Company: COHN
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024506
Chunk: 54

Company: Cohen & Co Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 54
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31, 2025, without the prior written consent of the holder and without penalty or premium. The Company prepaid the $2,573 of the principal amount otherwise due under the 2024 Note on  August 31, 2025 during the three months ended  June 30, 2025. 
    
   The 2024 Note accrues interest on the unpaid principal amount from  September 1, 2024, until maturity at a rate equal to 12% per year. Interest on the 2024 Note is payable in cash quarterly on each  January 1,  April 1,  July 1, and  October 1, and commenced on  October 1, 2024. Under the 2024 Note, upon the occurrence or existence of any “Event of Default” thereunder, the outstanding principal amount is (or in certain instances, at the option of the holder thereof,  may be) immediately accelerated. Further, upon the occurrence of any “Event of Default” under the 2024 Note and for so long as such Event of Default continues, all principal, interest, and other amounts payable under the 2024 Note will bear interest at a rate equal to 13% per year.
    
   The 2024 Note and the payment of all principal, interest, and any other amounts payable thereunder are senior obligations of the Operating LLC and will be senior to any Indebtedness (as defined in the 2024 Note) of the Operating LLC outstanding as of and issued following  September 1, 2024. Pursuant to the 2024 Note, following  September 1, 2024, the Operating LLC  may not incur any Indebtedness that is a senior obligation to the 2024 Note. See notes 4.
    
   The 2020 Note
    
   On  January 5, 2024, the Operating LLC and JKD Investor entered into an amendment to the 2020 Note, pursuant to which the 2020 Note was amended to (a) extend (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