Monitor Cohen & Company's next quarterly filing for tangible net worth and excess net capital levels relative to the new $80M and $30M thresholds. The step-up in tangible net worth covenant suggests the lender expects the subsidiary to grow retained earnings or reduce liabilities by ~$10M over the next 9 months.
Price Chart
Executive Summary
Cohen & Company's broker-dealer subsidiary amended its existing $15M revolving credit facility with Byline Bank, extending the maturity from June 18, 2026 to June 18, 2028, and increasing the required tangible net worth covenant from $70M to $80M effective March 31, 2027. The amendment also codifies a $30M excess net capital maintenance covenant with a 2-business-day cure period. This is a routine credit facility extension with moderately tighter covenants, reflecting the lender's continued support but with higher financial maintenance requirements.
Key Financial Metrics
Key Facts
- Maturity extended from June 18, 2026 to June 18, 2028
- Tangible net worth covenant increased from $70M to $80M effective March 31, 2027
- Excess Net Capital (Rule 15c3-1) must be maintained at $30M with 2-business-day cure
- Revolving loan commitment remains at $15M
- No new borrowings or changes to interest rate terms disclosed
Financial Impact
No new capital raised; existing $15M revolving facility extended with tighter net worth covenant ($70M to $80M step-up in 2027). No financial impact from the amendment itself.
Risk Factors
- Failure to maintain $30M excess net capital triggers event of default with only 2 business days to cure
- Tangible net worth covenant increases by $10M in March 2027, requiring capital accumulation or reduced leverage
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-076368 |
| Document: tm2618237d1_ex10-1.htm | 0001104659-26-076368 |
| Document: 0001104659-26-076368-index-headers.html | 0001104659-26-076368 |
| Document: 0001104659-26-076368-index.html | 0001104659-26-076368 |
| Document: 0001104659-26-076368.txt | 0001104659-26-076368 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 8w ago | 8-K | $11.23 | awaiting T+60 | — | $9.32 (−16.96%) |
Aug 3, 2026 12w ago | 8-K | $14.47 | awaiting T+60 | — | $9.32 (−35.56%) |
Aug 3, 2026 12w ago | Press Release | $14.47 | awaiting T+60 | — | $9.32 (−35.56%) |
Jun 30, 2026 16w ago | 8-K | $13.59 $10.11 | ▼ −25.64% | ▼ −28.52% | $9.32 (−31.38%) |
Jun 22, 2026 18w ago | 8-K | $12.06 $10.00 | ▼ −17.08% | ▼ −20.33% | $9.32 (−22.68%) |
Jun 3, 2026 20w ago | EFFECT | $11.29 $11.05 | ▲ +2.13% | ▲ +4.62% | $9.32 (+17.41%) |
May 18, 2026 23w ago | S-3 | $11.00 $11.97 | ▼ −8.82% | ▼ −2.53% | $9.32 (+15.23%) |
May 1, 2026 25w ago | Press Release | $18.42 $13.62 | ▼ −26.09% | ▼ −29.16% | $9.32 (−49.38%) |
Mar 6, 2026 33w ago | Press Release | $18.70 $11.54 | ▼ −38.30% | ▼ −51.08% | $9.32 (−50.14%) |
Mar 4, 2026 33w ago | Press Release | $13.72 $11.54 | ▼ −15.91% | ▼ −27.21% | $9.32 (−32.06%) |
US Market Status
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