Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 295

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 295
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 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 June 30, 2025 were as follows.

MINIMUM NET CAPITAL REQUIREMENTS

     June 30, 2025

      United States 
      
     $
     250

      Europe 

     729

      Total 
      
     $
     979

We operate with more than the minimum regulatory capital requirement in our licensed broker-dealers and at June 30, 2025, total net capital, or the equivalent as defined by the relevant statutory regulations, in our licensed broker-dealers totaled $51,761. 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 June 30, 2025, our total equity on a consolidated basis was $92,458 and the total equity of Cohen Securities was $86,864.  Therefore, only $5,594 of equity existed outside of Cohen Securities.  However, 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 June 30, 2025, our non-convertible non-controlling interest balance was $10,890.  Therefore, we have an available equity deficit outside of Cohen Securities of $5,296 as of June 30 2025.  

From time to time, we may need to take distributions of income (and potentially returns of capital) from Cohen Securities to satisfy the cash needs as a result of the losses incurred outside of Cohen Securities or to satisfy other obligations that come due outside of Cohen Securities.  However, we are subject to significant limitations on our ability to make distributions from Cohen Securities.  These limitations include limitations imposed by FINRA under Rule 15c3-1 under the Exchange Act (described immediately above) and limitations under our line of credit with By