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Note 31 - Related Party Transactions | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] | 31. RELATED PARTY TRANSACTIONS ﻿ The Company has identified the following related party transactions for the years ended December 31, 2025, 2024, and 2023. The transactions are listed by related party and, unless otherwise noted in the text of the description, the amounts are disclosed in the tables at the end of this section. ﻿ A. JKD Investor ﻿ The JKD Investor is an entity owned by Jack J. DiMaio, the vice chairman of the board of directors and vice chairman of the Operating LLC’s board of managers, and his spouse. On October 3, 2016, the Operating LLC and JKD Investor entered into the JKD Investment Agreement. The interest expense incurred relating to the JKD Investment Agreement is disclosed in the table below. See notes 4 and 20. Effective September 1, 2024, JKD Investor and the Operating LLC entered into the Redemption Agreement, which terminated the JKD Investment Agreement in its entirety and resulted in the full redemption of the redeemable financial instrument. Pursuant to the Redemption Agreement, the Company issued to JKD Investor the 2024 Note in the principal amount of $5,146. The Company elected to prepay $2,573 of the principal amount of the 2024 Note that was due on August 31, 2025 on June 30, 2025. The interest incurred on the 2024 Note is disclosed in the table below. See notes 4. On January 31, 2020, JKD Investor purchased $2,250 of the 2020 Notes. On January 31, 2022, the Operating LLC and JKD Investor entered into the 2022 Note Purchase Agreement, pursuant to which, among other things, on such date, (i) JKD Investor paid to the Operating LLC an additional $2,250 and (ii) in consideration for such funds, the Operating LLC issued to JKD Investor the 2020 Note in the aggregate principal amount of $4,500. See note 20. The Company incurred interest expense on this debt, which is disclosed in the table below. B. DGC Trust DGC Trust has been identified as a related party because Daniel G. Cohen's children are the beneficiaries of the trust and the trust was established by Daniel G. Cohen, executive chairman of the Company’s board of directors and executive chairman of the Operating LLC’s board of managers. Daniel G. Cohen does not have any voting or dispositive control of securities held in the interest of the trust. Pursuant to the DGC Trust’s governing documents, Daniel G. Cohen has the ability to acquire at any time any of the DGC Trust’s assets, including the units of membership interests, by substituting other property of an equivalent value without the approval or consent of any person, including any trustee or beneficiary of the DGC Trust. ﻿ C. Cohen Circle, LLC ("Cohen Circle") ﻿ Cohen Circle is a related party because Daniel G. Cohen is a member of Cohen Circle. The Company has a sublease agreement as sub-lessor for certain office space with Cohen Circle. The Company received payments under this sublease agreement, which are recorded as a reduction in rent and utility expenses. This sublease agreement commenced on August 1, 2018 and has a term that automatically renews for one year periods if not cancelled by either party upon 90 days’ notice prior to the end of the then-existing term. The income earned pursuant to this sublease agreement is included as a reduction in rent expense in the consolidated statements of income and is disclosed in the table below. D. Investment Vehicles and Other ﻿ Columbus Circle SPAC The Columbus Circle SPAC was a related party as it was an equity method investment of the Company. The Company owned 26.4% of Columbus Circle SPAC. Income earned or loss incurred on equity method investments is included in the table below. The Company entered into an administrative services agreement with Columbus Circle SPAC. Revenue earned by the Company from this agreement was included as part of principal transactions and other income in the table below. The Company loaned to Columbus Circle SPAC approximately $350 to cover IPO expenses, which was repaid in full at the closing of the IPO. The Company committed to loan Columbus Circle SPAC up to an additional $1,500 to cover operating and acquisition related expenses following the IPO. These loans incurred no interest. CCM also provided investment banking and new issue revenue included in the table below. See note 4. CK Capital and AOI ﻿ In December 2019, the Company acquired a 45% interest in CK Capital Partners B.V. ("CK Capital"). The Company purchased this interest for $18 (of which $17 was paid to an entity controlled by Daniel G. Cohen). CK Capital is a private company incorporated in the Netherlands and provides asset and investment advisory services relating to real estate holdings. In addition, the Company also acquired a 10% interest in Amerisfoot Office Investment I Cooperatief U.A. ("AOI"), a real estate holding company, for $1 from entities controlled by Daniel G. Cohen. CK Capital and AOI are related parties as they are equity method investments of the Company. Income earned, or loss incurred, by the Company on the equity method investments in CK Capital and AOI is included in the tables below. In accordance with the CK Capital shareholders agreement, the Company may receive fees for consulting services provided by the Company to CK Capital. Any fees earned for such consulting services are included in principal transactions and other income in the table below. See note 12. In July 2025, the Company invested $1,156 in the CK Capital Value Fund Cooperatief U.A., a fund affiliated with CK Capital. This investment is included in other investments, at fair value in the consolidated balance sheets as of December 31, 2025. The objective of the fund is to realize capital growth and rental income by investing in, actively managing, and adding value to office buildings in the Netherlands, and any ancillary properties and assets. Income earned, or loss incurred, on the investment is included as part of principal transactions and other income. CREO JV CREO JV is considered a related party because it is an equity method investment of the Company. The Company has an investment in and a servicing agreement with CREO JV. Income earned, or loss incurred, on the investment is included as part of principal transactions and other income. Revenue earned on the servicing contract is included as part of asset management in the table below. As of December 31, 2025, the Company owned 7.5% of the equity of CREO JV. U.S. Insurance JV ﻿ U.S. Insurance JV is considered a related party because it is an equity method investment of the Company. The Company has an investment in and a management contract with U.S. Insurance JV. Income earned, or loss incurred, on the investment is included as part of principal transactions and other income. Revenue earned on the management contract is included as part of asset management in the table below. As of December 31, 2025, the Company owned 1.8% of the equity of U.S. Insurance JV. SPAC Fund The SPAC Fund was considered a related party because it was an equity method investment of the Company prior to its consolidation effective April 1, 2023. The Company had an investment in and a management contract with the SPAC Fund. Income earned, or loss incurred, on the investment prior to consolidation is included as part of principal transactions and other income in the table below. Revenue earned on the management contract prior to consolidation is included as part of asset management in the table below. ﻿ Stoa USA Inc. / FlipOS Stoa USA Inc. / FlipOS was a private company in which the Company owned common equity. It was considered a related party because Daniel G. Cohen was a member of the board of directors. As of December 31, 2023, the Company had made cumulative investments of $847 in Stoa USA Inc. / FlipOS. During the year ended December 31, 2023, Stoa USA Inc. / FlipOS announced that it had ceased operations. The Company wrote off its investment during the year ended December 31, 2023 and recorded a principal transactions loss. The Company has no remaining investment in Stoa USA Inc. / FlipOS. The fair value of this investment was included in other investments, at fair value on the consolidated balance sheets; any realized and unrealized gains on these investments was included in principle transactions and other income on the consolidated statements of operations and comprehensive income. All realized and unrealized gains (losses) are included in the table below. E. SPAC Sponsor Entities and Other In general, a SPAC is initially funded by a sponsor and that sponsor invests in and receives private placement and founder shares of the SPAC. The sponsor may be organized as a single legal entity or multiple entities under common control. In either case, the entity (or entities) is referred in this section as the sponsor of the applicable SPAC. The Company had the following transactions with various sponsors of SPACs that are related parties, which the Company does not consolidate. FTAC Athena Acquisition Corp. ("FTAC Athena") was a SPAC. The sponsor of FTAC Athena ("FTAC Athena Sponsor") is a related party as it was an equity method investment of the Company. On February 26, 2021, the Operating LLC entered into a letter agreement with FTAC Athena Sponsor whereby the Operating LLC would provide personnel to serve as the chief financial officer as well as other accounting and administrative services to FTAC Athena Sponsor for a period not longer than 24 months. As consideration for these services, the Company received an allocation of 35,000 founder shares of FTAC Athena stock to the Operating LLC and recorded an equity method investment of $40 for the valuation of these services. The revenue earned on this arrangement is disclosed in principal transactions and other income, other SPAC entities in the table below. FTAC Athena liquidated in 2023. FTAC Zeus Acquisition Corp. ("FTAC Zeus") was a SPAC. The sponsor of FTAC Zeus ("FTAC Zeus Sponsor") is a related party as it was an equity method investment of the Company. On November 24, 2021, the Operating LLC entered into a letter agreement with FTAC Zeus Sponsor whereby the Operating LLC would provide personnel to serve as the chief financial officer as well as other accounting and administrative services to FTAC Zeus Sponsor for a period not longer than 24 months. As consideration for these services, the Company received an allocation of 35,000 founders shares of FTAC Zeus stock to the Operating LLC and recorded an equity method investment of $40 for the valuation of these services. The revenue earned on this arrangement is disclosed in principal transactions and other income, other SPAC entities in the table below. FTAC Zeus liquidated in 2023. FTAC Emerald Acquisition Corp. ("FTAC Emerald") was a SPAC. The sponsor of FTAC Emerald ("FTAC Emerald Sponsor") is a related party as it is an equity method investment of the Company. On December 20, 2021, the Operating LLC entered into a letter agreement with FTAC Emerald Sponsor whereby the Operating LLC would provide personnel to serve as the chief financial officer as well as other accounting and administrative services to FTAC Emerald Sponsor for a period not longer than 24 months. As consideration for these services, the Company received an allocation of 35,000 founders shares of FTAC Emerald stock to the Operating LLC and recorded an equity method investment of $40 for the valuation of these services. The revenue earned on this arrangement is disclosed in principal transactions and other income, other SPAC entities in the table below. The Company made an additional investment of $47 in another subsidiary of FTAC Emerald Sponsor in the form of a promissory note and this amount was written off in 2024. This write off is included in income (loss) from equity method affiliates in the table below. In February 2025, FTAC Emerald merged with Fold Holdings, Inc. (NASDAQ:FLD) and the 35,000 founders shares were reduced to an allocation of 19,775 restricted shares, which were distributed to the Company in June 2025. Vellar Opportunities GP, LLC On February 25, 2025, the Operating LLC entered into (i) a Limited Liability Company Interest Purchase Agreement with Jason Capone and Solomon Cohen, who is the son of the Company's executive chairman, Daniel G. Cohen (the “Vellar Purchase Agreement”); and (ii) a Transition Services Agreement (the “Vellar Transition Services Agreement” and, together with the Vellar Purchase Agreement, the “Vellar Agreements”) with Vellar Opportunities GP LLC, a Delaware limited liability company (“Vellar GP”). Prior to entering into the Vellar Agreements, the Operating LLC was the managing member and owner of 33.4% of Vellar GP. Pursuant to the Vellar Purchase Agreement, the Operating LLC sold all of its 33.4% interest in Vellar GP to each of Solomon Cohen and Jason Capone for an aggregate of $10. As of February 25, 2025 and as a result of the consummation of the transactions contemplated by the Vellar Purchase Agreement, the Company no longer had any investment in Vellar GP. Pursuant to the Vellar Purchase Agreement, the Operating LLC resigned as the managing member of Vellar GP, effective February 25, 2025. For the year ended December 31, 2025, the Company recorded net loss of $381, related to Vellar GP, which includes both the loss on sale and the results of operations for the 2025 period prior to the sale. This amount is not included in the table below. Pursuant to the Vellar Transition Services Agreement, in exchange for the Operating LLC’s agreement to provide certain transitional services to Vellar GP, Vellar GP agreed to pay to the Operating LLC certain defined revenue share amounts up to an aggregate of $4,234, and (ii) agreed to decrease the amount which the Operating LLC had previously agreed to pay to Vellar GP in connection with the funding of certain Vellar GP litigation expenses from $2,121 to $1,084. BTC Development Corp. BTC Development Corp. is a related party because Betsy Cohen, the mother of Daniel G. Cohen, is a member of the board of directors. Cohen Securities was the lead underwriter in BTC Development Corp.'s SPAC IPO and received an underwriter fee of $1,348 and 173,250 placement units. The fee and any realized or unrealized gains and losses on these securities are recorded in Investment banking and new issue in the table below. Crane Harbor Acquisition Corp. I/ Crane Harbor Acquisition Corp. II Crane Harbor Acquisition Corp. I and Crane Harbor Acquisition Corp II are a related parties because Edward Cohen and Jonathan Cohen, the father and brother of Daniel G. Cohen, respectively, are members of the board of directors. Cohen Securities provided investment banking services to both entities and received cash and non-cash consideration. The fees and any realized or unrealized gains and losses on these securities, are recorded in investment banking and new issue in the table below. Other The Company invests in sponsor entities of SPACS, either directly or through its interest in the SPAC Series Funds, which are not otherwise affiliated with the Company, but are considered related parties because they are accounted for under the equity method. As of December 31, 2025, the Company owned less than 1% of these entities in the aggregate. Income earned, or loss incurred, on the equity method investment in these other SPAC sponsor entities is included in the table below. The following table displays the routine transactions recognized in the statements of operations from the identified related parties that are described above.
| RELATED PARTY TRANSACTIONS
| (Dollars in Thousands)
|  | For the Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Investment banking and new issue |  |  |  |  |  |  |  |  |  |  |  |
BTC Development Corp. |  | $ | 1,610 |  |  | $ | - |  |  | $ | - |
Columbus Circle SPAC |  |  | 17,888 |  |  |  | - |  |  |  | - |
Crane Harbor Acquisition I |  |  | 2,577 |  |  |  | - |  |  |  | - |
Crane Harbor Acquisition II |  |  | 2,762 |  |  |  | - |  |  |  | - |
|  | $ | 24,837 |  |  | $ | - |  |  | $ | - |
Asset management |  |  |  |  |  |  |  |  |  |  |  |
CREO JV |  | $ | 530 |  |  | $ | 711 |  |  | $ | 113 |
SPAC Fund |  |  | - |  |  |  | - |  |  |  | 173 |
U.S. Insurance JV |  |  | 1,012 |  |  |  | 1,165 |  |  |  | 1,201 |
|  | $ | 1,542 |  |  | $ | 1,876 |  |  | $ | 1,487 |
Principal transactions and other income |  |  |  |  |  |  |  |  |  |  |  |
CK Capital Value Fund |  | $ | 14 |  |  | $ | - |  |  | $ | - |
Columbus Circle SPAC |  |  | 70 |  |  |  | - |  |  |  | - |
CREO JV |  |  | (341 | ) |  |  | 617 |  |  |  | 901 |
Other SPAC Entities |  |  | - |  |  |  | 5 |  |  |  | 50 |
SPAC Fund |  |  | - |  |  |  | - |  |  |  | 28 |
Stoa USA Inc./FlipOS |  |  | - |  |  |  | - |  |  |  | (6,847 | )
U.S. Insurance JV |  |  | 237 |  |  |  | 17 |  |  |  | 463 |
|  | $ | (20 | ) |  | $ | 639 |  |  | $ | (5,405 | )
Income (loss) from equity method affiliates |  |  |  |  |  |  |  |  |  |  |  |
Columbus Circle SPAC |  | $ | (3,467 | ) |  | $ | - |  |  | $ | - |
Dutch Real Estate Entities |  |  | 633 |  |  |  | (759 | ) |  |  | 334 |
Other SPAC Entities |  |  | (13,929 | ) |  |  | 22,463 |  |  |  | 15,275 |
|  | $ | (16,763 | ) |  | $ | 21,704 |  |  | $ | 15,609 |
Operating expense (income) |  |  |  |  |  |  |  |  |  |  |  |
Cohen Circle |  |  | (62 | ) |  |  | (104 | ) |  |  | (103 | )
|  | $ | (62 | ) |  | $ | (104 | ) |  | $ | (103 | )
Interest expense (income) |  |  |  |  |  |  |  |  |  |  |  |
JKD Investor |  |  | 1,002 |  |  |  | 1,050 |  |  |  | 941 |
|  | $ | 1,002 |  |  | $ | 1,050 |  |  | $ | 941 |
The following related party transactions are non-routine and are not included in the table above. ﻿ F. Directors and Employees The Company has entered into employment agreements with Daniel G. Cohen, its executive chairman, and Joseph W. Pooler, Jr., its chief financial officer. The Company has entered into its standard indemnification agreement with each of its directors and executive officers. The Company maintains a 401(k)-savings plan covering substantially all its employees. The Company matches 50% of employee contributions for all participants not to exceed 3% of their salary. Contributions made to the plan on behalf of the Company were $500, $438, and $396 for the years ended December 31, 2025, 2024, and 2023, respectively. On October 1, 2024, the Company assumed the final year obligation of a three-year corporate aircraft program arrangement from the Company's executive chairman, Daniel G. Cohen. The contract, which allowed for an allotted number of hours of air travel on selected aircraft, expired on September 30, 2025. The Company utilized the air travel for general business purposes and recorded the expense in business development, occupancy, equipment expense in the consolidated statement of operations. During the years ended December 31, 2025 and 2024, the Company recognized expense on this obligation of $520 and $291, respectively. On October 1, 2025, the Company and Cohen Circle jointly entered a three-year corporate aircraft program membership agreement, with the contract term going through September 30, 2028. The arrangement allows for an allotted number of flight hours on select aircraft. During the year ended December 31, 2025, the Company paid $699 for the first year of the contract and Cohen Circle will reimburse the Company for any flight hours used for Cohen Circle business purposes. During the year ended December 31, 2025, the Company recorded $72 of expense in business development, occupancy, equipment expense on the consolidated statement of operation on this agreement. From time to time, the Company purchases produce from Grand Cru Farm as a benefit to its employees. Grand Cru Farm is owned by Daniel G. Cohen. The Company purchased $26 and $0 from Grand Cru Farm during the years ended December 31, 2025 and 2024, respectively.

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