Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 39

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1C
Chunk 39
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 NOLs.  Management then schedules this income against each carryforward tax asset and determines what portion of the asset it believes is more likely than not to be realized.  This determination is subjective and subject to many assumptions and factors including:  profitability of our business in the future, the timing of that future income as compared to carryforward asset expiration, the character of future income (ordinary or capital), and the jurisdiction in which the income will be generated.  To the extent management's determination changes, an adjustment will be made to the valuation allowance resulting in deferred tax expense or benefit.  We recorded deferred tax expense in 2022 and 2023 because expectations of future income decreased and the Company increased the valuation allowance it had applied against carryforward tax assets.  Due to the magnitude of the Company's carryforward tax assets as well as the volatility of the Company's operating results, significant adjustments to the valuation allowance are likely going forward.  These future adjustments may likewise result in material amounts of deferred tax benefit or expense going forward.  

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      60

Net Income / (Loss) Attributable to the Non-Convertible Non-Controlling Interest

Net income / (loss) attributable to the non-convertible non-controlling interest for the years ended December 31, 2023 and 2022 was comprised of the non-controlling interest related to member interests in consolidated subsidiaries of the Operating LLC other than interests held by us for the relevant periods.  These interests are not convertible into Common Stock.  

      Year Ended December 31, 

      2023 

      2022 

      Change 

      Insurance SPAC III Sponsor Entities 
      
     $
     -

     $
     (4,808
     )
      
     $
     4,808

      Vellar GP 

     14,755

     -

     14,755

      Other SPAC related 

     4,835

     (18,395
     )

     23,230

     $
     19,590

     $
     (23,203
     )
      
     $
     42,793

Insurance SPAC III sponsor entities are the sponsor entities formed by us for our sponsored SPAC, Insurance SPAC III.  Prior to March 31, 2023, Vellar GP was the general partner of the SPAC Fund but did not consolidate it.  Effective April 1, 2023,