Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2812

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 6
Chunk 2812
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    INVESTMENTS - TRADING 
 (Dollars in Thousands) 

       December 31, 2024    December 31, 2023  
 Corporate bonds and redeemable preferred stock  $27,043  $53,657 
 Derivatives   4,836   7,470 
 Equity securities   965   928 
 Foreign government bond   88   - 
 Municipal bonds   19,914   20,572 
 Residential mortgage loans   -   3,113 
 RMBS   5   9 
 SBA loans   28,328   - 
 U.S. government agency MBS and CMOs   45,911   88,000 
 U.S. government agency debt securities   21,242   6,567 
 U.S. Treasury securities   -   1,012 
 Investments-trading  $148,332  $181,328 

   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 11.  
    
   Trading Securities Sold, Not Yet Purchased 
   ﻿ 
   Trading securities sold, not yet purchased consisted of the following.
    
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    TRADING SECURITIES SOLD, NOT YET PURCHASED 
 (Dollars in Thousands) 

       December 31, 2024    December 31, 2023  
 Corporate bonds and redeemable preferred stock  $7,342  $24,355 
 Derivatives   4,050   6,719 
 Equity securities   83   393 
 U.S. government agency debt securities   40   - 
 U.S. Treasury securities   24,917   34,284 
 Trading securities sold, not yet purchased  $36,432  $65,751 

   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 and trading securities sold, not yet purchased.  

        F-
       25

   Other Investments, at Fair Value 
   ﻿