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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, 2021
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)
(646562-1010
(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
7.75% 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 30, 2021, there were 26,866,951 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, 2020 and the risks contained in Item 1A of this periodic report on Form 10-Q for the three months ended March 31, 2021.
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, 2021 and 2020. The Consolidated Financial Statements as of December 31, 2020 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, 2021As of December 31, 2020
Cash and cash equivalents$1,147,531 $645,169 
Cash collateral pledged110,303 110,743 
Segregated cash168,942 185,141 
Securities owned, at fair value ($2,042,776 and $1,218,947 were pledged to various parties)
3,156,100 2,001,602 
Securities purchased under agreements to resell 191 
Receivable on derivative contracts, at fair value95,536 51,482 
Securities borrowed1,996,757 1,908,187 
Other investments ($151,933 and $133,454 at fair value, respectively)
366,783 255,027 
Deposits with clearing organizations, brokers and banks82,078 104,952 
Receivable from brokers, dealers and clearing organizations, net of allowance of $640 and $885, respectively
1,920,753 1,729,744 
Receivable from customers, net of allowance of $758 and $530, respectively
199,668 103,963 
Fees receivable, net of allowance of $2,982 and $3,348, respectively
208,898 160,349 
Due from related parties20,921 21,068 
Fixed assets, net of accumulated depreciation and amortization of $42,681 and $40,670, respectively
31,424 33,023 
Operating lease right-of-use assets77,268 78,241 
Goodwill147,084 147,084 
Intangible assets, net of accumulated amortization of $27,073 and $37,884, respectively
28,116 24,403 
Deferred tax asset, net1,757 9,030 
Other assets76,921 54,884 
Consolidated Funds  
Cash and cash equivalents935 417 
Securities owned, at fair value8,940 10,622 
Other investments100,035 192,670 
Other assets46 207 
Total Assets$9,946,796 $7,828,199 
Liabilities, Temporary Equity and Permanent Equity  
Liabilities
Securities sold, not yet purchased, at fair value$931,082 $728,115 
Securities sold under agreements to repurchase2,546 5,036 
Payable for derivative contracts, at fair value52,125 76,160 
Securities loaned3,083,945 2,476,414 
Payable to brokers, dealers and clearing organizations488,471 415,143 
Payable to customers2,657,600 1,680,326 
Commission management payable139,621 116,987 
Compensation payable361,793 373,339 
Operating lease liabilities81,400 82,735 
Notes payable and other debt542,519 383,067 
Convertible debt81,682 80,808 
Fees payable42,915 43,833 
Due to related parties99 51 
Accounts payable, accrued expenses and other liabilities240,790 196,479 
Consolidated Funds 
Due to related parties9 7 
Accounts payable, accrued expenses and other liabilities219 578 
Total Liabilities$8,706,816 $6,659,078 
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Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of March 31, 2021As of December 31, 2020
(continued)
Commitments and Contingencies (Note 17)
Temporary Equity
Redeemable non-controlling interests$ $ 
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, 2021 (aggregate liquidation preference of $120,750) and 10,000,000 shares authorized, 120,750 shares issued and outstanding as of December 31, 2020 (aggregate liquidation preference of $120,750), respectively
$1 $1 
Class A common stock, par value $0.01 per share: 62,500,000 shares authorized, 50,227,804 shares issued and 26,852,331 outstanding as of March 31, 2021 and 62,500,000 shares authorized, 49,465,491 shares issued and 26,845,628 outstanding as of December 31, 2020, respectively (including 292,968 and 334,230 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, 2021 and December 31, 2020, respectively
  
Additional paid-in capital1,151,377 1,130,138 
(Accumulated deficit) retained earnings328,930 185,901 
Accumulated other comprehensive income (loss)(3)(7)
Less: Class A common stock held in treasury, at cost, 23,375,473 and 22,619,863 shares as of March 31, 2021 and December 31, 2020, respectively
(373,774)(346,870)
Total Cowen Inc. Stockholders' Equity1,106,865 969,497 
Nonredeemable non-controlling interests133,115 199,624 
Total Permanent Equity$1,239,980 $1,169,121 
Total Liabilities, Temporary Equity and Permanent Equity$9,946,796 $7,828,199 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Cowen Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
 20212020
Revenues 
Investment banking$304,834 $105,028 
Brokerage173,737 141,377 
Investment income (loss)
Securities principal transactions, net63,965(31,045)
Portfolio fund principal transactions, net 15,403(2,818)
Carried interest allocations96,769(11,544)
Total investment income (loss)176,137 (45,407)
Management fees25,742 11,604 
Incentive income2,258  
Interest and dividends59,388 42,077 
Reimbursement from affiliates288 261 
Insurance and reinsurance premiums7,117 10,471 
Other revenues8,169 1,321 
Consolidated Funds 
Principal transactions, net(3,349)(73,143)
Interest and dividends2 2,525 
Other revenues 609 
Total revenues754,323 196,723 
Interest and dividends expense57,641 38,792 
Total net revenues696,682 157,931 
Expenses 
Employee compensation and benefits388,196 124,428 
Brokerage and trade execution costs45,656 32,886 
Underwriting expenses6,915 3,640 
Professional, advisory and other fees15,460 11,039 
Service fees5,731 6,837 
Communications9,267 8,176 
Occupancy and equipment9,540 9,530 
Depreciation and amortization4,354 5,442 
Client services and business development6,848 11,803 
Insurance and reinsurance claims, commissions and amortization of deferred acquisition costs6,455 10,430 
Other expenses3,457 4,228 
Consolidated Funds 
Interest and dividends 1,252 
Professional, advisory and other fees110 990 
Brokerage and trade execution costs 20 
Other expenses161 452 
Total expenses502,150 231,153 
Other income (loss) 
Net gains (losses) on other investments12,645 (62)
Bargain purchase gain, net of tax3,855  
Gain/(loss) on debt extinguishment (4,538) 
Total other income (loss)11,962 (62)
Income (loss) before income taxes206,494 (73,284)
Income tax expense (benefit)54,428 (1,173)
Net income (loss) 152,066 (72,111)
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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,
 20212020
(continued)
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries and investment funds4,562 (62,188)
Net income (loss) attributable to Cowen Inc.147,504 (9,923)
Preferred stock dividends1,698 1,698 
Net income (loss) attributable to Cowen Inc. common stockholders$145,806 $(11,621)
Weighted average common shares outstanding: 
Basic27,359 28,598 
Diluted33,565 28,598 
Earnings (loss) per share:  
Basic$5.33 $(0.41)
Diluted$4.34 $(0.41)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Cowen Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(dollars in thousands)
(unaudited)





 Three Months Ended March 31,
20212020
Net income (loss)$152,066 $(72,111)
   Other comprehensive income (loss), net of tax:
Foreign currency translation4  
   Total other comprehensive income (loss), net of tax4  
Comprehensive income (loss)$152,070 $(72,111)
    Less: Comprehensive income attributable to non-controlling interests 4,562 (62,188)
Comprehensive income (loss) attributable to Cowen Inc. $147,508 $(9,923)

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



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Cowen Inc.
Condensed Consolidated Statements of Changes in Equity
(dollars in thousands, except share data)
(unaudited)