Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 278

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 278
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 declined because of continued principal paydowns of assets in the CDOs.  The sale of the Alesco V and Alesco VIII CDO Agreements closed in July 2025.  During the three months ended June 30, 2025, we earned a total of $124 in revenue from these two 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 PriDe Funds.  

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New Issue and Advisory

New issue and advisory revenue increased by $30,911 to $37,411 for the three months ended June 30, 2025, as compared to $6,500 for the three months ended June 30, 2024.  All of the new issue and advisory revenue recognized in both periods resulted from CCM's activities.  

Our revenue earned from new issue and advisory has been, and we expect will continue to be, volatile. We earn revenue from a limited number of engagements. Therefore, a small change in the number of engagements can result in large fluctuations in the revenue recognized. Further, even if the number of engagements remains consistent, the average revenue per engagement can fluctuate considerably. Finally, our revenue is generally earned when an underlying transaction closes (rather than on a monthly or quarterly basis). Therefore, the timing of underlying transactions increases the volatility of our revenue recognition. ﻿In addition, we often incur certain costs related to new issue engagements.  These costs are included as a component of either subscriptions, clearing and execution, or professional fees and other.  All new issue revenue is included in our Capital Markets segment.  See note 21 to our consolidated financial statements included in Item 1 of our Quarterly Report on Form 10-Q.   

CCM, a division of Cohen Securities, is our full-service boutique investment bank, which focuses on M&A, underwriting, capital markets, and SPAC advisory services.  In addition, we sometimes generate new issue revenue by originating new assets for the U.S. Insurance JV, CREO JV, and our PriDe Funds in Europe. 

In some cases, CCM will receive financial instruments in lieu of cash for its advisory transactions.  In these cases, we record