022 

      2021 

      2020 

      PriDe Funds and Other Managed Accounts 
      
     $
     855

     $
     865

     $
     813

     $
     721

     $