Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 116

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 116
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for the nine months ended September 30, 2024.  

INTEREST EXPENSE

      Nine Months Ended September 30, 

      2025 

      2024 

      Change 

      Junior subordinated notes 
      
     $
     3,547

     $
     3,532

     $
     15

      2020/2024 Notes 

     788

     449

     339

      Byline Credit Facility 

     81

     57

     24

      Redeemable Financial Instrument - JKD Investor 

     -

     309

     (309
     )

     $
     4,416

     $
     4,347

     $
     69

See notes 15 to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q.  

Gain on Sale of Management Contracts

On March 13, 2025, we entered into an MTA with Hildene to sell our CDO collateral management contracts for (i) Alesco Preferred Funding III, Ltd., (ii) Alesco Preferred Funding IV, Ltd., (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 nine months ended September 30, 2025, we received all required consents, and all of the sales were closed.  We recorded a gain of $2,734, which represented the sale price of $3,500 less offsets of $766, which represented management fees received by us subsequent to March 1, 2025.  

Income / (Loss) from Equity Method Affiliates 

Income / (loss) from equity method affiliates decreased by $34,048 to ($11,682) for the nine months ended September 30, 2025, as compared to $22,366 for the nine months ended September 30, 2024.  See note