Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 307

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 307
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.  We pay interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, we receives back from the trusts the pro rata share of interest and principal on the common stock held by us.  These trusts are VIEs and we do not consolidate them even though we hold the common stock.  We carry the common stock on its balance sheet at a value of $0. The junior subordinated notes are recorded at a discount to par.  When factoring in the discount, the yield to maturity of the junior subordinated notes as of September 30, 2025 on a combined basis was 19.82% assuming the variable rate in effect on the last day of the reporting period remains in effect until maturity. 

      (2) 
      Represents the interest rate in effect as of the last day of the reporting period.   

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Off-Balance Sheet Arrangements 

Other than as described in note 9 (derivative financial instruments) and note 14 (variable interest entities) to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q, there were no material off balance sheet arrangements as of September 30, 2025. 

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Contractual Obligations 

The table below summarizes our significant contractual obligations as of September 30, 2025 and the future periods in which such obligations are expected to be settled in cash. Our junior subordinated notes are assumed to be repaid on their respective maturity dates. Excluded from the table below are obligations that are short-term in nature, including trading liabilities (including derivatives) and repurchase agreements. In addition, amortization of discount on debt is excluded.

CONTRACTUAL OBLIGATIONS

September 30, 2025

      Payment Due by Period 

      Total 

      Less than 1 Year 

      1 - 3 Years 

      3 - 5 Years 

      More than 5 Years 

      Operating lease arrangements 
      
     $
     22,276

     $
     2,725

     $
     5,777

     $
     4,751

     $
     9,023

      Maturity of 2024 Note (1) 

     2,573

     2,573

     -

     -

     -

      Interest on 2024 Note (1) 

     361

     361