v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income / (loss) $ 40,134 $ 8,189 $ 10,399
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Equity-based compensation 20,213 4,668 4,391
Loss (gain) on other investments, at fair value 156,783 62,560 92,931
Loss (gain) on other investments, sold not yet purchased (1,118) (29,658) (107,816)
Loss (gain) on disposal of interest in Vellar GP 836 0 0
Noncash advisory fees received (232,398) (24,338) (18,248)
(Income) / loss from equity method affiliates 16,763 (21,704) (15,609)
Depreciation and amortization 724 556 563
Amortization of discount on debt 564 42 692
Deferred tax provision / (benefit) (1,869) (677) 5,354
Change in operating assets and liabilities, net:      
Change in receivables from/ payables to brokers, dealers, and clearing agencies (68,315) (23,279) 118,298
Change in receivables from / payables to related parties, net (460) (169) 15
(Increase) decrease in other receivables (2,389) (1,153) 4,154
(Increase) decrease in investments-trading 7,756 32,996 30,500
(Increase) decrease in receivables under resale agreement 310,851 (259,851) 29,284
(Increase) decrease in other assets (421) (8,818) 1,829
Increase (decrease) in accounts payable and other liabilities 167 11,165 (88,431)
Increase (decrease) in accrued compensation 74,919 502 4,834
Increase (decrease) in trading securities sold, not yet purchased 185 (29,319) (68,206)
Increase (decrease) in securities sold under agreement to repurchase (295,575) 287,763 (44,594)
Net cash provided by (used in) operating activities 27,350 9,475 (39,660)
Investing activities      
Purchase of investments - other investments, at fair value (26,551) (60,675) (86,021)
Purchase of investments - other investments sold, not yet purchased, at fair value 0 (1,408) (5,512)
Reduction in cash from disposal of interest in Vellar GP (433) 0 0
Sales and returns of principal - other investments, at fair value 55,218 78,834 75,906
Sales and returns of principal - other investments sold, not yet purchased, at fair value 316 214 53,928
Investments in equity method affiliates (2,675) (236) (1,896)
Distribution from equity method affiliate 1,587 1,026 2,091
Purchase of furniture, equipment, and leasehold improvements (1,254) (1,249) (373)
Net cash provided by (used in) investing activities 26,208 16,506 38,123
Financing activities      
Repayment of redeemable financial instrument 0 (2,573) 0
Proceeds from draws on revolving credit facility 0 0 15,000
Repayment of draws on revolving credit facility 0 0 (15,000)
Proceeds from debt 0 0 2,250
Repayment of debt (2,573) 0 (2,250)
Cash used to net share settle equity awards (343) (189) (175)
Proceeds from issuance of Common Stock 0 154 0
Cohen & Company Inc. dividends (2,131) (1,873) (1,750)
Convertible non-controlling interest distributions (13,000) (4,819) (4,344)
Redemption of convertible non-controlling interest units (954) (659) (834)
Non-convertible non-controlling interest investment 2,669 0 39
Non-convertible non-controlling interest distributions (969) (6,758) (10,041)
Net cash provided by (used in) financing activities (17,301) (16,717) (17,105)
Effect of exchange rate on cash 915 (324) 191
Net increase (decrease) in cash and cash equivalents 37,172 8,940 (18,451)
Cash and cash equivalents, beginning of period 19,590 10,650 29,101
Cash and cash equivalents, end of period $ 56,762 $ 19,590 $ 10,650