Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 35

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 35
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   - 
 Interests in SPVs   1,565   -   1,565   - 
   26,005  $8,676  $17,329  $- 
 Investments measured at NAV (1)   9,257             
 Total other investments, at fair value  $35,262             
                 
 Liabilities                 
 Trading securities sold, not yet purchased:                 
 Corporate bonds and redeemable preferred stock  $7,342  $-  $7,342  $- 
 Derivatives   4,050   -   4,050   - 
 Equity securities   83   83   -   - 
 U.S. government agency debt securities   40   -   40   - 
 U.S. Treasury securities   24,917   24,917   -   - 
 Total trading securities sold, not yet purchased  $36,432  $25,000  $11,432  $- 
                 
 Other investments, sold not yet purchased:                 
 Equity securities  $1,181  $1,181  $-  $- 
 Share forward liabilities   470   -   470   - 
 Total other investments sold, not yet purchased  $1,651  $1,181  $470  $- 

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    (1)  As a practical expedient, the Company uses NAV (or its equivalent) to measure the fair value of its investments in the U.S. Insurance JV and the CREO JV. The U.S. Insurance JV invests in USD denominated debt issued by small insurance and reinsurance companies. The CREO JV invests primarily in multi-family commercial real estate mortgage-backed loans.  According to ASC 820, these investments are not categorized within the valuation hierarchy.   

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   The following provides a brief description of the types of financial instruments the Company holds, the methodology for estimating fair value, and the level within the valuation hierarchy of the estimate. The discussion that follows applies regardless of whether the instrument is included in investments-trading; other investments, at fair value; other investments sold, not yet purchased; or trading securities sold, not yet purchased.
    
   Corporate Bonds