Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 28

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 28
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 FINANCIAL INSTRUMENTS 
    
   Investments—Trading 
    
   Investments-trading consisted of the following.
    
   INVESTMENTS - TRADING
   (Dollars in Thousands)

       September 30, 2025    December 31, 2024  
 Corporate bonds and redeemable preferred stock  $20,468  $27,043 
 Derivatives   2,928   4,836 
 Equity securities   7,667   965 
 Foreign government bonds   -   88 
 Municipal bonds   1,061   19,914 
 RMBS   4   5 
 SBA loans   42,478   28,328 
 U.S. government agency MBS and CMOs   58,462   45,911 
 U.S. government agency debt securities   16,144   21,242 
 U.S. Treasury securities   2,897   - 
 Investments-trading  $152,109  $148,332 

   ﻿ 
   Substantially all of the Company's investments-trading other than SBA loans serve as collateral for the Company's margin loan payable.  See note 6.  The SBA loans serve as collateral for the Company's repurchase obligations.  See note 10. 
    
   Trading Securities Sold, Not Yet Purchased 
    
   Trading securities sold, not yet purchased consisted of the following.
    
   TRADING SECURITIES SOLD, NOT YET PURCHASED
   (Dollars in Thousands)

       September 30, 2025    December 31, 2024  
 Corporate bonds and redeemable preferred stock  $10,098  $7,342 
 Derivatives   1,429   4,050 
 Equity securities   1,206   83 
 U.S. government agency debt securities   25   40 
 U.S. Treasury securities   22,632   24,917 
 Trading securities sold, not yet purchased  $35,390  $36,432 

   The Company manages its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. See note 5 for realized and unrealized gains recognized on investments-trading.

       20

   Other Investments, at Fair