Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 50

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 50
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   The 2024 Note could not be prepaid in whole or in part prior to  January 31, 2025. The 2024 Note  may, with at least 31 days’ prior written notice from the Operating LLC to the holder thereof, be prepaid in whole or in part at any time following  January 31, 2025 without the prior written consent of the holder and without penalty or premium.
    
   The 2024 Note and the payment of all principal, interest, and any other amounts payable thereunder are senior obligations of the Operating LLC and will be senior to any Indebtedness (as defined in the 2024 Note) of the Operating LLC outstanding as of and issued following  September 1, 2024. Pursuant to the 2024 Note, following  September 1, 2024, the Operating LLC  may not incur any Indebtedness that is a senior obligation to the 2024 Note. See notes 4.
    
   The 2020 Note
    
   On  January 5, 2024, the Operating LLC and JKD Investor entered into an amendment to the 2020 Note, pursuant to which the 2020 Note was amended to (a) extend (i) the maturity date thereof from  January 31, 2024 to  January 31, 2026, (ii) the date following which the 2020 Note  may be redeemed by JKD Investor from  January 31, 2023 to  January 31, 2025, and (iii) the date following which the 2020 Note  may be prepaid by the Operating LLC from  January 31, 2023 to  January 31, 2025; and (b) increase the interest rate payable under the 2020 Note from 10% per annum to 12% per annum effective as of  January 31, 2024. 

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   Junior Subordinated Notes 
    
   The Company assumed $49,614 aggregate principal amount of junior subordinated notes outstanding at the time of the AFN Merger. The Company recorded the debt at fair value on the acquisition date. Any difference between the fair value of the junior subordinated notes on the AFN Merger date and the principal amount of debt is amortized into earnings over the estimated remaining life of the underlying debt as an adjustment to interest expense.
    
   The junior