0001270436 Cohen & Co Inc. false --12-31 Q3 2022 0.001 0.001 50,000,000 50,000,000 27,413,098 27,413,098 27,413,098 27,413,098 0.01 0.01 100,000,000 100,000,000 1,716,942 1,716,942 1,697,443 1,697,443 288,059 366,293 0 0 0 0 0 0 0 0 3 1 0.33 1 30 30 0 0 4,832 4,642 190 3,079 0 10.00 8.00 6.78 6.40 49,614 1,489 0 2,250 15,000 17,500 25,000 6.0 7.0 10 10 10 Represents the interest rate in effect as of the last day of the reporting period. The holder of the 2017 Convertible Note may convert all or any part of the outstanding principal amount at any time prior to maturity into units of membership interests of the Operating LLC at a conversion price of $1.45 per unit, subject to customary anti-dilution adjustments. Units of membership interests in the Operating LLC not held by Cohen & Company Inc. may, with certain restrictions, be redeemed and exchanged into shares of the Cohen & Company Inc. common stock, par value $0.01 per share (“Common Stock”) on a ten-for-one basis. Therefore, the 2017 Convertible Note can be converted into Operating LLC units of membership interests and then redeemed and exchanged into Common Stock at an effective conversion price of $14.50. See note 20 to the Annual Report on Form 10-K for the year ended December 31, 2021. Effective March 20, 2022, the 2017 Note was converted into 10,344,827 units.December 31,2021. Effective March 20, 2022, the 2017 Note was converted into 10,344,827 units. Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. As a practical expedient, the Company uses NAV (or its equivalent) to measure the fair value of its investments in the U.S. Insurance JV, the SPAC Fund and the CREO JV. The U.S. Insurance JV invests in USD denominated debt issued by small insurance and reinsurance companies. The SPAC Fund invests in equity securities of SPACs. The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly transitional commercial real estate mortgage-backed loans. See note 4. According to ASC 820, these investments are not categorized within the valuation hierarchy. The Operating LLC units of membership interest not held by Cohen & Company Inc. (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a ten-for-one basis. The Operating LLC units of membership interests not held by Cohen & Company Inc. are redeemable, at the member’s option at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Common Stock for the ten consecutive trading days immediately preceding the date the Company receives the member’s redemption notice, or (ii) at the Company’s option, one tenth of a share of the Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Common Stock as a dividend or other distribution on the outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Common Stock. These units are not included in the computation of basic earnings per share. These units enter into the computation of diluted net income (loss) per common share when the effect is not anti-dilutive using the if-converted method. The CREO JV invests in primarily multi-family commercial real estate mortgage-backed loans and below-investment grade rated tranches in CRE CLOs collateralized by mostly transitional commercial real estate mortgage-backed loans. See note 4. Potentially diluted securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unrestricted Operating LLC membership units exchangeable into Cohen & Company Inc. shares 3,965,405 - 3,658,204 - 2017 Convertible Note Units - 1,034,483 298,851 - Restricted Common Stock 6,211 102,038 10,334 - Restricted Operating LLC units 1,963 77,540 4,087 - 3,973,579 1,214,061 3,971,476 - The SPAC Fund invests in equity interests of SPACs. Unallocated assets primarily include (1) amounts due from related parties; (2) furniture and equipment, net; and (3) other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded in business segment reporting to the chief operating decision maker. The U.S. Insurance JV invests in USD denominated debt issued by small and medium sized insurance and reinsurance companies. Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the chief operating decision maker. An adjustment is included because the Company would have incurred a higher income tax expense or realized a higher income tax benefit, as applicable, if the Operating LLC units of membership interests had been converted at the beginning of the period. The junior subordinated notes listed represent debt the Company owes to the two trusts noted above. The total par amount owed by the Company to the trusts is $49,614. However, the Company owns the common stock of the trusts in a total par amount of $1,489. The Company pays interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, the Company receives back from the trusts the pro rata share of interest and principal on the common stock held by the Company. These trusts are VIEs and the Company does not consolidate them even though the Company holds the common stock. The Company carries the common stock on its balance sheet at a value of $0. The junior subordinated notes are recorded at a discount to par. 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Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

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FORM 10-Q

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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

 

Commission File Number: 001-32026 

 

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COHEN & COMPANY INC.

(Exact name of registrant as specified in its charter)

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Maryland	16-1685692
(State or other jurisdiction of incorporation or organization)	(I.R.S. 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, former address and former fiscal year, if changed since last report) 

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Indicate by check mark whether the registrant (1) has 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 the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒    Yes    ☐  No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted  pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
		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. ☐

 

Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No

 

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

 

As of November 1, 2022, there were 1,716,942 shares of common stock ($0.01 par value per share) of Cohen & Company Inc. ("Common Stock") outstanding.

 

 

 

 

Cohen & Company Inc. 

FORM 10-Q

INDEX TO QUARTERLY REPORT ON FORM 10-Q

September 30, 2022

  


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	5

	Consolidated Balance Sheets—September 30, 2022 and December 31, 2021	5

	Consolidated Statements of Operations and Comprehensive Income (Loss)—Three and Nine Months Ended September 30, 2022 and 2021	6

	Consolidated Statements of Changes in Equity—Three and Nine Months Ended September 30, 2022 and 2021	7

	Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2022 and 2021	9

	Notes to Consolidated Financial Statements (Unaudited)	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	59

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	94

Item 4.	Controls and Procedures	95

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings	96

Item 1A.	Risk Factors	96

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	97

Item 6.	Exhibits	98

Signatures		99

 

 

 

 

		September 30, 2022
		(unaudited)				December 31, 2021
Assets
Cash and cash equivalents		$	47,287			$	50,567
Receivables from brokers, dealers, and clearing agencies			121,922				68,392
Due from related parties			1,764				4,581
Other receivables			20,739				3,203
Investments-trading			271,823				223,865
Other investments, at fair value			37,726				56,033
Receivables under resale agreements			699,658				3,175,645
Investments in equity method affiliates			13,466				48,238
Deferred income taxes			8,173				11,513
Goodwill			109				109
Right-of-use asset - operating leases			9,980				10,273
Other assets			3,466				3,885
Total assets		$	1,236,113			$	3,656,304
Liabilities
Payables to brokers, dealers, and clearing agencies		$	132,412			$	160,896
Accounts payable and other liabilities			28,506				22,819
Accrued compensation			19,325				22,577
Trading securities sold, not yet purchased			152,079				62,512
Other investments sold, not yet purchased, at fair value			910				2,488
Securities sold under agreements to repurchase			749,673				3,171,415
Lease liability - operating leases			10,739				10,813
Redeemable financial instruments			7,957				7,957
Debt			28,879				43,394
Total liabilities			1,130,480				3,504,871
Commitments and contingencies (See note 21)
Stockholders' Equity:
Voting Non-Convertible Preferred Stock, $0.001 par value per share, 50,000,000 shares authorized, 27,413,098 shares issued and outstanding, respectively			27				27
Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 1,716,942 and 1,697,443 shares issued and outstanding, respectively, including 288,059 and 366,293 unvested or restricted share awards, respectively			17				17
Additional paid-in capital			72,460				72,006
Accumulated other comprehensive loss			(1,005	)			(905	)
Accumulated deficit			(21,793	)			(9,204	)
Total stockholders' equity			49,706				61,941
Non-controlling interest			55,927				89,492
Total equity			105,633				151,433
Total liabilities and equity		$	1,236,113			$	3,656,304

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
Revenues
Net trading		$	7,966			$	16,599			$	30,365			$	54,181
Asset management			3,456				1,856				7,243				5,787
New issue and advisory			13,235				8,838				20,486				11,527
Principal transactions and other income (loss)			(1,192	)			(20,709	)			(26,157	)			47,831
Total revenues			23,465				6,584				31,937				119,326
Operating expenses
Compensation and benefits			15,227				20,577				41,320				61,414
Business development, occupancy, equipment			1,234				869				3,777				2,375
Subscriptions, clearing, and execution			2,112				2,581				6,025				7,745
Professional fee and other operating			1,905				1,585				5,593				5,280
Depreciation and amortization			139				90				414				258
Total operating expenses			20,617				25,702				57,129				77,072
Operating income (loss)			2,848				(19,118	)			(25,192	)			42,254
Non-operating income (expense)
Interest expense, net			(1,346	)			(1,731	)			(3,803	)			(5,527	)
Income (loss) from equity method affiliates			618				2,857				(14,530	)			7,512
Other non-operating income			-				-				-				2,127
Income (loss) before income tax expense (benefit)			2,120				(17,992	)			(43,525	)			46,366
Income tax expense (benefit)			1,761				(248	)			3,534				577
Net income (loss)			359				(17,744	)			(47,059	)			45,789
Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC			(109	)			(3,094	)			(18,980	)			17,837
Enterprise net income (loss)			468				(14,650	)			(28,079	)			27,952
Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc.			1,387				(11,221	)			(17,691	)			20,301
Net income (loss) attributable to Cohen & Company Inc.		$	(919	)		$	(3,429	)		$	(10,388	)		$	7,651
Income (loss) per share data (see note 20)
Income (loss) per common share-basic:
Basic income (loss) per common share		$	(0.64	)		$	(2.61	)		$	(7.33	)		$	6.71
Weighted average shares outstanding-basic			1,428,883				1,314,554				1,417,358				1,140,149
Income (loss) per common share-diluted:
Diluted income (loss) per common share		$	(0.64	)		$	(3.46	)		$	(7.33	)		$	5.31
Weighted average shares outstanding-diluted			1,428,883				4,170,321				1,417,358				5,212,247
Comprehensive income (loss)
Net income (loss)		$	359			$	(17,744	)		$	(47,059	)		$	45,789
Other comprehensive income (loss) item:
Foreign currency translation adjustments, net of tax of $0			(127	)			(65	)			(392	)			(134	)
Other comprehensive income (loss), net of tax of $0			(127	)			(65	)			(392	)			(134	)
Comprehensive income (loss)			232				(17,809	)			(47,451	)			45,655
Less: comprehensive income (loss) attributable to the non-controlling interest			1,184				(14,404	)			(36,958	)			38,043
Comprehensive income (loss) attributable to Cohen & Company Inc.		$	(952	)		$	(3,405	)		$	(10,493	)		$	7,612

 

		Cohen & Company Inc.
		Nine Months Ended September 30, 2022
		Preferred Stock				Common Stock				Additional Paid-In Capital				Retained Earnings (Accumulated Deficit)				Accumulated Other Comprehensive Income (Loss)				Total Stockholders' Equity				Non-controlling Interest				Total Equity
December 31, 2021		$	27			$	17			$	72,006			$	(9,204	)		$	(905	)		$	61,941			$	89,492			$	151,433
Net (loss)			-				-				-				(7,612	)			-				(7,612	)			(27,554	)			(35,166	)
Other comprehensive (loss)			-				-				-				-				(19	)			(19	)			(47	)			(66	)
Acquisition / (surrender) of additional units of consolidated subsidiary, net			-				-				(292	)			-				4				(288	)			288				-
Equity-based compensation			-				-				338				-				-				338				766				1,104
Shares withheld for employee taxes			-				-				(72	)			-				-				(72	)			(145	)			(217	)
Dividends/distributions to convertible non-controlling interest			-				-				-				(1,481	)			-				(1,481	)			(3,475	)			(4,956	)
Convertible non-controlling interest investment			-								-				-				-				-				15,000				15,000
Non-convertible non-controlling interest investment			-				-				-				-				-				-				6				6
Non-convertible non-controlling interest distributions			-				-				-				-				-				-				(5,660	)			(5,660	)
March 31, 2022		$	27			$	17			$	71,980			$	(18,297	)		$	(920	)		$	52,807			$	68,671			$	121,478
Net (loss)			-				-				-				(1,857	)			-				(1,857	)			(10,395	)			(12,252	)
Other comprehensive (loss)			-				-				-				-				(53	)			(53	)			(146	)			(199	)
Acquisition / (surrender) of additional units of consolidated subsidiary, net			-				-				(89	)			-				1				(88	)			88				-
Equity-based compensation			-				-				287				-				-				287				795				1,082
Shares withheld for employee taxes			-				-				(4	)			-				-				(4	)			(13	)			(17	)
Dividends/distributions to convertible non-controlling interest			-				-				-				(362	)			-				(362	)			(1,060	)			(1,422	)
Non-convertible non-controlling interest investment			-				-				-				-				-				-				3				3
Non-convertible non-controlling interest distributions			-				-				-				-				-				-				(2,640	)			(2,640	)
June 30, 2022		$	27			$	17			$	72,174			$	(20,516	)		$	(972	)		$	50,730			$	55,303			$	106,033
Net income (loss)			-				-				-				(919	)			-				(919	)			1,278				359
Other comprehensive (loss)			-				-				-				-				(33	)			(33	)			(94	)			(127	)
Acquisition / (surrender) of additional units of consolidated subsidiary, net			-				-				-				-				-				-				-				-
Equity-based compensation			-				-				286				-				-				286				793				1,079
Shares withheld for employee taxes			-				-				-				-				-				-				-				-
Dividends/distributions to convertible non-controlling interest			-				-				-				(358	)			-				(358	)			(1,000	)			(1,358	)
Non-convertible non-controlling interest investment			-				-				-				-				-				-				-				-
Non-convertible non-controlling interest distributions			-				-				-				-				-				-				(353	)			(353	)
September 30, 2022		$	27			$	17			$	72,460			$	(21,793	)		$	(1,005	)		$	49,706			$	55,927			$	105,633

		Cohen & Company Inc.
		Nine Months Ended September 30, 2021
		Preferred Stock				Common Stock				Additional Paid-In Capital				Retained Earnings (Accumulated Deficit)				Accumulated Other Comprehensive Income (Loss)				Total Stockholders' Equity				Non-controlling Interest				Total Equity
December 31, 2020		$	27			$	13			$	65,031			$	(20,341	)		$	(821	)		$	43,909			$	57,528			$	101,437
Net income			-				-				-				9,355				-				9,355				57,373				66,728
Other comprehensive loss			-				-				-				-				(70	)			(70	)			(28	)			(98	)
Acquisition / (surrender) of additional units of consolidated subsidiary, net			-				-				926				-				4				930				(930	)			-
Equity-based compensation and vesting of shares			-				-				153				-				-				153				13,488				13,641
Shares withheld for employee taxes			-				-				(97	)			-				-				(97	)			(264	)			(361	)
Purchase and retirement of Common Stock			-								(662	)											(662	)			-				(662	)
Dividends/distributions to convertible non-controlling interest			-				-				-				(7	)			-				(7	)			(144	)			(151	)
Non-convertible non-controlling interest investment			-				-				-				-				-				-				23				23
Non-convertible non-controlling interest distributions			-				-				-				-				-				-				(25,885	)			(25,885	)
March 31, 2021		$	27			$	13			$	65,351			$	(10,993	)		$	(887	)		$	53,511			$	101,161			$	154,672
Net income (loss)			-				-				-				1,725				-				1,725				(4,920	)			(3,195	)
Other comprehensive income			-				-				-				-				7				7				22				29
Common stock issued, net			-				1				2,672				-				-				2,673				-				2,673
Acquisition / (surrender) of additional units of consolidated subsidiary, net			-				-				1,449				-				(18	)			1,431				(1,431	)			-
Equity-based compensation and vesting of shares			-				-				145				-				-				145				382				527
Purchase and retirement of Common Stock			-				-				(7	)			-				-				(7	)			-				(7	)
Non-convertible non-controlling interest investment			-				-				-				-				-				-				2,506				2,506
Non-convertible non-controlling interest distributions			-				-				-				-				-				-				(30,769	)			(30,769	)
June 30, 2021		$	27			$	14			$	69,610			$	(9,268	)		$	(898	)		$	59,485			$	66,951			$	126,436
Net income (loss)			-				-				-				(3,429	)			-				(3,429	)			(14,315	)			(17,744	)
Other comprehensive income			-				-				-				-				24				24				(89	)			(65	)
Common stock issued, net			-				2				6,401				-				-				6,403				-				6,403
Acquisition / (surrender) of additional units of consolidated subsidiary, net			-				-				(4,398	)			-				5				(4,393	)			4,393				-
Equity-based compensation and vesting of shares			-				-				182				-				-				182				392				574
Shares withheld for employee taxes											(5	)											(5	)			(12	)			(17	)
Purchase and retirement of Common Stock			-				-				(187	)			-				-				(187	)			-				(187	)
Dividends/distributions to convertible non-controlling interest															(332	)							(332	)			(714	)			(1,046	)
Non-convertible non-controlling interest investment			-				-				-				-				-				-				7,023				7,023
Non-convertible non-controlling interest distributions			-				-				-				-				-				-				(4,215	)			(4,215	)
September 30, 2021		$	27			$	16			$	71,603			$	(13,029	)		$	(869	)		$	57,748			$	59,414			$	117,162

 

		Nine Months Ended September 30,
		2022				2021
Operating activities
Net income (loss)		$	(47,059	)		$	45,789
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity-based compensation			3,265				14,742
Accretion of income on other investments, at fair value			-				-
Loss (gain) on other investments, at fair value			26,451				(46,259	)
Loss (gain) on other investments, sold not yet purchased			525				(782	)
(Income) loss from equity method affiliates			14,530				(7,512	)
Depreciation and amortization			414				258
Amortization of discount on debt			485				638
Deferred tax provision (benefit)			3,340				(318	)
Other non-operating income - forgiveness of debt							(2,127	)
Change in operating assets and liabilities, net:
Change in receivables from / payables to brokers, dealers, and clearing agencies			(82,014	)			(56,864	)
Change in receivables from / payables to related parties, net			2,817				(187	)
(Increase) decrease in other receivables			(17,536	)			(11,039	)
(Increase) decrease in investments-trading			(47,958	)			54,278
(Increase) decrease in receivables under resale agreements			2,475,987				(1,224,811	)
(Increase) decrease in other assets			780				(5,271	)
Increase (decrease) in accounts payable and other liabilities			5,647				6,949
Increase (decrease) in accrued compensation			(3,252	)			10,060
Increase (decrease) in trading securities sold, not yet purchased			89,567				5,181
Increase (decrease) in securities sold under agreements to repurchase			(2,421,742	)			1,214,306
Net cash provided by (used in) operating activities			4,247				(2,969	)
Investing activities
Purchase of other investments, at fair value			(8,651	)			(88,012	)
Purchase of other investments sold, not yet purchased, at fair value			(5,994	)			(56,243	)
Sales and returns of principal - other investments, at fair value			15,791				87,614
Sales and returns of principal - other investments sold, not yet purchased, at fair value			3,054				53,951
Investment in equity method affiliate			(617	)			(1,537	)
Distribution from equity method affiliate			75				-
Purchase of furniture, equipment, and leasehold improvements			(482	)			(679	)
Net cash provided by (used in) investing activities			3,176				(4,906	)
Financing activities
Proceeds from debt			2,250				-
Repayment of debt			(2,250	)			(2,400	)
Repayments of redeemable financial instruments			-				(4,000	)
Cash used to net share settle equity awards			(234	)			(378	)
Proceeds from issuance of Common Stock			-				9,076
Purchase and retirement of Common Stock			-				(856	)
Cohen & Company Inc. dividends			(2,201	)			(339	)
Convertible non-controlling interest distributions			(5,535	)			(725	)
Non-convertible non-controlling interest investment			9				9,552
Non-convertible non-controlling interest distributions			(2,236	)			(1,926	)
Net cash provided by (used in) financing activities			(10,197	)			8,004
Effect of exchange rate on cash			(506	)			(295	)
Net increase (decrease) in cash and cash equivalents			(3,280	)			(166	)
Cash and cash equivalents, beginning of period			50,567				41,996
Cash and cash equivalents, end of period		$	47,287			$	41,830