Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 186

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 186
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.S. Treasury securities   299   - 
 Investments-trading  $170,955  $148,332 

   ﻿ 
   Substantially all of the Company's investments-trading other than SBA loans serve as collateral for the Company's margin loan payable.  See note 6.  The SBA loans serve as collateral for the Company's repurchase obligations.  See note 10. 
    
   Trading Securities Sold, Not Yet Purchased 
    
   Trading securities sold, not yet purchased consisted of the following.
    
   TRADING SECURITIES SOLD, NOT YET PURCHASED
   (Dollars in Thousands)

       June 30, 2025    December 31, 2024  
 Corporate bonds and redeemable preferred stock  $9,616  $7,342 
 Derivatives   12,062   4,050 
 Equity securities   309   83 
 U.S. government agency debt securities   -   40 
 U.S. Treasury securities   15,173   24,917 
 Trading securities sold, not yet purchased  $37,160  $36,432 

   The Company manages its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. See note 5 for realized and unrealized gains recognized on investments-trading.

       20

   Other Investments, at Fair Value 
    
   Other investments, at fair value consisted of the following.
    
   OTHER INVESTMENTS, AT FAIR VALUE
   (Dollars in Thousands)

       June 30, 2025    December 31, 2024  
 Equity securities  $3,681  $1,954 
 Equity derivatives   73   73 
 Restricted equity securities   25,711   10,632 
 Corporate bonds and redeemable preferred stock   522   531 
 Notes receivable   9,932   11,250 
 Interests in SPVs   1,476   1,565 
 CREO JV   6,623   6,432 
 U.S. Insurance JV   2,557   2,825 
 Other investments, at fair value  $50,575  $35,262 

   As of  June 30, 2025