Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 3237

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7A
Chunk 3237
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 professional fees and other operating expenses in the Company's statement of operations.  The Company has filed an unsecured claim under bankruptcy proceedings related to this loss but does not expect to receive a material recovery. To the extent any recovery is received, the Company will recognize it on a cash basis as received, as a component of net trading revenue. In connection with the loss, the Company recorded a reversal of accrued incentive compensation of $1,753.  During the year ended  December 31, 2022, the net impact to earnings was $3,701. During the years ended  December 31, 2023 and 2024, the Company recorded additional losses of $1,752 and $4, respectively, which were included as a component of net trading revenue related to the decline in fair value of the remaining collateral.  
    
   Other Repo Transactions 
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   In addition to the Company’s matched book repo business, the Company  may also enter into reverse repos to acquire securities to cover short positions or as an investment. Additionally, the Company  may enter into repos to finance the Company’s securities positions held in inventory.  These repo and reverse repo agreements are generally cleared on a bilateral or triparty basis; no clearing broker is involved.  

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   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 as to reverse repo counterparties.  The Company conducts this business with a limited number of reverse repo counterparties.  As of  December 31, 2024 and 2023, 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 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. 
    
   Repo Information 
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   As of  December 31, 2024 and 2023, the Company held reverse