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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 June 30, 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 July 29, 2020, there were 27,673,602 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2020As of December 31, 2019
Cash and cash equivalents$340,075  $301,123  
Cash collateral pledged7,511  6,563  
Segregated cash177,526  107,328  
Securities owned, at fair value ($278,402 and $941,595 were pledged to various parties)
954,512  1,633,552  
Receivable on derivative contracts, at fair value88,846  62,977  
Securities borrowed1,553,385  754,441  
Other investments ($122,407 and $114,504 at fair value, respectively)
207,663  185,722  
Deposits with clearing organizations, brokers and banks103,838  91,755  
Receivable from brokers, dealers and clearing organizations, net of allowance of $731 and $721, respectively
1,128,617  681,695  
Receivable from customers, net of allowance of $658 and $650, respectively
106,874  105,647  
Fees receivable, net of allowance of $3,300 and $2,620, respectively
179,125  126,358  
Due from related parties24,059  26,749  
Fixed assets, net of accumulated depreciation and amortization of $36,745 and $32,846, respectively
34,898  33,661  
Operating lease right-of-use assets83,833  92,852  
Goodwill137,728  137,728  
Intangible assets, net of accumulated amortization of $31,925 and $26,395, respectively
28,557  35,200  
Deferred tax asset, net35,947  79,166  
Other assets121,108  84,158  
Consolidated Funds  
Cash and cash equivalents118  30,874  
Securities owned, at fair value113,176  375,278  
Receivable on derivative contracts, at fair value  5,833  
Other investments92,522  175,769  
Receivable from brokers  25,964  
Other assets75  1,632  
Total Assets$5,519,993  $5,162,025  
Liabilities and Stockholders' Equity  
Liabilities
Securities sold, not yet purchased, at fair value$544,654  $451,836  
Securities sold under agreements to repurchase  23,244