Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 51

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1C
Chunk 51
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 note 11 to our consolidated financial statements included in this Annual Report on Form 10-K.

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If there were an event of default under a repurchase agreement, the counterparty would have the option to terminate all repurchase transactions existing with us and make any amount due from us to the counterparty 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 our obligations in full. Most of our repurchase agreements are entered into as part of our gestation repo business.

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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 were we to breach our obligations under such agreements.

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An event of default under the clearing agreement would give the counterparty the option to terminate the 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.

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The following table presents our period end balance, average monthly balance, and maximum balance at any month end for receivables under resale agreements and securities sold under agreements to repurchase.

      For the Twelve Months Ended December 31, 2024 

      For the Twelve Months Ended December 31, 2023 

      Receivables under resale agreements 

      Period end 
      
     $
     668,259

     $
     408,408

      Monthly average 
      
     $
     566,987

     $
     430,672

      Maximum month end 
      
     $
     743,654

     $
     564,527

      Securities sold under agreements to repurchase 

      Period end 
      
     $
     695,966

     $
     408,203

      Monthly average 
      
     $
     570,715

     $
     438,576

      Maximum month end 
      
     $
     742,120

     $
     563,542

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Fluctuations in the balance of our