Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 111

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 111
---
, 

      2025 

      2024 

      Change 

      Junior subordinated notes 
      
     $
     2,330

     $
     2,333

     $
     (3
     )

      2020/2024 Notes 

     574

     262

     312

      Byline Credit Facility 

     40

     38

     2

      Redeemable Financial Instrument - JKD Investor 

     -

     458

     (458
     )

     $
     2,944

     $
     3,091

     $
     (147
     )

See notes 15 to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q.  

Gain on Sale of Management Contracts

On March 13, 2025, we entered into an MTA with Hildene to sell our CDO collateral management contracts for (i) Alesco Preferred Funding III, Ltd., (ii) Alesco Preferred Funding IV, Ltd., (iii) Alesco Preferred Funding V, Ltd., (iv) Alesco Preferred Funding VI, Ltd., and (v) Alesco Preferred Funding VIII, Ltd. for a total of $3,500.  Each CDO collateral management contract sale was contingent upon certain conditions to closing.  The most significant condition outside of our and Hildene's control was consent of the preferred security holders of each CDO.  The MTA called for the purchase price to be reduced, dollar for dollar, for any management fees received by us after March 1, 2025. 

During the six months ended June 30, 2025, we recorded the sale of the CDO Agreements of Alesco Preferred Funding V, Ltd. and Alesco Preferred Funding VIII, Ltd. for a total purchase price of $1,125, which amount was reduced by $288 in accordance with the terms and conditions of the MTA as a result of management fees received by us after March 1, 2025.  Therefore, we recorded a gain of $837 during the six months ended June 30, 2025 in connection with the sale of such CDO Agreements.  We have not yet received consent relating to the sale of the CDO Agreements for Alesco Preferred Funding III, Ltd., Alesco Preferred Funding IV, Ltd., and Alesco Preferred Funding VI,