Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 294

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 294
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 )

      Rezolve AI PLC (NASDAQ: RZLV) 

     -

     5,284

     (5,284
     )

      Other 

     127

     (390
     )

     517

      Total 
      
     $
     (12,268
     )
      
     $
     (467
     )
      
     $
     (11,801
     )

       80

Income Tax Expense / (Benefit) 

﻿

Income tax expense / (benefit) increased by $591 to $733 for the three months ended September 30, 2025, as compared to $142 for the three months ended September 30, 2024. 

      For the Three Months Ended September 30, 

      2025 

      2024 

      Change 

      Current 
      
     $
     297

     $
     197

     $
     (100
     )

      Deferred 

     436

     (55
     )

     (491
     )

      Total 
      
     $
     733

     $
     142

     $
     (591
     )

Our provision for income taxes fluctuates due to several factors mostly attributable to our legal structure, which are summarized as follows.

Cohen & Company Inc. is treated as a “C” corporation for United States federal income tax purposes. A U.S. C corporation is subject to a federal tax rate of 21%.  Our effective tax rate is significantly different than this rate for the following reasons.

1. Cohen & Company Inc. consolidates the Operating LLC but only owns a minority economic interest in the Operating LLC.  For the three months ended September 30, 2025, Cohen & Company Inc. owned 29.6% of the economic interests of the Operating LLC (on average) and was allocated the same percentage of income/(loss) generated by the Operating LLC.  To the extent Cohen & Company Inc. incurs tax obligations on this amount, the related tax expense is recognized in our consolidated financial statements.  The remaining 70.4% of income/(loss) generated by the Operating LLC was allocated to the non-controlling members of the Operating LLC and is subject to taxation on such members' individual tax returns.  

2. The Operating LLC itself consolidates certain pass-through entities.  Therefore,