Company: COHN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014235
Chunk: 231

Company: Cohen & Co Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 231
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      Rate Terms 
      
      Interest (2) 
      
      Maturity 

      Non-convertible debt: 

      12.00% senior note (the "2024 Note") 
      
     $
     5,146

     $
     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 
      
      8.55% 
      
      July 2037 

      Sunset Financial Statutory Trust I 

     20,000

     20,000
      
      Variable 
      
      8.71% 
      
      March 2035 

      Less unamortized discount 

     (22,774
     )

     (22,867
     )

     25,351

     25,258

      Byline Credit Facility 

     -

     -
      
      Variable 
      
      NA 
      
      June 2025 

      Total 
      
     $
     34,997

     $
     34,904

      (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 March