Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 209

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 209
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 with the borrower and a matching repo (with the same collateral and maturity date) with the lender. However, in this case, all three parties (the borrower, the lender, and the Company) simultaneously enter into an assignment agreement. The effect of this assignment is to remove the Company as principal to the reverse repo and repo and have the lender and borrower directly face each other in a repo trade. The Company receives a fee for its role in arranging the financing. These transactions are referred to by the Company as agency gestation repo trades.
    
   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  September 30, 2025 and  December 31, 2024, the Company held reverse repos of $414,710 and $668,259, respectively, and the fair value of collateral received under reverse repos was $418,465 and $673,684, respectively. 
    
   As of  September 30, 2025 and  December 31, 2024, the Company held repos of $457,058 and $695,966, respectively, and the fair value of securities and cash pledged as collateral under repos was $461,955 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  September 30, 2025 and  December 31, 2024, the Company’s gestation reverse repos shown in the tables below represented balances from 5 and 7 counterparties, respectively. The Company also has a limited number of repo counterparties