Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1618

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 1618
---
4 Note is payable in cash quarterly on each  January 1,  April 1,  July 1, and  October 1, commencing on  October 1, 2024. Under the 2024 Note, upon the occurrence or existence of any “Event of Default” thereunder, the outstanding principal amount is (or in certain instances, at the option of the holder thereof,  may be) immediately accelerated. Further, upon the occurrence of any Event of Default under the 2024 Note and for so long as such Event of Default continues, all principal, interest and other amounts payable under the 2024 Note will bear interest at a rate equal to 13% per year.
    
   The 2024 Note  may not be prepaid in whole or in part prior to  January 31, 2025. The 2024 Note  may, with at least 31 days’ prior written notice from the Operating LLC to the holder of the 2024 Note, be prepaid in whole or in part at any time following  January 31, 2025 without the prior written consent of the holder of the 2024 Note and without penalty or premium. See note 20.
    
   Consolidation of the SPAC Fund
    
   Prior to  March 31, 2023, the Vellar GP had an investment in the SPAC Fund, the potential to earn incentive fees, and did not consolidate the SPAC Fund.  Effective  April 1, 2023, all of the investors in the SPAC Fund, other than the Vellar GP, redeemed all of their interests in the SPAC Fund. As a result, effective  April 1, 2023, the Vellar GP became the sole owner of the SPAC Fund and began consolidating it. The Company owns an interest in and consolidates the Vellar GP, and effective  April 1, 2023, the Company began consolidating the SPAC Fund as well. The Company recorded the following entry upon consolidation:

       Asset/(Liability)  
 Cash and cash equivalents  $257 
 Receivables from brokers, dealers, and clearing agencies   68,066 
 Other investments, at fair value   40,388 
 Other assets   108 
 Accounts payable and other liabilities   (82,968)
 Other investments sold, not yet purchased   (25,806)
 Vellar GP's remaining investment