Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2130

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 2130
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 February 13, 2023.
    
   In exchange for the JKD Investment, the Operating LLC agreed to pay to JKD Investor during the term of the JKD Investment Agreement an amount equal to 50% of the difference between (i) the revenues generated during a quarter by the activities of the Institutional Corporate Trading Business of JVB (as defined in the JKD Investment Agreement, as amended) and (ii) certain expenses incurred by such Institutional Corporate Trading Business. This JKD Investment Return was recorded monthly as interest expense or (interest income) with the related accrued interest recorded in accounts payable and other accrued liabilities. If the return was negative in an individual quarter, it would reduce the balance of the JKD Investment.  Payments on the JKD Investment Return were made on a quarterly basis.  
    
   Pursuant to the JKD Investment Agreement, upon the termination of the JKD Investment Agreement, as amended, the Operating LLC would pay to the JKD Investor an amount equal to the Investment Balance (as such term is defined in the JKD Investment Agreement, as amended) as of the day prior to such termination.
    
   Effective  September 1, 2024, the Operating LLC and the JKD Investor entered into the Redemption Agreement, pursuant to which the JKD Investment Agreement was redeemed and terminated in its entirety. As of  September 1, 2024, the JKD Investment Balance under the JKD Investment Agreement was $7,719.
    
   Pursuant to the terms and conditions of the Redemption Agreement, the Operating LLC (i) paid to JKD Investor $2,573 of the outstanding amount in cash, and (ii) issued to JKD Investor the 2024 Note in the aggregate principal amount of $5,146 representing the remaining balance of the JKD Investment. See note 20.
    
   The Redemption Agreement contains customary representations and warranties on the part of each of the Operating LLC and JKD Investor.
    
   See note 4 for additional information regarding the Redemption Agreement and the 2024 Note.  

        F-
       46

   20. DEBT 

    DETAIL OF DEBT 
 (Dollars in Thousands) 

     Description   December 31, 2024    December 31, 2023    Interest Rate Terms   Interest (2)