Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 42

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 42
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ANCIAL INSTRUMENTS-STATEMENT OF OPERATIONS INFORMATION
   (Dollars in Thousands)
   ﻿ 

         Three Months Ended June 30,  
 Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815   Income Statement Classification   2025    2024  
 TBAs and other forward agency MBS   Revenue-net trading  $925  $1,249 
 Equity derivatives   Principal transactions and other income (loss)   -   (79)
 Share forward liabilities   Principal transactions and other income (loss)   -   8,782 
    $925  $9,952 

   The share forward liabilities offset certain long positions included as a component of other investments, at fair value.  The offsetting long positions had income / (loss) of $0 and ($8,395) for the three months ended  June 30, 2025 and 2024, respectively. 

         Six Months Ended June 30,  
 Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815   Income Statement Classification   2025    2024  
 TBAs and other forward agency MBS   Revenue-net trading  $1,357  $2,603 
 Equity derivatives   Principal transactions and other income (loss)   -   (643)
 Share forward liabilities   Principal transactions and other income (loss)   -   16,332 
    $1,357  $18,292 

   The share forward liabilities offset certain long positions included as a component of other investments, at fair value.  The offsetting long positions had income / (loss) of $0 and ($17,088) for the six months ended  June 30, 2025 and 2024, respectively. 

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   10. COLLATERALIZED SECURITIES TRANSACTIONS 
    
   Gestation Repo
    
   Gestation repo involves entering into repo and reverse repo transactions where the underlying collateral security represents a pool of newly issued mortgage loans. The borrowers (the reverse repo counterparties) are generally mortgage originators. The lenders (the repo counterparties) are a diverse group of counterparties comprised of banks, insurance companies, and other financial institutions. The Company self-clears its gestation repo transactions.