Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 47

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 47
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-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 in the gestation repo business.  However, this is primarily a function of the limited number of reverse repo agreement counterparties with whom the Company conducts this business rather than a reflection of a limited supply of funds.  Therefore, the Company considers the gestation repo business to be concentrated on the demand side. 
    
   The total net revenue earned by the Company on its gestation repo business (net interest margin and fee revenue) was $4,969  and $3,843 for the three months ended  September 30, 2025 and 2024, respectively. The total net revenue earned by the Company on its gestation repo business was $13,606 and $10,992 for the nine months ended  September 30, 2025 and 2024﻿, respectively. 
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   Detail 
    
   ASC 210 provides the option to present reverse repo and repo on a net basis if certain netting conditions are met.  The Company presents all repo and reverse repo transactions, as well as counterparty cash collateral (see note 13), on a gross basis even if the underlying netting conditions are met.  The amounts in the table below are presented on a gross basis.
    
   The following tables summarize the remaining contractual maturity of the gross obligations under repos accounted for as secured borrowings segregated by the underlying collateral pledged as of each date shown.  All amounts as well as counterparty cash collateral (see note 13) are subject to master netting arrangements.
    
   SECURED BORROWINGS
   (Dollars in Thousands)
    September 30, 2025