Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 264

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 264
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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

     4,002

     (566
     )

      Total 
      
     $
     4,188

     $
     4,795

     $
     (607
     )

Asset management fees from CDOs 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 six months ended June 30, 2025, we earned a total of $269 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 decreased primarily due to the recognition in 2024 of deferred performance fees related to a certain PriDe Fund.  

       65

New Issue and Advisory

New issue and advisory revenue increased by $39,762 to $70,650 for the six months ended