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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 September 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 October 28, 2020, there were 26,568,614 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 nine months ended September 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 nine months ended September 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 September 30, 2020As of December 31, 2019
Cash and cash equivalents$539,733 $301,123 
Cash collateral pledged110,666 6,563 
Segregated cash139,152 107,328 
Securities owned, at fair value ($254,383 and $941,595 were pledged to various parties)
1,088,566 1,633,552 
Receivable on derivative contracts, at fair value58,194 62,977 
Securities borrowed1,272,428 754,441 
Other investments ($123,787 and $114,504 at fair value, respectively)
204,610 185,722 
Deposits with clearing organizations, brokers and banks90,075 91,755 
Receivable from brokers, dealers and clearing organizations, net of allowance of $730 and $721, respectively
1,390,821 681,695 
Receivable from customers, net of allowance of $653 and $650, respectively
83,208 105,647 
Fees receivable, net of allowance of $3,677 and $2,620, respectively
138,234 126,358 
Due from related parties23,480 26,749 
Fixed assets, net of accumulated depreciation and amortization of $38,347 and $32,846, respectively
37,052 33,661 
Operating lease right-of-use assets80,805 92,852 
Goodwill137,728 137,728 
Intangible assets, net of accumulated amortization of $34,746 and $26,395, respectively
26,043 35,200 
Deferred tax asset, net31,110 79,166 
Other assets50,917 84,158 
Consolidated Funds  
Cash and cash equivalents946 30,874 
Securities owned, at fair value187,991 375,278 
Receivable on derivative contracts, at fair value 5,833 
Other investments98,267 175,769 
Receivable from brokers 25,964 
Other assets692 1,632 
Total Assets$5,790,718 $5,162,025 
Liabilities, Temporary Equity and Permanent Equity  
Liabilities
Securities sold, not yet purchased, at fair value$440,930 $451,836 
Securities sold under agreements to repurchase6,218 23,244 
Payable for derivative contracts, at fair value62,054 60,761 
Securities loaned1,326,917 1,601,866 
Payable to brokers, dealers and clearing organizations312,850 271,018 
Payable to customers1,151,139 430,224 
Commission management payable117,778 71,620 
Compensation payable345,470 223,139 
Operating lease liabilities84,044 97,581 
Notes payable and other debt383,722 345,451 
Convertible debt122,485 118,688 
Fees payable81,851 21,540 
Accounts payable, accrued expenses and other liabilities173,706 141,557 
4

Table of Contents
Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of September 30, 2020As of December 31, 2019
(continued)
Consolidated Funds 
Due to related parties136 581 
Payable for derivative contracts, at fair value 4,769 
Payable to brokers 864 
Capital withdrawals payable 1,276 
Accounts payable, accrued expenses and other liabilities217 560