Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1881

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 1881
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 repo agreements are generally cleared on a bilateral or triparty basis; no clearing broker is involved.  

        F-
       36

   Concentration 
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   In the gestation repo business, the demand for borrowed funds is generated by the reverse repo counterparty and the supply of funds is provided by the repo counterparty. 
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   The gestation repo business has been, and continues to be, concentrated as to reverse repo counterparties.  The Company conducts this business with a limited number of reverse repo counterparties.  As of  December 31, 2024 and 2023, the Company’s gestation reverse repos shown in the tables below represented balances from 7 and 7 counterparties, respectively.  The Company also has a limited number of repo counterparties in the gestation repo business.  However, this is primarily a function of the limited number of reverse repo counterparties with whom the Company conducts this business rather than a reflection of a limited supply of funds.  Therefore, the Company considers the gestation repo business to be concentrated on the demand side. 
    
   Repo Information 
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   As of  December 31, 2024 and 2023, the Company held reverse repos of $668,259 and $408,408, respectively, and the fair value of securities and cash received as collateral under reverse repos was $673,684 and $415,057, respectively.
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   As of  December 31, 2024 and 2023, the Company had repos of $695,966 and $408,203, respectively, and the fair value of securities pledged as collateral under repos was $700,202 and $415,057 respectively. These amounts include collateral for reverse repos that were re-pledged as collateral for repos.
    
   The total net revenue earned by the Company on its gestation repo business (net interest and fee revenue) was $15,151, $16,068, and $30,595, for the years ended  December 31, 2024, 2023, and 2022, respectively. 
    
   ASC 210 provides the option to present reverse repo and repo on a net basis if certain netting conditions are met.   The Company presents all repo and reverse repo transactions as well as counterparty cash collateral (see note 17) on a gross basis