---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-069915"
form_type: "8-K"
ticker: "COHN"
cik: "0001270436"
company_name: "Cohen & Co Inc."
filed_at: "2023-06-09T23:59:59+00:00"
generated_at: "2026-06-14T03:34:06.963283+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# Cohen & Co amends loan with Byline Bank: commitment cut to $15M, net worth covenant lowered to $70M

## Summary
- Broker-dealer subsidiary J.V.B. Financial Group entered Third Amended and Restated Loan Agreement; loan commitment reduced from $25M to $15M.
- Minimum tangible net worth covenant decreased from $85M ($90M after June 30) to $70M at all times during the term.
- Loans mature December 21, 2023; interest at Term SOFR plus 6.0% (floor 7.0%); $75,000 commitment fee paid.
- Excess net capital must be at least $40M; outstanding loans cannot exceed 0.25x tangible net worth.
- Undrawn commitment fee of 0.50% per annum payable quarterly; anniversary fee also 0.50%.

## SEC filing metadata
- accession: 0001104659-23-069915
- form_type: 8-K
- ticker: COHN
- cik: 0001270436
- company_name: Cohen & Co Inc.
- filed_at: 2023-06-09T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1270436/000110465923069915/0001104659-23-069915-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1270436/000110465923069915/tm2318204d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-069915
- JSON: https://secwatch.observer/filing/0001104659-23-069915.json
- Plain text: https://secwatch.observer/filing/0001104659-23-069915.txt

## Key facts
- Debt Financings
  Cohen & Co Inc. amended revolving credit of up to $15 million with Byline Bank at Term SOFR Rate plus 6.0% maturing December 21, 2023.
  - Instrument: revolving credit
  - Principal: up to $15 million
  - Counterparty: Byline Bank
  - Rate: Term SOFR Rate plus 6.0%
  - Maturity: December 21, 2023
  - Event: amendment
  source text: On June 9, 2023 (the “Effective Date”), the Borrower and the Lender entered into the Third Amended and Restated Loan Agreement (the “Third Amended and Restated Agreement”), which amended and restated the Second Amended and Restated Agreement in its entirety. The primary purposes of the amendment and restatement of the Second Amended and Restated Agreement was to (i) decrease the loan commitment of Lender there under from $25 million to $15 million, and (ii) decrease the amount of tangible net worth which the Borrower was required to maintain from $85 million through June 30, 2023 (and $90 million thereafter) to $70 million at all times during the term of the Third Amended and Restated Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1270436/000110465923069915/0001104659-23-069915-index.htm
- Material Agreements
  Cohen & Co Inc. amended Third Amended and Restated Loan Agreement with Byline Bank valued at $15 million (effective 2023-06-09).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Byline Bank
  - Value: $15 million
  - Effective: 2023-06-09
  source text: As previously disclosed, on December 21, 2022, J.V.B. Financial Group, LLC (the “Borrower”), a Delaware limited liability company and a broker dealer indirect subsidiary of Cohen & Company Inc., a Maryland corporation (the “Company”), entered into the Second Amended and Restated Revolving Note and Cash Subordination Agreement (the “Second Amended and Restated Agreement”), with Byline Bank, as lender (the “Lender”), and the Borrower as borrower, pursuant to which, among other things, the Lender agreed to make loans to Borrower, at the Borrower’s request from time to time, in the aggregate amount of up to $25 million. On June 9, 2023 (the “Effective Date”), the Borrower and the Lender entered into the Third Amended and Restated Loan Agreement (the “Third Amended and Restated Agreement”), which amended and restated the Second Amended and Restated Agreement in its entirety.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1270436/000110465923069915/0001104659-23-069915-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.