Note 13 - Other Receivables, Other Assets, Accounts Payable and Other Liabilities, and Accrued Compensation

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Other Receivables, Other Assets, Accounts Payable and Other Liabilities [Text Block]

13. OTHER RECEIVABLES, OTHER ASSETS, ACCOUNTS PAYABLE AND OTHER LIABILITIES, AND ACCRUED COMPENSATION

Other receivables consisted of the following.

OTHER RECEIVABLES

(Dollars in Thousands)

	March 31, 2026			December 31, 2025
Investment banking and new issue receivable	$	1,575		$	3,625
Allowance for credit losses		(1,000	)		(1,000	)
Investment banking and new issue, net		575			2,625
Asset management fees receivable		4,348			3,619
Accrued interest receivable		972			977
Cash collateral due from counterparties		5,538			-
Revenue share receivable		263			-
Agency repo income receivable		909			853
Miscellaneous other receivables		233			822
Other receivables	$	12,838		$	8,896

Investment banking and new issue fees receivable represent amounts owed to Cohen Securities from various counterparties for services rendered.  Investment banking and new issue revenue is recognized when the Company’s performance obligations have been satisfied, and collectability is reasonably assured.  However, in certain cases, collectability becomes doubtful at a later date.  At each reporting period, the Company assesses the collectability of its investment banking and new issue receivables. Each receivable is unique and does not share similar characteristics to be pooled so they are evaluated on an individual basis. The Company records an allowance when, in management’s judgement, one is necessary for credit losses. The provision for credit losses is included as a component of professional fees and other operating expenses in the statement of operations. It is the Company's policy to fully write off the receivable and related allowance when it has abandoned collection efforts.  For the three months ended  March 31, 2026, no additional provision was recorded, and no receivable was written off.

Asset management fees receivable is of a routine and short-term nature. These amounts are generally accrued monthly and paid on a monthly or quarterly basis.  Accrued interest and dividends receivable represents interest and dividends accrued on the Company’s investment securities included as a component of investments-trading or other investments, at fair value. Interest payable on securities sold, not yet purchased is included as a component of accounts payable and other liabilities in the table titled accounts payable and other liabilities below.  Cash collateral due from counterparties represents cash the Company posted with counterparties generally for TBA contracts, repurchase transactions, or other derivative transactions.   Revenue share receivable represents the amount due to the Company for the Company’s share of a revenue arrangement generated from an entity in which the Company receives a share of the entity’s revenue.  Agency repo income receivable represents income receivable on gestation repo trades.  See note 10.  Miscellaneous other receivables represent other receivables that are of a short-term nature.

Other assets consisted of the following.

OTHER ASSETS

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Deferred costs	$	74	$	297
Prepaid expenses		2,222		2,116
Deposits		711		704
Furniture, equipment, and leasehold improvements, net		2,630		2,505
Intangible assets		166		166
Other assets	$	5,803	$	5,788

Deferred costs are costs incurred pending reimbursement from a third party upon closing of a transaction. Prepaid expenses represent amounts paid for services that are being amortized over their expected period of use and benefit.  They are all routine and short-term in nature.  Deposits are amounts held by landlords or other parties that will be returned or offset upon satisfaction of a lease or other contractual arrangement.  See note 16 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of the Company’s furniture, equipment, and leasehold improvements.  Intangible assets represent the carrying value of the Cohen Securities broker-dealer license. 

Accounts payable and other liabilities consisted of the following.

ACCOUNTS PAYABLE AND OTHER LIABILITIES

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Accounts payable	$	843	$	704
Accrued income tax		241		1,248
Accrued interest payable		383		535
Accrued interest on securities sold, not yet purchased		171		222
Payroll taxes payable		2,895		4,733
Accrued dividends and distributions		9,725		6,695
Accrued expense and other liabilities		2,480		3,807
Accounts payable and other liabilities	$	16,738	$	17,944

ACCRUED COMPENSATION

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Non-cash incentive compensation payable	$	24,592	$	18,467
Executive deferred compensation		7,850		7,680
Other compensation		23,398		66,542
Accrued compensation	$	55,840	$	92,689

Non-cash incentive compensation payable is the amount of accrued bonus that relates to the carry value of the Company's financial instruments that are reported on Company's consolidated balance sheets.  These amounts are due to the employee when the related other investment, at fair value is sold by the Company.  Executive deferred compensation represents compensation that the Company has agreed to pay executive management over a fixed period of time.  Accrued compensation represents normal employee salary compensation and other incentive compensation.