Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 232

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 232
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   4. The Company also has valuation allowances applied against its carryforward NOL and NCL deferred tax assets as well as its tax over book basis in the Operating LLC.  Valuation allowances are applied to deferred tax assets when management determines that the assets  may not be fully realized.  This determination requires significant judgement and is primarily based on management's expectations regarding the generation of future taxable income.  ASC 740 indicates that all available evidence should be considered when assessing the need for and the appropriate level of a valuation allowance.  All available evidence includes historical information supplemented by all currently available information about future periods.
    
   The following table presents the components on the Company's consolidated provision for income tax for the periods presented.

       For the Nine Months Ended September 30,  
   2025    2024    Change  
 Current  $724  $540  $(184)
 Deferred   919   (105)  (1,024)
 Total  $1,643  $435  $(1,208 ) 

   The Big Beautiful Bill Act ("OBBBA") was enacted on  July 4, 2025.  The only provisions of the OBBBA that directly impact the Company are: (i) changes in bonus depreciation and (ii) changes in the calculation of the amount of net interest expense that is deductible.  In both cases, the impact to the Company will be immaterial.  The OBBBA made significant changes to individual income taxes including the taxation of overtime and tips that  may impact certain company's workforces thereby having an indirect effect on these companies.  However, none of the Company's employees receive tips and the Company has an immaterial number of hourly employees. 

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   18. NET CAPITAL REQUIREMENTS 
    
   Cohen Securities is subject to the net capital provision of Rule 15c3-1 under the Exchange Act, which requires the maintenance of minimum net capital, as defined therein.  As of  September 30, 2025, Cohen Securities' minimum required net capital was $250, and actual net capital was $74,371, which exceeded the minimum requirements by $74,121.  CCFESA, a subsidiary of the Company, is regulated by the ACPR in France. CCFESA is subject to certain regulatory capital requirements in accordance with Articles L.533