18. NET CAPITAL REQUIREMENTS

Cohen Securities is subject to the net capital provision of Rule 15c3-1 under the Exchange Act, which requires the maintenance of minimum net capital, as defined therein.  As of June 30, 2025, Cohen Securities' minimum required net capital was $250, and actual net capital was $49,736, which exceeded the minimum requirements by $49,486.  CCFESA, a subsidiary of the Company, is regulated by the ACPR in France. CCFESA is subject to certain regulatory capital requirements in accordance with Articles L.533-2 et seq. of the French Financial and Monetary Code, implementing the new framework set out in the Investment Firm Regulation ("IFR") and the Investment Firm Directive ("IFD").  As of  June 30, 2025, the total minimum required net liquid capital was $729 and actual net liquid capital in CCFESA was $2,025, which exceeded the minimum requirement by $1,296.