Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 29

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 29
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 unrealized gains recognized on investments-trading.

       20

   Other Investments, at Fair Value 
    
   Other investments, at fair value consisted of the following.
    
   OTHER INVESTMENTS, AT FAIR VALUE
   (Dollars in Thousands)

       June 30, 2025    December 31, 2024  
 Equity securities  $3,681  $1,954 
 Equity derivatives   73   73 
 Restricted equity securities   25,711   10,632 
 Corporate bonds and redeemable preferred stock   522   531 
 Notes receivable   9,932   11,250 
 Interests in SPVs   1,476   1,565 
 CREO JV   6,623   6,432 
 U.S. Insurance JV   2,557   2,825 
 Other investments, at fair value  $50,575  $35,262 

   As of  June 30, 2025, $0 of equity securities represented long positions related to share forward arrangements ("SFAs") entered into by the Company. As of  December 31, 2024, $470 of unrestricted equity securities represented long positions related to SFAs entered into by the Company.  See note 9.  
    
   Notes receivable include convertible and non-convertible notes receivable from various counterparties in connection with the Company's advisory business and SFA transactions that  may be converted into equity shares. These receivables are carried at fair value.
    
   Interests in SPVs represents consideration other than cash that the Company has received for services provided by CCM.  The SPVs hold convertible notes receivable interests in the counterparties.  The Company does not consolidate the SPVs and carries its interests in the SPVs at fair value.  See note 8 for discussion of the determination of fair value.
    
   A total of $657 and $1,721 of the amounts shown as other investments, at fair value above served as collateral for the Company's margin loan payable as of  June 30, 2025 and  December 31, 2024, respectively.  See note 6.  
    
   Other Investments Sold, Not Yet Purchased, at Fair Value
    
   Other