Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1769

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 1769
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 the value of the securities then held by the clearing broker in the margin account falls below specified levels and contain events of default were we to breach our obligations under such agreements.

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An event of default under the clearing agreement would give the counterparty the option to terminate the clearing arrangement. Any amounts owed to the clearing broker would be immediately due and payable. These obligations are recourse to us. Furthermore, a termination of any of our clearing arrangements would result in a significant disruption to our business and would have a significant negative impact on our dealings and relationship with our customers.

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The following table presents our period end balance, average monthly balance, and maximum balance at any month end for receivables under resale agreements and securities sold under agreements to repurchase.

      For the Twelve Months Ended December 31, 2024 

      For the Twelve Months Ended December 31, 2023 

      Receivables under resale agreements 

      Period end 
      
     $
     668,259

     $
     408,408

      Monthly average 
      
     $
     566,987

     $
     430,672

      Maximum month end 
      
     $
     743,654

     $
     564,527

      Securities sold under agreements to repurchase 

      Period end 
      
     $
     695,966

     $
     408,203

      Monthly average 
      
     $
     570,715

     $
     438,576

      Maximum month end 
      
     $
     742,120

     $
     563,542

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Fluctuations in the balance of our repurchase agreements from period-to-period and intra-period are dependent on business activity in those periods. The fluctuations in the balances of our receivables under resale agreements over the periods presented were impacted by our clients’ desires to execute collateralized financing arrangements through the repurchase market or other financing products.

Average balances and period end balances will fluctuate based on market and liquidity conditions and we consider such intra-period fluctuations as typical for the repurchase market. Month-end balances may be higher or lower than average period balances.

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Debt Financing 

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The following table summarizes our long-term indebtedness and other financing outstanding. See note 20 to our consolidated financial statements in our Annual Report on Form 10-K for more information. 

      DETAIL OF DEBT 

      (Dollars in Thousands)