Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 305

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 305
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party payable immediately. Repurchase obligations are full recourse obligations to us. If we were to default under a repurchase obligation, the counterparty would have recourse to our other assets if the collateral was not sufficient to satisfy the obligation in full. Most of our repurchase agreements are entered into as part of our gestation repo business.

Our clearing brokers provide securities financing arrangements including margin arrangements and securities borrowing and lending arrangements. These arrangements generally require us to transfer additional securities or cash to the clearing broker in the event the value of the securities then held by the clearing broker in the margin account falls below specified levels and contain events of default in cases where we breach our obligations under such agreements. 

An event of default under the clearing agreement would give our counterparty the option to terminate our clearing arrangement. Any amounts owed to the clearing broker would be immediately due and payable. These obligations are recourse to us. Furthermore, a termination of any of our clearing arrangements would result in a significant disruption to our business and would have a significant negative impact on our dealings and relationship with our customers. 

The following table presents our period end balance, average monthly balance, and maximum balance at any month end during the nine months ended September 30, 2025 and the twelve months ended December 31, 2024 for receivables under resale agreements and securities sold under agreements to repurchase.

     For the Nine Months Ended September 30, 2025

     For the Twelve Months Ended December 31, 2024

      Receivables under resale agreements 

      Period end 
      
     $
     414,710

     $
     668,259

      Monthly average 
      
     $
     693,679

     $
     566,987

      Maximum month end 
      
     $
     811,908

     $
     743,654

      Securities sold under agreements to repurchase 

      Period end 
      
     $
     457,058

     $
     695,966

      Monthly average 
      
     $
     724,502

     $
     570,715

      Maximum month end 
      
     $
     840,249

     $
     742,120

Fluctuations in the balance of our repurchase agreements from period to period and intra-period are dependent on business activity in those periods. The fluctuations in the balances of our receivables under resale agreements over the periods presented were impacted by our clients' desires to execute on balance sheet