Savvy Trades and Investments

[larrybaz]

COHN - I think it's possible they could have another good earnings report. I own it and did pick up a few more today. The CEO did say this in the last earnings PR:

Looking ahead, we believe that we are well positioned going into the new year, and we remain focused on enhancing long-term, sustained value for our stockholders, including through continued payment of our quarterly dividend.

I was just doing a little more DD and came upon this regarding these LLC units from the latest 10-K:

The issuance of the shares of Common Stock upon the redemption, if any, of the issued and outstanding LLC Units may cause substantial dilution to our existing stockholders and may cause the price of our Common Stock to decline.

There are 60,930,382 units of membership interests in the Operating LLC issued and outstanding, including 23,207,975 units of membership interests in the Operating LLC beneficially owned by Daniel G. Cohen. Subject to certain restrictions, pursuant to the Operating LLC Agreement, a holder of unrestricted units of membership interests in the Operating LLC may cause the Operating LLC to redeem such units at any time for, at the Company’s option, (A) cash or (B) one share of the Company’s Common Stock for every ten units of membership interests in the Operating LLC. If the outstanding units of membership interests in the Operating LLC are redeemed by the Company for Common Stock, our existing stockholders could be significantly diluted and the price of our Common Stock may decline. See note 21 to our consolidated financial statements included in this Annual Report on Form 10-K.

That really muddies the water and would bump the share count up to around 8M. I'm feeling a bit less enthusiastic after reading that. Ugh.