Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 38

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 38
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 triparty basis; no clearing broker is involved.
    
   Repo Information 
    
   As of  March 31, 2025 and  December 31, 2024, the Company held reverse repos of $673,700 and $668,259, respectively, and the fair value of collateral received under reverse repos was $677,008 and $673,684, respectively. 
    
   As of  March 31, 2025 and  December 31, 2024, the Company held repos of $707,454 and $695,966, respectively, and the fair value of securities and cash pledged as collateral under repos was $713,522 and $700,202, respectively. These amounts include collateral for reverse repos that were re-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  March 31, 2025 and  December 31, 2024, the Company’s gestation reverse repos shown in the tables below represented balances from 7 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 $4,179 for the three months ended  March 31, 2025. The total net revenue earned by the Company on its gestation repo business was $3,456 for the three months ended  March 31, 2024﻿. 
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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