Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 198

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 198
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 to mid-size mortgage loan originators) in hedging the interest rate risk associated with the mortgages owned by these clients. 
  (iii)  Finally, the Company  may enter into TBAs and other forward agency MBS contracts on a speculative basis. 

   The Company carries TBAs and other forward agency MBS contracts at fair value and includes them as a component of investments-trading or trading securities sold, not yet purchased in the Company’s consolidated balance sheets. At  June 30, 2025, the Company had open TBAs and other forward MBS purchase agreements in the notional amount of $1,372,550 and open TBAs and other forward MBS sale agreements in the notional amount of $1,447,917. At  December 31, 2024, the Company had open TBAs and other forward agency MBS purchase agreements in the notional amount of $852,450 and open TBAs and other forward agency MBS sale agreements in the notional amount of $883,900.

       28

   Other Extended Settlement Trades  
    
   When the Company buys or sells a financial instrument that will not be settled in the regular timeframe, the Company will account for that purchase or sale on the settlement date rather than the trade date.  In those cases, the Company accounts for the transaction between trade date and settlement date as either a forward purchase commitment or a forward sale commitment, which are both considered derivatives.  The Company will record an unrealized gain or unrealized loss on the derivative for the difference between the fair value of the underlying financial instrument as of the reporting date and the agreed upon transaction price. As of  June 30, 2025, the Company had open forward purchase agreements in the notional amount of $2,275 and open forward sales agreements in the notional amount of $0. As of  December 31, 2024, the Company had no open forward purchase or sales agreements.
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   Foreign Currency Forward Contracts 
    
   The Company invests in foreign currency denominated investments that expose it to fluctuations in foreign currency rates, and, therefore, the Company  may, from time to time, hedge such exposure by using foreign currency forward contracts.  The Company carries foreign currency forward contracts at fair value and includes them as a component of other investments, at fair value in the Company’s consolidated balance sheets.  As of  June 30, 2025 and  December 31