Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1663

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 1663
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 than 7.0%. The Company is required to pay on a quarterly basis an undrawn commitment fee at a per annum rate equal to 0.50% of the undrawn portion of Byline Bank’s $15,000 commitment under the Byline Credit Facility. 
    
   The Company is also required to pay on each anniversary, a commitment fee at a per annum rate equal to 0.50% of the $15,000 commitment under the Byline Credit Facility.  Loans under the Byline Credit Facility must be used by the Company for working capital purposes and general liquidity. The Company  may request a reduction in Byline Bank’s $15,000 commitment in a minimum amount of $1,000 and multiples of $500 thereafter upon not less than five days’ prior notice to Byline Bank.  The Company  may draw on the facility until  June 18, 2025.  Loans (both principal and interest) made by Byline Bank under the amended and restated agreement are scheduled to mature and become immediately due and payable in full on  June 18, 2025. 
    
   The Company is subject to the following financial covenants in the Byline Credit Facility.  As of  December 31, 2024 and 2023, the Company was in compliance with all of the following  financial covenants. 
    
     1.  JVB’s tangible net worth as defined must exceed $70,000.   

     2.  JVB's excess net capital as defined in Rule 15c3-1 must exceed $40,000. 

     3.  The total amount drawn on the facility must not exceed 25% of JVB's tangible net worth as defined.   

   As of  December 31, 2024 and 2023, no amounts were outstanding under the Byline Credit Facility, and the Company was in compliance with all financial covenants, thereunder.

        F-
       50

   Deferred Financing 
   ﻿ 
   The Company incurred $1,400 of deferred financing costs associated with the issuance of the 2017 Convertible Note.  These amounts were initially recorded as a discount on debt and were amortized to interest expense over the life of the notes under the effective interest method. 
    
   The Company also incurred $410 of deferred financing costs associated with the Byline Credit Facility.