Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 812

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 14
Chunk 812
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KD Capital Partners I LTD redeemable financial instruments.  See notes 19 and 20.
    
   Cash collateral from repo and or reverse repo counterparties represents collateral received by the Company, which is owed back to reverse repurchase agreement counterparties. When the Company enters into a reverse repo, the Company obtains collateral in excess of the principal of the reverse repo.  The Company accepts collateral in the form of liquid securities or cash.  To the extent the Company receives cash collateral, the Company includes it as a component of other liabilities in the table above.  See note 11.

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   18. VARIABLE INTEREST ENTITIES 
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   As a general matter, a reporting entity must consolidate a VIE when it is deemed to be the primary beneficiary.  The primary beneficiary is the entity that has both (a) the power to direct the matters that most significantly impact the VIE’s financial performance and (b) a significant variable interest in the VIE. 
    
   Consolidated VIEs
    
   The Company determined it was the primary beneficiary of several VIEs and therefore has consolidated them.  The following table provides certain summary information regarding the consolidated VIEs.

       December 31, 2024    December 31, 2023  
 Cash and cash equivalents  $59  $27 
 Other receivables   19   - 
 Receivables from brokers, dealers, and clearing agencies   2,154   461 
 Other investments, at fair value   5,680   34,129 
 Investment in equity method affiliates   15,881   2,638 
 Accounts payable and other liabilities   (4)  - 
 Other investments sold, not yet purchased   (1,591)  (24,396)
 Non-controlling interest   (11,460)  (9,604)
 Investment in consolidated VIEs  $10,738  $3,255 

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   The maximum potential loss the Company could incur related to the consolidated VIEs is the investment in the consolidated VIEs shown in the table above. 
    
   The Company’s Principal Investing Portfolio 
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   Included in other investments, at fair value and investment in equity method affiliates in the consolidated balance sheets are unconsolidated investments in several VIEs.