Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 286

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 286
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1,362,484

      Assets under management (2) 
      
     $
     1,374,348

     $
     2,365,525

     $
     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 $199, or 9%, to $1,948 for the three months ended September 30, 2025, as compared to $2,147 for the three months ended September 30, 2024, as discussed in more detail below. The following table provides a more detailed comparison of the two periods.

ASSET MANAGEMENT

﻿ 

      Three Months Ended September 30, 

      2025 

      2024 

      Change 

      CDOs 
      
     $
     159

     $
     392

     $
     (233
     )

      Other 

     1,789

     1,755

     34

      Total 
      
     $
     1,948

     $
     2,147

     $
     (199
     )

Asset management fees from CDOs declined primarily due to the sale of the Alesco III, Alesco IV, Alesco V, Alesco VI, and Alesco VIII CDO Agreements, which closed in 2025.  During the three months ended September 30, 2025 and 2024, we earned a total of $114 and $328 in revenue from these contracts. As a result of the sale, asset management revenue from CDOs will decline in future quarters.  See note 4 to our consolidated financial statements included in this Quarterly Report on Form 10-Q.  Asset management fees from other increased primarily due to increases in fees earned in the