Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 142

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 142
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 Vellar GP litigation expenses from $2,121 to $1,084.
    
   Redemption of Redeemable Financial Instrument and Issuance of the 2024 Note
    
   Effective  September 1, 2024, the Company entered into the Redemption Agreement, which 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 payable under the JKD Investment Agreement. The 2024 Note bears interest at 12% and its principal is to be repaid as follows: (i) $2,573 of the principal amount will 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 at any time following  January 31, 2025, without penalty or premium. See notes 15.  
    
   Sale of Management Contracts
    
   On  March 13, 2025, the Company entered into a Master Transaction Agreement (the “MTA”) with an affiliate of Hildene Capital Management, LLC (“Hildene”), an SEC-registered investment adviser based in Stamford, Connecticut.  Hildene has been investing in CDOs backed by trust preferred securities ("TruPS") since the 2007-08 financial crisis and has extensive experience with monitoring banks and insurance companies.
    
   Pursuant to the MTA, the Company agreed to sell, assign, transfer, and convey to Hildene all of its rights and obligations in and under the Collateral Management Agreements and Collateral Administration Agreements (each a “CDO Agreement” and together, the “CDO Agreements”) for (i) Alesco Preferred Funding III, Ltd., (ii) Alesco Preferred Funding IV, Ltd., (iii) Alesco Preferred Funding V, Ltd.,