Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 290

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 290
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  Most our SFA transactions were undertaken in Vellar GP.  We sold our interest in Vellar GP in 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.

       78

Operating Expenses 

Operating expenses increased by $37,980, or 155%, to $62,453 for the three months ended September 30, 2025, as compared to $24,473 for the three months ended September 30, 2024. Each line item is discussed in more detail below.  

Compensation and Benefits 

Compensation and benefits increased by $35,769, or 200%, to $53,684 for the three months ended September 30, 2025, as compared to $17,915 for the three months ended September 30, 2024.

COMPENSATION AND BENEFITS

      Three Months Ended September 30, 

      2025 

      2024 

      Change 

      Cash compensation and benefits 
      
     $
     52,604

     $
     16,763

     $
     35,841

      Equity-based compensation 

     1,080

     1,152

     (72
     )

      Total 
      
     $
     53,684

     $
     17,915

     $
     35,769

﻿ 

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 driven by increased revenue.  Our total headcount was 124 at September 30, 2025 and 113 at September 30, 2024.  Equity-based compensation