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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, 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 July 29, 2021, there were 29,015,731 shares of the registrant's common stock outstanding.



Item No. Page No.




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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 and six months ended June 30, 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 and six months ended June 30, 2021 and 2020. The Consolidated Financial Statements as of December 31, 2020 were audited.



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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)
As of June 30, 2021As of December 31, 2020
Assets
Cash and cash equivalents$806,887 $645,169 
Cash collateral pledged64,895 110,743 
Segregated cash178,179 185,141 
Securities owned, at fair value ($2,469,150 and $1,218,947 were pledged to various parties)
3,718,191 2,001,602 
Securities purchased under agreements to resell 191 
Receivable on derivative contracts, at fair value109,747 51,482 
Securities borrowed1,791,331 1,908,187 
Other investments ($149,105 and $133,454 at fair value, respectively)
332,742 255,027 
Deposits with clearing organizations, brokers and banks96,120 104,952 
Receivable from brokers, dealers and clearing organizations, net of allowance of $670 and $885, respectively
2,207,742 1,729,744 
Receivable from customers, net of allowance of $674 and $530, respectively
185,753 103,963 
Fees receivable, net of allowance of $3,363 and $3,348, respectively
158,348 160,349 
Due from related parties21,500 21,068 
Fixed assets, net of accumulated depreciation and amortization of $44,795 and $40,670, respectively
31,265 33,023 
Operating lease right-of-use assets74,755 78,241 
Goodwill147,084 147,084 
Intangible assets, net of accumulated amortization of $28,921 and $37,884, respectively
26,929 24,403 
Deferred tax asset, net3,936 9,030 
Other assets95,362 54,884 
Consolidated Funds  
Cash and cash equivalents298 417 
Securities owned, at fair value3,523 10,622 
Other investments102,368 192,670 
Other assets46 207 
Total Assets$10,157,001 $7,828,199 
Liabilities, Temporary Equity and Permanent Equity  
Liabilities
Securities sold, not yet purchased, at fair value$1,080,929 $728,115 
Securities sold under agreements to repurchase2,622 5,036 
Payable for derivative contracts, at fair value59,598 76,160 
Securities loaned3,177,201 2,476,414 
Payable to brokers, dealers and clearing organizations530,868 415,143 
Payable to customers2,657,112 1,680,326 
Commission management payable125,978 116,987 
Compensation payable465,079 373,339 
Operating lease liabilities79,160 82,735 
Notes payable and other debt480,899 383,067 
Convertible debt 80,808 
Fees payable28,229 43,833 
Due to related parties91 51 
Accounts payable, accrued expenses and other liabilities205,183 196,479 
Consolidated Funds 
Due to related parties4 7 
Accounts payable, accrued expenses and other liabilities205 578 
Total Liabilities$8,893,158 $6,659,078 
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Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of June 30, 2021As of December 31, 2020
(continued)
Commitments and Contingencies (Note 17)
Temporary Equity
Redeemable non-controlling interests$ $ 
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 June 30, 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, 54,012,833 shares issued and 28,995,801 outstanding as of June 30, 2021 and 62,500,000 shares authorized, 49,465,491 shares issued and 26,845,628 outstanding as of December 31, 2020, respectively (including 244,916 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 June 30, 2021 and December 31, 2020, respectively
  
Additional paid-in capital1,166,165 1,130,138 
(Accumulated deficit) retained earnings369,517 185,901 
Accumulated other comprehensive income (loss)(2)(7)
Less: Class A common stock held in treasury, at cost, 25,017,032 and 22,619,863 shares as of June 30, 2021 and December 31, 2020, respectively
(438,671)(346,870)
Total Cowen Inc. Stockholders' Equity1,097,344 969,497 
Nonredeemable non-controlling interests166,499 199,624 
Total Permanent Equity$1,263,843 $1,169,121 
Total Liabilities, Temporary Equity and Permanent Equity$10,157,001 $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 June 30,Six Months Ended June 30,
 2021202020212020
Revenues   
Investment banking$224,981 $203,982 $529,815 $309,010 
Brokerage139,060 130,209 312,797 271,586 
Investment income (loss)
Securities principal transactions, net40,572157,588104,537126,543
Portfolio fund principal transactions, net (1,882)12,09413,5219,276
Carried interest allocations(35,530)37,75761,23926,213
Total investment income (loss)3,160 207,439 179,297 162,032 
Management fees14,995 11,653 40,737 23,257 
Incentive income169  2,427  
Interest and dividends62,173 47,918 121,561 89,995 
Insurance and reinsurance premiums11,493 5,967 18,610 16,438 
Other revenues2,031 1,286 3,690 2,868 
Consolidated Funds  
Principal transactions, net693 37,387 (2,656)(35,756)
Interest and dividends2 332 4 2,857 
Other revenues 11  620 
Total revenues458,757 646,184 1,206,282 842,907 
Interest and dividends expense63,073 49,304 120,714 88,096 
Total net revenues395,684 596,880 1,085,568 754,811 
Expenses   
Employee compensation and benefits219,186 305,282 607,382 429,710 
Brokerage and trade execution costs38,813 34,866 84,469 67,752 
Underwriting expenses6,152 8,871 13,067 12,511 
Professional, advisory and other fees17,457 14,395 32,917 25,434 
Service fees6,379 6,768 12,110 13,605 
Communications9,710 8,073 18,977 16,249 
Occupancy and equipment9,946 8,973 19,486 18,503 
Depreciation and amortization4,565 6,200 8,919 11,642 
Client services and business development4,336