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Debt (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt [Abstract] |
Debt Outstanding |
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﻿DETAIL OF DEBT
﻿(Dollars in Thousands)
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Description |  |  | As of September 30, 2018 |  |  | As of December 31, 2017 |  | Interest Rate Terms |  | Interest (4) |  | Maturity
Contingent convertible debt: |  |  |  |  |  |  |  |  |  |  |  |  |
﻿8.00% convertible senior note (the "2017 Convertible Note") |  | $ | 15,000 |  | $ | 15,000 |  | Fixed |  | 8.00 | % |  | March 2022 (1)
﻿8.00% convertible senior notes (the "2013 Convertible Notes") |  |  | 6,786 |  |  | 8,248 |  | Fixed |  | 8.00 | % |  | September 2019 (2)
﻿Less unamortized debt issuance costs |  |  | (1,039) |  |  | (1,343) |  |  |  |  |  |  |
﻿ |  |  | 20,747 |  |  | 21,905 |  |  |  |  |  |  |
Junior subordinated notes (3): |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Alesco Capital Trust I |  |  | 28,125 |  |  | 28,125 |  | Variable |  | 6.34 | % |  | July 2037
﻿Sunset Financial Statutory Trust I |  |  | 20,000 |  |  | 20,000 |  | Variable |  | 6.49 | % |  | March 2035
﻿Less unamortized discount |  |  | (25,500) |  |  | (25,853) |  |  |  |  |  |  |
﻿ |  |  | 22,625 |  |  | 22,272 |  |  |  |  |  |  |
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﻿MB Financial Bank, N.A. Credit Facility |  |  | - |  |  | - |  | Variable |  | N/A |  |  | April 2020
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﻿Total |  | $ | 43,372 |  | $ | 44,177 |  |  |  |  |  |  |
﻿ ﻿ (1)The holder of the 2017 Convertible Note may convert all or any part of the outstanding principal amount of the 2017 Convertible Note at any time prior to maturity into units of the Operating LLC at a conversion price of $1.45 per unit, subject to customary anti-dilution adjustments. Units of the Operating LLC not held by Cohen & Company Inc. may, with certain restrictions, be redeemed and exchanged into shares of the Company’s Common Stock on a ten-for-one basis. Therefore, the 2017 Convertible Note can be converted into Operating LLC units and then redeemed and exchanged into Common Stock at an effective conversion price of $14.50. See discussion below and note 17 to our Annual Report on Form 10-K for the year ended December 31, 2017. (2) The holders of the 2013 Convertible Notes may convert all or any part of the outstanding principal amount of the 2013 Convertible Notes at any time prior to maturity into shares of the Company’s Common Stock, at a conversion price of $12.00 per share, subject to certain anti-dilution stipulations. (3)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 common stock. The Company carries the common stock on its balance sheet at a value of $0. (4)Represents the interest rate in effect as of the last day of the reporting period. ﻿

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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