Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 192

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 192
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432 
 U.S. Insurance JV   2,574   2,825 
 Other investments, at fair value  $64,361  $35,262 

   As of  September 30, 2025, no 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 $644 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  September 30, 2025 and  December 31, 2024, respectively.  See note 6.  
    
   Other Investments Sold, Not Yet Purchased, at Fair Value
    
   Other investments sold, not yet purchased, at fair value consisted of the following.
    
   OTHER INVESTMENTS SOLD, NOT YET PURCHASED, AT FAIR VALUE
   (Dollars in Thousands)

       September 30, 2025    December 31, 2024  
 Equity securities  $-  $1,181 
 Equity derivatives   65   470 
 Other investments sold, not yet purchased, at fair value  $65  $1,651 

       21

   8. FAIR VALUE DISCLOSURES 
    
   Fair Value Option 
    
   The Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions of FASB ASC 825. The primary reason for electing the fair