0001104659-24-031480.txt : 20240306 0001104659-24-031480.hdr.sgml : 20240306 20240306161554 ACCESSION NUMBER: 0001104659-24-031480 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240306 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240306 DATE AS OF CHANGE: 20240306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cohen & Co Inc. CENTRAL INDEX KEY: 0001270436 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] ORGANIZATION NAME: 02 Finance IRS NUMBER: 161685692 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32026 FILM NUMBER: 24726078 BUSINESS ADDRESS: STREET 1: CIRA CENTRE, 2929 ARCH STREET STREET 2: 17TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19104-2870 BUSINESS PHONE: 215-701-9555 MAIL ADDRESS: STREET 1: CIRA CENTRE, 2929 ARCH STREET STREET 2: 17TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19104-2870 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL FINANCIAL MARKETS, INC. DATE OF NAME CHANGE: 20110121 FORMER COMPANY: FORMER CONFORMED NAME: COHEN & Co INC. DATE OF NAME CHANGE: 20091216 FORMER COMPANY: FORMER CONFORMED NAME: ALESCO FINANCIAL INC DATE OF NAME CHANGE: 20061006 8-K 1 tm246742d1_8k.htm FORM 8-K
false 0001270436 0001270436 2024-03-06 2024-03-06 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

Registrant Name Cohen & Co Inc.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 6, 2024

 

 

 

Cohen & Company Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   1-32026   16-1685692

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

Cira Centre

2929 Arch Street, Suite 1703

Philadelphia, Pennsylvania

   19104
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (215) 701-9555

 

Not Applicable

(Former name or former address, if changed since last report.)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading
Symbol(s)		   Name of each exchange on which registered
Common Stock, par value $0.01 per share   COHN   The NYSE American Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company                           ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

 

 Item 2.02 Results of Operations and Financial Condition.

 

On March 6, 2024, Cohen & Company Inc., a Maryland corporation (the “Company”), issued a press release announcing the Company’s financial results for the fourth quarter and year ended December 31, 2023. A copy of the earnings release is attached to this report as Exhibit 99.1.

 

The information hereunder shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.
   
(d) Exhibits.
   

Exhibit
Number

  

Description

99.1*   Press release dated March 6, 2024 announcing Cohen & Company Inc.’s financial results for the fourth quarter and year ended December 31, 2023.
     
104   Cover Page Interactive Data File (Embedded within the inline XBRL document).

 

 

* Filed electronically herewith.

 

2 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  COHEN & COMPANY INC.
     
Date: March 6, 2024 By: /s/ Joseph W. Pooler, Jr.
    Name: Joseph W. Pooler, Jr.
    Title: Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 

 EX-99.1 2 tm246742d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

COHEN & COMPANY REPORTS FOURTH QUARTER & FULL YEAR 2023 FINANCIAL RESULTS

 

Fourth Quarter Net Income Attributable to Cohen & Company Inc. of $4.5 Million, or $2.97 per Diluted Share

 

Fourth Quarter Adjusted Pre-Tax income of $16.0 Million, or $2.88 per Diluted Share

 

Board Declares Quarterly Dividend of $0.25 per Share

 

Philadelphia and New York, March 6, 2024 – Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in an expanding range of capital markets and asset management services, today reported financial results for its fourth quarter and full year ended December 31, 2023.

 

Summary Operating Results

 

   Three Months Ended   Twelve Months Ended 
($ in thousands)  12/31/23   9/30/23   12/31/22   12/31/23   12/31/22 
Net trading  $7,809   $7,491   $9,644   $30,926   $40,009 
Asset management   1,919    1,788    1,761    7,337    9,004 
New issue and advisory   18,722    7,247    4,235    28,264    24,721 
Principal transactions and other revenue   6,014    595    (3,190)   16,454    (29,347)
Total revenues   34,464    17,121    12,450    82,981    44,387 
                          
Compensation and benefits   16,335    15,219    8,970    52,092    50,290 
Non-compensation operating expenses   6,680    6,006    6,251    24,028    22,060 
Operating income (loss)   11,449    (4,104)   (2,771)   6,861    (27,963)
                          
Interest expense, net   (1,619)   (1,685)   (1,179)   (6,526)   (4,982)
Income (loss) from equity method affiliates   17,217    (702)   (6,401)   15,609    (20,931)
Income (loss) before income tax expense (benefit)   27,047    (6,491)   (10,351)   15,944    (53,876)
Income tax expense (benefit)   166    (755)   1,260    5,545    4,794 
Net income (loss)   26,881    (5,736)   (11,611)   10,399    (58,670)
Less: Net income (loss) attributable to the non-convertible non-controlling interest   11,054    1,936    (4,223)   19,590    (23,203)
Enterprise net income (loss)   15,827    (7,672)   (7,388)   (9,191)   (35,467)
Less: Net income (loss) attributable to the convertible non-controlling interest   11,279    (7,249)   (4,387)   (4,078)   (22,078)
Net income (loss) attributable to Cohen & Company Inc.  $4,548   $(423)  $(3,001)  $(5,113)  $(13,389)
Fully diluted net income (loss) per share  $2.97   $(0.28)  $(2.10)  $(3.38)  $(9.43)
                          
Adjusted pre-tax income (loss)  $15,993   $(8,427)  $(6,128)  $(3,646)  $(30,673)
Fully diluted adjusted pre-tax income (loss) per share  $2.88   $(1.52)  $(1.13)  $(0.66)  $(5.62)

  

Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles (“GAAP”). See Note 1 below.

  

 

 

 

Lester Brafman, Chief Executive Officer of Cohen & Company, said, “During most of 2023, the high interest rate environment negatively impacted our investment banking, trading, and commercial real estate businesses, however, Cohen & Company Capital Markets was able to close four significant investment banking transactions in the fourth quarter. Also, we recognized substantial income from our equity method investments in the sponsors of four SPACs that closed their business combinations during the fourth quarter. The banking transactions and the earnings from our equity method investments drove our $16 million of adjusted pre-tax income in the quarter. In addition, recently we announced the appointment of George Holstead as Managing Director and Head of the Middle Markets Group in JVB’s Boca Raton office, and we are excited to expand our trading platform. Looking ahead, we believe that we are well positioned going into the new year, and we remain focused on enhancing long-term, sustained value for our stockholders, including through continued payment of our quarterly dividend.”

 

Financial Highlights

 

·Net income attributable to Cohen & Company Inc. was $4.5 million, or $2.97 per diluted share, for the three months ended December 31, 2023, compared to net loss of $0.4 million, or $0.28 per diluted share, for the three months ended September 30, 2023, and net loss of $3.0 million, or $2.10 per diluted share, for the three months ended December 31, 2022. Adjusted pre-tax income was $16.0 million, or $2.88 per diluted share, for the three months ended December 31, 2023, compared to adjusted pre-tax loss of $8.4 million, or $1.52 per diluted share, for the three months ended September 30, 2023, and adjusted pre-tax loss of $6.1 million, or $1.13 per diluted share, for the three months ended December 31, 2022. Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share are not measures recognized under GAAP. See Note 1 below.

 

·Revenues were $34.5 million for the three months ended December 31, 2023, compared to $17.1 million for the prior quarter and $12.5 million for the prior year quarter.

 

oNet trading revenue was $7.8 million for the three months ended December 31, 2023, up $0.3 million from the prior quarter and down $1.8 million from the prior year quarter. The increase from the prior quarter was due primarily to higher trading revenue by our corporate, agency, and municipal groups, partially offset by our mortgage groups. The decrease from the prior year quarter was due primarily to lower trading revenue by our mortgage groups, partially offset by our agency and municipal groups.

 

oAsset management revenue was $1.9 million for the three months ended December 31, 2023, up slightly from both the prior and prior year quarters. The increase from both prior quarters is primarily related to increased assets under management in our European funds as well as a commercial real estate servicing agreement entered into in November 2023.

 

oNew issue and advisory revenue was $18.7 million for the three months ended December 31, 2023, up $11.5 million from the prior quarter and $14.5 million from the prior year quarter. In the current quarter, the Cohen & Company Capital Markets investment banking team generated $18.6 million and the insurance origination team generated $0.1 million of the new issue and advisory revenue.

 

oPrincipal transactions and other revenue was $6.0 million for the three months ended December 31, 2023, compared to $0.6 million in the prior quarter and negative $3.2 million in the prior year quarter. In all quarters presented, the principal transactions and other revenue was primarily due to mark-to-market adjustments on the Company’s principal investment portfolio.

 

·Compensation and benefits expense during the three months ended December 31, 2023 increased $1.1 million from the prior quarter and $7.4 million from the prior year quarter. The number of Company employees was 118 as of December 31, 2023, compared to 114 as of September 30, 2023, and 121 as of December 31, 2022.

 

2

 

 

·Interest expense during the three months ended December 31, 2023 was comparable to the prior quarter and increased $0.4 million from the prior year quarter. The increase from the prior year quarter was primarily due to higher interest on our trust preferred securities debt and redeemable financial instrument.

 

·Income from equity method affiliates for the three months ended December 31, 2023 was $17.2 million, compared to loss from equity method affiliates of $0.7 million for the prior quarter and loss from equity method affiliates of $6.4 million for the prior year quarter. The increase in the current quarter was primarily driven by $17.5 million of income from our equity method investments in the sponsors of four special purpose acquisition companies (SPACs) that closed their business combinations during the fourth quarter of 2023, which resulted in an increase in value of the founder shares to which we are entitled to an allocation from the sponsors. For the three months ended December 31, 2023, there was an offsetting credit recorded in the net income (loss) attributable to the non-convertible non-controlling interest line item of $4.9 million related to the four SPACs that closed their business combinations during the fourth quarter of 2023.

 

·Income tax expense for the three months ended December 31, 2023 was $0.2 million, compared to income tax benefit of $0.8 million in the prior quarter, and income tax expense of $1.3 million in the prior year quarter. The Company will continue to evaluate its operations on a quarterly basis and may adjust the valuation allowance applied against the Company's net operating loss and net capital loss tax assets. Future adjustments could be material and may result in additional tax benefit or tax expense.

 

Total Equity and Dividend Declaration

 

·As of December 31, 2023, total equity was $91.8 million, compared to $94.0 million as of December 31, 2022; the non-convertible non-controlling interest component of total equity was $9.6 million as of December 31, 2023 and $17 thousand as of December 31, 2022. Thus, the total equity excluding the non-convertible non-controlling interest component was $82.2 million as of December 31, 2023, an $11.8 million decrease from $94.0 million as of December 31, 2022.

 

·The Company’s Board of Directors has declared a quarterly dividend of $0.25 per share, payable on April 5, 2024, to stockholders of record as of March 22, 2024. The Board of Directors will continue to evaluate the dividend policy each quarter, and future decisions regarding dividends may be impacted by quarterly operating results and the Company’s capital needs.

 

Update on Quarterly Conference Calls

 

Cohen & Company will not conduct quarterly conference calls for the foreseeable future. The Company intends to continue its practice of issuing earnings releases in connection with the filing of its quarterly and annual reports. Investors can find contact information at the bottom of this release should they have any questions about the fourth quarter and full year results or the Company.

 

About Cohen & Company

 

Cohen & Company is a financial services company specializing in an expanding range of capital markets and asset management services. Cohen & Company’s operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales, trading, and gestation repo financing as well as new issue placements in corporate and securitized products, and advisory services, operating primarily through Cohen & Company’s subsidiaries, J.V.B. Financial Group, LLC in the United States and Cohen & Company Financial (Europe) S.A. in Europe. A division of JVB, Cohen & Company Capital Markets is the Company’s leading boutique investment bank that provides innovative strategic and financial advice in M&A, capital markets, and SPAC advisory. The Asset Management segment manages assets through collateralized debt obligations, managed accounts, and investment funds. As of December 31, 2023, the Company managed approximately $2.4 billion in primarily fixed income assets in a variety of asset classes including US and European trust preferred securities, subordinated debt, and corporate loans. The Principal Investing segment is comprised primarily of investments the Company holds related to its SPAC franchise and other investments the Company has made for the purpose of earning an investment return rather than investments made to support its trading or other capital markets business activity. For more information, please visit www.cohenandcompany.com.

 

3

 

 

Note 1: Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per share are non-GAAP measures of performance. Please see the discussion under “Non-GAAP Measures” below. Also see the tables below for the reconciliations of non-GAAP measures of performance to their corresponding GAAP measures of performance.

 

Forward-looking Statements

 

This communication contains certain statements, estimates, and forecasts with respect to future performance and events. These statements, estimates, and forecasts are “forward-looking statements.” In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this communication are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties, and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied in the forward-looking statements including, but not limited to, those discussed under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition” in our filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website at www.sec.gov and our website at www.cohenandcompany.com/investor-relations/sec-filings. Such risk factors include the following: (a) a decline in general economic conditions or the global financial markets, including those caused by inflation, raising interest rates, and the current geopolitical situation, (b) losses caused by financial or other problems experienced by third parties, (c) losses due to unidentified or unanticipated risks, (d) a lack of liquidity, i.e., ready access to funds for use in our businesses, (e) the ability to attract and retain personnel, (f) litigation and regulatory issues, (g) competitive pressure, (h) an inability to generate incremental income from new or expanded businesses, (i) unanticipated market closures or effects due to inclement weather or other disasters, (j) losses (whether realized or unrealized) on our principal investments, (k) the possibility that payments to the Company of subordinated management fees from its CDOs will continue to be deferred or will be discontinued, (l) the possibility that the Company’s stockholder rights plan may fail to preserve the value of the Company’s deferred tax assets, whether as a result of the acquisition by a person of 5% of the Company’s common stock or otherwise, (m) the Company’s reduction in the volume of its investments into SPACs, (n) the difficulty in identifying potential business combinations as a result of increased competition in the SPAC market, (o) the value of our holdings of founders shares in post-business combination companies is volatile and may decline and the possibility that significant portions of the founder shares may remain restricted for a long period of time, (p) the possibility that the Company will stop paying quarterly dividends to its stockholders, (q) the possibility that the Company will incur additional losses liquidating collateral related to a reverse repo with now bankrupt First Guaranty Mortgage Corporation, and (r) the impacts of rising interest rates and inflation. As a result, there can be no assurance that the forward-looking statements included in this communication will prove to be accurate or correct. In light of these risks, uncertainties, and assumptions, the future performance or events described in the forward-looking statements in this communication might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Cautionary Note Regarding Quarterly Financial Results

 

Due to the nature of our business, our revenue and operating results may fluctuate materially from quarter to quarter. Accordingly, revenue and net income in any particular quarter may not be indicative of future results. Further, our employee compensation arrangements are in large part incentive-based and, therefore, will fluctuate with revenue. The amount of compensation expense recognized in any one quarter may not be indicative of such expense in future periods. As a result, we suggest that annual results may be the most meaningful gauge for investors in evaluating our business performance.

 

4

 

 

COHEN & COMPANY INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

   Three Months Ended   Twelve Months Ended 
   12/31/23   9/30/23   12/31/22   12/31/23   12/31/22 
Revenues                         
Net trading  $7,809   $7,491   $9,644   $30,926   $40,009 
Asset management   1,919    1,788    1,761    7,337    9,004 
New issue and advisory   18,722    7,247    4,235    28,264    24,721 
Principal transactions and other revenue   6,014    595    (3,190)   16,454    (29,347)
Total revenues   34,464    17,121    12,450    82,981    44,387 
Operating expenses                         
Compensation and benefits   16,335    15,219    8,970    52,092    50,290 
Business development, occupancy, equipment   1,317    1,268    1,299    5,204    5,076 
Subscriptions, clearing, and execution   2,088    2,409    2,249    8,965    8,274 
Professional services and other operating   3,145    2,189    2,560    9,296    8,153 
Depreciation and amortization   130    140    143    563    557 
Total operating expenses   23,015    21,225    15,221    76,120    72,350 
Operating income (loss)   11,449    (4,104)   (2,771)   6,861    (27,963)
Non-operating income (expense)                         
Interest expense, net   (1,619)   (1,685)   (1,179)   (6,526)   (4,982)
Income (loss) from equity method affiliates   17,217    (702)   (6,401)   15,609    (20,931)
Income (loss) before income tax expense (benefit)   27,047    (6,491)   (10,351)   15,944    (53,876)
Income tax expense (benefit)   166    (755)   1,260    5,545    4,794 
Net income (loss)   26,881    (5,736)   (11,611)   10,399    (58,670)
Less: Net income (loss) attributable to the non-convertible non-controlling interest   11,054    1,936    (4,223)   19,590    (23,203)
Enterprise net income (loss)   15,827    (7,672)   (7,388)   (9,191)   (35,467)
Less: Net income (loss) attributable to the convertible non-controlling interest   11,279    (7,249)   (4,387)   (4,078)   (22,078)
Net income (loss) attributable to Cohen & Company Inc.  $4,548   $(423)  $(3,001)  $(5,113)  $(13,389)
                          
Earnings per share 
Basic                         
Net income (loss) attributable to Cohen & Company Inc.  $4,548   $(423)  $(3,001)  $(5,113)  $(13,389)
Basic shares outstanding   1,522    1,522    1,429    1,513    1,420 
Net income (loss) attributable to Cohen & Company Inc. per share  $2.99   $(0.28)  $(2.10)  $(3.38)  $(9.43)
                          
Fully Diluted                         
Net income (loss) attributable to Cohen & Company Inc.  $4,548   $(423)  $(3,001)  $(5,113)  $(13,389)
Net income (loss) attributable to the convertible non-controlling interest   -    (7,249)   -    -    - 
Income tax and conversion adjustment   -    6,114    -    -    - 
Net income (loss) attributable to Cohen & Company Inc. for fully diluted net income (loss) per share calculation  $4,548   $(1,558)  $(3,001)  $(5,113)  $(13,389)
                          
Basic shares outstanding   1,522    1,522    1,429    1,513    1,420 
Unrestricted Operating LLC membership units exchangeable into COHN shares   -    4,014    -    -    - 
Additional dilutive shares   9    -    -           
Fully diluted shares outstanding (1)   1,531    5,536    1,429    1,513    1,420 
                          
Fully diluted net income (loss) per share  $2.97   $(0.28)  $(2.10)  $(3.38)  $(9.43)
                          
Reconciliation of adjusted pre-tax income (loss) to net income (loss) attributable to Cohen & Company Inc. and calculations of per share amounts 
Net income (loss) attributable to Cohen & Company Inc.  $4,548   $(423)  $(3,001)  $(5,113)  $(13,389)
Addback (deduct): Income tax expense (benefit)   166    (755)   1,260    5,545    4,794 
Addback (deduct): Net income (loss) attributable to the convertible non-controlling interest   11,279    (7,249)   (4,387)   (4,078)   (22,078)
Adjusted pre-tax income (loss)   15,993    (8,427)   (6,128)   (3,646)   (30,673)
Net interest attributable to convertible debt   -    -    -    -    327 
                          
Enterprise pre-tax income (loss) for fully diluted adjusted pre-tax income (loss) per share calculation  $15,993   $(8,427)  $(6,128)  $(3,646)  $(30,346)
                          
Adjusted fully diluted shares outstanding (2)   5,546    5,545    5,424    5,533    5,398 
                          
Fully diluted adjusted pre-tax income (loss) per share  $2.88   $(1.52)  $(1.13)  $(0.66)  $(5.62)

 

(1)When the fully diluted net income (loss) per share is anti-dilutive, the basic shares outstanding are presented on this line item.
(2)Adjusted fully diluted shares outstanding includes (a) weighted average unrestricted and restricted Operating LLC units exchangeable into COHN shares and (b) weighted average unrestricted and restricted shares, even during periods when the corresponding GAAP calculation of fully diluted shares outstanding above does not include them. The Operating LLC units are always included because the non-GAAP measure of performance, adjusted pre-tax income (loss), always includes net income (loss) attributable to the corresponding convertible interest.

 

5

 

 

COHEN & COMPANY INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

   December 31, 2023     
   (unaudited)   December 31, 2022 
Assets          
Cash and cash equivalents  $10,650   $29,101 
Receivables from brokers, dealers, and clearing agencies   66,801    140,933 
Due from related parties   772    787 
Other receivables   5,373    9,527 
Investments - trading   181,328    211,828 
Other investments, at fair value   72,217    28,022 
Receivables under resale agreements   408,408    437,692 
Investment in equity method affiliates   14,241    8,929 
Deferred income taxes   1,580    6,934 
Goodwill   109    109 
Right-of-use asset - operating leases   7,541    9,647 
Other assets   3,741    3,546 
Total assets  $772,761   $887,055 
           
Liabilities          
Payables to brokers, dealers, and clearing agencies  $111,085   $134,985 
Accounts payable and other liabilities   8,115    11,439 
Accrued compensation   17,268    12,434 
Trading securities sold, not yet purchased   65,751    133,957 
Other investments sold, not yet purchased, at fair value   24,742    78 
Securities sold under agreements to repurchase   408,203    452,797 
Operating lease liability   8,216    10,447 
Redeemable financial instruments   7,868    7,868 
Debt   29,716    29,024 
Total liabilities   680,964    793,029 
           
Equity          
Voting non-convertible preferred stock   27    27 
Common stock   19    17 
Additional paid-in capital   74,594    72,801 
Accumulated other comprehensive loss   (944)   (955)
Accumulated deficit   (32,014)   (25,151)
Total stockholders' equity   41,682    46,739 
Non-controlling interest   50,115    47,287 
Total equity   91,797    94,026 
Total liabilities and equity  $772,761   $887,055 

 

6

 

 

Non-GAAP Measures

 

Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share

 

Adjusted pre-tax income (loss) is not a financial measure recognized by GAAP. Adjusted pre-tax income (loss) represents net income (loss) attributable to Cohen & Company Inc., computed in accordance with GAAP, excluding income tax expense (benefit), plus the net income (loss) attributable to the convertible non-controlling interest. Income tax expense (benefit) has been excluded because a pre-tax measurement of enterprise earnings that includes net income (loss) attributable to the convertible non-controlling interest is a useful and appropriate measure of performance. Furthermore, our income tax expense (benefit) has been, and we expect it will continue to be, a substantially non-cash item for the foreseeable future, generated from adjustments in our valuation allowance applied to the Company’s gross deferred tax assets. Convertible non-controlling interest is added back to adjusted pre-tax income because the underlying Cohen & Company, LLC equity units are convertible into Cohen & Company Inc. shares. Adjusted pre-tax income (loss) per diluted share is calculated by dividing adjusted pre-tax income (loss) by diluted shares outstanding, both of which include adjustments used in the corresponding calculation in accordance with GAAP.

 

We present adjusted pre-tax income (loss) and related per diluted share amounts in this release because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted pre-tax income (loss) and related per diluted share amounts help us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash or recurring impact on our current operating performance. In addition, our management uses adjusted pre-tax income (loss) and related per diluted share amounts to evaluate the performance of our enterprise operations. Adjusted pre-tax income (loss) and related per diluted share amounts, as we define them, are not necessarily comparable to similarly named measures of other companies and may not be appropriate measures for performance relative to other companies. Adjusted pre-tax income (loss) should not be assessed in isolation from or construed as a substitute for net income (loss) attributable to Cohen & Company Inc. prepared in accordance with GAAP. Adjusted pre-tax income (loss) is not intended to represent and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP.

  

Contact:  
   
Investors - Media -
Cohen & Company Inc. Joele Frank, Wilkinson Brimmer Katcher
Joseph W. Pooler, Jr. Zach Genirs
Executive Vice President and 212-355-4449
Chief Financial Officer zgenirs@joelefrank.com
215-701-8952  
investorrelations@cohenandcompany.com  

 

7

 

 EX-101.SCH 3 cohn-20240306.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 cohn-20240306_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 5 cohn-20240306_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 6 tm246742d1_ex99-1.jpg GRAPHIC begin 644 tm246742d1_ex99-1.jpg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htm IDEA: XBRL DOCUMENT v3.24.0.1
Cover
Mar. 06, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 06, 2024
Entity File Number 1-32026
Entity Registrant Name Cohen & Co Inc.
Entity Central Index Key 0001270436
Entity Tax Identification Number 16-1685692
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One Cira Centre
Entity Address, Address Line Two 2929 Arch Street, Suite 1703
Entity Address, City or Town Philadelphia
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19104
City Area Code 215
Local Phone Number 701-9555
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol COHN
Security Exchange Name NYSE
Entity Emerging Growth Company false
EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.24.0.1 html 1 23 1 false 0 0 false 3 false false R1.htm 00000001 - Document - Cover Sheet http://cohencpa.com/role/Cover Cover Cover 1 false false All Reports Book All Reports cohn-20240306.xsd cohn-20240306_lab.xml cohn-20240306_pre.xml tm246742d1_8k.htm http://xbrl.sec.gov/dei/2023 true false JSON 15 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "tm246742d1_8k.htm": { "nsprefix": "cohn", "nsuri": "http://cohencpa.com/20240306", "dts": { "schema": { "local": [ "cohn-20240306.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd", "https://xbrl.sec.gov/country/2023/country-2023.xsd", "https://xbrl.sec.gov/dei/2023/dei-2023.xsd" ] }, "labelLink": { "local": [ "cohn-20240306_lab.xml" ] }, "presentationLink": { "local": [ "cohn-20240306_pre.xml" ] }, "inline": { "local": [ "tm246742d1_8k.htm" ] } }, "keyStandard": 23, "keyCustom": 0, "axisStandard": 0, "axisCustom": 0, "memberStandard": 0, "memberCustom": 0, "hidden": { "total": 2, "http://xbrl.sec.gov/dei/2023": 2 }, "contextCount": 1, "entityCount": 1, "segmentCount": 0, "elementCount": 59, "unitCount": 3, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2023": 23 }, "report": { "R1": { "role": "http://cohencpa.com/role/Cover", "longName": "00000001 - Document - Cover", "shortName": "Cover", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "AsOf2024-03-06", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "b", "p", "body", "html" ], "reportCount": 1, "baseRef": "tm246742d1_8k.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "AsOf2024-03-06", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "b", "p", "body", "html" ], "reportCount": 1, "baseRef": "tm246742d1_8k.htm", "first": true, "unique": true } } }, "tag": { "dei_AmendmentDescription": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AmendmentDescription", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Amendment Description", "documentation": "Description of changes contained within amended document." } } }, "auth_ref": [] }, "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AmendmentFlag", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "dei_AnnualInformationForm": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AnnualInformationForm", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Annual Information Form", "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form." } } }, "auth_ref": [ "r14" ] }, "dei_AuditedAnnualFinancialStatements": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AuditedAnnualFinancialStatements", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Audited Annual Financial Statements", "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements." } } }, "auth_ref": [ "r14" ] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CityAreaCode", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "dei_CountryRegion": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CountryRegion", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Country Region", "documentation": "Region code of country" } } }, "auth_ref": [] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "label": "Cover [Abstract]", "documentation": "Cover page." } } }, "auth_ref": [] }, "dei_CurrentFiscalYearEndDate": { "xbrltype": "gMonthDayItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CurrentFiscalYearEndDate", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Current Fiscal Year End Date", "documentation": "End date of current fiscal year in the format --MM-DD." } } }, "auth_ref": [] }, "dei_DocumentAccountingStandard": { "xbrltype": "accountingStandardItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentAccountingStandard", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Accounting Standard", "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'." } } }, "auth_ref": [ "r13" ] }, "dei_DocumentAnnualReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentAnnualReport", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Annual Report", "documentation": "Boolean flag that is true only for a form used as an annual report." } } }, "auth_ref": [ "r11", "r13", "r14" ] }, "dei_DocumentFiscalPeriodFocus": { "xbrltype": "fiscalPeriodItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentFiscalPeriodFocus", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Fiscal Period Focus", "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY." } } }, "auth_ref": [] }, "dei_DocumentFiscalYearFocus": { "xbrltype": "gYearItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentFiscalYearFocus", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Fiscal Year Focus", "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006." } } }, "auth_ref": [] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentPeriodEndDate", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Period End Date", "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD." } } }, "auth_ref": [] }, "dei_DocumentPeriodStartDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentPeriodStartDate", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Period Start Date", "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format." } } }, "auth_ref": [] }, "dei_DocumentQuarterlyReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentQuarterlyReport", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Quarterly Report", "documentation": "Boolean flag that is true only for a form used as an quarterly report." } } }, "auth_ref": [ "r12" ] }, "dei_DocumentRegistrationStatement": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentRegistrationStatement", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Registration Statement", "documentation": "Boolean flag that is true only for a form used as a registration statement." } } }, "auth_ref": [ "r0" ] }, "dei_DocumentShellCompanyEventDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentShellCompanyEventDate", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Shell Company Event Date", "documentation": "Date of event requiring a shell company report." } } }, "auth_ref": [ "r13" ] }, "dei_DocumentShellCompanyReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentShellCompanyReport", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Shell Company Report", "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act." } } }, "auth_ref": [ "r13" ] }, "dei_DocumentTransitionReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentTransitionReport", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Transition Report", "documentation": "Boolean flag that is true only for a form used as a transition report." } } }, "auth_ref": [ "r15" ] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentType", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Type", "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'." } } }, "auth_ref": [] }, "dei_DocumentsIncorporatedByReferenceTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentsIncorporatedByReferenceTextBlock", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Documents Incorporated by Reference [Text Block]", "documentation": "Documents incorporated by reference." } } }, "auth_ref": [ "r3" ] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine1", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line One", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine2": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine2", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line Two", "documentation": "Address Line 2 such as Street or Suite number" } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine3": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine3", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line Three", "documentation": "Address Line 3 such as an Office Park" } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressCityOrTown", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, City or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "dei_EntityAddressCountry": { "xbrltype": "countryCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressCountry", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Country", "documentation": "ISO 3166-1 alpha-2 country code." } } }, "auth_ref": [] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, State or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "dei_EntityBankruptcyProceedingsReportingCurrent": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityBankruptcyProceedingsReportingCurrent", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Bankruptcy Proceedings, Reporting Current", "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element." } } }, "auth_ref": [ "r6" ] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCentralIndexKey", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r2" ] }, "dei_EntityCommonStockSharesOutstanding": { "xbrltype": "sharesItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCommonStockSharesOutstanding", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Common Stock, Shares Outstanding", "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument." } } }, "auth_ref": [] }, "dei_EntityCurrentReportingStatus": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCurrentReportingStatus", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Current Reporting Status", "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure." } } }, "auth_ref": [] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r2" ] }, "dei_EntityExTransitionPeriod": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityExTransitionPeriod", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Elected Not To Use the Extended Transition Period", "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards." } } }, "auth_ref": [ "r19" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFileNumber", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity File Number", "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen." } } }, "auth_ref": [] }, "dei_EntityFilerCategory": { "xbrltype": "filerCategoryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFilerCategory", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Filer Category", "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure." } } }, "auth_ref": [ "r2" ] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Incorporation, State or Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "dei_EntityInteractiveDataCurrent": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityInteractiveDataCurrent", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Interactive Data Current", "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)." } } }, "auth_ref": [ "r16" ] }, "dei_EntityPrimarySicNumber": { "xbrltype": "sicNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityPrimarySicNumber", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Primary SIC Number", "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity." } } }, "auth_ref": [ "r14" ] }, "dei_EntityPublicFloat": { "xbrltype": "monetaryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityPublicFloat", "crdr": "credit", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Public Float", "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter." } } }, "auth_ref": [] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityRegistrantName", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r2" ] }, "dei_EntityShellCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityShellCompany", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Shell Company", "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act." } } }, "auth_ref": [ "r2" ] }, "dei_EntitySmallBusiness": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntitySmallBusiness", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Small Business", "documentation": "Indicates that the company is a Smaller Reporting Company (SRC)." } } }, "auth_ref": [ "r2" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r2" ] }, "dei_EntityVoluntaryFilers": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityVoluntaryFilers", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Voluntary Filers", "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act." } } }, "auth_ref": [] }, "dei_EntityWellKnownSeasonedIssuer": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityWellKnownSeasonedIssuer", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Well-known Seasoned Issuer", "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A." } } }, "auth_ref": [ "r17" ] }, "dei_Extension": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Extension", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Extension", "documentation": "Extension number for local phone number." } } }, "auth_ref": [] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "LocalPhoneNumber", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "dei_NoTradingSymbolFlag": { "xbrltype": "trueItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "NoTradingSymbolFlag", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "No Trading Symbol Flag", "documentation": "Boolean flag that is true only for a security having no trading symbol." } } }, "auth_ref": [] }, "dei_OtherReportingStandardItemNumber": { "xbrltype": "otherReportingStandardItemNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "OtherReportingStandardItemNumber", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Other Reporting Standard Item Number", "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS." } } }, "auth_ref": [ "r13" ] }, "dei_PreCommencementIssuerTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementIssuerTenderOffer", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Pre-commencement Issuer Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act." } } }, "auth_ref": [ "r7" ] }, "dei_PreCommencementTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementTenderOffer", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Pre-commencement Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act." } } }, "auth_ref": [ "r8" ] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Security12bTitle", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Title of 12(b) Security", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r1" ] }, "dei_Security12gTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Security12gTitle", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Title of 12(g) Security", "documentation": "Title of a 12(g) registered security." } } }, "auth_ref": [ "r5" ] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SecurityExchangeName", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Security Exchange Name", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r4" ] }, "dei_SecurityReportingObligation": { "xbrltype": "securityReportingObligationItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SecurityReportingObligation", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Security Reporting Obligation", "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act." } } }, "auth_ref": [ "r9" ] }, "dei_SolicitingMaterial": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SolicitingMaterial", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Soliciting Material", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act." } } }, "auth_ref": [ "r10" ] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "TradingSymbol", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "dei_WrittenCommunications": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "WrittenCommunications", "presentation": [ "http://cohencpa.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Written Communications", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act." } } }, "auth_ref": [ "r18" ] } } } }, "std_ref": { "r0": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12" }, "r1": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r2": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r3": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-23" }, "r4": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r5": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "g" }, "r6": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12, 13, 15d" }, "r7": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "13e", "Subsection": "4c" }, "r8": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14d", "Subsection": "2b" }, "r9": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "15", "Subsection": "d" }, "r10": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Section": "14a", "Number": "240", "Subsection": "12" }, "r11": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 10-K", "Number": "249", "Section": "310" }, "r12": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 10-Q", "Number": "240", "Section": "308", "Subsection": "a" }, "r13": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 20-F", "Number": "249", "Section": "220", "Subsection": "f" }, "r14": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 40-F", "Number": "249", "Section": "240", "Subsection": "f" }, "r15": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Section": "13", "Subsection": "a-1" }, "r16": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Regulation S-T", "Number": "232", "Section": "405" }, "r17": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "405" }, "r18": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "425" }, "r19": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "7A", "Section": "B", "Subsection": "2" } } } ZIP 16 0001104659-24-031480-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-24-031480-xbrl.zip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�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tm246742d1_8k_htm.xml IDEA: XBRL DOCUMENT 0001270436 2024-03-06 2024-03-06 iso4217:USD shares iso4217:USD shares false 0001270436 Cohen & Co Inc. 8-K 2024-03-06 MD 1-32026 16-1685692 Cira Centre 2929 Arch Street, Suite 1703 Philadelphia PA 19104 215 701-9555 false false false false Common Stock, par value $0.01 per share COHN NYSE false