Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 90

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 90
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2,305,197

     $
     2,357,675

(1) Other Investment Vehicles include any Investment Vehicle that is not a Company-sponsored CDO.

(2) In some cases, accounts we manage may employ leverage.  Further, in some cases, our fees are based on gross assets and in other cases, our fees are based on net assets.  Finally, in the case of the SPAC Series Funds there are no management fees earned.  AUM included herein is calculated using either gross or net assets of each managed account or CDO based on whichever serves as the basis for our management fees. In the case where no management fees are earned, the net assets are included.  

Asset management fees decreased by $697, or 26%, to $2,020 for the three months ended March 31, 2025, as compared to $2,717 for the three months ended March 31, 2024, as discussed in more detail below. The following table provides a more detailed comparison of the two periods:

ASSET MANAGEMENT

(Dollars in Thousands)

﻿ 

      Three Months Ended March 31, 

      2025 

      2024 

      Change 

      CDOs 
      
     $
     385

     $
     396

     $
     (11
     )

      Other 

     1,635

     2,321

     (686
     )

      Total 
      
     $
     2,020

     $
     2,717

     $
     (697
     )

Asset management fees from CDOs remained relatively flat.  Asset management fees from other decreased primarily due to the recognition in 2024 of deferred performance fees related to a certain PriDe Fund.  

       59

New Issue and Advisory

New issue and advisory revenue increased by $8,851 to $33,239 for the three months ended March 31, 2025, as compared to $24,388 for the three months ended March 31, 2024.  All of the new issue and advisory revenue recognized in both periods resulted from CCM's activities.  

Our revenue earned from new issue and advisory has been, and we expect will continue to be, volatile. We earn revenue from a limited number of engagements. Therefore, a small change in the number of engagements can result in large fluctuations in