Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1749

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 1749
---
DOs decreased primarily because one of the securitizations we manage completed a successful auction during 2022.  As a result, we received payment of deferred subordinated management fees of $1,600 in 2022.  Otherwise, asset management fees from CDOs declined by $216 during 2023 mainly due to a decline in AUM due to liquidations and principal paydowns of collateral. 

Asset management fees from other investment vehicles remained relatively unchanged.

All asset management revenue is included in our asset management segment.  See note 29 to our consolidated financial statements included in this Annual Report on Form 10-K.

      54

New Issue and Advisory Revenue 

﻿ 

New issue and advisory revenue increased by $3,543, or 14%, to $28,264 for the year ended December 31, 2023, as compared to $24,721 for the year ended December 31, 2022. 

      Year Ended December 31, 

      2023 

      2022 

      Change 

      CCM 
      
     $
     26,174

     $
     16,880

     $
     9,294

      Commercial Real Estate Originations 

     47

     1,897

     (1,850
     )

      U.S. Insurance Originations 

     800

     4,753

     (3,953
     )

      Europe Insurance Originations 

     1,243

     1,191

     52

      Total 
      
     $
     28,264

     $
     24,721

     $
     3,543

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