Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1386

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 1386
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, at fair value  $35,262  $72,217 

   As of  December 31, 2024, $470 of unrestricted equity securities represented long positions related to share forward arrangements (“SFAs”) entered into by the Company. As of  December 31, 2023, $26,079 of unrestricted equity securities, $1,447 of equity derivatives, and $6,278 of the fair value receivables represented long positions related to SFAs entered into by the Company.
    
   Notes receivable include convertible and non-convertible notes receivable from various counterparties in connection with the Company's advisory business and SFAs that  may be convertible into equity shares. These receivables are carried at fair value.
    
   Interests in SPVs represents interests the Company has received in SPVs as consideration for services provided by CCM, rather than cash.  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 9 for discussion of the determination of fair value.  
    
   A total of $1,721 and $946 of the amounts shown in other investments, at fair value above serve as collateral for the Company's margin loan payable for the years ended  December 31, 2024 and 2023, respectively.  See note 6.  
    
   Other Investments Sold, Not Yet Purchased

    OTHER INVESTMENTS SOLD, NOT YET PURCHASED 
 (Dollars in Thousands) 

       December 31, 2024   December 31, 2023 
 Equity securities  $1,181  $347 
 Share forward liabilities   470   24,395 
 Other investments sold, not yet purchased  $1,651  $24,742 

        F-
       26

   9. FAIR VALUE DISCLOSURES 
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   Fair Value Option 
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   The Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions of ASC 825. The primary reason for electing the fair value option was to reduce the burden of monitoring the differences between the cost and the fair value of the