Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2617

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 5
Chunk 2617
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  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 
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   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.   These costs were initially recorded as a component of other assets and were amortized to interest expense over the life of the line of credit using the straight-line method.
    
   The Company recognized interest expense from deferred financing costs of $76, $222, and $185 for the years ended  December 31, 2024, 2023, and 2022, respectively.
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   Interest Expense, Net 
   ﻿ 
   Interest expense incurred is shown in the table below by instrument for the years ended  December 31, 2024, 2023, and 2022. 
    
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    INTEREST EXPENSE 
 (Dollars in Thousands) 

       Year Ended December 31,  
   2024    2023    2022  
 Junior subordinated notes  $4,695  $5,247  $3,442 
 2020/2024 Notes   740   450   458 
 2017 Convertible Note   -   -   327 
 Byline Credit Facility   76   338   247 
 Redeemable Financial Instrument - JKD Capital I LTD   310   491   508 
  $5,821  $6,526  $4,982