Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 56

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 56
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 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)              
 Alesco Capital Trust I   28,125   28,125  Variable   8.57%   July 2037 
 Sunset Financial Statutory Trust I   20,000   20,000  Variable   8.41%   March 2035 
 Less unamortized discount   (22,482)  (22,867)     
   25,643   25,258      
              
 Byline Credit Facility   -   -  Variable   NA   June 2026 
 Total  $32,716  $34,904      

     (1)  The junior subordinated notes listed represent debt the Company owes to the two trusts noted above. The total par amount owed by the Company to the trusts is $49,614.  However, the Company owns the common stock of the trusts in a total par amount of $1,489.  The Company pays interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, the Company receives back from the trusts the pro rata share of interest and principal on the common stock held by the Company.  These trusts are VIEs and the Company does not consolidate them even though the Company holds the common stock.  The Company carries 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