Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 146

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 146
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 note 10. 
    
   Trading Securities Sold, Not Yet Purchased 
    
   Trading securities sold, not yet purchased consisted of the following.
    
   TRADING SECURITIES SOLD, NOT YET PURCHASED
   (Dollars in Thousands)

       March 31, 2025    December 31, 2024  
 Corporate bonds and redeemable preferred stock  $9,059  $7,342 
 Derivatives   3,021   4,050 
 Equity securities   45   83 
 U.S. government agency debt securities   -   40 
 U.S. Treasury securities   20,531   24,917 
 Trading securities sold, not yet purchased  $32,656  $36,432 

   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.

       18

   Other Investments, at Fair Value 
    
   Other investments, at fair value consisted of the following.
    
   OTHER INVESTMENTS, AT FAIR VALUE
   (Dollars in Thousands)

       March 31, 2025    December 31, 2024  
 Equity securities  $1,167  $1,954 
 Equity derivatives   73   73 
 Restricted equity securities   11,165   10,632 
 Corporate bonds and redeemable preferred stock   530   531 
 Notes receivable   8,586   11,250 
 Interests in SPVs   1,565   1,565 
 CREO JV   6,503   6,432 
 U.S. Insurance JV   2,548   2,825 
 Other investments, at fair value  $32,137  $35,262 

   As of  March 31, 2025, $0 of equity securities represented long positions related to share forward arrangements ("SFAs") entered into by the Company. As of  December 31, 2024, $470 of unrestricted equity securities represented long positions related to SFAs entered into by the Company.  See note 9.  
    
   Notes receivable include convertible and non-convertible notes