Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 105

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 105
---
 of the Investment Vehicles we manage based on whichever measurement serves as the basis for the calculation of our management fees. 

Our calculation of AUM may differ from the calculations used by other asset managers and, as a result, this measure may not be comparable to similar measures presented by other asset managers.  This definition of AUM is not necessarily identical to the definitions of AUM that may be used in our management agreements.

      As of June 30, 

      As of December 31, 

      2025 

      2024 

      2024 

      2023 

      Company-sponsored CDOs 
      
     $
     915,217

     $
     982,338

     $
     965,887

     $
     995,191

      Other Investment Vehicles (1) 

     1,333,985

     1,347,922

     1,339,310

     1,362,484

      Assets under management (2) 
      
     $
     2,249,202

     $
     2,330,260

     $
     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 $607 to $4,188 for the six months ended June 30, 2025, as compared to $4,795 for the six months ended June 30, 2024, as discussed in more detail below. The following table provides a more detailed comparison of the two periods.

ASSET MANAGEMENT

      Six Months Ended June 30, 

      2025 

      2024 

      Change 

      CDOs 
      
     $
     752

     $
     793

     $
     (41
     )

      Other 

     3,436