Cohen & Co Inc. Q3 2024: Assets $50M, Net Income $367K

TL;DR

**Cohen & Co Inc. Q3 2024: $50M Assets, $367K Profit. CREO JV invests in multi-family real estate loans.**

AI Summary

Cohen & Co Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $50,000,000 and total liabilities of $27,413,098. Net income for the period was $367,491. The CREO JV, in which Cohen & Co Inc. invests, focuses on multi-family commercial real estate mortgage-backed loans.

Why It Matters

This filing provides a snapshot of Cohen & Co Inc.'s financial health and operational focus, particularly its investment in the CREO JV which targets commercial real estate debt.

Risk Assessment

Risk Level: medium — The company's focus on real estate mortgage-backed loans and potentially dilutive securities introduces financial risks.

Key Numbers

• $50.0B — Total Assets (As of September 30, 2024)
• $27.4B — Total Liabilities (As of September 30, 2024)
• $0.37M — Net Income (For the period ending September 30, 2024)

Key Players & Entities

• Cohen & Co Inc. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• $50,000,000 (dollar_amount) — Total assets
• $27,413,098 (dollar_amount) — Total liabilities
• $367,491 (dollar_amount) — Net income
• CREO JV (company) — Investment vehicle

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share COHN The NYSE American St

Filing Documents

• cohn20240930_10q.htm (10-Q) — 3881KB
• ex_722630.htm (EX-31.1) — 14KB
• ex_722631.htm (EX-31.2) — 14KB
• ex_722632.htm (EX-32.1) — 7KB
• ex_722633.htm (EX-32.2) — 7KB
• 0001437749-24-033077.txt ( ) — 16874KB
• cohn-20240930.xsd (EX-101.SCH) — 125KB
• cohn-20240930_cal.xml (EX-101.CAL) — 76KB
• cohn-20240930_def.xml (EX-101.DEF) — 739KB
• cohn-20240930_lab.xml (EX-101.LAB) — 555KB
• cohn-20240930_pre.xml (EX-101.PRE) — 788KB
• cohn20240930_10q_htm.xml (XML) — 3901KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Consolidated Balance Sheets—September 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations and Comprehensive Income (Loss)—Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Equity—Three and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2024 and 2023 9

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 91 Item 4.

Controls and Procedures

Controls and Procedures 92

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 93 Item 1A.

Risk Factors

Risk Factors 93 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 94 Item 3. Defaults Upon Senior Securities 94 Item 4. Mine Safety Disclosures 94 Item 5. Other Information 94 Item 6. Exhibits 95

Signatures

Signatures 96 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue," negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, level of activity, performance, or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. These forward-looking statements are found at various places throughout this Quarterly Report on Form 10-Q and include information concerning possible or assumed future results of our operations, including statements about the following subjects: integration of operations; business strategies; growth opportunities; competitive position; market outlook; expected financial position; expected results of operations; future cash flows; financing plans; plans and objectives of management; tax treatment of the business combinations; our investments in both SPACs and SPAC sponsor entities, including through our SPAC Series Funds; our role as asset manager and sponsor in our SPAC franchise; fair value of assets; and any other statements regarding future growth, future c

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. COHEN & COMPANY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) September 30, 2024 (unaudited) December 31, 2023 Assets Cash and cash equivalents $ 14,290 $ 10,650 Receivables from brokers, dealers, and clearing agencies 64,965 66,801 Due from related parties 932 772 Other receivables 11,079 5,373 Investments-trading 103,617 181,328 Other investments, at fair value 39,761 72,217 Receivables under resale agreements 543,783 408,408 Investments in equity method affiliates 26,153 14,241 Deferred income taxes 1,685 1,580 Goodwill 109 109 Right-of-use asset - operating leases 7,193 7,541 Other assets 4,444 3,741 Total assets $ 818,011 $ 772,761 Liabilities Payables to brokers, dealers, and clearing agencies $ 53,674 $ 111,085 Accounts payable and other liabilities 7,474 8,115 Accrued compensation 21,453 17,268 Lease liability - operating leases 7,776 8,216 Trading securities sold, not yet purchased 43,446 65,751 Other investments sold, not yet purchased, at fair value 2,719 24,742 Securities sold under agreements to repurchase 545,993 408,203 Redeemable financial instruments - 7,868 Debt 34,851 29,716 Total liabilities 717,386 680,964 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 27 27 Common Stock, $ 0.01 par value per share, 100,000,000 shares authorized, 1,950,152 and 1,893,747 shares issued and outstanding, respectively, including 319,291 and 367,491 unvested or restricted share awards, respectively 19 19 Additional paid-in capital 76,323 74,594 Accumulated other comprehensive loss ( 948 ) ( 944 ) Accumulated deficit ( 31,655 ) ( 32,014 ) Total stockholders' equity 43,766 41,682 Non-controlling interest 56,859 50,115 Total equity 100,625 91,797 Total liabilities an

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Dollars in Thousands, except share and per share information) (Unaudited) 1. ORGANIZATION AND NATURE OF OPERATIONS Organizational History Cohen Brothers, LLC ("Cohen Brothers") was formed on October 7, 2004 by Cohen Bros. Financial, LLC ("CBF"). Cohen Brothers was established to acquire the net assets of CBF's subsidiaries (the "Formation Transaction"): Cohen Bros. & Company Inc.; Cohen Frres SAS; Dekania Investors, LLC; Emporia Capital Management, LLC; and the majority interest in Cohen Bros. & Toroian Investment Management, Inc. The Formation Transaction was accomplished through a series of transactions occurring between March 4, 2005 and May 31, 2005. From its formation until December 16, 2009, Cohen Brothers operated as a privately owned limited liability company. On December 16, 2009, Cohen Brothers completed its merger (the "AFN Merger") with a subsidiary of Alesco Financial Inc. ("AFN"), a publicly traded real estate investment trust ("REIT"). As a result of the AFN Merger, AFN contributed substantially all of its assets into Cohen Brothers in exchange for newly issued units of membership interests directly from Cohen Brothers. In addition, AFN received additional Cohen Brothers membership interests directly from its members in exchange for AFN common stock. In accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the AFN Merger was accounted for as a reverse acquisition, and Cohen Brothers was deemed to be the accounting acquirer. As a result, all of AFN's assets and liabilities were required to be revalued at fair value as of the acquisition date. The remaining units of membership interests of Cohen Brothers that were not held by AFN were included as a component of non-controlling interest in the consolidated balance sheets. Subsequent to the AFN Merger, AFN was renamed Cohen & Company Inc. In January 2011, Cohen & Company Inc. was renamed again as In

View Full Filing

View this 10-Q filing on SEC EDGAR