Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 145

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 145
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 brokers, dealers, and clearing agencies  $76,246  $66,655 

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   Deposits with clearing agencies represent contractual amounts the Company is required to deposit with its clearing agents.
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   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. 
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   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.
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   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.  
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       17

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

       March 31, 2025    December 31, 2024  
 Corporate bonds and redeemable preferred stock  $27,253   27,043 
 Derivatives   3,886   4,836 
 Equity securities   867   965 
 Foreign government bonds   -   88 
 Municipal bonds   -   19,914 
 RMBS   5   5 
 SBA loans   33,804   28,328 
 U.S. government agency MBS and CMOs   74,941   45,911 
 U.S. government agency debt securities   17,400   21,242 
 U.S. Treasury securities   2,410   - 
 Investments-trading  $160,566  $148,332 

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   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