Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2712

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 6
Chunk 2712
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19 and 20 in our consolidated financial statements included in this Annual Report on Form 10-K.

      During 2024: 

     o
     We repaid our redeemable financial instrument in the amount of $2,573. The remainder was converted to the 2024 Note.

     o
     We paid dividends of $1,873 and distributions to the convertible non-controlling interest of $4,819

     o
     We paid distributions of $6,758 to the non-convertible non-controlling interest.

      During 2023: 

      o 
      We drew and repaid $15,000 on a revolving line of credit. 

      o 
      We paid dividends of $1,750 and distributions to the convertible non-controlling interest of $4,344. 

      o 
      We paid distributions of $10,041 to the non-convertible non-controlling interest. 

      During 2022: 

      o 
      We issued a new 2020 Senior Note for $2,250 and used the proceeds to pay off an existing 2020 Senior Note 

      o 
      We paid dividends of $2,258 and distributions to the convertible non-controlling interest of $6,485 

      o 
      We paid distributions of $2,236 to non-convertible non-controlling interest. 

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Cash Flows 

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We have seven primary uses for capital:

     (1)
     To fund the operations of our Capital Markets business segment. Our Capital Markets business segment utilizes capital (i) to fund securities inventory to facilitate client trading activities; (ii) for risk trading for our own account; (iii) to fund our collateralized securities lending activities; (iv) for temporary capital needs associated with underwriting activities; (v) to fund business expansion into existing or new product lines including additional capital dedicated to our mortgage group as well as our matched book repo business; and (vi) to fund any operating losses incurred.

     (2)
     To fund the expansion of our Asset Management business segment.  We generally grow our AUM by sponsoring new Investment Vehicles.  The creation of a new Investment Vehicle often requires us to invest a certain amount of our own capital to attract outside capital to manage.  Also, the new Investment Vehicles often require warehouse and other third-party financing to fund the acquisition of investments.  Finally, we generally will hire employees to manage new Investment Vehicles and will operate at a loss for a startup period.