Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 297

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 297
---
 before tax 
      
     $
     5,283

     $
     -

     $
     5,283

      Income tax expense / (benefit) 

     135

     7

     142

      Net income / (loss) after tax 

     5,148

     (7
     )

     5,141

      Other consolidated subsidiary non-controlling interest 

     (2,455
     )

      Net income / (loss) attributable to the Operating LLC 

     7,603

      Average effective Operating LLC non-controlling interest % (1) 

     71.63
     %

      Operating LLC non-controlling interest 
      
     $
     5,446

      (1) 
      Non-controlling interest is recorded on a quarterly basis. Because earnings are recognized unevenly throughout the year and the non-controlling interest percentage may change during the period, the average effective non-controlling interest percentage may not equal the percentage at the end of any period or the simple average of the beginning and ending percentages. 

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       82

Liquidity and Capital Resources 

Liquidity is a measurement of our ability to meet potential cash requirements including ongoing commitments to repay debt borrowings, make interest payments on outstanding borrowings, fund investments, and support other general business purposes. In addition, our United States and European broker-dealer subsidiaries are subject to certain regulatory requirements to maintain minimum levels of net capital. Historically, our primary sources of funds have been our operating activities and general corporate borrowings. In addition, our trading operations have generally been financed by the use of collateralized securities financing arrangements as well as margin loans.

Certain subsidiaries of the Operating LLC have restrictions on the withdrawal of capital and otherwise in making distributions and loans. Cohen Securities is subject to net capital restrictions imposed by the SEC and FINRA that require certain minimum levels of net capital to remain in this subsidiary. In addition, these restrictions could potentially impose notice requirements or limit our ability to withdraw capital above the required minimum amounts (excess capital) whether through a distribution or a loan. CCFESA is subject to the regulations of the ACPR, which imposes minimum capital requirements.  See note 25 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

See Liquidity and Capital Resources – Contractual Obligations below.

During the third quarter of 2010, our board of directors