Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 201

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 201
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   Other Repo Transactions 
    
   In addition to the Company’s gestation 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.
    
   Repo Information 
    
   As of  June 30, 2025 and  December 31, 2024, the Company held reverse repos of $790,874 and $668,259, respectively, and the fair value of collateral received under reverse repos was $798,308 and $673,684, respectively. 
    
   As of  June 30, 2025 and  December 31, 2024, the Company held repos of $816,290 and $695,966, respectively, and the fair value of securities and cash pledged as collateral under repos was $827,537 and $700,202, respectively. These amounts include collateral for reverse repos that were re-pledged as collateral for repos.  
    
   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 with respect to reverse repurchase counterparties.  The Company conducts this business with a limited number of reverse repo counterparties.  As of  June 30, 2025 and  December 31, 2024, 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 agreement 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. 
    
   The total net revenue earned by the Company on its gestation repo business (net interest margin and fee revenue) was $4,458  and $3,693 for the