Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2131

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 2131
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 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        

     (1)  The junior subordinated notes listed 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 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 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.   

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        F-
       47

   The 2024 Note