Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 93

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 93
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 Markets business segment also includes unrealized and realized gains and losses on our other investments, at fair value and other investments sold, not yet purchased, at fair value that were acquired as part of our CCM business.  

      ●  
      Asset Management:  Our Asset Management business segment manages assets within CDOs, managed accounts, joint ventures, and investment funds (collectively, “Investment Vehicles”).  

      ●  
      Principal Investing: Our Principal Investing business segment is comprised of investments that we hold related to our SPAC franchise and other investments we have made for the purpose of earning an investment return rather than investments to support our trading and CCM activities.  These investments are a component of our other investments, at fair value, other investments sold, not yet purchased, and investments in equity method affiliates in our consolidated balance sheets.   

We generate our revenue by business segment primarily through the following activities. 

Capital Markets: 

      ●  
     Our trading activities, which include execution and brokerage services, riskless trading activities as well as gains and losses (unrealized and realized) and income and expense earned on securities and derivatives classified as trading;

      ●  
      Revenue earned on our gestation repo program; 

      ●  
      New issue and advisory revenue comprised primarily of (a) revenue from advisory services, (b) underwriting, and (c) revenue associated with origination, arranging, or placing newly created financial instruments; and 

     ●
     Gains and losses (unrealized and realized) and income and expense earned on securities classified as other investments, at fair value and other investments sold, not yet purchased, which were acquired in connection with our CCM business.

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Asset Management: 

      ●  
      Asset management fees for our on-going asset management services provided to certain Investment Vehicles, which may include fees both senior and subordinate to the securities issued in the Investment Vehicle; and 

      ●  
      Incentive management fees earned based on the performance of Investment Vehicles. 

Principal Investing: 

      ●  
     Gains and losses (unrealized and realized) and income and expense earned on securities classified as other investments, at fair value and other investments sold, not yet purchased, which were not acquired as part of our CCM business; and

     ● 
     Income and loss earned on equity method investments.

       57

Business Environment 

Our business in general and our Capital