Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1617

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 1617
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 additional $1,000 was invested in  January 2017, and an additional $1,268 was invested in  January 2019. The JKD Investor is owned by Jack J. DiMaio, the vice chairman of the board of directors, and his spouse. The Company recorded the JKD Investment as a redeemable financial instrument on the consolidated balance sheets. 
    
   Pursuant to the JKD Investment Agreement, upon the termination of the JKD Investment Agreement, the Operating LLC would pay to the JKD Investor an amount equal to the Investment Balance (as is defined in the JKD Investment Agreement) as of the day prior to such termination.
    
   Effective  September 1, 2024, the Operating LLC and the JKD Investor entered into a Redemption Agreement (the “Redemption Agreement”), pursuant to which, the JKD Investment Agreement was redeemed and terminated in its entirety.  As of  September 1, 2024, the JKD Investment Balance under the JKD Investment Agreement was $7,719.
    
   Pursuant to the terms and conditions of the Redemption Agreement, the Operating LLC (i) paid to JKD Investor $2,573 of the outstanding amount in cash; and (ii) the Company issued to JKD Investor a senior promissory note (the “2024 Note”) in the aggregate principal amount of $5,146 representing the remaining balance of the JKD Investment. See note 19.
    
   2024 Note
    
   Effective September1, 2024, as is noted immediately above, the Company issued to JKD Investor the 2024 Note pursuant to the Redemption Agreement. The 2024 Note evidences the Operating LLC’s obligation to repay to the JKD Investor the original principal amount of $5,146. Pursuant to the 2024 Note, the unpaid principal amount and all accrued but unpaid interest thereunder will be due and payable 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 accrues interest on the unpaid principal amount from  September 1, 2024 until maturity at a rate equal to 12% per year. Interest on the 202