Company: COHN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033482
Chunk: 222

Company: Cohen & Co Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 222
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i) the maturity date thereof from  January 31, 2024 to  January 31, 2026, (ii) the date following which the 2020 Note  may be redeemed by JKD Investor from  January 31, 2023 to  January 31, 2025, and (iii) the date following which the 2020 Note  may be prepaid by the Operating LLC from  January 31, 2023 to  January 31, 2025; and (b) increase the interest rate payable under the 2020 Note from 10% per annum to 12% per annum effective as of  January 31, 2024. 

       37

   Junior Subordinated Notes 
    
   The Company assumed $49,614 aggregate principal amount of junior subordinated notes outstanding at the time of the AFN Merger. The Company recorded the debt at fair value on the acquisition date. Any difference between the fair value of the junior subordinated notes on the AFN Merger date and the principal amount of debt is amortized into earnings over the estimated remaining life of the underlying debt as an adjustment to interest expense.
    
   The junior subordinated notes are payable to two special purpose trusts:
    
    1.  Alesco Capital Trust I: $28,995 in aggregate principal amount issued in  June 2007. The notes mature on  July 30, 2037 and  may be called by the Company at any time. While LIBOR was still being published, the notes accrued interest payable quarterly at a floating interest rate equal to 90-day LIBOR plus 400 basis points per annum. LIBOR ceased being published effective  June 30, 2023. Subsequent to LIBOR no longer being published, the notes accrue interest at the 90-day standard overnight financing rate plus a tenor spread adjustment of 0.26161% (“Term SOFR”) plus 400 basis points per annum. All principal is due at maturity. Alesco Capital Trust I simultaneously issued 870 shares of Alesco Capital Trust I’s common securities to the Company for a purchase price of $870, which constitutes all of the issued and outstanding common securities of Alesco Capital Trust I. 

    2.  Sunset Financial Statutory Trust I (“Sunset Financial Trust”): $20,619 in aggregate principal amount issued in  March 2005. The notes mature on  March