Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,300,000 | ||
Entity Common Stock, Shares Outstanding | 1,928,172 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Philadelphia, Pennsylvania |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | $ 10,650 | $ 29,101 | |
Receivables from brokers, dealers, and clearing agencies | 66,801 | 140,933 | |
Other receivables | 5,373 | 9,527 | |
Investments-trading | 181,328 | 211,828 | |
Other Investments, Fair Value Disclosure | 72,217 | 28,022 | |
Receivables under resale agreements | 408,408 | 437,692 | |
Balance | 14,241 | 8,929 | |
Deferred income taxes | 1,580 | 6,934 | |
Goodwill | [1] | 109 | 109 |
Right-of-use asset - operating leases | 7,541 | 9,647 | |
Other assets | 3,741 | 3,546 | |
Total assets | 772,761 | 887,055 | |
Liabilities | |||
Payables to brokers, dealers, and clearing agencies | 111,085 | 134,985 | |
Accounts payable and other liabilities | 8,115 | 11,439 | |
Accrued compensation | 17,268 | 12,434 | |
Lease liability - operating leases | 8,216 | 10,447 | |
Trading securities sold, not yet purchased | 65,751 | 133,957 | |
Other investments sold, not yet purchased | 24,742 | 78 | |
Securities sold under agreement to repurchase | 408,203 | 452,797 | |
Redeemable financial instruments | 7,868 | 7,868 | |
Debt | 29,716 | 29,024 | |
Total liabilities | 680,964 | 793,029 | |
Commitments and contingencies (See note 28) | |||
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, respectively | 27 | 27 | |
Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 1,893,747 and 1,774,342 shares issued and outstanding, respectively, including 367,491 and 341,059 unvested or restricted share awards, respectively | 19 | 17 | |
Additional paid-in capital | 74,594 | 72,801 | |
Accumulated other comprehensive loss | (944) | (955) | |
Accumulated deficit | (32,014) | (25,151) | |
Total stockholders' equity | 41,682 | 46,739 | |
Non-controlling interest | 50,115 | 47,287 | |
Total equity | 91,797 | 94,026 | |
Total liabilities and equity | 772,761 | 887,055 | |
Due From Related Parties [Member] | |||
Assets | |||
Due from related parties | 772 | 787 | |
Other receivables | $ 772 | $ 787 | |
[1]Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 1,893,747 | 1,774,342 |
Common stock, shares outstanding (in shares) | 1,893,747 | 1,774,342 |
Common stock, unvested or restricted share awards (in shares) | 367,491 | 341,059 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | ||||
Net trading | $ 30,926 | $ 40,009 | $ 69,385 | |
Principal transactions and other income | 16,454 | (29,347) | 37,324 | |
Total revenue | 82,981 | 44,387 | 146,368 | |
Operating expenses | ||||
Compensation and benefits | 52,092 | 50,290 | 85,048 | |
Business development, occupancy, equipment | 5,204 | 5,076 | 3,365 | |
Subscriptions, clearing, and execution | 8,965 | 8,274 | 10,307 | |
Professional fee and other operating | 9,296 | 8,153 | 7,684 | |
Depreciation and amortization | 563 | 557 | 371 | |
Total operating expenses | 76,120 | 72,350 | 106,775 | |
Operating income / (loss) | 6,861 | (27,963) | 39,593 | |
Non-operating income / (expense) | ||||
Interest expense, net | (6,526) | (4,982) | (7,233) | |
Income/(loss) from equity method affiliates | 15,609 | (20,931) | 36,010 | |
Other non-operating income | 0 | 0 | 2,127 | |
Income / (loss) before income tax expense / (benefit) | 15,944 | (53,876) | 70,497 | |
Income tax expense (benefit) | 5,545 | 4,794 | (3,541) | |
Net income / (loss) | 10,399 | (58,670) | 74,038 | |
Net Income attributable to non-controlling interests | 62,230 | |||
Enterprise net income (loss) | 10,399 | (58,670) | 74,038 | |
Net income / (loss) attributable to Cohen & Company Inc. | $ (5,113) | $ (13,389) | $ 11,808 | |
Income / (loss) per common share-basic: | ||||
Basic Earnings Per Share (in dollars per share) | $ (3.38) | $ (9.43) | $ 9.95 | |
Weighted average shares outstanding-basic (in shares) | 1,513,469 | 1,420,383 | 1,187,029 | |
Income / (loss) per common share-diluted: | ||||
Diluted Earnings Per Share (in dollars per share) | $ (3.38) | $ (9.43) | $ 7.83 | |
Weighted average shares outstanding-diluted (in shares) | [1] | 1,513,469 | 1,420,383 | 5,284,925 |
Comprehensive income / (loss): | ||||
Net Income (loss) | $ 10,399 | $ (58,670) | $ 74,038 | |
Other comprehensive income / (loss) item: | ||||
Foreign currency translation adjustments, net of tax of $0 | 86 | (206) | (244) | |
Other comprehensive income / (loss), net of tax of $0 | 86 | (206) | (244) | |
Comprehensive income / (loss) | 10,485 | (58,876) | 73,794 | |
Less: comprehensive income / (loss) attributable to the non-controlling interest | 15,573 | (45,433) | 62,060 | |
Comprehensive income / (loss) attributable to Cohen & Company Inc. | (5,088) | (13,443) | 11,734 | |
Non-controlling Interest of Operating LLC [Member] | ||||
Non-operating income / (expense) | ||||
Net Income attributable to non-controlling interests | 19,590 | (23,203) | 35,574 | |
Cohen Co Including Noncontrolling Interest [Member] | ||||
Non-operating income / (expense) | ||||
Net income / (loss) | (9,191) | (35,467) | 38,464 | |
Enterprise net income (loss) | (9,191) | (35,467) | 38,464 | |
Comprehensive income / (loss): | ||||
Net Income (loss) | (9,191) | (35,467) | 38,464 | |
Non-controlling Interest of Cohen & Co. [Member] | ||||
Non-operating income / (expense) | ||||
Net Income attributable to non-controlling interests | (4,078) | (22,078) | 26,656 | |
Asset Management [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,337 | 9,004 | 10,923 | |
New Issue and Advisory [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 28,264 | $ 24,721 | $ 28,736 | |
[1]Potentially diluted securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2023 2022 2021 2017 Convertible Note - 224,138 - Restricted Common Stock 9,060 18,182 - Restricted Operating LLC units 4,010,179 3,735,004 - 4,019,239 3,977,324 - |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income / (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 |
Other comprehensive income (loss), tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 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, 2020 | $ 27 | $ 13 | $ 65,031 | $ (20,341) | $ (821) | $ 43,909 | $ 57,528 | $ 101,437 |
Net Income (loss) | 11,808 | 11,808 | 62,230 | 74,038 | ||||
Other comprehensive income (loss) | (74) | (74) | (170) | (244) | ||||
Common stock issued, net | 3 | 9,073 | 9,076 | 9,076 | ||||
Acquisition / (surrender) of additional units in consolidated subsidiary, net | (1,929) | (10) | (1,939) | 1,939 | ||||
Equity-based compensation | 1 | 790 | 791 | 14,927 | 15,718 | |||
Shares withheld for employee taxes | (102) | (102) | (276) | (378) | ||||
Purchase and retirement of common stock | (857) | (857) | (857) | |||||
Dividends/distributions to convertible non-controlling interest | (671) | (671) | (2,774) | |||||
Dividends/distributions to convertible non-controlling interest | (2,103) | (2,103) | ||||||
Non-convertible non-controlling interest investment | 17,095 | 17,095 | ||||||
Non-convertible non-controlling interest distributions | (61,678) | (61,678) | ||||||
Balance at Dec. 31, 2021 | 27 | 17 | 72,006 | (9,204) | (905) | 61,941 | 89,492 | 151,433 |
Net Income (loss) | (13,389) | (13,389) | (45,281) | (58,670) | ||||
Other comprehensive income (loss) | (54) | (54) | (152) | (206) | ||||
Acquisition / (surrender) of additional units in consolidated subsidiary, net | (338) | 4 | (334) | 334 | ||||
Equity-based compensation | 0 | 1,209 | 1,209 | 3,181 | 4,390 | |||
Shares withheld for employee taxes | (76) | (76) | (158) | (234) | ||||
Dividends/distributions to convertible non-controlling interest | (2,558) | (2,558) | (9,043) | |||||
Dividends/distributions to convertible non-controlling interest | (6,485) | (6,485) | ||||||
Non-convertible non-controlling interest investment | 9 | 9 | ||||||
Non-convertible non-controlling interest distributions | (8,653) | (8,653) | ||||||
Convertible non-controlling interest investment | 15,000 | 15,000 | ||||||
Balance at Dec. 31, 2022 | 27 | 17 | 72,801 | (25,151) | (955) | 46,739 | 47,287 | 94,026 |
Net Income (loss) | (5,113) | (5,113) | 15,512 | 10,399 | ||||
Other comprehensive income (loss) | 25 | 25 | 61 | 86 | ||||
Acquisition / (surrender) of additional units in consolidated subsidiary, net | 636 | (14) | 622 | (622) | ||||
Equity-based compensation | 1,205 | 1,207 | 3,184 | 4,391 | ||||
Shares withheld for employee taxes | (48) | (48) | (127) | (175) | ||||
Dividends/distributions to convertible non-controlling interest | (1,750) | (1,750) | (6,094) | |||||
Dividends/distributions to convertible non-controlling interest | (4,344) | (4,344) | ||||||
Non-convertible non-controlling interest investment | 39 | 39 | ||||||
Non-convertible non-controlling interest distributions | (10,041) | (10,041) | ||||||
Redemption of convertible non-controlling interest units | (834) | (834) | ||||||
Balance at Dec. 31, 2023 | $ 27 | $ 19 | $ 74,594 | $ (32,014) | $ (944) | $ 41,682 | $ 50,115 | $ 91,797 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net Income (loss) | $ 10,399 | $ (58,670) | $ 74,038 |
Adjustments to reconcile net income / (loss) to net cash provided by (used in) operating activities: | |||
Equity-based compensation | 4,391 | 4,390 | 15,718 |
Loss (gain) on other investments, at fair value | 92,931 | 30,914 | (35,421) |
Loss (gain) on other investments, sold not yet purchased | (107,816) | (307) | (830) |
Noncash advisory fees received | (18,248) | (7,416) | 0 |
(Income) / loss from equity method affiliates | (15,609) | 20,931 | (36,010) |
Depreciation and amortization | 563 | 557 | 371 |
Amortization of discount on debt | 692 | 630 | 860 |
Deferred tax provision / (benefit) | 5,354 | 4,579 | (4,116) |
Other non-operating income - forgiveness of debt | 0 | 0 | (2,127) |
Change in operating assets and liabilities, net: | |||
Change in receivables from/ payables to brokers, dealers, and clearing agencies | 118,298 | (98,452) | (11,257) |
Change in receivables from / payables to related parties, net | 15 | 3,794 | (3,872) |
(Increase) decrease in other receivables | 4,154 | (6,324) | 726 |
(Increase) decrease in investments-trading | 30,500 | 12,037 | 19,096 |
(Increase) decrease in receivables under resale agreement | 29,284 | 2,737,953 | 2,540,698 |
(Increase) decrease in other assets | 1,829 | 981 | (4,858) |
Increase (decrease) in accounts payable and other liabilities | (88,431) | (11,769) | (19,189) |
Increase (decrease) in accrued compensation | 4,834 | (10,143) | 8,218 |
Increase (decrease) in trading securities sold, not yet purchased | (68,206) | 71,445 | 18,073 |
Increase (decrease) in securities sold under agreement to repurchase | (44,594) | (2,718,618) | (2,541,797) |
Net cash provided by (used in) operating activities | (39,660) | (23,488) | 18,321 |
Investing activities | |||
Purchase of investments - other investments, at fair value | (86,021) | (7,236) | (123,098) |
Purchase of investments - other investments sold, not yet purchased, at fair value | (5,512) | (6,001) | (59,098) |
Sales and returns of principal - other investments, at fair value | 75,906 | 27,091 | 112,013 |
Sales and returns of principal - other investments sold, not yet purchased, at fair value | 53,928 | 3,054 | 56,820 |
Investments in equity method affiliates | (1,896) | (2,614) | (8,392) |
Distribution from equity method affiliate | 2,091 | 77 | 249 |
Purchase of furniture, equipment, and leasehold improvements | (373) | (573) | (1,028) |
Net cash provided by (used in) investing activities | 38,123 | 13,798 | (22,534) |
Financing activities | |||
Proceeds from draws on revolving credit facility | 15,000 | 0 | 17,500 |
Repayment of draws on revolving credit facility | (15,000) | 0 | (17,500) |
Proceeds from debt | 0 | 2,250 | 0 |
Repayment of debt | 0 | (2,250) | (2,400) |
Repayment of redeemable financial instrument | 0 | 0 | (4,000) |
Cash used to net share settle equity awards | (175) | (234) | (378) |
Proceeds from issuance of Common Stock | 0 | 0 | 9,076 |
Purchase and retirement of Common Stock | 0 | 0 | (857) |
Cohen & Company Inc. dividends | (1,750) | (2,558) | (671) |
Operating LLC non-controlling interest distributions | (4,344) | (6,485) | (1,970) |
Redemption of convertible non-controlling interest units | (834) | 0 | 0 |
Non-convertible non-controlling interest investment | 39 | 9 | 17,095 |
Non-convertible non-controlling interest distributions | (10,041) | (2,236) | (2,734) |
Net cash provided by (used in) financing activities | (17,105) | (11,504) | 13,161 |
Effect of exchange rate on cash | 191 | (272) | (377) |
Net increase (decrease) in cash and cash equivalents | (18,451) | (21,466) | 8,571 |
Cash and cash equivalents, beginning of period | 29,101 | 50,567 | 41,996 |
Cash and cash equivalents, end of period | $ 10,650 | $ 29,101 | $ 50,567 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION. Trading Plans During the three December 31, 2023, no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 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 December 31, 2023 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 Autorité de Contrôle Prudentiel et de Résolution ("ACPR") in France; “CCFEL” refers to Cohen & Company Financial (Europe) Limited, a subsidiary formerly regulated by the Central Bank of Ireland. The Company’s business is organized into the following three Capital Markets not s, collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”), co 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 from the Company's gestation repo financing program; and • New issue and advisory revenue comprised of (a) origination fees for newly created financial instruments originated by the Company: (b) revenue from advisory services, and (c) revenue associated with arranging and placing the issuance of newly created financial instruments. 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. The Company carries out certain activities at the Operating LLC (including a material amount of its principal investing activities). The remaining activities noted above were carried out through the following main operating subsidiaries of the Company as of December 31, 2023 1. Cohen & Company Financial Management, LLC (“CCFM”) is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment adviser to the Alesco III, Alesco IV, Alesco V, Alesco VI, and Alesco VIII CDOs. Alesco CDOs invest in bank and insurance company TruPS as well as insurance company subordinated debt. CCFM also manages the SPAC Series Funds and managed the SPAC Fund. 2. Dekania Capital Management, LLC (“DCM”) is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment adviser to the Company’s Dekania Europe II and Dekania Europe III CDOs. The Dekania Europe CDOs invest primarily in financial institution TruPS and insurance company subordinated debt denominated in Euros. DCM also manages the U.S. Insurance JV. 3. JVB is a wholly owned subsidiary of the Operating LLC. JVB is a securities broker-dealer registered with the Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Industry Protection Corporation (“SIPC”). JVB carries out the Company’s Capital Market business segment activities in the U.S. 4. CCFL was previously regulated by the United Kingdom Financial Conduct Authority (“FCA”). CCFL in the past acted as asset manager and investment adviser to the Company’s Dekania Europe III CDO. CCFL also carried out certain of the Company’s Capital Markets business segment activities in Europe including brokerage, advisory, and new issue services. During 2020, no no April 2022. 5. CCFESA is regulated by the ACPR, and performs asset management and capital market activities in France and the European Union. 6. CCFEL was regulated by the Central Bank of Ireland (“CBI”), and performed asset management and capital markets activities in Ireland and the European Union. In 2021, December 31, 2023, no 7. Cohen & Compagnie SAS (formerly Cohen Fréres SAS), the Company’s French subsidiary, acts as a credit research adviser to DCM and CCFESA in analyzing the creditworthiness of insurance companies and financial institutions in Europe with respect to all assets included in the Dekania Europe CDOs and certain other Investment Vehicles. This entity was merged into CCFESA in 2023. 8. SPAC Sponsor Entities: A series of LLCs set up to pool investor funds and invest in private placements of Company sponsored special purpose acquisition companies ("SPACs"). See note 4. 9. Vellar GP is an LLC in which the Operating LLC owns a one third March 31, 2023, not April 1, 2023, 4 10. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The accounting and reporting policies of the Company conform to U.S. GAAP. Certain prior period amounts have been reclassified to conform to the current period presentation. CORRECTION OF AN IMMATERIAL ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS During the three March 31, 2022, December 31, 2021 December 31, 2021 1 The balance sheet amounts shown below are as of December 31, 2021. December 31, 2021. Balance Sheet As Stated Revised Change Deferred income taxes $ 9,468 $ 11,513 $ 2,045 Accounts payable and other liabilities $ 22,701 $ 22,819 $ 118 Accumulated deficit $ (9,730 ) $ (9,204 ) $ 526 Non-controlling interest $ 88,091 $ 89,492 $ 1,401 Income Statement Income tax expense (benefit) $ (1,614 ) $ (3,541 ) $ (1,927 ) Net Income (loss) $ 72,111 $ 74,038 $ 1,927 Net Income attributable to non-controlling interests $ 60,829 $ 62,230 $ 1,401 Net income (loss) attributable to Cohen & Company Inc. $ 11,282 $ 11,808 $ 526 Basic Earnings Per Share $ 9.50 $ 9.95 $ 0.45 Diluted Earnings Per Share $ 7.48 $ 7.83 $ 0.35 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. A. Principles of Consolidation The consolidated financial statements reflect the accounts of Cohen & Company Inc. and its subsidiaries that are required to be consolidated under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation 810” The Company consolidates the Operating LLC, which is its main operating subsidiary and through which it carries out nearly all of its activities. With the exception of the junior subordinated notes included as a component of debt and the deferred tax liability, nearly all of the assets and liabilities included in the Company’s consolidated balance sheet are owned by the Operating LLC or its consolidated subsidiaries. In addition, with the exception of interest expense related to the junior subordinated notes and corporate tax expense, nearly all revenues, expenses, gains, and losses recognized in the consolidated statement of operations are generated by the Operating LLC or its consolidated subsidiaries. E ffective December 31, 2023 2022 , the Company controlled 51.00% of the voting interest and owned 27.55% and 26.55%, respectively, of the economic interest of the Operating LLC. Although the Company’s economic interest is below 50%, 50% December 31, 2023, 2022, 2021, 2019. 21 31. B. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. C. Adoption of New Accounting Standards In December 2019, 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes. 740 2019 12, January 1, 2021, not In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 321, 323, 815 321 2020 01, January 1, 2021, not 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, 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 Modifications and Extinguishments (Subtopic 470 50 718 Contracts in Entity's Own Equity (Subtopic 815 40 Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. 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 D. Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term, highly liquid investments that have original maturities of three not E. Financial Instruments The Company accounts for its investment securities at fair value under various accounting literature including FASB ASC 320, Investments — Debt and Equity Securities 320” , 825, Financial Instruments 825” 946 , Financial Services-Investment Companies 946” 940 320, Proprietary Trading Securities 940 320" . Certain of the Company’s assets and liabilities are required to be measured at fair value. For those assets and liabilities, the Company determines fair value according to the fair value measurement provisions included in ASC 820, Fair Value Measurements and Disclosures 820” 820 not 820 three 1, 2, 3 In addition, the Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions included in ASC 825. not 9 For financial instruments held by JVB, the Company accounts for them under ASC 940 320. 940 320 940 320 320 940 320 not For financial instruments held outside of JVB, the Company accounts for them under ASC 320. 320 320 825 320 No 825, When the Company acquires an investment for the purpose of earning a return rather than to support the Company’s trading or matched book repo operations, the Company classifies that investment as either other investments, at fair value or other investments sold, not not When the Company acquires an investment that is required to be accounted for under the equity method, the Company will elect the fair value option when the fair value of the investment is either readily determinable or is eligible to be accounted for at NAV under the practical expedient of ASC 946. not 12. The determination of fair value is based on either quoted market prices of an active exchange, independent broker market quotations, market price quotations from third third Also, from time to time, the Company may may 810 . 18. Investments-Trading Unrealized and realized gains and losses on securities classified as investments-trading are recorded in net trading in the consolidated statements of operations. Trading Securities Sold, Not Trading securities sold, not may not Other Investments, at Fair Value 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 statements of operations. Other investments sold, not Other investments sold, not not may not F. Derivative Financial Instruments 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 n a net basis if the 210 not 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 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. 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 The Company has engaged in several transactions known as share forward arrangements ("SFAs"). These transactions include the acquisition of financial instruments and an offsetting derivative. See note 10. 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 10. G. Receivables from and payables to brokers, dealers, and clearing agencies Receivables from brokers, dealers, and clearing agencies may may 2016 13, may not not 6. H. Furniture, Equipment, and Leasehold Improvements, Net Furniture, equipment, and leasehold improvements are stated at cost, less accumulated depreciation, and amortization, and are included as a component of other assets in the consolidated balance sheets. Furniture and equipment are depreciated on a straight-line basis over their estimated useful life of 3 to 5 years. Leasehold improvements are amortized over the lesser of their useful life or lease term, which generally ranges from 5 to 10 years. See note 16. I. Goodwill and Intangible Assets with Indefinite Lives Goodwill represents the amount of the purchase price in excess of the fair value assigned to the individual assets acquired and liabilities assumed in various acquisitions completed by the Company. See note 13. 350, 350” not The Company measures its goodwill for impairment on an annual basis or when events indicate that goodwill may not The Company includes intangible assets comprised primarily of its broker-dealer licenses in other assets on its consolidated balance sheets that it considers to have indefinite useful lives. The Company reviews these assets for impairment on an annual basis. J. Variable Interest Entities ASC 810 not Once it is determined that the Company holds a variable interest in a VIE, ASC 810 18 K. Collateralized Securities Transactions The Company may In the case of reverse repurchase agreements, the Company generally takes possession of securities as collateral. Likewise, in the case of repurchase agreements, the Company is required to provide the counterparty with securities as collateral. In certain cases, a repurchase agreement and a reverse repurchase agreement may 210 not ASC 210 The Company classifies reverse repurchase agreements as a separate line item within the assets section of the Company’s consolidated balance sheets. The Company classifies repurchase agreements as a separate line item within the liabilities section of the Company’s consolidated balance sheets. In the case of reverse repurchase agreements, if the counterparty is unable or unwilling to fulfill its obligation to repurchase the collateral securities at maturity, the Company can sell the collateral securities to repay the obligation. However, the Company is at risk that it may may In the case of repurchase agreements, if the counterparty makes a margin call and the Company is unable or unwilling to meet the margin call, the counterparty can sell the securities to repay the obligation. The Company is at risk that the counterparty may may In general, reverse repurchase agreements and repurchase agreements allow each counterparty to re-pledge or resell the collateral securities to other counterparties. The Company also receives fees for arranging repo financing for counterparties. See discussion of Agency Repo in note 11. L. Debt Debt is recorded at its face amount, less any discount or plus any premium. Debt issuance costs are included as a component of discount on debt. Any discount on debt is amortized as a component of interest expense using the effective interest method. The Company has not 825. 20. M. Redeemable Financial Instruments Redeemable financial instruments are investments made in the Operating LLC or other operating subsidiaries. These investments entitle the holder to an investment return that is variable and is based on the operating results of certain business units of the Company. These investments can be redeemed by the Company under certain circumstances or the holder may no 19 31. N. Revenue Recognition Net trading Net trading includes: (i) all gains, losses, interest income, dividend income, and interest expense from securities classified as investments-trading and trading securities sold, not no 10. not third third Asset management Asset management revenue consists of management fees earned from Investment Vehicles. In the case of CDOs, the fees earned by the Company generally consist of senior, subordinated, and incentive fees. The senior asset management fee is generally senior to all the securities in the CDO capital structure and is recognized on a monthly basis as services are performed. The senior asset management fee is generally paid on a quarterly basis. The subordinated asset management fee is an additional payment for the same services but has a lower priority in the CDO cash flows. If the CDO experiences a certain level of asset defaults and deferrals, these fees may not no not not five seven not not not New issue and advisory New issue and advisory revenue is comprised of (a) origination fees for newly created financial instruments originated by the Company: (b) revenue from advisory services, and (c) revenue associated with arranging and placing the issuance of newly created financial instruments. Principal transactions and other income Principal transactions include all gains, losses, and income from financial instruments classified as other investments, at fair value and other investments sold, not Investments classified as other investments, at fair value and other investments sold, not third third Other income/(loss) includes foreign currency gains and losses, interest earned on cash and cash equivalents, interest earned and losses incurred on notes receivable, and other miscellaneous income including revenue from revenue sharing arrangements. O. Interest Expense, net Interest expense incurred, other than interest income and expense included as a component of net trading, is recorded on an accrual basis and presented in the consolidated statements of operations as a separate non-operating expense. See notes 19 20. P. Leases The Company leases office space and certain computer and related equipment. From time to time, the Company sub-leases office space to other tenants. Under the requirements of ASC 842, no Q. Non-Controlling Interest The equity interests of any consolidated subsidiary that are not 21. R. Equity-Based Compensation The Company accounts for equity-based compensation issued to its employees using the fair value-based methodology prescribed by the provisions related to share-based payments included in FASB ASC 718, Compensation-Stock Compensation 718” three 718. First, the Company may no Second, the Company may no Third, employees may 718. not no S. Accounting for Income Taxes Cohen & Company Inc. is treated as a C corporation for United States federal and state income tax purposes. The Company’s voting-controlled subsidiary, the Operating LLC, is treated as a pass-through entity for U.S. federal income tax purposes and in most of the states in which it does business. However, in the periods presented, the Operating LLC or its subsidiaries have been subject to entity level income taxes in certain foreign jurisdictions as well as in New York City and Philadelphia. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the U.S. GAAP and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not 23 The Company’s policy is to record penalties and interest as a component of income tax expense (benefit) in the consolidated statements of operations. T. Other Comprehensive Income / (Loss) The Company reports the components of comprehensive income / (loss) within the consolidated statements of operations and comprehensive income / (loss). Comprehensive income / (loss) includes net income / (loss) from foreign translation adjustment. U. Earnings / (Loss) Per Common Share In accordance with FASB ASC 260, Earnings Per Share 260” not 26 V. Business Concentration A significant portion of the Company’s asset management revenues in a year may December 31, 2023 Other than revenue earned in its gestation repo operations, the Company’s trading revenue is generated from transactions with a diverse set of institutional customers. The Company does not 11 W. 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 9 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 agreement to repurchase one 2 Redeemable financial instruments 3 Debt December 31, 2023 2022 3 Derivatives may not 10 11. third X. The Company invested in the sponsor entities of SPACs. Sponsor entities are limited liability companies (each an "LLC") that pool their members' interests and invest in the private placement of a SPAC. The SPAC will also raise funds in a public offering and seek to complete a business combination within an agreed upon time frame. The SPAC will use the proceeds raised from the private placement to pay transaction and operating expenses during the period it is seeking a business combination. The proceeds of the public offering are placed in an interest bearing trust and can only be used to complete the business combination. Generally, the public investors must approve any business combination prior to its effectiveness. If a business combination is not may • The sponsor entities are LLCs that give all important decision making rights to their respective managing member. Furthermore, the other members of the LLC cannot replace the managing member. Accordingly, the Company has concluded that the sponsor entities are VIEs and the managing member has the power to direct its most important economic activities. In all cases where the Company was the managing member of a sponsor entity, it also had a significant economic interest in such sponsor entity and therefore consolidated such sponsor entity. • In all cases where the Company consolidated a sponsor entity, it has determined that the sponsor entity's private placement investment in the SPAC that it sponsored should be treated as an equity method investment during the SPAC's pre-business combination period. Furthermore, due to the difficulty of determining the fair value of such an investment in the SPAC's pre-business combination period, the Company has chosen to not • If a SPAC completed its business combination, the sponsor entity's investment in the SPAC was converted to a combination of unrestricted and restricted shares in the post-business combination SPAC. At this point (assuming the Company consolidated the sponsor entity), the Company accounted for the shares received at fair value. The Company reclassified any remaining equity method investment to other investments, at fair value and recorded principal transactions income for the difference. The Company recorded non-controlling interest expense for the SPAC shares that were distributable to the non-controlling interest holders of the sponsor entity. The fair value of the unrestricted shares received is equal to the public trading price of the SPAC on the date of the business combination. The fair value of the restricted shares received was adjusted downwards from the public trading price for certain sale restrictions imposed (generally, they are restricted for sale for some time period and subject to certain hurdle prices before they become freely tradeable). The Company uses a Monte Carlo simulation model to determine the appropriate discount to place on shares that are subject to hurdle prices. In the case of a SPAC business combination where the Company consolidated the sponsor entity, generally there is also an equity-based compensation entry to be recorded at the date of the business combination. See the equity-based compensation section above. The Company will continue to mark the sponsor entity's investment in the SPAC to market and record principal transactions income or loss and offsetting non-controlling interest income or expense until the sponsor entity itself distributes all of the SPAC shares it owns to its members and liquidates. At that point, the Company holds the SPAC shares directly (rather than through a consolidated subsidiary) and records principal transaction income and loss until the SPAC shares are liquidated. • The Company also invested in sponsor entities that it does not not not not • If a SPAC completed a business combination and the Company had an equity method investment in the associated sponsor entity, upon completing a business combination, the sponsor entity recorded income equal to the difference between the fair value of the restricted and unrestricted shares it received and the carrying value of its equity method investment in the SPAC. The Company recognized its share of this gain as income from equity method affiliates. The sponsor entity continued to mark its investment in the SPAC to market after the business combination and the Company recognized its share of the change in fair value as income or loss from equity method affiliates. Once the sponsor entity distributed the Company's share of the SPAC shares it owned, the Company reclassified its investment from investment in equity method affiliate to other investments, at fair value as the Company held the SPAC shares directly (rather than through an equity method investee). The Company then recorded principal transactions income and loss until the SPAC shares are liquidated. • If a SPAC liquidated and the Company had an investment in it (either directly in the case of consolidated sponsor entities or indirectly in the case of equity method sponsor entities), the Company wrote off its remaining equity method balance and recorded a loss on its equity method investment. In the case of consolidated sponsor entities, the Company recorded an offsetting entry to non-controlling interest. Y. Recent Accounting Developments In August 2020, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 December 15, 2023, not In June 2022, 2022 03, Fair Value Measurement (Topic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions not not December 15, 2023. not In March 2023, 2023 02, Investments Equity Method and Joint Ventures (Topic 323 December 15, 2023. not In August 2023, 2023 05, Business Combinations Joint Venture Formations (Subtopic 805 60 January 1, 2025. No. 2023 05 not may In October 2023, 2023 06 , Disclosure Improvements Codification Amendments in Response to the Securities and Exchange Commission ( SEC ) Disclosure Update and Simplification Initiative X no not June 30, 2027. not may not In November 2023, 2023 07, Segment Reporting (Topic 280 The amendments in this ASU are designed to improve reportable segment disclosure requirements primarily through enhance disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, December 15, 2024. may In December 2023, 2023 09, Income Taxes (Topic 740 ). The amendments in this ASU address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 may |
Note 4 - Other Recent Events
Note 4 - Other Recent Events | 12 Months Ended |
Dec. 31, 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 ) Vellar GP's remaining investment in the SPAC Fund $ 45 As of December 31, 2023, The 2020 Senior Note On January 31, 2020, Pursuant to the Original Purchase Agreement, JKD Investor and RNCS each purchased a senior promissory note in the principal amount of $2,250 (for an aggregate investment of $4,500). The senior promissory notes bore interest at a fixed rate of 12% January 31, 2022. January 31, 2022, "2022 2022 2020 20 31. On January 5, 2024, January 31, 2024 January 31, 2026, ( may January 31, 2023 January 31, 2025, may January 31, 2023 January 31, 2025; January 31, 2024. |
Note 5 - Net Trading
Note 5 - Net Trading | 12 Months Ended |
Dec. 31, 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) Year Ended December 31, 2023 2022 2021 Net realized gains / (losses)- trading inventory $ 18,962 $ 12,583 $ 21,103 Net unrealized gains / (losses)-trading inventory (2,087 ) (2,463 ) (3,069 ) Gains and losses 16,875 10,120 18,034 Interest income-trading inventory 4,250 2,888 5,958 Interest income-reverse repos 28,238 47,023 78,064 Interest income 32,488 49,911 84,022 Interest expense-repos (25,072 ) (31,021 ) (40,269 ) Interest expense-margin payable (6,267 ) (2,680 ) (706 ) Interest expense (31,339 ) (33,701 ) (40,975 ) Other trading revenue 12,902 13,679 8,304 Net trading $ 30,926 $ 40,009 $ 69,385 Trading inventory includes investments classified as investments-trading as well as trading securities sold, not 6. 11. |
Note 6 - Receivables From and P
Note 6 - Receivables From and Payables to Brokers, Dealers, and Clearing Agencies | 12 Months Ended |
Dec. 31, 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) December 31, 2023 December 31, 2022 Deposits with clearing organizations $ 250 $ 250 Unsettled regular way trades, net 1,527 - Receivable from clearing organizations 65,024 140,683 Receivables from brokers, dealers, and clearing agencies $ 66,801 $ 140,933 Amounts payable to brokers, dealers, and clearing agencies consisted of the following. PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES (Dollars in Thousands) December 31, 2023 December 31, 2022 Unsettled regular way trades, net $ - $ 3,238 Margin payable 111,085 131,747 Payables to brokers, dealers, and clearing agencies $ 111,085 $ 134,985 Deposits with clearing organizations 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. 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 organizations 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 8. |
Note 7 - Other Receivables
Note 7 - Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7. Other receivables consisted of the following. OTHER RECEIVABLES (Dollars in Thousands) December 31, 2023 December 31, 2022 Asset management fees receivable $ 1,085 $ 936 New issue and advisory fees receivable 1,181 167 Cash collateral due from repo and/or reverse repo counterparties - 4,301 Accrued interest receivable 1,689 2,561 Revenue share receivable 321 138 Agency repo income receivable 391 806 Miscellaneous other receivables 706 618 Other receivables $ 5,373 $ 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 fees receivable represents fees due for new issue and advisory services. 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. If the value of the securities the Company receives as collateral increases, the Company’s reverse repo counterparties may When the Company enters into repo transactions, the Company provides collateral to the Company’s repo counterparties in excess of the principal balance of the repo. The Company’s counterparties accept collateral in the form of liquid securities or cash. To the extent the Company provides the collateral in cash, the Company includes it as a component of other receivables (cash due from counterparties). Accrued interest receivable represents 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 17. 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 11. Miscellaneous other receivables are receivables that are of a short-term nature. |
Note 8 - Financial Instruments
Note 8 - Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 8. Investments—Trading Investments-trading consisted of the following. INVESTMENTS - TRADING (Dollars in Thousands) December 31, 2023 December 31, 2022 ABS $ - $ 1 Corporate bonds and redeemable preferred stock 53,657 44,572 Derivatives 7,470 4,669 Equity securities 928 220 Municipal bonds 20,572 19,502 Residential mortgage loans 3,113 13,506 RMBS 9 7 U.S. government agency debt securities 6,567 19,683 U.S. government agency MBS and CMOs 88,000 97,276 U.S. Treasury securities 1,012 12,392 Investments-trading $ 181,328 $ 211,828 Substantially all of the Company's investments-trading serve as collateral for the Company's margin loan payable. See note 6. Trading Securities Sold, Not Trading securities sold, not TRADING SECURITIES SOLD, NOT (Dollars in Thousands) December 31, 2023 December 31, 2022 Corporate bonds and redeemable preferred stock $ 24,355 $ 61,310 Derivatives 6,719 1,177 Equity securities 393 51 U.S. government agency debt securities - 32 U.S. government agency MBS and CMOs - 1 U.S. Treasury securities 34,284 71,386 Trading securities sold, not yet purchased $ 65,751 $ 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 not Other Investments, at Fair Value Other investments, at fair value consisted of the following. OTHER INVESTMENTS, AT FAIR VALUE (Dollars in Thousands) December 31, 2023 December 31, 2022 Equity securities $ 38,038 $ 13,725 Equity derivatives 1,447 - Restricted equity securities 2,054 3,135 Corporate bonds and redeemable preferred stock 506 476 Fair value receivables 9,541 - Interests in SPVs 12,609 - CREO JV 4,783 6,568 U.S. Insurance JV 3,107 3,459 SPAC Fund - 527 Residential loans 132 132 Other investments, at fair value $ 72,217 $ 28,022 As of December 31, 2023 December 31, 2022, no 10. Fair value receivables represent receivables (including receivables that are convertible into equity shares) from various counterparties in connection with the Company's advisory business. These receivables are carried at fair value. Interests in SPVs represents interests the Company has received in SPVs as consideration for services provided by CCM, rather than cash. The SPVs hold convertible notes receivable interests in the counterparties. The Company does not 9 Other Investments Sold, Not A total of $946 and $1,673 of the amounts shown in other investments, at fair value above serve as collateral for the Company's margin loan payable for the years ended December 31, 2023 2022 6. OTHER INVESTMENTS SOLD, NOT (Dollars in Thousands) December 31, 2023 December 31, 2022 Equity securities $ 97 $ 78 Share forward liabilities 24,645 - Other investments sold, not yet purchased $ 24,742 $ 78 |
Note 9 - Fair Value Disclosures
Note 9 - Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. 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 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 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) of ($92,931), ($30,914), and $35,421 related to changes in fair value of investments that were included as a component of other investments, at fair value during the years ended December 31, 2023 2022 2021 not December 31, 2023 2022 2021 Fair Value Measurements In accordance with ASC 820, three 1 3 three 820 Level 1 Financial assets and liabilities with values that are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Financial assets and liabilities with values that are based on 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 are 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 Financial assets and liabilities with values that are based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. 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 December 31, 2023 2022 FAIR VALUE MEASUREMENTS ON A RECURRING BASIS As of December 31, 2023 (Dollars in Thousands) Significant Significant Quoted Prices in Other Observable Unobservable Active Markets Inputs Inputs Assets Fair Value (Level 1) (Level 2) (Level 3) Investments-trading: Corporate bonds and redeemable preferred stock $ 53,657 $ - $ 53,657 $ - Derivatives 7,470 - 7,470 - Equity securities 928 639 289 - Municipal bonds 20,572 - 20,572 - Residential mortgage loans 3,113 - 3,113 - RMBS 9 - 9 - U.S. government agency debt securities 6,567 - 6,567 - U.S. government agency MBS and CMOs 88,000 - 88,000 - U.S. Treasury securities 1,012 1,012 - - Total investments - trading $ 181,328 $ 1,651 $ 179,677 $ - Other investments, at fair value: Equity securities $ 38,038 38,038 $ - $ - Equity derivatives 1,447 - 1,447 - Restricted equity securities 2,054 - 2,054 - Corporate bonds and redeemable preferred stock 506 - 506 - Fair value receivables 9,541 - 9,541 - Interests in SPVs 12,609 - 12,609 - Residential loans 132 - 132 - 64,327 $ 38,038 $ 26,289 $ - Investments measured at NAV (1) 7,890 Total other investments, at fair value $ 72,217 Liabilities Trading securities sold, not yet purchased: Corporate bonds and redeemable preferred stock $ 24,355 $ - $ 24,355 $ - Derivatives 6,719 - 6,719 - Equity securities 393 393 - - U.S. government agency MBS and CMOs - - - - U.S. Treasury securities 34,284 34,284 - - Total trading securities sold, not yet purchased $ 65,751 $ 34,677 $ 31,074 $ - Other investments, sold not yet purchased: Equity securities $ 97 $ 97 $ - $ - Share forward liabilities 24,645 - 24,645 - Total other investments, sold not yet purchased $ 24,742 $ 97 $ 24,645 $ - ( 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 U.S. Dollar ("USD") denominated debt issued by small insurance and reinsurance companies. The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans. According to ASC 820, not FAIR VALUE MEASUREMENTS ON A RECURRING BASIS As of December 31, 2022 (Dollars in Thousands) Significant Significant Quoted Prices in Other 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 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: Derivatives $ 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. 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 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 2. Restricted Equity Securities 2 not no Fair value receivables 2 Foreign Government Bonds third 2 Interests in SPVs first 2 Municipal Bonds third third 2 third 3 third Residential Mortgage Loans 2 RMBS third third third 2 U.S. Government Agency MBS and CMOs third third 2 U.S. Government Agency Debt Securities third 1 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 10. Other Extended Settlement Trades When the Company buys or sells a financial instrument that will not Equity Derivatives The Company may 1 not 2 10. 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 10. Share Forward Liabilities Share forward liabilities are included as a component of other investments sold, not 2 10. Investments in Certain Entities that Calculate Net Asset Value 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 ASC 820 December 31, 2023 2022 FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT) (Dollars in Thousands) December 31, 2023 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value CREO JV (a) $ 4,783 $ 10,398 N/A N/A U.S. Insurance JV (b) 3,107 N/A N/A N/A $ 7,890 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 NA Quarterly after 1 year lock up 30 days $ 10,554 N/A – Not (a) The CREO JV multi-family commercial real estate mortgage-backed loans. (b) The U.S. Insurance JV invests in USD denominated debt issued by small and medium sized insurance and reinsurance companies. (c) The SPAC Fund invested in equity interests of SPACs. |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. The Company may, Equity Derivatives A significant portion of the Company’s equity holdings are carried at fair value. The Company hedges a portion of this exposure by entering into equity derivatives such as puts and short call options from time to time. These derivative positions are carried at fair value as a component of other investments, at fair value and other investments sold, not December 31, 2023 December 31, 2022 no may In addition, the Company may not December 31, 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 8. 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 the TBAs and other forward agency MBS contracts at fair value and includes them as a component of investments-trading or trading securities sold, not December 31, 2023 December 31, 2022 Other Extended Settlement Trades When the Company buys or sells a financial instrument that will not December 31, 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, December 31, 2023 2022 The following table presents the Company’s derivative financial instruments and the amount and location of the fair value (unrealized gain / (loss)) presented in the consolidated balance sheets as of December 31, 2023 2022 DERIVATIVE FINANCIAL INSTRUMENTS-BALANCE SHEET INFORMATION (Dollars in Thousands) Derivative Financial Instruments Not Designated as Hedging Instruments Under ASC 815 Balance Sheet Classification December 31, 2023 December 31, 2022 TBAs and other forward agency MBS Investments-trading $ 7,470 $ 4,669 TBAs and other forward agency MBS Trading securities sold, not yet purchased (6,719 ) (1,177 ) Equity derivatives Other investments, at fair value 1,447 - Share forward liabilities Other investments sold, not yet purchased, at fair value (24,645 ) - $ (22,447 ) $ 3,492 The following table presents the Company’s derivative financial instruments and the amount and location of the net gain (loss) recognized in the consolidated statement of operations. DERIVATIVE FINANCIAL INSTRUMENTS-STATEMENT OF OPERATIONS INFORMATION (Dollars in Thousands) For the Year Ended December 31, Derivative Financial Instruments Not Designated as Hedging Instruments Under ASC 815 Income Statement Classification 2023 2022 2021 TBAs and other forward agency MBS Revenues-net trading $ 3,933 $ 8,883 $ 7,460 Equity derivatives Principal transactions and other income (loss) 603 - (233 ) Share forward liabilities Principal transactions and other income (loss) 108,084 - - $ 112,620 $ 8,883 $ 7,227 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 ( $83,707) and $0 for the twelve December 31, 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 (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 enters into an SFA derivative arrangement with the SFA Counterparty. In cases where the Company acquires its interests in the SFA Counterparty through open market purchases, the SFA generally requires an up-front payment to the Company from the SFA Counterparty. The amount of this up-front payment equals the cost the Company paid for our interests in the SFA Counterparty, 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 or subsequent to a certain maturity date. Depending on the terms of the SFA, this payment may not not may 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 9 ● 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 that 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) December 31, 2023 December 31, 2022 Equity securities $ 26,079 $ - Equity derivatives 1,447 - Fair value receivables 6,278 - Share forward liabilities (24,645 ) - Net fair value of share forward arrangements $ 9,159 $ - |
Note 11 - Collateralized Securi
Note 11 - Collateralized Securities Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 11. Matched Book Repo Business The Company enters into repos and reverse repos as part of its matched book repo business. In general, the Company will lend money to a counterparty after obtaining collateral securities from that counterparty pursuant to a reverse repo. The Company will borrow money from another counterparty using the same collateral securities pursuant to a repo. The Company seeks to earn net interest income on these transactions. Until the fourth 2021, two fourth 2021, 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 Counterparty As of June 30, 2022, June 30, 2022, June 30, 2022, As of December 31, 2023 2022, 2024. During the year ended December 31, 2022, s, $5,244 was r d $210 was rec not December 31, 2022, December 31, 2023, GCF Repo In October 2017, November 2017. In October 2021, December 31, 2021. December 31, 2022, In conjunction with the Company’s GCF repo business, on October 19, 2018, 2021. Other Repo Transactions In addition to the Company’s matched book repo business, the Company may may no Repo Information As of December 31, 2023 2022 As of December 31, 2023 2022 The total net revenue earned by the Company on its gestation repo business (net interest and fee revenue) was $16,068, $30,595, and $44,949, for the years ended December 31, 2023 2022 2021 ASC 210 7 17 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 notes 7 17 SECURED BORROWINGS (Dollars in Thousands) December 31, 2023 Repurchase Agreements Remaining Contractual Maturity of the Agreements Collateral Type: Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total MBS (gestation repo) $ - $ 408,203 $ - $ - $ 408,203 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements Collateral Type: Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total MBS (gestation repo) $ - $ 408,408 $ - $ - $ 408,408 The weighted average interest rate of the repurchase agreements outstanding as of December 31, 2023 December 31, 2023 SECURED BORROWINGS (Dollars in Thousands) December 31, 2022 Repurchase Agreements Remaining Contractual Maturity of the Agreements Collateral Type: Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total MBS (gestation repo) $ - $ 452,797 $ - $ - $ 452,797 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements MBS (gestation repo) $ - $ 437,692 $ - $ - $ 437,692 The weighted average interest rate of the repurchase agreements outstanding as of December 31, 2023 December 31, 2023 Concentration In the matched book 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. On the demand side, the Company did not The gestation repo business has been and continues to be concentrated as to reverse repo counterparties. The Company conducts this business with a limited number of reverse repo counterparties. As of December 31, 2023 2022 |
Note 12 - Investments in Equity
Note 12 - Investments in Equity Method Affiliates | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 12. 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 in 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 cash flows. Any excess distributions would be considered as return of investments 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 investments 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. The following table summarizes the activities and earnings of the Company’s investments that are accounted for under the equity method. See note 4 31. INVESTMENTS IN EQUITY METHOD AFFILIATES (Dollars in Thousands) Insurance SPACs Dutch Real Estate Entities SPAC Sponsor Entities and Other Total December 31, 2020 $ 9,807 $ 3,312 $ 363 $ 13,482 Investments / advances - 2,425 5,967 8,392 Distributions / repayments (3,958 ) - (249 ) (4,207 ) Reclasses to (from) (5,439 ) (5,439 ) Earnings / (loss) realized (1,306 ) (137 ) 37,453 36,010 December 31, 2021 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) realized (5,898 ) (70 ) (14,963 ) (20,931 ) December 31, 2022 - 5,530 3,399 8,929 Investments / advances - - 1,896 1,896 Distributions / repayments - - (2,091 ) (2,091 ) Reclasses to (from) - - (10,102 ) (10,102 ) Earnings / (loss) realized - 334 15,275 15,609 December 31, 2023 $ - $ 5,864 $ 8,377 $ 14,241 Insurance SPACs represent the Company's consolidated subsidiaries' equity method investments in two September 2020 February 9, 2021 December 2020 December 2022 Dutch Real Estate Entities includes: (i) Amersfoort Office Investment I Coöperatief 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. The amounts included as SPAC Sponsor Entities and Other represent the Company's investment in SPAC sponsor entities that have not not no The following tables show certain summary financial data of all the Company's equity method investees. These amounts include all equity method investees whether accounted for under the equity method or at fair value. All information is presented on a combined basis. December 31, 2023 December 31, 2022 Total Assets $ 628,495 $ 849,826 Liabilities $ 329,661 $ 350,701 Equity allocable to the controlling interest 298,709 499,000 Noncontrolling interest 125 125 Total Equity 298,834 499,125 Total Liabilities & Equity $ 628,495 $ 849,826 Year Ended December 31, 2023 2022 2021 Net income/(loss) $ 17,858 $ (100,481 ) $ 221,053 Net income/(loss) attributable to the investee $ 17,843 $ (100,495 ) $ 221,053 |
Note 13 - Goodwill
Note 13 - Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 13. Goodwill is comprised of the following. GOODWILL (Dollars in Thousands) December 31, 2023 December 31, 2022 AFN $ 109 $ 109 Goodwill $ 109 $ 109 The annual impairment testing date for AFN goodwill is October 1. first October 1, 2010. not 2023 2022 2021 no |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 14. As of December 31, 2023 FUTURE MATURITY OF LEASE LIABILITIES (Dollars in Thousands) December 31, 2023 2024 $ 2,175 2025 1,799 2026 1,511 2027 1,519 2028 1,527 Thereafter 729 Total 9,260 Less imputed interest (1,044 ) Lease obligation $ 8,216 During the twelve December 31, 2023 2022 No In December 2023, second 3 December 31, 2024. not 28. |
Note 15 - Other Assets
Note 15 - Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 15. Other assets consisted of the following. OTHER ASSETS (Dollars in Thousands) December 31, 2023 December 31, 2022 Deferred costs $ - $ 133 Prepaid expenses 1,328 1,325 Prepaid income taxes 235 - Deposits 730 450 Furniture, equipment, and leasehold improvements, net 1,282 1,472 Intangible assets 166 166 Other assets $ 3,741 $ 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, which will be returned or offset upon satisfaction of a lease or other contractual arrangement. Intangible assets represent the carrying value of the JVB broker-dealer license. |
Note 16 - Furniture, Equipment,
Note 16 - Furniture, Equipment, and Leasehold Improvements, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 16. Furniture, equipment, and leasehold improvements, net, which are included as a component of other assets on the consolidated balance sheets, are as follows. FURNITURE, EQUIPMENT, AND LEASEHOLD IMPROVEMENTS, NET (Dollars in Thousands) Estimated Useful Lives (In Years) December 31, 2023 December 31, 2022 Furniture and equipment 3 to 5 $ 3,448 $ 3,081 Leasehold improvements 5 to 10 560 553 4,008 3,634 Accumulated depreciation (2,726 ) (2,162 ) Furniture, equipment, and leasehold improvements, net $ 1,282 $ 1,472 For the year ended December 31, 2023 The Company recognized depreciation and amortization expense of $563, $557, and $371 for the years ended December 31, 2023 2022 2021 |
Note 17 - Accounts Payable and
Note 17 - Accounts Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 17. Accounts payable and other liabilities consisted of the following. ACCOUNTS PAYABLE AND OTHER LIABILITIES (Dollars in Thousands) December 31, 2023 December 31, 2022 Accounts payable $ 1,180 $ 891 Redeemable financial instrument accrued interest 90 - Accrued income tax - 70 Accrued interest payable 474 452 Accrued interest on securities sold, not yet purchased 725 1,561 Payroll taxes payable 2,118 1,565 Cash collateral held from repo and or reverse repo counterparties - 4,301 Accrued expense and other liabilities 3,528 2,599 Accounts payable and other liabilities $ 8,115 $ 11,439 The redeemable financial instrument accrued interest represents accrued interest on the JKD Capital Partners I LTD redeemable financial instruments. See notes 19 20. 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 in the table above. See note 11. When the Company enters into repo transactions, the Company provides collateral to the Company’s 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 11. |
Note 18 - Variable Interest Ent
Note 18 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 18. As a general matter, a reporting entity must consolidate a 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 summary information regarding the consolidated VIEs. December 31, 2023 December 31, 2022 Cash and cash equivalents $ 27 $ 19 Due from broker 461 - Other investments, at fair value 34,129 - Investment in equity method affiliates 2,638 23 Other investments sold, not yet purchased (24,396 ) - Non-controlling interest (9,604 ) (15 ) Investment in consolidated VIEs $ 3,255 $ 27 The maximum potential loss the Company could incur related to the consolidated VIEs is the investment in the consolidated VIEs shown in the table above. The Company’s Principal Investing Portfolio Included in other investments, at fair value and investment in equity method affiliates in the consolidated balance sheets are unconsolidated investments in several VIEs. In each case, the Company determined that it was not December 31, 2023 2022 not December 31, 2023 2022 no December 31, 2023 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 guidanc e of FASB AS 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 20 not December 31, 2023 2022 CARRYING VALUE OF VARIABLE INTERESTS IN NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (Dollars in Thousands) December 31, 2023 December 31, 2022 Other investments, at fair value $ 20,499 $ 10,554 Investments in equity method affiliates 5,739 3,376 Maximum Exposure $ 26,238 $ 13,930 |
Note 19 - Redeemable Financial
Note 19 - Redeemable Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 19. Redeemable financial instruments consisted of the following. REDEEMABLE FINANCIAL INSTRUMENTS (Dollars in Thousands) December 31, 2023 December 31, 2022 JKD Investor $ 7,868 $ 7,868 $ 7,868 $ 7,868 JKD Capital Partners I LTD Amendments On October 3, 2016, January 2017, January 9, 2019. In exchange for the JKD Investment, the Operating LLC agreed to pay to JKD Investor during the term of the JKD Investment Agreement an amount (“JKD Investment Return”) equal to 50% of the difference between (i) the revenues generated during a quarter by the activities of the Institutional Corporate Trading Business of JVB (as defined in the JKD Investment Agreement, as amended) and (ii) certain expenses incurred by such Institutional Corporate Trading Business (the “Institutional Corporate Trading Business Net Revenue”). This JKD Investment Return is recorded monthly as interest expense or (interest income) with the related accrued interest recorded in accounts payable and other accrued liabilities. If the return is negative in an individual quarter, it will reduce the balance of the JKD Investment. Payments of the JKD Investment Return are made on a quarterly basis. The term of the JKD Investment Agreement commenced on October 3, 2016 On March 6, 2019, (a) during the fourth 2018, (b) commencing on January 1, 2019 The JKD Investor may may Upon a termination of the JKD Investment Agreement, as amended, the Operating LLC will pay to the JKD Investor an amount equal to the “Investment Balance” (as such term is defined in the JKD Investment Agreement, as amended) as of the day prior to such termination. At any time following October 3, 2019, may, two If the Operating LLC or JVB sells JVB’s Institutional Corporate Trading Business to any unaffiliated third not On February 13, 2023, second January 1, 2023, |
Note 20 - Debt
Note 20 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 20. DETAIL OF DEBT (Dollars in Thousands) Description December 31, 2023 December 31, 2022 Interest Rate Terms Interest (2) Maturity Non-convertible debt: 10.00% senior note (the "2020 Senior Notes") $ 4,500 $ 4,500 Fixed 10.00% January 2026 Junior subordinated notes (1): Alesco Capital Trust I 28,125 28,125 Variable 9.65% July 2037 Sunset Financial Statutory Trust I 20,000 20,000 Variable 9.74% March 2035 Less unamortized discount (22,909 ) (23,601 ) 25,216 24,524 Byline Bank - - Variable N/A June 2024 Total $ 29,716 $ 29,024 ( 1 The junior subordinated notes listed represent debt the Company owes to the two $49,614. $1,489. not $0. December 31, 2023 ( 2 Represents the interest rate in effect as of the last day of the reporting period. The 2020 On January 31, 2020, Pursuant to the Original Purchase Agreement, JKD Investor and RNCS each purchased a senior promissory note in the principal amount of $2,250 (for an aggregate investment of $4,500). The senior promissory notes bore interest at a fixed rate of 12% per annum and matured on January 31, 2022. February 3, 2020, September 25, 2019, February 3, 2020. 2019 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, 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 ( January 31, 2022, may not On January 5, 2024, January 31, 2024 January 31, 2026, ( may January 31, 2023 January 31, 2025, may January 31, 2023 January 31, 2025; January 31, 2024. 4. The 2017 The 2017 $15,000 The 2017 $1.45 $14.50 March 20, 2022, 2017 2017 21 31. 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 may 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 90 June 30, 2023. no 90 2. Sunset Financial Statutory Trust I ( “ Sunset Financial Trust ” ) March 2005. March 30, 2035. 90 June 30, 2023. no 90 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 PPP Loan On May 1, 2020, 100 not The PPP Loan was evidenced by a promissory note between the Company and FT Financial. The PPP Loan bore interest at a fixed rate of 1% first six two September 23, 2020, June 21, 2021, June 25, 2021, Byline Bank Line of Credit On October 28, 2020, October 28, 2020 December 31, 2023, no Effective as of December 31, 2023, Loans under the Byline Credit Facility will bear interest at a per annum rate equal to the standard overnight financing rate (“SOFR”) plus 6.0%, no 7.0%. $15,000 The Company is also required to pay on each anniversary, a commitment fee at a per annum rate equal to 0.50% of the $15,000 commitment under the Byline Credit Facility. Loans under the Byline Credit Facility must be used by the Company for working capital purposes and general liquidity. The Company may $15,000 not five may June 18, 2024. June 18, 2024. The Company is subject to the following financial covenants in the Byline Credit Facility. As of December 31, 2023, 1. JVB’s tangible net worth as defined must exceed $70,000. 2. JVB's excess net capital as defined in Rule 15c3 1 3. The total amount drawn on the facility must not As of December 31, 2023 2022 no Deferred Financing The Company incurred $1,400 of deferred financing costs associated with the issuance of the 2017 The Company also incurred $410 o The Company recognized interest expense from deferred financing costs of $222, $185, and $471 for the years ended December 31, 2023 2022 2021 Interest Expense, Net Interest expense incurred is shown in the table below by instrument for the years ended December 31, 2023 2022 2021 INTEREST EXPENSE (Dollars in Thousands) Year Ended December 31, 2023 2022 2021 Junior subordinated notes $ 5,247 $ 3,442 $ 2,601 2020 Senior Notes 450 458 540 2017 Convertible Note - 327 1,534 2013 Convertible Notes / 2019 Senior Notes - - 211 Byline Bank 338 247 435 Redeemable Financial Instrument - DGC Trust / CBF - - 197 Redeemable Financial Instrument - JKD Capital I LTD 491 508 1,715 $ 6,526 $ 4,982 $ 7,233 |
Note 21 - Equity
Note 21 - Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 21. Common Stock The holders of the Common Stock are entitled to one no no Preferred Stock Series C Junior Participating Preferred Stock December 31, 2023 2022 March, June, September, December first first not not December 31, 2023 2022 Series E Voting Non-Convertible Preferred Stock no 10 one December 31, 2023 ten one not December 31, 2023 May 9, 2013, December 31, 2023 Non-Controlling Interest — Future Conversion / Redemption of Operating LLC Units Series F Voting Non-Convertible Preferred Stock December 23, 2019, $.001 not one 1 ten 10 ten one not December 31, 2023 December 31, 2023 . Together, the Series E and Series F Preferred Stock enables Daniel G. Cohen and the DGC Trust to exercise approximately 59.1% of the voting power of the Company’s total shares outstanding that were entitled to vote as of December 31, 2023 Stockholder Rights Plan On January 2, 2024, 382 The Rights Agreement provides for a distribution of one January 16, 2024 ( one ten The Company’s board of directors adopted the Rights Agreement in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its net operating loss and net capital loss carry forwards (the “deferred tax assets”) to reduce potential future federal income tax obligations. The Company has experienced substantial operating and capital losses, and under the Internal Revenue Code of 1986, may not 382 Initially, the Rights will be attached to all Common Stock certificates representing shares then outstanding or, in the case of uncertificated shares of Common Stock registered in book entry form (“Book Entry Shares”) by notation in book entry (which certificates for Common Stock and Book Entry Shares shall be deemed also to be certificates for Rights), and no Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the Common Stock and a “Distribution Date” will occur upon the earlier of (i) 10 10 not Pursuant to the Rights Agreement, an “Exempted Person” is any person or entity who, together with all affiliates and associates of such person or entity, is or may January 2, 2024, January 2, 2024. no 4.95% x January 2, 2024, 4.95% no 4.95% x 4.95% In addition, the Rights Agreement defined the term “Exempted Person” to also include any person or entity who, together with all affiliates and associates of such person or entity, is the beneficial owner of Common Stock and/or other securities exercisable for shares of Common Stock representing 4.95% not, x 4.95% Pursuant to the Rights Agreement, a purchaser, assignee or transferee of the shares of Common Stock (or options or warrants exercisable for Common Stock) from an Exempted Person will not 4.95% The Rights are not December 31, 2026, ( 382 no may not no Except as otherwise determined by the Company’s board of directors, only shares of Common Stock issued prior to the Distribution Date will be issued with Rights. Pursuant to the Rights Agreement, in the event that a person or entity becomes an Acquiring Person, each other holder of a Right will thereafter have the right to receive, upon exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the Company), having a value equal to two one $100.00 not $100.00. ten 10 Notwithstanding any of the foregoing, following the occurrence of a person or entity becoming an Acquiring Person (a “Flip-In Event”), all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by such Acquiring Person will be null and void. In the event that, at any time following the Stock Acquisition Date, (i) the Company engages in a merger or other business combination transaction in which the Company is not two However, Rights are not no The Purchase Price payable, and the number of Units of Series C Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Series C Preferred Stock, (ii) if holders of the Series C Preferred Stock are granted certain rights or warrants to subscribe for Series C Preferred Stock or convertible securities at less than the current market price of the Series C Preferred Stock, or (iii) upon the distribution to holders of the Series C Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above). With certain exceptions, no At any time after the Stock Acquisition Date, the Company may may 50% one At any time until ten may not Until a Right is exercised, the holder thereof, as such, will have no not may, Other than those provisions relating to the principal economic terms of the Rights, any of the provisions of the Rights Agreement may may not no not Net Share Settlement of Restricted Stock The Company may not Repurchases of Shares and Retirement of Treasury Stock On December 21, 2020, December 23, 2020 July 28, 2021, 10b5 1 may 10b 18 10b5 1 10b5 1 During the twelve December 31, 2021, 10b 5 All of the repurchases noted above were completed using cash on hand. Equity Distribution Agreement On December 1, 2020, 415 one third March 5, 2021. On June 7, 2021, June 5, 2021, not not 10b5 1 1934, 10b5 1 During the year ended December 31, 2021, December 31, 2022. On October 5, 2023, “2023 one third The Equity Agreement and the 2023 may In connection with the Company's execution of the 2023 December 1, 2020 2023 December 31, 2023. Dividends and Distributions During the year ended December 31, 2023 December 31, 2022 April 5, 2022. December 31, 2021, In the aggregate, during 2023 2022 2021 2023 2022 2021 Certain subsidiaries of the Operating LLC have restrictions on the withdrawal of capital and otherwise in making distributions and loans. JVB is subject to net capital restrictions imposed by the SEC and FINRA, which require certain minimum levels of net capital to remain in this subsidiary. In addition, these restrictions could potentially impose notice requirements or limit the Company’s ability to withdraw capital above the required minimum amounts (excess capital) whether through distribution or loan. CCFESA is regulated by the ACPR and subject to certain minimum levels of capital. Shares Outstanding of Stockholders’ Equity of the Company The following table summarizes share transactions that occurred in stockholders’ equity during the years ended December 31, 2023 2022 2021 ROLLFORWARD OF SHARES OUTSTANDING OF COHEN & COMPANY INC. Common Stock Restricted Stock Total December 31, 2020 1,038,963 286,566 1,325,529 Issuance of shares 300,859 - 300,859 Issuance as equity-based compensation - 142,376 142,376 Vesting of shares 62,649 (62,649 ) - Shares withheld for employee taxes (21,777 ) - (21,777 ) Forfeiture / cancellation of restricted stock - - - Repurchase and retirement of common stock (49,544 ) - (49,544 ) December 31, 2021 1,331,150 366,293 1,697,443 Issuance of shares - - - Issuance as equity-based compensation - 92,400 92,400 Vesting of shares 117,634 (117,634 ) - Shares withheld for employee taxes (15,501 ) - (15,501 ) Forfeiture / cancellation of restricted stock - - - Repurchase and retirement of common stock - - - December 31, 2022 1,433,283 341,059 1,774,342 Issuance of shares - - - Issuance as equity-based compensation - 143,900 143,900 Vesting of shares 113,301 (113,301 ) - Shares withheld for employee taxes (20,328 ) - (20,328 ) Forfeiture / cancellation of restricted stock - (4,167 ) (4,167 ) Repurchase and retirement of common stock - - - December 31, 2023 1,526,256 367,491 1,893,747 Convertible Non-Controlling Interest Voting Proxy Effective December 30, 2019, may 50%. On September 25, 2020, 21 31. Future Conversion / Redemption of Operating LLC Units Each Operating LLC unit of membership interest is 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 one 10 Unit Issuance and Surrender Agreement — Acquisition and Surrender of Additional Units of the Operating LLC, net Effective January 1, 2011 May 27, 2021, 1:10 The following table summarizes the transactions that resulted in changes in the unit ownership of the Operating LLC including unit issuances and forfeitures related to the UIS Agreement. ROLLFORWARD OF UNITS OUTSTANDING OF THE OPERATING LLC Cohen & Company Inc. Daniel G. Cohen DGC Trust Others Total December 31, 2020 10,389,624 18,076,275 9,880,268 72,088 38,418,255 Issuance of Units under UIS Agreement, net 3,417,310 - - - 3,417,310 Issuance of Units as equity compensation - - - - - Vesting of units - 529,040 - 10 529,050 Repurchase and retirement of Common Stock (495,440 ) - - - (495,440 ) December 31, 2021 13,311,494 18,605,315 9,880,268 72,098 41,869,175 Issuance of Units under UIS Agreement, net 1,021,330 - - - 1,021,330 Issuance of Units as equity compensation - - - - - Vesting of units - 751,540 - - 751,540 Issuance of units under 2017 Convertible Note - - 10,344,827 - 10,344,827 December 31, 2022 14,332,824 19,356,855 20,225,095 72,098 53,986,872 Issuance of Units under UIS Agreement, net 929,730 - - - 929,730 Issuance of Units as equity compensation - - - - - Vesting of units - 967,830 - 470,330 1,438,160 Redemption of convertible non-controlling interest units - (479,380 ) - (470,330 ) (949,710 ) December 31, 2023 15,262,554 19,845,305 20,225,095 72,098 55,405,052 The following table presents the impact to equity from Cohen & Company Inc.’s ownership interest in the Operating LLC. For the Year Ended December 31, 2023 2022 2021 Net income / (loss) attributable to Cohen & Company Inc. $ (5,113 ) $ (13,389 ) $ 11,808 Transfers (to) from the non-controlling interest: Increase / (decrease) in Cohen & Company Inc.'s paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net 636 (338 ) (1,929 ) Changes from net income / (loss) attributable to Cohen & Company Inc. and transfers (to) from non-controlling interest $ (4,477 ) $ (13,727 ) $ 9,879 Detail of Non-Controlling Interest ROLLFORWARD OF NON-CONTROLLING INTERESTS (Dollars in Thousands) Operating LLC Insurance SPACs Sponsor Entities Other Consolidated Subsidiaries Total December 31, 2020 $ 29,723 $ 26,397 $ 1,408 $ 57,528 Non-controlling interest share of (loss) 26,656 20,589 14,985 62,230 Other comprehensive income (170 ) - - (170 ) Acquisition / (surrender) of additional units of consolidated subsidiary 1,939 - - 1,939 Equity-based compensation 1,859 13,068 - 14,927 Shares withheld for employee taxes (276 ) - - (276 ) Dividends/distributions to convertible non-controlling interest (2,103 ) - - (2,103 ) Non-convertible non-controlling interest investment - 7 17,088 17,095 Non-convertible non-controlling interest distributions - (55,253 ) (6,425 ) (61,678 ) December 31, 2021 $ 57,628 $ 4,808 $ 27,056 $ 89,492 Non-controlling interest share of (loss) (22,078 ) (4,808 ) (18,395 ) (45,281 ) Other comprehensive income (152 ) - - (152 ) Acquisition / (surrender) of additional units of consolidated subsidiary 334 - - 334 Equity-based compensation 3,181 - - 3,181 Shares withheld for employee taxes (158 ) - - (158 ) Dividends/distributions to convertible non-controlling interest (6,485 ) - - (6,485 ) Convertible non-controlling interest investment 15,000 - - 15,000 Non-convertible non-controlling interest investment - - 9 9 Non-convertible non-controlling interest distributions - - (8,653 ) (8,653 ) December 31, 2022 $ 47,270 $ - $ 17 $ 47,287 Non-controlling interest share of (loss) (4,078 ) - 19,590 15,512 Other comprehensive income 61 - - 61 Acquisition / (surrender) of additional units of consolidated subsidiary (622 ) - - (622 ) Equity-based compensation 3,184 - - 3,184 Shares withheld for employee taxes (127 ) - - (127 ) Dividends/distributions to convertible non-controlling interest (4,344 ) - - (4,344 ) Redemption of convertible non-controlling interest units (834 ) - - (834 ) Non-convertible non-controlling interest investment - - 39 39 Non-convertible non-controlling interest distributions - - (10,041 ) (10,041 ) December 31, 2023 $ 40,510 $ - $ 9,605 $ 50,115 |
Note 22 - Equity-based Compensa
Note 22 - Equity-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 22. The following table summarizes the amounts the Company recognized as equity-based compensation expense including restricted stock, restricted units, membership units of consolidated sponsor entities and stock options. These amounts are included as a component of compensation and benefits in the consolidated statements of operations. The remaining unrecognized compensation expense related to unvested awards at December 31, 2023 EQUITY-BASED COMPENSATION INCLUDED IN COMPENSATION AND BENEFITS (Dollars in Thousands) For the Year Ended December 31, 2023 2022 2021 Equity based compensation expense $ 4,391 $ 4,390 $ 15,718 Non equity-based compensation expense 47,701 45,900 69,330 Total compensation and benefits $ 52,092 $ 50,290 $ 85,048 The following table summarizes the equity-based compensation by plan. Each plan is discussed in detail below. DETAIL OF EQUITY-BASED COMPENSATION BY PLAN (Dollars in Thousands) For the Year Ended December 31, 2023 2022 2021 Restricted Stock or Units - 2006/2010 Plans $ - $ 21 $ 291 Restricted Stock or Units - 2020 Plan 4,391 4,369 2,359 Membership interests in consolidated sponsor entities - - 13,068 Total equity-based compensation expense $ 4,391 $ 4,390 $ 15,718 The Company’s 2020 On April 7, 2020, “2020 June 18, 2020. April 1, 2021 June 9, 2021, No. 1 2020 2020 March 28, 2022 June 2, 2022, No. 2, 2020 December 31, 2023 ,579,391 2020 No may 2020 April 7, 2030. The Company's 2010 2006 2020 Membership Interests of Consolidated Sponsor Entities Employees sometimes invest in the membership interests of consolidated SPAC sponsor entities. Because these entities are consolidated and the employees are investing in the consolidated company's non-controlling interest, these equity interests fall under FASB ASC 718. not no RESTRICTED STOCK - SERVICE BASED VESTING Number of Shares of Restricted Stock Weighted Average Grant Date Fair Value Unvested at January 1, 2021 286,566 $ 14.23 Granted 142,376 17.94 Vested (62,649 ) 7.59 Unvested at December 31, 2021 366,293 16.80 Granted 92,400 11.13 Vested (117,634 ) 14.08 Unvested at December 31, 2022 341,059 16.17 Granted 143,900 7.57 Vested (113,301 ) 17.18 Forfeiture (4,167 ) (11.65 ) Unvested at December 31, 2023 367,491 12.54 OPERATING LLC RESTRICTED UNITS - SERVICE BASED VESTING Number of Restricted Units Weighted Average Grant Date Fair Value Unvested at January 1, 2021 2,783,080 $ 1.46 Granted 4,617,000 2.07 Vested (529,050 ) 0.62 December 31, 2021 6,871,030 1.46 Granted 422,000 1.93 Vested (751,540 ) 0.85 Unvested at December 31, 2022 6,541,490 1.35 Granted 422,000 0.68 Vested (1,438,160 ) 1.97 Unvested at December 31, 2023 5,525,330 $ 1.82 During the years ended December 31, 2023 2022 2021 The restricted shares and restricted units of Common Stock typically may no SPONSOR ENTITY MEMBERSHIP UNITS - PERFORMANCE BASED VESTING Membership Units Weighted Average Grant Date Fair Value Unvested at January 1, 2021 3,272,500 $ 9.98 Granted - - Vested (1,309,000 ) 9.99 Forfeited (231,000 ) 9.99 December 31, 2021 1,732,500 9.97 Granted - - Vested - - Forfeited (1,732,500 ) 9.97 Unvested at December 31, 2022 - - Granted - - Vested - - Forfeited - - Unvested at December 31, 2023 - $ - During the years ended December 31, 2023 2022 2021 $0, |
Note 23 - Income Taxes
Note 23 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 23. Cohen & Company Inc. is treated as a C corporation for United States federal income tax purposes. The components of income tax expense (benefit) included in the consolidated statements of operations for each year presented herein are shown in the table below. INCOME TAX EXPENSE (Dollars in Thousands) For the Year Ended December 31, 2023 2022 2021 Current income tax expense (benefit) Federal income tax expense (benefit) $ - $ - $ - Foreign income tax expense (benefit) 120 198 188 State and local income tax expense (benefit) 71 17 387 191 215 575 Deferred income tax expense (benefit) Federal income tax expense (benefit) 3,205 4,634 (530 ) Foreign income tax expense (benefit) - - - State and local income tax expense (benefit) 2,149 (55 ) (3,586 ) 5,354 4,579 (4,116 ) Total 5,545 4,794 (3,541 ) The components of income (loss) before income taxes are shown below. INCOME (LOSS) BEFORE INCOME TAXES (Dollars in Thousands) For the Year Ended December 31, 2023 2022 2021 Domestic $ 15,705 $ (54,749 ) $ 69,791 Foreign 239 873 706 Total $ 15,944 $ (53,876 ) $ 70,497 The Company had prepaid taxes of $235 and $0 in the consolidated balance sheet as of December 31, 2023 2022 The expected income tax expense /(benefit) using the federal statutory rate differs from income tax expense / (benefit) pertaining to pre-tax income / (loss) as a result of the following for the years ended December 31, 2023 2022 2021 INCOME TAX RATE RECONCILIATION (Dollars in Thousands) For the Year Ended December 31, 2023 2022 2021 Federal statutory rate $ 3,348 $ (11,314 ) $ 14,804 Pass through impact (3,257 ) 9,509 (13,068 ) Deferred tax valuation allowance and other 3,114 6,439 (2,267 ) State and local tax 2,220 143 (3,197 ) Foreign tax 120 17 187 Total $ 5,545 $ 4,794 $ (3,541 ) Deferred tax assets and liabilities are determined based on the difference between the book basis and tax basis of assets and liabilities using tax rates in effect for the year in which the differences are expected to reverse. The recognition of deferred tax assets is reduced by a valuation allowance if it is more likely than not not The components of the net deferred tax asset (liability) are as follows. DEFERRED TAX ASSET AND LIABILITY (Dollars in Thousands) December 31, 2023 December 31, 2022 Asset Liability Net Asset Liability Net Federal net operating loss carry-forward $ 20,256 $ - $ 20,256 $ 20,160 $ - $ 20,160 State and local net operating loss carry-forward 3,862 - 3,862 5,460 - 5,460 Federal capital loss carry-forward 12,567 - 12,567 14,796 - 14,796 Disallowed interest expense carryforward 925 - 925 - - - Unrealized gain on debt - (5,716 ) (5,716 ) - (6,505 ) (6,505 ) Investment in Operating LLC 13,225 - 13,225 13,682 - 13,682 Other 306 252 558 998 (227 ) 771 Gross deferred tax asset / (liability) 51,141 (5,464 ) 45,677 55,096 (6,732 ) 48,364 Less: valuation allowance (44,097 ) - (44,097 ) (41,430 ) - (41,430 ) Net deferred tax asset / (liability) $ 7,044 $ (5,464 ) $ 1,580 $ 13,666 $ (6,732 ) $ 6,934 As of December 31, 2023 not 2028. December 31, 2023 not 2024. No The Company has determined that its NOL and NCL carryovers are not 382 1986, may 382 382 382 21. Notwithstanding the fact that the Company has determined that the use of its remaining NOL and NCL carryforwards are not 382 December 31, 2023 Each reporting period, management determines the expected amount of taxable income it will generate in each jurisdiction where the Company has NOLs. Management then schedules this income against each carryforward asset and determines what portion of the asset it believes is more likely than not 2021 2022 2023 The Company files tax returns in the U.S. federal jurisdiction, various states or local jurisdictions, and France. With few exceptions, the Company is no 2017. The Company applies ASC 740 10 December 31, 2023 2022 not |
Note 24 - Accumulated Other Com
Note 24 - Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 24. The following table shows the components of other comprehensive income / (loss) and the tax effects allocated to other comprehensive income / (loss). Accumulated OCI consists solely of foreign currency items. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) AND INCOME TAX EFFECT OF ITEMS ALLOCATED TO OTHER COMPREHENSIVE INCOME / (LOSS) (Dollars in Thousands) OCI Items Tax Effect Total December 31, 2020 $ (821 ) $ - $ (821 ) Change in foreign currency items (74 ) - (74 ) Other comprehensive income / (loss), net (74 ) - (74 ) Acquisition / (surrender) of additional units in consolidated subsidiary, net (10 ) - (10 ) December 31, 2021 (905 ) - (905 ) Change in foreign currency items (54 ) - (54 ) Other comprehensive income / (loss), net (54 ) - (54 ) Acquisition / (surrender) of additional units in consolidated subsidiary, net 4 - 4 December 31, 2022 (955 ) - (955 ) Change in foreign currency items 25 - 25 Other comprehensive income / (loss), net 25 - 25 Acquisition / (surrender) of additional units in consolidated subsidiary, net (14 ) - (14 ) December 31, 2023 $ (944 ) $ - $ (944 ) |
Note 25 - Net Capital Requireme
Note 25 - Net Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Net Capital Under Securities and Exchange Commission Regulation Disclosure [Text Block] | 25 . NET CAPITAL REQUIREMENTS JVB is subject to the net capital provision of Rule 15c3 1 L.533 2 et seq. April 7, 2022. The following tables shows the actual net capital (in the case of the JVB) and actual net liquid capital (in the case of CCFESA and CCFEL) as compared to the required amounts for the periods indicated. STATUTORY NET CAPITAL REQUIREMENTS (Dollars in thousands) December 31, 2023 Actual Net Capital or Liquid Capital Amount Required Excess JVB $ 49,878 $ 250 $ 49,628 CCFESA 1,761 685 1,076 Total $ 51,639 $ 935 $ 50,704 December 31, 2022 Actual Net Capital or Liquid Capital Amount Required Excess JVB $ 46,518 $ 250 $ 46,268 CCFESA 1,588 512 1,076 Total $ 48,106 $ 762 $ 47,344 |
Note 26 - Earnings (Loss) Per C
Note 26 - Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 26 . 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) Year Ended December 31, 2023 2022 2021 Net income / (loss) attributable to Cohen & Company Inc. $ (5,113 ) $ (13,389 ) $ 11,808 Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership (1) - - 26,656 Add: Interest expense incurred on dilutive convertible notes - - 1,183 Add / (deduct): Adjustment (2) - - 1,719 Net income / (loss) on a fully converted basis $ (5,113 ) $ (13,389 ) $ 41,366 Weighted average common shares outstanding - Basic 1,513,469 1,420,383 1,187,029 Unrestricted Operating LLC units of membership interests exchangeable into Cohen & Company Inc. shares (1) - - 2,851,358 Restricted Units or shares - - 212,055 Shares issuable upon conversion of dilutive convertible notes - - 1,034,483 Weighted average common shares outstanding - Diluted 1,513,469 1,420,383 5,284,925 Net income / (loss) per common share - Basic $ (3.38 ) $ (9.43 ) $ 9.95 Net income / (loss) per common share - Diluted (3) $ (3.38 ) $ (9.43 ) $ 7.83 ( 1 The Operating LLC units of membership interests 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 if the Operating LLC units of membership interests had been converted at the beginning of the period. ( 3 Potentially diluted securities that were not Year Ended December 31, 2023 2022 2021 2017 Convertible Note - 224,138 - Restricted Common Stock 9,060 18,182 - Restricted Operating LLC units 4,010,179 3,735,004 - 4,019,239 3,977,324 - |
Note 27 - Reserve Requirements
Note 27 - Reserve Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Reserve Requirements [Text Block] | 27. As of December 31, 2023 2022 15c3 3 1934 two not 15c3 3 2 74 No. 34 70073 not not |
Note 28 - Commitments and Conti
Note 28 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 28. Lease Commitments The Company leases office space in several cities under lease agreements. As of December 31, 2023 FUTURE LEASE COMMITMENTS (Dollars in Thousands) Lease Less: Sublease Net Commitment 2024 $ 2,588 $ (26 ) $ 2,562 2025 2,641 - 2,641 2026 2,349 - 2,349 2027 2,357 - 2,357 2028 2,366 - 2,366 2029 and thereafter 6,039 - 6,039 $ 18,340 $ (26 ) $ 18,314 Rent expense for the years ended December 31, 2023 2022 2021 December 31, 2023, 2022 2021 The lease commitments noted above represent the actual cash commitments and will not In December 2023, 3 14. 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 29 - Segment and Geographi
Note 29 - Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 29. Segment Information The Company operates within three 1. The Company’s business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision-making processes. (a) Revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment. (b) Indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not not Accordingly, the Company presents segment information consistent with internal management reporting. See note ( 1 SEGMENT INFORMATION Statement of Operations Information For the Year Ended December 31, 2023 (Dollars in Thousands) Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Net trading $ 30,926 $ - $ - $ 30,926 $ - $ 30,926 Asset management - 7,337 - 7,337 - 7,337 New issue and advisory 28,264 - - 28,264 - 28,264 Principal transactions and other income 1 1,071 15,382 16,454 - 16,454 Total revenues 59,191 8,408 15,382 82,981 - 82,981 Compensation and benefits 31,156 5,883 2,335 39,374 12,718 52,092 Other operating expense 15,746 2,218 1,117 19,081 4,947 24,028 Total operating expenses 46,902 8,101 3,452 58,455 17,665 76,120 Operating income / (loss) 12,289 307 11,930 24,526 (17,665 ) 6,861 Interest income (expense) (338 ) - - (338 ) (6,188 ) (6,526 ) Income / (loss) from equity method affiliates - - 15,609 15,609 - 15,609 Other non-operating income - - - - - - Income / (loss) before income taxes 11,951 307 27,539 39,797 (23,853 ) 15,944 Income tax expense / (benefit) - - - - 5,545 5,545 Net income / (loss) 11,951 307 27,539 39,797 (29,398 ) 10,399 Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 17 19,573 19,590 - 19,590 Enterprise net income (loss) 11,951 290 7,966 20,207 (29,398 ) (9,191 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (4,078 ) (4,078 ) Net income / (loss) attributable to Cohen & Company Inc. $ 11,951 $ 290 $ 7,966 $ 20,207 $ (25,320 ) $ (5,113 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 6 $ - $ 6 $ 557 $ 563 SEGMENT INFORMATION Statement of Operations Information For the Year Ended December 31, 2022 (Dollars in Thousands) Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Net trading $ 40,009 $ - $ - $ 40,009 $ - $ 40,009 Asset management - 9,004 - 9,004 - 9,004 New issue and advisory 24,721 - - 24,721 - 24,721 Principal transactions and other income 2 854 (30,203 ) (29,347 ) - (29,347 ) Total revenues 64,732 9,858 (30,203 ) 44,387 - 44,387 Compensation and benefits 32,434 7,612 1,086 41,132 9,158 50,290 Other operating expense 14,539 2,173 728 17,440 4,620 22,060 Total operating expenses 46,973 9,785 1,814 58,572 13,778 72,350 Operating income / (loss) 17,759 73 (32,017 ) (14,185 ) (13,778 ) (27,963 ) Interest income (expense) (247 ) - - (247 ) (4,735 ) (4,982 ) Income / (loss) from equity method affiliates - - (20,931 ) (20,931 ) - (20,931 ) Other non-operating income - - - - - - Income / (loss) before income taxes 17,512 73 (52,948 ) (35,363 ) (18,513 ) (53,876 ) Income tax expense / (benefit) - - - - 4,794 4,794 Net income / (loss) 17,512 73 (52,948 ) (35,363 ) (23,307 ) (58,670 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - - (23,203 ) (23,203 ) - (23,203 ) Enterprise net income (loss) 17,512 73 (29,745 ) (12,160 ) (23,307 ) (35,467 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (22,078 ) (22,078 ) Net income / (loss) attributable to Cohen & Company Inc. $ 17,512 $ 73 $ (29,745 ) $ (12,160 ) $ (1,229 ) $ (13,389 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 5 $ - $ 5 $ 552 $ 557 SEGMENT INFORMATION Statement of Operations Information For the Year Ended December 31, 2021 (Dollars in Thousands) Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Net trading $ 69,385 $ - $ - $ 69,385 $ - $ 69,385 Asset management - 10,923 - 10,923 - 10,923 New issue and advisory 28,736 - - 28,736 - 28,736 Principal transactions and other income (3 ) 768 36,559 37,324 - 37,324 Total revenues 98,118 11,691 36,559 146,368 - 146,368 Salaries/Wages 42,064 6,630 16,546 65,240 19,808 85,048 Other Operating Expense 13,914 2,151 387 16,452 5,275 21,727 Total operating expenses 55,978 8,781 16,933 81,692 25,083 106,775 Operating income / (loss) 42,140 2,910 19,626 64,676 (25,083 ) 39,593 Interest income (expense) (435 ) - - (435 ) (6,798 ) (7,233 ) Income / (loss) from equity method affiliates - - 36,010 36,010 - 36,010 Other non operating income / (expense) - - - - 2,127 2,127 Income / (loss) before income taxes 41,705 2,910 55,636 100,251 (29,754 ) 70,497 Income tax expense / (benefit) - - - - (3,541 ) (3,541 ) Net income / (loss) 41,705 2,910 55,636 100,251 (26,213 ) 74,038 Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 1,878 33,696 35,574 - 35,574 Enterprise net income (loss) 41,705 1,032 21,940 64,677 (26,213 ) 38,464 Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - 26,656 26,656 Net income / (loss) attributable to Cohen & Company Inc. $ 41,705 $ 1,032 $ 21,940 $ 64,677 $ (52,869 ) $ 11,808 Other statement of operations data Depreciation and amortization (included in total operating expense) $ 1 $ 2 $ - $ 3 $ 368 $ 371 ( 1 Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance and other similar overhead and support departments). Some of the items not 1 2 3 not BALANCESHEET DATA As of December 31, 2023 (Dollars in Thousands) Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Total Assets $ 665,597 $ 5,633 $ 86,946 $ 758,176 $ 14,585 $ 772,761 Included within total assets: Investments in equity method affiliates $ - $ - $ 14,241 $ 14,241 $ - $ 14,241 Goodwill (2) $ 54 $ 55 $ - $ 109 $ - $ 109 Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166 BALANCE SHEET DATA As of December 31, 2022 (Dollars in Thousands) Capital Asset Principal Segment Markets Management Investing Total Unallocated (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 ( 1 2 3 not ( 2 Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. Geographic Information The Company has conducted its business activities through offices in the following locations: ( 1 2 GEOGRAPHIC DATA (Dollars in Thousands) Year Ended December 31, 2023 2022 2021 Total Revenues: United States $ 77,532 $ 39,669 $ 140,420 Europe & Other 5,449 4,718 5,948 Total $ 82,981 $ 44,387 $ 146,368 Long-lived assets attributable to an individual country, other than the United States, are not |
Note 30 - Supplemental Cash Flo
Note 30 - Supplemental Cash Flow Disclosure | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 30. Cash flows from investments (including derivatives) classified as investments-trading or trading securities sold, not not Interest paid by the Company on its debt and redeemable financial instruments was $5,607, $4,782, and $6,388 for the years ended December 31, 2023 2022 2021 The Company paid income taxes of $539, $327, and $166 for the years ended December 31, 2023 2022 2021 December 31, 2023 2022 2021 In 2023 not • The Company net received units of membership interest in the Operating LLC. The Company recognized a net increase in additional paid-in capital of $636, a net decrease AOCI of $14, and a decrease in non-controlling interest of $622. See note 21. • 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 received equity shares in public companies in exchange for advisory services. The fair market value of the shares received was $18,248. The Company included this in new issue and advisory revenue in the statement of operations. • The Company recorded a net decrease in investments in equity method affiliates of $10,102 and a net increase in other investments, at fair value of $10,102 resulting from an in-kind distribution from an equity method affiliate. • In connection with several SFA transactions, the Company received equity shares in a public company, recorded a net increase of $58,286 in other investments, at fair value, and a corresponding increase in other investments, sold not In 2022 not • The Company net surrendered units of membership interests in the Operating LLC. The Company recognized a net decrease in additional paid-in capital of $338, a net increase of $4 in AOCI, and an increase of $334 in non-controlling interest. See note 21. • 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 election to convert the 2017 • The Company recorded a decrease in equity method affiliates of $20,915 and an increase in other investments, at fair value of $20,915 resulting from an in-kind distribution from equity method affiliates. • The Company received equity shares in several public companies in exchange for advisory services. The fair market value of the shares received was $7,416. The Company included this in new issue and advisory revenue in the statement of operations. • The Company recorded a decrease in other investments, at fair value of $6,417 and a corresponding decrease in non-controlling interest resulting from in-kind distributions to the non-controlling interest of certain SPAC sponsor entities. • The Company recorded an increase in other investments, at fair value of $844 and a corresponding decrease in other investment, not In 2021 not • The Company net surrendered units of membership interests in the Operating LLC. The Company recognized a net decrease in additional paid-in capital of $1,929, a net decrease of $10 in AOCI, and a net increase of $1,939 in non-controlling interest. See note 21. • The Company recorded a decrease of $2,103 in due from related party, a corresponding increase of $701 in other investments, at fair value, and a corresponding decrease of $1,402 to non-controlling interest, all as a result of an in-kind distribution of incremental LP interests, from the 2020 • The Company recorded a decrease of $3,958 in investments in equity method affiliates and a $31,049 decrease in other investments, at fair value and a corresponding decrease in non-controlling interest resulting from an in-kind distribution from Insurance SPAC II. • The Company recorded a decrease in other investments, at fair value of $20,119 and a corresponding decrease in non-controlling interest resulting from an in-kind distribution from Insurance SPAC. • The Company recorded a net decrease in investments in equity method affiliates of $5,439 and a net increase in other investments, at fair value of $5,439 resulting from an in-kind distribution from an equity method affiliate. • The Company recorded a decrease in other investments, at fair value of $2,415 and a decrease in non-controlling interest of $2,415 resulting from an in-kind distribution from other consolidated subsidiaries. |
Note 31 - Related Party Transac
Note 31 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 31 . RELATED PARTY TRANSACTIONS The Company has identified the following related party transactions for the years ended December 31, 2023 2022 2021 A. Daniel G. Cohen/Cohen Bros. Financial, LLC (“CBF”)/ EBC 2013 CBF has been identified as a related party because (i) CBF is a non-controlling interest holder of the Company and (ii) CBF is wholly owned by Daniel G. Cohen. On September 29, 2017, March 2021, October 2020, October 2019, 20. EBC has been identified as a related party because Daniel G. Cohen is a trustee of EBC and has sole voting power with respect to all shares of the Company held by EBC. In September 2013, 2013 September 25, 2019, 2013 2019 September 25, 2020 2019 September 25, 2021. 2019 September 24, 2021. 20. B. JKD Investor The JKD Investor is an entity owned by Jack J. DiMaio, the vice chairman of the board of directors, and his spouse. On October 3, 2016, January 2017 January 2019 19 20. On January 31, 2020, 2020 January 31, 2022, 2022 20. On January 5, 2024, January 31, 2024 January 31, 2026, ( may January 31, 2023 January 31, 2025, may January 31, 2023 January 31, 2025; January 31, 2024. C. 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, executive chairman of the Company’s board of directors and executive chairman of the Operating LLC’s board of managers. Daniel G. Cohen does not On December 30, 2019, 21. March 2017, 2017 20. 2017 D. 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. 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 are disclosed in the table below. E. 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 the Insurance SPAC II. See note 12. October 1, 2020 February 2021. The Company engaged Betsy Cohen, as an agent of Cohen Circle, as a consultant to provide certain services related to the Insurance SPAC III. See note 12. December 1, 2020 November 18, 2022, announced that it would not 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 F. 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 December 31, 2023, December 31, 2023, three September 30, 2023 December 31 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 In December 2019, may 12. 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 are included as part of principal transactions and other income. Revenue earned on the management contract are included as part of asset management in the table below. As of December 31, 2023 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 servicing agreement with CREO JV. Income earned or loss incurred on the investment are included as part of principal transactions and other income. Revenue earned on the servicing contract are included as part of asset management in the table below. As of December 31, 2023 Insurance SPAC II Prior to February 9, 2021, September 2, 2020, first no 12 21. Insurance SPAC III Insurance SPAC III is 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 may 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. Insurance Acquisition Sponsor III and its affiliates, including the Operating LLC, also committed to loan Insurance SPAC III up to $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. 4 12. SPAC Sponsor Entities and Other In general, a SPAC is initially funded by a sponsor and that sponsor invests in and receives private placement and founder shares of the SPAC. The sponsor may not Fintech Acquisition Corp. IV ("FTAC IV") was a SPAC. The sponsor of FTAC IV ("FTAC IV Sponsor") is a related party as it was an equity method investment of the Company. The Company made a sponsor investment in FTAC IV Sponsor, receiving a final allocation of 81,825 founder shares of FTAV IV stock for $1. In addition, on September 29, 2020, not 24 2021. Fintech Acquisition Corp. V ("FTAC V") was a SPAC. The sponsor of FTAC V ("FTAC V Sponsor") is 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 allocation of 140,000 founder shares. On December 14, 2020, not 24 2022. Fintech Acquisition Corp. VI ("FTAC VI") was a SPAC. The sponsor of FTAC VI ("FTAC VI Sponsor") is a related party as it was an equity method investment of the Company. On June 26, 2021, not 24 2022. FTAC Olympus Acquisition Corp. ("FTAC Olympus") was a SPAC. The sponsor of FTAC Olympus ("FTAC Olympus Sponsor") is a related party as it was an equity method investment of the Company. The Company made a sponsor investment in FTAC Olympus Sponsor, receiving a final allocation of 399,741 founder shares of FTAC Olympus stock. In addition, on September 8, 2020, not 24 2021. FTAC Athena Acquisition Corp. ("FTAC Athena") was a SPAC. The sponsor of FTAC Athena ("FTAC Athena Sponsor") is a related party as it was an equity method investment of the Company. On February 26, 2021, not 24 2023. FTAC Hera Acquisition Corp. ("FTAC Hera") was a SPAC. The sponsor of FTAC Hera ("FTAC Hera Sponsor") is a related party as it was an equity method investment of the Company. On March 5, 2021, not 24 2022. FTAC Parnassus Acquisition Corp. ("FTAC Parnassus") was a SPAC. The sponsor of FTAC Parnassus ("FTAC Parnassus Sponsor") is a related party as it was an equity method investment of the Company. On March 15, 2021, not 24 2022. FTAC Zeus Acquisition Corp. ("FTAC Zeus") was a SPAC. The sponsor of FTAC Zeus ("FTAC Zeus Sponsor") is a related party as it was an equity method investment of the Company. On November 24, 2021, not 24 2023. 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 Other The Company invests in sponsor entities of SPACS, either directly or through its interest in the SPAC Series Funds, which are not December 31, 2023, The following tables display the routine transactions recognized in the statements of operations from identified related parties that are described above. RELATED PARTY TRANSACTIONS (Dollars in Thousands) For the Years Ended December 31, 2023 2022 2021 Asset management Other SPAC Entities $ - $ - $ 319 CREO JV 113 - - SPAC Fund 173 954 4,327 U.S. Insurance JV 1,201 1,069 525 $ 1,487 $ 2,023 $ 5,171 Principal transactions and other income CREO JV 901 $ 32 $ - Dutch Real Estate Entities - - 137 Insurance SPAC II - - 40 Insurance SPAC III - 220 240 Other SPAC Entities 50 160 132 SPAC Fund 28 (43 ) 474 Stoa USA Inc./FlipOS (6,847 ) 4,196 1,805 U.S. Insurance JV 463 11 142 $ (5,405 ) $ 4,576 $ 2,970 Income (loss) from equity method affiliates Dutch Real Estate Entities $ 334 $ (71 ) $ (137 ) Insurance SPAC II - - (107 ) Insurance SPAC III - (5,896 ) (1,200 ) Other SPAC Entities 15,275 (14,962 ) 37,453 $ 15,609 $ (20,929 ) $ 36,009 Operating expense (income) Duane Morris $ 432 $ 621 $ 925 Cohen Circle (103 ) (66 ) (39 ) $ 329 $ 555 $ 886 Interest expense (income) CBF $ - $ - $ 197 DGC Trust - 327 1,534 EBC - - 211 JKD Investor 941 943 1,985 $ 941 $ 1,270 $ 3,927 The following related party transactions are non-routine and are not H. Directors and Employees The Company has entered into employment agreements with Daniel G. Cohen, its executive chairman, 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 December 31, 2023 2022 2021 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. The lease terminated June 20, 2022. three December 31, 2023 2022 2021 |
Note 32 - Due From Due to Relat
Note 32 - Due From Due to Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Due From Due To Related Parties Disclosure [Text Block] | 32 . DUE FROM / DUE TO RELATED PARTIES Amounts due to related parties related to 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 liabilities in the consolidated balance sheets. Any investment made in an equity method affiliate for which the Company does not The following table summarizes the outstanding due from /due to related parties. These amounts may 31 DUE FROM/DUE TO RELATED PARTIES (Dollars in Thousands) December 31, 2023 December 31, 2022 Employee & other $ 319 $ 232 SPAC Fund - other receivable 15 294 U.S. Insurance JV 438 261 Due from Related Parties $ 772 $ 787 On February 1, 2023, January 31, 2023, 2020 On February 1, 2023, January 31, 2023, 2020 |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | CONDENSED FINANCIAL INFORMATION OF REGISTRANT COHEN & COMPANY INC. (PARENT COMPANY) Balance Sheets (Dollars in Thousands) December 31, 2023 December 31, 2022 Assets Cash $ - $ - Investment in Cohen & Company, LLC 67,670 68,331 Prepaid income taxes 38 146 Deferred income taxes (468 ) 3,093 Total assets $ 67,240 $ 71,570 Liabilities Accrued interest and other liabilities $ 342 $ 307 Debt 25,216 24,524 Total liabilities 25,558 24,831 Stockholders’ Equity Preferred Stock 27 27 Common Stock 19 17 Additional paid-in capital 74,594 72,801 Accumulated deficit (32,014 ) (25,151 ) Accumulated other comprehensive loss (944 ) (955 ) Total stockholders’ equity 41,682 46,739 Total liabilities and stockholders’ equity $ 67,240 $ 71,570 See accompanying notes to condensed financial statements. COHEN & COMPANY INC. CONDENSED FINANCIAL INFORMATION OF REGISTRANT COHEN & COMPANY INC. (PARENT COMPANY) Statements of Operations (Dollars in Thousands) For the Year Ended December 31, 2023 2022 2021 Revenues Equity in undistributed earnings / (loss) from Cohen & Company, LLC $ 3,708 $ (4,953 ) $ 13,908 Total revenues 3,708 (4,953 ) 13,908 Operating income / (loss) 3,708 (4,953 ) 13,908 Non-operating expense Interest expense (5,247 ) (3,443 ) (2,812 ) Income / (loss) before income taxes (1,539 ) (8,396 ) 11,096 Income tax (benefit) / expense 3,574 4,993 (712 ) Net income / (loss) $ (5,113 ) $ (13,389 ) $ 11,808 See accompanying notes to condensed financial statements. COHEN & COMPANY INC. CONDENSED FINANCIAL INFORMATION OF REGISTRANT COHEN & COMPANY INC. (PARENT COMPANY) Statements of Cash Flows (Dollars in Thousands) For the Year Ended December 31, 2023 2022 2021 Operating activities Net income / (loss) $ (5,113 ) $ (13,389 ) $ 11,808 Adjustments to reconcile net income / (loss) to net cash provided by / (used) in operating activities: Equity in undistributed earnings / (loss) from Cohen & Company, LLC (3,708 ) 4,953 (13,908 ) Distributions from / (contributions to) Cohen & Company, LLC 6,223 5,433 (2,662 ) Amortization of discount of debt 692 563 526 (Increase) / decrease in other assets 108 (166 ) - Increase / (decrease) in accounts payable and other liabilities 35 199 (74 ) Increase / (decrease) in deferred income taxes 3,561 5,041 (736 ) Net cash provided by / (used in) operating activities 1,798 2,634 (5,046 ) Financing activities Repurchase and repayment of debt - - - Proceeds from issuance of Common Stock - - 9,076 Cash used to net share settle equity awards (48 ) (76 ) (102 ) Principal payments on debt - - (2,400 ) Repurchase of stock - - (857 ) Dividends paid to stockholders (1,750 ) (2,558 ) (671 ) Net cash provided by / (used in) financing activities (1,798 ) (2,634 ) 5,046 Net increase (decrease) in cash and cash equivalents - - - Cash and cash equivalents, beginning of period - - - Cash and cash equivalents, end of period $ - $ - $ - See accompanying notes to condensed financial statements. COHEN & COMPANY INC. CONDENSED FINANCIAL INFORMATION OF REGISTRANT COHEN & COMPANY INC. (PARENT COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS (Dollars in thousands) The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and related notes of Cohen & Company Inc. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company paid or received cash distributions to / from Cohen & Company, LLC as disclosed above in the statements of cash flow. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | A. Principles of Consolidation The consolidated financial statements reflect the accounts of Cohen & Company Inc. and its subsidiaries that are required to be consolidated under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation 810” The Company consolidates the Operating LLC, which is its main operating subsidiary and through which it carries out nearly all of its activities. With the exception of the junior subordinated notes included as a component of debt and the deferred tax liability, nearly all of the assets and liabilities included in the Company’s consolidated balance sheet are owned by the Operating LLC or its consolidated subsidiaries. In addition, with the exception of interest expense related to the junior subordinated notes and corporate tax expense, nearly all revenues, expenses, gains, and losses recognized in the consolidated statement of operations are generated by the Operating LLC or its consolidated subsidiaries. E ffective December 31, 2023 2022 , the Company controlled 51.00% of the voting interest and owned 27.55% and 26.55%, respectively, of the economic interest of the Operating LLC. Although the Company’s economic interest is below 50%, 50% December 31, 2023, 2022, 2021, 2019. 21 31. |
Use of Estimates, Policy [Policy Text Block] | B. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Adoption of New Accounting Standards [Policy Text Block] | C. Adoption of New Accounting Standards In December 2019, 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes. 740 2019 12, January 1, 2021, not In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 321, 323, 815 321 2020 01, January 1, 2021, not 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, 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 Modifications and Extinguishments (Subtopic 470 50 718 Contracts in Entity's Own Equity (Subtopic 815 40 Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. 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 |
Cash and Cash Equivalents, Policy [Policy Text Block] | D. Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term, highly liquid investments that have original maturities of three not |
Marketable Securities, Policy [Policy Text Block] | E. Financial Instruments The Company accounts for its investment securities at fair value under various accounting literature including FASB ASC 320, Investments — Debt and Equity Securities 320” , 825, Financial Instruments 825” 946 , Financial Services-Investment Companies 946” 940 320, Proprietary Trading Securities 940 320" . Certain of the Company’s assets and liabilities are required to be measured at fair value. For those assets and liabilities, the Company determines fair value according to the fair value measurement provisions included in ASC 820, Fair Value Measurements and Disclosures 820” 820 not 820 three 1, 2, 3 In addition, the Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions included in ASC 825. not 9 For financial instruments held by JVB, the Company accounts for them under ASC 940 320. 940 320 940 320 320 940 320 not For financial instruments held outside of JVB, the Company accounts for them under ASC 320. 320 320 825 320 No 825, When the Company acquires an investment for the purpose of earning a return rather than to support the Company’s trading or matched book repo operations, the Company classifies that investment as either other investments, at fair value or other investments sold, not not When the Company acquires an investment that is required to be accounted for under the equity method, the Company will elect the fair value option when the fair value of the investment is either readily determinable or is eligible to be accounted for at NAV under the practical expedient of ASC 946. not 12. The determination of fair value is based on either quoted market prices of an active exchange, independent broker market quotations, market price quotations from third third Also, from time to time, the Company may may 810 . 18. Investments-Trading Unrealized and realized gains and losses on securities classified as investments-trading are recorded in net trading in the consolidated statements of operations. Trading Securities Sold, Not Trading securities sold, not may not Other Investments, at Fair Value 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 statements of operations. Other investments sold, not Other investments sold, not not may not |
Derivatives, Policy [Policy Text Block] | F. Derivative Financial Instruments 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 n a net basis if the 210 not 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 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. 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 The Company has engaged in several transactions known as share forward arrangements ("SFAs"). These transactions include the acquisition of financial instruments and an offsetting derivative. See note 10. 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 10. |
Receivables from and Payables to Brokers, Dealers and Clearing Agencies [Policy Text Block] | G. Receivables from and payables to brokers, dealers, and clearing agencies Receivables from brokers, dealers, and clearing agencies may may 2016 13, may not not 6. |
Property, Plant and Equipment, Policy [Policy Text Block] | H. Furniture, Equipment, and Leasehold Improvements, Net Furniture, equipment, and leasehold improvements are stated at cost, less accumulated depreciation, and amortization, and are included as a component of other assets in the consolidated balance sheets. Furniture and equipment are depreciated on a straight-line basis over their estimated useful life of 3 to 5 years. Leasehold improvements are amortized over the lesser of their useful life or lease term, which generally ranges from 5 to 10 years. See note 16. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | I. Goodwill and Intangible Assets with Indefinite Lives Goodwill represents the amount of the purchase price in excess of the fair value assigned to the individual assets acquired and liabilities assumed in various acquisitions completed by the Company. See note 13. 350, 350” not The Company measures its goodwill for impairment on an annual basis or when events indicate that goodwill may not The Company includes intangible assets comprised primarily of its broker-dealer licenses in other assets on its consolidated balance sheets that it considers to have indefinite useful lives. The Company reviews these assets for impairment on an annual basis. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | J. Variable Interest Entities ASC 810 not Once it is determined that the Company holds a variable interest in a VIE, ASC 810 18 |
Repurchase and Resale Agreements Policy [Policy Text Block] | K. Collateralized Securities Transactions The Company may In the case of reverse repurchase agreements, the Company generally takes possession of securities as collateral. Likewise, in the case of repurchase agreements, the Company is required to provide the counterparty with securities as collateral. In certain cases, a repurchase agreement and a reverse repurchase agreement may 210 not ASC 210 The Company classifies reverse repurchase agreements as a separate line item within the assets section of the Company’s consolidated balance sheets. The Company classifies repurchase agreements as a separate line item within the liabilities section of the Company’s consolidated balance sheets. In the case of reverse repurchase agreements, if the counterparty is unable or unwilling to fulfill its obligation to repurchase the collateral securities at maturity, the Company can sell the collateral securities to repay the obligation. However, the Company is at risk that it may may In the case of repurchase agreements, if the counterparty makes a margin call and the Company is unable or unwilling to meet the margin call, the counterparty can sell the securities to repay the obligation. The Company is at risk that the counterparty may may In general, reverse repurchase agreements and repurchase agreements allow each counterparty to re-pledge or resell the collateral securities to other counterparties. The Company also receives fees for arranging repo financing for counterparties. See discussion of Agency Repo in note 11. |
Debt, Policy [Policy Text Block] | L. Debt Debt is recorded at its face amount, less any discount or plus any premium. Debt issuance costs are included as a component of discount on debt. Any discount on debt is amortized as a component of interest expense using the effective interest method. The Company has not 825. 20. |
Redeemable Financial Instruments [Policy Text Block] | M. Redeemable Financial Instruments Redeemable financial instruments are investments made in the Operating LLC or other operating subsidiaries. These investments entitle the holder to an investment return that is variable and is based on the operating results of certain business units of the Company. These investments can be redeemed by the Company under certain circumstances or the holder may no 19 31. |
Revenue [Policy Text Block] | N. Revenue Recognition Net trading Net trading includes: (i) all gains, losses, interest income, dividend income, and interest expense from securities classified as investments-trading and trading securities sold, not no 10. not third third Asset management Asset management revenue consists of management fees earned from Investment Vehicles. In the case of CDOs, the fees earned by the Company generally consist of senior, subordinated, and incentive fees. The senior asset management fee is generally senior to all the securities in the CDO capital structure and is recognized on a monthly basis as services are performed. The senior asset management fee is generally paid on a quarterly basis. The subordinated asset management fee is an additional payment for the same services but has a lower priority in the CDO cash flows. If the CDO experiences a certain level of asset defaults and deferrals, these fees may not no not not five seven not not not New issue and advisory New issue and advisory revenue is comprised of (a) origination fees for newly created financial instruments originated by the Company: (b) revenue from advisory services, and (c) revenue associated with arranging and placing the issuance of newly created financial instruments. Principal transactions and other income Principal transactions include all gains, losses, and income from financial instruments classified as other investments, at fair value and other investments sold, not Investments classified as other investments, at fair value and other investments sold, not third third Other income/(loss) includes foreign currency gains and losses, interest earned on cash and cash equivalents, interest earned and losses incurred on notes receivable, and other miscellaneous income including revenue from revenue sharing arrangements. |
Interest Expense, Policy [Policy Text Block] | O. Interest Expense, net Interest expense incurred, other than interest income and expense included as a component of net trading, is recorded on an accrual basis and presented in the consolidated statements of operations as a separate non-operating expense. See notes 19 20. |
Lessee, Leases [Policy Text Block] | P. Leases The Company leases office space and certain computer and related equipment. From time to time, the Company sub-leases office space to other tenants. Under the requirements of ASC 842, no |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Q. Non-Controlling Interest The equity interests of any consolidated subsidiary that are not 21. |
Share-Based Payment Arrangement [Policy Text Block] | R. Equity-Based Compensation The Company accounts for equity-based compensation issued to its employees using the fair value-based methodology prescribed by the provisions related to share-based payments included in FASB ASC 718, Compensation-Stock Compensation 718” three 718. First, the Company may no Second, the Company may no Third, employees may 718. not no |
Income Tax, Policy [Policy Text Block] | S. Accounting for Income Taxes Cohen & Company Inc. is treated as a C corporation for United States federal and state income tax purposes. The Company’s voting-controlled subsidiary, the Operating LLC, is treated as a pass-through entity for U.S. federal income tax purposes and in most of the states in which it does business. However, in the periods presented, the Operating LLC or its subsidiaries have been subject to entity level income taxes in certain foreign jurisdictions as well as in New York City and Philadelphia. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the U.S. GAAP and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not 23 The Company’s policy is to record penalties and interest as a component of income tax expense (benefit) in the consolidated statements of operations. |
Comprehensive Income, Policy [Policy Text Block] | T. Other Comprehensive Income / (Loss) The Company reports the components of comprehensive income / (loss) within the consolidated statements of operations and comprehensive income / (loss). Comprehensive income / (loss) includes net income / (loss) from foreign translation adjustment. |
Earnings Per Share, Policy [Policy Text Block] | U. Earnings / (Loss) Per Common Share In accordance with FASB ASC 260, Earnings Per Share 260” not 26 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | V. Business Concentration A significant portion of the Company’s asset management revenues in a year may December 31, 2023 Other than revenue earned in its gestation repo operations, the Company’s trading revenue is generated from transactions with a diverse set of institutional customers. The Company does not 11 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | W. 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 9 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 agreement to repurchase one 2 Redeemable financial instruments 3 Debt December 31, 2023 2022 3 Derivatives may not 10 11. third |
Investments in Special Purpose Acquisition Companies ("SPACs") Sponsor Entitles [Policy Text Block] | X. The Company invested in the sponsor entities of SPACs. Sponsor entities are limited liability companies (each an "LLC") that pool their members' interests and invest in the private placement of a SPAC. The SPAC will also raise funds in a public offering and seek to complete a business combination within an agreed upon time frame. The SPAC will use the proceeds raised from the private placement to pay transaction and operating expenses during the period it is seeking a business combination. The proceeds of the public offering are placed in an interest bearing trust and can only be used to complete the business combination. Generally, the public investors must approve any business combination prior to its effectiveness. If a business combination is not may • The sponsor entities are LLCs that give all important decision making rights to their respective managing member. Furthermore, the other members of the LLC cannot replace the managing member. Accordingly, the Company has concluded that the sponsor entities are VIEs and the managing member has the power to direct its most important economic activities. In all cases where the Company was the managing member of a sponsor entity, it also had a significant economic interest in such sponsor entity and therefore consolidated such sponsor entity. • In all cases where the Company consolidated a sponsor entity, it has determined that the sponsor entity's private placement investment in the SPAC that it sponsored should be treated as an equity method investment during the SPAC's pre-business combination period. Furthermore, due to the difficulty of determining the fair value of such an investment in the SPAC's pre-business combination period, the Company has chosen to not • If a SPAC completed its business combination, the sponsor entity's investment in the SPAC was converted to a combination of unrestricted and restricted shares in the post-business combination SPAC. At this point (assuming the Company consolidated the sponsor entity), the Company accounted for the shares received at fair value. The Company reclassified any remaining equity method investment to other investments, at fair value and recorded principal transactions income for the difference. The Company recorded non-controlling interest expense for the SPAC shares that were distributable to the non-controlling interest holders of the sponsor entity. The fair value of the unrestricted shares received is equal to the public trading price of the SPAC on the date of the business combination. The fair value of the restricted shares received was adjusted downwards from the public trading price for certain sale restrictions imposed (generally, they are restricted for sale for some time period and subject to certain hurdle prices before they become freely tradeable). The Company uses a Monte Carlo simulation model to determine the appropriate discount to place on shares that are subject to hurdle prices. In the case of a SPAC business combination where the Company consolidated the sponsor entity, generally there is also an equity-based compensation entry to be recorded at the date of the business combination. See the equity-based compensation section above. The Company will continue to mark the sponsor entity's investment in the SPAC to market and record principal transactions income or loss and offsetting non-controlling interest income or expense until the sponsor entity itself distributes all of the SPAC shares it owns to its members and liquidates. At that point, the Company holds the SPAC shares directly (rather than through a consolidated subsidiary) and records principal transaction income and loss until the SPAC shares are liquidated. • The Company also invested in sponsor entities that it does not not not not • If a SPAC completed a business combination and the Company had an equity method investment in the associated sponsor entity, upon completing a business combination, the sponsor entity recorded income equal to the difference between the fair value of the restricted and unrestricted shares it received and the carrying value of its equity method investment in the SPAC. The Company recognized its share of this gain as income from equity method affiliates. The sponsor entity continued to mark its investment in the SPAC to market after the business combination and the Company recognized its share of the change in fair value as income or loss from equity method affiliates. Once the sponsor entity distributed the Company's share of the SPAC shares it owned, the Company reclassified its investment from investment in equity method affiliate to other investments, at fair value as the Company held the SPAC shares directly (rather than through an equity method investee). The Company then recorded principal transactions income and loss until the SPAC shares are liquidated. • If a SPAC liquidated and the Company had an investment in it (either directly in the case of consolidated sponsor entities or indirectly in the case of equity method sponsor entities), the Company wrote off its remaining equity method balance and recorded a loss on its equity method investment. In the case of consolidated sponsor entities, the Company recorded an offsetting entry to non-controlling interest. |
New Accounting Pronouncements, Policy [Policy Text Block] | Y. Recent Accounting Developments In August 2020, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 December 15, 2023, not In June 2022, 2022 03, Fair Value Measurement (Topic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions not not December 15, 2023. not In March 2023, 2023 02, Investments Equity Method and Joint Ventures (Topic 323 December 15, 2023. not In August 2023, 2023 05, Business Combinations Joint Venture Formations (Subtopic 805 60 January 1, 2025. No. 2023 05 not may In October 2023, 2023 06 , Disclosure Improvements Codification Amendments in Response to the Securities and Exchange Commission ( SEC ) Disclosure Update and Simplification Initiative X no not June 30, 2027. not may not In November 2023, 2023 07, Segment Reporting (Topic 280 The amendments in this ASU are designed to improve reportable segment disclosure requirements primarily through enhance disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, December 15, 2024. may In December 2023, 2023 09, Income Taxes (Topic 740 ). The amendments in this ASU address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 may |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Balance Sheet As Stated Revised Change Deferred income taxes $ 9,468 $ 11,513 $ 2,045 Accounts payable and other liabilities $ 22,701 $ 22,819 $ 118 Accumulated deficit $ (9,730 ) $ (9,204 ) $ 526 Non-controlling interest $ 88,091 $ 89,492 $ 1,401 Income Statement Income tax expense (benefit) $ (1,614 ) $ (3,541 ) $ (1,927 ) Net Income (loss) $ 72,111 $ 74,038 $ 1,927 Net Income attributable to non-controlling interests $ 60,829 $ 62,230 $ 1,401 Net income (loss) attributable to Cohen & Company Inc. $ 11,282 $ 11,808 $ 526 Basic Earnings Per Share $ 9.50 $ 9.95 $ 0.45 Diluted Earnings Per Share $ 7.48 $ 7.83 $ 0.35 |
Note 4 - Other Recent Events (T
Note 4 - Other Recent Events (Tables) | 12 Months Ended |
Dec. 31, 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 ) Vellar GP's remaining investment in the SPAC Fund $ 45 |
Note 5 - Net Trading (Tables)
Note 5 - Net Trading (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Net Trading [Table Text Block] | Year Ended December 31, 2023 2022 2021 Net realized gains / (losses)- trading inventory $ 18,962 $ 12,583 $ 21,103 Net unrealized gains / (losses)-trading inventory (2,087 ) (2,463 ) (3,069 ) Gains and losses 16,875 10,120 18,034 Interest income-trading inventory 4,250 2,888 5,958 Interest income-reverse repos 28,238 47,023 78,064 Interest income 32,488 49,911 84,022 Interest expense-repos (25,072 ) (31,021 ) (40,269 ) Interest expense-margin payable (6,267 ) (2,680 ) (706 ) Interest expense (31,339 ) (33,701 ) (40,975 ) Other trading revenue 12,902 13,679 8,304 Net trading $ 30,926 $ 40,009 $ 69,385 |
Note 6 - Receivables From and_2
Note 6 - Receivables From and Payables to Brokers, Dealers, and Clearing Agencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Due to (from) Broker-Dealer and Clearing Organization [Table Text Block] | December 31, 2023 December 31, 2022 Deposits with clearing organizations $ 250 $ 250 Unsettled regular way trades, net 1,527 - Receivable from clearing organizations 65,024 140,683 Receivables from brokers, dealers, and clearing agencies $ 66,801 $ 140,933 December 31, 2023 December 31, 2022 Unsettled regular way trades, net $ - $ 3,238 Margin payable 111,085 131,747 Payables to brokers, dealers, and clearing agencies $ 111,085 $ 134,985 |
Note 7 - Other Receivables (Tab
Note 7 - Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 December 31, 2022 Asset management fees receivable $ 1,085 $ 936 New issue and advisory fees receivable 1,181 167 Cash collateral due from repo and/or reverse repo counterparties - 4,301 Accrued interest receivable 1,689 2,561 Revenue share receivable 321 138 Agency repo income receivable 391 806 Miscellaneous other receivables 706 618 Other receivables $ 5,373 $ 9,527 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | December 31, 2023 December 31, 2022 ABS $ - $ 1 Corporate bonds and redeemable preferred stock 53,657 44,572 Derivatives 7,470 4,669 Equity securities 928 220 Municipal bonds 20,572 19,502 Residential mortgage loans 3,113 13,506 RMBS 9 7 U.S. government agency debt securities 6,567 19,683 U.S. government agency MBS and CMOs 88,000 97,276 U.S. Treasury securities 1,012 12,392 Investments-trading $ 181,328 $ 211,828 |
Security Sold Short [Table Text Block] | December 31, 2023 December 31, 2022 Corporate bonds and redeemable preferred stock $ 24,355 $ 61,310 Derivatives 6,719 1,177 Equity securities 393 51 U.S. government agency debt securities - 32 U.S. government agency MBS and CMOs - 1 U.S. Treasury securities 34,284 71,386 Trading securities sold, not yet purchased $ 65,751 $ 133,957 December 31, 2023 December 31, 2022 Equity securities $ 97 $ 78 Share forward liabilities 24,645 - Other investments sold, not yet purchased $ 24,742 $ 78 |
Schedule of Other Investments at Fair Value [Table Text Block] | December 31, 2023 December 31, 2022 Equity securities $ 38,038 $ 13,725 Equity derivatives 1,447 - Restricted equity securities 2,054 3,135 Corporate bonds and redeemable preferred stock 506 476 Fair value receivables 9,541 - Interests in SPVs 12,609 - CREO JV 4,783 6,568 U.S. Insurance JV 3,107 3,459 SPAC Fund - 527 Residential loans 132 132 Other investments, at fair value $ 72,217 $ 28,022 |
Note 9 - Fair Value Disclosur_2
Note 9 - Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Significant Significant Quoted Prices in Other Observable Unobservable Active Markets Inputs Inputs Assets Fair Value (Level 1) (Level 2) (Level 3) Investments-trading: Corporate bonds and redeemable preferred stock $ 53,657 $ - $ 53,657 $ - Derivatives 7,470 - 7,470 - Equity securities 928 639 289 - Municipal bonds 20,572 - 20,572 - Residential mortgage loans 3,113 - 3,113 - RMBS 9 - 9 - U.S. government agency debt securities 6,567 - 6,567 - U.S. government agency MBS and CMOs 88,000 - 88,000 - U.S. Treasury securities 1,012 1,012 - - Total investments - trading $ 181,328 $ 1,651 $ 179,677 $ - Other investments, at fair value: Equity securities $ 38,038 38,038 $ - $ - Equity derivatives 1,447 - 1,447 - Restricted equity securities 2,054 - 2,054 - Corporate bonds and redeemable preferred stock 506 - 506 - Fair value receivables 9,541 - 9,541 - Interests in SPVs 12,609 - 12,609 - Residential loans 132 - 132 - 64,327 $ 38,038 $ 26,289 $ - Investments measured at NAV (1) 7,890 Total other investments, at fair value $ 72,217 Liabilities Trading securities sold, not yet purchased: Corporate bonds and redeemable preferred stock $ 24,355 $ - $ 24,355 $ - Derivatives 6,719 - 6,719 - Equity securities 393 393 - - U.S. government agency MBS and CMOs - - - - U.S. Treasury securities 34,284 34,284 - - Total trading securities sold, not yet purchased $ 65,751 $ 34,677 $ 31,074 $ - Other investments, sold not yet purchased: Equity securities $ 97 $ 97 $ - $ - Share forward liabilities 24,645 - 24,645 - Total other investments, sold not yet purchased $ 24,742 $ 97 $ 24,645 $ - Significant Significant Quoted Prices in Other 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 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: Derivatives $ 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] | December 31, 2023 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value CREO JV (a) $ 4,783 $ 10,398 N/A N/A U.S. Insurance JV (b) 3,107 N/A N/A N/A $ 7,890 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 NA Quarterly after 1 year lock up 30 days $ 10,554 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Derivative Financial Instruments Not Designated as Hedging Instruments Under ASC 815 Balance Sheet Classification December 31, 2023 December 31, 2022 TBAs and other forward agency MBS Investments-trading $ 7,470 $ 4,669 TBAs and other forward agency MBS Trading securities sold, not yet purchased (6,719 ) (1,177 ) Equity derivatives Other investments, at fair value 1,447 - Share forward liabilities Other investments sold, not yet purchased, at fair value (24,645 ) - $ (22,447 ) $ 3,492 |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the Year Ended December 31, Derivative Financial Instruments Not Designated as Hedging Instruments Under ASC 815 Income Statement Classification 2023 2022 2021 TBAs and other forward agency MBS Revenues-net trading $ 3,933 $ 8,883 $ 7,460 Equity derivatives Principal transactions and other income (loss) 603 - (233 ) Share forward liabilities Principal transactions and other income (loss) 108,084 - - $ 112,620 $ 8,883 $ 7,227 |
Share Forward Arrangements [Table Text Block] | December 31, 2023 December 31, 2022 Equity securities $ 26,079 $ - Equity derivatives 1,447 - Fair value receivables 6,278 - Share forward liabilities (24,645 ) - Net fair value of share forward arrangements $ 9,159 $ - |
Note 11 - Collateralized Secu_2
Note 11 - Collateralized Securities Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block] | Repurchase Agreements Remaining Contractual Maturity of the Agreements Collateral Type: Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total MBS (gestation repo) $ - $ 408,203 $ - $ - $ 408,203 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements Collateral Type: Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total MBS (gestation repo) $ - $ 408,408 $ - $ - $ 408,408 Repurchase Agreements Remaining Contractual Maturity of the Agreements Collateral Type: Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total MBS (gestation repo) $ - $ 452,797 $ - $ - $ 452,797 Reverse Repurchase Agreements Remaining Contractual Maturity of the Agreements MBS (gestation repo) $ - $ 437,692 $ - $ - $ 437,692 |
Note 12 - Investments in Equi_2
Note 12 - Investments in Equity Method Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Insurance SPACs Dutch Real Estate Entities SPAC Sponsor Entities and Other Total December 31, 2020 $ 9,807 $ 3,312 $ 363 $ 13,482 Investments / advances - 2,425 5,967 8,392 Distributions / repayments (3,958 ) - (249 ) (4,207 ) Reclasses to (from) (5,439 ) (5,439 ) Earnings / (loss) realized (1,306 ) (137 ) 37,453 36,010 December 31, 2021 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) realized (5,898 ) (70 ) (14,963 ) (20,931 ) December 31, 2022 - 5,530 3,399 8,929 Investments / advances - - 1,896 1,896 Distributions / repayments - - (2,091 ) (2,091 ) Reclasses to (from) - - (10,102 ) (10,102 ) Earnings / (loss) realized - 334 15,275 15,609 December 31, 2023 $ - $ 5,864 $ 8,377 $ 14,241 December 31, 2023 December 31, 2022 Total Assets $ 628,495 $ 849,826 Liabilities $ 329,661 $ 350,701 Equity allocable to the controlling interest 298,709 499,000 Noncontrolling interest 125 125 Total Equity 298,834 499,125 Total Liabilities & Equity $ 628,495 $ 849,826 Year Ended December 31, 2023 2022 2021 Net income/(loss) $ 17,858 $ (100,481 ) $ 221,053 Net income/(loss) attributable to the investee $ 17,843 $ (100,495 ) $ 221,053 |
Note 13 - Goodwill (Tables)
Note 13 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | December 31, 2023 December 31, 2022 AFN $ 109 $ 109 Goodwill $ 109 $ 109 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | December 31, 2023 2024 $ 2,175 2025 1,799 2026 1,511 2027 1,519 2028 1,527 Thereafter 729 Total 9,260 Less imputed interest (1,044 ) Lease obligation $ 8,216 |
Note 15 - Other Assets (Tables)
Note 15 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, 2023 December 31, 2022 Deferred costs $ - $ 133 Prepaid expenses 1,328 1,325 Prepaid income taxes 235 - Deposits 730 450 Furniture, equipment, and leasehold improvements, net 1,282 1,472 Intangible assets 166 166 Other assets $ 3,741 $ 3,546 |
Note 16 - Furniture, Equipmen_2
Note 16 - Furniture, Equipment, and Leasehold Improvements, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives (In Years) December 31, 2023 December 31, 2022 Furniture and equipment 3 to 5 $ 3,448 $ 3,081 Leasehold improvements 5 to 10 560 553 4,008 3,634 Accumulated depreciation (2,726 ) (2,162 ) Furniture, equipment, and leasehold improvements, net $ 1,282 $ 1,472 |
Note 17 - Accounts Payable an_2
Note 17 - Accounts Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2023 December 31, 2022 Accounts payable $ 1,180 $ 891 Redeemable financial instrument accrued interest 90 - Accrued income tax - 70 Accrued interest payable 474 452 Accrued interest on securities sold, not yet purchased 725 1,561 Payroll taxes payable 2,118 1,565 Cash collateral held from repo and or reverse repo counterparties - 4,301 Accrued expense and other liabilities 3,528 2,599 Accounts payable and other liabilities $ 8,115 $ 11,439 |
Note 18 - Variable Interest E_2
Note 18 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Summary of Consolidated Variable Interest Entities [Table Text Block] | December 31, 2023 December 31, 2022 Cash and cash equivalents $ 27 $ 19 Due from broker 461 - Other investments, at fair value 34,129 - Investment in equity method affiliates 2,638 23 Other investments sold, not yet purchased (24,396 ) - Non-controlling interest (9,604 ) (15 ) Investment in consolidated VIEs $ 3,255 $ 27 |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 2023 December 31, 2022 Other investments, at fair value $ 20,499 $ 10,554 Investments in equity method affiliates 5,739 3,376 Maximum Exposure $ 26,238 $ 13,930 |
Note 19 - Redeemable Financia_2
Note 19 - Redeemable Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Redeemable Financial Instruments [Table Text Block] | December 31, 2023 December 31, 2022 JKD Investor $ 7,868 $ 7,868 $ 7,868 $ 7,868 |
Note 20 - Debt (Tables)
Note 20 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Description December 31, 2023 December 31, 2022 Interest Rate Terms Interest (2) Maturity Non-convertible debt: 10.00% senior note (the "2020 Senior Notes") $ 4,500 $ 4,500 Fixed 10.00% January 2026 Junior subordinated notes (1): Alesco Capital Trust I 28,125 28,125 Variable 9.65% July 2037 Sunset Financial Statutory Trust I 20,000 20,000 Variable 9.74% March 2035 Less unamortized discount (22,909 ) (23,601 ) 25,216 24,524 Byline Bank - - Variable N/A June 2024 Total $ 29,716 $ 29,024 |
Schedule Of Interest Expense By Debt Instrument [Table Text Block] | Year Ended December 31, 2023 2022 2021 Junior subordinated notes $ 5,247 $ 3,442 $ 2,601 2020 Senior Notes 450 458 540 2017 Convertible Note - 327 1,534 2013 Convertible Notes / 2019 Senior Notes - - 211 Byline Bank 338 247 435 Redeemable Financial Instrument - DGC Trust / CBF - - 197 Redeemable Financial Instrument - JKD Capital I LTD 491 508 1,715 $ 6,526 $ 4,982 $ 7,233 |
Note 21 - Equity (Tables)
Note 21 - Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Unrestricted Common Stock And Restricted Common Stock Activity [Table Text Block] | Common Stock Restricted Stock Total December 31, 2020 1,038,963 286,566 1,325,529 Issuance of shares 300,859 - 300,859 Issuance as equity-based compensation - 142,376 142,376 Vesting of shares 62,649 (62,649 ) - Shares withheld for employee taxes (21,777 ) - (21,777 ) Forfeiture / cancellation of restricted stock - - - Repurchase and retirement of common stock (49,544 ) - (49,544 ) December 31, 2021 1,331,150 366,293 1,697,443 Issuance of shares - - - Issuance as equity-based compensation - 92,400 92,400 Vesting of shares 117,634 (117,634 ) - Shares withheld for employee taxes (15,501 ) - (15,501 ) Forfeiture / cancellation of restricted stock - - - Repurchase and retirement of common stock - - - December 31, 2022 1,433,283 341,059 1,774,342 Issuance of shares - - - Issuance as equity-based compensation - 143,900 143,900 Vesting of shares 113,301 (113,301 ) - Shares withheld for employee taxes (20,328 ) - (20,328 ) Forfeiture / cancellation of restricted stock - (4,167 ) (4,167 ) Repurchase and retirement of common stock - - - December 31, 2023 1,526,256 367,491 1,893,747 |
Units Received Pursuant To Agreement [Table Text Block] | Cohen & Company Inc. Daniel G. Cohen DGC Trust Others Total December 31, 2020 10,389,624 18,076,275 9,880,268 72,088 38,418,255 Issuance of Units under UIS Agreement, net 3,417,310 - - - 3,417,310 Issuance of Units as equity compensation - - - - - Vesting of units - 529,040 - 10 529,050 Repurchase and retirement of Common Stock (495,440 ) - - - (495,440 ) December 31, 2021 13,311,494 18,605,315 9,880,268 72,098 41,869,175 Issuance of Units under UIS Agreement, net 1,021,330 - - - 1,021,330 Issuance of Units as equity compensation - - - - - Vesting of units - 751,540 - - 751,540 Issuance of units under 2017 Convertible Note - - 10,344,827 - 10,344,827 December 31, 2022 14,332,824 19,356,855 20,225,095 72,098 53,986,872 Issuance of Units under UIS Agreement, net 929,730 - - - 929,730 Issuance of Units as equity compensation - - - - - Vesting of units - 967,830 - 470,330 1,438,160 Redemption of convertible non-controlling interest units - (479,380 ) - (470,330 ) (949,710 ) December 31, 2023 15,262,554 19,845,305 20,225,095 72,098 55,405,052 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Net income / (loss) attributable to Cohen & Company Inc. $ (5,113 ) $ (13,389 ) $ 11,808 Transfers (to) from the non-controlling interest: Increase / (decrease) in Cohen & Company Inc.'s paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net 636 (338 ) (1,929 ) Changes from net income / (loss) attributable to Cohen & Company Inc. and transfers (to) from non-controlling interest $ (4,477 ) $ (13,727 ) $ 9,879 |
Non-controlling Interest, Changes in Ownership Activity [Table Text Block] | Operating LLC Insurance SPACs Sponsor Entities Other Consolidated Subsidiaries Total December 31, 2020 $ 29,723 $ 26,397 $ 1,408 $ 57,528 Non-controlling interest share of (loss) 26,656 20,589 14,985 62,230 Other comprehensive income (170 ) - - (170 ) Acquisition / (surrender) of additional units of consolidated subsidiary 1,939 - - 1,939 Equity-based compensation 1,859 13,068 - 14,927 Shares withheld for employee taxes (276 ) - - (276 ) Dividends/distributions to convertible non-controlling interest (2,103 ) - - (2,103 ) Non-convertible non-controlling interest investment - 7 17,088 17,095 Non-convertible non-controlling interest distributions - (55,253 ) (6,425 ) (61,678 ) December 31, 2021 $ 57,628 $ 4,808 $ 27,056 $ 89,492 Non-controlling interest share of (loss) (22,078 ) (4,808 ) (18,395 ) (45,281 ) Other comprehensive income (152 ) - - (152 ) Acquisition / (surrender) of additional units of consolidated subsidiary 334 - - 334 Equity-based compensation 3,181 - - 3,181 Shares withheld for employee taxes (158 ) - - (158 ) Dividends/distributions to convertible non-controlling interest (6,485 ) - - (6,485 ) Convertible non-controlling interest investment 15,000 - - 15,000 Non-convertible non-controlling interest investment - - 9 9 Non-convertible non-controlling interest distributions - - (8,653 ) (8,653 ) December 31, 2022 $ 47,270 $ - $ 17 $ 47,287 Non-controlling interest share of (loss) (4,078 ) - 19,590 15,512 Other comprehensive income 61 - - 61 Acquisition / (surrender) of additional units of consolidated subsidiary (622 ) - - (622 ) Equity-based compensation 3,184 - - 3,184 Shares withheld for employee taxes (127 ) - - (127 ) Dividends/distributions to convertible non-controlling interest (4,344 ) - - (4,344 ) Redemption of convertible non-controlling interest units (834 ) - - (834 ) Non-convertible non-controlling interest investment - - 39 39 Non-convertible non-controlling interest distributions - - (10,041 ) (10,041 ) December 31, 2023 $ 40,510 $ - $ 9,605 $ 50,115 |
Note 22 - Equity-based Compen_2
Note 22 - Equity-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Equity based compensation expense $ 4,391 $ 4,390 $ 15,718 Non equity-based compensation expense 47,701 45,900 69,330 Total compensation and benefits $ 52,092 $ 50,290 $ 85,048 |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Restricted Stock or Units - 2006/2010 Plans $ - $ 21 $ 291 Restricted Stock or Units - 2020 Plan 4,391 4,369 2,359 Membership interests in consolidated sponsor entities - - 13,068 Total equity-based compensation expense $ 4,391 $ 4,390 $ 15,718 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares of Restricted Stock Weighted Average Grant Date Fair Value Unvested at January 1, 2021 286,566 $ 14.23 Granted 142,376 17.94 Vested (62,649 ) 7.59 Unvested at December 31, 2021 366,293 16.80 Granted 92,400 11.13 Vested (117,634 ) 14.08 Unvested at December 31, 2022 341,059 16.17 Granted 143,900 7.57 Vested (113,301 ) 17.18 Forfeiture (4,167 ) (11.65 ) Unvested at December 31, 2023 367,491 12.54 Number of Restricted Units Weighted Average Grant Date Fair Value Unvested at January 1, 2021 2,783,080 $ 1.46 Granted 4,617,000 2.07 Vested (529,050 ) 0.62 December 31, 2021 6,871,030 1.46 Granted 422,000 1.93 Vested (751,540 ) 0.85 Unvested at December 31, 2022 6,541,490 1.35 Granted 422,000 0.68 Vested (1,438,160 ) 1.97 Unvested at December 31, 2023 5,525,330 $ 1.82 |
Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Membership Units Weighted Average Grant Date Fair Value Unvested at January 1, 2021 3,272,500 $ 9.98 Granted - - Vested (1,309,000 ) 9.99 Forfeited (231,000 ) 9.99 December 31, 2021 1,732,500 9.97 Granted - - Vested - - Forfeited (1,732,500 ) 9.97 Unvested at December 31, 2022 - - Granted - - Vested - - Forfeited - - Unvested at December 31, 2023 - $ - |
Note 23 - Income Taxes (Tables)
Note 23 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Current income tax expense (benefit) Federal income tax expense (benefit) $ - $ - $ - Foreign income tax expense (benefit) 120 198 188 State and local income tax expense (benefit) 71 17 387 191 215 575 Deferred income tax expense (benefit) Federal income tax expense (benefit) 3,205 4,634 (530 ) Foreign income tax expense (benefit) - - - State and local income tax expense (benefit) 2,149 (55 ) (3,586 ) 5,354 4,579 (4,116 ) Total 5,545 4,794 (3,541 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Domestic $ 15,705 $ (54,749 ) $ 69,791 Foreign 239 873 706 Total $ 15,944 $ (53,876 ) $ 70,497 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Federal statutory rate $ 3,348 $ (11,314 ) $ 14,804 Pass through impact (3,257 ) 9,509 (13,068 ) Deferred tax valuation allowance and other 3,114 6,439 (2,267 ) State and local tax 2,220 143 (3,197 ) Foreign tax 120 17 187 Total $ 5,545 $ 4,794 $ (3,541 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 December 31, 2022 Asset Liability Net Asset Liability Net Federal net operating loss carry-forward $ 20,256 $ - $ 20,256 $ 20,160 $ - $ 20,160 State and local net operating loss carry-forward 3,862 - 3,862 5,460 - 5,460 Federal capital loss carry-forward 12,567 - 12,567 14,796 - 14,796 Disallowed interest expense carryforward 925 - 925 - - - Unrealized gain on debt - (5,716 ) (5,716 ) - (6,505 ) (6,505 ) Investment in Operating LLC 13,225 - 13,225 13,682 - 13,682 Other 306 252 558 998 (227 ) 771 Gross deferred tax asset / (liability) 51,141 (5,464 ) 45,677 55,096 (6,732 ) 48,364 Less: valuation allowance (44,097 ) - (44,097 ) (41,430 ) - (41,430 ) Net deferred tax asset / (liability) $ 7,044 $ (5,464 ) $ 1,580 $ 13,666 $ (6,732 ) $ 6,934 |
Note 24 - Accumulated Other C_2
Note 24 - Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | OCI Items Tax Effect Total December 31, 2020 $ (821 ) $ - $ (821 ) Change in foreign currency items (74 ) - (74 ) Other comprehensive income / (loss), net (74 ) - (74 ) Acquisition / (surrender) of additional units in consolidated subsidiary, net (10 ) - (10 ) December 31, 2021 (905 ) - (905 ) Change in foreign currency items (54 ) - (54 ) Other comprehensive income / (loss), net (54 ) - (54 ) Acquisition / (surrender) of additional units in consolidated subsidiary, net 4 - 4 December 31, 2022 (955 ) - (955 ) Change in foreign currency items 25 - 25 Other comprehensive income / (loss), net 25 - 25 Acquisition / (surrender) of additional units in consolidated subsidiary, net (14 ) - (14 ) December 31, 2023 $ (944 ) $ - $ (944 ) |
Note 25 - Net Capital Require_2
Note 25 - Net Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Table Text Block] | December 31, 2023 Actual Net Capital or Liquid Capital Amount Required Excess JVB $ 49,878 $ 250 $ 49,628 CCFESA 1,761 685 1,076 Total $ 51,639 $ 935 $ 50,704 December 31, 2022 Actual Net Capital or Liquid Capital Amount Required Excess JVB $ 46,518 $ 250 $ 46,268 CCFESA 1,588 512 1,076 Total $ 48,106 $ 762 $ 47,344 |
Note 26 - Earnings (Loss) Per_2
Note 26 - Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 2021 Net income / (loss) attributable to Cohen & Company Inc. $ (5,113 ) $ (13,389 ) $ 11,808 Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership (1) - - 26,656 Add: Interest expense incurred on dilutive convertible notes - - 1,183 Add / (deduct): Adjustment (2) - - 1,719 Net income / (loss) on a fully converted basis $ (5,113 ) $ (13,389 ) $ 41,366 Weighted average common shares outstanding - Basic 1,513,469 1,420,383 1,187,029 Unrestricted Operating LLC units of membership interests exchangeable into Cohen & Company Inc. shares (1) - - 2,851,358 Restricted Units or shares - - 212,055 Shares issuable upon conversion of dilutive convertible notes - - 1,034,483 Weighted average common shares outstanding - Diluted 1,513,469 1,420,383 5,284,925 Net income / (loss) per common share - Basic $ (3.38 ) $ (9.43 ) $ 9.95 Net income / (loss) per common share - Diluted (3) $ (3.38 ) $ (9.43 ) $ 7.83 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2023 2022 2021 2017 Convertible Note - 224,138 - Restricted Common Stock 9,060 18,182 - Restricted Operating LLC units 4,010,179 3,735,004 - 4,019,239 3,977,324 - |
Note 28 - Commitments and Con_2
Note 28 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Future Lease Commitments [Table Text Block] | Lease Less: Sublease Net Commitment 2024 $ 2,588 $ (26 ) $ 2,562 2025 2,641 - 2,641 2026 2,349 - 2,349 2027 2,357 - 2,357 2028 2,366 - 2,366 2029 and thereafter 6,039 - 6,039 $ 18,340 $ (26 ) $ 18,314 |
Note 29 - Segment and Geograp_2
Note 29 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Net trading $ 30,926 $ - $ - $ 30,926 $ - $ 30,926 Asset management - 7,337 - 7,337 - 7,337 New issue and advisory 28,264 - - 28,264 - 28,264 Principal transactions and other income 1 1,071 15,382 16,454 - 16,454 Total revenues 59,191 8,408 15,382 82,981 - 82,981 Compensation and benefits 31,156 5,883 2,335 39,374 12,718 52,092 Other operating expense 15,746 2,218 1,117 19,081 4,947 24,028 Total operating expenses 46,902 8,101 3,452 58,455 17,665 76,120 Operating income / (loss) 12,289 307 11,930 24,526 (17,665 ) 6,861 Interest income (expense) (338 ) - - (338 ) (6,188 ) (6,526 ) Income / (loss) from equity method affiliates - - 15,609 15,609 - 15,609 Other non-operating income - - - - - - Income / (loss) before income taxes 11,951 307 27,539 39,797 (23,853 ) 15,944 Income tax expense / (benefit) - - - - 5,545 5,545 Net income / (loss) 11,951 307 27,539 39,797 (29,398 ) 10,399 Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 17 19,573 19,590 - 19,590 Enterprise net income (loss) 11,951 290 7,966 20,207 (29,398 ) (9,191 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (4,078 ) (4,078 ) Net income / (loss) attributable to Cohen & Company Inc. $ 11,951 $ 290 $ 7,966 $ 20,207 $ (25,320 ) $ (5,113 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 6 $ - $ 6 $ 557 $ 563 Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Net trading $ 40,009 $ - $ - $ 40,009 $ - $ 40,009 Asset management - 9,004 - 9,004 - 9,004 New issue and advisory 24,721 - - 24,721 - 24,721 Principal transactions and other income 2 854 (30,203 ) (29,347 ) - (29,347 ) Total revenues 64,732 9,858 (30,203 ) 44,387 - 44,387 Compensation and benefits 32,434 7,612 1,086 41,132 9,158 50,290 Other operating expense 14,539 2,173 728 17,440 4,620 22,060 Total operating expenses 46,973 9,785 1,814 58,572 13,778 72,350 Operating income / (loss) 17,759 73 (32,017 ) (14,185 ) (13,778 ) (27,963 ) Interest income (expense) (247 ) - - (247 ) (4,735 ) (4,982 ) Income / (loss) from equity method affiliates - - (20,931 ) (20,931 ) - (20,931 ) Other non-operating income - - - - - - Income / (loss) before income taxes 17,512 73 (52,948 ) (35,363 ) (18,513 ) (53,876 ) Income tax expense / (benefit) - - - - 4,794 4,794 Net income / (loss) 17,512 73 (52,948 ) (35,363 ) (23,307 ) (58,670 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - - (23,203 ) (23,203 ) - (23,203 ) Enterprise net income (loss) 17,512 73 (29,745 ) (12,160 ) (23,307 ) (35,467 ) Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - (22,078 ) (22,078 ) Net income / (loss) attributable to Cohen & Company Inc. $ 17,512 $ 73 $ (29,745 ) $ (12,160 ) $ (1,229 ) $ (13,389 ) Other statement of operations data Depreciation and amortization (included in total operating expense) $ - $ 5 $ - $ 5 $ 552 $ 557 Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Net trading $ 69,385 $ - $ - $ 69,385 $ - $ 69,385 Asset management - 10,923 - 10,923 - 10,923 New issue and advisory 28,736 - - 28,736 - 28,736 Principal transactions and other income (3 ) 768 36,559 37,324 - 37,324 Total revenues 98,118 11,691 36,559 146,368 - 146,368 Salaries/Wages 42,064 6,630 16,546 65,240 19,808 85,048 Other Operating Expense 13,914 2,151 387 16,452 5,275 21,727 Total operating expenses 55,978 8,781 16,933 81,692 25,083 106,775 Operating income / (loss) 42,140 2,910 19,626 64,676 (25,083 ) 39,593 Interest income (expense) (435 ) - - (435 ) (6,798 ) (7,233 ) Income / (loss) from equity method affiliates - - 36,010 36,010 - 36,010 Other non operating income / (expense) - - - - 2,127 2,127 Income / (loss) before income taxes 41,705 2,910 55,636 100,251 (29,754 ) 70,497 Income tax expense / (benefit) - - - - (3,541 ) (3,541 ) Net income / (loss) 41,705 2,910 55,636 100,251 (26,213 ) 74,038 Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC - 1,878 33,696 35,574 - 35,574 Enterprise net income (loss) 41,705 1,032 21,940 64,677 (26,213 ) 38,464 Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc. - - - - 26,656 26,656 Net income / (loss) attributable to Cohen & Company Inc. $ 41,705 $ 1,032 $ 21,940 $ 64,677 $ (52,869 ) $ 11,808 Other statement of operations data Depreciation and amortization (included in total operating expense) $ 1 $ 2 $ - $ 3 $ 368 $ 371 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Capital Asset Principal Segment Markets Management Investing Total Unallocated (1) Total Total Assets $ 665,597 $ 5,633 $ 86,946 $ 758,176 $ 14,585 $ 772,761 Included within total assets: Investments in equity method affiliates $ - $ - $ 14,241 $ 14,241 $ - $ 14,241 Goodwill (2) $ 54 $ 55 $ - $ 109 $ - $ 109 Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166 Capital Asset Principal Segment Markets Management Investing Total Unallocated (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] | Year Ended December 31, 2023 2022 2021 Total Revenues: United States $ 77,532 $ 39,669 $ 140,420 Europe & Other 5,449 4,718 5,948 Total $ 82,981 $ 44,387 $ 146,368 |
Note 31 - Related Party Trans_2
Note 31 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Asset management Other SPAC Entities $ - $ - $ 319 CREO JV 113 - - SPAC Fund 173 954 4,327 U.S. Insurance JV 1,201 1,069 525 $ 1,487 $ 2,023 $ 5,171 Principal transactions and other income CREO JV 901 $ 32 $ - Dutch Real Estate Entities - - 137 Insurance SPAC II - - 40 Insurance SPAC III - 220 240 Other SPAC Entities 50 160 132 SPAC Fund 28 (43 ) 474 Stoa USA Inc./FlipOS (6,847 ) 4,196 1,805 U.S. Insurance JV 463 11 142 $ (5,405 ) $ 4,576 $ 2,970 Income (loss) from equity method affiliates Dutch Real Estate Entities $ 334 $ (71 ) $ (137 ) Insurance SPAC II - - (107 ) Insurance SPAC III - (5,896 ) (1,200 ) Other SPAC Entities 15,275 (14,962 ) 37,453 $ 15,609 $ (20,929 ) $ 36,009 Operating expense (income) Duane Morris $ 432 $ 621 $ 925 Cohen Circle (103 ) (66 ) (39 ) $ 329 $ 555 $ 886 Interest expense (income) CBF $ - $ - $ 197 DGC Trust - 327 1,534 EBC - - 211 JKD Investor 941 943 1,985 $ 941 $ 1,270 $ 3,927 |
Note 32 - Due From Due to Rel_2
Note 32 - Due From Due to Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Due From Or Due To Related Parties [Table Text Block] | December 31, 2023 December 31, 2022 Employee & other $ 319 $ 232 SPAC Fund - other receivable 15 294 U.S. Insurance JV 438 261 Due from Related Parties $ 772 $ 787 |
Schedule I (Tables)
Schedule I (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2023 December 31, 2022 Assets Cash $ - $ - Investment in Cohen & Company, LLC 67,670 68,331 Prepaid income taxes 38 146 Deferred income taxes (468 ) 3,093 Total assets $ 67,240 $ 71,570 Liabilities Accrued interest and other liabilities $ 342 $ 307 Debt 25,216 24,524 Total liabilities 25,558 24,831 Stockholders’ Equity Preferred Stock 27 27 Common Stock 19 17 Additional paid-in capital 74,594 72,801 Accumulated deficit (32,014 ) (25,151 ) Accumulated other comprehensive loss (944 ) (955 ) Total stockholders’ equity 41,682 46,739 Total liabilities and stockholders’ equity $ 67,240 $ 71,570 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Revenues Equity in undistributed earnings / (loss) from Cohen & Company, LLC $ 3,708 $ (4,953 ) $ 13,908 Total revenues 3,708 (4,953 ) 13,908 Operating income / (loss) 3,708 (4,953 ) 13,908 Non-operating expense Interest expense (5,247 ) (3,443 ) (2,812 ) Income / (loss) before income taxes (1,539 ) (8,396 ) 11,096 Income tax (benefit) / expense 3,574 4,993 (712 ) Net income / (loss) $ (5,113 ) $ (13,389 ) $ 11,808 |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Operating activities Net income / (loss) $ (5,113 ) $ (13,389 ) $ 11,808 Adjustments to reconcile net income / (loss) to net cash provided by / (used) in operating activities: Equity in undistributed earnings / (loss) from Cohen & Company, LLC (3,708 ) 4,953 (13,908 ) Distributions from / (contributions to) Cohen & Company, LLC 6,223 5,433 (2,662 ) Amortization of discount of debt 692 563 526 (Increase) / decrease in other assets 108 (166 ) - Increase / (decrease) in accounts payable and other liabilities 35 199 (74 ) Increase / (decrease) in deferred income taxes 3,561 5,041 (736 ) Net cash provided by / (used in) operating activities 1,798 2,634 (5,046 ) Financing activities Repurchase and repayment of debt - - - Proceeds from issuance of Common Stock - - 9,076 Cash used to net share settle equity awards (48 ) (76 ) (102 ) Principal payments on debt - - (2,400 ) Repurchase of stock - - (857 ) Dividends paid to stockholders (1,750 ) (2,558 ) (671 ) Net cash provided by / (used in) financing activities (1,798 ) (2,634 ) 5,046 Net increase (decrease) in cash and cash equivalents - - - Cash and cash equivalents, beginning of period - - - Cash and cash equivalents, end of period $ - $ - $ - |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Operations (Details Textual) $ in Billions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Assets under Management, Carrying Amount | $ 2.4 |
Number of Operating Segments | 3 |
Collateralized Debt Obligations [Member] | |
Assets under Management, Carrying Amount | $ 1 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation - Schedule of Error Corrections (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred income taxes | $ 1,580 | $ 6,934 | $ 11,513 | |
Accounts payable and other liabilities | 8,115 | 11,439 | 22,819 | |
Accumulated deficit | (32,014) | (25,151) | (9,204) | |
Non-controlling interest | 50,115 | 47,287 | 89,492 | $ 57,528 |
Income tax expense (benefit) | 5,545 | 4,794 | (3,541) | |
Net Income (loss) | 10,399 | (58,670) | 74,038 | |
Net Income attributable to non-controlling interests | 62,230 | |||
Net income (loss) | $ (5,113) | $ (13,389) | $ 11,808 | |
Basic Earnings Per Share (in dollars per share) | $ (3.38) | $ (9.43) | $ 9.95 | |
Diluted Earnings Per Share (in dollars per share) | $ (3.38) | $ (9.43) | $ 7.83 | |
Previously Reported [Member] | ||||
Deferred income taxes | $ 9,468 | |||
Accounts payable and other liabilities | 22,701 | |||
Accumulated deficit | (9,730) | |||
Non-controlling interest | 88,091 | |||
Income tax expense (benefit) | (1,614) | |||
Net Income (loss) | 72,111 | |||
Net Income attributable to non-controlling interests | 60,829 | |||
Net income (loss) | $ 11,282 | |||
Basic Earnings Per Share (in dollars per share) | $ 9.5 | |||
Diluted Earnings Per Share (in dollars per share) | $ 7.48 | |||
Revision of Prior Period, Adjustment [Member] | ||||
Deferred income taxes | $ 2,045 | |||
Accounts payable and other liabilities | 118 | |||
Accumulated deficit | 526 | |||
Non-controlling interest | 1,401 | |||
Income tax expense (benefit) | (1,927) | |||
Net Income (loss) | 1,927 | |||
Net Income attributable to non-controlling interests | 1,401 | |||
Net income (loss) | $ 526 | |||
Basic Earnings Per Share (in dollars per share) | $ 0.45 | |||
Diluted Earnings Per Share (in dollars per share) | $ 0.35 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument, Fair Value Disclosure | $ 37,474 | $ 34,679 | |
Collateralized Debt Obligations [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,638 | $ 5,699 | |
Furniture and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Furniture and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||
COHN, LLC [Member] | |||
Noncontrolling Interest, Voting Interest, Ownership Percentage by Parent | 51% | 51% | |
Noncontrolling Interest, Economic Interest, Ownership Percentage by Parent | 27.55% | 26.55% | |
Subsidiary, Ownership Percentage, Parent | 72.60% | 73.45% | 70.61% |
Note 4 - Other Recent Events (D
Note 4 - Other Recent Events (Details Textual) - Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] - Non-convertible Senior Notes [Member] - USD ($) $ in Thousands | 1 Months Ended | ||||
Jan. 31, 2022 | Jan. 31, 2024 | Jan. 05, 2024 | Dec. 31, 2023 | Jan. 31, 2020 | |
Debt Instrument, Face Amount | $ 4,500 | ||||
JKD Capital Partners I, LTD [Member] | |||||
Proceeds from Issuance of Long-Term Debt, Total | $ 2,250 | ||||
Debt Instrument, Face Amount | $ 4,500 | $ 2,250 | |||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||
JKD Capital Partners I LTD and RN Capital Solutions LLC [Member] | |||||
Repayments of Debt | $ 2,250 | ||||
JKD Investor [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||
JKD Investor [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | 10% |
Note 4 - Other Recent Events -
Note 4 - Other Recent Events - SPAC Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 10,650 | $ 29,101 | |||
Receivables from brokers, dealers, and clearing agencies | 66,801 | 140,933 | |||
Other assets | 3,741 | 3,546 | |||
Accounts payable and other liabilities | (8,115) | (11,439) | $ (22,819) | ||
Other investments sold, not yet purchased | (24,742) | (78) | |||
Vellar GP's remaining investment in the SPAC Fund | $ 50,115 | $ 47,287 | $ 89,492 | $ 57,528 | |
SPAC Fund [Member] | |||||
Cash and cash equivalents | $ 257 | ||||
Receivables from brokers, dealers, and clearing agencies | 68,066 | ||||
Other Investments | 40,388 | ||||
Other assets | 108 | ||||
Accounts payable and other liabilities | (82,968) | ||||
Other investments sold, not yet purchased | (25,806) | ||||
Vellar GP's remaining investment in the SPAC Fund | $ 45 |
Note 5 - Net Trading - Net Trad
Note 5 - Net Trading - Net Trading (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net realized gains / (losses)- trading inventory | $ 18,962 | $ 12,583 | $ 21,103 |
Net unrealized gains / (losses)-trading inventory | (2,087) | (2,463) | (3,069) |
Gains and losses | 16,875 | 10,120 | 18,034 |
Interest income-trading inventory | 4,250 | 2,888 | 5,958 |
Interest income-reverse repos | 28,238 | 47,023 | 78,064 |
Interest income | 32,488 | 49,911 | 84,022 |
Interest expense-repos | (25,072) | (31,021) | (40,269) |
Interest expense-margin payable | (6,267) | (2,680) | (706) |
Interest expense | (31,339) | (33,701) | (40,975) |
Other trading revenue | 12,902 | 13,679 | 8,304 |
Net trading | $ 30,926 | $ 40,009 | $ 69,385 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits with clearing organizations | $ 250 | $ 250 |
Unsettled regular way trades, net | 1,527 | 0 |
Receivable from clearing organizations | 65,024 | 140,683 |
Receivables from brokers, dealers, and clearing agencies | 66,801 | 140,933 |
Unsettled regular way trades, net | 0 | 3,238 |
Margin payable | 111,085 | 131,747 |
Payables to brokers, dealers, and clearing agencies | $ 111,085 | $ 134,985 |
Note 7 - Other Receivables - Sc
Note 7 - Other Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset management fees receivable | $ 1,085 | $ 936 |
New issue and advisory fees receivable | 1,181 | 167 |
Cash collateral due from repo and/or reverse repo counterparties | 0 | 4,301 |
Accrued interest receivable | 1,689 | 2,561 |
Revenue share receivable | 321 | 138 |
Miscellaneous other receivables | 706 | 618 |
Other receivables | 5,373 | 9,527 |
Agency Repo Income [Member] | ||
Agency repo income receivable | $ 391 | $ 806 |
Note 8 - Financial Instrument_2
Note 8 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Investments, Fair Value Disclosure | $ 72,217 | $ 28,022 |
Margin Loan Collateral [Member] | ||
Other Investments, Fair Value Disclosure | 946 | $ 1,673 |
Share Forward Arrangements [Member] | ||
Equity Securities, FV-NI | 26,079 | |
Derivative Asset | 1,447 | |
Accounts Receivable, Fair Value Disclosure | $ 6,278 |
Note 8 - Financial Instrument_3
Note 8 - Financial Instruments - Investments - Trading (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments-trading | $ 181,328 | $ 211,828 |
Corporate Bonds and Redeemable Preferred Stock [Member] | ||
Investments-trading | 53,657 | 44,572 |
Derivative [Member] | ||
Investments-trading | 7,470 | 4,669 |
Equity Securities [Member] | ||
Investments-trading | 928 | 220 |
Municipal Bonds [Member] | ||
Investments-trading | 20,572 | 19,502 |
Asset-Backed Securities [Member] | ||
Debt securities | 0 | 1 |
Residential Mortgage Loans [Member] | ||
Debt securities | 3,113 | 13,506 |
Residential Mortgage-Backed Securities [Member] | ||
Debt securities | 9 | 7 |
US Government Agencies Debt Securities [Member] | ||
Debt securities | 6,567 | 19,683 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt securities | 88,000 | 97,276 |
US Treasury Securities [Member] | ||
Debt securities | $ 1,012 | $ 12,392 |
Note 8 - Financial Instrument_4
Note 8 - Financial Instruments - Financial Instruments Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trading securities sold, not yet purchased | $ 65,751 | $ 133,957 |
Other investments sold, not yet purchased | 24,742 | 78 |
US Government Agencies Debt Securities [Member] | ||
Trading securities sold, not yet purchased | 0 | 32 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Trading securities sold, not yet purchased | 0 | 1 |
US Treasury Securities [Member] | ||
Trading securities sold, not yet purchased | 34,284 | 71,386 |
Corporate Bonds and Redeemable Preferred Stock [Member] | ||
Trading securities sold, not yet purchased | 24,355 | 61,310 |
Equity Securities [Member] | ||
Trading securities sold, not yet purchased | 393 | 51 |
Other investments sold, not yet purchased | 97 | 78 |
Derivative [Member] | ||
Trading securities sold, not yet purchased | 6,719 | 1,177 |
Share Forward Liabilities [Member] | ||
Other investments sold, not yet purchased | $ 24,645 | $ 0 |
Note 8 - Financial Instrument_5
Note 8 - Financial Instruments - Other Investments, at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Investments, Fair Value Disclosure | $ 72,217 | $ 28,022 |
Restricted Equity Securities [Member] | ||
Other Investments, Fair Value Disclosure | 2,054 | 3,135 |
Corporate Bonds and Redeemable Preferred Stock [Member] | ||
Other Investments, Fair Value Disclosure | 506 | 476 |
CREO JV [Member] | ||
Other Investments, Fair Value Disclosure | 4,783 | 6,568 |
U.S. Insurance JV [Member] | ||
Other Investments, Fair Value Disclosure | 3,107 | 3,459 |
SPAC Fund [Member] | ||
Other Investments, Fair Value Disclosure | 0 | 527 |
Residential Mortgage [Member] | ||
Other Investments, Fair Value Disclosure | 132 | 132 |
Equity Securities [Member] | ||
Other Investments, Fair Value Disclosure | 38,038 | 13,725 |
Equity Derivatives [Member] | ||
Other Investments, Fair Value Disclosure | 1,447 | 0 |
Fair Value Receivables [Member] | ||
Other Investments, Fair Value Disclosure | 9,541 | 0 |
Interest In SPVs [Member] | ||
Other Investments, Fair Value Disclosure | $ 12,609 | $ 0 |
Note 9 - Fair Value Disclosur_3
Note 9 - Fair Value Disclosures (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Investment Sold, Gain (Loss), Fair Value | $ (92,931) | $ (30,914) | $ 35,421 |
Other Investment Sold, Not yet Purchased, Gain (Loss) | $ 107,816 | $ 307 | $ 830 |
Note 9 - Fair Value Disclosur_4
Note 9 - Fair Value Disclosures - Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Investments-trading | $ 181,328 | $ 211,828 | |||
Total other investments, at fair value | 72,217 | 28,022 | |||
Trading securities sold, not yet purchased | 65,751 | 133,957 | |||
Other investments, sold not yet purchased | 24,742 | 78 | |||
US Government Agencies Debt Securities [Member] | |||||
Trading securities sold, not yet purchased | 0 | 32 | |||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||||
Trading securities sold, not yet purchased | 0 | 1 | |||
US Treasury Securities [Member] | |||||
Trading securities sold, not yet purchased | 34,284 | 71,386 | |||
Residential Mortgage [Member] | |||||
Total other investments, at fair value | 132 | 132 | |||
Fair Value, Recurring [Member] | |||||
Investments-trading | 181,328 | 211,828 | |||
Total other investments, at fair value | 72,217 | 28,022 | |||
Trading securities sold, not yet purchased | 65,751 | 133,957 | |||
Other investments, sold not yet purchased | 24,742 | 78 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Investments-trading | 1,651 | 12,612 | |||
Trading securities sold, not yet purchased | 34,677 | 71,437 | |||
Other investments, sold not yet purchased | 97 | 78 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Investments-trading | 179,677 | 199,216 | |||
Trading securities sold, not yet purchased | 31,074 | 62,520 | |||
Other investments, sold not yet purchased | 24,645 | 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 | |||
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Total other investments, at fair value | 7,890 | [1] | 10,554 | [2],[3] | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | |||||
Investments-trading | [3] | 1 | |||
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Investments-trading | [3] | 0 | |||
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Investments-trading | [3] | 1 | |||
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Investments-trading | [3] | 0 | |||
Fair Value, Recurring [Member] | Residential Mortgage Loans [Member] | |||||
Investments-trading | 3,113 | 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 | 3,113 | 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 | 6,567 | 19,683 | |||
Trading securities sold, not yet purchased | 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 | ||||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Investments-trading | 6,567 | 19,683 | |||
Trading securities sold, not yet purchased | 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 | |||||
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||||
Investments-trading | 88,000 | 97,276 | |||
Trading securities sold, not yet purchased | 0 | 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 | 88,000 | 97,276 | |||
Trading securities sold, not yet purchased | 0 | 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 | 1,012 | 12,392 | |||
Trading securities sold, not yet purchased | 34,284 | 71,386 | |||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Investments-trading | 1,012 | 12,392 | |||
Trading securities sold, not yet purchased | 34,284 | 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] | Total Investments not Measured at NAV [Member] | |||||
Total other investments, at fair value | 64,327 | 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 | 38,038 | 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 | 26,289 | 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 | |||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | |||||
Total other investments, at fair value | 132 | ||||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total other investments, at fair value | 0 | ||||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total other investments, at fair value | 132 | ||||
Fair Value, Recurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total other investments, at fair value | 0 | ||||
Corporate Bonds and Redeemable Preferred Stock [Member] | |||||
Investments-trading | 53,657 | 44,572 | |||
Trading securities sold, not yet purchased | 24,355 | 61,310 | |||
Corporate Bonds and Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | |||||
Investments-trading | 53,657 | [1] | 44,572 | ||
Total other investments, at fair value | 506 | 476 | |||
Trading securities sold, not yet purchased | 24,355 | 61,310 | |||
Corporate Bonds and Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Investments-trading | 0 | [1] | 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 | 53,657 | [1] | 44,572 | ||
Total other investments, at fair value | 506 | 476 | |||
Trading securities sold, not yet purchased | 24,355 | 61,310 | |||
Corporate Bonds and Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Investments-trading | 0 | [1] | 0 | ||
Total other investments, at fair value | 0 | 0 | |||
Trading securities sold, not yet purchased | 0 | 0 | |||
Derivative [Member] | |||||
Investments-trading | 7,470 | 4,669 | |||
Trading securities sold, not yet purchased | 6,719 | 1,177 | |||
Derivative [Member] | Fair Value, Recurring [Member] | |||||
Investments-trading | 7,470 | 4,669 | |||
Trading securities sold, not yet purchased | 6,719 | 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 | 7,470 | 4,669 | |||
Trading securities sold, not yet purchased | 6,719 | 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 | 928 | 220 | |||
Total other investments, at fair value | 38,038 | 13,725 | |||
Trading securities sold, not yet purchased | 393 | 51 | |||
Other investments, sold not yet purchased | 97 | 78 | |||
Equity Securities [Member] | Fair Value, Recurring [Member] | |||||
Investments-trading | 928 | 220 | |||
Total other investments, at fair value | 38,038 | 13,725 | |||
Trading securities sold, not yet purchased | 393 | 51 | |||
Other investments, sold not yet purchased | 97 | ||||
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Investments-trading | 639 | 220 | |||
Total other investments, at fair value | 38,038 | 13,725 | |||
Trading securities sold, not yet purchased | 393 | 51 | |||
Other investments, sold not yet purchased | 97 | ||||
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Investments-trading | 289 | 0 | |||
Total other investments, at fair value | 0 | 0 | |||
Trading securities sold, not yet purchased | 0 | 0 | |||
Other investments, sold not yet purchased | 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 | ||||
Other investments, sold not yet purchased | 0 | ||||
Municipal Bonds [Member] | |||||
Investments-trading | 20,572 | 19,502 | |||
Municipal Bonds [Member] | Fair Value, Recurring [Member] | |||||
Investments-trading | 20,572 | 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 | 20,572 | 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 | 1,447 | 0 | |||
Equity Derivatives [Member] | Fair Value, Recurring [Member] | |||||
Total other investments, at fair value | 1,447 | ||||
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 | 1,447 | ||||
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 | 2,054 | 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 | 2,054 | 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] | |||||
Total other investments, at fair value | 9,541 | 0 | |||
Fair Value Receivables [Member] | Fair Value, Recurring [Member] | |||||
Total other investments, at fair value | 9,541 | ||||
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 | 9,541 | ||||
Fair Value Receivables [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total other investments, at fair value | 0 | ||||
Residential loans [Member] | Fair Value, Recurring [Member] | |||||
Total other investments, at fair value | 132 | ||||
Residential loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total other investments, at fair value | 0 | ||||
Residential loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total other investments, at fair value | 132 | ||||
Residential loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total other investments, at fair value | 0 | ||||
Interest In SPVs [Member] | |||||
Total other investments, at fair value | 12,609 | 0 | |||
Interest In SPVs [Member] | Fair Value, Recurring [Member] | |||||
Total other investments, at fair value | 12,609 | ||||
Interest In SPVs [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total other investments, at fair value | 0 | ||||
Interest In SPVs [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total other investments, at fair value | 12,609 | ||||
Interest In SPVs [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 | 24,645 | $ 0 | |||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | |||||
Other investments, sold not yet purchased | 24,645 | ||||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Other investments, sold not yet purchased | 0 | ||||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Other investments, sold not yet purchased | 24,645 | ||||
Share Forward Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Other investments, sold not yet purchased | $ 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 U.S. Dollar ("USD") denominated debt issued by small insurance and reinsurance companies. The CREO JV invests in primarily multi-family 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.[3]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. According to ASC 820, these investments are not categorized within the valuation hierarchy. |
Note 9 - Fair Value Disclosur_5
Note 9 - 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 | Dec. 31, 2023 | ||
Alternative investment | $ 10,554 | $ 7,890 | |
Alternative investment | 10,554 | 7,890 | |
CREO JV [Member] | |||
Alternative investment | [1] | 6,568 | 4,783 |
Unfunded commitments | [1] | 8,464 | 10,398 |
Alternative investment | [1] | 6,568 | 4,783 |
U.S. Insurance JV [Member] | |||
Alternative investment | [2] | 3,459 | 3,107 |
Alternative investment | [2] | 3,459 | $ 3,107 |
SPAC Fund [Member] | |||
Alternative investment | [3] | $ 527 | |
Redemption notice period (c) (Day) | [3] | 30 days | |
Alternative investment | [3] | $ 527 | |
[1]The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans.[2]The U.S. Insurance JV invests in USD denominated debt issued by small and medium sized insurance and reinsurance companies.[3]The SPAC Fund invested in equity interests of SPACs. |
Note 10 - Derivative Financia_3
Note 10 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Extended Settlement Trade [Member] | Long [Member] | ||
Derivative, Notional Amount | $ 0 | $ 0 |
TBA and Other Forward MBS [Member] | Long [Member] | ||
Derivative, Notional Amount | 592,000 | 535,000 |
TBA and Other Forward MBS [Member] | Short [Member] | ||
Derivative, Notional Amount | 618,425 | 556,780 |
Foreign Exchange Forward [Member] | ||
Derivative, Notional Amount | 0 | 0 |
Share Forward Liabilities [Member] | ||
Gain (Loss) on Investments | $ (83,707) | $ 0 |
Note 10 - Derivative Financia_4
Note 10 - Derivative Financial Instruments - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative financial instruments, fair value, net | $ (22,447) | $ 3,492 |
TBA and Other Forward MBS [Member] | Long [Member] | Investments -Trading [Member] | ||
Derivative financial instruments, fair value, net | 7,470 | 4,669 |
TBA and Other Forward MBS [Member] | Short [Member] | Trading Securities Sold, Not Yet Purchased [Member] | ||
Derivative financial instruments, fair value, net | (6,719) | (1,177) |
Equity Derivatives [Member] | Short [Member] | Other Investments at Fair Value [Member] | ||
Derivative financial instruments, fair value, net | 1,447 | 0 |
Share Forward Liabilities [Member] | Short [Member] | Other Investments Sold, Not Yet Purchased, at Fair Value [Member] | ||
Derivative financial instruments, fair value, net | $ (24,645) | $ 0 |
Note 10 - Derivative Financia_5
Note 10 - Derivative Financial Instruments - Statement of Operations Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative financial instruments | $ 112,620 | $ 8,883 | $ 7,227 |
TBA and Other Forward MBS [Member] | Revenue Net Trading [Member] | |||
Derivative financial instruments | 3,933 | 8,883 | 7,460 |
Equity Derivatives [Member] | Principal Transactions and Other Income [Member] | |||
Derivative financial instruments | 603 | 0 | (233) |
Share Forward Liabilities [Member] | Revenue Net Trading [Member] | |||
Derivative financial instruments | $ 108,084 | $ 0 | $ 0 |
Note 10 - Derivative Financia_6
Note 10 - Derivative Financial Instruments - Share Forward Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Share forward arrangements, fair value | $ 9,159 | $ 0 |
Equity Securities [Member] | ||
Share forward arrangements, fair value | 26,079 | 0 |
Equity Derivatives [Member] | ||
Share forward arrangements, fair value | 1,447 | 0 |
Fair Value Receivables [Member] | ||
Share forward arrangements, fair value | 6,278 | 0 |
Share Forward Liabilities [Member] | ||
Share forward arrangements, fair value | $ (24,645) | $ 0 |
Note 11 - Collateralized Secu_3
Note 11 - Collateralized Securities Transactions (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | |
Securities Purchased under Agreements to Resell, Total | $ 408,408 | $ 437,692 | ||
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | 415,057 | 440,681 | ||
Securities Sold under Agreements to Repurchase | 408,203 | 452,797 | ||
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | 415,057 | 452,209 | ||
Revenues | $ 82,981 | $ 44,387 | $ 146,368 | |
Securities Sold under Agreements to Repurchase, Average Rate Paid | 6.10% | 5.03% | ||
Securities Purchased under Agreements to Resell, Average Rate | 6.92% | 5.55% | ||
Gestational Repo Business [Member] | ||||
Revenues | $ 16,068 | $ 30,595 | $ 44,949 | |
Number of Counterparties Related to Reverse Repurchase Agreements | 7 | 8 | ||
First Guaranty Mortgage Corporation [Member] | ||||
Securities Purchased under Agreements to Resell, Total | $ 269,228 | |||
Gain (Loss) on Sale of Collateral | $ (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 | $ (1,752) | (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 | $ 3,113 | $ 13,506 |
Note 11 - Collateralized Secu_4
Note 11 - Collateralized Securities Transactions - Secured Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities sold under agreement to repurchase | $ 408,203 | $ 452,797 |
Receivables under resale agreements | 408,408 | 437,692 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities sold under agreement to repurchase | 408,203 | 452,797 |
Receivables under resale agreements | 408,408 | 437,692 |
Collateralized Mortgage-Backed Securities [Member] | Maturity Less than 30 Days [Member] | ||
Securities sold under agreement to repurchase | 408,203 | 452,797 |
Receivables under resale agreements | 408,408 | 437,692 |
Collateralized Mortgage-Backed Securities [Member] | Overnight and Continuous [Member] | ||
Securities sold under agreement to repurchase | 0 | |
Receivables under resale agreements | 0 | |
Collateralized Mortgage-Backed Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Securities sold under agreement to repurchase | $ 0 | $ 0 |
Note 12 - Investments in Equi_3
Note 12 - Investments in Equity Method Affiliates (Details Textual) - IPO [Member] - USD ($) $ in Millions | 1 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Insurance SPAC II [Member] | ||
Sale of Stock, Consideration Received on Transaction | $ 250 | |
Insurance SPAC [Member] | ||
Sale of Stock, Consideration Received on Transaction | $ 218 |
Note 12 - Investments in Equi_4
Note 12 - Investments in Equity Method Affiliates - Investments in Equity Method Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 8,929 | $ 48,238 | $ 13,482 | |
Investments / advances | 1,896 | 2,614 | 8,392 | |
Distributions / repayments | (2,091) | (77) | (4,207) | |
Reclasses to (from) | (10,102) | (20,915) | (5,439) | |
Earnings / (loss) realized | 15,609 | (20,931) | 36,010 | |
Balance | 14,241 | 8,929 | 48,238 | $ 13,482 |
Balance | 14,241 | 8,929 | 48,238 | |
Total Assets | 772,761 | 887,055 | ||
Liabilities | 680,964 | 793,029 | ||
Equity allocable to the controlling interest | 41,682 | 46,739 | ||
Non-controlling interest | 50,115 | 47,287 | 89,492 | 57,528 |
Total Equity | 91,797 | 94,026 | 151,433 | 101,437 |
Total Liabilities & Equity | 772,761 | 887,055 | ||
Net income (loss) | (5,113) | (13,389) | 11,808 | |
Insurance SPAC [Member] | ||||
Balance | 0 | 4,543 | 9,807 | |
Investments / advances | 0 | 1,355 | 0 | |
Distributions / repayments | 0 | 0 | (3,958) | |
Reclasses to (from) | 0 | 0 | ||
Earnings / (loss) realized | 0 | (5,898) | (1,306) | |
Balance | 0 | 0 | 4,543 | 9,807 |
Balance | 0 | 0 | 4,543 | |
Dutch Real Estate Entities [Member] | ||||
Balance | 5,530 | 5,600 | 3,312 | |
Investments / advances | 0 | 0 | 2,425 | |
Distributions / repayments | 0 | 0 | 0 | |
Reclasses to (from) | 0 | 0 | ||
Earnings / (loss) realized | 334 | (70) | (137) | |
Balance | 5,864 | 5,530 | 5,600 | 3,312 |
Balance | 5,864 | 5,530 | 5,600 | |
Other SPAC Sponsor Entities [Member] | ||||
Balance | 3,399 | 38,095 | 363 | |
Investments / advances | 1,896 | 1,259 | 5,967 | |
Distributions / repayments | (2,091) | (77) | (249) | |
Reclasses to (from) | (10,102) | (20,915) | (5,439) | |
Earnings / (loss) realized | 15,275 | (14,963) | 37,453 | |
Balance | 8,377 | 3,399 | 38,095 | $ 363 |
Balance | 8,377 | 3,399 | 38,095 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Total Assets | 628,495 | 849,826 | ||
Liabilities | 329,661 | 350,701 | ||
Equity allocable to the controlling interest | 298,709 | 499,000 | ||
Non-controlling interest | 125 | 125 | ||
Total Equity | 298,834 | 499,125 | ||
Total Liabilities & Equity | 628,495 | 849,826 | ||
Net income (loss) | 17,858 | (100,481) | 221,053 | |
Net income/(loss) attributable to the investee | $ 17,843 | $ (100,495) | $ 221,053 |
Note 13 - Goodwill (Details Tex
Note 13 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Alesco Financial Inc (AFN) [Member] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Note 13 - Goodwill - Goodwill (
Note 13 - Goodwill - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | [1] | $ 109 | $ 109 |
Alesco Financial Inc (AFN) [Member] | |||
Goodwill | $ 109 | $ 109 | |
[1]Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.71% | |
Operating Lease, Payments | $ 2,700 | $ 2,285 |
Note 14 - Leases - Future Matur
Note 14 - Leases - Future Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 2,175 | |
2025 | 1,799 | |
2026 | 1,511 | |
2027 | 1,519 | |
2028 | 1,527 | |
Thereafter | 729 | |
Total | 9,260 | |
Less imputed interest | (1,044) | |
Lease obligation | $ 8,216 | $ 10,447 |
Note 15 - Other Assets - Schedu
Note 15 - Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred costs | $ 0 | $ 133 |
Prepaid expenses | 1,328 | 1,325 |
Prepaid income taxes | 235 | 0 |
Deposits | 730 | 450 |
Furniture, equipment, and leasehold improvements, net | 1,282 | 1,472 |
Intangible assets | 166 | 166 |
Other assets | $ 3,741 | $ 3,546 |
Note 16 - Furniture, Equipmen_3
Note 16 - Furniture, Equipment, and Leasehold Improvements, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment, Disposals | $ 0 | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 563 | $ 557 | $ 371 |
Note 16 - Furniture, Equipmen_4
Note 16 - Furniture, Equipment, and Leasehold Improvements, Net - Schedule of Furniture, Equipment, and Leasehold Improvements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Furniture, Equipment, and Leasehold Improvements, Gross | $ 4,008 | $ 3,634 |
Accumulated depreciation | (2,726) | (2,162) |
Furniture, equipment, and leasehold improvements, net | 1,282 | 1,472 |
Furniture and Equipment [Member] | ||
Furniture, Equipment, and Leasehold Improvements, Gross | $ 3,448 | 3,081 |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Furniture, Equipment, and Leasehold Improvements, Gross | $ 560 | $ 553 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 17 - Accounts Payable an_3
Note 17 - Accounts Payable and Other Liabilities - Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts payable | $ 1,180 | $ 891 |
Redeemable financial instrument accrued interest | 90 | 0 |
Accrued income tax | 0 | 70 |
Accrued interest payable | 474 | 452 |
Accrued interest on securities sold, not yet purchased | 725 | 1,561 |
Payroll taxes payable | 2,118 | 1,565 |
Cash collateral held from repo and or reverse repo counterparties | 0 | 4,301 |
Accrued expense and other liabilities | 3,528 | 2,599 |
Accounts payable and other liabilities | $ 8,115 | $ 11,439 |
Note 18 - Variable Interest E_3
Note 18 - Variable Interest Entities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Liabilities, Total | $ 680,964 | $ 793,029 |
Variable Interest Entity, Unavailability of Information, Number of Entities | 2 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 10,398 | 8,464 |
Liabilities, Total | $ 0 | $ 0 |
Note 18 - Variable Interest E_4
Note 18 - Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 10,650 | $ 29,101 | ||
Other investments, at fair value | 72,217 | 28,022 | ||
Investment in equity method affiliates | 14,241 | 8,929 | $ 48,238 | $ 13,482 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and cash equivalents | 27 | 19 | ||
Due from broker | 461 | 0 | ||
Other investments, at fair value | 34,129 | 0 | ||
Investment in equity method affiliates | 2,638 | 23 | ||
Other investments sold, not yet purchased | (24,396) | 0 | ||
Non-controlling interest | (9,604) | (15) | ||
Investment in consolidated VIEs | $ 3,255 | $ 27 |
Note 18 - Variable Interest E_5
Note 18 - Variable Interest Entities - Carrying Value of Variable Interests in Non-consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other Investments, Fair Value Disclosure | $ 72,217 | $ 28,022 | ||
Balance | 14,241 | 8,929 | $ 48,238 | $ 13,482 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Other Investments, Fair Value Disclosure | 20,499 | 10,554 | ||
Balance | 5,739 | 3,376 | ||
Maximum Exposure | $ 26,238 | $ 13,930 |
Note 19 - Redeemable Financia_3
Note 19 - Redeemable Financial Instruments (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||||||
Feb. 13, 2023 | Mar. 06, 2019 | Jan. 09, 2019 | Oct. 03, 2016 | Jan. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2018 | |
Redeemable Financial Instruments | $ 7,868 | $ 7,868 | ||||||
Investment Agreement, Team Expenses Per Quarter | $ 150 | $ 175 | ||||||
Investment Agreement, Team Expenses Annually | $ 600 | 700 | ||||||
JKD Capital Partners I, LTD [Member] | ||||||||
Redeemable Financial Instruments | $ 7,868 | $ 7,868 | ||||||
JKD Capital Partners I, LTD [Member] | Investment Agreement [Member] | ||||||||
Redeemable Financial Instruments | 12,000 | |||||||
Proceeds from Redeemable Financial Instruments | $ 1,268 | $ 6,000 | $ 1,000 | |||||
Due to Related Parties, Annual Return on Investment | 50% | |||||||
Due to Related Parties, Annual Revenue of the Business Return | 42% | |||||||
Investment Agreement, Written Notice Period for Termination (Day) | 90 days | |||||||
Investment Agreement, Alternative Period of Required Prior Written Notice Contingency (Day) | 60 days | |||||||
Investment Agreement, Potential Consideration to Investor, Percentage on Qualified Sale | 25% |
Note 19 - Redeemable Financia_4
Note 19 - Redeemable Financial Instruments - Redeemable Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 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 20 - Debt (Details Textual
Note 20 - Debt (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||||
Mar. 20, 2022 shares | Jan. 31, 2022 USD ($) | Dec. 21, 2021 USD ($) | Jun. 21, 2021 USD ($) | Oct. 28, 2020 USD ($) | May 01, 2020 USD ($) | Feb. 03, 2020 USD ($) | Jan. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Jan. 05, 2024 | Dec. 31, 2020 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 | $ 49,614 | |||||||||||||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | $ 1,489 | $ 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 | 10 | |||||||||||||||
Redeemable Common Stock, Shares (in shares) | shares | 1,034,482 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 9,076 | ||||||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 0 | $ 0 | |||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | $ 0 | 2,127 | ||||||||||||||
Long-Term Debt, Total | 29,716 | 29,024 | 29,716 | ||||||||||||||
Amortization of Debt Issuance Costs | $ 222 | 185 | $ 471 | ||||||||||||||
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 | ||||||||||||||||
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 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||||||
Convertible Note 2017 [Member] | Membership Units [Member] | |||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 10,344,827 | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1.45 | ||||||||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 2,166 | ||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 2,127 | ||||||||||||||||
Long-Term Debt, Total | $ 39 | ||||||||||||||||
Credit Facility [Member] | JVB [Member] | Byline Bank [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | 15,000 | 15,000 | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||||||||||||
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 Tangible Net Worth | 70,000 | 70,000 | |||||||||||||||
Debt Instrument, Covenant, Minimum Excess Net Capital | $ 40,000 | 40,000 | |||||||||||||||
Financial Covenant, Total Amount, Drawn Maximum Percentage Of Tangible Net Worth | 25% | ||||||||||||||||
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% | ||||||||||||||||
Contingent Convertible 8.00% Senior Notes Due 2022 [Member] | |||||||||||||||||
Debt Issuance Costs, Gross | $ 1,400 | 1,400 | |||||||||||||||
Byline Bank Credit Facility [Member] | |||||||||||||||||
Debt Issuance Costs, Gross | 410 | 410 | |||||||||||||||
Junior Subordinated Debt [Member] | |||||||||||||||||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust Net Of Ownership Interest In Trust | $ 49,614 | 49,614 | |||||||||||||||
Yield To Maturities | 21.66% | ||||||||||||||||
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 | 0 | |||||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 12.00% (2020 Senior Notes) [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 4,500 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||||||||||||
Repayments of Long-Term Debt, Total | $ 4,386 | ||||||||||||||||
Long-Term Debt, Gross | $ 2,400 | ||||||||||||||||
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, Face Amount | $ 4,500 | $ 4,500 | 2,250 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | 10% | |||||||||||||||
Debt Instrument, Interest Rate In Event of Default | 11% | ||||||||||||||||
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] | RN Capital Solutions LLC (RNCS) [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 2,250 | ||||||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 12.00% (2019 Senior Notes) [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||||||||||||||
Non-convertible Senior Notes [Member] | Non-convertible Senior Notes 12.00% (2019 Senior Notes) [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||||||||||||
Junior Subordinated Notes [Member] | |||||||||||||||||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust Net Of Ownership Interest In Trust | 49,614 | 49,614 | |||||||||||||||
Long-Term Debt, Total | $ 25,216 | 24,524 | $ 25,216 | ||||||||||||||
Junior Subordinated Notes [Member] | Sunset Financial Statutory Trust I [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 9.74% | 9.74% | ||||||||||||||
Long-Term Debt, Gross | [2] | $ 20,000 | $ 20,000 | $ 20,000 | |||||||||||||
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 | 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] | Alesco Capital Trust I Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.26161% | ||||||||||||||||
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 | $ 20,619 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.15% | ||||||||||||||||
Junior Subordinated Notes [Member] | Sunset Financial Statutory Trust I Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.41161% | ||||||||||||||||
[1]Represents the interest rate in effect as of the last day of the reporting period.[2]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 $0. The junior subordinated notes are recorded at a discount to par. When factoring in the discount, the yield to maturity of the junior subordinated notes as of December 31, 2023 on a combined basis was 21.66% assuming the variable rate in effect on the last day of the reporting period remains in effect until maturity. |
Note 20 - Debt - Detail of Debt
Note 20 - Debt - Detail of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt | $ 29,716 | $ 29,024 | |
Junior Subordinated Notes [Member] | |||
Less unamortized discount | [1] | (22,909) | (23,601) |
Debt | 25,216 | 24,524 | |
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 | [1],[2] | 9.65% | |
Sunset Financial Statutory Trust I [Member] | Junior Subordinated Notes [Member] | |||
Long-term Debt, Gross | [1] | $ 20,000 | $ 20,000 |
Interest Rate | [1],[2] | 9.74% | |
[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 $0. The junior subordinated notes are recorded at a discount to par. When factoring in the discount, the yield to maturity of the junior subordinated notes as of December 31, 2023 on a combined basis was 21.66% assuming the variable rate in effect on the last day of the reporting period remains in effect until maturity.[2]Represents the interest rate in effect as of the last day of the reporting period. |
Note 20 - Debt - Interest Expen
Note 20 - Debt - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest expense, net | $ 6,526 | $ 4,982 | $ 7,233 |
Junior Subordinated Notes [Member] | |||
Interest expense, net | 5,247 | 3,442 | 2,601 |
Senior Note 2020 [Member] | |||
Interest expense, net | 450 | 458 | 540 |
Convertible Note 2017 [Member] | |||
Interest expense, net | 0 | 327 | 1,534 |
Convertible 2013 Notes/ 2019 Senior Notes [Member] | |||
Interest expense, net | 0 | 0 | 211 |
Byline Bank [Member] | |||
Interest expense, net | 338 | 247 | 435 |
Redeemable Financial Instrument - DGC Family Fintech Trust / CBF [Member] | |||
Interest expense, net | 0 | 0 | 197 |
JKD Capital Partners I, LTD [Member] | |||
Interest expense, net | $ 491 | $ 508 | $ 1,715 |
Note 21 - Equity (Details Textu
Note 21 - Equity (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||
Apr. 05, 2022 $ / shares | Mar. 10, 2020 $ / shares shares | Dec. 23, 2019 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Oct. 05, 2023 USD ($) | Jun. 07, 2021 USD ($) | Mar. 05, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 01, 2020 USD ($) | Dec. 30, 2019 shares | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | ||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 27,413,098 | 27,413,098 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 27,413,098 | 27,413,098 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 9,076 | |||||||||||
Dividends | $ | $ 1,750 | $ 2,558 | 671 | |||||||||
Dividends, Distributions to Non-controlling Interests | $ | $ 4,344 | $ 6,485 | $ 2,103 | |||||||||
Equity Agreement [Member] | Northland Capital Markets [Member] | ||||||||||||
Aggregative Value of Shares | $ | $ 9,318 | |||||||||||
Equity Agreement [Member] | Northland Capital Markets [Member] | Maximum [Member] | ||||||||||||
Aggregate Offering Price | $ | $ 75,000 | |||||||||||
Equity Distribution Letter Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 300,859 | ||||||||||
Aggregate Offering Price | $ | $ 7,966 | |||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 9,076 | |||||||||||
Equity Distribution Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | |||||||||||
Sale of Stock, Maximum Shares Permitted by SEC | $ | $ 4,712 | |||||||||||
Sale of Stock, Commission, Percent | 2.50% | |||||||||||
The December 2020 Letter Agreement [Member] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 1,000 | |||||||||||
The 10b5-1 Plan [Member] | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 49,544 | |||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ | $ 857 | |||||||||||
The 2020 Rights Agreement [Member] | ||||||||||||
Voting Power, Percentage | 50% | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 100 | |||||||||||
Repurchase of Warrants, Price per Share (in dollars per share) | $ / shares | 200 | |||||||||||
Share Price (in dollars per share) | $ / shares | $ 20 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 10 | |||||||||||
Percentage of Purchase Price Required for Adjustments | 1% | |||||||||||
Number of Fractal Units Issued (in shares) | 0 | |||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||
Daniel G. Cohen And DGC Trust [Member] | ||||||||||||
Voting Power, Percentage | 59.10% | |||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||
Preferred Stock, Shares Authorized (in shares) | 10,000 | 10,000 | ||||||||||
Preferred Stock, Voting Rights per Share | 10,000 | |||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 100,000 | |||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||||||||||
Series E Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 4,983,557 | |||||||||||
Ratio of Shares To Vote | 10 | |||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 4,983,557 | |||||||||||
Voting Power, Percentage | 10.80% | |||||||||||
Series F Preferred Stock [Member] | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||
Preferred Stock, Shares Authorized (in shares) | 25,000,000 | |||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 22,429,541 | |||||||||||
Ratio of Shares To Vote | 10 | |||||||||||
Voting Power, Percentage | 48.40% | |||||||||||
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] | ||||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 9,880,268 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 9,880,268 | |||||||||||
Series C Junior Participating Preferred Stock [Member] | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | 0.001 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 100 | |||||||||||
Class of Warrant or Right, Exercise Trigger, Percentage of Common Stock Owned by Individual or Affiliates | 4.95% | |||||||||||
Common Stock [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.75 | $ 1 | $ 1.75 | $ 0.5 |
Note 21 - Equity - Shares Outst
Note 21 - Equity - Shares Outstanding of Stockholders' Equity of the Company (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Repurchase and retirement of common stock (in shares) | (495,440) | ||
Cohen & Company [Member] | |||
Shares, outstanding (in shares) | 1,774,342 | 1,697,443 | 1,325,529 |
Issuance of shares (in shares) | 0 | 0 | 300,859 |
Issuance as equity-based compensation (in shares) | 143,900 | 92,400 | 142,376 |
Vesting of shares (in shares) | 0 | 0 | 0 |
Shares withheld for employee taxes (in shares) | (20,328) | (15,501) | (21,777) |
Forfeiture / cancellation of restricted stock (in shares) | (4,167) | 0 | 0 |
Repurchase and retirement of common stock (in shares) | 0 | 0 | (49,544) |
Forfeiture / cancellation of restricted stock (in shares) | 4,167 | 0 | 0 |
Shares, outstanding (in shares) | 1,893,747 | 1,774,342 | 1,697,443 |
Cohen & Company [Member] | Restricted Stock [Member] | |||
Shares, outstanding (in shares) | 341,059 | 366,293 | 286,566 |
Issuance of shares (in shares) | 0 | 0 | 0 |
Issuance as equity-based compensation (in shares) | 143,900 | 92,400 | 142,376 |
Vesting of shares (in shares) | (113,301) | (117,634) | (62,649) |
Shares withheld for employee taxes (in shares) | 0 | 0 | 0 |
Forfeiture / cancellation of restricted stock (in shares) | (4,167) | 0 | 0 |
Repurchase and retirement of common stock (in shares) | 0 | 0 | 0 |
Forfeiture / cancellation of restricted stock (in shares) | 4,167 | 0 | 0 |
Shares, outstanding (in shares) | 367,491 | 341,059 | 366,293 |
Cohen & Company [Member] | Common Stock [Member] | |||
Shares, outstanding (in shares) | 1,433,283 | 1,331,150 | 1,038,963 |
Issuance of shares (in shares) | 0 | 0 | 300,859 |
Issuance as equity-based compensation (in shares) | 0 | 0 | 0 |
Vesting of shares (in shares) | 113,301 | 117,634 | 62,649 |
Shares withheld for employee taxes (in shares) | (20,328) | (15,501) | (21,777) |
Forfeiture / cancellation of restricted stock (in shares) | 0 | 0 | |
Repurchase and retirement of common stock (in shares) | 0 | 0 | (49,544) |
Forfeiture / cancellation of restricted stock (in shares) | 0 | 0 | |
Shares, outstanding (in shares) | 1,526,256 | 1,433,283 | 1,331,150 |
Note 21 - Equity - Rollforward
Note 21 - Equity - Rollforward of Units Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, shares (in shares) | 53,986,872 | 41,869,175 | 38,418,255 |
Issuance of Units (in shares) | 929,730 | 1,021,330 | 3,417,310 |
Issuance of Units as equity compensation (in shares) | 0 | 0 | 0 |
Vesting of units (in shares) | 1,438,160 | 751,540 | 529,050 |
Repurchase and retirement of common stock (in shares) | (495,440) | ||
Issuance of units under 2017 Convertible Note (in shares) | 10,344,827 | ||
Redemption of convertible non-controlling interest units (in shares) | (949,710) | ||
Balance, shares (in shares) | 55,405,052 | 53,986,872 | 41,869,175 |
Cohen & Company [Member] | |||
Balance, shares (in shares) | 14,332,824 | 13,311,494 | 10,389,624 |
Issuance of Units (in shares) | 929,730 | 1,021,330 | 3,417,310 |
Issuance of Units as equity compensation (in shares) | 0 | 0 | 0 |
Vesting of units (in shares) | 0 | 0 | 0 |
Repurchase and retirement of common stock (in shares) | (495,440) | ||
Issuance of units under 2017 Convertible Note (in shares) | 0 | ||
Redemption of convertible non-controlling interest units (in shares) | 0 | ||
Balance, shares (in shares) | 15,262,554 | 14,332,824 | 13,311,494 |
Daniel G. Cohen [Member] | |||
Balance, shares (in shares) | 19,356,855 | 18,605,315 | 18,076,275 |
Issuance of Units (in shares) | 0 | 0 | 0 |
Issuance of Units as equity compensation (in shares) | 0 | 0 | 0 |
Vesting of units (in shares) | 967,830 | 751,540 | 529,040 |
Repurchase and retirement of common stock (in shares) | 0 | ||
Issuance of units under 2017 Convertible Note (in shares) | 0 | ||
Redemption of convertible non-controlling interest units (in shares) | (479,380) | ||
Balance, shares (in shares) | 19,845,305 | 19,356,855 | 18,605,315 |
DGC Trust [Member] | |||
Balance, shares (in shares) | 20,225,095 | 9,880,268 | 9,880,268 |
Issuance of Units (in shares) | 0 | 0 | 0 |
Issuance of Units as equity compensation (in shares) | 0 | 0 | 0 |
Vesting of units (in shares) | 0 | 0 | 0 |
Repurchase and retirement of common stock (in shares) | 0 | ||
Issuance of units under 2017 Convertible Note (in shares) | 10,344,827 | ||
Redemption of convertible non-controlling interest units (in shares) | 0 | ||
Balance, shares (in shares) | 20,225,095 | 20,225,095 | 9,880,268 |
Others [Member] | |||
Balance, shares (in shares) | 72,098 | 72,098 | 72,088 |
Issuance of Units (in shares) | 0 | 0 | 0 |
Issuance of Units as equity compensation (in shares) | 0 | 0 | 0 |
Vesting of units (in shares) | 470,330 | 0 | 10 |
Repurchase and retirement of common stock (in shares) | 0 | ||
Issuance of units under 2017 Convertible Note (in shares) | 0 | ||
Redemption of convertible non-controlling interest units (in shares) | (470,330) | ||
Balance, shares (in shares) | 72,098 | 72,098 | 72,098 |
Note 21 - Equity - Schedule of
Note 21 - Equity - Schedule of Effects of Changes in Ownership Interest Subsidiary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income / (loss) attributable to Cohen & Company Inc. | $ (5,113) | $ (13,389) | $ 11,808 |
Increase / (decrease) in Cohen & Company Inc.'s paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net | 636 | (338) | (1,929) |
Changes from net income / (loss) attributable to Cohen & Company Inc. and transfers (to) from non-controlling interest | $ (4,477) | $ (13,727) | $ 9,879 |
Note 21 - Equity - Rollforwar_2
Note 21 - Equity - Rollforward of Non-controlling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 47,287 | $ 89,492 | $ 57,528 |
Non-controlling interest share of (loss) | 15,512 | (45,281) | 62,230 |
Other comprehensive income | 61 | (152) | (170) |
Acquisition / (surrender) of additional units of consolidated subsidiary | (622) | 334 | 1,939 |
Equity-based compensation | 3,184 | 3,181 | 14,927 |
Shares withheld for employee taxes | (127) | (158) | (276) |
Dividends/distributions to convertible non-controlling interest | (4,344) | (6,485) | (2,103) |
Non-convertible non-controlling interest investment | 39 | 9 | 17,095 |
Non-convertible non-controlling interest distributions | (10,041) | (8,653) | (61,678) |
Convertible non-controlling interest investment | 15,000 | ||
Redemption of convertible non-controlling interest units | (834) | ||
Balance | 50,115 | 47,287 | 89,492 |
Operating LLC [Member] | |||
Balance | 47,270 | 57,628 | 29,723 |
Non-controlling interest share of (loss) | (4,078) | (22,078) | 26,656 |
Other comprehensive income | 61 | (152) | (170) |
Acquisition / (surrender) of additional units of consolidated subsidiary | (622) | 334 | 1,939 |
Equity-based compensation | 3,184 | 3,181 | 1,859 |
Shares withheld for employee taxes | (127) | (158) | (276) |
Dividends/distributions to convertible non-controlling interest | (4,344) | (6,485) | (2,103) |
Non-convertible non-controlling interest investment | 0 | 0 | 0 |
Non-convertible non-controlling interest distributions | 0 | 0 | 0 |
Convertible non-controlling interest investment | 15,000 | ||
Redemption of convertible non-controlling interest units | (834) | ||
Balance | 40,510 | 47,270 | 57,628 |
Insurance SPAC [Member] | |||
Balance | 0 | 4,808 | 26,397 |
Non-controlling interest share of (loss) | 0 | (4,808) | 20,589 |
Other comprehensive income | 0 | 0 | 0 |
Acquisition / (surrender) of additional units of consolidated subsidiary | 0 | 0 | 0 |
Equity-based compensation | 0 | 0 | 13,068 |
Shares withheld for employee taxes | 0 | 0 | 0 |
Dividends/distributions to convertible non-controlling interest | 0 | 0 | 0 |
Non-convertible non-controlling interest investment | 0 | 0 | 7 |
Non-convertible non-controlling interest distributions | 0 | 0 | (55,253) |
Convertible non-controlling interest investment | 0 | ||
Redemption of convertible non-controlling interest units | 0 | ||
Balance | 0 | 0 | 4,808 |
Other Consolidated Subsidiaries [Member] | |||
Balance | 17 | 27,056 | 1,408 |
Non-controlling interest share of (loss) | 19,590 | (18,395) | 14,985 |
Other comprehensive income | 0 | 0 | 0 |
Acquisition / (surrender) of additional units of consolidated subsidiary | 0 | 0 | 0 |
Equity-based compensation | 0 | 0 | 0 |
Shares withheld for employee taxes | 0 | 0 | 0 |
Dividends/distributions to convertible non-controlling interest | 0 | 0 | 0 |
Non-convertible non-controlling interest investment | 39 | 9 | 17,088 |
Non-convertible non-controlling interest distributions | (10,041) | (8,653) | (6,425) |
Convertible non-controlling interest investment | 0 | ||
Redemption of convertible non-controlling interest units | 0 | ||
Balance | $ 9,605 | $ 17 | $ 27,056 |
Note 22 - Equity-based Compen_3
Note 22 - Equity-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 02, 2022 | Apr. 07, 2020 | Apr. 06, 2020 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 10,719 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||||
Membership Units [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | $ 0 | $ 13,361 | ||||
Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,900,000 | 1,200,000 | 600,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 579,391 | ||||||
Long Term Incentive Plan 2010 and AFN 2006 Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||
Equity Incentive Plan 2010 and 2006 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,249 | $ 2,899 | $ 1,999 |
Note 22 - Equity-based Compen_4
Note 22 - Equity-based Compensation - Equity-based Compensation Included in Compensation and Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity based compensation expense | $ 4,391 | $ 4,390 | $ 15,718 |
Non equity-based compensation expense | 47,701 | 45,900 | 69,330 |
Total compensation and benefits | $ 52,092 | $ 50,290 | $ 85,048 |
Note 22 - Equity-based Compen_5
Note 22 - Equity-based Compensation - Detail of Equity Based Compensation by Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity based compensation expense | $ 4,391 | $ 4,390 | $ 15,718 |
Membership Interests [Member] | Sponsor Entities [Member] | |||
Equity based compensation expense | 0 | 0 | 13,068 |
Equity Incentive Plan 2010 and 2006 Equity Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
Equity based compensation expense | 0 | 21 | 291 |
Equity Incentive Plan 2020 [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
Equity based compensation expense | $ 4,391 | $ 4,369 | $ 2,359 |
Note 22 - Equity-based Compen_6
Note 22 - Equity-based Compensation - Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | |||
Unvested, number of shares (in shares) | 341,059 | 366,293 | 286,566 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 16.17 | $ 16.8 | $ 14.23 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 143,900 | 92,400 | 142,376 |
Granted, weighted average grant date fair value (in dollars per share) | $ 7.57 | $ 11.13 | $ 17.94 |
Vested, number of shares (in shares) | (113,301) | (117,634) | (62,649) |
Vested, weighted average grant date fair value (in dollars per share) | $ 17.18 | $ 14.08 | $ 7.59 |
Forfeiture, number of shares (in shares) | (4,167) | ||
Forfeiture, weighted average grant date fair value (in dollars per share) | $ (11.65) | ||
Unvested, number of shares (in shares) | 367,491 | 341,059 | 366,293 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 12.54 | $ 16.17 | $ 16.8 |
Restricted Stock Units (RSUs) [Member] | |||
Unvested, number of shares (in shares) | 6,541,490 | 6,871,030 | 2,783,080 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 1.35 | $ 1.46 | $ 1.46 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 422,000 | 422,000 | 4,617,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 0.68 | $ 1.93 | $ 2.07 |
Vested, number of shares (in shares) | (1,438,160) | (751,540) | (529,050) |
Vested, weighted average grant date fair value (in dollars per share) | $ 1.97 | $ 0.85 | $ 0.62 |
Unvested, number of shares (in shares) | 5,525,330 | 6,541,490 | 6,871,030 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 1.82 | $ 1.35 | $ 1.46 |
Note 22 - Equity-based Compen_7
Note 22 - Equity-based Compensation Performance Based Vesting (Details) - Membership Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested, number of shares (in shares) | 0 | 1,732,500 | 3,272,500 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 9.97 | $ 9.98 |
Granted (in shares) | 0 | 0 | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Vested, number of shares (in shares) | 0 | 0 | (1,309,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 9.99 |
Forfeiture, number of shares (in shares) | 0 | (1,732,500) | (231,000) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 9.97 | $ 9.99 |
Unvested, number of shares (in shares) | 0 | 0 | 1,732,500 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 9.97 |
Note 23 - Income Taxes (Details
Note 23 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Taxes | $ 235 | $ 0 |
Capital Loss Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 59,844 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 96,457 |
Note 23 - Income Taxes - Income
Note 23 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal income tax expense (benefit) | $ 0 | $ 0 | $ 0 |
Foreign income tax expense (benefit) | 120 | 198 | 188 |
State and local income tax expense (benefit) | 71 | 17 | 387 |
Current Income Tax Expense (Benefit) | 191 | 215 | 575 |
Federal income tax expense (benefit) | 3,205 | 4,634 | (530) |
Foreign income tax expense (benefit) | 0 | 0 | 0 |
State and local income tax expense (benefit) | 2,149 | (55) | (3,586) |
Deferred Income Tax Expense (Benefit) | 5,354 | 4,579 | (4,116) |
Total | $ 5,545 | $ 4,794 | $ (3,541) |
Note 23 - Income Taxes - Inco_2
Note 23 - Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Domestic | $ 15,705 | $ (54,749) | $ 69,791 |
Foreign | 239 | 873 | 706 |
Income / (loss) before income tax expense / (benefit) | $ 15,944 | $ (53,876) | $ 70,497 |
Note 23 - Income Taxes - Inco_3
Note 23 - Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal statutory rate | $ 3,348 | $ (11,314) | $ 14,804 |
Pass through impact | (3,257) | 9,509 | (13,068) |
Deferred tax valuation allowance and other | 3,114 | 6,439 | (2,267) |
State and local tax | 2,220 | 143 | (3,197) |
Foreign tax | 120 | 17 | 187 |
Total | $ 5,545 | $ 4,794 | $ (3,541) |
Note 23 - Income Taxes - Schedu
Note 23 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal net operating loss carry-forward | $ 20,256 | $ 20,160 |
State and local net operating loss carry-forward | 3,862 | 5,460 |
Federal capital loss carry-forward | 12,567 | 14,796 |
Disallowed interest expense carryforward | 925 | 0 |
Unrealized gain on debt | (5,716) | (6,505) |
Investment in Operating LLC | 13,225 | 13,682 |
Other | 306 | 998 |
Other | 252 | (227) |
Other | 558 | 771 |
Gross deferred tax asset / (liability) | 51,141 | 55,096 |
Gross deferred tax asset / (liability) | (5,464) | (6,732) |
Gross deferred tax asset / (liability) | 45,677 | 48,364 |
Less: valuation allowance | (44,097) | (41,430) |
Net deferred tax asset / (liability) | 7,044 | 13,666 |
Net deferred tax asset / (liability) | (5,464) | (6,732) |
Net deferred tax asset / (liability) | $ 1,580 | $ 6,934 |
Note 24 - Accumulated Other C_3
Note 24 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ (955) | $ (905) | $ (821) |
Change in foreign currency items | 25 | (54) | (74) |
Other comprehensive income / (loss), net | 25 | (54) | (74) |
Acquisition / (surrender) of additional units in consolidated subsidiary, net | (14) | 4 | (10) |
Balance | (944) | (955) | (905) |
OCI Items [Member] | |||
Balance | (955) | (905) | (821) |
Change in foreign currency items | 25 | (54) | (74) |
Other comprehensive income / (loss), net | 25 | (54) | (74) |
Acquisition / (surrender) of additional units in consolidated subsidiary, net | (14) | 4 | (10) |
Balance | $ (944) | $ (955) | $ (905) |
Note 25 - Net Capital Require_3
Note 25 - Net Capital Requirements - Statutory Net Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Actual Net Capital or Liquid Capital | $ 51,639 | $ 48,106 |
Amount Required | 935 | 762 |
Excess | 50,704 | 47,344 |
JVB [Member] | ||
Actual Net Capital or Liquid Capital | 49,878 | 46,518 |
Amount Required | 250 | 250 |
Excess | 49,628 | 46,268 |
CCFESA [Member] | ||
Actual Net Capital or Liquid Capital | 1,761 | 1,588 |
Amount Required | 685 | 512 |
Excess | $ 1,076 | $ 1,076 |
Note 26 - Earnings (Loss) Per_3
Note 26 - Earnings (Loss) Per Common Share (Details Textual) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Redeemable Non-controlling Interest Membership Units Not Held Share Ratio | 10 | 10 |
Note 26 - Earnings (Loss) Per_4
Note 26 - Earnings (Loss) Per Common Share - Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net income / (loss) attributable to Cohen & Company Inc. | $ (5,113) | $ (13,389) | $ 11,808 | |
Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership (1) | [1] | 0 | 0 | 26,656 |
Add: Interest expense incurred on dilutive convertible notes | 0 | 0 | 1,183 | |
Add / (deduct): Adjustment (2) | [2] | 0 | 0 | 1,719 |
Net income / (loss) on a fully converted basis | $ (5,113) | $ (13,389) | $ 41,366 | |
Weighted average shares outstanding-basic (in shares) | 1,513,469 | 1,420,383 | 1,187,029 | |
Unrestricted Operating LLC units of membership interests exchangeable into Cohen & Company Inc. shares (1) (in shares) | [1] | 0 | 0 | 2,851,358 |
Restricted Units or shares (in shares) | 0 | 0 | 212,055 | |
Shares issuable upon conversion of dilutive convertible notes (in shares) | 0 | 0 | 1,034,483 | |
Weighted average common shares outstanding - Diluted (in shares) | [3] | 1,513,469 | 1,420,383 | 5,284,925 |
Basic Earnings Per Share (in dollars per share) | $ (3.38) | $ (9.43) | $ 9.95 | |
Diluted Earnings Per Share (in dollars per share) | $ (3.38) | $ (9.43) | $ 7.83 | |
[1]The Operating LLC units of membership interests 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 Operating LLC units of membership interests 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 units are not included in the computation of basic earnings per share. These 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.[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 Operating LLC units of membership interests had been converted at the beginning of the period.[3]Potentially diluted securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Year Ended December 31, 2023 2022 2021 2017 Convertible Note - 224,138 - Restricted Common Stock 9,060 18,182 - Restricted Operating LLC units 4,010,179 3,735,004 - 4,019,239 3,977,324 - |
Note 26 - Earnings (Loss) Per_5
Note 26 - Earnings (Loss) Per Common Share - Schedule of Anti-Dilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,019,239 | 3,977,324 | 0 |
Convertible Debt Securities [Member] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 224,138 | 0 |
Restricted Stock [Member] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,060 | 18,182 | 0 |
Restricted Operating LLC Units [Member] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,010,179 | 3,735,004 | 0 |
Note 28 - Commitments and Con_3
Note 28 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sublease Income | $ 94 | $ 102 | $ 178 |
Business Development, Occupancy, Equipment Expense [Member] | |||
Operating Lease, Expense | $ 2,538 | $ 2,522 | $ 1,639 |
Note 28 - Comments and Continge
Note 28 - Comments and Contingencies - Future Lease Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024, lease | $ 2,175 |
2025, lease | 1,799 |
2026, lease | 1,511 |
2027, lease | 1,519 |
2028 | 1,527 |
2028 and Thereafter, lease | 729 |
Total | 9,260 |
Leases Under Cash Commitments [Member] | |
2024, lease | 2,588 |
2024, sublease | (26) |
2024, net commitment | 2,562 |
2025, lease | 2,641 |
2025, sublease | 0 |
2025, net commitment | 2,641 |
2026, lease | 2,349 |
2026, sublease | 0 |
2026, net commitment | 2,349 |
2027, lease | 2,357 |
2027, sublease | 0 |
2027, net commitment | 2,357 |
2028 | 2,366 |
2028, sublease | 0 |
2028, net commitment | 2,366 |
2028 and Thereafter, lease | 6,039 |
2028 and Thereafter, sublease | 0 |
2028 and Thereafter, net commitment | 6,039 |
Total | 18,340 |
Sublease | (26) |
Net commitment | $ 18,314 |
Note 29 - Segment and Geograp_3
Note 29 - Segment and Geographic Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Operating Segments | 3 |
Note 29 - Segment and Geograp_4
Note 29 - Segment and Geographic Information - Statements of Operations Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net trading | $ 30,926 | $ 40,009 | $ 69,385 | |
Principal transactions and other income | 16,454 | (29,347) | 37,324 | |
Revenues | 82,981 | 44,387 | 146,368 | |
Compensation and benefits | 52,092 | 50,290 | 85,048 | |
Other operating expense | 24,028 | 22,060 | 21,727 | |
Total operating expenses | 76,120 | 72,350 | 106,775 | |
Operating income / (loss) | 6,861 | (27,963) | 39,593 | |
Interest income (expense) | (6,526) | (4,982) | (7,233) | |
Earnings / (loss) realized | 15,609 | (20,931) | 36,010 | |
Other non-operating income | 0 | 0 | 2,127 | |
Income / (loss) before income taxes | 15,944 | (53,876) | 70,497 | |
Income tax expense / (benefit) | 5,545 | 4,794 | (3,541) | |
Net income / (loss) | 10,399 | (58,670) | 74,038 | |
Net Income attributable to non-controlling interests | 62,230 | |||
Net income / (loss) attributable to Cohen & Company Inc. | (5,113) | (13,389) | 11,808 | |
Depreciation, Depletion and Amortization, Nonproduction | 563 | 557 | 371 | |
Other non-operating income | 0 | 0 | 2,127 | |
Non-controlling Interest of Operating LLC [Member] | ||||
Net Income attributable to non-controlling interests | 19,590 | (23,203) | 35,574 | |
Cohen Co Including Noncontrolling Interest [Member] | ||||
Net income / (loss) | (9,191) | (35,467) | 38,464 | |
Non-controlling Interest of Cohen & Co. [Member] | ||||
Net Income attributable to non-controlling interests | (4,078) | (22,078) | 26,656 | |
Asset Management [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,337 | 9,004 | 10,923 | |
New Issue and Advisory [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,264 | 24,721 | 28,736 | |
Operating Segments [Member] | ||||
Net trading | 30,926 | 40,009 | 69,385 | |
Principal transactions and other income | 16,454 | (29,347) | 37,324 | |
Revenues | 82,981 | 44,387 | 146,368 | |
Compensation and benefits | 39,374 | 41,132 | 65,240 | |
Other operating expense | 19,081 | 17,440 | 16,452 | |
Total operating expenses | 58,455 | 58,572 | 81,692 | |
Operating income / (loss) | 24,526 | (14,185) | 64,676 | |
Interest income (expense) | (338) | (247) | (435) | |
Earnings / (loss) realized | 15,609 | (20,931) | 36,010 | |
Other non-operating income | 0 | 0 | 0 | |
Income / (loss) before income taxes | 39,797 | (35,363) | 100,251 | |
Income tax expense / (benefit) | 0 | 0 | 0 | |
Net income / (loss) | 39,797 | (35,363) | 100,251 | |
Net income / (loss) attributable to Cohen & Company Inc. | 20,207 | (12,160) | 64,677 | |
Depreciation, Depletion and Amortization, Nonproduction | 6 | 5 | 3 | |
Other non-operating income | 0 | 0 | 0 | |
Operating Segments [Member] | Non-controlling Interest of Operating LLC [Member] | ||||
Net Income attributable to non-controlling interests | 19,590 | (23,203) | 35,574 | |
Operating Segments [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||
Net income / (loss) | 20,207 | (12,160) | 64,677 | |
Operating Segments [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||
Net Income attributable to non-controlling interests | 0 | 0 | 0 | |
Operating Segments [Member] | Asset Management [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,337 | 9,004 | 10,923 | |
Operating Segments [Member] | New Issue and Advisory [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,264 | 24,721 | 28,736 | |
Operating Segments [Member] | Capital Markets [Member] | ||||
Net trading | 30,926 | 40,009 | 69,385 | |
Principal transactions and other income | 1 | 2 | (3) | |
Revenues | 59,191 | 64,732 | 98,118 | |
Compensation and benefits | 31,156 | 32,434 | 42,064 | |
Other operating expense | 15,746 | 14,539 | 13,914 | |
Total operating expenses | 46,902 | 46,973 | 55,978 | |
Operating income / (loss) | 12,289 | 17,759 | 42,140 | |
Interest income (expense) | (338) | (247) | (435) | |
Earnings / (loss) realized | 0 | 0 | 0 | |
Other non-operating income | 0 | 0 | 0 | |
Income / (loss) before income taxes | 11,951 | 17,512 | 41,705 | |
Income tax expense / (benefit) | 0 | 0 | 0 | |
Net income / (loss) | 11,951 | 17,512 | 41,705 | |
Net income / (loss) attributable to Cohen & Company Inc. | 11,951 | 17,512 | 41,705 | |
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | 1 | |
Other non-operating income | 0 | 0 | 0 | |
Operating Segments [Member] | Capital Markets [Member] | Non-controlling Interest of Operating LLC [Member] | ||||
Net Income attributable to non-controlling interests | 0 | 0 | 0 | |
Operating Segments [Member] | Capital Markets [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||
Net income / (loss) | 11,951 | 17,512 | 41,705 | |
Operating Segments [Member] | Capital Markets [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||
Net Income attributable to non-controlling interests | 0 | 0 | 0 | |
Operating Segments [Member] | Capital Markets [Member] | Asset Management [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Operating Segments [Member] | Capital Markets [Member] | New Issue and Advisory [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,264 | 24,721 | 28,736 | |
Operating Segments [Member] | Asset Management Segment [Member] | ||||
Net trading | 0 | 0 | 0 | |
Principal transactions and other income | 1,071 | 854 | 768 | |
Revenues | 8,408 | 9,858 | 11,691 | |
Compensation and benefits | 5,883 | 7,612 | 6,630 | |
Other operating expense | 2,218 | 2,173 | 2,151 | |
Total operating expenses | 8,101 | 9,785 | 8,781 | |
Operating income / (loss) | 307 | 73 | 2,910 | |
Interest income (expense) | 0 | 0 | 0 | |
Earnings / (loss) realized | 0 | 0 | 0 | |
Other non-operating income | 0 | 0 | 0 | |
Income / (loss) before income taxes | 307 | 73 | 2,910 | |
Income tax expense / (benefit) | 0 | 0 | 0 | |
Net income / (loss) | 307 | 73 | 2,910 | |
Net income / (loss) attributable to Cohen & Company Inc. | 290 | 73 | 1,032 | |
Depreciation, Depletion and Amortization, Nonproduction | 6 | 5 | 2 | |
Other non-operating income | 0 | 0 | 0 | |
Operating Segments [Member] | Asset Management Segment [Member] | Non-controlling Interest of Operating LLC [Member] | ||||
Net Income attributable to non-controlling interests | 17 | 0 | 1,878 | |
Operating Segments [Member] | Asset Management Segment [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||
Net income / (loss) | 290 | 73 | 1,032 | |
Operating Segments [Member] | Asset Management Segment [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||
Net Income attributable to non-controlling interests | 0 | 0 | 0 | |
Operating Segments [Member] | Asset Management Segment [Member] | Asset Management [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,337 | 9,004 | 10,923 | |
Operating Segments [Member] | Asset Management Segment [Member] | New Issue and Advisory [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Operating Segments [Member] | Principal Investing [Member] | ||||
Net trading | 0 | 0 | 0 | |
Principal transactions and other income | 15,382 | (30,203) | 36,559 | |
Revenues | 15,382 | (30,203) | 36,559 | |
Compensation and benefits | 2,335 | 1,086 | 16,546 | |
Other operating expense | 1,117 | 728 | 387 | |
Total operating expenses | 3,452 | 1,814 | 16,933 | |
Operating income / (loss) | 11,930 | (32,017) | 19,626 | |
Interest income (expense) | 0 | 0 | 0 | |
Earnings / (loss) realized | 15,609 | (20,931) | 36,010 | |
Other non-operating income | 0 | 0 | 0 | |
Income / (loss) before income taxes | 27,539 | (52,948) | 55,636 | |
Income tax expense / (benefit) | 0 | 0 | 0 | |
Net income / (loss) | 27,539 | (52,948) | 55,636 | |
Net income / (loss) attributable to Cohen & Company Inc. | 7,966 | (29,745) | 21,940 | |
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | 0 | |
Other non-operating income | 0 | 0 | 0 | |
Operating Segments [Member] | Principal Investing [Member] | Non-controlling Interest of Operating LLC [Member] | ||||
Net Income attributable to non-controlling interests | 19,573 | (23,203) | 33,696 | |
Operating Segments [Member] | Principal Investing [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||
Net income / (loss) | 7,966 | (29,745) | 21,940 | |
Operating Segments [Member] | Principal Investing [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||
Net Income attributable to non-controlling interests | 0 | 0 | 0 | |
Operating Segments [Member] | Principal Investing [Member] | Asset Management [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Operating Segments [Member] | Principal Investing [Member] | New Issue and Advisory [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Segment Reconciling Items [Member] | ||||
Net trading | [1] | 0 | 0 | 0 |
Principal transactions and other income | [1] | 0 | 0 | 0 |
Revenues | [1] | 0 | 0 | 0 |
Compensation and benefits | [1] | 12,718 | 9,158 | 19,808 |
Other operating expense | [1] | 4,947 | 4,620 | 5,275 |
Total operating expenses | [1] | 17,665 | 13,778 | 25,083 |
Operating income / (loss) | [1] | (17,665) | (13,778) | (25,083) |
Interest income (expense) | [1] | (6,188) | (4,735) | (6,798) |
Earnings / (loss) realized | [1] | 0 | 0 | 0 |
Other non-operating income | [1] | 0 | 0 | 2,127 |
Income / (loss) before income taxes | [1] | (23,853) | (18,513) | (29,754) |
Income tax expense / (benefit) | [1] | 5,545 | 4,794 | (3,541) |
Net income / (loss) | [1] | (29,398) | (23,307) | (26,213) |
Net income / (loss) attributable to Cohen & Company Inc. | [1] | (25,320) | (1,229) | (52,869) |
Depreciation, Depletion and Amortization, Nonproduction | [1] | 557 | 552 | 368 |
Other non-operating income | [1] | 0 | 0 | 2,127 |
Segment Reconciling Items [Member] | Non-controlling Interest of Operating LLC [Member] | ||||
Net Income attributable to non-controlling interests | [1] | 0 | 0 | 0 |
Segment Reconciling Items [Member] | Cohen Co Including Noncontrolling Interest [Member] | ||||
Net income / (loss) | [1] | (29,398) | (23,307) | (26,213) |
Segment Reconciling Items [Member] | Non-controlling Interest of Cohen & Co. [Member] | ||||
Net Income attributable to non-controlling interests | [1] | (4,078) | (22,078) | 26,656 |
Segment Reconciling Items [Member] | Asset Management [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 0 | 0 | 0 |
Segment Reconciling Items [Member] | New Issue and Advisory [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | $ 0 | $ 0 | $ 0 |
[1]Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the chief operating decision maker. |
Note 29 - Segment and Geograp_5
Note 29 - Segment and Geographic Information - Balance Sheet Data (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total Assets | $ 772,761 | $ 887,055 | |||
Investment in equity method affiliates | 14,241 | 8,929 | $ 48,238 | $ 13,482 | |
Goodwill | [1] | 109 | 109 | ||
Intangible assets | [1] | 166 | 166 | ||
Operating Segments [Member] | |||||
Total Assets | 758,176 | 862,886 | |||
Investment in equity method affiliates | 14,241 | 8,929 | |||
Goodwill | [1] | 109 | 109 | ||
Intangible assets | [1] | 166 | 166 | ||
Segment Reconciling Items [Member] | |||||
Total Assets | [2] | 14,585 | 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 | 665,597 | 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 | 5,633 | 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 | 86,946 | 36,969 | |||
Investment in equity method affiliates | 14,241 | 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 from 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 and such amounts are excluded in business segment reporting to the chief operating decision maker. |
Note 29 - Segment and Geograp_6
Note 29 - Segment and Geographic Information - Geographic Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 82,981 | $ 44,387 | $ 146,368 |
UNITED STATES | |||
Revenues | 77,532 | 39,669 | 140,420 |
United Kingdom & Other [Member] | |||
Revenues | $ 5,449 | $ 4,718 | $ 5,948 |
Note 30 - Supplemental Cash F_2
Note 30 - Supplemental Cash Flow Disclosure (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 5,607 | $ 4,782 | $ 6,388 |
Income Taxes Paid | 539 | 327 | 166 |
Proceeds from Income Tax Refunds | 96 | 0 | 96 |
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 | ||
Shares Received in Exchange for Services, Value | 18,248 | 7,416 | |
Decrease in Convertible Debt | (15,000) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 10,041 | 8,653 | 61,678 |
In-kind Distribution from Equity Method Affiliate [Member] | |||
Increase (Decrease) in Other Investments | 10,102 | ||
Increase (Decrease) in Equity Method Affiliates | (10,102) | (5,439) | |
Increase (Decrease) in Other Investment | 5,439 | ||
SFA Transaction [Member] | |||
Increase (Decrease) in Other Investments | 58,286 | ||
Increase (Decrease) in Other Investments, Sold and Not Yet Purchased | 58,286 | ||
Equity Method Affiliates [Member] | |||
Increase (Decrease) in Other Investments | 20,915 | ||
Increase (Decrease) in Equity Method Affiliates | (20,915) | ||
Distribution Relating to the SPAC Merger [Member] | |||
Increase (Decrease) in Other Investments | (6,417) | (20,119) | |
Other Investment [Member] | |||
Increase (Decrease) in Other Investments | 844 | ||
Other Investments Sold, Not Yet Purchased [Member] | |||
Increase (Decrease) in Other Investments | (844) | ||
Distribution Settlement with Vellar GP [Member] | |||
Increase (Decrease) in Other Investments | 701 | ||
Increase (Decrease) in Due from Related Parties, Total | (2,103) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 1,402 | ||
MetroMile Merger Distribution [Member] | |||
Increase (Decrease) in Other Investments | (31,049) | ||
Increase (Decrease) in Equity Method Affiliates | (3,958) | ||
In-kind Distributions from Other Consolidated Subsidiaries [Member] | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 2,415 | ||
Increase (Decrease) in Other Investment | (2,415) | ||
Additional Paid-in Capital [Member] | |||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | 636 | (338) | (1,929) |
AOCI Attributable to Parent [Member] | |||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | (14) | 4 | (10) |
Noncontrolling Interest [Member] | |||
Minority Interest, Increase (Decrease) Related to Units of Consolidated Subsidiary | (622) | 334 | 1,939 |
Increase in Convertible Non-controlling Interest | 15,000 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 10,041 | $ 8,653 | $ 61,678 |
Note 31 - Related Party Trans_3
Note 31 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Jan. 31, 2022 | Dec. 20, 2021 | Nov. 24, 2021 | Jun. 26, 2021 | Mar. 15, 2021 | Mar. 05, 2021 | Feb. 26, 2021 | Dec. 14, 2020 | Sep. 29, 2020 | Sep. 08, 2020 | Jan. 31, 2020 | Sep. 29, 2017 | Oct. 03, 2016 | Mar. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2017 | Sep. 30, 2013 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2024 | Jan. 05, 2024 | Dec. 31, 2020 | Oct. 01, 2020 | Dec. 31, 2019 | Dec. 30, 2019 | Jul. 01, 2019 | |
Stock Issued During Period, Value, New Issues | $ 9,076 | |||||||||||||||||||||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 27,413,098 | 27,413,098 | ||||||||||||||||||||||||||||
Equity Method Investments | $ 14,241 | $ 8,929 | 48,238 | $ 13,482 | ||||||||||||||||||||||||||
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 | $ 396 | 377 | 287 | |||||||||||||||||||||||||||
FlipOs [Member] | ||||||||||||||||||||||||||||||
Other Investments | 847 | |||||||||||||||||||||||||||||
Stoa Usa Inc and Flip Os [Member] | ||||||||||||||||||||||||||||||
Other Investments | $ 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% | |||||||||||||||||||||||||||||
CREO JV [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 7.50% | |||||||||||||||||||||||||||||
FTAC IV Sponsor [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Quoted Market Value | 1 | |||||||||||||||||||||||||||||
Equity Method Investment, Shares Purchased (in shares) | 24,547 | |||||||||||||||||||||||||||||
FTAC Olympus [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Aggregate Cost | 40 | |||||||||||||||||||||||||||||
FTAC V Sponsor [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Aggregate Cost | $ 40 | |||||||||||||||||||||||||||||
Equity Method Investment, Additional Shares Received for Services (in shares) | 35,000 | |||||||||||||||||||||||||||||
FTAC VI Sponsor [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Additional Shares Received for Services (in shares) | 35,000 | |||||||||||||||||||||||||||||
Equity Method Investments | $ 40 | |||||||||||||||||||||||||||||
FTAC Olympus Sponsor [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Shares Purchased (in shares) | 399,741 | |||||||||||||||||||||||||||||
Equity Method Investment, Additional Shares Received for Services (in shares) | 19,987 | |||||||||||||||||||||||||||||
Equity Method Investments | $ 40 | |||||||||||||||||||||||||||||
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 | $ 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 Investment, Shares Received from Services Provided (in shares) | 35,000 | |||||||||||||||||||||||||||||
Other SPAC Sponsor Entities [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 13.60% | |||||||||||||||||||||||||||||
Equity Method Investments | $ 8,377 | 3,399 | 38,095 | 363 | ||||||||||||||||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 22,429,541 | |||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 3 | |||||||||||||||||||||||||||||
Insurance SPAC II [Member] | Operating LLC [Member] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 46.10% | |||||||||||||||||||||||||||||
Service Fees, Per Month | $ 20 | |||||||||||||||||||||||||||||
Insurance SPAC III Sponsor Entities [Member] | Operating LLC [Member] | ||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 47.30% | |||||||||||||||||||||||||||||
Service Fees, Per Month | $ 20 | |||||||||||||||||||||||||||||
Founder Shares [Member] | FTAC IV Sponsor [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Shares Purchased (in shares) | 81,825 | |||||||||||||||||||||||||||||
Founder Shares [Member] | FTAC V Sponsor [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Shares Purchased (in shares) | 140,000 | |||||||||||||||||||||||||||||
CBF Cohen Bros. Financial [Member] | ||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 8,000 | |||||||||||||||||||||||||||||
DGC Trust/CBF [Member] | ||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 10,000 | |||||||||||||||||||||||||||||
Related Party Transaction, Purchases from Related Party | $ 4,000 | $ 2,500 | $ 1,500 | |||||||||||||||||||||||||||
EBC Family Trust [Member] | ||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 4,000 | |||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 1,600 | |||||||||||||||||||||||||||||
EBC Family Trust [Member] | Convertible Notes 2013 [Member] | ||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 2,400 | |||||||||||||||||||||||||||||
JKD Capital Partners I, LTD [Member] | ||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 4,500 | $ 2,250 | ||||||||||||||||||||||||||||
Investments In and Advance To Affiliates Amount Of Equity | $ 6,000 | $ 1,268 | $ 1,000 | |||||||||||||||||||||||||||
JKD Capital Partners I, LTD [Member] | 2022 Note Purchase Agreement [Member] | ||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 2,250 | |||||||||||||||||||||||||||||
JKD Capital Partners I, LTD [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | Non-convertible Senior Notes [Member] | ||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||||||||||||||||||||||||
JKD Investor [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | Non-convertible Senior Notes [Member] | ||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||||||||||||||||||||||||
JKD Investor [Member] | Non-convertible Senior Notes 10.00% (2020 Senior Notes) [Member] | Non-convertible Senior Notes [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | 10% | ||||||||||||||||||||||||||||
DGC Trust [Member] | Series F Preferred Stock [Member] | ||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 9,880,268 | |||||||||||||||||||||||||||||
DGC Trust [Member] | IMXI [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | 291,480 | |||||||||||||||||||||||||||||
Investment Owned, at Fair Value | $ 3,428 | |||||||||||||||||||||||||||||
Cohen Circle LLC [Member] | ||||||||||||||||||||||||||||||
Consulting Fees Per Month | $ 1 | $ 1 | ||||||||||||||||||||||||||||
Daniel G. Cohen [Member] | CK Capital Partners B.V. [Member] | ||||||||||||||||||||||||||||||
Equity Method Investment, Quoted Market Value | $ 17 | |||||||||||||||||||||||||||||
Insurance SPAC II [Member] | ||||||||||||||||||||||||||||||
Related Party Transactions, Agreed Amount To Lend | $ 750 | |||||||||||||||||||||||||||||
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 | $ 96 |
Note 31 - Related Party Trans_4
Note 31 - Related Party Transactions - Routine Transactions Recognized in the Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset management | $ 1,487 | $ 2,023 | $ 5,171 |
Principal transactions and other income | (5,405) | 4,576 | 2,970 |
Income/(loss) from equity method affiliates | 15,609 | (20,931) | 36,010 |
Operating expense (income) | 329 | 555 | 886 |
Interest expense (income) | 941 | 1,270 | 3,927 |
Other SPAC Sponsor Entities [Member] | |||
Asset management | 0 | 0 | 319 |
Principal transactions and other income | 50 | 160 | 132 |
CREO JV [Member] | |||
Asset management | 113 | 0 | 0 |
Principal transactions and other income | 901 | 32 | 0 |
SPAC Fund [Member] | |||
Asset management | 173 | 954 | 4,327 |
Principal transactions and other income | 28 | (43) | 474 |
U.S. Insurance JV [Member] | |||
Asset management | 1,201 | 1,069 | 525 |
Principal transactions and other income | 463 | 11 | 142 |
Dutch Real Estate Entities [Member] | |||
Principal transactions and other income | 0 | 0 | 137 |
Income/(loss) from equity method affiliates | 334 | (71) | (137) |
Insurance SPAC II [Member] | |||
Principal transactions and other income | 0 | 0 | 40 |
Income/(loss) from equity method affiliates | 0 | 0 | (107) |
Insurance SPAC III [Member] | |||
Principal transactions and other income | 0 | 220 | 240 |
Income/(loss) from equity method affiliates | 0 | (5,896) | (1,200) |
Stoa Usa Inc and Flip Os [Member] | |||
Principal transactions and other income | (6,847) | 4,196 | 1,805 |
Other SPAC Entities [Member] | |||
Income/(loss) from equity method affiliates | 15,275 | (14,962) | 37,453 |
Equity Method Affiliates [Member] | |||
Income/(loss) from equity method affiliates | 15,609 | (20,929) | 36,009 |
Duane Morris [Member] | |||
Operating expense (income) | 432 | 621 | 925 |
Cohen Circle LLC [Member] | |||
Operating expense (income) | (103) | (66) | (39) |
CBF [Member] | |||
Interest expense (income) | 0 | 0 | 197 |
DGC Trust [Member] | |||
Interest expense (income) | 0 | 327 | 1,534 |
EBC [Member] | |||
Interest expense (income) | 0 | 0 | 211 |
JKD Investor [Member] | |||
Interest expense (income) | $ 941 | $ 943 | $ 1,985 |
Note 32 - Due From Due to Rel_3
Note 32 - Due From Due to Related Parties (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 01, 2023 USD ($) $ / shares shares | Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 143,900 | 92,400 | 142,376 | |
Executive Chairman [Member] | ||||
Number of Redeemed LLC Units | 479,380 | |||
Aggregate Payable for Redeemed Units | $ | $ 421 | |||
Redeemed LLC Units, Price Per Unit (in dollars per share) | $ / shares | $ 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) | 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 (in dollars per share) | $ / shares | $ 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) | 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) | 49,750 |
Note 32 - Due From Due To Rel_4
Note 32 - Due From Due To Related Parties - Due From Due To Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due from related party | $ 5,373 | $ 9,527 |
Employees & Other [Member] | ||
Due from related party | 319 | 232 |
SPAC Fund [Member] | ||
Due from related party | 15 | 294 |
U.S. Insurance JV [Member] | ||
Due from related party | 438 | 261 |
Due From Related Parties [Member] | ||
Due from related party | $ 772 | $ 787 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 10,650 | $ 29,101 | ||
Prepaid income taxes | 235 | 0 | ||
Deferred income taxes | 1,580 | 6,934 | $ 11,513 | |
Total assets | 772,761 | 887,055 | ||
Accrued interest and other liabilities | 8,115 | 11,439 | ||
Debt | 29,716 | 29,024 | ||
Total liabilities | 680,964 | 793,029 | ||
Voting Non-Convertible Preferred Stock, $0.001 par value per share, 50,000,000 shares authorized, 27,413,098 shares issued and outstanding, respectively | 27 | 27 | ||
Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 1,893,747 and 1,774,342 shares issued and outstanding, respectively, including 367,491 and 341,059 unvested or restricted share awards, respectively | 19 | 17 | ||
Additional paid-in capital | 74,594 | 72,801 | ||
Accumulated deficit | (32,014) | (25,151) | (9,204) | |
Accumulated other comprehensive loss | (944) | (955) | $ (905) | $ (821) |
Total stockholders' equity | 41,682 | 46,739 | ||
Total liabilities and equity | 772,761 | 887,055 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment in Cohen & Company, LLC | 67,670 | 68,331 | ||
Prepaid income taxes | 38 | 146 | ||
Deferred income taxes | (468) | 3,093 | ||
Total assets | 67,240 | 71,570 | ||
Accrued interest and other liabilities | 342 | 307 | ||
Debt | 25,216 | 24,524 | ||
Total liabilities | 25,558 | 24,831 | ||
Voting Non-Convertible Preferred Stock, $0.001 par value per share, 50,000,000 shares authorized, 27,413,098 shares issued and outstanding, respectively | 27 | 27 | ||
Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 1,893,747 and 1,774,342 shares issued and outstanding, respectively, including 367,491 and 341,059 unvested or restricted share awards, respectively | 19 | 17 | ||
Additional paid-in capital | 74,594 | 72,801 | ||
Accumulated deficit | (32,014) | (25,151) | ||
Accumulated other comprehensive loss | (944) | (955) | ||
Total stockholders' equity | 41,682 | 46,739 | ||
Total liabilities and equity | $ 67,240 | $ 71,570 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total revenues | $ 82,981 | $ 44,387 | $ 146,368 |
Operating income / (loss) | 6,861 | (27,963) | 39,593 |
Interest expense, net | (6,526) | (4,982) | (7,233) |
Income / (loss) before income taxes | 15,944 | (53,876) | 70,497 |
Income tax expense (benefit) | 5,545 | 4,794 | (3,541) |
Net income / (loss) attributable to Cohen & Company Inc. | (5,113) | (13,389) | 11,808 |
Parent Company [Member] | |||
Equity in undistributed earnings / (loss) from Cohen & Company, LLC | 3,708 | (4,953) | 13,908 |
Total revenues | 3,708 | (4,953) | 13,908 |
Operating income / (loss) | 3,708 | (4,953) | 13,908 |
Interest expense, net | (5,247) | (3,443) | (2,812) |
Income / (loss) before income taxes | (1,539) | (8,396) | 11,096 |
Income tax expense (benefit) | 3,574 | 4,993 | (712) |
Net income / (loss) attributable to Cohen & Company Inc. | $ (5,113) | $ (13,389) | $ 11,808 |
Schedule I - Statements of Cash
Schedule I - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (loss) | $ 10,399 | $ (58,670) | $ 74,038 |
Amortization of discount on debt | 692 | 630 | 860 |
(Increase) decrease in other assets | 1,829 | 981 | (4,858) |
Increase (decrease) in accounts payable and other liabilities | (88,431) | (11,769) | (19,189) |
Net cash provided by (used in) operating activities | (39,660) | (23,488) | 18,321 |
Proceeds from issuance of Common Stock | 0 | 0 | 9,076 |
Cash used to net share settle equity awards | (175) | (234) | (378) |
Purchase and retirement of Common Stock | 0 | 0 | (857) |
Cohen & Company Inc. dividends | (1,750) | (2,558) | (671) |
Net cash provided by (used in) financing activities | (17,105) | (11,504) | 13,161 |
Net increase (decrease) in cash and cash equivalents | (18,451) | (21,466) | 8,571 |
Cash and cash equivalents, beginning of period | 29,101 | 50,567 | 41,996 |
Cash and cash equivalents, end of period | 10,650 | 29,101 | 50,567 |
Parent Company [Member] | |||
Net Income (loss) | (5,113) | (13,389) | 11,808 |
Equity in undistributed earnings / (loss) from Cohen & Company, LLC | (3,708) | 4,953 | (13,908) |
Distributions from / (contributions to) Cohen & Company, LLC | 6,223 | 5,433 | (2,662) |
Amortization of discount on debt | 692 | 563 | 526 |
(Increase) decrease in other assets | 108 | (166) | 0 |
Increase (decrease) in accounts payable and other liabilities | 35 | 199 | (74) |
Increase / (decrease) in deferred income taxes | 3,561 | 5,041 | (736) |
Net cash provided by (used in) operating activities | 1,798 | 2,634 | (5,046) |
Repurchase and repayment of debt | 0 | 0 | 0 |
Proceeds from issuance of Common Stock | 0 | 0 | 9,076 |
Cash used to net share settle equity awards | (48) | (76) | (102) |
Principal payments on debt | 0 | 0 | (2,400) |
Purchase and retirement of Common Stock | 0 | 0 | (857) |
Cohen & Company Inc. dividends | (1,750) | (2,558) | (671) |
Net cash provided by (used in) financing activities | (1,798) | (2,634) | 5,046 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |