Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 303

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 303
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) $189 in cash used to settle equity awards; (c) $1,465 in dividends paid; (d) $3,837 in distributions to the convertible non-controlling interests; (e) $659 in redemption of convertible non-controlling interests; and (f) $3,671 in distributions to non-convertible non-controlling interests; partially offset by (g) $154 in proceeds from the issuance of Common Stock.

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Regulatory Capital Requirements 

We have two subsidiaries that are licensed securities dealers: Cohen Securities in the United States and CCFESA in France. As a U.S. broker-dealer, Cohen Securities is subject to the Uniform Net Capital Rule in Rule 15c3-1 under the Exchange Act. CCFESA is subject to the regulations of the ACPR. The amount of net assets that these subsidiaries may distribute is subject to restrictions under the applicable net capital rules. These subsidiaries have historically operated in excess of minimum net capital requirements. Our minimum capital requirements at September 30, 2025 were as follows.

MINIMUM NET CAPITAL REQUIREMENTS

     September 30, 2025

      United States 
      
     $
     250

      Europe 

     728

      Total 
      
     $
     978

We operate with more than the minimum regulatory capital requirement in our licensed broker-dealers and at September 30, 2025, total net capital, or the equivalent as defined by the relevant statutory regulations, in our licensed broker-dealers totaled $76,395. See note 18 to our consolidated financial statements included in Item 1 in this Quarterly Report on Form 10-Q.  In addition, our licensed broker-dealers are generally subject to capital withdrawal notification and restrictions.

Restrictions of Distributions of Capital from Cohen Securities

As of September 30, 2025, our total equity on a consolidated basis was $101,054 and the total equity of Cohen Securities was $108,331.  Therefore, a deficit of $7,277 existed outside of Cohen Securities. In addition, it should be noted that our non-convertible non-controlling interest represents equity that is included in our consolidated financial statements but is not available to the Operating LLC to fund operations outside of those specific consolidated but not wholly owned subsidiaries.  As of September 30, 2025, our non-convertible non-controlling interest balance was $3,912.