Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 53

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 53
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 date and the final date upon which loans can be made under the Byline Credit Facility were extended from  June 18, 2024 to  June 18, 2025.
    
   Loans under the Byline Credit Facility bear interest at a per annum rate equal to Term SOFR plus 6.0%, provided that in no event can the interest rate be less than 7.0%. The Company is required to pay on a quarterly basis an undrawn commitment fee at a per annum rate equal to 0.50% of the undrawn portion of Byline Bank’s $15,000 commitment under the Byline Credit Facility.
    
   The Company is also required to pay on each anniversary a commitment fee at a per annum rate equal to 0.50% of the $15,000 commitment under the Byline Credit Facility. Loans under the Byline Credit Facility must be used by the Company for working capital purposes and general liquidity. The Company  may request a reduction in Byline Bank’s $15,000 commitment in a minimum amount of $1,000 and multiples of $500 thereafter upon not less than five days’ prior notice to Byline Bank. The Company  may draw on the facility until  June 18, 2025. Loans (both principal and interest) made by Byline Bank under the amended and restated agreement are scheduled to mature and become immediately due and payable in full on  June 18, 2025.
    
   The Company is subject to the following financial covenants in the Byline Credit Facility. As of  March 31, 2025 and  December 31, 2024, the Company was in compliance with all of the following financial covenants.
    
   1. JVB's tangible net worth as defined must exceed $70,000;
   2. JVB's excess net capital as defined in Rule 15c3-1 of the Exchange Act must exceed $40,000; and
   3. The total amount drawn on the facility must not exceed 25% of JVB's tangible net worth as defined.  
    
   As of  March 31, 2025 and  December 31, 2024, no amounts were outstanding under the Byline Credit Facility, and the Company was in compliance with all financial covenants thereunder.
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   Interest Expense, net 
    
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