Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 54

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 54
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  (11,460)
 Investment in consolidated VIEs  $2,963  $10,738 

   The maximum potential loss the Company could incur related to the consolidated VIEs is the investment in consolidated VIEs shown in the table above.
    
   The Company’s Principal Investing Portfolio
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   Included in other investments, at fair value and investment in equity method affiliates in the consolidated balance sheets are investments in several VIEs.  In each case, the Company determined it was not the primary beneficiary.  The maximum potential financial statement loss the Company would incur if the VIEs were to default on all their obligations would be the loss of the carrying value of these investments as well as any future investments the Company were to make.  As of  September 30, 2025 and  December 31, 2024, there were $7,268 and $10,118, respectively, of unfunded commitments to VIEs in which the Company had invested.   The total amount of working capital commitment was $1,500 and $0 as of  September 30, 2025 and  December 31, 2024, respectively. Other than its investment in these entities, the Company did not provide financial support to these VIEs during the three and nine months ended  September 30, 2025 and 2024 and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these VIEs at  September 30, 2025 and  December 31, 2024.  See the table below. 
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   For each investment management contract entered into by the Company, the Company assesses whether the entity being managed is a VIE and if the Company is the primary beneficiary.  Certain of the Investment Vehicles managed by the Company are VIEs.  Under the current guidance of ASU 2015-12, the Company has concluded that its asset management contracts are not variable interests.  Currently, the Company has no other interests in the entities it manages that are considered variable interests and are considered significant.  Therefore, the Company is not the primary beneficiary of any VIEs that it manages.
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   The Company’s Trading Portfolio
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   From time to time, the Company  may acquire an interest in a VIE through the investments it makes as part