Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 219

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 219
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 any control (either as the primary beneficiary of a VIE or through a controlling interest in a voting interest entity) was deemed to be temporary.  In the unlikely case that the Company obtained the power to direct activities and obtained a significant variable interest in an investee in its trading portfolio that was a VIE, any such control would be deemed to be temporary due to the rapid turnover of the Company’s trading portfolio. 
   ﻿ 
   The following table presents the carrying amounts of the assets in the Company’s consolidated balance sheets related to the Company’s variable interests in identified VIEs with the exception of (i) the two trust VIEs that hold the Company’s junior subordinated notes (see note 15) and (ii) any security that represents an interest in a VIE that is included in investments-trading or securities sold, not yet purchased in the Company’s consolidated balance sheets. The table below shows the Company’s maximum exposure to loss associated with these identified nonconsolidated VIEs in which it holds variable interests at  September 30, 2025 and  December 31, 2024.
    
   CARRYING VALUE OF VARIABLE INTERESTS IN NON-CONSOLIDATED VARIABLE INTEREST ENTITIES
   (Dollars in Thousands)

       September 30, 2025    December 31, 2024  
 Other investments, at fair value  $12,668  $10,822 
 Investments in equity method affiliates   1,866   2,446 
 Maximum exposure  $14,534  $13,268 

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   15. DEBT 
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   The Company had the following debt outstanding.
    
   DETAIL OF DEBT
   (Dollars in Thousands)

       As of September 30, 2025    As of December 31, 2024   Interest Rate Terms   Interest (2)   Maturity 
 Description              
 Non-convertible debt:              
 12.00% senior note (the "2024 Note")  $2,573  $5,146  Fixed   12.00%   August 2026 
 12.00% senior note (the "2020 Note")   4,500   4,500  Fixed   12.00%   January 2026 
              
 Junior subordinated notes: (1