Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 185

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 185
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 following.
   ﻿
   PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES
   (Dollars in Thousands)

        June 30, 2025 

        December 31, 2024 

        Margin payable 
        
       $
       79,742

       $
       66,655

        Payables to brokers, dealers, and clearing agencies 
        
       $
       79,742

       $
       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. FINANCIAL INSTRUMENTS 
    
   Investments—Trading 
    
   Investments-trading consisted of the following.
    
   INVESTMENTS - TRADING
   (Dollars in Thousands)

       June 30, 2025    December 31, 2024  
 Corporate bonds and redeemable preferred stock  $20,390  $27,043 
 Derivatives   11,349   4,836 
 Equity securities   8,959   965 
 Foreign government bonds   -   88 
 Municipal bonds   -   19,914 
 RMBS   4   5 
 SBA loans   26,228   28,328 
 U.S. government agency MBS and CMOs   86,697   45,911 
 U.S. government agency debt securities   17,029   21,242 
 U