Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 93

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 93
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 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 three months ended March 31, 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 $8,644 in connection with this revenue share arrangement.

       62

Operating Expenses 

Operating expenses increased by $6,694, or 31%, to $28,633 for the three months ended March 31, 2025, as compared to $21,939 for the three months ended March 31, 2024. Each line item is discussed in more detail below.  

Compensation and Benefits 

Compensation and benefits increased by $6,827, or 46%, to $21,666 for the three months ended March 31, 2025, as compared to $14,839 for the three months ended March 31, 2024.

COMPENSATION AND BENEFITS

(Dollars in Thousands)

      Three Months Ended March 31, 

      2025 

      2024 

      Change 

      Cash compensation and benefits 
      
     $
     20,508

     $
     13,691

     $
     6,817

      Equity-based compensation 

     1,158

     1,148

     10

      Total 
      
     $
     21,666

     $
     14,839

     $
     6,827

﻿ 

Cash compensation and benefits in the table above was primarily comprised of salary, incentive compensation, severance, employer portion of payroll taxes, and benefits.  The increase was primarily the result of increased incentive compensation.  Our total head