Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 109

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 109
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 carried at fair value.  The amounts shown in the table above represent the net change in fair value recorded during the periods presented.  The interests we hold in SFA Counterparties are included as a component of other investments, at fair value.  The derivatives are included as a component of other investments sold, not yet purchased, at fair value.  Most our SFA transactions were undertaken in Vellar GP.  We sold our interest in Vellar GP during the six months ended June 30, 2025.  

Other principal investments consist of realized and unrealized gains and losses from other investments reported at fair value. 

Other Income (Loss)

Other income / (loss) is comprised of an ongoing revenue share arrangement as well as other miscellaneous operating income items. The revenue share arrangement noted in the table above entitles us to a percentage of revenue earned by IIFC.  The IIFC revenue share arrangement expires at the earlier of (i) the dissolution of IIFC or (ii) when we have earned a cumulative $20,000 in revenue share payments.  To date, we have earned $9,276 in connection with this revenue share arrangement.

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Operating Expenses 

Operating expenses increased by $41,905, or 107%, to $81,009 for the six months ended June 30, 2025, as compared to $39,104 for the six months ended June 30, 2024. Each line item is discussed in more detail below.  

Compensation and Benefits 

Compensation and benefits increased by $40,451, or 158%, to $65,989, for the six months ended June 30, 2025, as compared to $25,538 for the six months ended June 30, 2024.

COMPENSATION AND BENEFITS

      Six Months Ended June 30, 

      2025 

      2024 

      Change 

      Cash compensation and benefits 
      
     $
     63,784

     $
     23,234

     $
     40,550

      Equity-based compensation 

     2,205

     2,304

     (99
     )

      Total 
      
     $
     65,989

     $
     25,538

     $
     40,451

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Cash compensation and benefits in the table above