Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 32

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 32
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 market participant would use in pricing the asset or liability.
    
   In certain cases, the inputs used to measure fair value  may fall into different levels of the valuation hierarchy. In such cases, the level in the valuation hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
    
   Both observable and unobservable inputs  may be used to determine the fair value of positions that the Company has classified within the level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the level 3 category that  may be presented in the tables below  may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.

       22

   The following tables present information about the Company’s assets and liabilities measured at fair value as of  June 30, 2025 and  December 31, 2024, and indicate the valuation hierarchy of the valuation techniques utilized by the Company to determine such fair value.
    
   FAIR VALUE MEASUREMENTS ON A RECURRING BASIS  June 30, 2025
   (Dollars in Thousands)

        Significant 

        Significant 

        Quoted Prices in 

        Observable 

        Unobservable 

        Active Markets 

        Inputs 

        Inputs 

        Assets 
        
        Fair Value 

        (Level 1) 

        (Level 2) 

        (Level 3) 

        Investments-trading: 

        Corporate bonds and redeemable preferred stock 
        
       $
       20,390

       $
       -

       $
       20,390

       $
       -

        Derivatives 

       11,349

       -

       11,349

       -

        Equity securities 

       8,959

       8,852

       107

       -

        RMBS 

       4

       -

       4

       -

        SBA loans 

       26,228

       -

       26,228

       -

        U.S. government agency MBS and CMOs 

       86,697

       -

       86,