Company: COHN
Filing Date: 2025-07-09
Form Type: 8-K
Source: 0001104659-25-066739
Chunk: 0

Company: Cohen & Co Inc.
Filing Date: 2025-07-09
Form: 8-K
Item: Item 8.01
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Item 8.01      Other Events.  

As previously disclosed, on March 13, 2025, Cohen &
Company Financial Management, LLC (formerly known as Cohen Bros. Financial Management, LLC) (“ Seller”), a Delaware limited
liability company and an investment advisor subsidiary of Cohen & Company Inc., a Maryland corporation, entered into a Master
Transaction Agreement (the “ MTA”), by and between Seller and HCMC III, LLC, a Delaware limited liability company, as buyer
(“ Buyer”). Buyer is an affiliate of Hildene Capital Management, LLC (“ Hildene”), an SEC-registered investment
adviser based in Stamford, Connecticut. Hildene has been investing in collateralized debt obligations (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, Seller agreed to sell, assign, transfer
and convey to Buyer all of Seller’s rights and obligations in and under the Collateral Management Agreements and Collateral Administration
Agreements (collectively, the “ CDO Agreements”) for (i) Alesco Preferred Funding III, Ltd., (ii) Alesco Preferred Funding
IV, Ltd., (iii) Alesco Preferred Funding V, Ltd., (iv) Alesco Preferred Funding VI, Ltd. and (v) Alesco Preferred Funding VIII, Ltd. (each
an “ Issuer”) and all books and records with respect to each Issuer.

The MTA contemplated multiple closings following the date
of the MTA (each a “ Closing”), with each Closing to occur following the satisfaction of the conditions to Closing for the
assignment of each CDO Agreement pursuant to the MTA.

On July 9, 2025, in accordance with the terms and conditions
of the MTA, Seller and Buyer consummated the Closings of the sale, assignment, transfer and conveyance to Buyer all of Seller’s
rights and obligations in and under the CDO Agreements for, and all books and records with respect to, Alesco Preferred Funding V, Ltd.
and Alesco Preferred Funding VIII, Ltd. for an aggregate purchase price of $837,447 after required purchase price reductions set forth
in the MTA.

The foregoing description of the MTA does not purport to
be complete and is qualified in its entirety by reference to the full