Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1767

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 1767
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 distributions to the non-convertible non-controlling interests; partially offset by (f) $2,250 in proceeds from the issuance of debt; and (g) $9 in cash proceeds from investments in the non-convertible non-controlling interests.  

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      65

Regulatory Capital Requirements 

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We have two subsidiaries that are licensed securities dealers: JVB in the U.S. and CCFESA in France. As a U.S. broker-dealer, JVB 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 these applicable net capital rules. These subsidiaries have historically operated in excess of minimum net capital requirements. Our minimum capital requirements at December 31, 2024 were as follows.

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      MINIMUM NET CAPITAL REQUIREMENTS 

      (Dollars in Thousands) 

     As of December 31, 2024

      U.S. 
      
     $
     250

      France 

     643

      Total 
      
     $
     893

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We operate with more than the minimum regulatory capital requirement in our licensed broker-dealers and at December 31, 2024 total net capital, or the equivalent as defined by the relevant statutory regulations, in our licensed broker-dealers was $49,988.  See note 25 to our consolidated financial statements included in this Annual Report on Form 10-K.  In addition, our licensed broker-dealers are generally subject to capital withdrawal notification requirements and restrictions.

Restrictions of Distributions of Capital from JVB

As of December 31, 2024, our total equity on a consolidated basis was $90,283.  However, the total equity of JVB was $77,328.  Therefore, only $12,955 of equity exists outside of JVB.  During certain periods of time, we have generated losses or negative cash flow outside of JVB.  We are dependent on taking distributions of income (and potentially returns of capital) from JVB to satisfy the cash needs outside of JVB, such as to cover losses incurred outside of JVB, to satisfy other obligations that come due outside of JVB, and to make investments outside of JVB.  However, we are subject to significant limitations on