2021 Q4 Form 10-K Financial Statement

#000143774922005639 Filed on March 09, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $27.04M $146.4M $66.37M
YoY Change -59.25% 12.5% 312.46%
Cost Of Revenue $2.404M $7.684M $1.838M
YoY Change 30.79% 8.72% -5.36%
Gross Profit $24.64M $138.7M $64.53M
YoY Change -61.82% 12.71% 356.09%
Gross Profit Margin 91.11% 94.75% 97.23%
Selling, General & Admin $27.19M $98.72M $26.67M
YoY Change 1.95% 36.17% 165.74%
% of Gross Profit 110.34% 71.18% 41.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $113.0K $371.0K $85.00K
YoY Change 32.94% 11.08% 7.59%
% of Gross Profit 0.46% 0.27% 0.13%
Operating Expenses $27.30M $99.09M $26.75M
YoY Change 2.04% 36.06% 164.5%
Operating Profit -$2.661M $39.59M $37.78M
YoY Change -107.04% -6.46% 836.42%
Interest Expense $26.79M $48.73M -$2.195M
YoY Change -1320.59% -26.39% -10.15%
% of Operating Profit 123.08% -5.81%
Other Income/Expense, Net
YoY Change
Pretax Income $24.13M $70.50M $35.58M
YoY Change -32.18% 136.69% 2136.33%
Income Tax -$2.191M -$3.541M -$8.046M
% Of Pretax Income -9.08% -5.02% -22.61%
Net Earnings $3.631M $11.81M $14.75M
YoY Change -75.38% -16.87% 1805.81%
Net Earnings / Revenue 13.43% 8.07% 22.23%
Basic Earnings Per Share $9.95 $13.78
Diluted Earnings Per Share $2.735M $7.83 $7.64
COMMON SHARES
Basic Shares Outstanding 1.630M 1.187M 1.070M
Diluted Shares Outstanding 5.285M 5.207M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.57M $50.57M $42.00M
YoY Change 20.41% 20.41% 405.73%
Cash & Equivalents $50.57M $50.57M $42.00M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $72.97M $72.97M $55.73M
Other Receivables $3.203M $3.203M $3.929M
Total Short-Term Assets $126.7M $126.7M $101.7M
YoY Change 24.68% 24.68% -32.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.456M $11.73M $799.0K
YoY Change 82.23% 93.45% -12.77%
Goodwill $109.0K $109.0K
YoY Change 0.0% -98.64%
Intangibles $166.0K $166.0K
YoY Change 0.0% 0.0%
Long-Term Investments $48.24M $328.1M $13.48M
YoY Change 257.8% 4.18% 254.88%
Other Assets $13.04M $13.04M $7.397M
YoY Change 76.27% 76.27%
Total Long-Term Assets $3.530B $3.530B $6.048B
YoY Change -41.64% -41.64% -22.96%
TOTAL ASSETS
Total Short-Term Assets $126.7M $126.7M $101.7M
Total Long-Term Assets $3.530B $3.530B $6.048B
Total Assets $3.656B $3.656B $6.149B
YoY Change -40.54% -40.54% -23.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.0M $161.0M $202.9M
YoY Change -20.65% 2.77% -22.41%
Accrued Expenses $38.30M $38.30M $20.89M
YoY Change 83.33% 83.33% 77.95%
Deferred Revenue
YoY Change
Short-Term Debt $3.236B $3.236B $5.713B
YoY Change -43.35% -43.86% -24.17%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.454B $3.454B $5.937B
YoY Change -41.83% -40.79% -23.96%
LONG-TERM LIABILITIES
Long-Term Debt $51.35M $51.35M $59.06M
YoY Change -13.05% -13.05% -10.31%
Other Long-Term Liabilities $51.85M
YoY Change -33.48%
Total Long-Term Liabilities $51.35M $51.35M $110.9M
YoY Change -53.7% -13.05% -22.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.454B $3.454B $5.937B
Total Long-Term Liabilities $51.35M $51.35M $110.9M
Total Liabilities $3.505B $3.594B $6.048B
YoY Change -42.05% -41.13% -23.95%
SHAREHOLDERS EQUITY
Retained Earnings -$9.204M -$20.34M
YoY Change -54.75% -41.07%
Common Stock $17.00K $13.00K
YoY Change 30.77% 8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.94M $61.94M $43.91M
YoY Change
Total Liabilities & Shareholders Equity $3.656B $3.656B $6.149B
YoY Change -40.54% -40.54% -23.15%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $3.631M $11.81M $14.75M
YoY Change -75.38% -16.87% 1805.81%
Depreciation, Depletion And Amortization $113.0K $371.0K $85.00K
YoY Change 32.94% 11.08% 7.59%
Cash From Operating Activities $21.29M $18.32M -$73.85M
YoY Change -128.83% -55.78% 1070.23%
INVESTING ACTIVITIES
Capital Expenditures -$349.0K $1.028M -$71.00K
YoY Change 391.55% 373.73% 914.29%
Acquisitions
YoY Change
Other Investing Activities -$17.28M -$21.51M -$1.130M
YoY Change 1429.12% 83.33% 120.27%
Cash From Investing Activities -$17.63M -$22.53M -$1.201M
YoY Change 1367.78% 88.6% 130.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$8.219M
YoY Change -483.71%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.157M $13.16M -12.48M
YoY Change -141.32% 247.35% -1511.88%
NET CHANGE
Cash From Operating Activities 21.29M $18.32M -73.85M
Cash From Investing Activities -17.63M -$22.53M -1.201M
Cash From Financing Activities 5.157M $13.16M -12.48M
Net Change In Cash 8.819M $8.571M -87.54M
YoY Change -110.07% -74.56% 1371.92%
FREE CASH FLOW
Cash From Operating Activities $21.29M $18.32M -$73.85M
Capital Expenditures -$349.0K $1.028M -$71.00K
Free Cash Flow $21.64M $17.29M -$73.78M
YoY Change -129.33% -58.05% 1070.4%

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><em style="font: inherit;">1.</em> ORGANIZATION AND NATURE OF OPERATIONS </b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Organizational History</i> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Cohen Brothers, LLC (“Cohen Brothers”) was formed on <em style="font: inherit;"> October </em><em style="font: inherit;">7,</em> <em style="font: inherit;">2004</em> by Cohen Bros. Financial, LLC (“CBF”). Cohen Brothers was established to acquire the net assets of CBF’s subsidiaries (the “Formation Transaction”): Cohen Bros. &amp; Company, Inc.; Cohen Frères SAS; Dekania Investors, LLC; Emporia Capital Management, LLC; and the majority interest in Cohen Bros. &amp; Toroian Investment Management, Inc. The Formation Transaction was accomplished through a series of transactions occurring between <em style="font: inherit;"> March </em><em style="font: inherit;">4,</em> <em style="font: inherit;">2005</em> and <em style="font: inherit;"> May </em><em style="font: inherit;">31,</em> <em style="font: inherit;">2005.</em></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">From its formation until <em style="font: inherit;"> December </em><em style="font: inherit;">16,</em> <em style="font: inherit;">2009,</em> Cohen Brothers operated as a privately-owned limited liability company. On <em style="font: inherit;"> December </em><em style="font: inherit;">16,</em> <em style="font: inherit;">2009,</em> Cohen Brothers completed its merger (the “AFN Merger”) with a subsidiary of Alesco Financial Inc. (“AFN”), a publicly traded real estate investment trust.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">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 <em style="font: inherit;">not</em> held by AFN were included as a component of non-controlling interest in the consolidated balance sheets.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Subsequent to the AFN Merger, AFN was renamed Cohen &amp; Company Inc. In <em style="font: inherit;"> January 2011, </em>it was renamed again as Institutional Financial Markets, Inc. (“IFMI”) and on <em style="font: inherit;"> September 1, 2017 </em>it was renamed again as Cohen &amp; Company Inc.  Effective <em style="font: inherit;"> January </em><em style="font: inherit;">1,</em> <em style="font: inherit;">2010,</em> the Company ceased to qualify as a REIT.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">On <em style="font: inherit;"> September </em><em style="font: inherit;">1,</em> <em style="font: inherit;">2017,</em> the Company (i) changed its name back from Institutional Financial Markets, Inc. to Cohen &amp; Company Inc. and the Company’s trading symbol on the NYSE American Stock Exchange from “IFMI” to “COHN”; (ii) effected a <em style="font: inherit;">1</em> for 10 reverse stock split; and (iii) increased the par value of Common Stock from $0.001 per share to $0.01 per share. All share and per share amounts, and exercise and conversion prices for all periods presented reflect the reverse split as if it had occurred as of the beginning of the <em style="font: inherit;">first</em> period presented.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>The Company</i> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i></i> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">The Company is a financial services company specializing in fixed income markets and, more recently, the SPAC markets.  As of <em style="font: inherit;"> December 31, 2021</em>, the Company had $2.36 billion in assets under management (“AUM”) of which $1.24 billion, was in collateralized debt obligations (“CDOs”). The remaining portion of AUM is from a diversified mix of Investment Vehicles (as defined herein). </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">In these financial statements, the “Company” refers to Cohen &amp; Company Inc. and its subsidiaries on a consolidated basis.  Cohen &amp; Company, LLC or the “Operating LLC” refers to the main operating subsidiary of the Company. “Cohen Brothers” refers to the pre-AFN Merger Cohen Brothers, LLC and its subsidiaries. “AFN” refers to the pre-merger Alesco Financial Inc. and its subsidiaries. When the term “Cohen &amp; Company Inc.” is used, it is referring to the parent company itself; “JVB Holdings” refers to J.V.B. Financial Holdings, LP; “JVB” refers to J.V.B. Financial Group LLC, a broker dealer subsidiary; “CCFL” refers to Cohen &amp; Company Financial Limited (formerly known as EuroDekania Management LTD), a subsidiary formerly regulated by the Financial Conduct Authority (formerly known as Financial Services Authority) in the United Kingdom; “CCFEL” refers to Cohen &amp; Company Financial (Europe) Limited, a subsidiary regulated by the Central Bank of Ireland in Ireland;  "CCFESA" refers to Cohen &amp; Company Financial Europe Limited S.A., a majority owned subsidiary regulated by the Autorite de Controle Prudentiel et de Resolution ("ACPR"), a majority owned subsidiary; and<i> “EuroDekania</i>” refers to EuroDekania (Cayman) Ltd., a Cayman Islands exempted company that was externally managed by CCFL.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">The Company’s business is organized into the following three business segments.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><span style="text-decoration: underline; ">Capital Markets</span>: The Company’s Capital Markets business segment consists primarily of fixed income sales, trading, matched book repurchase agreement (“repo”) financing, new issue placements in corporate and securitized products, and advisory services. The Company’s fixed income sales and trading group provides trade execution to corporate investors, institutional investors, mortgage originators, and other smaller broker-dealers. The Company specializes in a variety of products, including but <em style="font: inherit;">not</em> limited to: corporate bonds, asset backed securities (“ABS”), mortgage backed securities (“MBS”), residential mortgage backed securities (“RMBS”), CDOs, collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”), collateralized mortgage obligations (“CMOs”), municipal securities, to-be-announced securities (“TBAs”) and other forward agency MBS contracts, U.S. government bonds, U.S. government agency securities, brokered deposits and certificates of deposit (“CDs”) for small banks, and hybrid capital of financial institutions including trust preferred securities (“TruPS”), whole loans, residential transition loans ("RTLs"), and other structured financial instruments. The Company also offers execution and brokerage services for equity products. The Company operates its capital markets activities primarily through its subsidiaries: JVB in the United States, and CCFESA in Europe. A division of JVB, Cohen &amp; Company Capital Markets is the Company's full-service boutique investment banking platform focusing on SPAC advisory, capital markets advisory, and M&amp;A advisory, with clients primarily in the financial technology (commonly referred to as "fintech") and SPAC spaces.  </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><span style="text-decoration: underline; ">Asset Management</span>: The Company’s Asset Management business segment manages assets within CDOs, managed accounts, joint ventures, and investment funds (collectively referred to as “Investment Vehicles”). A CDO is a form of secured borrowing. The borrowing is secured by different types of fixed income assets such as corporate or mortgage loans or bonds. The borrowing is in the form of a securitization, which means that the lenders are actually investing in notes backed by the assets. In the event of default, the lenders will have recourse only to the assets securing the loan. The Company’s Asset Management business segment includes its fee-based asset management operations, which include ongoing base and incentive management fees.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><span style="text-decoration: underline; ">Principal Investing</span>: The Company’s Principal Investing business segment is comprised of investments that 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 the Company’s trading, matched book repo, or other Capital Markets business segment activities.  These investments are included in the Company’s other investments, at fair value; other investments sold, <em style="font: inherit;">not</em> yet purchased; and investments in equity method affiliates in the Company’s consolidated balance sheets. </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">The Company generates its revenue by business segment primarily through the following activities.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><span style="text-decoration: underline; ">Capital Markets </span></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 5%;"> </td><td style="width: 5%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">•</p> </td><td style="width: 90%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Trading activities of the Company, which include execution and brokerage services, riskless trading activities as well as gains and losses (unrealized and realized) and income and expense earned on securities and derivatives classified as trading;</p> </td></tr> <tr style="vertical-align: top;"><td style="width: 5%;"> </td><td style="width: 5%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">• </p> </td><td style="width: 90%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Net interest income on the Company’s matched book repo financing activities; and</p> </td></tr> <tr style="vertical-align: top;"><td style="width: 5%;"> </td><td style="width: 5%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">•</p> </td><td style="width: 90%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">New issue and advisory revenue comprised primarily of (i) new issue revenue associated with originating, arranging, or placing newly created financial instruments; and (ii) revenue from advisory services.</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><span style="text-decoration: underline; ">Asset Management </span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 5%;"> </td><td style="width: 5%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">•</p> </td><td style="width: 90%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Asset management fees for the Company’s on-going asset management services provided to certain Investment Vehicles, which <em style="font: inherit;"> may </em>include fees both senior and subordinate to the securities in the Investment Vehicle, and incentive management fees earned based on the performance of the various Investment Vehicles.</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:67.5pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-18pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><span style="text-decoration: underline; ">Principal Investing </span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 5%;"> </td><td style="width: 5%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">•</p> </td><td style="width: 90%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Gains and losses (unrealized and realized) and income and expense earned on securities classified as other investments, at fair value and other investments sold <em style="font: inherit;">not</em> yet purchased; and</p> </td></tr> <tr><td style="width: 5%;"> </td><td style="width: 5%;">•</td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 90%;">Income and loss earned on equity method investments.</td></tr> </tbody></table> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company carries out certain activities at the Operating LLC (including a material amount of its principal investing activities).  The remaining activities noted above were carried out through the following main operating subsidiaries of the Company as of <em style="font: inherit;"> December 31, 2021</em>. </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><tbody><tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;"><em style="font: inherit;">1.</em></p> </td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;">Cohen &amp; Company Financial Management, LLC (“CCFM”) is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment adviser to the Alesco I CDO, and the Alesco III through VIII CDOs. Alesco CDOs invest in bank and insurance company TruPS as well as insurance company subordinated debt.  CCFM also manages the SPAC Fund and SPAC Series Funds. </p> </td></tr> <tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;"><em style="font: inherit;">2.</em></p> </td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;">Dekania Capital Management, LLC (“DCM”) is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment adviser to the Company’s Dekania Europe II CDO and Dekania Europe III CDO.  The Dekania Europe II CDO and Dekania Europe III CDO invest primarily in financial institution TruPS and insurance company subordinated debt denominated in Euros.  DCM also manages the U.S. Insurance JV.    </p> </td></tr> <tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;"><em style="font: inherit;">3.</em></p> </td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;">JVB is a wholly owned subsidiary of the Operating LLC. JVB is a securities broker-dealer registered with the Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority (“FINRA”), and the Securities Industry Protection Corporation (“SIPC”).  JVB carries out the Company’s Capital Market business segment activities in the U.S.  </p> </td></tr> <tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;"><em style="font: inherit;">4.</em></p> </td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;">CCFL was previously regulated by the United Kingdom Financial Conduct Authority (“FCA”).  CCFL in the past acted as asset manager and investment adviser to the Company’s Dekania Europe III CDO. CCFL also carried out certain of the Company’s Capital Markets business segment activities in Europe including brokerage, advisory, and new issue services. During <em style="font: inherit;">2020,</em> CCFL reduced its permissions with the FCA and <em style="font: inherit;">no</em> longer is a regulated UK entity. As a result <em style="font: inherit;">no</em> capital requirement is necessary in the United Kingdom. The Company is in the process of dissolving CCFL.  </p> </td></tr> <tr><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><em style="font: inherit;">5.</em></td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">CCFESA is regulated by the Autorite de Controle Prudentiel et de Resolution ("ACPR"), performs asset management and capital market activities in France and the European Union.  </td></tr> <tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;"><em style="font: inherit;">6.</em></p> </td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;">CCFEL is regulated by Central Bank of Ireland (“CBI”), performed asset management and capital markets activities in Ireland and the European Union.  In <em style="font: inherit;">2021,</em> the Company transferred CCFEL's activities to CCFESA and began the process of withdrawing from regulation under CBI.  As of <em style="font: inherit;"> December 31, 2021, </em>CCFEL is <em style="font: inherit;">no</em> longer carrying out any business activities but the withdrawal process from CBI regulation is <em style="font: inherit;">not</em> yet complete.  </p> </td></tr> <tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;"><em style="font: inherit;">7.</em></p> </td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;">Cohen &amp; Compagnie SAS (formerly Cohen Fréres SAS), the Company’s French subsidiary, acts as a credit research adviser to DCM, and CCFESA in analyzing the creditworthiness of insurance companies and financial institutions in Europe with respect to all assets included in the Dekania Europe CDOs and certain other Investment Vehicles.</p> </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><em style="font: inherit;">8.</em></td><td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">SPAC Sponsor Entities:  A series of LLC's set up to pool investor funds and invest in private placements of Company sponsored special purpose acquisition companies ("SPACs").  See note <em style="font: inherit;">4.</em></td></tr> </tbody></table> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">  </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
CY2017Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
10 pure
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q4 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
2360000000 USD
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 pure
CY2021 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><em style="font: inherit;">2.</em> BASIS OF PRESENTATION </b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">The accounting and reporting policies of the Company conform to U.S. GAAP.  Certain prior period amounts have been reclassified to conform to the current period presentation. </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"/> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>B. Use of Estimates </i></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"/> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:12.2pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-12.2pt;"><i>V. Business Concentration </i></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:12.2pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-12.2pt;"><i></i> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">A significant portion of the Company’s asset management revenues in a year <em style="font: inherit;"> may </em>be derived from a small number of transactions. For the year ended <em style="font: inherit;"> December 31, 2021</em>, the Company earned asset management revenue of $2,484 from CDOs and $8,438 from other investment funds. </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Other than revenue earned in its matched book repo operations, the Company’s trading revenue is generated from transactions with a diverse set of institutional customers.  The Company does <em style="font: inherit;">not</em> consider its trading revenue, other than revenue earned in its matched book repo operations, to be concentrated from a customer or counterparty perspective. See note <em style="font: inherit;">11</em> for discussion of concentrations within its matched book repo operations.</p>
CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
54284000 USD
CY2020Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
62496000 USD
CY2020 us-gaap Debt Securities Trading Unrealized Gain Loss
DebtSecuritiesTradingUnrealizedGainLoss
2076000 USD
CY2019 us-gaap Debt Securities Trading Unrealized Gain Loss
DebtSecuritiesTradingUnrealizedGainLoss
-1320000 USD
CY2021 us-gaap Debt Securities Trading Realized Gain Loss
DebtSecuritiesTradingRealizedGainLoss
21103000 USD
CY2020 us-gaap Debt Securities Trading Realized Gain Loss
DebtSecuritiesTradingRealizedGainLoss
31269000 USD
CY2019 us-gaap Debt Securities Trading Realized Gain Loss
DebtSecuritiesTradingRealizedGainLoss
24118000 USD
CY2021 us-gaap Debt Securities Trading Unrealized Gain Loss
DebtSecuritiesTradingUnrealizedGainLoss
-3069000 USD
CY2021 us-gaap Debt Securities Trading Gain Loss
DebtSecuritiesTradingGainLoss
18034000 USD
CY2020 us-gaap Debt Securities Trading Gain Loss
DebtSecuritiesTradingGainLoss
33345000 USD
CY2019 us-gaap Debt Securities Trading Gain Loss
DebtSecuritiesTradingGainLoss
22798000 USD
CY2021 us-gaap Interest Income Debt Securities Trading Operating
InterestIncomeDebtSecuritiesTradingOperating
5958000 USD
CY2020 us-gaap Interest Income Debt Securities Trading Operating
InterestIncomeDebtSecuritiesTradingOperating
7759000 USD
CY2019 us-gaap Interest Income Debt Securities Trading Operating
InterestIncomeDebtSecuritiesTradingOperating
6921000 USD
CY2021 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
0 USD
CY2020 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
0 USD
CY2019 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
236000 USD
CY2021 cohn Interest Income From Repurchase Agreements
InterestIncomeFromRepurchaseAgreements
94123000 USD
CY2020 cohn Interest Income From Repurchase Agreements
InterestIncomeFromRepurchaseAgreements
98710000 USD
CY2019 cohn Interest Income From Repurchase Agreements
InterestIncomeFromRepurchaseAgreements
176336000 USD
CY2021 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
100081000 USD
CY2020 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
106469000 USD
CY2019 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
183493000 USD
CY2021 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
48024000 USD
CY2020 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
65030000 USD
CY2019 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
164851000 USD
CY2021 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
-0 USD
CY2020 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
39000 USD
CY2019 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
100000 USD
CY2021 us-gaap Interest Expense Short Term Borrowings Excluding Federal Funds And Securities Sold Under Agreements To Repurchase
InterestExpenseShortTermBorrowingsExcludingFederalFundsAndSecuritiesSoldUnderAgreementsToRepurchase
706000 USD
CY2020 us-gaap Interest Expense Short Term Borrowings Excluding Federal Funds And Securities Sold Under Agreements To Repurchase
InterestExpenseShortTermBorrowingsExcludingFederalFundsAndSecuritiesSoldUnderAgreementsToRepurchase
1134000 USD
CY2019 us-gaap Interest Expense Short Term Borrowings Excluding Federal Funds And Securities Sold Under Agreements To Repurchase
InterestExpenseShortTermBorrowingsExcludingFederalFundsAndSecuritiesSoldUnderAgreementsToRepurchase
3168000 USD
CY2021 us-gaap Interest Expense
InterestExpense
48730000 USD
CY2020 us-gaap Interest Expense
InterestExpense
66203000 USD
CY2019 us-gaap Interest Expense
InterestExpense
168119000 USD
CY2021 cohn Interest Income Expense Including Unrealized Gains And Losses
InterestIncomeExpenseIncludingUnrealizedGainsAndLosses
69385000 USD
CY2020 cohn Interest Income Expense Including Unrealized Gains And Losses
InterestIncomeExpenseIncludingUnrealizedGainsAndLosses
73611000 USD
CY2019 cohn Interest Income Expense Including Unrealized Gains And Losses
InterestIncomeExpenseIncludingUnrealizedGainsAndLosses
38172000 USD
CY2021 us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b><em style="font: inherit;">6.</em> RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:35.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Amounts receivable from brokers, dealers, and clearing agencies consisted of the following.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </p> <p style="font-family:Tahoma;font-size:1pt;margin:0pt;text-align:left;"> </p> <p style="font-family:Tahoma;font-size:1pt;margin:0pt;text-align:left;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;"><tbody><tr><td colspan="7" style="vertical-align:bottom;width:100%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES</p> </td></tr> <tr><td colspan="7" style="vertical-align:bottom;width:100%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Dollars in Thousands)</p> </td></tr> </tbody></table> <p style="margin: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><em style="font: inherit;"><em style="font: inherit;">As of December 31,</em></em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><em style="font: inherit;">2021</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><em style="font: inherit;">2020</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deposits with clearing organizations</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">250</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">250</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Unsettled regular way trades, net</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,827</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,961</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Receivable from clearing organizations</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">65,315</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">49,706</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Receivables from brokers, dealers, and clearing agencies</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">68,392</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">52,917</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="margin: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"> Amounts payable to brokers, dealers, and clearing agencies consisted of the following.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </p> <p style="font-family:Tahoma;font-size:1pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </p> <p style="font-family:Tahoma;font-size:1pt;margin:0pt;text-align:left;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;"><tbody><tr><td colspan="7" style="vertical-align:bottom;width:100%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES</p> </td></tr> <tr><td colspan="7" style="vertical-align:bottom;width:100%;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Dollars in Thousands)</p> </td></tr> </tbody></table> <p style="margin: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><em style="font: inherit;"><em style="font: inherit;">As of December 31,</em></em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><em style="font: inherit;">2021</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><em style="font: inherit;">2020</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Margin payable</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">160,896</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">156,678</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Payables to brokers, dealers, and clearing agencies</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">160,896</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">156,678</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="margin: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Deposits with clearing organizations represent contractual amounts the Company is required to deposit with its clearing agents. </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Securities transactions that settle in the regular way are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Receivables from clearing organizations are primarily comprised of cash received by the Company upon execution of short trades that is restricted from withdrawal by the clearing agent.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Margin payable represents amounts borrowed from Pershing, LLC and Cantor Fitzgerald to finance the Company’s trading portfolio.  See note <em style="font: inherit;">5</em> for interest expense incurred on margin payable. </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;">  </p>
CY2020Q4 us-gaap Other Payables To Broker Dealers And Clearing Organizations
OtherPayablesToBrokerDealersAndClearingOrganizations
156678000 USD
CY2021Q4 us-gaap Deposits With Clearing Organizations And Others Securities
DepositsWithClearingOrganizationsAndOthersSecurities
250000 USD
CY2020Q4 us-gaap Deposits With Clearing Organizations And Others Securities
DepositsWithClearingOrganizationsAndOthersSecurities
250000 USD
CY2021Q4 cohn Receivables From Unsettled Regular Way Trades Net
ReceivablesFromUnsettledRegularWayTradesNet
2827000 USD
CY2020Q4 cohn Receivables From Unsettled Regular Way Trades Net
ReceivablesFromUnsettledRegularWayTradesNet
2961000 USD
CY2021Q4 us-gaap Receivables From Clearing Organizations
ReceivablesFromClearingOrganizations
65315000 USD
CY2020Q4 us-gaap Receivables From Clearing Organizations
ReceivablesFromClearingOrganizations
49706000 USD
CY2021Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
68392000 USD
CY2020Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
52917000 USD
CY2021Q4 us-gaap Other Payables To Broker Dealers And Clearing Organizations
OtherPayablesToBrokerDealersAndClearingOrganizations
160896000 USD
CY2021Q4 srt Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
160896000 USD
CY2020Q4 srt Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
156678000 USD
CY2021Q4 cohn Trading Receivable
TradingReceivable
0 USD
CY2020Q4 cohn Trading Receivable
TradingReceivable
225000 USD
CY2021Q4 cohn Asset Managements Fees Receivable
AssetManagementsFeesReceivable
962000 USD
CY2020Q4 cohn Asset Managements Fees Receivable
AssetManagementsFeesReceivable
879000 USD
CY2021Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
1813000 USD
CY2020Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
2275000 USD
CY2021Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
108000 USD
CY2020Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
125000 USD
CY2021Q4 cohn Other Miscellaneous Receivables
OtherMiscellaneousReceivables
320000 USD
CY2020Q4 cohn Other Miscellaneous Receivables
OtherMiscellaneousReceivables
425000 USD
CY2021Q4 us-gaap Other Receivables
OtherReceivables
3203000 USD
CY2020Q4 us-gaap Other Receivables
OtherReceivables
3929000 USD
CY2021Q4 us-gaap Trading Securities
TradingSecurities
223865000 USD
CY2021Q4 us-gaap Financial Instruments Sold Not Yet Purchased At Fair Value
FinancialInstrumentsSoldNotYetPurchasedAtFairValue
62512000 USD
CY2020Q4 us-gaap Financial Instruments Sold Not Yet Purchased At Fair Value
FinancialInstrumentsSoldNotYetPurchasedAtFairValue
44439000 USD
CY2020Q4 us-gaap Trading Securities
TradingSecurities
242961000 USD
CY2021Q4 cohn Other Investments Fair Value Disclosure
OtherInvestmentsFairValueDisclosure
56033000 USD
CY2020Q4 cohn Other Investments Fair Value Disclosure
OtherInvestmentsFairValueDisclosure
58540000 USD
CY2021Q4 cohn Other Investment Sold Not Yet Purchased
OtherInvestmentSoldNotYetPurchased
2488000 USD
CY2020Q4 cohn Other Investment Sold Not Yet Purchased
OtherInvestmentSoldNotYetPurchased
7415000 USD
CY2021 cohn Other Investment Sold Gain Loss Fair Value
OtherInvestmentSoldGainLossFairValue
35421000 USD
CY2020 cohn Other Investment Sold Gain Loss Fair Value
OtherInvestmentSoldGainLossFairValue
43413000 USD
CY2019 cohn Other Investment Sold Gain Loss Fair Value
OtherInvestmentSoldGainLossFairValue
1080000 USD
CY2021 cohn Other Investment Sold Not Yet Purchased Gain Loss
OtherInvestmentSoldNotYetPurchasedGainLoss
830000 USD
CY2020 cohn Other Investment Sold Not Yet Purchased Gain Loss
OtherInvestmentSoldNotYetPurchasedGainLoss
1063000 USD
CY2019 cohn Other Investment Sold Not Yet Purchased Gain Loss
OtherInvestmentSoldNotYetPurchasedGainLoss
0 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
5601000 USD
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
-0 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2522000 USD
CY2021 cohn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Net Trading
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetNetTrading
0 USD
CY2020 cohn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Net Trading
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetNetTrading
-57000 USD
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-604000 USD
CY2021 cohn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Accretion Of Income
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetAccretionOfIncome
0 USD
CY2020 cohn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Accretion Of Income
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetAccretionOfIncome
124000 USD
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
638000 USD
CY2021 cohn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Reclassification Of Rtls
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassificationOfRtls
0 USD
CY2020 cohn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Reclassification Of Rtls
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetReclassificationOfRtls
5278000 USD
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
-0 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
2300000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 USD
CY2021 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2020 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
851000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
1662000 USD
CY2021 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
7227000 USD
CY2020 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
5324000 USD
CY2019 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
6526000 USD
CY2021Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
3175645000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
5716343000 USD
CY2021Q4 us-gaap Fair Value Of Securities Received As Collateral That Can Be Resold Or Repledged
FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged
3249411000 USD
CY2020Q4 us-gaap Fair Value Of Securities Received As Collateral That Can Be Resold Or Repledged
FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged
5885656000 USD
CY2021Q4 cohn Number Of Counterparties Related To Reverse Repurchase Agreements
NumberOfCounterpartiesRelatedToReverseRepurchaseAgreements
14 pure
CY2020Q4 cohn Number Of Counterparties Related To Reverse Repurchase Agreements
NumberOfCounterpartiesRelatedToReverseRepurchaseAgreements
38 pure
CY2021Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
3171415000 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
5713212000 USD
CY2021Q4 us-gaap Fair Value Of Securities Received As Collateral That Have Been Resold Or Repledged
FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged
3232091000 USD
CY2020Q4 us-gaap Fair Value Of Securities Received As Collateral That Have Been Resold Or Repledged
FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged
5768018000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
5716343000 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
5713212000 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
5713212000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
5716343000 USD
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
0 USD
CY2019 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
4352000 USD
CY2019 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
CY2019 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-553000 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
3799000 USD
CY2020 cohn Payments To Acquire Equity Method Investments Including Noncash Transfer
PaymentsToAcquireEquityMethodInvestmentsIncludingNoncashTransfer
12722000 USD
CY2020 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
84000 USD
CY2020 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2955000 USD
CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
13482000 USD
CY2021 cohn Payments To Acquire Equity Method Investments Including Noncash Transfer
PaymentsToAcquireEquityMethodInvestmentsIncludingNoncashTransfer
8392000 USD
CY2021 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
4207000 USD
CY2021 cohn Equity Method Investment Amount Reclasses To From Investment
EquityMethodInvestmentAmountReclassesToFromInvestment
-5439000 USD
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
36010000 USD
CY2021Q4 us-gaap Equity Method Investments
EquityMethodInvestments
48238000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
109000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
109000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y10M24D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0464 pure
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1723000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1988000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1958000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1770000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1514000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3785000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12738000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1925000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10813000 USD
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
1532000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
1571000 USD
CY2021Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
240000 USD
CY2020Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
248000 USD
CY2021Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1286000 USD
CY2020Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
964000 USD
CY2021Q4 us-gaap Security Deposit
SecurityDeposit
479000 USD
CY2020Q4 us-gaap Security Deposit
SecurityDeposit
398000 USD
CY2021Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
258000 USD
CY2020Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
255000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1456000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
799000 USD
CY2021Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
166000 USD
CY2020Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
166000 USD
CY2021Q4 us-gaap Other Assets
OtherAssets
3885000 USD
CY2020Q4 us-gaap Other Assets
OtherAssets
2830000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3070000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2119000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1614000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1320000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1456000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
799000 USD
CY2021 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
69000 USD
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
371000 USD
CY2020 us-gaap Depreciation And Amortization
DepreciationAndAmortization
334000 USD
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
318000 USD
CY2021Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
122000 USD
CY2020Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
162000 USD
CY2021Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
291000 USD
CY2020Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
316000 USD
CY2021Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
61000 USD
CY2020Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
99000 USD
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
558000 USD
CY2020Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
630000 USD
CY2021Q4 cohn Interest Payable Securities Sold Not Yet Purchased
InterestPayableSecuritiesSoldNotYetPurchased
704000 USD
CY2020Q4 cohn Interest Payable Securities Sold Not Yet Purchased
InterestPayableSecuritiesSoldNotYetPurchased
435000 USD
CY2021Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1548000 USD
CY2020Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1048000 USD
CY2021Q4 us-gaap Collateralized Financings
CollateralizedFinancings
17320000 USD
CY2020Q4 us-gaap Collateralized Financings
CollateralizedFinancings
41119000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
2097000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
2442000 USD
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
22701000 USD
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
46251000 USD
CY2019 us-gaap Partners Capital Account Units Unitbased Compensation
PartnersCapitalAccountUnitsUnitbasedCompensation
0
CY2019 us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
318900
CY2021Q4 cohn Redeemable Financial Instruments
RedeemableFinancialInstruments
7957000 USD
CY2020Q4 cohn Redeemable Financial Instruments
RedeemableFinancialInstruments
11957000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
43394000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
47100000 USD
CY2019 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
509000 USD
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
7233000 USD
CY2020 us-gaap Interest Expense Debt
InterestExpenseDebt
9589000 USD
CY2019 us-gaap Interest Expense Debt
InterestExpenseDebt
7584000 USD
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021 us-gaap Dividends
Dividends
671000 USD
CY2020 us-gaap Dividends
Dividends
27000 USD
CY2019 us-gaap Dividends
Dividends
519000 USD
CY2021 cohn Dividends Distributions To Noncontrolling Interests
DividendsDistributionsToNoncontrollingInterests
1970000 USD
CY2020 cohn Dividends Distributions To Noncontrolling Interests
DividendsDistributionsToNoncontrollingInterests
35000 USD
CY2019 cohn Dividends Distributions To Noncontrolling Interests
DividendsDistributionsToNoncontrollingInterests
213000 USD
CY2019 us-gaap Partners Capital Account Units Sale Of Units
PartnersCapitalAccountUnitsSaleOfUnits
410820
CY2019 cohn Issuance Of Units For Purchase
IssuanceOfUnitsForPurchase
22429541
CY2019 cohn Additional Units Purchased
AdditionalUnitsPurchased
0
CY2019Q4 us-gaap Common Unit Outstanding
CommonUnitOutstanding
38952715
CY2020 us-gaap Partners Capital Account Units Sale Of Units
PartnersCapitalAccountUnitsSaleOfUnits
402350
CY2020 us-gaap Partners Capital Account Units Unitbased Compensation
PartnersCapitalAccountUnitsUnitbasedCompensation
0
CY2020 cohn Partners Capital Account Units Vesting
PartnersCapitalAccountUnitsVesting
275000
CY2020 us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
1211810
CY2020Q4 us-gaap Common Unit Outstanding
CommonUnitOutstanding
38418255
CY2021 us-gaap Partners Capital Account Units Sale Of Units
PartnersCapitalAccountUnitsSaleOfUnits
3417310
CY2021 us-gaap Partners Capital Account Units Unitbased Compensation
PartnersCapitalAccountUnitsUnitbasedCompensation
0
CY2021 cohn Partners Capital Account Units Vesting
PartnersCapitalAccountUnitsVesting
529050
CY2021 us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
495440
CY2021Q4 us-gaap Common Unit Outstanding
CommonUnitOutstanding
41869175
CY2021 us-gaap Net Income Loss
NetIncomeLoss
11282000 USD
CY2020 us-gaap Net Income Loss
NetIncomeLoss
14205000 USD
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-2054000 USD
CY2021 cohn Increase Decrease In Acquisition Surrender Of Additional Units Of Consolidated Subsidiary Net
IncreaseDecreaseInAcquisitionSurrenderOfAdditionalUnitsOfConsolidatedSubsidiaryNet
-1929000 USD
CY2020 cohn Increase Decrease In Acquisition Surrender Of Additional Units Of Consolidated Subsidiary Net
IncreaseDecreaseInAcquisitionSurrenderOfAdditionalUnitsOfConsolidatedSubsidiaryNet
-1765000 USD
CY2019 cohn Increase Decrease In Acquisition Surrender Of Additional Units Of Consolidated Subsidiary Net
IncreaseDecreaseInAcquisitionSurrenderOfAdditionalUnitsOfConsolidatedSubsidiaryNet
28000 USD
CY2021 cohn Changesfrom Net Income Attributable To Parent And Transfers To From Noncontrolling Interest
ChangesfromNetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest
9353000 USD
CY2020 cohn Changesfrom Net Income Attributable To Parent And Transfers To From Noncontrolling Interest
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263000 USD
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2550000 USD
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1706000 USD
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39000 USD
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1939000 USD
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14927000 USD
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276000 USD
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1970000 USD
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P2Y8M23D
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CY2019 us-gaap Allocated Share Based Compensation Expense
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744000 USD
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69330000 USD
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47349000 USD
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25972000 USD
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12553000 USD
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P0Y1M6D
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0
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0
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0
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0
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19286
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0
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0
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0
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0
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0
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0
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0
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457000 USD
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304000 USD
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CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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216000 USD
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CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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20579000 USD
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7311000 USD
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5679000 USD
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5679000 USD
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5670000 USD
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5670000 USD
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10489000 USD
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16430000 USD
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CY2021Q4 us-gaap Deferred Tax Liabilities
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CY2020Q4 us-gaap Deferred Tax Liabilities
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CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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35000 USD
CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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35000 USD
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59000 USD
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-74000 USD
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CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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76816000 USD
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