Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 1294

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 1294
---
     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 discount, the yield to maturity of the junior subordinated notes as of December 31, 2024 on a combined basis was 20.55% assuming the variable rate in effect on the last day of the reporting period remains in effect until maturity. 

      (2) 
      Represents the interest rate in effect as of the last day of the reporting period.   

Redeemable Financial Instruments 

﻿ 

As of the dates presented below, we had the following sources of financing, which we accounted for as redeemable financial instruments.  See note 19 to our consolidated financial statements included in this Annual Report on Form 10-K.  

﻿ 

      REDEEMABLE FINANCIAL INSTRUMENTS 

      (Dollars in thousands) 

      December 31, 2024