Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1770

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 1770
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      Description 
      
      December 31, 2024 

      December 31, 2023 
      
      Interest Rate Terms 
      
      Interest (2) 
      
      Maturity 

      Non-convertible debt: 

      12.00% senior note (the "2024 Note") 
      
     $
     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 

     8.85
     %
      July 2037 

      Sunset Financial Statutory Trust I 

     20,000

     20,000
      
      Variable 

     9.02
     %
      March 2035 

      Less unamortized discount 

     (22,867
     )

     (22,909
     )

     25,258

     25,216

      Byline Credit Facility 

     -

     -
      
      Variable 

     N/A
      
      June 2025 

      Total 
      
     $
     34,904

     $
     29,716

      67

      (1) 
      The junior subordinated notes 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 subordinated 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 variable interest entities (“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