Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 298

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 298
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      Interest (2) 
      
      Maturity 

      Description 

      Non-convertible debt: 

      12.00% senior note (the "2024 Note") 
      
     $
     2,573

     $
     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 
      
      8.54% 
      
      July 2037 

      Sunset Financial Statutory Trust I 

     20,000

     20,000
      
      Variable 
      
      8.71% 
      
      March 2035 

      Less unamortized discount 

     (22,643
     )

     (22,867
     )

     25,482

     25,258

      Byline Credit Facility 

     -

     -
      
      Variable 
      
      NA 
      
      June 2026 

      Total 
      
     $
     32,555

     $
     34,904

      (1) 
      The junior subordinated notes listed represent debt we owe to the two trusts noted above. The total par amount owed by us to the trusts is $49,614.  However, we own the common stock of the trusts in a total par amount of $1,489.  We pay interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, we receives back from the trusts the pro rata share of interest and principal on the common stock held by us.  These trusts are VIEs and we do not consolidate them even though we hold the common stock.  We carry 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 June 30, 2025 on a combined basis