Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001270436 | |
Entity Registrant Name | Cohen & Co Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-32026 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 16-1685692 | |
Entity Address, Address Line One | 2929 Arch Street, Suite 1703 | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19104 | |
City Area Code | 215 | |
Local Phone Number | 701-9555 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | COHN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 1,821,347 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | $ 13,350 | $ 29,101 | |
Receivables from brokers, dealers, and clearing agencies | 106,740 | 140,933 | |
Other receivables | 5,947 | 9,527 | |
Investments-trading | 193,476 | 211,828 | |
Other Investments, Fair Value Disclosure | 40,324 | 28,022 | |
Receivables under resale agreements | 418,134 | 437,692 | |
Investments in equity method affiliates | 8,760 | 8,929 | |
Deferred income taxes | 1,735 | 6,934 | |
Goodwill | [1] | 109 | 109 |
Right-of-use asset - operating leases | 8,055 | 9,647 | |
Other assets | 3,569 | 3,546 | |
Total assets | 800,999 | 887,055 | |
Liabilities | |||
Payables to brokers, dealers, and clearing agencies | 129,773 | 134,985 | |
Accounts payable and other liabilities | 6,217 | 11,439 | |
Accrued compensation | 14,337 | 12,434 | |
Lease liability - operating leases | 8,772 | 10,447 | |
Trading securities sold, not yet purchased | 95,755 | 133,957 | |
Other investments sold, not yet purchased, at fair value | 18,131 | 78 | |
Securities sold under agreements to repurchase | 417,946 | 452,797 | |
Redeemable financial instruments | 7,868 | 7,868 | |
Debt | 29,479 | 29,024 | |
Total liabilities | 728,278 | 793,029 | |
Commitments and contingencies (See note 21) | |||
Stockholders' Equity: | |||
Voting Non-Convertible Preferred Stock, $0.001 par value per share, 50,000,000 shares authorized, 27,413,098 shares issued and outstanding | 27 | 27 | |
Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 1,821,347 and 1,774,342 shares issued and outstanding, respectively, including 299,491 and 341,059 unvested or restricted share awards, respectively | 18 | 17 | |
Additional paid-in capital | 74,264 | 72,801 | |
Accumulated other comprehensive loss | (972) | (955) | |
Accumulated deficit | (36,181) | (25,151) | |
Total stockholders' equity | 37,156 | 46,739 | |
Non-controlling interest | 35,565 | 47,287 | |
Total equity | 72,721 | 94,026 | |
Total liabilities and equity | 800,999 | 887,055 | |
Due From Related Parties [Member] | |||
Assets | |||
Other receivables | $ 800 | $ 787 | |
[1]Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table above. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 27,413,098 | 27,413,098 |
Preferred stock, shares outstanding (in shares) | 27,413,098 | 27,413,098 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 1,821,347 | 1,774,342 |
Common stock, shares outstanding (in shares) | 1,821,347 | 1,774,342 |
Common stock, unvested or restricted share awards (in shares) | 299,491 | 341,059 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net trading | $ 7,491 | $ 7,966 | $ 23,117 | $ 30,365 |
Principal transactions and other income (loss) | 595 | (1,192) | 10,440 | (26,157) |
Total revenues | 17,121 | 23,465 | 48,517 | 31,937 |
Operating expenses | ||||
Compensation | 15,219 | 15,227 | 35,757 | 41,320 |
Business development, occupancy, equipment | 1,268 | 1,234 | 3,887 | 3,777 |
Subscriptions, clearing, and execution | 2,409 | 2,112 | 6,877 | 6,025 |
Professional fee and other operating | 2,189 | 1,905 | 6,151 | 5,593 |
Depreciation and amortization | 140 | 139 | 433 | 414 |
Total operating expenses | 21,225 | 20,617 | 53,105 | 57,129 |
Operating income (loss) | (4,104) | 2,848 | (4,588) | (25,192) |
Non-operating income (expense) | ||||
Interest expense, net | (1,685) | (1,346) | (4,907) | (3,803) |
Income (loss) from equity method affiliates | (702) | 618 | (1,608) | (14,530) |
Income (loss) before income tax expense (benefit) | (6,491) | 2,120 | (11,103) | (43,525) |
Income tax expense (benefit) | (755) | 1,761 | 5,379 | 3,534 |
Net income (loss) | (5,736) | 359 | (16,482) | (47,059) |
Net income (loss) | (5,736) | 359 | (16,482) | (47,059) |
Net income / (loss) attributable to Cohen & Company Inc. | $ (423) | $ (919) | $ (9,661) | $ (10,388) |
Basic (loss) per common share (in dollars per share) | $ (0.28) | $ (0.64) | $ (6.4) | $ (7.33) |
Weighted average shares outstanding-basic (in shares) | 1,521,856 | 1,428,883 | 1,510,498 | 1,417,358 |
Diluted (loss) per common share (in dollars per share) | $ (0.28) | $ (0.64) | $ (6.4) | $ (7.33) |
Weighted average shares outstanding-diluted (in shares) | 5,536,106 | 1,428,883 | 1,510,498 | 1,417,358 |
Comprehensive income (loss) | ||||
Net income (loss) | $ (5,736) | $ 359 | $ (16,482) | $ (47,059) |
Other comprehensive (loss) item: | ||||
Foreign currency translation adjustments, net of tax of $0 | (77) | (127) | (22) | (392) |
Other comprehensive (loss), net of tax of $0 | (77) | (127) | (22) | (392) |
Comprehensive income (loss) | (5,813) | 232 | (16,504) | (47,451) |
Less: comprehensive income (loss) attributable to the non-controlling interest | (5,369) | 1,184 | (6,835) | (36,958) |
Comprehensive (loss) attributable to Cohen & Company Inc. | (444) | (952) | (9,669) | (10,493) |
Non-controlling Interest of Operating LLC [Member] | ||||
Non-operating income (expense) | ||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 1,936 | (109) | 8,536 | (18,980) |
Cohen Co Including Noncontrolling Interest [Member] | ||||
Non-operating income (expense) | ||||
Net income (loss) | (7,672) | 468 | (25,018) | (28,079) |
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | (7,249) | 1,387 | (15,357) | (17,691) |
Net income (loss) | (7,672) | 468 | (25,018) | (28,079) |
Comprehensive income (loss) | ||||
Net income (loss) | (7,672) | 468 | (25,018) | (28,079) |
Asset Management [Member] | ||||
Revenues, total | 1,788 | 3,456 | 5,418 | 7,243 |
New Issue and Advisory [Member] | ||||
Revenues, total | $ 7,247 | $ 13,235 | $ 9,542 | $ 20,486 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Other comprehensive income (loss), tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2021 | $ 27 | $ 17 | $ 72,006 | $ (9,204) | $ (905) | $ 61,941 | $ 89,492 | $ 151,433 |
Net income (loss) | (7,612) | (7,612) | (27,554) | (35,166) | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (19) | (19) | (47) | (66) |
Acquisition / (surrender) of additional units of consolidated subsidiary, net | (292) | 4 | (288) | 288 | ||||
Equity-based compensation | 766 | |||||||
Shares withheld for employee taxes | (72) | (72) | (145) | (217) | ||||
Dividends/distributions to convertible non-controlling interest | (1,481) | (1,481) | (4,956) | |||||
Dividends/distributions to convertible non-controlling interest | (3,475) | |||||||
Non-convertible non-controlling interest investment | 6 | 6 | ||||||
Non-convertible non-controlling interest distributions | (5,660) | (5,660) | ||||||
Balance at Dec. 31, 2021 | 27 | 17 | 72,006 | (9,204) | (905) | 61,941 | 89,492 | 151,433 |
Net income (loss) | (47,059) | |||||||
Other comprehensive income (loss) | (392) | |||||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | (381) | 5 | 376 | |||||
Balance at Mar. 31, 2022 | 27 | 17 | 71,980 | (18,297) | (920) | 52,807 | 68,671 | 121,478 |
Net income (loss) | (1,857) | (1,857) | (10,395) | (12,252) | ||||
Other comprehensive income (loss) | (53) | (53) | (146) | (199) | ||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | (89) | 1 | (88) | 88 | ||||
Equity-based compensation | 795 | |||||||
Shares withheld for employee taxes | (4) | (4) | (13) | (17) | ||||
Dividends/distributions to convertible non-controlling interest | (362) | (362) | (1,422) | |||||
Dividends/distributions to convertible non-controlling interest | (1,060) | |||||||
Non-convertible non-controlling interest investment | 3 | 3 | ||||||
Non-convertible non-controlling interest distributions | (2,640) | (2,640) | ||||||
Balance at Jun. 30, 2022 | 27 | 17 | 72,174 | (20,516) | (972) | 50,730 | 55,303 | 106,033 |
Net income (loss) | 0 | 0 | 0 | (919) | 0 | (919) | 1,278 | 359 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (33) | (33) | (94) | (127) |
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity-based compensation | 793 | |||||||
Shares withheld for employee taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends/distributions to convertible non-controlling interest | 0 | 0 | 0 | (358) | 0 | (358) | (1,358) | |
Dividends/distributions to convertible non-controlling interest | (1,000) | |||||||
Non-convertible non-controlling interest investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Non-convertible non-controlling interest distributions | 0 | 0 | 0 | 0 | 0 | 0 | (353) | (353) |
Balance at Dec. 31, 2022 | 27 | 17 | 72,801 | (25,151) | (955) | 46,739 | 47,287 | 94,026 |
Net income (loss) | (2,637) | (2,637) | (7,417) | (10,054) | ||||
Other comprehensive income (loss) | 10 | 10 | 35 | 45 | ||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 582 | (12) | 570 | (570) | ||||
Equity-based compensation | 1 | 299 | 300 | 1,089 | ||||
Equity-based compensation | 789 | |||||||
Shares withheld for employee taxes | (46) | (46) | (118) | (164) | ||||
Dividends/distributions to convertible non-controlling interest | (594) | (594) | (1,781) | |||||
Dividends/distributions to convertible non-controlling interest | (1,187) | |||||||
Redemption of convertible non-controlling interest units | (834) | (834) | ||||||
Non-convertible non-controlling interest investment | 38 | 38 | ||||||
Non-convertible non-controlling interest distributions | 0 | 0 | ||||||
Balance at Dec. 31, 2022 | 27 | 17 | 72,801 | (25,151) | (955) | 46,739 | 47,287 | 94,026 |
Net income (loss) | (16,482) | |||||||
Other comprehensive income (loss) | (22) | |||||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 612 | (13) | (599) | |||||
Redemption of convertible non-controlling interest units | (834) | |||||||
Non-convertible non-controlling interest distributions | (2,400) | |||||||
Balance at Mar. 31, 2023 | 27 | 18 | 73,636 | (28,382) | (957) | 44,342 | 38,023 | 82,365 |
Net income (loss) | 0 | 0 | 0 | (6,601) | 0 | (6,601) | 5,909 | (692) |
Other comprehensive income (loss) | 3 | 3 | 7 | 10 | ||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 30 | (1) | 29 | (29) | ||||
Equity-based compensation | 304 | 304 | 1,108 | |||||
Equity-based compensation | 804 | |||||||
Shares withheld for employee taxes | (3) | (3) | (9) | (12) | ||||
Dividends/distributions to convertible non-controlling interest | (390) | (390) | (1,469) | |||||
Dividends/distributions to convertible non-controlling interest | (1,079) | |||||||
Non-convertible non-controlling interest investment | 1 | 1 | ||||||
Non-convertible non-controlling interest distributions | 0 | 0 | ||||||
Balance at Jun. 30, 2023 | 27 | 18 | 73,967 | (35,373) | (955) | 37,684 | 43,627 | 81,311 |
Net income (loss) | (423) | (423) | (5,313) | (5,736) | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (21) | (21) | (56) | (77) |
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity-based compensation | 0 | 0 | 297 | 0 | 0 | 297 | 1,079 | |
Equity-based compensation | 782 | |||||||
Shares withheld for employee taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends/distributions to convertible non-controlling interest | 0 | 0 | 0 | (385) | (381) | (1,456) | ||
Dividends/distributions to convertible non-controlling interest | (1,075) | |||||||
Non-convertible non-controlling interest distributions | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ (2,400) | $ (2,400) |
Dividends/distributions to convertible non-controlling interest | $ 4 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) 2 - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2021 | $ 27 | $ 17 | $ 72,006 | $ (9,204) | $ (905) | $ 61,941 | $ 89,492 | $ 151,433 |
Net income (loss) | (7,612) | (7,612) | (27,554) | (35,166) | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (19) | (19) | (47) | (66) |
Acquisition / (surrender) of additional units of consolidated subsidiary, net | (292) | 4 | (288) | 288 | ||||
Equity-based compensation and vesting of shares | 0 | 0 | 338 | 0 | 0 | 338 | 1,104 | |
Equity-based compensation | 766 | |||||||
Shares withheld for employee taxes | (72) | (72) | (145) | (217) | ||||
Dividends/distributions to convertible non-controlling interest | (1,481) | (1,481) | (4,956) | |||||
Dividends/distributions to convertible non-controlling interest | (3,475) | |||||||
Convertible non-controlling interest investment | 15,000 | 15,000 | ||||||
Non-convertible non-controlling interest investment | 6 | 6 | ||||||
Non-convertible non-controlling interest distributions | (5,660) | (5,660) | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (19) | (19) | (47) | (66) |
Balance at Mar. 31, 2022 | 27 | 17 | 71,980 | (18,297) | (920) | 52,807 | 68,671 | 121,478 |
Balance at Dec. 31, 2021 | 27 | 17 | 72,006 | (9,204) | (905) | 61,941 | 89,492 | 151,433 |
Net income (loss) | (47,059) | |||||||
Other comprehensive income (loss) | (392) | |||||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | (381) | 5 | 376 | |||||
Other comprehensive income | (392) | |||||||
Balance at Sep. 30, 2022 | 27 | 17 | 72,460 | (21,793) | (1,005) | 49,706 | 55,927 | 105,633 |
Balance at Mar. 31, 2022 | 27 | 17 | 71,980 | (18,297) | (920) | 52,807 | 68,671 | 121,478 |
Net income (loss) | (1,857) | (1,857) | (10,395) | (12,252) | ||||
Other comprehensive income (loss) | (53) | (53) | (146) | (199) | ||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | (89) | 1 | (88) | 88 | ||||
Equity-based compensation and vesting of shares | 287 | 287 | 1,082 | |||||
Equity-based compensation | 795 | |||||||
Shares withheld for employee taxes | (4) | (4) | (13) | (17) | ||||
Dividends/distributions to convertible non-controlling interest | (362) | (362) | (1,422) | |||||
Dividends/distributions to convertible non-controlling interest | (1,060) | |||||||
Non-convertible non-controlling interest investment | 3 | 3 | ||||||
Non-convertible non-controlling interest distributions | (2,640) | (2,640) | ||||||
Other comprehensive income | (53) | (53) | (146) | (199) | ||||
Balance at Jun. 30, 2022 | 27 | 17 | 72,174 | (20,516) | (972) | 50,730 | 55,303 | 106,033 |
Net income (loss) | 0 | 0 | 0 | (919) | 0 | (919) | 1,278 | 359 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (33) | (33) | (94) | (127) |
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity-based compensation and vesting of shares | 0 | 0 | 286 | 0 | 0 | 286 | 1,079 | |
Equity-based compensation | 793 | |||||||
Shares withheld for employee taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends/distributions to convertible non-controlling interest | 0 | 0 | 0 | (358) | 0 | (358) | (1,358) | |
Dividends/distributions to convertible non-controlling interest | (1,000) | |||||||
Non-convertible non-controlling interest investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Non-convertible non-controlling interest distributions | 0 | 0 | 0 | 0 | 0 | 0 | (353) | (353) |
Other comprehensive income | 0 | 0 | 0 | 0 | (33) | (33) | (94) | (127) |
Common stock issued, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase and retirement of Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Sep. 30, 2022 | 27 | 17 | 72,460 | (21,793) | (1,005) | 49,706 | 55,927 | 105,633 |
Balance at Dec. 31, 2022 | 27 | 17 | 72,801 | (25,151) | (955) | 46,739 | 47,287 | 94,026 |
Net income (loss) | (2,637) | (2,637) | (7,417) | (10,054) | ||||
Other comprehensive income (loss) | 10 | 10 | 35 | 45 | ||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 582 | (12) | 570 | (570) | ||||
Equity-based compensation | 789 | |||||||
Shares withheld for employee taxes | (46) | (46) | (118) | (164) | ||||
Dividends/distributions to convertible non-controlling interest | (594) | (594) | (1,781) | |||||
Dividends/distributions to convertible non-controlling interest | (1,187) | |||||||
Non-convertible non-controlling interest investment | 38 | 38 | ||||||
Non-convertible non-controlling interest distributions | 0 | 0 | ||||||
Other comprehensive income | 10 | 10 | 35 | 45 | ||||
Balance at Mar. 31, 2023 | 27 | 18 | 73,636 | (28,382) | (957) | 44,342 | 38,023 | 82,365 |
Balance at Dec. 31, 2022 | 27 | 17 | 72,801 | (25,151) | (955) | 46,739 | 47,287 | 94,026 |
Net income (loss) | (16,482) | |||||||
Other comprehensive income (loss) | (22) | |||||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 612 | (13) | (599) | |||||
Non-convertible non-controlling interest distributions | (2,400) | |||||||
Other comprehensive income | (22) | |||||||
Balance at Sep. 30, 2023 | 27 | 18 | 74,264 | (36,181) | (972) | 37,156 | 35,565 | 72,721 |
Balance at Mar. 31, 2023 | 27 | 18 | 73,636 | (28,382) | (957) | 44,342 | 38,023 | 82,365 |
Net income (loss) | 0 | 0 | 0 | (6,601) | 0 | (6,601) | 5,909 | (692) |
Other comprehensive income (loss) | 3 | 3 | 7 | 10 | ||||
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 30 | (1) | 29 | (29) | ||||
Equity-based compensation | 804 | |||||||
Shares withheld for employee taxes | (3) | (3) | (9) | (12) | ||||
Dividends/distributions to convertible non-controlling interest | (390) | (390) | (1,469) | |||||
Dividends/distributions to convertible non-controlling interest | (1,079) | |||||||
Non-convertible non-controlling interest investment | 1 | 1 | ||||||
Non-convertible non-controlling interest distributions | 0 | 0 | ||||||
Other comprehensive income | 3 | 3 | 7 | 10 | ||||
Balance at Jun. 30, 2023 | 27 | 18 | 73,967 | (35,373) | (955) | 37,684 | 43,627 | 81,311 |
Net income (loss) | (423) | (423) | (5,313) | (5,736) | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (21) | (21) | (56) | (77) |
Acquisition / (surrender) of additional units of consolidated subsidiary, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity-based compensation | 782 | |||||||
Shares withheld for employee taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends/distributions to convertible non-controlling interest | 0 | 0 | 0 | (385) | (381) | (1,456) | ||
Dividends/distributions to convertible non-controlling interest | (1,075) | |||||||
Non-convertible non-controlling interest distributions | 0 | 0 | 0 | 0 | 0 | 0 | (2,400) | (2,400) |
Other comprehensive income | 0 | 0 | 0 | 0 | (21) | (21) | (56) | (77) |
Balance at Sep. 30, 2023 | $ 27 | $ 18 | $ 74,264 | $ (36,181) | $ (972) | $ 37,156 | $ 35,565 | $ 72,721 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Operating activities | |||||||
Net income (loss) | $ (5,736) | $ (10,054) | $ 359 | $ (35,166) | $ (16,482) | $ (47,059) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Equity-based compensation | 3,275 | 3,265 | |||||
Loss (gain) on other investments, at fair value | 24,981 | 714 | 38,960 | 26,451 | |||
Loss (gain) on other investments, sold not yet purchased | (25,218) | (782) | (48,269) | 525 | |||
Noncash advisory fees received | (492) | 0 | |||||
(Income) loss from equity method affiliates | 702 | (618) | 1,608 | 14,530 | $ 20,931 | ||
Depreciation and amortization | 140 | 139 | 433 | 414 | |||
Amortization of discount on debt | 455 | 485 | |||||
Deferred tax provision (benefit) | 5,199 | 3,340 | |||||
Change in operating assets and liabilities, net: | |||||||
Change in receivables from / payables to brokers, dealers, and clearing agencies | 97,047 | (82,014) | |||||
Change in receivables from / payables to related parties, net | (13) | 2,817 | |||||
(Increase) decrease in other receivables | 3,580 | (17,536) | |||||
(Increase) decrease in investments-trading | 18,352 | (47,958) | |||||
(Increase) decrease in receivables under resale agreements | 19,558 | 2,475,987 | |||||
(Increase) decrease in other assets | 1,499 | 780 | |||||
Increase (decrease) in accounts payable and other liabilities | (89,737) | 5,647 | |||||
Increase (decrease) in accrued compensation | 1,903 | (3,252) | |||||
Increase (decrease) in trading securities sold, not yet purchased | (38,202) | 89,567 | |||||
Increase (decrease) in securities sold under agreements to repurchase | (34,851) | (2,421,742) | |||||
Net cash provided by (used in) operating activities | (36,177) | 4,247 | |||||
Investing activities | |||||||
Purchase of other investments, at fair value | (55,605) | (8,651) | |||||
Purchase of other investments sold, not yet purchased, at fair value | (1,112) | (5,994) | |||||
Sales and returns of principal - other investments, at fair value | 51,412 | 15,791 | |||||
Sales and returns of principal - other investments sold, not yet purchased, at fair value | 35,955 | 3,054 | |||||
Investment in equity method affiliate | (1,806) | (617) | |||||
Distribution from equity method affiliate | 5 | 75 | |||||
Purchase of furniture, equipment, and leasehold improvements | (300) | (482) | |||||
Net cash provided by (used in) investing activities | 28,549 | 3,176 | |||||
Financing activities | |||||||
Proceeds from debt | 15,000 | 2,250 | |||||
Repayment of debt | (15,000) | (2,250) | |||||
Cash used to net share settle equity awards | (175) | (234) | |||||
Cohen & Company Inc. dividends | (1,369) | (2,201) | |||||
Convertible non-controlling interest distributions | (3,341) | (5,535) | |||||
Redemption of convertible non-controlling interest units | (834) | 0 | |||||
Non-convertible non-controlling interest investment | 39 | 9 | |||||
Non-convertible non-controlling interest distributions | (2,400) | (2,236) | |||||
Net cash provided by (used in) financing activities | (8,080) | (10,197) | |||||
Effect of exchange rate on cash | (43) | (506) | |||||
Net increase (decrease) in cash and cash equivalents | (15,751) | (3,280) | |||||
Cash and cash equivalents, beginning of period | $ 29,101 | $ 50,567 | 29,101 | 50,567 | 50,567 | ||
Cash and cash equivalents, end of period | $ 13,350 | $ 47,287 | $ 13,350 | $ 47,287 | $ 29,101 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organizational History Cohen Brothers, LLC (“Cohen Brothers”) was formed on October 7, 2004 March 4, 2005 May 31, 2005. From its formation until December 16, 2009, December 16, 2009, As a result of the AFN Merger, AFN contributed substantially all of its assets into Cohen Brothers in exchange for newly issued units of membership interests directly from Cohen Brothers. In addition, AFN received additional Cohen Brothers membership interests directly from its members in exchange for AFN common stock. In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the AFN Merger was accounted for as a reverse acquisition, and Cohen Brothers was deemed to be the accounting acquirer. As a result, all of AFN’s assets and liabilities were required to be revalued at fair value as of the acquisition date. The remaining units of membership interests of Cohen Brothers that were not Subsequent to the AFN Merger, AFN was renamed Cohen & Company Inc. In January 2011, September 1, 2017 January 1, 2010, The Company The Company is a financial services company specializing in an expanding range of capital markets and asset management services. As of September 30, 2023 , th had $2.01 billion in assets under management (“AUM”) of which $1.0 billion In these financial statements, the “Company” refers to Cohen & Company Inc. and its subsidiaries on a consolidated basis. Cohen & Company, LLC or the “Operating LLC” refers to the main operating subsidiary of the Company. “Cohen Brothers” refers to the pre-AFN Merger Cohen Brothers, LLC and its subsidiaries. “AFN” refers to the pre-merger Alesco Financial Inc. and its subsidiaries. When the term “Cohen & Company Inc.” is used, it is referring to the parent company itself. “JVB Holdings” refers to J.V.B. Financial Holdings, LP, a wholly owned subsidiary of the Operating LLC. “JVB” refers to J.V.B. Financial Group, LLC, a wholly owned broker-dealer subsidiary of JVB Holdings. "CCFESA" refers to Cohen & Company Financial (Europe) S.A., a majority owned subsidiary regulated by the Autorite de Controle Prudentiel et de Resolution ("ACPR ") in France. “CCFEL” refers to Cohen & Company Financial (Europe) Limited, a subsidiary formerly regulated by the Central Bank of Ireland (the "CBI"). The Company’s business is organized into the following three Capital Markets not Asset Management Principal Investing not The Company generates its revenue by business segment primarily through the following activities. Capital Markets ● Trading activities of the Company, which include execution and brokerage services, riskless trading activities as well as gains and losses (unrealized and realized) and income and expense earned on securities and derivatives classified as trading; ● Revenue earned on the Company’s gestation repo financing program; and ● New issue and advisory revenue comprised primarily of (i) new issue revenue associated with originating, arranging, or placing newly created financial instruments and (ii) revenue from advisory services. Asset Management ● Asset management fees for the Company’s on-going asset management services provided to certain Investment Vehicles, which may Principal Investing ● Gains and losses (unrealized and realized) and income and expense earned on securities classified as other investments at fair value and other investments sold, not ● Income and loss earned on equity method investments. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The financial statements of the Company included herein were prepared in conformity with U.S. GAAP for interim financial information and with the instructions to Form 10 10 X. not nine September 30, 2023 2022 are not 10 December 31, 2022 . Capitalized terms used herein without definition have the meanings ascribed to them in the Annual Report on Form 10 December 31, 2022 . |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. A. Adoption of New Accounting Standards In March 2020, 2020 04 , Reference Rate Reform (Topic 848 January 2021 2021 01, Reference Rate Reform (Topic 848 December 31, 2022. December 2022, 2022 06 Topic 848 December 31, 2022 December 31, 2024. 2020 04 2021 01, March 12, 2020, not 20. In October 2020, 2020 08, Codification Improvements to Subtopic 310 20, Nonrefundable Fees and Other Costs. 310 20 35 33 2020 08, January 1, 2022, not In October 2020, 2020 10, Codification Improvements. 2020 10, January 1, 2022, not In May 2021, 2021 04, Earnings Per Share (Topic 260 470 50 718 815 40 not 1 2 3 2021 04, January 1, 2022, not In October 2021, 2021 08, Business Combinations (Topic 805 606 not 2021 08, January 1, 2022, not In October 2021, 2021 10, Government Assistance (Topic 832 2021 10, January 1, 2022, not In March 2022, 2022 02, Financial Instruments—Credit Losses (Topic 326 2022 02, January 1, 2023, not B. Recent Accounting Developments In August 2020, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 December 15, 2023, may In June 2022, 2022 03, Fair Value Measurement (Topic 820 not not December 15, 2023. may In March 2023, 2023 02, Investments—Equity Method and Joint Ventures (Topic 323 December 15, 2023. may In August 2023, 2023 05, Business Combinations— Joint Venture Formations (Subtopic 805 60 January 1, 2025. No. 2023 05 not may C. Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments. These determinations were based on available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates and, therefore, these estimates may not may 8 not Cash and cash equivalents 1 Investments-trading third not Other investments, at fair value not Receivables under resale agreements 2 Trading securities sold, not third not Other investments sold, not not Securities sold under agreements to repurchase 2 Redeemable financial instruments 3 Debt September 30, 2023 December 31, 2022 pany’s de bt was estimated to be and , respectively. The estim ated f 3 Derivatives may not not third |
Note 4 - Other Recent Business
Note 4 - Other Recent Business Transactions or Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Events [Text Block] | 4. Consolidation of the SPAC Fund Prior to March 31, 2023, not April 1, 2023, April 1, 2023, April 1, 2023, Asset/(Liability) Cash and cash equivalents $ 257 Receivables from brokers, dealers, and clearing agencies 68,066 Other investments, at fair value 40,388 Other assets 108 Accounts payable and other liabilities (82,968 ) Other investments sold, not yet purchased (25,806 ) GP of the SPAC Fund's remaining investment in the SPAC Fund $ 45 As of September 30, 2023 Conversion of the 2017 On March 10, 2017, "2017 March 20, 2022, 2017 2017 2017 20 December 31, 2022 10 2017 Pursuant to the DGC Trust’s governing documents, Daniel G. Cohen has the ability to acquire at any time any of the DGC Trust’s assets, including the units of membership interest, by substituting other property of an equivalent value without the approval or consent of any person, including any trustee or beneficiary of the DGC Trust. See note 24. The 2020 On January 31, 2020, January 31, 2022. On January 31, 2022, "2022 2022 2020 16 24. INSU Acquisition Corp III ("Insurance SPAC III") The Operating LLC was the manager of Insurance Acquisition Sponsor III, LLC (“IAS III”) and Dioptra Advisors III, LLC (together with IAS III, the “Insurance SPAC III Sponsor Entities”). The Insurance SPAC III Sponsor Entities were sponsors of INSU Acquisition Corp. III ("Insurance SPAC III"). On December 22, 2020, Each Insurance SPAC III Unit consisted of one one third one one first 24 The Operating LLC loaned to Insurance SPAC III approximately $71 to cover IPO expenses, which was repaid in full at the closing of the IPO. IAS III and its affiliates, including the Operating LLC, committed to loan Insurance SPAC III up to an additional $1,500 to cover operating and acquisition related expenses following the IPO, of which $960 was borrowed by Insurance SPAC III. See note 24. no not no On November 18, 2022, not December 22, 2022, December 22, 2022, In order to provide for the disbursement of funds from the trust account, Insurance SPAC III instructed the trustee of the trust account to take all necessary actions to liquidate the securities held in the trust account. The proceeds of the trust account were held in a non-interest bearing account while awaiting disbursement to the holders of the public shares. Record holders received their pro rata portion of the proceeds of the trust account, less $100 of interest to pay dissolution expenses and net of taxes payable. Insurance SPAC III Sponsor Entities agreed to waive their redemption rights with respect to their outstanding shares of Class B common stock issued prior to the Insurance SPAC III IPO. There were no As a result of the liquidation of Insurance SPAC III, the Company recorded an equity method loss of $5,896 for the year ended December 31, 2022, |
Note 5 - Net Trading
Note 5 - Net Trading | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Trading Activities [Text Block] | 5. Net trading consisted of the following in the periods presented. NET TRADING (Dollars in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net realized gains (losses) - trading inventory $ 3,250 $ 922 $ 13,967 $ 10,649 Net unrealized gains (losses) - trading inventory 693 742 (1,581 ) (5,448 ) Net gains and losses 3,943 1,664 12,386 5,201 Interest income- trading inventory 1,232 478 2,885 2,314 Interest income-reverse repos 8,115 11,831 20,647 39,831 Interest income 9,347 12,309 23,532 42,145 Interest expense-repos (7,214 ) (9,455 ) (18,299 ) (24,676 ) Interest expense-margin payable (1,744 ) (848 ) (4,610 ) (1,456 ) Interest expense (8,958 ) (10,303 ) (22,909 ) (26,132 ) Other trading revenue 3,159 4,296 10,108 9,151 Net trading $ 7,491 $ 7,966 $ 23,117 $ 30,365 Trading inventory includes investments classified as investments-trading as well as trading securities sold, not 7. 6. 10 |
Note 6 - Receivables from and P
Note 6 - Receivables from and Payables to Brokers, Dealers, and Clearing Agencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block] | 6. Amounts receivable from brokers, dealers, and clearing agencies consisted of the following. RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES (Dollars in Thousands) September 30, 2023 December 31, 2022 Deposits with clearing agencies $ 250 $ 250 Unsettled regular way trades, net 35,051 - Receivables from clearing agencies 71,439 140,683 Receivables from brokers, dealers, and clearing agencies $ 106,740 $ 140,933 Amounts payable to brokers, dealers, and clearing agencies consisted of the following. PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES (Dollars in Thousands) September 30, 2023 December 31, 2022 Unsettled regular way trades, net $ - $ 3,238 Margin payable 129,773 131,747 Payables to brokers, dealers, and clearing agencies $ 129,773 $ 134,985 Deposits with clearing agencies represent contractual amounts the Company is required to deposit with its clearing agents. Securities transactions that settle in the regular way are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets. Receivables from clearing agencies are primarily comprised of cash received by the Company upon execution of short trades that is restricted from withdrawal by the clearing agent. Margin payable represents amounts borrowed from Pershing, LLC to finance the Company’s trading portfolio. See note 5 7. |
Note 7 - Financial Instruments
Note 7 - Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 7. Investments—Trading Investments-trading consisted of the following. INVESTMENTS - TRADING (Dollars in Thousands) September 30, 2023 December 31, 2022 ABS $ - $ 1 Corporate bonds and redeemable preferred stock 51,584 44,572 Derivatives 6,024 4,669 Equity securities 950 220 Municipal bonds 14,084 19,502 Residential mortgage loans 3,139 13,506 RMBS 9 7 U.S. government agency debt securities 88,780 19,683 U.S. government agency MBS and CMOs 24,034 97,276 U.S. Treasury securities 4,872 12,392 Investments-trading $ 193,476 $ 211,828 Trading Securities Sold, Not Trading securities sold, not TRADING SECURITIES SOLD, NOT (Dollars in Thousands) September 30, 2023 December 31, 2022 Corporate bonds and redeemable preferred stock $ 45,045 $ 61,310 Derivatives 6,014 1,177 Equity securities 144 51 U.S. government agency debt securities 10 32 U.S. government agency MBS and CMOs 1 1 U.S. Treasury securities 44,541 71,386 Trading securities sold, not yet purchased $ 95,755 $ 133,957 The Company manages its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. See note 5 Other Investments, at Fair Value Other investments, at fair value consisted of the following. OTHER INVESTMENTS, AT FAIR VALUE (Dollars in Thousands) September 30, 2023 December 31, 2022 Equity securities $ 19,646 $ 13,725 Equity derivatives 2,110 - Restricted equity securities 3,020 3,135 Corporate bonds and redeemable preferred stock 476 476 Fair value receivables 6,032 - CREO JV 5,834 6,568 U.S. Insurance JV 3,073 3,459 SPAC Fund - 527 Residential mortgage loans 133 132 Other investments, at fair value $ 40,324 $ 28,022 As of September 30, 2023 December 31, 2022, no 9. A total o f $1,154 a September 30, 2023 December 31, 2022, 6. Other Investments Sold, Not Other investments, sold not OTHER INVESTMENTS SOLD, NOT (Dollars in Thousands) September 30, 2023 December 31, 2022 Equity securities $ 81 $ 78 Share forward liabilities 18,050 - Other investments sold, not yet purchased, at fair value $ 18,131 $ 78 As of September 30, 2023 9. |
Note 8 - Fair Value Disclosures
Note 8 - Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value Option The Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions of FASB ASC 825. Such financial assets accounted for at fair value include: ● securities that would otherwise qualify for available for sale treatment; ● investments in equity method affiliates that have the attributes in FASB ASC 946 10 15 2 ● investments in residential mortgage loans. The changes in fair value (realized and unrealized gains and losses) of these instruments for which the Company has elected the fair value option are recorded in principal transactions and other income in the consolidated statements of operations. All of the investments for which the Company has elected the fair value option are included as a component of other investments, at fair value in the consolidated balance sheets. The Company recognized net gains (losses) related to changes in fair value of investments that are included as a component of other investments, at fair value during the three September 30, 2023 2022 of and , respectively. nine September 30, 2023 2022 The Company recognized net gains (losses) related to changes in fair value of investments that are included as a component of other investments, sold not three September 30, 2023 2022 of and ($782), respectively. The Company recognized net gains (losses) related to changes in fair value of investments that are included as a component of other investments, sold not nine September 30, 2023 2022 of $48,269 and ($525), respectively. Fair Value Measurements In accordance with FASB ASC 820, three 1 3 three 820 Level 1 Level 2 one 1. Quoted prices for similar assets or liabilities in active markets; 2. Quoted prices for identical or similar assets or liabilities in non-active markets; 3. Pricing models with inputs that are derived, other than quoted prices, and observable for substantially the full term of the asset or liability; or 4. Pricing models with inputs that are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level 3 In certain cases, the inputs used to measure fair value may Both observable and unobservable inputs may 3 3 may may The following tables present information about the Company’s assets and liabilities measured at fair value as of September 30, 2023 December 31, 2022 FAIR VALUE MEASUREMENTS ON A RECURRING BASIS September 30, 2023 (Dollars in Thousands) Significant Significant Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Assets Fair Value (Level 1) (Level 2) (Level 3) Investments-trading: Corporate bonds and redeemable preferred stock $ 51,584 $ - $ 51,584 $ - Derivatives 6,024 - 6,024 - Equity securities 950 563 387 - Municipal bonds 14,084 - 14,084 - Residential mortgage loans 3,139 - 3,139 - RMBS 9 - 9 - U.S. government agency debt securities 88,780 - 88,780 - U.S. government agency MBS and CMOs 24,034 - 24,034 - U.S. Treasury securities 4,872 4,872 - - Total investments - trading $ 193,476 $ 5,435 $ 188,041 $ - Other investments, at fair value: Equity securities $ 19,646 $ 19,646 $ - $ - Equity derivatives 2,110 - 2,110 - Restricted equity securities 3,020 - 3,020 - Corporate bonds and redeemable preferred stock 476 - 476 - Fair value receivables 6,032 - 6,032 - Residential mortgage loans 133 - 133 - 31,417 $ 19,646 $ 11,771 $ - Investments measured at NAV (1) 8,907 Total other investments, at fair value $ 40,324 Liabilities Trading securities sold, not yet purchased: Corporate bonds and redeemable preferred stock $ 45,045 $ - $ 45,045 $ - Derivatives 6,014 - 6,014 - Equity securities 144 144 - - U.S. government agency debt securities 10 - 10 - U.S. government agency MBS and CMOs 1 - 1 - U.S. Treasury securities 44,541 44,541 - - Total trading securities sold, not yet purchased $ 95,755 $ 44,685 $ 51,070 $ - Other investments, sold not yet purchased: Equity securities $ 81 $ 81 $ - $ - Share forward liabilities 18,050 - 18,050 - Total other investments sold, not yet purchased $ 18,131 $ 81 $ 18,050 $ - ( 1 As a practical expedient, the Company uses NAV (or its equivalent) to measure the fair value of its investments in the U.S. Insurance JV and the CREO JV. The U.S. Insurance JV invests in USD denominated debt issued by small insurance and reinsurance companies. The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly transitional commercial real estate mortgage-backed loans. According to ASC 820, not FAIR VALUE MEASUREMENTS ON A RECURRING BASIS December 31, 2022 (Dollars in Thousands) Significant Significant Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Assets Fair Value (Level 1) (Level 2) (Level 3) Investments-trading: ABS $ 1 $ - $ 1 $ - Corporate bonds and redeemable preferred stock 44,572 - 44,572 - Derivatives 4,669 - 4,669 - Equity securities 220 220 - - Municipal bonds 19,502 - 19,502 - Residential mortgage loans 13,506 - 13,506 - RMBS 7 - 7 - U.S. government agency debt securities 19,683 - 19,683 - U.S. government agency MBS and CMOs 97,276 - 97,276 - U.S. Treasury securities 12,392 12,392 - - Total investments - trading $ 211,828 $ 12,612 $ 199,216 $ - Other investments, at fair value: Equity Securities $ 13,725 $ 13,725 $ - $ - Restricted Equity Securities 3,135 - 3,135 - Corporate bonds and redeemable preferred stock 476 - 476 - Residential mortgage loans 132 - 132 - 17,468 $ 13,725 $ 3,743 $ - Investments measured at NAV (1) 10,554 Total other investments, at fair value $ 28,022 Liabilities Trading securities sold, not yet purchased: Corporate bonds and redeemable preferred stock $ 61,310 $ - $ 61,310 $ - Derivatives 1,177 - 1,177 - Equity securities 51 51 - - U.S. Government Agency debt 32 - 32 - U.S. government agency MBS and CMOs 1 - 1 - U.S. Treasury securities 71,386 71,386 - - Total trading securities sold, not yet purchased $ 133,957 $ 71,437 $ 62,520 $ - Other investments, sold not yet purchased: Equity securities $ 78 $ 78 $ - $ - Total other investments sold, not yet purchased $ 78 $ 78 $ - $ - ( 1 As a practical expedient, the Company uses NAV (or its equivalent) to measure the fair value of its investments in the U.S. Insurance JV, the SPAC Fund, and the CREO JV. The U.S. Insurance JV invests in USD denominated debt issued by small insurance and reinsurance companies. The SPAC Fund invested in equity securities of SPACs. The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly transitional commercial real estate mortgage-backed loans. According to ASC 820, not The following provides a brief description of the types of financial instruments the Company holds, the methodology for estimating fair value, and the level within the valuation hierarchy of the estimate. The discussion that follows applies regardless of whether the instrument is included in investments-trading; other investments, at fair value; or trading securities sold, not CLOs, CDOs, and ABS may not two two third 2 two 2 two may 3 If quotations are unavailable, prices observed by the Company for recently executed market transactions or valuation models prepared by the Company’s management may 3 Establishing fair value is inherently subjective (given the volatile and sometimes illiquid markets for certain interests in securitizations) and requires management to make a number of assumptions, including assumptions about the future of interest rates, discount rates, and the timing of cash flows. The assumptions the Company applies are specific to each security. Although the Company may third Certificates of Deposit third 2 Corporate Bonds and Redeemable Preferred Stock third 2 1 Equity Securities 1 2 3 Equity Securities Without Readily Determinable Fair Value not not 321 10 35 2. 1 Restricted Equity Securities 2 not no Fair value receivables third 9. 2 Foreign Government Bonds third 2 Municipal Bonds third third 2 third 3 third Residential Mortgage Loans 2 RMBS third third third 2 U.S. Government Agency Debt Securities third 1 2 U.S. Government Agency MBS and CMOs third third 2 U.S. Treasury Securities not 1 Derivatives TBAs and Other Forward Agency MBS Contracts The Company generally values these securities using third third 2 3 not 9. Other Extended Settlement Trades When the Company buys or sells a financial instrument that will not Equity Derivatives The Company may 1 not 2 Foreign Currency Forward Contracts Foreign currency forward contracts are exchange-traded derivatives, which transact on an exchange that is deemed to be active. The fair value of the foreign currency forward contracts is based on current quoted market prices. Valuation adjustments are not 1 9. Share forward liabilities Share forward liabilities are included as a component of other investments sold, not 2 9. Investments in Certain Entities that Calculate NAV Per Share (or its Equivalent) The following table presents additional information about investments in certain entities that calculate NAV per share (regardless of whether the “practical expedient” provisions of FASB ASC 820 September 30, 2023 December 31, 2022 Fair Value September 30, 2023 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value CREO JV (a) $ 5,834 $ 9,915 N/A N/A U.S. Insurance JV (b) 3,073 N/A N/A N/A $ 8,907 Fair Value December 31, 2022 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value CREO JV (a) $ 6,568 $ 8,464 N/A N/A U.S. Insurance JV (b) 3,459 N/A N/A N/A SPAC Fund (c) 527 N/A Quarterly after 1 year lock up 30 days $ 10,554 N/A Not (a) The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly commercial real estate mortgage-backed loans. (b) The U.S. Insurance JV invests in USD denominated debt issued by small and medium size insurance and reinsurance companies. (c) The SPAC Fund invested in equity interests of SPACs. |
Note 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. FASB ASC 815, Derivatives and Hedging 815” not 815. All of the derivatives that the Company enters into contain master netting arrangements. If certain requirements are met, the offsetting provisions included in FASB ASC 210, Balance Sheet 210” not 210 not no Derivative financial instruments are recorded at fair value. If the derivative was entered into as part of the Company’s broker-dealer operations, it will be included as a component of investments-trading or trading securities sold, not The Company may, may TBAs are forward contracts to purchase or sell MBS with collateral that remains “to be announced” until just prior to the trade settlement date. In addition to TBAs, the Company sometimes enters into forward purchases or sales of agency MBS where the underlying collateral has been identified. These transactions are referred to as other forward agency MBS contracts. TBAs and other forward agency MBS contracts are accounted for as derivatives by the Company under ASC 815. not In addition to TBAs and other forward agency MBS contracts as part of the Company’s broker-dealer operations, the Company may not not Derivatives involve varying degrees of off-balance sheet risk, whereby changes in the level or volatility of interest rates or market values of the underlying financial instruments may The Company may, Equity Derivatives A significant portion of the Company’s equity holdings are carried at fair value. From time to time, the Company hedges a portion of this exposure by entering into equity derivatives such as puts and short call options. These derivative positions are carried at fair value as a component of other investments, at fair value and other investments sold, not September 30, 2023 December 31, 2022, no may In addition, the Company may not September 30, 2023 December 31, 2022, no The Company also hedges a portion of the exposure from these equity investments by entering into short trades. These short trades are not not 7. TBAs and Other Forward Agency MBS Contracts The Company enters into TBAs and other forward agency MBS transactions for three (i) The Company trades U.S. government agency obligations. In connection with these activities, the Company may may (ii) The Company also enters into TBAs and other forward agency MBS contracts in order to assist clients (generally small to mid-size mortgage loan originators) in hedging the interest rate risk associated with the mortgages owned by these clients. (iii) Finally, the Company may The Company carries TBAs and other forward agency MBS contracts at fair value and includes them as a component of investments-trading or trading securities sold, not September 30, 2023 December 31, 2022 Other Extended Settlement Trades When the Company buys or sells a financial instrument that will not September 30, 2023 December 31, 2022 Foreign Currency Forward Contracts The Company invests in foreign currency denominated investments that expose it to fluctuations in foreign currency rates, and, therefore, the Company may, September 30, 2023 December 31, 2022 The following table presents the Company’s derivative financial instruments and the amount and location of the fair value (unrealized gain / (loss)) recognized in the consolidated balance sheets as of September 30, 2023 December 31, 2022 DERIVATIVE FINANCIAL INSTRUMENTS-BALANCE SHEET INFORMATION (Dollars in Thousands) Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Balance Sheet Classification September 30, 2023 December 31, 2022 TBAs and other forward agency MBS Investments-trading $ 6,024 $ 4,669 TBAs and other forward agency MBS Trading securities sold, not yet purchased (6,014 ) (1,177 ) Equity derivatives Other investments, at fair value 2,110 - Share forward liabilities Other investments sold, not yet purchased, at fair value (18,050 ) - $ (15,930 ) $ 3,492 The following tables present the Company’s derivative financial instruments and the amount and location of the net gain (loss) recognized in the consolidated statements of operations. DERIVATIVE FINANCIAL INSTRUMENTS-STATEMENT OF OPERATIONS INFORMATION (Dollars in Thousands) Three Months Ended September 30, Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Income Statement Classification 2023 2022 TBAs and other forward agency MBS Revenue-net trading $ 2,141 $ 2,685 Equity derivatives Principal transactions and other income (loss) 744 (853 ) Share forward liabilities Principal transactions and other income (loss) 25,232 - $ 28,117 $ 1,832 The share forward liabilities offset certain long positions included as a component of other investments, at fair value. The offsetting long positions had income / (loss) of ($18,595) and $0 for the three September 30, 2023 2022, Nine Months Ended September 30, Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Income Statement Classification 2023 2022 TBAs and other forward agency MBS Revenue-net trading $ 4,063 $ 8,283 Equity derivatives Principal transactions and other income (loss) 1,266 (853 ) Share forward liabilities Principal transactions and other income (loss) 48,271 - $ 53,600 $ 7,430 The share forward liabilities offset certain long positions included as a component of other investments, at fair value. The offsetting long positions had income / (loss) of ($32,229) and $0 for the nine September 30, 2023 2022, Share Forward Arrangements The Company has engaged in several transactions known as share forward arrangements ("SFAs"). In a typical SFA transaction, the Company acquires an interest in a publicly traded company (each referred to as the "SFA Counterparty") through open market purchases, direct acquisitions from the SFA Counterparty, or a combination thereof. These interests can take the form of unrestricted common shares, restricted common shares, equity derivatives, or fair value receivables. Upon acquiring these interests, the Company and the SFA Counterparty enter into an SFA derivative arrangement. In cases where the Company acquires its interests in the SFA Counterparty through open market purchases, the SFA generally requires an up-front payment from the SFA Counterparty to the Company. The amount of this payment equals the cost paid by the Company for those interests, less a shortfall amount in certain cases. To fund the shortfall portion of the initial investment, the Company will utilize available cash on hand or available financing. The SFA stipulates that the Company must make a payment to the SFA Counterparty on a certain maturity date. Depending on the terms of the SFA, this payment may Importantly, the SFA does not not Furthermore, SFAs usually include a provision allowing the Company to terminate the SFA, either in whole or in part, before its maturity by making an agreed-upon payment based on an amount defined in the agreement (the “Reset Price”). The Reset Price may SFAs also impose various obligations on the SFA Counterparty. These obligations may not not may The Company accounts for SFA transactions as follows: ● The interests in public companies that it owns are carried at fair value. Refer to note 8 ● The derivative obligation arising from the SFA is also carried at fair value. Fair value represents the amount the Company would need to pay to settle the SFA obligation at any reporting period date. If the SFA allows the Company multiple methods of settling the obligation, the Company will choose the most advantageous one not may ● The Company does not ● In cases where the Company earns Maturity Consideration and the amount it is owed exceeds the fair value of the interest it owns that is available to offset, the Company will consider the probability of payment of the remaining Maturity Consideration based on the credit quality of the SFA Counterparty and general market conditions. If the Company determines the collection of the remaining Maturity Consideration owed is not not The following table shows the carrying value of the assets and liabilities of SFA transactions as of the reporting period dates. SHARE FORWARD ARRANGEMENTS (Dollars in Thousands) September 30, 2023 December 31, 2022 Equity securities $ 18,486 $ - Equity derivatives 2,110 - Restricted equity securities 427 - Fair value receivables 3,982 - Share forward liabilities (18,050 ) - Net fair value of share forward arrangements $ 6,955 $ - |
Note 10 - Collateralized Securi
Note 10 - Collateralized Securities Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 10. Gestation Repo Gestation repo involves entering into repo and reverse repo transactions where the underlying collateral security represents a pool of newly issued mortgage loans. The borrowers (the reverse repo counterparties) are generally mortgage originators. The lenders (the repo counterparties) are a diverse group of the counterparties comprised of banks, insurance companies, and other financial institutions. The Company self-clears its gestation repo transactions. Gestation trades can be structured in two On Balance Sheet one Agency Repo first three Bankruptcy of Gestation Repo Counterparty As of June 30, 2022, June 30, 2022, June 30, 2022, As of September 30, 2023 December 31, 2022, During the year ended December 31, 2022, not December 31, 2022, During the three nine September 30, 2023, Other Repo Transactions In addition to the Company’s gestation repo business, the Company may may no Repo Information As of September 30, 2023 December 31, 2022 As of September 30, 2023 December 31, 2022 Concentration In the gestation repo business, the demand for borrowed funds is generated by the reverse repo counterparty and the supply of funds is provided by the repo counterparty. The gestation repo business has been and continues to be concentrated as to reverse repurchase counterparties. The Company conducts this business with a limited number of reverse repo counterparties. As of September 30, 2023 December 31, 2022 The total net revenue earned by the Company on its gestation repo business (net interest margin and fee revenue) was $4,060 and $12,456 for the three nine September 30, 2023 three nine September 30, 2022 Detail ASC 210 lateral (see note 13 The following tables summarize the remaining contractual maturity of the gross obligations under repos accounted for as secured borrowings segregated by the underlying collateral pledged as of each date shown. All amounts as well as counterparty cash collateral (see note 13 SECURED BORROWINGS (Dollars in Thousands) September 30, 2023 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 417,946 $ - $ - $ 417,946 $ - $ 417,946 $ - $ - $ 417,946 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 418,134 $ - $ - $ 418,134 $ - $ 418,134 $ - $ - $ 418,134 SECURED BORROWINGS (Dollars in Thousands) December 31, 2022 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 452,797 $ - $ - $ 452,797 $ - $ 452,797 $ - $ - $ 452,797 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 437,692 $ - $ - $ 437,692 $ - $ 437,692 $ - $ - $ 437,692 |
Note 11 - Investments in Equity
Note 11 - Investments in Equity Method Affiliates | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 11. Equity method accounting requires that the Company record its investments in equity method affiliates on the consolidated balance sheets and recognize its share of the equity method affiliates’ net income as earnings each reporting period. The Company elected to use the cumulative earnings approach for the distributions it receives from its equity method investments. Under the cumulative earnings approach, any distributions received up to the amount of cumulative earnings are treated as return on investment and classified in operating activities within the statement of cash flows. Any excess distributions would be considered as return of investment and classified in investing activities. The Company has certain equity method affiliates for which it has elected the fair value option. Those investees are excluded from the table below. Those investees are included as a component of other investments, at fair value in the consolidated balance sheets. All gains and losses (unrealized and realized) from securities classified as other investments, at fair value in the consolidated balance sheets are recorded as a component of principal transactions and other income in the consolidated statement of operations. See notes 8 24. The following table summarizes the activity and earnings in the Company’s investments that are accounted for under the equity method. INVESTMENTS IN EQUITY METHOD AFFILIATES (Dollars in Thousands) INSU Acquisition Corp. III Dutch Real Estate Entities SPAC Sponsor Entities and Other Total January 1, 2023 $ - $ 5,530 $ 3,399 $ 8,929 Investments / advances - - 1,806 1,806 Distributions / repayments - - (5 ) (5 ) Reclasses to (from) - - (362 ) (362 ) Earnings / (loss) recognized - 72 (1,680 ) (1,608 ) September 30, 2023 $ - $ 5,602 $ 3,158 $ 8,760 INSU Acquisition Corp. III Dutch Real Estate Entities SPAC Sponsor Entities and Other Total January 1, 2022 $ 4,543 $ 5,600 $ 38,095 $ 48,238 Investments / advances 1,355 - 1,259 2,614 Distributions / repayments - - (77 ) (77 ) Reclasses to (from) - - (20,915 ) (20,915 ) Earnings / (loss) recognized (5,898 ) (70 ) (14,963 ) (20,931 ) December 31, 2022 $ - $ 5,530 $ 3,399 $ 8,929 Dutch Real Estate Entities include: (i) Amersfoot Office Investment I Cooperatief U. A. (“AOI”), a company based in the Netherlands that invests in real estate, and (ii) CK Capital Partners B.V. (“CK Capital”), a company based in the Netherlands that manages investments in real estate. See note 24. December 2020 December 2022 4. not not no |
Note 12 - Leases
Note 12 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12. The Company leases office space and certain computer and related equipment. From time to time, the Company subleases office space to other tenants. Under the requirements of ASC 842, Rent expense is recognized on a straight-line basis over the lease term and is included in business development, occupancy, and equipment expense. As of September 30, 2023 Maturities of operating lease liability payments consisted of the following. FUTURE MATURITY OF LEASE LIABILITIES (Dollars in Thousands) September 30, 2023 2023 - remaining $ 684 2024 2,170 2025 1,794 2026 1,506 2027 1,514 Thereafter 2,244 Total 9,912 Less imputed interest (1,140 ) Lease obligation $ 8,772 During the nine September 30, 2023 2022 No three nine September 30, 2023 three nine September 30, 2022 |
Note 13 - Other Receivables, Ot
Note 13 - Other Receivables, Other Assets, Accounts Payable and Other Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Receivables, Other Assets, Accounts Payable and Other Liabilities [Text Block] | 13. Other receivables consisted of the following. OTHER RECEIVABLES (Dollars in Thousands) September 30, 2023 December 31, 2022 Asset management fees receivable $ 1,033 $ 936 New issue fee receivable 1,108 167 Cash collateral due from counterparties 636 4,301 Accrued interest receivable and dividend receivable 1,877 2,561 Revenue share receivable 286 138 Agency repo income receivable 341 806 Miscellaneous other receivables 666 618 Other receivables $ 5,947 $ 9,527 Asset management fees receivable are of a routine and short-term nature. These amounts are generally accrued monthly and paid on a monthly or quarterly basis. New issue fee receivable represents fees due for new issue and advisory services. When the Company enters into a reverse repo, it obtains collateral in excess of the principal amount of the reverse repo. The Company accepts collateral in the form of liquid securities or cash. If the value of the securities the Company receives as collateral increases, the Company’s reverse repo counterparties may Accrued interest and dividends receivable represent interest and dividends accrued on the Company’s investment securities included as a component of investments-trading or other investments, at fair value. Interest payable on securities sold, not Revenue share receivable represents the amount due to the Company for the Company’s share of a revenue arrangement generated from an entity in which the Company receives a share of the entity’s revenue. Agency repo income receivable represents income receivable on gestation repo trades. See note 10. Miscellaneous other receivables represent other receivables that are of a short-term nature. Other assets consisted of the following. OTHER ASSETS (Dollars in Thousands) September 30, 2023 December 31, 2022 Deferred costs $ 37 $ 133 Prepaid expenses 1,295 1,325 Prepaid taxes 280 - Deposits 452 450 Furniture, equipment, and leasehold improvements, net 1,339 1,472 Intangible assets 166 166 Other assets $ 3,569 $ 3,546 Deferred costs and prepaid expenses represent amounts paid for services that are being amortized over their expected period of use and benefit. They are all routine and short-term in nature. Deposits are amounts held by landlords or other parties that will be returned or offset upon satisfaction of a lease or other contractual arrangement. See note 16 10 December 31, 2022 Accounts payable and other liabilities consisted of the following. ACCOUNTS PAYABLE AND OTHER LIABILITIES (Dollars in Thousands) September 30, 2023 December 31, 2022 Accounts payable $ 1,151 $ 891 Redeemable financial instruments accrued interest 111 - Accrued income tax - 70 Accrued interest payable 562 452 Accrued interest on securities sold, not yet purchased 861 1,561 Payroll taxes payable 1,500 1,565 Counterparty cash collateral - 4,301 Accrued expense and other liabilities 2,032 2,599 Accounts payable and other liabilities $ 6,217 $ 11,439 The redeemable financial instrument accrued interest represents accrued interest on the JKD Investor redeemable financial instrument. See note 15. When the Company enters into a reverse repo, the Company obtains collateral in excess of the principal of the reverse repo. The Company accepts collateral in the form of liquid securities or cash. To the extent the Company receives cash collateral, the Company includes it as a component of other liabilities (counterparty cash collateral) in the table above. When the Company enters into repo transactions, it provides collateral to its repo counterparty in excess of the principal balance of the repo. If the value of the securities the Company provides as collateral increases, the Company may 10. |
Note 14 - Variable Interest Ent
Note 14 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 14. As a general matter, a reporting entity must consolidate a variable interest entity (“VIE”) when it is deemed to be the primary beneficiary. The primary beneficiary is the entity that has both (a) the power to direct the matters that most significantly impact the VIE’s financial performance and (b) a significant variable interest in the VIE. Consolidated VIEs The Company determined it was the primary beneficiary of several VIEs and, therefore, has consolidated them. The following table provides certain information regarding the consolidated VIEs. CARRYING VALUE OF CONSOLIDATED VARIABLE INTEREST ENTITIES (Dollars in Thousands) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 46 $ 19 Due from broker 3,024 - Other investments, at fair value 24,312 - Investment in equity method affiliates 30 23 Other investments sold, not yet purchased, at fair value (18,045 ) - Non-controlling interest (6,190 ) (15 ) Investment in consolidated VIEs $ 3,177 $ 27 The maximum potential loss the Company could incur related to the consolidated VIEs is the investment in consolidated VIEs shown in the table above, plus the Company has to fund additional working capital to the equity method investees of certain of the consolidated VIEs. The total amount of working capital borrowed was $0 and $0 as of September 30, 2023 December 31, 2022, The Company’s Principal Investing Portfolio Included in other investments, at fair value in the consolidated balance sheets are investments in several VIEs. In each case, the Company determined it was not September 30, 2023 December 31, 2022, $9,915 not three nine September 30, 2023 2022 September 30, 2023 December 31, 2022 For each investment management contract entered into by the Company, the Company assesses whether the entity being managed is a VIE and if the Company is the primary beneficiary. Certain of the Investment Vehicles managed by the Company are VIEs. Under the current guidance of ASU 2015 12, not no not The Company’s Trading Portfolio From time to time, the Company may not not not two not The following table presents the carrying amounts of the assets in the Company’s consolidated balance sheets related to the Company’s variable interests in identified VIEs with the exception of (i) the two trust VIEs that hold the Company’s junior subordinated notes (see note 16 not September 30, 2023 December 31, 2022 CARRYING VALUE OF VARIABLE INTERESTS IN NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (Dollars in Thousands) September 30, 2023 December 31, 2022 Other investments, at fair value $ 8,907 $ 10,554 Investments in equity method affiliates 3,158 3,376 Maximum exposure $ 12,065 $ 13,930 |
Note 15 - Redeemable Financial
Note 15 - Redeemable Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 15. Redeemable financial instruments consisted of the following. REDEEMABLE FINANCIAL INSTRUMENTS (Dollars in Thousands) September 30, 2023 December 31, 2022 JKD Capital Partners I LTD $ 7,868 $ 7,868 $ 7,868 $ 7,868 On February 13, 2023, No. 2 October 3, 2016, January 1, 2023, |
Note 16 - Debt
Note 16 - Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 16. The Company had the following debt outstanding. DETAIL OF DEBT (Dollars in Thousands) As of As of Interest Description September 30, 2023 December 31, 2022 Rate Terms Interest (2) Maturity Non-convertible debt: 10.00% senior note (the "2020 Senior Notes") $ 4,500 $ 4,500 Fixed 10.00% January 2024 Junior subordinated notes: (1) Alesco Capital Trust I 28,125 28,125 Variable 9.63% July 2037 Sunset Financial Statutory Trust I 20,000 20,000 Variable 9.81% March 2035 Less unamortized discount (23,146 ) (23,601 ) 24,979 24,524 Byline Bank - - Variable NA December 2023 Total $ 29,479 $ 29,024 ( 1 The junior subordinated notes listed represent debt the Company owes to the two $49,614. $1,489. not $0. September 30, 2023 ( 2 Represents the interest rate in effect as of the last day of the reporting period. The 2020 On January 31, 2022, "2022 2022 $2,250 2020 The Amended and Restated Note evidences Operating LLC’s obligation to repay to JKD Investor (i) the original principal amount of $2,250 $2,250 2022 January 31, 2024; January 31, 2023 January 31, 2024, may, 31 The Amended and Restated Note accrues interest on the unpaid principal amount from January 31, 2022 January 1, April 1, July 1, October 1, April 1, 2022. may not January 31, 2023. may, 31 January 31, 2023 The Amended and Restated Note and the payment of all principal, interest, and any other amounts payable thereunder are senior obligations of the Operating LLC and will be senior to any Indebtedness (as defined in the Amended and Restated Note) of the Operating LLC outstanding as of and issued following January 30, 2020 ( Note). Pursua January 31, 2022, may not The 2017 On March 10, 2017, “2017 Pursuant to the 2017 “2017 $15,000. March 10, 2017, $15,000 2017 470, 2017 not Under the 2017 Pursuant to the 2017 December 16, 2009, not October 30, 2019, 2017 March 10, 2022 one 2017 Effective March 10, 2020, 2017 March 10, 2022. On March 20, 2022, 2017 2017 2017 Pursuant to the terms and conditions of the Operating LLC’s Amended and Restated Limited Liability Company Agreement, dated December 16, 2009, may one Pursuant to the DGC Trust’s governing documents, Daniel G. Cohen has the ability to acquire at any time any of the DGC Trust’s assets, including the LLC Units, by substituting other property of an equivalent value without the approval or consent of any person, including any trustee or beneficiary of the DGC Trust. Junior Subordinated Notes The Company assumed $49,614 aggregate principal amount of junior subordinated notes outstanding at the time of the AFN Merger. The Company recorded the debt at fair value on the acquisition date. Any difference between the fair value of the junior subordinated notes on the AFN Merger date and the principal amount of debt is amortized into earnings over the estimated remaining life of the underlying debt as an adjustment to interest expense. The junior subordinated notes are payable to two 1. Alesco Capital Trust I June 2007. July 30, 2037 may July 30, 2037. 2. Sunset Financial Statutory Trust I ( “ Sunset Financial Trust ” ) March 2005. March 30, 2035. Alesco Capital Trust I and Sunset Financial Trust (collectively, the “Trusts”) described above are VIEs pursuant to variable interest provisions included in FASB ASC 810 not not not not not The junior subordinated notes have several financial covenants. Since the AFN Merger, Cohen & Company Inc. has been in violation of one not not The U.K. Financial Conduct Authority (the authority that regulated LIBOR) announced that it would cease publication of the most commonly used U.S. dollar LIBOR tenors after June 30, 2023, December 31, 2021. The junior subordinated notes payable to both Alesco Capital Trust I and Sunset Financial Trust initially incurred interest that was calculated based on LIBOR. The Company believes that the junior subordinated notes payable to Alesco Capital Trust I do not no no 2021 no The junior subordinated notes payable to Sunset Financial Trust did not no no Byline Bank On June 9, 2023, $85,000 June 30, 2023 ( $90,000 Pursuant to the Third Amended and Restated Agreement, Byline Bank agreed to make loans to JVB, at JVB’s request from time to time, in the aggregate amount of up to $15,000. In April 2023, May 31, 2023. Loans (both principal and interest) made by Byline Bank to JVB under the Third Amended and Restated Agreement are scheduled to mature and become immediately due and payable in full on December 21, 2023. may December 21, 2023. Loans under the Third Amended and Restated Agreement will bear interest at a per annum rate equal to the Term SOFR Rate (as such term is defined in the Third Amended and Restated Agreement) plus 6.0%, no 7.0%. $15,000 $15,000 JVB may $15,000 $15,000 The obligations of Byline Bank under the Third Amended and Restated Agreement are guaranteed by the Company, the Operating LLC, and JVB, and are secured by a lien on all of JVB's property, including its 100% ownership interest in all of the outstanding units of membership interests of JVB. The Third Amended and Restated Agreement includes customary covenants for a transaction of this type, including covenants limiting the indebtedness that can be incurred by JVB and Holdings LP and restricting JVB’s ability to make certain loans and investments. Additionally, under the Third Amended and Restated Agreement, JVB may not $70,000 June 9, 2023. may not 0.25 Pursuant to the Third Amended and Restated Agreement, JVB may may not The Third Amended and Restated Agreement provides customary representations and warranties for a transaction of this type. If an event of default under the Third Amended and Restated Agreement occurs and is continuing, then Byline Bank may As of September 30, 2023 2022, no Interest Expense, net INTEREST EXPENSE (Dollars in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Junior subordinated notes $ 1,402 $ 921 $ 3,887 $ 2,334 2020 Senior Notes 114 113 337 344 2017 Convertible Note - - - 327 Byline Bank 59 67 282 201 Redeemable Financial Instrument - JKD Capital Partners I LTD 110 245 401 597 $ 1,685 $ 1,346 $ 4,907 $ 3,803 |
Note 17 - Equity
Note 17 - Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 17. Stockholders’ Equity Common Equity nine September 30, 2023 Common Stock Shares December 31, 2022 1,433,283 Vesting of shares 108,901 Shares withheld for employee taxes and retired (20,328 ) September 30, 2023 1,521,856 Series E Voting Non-Convertible Preferred Stock no ten one September 30, 2023 21 10 December 31, 2022 Series F Voting Non-Convertible Preferred Stock December 23, 2019, December 30, 2019, not one ten September 30, 2023 . 21 10 December 31, 2022 Cash Dividends On each of March 7, 2023, May 4, 2023, August 2, 2023, April 5, 2023, June 2, 2023, September 1, 2023, March 22, 2023, May 18, 2023, August 18, 2023, November 2, 2023, December 1, 2023 November 17, 2023. During the nine September 30, 2023 Nine Months Ended September 30, 2023 Other units related to UIS Agreement 885,730 Total 885,730 The Company recognized a net increase in additional paid in capital of $612 and a net decrease in AOCI of $13 with an offsetting decrease in non-controlling interest of $599 in connection with the acquisition and surrender of additional units of the Operating LLC during the nine September 30, 2023 nine September 30, 2023 2022 Nine Months Ended September 30, 2023 2022 Net income / (loss) attributable to Cohen & Company Inc. $ (9,661 ) $ (10,388 ) Transfers (to) from the non-controlling interest: Increase / (decrease) in Cohen & Company Inc. paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net 612 (381 ) Changes from net income / (loss) attributable to Cohen & Company Inc. and transfers (to) from the non-controlling interest $ (9,049 ) $ (10,769 ) Equity Distribution Agreement On October 5, 2023, 415 one third The Equity Agreement includes customary representations, warranties, and covenants by the Company and customary obligations of the parties and termination provisions. The Company has agreed to indemnify the Sales Agent against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Sales Agent may The offering of the Common Stock pursuant to the Equity Agreement will terminate upon the sale of all of the Shares pursuant to the Equity Agreement, unless sooner terminated in accordance with the terms and conditions of the Equity Agreement. As of September 30, 2023 no Detail of Non-Controlling Interest ROLLFORWARD OF NON-CONTROLLING INTERESTS (Dollars in Thousands) Operating LLC Other Consolidated Subsidiaries Total December 31, 2022 $ 47,270 $ 17 $ 47,287 Non-controlling interest share of income (loss) (15,357 ) 8,536 (6,821 ) Other comprehensive (loss) (14 ) - (14 ) Acquisition / (surrender) of additional units of consolidated subsidiary (599 ) - (599 ) Equity-based compensation 2,375 - 2,375 Shares withheld for employee taxes (127 ) - (127 ) Distributions to convertible non-controlling interest of Cohen & Company Inc. (3,341 ) - (3,341 ) Redemption of convertible non-controlling interest units (834 ) - (834 ) Non-convertible non-controlling interest investment - 39 39 Non-convertible non-controlling interest distributions - (2,400 ) (2,400 ) September 30, 2023 $ 29,373 $ 6,192 $ 35,565 The Operating LLC non-controlling interest is included as convertible non-controlling interest in the consolidated statement of operations. The other components of non-controlling interest are included as non-convertible non-controlling interest in the statement of operations. See note 21 10 December 31, 2022, |
Note 18 - Income Taxes
Note 18 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 18. 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%. The Company's effective tax rate is significantly different than this rate for the following reasons: 1. nine September 30, 2023 2. no 3. 4. may not 740 The following table presents the components on the Company's consolidated provision for income tax for the periods presented. For the Nine Months Ended September 30, 2023 2022 Change Current $ 180 $ 194 $ 14 Deferred 5,199 3,340 (1,859 ) Total $ 5,379 $ 3,534 $ (1,845 ) Of the $5,379 of income tax expense recognized during the nine September 30, 2023, December 31, 2023. 740 Income Taxes, not nine September 30, 2023, not nine September 30, 2023, |
Note 19 - Net Capital Requireme
Note 19 - Net Capital Requirements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Net Capital Under Securities and Exchange Commission Regulation Disclosure [Text Block] | 19 . NET CAPITAL REQUIREMENTS JVB is subject to the net capital provision of Rule 15c3 1 September 30, 2023 was $250 . CCFESA, a subsidiary of the Company, is regulated by the ACPR in France. CCFESA is subject to certain regulatory capital requirements in accordance with Articles L.533 2 et seq. of the French Financial and Monetary Code, implementing the new framework set out in the Investment Firm Regulation ("IFR") and the Investment Firm Directive ("IFD"). As of September 30, 2023 April 7, 2022. |
Note 20 - Earnings (Loss) Per C
Note 20 - Earnings (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 20 . EARNINGS / (LOSS) PER COMMON SHARE The following table presents a reconciliation of basic and diluted earnings / (loss) per common share for the periods indicated. EARNINGS / (LOSS) PER COMMON SHARE (Dollars in Thousands, except share or per share information) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income / (loss) attributable to Cohen & Company Inc. $ (423 ) $ (919 ) $ (9,661 ) $ (10,388 ) Add: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. (1) (7,249 ) - - - Add / (deduct): Adjustment (2) 6,114 - - - Net income / (loss) on a fully converted basis $ (1,558 ) $ (919 ) $ (9,661 ) $ (10,388 ) Weighted average common shares outstanding - Basic 1,521,856 1,428,883 1,510,498 1,417,358 Unrestricted LLC Units exchangeable into Cohen & Company Inc. shares (1) 4,014,250 - - - Restricted units or shares - - - - Weighted average common shares outstanding - Diluted (3) 5,536,106 1,428,883 1,510,498 1,417,358 Net income / (loss) per common share - Basic $ (0.28 ) $ (0.64 ) $ (6.40 ) $ (7.33 ) Net income / (loss) per common share - Diluted $ (0.28 ) $ (0.64 ) $ (6.40 ) $ (7.33 ) ( 1 The LLC Units not may ten one not ten one tenth not not ( 2 An adjustment is included because the Company would have incurred a higher income tax expense or realized a higher income tax benefit, as applicable, if the LLC Units had been converted at the beginning of the period. ( 3 Potentially dilutive securities that were not Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unrestricted LLC Units exchangeable into Cohen & Company Inc. shares - 3,965,405 4,008,822 3,658,204 2017 Convertible Note Units - - - 298,851 Restricted Common Stock 6,390 6,211 7,153 10,334 Restricted LLC Units 2,758 1,963 1,765 4,087 9,148 3,973,579 4,017,740 3,971,476 |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 21. Legal and Regulatory Proceedings From time to time, the Company is a party to various routine legal proceedings, claims, and regulatory inquiries arising out of the ordinary course of the Company’s business. Management believes that the results of these routine legal proceedings, claims, and regulatory matters will not |
Note 22 - Segment and Geographi
Note 22 - Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22. The Company operates within three 1. not not 1 SEGMENT INFORMATION Statement of Operations Information Nine Months Ended September 30, 2023 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 23,117 $ - $ - $ 23,117 $ - $ 23,117 Asset management - 5,418 - 5,418 - 5,418 New issue and advisory 9,542 - - 9,542 - 9,542 Principal transactions and other income - 769 9,671 10,440 - 10,440 Total revenues 32,659 6,187 9,671 48,517 - 48,517 Compensation 22,446 4,184 1,033 27,663 8,094 35,757 Other Operating Expense 10,964 1,711 906 13,581 3,767 17,348 Total operating expenses 33,410 5,895 1,939 41,244 11,861 53,105 Operating income (loss) (751 ) 292 7,732 7,273 (11,861 ) (4,588 ) Interest income (expense) (282 ) - - (282 ) (4,625 ) (4,907 ) Income (loss) from equity method affiliates - - (1,608 ) (1,608 ) - (1,608 ) Income (loss) before income taxes (1,033 ) 292 6,124 5,383 (16,486 ) (11,103 ) Income tax expense (benefit) - - - - 5,379 5,379 Net income (loss) (1,033 ) 292 6,124 5,383 (21,865 ) (16,482 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 17 8,519 8,536 - 8,536 Enterprise net income (loss) (1,033 ) 275 (2,395 ) (3,153 ) (21,865 ) (25,018 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (15,357 ) (15,357 ) Net income (loss) attributable to Cohen & Company Inc. $ (1,033 ) $ 275 $ (2,395 ) $ (3,153 ) $ (6,508 ) $ (9,661 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 4 $ - $ 4 $ 429 $ 433 SEGMENT INFORMATION Statement of Operations Information Nine Months Ended September 30, 2022 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 30,365 $ - $ - $ 30,365 $ - $ 30,365 Asset management - 7,243 - 7,243 - 7,243 New issue and advisory 20,486 - - 20,486 - 20,486 Principal transactions and other income 1 534 (26,692 ) (26,157 ) - (26,157 ) Total revenues 50,852 7,777 (26,692 ) 31,937 - 31,937 Compensation 27,790 4,213 648 32,651 8,669 41,320 Other Operating Expense 10,247 1,478 522 12,247 3,562 15,809 Total operating expenses 38,037 5,691 1,170 44,898 12,231 57,129 Operating income (loss) 12,815 2,086 (27,862 ) (12,961 ) (12,231 ) (25,192 ) Interest (expense) income (201 ) - - (201 ) (3,602 ) (3,803 ) Income (loss) from equity method affiliates - - (14,530 ) (14,530 ) - (14,530 ) Income (loss) before income taxes 12,614 2,086 (42,392 ) (27,692 ) (15,833 ) (43,525 ) Income tax expense (benefit) - - - - 3,534 3,534 Net income (loss) 12,614 2,086 (42,392 ) (27,692 ) (19,367 ) (47,059 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - - (18,980 ) (18,980 ) - (18,980 ) Enterprise net income (loss) 12,614 2,086 (23,412 ) (8,712 ) (19,367 ) (28,079 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (17,691 ) (17,691 ) Net income (loss) attributable to Cohen & Company Inc. $ 12,614 $ 2,086 $ (23,412 ) $ (8,712 ) $ (1,676 ) $ (10,388 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 3 $ - $ 3 $ 411 $ 414 SEGMENT INFORMATION Statement of Operations Information Three Months Ended September 30, 2023 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 7,491 $ - $ - $ 7,491 $ - $ 7,491 Asset management - 1,788 - 1,788 - 1,788 New issue and advisory 7,247 - - 7,247 - 7,247 Principal transactions and other income - 297 298 595 - 595 Total revenues 14,738 2,085 298 17,121 - 17,121 Compensation 8,831 1,572 333 10,736 4,483 15,219 Other Operating Expense 3,696 494 567 4,757 1,249 6,006 Total operating expenses 12,527 2,066 900 15,493 5,732 21,225 Operating income (loss) 2,211 19 (602 ) 1,628 (5,732 ) (4,104 ) Interest income (expense) (60 ) - - (60 ) (1,625 ) (1,685 ) Income (loss) from equity method affiliates - - (702 ) (702 ) - (702 ) Income (loss) before income taxes 2,151 19 (1,304 ) 866 (7,357 ) (6,491 ) Income tax expense (benefit) - - - - (755 ) (755 ) Net income (loss) 2,151 19 (1,304 ) 866 (6,602 ) (5,736 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 1 1,935 1,936 - 1,936 Enterprise net income (loss) 2,151 18 (3,239 ) (1,070 ) (6,602 ) (7,672 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (7,249 ) (7,249 ) Net income (loss) attributable to Cohen & Company Inc. $ 2,151 $ 18 $ (3,239 ) $ (1,070 ) $ 647 $ (423 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 1 $ - $ 1 $ 139 $ 140 SEGMENT INFORMATION Statement of Operations Information Three Months Ended September 30, 2022 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 7,966 $ - $ - $ 7,966 $ - $ 7,966 Asset management - 3,456 - 3,456 - 3,456 New issue and advisory 13,235 - - 13,235 - 13,235 Principal transactions and other income - 191 (1,383 ) (1,192 ) - (1,192 ) Total revenues 21,201 3,647 (1,383 ) 23,465 - 23,465 Compensation 10,102 1,361 238 11,701 3,526 15,227 Other Operating Expense 3,571 524 174 4,269 1,121 5,390 Total operating expenses 13,673 1,885 412 15,970 4,647 20,617 Operating income (loss) 7,528 1,762 (1,795 ) 7,495 (4,647 ) 2,848 Interest (expense) income (67 ) - - (67 ) (1,279 ) (1,346 ) Income (loss) from equity method affiliates - - 618 618 - 618 Income (loss) before income taxes 7,461 1,762 (1,177 ) 8,046 (5,926 ) 2,120 Income tax expense (benefit) - - - - 1,761 1,761 Net income (loss) 7,461 1,762 (1,177 ) 8,046 (7,687 ) 359 Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - - (109 ) (109 ) - (109 ) Enterprise net income (loss) 7,461 1,762 (1,068 ) 8,155 (7,687 ) 468 Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - 1,387 1,387 Net income (loss) attributable to Cohen & Company Inc. $ 7,461 $ 1,762 $ (1,068 ) $ 8,155 $ (9,074 ) $ (919 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 1 $ - $ 1 $ 138 $ 139 BALANCE SHEET DATA As of September 30, 2023 (Dollars in Thousands) Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ 724,823 $ 4,504 $ 52,287 $ 781,614 $ 19,385 $ 800,999 Included within total assets: Investments in equity method affiliates $ - $ - $ 8,760 $ 8,760 $ - $ 8,760 Goodwill (2) $ 54 $ 55 $ - $ 109 $ - $ 109 Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166 BALANCE SHEET DATA December 31, 2022 (Dollars in Thousands) Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ 820,238 $ 5,679 $ 36,969 $ 862,886 $ 24,169 $ 887,055 Included within total assets: Investments in equity method affiliates $ - $ - $ 8,929 $ 8,929 $ - $ 8,929 Goodwill (2) $ 54 $ 55 $ - $ 109 $ - $ 109 Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166 ( 1 Unallocated assets primarily include: (i) amounts due from related parties; (ii) furniture and equipment, net; and (iii) other assets that are not ( 2 Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the tables above. Geographic Information The Company conducts its business activities through offices in the following locations: ( 1 2 GEOGRAPHIC DATA (Dollars in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total Revenues: United States $ 14,816 $ 22,550 $ 44,168 $ 29,299 Europe 2,305 915 4,349 2,638 Total $ 17,121 $ 23,465 $ 48,517 $ 31,937 Long-lived assets attributable to an individual country, other than the United States, are not |
Note 23 - Supplemental Cash Flo
Note 23 - Supplemental Cash Flow Disclosure | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 23 . SUPPLEMENTAL CASH FLOW DISCLOSURE Interest paid by the Company on its debt and redeemable financial instruments was $4,139 and $3,482 for the nine September 30, 2023 2022 The Company paid income taxes of $433 and $316 for the nine September 30, 2023 2022 $0 nine September 30, 2023 2022 For the nine September 30, 2023 not ● In conjunction with the consolidation of the SPAC Fund, the Company recorded an increase in receivables from brokers, dealers, and clearing agencies of $68,066, an increase in other investments, at fair value of $40,388, an increase in other assets of $63, an increase in accounts payable of $82,711, and an increase in other investments sold, not 4. ● The Company net received units of membership interest in the Operating LLC. The Company recognized a net increase in additional paid-in capital of $612, a net decrease in AOCI of $13, and a decrease in non-controlling interest of $599. See note 17. ● The Company received equity shares in a public company in exchange for advisory services. The fair market value of the shares received was $492. The Company included this in new issue and advisory revenue in the statement of operations. ● The Company recorded a decrease in equity method affiliates of $362 and an increase in other investments, at fair value of $362 resulting from an in-kind distribution from equity method affiliates. ● In connection with an SFA transaction, the Company received equity shares in a public company, recorded a net increase of $5,673 in other investments, at fair value, and a corresponding increase in other investments, sold not For the nine September 30, 2022 not ● The Company net received units of membership interest in the Operating LLC. The Company recognized a net decrease in additional paid-in capital of $381, a net increase in AOCI of $5, and an increase in non-controlling interest of $376. See note 17. ● The Company recorded a $15,000 increase in convertible non-controlling interest and a $15,000 decrease in debt as a result of the DGC Trust's election to convert the 2017 ● The Company recorded a decrease of $20,864 in equity method affiliates and an increase in other investments, at fair value of $20,864 resulting from an in-kind distribution from equity method affiliates. ● The Company recorded a decrease in other investments, at fair value of $6,417 and a corresponding decrease in non-controlling interest resulting from an in-kind distribution from a SPAC sponsor entity. ● The Company recorded an increase in other investments, at fair value of $836 and a decrease in other investment, not not |
Note 24 - Related Party Transac
Note 24 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 24 . RELATED PARTY TRANSACTIONS Certain terms in this footnote are defined in the Company’s Annual Report on Form 10 December 31, 2022. nine September 30, 2023 2022 A. JKD Investor The JKD Investor is an entity owned by Jack J. DiMaio, the vice chairman of the board of directors and vice chairman of the Operating LLC’s board of managers, and his spouse. On October 3, 2016, January 2017 January 2019 15. On January 31, 2020, 2020 January 31, 2022, 2022 16. B. DGC Trust DGC Trust has been identified as a related party because Daniel G. Cohen's children are the beneficiaries of the trust and the trust was established by Daniel G. Cohen, chairman of the Company’s board of directors and chairman of the Operating LLC board of managers. Daniel G. Cohen does not may In March 2017, 2017 2017 March 20, 2022, 2017 2017 2017 16. C. Duane Morris, LLP (“Duane Morris”) Duane Morris is an international law firm and serves as legal counsel to the Company. Duane Morris is considered a related party because a partner at Duane Morris is a member of the same household as a director of the Company. The expense incurred by the Company for services provided by Duane Morris is included within professional fees and operating expense in the consolidated statements of operations and comprehensive income and is disclosed in the table below. D. Cohen Circle, LLC ("Cohen Circle"), formerly FinTech Masala, LLC The Company engaged Betsy Cohen, as an agent of Cohen Circle, as a consultant to provide certain services related to Insurance SPAC III. The Company agreed to pay a consultant fee of $1 per month, which commenced on December 1, 2020 December 2022. December 2022. The Company has a sublease agreement as sub-lessor for certain office space with Cohen Circle. The Company received payments under this sublease agreement, which payments are recorded as a reduction in rent and utility expenses. This sublease agreement commenced on August 1, 2018 one not 90 E. Investment Vehicle and Other Stoa USA Inc. / FlipOS Stoa USA Inc. / FlipOS was a private company in which the Company owned common equity. It was considered a related party because Daniel G. Cohen was a member of the board of directors. As of September 30, 2023 three September 30, 2023, three September 30, 2023 September 30, 2023. The fair value of these investments was included in other investments, at fair value on the consolidated balance sheets; any realized and unrealized gains on these investments was included in principle transactions and other income on the consolidated statements of operations and comprehensive income. All realized and unrealized gains (losses) are included in the table below. CK Capital and AOI CK Capital and AOI are related parties as they are equity method investments of the Company. In December 2019, December 2019, may 11. Insurance SPAC III Insurance SPAC III was considered a related party because it was an equity method investment of the Company. The Operating LLC was the manager of the Insurance SPAC III Sponsor Entities and the Company consolidated the Insurance SPAC III Sponsor Entities. On November 18, 2022, not December 22, 2022. November 18, 2022, December 17, 2020, first The Operating LLC loaned to Insurance SPAC III approximately $71 to cover IPO expenses, which was repaid in full at the closing of the IPO. IAS III and its affiliates, including the Operating LLC, also committed to loan Insurance SPAC III up to an additional $1,500 to cover operating and acquisition related expenses following the IPO, of which $960 was borrowed by Insurance SPAC III prior to November 18, 2022. no not 2022. SPAC Fund The SPAC Fund was considered a related party because it was an equity method investment of the Company prior to its consolidation effective April 1, 2023 ( 4 U.S. Insurance JV U.S. Insurance JV is considered a related party because it is an equity method investment of the Company. The Company has an investment in and a management contract with the U.S. Insurance JV. Income earned or loss incurred on the investment is included as part of principal transactions and other income in the tables below. Revenue earned on the management contract is included as part of asset management and is shown in the table below. As of September 30, 2023 ed 1.86% o CREO JV CREO JV is considered a related party because it is an equity method investment of the Company. The Company has an investment in and a management contract with CREO JV. Income earned or loss incurred on the investment is included as part of principal transactions and other in come in the table below. As of September 30, 2023 , the Company owned 7.5% of th Sponsor Entities of Other SPACs In general, a SPAC is initially funded by a sponsor and that sponsor invests in and receives private placement and founders shares of the SPAC. The sponsor may not Fintech Acquisition Corp. V ("FTAC V") was a SPAC. The sponsor of FTAC V ("FTAC V Sponsor") was a related party as it was an equity method investment of the Company. The Company made a sponsor investment in FTAC V Sponsor, receiving an initial allocation of 140,000 founder shares. On December 14, 2020, not 24 Fintech Acquisition Corp. VI ("FTAC VI") was a SPAC. The sponsor of FTAC VI ("FTAC VI Sponsor") was a related party as it is was an equity method investment of the Company. On June 26, 2021, not 24 FTAC Athena Acquisition Corp. ("FTAC Athena") was a SPAC. The sponsor of FTAC Athena ("FTAC Athena Sponsor") was a related party as it was an equity method investment of the Company. On February 26, 2021, not 24 FTAC Hera Acquisition Corp. ("FTAC Hera") was a SPAC. The sponsor of FTAC Hera ("FTAC Hera Sponsor") was a related party as it was an equity method investment of the Company. On March 5, 2021, not 24 FTAC Parnassus Acquisition Corp. ("FTAC Parnassus") was a SPAC. The sponsor of FTAC Parnassus ("FTAC Parnassus Sponsor") was a related party as it was an equity method investment of the Company. On March 15, 2021, not 24 FTAC Zeus Acquisition Corp. ("FTAC Zeus") was a SPAC. The sponsor of FTAC Zeus ("FTAC Zeus Sponsor") was a related party as it was an equity method investment of the Company. On November 24, 2021, not 24 FTAC Emerald Acquisition Corp. ("FTAC Emerald") is a SPAC. The sponsor of FTAC Emerald ("FTAC Emerald Sponsor") is a related party as it is an equity method investment of the Company. On December 20, 2021, not 24 As of September 30, 2023 no Other The Company invests in sponsor entities of SPACs, either directly or through its interest in the SPAC Series Funds, that are not September 30, 2023 The following tables display the routine transactions recognized in the consolidated statements of operations from the identified related parties that are described above. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset management SPAC Fund $ - $ 220 $ 173 $ 763 U.S. Insurance JV 320 273 881 808 $ 320 $ 493 $ 1,054 $ 1,571 Principal transactions and other income Insurance SPAC III $ - $ 60 $ - $ 180 Stoa USA Inc./FlipOS (6,771 ) - (6,771 ) 4,196 Other SPAC Entities 20 35 45 95 SPAC Fund - 6 28 (57 ) U.S. Insurance JV 89 76 377 (34 ) CREO JV 210 165 717 282 $ (6,452 ) $ 342 $ (5,604 ) $ 4,662 Income (loss) from equity method affiliates Dutch Real Estate Entities $ (139 ) $ (230 ) $ 72 $ (495 ) Insurance SPAC III - (187 ) - (1,142 ) Other SPAC Entities (563 ) 1,035 (1,680 ) (12,893 ) $ (702 ) $ 618 $ (1,608 ) $ (14,530 ) Operating expense (income) Duane Morris $ 50 $ 202 $ 286 $ 497 Cohen Circle (26 ) (1 ) (77 ) (44 ) $ 24 $ 201 $ 209 $ 453 Interest expense (income) DGC Trust $ - $ - $ - $ 326 JKD Investor 224 357 738 918 $ 224 $ 357 $ 738 $ 1,244 The following related party transactions are not F. Directors and Employees The Company has entered into employment agreements with Daniel G. Cohen and Joseph W. Pooler, Jr., its chief financial officer. The Company has entered into its standard indemnification agreement with each of its directors and executive officers. The Company maintains a 401 not were $95 three nine September 30, 2023 were $94 and $298 three nine September 30, 2022 The Company leased office space from Zucker and Moore, LLC. Zucker and Moore, LLC is partially owned by Jack DiMaio, Jr., the vice chairman of the Company’s board of directors. This lease terminated on June 20, 2022. three nine September 30, 2022, |
Note 25 - Due From Due to Relat
Note 25 - Due From Due to Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Due From Due To Related Parties Disclosure [Text Block] | 25 . DUE FROM / DUE TO RELATED PARTIES Amounts due to related parties associated with redeemable financial instruments and outstanding debt are included as components of those balances in the consolidated balance sheets. Also, interest or investment return owed on those balances are included as a component of accounts payable and other in the consolidated balance sheets. Any investment made in an equity method affiliate for which the Company does not The following table summarizes amounts due from / to related parties as of each date shown. These amounts may 24 DUE FROM RELATED PARTIES (Dollars in Thousands) September 30, 2023 December 31, 2022 U.S. Insurance JV $ 320 $ 261 SPAC Fund - other receivable 33 294 Employee & other 447 232 Due from related parties $ 800 $ 787 On February 1, 2023, January 31, 2023, 2020 On February 1, 2023, January 31, 2023, 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Adoption of New Accounting Standards [Policy Text Block] | A. Adoption of New Accounting Standards In March 2020, 2020 04 , Reference Rate Reform (Topic 848 January 2021 2021 01, Reference Rate Reform (Topic 848 December 31, 2022. December 2022, 2022 06 Topic 848 December 31, 2022 December 31, 2024. 2020 04 2021 01, March 12, 2020, not 20. In October 2020, 2020 08, Codification Improvements to Subtopic 310 20, Nonrefundable Fees and Other Costs. 310 20 35 33 2020 08, January 1, 2022, not In October 2020, 2020 10, Codification Improvements. 2020 10, January 1, 2022, not In May 2021, 2021 04, Earnings Per Share (Topic 260 470 50 718 815 40 not 1 2 3 2021 04, January 1, 2022, not In October 2021, 2021 08, Business Combinations (Topic 805 606 not 2021 08, January 1, 2022, not In October 2021, 2021 10, Government Assistance (Topic 832 2021 10, January 1, 2022, not In March 2022, 2022 02, Financial Instruments—Credit Losses (Topic 326 2022 02, January 1, 2023, not |
New Accounting Pronouncements, Policy [Policy Text Block] | B. Recent Accounting Developments In August 2020, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 December 15, 2023, may In June 2022, 2022 03, Fair Value Measurement (Topic 820 not not December 15, 2023. may In March 2023, 2023 02, Investments—Equity Method and Joint Ventures (Topic 323 December 15, 2023. may In August 2023, 2023 05, Business Combinations— Joint Venture Formations (Subtopic 805 60 January 1, 2025. No. 2023 05 not may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | C. Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments. These determinations were based on available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates and, therefore, these estimates may not may 8 not Cash and cash equivalents 1 Investments-trading third not Other investments, at fair value not Receivables under resale agreements 2 Trading securities sold, not third not Other investments sold, not not Securities sold under agreements to repurchase 2 Redeemable financial instruments 3 Debt September 30, 2023 December 31, 2022 pany’s de bt was estimated to be and , respectively. The estim ated f 3 Derivatives may not not third |
Note 4 - Other Recent Busines_2
Note 4 - Other Recent Business Transactions or Events (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Investment Holdings, Schedule of Investments [Table Text Block] | Asset/(Liability) Cash and cash equivalents $ 257 Receivables from brokers, dealers, and clearing agencies 68,066 Other investments, at fair value 40,388 Other assets 108 Accounts payable and other liabilities (82,968 ) Other investments sold, not yet purchased (25,806 ) GP of the SPAC Fund's remaining investment in the SPAC Fund $ 45 |
Note 5 - Net Trading (Tables)
Note 5 - Net Trading (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Net Trading [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net realized gains (losses) - trading inventory $ 3,250 $ 922 $ 13,967 $ 10,649 Net unrealized gains (losses) - trading inventory 693 742 (1,581 ) (5,448 ) Net gains and losses 3,943 1,664 12,386 5,201 Interest income- trading inventory 1,232 478 2,885 2,314 Interest income-reverse repos 8,115 11,831 20,647 39,831 Interest income 9,347 12,309 23,532 42,145 Interest expense-repos (7,214 ) (9,455 ) (18,299 ) (24,676 ) Interest expense-margin payable (1,744 ) (848 ) (4,610 ) (1,456 ) Interest expense (8,958 ) (10,303 ) (22,909 ) (26,132 ) Other trading revenue 3,159 4,296 10,108 9,151 Net trading $ 7,491 $ 7,966 $ 23,117 $ 30,365 |
Note 6 - Receivables from and_2
Note 6 - Receivables from and Payables to Brokers, Dealers, and Clearing Agencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Due to (from) Broker-Dealer and Clearing Organization [Table Text Block] | September 30, 2023 December 31, 2022 Deposits with clearing agencies $ 250 $ 250 Unsettled regular way trades, net 35,051 - Receivables from clearing agencies 71,439 140,683 Receivables from brokers, dealers, and clearing agencies $ 106,740 $ 140,933 September 30, 2023 December 31, 2022 Unsettled regular way trades, net $ - $ 3,238 Margin payable 129,773 131,747 Payables to brokers, dealers, and clearing agencies $ 129,773 $ 134,985 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | September 30, 2023 December 31, 2022 ABS $ - $ 1 Corporate bonds and redeemable preferred stock 51,584 44,572 Derivatives 6,024 4,669 Equity securities 950 220 Municipal bonds 14,084 19,502 Residential mortgage loans 3,139 13,506 RMBS 9 7 U.S. government agency debt securities 88,780 19,683 U.S. government agency MBS and CMOs 24,034 97,276 U.S. Treasury securities 4,872 12,392 Investments-trading $ 193,476 $ 211,828 |
Security Sold Short [Table Text Block] | September 30, 2023 December 31, 2022 Corporate bonds and redeemable preferred stock $ 45,045 $ 61,310 Derivatives 6,014 1,177 Equity securities 144 51 U.S. government agency debt securities 10 32 U.S. government agency MBS and CMOs 1 1 U.S. Treasury securities 44,541 71,386 Trading securities sold, not yet purchased $ 95,755 $ 133,957 September 30, 2023 December 31, 2022 Equity securities $ 81 $ 78 Share forward liabilities 18,050 - Other investments sold, not yet purchased, at fair value $ 18,131 $ 78 |
Schedule of Other Investments at Fair Value [Table Text Block] | September 30, 2023 December 31, 2022 Equity securities $ 19,646 $ 13,725 Equity derivatives 2,110 - Restricted equity securities 3,020 3,135 Corporate bonds and redeemable preferred stock 476 476 Fair value receivables 6,032 - CREO JV 5,834 6,568 U.S. Insurance JV 3,073 3,459 SPAC Fund - 527 Residential mortgage loans 133 132 Other investments, at fair value $ 40,324 $ 28,022 |
Note 8 - Fair Value Disclosur_2
Note 8 - Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Significant Significant Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Assets Fair Value (Level 1) (Level 2) (Level 3) Investments-trading: Corporate bonds and redeemable preferred stock $ 51,584 $ - $ 51,584 $ - Derivatives 6,024 - 6,024 - Equity securities 950 563 387 - Municipal bonds 14,084 - 14,084 - Residential mortgage loans 3,139 - 3,139 - RMBS 9 - 9 - U.S. government agency debt securities 88,780 - 88,780 - U.S. government agency MBS and CMOs 24,034 - 24,034 - U.S. Treasury securities 4,872 4,872 - - Total investments - trading $ 193,476 $ 5,435 $ 188,041 $ - Other investments, at fair value: Equity securities $ 19,646 $ 19,646 $ - $ - Equity derivatives 2,110 - 2,110 - Restricted equity securities 3,020 - 3,020 - Corporate bonds and redeemable preferred stock 476 - 476 - Fair value receivables 6,032 - 6,032 - Residential mortgage loans 133 - 133 - 31,417 $ 19,646 $ 11,771 $ - Investments measured at NAV (1) 8,907 Total other investments, at fair value $ 40,324 Liabilities Trading securities sold, not yet purchased: Corporate bonds and redeemable preferred stock $ 45,045 $ - $ 45,045 $ - Derivatives 6,014 - 6,014 - Equity securities 144 144 - - U.S. government agency debt securities 10 - 10 - U.S. government agency MBS and CMOs 1 - 1 - U.S. Treasury securities 44,541 44,541 - - Total trading securities sold, not yet purchased $ 95,755 $ 44,685 $ 51,070 $ - Other investments, sold not yet purchased: Equity securities $ 81 $ 81 $ - $ - Share forward liabilities 18,050 - 18,050 - Total other investments sold, not yet purchased $ 18,131 $ 81 $ 18,050 $ - Significant Significant Quoted Prices in Observable Unobservable Active Markets Inputs Inputs Assets Fair Value (Level 1) (Level 2) (Level 3) Investments-trading: ABS $ 1 $ - $ 1 $ - Corporate bonds and redeemable preferred stock 44,572 - 44,572 - Derivatives 4,669 - 4,669 - Equity securities 220 220 - - Municipal bonds 19,502 - 19,502 - Residential mortgage loans 13,506 - 13,506 - RMBS 7 - 7 - U.S. government agency debt securities 19,683 - 19,683 - U.S. government agency MBS and CMOs 97,276 - 97,276 - U.S. Treasury securities 12,392 12,392 - - Total investments - trading $ 211,828 $ 12,612 $ 199,216 $ - Other investments, at fair value: Equity Securities $ 13,725 $ 13,725 $ - $ - Restricted Equity Securities 3,135 - 3,135 - Corporate bonds and redeemable preferred stock 476 - 476 - Residential mortgage loans 132 - 132 - 17,468 $ 13,725 $ 3,743 $ - Investments measured at NAV (1) 10,554 Total other investments, at fair value $ 28,022 Liabilities Trading securities sold, not yet purchased: Corporate bonds and redeemable preferred stock $ 61,310 $ - $ 61,310 $ - Derivatives 1,177 - 1,177 - Equity securities 51 51 - - U.S. Government Agency debt 32 - 32 - U.S. government agency MBS and CMOs 1 - 1 - U.S. Treasury securities 71,386 71,386 - - Total trading securities sold, not yet purchased $ 133,957 $ 71,437 $ 62,520 $ - Other investments, sold not yet purchased: Equity securities $ 78 $ 78 $ - $ - Total other investments sold, not yet purchased $ 78 $ 78 $ - $ - |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Fair Value September 30, 2023 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value CREO JV (a) $ 5,834 $ 9,915 N/A N/A U.S. Insurance JV (b) 3,073 N/A N/A N/A $ 8,907 Fair Value December 31, 2022 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value CREO JV (a) $ 6,568 $ 8,464 N/A N/A U.S. Insurance JV (b) 3,459 N/A N/A N/A SPAC Fund (c) 527 N/A Quarterly after 1 year lock up 30 days $ 10,554 |
Note 9 - Derivative Financial_2
Note 9 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Balance Sheet Classification September 30, 2023 December 31, 2022 TBAs and other forward agency MBS Investments-trading $ 6,024 $ 4,669 TBAs and other forward agency MBS Trading securities sold, not yet purchased (6,014 ) (1,177 ) Equity derivatives Other investments, at fair value 2,110 - Share forward liabilities Other investments sold, not yet purchased, at fair value (18,050 ) - $ (15,930 ) $ 3,492 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended September 30, Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Income Statement Classification 2023 2022 TBAs and other forward agency MBS Revenue-net trading $ 2,141 $ 2,685 Equity derivatives Principal transactions and other income (loss) 744 (853 ) Share forward liabilities Principal transactions and other income (loss) 25,232 - $ 28,117 $ 1,832 Nine Months Ended September 30, Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Income Statement Classification 2023 2022 TBAs and other forward agency MBS Revenue-net trading $ 4,063 $ 8,283 Equity derivatives Principal transactions and other income (loss) 1,266 (853 ) Share forward liabilities Principal transactions and other income (loss) 48,271 - $ 53,600 $ 7,430 |
Share Forward Arrangements [Table Text Block] | September 30, 2023 December 31, 2022 Equity securities $ 18,486 $ - Equity derivatives 2,110 - Restricted equity securities 427 - Fair value receivables 3,982 - Share forward liabilities (18,050 ) - Net fair value of share forward arrangements $ 6,955 $ - |
Note 10 - Collateralized Secu_2
Note 10 - Collateralized Securities Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block] | Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 417,946 $ - $ - $ 417,946 $ - $ 417,946 $ - $ - $ 417,946 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 418,134 $ - $ - $ 418,134 $ - $ 418,134 $ - $ - $ 418,134 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 452,797 $ - $ - $ 452,797 $ - $ 452,797 $ - $ - $ 452,797 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight and Up to 30 90 Greater than Collateral Type: Continuous 30 days days 90 days Total MBS (gestation repo) $ - $ 437,692 $ - $ - $ 437,692 $ - $ 437,692 $ - $ - $ 437,692 |
Note 11 - Investments in Equi_2
Note 11 - Investments in Equity Method Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | INSU Acquisition Corp. III Dutch Real Estate Entities SPAC Sponsor Entities and Other Total January 1, 2023 $ - $ 5,530 $ 3,399 $ 8,929 Investments / advances - - 1,806 1,806 Distributions / repayments - - (5 ) (5 ) Reclasses to (from) - - (362 ) (362 ) Earnings / (loss) recognized - 72 (1,680 ) (1,608 ) September 30, 2023 $ - $ 5,602 $ 3,158 $ 8,760 INSU Acquisition Corp. III Dutch Real Estate Entities SPAC Sponsor Entities and Other Total January 1, 2022 $ 4,543 $ 5,600 $ 38,095 $ 48,238 Investments / advances 1,355 - 1,259 2,614 Distributions / repayments - - (77 ) (77 ) Reclasses to (from) - - (20,915 ) (20,915 ) Earnings / (loss) recognized (5,898 ) (70 ) (14,963 ) (20,931 ) December 31, 2022 $ - $ 5,530 $ 3,399 $ 8,929 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | September 30, 2023 2023 - remaining $ 684 2024 2,170 2025 1,794 2026 1,506 2027 1,514 Thereafter 2,244 Total 9,912 Less imputed interest (1,140 ) Lease obligation $ 8,772 |
Note 13 - Other Receivables, _2
Note 13 - Other Receivables, Other Assets, Accounts Payable and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2023 December 31, 2022 Asset management fees receivable $ 1,033 $ 936 New issue fee receivable 1,108 167 Cash collateral due from counterparties 636 4,301 Accrued interest receivable and dividend receivable 1,877 2,561 Revenue share receivable 286 138 Agency repo income receivable 341 806 Miscellaneous other receivables 666 618 Other receivables $ 5,947 $ 9,527 |
Schedule of Other Assets [Table Text Block] | September 30, 2023 December 31, 2022 Deferred costs $ 37 $ 133 Prepaid expenses 1,295 1,325 Prepaid taxes 280 - Deposits 452 450 Furniture, equipment, and leasehold improvements, net 1,339 1,472 Intangible assets 166 166 Other assets $ 3,569 $ 3,546 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, 2023 December 31, 2022 Accounts payable $ 1,151 $ 891 Redeemable financial instruments accrued interest 111 - Accrued income tax - 70 Accrued interest payable 562 452 Accrued interest on securities sold, not yet purchased 861 1,561 Payroll taxes payable 1,500 1,565 Counterparty cash collateral - 4,301 Accrued expense and other liabilities 2,032 2,599 Accounts payable and other liabilities $ 6,217 $ 11,439 |
Note 14 - Variable Interest E_2
Note 14 - Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Summary of Consolidated Variable Interest Entities [Table Text Block] | September 30, 2023 December 31, 2022 Cash and cash equivalents $ 46 $ 19 Due from broker 3,024 - Other investments, at fair value 24,312 - Investment in equity method affiliates 30 23 Other investments sold, not yet purchased, at fair value (18,045 ) - Non-controlling interest (6,190 ) (15 ) Investment in consolidated VIEs $ 3,177 $ 27 |
Schedule of Variable Interest Entities [Table Text Block] | September 30, 2023 December 31, 2022 Other investments, at fair value $ 8,907 $ 10,554 Investments in equity method affiliates 3,158 3,376 Maximum exposure $ 12,065 $ 13,930 |
Note 15 - Redeemable Financia_2
Note 15 - Redeemable Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Redeemable Financial Instruments [Table Text Block] | September 30, 2023 December 31, 2022 JKD Capital Partners I LTD $ 7,868 $ 7,868 $ 7,868 $ 7,868 |
Note 16 - Debt (Tables)
Note 16 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of As of Interest Description September 30, 2023 December 31, 2022 Rate Terms Interest (2) Maturity Non-convertible debt: 10.00% senior note (the "2020 Senior Notes") $ 4,500 $ 4,500 Fixed 10.00% January 2024 Junior subordinated notes: (1) Alesco Capital Trust I 28,125 28,125 Variable 9.63% July 2037 Sunset Financial Statutory Trust I 20,000 20,000 Variable 9.81% March 2035 Less unamortized discount (23,146 ) (23,601 ) 24,979 24,524 Byline Bank - - Variable NA December 2023 Total $ 29,479 $ 29,024 |
Schedule Of Interest Expense By Debt Instrument [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Junior subordinated notes $ 1,402 $ 921 $ 3,887 $ 2,334 2020 Senior Notes 114 113 337 344 2017 Convertible Note - - - 327 Byline Bank 59 67 282 201 Redeemable Financial Instrument - JKD Capital Partners I LTD 110 245 401 597 $ 1,685 $ 1,346 $ 4,907 $ 3,803 |
Note 17 - Equity (Tables)
Note 17 - Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule Of Unrestricted Common Stock And Restricted Common Stock Activity [Table Text Block] | Common Stock Shares December 31, 2022 1,433,283 Vesting of shares 108,901 Shares withheld for employee taxes and retired (20,328 ) September 30, 2023 1,521,856 |
Units Received Pursuant To Agreement [Table Text Block] | Nine Months Ended September 30, 2023 Other units related to UIS Agreement 885,730 Total 885,730 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | Nine Months Ended September 30, 2023 2022 Net income / (loss) attributable to Cohen & Company Inc. $ (9,661 ) $ (10,388 ) Transfers (to) from the non-controlling interest: Increase / (decrease) in Cohen & Company Inc. paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net 612 (381 ) Changes from net income / (loss) attributable to Cohen & Company Inc. and transfers (to) from the non-controlling interest $ (9,049 ) $ (10,769 ) |
Non-controlling Interest, Changes in Ownership Activity [Table Text Block] | Operating LLC Other Consolidated Subsidiaries Total December 31, 2022 $ 47,270 $ 17 $ 47,287 Non-controlling interest share of income (loss) (15,357 ) 8,536 (6,821 ) Other comprehensive (loss) (14 ) - (14 ) Acquisition / (surrender) of additional units of consolidated subsidiary (599 ) - (599 ) Equity-based compensation 2,375 - 2,375 Shares withheld for employee taxes (127 ) - (127 ) Distributions to convertible non-controlling interest of Cohen & Company Inc. (3,341 ) - (3,341 ) Redemption of convertible non-controlling interest units (834 ) - (834 ) Non-convertible non-controlling interest investment - 39 39 Non-convertible non-controlling interest distributions - (2,400 ) (2,400 ) September 30, 2023 $ 29,373 $ 6,192 $ 35,565 |
Note 18 - Income Taxes (Tables)
Note 18 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Nine Months Ended September 30, 2023 2022 Change Current $ 180 $ 194 $ 14 Deferred 5,199 3,340 (1,859 ) Total $ 5,379 $ 3,534 $ (1,845 ) |
Note 20 - Earnings (Loss) Per_2
Note 20 - Earnings (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income / (loss) attributable to Cohen & Company Inc. $ (423 ) $ (919 ) $ (9,661 ) $ (10,388 ) Add: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. (1) (7,249 ) - - - Add / (deduct): Adjustment (2) 6,114 - - - Net income / (loss) on a fully converted basis $ (1,558 ) $ (919 ) $ (9,661 ) $ (10,388 ) Weighted average common shares outstanding - Basic 1,521,856 1,428,883 1,510,498 1,417,358 Unrestricted LLC Units exchangeable into Cohen & Company Inc. shares (1) 4,014,250 - - - Restricted units or shares - - - - Weighted average common shares outstanding - Diluted (3) 5,536,106 1,428,883 1,510,498 1,417,358 Net income / (loss) per common share - Basic $ (0.28 ) $ (0.64 ) $ (6.40 ) $ (7.33 ) Net income / (loss) per common share - Diluted $ (0.28 ) $ (0.64 ) $ (6.40 ) $ (7.33 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unrestricted LLC Units exchangeable into Cohen & Company Inc. shares - 3,965,405 4,008,822 3,658,204 2017 Convertible Note Units - - - 298,851 Restricted Common Stock 6,390 6,211 7,153 10,334 Restricted LLC Units 2,758 1,963 1,765 4,087 9,148 3,973,579 4,017,740 3,971,476 |
Note 22 - Segment and Geograp_2
Note 22 - Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 23,117 $ - $ - $ 23,117 $ - $ 23,117 Asset management - 5,418 - 5,418 - 5,418 New issue and advisory 9,542 - - 9,542 - 9,542 Principal transactions and other income - 769 9,671 10,440 - 10,440 Total revenues 32,659 6,187 9,671 48,517 - 48,517 Compensation 22,446 4,184 1,033 27,663 8,094 35,757 Other Operating Expense 10,964 1,711 906 13,581 3,767 17,348 Total operating expenses 33,410 5,895 1,939 41,244 11,861 53,105 Operating income (loss) (751 ) 292 7,732 7,273 (11,861 ) (4,588 ) Interest income (expense) (282 ) - - (282 ) (4,625 ) (4,907 ) Income (loss) from equity method affiliates - - (1,608 ) (1,608 ) - (1,608 ) Income (loss) before income taxes (1,033 ) 292 6,124 5,383 (16,486 ) (11,103 ) Income tax expense (benefit) - - - - 5,379 5,379 Net income (loss) (1,033 ) 292 6,124 5,383 (21,865 ) (16,482 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 17 8,519 8,536 - 8,536 Enterprise net income (loss) (1,033 ) 275 (2,395 ) (3,153 ) (21,865 ) (25,018 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (15,357 ) (15,357 ) Net income (loss) attributable to Cohen & Company Inc. $ (1,033 ) $ 275 $ (2,395 ) $ (3,153 ) $ (6,508 ) $ (9,661 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 4 $ - $ 4 $ 429 $ 433 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 30,365 $ - $ - $ 30,365 $ - $ 30,365 Asset management - 7,243 - 7,243 - 7,243 New issue and advisory 20,486 - - 20,486 - 20,486 Principal transactions and other income 1 534 (26,692 ) (26,157 ) - (26,157 ) Total revenues 50,852 7,777 (26,692 ) 31,937 - 31,937 Compensation 27,790 4,213 648 32,651 8,669 41,320 Other Operating Expense 10,247 1,478 522 12,247 3,562 15,809 Total operating expenses 38,037 5,691 1,170 44,898 12,231 57,129 Operating income (loss) 12,815 2,086 (27,862 ) (12,961 ) (12,231 ) (25,192 ) Interest (expense) income (201 ) - - (201 ) (3,602 ) (3,803 ) Income (loss) from equity method affiliates - - (14,530 ) (14,530 ) - (14,530 ) Income (loss) before income taxes 12,614 2,086 (42,392 ) (27,692 ) (15,833 ) (43,525 ) Income tax expense (benefit) - - - - 3,534 3,534 Net income (loss) 12,614 2,086 (42,392 ) (27,692 ) (19,367 ) (47,059 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - - (18,980 ) (18,980 ) - (18,980 ) Enterprise net income (loss) 12,614 2,086 (23,412 ) (8,712 ) (19,367 ) (28,079 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (17,691 ) (17,691 ) Net income (loss) attributable to Cohen & Company Inc. $ 12,614 $ 2,086 $ (23,412 ) $ (8,712 ) $ (1,676 ) $ (10,388 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 3 $ - $ 3 $ 411 $ 414 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 7,491 $ - $ - $ 7,491 $ - $ 7,491 Asset management - 1,788 - 1,788 - 1,788 New issue and advisory 7,247 - - 7,247 - 7,247 Principal transactions and other income - 297 298 595 - 595 Total revenues 14,738 2,085 298 17,121 - 17,121 Compensation 8,831 1,572 333 10,736 4,483 15,219 Other Operating Expense 3,696 494 567 4,757 1,249 6,006 Total operating expenses 12,527 2,066 900 15,493 5,732 21,225 Operating income (loss) 2,211 19 (602 ) 1,628 (5,732 ) (4,104 ) Interest income (expense) (60 ) - - (60 ) (1,625 ) (1,685 ) Income (loss) from equity method affiliates - - (702 ) (702 ) - (702 ) Income (loss) before income taxes 2,151 19 (1,304 ) 866 (7,357 ) (6,491 ) Income tax expense (benefit) - - - - (755 ) (755 ) Net income (loss) 2,151 19 (1,304 ) 866 (6,602 ) (5,736 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 1 1,935 1,936 - 1,936 Enterprise net income (loss) 2,151 18 (3,239 ) (1,070 ) (6,602 ) (7,672 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (7,249 ) (7,249 ) Net income (loss) attributable to Cohen & Company Inc. $ 2,151 $ 18 $ (3,239 ) $ (1,070 ) $ 647 $ (423 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 1 $ - $ 1 $ 139 $ 140 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ 7,966 $ - $ - $ 7,966 $ - $ 7,966 Asset management - 3,456 - 3,456 - 3,456 New issue and advisory 13,235 - - 13,235 - 13,235 Principal transactions and other income - 191 (1,383 ) (1,192 ) - (1,192 ) Total revenues 21,201 3,647 (1,383 ) 23,465 - 23,465 Compensation 10,102 1,361 238 11,701 3,526 15,227 Other Operating Expense 3,571 524 174 4,269 1,121 5,390 Total operating expenses 13,673 1,885 412 15,970 4,647 20,617 Operating income (loss) 7,528 1,762 (1,795 ) 7,495 (4,647 ) 2,848 Interest (expense) income (67 ) - - (67 ) (1,279 ) (1,346 ) Income (loss) from equity method affiliates - - 618 618 - 618 Income (loss) before income taxes 7,461 1,762 (1,177 ) 8,046 (5,926 ) 2,120 Income tax expense (benefit) - - - - 1,761 1,761 Net income (loss) 7,461 1,762 (1,177 ) 8,046 (7,687 ) 359 Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - - (109 ) (109 ) - (109 ) Enterprise net income (loss) 7,461 1,762 (1,068 ) 8,155 (7,687 ) 468 Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - 1,387 1,387 Net income (loss) attributable to Cohen & Company Inc. $ 7,461 $ 1,762 $ (1,068 ) $ 8,155 $ (9,074 ) $ (919 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 1 $ - $ 1 $ 138 $ 139 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ 724,823 $ 4,504 $ 52,287 $ 781,614 $ 19,385 $ 800,999 Included within total assets: Investments in equity method affiliates $ - $ - $ 8,760 $ 8,760 $ - $ 8,760 Goodwill (2) $ 54 $ 55 $ - $ 109 $ - $ 109 Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ 820,238 $ 5,679 $ 36,969 $ 862,886 $ 24,169 $ 887,055 Included within total assets: Investments in equity method affiliates $ - $ - $ 8,929 $ 8,929 $ - $ 8,929 Goodwill (2) $ 54 $ 55 $ - $ 109 $ - $ 109 Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total Revenues: United States $ 14,816 $ 22,550 $ 44,168 $ 29,299 Europe 2,305 915 4,349 2,638 Total $ 17,121 $ 23,465 $ 48,517 $ 31,937 |
Note 24 - Related Party Trans_2
Note 24 - Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset management SPAC Fund $ - $ 220 $ 173 $ 763 U.S. Insurance JV 320 273 881 808 $ 320 $ 493 $ 1,054 $ 1,571 Principal transactions and other income Insurance SPAC III $ - $ 60 $ - $ 180 Stoa USA Inc./FlipOS (6,771 ) - (6,771 ) 4,196 Other SPAC Entities 20 35 45 95 SPAC Fund - 6 28 (57 ) U.S. Insurance JV 89 76 377 (34 ) CREO JV 210 165 717 282 $ (6,452 ) $ 342 $ (5,604 ) $ 4,662 Income (loss) from equity method affiliates Dutch Real Estate Entities $ (139 ) $ (230 ) $ 72 $ (495 ) Insurance SPAC III - (187 ) - (1,142 ) Other SPAC Entities (563 ) 1,035 (1,680 ) (12,893 ) $ (702 ) $ 618 $ (1,608 ) $ (14,530 ) Operating expense (income) Duane Morris $ 50 $ 202 $ 286 $ 497 Cohen Circle (26 ) (1 ) (77 ) (44 ) $ 24 $ 201 $ 209 $ 453 Interest expense (income) DGC Trust $ - $ - $ - $ 326 JKD Investor 224 357 738 918 $ 224 $ 357 $ 738 $ 1,244 |
Note 25 - Due From Due to Rel_2
Note 25 - Due From Due to Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule Of Due From Or Due To Related Parties [Table Text Block] | September 30, 2023 December 31, 2022 U.S. Insurance JV $ 320 $ 261 SPAC Fund - other receivable 33 294 Employee & other 447 232 Due from related parties $ 800 $ 787 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Operations (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Assets under Management, Carrying Amount | $ 2,010 |
Number of Operating Segments | 3 |
Collateralized Debt Obligations [Member] | |
Assets under Management, Carrying Amount | $ 1,000 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument, Fair Value Disclosure | $ 35,499 | $ 34,679 |
Note 4 - Other Recent Busines_3
Note 4 - Other Recent Business Transactions or Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
Nov. 18, 2022 | Mar. 20, 2022 | Jan. 31, 2022 | Dec. 22, 2020 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 22, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 22, 2022 | Apr. 30, 2022 | Dec. 31, 2021 | Jan. 31, 2020 | Mar. 10, 2017 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Other Receivables | $ 5,947 | $ 5,947 | $ 9,527 | ||||||||||||||
Interest Expense | 8,958 | $ 10,303 | 22,909 | $ 26,132 | |||||||||||||
Equity Method Investments | $ 8,760 | $ 8,760 | 8,929 | $ 48,238 | |||||||||||||
Insurance SPAC III Sponsor Entities [Member] | |||||||||||||||||
Equity Method Investments | 5,896 | ||||||||||||||||
Equity Method Investment, Nontrolling Interest | 4,808 | ||||||||||||||||
Net Carrying Value of Investment | $ 1,088 | ||||||||||||||||
Insurance SPAC III Sponsor Entities [Member] | |||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 25,000,000 | ||||||||||||||||
Payments of Stock Issuance Costs | $ 71 | ||||||||||||||||
Commitments, Operating and Acquisition Expenses | $ 1,500 | ||||||||||||||||
Common Stock and Warrants, Redemption Price Per Share (in dollars per share) | $ 10.09 | $ 10.09 | |||||||||||||||
Insurance SPAC III [Member] | |||||||||||||||||
Units Issued During Period, Shares Per Unit (in shares) | 1 | ||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||
Units Issued During Period, Warrants Per Unit (in shares) | 0.33 | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | $ 10 | |||||||||||||||
Insurance SPAC III [Member] | Warrants for SPAC II Common Stock [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.5 | $ 11.5 | |||||||||||||||
Other Receivables | $ 960 | ||||||||||||||||
Trust for Benefit of Employees [Member] | Insurance SPAC III Sponsor Entities [Member] | |||||||||||||||||
Interest Expense | $ 100 | ||||||||||||||||
Convertible Note 2017 [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 15,000 | ||||||||||||||||
Convertible Note 2017 [Member] | Membership Units [Member] | |||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 10,344,827 | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.45 | $ 1.45 | |||||||||||||||
Convertible Note 2017 [Member] | Contingent Convertible Senior Notes 8.00% (2017 Convertible Note) [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 15,000 | ||||||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 4,500 | ||||||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | JKD Investor [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 4,500 | ||||||||||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 2,250 | ||||||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | JDK Investor [Member] | |||||||||||||||||
Repayments of Debt | $ 2,250 | ||||||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 12.00% (2020 Senior Notes) [Member] | JKD Investor [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% |
Note 4 - Other Recent Busines_4
Note 4 - Other Recent Business Transactions Or Events - SPAC Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 13,350 | $ 29,101 | |
Receivables from brokers, dealers, and clearing agencies | 106,740 | 140,933 | |
Other assets | 3,569 | 3,546 | |
Accounts payable and other liabilities | (6,217) | (11,439) | |
Other investments sold, not yet purchased | (18,131) | (78) | |
GP of the SPAC Fund's remaining investment in the SPAC Fund | $ 35,565 | $ 47,287 | |
SPAC Fund [Member] | |||
Cash and cash equivalents | $ 257 | ||
Receivables from brokers, dealers, and clearing agencies | 68,066 | ||
Other Investments, Total | 40,388 | ||
Other assets | 108 | ||
Accounts payable and other liabilities | (82,968) | ||
Other investments sold, not yet purchased | (25,806) | ||
GP of the SPAC Fund's remaining investment in the SPAC Fund | $ 45 |
Note 5 - Net Trading - Net Trad
Note 5 - Net Trading - Net Trading (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net realized gains (losses) - trading inventory | $ 3,250 | $ 922 | $ 13,967 | $ 10,649 |
Net unrealized gains (losses) - trading inventory | 693 | 742 | (1,581) | (5,448) |
Net gains and losses | 3,943 | 1,664 | 12,386 | 5,201 |
Interest income- trading inventory | 1,232 | 478 | 2,885 | 2,314 |
Interest income-reverse repos | 8,115 | 11,831 | 20,647 | 39,831 |
Interest income | 9,347 | 12,309 | 23,532 | 42,145 |
Interest expense-repos | (7,214) | (9,455) | (18,299) | (24,676) |
Interest expense-margin payable | (1,744) | (848) | (4,610) | (1,456) |
Interest expense | (8,958) | (10,303) | (22,909) | (26,132) |
Other trading revenue | 3,159 | 4,296 | 10,108 | 9,151 |
Net trading | $ 7,491 | $ 7,966 | $ 23,117 | $ 30,365 |
Note 6 - Receivables from and_3
Note 6 - Receivables from and Payables to Brokers, Dealers, and Clearing Agencies - Receivables from and Payables to from Brokers, Dealers and Clearing Agencies (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Deposits with clearing agencies | $ 250 | $ 250 |
Unsettled regular way trades, net | 35,051 | 0 |
Receivables from clearing agencies | 71,439 | 140,683 |
Receivables from brokers, dealers, and clearing agencies | 106,740 | 140,933 |
Unsettled regular way trades, net | 0 | 3,238 |
Margin payable | 129,773 | 131,747 |
Payables to brokers, dealers, and clearing agencies | $ 129,773 | $ 134,985 |
Note 7 - Financial Instrument_2
Note 7 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Investments, Fair Value Disclosure | $ 40,324 | $ 28,022 |
Margin Loan Collateral [Member] | ||
Other Investments, Fair Value Disclosure | 1,154 | $ 1,673 |
Share Forward Arrangements [Member] | ||
Equity Securities, FV-NI | 18,486 | |
Derivative Asset | 2,110 | |
Equity Securities, FV-NI, Restricted | 427 | |
Accounts Receivable, Fair Value Disclosure | $ 3,982 |
Note 7 - Financial Instrument_3
Note 7 - Financial Instruments - Investments - Trading (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investments-trading | $ 193,476 | $ 211,828 |
Corporate Bonds and Redeemable Preferred Stock [Member] | ||
Investments-trading | 51,584 | 44,572 |
Derivative [Member] | ||
Investments-trading | 6,024 | 4,669 |
Equity Securities [Member] | ||
Investments-trading | 950 | 220 |
Municipal Bonds [Member] | ||
Investments-trading | 14,084 | 19,502 |
Asset-Backed Securities [Member] | ||
Investments-trading | 0 | 1 |
Residential Mortgage Loans [Member] | ||
Investments-trading | 3,139 | 13,506 |
Residential Mortgage-Backed Securities [Member] | ||
Investments-trading | 9 | 7 |
US Government Agencies Debt Securities [Member] | ||
Investments-trading | 88,780 | 19,683 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investments-trading | 24,034 | 97,276 |
US Treasury Securities [Member] | ||
Investments-trading | $ 4,872 | $ 12,392 |
Note 7 - Financial Instrument_4
Note 7 - Financial Instruments - Financial Instruments Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Trading securities sold, not yet purchased | $ 95,755 | $ 133,957 |
Other investments sold, not yet purchased | 18,131 | 78 |
US Government Agencies Debt Securities [Member] | ||
Trading securities sold, not yet purchased | 10 | 32 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Trading securities sold, not yet purchased | 1 | 1 |
US Treasury Securities [Member] | ||
Trading securities sold, not yet purchased | 44,541 | 71,386 |
Corporate Bonds and Redeemable Preferred Stock [Member] | ||
Trading securities sold, not yet purchased | 45,045 | 61,310 |
Equity Securities [Member] | ||
Trading securities sold, not yet purchased | 144 | 51 |
Other investments sold, not yet purchased | 81 | 78 |
Derivative [Member] | ||
Trading securities sold, not yet purchased | 6,014 | 1,177 |
Share Forward Liabilities [Member] | ||
Other investments sold, not yet purchased | $ 18,050 | $ 0 |
Note 7 - Financial Instrument_5
Note 7 - Financial Instruments - Other Investments, at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Investments, Fair Value Disclosure | $ 40,324 | $ 28,022 |
Restricted Equity Securities [Member] | ||
Other Investments, Fair Value Disclosure | 3,020 | 3,135 |
Corporate Bonds and Redeemable Preferred Stock [Member] | ||
Other Investments, Fair Value Disclosure | 476 | 476 |
Fair Value Receivables [Member] | ||
Other Investments, Fair Value Disclosure | 6,032 | 0 |
CREO JV [Member] | ||
Other Investments, Fair Value Disclosure | 5,834 | 6,568 |
U.S. Insurance JV [Member] | ||
Other Investments, Fair Value Disclosure | 3,073 | 3,459 |
SPAC Fund [Member] | ||
Other Investments, Fair Value Disclosure | 0 | 527 |
Residential Mortgage [Member] | ||
Other Investments, Fair Value Disclosure | 133 | 132 |
Equity Securities [Member] | ||
Other Investments, Fair Value Disclosure | 19,646 | 13,725 |
Equity Derivatives [Member] | ||
Other Investments, Fair Value Disclosure | $ 2,110 | $ 0 |
Note 8 - Fair Value Disclosur_3
Note 8 - Fair Value Disclosures (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Investment Sold, Gain (Loss), Fair Value | $ (24,981) | $ (714) | $ (38,960) | $ (26,451) |
Other Investment Sold, Not yet Purchased, Gain (Loss) | $ 25,218 | $ 782 | $ 48,269 | $ (525) |
Note 8 - Fair Value Disclosur_4
Note 8 - Fair Value Disclosures - Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Investments-trading | $ 193,476 | $ 211,828 | ||
Total other investments, at fair value | 40,324 | 28,022 | ||
Trading securities sold, not yet purchased | 95,755 | 133,957 | ||
Other investments, sold not yet purchased | 18,131 | 78 | ||
Other investments sold, not yet purchased, at fair value | 18,131 | 78 | ||
Residential Mortgage Loans [Member] | ||||
Investments-trading | 3,139 | 13,506 | ||
Residential Mortgage-Backed Securities [Member] | ||||
Investments-trading | 9 | 7 | ||
US Government Agencies Debt Securities [Member] | ||||
Investments-trading | 88,780 | 19,683 | ||
Trading securities sold, not yet purchased | 10 | 32 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Investments-trading | 24,034 | 97,276 | ||
Trading securities sold, not yet purchased | 1 | 1 | ||
US Treasury Securities [Member] | ||||
Investments-trading | 4,872 | 12,392 | ||
Trading securities sold, not yet purchased | 44,541 | 71,386 | ||
Residential Mortgage [Member] | ||||
Total other investments, at fair value | 133 | 132 | ||
Fair Value, Recurring [Member] | ||||
Investments-trading | 193,476 | 211,828 | ||
Total other investments, at fair value | 40,324 | 28,022 | ||
Trading securities sold, not yet purchased | 95,755 | 133,957 | ||
Other investments, sold not yet purchased | 18,131 | 78 | ||
Other investments sold, not yet purchased, at fair value | 18,131 | 78 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 5,435 | 12,612 | ||
Trading securities sold, not yet purchased | 44,685 | 71,437 | ||
Other investments, sold not yet purchased | 81 | 78 | ||
Other investments sold, not yet purchased, at fair value | 81 | 78 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 188,041 | 199,216 | ||
Trading securities sold, not yet purchased | 51,070 | 62,520 | ||
Other investments, sold not yet purchased | 18,050 | 0 | ||
Other investments sold, not yet purchased, at fair value | 18,050 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Other investments, sold not yet purchased | 0 | 0 | ||
Other investments sold, not yet purchased, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Total other investments, at fair value | 8,907 | [1] | 10,554 | [2] |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||||
Investments-trading | 1 | |||
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | |||
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 1 | |||
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | |||
Fair Value, Recurring [Member] | Residential Mortgage Loans [Member] | ||||
Investments-trading | 3,139 | 13,506 | ||
Fair Value, Recurring [Member] | Residential Mortgage Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | 0 | ||
Fair Value, Recurring [Member] | Residential Mortgage Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 3,139 | 13,506 | ||
Fair Value, Recurring [Member] | Residential Mortgage Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||||
Investments-trading | 9 | 7 | ||
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | 0 | ||
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 9 | 7 | ||
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||||
Investments-trading | 88,780 | 19,683 | ||
Trading securities sold, not yet purchased | 10 | 32 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 88,780 | 19,683 | ||
Trading securities sold, not yet purchased | 10 | 32 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Investments-trading | 24,034 | 97,276 | ||
Trading securities sold, not yet purchased | 1 | 1 | ||
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 24,034 | 97,276 | ||
Trading securities sold, not yet purchased | 1 | 1 | ||
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||||
Investments-trading | 4,872 | 12,392 | ||
Trading securities sold, not yet purchased | 44,541 | 71,386 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 4,872 | 12,392 | ||
Trading securities sold, not yet purchased | 44,541 | 71,386 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | ||||
Total other investments, at fair value | 133 | 132 | ||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total other investments, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total other investments, at fair value | 133 | 132 | ||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total other investments, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Total Investments not Measured at NAV [Member] | ||||
Total other investments, at fair value | 31,417 | 17,468 | ||
Fair Value, Recurring [Member] | Total Investments not Measured at NAV [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total other investments, at fair value | 19,646 | 13,725 | ||
Fair Value, Recurring [Member] | Total Investments not Measured at NAV [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total other investments, at fair value | 11,771 | 3,743 | ||
Fair Value, Recurring [Member] | Total Investments not Measured at NAV [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total other investments, at fair value | 0 | 0 | ||
Corporate Bonds and Redeemable Preferred Stock [Member] | ||||
Investments-trading | 51,584 | 44,572 | ||
Trading securities sold, not yet purchased | 45,045 | 61,310 | ||
Corporate Bonds and Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||||
Investments-trading | 51,584 | 44,572 | ||
Total other investments, at fair value | 476 | 476 | ||
Trading securities sold, not yet purchased | 45,045 | 61,310 | ||
Corporate Bonds and Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | 0 | ||
Total other investments, at fair value | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Corporate Bonds and Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 51,584 | 44,572 | ||
Total other investments, at fair value | 476 | 476 | ||
Trading securities sold, not yet purchased | 45,045 | 61,310 | ||
Corporate Bonds and Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Total other investments, at fair value | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Derivative [Member] | ||||
Investments-trading | 6,024 | 4,669 | ||
Trading securities sold, not yet purchased | 6,014 | 1,177 | ||
Derivative [Member] | Fair Value, Recurring [Member] | ||||
Investments-trading | 6,024 | 4,669 | ||
Trading securities sold, not yet purchased | 6,014 | 1,177 | ||
Derivative [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Derivative [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 6,024 | 4,669 | ||
Trading securities sold, not yet purchased | 6,014 | 1,177 | ||
Derivative [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Equity Securities [Member] | ||||
Investments-trading | 950 | 220 | ||
Total other investments, at fair value | 19,646 | 13,725 | ||
Trading securities sold, not yet purchased | 144 | 51 | ||
Other investments, sold not yet purchased | 81 | 78 | ||
Other investments sold, not yet purchased, at fair value | 81 | 78 | ||
Equity Securities [Member] | Fair Value, Recurring [Member] | ||||
Investments-trading | 950 | 220 | ||
Total other investments, at fair value | 19,646 | 13,725 | ||
Trading securities sold, not yet purchased | 144 | 51 | ||
Other investments, sold not yet purchased | 81 | 78 | ||
Other investments sold, not yet purchased, at fair value | 81 | 78 | ||
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 563 | 220 | ||
Total other investments, at fair value | 19,646 | 13,725 | ||
Trading securities sold, not yet purchased | 144 | 51 | ||
Other investments, sold not yet purchased | 81 | 78 | ||
Other investments sold, not yet purchased, at fair value | 81 | 78 | ||
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 387 | 0 | ||
Total other investments, at fair value | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Other investments, sold not yet purchased | 0 | 0 | ||
Other investments sold, not yet purchased, at fair value | 0 | 0 | ||
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Total other investments, at fair value | 0 | 0 | ||
Trading securities sold, not yet purchased | 0 | 0 | ||
Other investments, sold not yet purchased | 0 | 0 | ||
Other investments sold, not yet purchased, at fair value | 0 | 0 | ||
Municipal Bonds [Member] | ||||
Investments-trading | 14,084 | 19,502 | ||
Municipal Bonds [Member] | Fair Value, Recurring [Member] | ||||
Investments-trading | 14,084 | 19,502 | ||
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investments-trading | 0 | 0 | ||
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investments-trading | 14,084 | 19,502 | ||
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investments-trading | 0 | 0 | ||
Equity Derivatives [Member] | ||||
Total other investments, at fair value | 2,110 | 0 | ||
Equity Derivatives [Member] | Fair Value, Recurring [Member] | ||||
Total other investments, at fair value | 2,110 | |||
Equity Derivatives [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total other investments, at fair value | 0 | |||
Equity Derivatives [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total other investments, at fair value | 2,110 | |||
Equity Derivatives [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total other investments, at fair value | 0 | |||
Restricted Equity Securities [Member] | Fair Value, Recurring [Member] | ||||
Total other investments, at fair value | 3,020 | 3,135 | ||
Restricted Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total other investments, at fair value | 0 | 0 | ||
Restricted Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total other investments, at fair value | 3,020 | 3,135 | ||
Restricted Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total other investments, at fair value | 0 | 0 | ||
Fair Value Receivables [Member] | Fair Value, Recurring [Member] | ||||
Total other investments, at fair value | 6,032 | |||
Fair Value Receivables [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total other investments, at fair value | 0 | |||
Fair Value Receivables [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total other investments, at fair value | 6,032 | |||
Fair Value Receivables [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total other investments, at fair value | 0 | |||
Share Forward Liabilities [Member] | ||||
Other investments, sold not yet purchased | 18,050 | 0 | ||
Other investments sold, not yet purchased, at fair value | 18,050 | $ 0 | ||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | ||||
Other investments, sold not yet purchased | 18,050 | |||
Other investments sold, not yet purchased, at fair value | 18,050 | |||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Other investments, sold not yet purchased | 0 | |||
Other investments sold, not yet purchased, at fair value | 0 | |||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Other investments, sold not yet purchased | 18,050 | |||
Other investments sold, not yet purchased, at fair value | 18,050 | |||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Other investments, sold not yet purchased | 0 | |||
Other investments sold, not yet purchased, at fair value | $ 0 | |||
[1]As a practical expedient, the Company uses NAV (or its equivalent) to measure the fair value of its investments in the U.S. Insurance JV and the CREO JV. The U.S. Insurance JV invests in USD denominated debt issued by small insurance and reinsurance companies. The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly transitional commercial real estate mortgage-backed loans. According to ASC 820, these investments are not categorized within the valuation hierarchy.[2]As a practical expedient, the Company uses NAV (or its equivalent) to measure the fair value of its investments in the U.S. Insurance JV, the SPAC Fund, and the CREO JV. The U.S. Insurance JV invests in USD denominated debt issued by small insurance and reinsurance companies. The SPAC Fund invested in equity securities of SPACs. The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly transitional commercial real estate mortgage-backed loans. According to ASC 820, these investments are not categorized within the valuation hierarchy. |
Note 8 - Fair Value Disclosur_5
Note 8 - Fair Value Disclosures - Fair Value Measurements of Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2023 | ||
Alternative investment | $ 10,554 | $ 8,907 | |
CREO JV (a) | 10,554 | 8,907 | |
CREO JV [Member] | |||
Alternative investment | [1] | 6,568 | 5,834 |
Unfunded commitments | [1] | 8,464 | 9,915 |
CREO JV (a) | [1] | 6,568 | 5,834 |
U.S. Insurance JV [Member] | |||
Alternative investment | [2] | 3,459 | 3,073 |
CREO JV (a) | [2] | 3,459 | $ 3,073 |
SPAC Fund [Member] | |||
Alternative investment | [3] | 527 | |
CREO JV (a) | [3] | $ 527 | |
Redemption notice period (c) (Day) | 30 days | ||
[1]The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly commercial real estate mortgage-backed loans.[2]The U.S. Insurance JV invests in USD denominated debt issued by small and medium size insurance and reinsurance companies.[3]The SPAC Fund invested in equity interests of SPACs. |
Note 9 - Derivative Financial_3
Note 9 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
TBA and Other Forward MBS [Member] | Long [Member] | |||||
Derivative, Notional Amount | $ 789,000 | $ 789,000 | $ 535,000 | ||
TBA and Other Forward MBS [Member] | Short [Member] | |||||
Derivative, Notional Amount | 810,950 | 810,950 | 556,780 | ||
Other Extended Settlement Trade [Member] | Long [Member] | |||||
Derivative, Notional Amount | 0 | 0 | 0 | ||
Foreign Exchange Forward [Member] | |||||
Derivative, Notional Amount | 0 | 0 | $ 0 | ||
Share Forward Liabilities [Member] | |||||
Gain (Loss) on Investments | $ (18,595) | $ 0 | $ (32,229) | $ 0 |
Note 9 - Derivative Financial_4
Note 9 - Derivative Financial Instruments - Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative financial instruments, fair value, net | $ (15,930) | $ 3,492 |
TBA and Other Forward MBS [Member] | Long [Member] | Investments -Trading [Member] | ||
Derivative financial instruments, fair value, net | 6,024 | 4,669 |
TBA and Other Forward MBS [Member] | Short [Member] | Trading Securities Sold, Not Yet Purchased [Member] | ||
Derivative financial instruments, fair value, net | (6,014) | (1,177) |
Equity Derivatives [Member] | Long [Member] | Other Investments at Fair Value [Member] | ||
Derivative financial instruments, fair value, net | 2,110 | 0 |
Share Forward Liabilities [Member] | Long [Member] | Other Investments Sold, Not Yet Purchased, at Fair Value [Member] | ||
Derivative financial instruments, fair value, net | $ (18,050) | $ 0 |
Note 9 - Derivative Financial_5
Note 9 - Derivative Financial Instruments - Statement of Operations Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative financial instruments | $ 28,117 | $ 1,832 | $ 53,600 | $ 7,430 |
TBA and Other Forward MBS [Member] | Revenue Net Trading [Member] | ||||
Derivative financial instruments | 2,141 | 2,685 | 4,063 | 8,283 |
Equity Derivatives [Member] | Principal Transactions and Other Income (Loss) [Member] | ||||
Derivative financial instruments | 744 | (853) | 1,266 | (853) |
Share Forward Liabilities [Member] | Revenue Net Trading [Member] | ||||
Derivative financial instruments | $ 25,232 | $ 0 | $ 48,271 | $ 0 |
Note 9 - Derivative Financial_6
Note 9 - Derivative Financial Instruments - Share Forward Arrangements (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Share forward arrangements, fair value | $ 6,955 | $ 0 |
Equity Securities [Member] | ||
Share forward arrangements, fair value | 18,486 | 0 |
Equity Derivatives [Member] | ||
Share forward arrangements, fair value | 2,110 | 0 |
Restricted Equity Securities [Member] | ||
Share forward arrangements, fair value | 427 | 0 |
Fair Value Receivables [Member] | ||
Share forward arrangements, fair value | 3,982 | 0 |
Share Forward Liabilities [Member] | ||
Share forward arrangements, fair value | $ (18,050) | $ 0 |
Note 10 - Collateralized Secu_3
Note 10 - Collateralized Securities Transactions (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Securities Purchased under Agreements to Resell, Total | $ 418,134 | $ 418,134 | $ 437,692 | |||
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | 420,562 | 420,562 | 440,681 | |||
Securities Sold under Agreements to Repurchase | 417,946 | 417,946 | 452,797 | |||
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | 420,562 | 420,562 | $ 452,209 | |||
Revenues | $ 17,121 | $ 23,465 | $ 48,517 | $ 31,937 | ||
Gestational Repo Business [Member] | ||||||
Number of Counterparties Related to Reverse Repurchase Agreements | 7 | 7 | 8 | |||
Revenues | $ 4,060 | $ 6,672 | $ 12,456 | $ 24,306 | ||
First Guaranty Mortgage Corporation [Member] | ||||||
Securities Purchased under Agreements to Resell, Total | $ 269,228 | |||||
Gain (Loss) on Sale of Collateral | 60 | 1,787 | $ (5,454) | |||
Reversal of Accrued Incentive Compensation | 1,753 | |||||
Net Impact to Earnings | 3,701 | |||||
First Guaranty Mortgage Corporation [Member] | Trading Revenue [Member] | ||||||
Gain (Loss) on Sale of Collateral | (5,244) | |||||
First Guaranty Mortgage Corporation [Member] | Professional Fees and Other Operating Expenses [Member] | ||||||
Gain (Loss) on Sale of Collateral | 210 | |||||
First Guaranty Mortgage Corporation [Member] | Residential Mortgage [Member] | ||||||
Securities Purchased under Agreements to Resell, Total | $ 3,139 | $ 3,139 | $ 13,506 |
Note 10 - Collateralized Secu_4
Note 10 - Collateralized Securities Transactions - Secured Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities sold under agreements to repurchase | $ 417,946 | $ 452,797 |
Receivables under resale agreements | 418,134 | 437,692 |
Overnight and Continuous [Member] | ||
Securities sold under agreements to repurchase | 0 | |
Receivables under resale agreements | 0 | |
Maturity Less than 30 Days [Member] | ||
Securities sold under agreements to repurchase | 417,946 | 452,797 |
Receivables under resale agreements | 418,134 | 437,692 |
Maturity 30 to 90 Days [Member] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Receivables under resale agreements | 0 | |
Maturity Greater than 90 Days [Member] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Receivables under resale agreements | 0 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities sold under agreements to repurchase | 417,946 | 452,797 |
Receivables under resale agreements | 418,134 | 437,692 |
Collateralized Mortgage-Backed Securities [Member] | Overnight and Continuous [Member] | ||
Securities sold under agreements to repurchase | 0 | |
Receivables under resale agreements | 0 | |
Collateralized Mortgage-Backed Securities [Member] | Maturity Less than 30 Days [Member] | ||
Securities sold under agreements to repurchase | 417,946 | 452,797 |
Receivables under resale agreements | 418,134 | 437,692 |
Collateralized Mortgage-Backed Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Receivables under resale agreements | 0 | |
Collateralized Mortgage-Backed Securities [Member] | Maturity Greater than 90 Days [Member] | ||
Securities sold under agreements to repurchase | 0 | $ 0 |
Receivables under resale agreements | $ 0 |
Note 11 - Investments in Equi_3
Note 11 - Investments in Equity Method Affiliates (Details Textual) $ in Millions | 1 Months Ended |
Dec. 31, 2020 USD ($) | |
IPO [Member] | Insurance SPAC [Member] | |
Sale of Stock, Consideration Received on Transaction | $ 218 |
Note 11 - Investments in Equi_4
Note 11 - Investments in Equity Method Affiliates - Investments in Equity Method Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Balance | $ 8,929 | $ 48,238 | $ 48,238 | ||
Investments / advances | 1,806 | 2,614 | |||
Distributions / repayments | (5) | (77) | |||
Reclasses to (from) | (362) | (20,915) | |||
Earnings / (loss) recognized | $ (702) | $ 618 | (1,608) | (14,530) | (20,931) |
Balance | 8,760 | 8,760 | 8,929 | ||
Insurance SPAC [Member] | |||||
Balance | 0 | 4,543 | 4,543 | ||
Investments / advances | 0 | 1,355 | |||
Distributions / repayments | 0 | 0 | |||
Reclasses to (from) | 0 | 0 | |||
Earnings / (loss) recognized | 0 | (5,898) | |||
Balance | 0 | 0 | 0 | ||
Dutch Real Estate Entities [Member] | |||||
Balance | 5,530 | 5,600 | 5,600 | ||
Investments / advances | 0 | 0 | |||
Distributions / repayments | 0 | 0 | |||
Reclasses to (from) | 0 | 0 | |||
Earnings / (loss) recognized | 72 | (70) | |||
Balance | 5,602 | 5,602 | 5,530 | ||
Other SPAC Sponsor Entities [Member] | |||||
Balance | 3,399 | $ 38,095 | 38,095 | ||
Investments / advances | 1,806 | 1,259 | |||
Distributions / repayments | (5) | (77) | |||
Reclasses to (from) | (362) | (20,915) | |||
Earnings / (loss) recognized | (1,680) | (14,963) | |||
Balance | $ 3,158 | $ 3,158 | $ 3,399 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 1 month 6 days | 5 years 1 month 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.68% | 4.68% | ||
Operating Lease, Payments | $ 2,017 | $ 1,678 | ||
Sublease Income | $ 23 | $ 26 | 71 | 76 |
Operating Lease, Expense | $ 638 | $ 612 | $ 1,902 | $ 1,891 |
Note 12 - Leases - Future Matur
Note 12 - Leases - Future Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
2023 - remaining | $ 684 | |
2024 | 2,170 | |
2025 | 1,794 | |
2026 | 1,506 | |
2027 | 1,514 | |
Thereafter | 2,244 | |
Total | 9,912 | |
Less imputed interest | (1,140) | |
Lease obligation | $ 8,772 | $ 10,447 |
Note 13 - Other Receivables, _3
Note 13 - Other Receivables, Other Assets, Accounts Payable and Other Liabilities - Other Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Asset management fees receivable | $ 1,033 | $ 936 |
New issue fee receivable | 1,108 | 167 |
Cash collateral due from counterparties | 636 | 4,301 |
Accrued interest receivable and dividend receivable | 1,877 | 2,561 |
Revenue share receivable | 286 | 138 |
Agency repo income receivable | 341 | 806 |
Miscellaneous other receivables | 666 | 618 |
Other receivables | $ 5,947 | $ 9,527 |
Note 13 - Other Receivables, _4
Note 13 - Other Receivables, Other Assets, Accounts Payable and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred costs | $ 37 | $ 133 |
Prepaid expenses | 1,295 | 1,325 |
Prepaid taxes | 280 | 0 |
Deposits | 452 | 450 |
Intangible assets | 166 | 166 |
Other assets | 3,569 | 3,546 |
Furniture, Equipment, And Leasehold Improvements [Member] | ||
Furniture, equipment, and leasehold improvements, net | $ 1,339 | $ 1,472 |
Note 13 - Other Receivables, _5
Note 13 - Other Receivables, Other Assets, Accounts Payable and Other Liabilities - Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts payable | $ 1,151 | $ 891 |
Redeemable financial instruments accrued interest | 111 | 0 |
Accrued income tax | 0 | 70 |
Accrued interest payable | 562 | 452 |
Accrued interest on securities sold, not yet purchased | 861 | 1,561 |
Payroll taxes payable | 1,500 | 1,565 |
Counterparty cash collateral | 0 | 4,301 |
Accrued expense and other liabilities | 2,032 | 2,599 |
Accounts payable and other liabilities | $ 6,217 | $ 11,439 |
Note 14 - Variable Interest E_3
Note 14 - Variable Interest Entities (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Liabilities, Total | $ 728,278 | $ 793,029 |
Variable Interest Entity, Unavailability of Information, Number of Entities | 2 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Working Capital Commitment | $ 0 | 0 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 9,915 | 8,464 |
Liabilities, Total | $ 0 | $ 0 |
Note 14 - Variable Interest E_4
Note 14 - Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 13,350 | $ 29,101 | |
Other investments, at fair value | 40,324 | 28,022 | |
Investment in equity method affiliates | 8,760 | 8,929 | $ 48,238 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 46 | 19 | |
Due from broker | 3,024 | 0 | |
Other investments, at fair value | 24,312 | 0 | |
Investment in equity method affiliates | 30 | 23 | |
Other investments sold, not yet purchased, at fair value | (18,045) | 0 | |
Non-controlling interest | (6,190) | (15) | |
Investment in consolidated VIEs | $ 3,177 | $ 27 |
Note 14 - Variable Interest E_5
Note 14 - Variable Interest Entities - Carrying Value of Variable Interests in Non-consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other Investments, Fair Value Disclosure | $ 40,324 | $ 28,022 | |
Investments in equity method affiliates | 8,760 | 8,929 | $ 48,238 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Other Investments, Fair Value Disclosure | 8,907 | 10,554 | |
Investments in equity method affiliates | 3,158 | 3,376 | |
Maximum exposure | $ 12,065 | $ 13,930 |
Note 15 - Redeemable Financia_3
Note 15 - Redeemable Financial Instruments (Details Textual) - USD ($) $ in Thousands | Feb. 13, 2023 | Oct. 03, 2016 |
Investment Agreement, Team Expenses Per Quarter | $ 150 | $ 175 |
Investment Agreement, Team Expenses Annually | $ 600 | $ 700 |
Note 15 - Redeemable Financia_4
Note 15 - Redeemable Financial Instruments - Redeemable Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Redeemable financial instruments | $ 7,868 | $ 7,868 |
JKD Capital Partners I, LTD [Member] | ||
Redeemable financial instruments | $ 7,868 | $ 7,868 |
Note 16 - Debt (Details Textual
Note 16 - Debt (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Jun. 09, 2023 USD ($) | Mar. 20, 2022 $ / shares shares | Jan. 31, 2022 | Oct. 28, 2020 USD ($) | Apr. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Jul. 01, 2023 USD ($) | Dec. 31, 2022 $ / shares | Dec. 21, 2021 USD ($) | Jan. 31, 2020 USD ($) | Mar. 10, 2017 USD ($) $ / shares | ||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust Net Of Ownership Interest In Trust | $ 49,614 | |||||||||||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | $ 1,489 | |||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Redeemable Non-controlling Interest Membership Units Not Held Share Ratio | 10 | |||||||||||||
Redeemable Common Stock, Shares (in shares) | shares | 1,034,482 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 0 | |||||||||||||
Common Securities in Trusts [Member] | ||||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 0 | |||||||||||||
Alesco Capital Trust I [Member] | Cohen & Company [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 870 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 870 | |||||||||||||
Sunset Financial Statutory Trust I [Member] | Cohen & Company [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 619 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 619 | |||||||||||||
JVB Holdings [Member] | JVB [Member] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |||||||||||||
Credit Facility [Member] | JVB [Member] | Byline Bank [Member] | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||||||||
Convertible Note 2017 [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 15,000 | |||||||||||||
Convertible Note 2017 [Member] | Membership Units [Member] | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1.45 | $ 1.45 | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 10,344,827 | |||||||||||||
Amended and Restated Byline Loan Agreement [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | $ 25,000 | ||||||||||||
Credit Facility [Member] | JVB [Member] | Byline Bank [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | |||||||||||||
Debt Instrument, Covenant, Minimum Tangible Net Worth | $ 70,000 | $ 85,000 | $ 90,000 | |||||||||||
Repayments of Lines of Credit | 15,000 | |||||||||||||
Proceeds from Lines of Credit | $ 15,000 | |||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||||||||||
Line of Credit Facility, Commitment Fee Amount | 75 | |||||||||||||
Line of Credit Facility, Minimum Request in Reduction of Maximum Borrowing Capacity | $ 1,000 | |||||||||||||
Line of Credit Facility, Reduction in Maximum Borrowing Capacity, Increments After Minimum | $ 500 | |||||||||||||
Debt Instrument, Covenant, Minimum Excess Net Capital | $ 40,000 | |||||||||||||
Debt Instrument, Covenant, Maximum Loans Outstanding | $ 10,000 | |||||||||||||
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | JVB [Member] | Byline Bank [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6% | |||||||||||||
Debt Instrument, Minimum Interest Rate | 7% | |||||||||||||
Junior Subordinated Debt [Member] | ||||||||||||||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust Net Of Ownership Interest In Trust | $ 49,614 | |||||||||||||
Yield To Maturities | 21.74% | |||||||||||||
Junior Subordinated Debt [Member] | Sunset Financial Statutory Trust I [Member] | Alesco Capital Trust I [Member] | ||||||||||||||
Fair Value of Common Securities Variable Interest Entities Trusts | $ 0 | |||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 12.00% (2020 Senior Notes) [Member] | JKD Capital Partners I, LTD [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 2,250 | |||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | ||||||||||||||
Debt Instrument, Face Amount | 4,500 | |||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | JKD Capital Partners I, LTD [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||||||||
Debt Instrument, Interest Rate In Event of Default | 11% | |||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | RN Capital Solutions LLC (RNCS) [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 2,250 | |||||||||||||
Junior Subordinated Notes [Member] | ||||||||||||||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust Net Of Ownership Interest In Trust | $ 49,614 | |||||||||||||
Junior Subordinated Notes [Member] | Sunset Financial Statutory Trust I [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 9.81% | ||||||||||||
Junior Subordinated Notes [Member] | Alesco Capital Trust I Debt [Member] | ||||||||||||||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust Net Of Ownership Interest In Trust | $ 28,995 | |||||||||||||
Junior Subordinated Notes [Member] | Alesco Capital Trust I Debt [Member] | London Interbank Offered Rate [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | |||||||||||||
Junior Subordinated Notes [Member] | Sunset Financial Statutory Trust I Debt [Member] | ||||||||||||||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust Net Of Ownership Interest In Trust | $ 20,619 | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.15% | |||||||||||||
[1]Represents the interest rate in effect as of the last day of the reporting period. |
Note 16 - Debt - Detail of Debt
Note 16 - Debt - Detail of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt | $ 29,479 | $ 29,024 | |
Contingent Convertible Senior Notes [Member] | |||
Debt | 24,979 | 24,524 | |
Junior Subordinated Notes [Member] | |||
Less unamortized discount | [1] | (23,146) | (23,601) |
Credit Facility [Member] | Byline Bank [Member] | |||
Long-term Debt, Gross | 0 | 0 | |
Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | Contingent Convertible Senior Notes [Member] | |||
Long-term Debt, Gross | $ 4,500 | 4,500 | |
Interest Rate | [2] | 10% | |
Alesco Capital Trust I [Member] | Junior Subordinated Notes [Member] | |||
Long-term Debt, Gross | [1] | $ 28,125 | 28,125 |
Interest Rate | [2] | 9.63% | |
Sunset Financial Statutory Trust I [Member] | Junior Subordinated Notes [Member] | |||
Long-term Debt, Gross | [1] | $ 20,000 | $ 20,000 |
Interest Rate | [2] | 9.81% | |
[1]The junior subordinated notes listed represent debt the Company owes to the two trusts noted above. The total par amount owed by the Company to the trusts is $49,614. However, the Company owns the common stock of the trusts in a total par amount of $1,489. The Company pays interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, the Company receives back from the trusts the pro rata share of interest and principal on the common stock held by the Company. These trusts are VIEs and the Company does not consolidate them even though the Company holds the common stock. The Company carries the common stock on its balance sheet at a value of $0. The junior subordinated notes are recorded at a discount to par. When factoring in the discount, the yield to maturity of the junior subordinated notes as of September 30, 2023 on a combined basis was 21.74% assuming the variable rate in effect on the last day of the reporting period remains in effect until maturity.[2]Represents the interest rate in effect as of the last day of the reporting period. |
Note 16 - Debt - Interest Expen
Note 16 - Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest expense, net | $ 1,685 | $ 1,346 | $ 4,907 | $ 3,803 |
Junior Subordinated Notes [Member] | ||||
Interest expense, net | 1,402 | 921 | 3,887 | 2,334 |
Senior Note 2020 [Member] | ||||
Interest expense, net | 114 | 113 | 337 | 344 |
Convertible Note 2017 [Member] | ||||
Interest expense, net | 0 | 0 | 0 | 327 |
Byline Bank Credit Facility [Member] | ||||
Interest expense, net | 59 | 67 | 282 | 201 |
Redeemable Financial Instrument - JKD Capital Partners I LTD [Member] | ||||
Interest expense, net | $ 110 | $ 245 | $ 401 | $ 597 |
Note 17 - Equity (Details Textu
Note 17 - Equity (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||
Nov. 02, 2023 $ / shares | May 04, 2023 $ / shares | Mar. 07, 2023 $ / shares | Dec. 23, 2019 shares | Sep. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Oct. 05, 2023 USD ($) | Dec. 31, 2022 $ / shares shares | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 27,413,098 | 27,413,098 | 27,413,098 | |||||||||||
Preferred Stock, Shares Issued (in shares) | 27,413,098 | 27,413,098 | 27,413,098 | |||||||||||
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | $ | $ 0 | $ 0 | ||||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | $ | 0 | $ 30 | $ 582 | 0 | $ (89) | $ (292) | $ 612 | $ (381) | ||||||
AOCI Attributable to Parent [Member] | ||||||||||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | $ | 0 | (1) | (12) | 0 | 1 | 4 | (13) | 5 | ||||||
Noncontrolling Interest [Member] | ||||||||||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | $ | $ 0 | $ (29) | $ (570) | $ 0 | $ 88 | $ 288 | $ (599) | $ 376 | ||||||
Subsequent Event [Member] | Equity Distribution Agreement [Member] | ||||||||||||||
Sale of Stock, Maximum Aggregate Offering Price | $ | $ 75,000 | |||||||||||||
Sale of Stock, Maximum Shares Permitted by SEC | $ | $ 4,712 | |||||||||||||
Sale of Stock, Commission, Percent | 2.50% | |||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||
Ratio of Shares To Vote | 10 | |||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 4,983,557 | 4,983,557 | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 4,983,557 | 4,983,557 | ||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||
Ratio of Shares To Vote | 10 | |||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 22,429,541 | 22,429,541 | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 22,429,541 | 22,429,541 | ||||||||||||
Preferred Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||
Series F Preferred Stock [Member] | Mr. Cohen [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 12,549,273 | |||||||||||||
Series F Preferred Stock [Member] | DGC Trust [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 9,880,268 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.25 | $ 0.25 | ||||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.25 |
Note 17 - Equity - Shares Outst
Note 17 - Equity - Shares Outstanding of Stockholders' Equity of the Company (Details) - Cohen & Company [Member] - Common Stock [Member] | 9 Months Ended |
Sep. 30, 2023 shares | |
Shares, outstanding (in shares) | 1,433,283 |
Vesting of shares (in shares) | 108,901 |
Shares withheld for employee taxes and retired (in shares) | (20,328) |
Shares, outstanding (in shares) | 1,521,856 |
Note 17 - Equity - Rollforward
Note 17 - Equity - Rollforward of Units Outstanding (Details) - Unit Issuance and Surrender Agreement [Member] | 9 Months Ended |
Sep. 30, 2023 shares | |
Other units related to UIS Agreement (in shares) | 885,730 |
Total (in shares) | 885,730 |
Note 17 - Equity - Schedule of
Note 17 - Equity - Schedule of Effects of Changes in Ownership Interest Subsidiary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income / (loss) attributable to Cohen & Company Inc. | $ (423) | $ (919) | $ (9,661) | $ (10,388) |
Increase / (decrease) in Cohen & Company Inc. paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net | 612 | (381) | ||
Changes from net income / (loss) attributable to Cohen & Company Inc. and transfers (to) from the non-controlling interest | $ (9,049) | $ (10,769) |
Note 17 - Equity - Rollforwar_2
Note 17 - Equity - Rollforward of Non-controlling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | |
Balance | $ 47,287 | $ 47,287 | |||||
Non-controlling interest share of income (loss) | (6,821) | ||||||
Other comprehensive (loss) | (14) | ||||||
Acquisition / (surrender) of additional units of consolidated subsidiary | (599) | ||||||
Equity-based compensation | 2,375 | ||||||
Shares withheld for employee taxes | (127) | ||||||
Distributions to convertible non-controlling interest of Cohen & Company Inc. | (3,341) | ||||||
Redemption of convertible non-controlling interest units | (834) | (834) | |||||
Non-convertible non-controlling interest investment | 39 | ||||||
Non-convertible non-controlling interest distributions | $ (2,400) | $ 0 | 0 | $ (353) | $ (2,640) | $ (5,660) | (2,400) |
Balance | 35,565 | 35,565 | |||||
Operating LLC [Member] | |||||||
Balance | 47,270 | 47,270 | |||||
Non-controlling interest share of income (loss) | (15,357) | ||||||
Other comprehensive (loss) | (14) | ||||||
Acquisition / (surrender) of additional units of consolidated subsidiary | (599) | ||||||
Equity-based compensation | 2,375 | ||||||
Shares withheld for employee taxes | (127) | ||||||
Distributions to convertible non-controlling interest of Cohen & Company Inc. | (3,341) | ||||||
Redemption of convertible non-controlling interest units | (834) | ||||||
Non-convertible non-controlling interest investment | 0 | ||||||
Non-convertible non-controlling interest distributions | 0 | ||||||
Balance | 29,373 | 29,373 | |||||
Insurance SPAC [Member] | |||||||
Balance | $ 17 | 17 | |||||
Non-controlling interest share of income (loss) | 8,536 | ||||||
Other comprehensive (loss) | 0 | ||||||
Acquisition / (surrender) of additional units of consolidated subsidiary | 0 | ||||||
Equity-based compensation | 0 | ||||||
Shares withheld for employee taxes | 0 | ||||||
Distributions to convertible non-controlling interest of Cohen & Company Inc. | 0 | ||||||
Redemption of convertible non-controlling interest units | 0 | ||||||
Non-convertible non-controlling interest investment | 39 | ||||||
Non-convertible non-controlling interest distributions | (2,400) | ||||||
Balance | $ 6,192 | $ 6,192 |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||
Income Tax Expense (Benefit) | $ (755) | $ 1,761 | $ 5,379 | $ 3,534 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 5,199 | |||
Capital Loss Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 59,729 | 59,729 | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 98,035 | $ 98,035 | ||
Operating LLC [Member] | ||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 27.37% | 27.37% | ||
Operating LLC [Member] | Remaining Non-Controlling Members [Member] | ||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 72.63% | 72.63% |
Note 18 - Income Taxes - Income
Note 18 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Current, tax | $ 180 | $ 194 | ||
Current, change | 14 | |||
Deferred tax provision (benefit) | 5,199 | 3,340 | ||
Deferred, change | (1,859) | |||
Total, tax | $ (755) | $ 1,761 | 5,379 | $ 3,534 |
Total, change | $ (1,845) |
Note 19 - Net Capital Require_2
Note 19 - Net Capital Requirements (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
JVB [Member] | |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard | $ 250 |
Broker-Dealer, Net Capital | 50,842 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard | 50,592 |
CCFESA [Member] | |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard | 483 |
Broker-Dealer, Net Capital | 1,772 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard | $ 1,289 |
Note 20 - Earnings (Loss) Per_3
Note 20 - Earnings (Loss) Per Common Share (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Redeemable Non-controlling Interest Membership Units Not Held Share Ratio | 10 |
Note 20 - Earnings Loss) Per Co
Note 20 - Earnings Loss) Per Common Share - Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Net income / (loss) attributable to Cohen & Company Inc. | $ (423) | $ (919) | $ (9,661) | $ (10,388) | |
Add / (deduct): Adjustment (2) | [1] | 6,114 | 0 | 0 | 0 |
Net income / (loss) on a fully converted basis | $ (1,558) | $ (919) | $ (9,661) | $ (10,388) | |
Weighted average common shares outstanding - Basic (in shares) | 1,521,856 | 1,428,883 | 1,510,498 | 1,417,358 | |
Unrestricted LLC Units exchangeable into Cohen & Company Inc. shares (1) (in shares) | [2] | 4,014,250 | 0 | 0 | 0 |
Restricted units or shares (in shares) | 0 | 0 | 0 | 0 | |
Weighted average common shares outstanding - Diluted (3) (in shares) | 5,536,106 | 1,428,883 | 1,510,498 | 1,417,358 | |
Net income / (loss) per common share - Basic (in dollars per share) | $ (0.28) | $ (0.64) | $ (6.4) | $ (7.33) | |
Net income / (loss) per common share - Diluted (in dollars per share) | $ (0.28) | $ (0.64) | $ (6.4) | $ (7.33) | |
Convertible Non-controlling Interest of Cohen & Co. [Member] | |||||
Add: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. (1) | [2] | $ 7,249 | $ 0 | $ 0 | $ 0 |
[1]An adjustment is included because the Company would have incurred a higher income tax expense or realized a higher income tax benefit, as applicable, if the LLC Units had been converted at the beginning of the period.[2]The LLC Units not held by Cohen & Company Inc. (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a ten-for-one basis. The LLC Units not held by Cohen & Company Inc. are redeemable, at the member’s option at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Common Stock for the ten consecutive trading days immediately preceding the date the Company receives the member’s redemption notice, or (ii) at the Company’s option, one tenth of a share of the Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Common Stock as a dividend or other distribution on the outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Common Stock. These LLC Units are not included in the computation of basic earnings per share. These LLC Units enter into the computation of diluted net income (loss) per common share when the effect is not anti-dilutive using the if-converted method. |
Note 20 - Earnings (Loss) Per_4
Note 20 - Earnings (Loss) Per Common Share - Schedule of Anti-Dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive securities (in shares) | 9,148 | 3,973,579 | 4,017,740 | 3,971,476 |
Unrestricted LLC Units [Member] | ||||
Antidilutive securities (in shares) | 0 | 3,965,405 | 4,008,822 | 3,658,204 |
Contingent Convertible Senior Notes 8.00% (2017 Convertible Note) [Member] | ||||
Antidilutive securities (in shares) | 0 | 0 | 0 | 298,851 |
Restricted Stock [Member] | ||||
Antidilutive securities (in shares) | 6,390 | 6,211 | 7,153 | 10,334 |
Restricted LLC Units [Member] | ||||
Antidilutive securities (in shares) | 2,758 | 1,963 | 1,765 | 4,087 |
Note 22 - Segment and Geograp_3
Note 22 - Segment and Geographic Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Operating Segments | 3 |
Note 22 - Segment and Geograp_4
Note 22 - Segment and Geographic Information - Statements of Operations Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Net trading | $ 7,491 | $ 7,966 | $ 23,117 | $ 30,365 | ||||||
Principal transactions and other income | 595 | (1,192) | 10,440 | (26,157) | ||||||
Revenues | 17,121 | 23,465 | 48,517 | 31,937 | ||||||
Compensation | 15,219 | 15,227 | 35,757 | 41,320 | ||||||
Other Operating Expense | 6,006 | 5,390 | 17,348 | 15,809 | ||||||
Total operating expenses | 21,225 | 20,617 | 53,105 | 57,129 | ||||||
Operating income (loss) | (4,104) | 2,848 | (4,588) | (25,192) | ||||||
Interest income (expense) | (1,685) | (1,346) | (4,907) | (3,803) | ||||||
Income (loss) from equity method affiliates | (702) | 618 | (1,608) | (14,530) | $ (20,931) | |||||
Income (loss) before income taxes | (6,491) | 2,120 | (11,103) | (43,525) | ||||||
Income Tax Expense (Benefit) | (755) | 1,761 | 5,379 | 3,534 | ||||||
Net income (loss) | (5,736) | $ (692) | $ (10,054) | 359 | $ (12,252) | $ (35,166) | (16,482) | (47,059) | ||
Net income (loss) attributable to Cohen & Company Inc. | (423) | (919) | (9,661) | (10,388) | ||||||
Depreciation and amortization (included in total operating expense) | 140 | 139 | 433 | 414 | ||||||
Compensation | 15,219 | 15,227 | 35,757 | 41,320 | ||||||
Earnings / (loss) recognized | (702) | 618 | (1,608) | (14,530) | $ (20,931) | |||||
Non-controlling Interest of Operating LLC [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 1,936 | (109) | 8,536 | (18,980) | ||||||
Cohen Co Including Noncontrolling Interest [Member] | ||||||||||
Net income (loss) | (7,672) | 468 | (25,018) | (28,079) | ||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | (7,249) | 1,387 | (15,357) | (17,691) | ||||||
Non-controlling Interest of Cohen & Co. [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | (7,249) | 1,387 | (15,357) | (17,691) | ||||||
Asset Management [Member] | ||||||||||
Revenues | 1,788 | 3,456 | 5,418 | 7,243 | ||||||
New Issue and Advisory [Member] | ||||||||||
Revenues | 7,247 | 13,235 | 9,542 | 20,486 | ||||||
Operating Segments [Member] | ||||||||||
Net trading | 7,491 | 7,966 | 23,117 | 30,365 | ||||||
Principal transactions and other income | 595 | (1,192) | 10,440 | (26,157) | ||||||
Revenues | 17,121 | 23,465 | 48,517 | 31,937 | ||||||
Compensation | 10,736 | 11,701 | 27,663 | 32,651 | ||||||
Other Operating Expense | 4,757 | 4,269 | 13,581 | 12,247 | ||||||
Total operating expenses | 15,493 | 15,970 | 41,244 | 44,898 | ||||||
Operating income (loss) | 1,628 | 7,495 | 7,273 | (12,961) | ||||||
Interest income (expense) | (60) | (67) | (282) | (201) | ||||||
Income (loss) from equity method affiliates | (702) | 618 | (1,608) | (14,530) | ||||||
Income (loss) before income taxes | 866 | 8,046 | 5,383 | (27,692) | ||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||||
Net income (loss) | 866 | 8,046 | 5,383 | (27,692) | ||||||
Net income (loss) attributable to Cohen & Company Inc. | (1,070) | 8,155 | (3,153) | (8,712) | ||||||
Depreciation and amortization (included in total operating expense) | 1 | 1 | 4 | 3 | ||||||
Compensation | 10,736 | 11,701 | 27,663 | 32,651 | ||||||
Earnings / (loss) recognized | (702) | 618 | (1,608) | (14,530) | ||||||
Operating Segments [Member] | Non-controlling Interest of Operating LLC [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 1,936 | (109) | 8,536 | (18,980) | ||||||
Operating Segments [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||||||||
Net income (loss) | (1,070) | 8,155 | (3,153) | (8,712) | ||||||
Operating Segments [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Asset Management [Member] | ||||||||||
Revenues | 1,788 | 3,456 | 5,418 | 7,243 | ||||||
Operating Segments [Member] | New Issue and Advisory [Member] | ||||||||||
Revenues | 7,247 | 13,235 | 9,542 | 20,486 | ||||||
Operating Segments [Member] | Capital Markets [Member] | ||||||||||
Net trading | 7,491 | 7,966 | 23,117 | 30,365 | ||||||
Principal transactions and other income | 0 | 0 | 0 | 1 | ||||||
Revenues | 14,738 | 21,201 | 32,659 | 50,852 | ||||||
Compensation | 8,831 | 10,102 | 22,446 | 27,790 | ||||||
Other Operating Expense | 3,696 | 3,571 | 10,964 | 10,247 | ||||||
Total operating expenses | 12,527 | 13,673 | 33,410 | 38,037 | ||||||
Operating income (loss) | 2,211 | 7,528 | (751) | 12,815 | ||||||
Interest income (expense) | (60) | (67) | (282) | (201) | ||||||
Income (loss) from equity method affiliates | 0 | 0 | 0 | 0 | ||||||
Income (loss) before income taxes | 2,151 | 7,461 | (1,033) | 12,614 | ||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||||
Net income (loss) | 2,151 | 7,461 | (1,033) | 12,614 | ||||||
Net income (loss) attributable to Cohen & Company Inc. | 2,151 | 7,461 | (1,033) | 12,614 | ||||||
Depreciation and amortization (included in total operating expense) | 0 | 0 | 0 | 0 | ||||||
Compensation | 8,831 | 10,102 | 22,446 | 27,790 | ||||||
Earnings / (loss) recognized | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Capital Markets [Member] | Non-controlling Interest of Operating LLC [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Capital Markets [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||||||||
Net income (loss) | 2,151 | 7,461 | (1,033) | 12,614 | ||||||
Operating Segments [Member] | Capital Markets [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Capital Markets [Member] | Asset Management [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Capital Markets [Member] | New Issue and Advisory [Member] | ||||||||||
Revenues | 7,247 | 13,235 | 9,542 | 20,486 | ||||||
Operating Segments [Member] | Asset Management Segment [Member] | ||||||||||
Net trading | 0 | 0 | 0 | 0 | ||||||
Principal transactions and other income | 297 | 191 | 769 | 534 | ||||||
Revenues | 2,085 | 3,647 | 6,187 | 7,777 | ||||||
Compensation | 1,572 | 1,361 | 4,184 | 4,213 | ||||||
Other Operating Expense | 494 | 524 | 1,711 | 1,478 | ||||||
Total operating expenses | 2,066 | 1,885 | 5,895 | 5,691 | ||||||
Operating income (loss) | 19 | 1,762 | 292 | 2,086 | ||||||
Interest income (expense) | 0 | 0 | 0 | 0 | ||||||
Income (loss) from equity method affiliates | 0 | 0 | 0 | 0 | ||||||
Income (loss) before income taxes | 19 | 1,762 | 292 | 2,086 | ||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||||
Net income (loss) | 19 | 1,762 | 292 | 2,086 | ||||||
Net income (loss) attributable to Cohen & Company Inc. | 18 | 1,762 | 275 | 2,086 | ||||||
Depreciation and amortization (included in total operating expense) | 1 | 1 | 4 | 3 | ||||||
Compensation | 1,572 | 1,361 | 4,184 | 4,213 | ||||||
Earnings / (loss) recognized | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Asset Management Segment [Member] | Non-controlling Interest of Operating LLC [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 1 | 0 | 17 | 0 | ||||||
Operating Segments [Member] | Asset Management Segment [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||||||||
Net income (loss) | 18 | 1,762 | 275 | 2,086 | ||||||
Operating Segments [Member] | Asset Management Segment [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Asset Management Segment [Member] | Asset Management [Member] | ||||||||||
Revenues | 1,788 | 3,456 | 5,418 | 7,243 | ||||||
Operating Segments [Member] | Asset Management Segment [Member] | New Issue and Advisory [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Principal Investing [Member] | ||||||||||
Net trading | 0 | 0 | 0 | 0 | ||||||
Principal transactions and other income | 298 | (1,383) | 9,671 | (26,692) | ||||||
Revenues | 298 | (1,383) | 9,671 | (26,692) | ||||||
Compensation | 333 | 238 | 1,033 | 648 | ||||||
Other Operating Expense | 567 | 174 | 906 | 522 | ||||||
Total operating expenses | 900 | 412 | 1,939 | 1,170 | ||||||
Operating income (loss) | (602) | (1,795) | 7,732 | (27,862) | ||||||
Interest income (expense) | 0 | 0 | 0 | 0 | ||||||
Income (loss) from equity method affiliates | (702) | 618 | (1,608) | (14,530) | ||||||
Income (loss) before income taxes | (1,304) | (1,177) | 6,124 | (42,392) | ||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||||
Net income (loss) | (1,304) | (1,177) | 6,124 | (42,392) | ||||||
Net income (loss) attributable to Cohen & Company Inc. | (3,239) | (1,068) | (2,395) | (23,412) | ||||||
Depreciation and amortization (included in total operating expense) | 0 | 0 | 0 | 0 | ||||||
Compensation | 333 | 238 | 1,033 | 648 | ||||||
Earnings / (loss) recognized | (702) | 618 | (1,608) | (14,530) | ||||||
Operating Segments [Member] | Principal Investing [Member] | Non-controlling Interest of Operating LLC [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 1,935 | (109) | 8,519 | (18,980) | ||||||
Operating Segments [Member] | Principal Investing [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||||||||
Net income (loss) | (3,239) | (1,068) | (2,395) | (23,412) | ||||||
Operating Segments [Member] | Principal Investing [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Principal Investing [Member] | Asset Management [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Principal Investing [Member] | New Issue and Advisory [Member] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Segment Reconciling Items [Member] | ||||||||||
Net trading | [1] | 0 | 0 | 0 | 0 | |||||
Principal transactions and other income | [1] | 0 | 0 | 0 | 0 | |||||
Revenues | [1] | 0 | 0 | 0 | 0 | |||||
Compensation | [1] | 4,483 | 3,526 | 8,094 | 8,669 | |||||
Other Operating Expense | [1] | 1,249 | 1,121 | 3,767 | 3,562 | |||||
Total operating expenses | [1] | 5,732 | 4,647 | 11,861 | 12,231 | |||||
Operating income (loss) | [1] | (5,732) | (4,647) | (11,861) | (12,231) | |||||
Interest income (expense) | [1] | (1,625) | (1,279) | (4,625) | (3,602) | |||||
Income (loss) from equity method affiliates | [1] | 0 | 0 | 0 | 0 | |||||
Income (loss) before income taxes | [1] | (7,357) | (5,926) | (16,486) | (15,833) | |||||
Income Tax Expense (Benefit) | [1] | (755) | 1,761 | 5,379 | 3,534 | |||||
Net income (loss) | [1] | (6,602) | (7,687) | (21,865) | (19,367) | |||||
Net income (loss) attributable to Cohen & Company Inc. | [1] | 647 | (9,074) | (6,508) | (1,676) | |||||
Depreciation and amortization (included in total operating expense) | [1] | 139 | 138 | 429 | 411 | |||||
Compensation | [1] | 4,483 | 3,526 | 8,094 | 8,669 | |||||
Earnings / (loss) recognized | [1] | 0 | 0 | 0 | 0 | |||||
Segment Reconciling Items [Member] | Non-controlling Interest of Operating LLC [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | [1] | 0 | 0 | 0 | 0 | |||||
Segment Reconciling Items [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||||||||
Net income (loss) | [1] | (6,602) | (7,687) | (21,865) | (19,367) | |||||
Segment Reconciling Items [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||||||||
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC | [1] | (7,249) | 1,387 | (15,357) | (17,691) | |||||
Segment Reconciling Items [Member] | Asset Management [Member] | ||||||||||
Revenues | [1] | 0 | 0 | 0 | 0 | |||||
Segment Reconciling Items [Member] | New Issue and Advisory [Member] | ||||||||||
Revenues | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1]Unallocated assets primarily include: (1) amounts due from related parties; (2) furniture and equipment, net; and (3) other assets that are not considered necessary for an understanding of business segment assets. Such amounts are excluded in business segment reporting to the chief operating decision maker. |
Note 22 - Segment and Geograp_5
Note 22 - Segment and Geographic Information - Balance Sheet Data (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total Assets | $ 800,999 | $ 887,055 | ||
Investment in equity method affiliates | 8,760 | 8,929 | $ 48,238 | |
Goodwill | [1] | 109 | 109 | |
Intangible assets | [1] | 166 | 166 | |
Operating Segments [Member] | ||||
Total Assets | 781,614 | 862,886 | ||
Investment in equity method affiliates | 8,760 | 8,929 | ||
Goodwill | [1] | 109 | 109 | |
Intangible assets | [1] | 166 | 166 | |
Segment Reconciling Items [Member] | ||||
Total Assets | [2] | 19,385 | 24,169 | |
Investment in equity method affiliates | [2] | 0 | 0 | |
Goodwill | [1],[2] | 0 | 0 | |
Intangible assets | [1],[2] | 0 | 0 | |
Capital Markets [Member] | Operating Segments [Member] | ||||
Total Assets | 724,823 | 820,238 | ||
Investment in equity method affiliates | 0 | 0 | ||
Goodwill | [1] | 54 | 54 | |
Intangible assets | [1] | 166 | 166 | |
Asset Management Segment [Member] | Operating Segments [Member] | ||||
Total Assets | 4,504 | 5,679 | ||
Investment in equity method affiliates | 0 | 0 | ||
Goodwill | [1] | 55 | 55 | |
Intangible assets | [1] | 0 | 0 | |
Principal Investing [Member] | Operating Segments [Member] | ||||
Total Assets | 52,287 | 36,969 | ||
Investment in equity method affiliates | 8,760 | 8,929 | ||
Goodwill | [1] | 0 | 0 | |
Intangible assets | [1] | $ 0 | $ 0 | |
[1]Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table above.[2]Unallocated assets primarily include: (1) amounts due from related parties; (2) furniture and equipment, net; and (3) other assets that are not considered necessary for an understanding of business segment assets. Such amounts are excluded in business segment reporting to the chief operating decision maker. |
Note 22 - Segment and Geograp_6
Note 22 - Segment and Geographic Information - Geographic Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 17,121 | $ 23,465 | $ 48,517 | $ 31,937 |
UNITED STATES | ||||
Revenues | 14,816 | 22,550 | 44,168 | 29,299 |
Europe [Member] | ||||
Revenues | $ 2,305 | $ 915 | $ 4,349 | $ 2,638 |
Note 23 - Supplemental Cash F_2
Note 23 - Supplemental Cash Flow Disclosure (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 4,139 | $ 3,482 | ||||||
Income Taxes Paid | 433 | 316 | ||||||
Proceeds from Income Tax Refunds | 0 | 0 | ||||||
Increase (Decrease) in Receivables From Brokers, Dealers, and Clearing Agencies | 68,066 | |||||||
Increase (Decrease) in Other Investments | 40,388 | |||||||
Increase (Decrease) in Other Assets | 63 | |||||||
Increase (Decrease) in Accounts Payable and Other Accrued Liabilities | 82,711 | |||||||
Increase (Decrease) in Other Investments, Not Sold | 25,806 | |||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | $ 0 | $ 0 | ||||||
Shares Received in Exchange for Services, Value | 492 | |||||||
Decrease in Convertible Debt | (15,000) | |||||||
In-kind Distribution from Equity Method Affiliate [Member] | ||||||||
Increase (Decrease) in Other Investments | 362 | 20,864 | ||||||
Increase (Decrease) in Equity Method Affiliates | (362) | (20,864) | ||||||
SFA Transaction [Member] | ||||||||
Increase (Decrease) in Other Investments | 5,673 | |||||||
Increase (Decrease) in Other Investments, Sold and Not Yet Purchased | 5,673 | |||||||
Distribution Relating to the SPAC Merger [Member] | ||||||||
Increase (Decrease) in Other Investments | 6,417 | |||||||
Investment Reclass [Member] | ||||||||
Increase (Decrease) in Other Investments | 836 | |||||||
Increase (Decrease) in Other Investments, Not Sold | 836 | |||||||
Additional Paid-in Capital [Member] | ||||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | 0 | $ 30 | $ 582 | 0 | $ (89) | $ (292) | 612 | (381) |
AOCI Attributable to Parent [Member] | ||||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | 0 | (1) | (12) | 0 | 1 | 4 | (13) | 5 |
Noncontrolling Interest [Member] | ||||||||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | $ 0 | $ (29) | $ (570) | $ 0 | $ 88 | $ 288 | $ (599) | 376 |
Increase in Convertible Non-controlling Interest | $ 15,000 |
Note 24 - Related Party Trans_3
Note 24 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
Mar. 20, 2022 | Jan. 31, 2022 | Dec. 20, 2021 | Nov. 24, 2021 | Jun. 26, 2021 | Mar. 15, 2021 | Mar. 05, 2021 | Feb. 26, 2021 | Dec. 31, 2020 | Dec. 14, 2020 | Oct. 01, 2020 | Jan. 31, 2020 | Dec. 23, 2019 | Oct. 03, 2016 | Jan. 31, 2019 | Jan. 31, 2017 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Jul. 01, 2019 | Mar. 10, 2017 | |
Equity Method Investments | $ 8,760 | $ 8,760 | $ 8,929 | $ 48,238 | |||||||||||||||||||||
Operating Lease, Expense | 638 | $ 612 | $ 1,902 | $ 1,891 | |||||||||||||||||||||
Saving Plan 401K [Member] | |||||||||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | ||||||||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3% | ||||||||||||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 95 | 94 | $ 321 | 298 | |||||||||||||||||||||
Operating LLC [Member] | Insurance SPAC III Sponsor Entities [Member] | |||||||||||||||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 47.30% | ||||||||||||||||||||||||
Service Fees, Per Month | $ 20 | ||||||||||||||||||||||||
FlipOs [Member] | |||||||||||||||||||||||||
Other Investments, Total | 768 | 768 | |||||||||||||||||||||||
Stoa Usa Inc and Flip Os [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 0 | $ 0 | |||||||||||||||||||||||
CK Capital Partners B.V. [Member] | |||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 45% | ||||||||||||||||||||||||
Equity Method Investment, Quoted Market Value | $ 18 | ||||||||||||||||||||||||
AOI [Member] | |||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 10% | ||||||||||||||||||||||||
Equity Method Investment, Quoted Market Value | $ 1 | ||||||||||||||||||||||||
U.S. Insurance JV [Member] | |||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 1.86% | 1.86% | |||||||||||||||||||||||
CREO JV [Member] | |||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 7.50% | 7.50% | |||||||||||||||||||||||
FTAC V Sponsor [Member] | |||||||||||||||||||||||||
Equity Method Investment, Additional Shares Received for Services (in shares) | 35,000 | ||||||||||||||||||||||||
Equity Method Investment, Aggregate Cost | $ 40 | ||||||||||||||||||||||||
FTAC V Sponsor [Member] | Founder Shares [Member] | |||||||||||||||||||||||||
Equity Method Investment, Shares Purchased (in shares) | 140,000 | ||||||||||||||||||||||||
FTAC VI Sponsor [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 40 | ||||||||||||||||||||||||
Equity Method Investment, Additional Shares Received for Services (in shares) | 35,000 | ||||||||||||||||||||||||
FTAC Athena Sponsor [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 40 | ||||||||||||||||||||||||
Equity Method Investment, Shares Received from Services Provided (in shares) | 35,000 | ||||||||||||||||||||||||
FTAC Hera Sponsor [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 40 | ||||||||||||||||||||||||
Equity Method Investment, Shares Received from Services Provided (in shares) | 35,000 | ||||||||||||||||||||||||
FTAC Parnassus Sponsor [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 40 | ||||||||||||||||||||||||
Equity Method Investment, Shares Received from Services Provided (in shares) | 35,000 | ||||||||||||||||||||||||
FTAC Zeus Sponsor [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 40 | ||||||||||||||||||||||||
Equity Method Investment, Shares Received from Services Provided (in shares) | 35,000 | ||||||||||||||||||||||||
FTAC Emerald Sponsor [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 40 | ||||||||||||||||||||||||
Equity Method Investment, Shares Received from Services Provided (in shares) | 35,000 | ||||||||||||||||||||||||
Other SPAC Sponsor Entities [Member] | |||||||||||||||||||||||||
Equity Method Investments | $ 3,158 | $ 3,158 | 3,399 | $ 38,095 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 8.20% | 8.20% | |||||||||||||||||||||||
Convertible Note 2017 [Member] | Membership Units [Member] | |||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 10,344,827 | ||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.45 | $ 1.45 | |||||||||||||||||||||||
Investment, Non-convertible Controlling Interest | $ 15,000 | ||||||||||||||||||||||||
JKD Capital Partners I, LTD [Member] | |||||||||||||||||||||||||
Investments In and Advance To Affiliates Amount Of Equity | $ 6,000 | $ 1,268 | $ 1,000 | ||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 4,500 | $ 2,250 | |||||||||||||||||||||||
JKD Capital Partners I, LTD [Member] | 2022 Note Purchase Agreement [Member] | |||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 2,250 | ||||||||||||||||||||||||
DGC Trust [Member] | Series F Preferred Stock [Member] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 9,880,268 | ||||||||||||||||||||||||
Cohen Circle LLC [Member] | |||||||||||||||||||||||||
Consulting Fees Per Month | $ 1 | ||||||||||||||||||||||||
Cohen Circle LLC [Member] | SPAC II Sponsor Entities [Member] | INSU III [Member] | |||||||||||||||||||||||||
Investments In and Advance To Affiliates Amount Of Equity | $ 1 | ||||||||||||||||||||||||
Daniel G. Cohen [Member] | CK Capital Partners B.V. [Member] | |||||||||||||||||||||||||
Equity Method Investment, Quoted Market Value | $ 17 | ||||||||||||||||||||||||
Insurance SPAC III [Member] | |||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 71 | ||||||||||||||||||||||||
Insurance SPAC III Sponsor Entities [Member] | |||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 1,500 | ||||||||||||||||||||||||
Related Party Transactions, Agreed Amount to Lend | $ 960 | ||||||||||||||||||||||||
Zucker and Moore, LLC [Member] | |||||||||||||||||||||||||
Operating Lease, Expense | $ 0 | $ 48 |
Note 24 - Related Party Trans_4
Note 24 - Related Party Transactions - Routine Transactions Recognized in the Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Asset management | $ 320 | $ 493 | $ 1,054 | $ 1,571 | |
Principal transactions and other income | (6,452) | 342 | (5,604) | 4,662 | |
Income (loss) from equity method affiliates | (702) | 618 | (1,608) | (14,530) | $ (20,931) |
Operating expense (income) | 24 | 201 | 209 | 453 | |
Interest expense (income) | 224 | 357 | 738 | 1,244 | |
SPAC Fund [Member] | |||||
Asset management | 0 | 220 | 173 | 763 | |
Principal transactions and other income | 0 | 6 | 28 | (57) | |
U.S. Insurance JV [Member] | |||||
Asset management | 320 | 273 | 881 | 808 | |
Principal transactions and other income | 89 | 76 | 377 | (34) | |
Insurance SPAC III [Member] | |||||
Principal transactions and other income | 0 | 60 | 0 | 180 | |
Income (loss) from equity method affiliates | 0 | (187) | 0 | (1,142) | |
Stoa USA, Inc. [Member] | |||||
Principal transactions and other income | (6,771) | 0 | (6,771) | 4,196 | |
Other SPAC Sponsor Entities [Member] | |||||
Principal transactions and other income | 20 | 35 | 45 | 95 | |
Income (loss) from equity method affiliates | (563) | 1,035 | (1,680) | (12,893) | |
CREO JV [Member] | |||||
Principal transactions and other income | 210 | 165 | 717 | 282 | |
Dutch Real Estate Entities [Member] | |||||
Income (loss) from equity method affiliates | (139) | (230) | 72 | (495) | |
Duane Morris [Member] | |||||
Operating expense (income) | 50 | 202 | 286 | 497 | |
Cohen Circle LLC [Member] | |||||
Operating expense (income) | (26) | (1) | (77) | (44) | |
DGC Trust [Member] | |||||
Interest expense (income) | 0 | 0 | 0 | 326 | |
JKD Investor [Member] | |||||
Interest expense (income) | $ 224 | $ 357 | $ 738 | $ 918 |
Note 25 - Due From Due to Rel_3
Note 25 - Due From Due to Related Parties (Details Textual) | Feb. 01, 2023 USD ($) shares |
Executive Chairman [Member] | |
Number of Redeemed LLC Units | 479,380 |
Aggregate Payable for Redeemed Units | $ 421 |
Redeemed LLC Units, Price Per Unit | $ 0.878 |
Executive Chairman [Member] | Restricted LLC Units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 967,830 |
Chief Executive Officer [Member] | |
Number of Redeemed LLC Units | 470,330 |
Aggregate Payable for Redeemed Units | $ 413 |
Redeemed LLC Units, Price Per Unit | $ 0.878 |
Chief Executive Officer [Member] | Restricted LLC Units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 470,330 |
Chief Executive Officer [Member] | Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 49,750 |
Note 25 - Due From Due To Rel_4
Note 25 - Due From Due To Related Parties - Due From Due To Related Parties (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Receivables | $ 5,947 | $ 9,527 |
U.S. Insurance JV [Member] | ||
Other Receivables | 320 | 261 |
SPAC Fund [Member] | ||
Other Receivables | 33 | 294 |
Employees & Other [Member] | ||
Other Receivables | 447 | 232 |
Due From Related Parties [Member] | ||
Other Receivables | $ 800 | $ 787 |