Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1747

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 1747
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 31, 2022. As discussed in more detail below, the change was comprised of (i) a decrease of $9,083 in net trading revenue; (ii) a decrease of $1,667 in asset management revenue; (iii) an increase of $3,543 in new issue and advisory revenue; and (iv) an increase of $45,801 in principal transactions and other income.

﻿   

      53

Net Trading 

﻿ 

Net trading revenue decreased by $9,083, or 23%, to $30,926 for the year ended December 31, 2023, as compared to $40,009 for the year ended December 31, 2022.  The following table shows the detail by trading group.

﻿ 

﻿ 

      NET TRADING 

      (Dollars in Thousands) 

      For the Year Ended December 31, 

      2023 

      2022 

      Change 

      Mortgage 
      
     $
     (1,523
     )
      
     $
     56

     $
     (1,579
     )

      Matched book repo 

     16,315

     30,595

     (14,280
     )

      High yield corporate 

     4,768

     4,694

     74

      Investment grade corporate 

     (420
     )

     1,197

     (1,617
     )

      Wholesale and other 

     11,787

     3,467

     8,320

      Total 
      
     $
     30,927

     $
     40,009

     $
     (9,082
     )

﻿ 

Our net trading revenue includes unrealized gains on our trading investments, as of the applicable measurement date, which may never be realized due to changes in market or other conditions not in our control.  This may adversely affect the ultimate value realized from these investments. In addition, our net trading revenue also includes realized gains on certain proprietary trading positions. Our ability to derive trading gains from such trading positions is subject to overall market conditions. Due to the volatility and uncertainty in the capital markets generally, the net trading revenue recognized during the year may not be indicative of future results. Furthermore, from time to time, some of the assets included in the investments-trading line of our consolidated