Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 218

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 218
---
.  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. 
   ﻿ 
   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.
   ﻿ 
   The Company’s Trading Portfolio
   ﻿ 
   From time to time, the Company  may acquire an interest in a VIE through the investments it makes as part of its trading operations, which are included as investments-trading or securities sold, not yet purchased in the consolidated balance sheets.  Due to the high volume of trading activity in which the Company engages, the Company does not perform a formal assessment of each individual investment within its trading portfolio to determine if the investee is a VIE and if the Company is a primary beneficiary.  Even if the Company were to obtain a variable interest in a VIE through its trading portfolio, the Company would not be deemed to be the primary beneficiary for two main reasons: (a) the Company does not usually obtain the power to direct activities that most significantly impact any investee’s financial performance and (b) a scope exception exists within the consolidation guidance for cases where the reporting entity is a broker-dealer and