Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Operating activities
Net income (loss)	$ 3,453	$ 938
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity-based compensation	1,292	1,158
Loss (gain) on other investments, at fair value	(628)	16,219
Loss (gain) on other investments, sold not yet purchased	(683)	(802)
Loss (gain) on disposal of interest in Vellar GP	0	836
Noncash advisory fees received	(10,972)	(18,648)
(Income) loss from equity method affiliates	527	(2,418)	$ 16,763
Depreciation and amortization	203	172
Amortization of discount on debt	195	93
Deferred tax provision (benefit)	0	85
Change in operating assets and liabilities, net:
Change in receivables from / payables to brokers, dealers, and clearing agencies	30,583	10,752
Change in receivables from / payables to related parties, net	2,403	(294)
(Increase) decrease in other receivables	(3,942)	500
(Increase) decrease in investments-trading	(13,851)	(12,234)
(Increase) decrease in receivables under resale agreements	(2,194)	(5,441)
(Increase) decrease in other assets	290	435
Increase (decrease) in accounts payable and other liabilities	(4,511)	(4,965)
Increase (decrease) in accrued compensation	(36,849)	(470)
Increase (decrease) in trading securities sold, not yet purchased	1,478	(3,776)
Increase (decrease) in securities sold under agreements to repurchase	1,998	11,488
Net cash provided by (used in) operating activities	(31,208)	(6,372)
Investing activities
Purchase of other investments, at fair value	0	(11,186)
Purchase of other investments sold, not yet purchased, at fair value	0	0
Reduction in cash from disposal of interest in Vellar GP	0	(433)
Sales and returns of principal - other investments, at fair value	7,639	14,657
Sales and returns of principal - other investments sold, not yet purchased, at fair value	694	0
Investment in equity method affiliate	(5,483)	0
Distribution from equity method affiliate	0	1,308
Purchase of furniture, equipment, and leasehold improvements	(328)	(157)
Net cash provided by (used in) investing activities	2,522	4,189
Financing activities
Repayment of 2020 Note	(4,500)	0
Cash used to net share settle equity awards	(638)	(340)
Proceeds from issuance of common stock	614	0
Cohen & Company Inc. dividends	(4,162)	(383)
Convertible non-controlling interest distributions	(1,019)	(1,110)
Redemption of convertible non-controlling units	(1,883)	(954)
Non-convertible non-controlling interest investment	2,666	0
Non-convertible non-controlling interest distributions	0	(844)
Net cash provided by (used in) financing activities	(8,922)	(3,631)
Effect of exchange rate on cash	(162)	209
Net increase (decrease) in cash and cash equivalents	(37,770)	(5,605)
Cash and cash equivalents, beginning of period	56,762	19,590	19,590
Cash and cash equivalents, end of period	$ 18,992	$ 13,985	$ 56,762