Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 271

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 271
---
 (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, Ltd., which are expected to have a total purchase price of $2,375.  As of June 30, 2025, we have received management fees of $365 related to these three CDO Agreements.  Accordingly, in accordance with the terms and conditions of the MTA, the maximum total gain to be recognized by us on these three contracts, if consents to sell the same are received, would be $2,010 as of June 30, 2025.  This amount will be reduced further by any management fees received on these contracts subsequent to June 30, 2025.  Pursuant to the MTA, there is a deadline of August 15, 2025 (including extensions) by which to receive the required consents to sell the remaining three CDO Agreements.  If such consents are not received on one or more of such CDO Agreements, we will continue to serve as collateral manager of Alesco Preferred Funding III, Ltd., Alesco Preferred Funding IV, Ltd.. and A