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

 

Other receivables consisted of the following.

OTHER RECEIVABLES

(Dollars in Thousands)

 

Investment banking and new issue receivable represents 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 and six months ended June 30, 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 repo and reverse repo counterparties represents cash posted by the Company with reverse repo or repo counterparties as a result of margin calls.  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)

 

Deferred costs include costs incurred pending reimbursement from a third party upon closing of a transaction (included herein are $74k of deferred financing costs). 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)

Accrued compensation consisted of the following.

ACCRUED COMPENSATION

(Dollars in Thousands)

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