Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 288

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 288
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, (iii) equity investments in special purpose entities that are not publicly traded, or (iv) unrestricted common stock investments in public companies that do not have significant trading volume.  Therefore, it may take us a significant period of time to liquidate these investments.  We may suffer significant principal transactions loss prior to final liquidation of these financial instruments, which will impact the results of our Capital Markets segment.  

The following table shows the cash and non-cash portion of new issue and advisory revenue:

      Three Months Ended September 30, 

      2025 

      2024 

      Change 

      Cash 
      
     $
     46,646

     $
     12,732

     $
     33,914

      Non-Cash 

     181,362

     9,727

     171,635

      Total 
      
     $
     228,008

     $
     22,459

     $
     205,549

When CCM receives common stock in exchange for services, the non-cash revenue recorded equals the fair value of the stock received as of the date the underlying transaction closed.  CCM's clients include many newly public companies as well as early stage and high growth companies.  These companies often have highly volatile stock prices.  Accordingly, CCM may experience significant gains or losses subsequent to the receipt of the stock until the stock is finally liquidated.  Such gains or losses are shown are recorded as a component of principal transactions and are shown separately in the table immediately below in the section: Capital Markets principal transactions.  Unless the financial instruments received have been fully liquidated, CCM may experience further gains or losses in the future related to those financial instruments.  See note 7 to our consolidated financial statements included in this Quarterly Report on Form 10-Q to review the remaining carrying value of positions held as of the current reporting period date.  

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Principal Transactions and Other Income (Loss)

Principal transactions and other income (loss) decreased by $157,576 to ($159,303) for the three months ended September 30, 2025, as compared to ($1,727) for the three months ended September 30, 2024.  The following table summarizes principal transactions and other income by category.

PRINCIPAL TRANSACTIONS & OTHER INCOME

      Three Months Ended September 30