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Economic Income (Loss) also records retainer fees, relating to investment banking activities, collectible during the period that would otherwise be deferred until closing for US GAAP reporting.Economic Income (Loss) brokerage revenues included net securities borrowed and securities loaned activities which are shown gross in interest income and interest expense for US GAAP. Economic Income (Loss) recognizes revenues (i) net of fund start-up costs and distribution fees paid to agents, (ii) records income from uncrystallized incentive fees and (iii) the Company's proportionate share of management and incentive fees of certain real estate operating entities, the healthcare royalty business and the activist business.Economic Income (Loss) recognizes Company income from proprietary trading (including interest and dividends ) for which the majority of this activity is shown in other income (loss) for US GAAP reporting.Reimbursement from affiliates is shown as a reduction of Economic Income expenses, but is included as a part of revenues under US GAAP. Economic Income (Loss) recognizes underwriting income from the Company's insurance related activities, net of expenses, within other revenue. The costs are recorded within expenses for US GAAP reporting.Economic Income (Loss) recognizes gains and losses on investments held as part of the Company's facilitation and trading business within brokerage revenues as these investments are directly related to the markets business activities. Economic Income (Loss) excludes income taxes and acquisition related adjustments as management does not consider these items when evaluating the performance of the segment. Economic Income (Loss) recognizes the Company's proportionate share of expenses, for certain real estate operating entities and the activist business, for which the investments are recorded under the equity method of accounting for investments.Economic Income (Loss) excludes gain/(loss) on debt extinguishment.Economic Income (Loss) excludes the bargain purchase gain which resulted from the Convergex Group 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-34516
Cowen Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
27-0423711
(I.R.S. Employer
Identification No.)
599 Lexington Avenue
New York, New York
(Address of Principal Executive Offices)
10022
(Zip Code)
(646562-1000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading SymbolName of Exchange on Which Registered
Class A Common Stock, par value $0.01 per share COWNThe Nasdaq Global Market
7.35% Senior Notes due 2027COWNZThe Nasdaq Global Market
7.75% Senior Notes due 2033COWNLThe Nasdaq Global Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer

 
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No 
As of April 29, 2020, there were 27,688,071 shares of the registrant's common stock outstanding.


Table of Contents

Item No. Page No.




2

Table of Contents

Special Note Regarding Forward-Looking Statements
We have made statements in this Quarterly Report on Form 10-Q (including in "Management's Discussion and Analysis of Financial Condition and Results of Operations") that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking terms such as "may," "might," "will," "would," "could," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "project," "possible," "potential," "intend," "seek" or "continue," the negative of these terms and other comparable terminology or similar expressions. In addition, our management may make forward-looking statements to analysts, representatives of the media and others. These forward-looking statements represent only the Company's beliefs regarding future events (many of which, by their nature, are inherently uncertain and beyond our control) and are predictions only, based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 and the risks contained in Item 1A of this periodic report on Form 10-Q for the three months ended March 31, 2020.
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update any of these forward-looking statements after the date of this filing to conform our prior statements to actual results or revised expectations.
Unaudited Condensed Consolidated Financial Statements are presented for the three months ended March 31, 2020 and 2019. The Consolidated Financial Statements as of December 31, 2019 were audited.



3

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements

Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
AssetsAs of March 31, 2020As of December 31, 2019
Cash and cash equivalents$270,079  $301,123  
Cash collateral pledged7,538  6,563  
Segregated cash131,266  107,328  
Securities owned, at fair value ($200,278 and $941,595 were pledged to various parties)
776,046  1,633,552  
Receivable on derivative contracts, at fair value83,867  62,977  
Securities borrowed971,430  754,441  
Other investments ($113,627 and $114,504 at fair value, respectively)
163,274  185,722  
Deposits with clearing organizations, brokers and banks131,948  91,755  
Receivable from brokers, dealers and clearing organizations, net of allowance of $792 and $721, respectively
773,317  681,695  
Receivable from customers, net of allowance of $675 and $650, respectively
193,009  105,647  
Fees receivable, net of allowance of $2,364 and $2,620, respectively
157,081  126,358  
Due from related parties24,802  26,749  
Fixed assets, net of accumulated depreciation and amortization of $34,942 and $32,846, respectively
33,909  33,661  
Operating lease right-of-use assets88,306  92,852  
Goodwill137,728  137,728  
Intangible assets, net of accumulated amortization of $29,528 and $26,395, respectively
31,989  35,200  
Deferred tax asset, net80,848  79,166  
Other assets91,026  84,158  
Consolidated Funds  
Cash and cash equivalents39,721  30,874  
Securities owned, at fair value355,496  375,278  
Receivable on derivative contracts, at fair value17,292  5,833  
Other investments149,689  175,769  
Receivable from brokers20,668  25,964  
Other assets1,722  1,632  
Total Assets$4,732,051  $5,162,025  
Liabilities and Stockholders' Equity  
Liabilities
Securities sold, not yet purchased, at fair value$527,471  $451,836  
Securities sold under agreements to repurchase57,420  23,244  
Payable for derivative contracts, at fair value72,385  60,761  
Securities loaned997,794  1,601,866  
Payable to brokers, dealers and clearing organizations330,096  271,018  
Payable to customers488,814  430,224  
Commission management payable112,688  71,620  
Compensation payable69,631  223,139  
Operating lease liabilities91,835  97,581  
Notes payable and other debt407,531  345,451  
Convertible debt119,929  118,688  
Fees payable21,162  21,540  
Accounts payable, accrued expenses and other liabilities164,540  141,557  
4

Table of Contents
Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of March 31, 2020As of December 31, 2019
(continued)
Consolidated Funds   
Due to related parties  581  
Payable for derivative contracts, at fair value18,066  4,769  
Payable to brokers1,263  864  
Capital withdrawals payable9,290  1,276  
Accounts payable, accrued expenses and other liabilities1,091  560  
Total Liabilities$3,491,006  $3,866,575  
Commitments and Contingencies (Note 16)
Temporary Equity
Redeemable non-controlling interests$318,001  $391,275  
Permanent Equity
Cowen Inc. stockholders' equity
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized, 120,750 shares issued and outstanding as of March 31, 2020 (aggregate liquidation preference of $120,750,000) and 10,000,000 shares authorized, 120,750 shares issued and outstanding as of December 31, 2019 (aggregate liquidation preference of $120,750,000), respectively
$1  $1  
Class A common stock, par value $0.01 per share: 62,500,000 shares authorized, 47,848,963 shares issued and 27,628,117 outstanding as of March 31, 2020 and 62,500,000 shares authorized, 47,215,938 shares issued and 28,610,357 outstanding as of December 31, 2019, respectively (including 299,436 and 216,912 restricted shares, respectively)
334  334  
Class B common stock, par value $0.01 per share: 62,500,000 authorized, no shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
    
Additional paid-in capital1,119,534  1,110,635  
(Accumulated deficit) retained earnings(29,869) (16,809) 
Accumulated other comprehensive income (loss)(5) (5) 
Less: Class A common stock held in treasury, at cost, 20,220,846 and 18,605,581 shares as of March 31, 2020 and December 31, 2019, respectively
(305,192) (284,301) 
Total Cowen Inc. Stockholders' Equity784,803  809,855  
Nonredeemable non-controlling interests138,241  94,320  
Total Permanent Equity$923,044  $904,175  
Total Liabilities, Temporary Equity and Permanent Equity$4,732,051  $5,162,025  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Table of Contents

Cowen Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
 20202019
Revenues 
Investment banking$105,028  $80,106  
Brokerage139,362  97,463  
Management fees11,604  7,141  
Incentive income  15  
Interest and dividends42,077  29,092  
Reimbursement from affiliates261  288  
Reinsurance premiums