Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 27

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 27
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 TO BROKERS, DEALERS, AND CLEARING AGENCIES 
    
   Amounts receivable from brokers, dealers, and clearing agencies consisted of the following.
    
   RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES
   (Dollars in Thousands)

        September 30, 2025 

        December 31, 2024 

        Deposits with clearing agencies 
        
       $
       250

       $
       250

        Unsettled regular way trades, net 

       4,139

       2,263

        Receivables from clearing agencies 

       39,187

       43,137

        Receivables from brokers, dealers, and clearing agencies 
        
       $
       43,576

       $
       45,650

   Amounts payable to brokers, dealers, and clearing agencies consisted of the following.
   ﻿
   PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES
   (Dollars in Thousands)

        September 30, 2025 

        December 31, 2024 

        Margin payable 
        
       $
       33,844

       $
       66,655

        Payables to brokers, dealers, and clearing agencies 
        
       $
       33,844

       $
       66,655

   ﻿
   Deposits with clearing agencies represent contractual amounts the Company is required to deposit with its clearing agents.
   ﻿ 
   Securities transactions that settle in the regular way are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets. 
   ﻿ 
   Receivables from clearing agencies are primarily comprised of cash received by the Company upon execution of short trades that is restricted from withdrawal by the clearing agent.
   ﻿ 
   Margin payable represents amounts borrowed from Pershing, LLC to finance the Company’s trading portfolio. See note 5 for interest expense incurred on margin payable.  All of the Company's securities included in investments-trading and a portion of the Company's securities included in other investments, at fair value serve as collateral for this margin loan.  See note 7.  
   ﻿ 

       19

   7.