Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1105

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 16
Chunk 1105
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   The following table presents the Company’s derivative financial instruments and the amount and location of the net gain (loss) recognized in the consolidated statement of operations. 
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    DERIVATIVE FINANCIAL INSTRUMENTS-STATEMENT OF OPERATIONS INFORMATION 
 (Dollars in Thousands) 

        For the Year Ended December 31,  
 Derivative Financial Instruments Not Designated as Hedging Instruments Under ASC 815  Income Statement Classification   2024    2023    2022  
 TBAs and other forward agency MBS  Revenues-net trading  $5,230  $3,933  $8,883 
 Equity derivatives  Principal transactions and other income (loss)   -   603   - 
 Share forward liabilities  Principal transactions and other income (loss)   22,871   108,084   - 
   $28,101  $112,620  $8,883 

     The share forward liabilities offset certain long positions included as a component of other investments, at fair value.  The offsetting long positions had income / (loss) of (
    $20,919) and (
    $83,707) for the
    twelve months ended
     December 31, 2024 and
    2023, respectively.  

   SFAs
    
   The Company has engaged in several transactions known as SFAs. In a typical SFA transaction, the Company acquires an interest in a publicly traded company (referred to as the “SFA Counterparty”) through open market purchases, direct acquisitions from the SFA Counterparty, or a combination thereof. These interests can take the form of unrestricted common shares, restricted common shares, equity derivatives, or notes receivable. Upon acquiring these interests, the Company enters into an SFA derivative arrangement with the SFA Counterparty. In cases where the Company acquires its interests in the SFA Counterparty through open market purchases, the SFA generally requires an up-front payment to the Company from the SFA Counterparty. The amount of this payment equals the cost paid by the Company paid for those interests, less a shortfall amount in certain cases. To fund the shortfall portion of the initial investment, the Company will utilize available cash on hand or available financing.
    
   The SFA stipulates that the Company must make a payment