Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 104

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 104
---

     $
     2,890

     $
     (644
     )

      Gestation Repo 

     8,637

     7,149

     1,488

      High Yield Corporates 

     549

     3,261

     (2,712
     )

      SPAC Equity 

     1,406

     -

     1,406

      CMOs 

     836

     480

     356

      SBAs 

     1,118

     -

     1,118

      Structured Notes 

     1,850

     392

     1,458

      Other 

     3,326

     4,474

     (1,148
     )

      Total 
      
     $
     19,968

     $
     18,646

     $
     1,322

﻿ 

Our net trading revenue includes unrealized gains on our trading investments as of the applicable measurement date that may never be realized due to changes in market or other conditions not under our control.  This may adversely affect the ultimate value realized from these investments. In addition, our net trading revenue also includes realized gains on certain proprietary trading positions. Our ability to derive trading gains from such trading positions is subject to overall market conditions. Due to volatility and uncertainty in the capital markets, the net trading revenue recognized may not be indicative of future results. Furthermore, from time to time, some of the assets included in the investments-trading line of our consolidated balance sheets represent level 3 valuations within the FASB valuation hierarchy. Level 3 assets are carried at fair value based on estimates derived using internal valuation models and other estimates. See notes 7, 8, and 9 to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q. The fair value estimates made by us may not be indicative of the final sale price at which these assets may be sold.  We consider our gestation repo business to be subject to significant concentration risk.  See note 10 to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q.  All net trading revenue is included in our Capital Markets segment. See note 21 to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q.

       64

Asset Management 

Our AUM equals the sum of the NAV or gross assets