Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 118

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 118
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$49,073, or 454%, to $59,871 for the three months ended June 30, 2025, as compared to $10,798 for the three months ended June 30, 2024. Each line item is discussed below in more detail.  

       73

Net Trading 

Net trading revenue increased by $1,959, or 22%, to $10,757 for the three months ended June 30, 2025, as compared to $8,798 for the three months ended June 30, 2024.  The following table shows the detail by trading group.

NET TRADING

      Three Months Ended June 30, 

      2025 

      2024 

      Change 

      Mortgage 
      
     $
     1,297

     $
     1,576

     $
     (279
     )

      Gestation Repo 

     4,458

     3,692

     766

      High Yield Corporates 

     156

     976

     (820
     )

      SPAC Equity 

     1,406

     -

     1,406

      CMOs 

     403

     277

     126

      SBAs 

     690

     -

     690

      Structured Notes 

     537

     392

     145

      Other 

     1,810

     1,885

     (75
     )

      Total 
      
     $
     10,757

     $
     8,798

     $
     1,959

﻿ 

Our net trading revenue includes unrealized gains on our trading investments as of the applicable measurement date that may never be realized due to changes in market or other conditions not under our control.  This may adversely affect the ultimate value realized from these investments. In addition, our net trading revenue also includes realized gains on certain proprietary trading positions. Our ability to derive trading gains from such trading positions is subject to overall market conditions. Due to volatility and uncertainty in the capital markets, the net trading revenue recognized may not be indicative of future results. Furthermore, from time to time, some of the assets included in the investments-trading line of our consolidated balance sheets represent level 3 valuations within the FASB valuation hierarchy. Level 3 assets are carried at fair value based on estimates