Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 964

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 964
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 ended  December 31, 2023 and 2024, the Company recorded additional losses of $1,752 and $4, respectively, which were included as a component of net trading revenue related to the decline in fair value of the remaining collateral.  
    
   Other Repo Transactions 
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   In addition to the Company’s matched book repo business, the Company  may also enter into reverse repos to acquire securities to cover short positions or as an investment. Additionally, the Company  may enter into repos to finance the Company’s securities positions held in inventory.  These repo and reverse repo agreements are generally cleared on a bilateral or triparty basis; no clearing broker is involved.  

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   Concentration 
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   In the gestation repo business, the demand for borrowed funds is generated by the reverse repo counterparty and the supply of funds is provided by the repo counterparty. 
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   The gestation repo business has been, and continues to be, concentrated as to reverse repo counterparties.  The Company conducts this business with a limited number of reverse repo counterparties.  As of  December 31, 2024 and 2023, the Company’s gestation reverse repos shown in the tables below represented balances from 7 and 7 counterparties, respectively.  The Company also has a limited number of repo counterparties in the gestation repo business.  However, this is primarily a function of the limited number of reverse repo counterparties with whom the Company conducts this business rather than a reflection of a limited supply of funds.  Therefore, the Company considers the gestation repo business to be concentrated on the demand side. 
    
   Repo Information 
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   As of  December 31, 2024 and 2023, the Company held reverse repos of $668,259 and $408,408, respectively, and the fair value of securities and cash received as collateral under reverse repos was $673,684 and $415,057, respectively.
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   As of  December 31, 2024 and 2023, the Company had repos of $695,966 and $408,203, respectively, and the fair value of securities pledged as collateral under repos was $700,202 and $415,057 respectively. These amounts include collateral for reverse repos that were re-pledged as collateral for repos