Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 26

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 26
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1,084.
    
   Redemption of Redeemable Financial Instrument and Issuance of the 2024 Note
    
   On  October 3, 2016, the Operating  LLC entered into an Investment Agreement (the “JKD Investment Agreement”) with JKD Capital Partners I LTD ("JKD Investor"),  pursuant to which JKD Investor agreed to invest into the Operating LLC up to $12,000, of which $6,000 was invested into the Operating LLC on  October 3, 2016, an additional $1,000 was invested into the Operating LLC on  January 25, 2017, and an additional $1,268 was invested into the Operating LLC on  January 9, 2019. The JKD Investor is owned by Jack J. DiMaio, the vice chairman of the board of directors, and his spouse.
    
   Effective  September 1, 2024, the Company entered into a redemption agreement with the JKD Investor (the “Redemption Agreement”), pursuant to which the Operating LLC redeemed the JKD Investment Agreement in its entirety.  As of  September 1, 2024, the investment balance of the JKD Investment Agreement was $7,719. Pursuant to the Redemption Agreement, the Company (i) paid $2,573 of the investment balance in cash and (ii) issued a senior promissory note (the “2024 Note”) in the aggregate principal amount of $5,146, representing the remaining balance then-payable under the JKD Investment Agreement. The 2024 Note bears interest at 12% and its principal was to be repaid as follows: (i) $2,573 of the principal amount was to be due and payable on  August 31, 2025, and (ii) $2,573 will be due and payable on  August 31, 2026.  The 2024 Note  may, with at least 31 days’ prior written notice to the holder of the 2024 Note, be prepaid in whole or in part without penalty or premium.  The Company prepaid the $2,573 of the principal amount that was otherwise due under the 2024 Note on  August 31, 2025 during the three months ended  June 30, 2025.  See note 15. 

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   5. NET TRADING