cown-202109300001466538--12-312021Q3falseP2YP5YP7YP2YP5YP4YP1YP5Y00014665382021-01-012021-09-300001466538us-gaap:CommonClassAMemberexch:XNMS2021-01-012021-09-300001466538cown:A2033NotesMemberexch:XNMS2021-01-012021-09-30xbrli:shares00014665382021-10-28iso4217:USD00014665382021-09-3000014665382020-12-310001466538cown:PortfolioFundsMember2021-09-300001466538cown:PortfolioFundsMember2020-12-31iso4217:USDxbrli:shares0001466538us-gaap:ConvertiblePreferredStockMember2021-09-300001466538us-gaap:ConvertiblePreferredStockMember2020-12-310001466538us-gaap:CommonClassAMember2021-09-300001466538us-gaap:CommonClassAMember2020-12-310001466538us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2021-09-300001466538us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-12-310001466538us-gaap:CommonClassBMember2021-09-300001466538us-gaap:CommonClassBMember2020-12-3100014665382021-07-012021-09-3000014665382020-07-012020-09-3000014665382020-01-012020-09-300001466538us-gaap:MaterialReconcilingItemsMember2021-01-012021-09-300001466538us-gaap:CommonStockMember2021-06-300001466538us-gaap:PreferredStockMember2021-06-300001466538us-gaap:TreasuryStockMember2021-06-300001466538us-gaap:AdditionalPaidInCapitalMember2021-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001466538us-gaap:RetainedEarningsMember2021-06-3000014665382021-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2021-06-300001466538cown:PermanentEquityMember2021-06-300001466538us-gaap:RetainedEarningsMember2021-07-012021-09-300001466538cown:PermanentEquityMember2021-07-012021-09-300001466538cown:NonredeemableNoncontrollingInterestsMember2021-07-012021-09-300001466538us-gaap:CommonStockMember2021-07-012021-09-300001466538us-gaap:TreasuryStockMember2021-07-012021-09-300001466538us-gaap:ConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2021-07-012021-09-300001466538us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001466538us-gaap:CommonStockMember2021-09-300001466538us-gaap:PreferredStockMember2021-09-300001466538us-gaap:TreasuryStockMember2021-09-300001466538us-gaap:AdditionalPaidInCapitalMember2021-09-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001466538us-gaap:RetainedEarningsMember2021-09-300001466538cown:NonredeemableNoncontrollingInterestsMember2021-09-300001466538cown:PermanentEquityMember2021-09-300001466538us-gaap:CommonStockMember2020-06-300001466538us-gaap:PreferredStockMember2020-06-300001466538us-gaap:TreasuryStockMember2020-06-300001466538us-gaap:AdditionalPaidInCapitalMember2020-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001466538us-gaap:RetainedEarningsMember2020-06-3000014665382020-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2020-06-300001466538cown:PermanentEquityMember2020-06-300001466538us-gaap:RetainedEarningsMember2020-07-012020-09-300001466538cown:PermanentEquityMember2020-07-012020-09-300001466538cown:NonredeemableNoncontrollingInterestsMember2020-07-012020-09-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001466538us-gaap:CommonStockMember2020-07-012020-09-300001466538us-gaap:TreasuryStockMember2020-07-012020-09-300001466538us-gaap:ConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2020-07-012020-09-300001466538us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001466538us-gaap:CommonStockMember2020-09-300001466538us-gaap:PreferredStockMember2020-09-300001466538us-gaap:TreasuryStockMember2020-09-300001466538us-gaap:AdditionalPaidInCapitalMember2020-09-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001466538us-gaap:RetainedEarningsMember2020-09-3000014665382020-09-300001466538cown:NonredeemableNoncontrollingInterestsMember2020-09-300001466538cown:PermanentEquityMember2020-09-300001466538us-gaap:CommonStockMember2020-12-310001466538us-gaap:PreferredStockMember2020-12-310001466538us-gaap:TreasuryStockMember2020-12-310001466538us-gaap:AdditionalPaidInCapitalMember2020-12-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001466538us-gaap:RetainedEarningsMember2020-12-310001466538cown:NonredeemableNoncontrollingInterestsMember2020-12-310001466538cown:PermanentEquityMember2020-12-310001466538us-gaap:RetainedEarningsMember2021-01-012021-09-300001466538cown:PermanentEquityMember2021-01-012021-09-300001466538cown:NonredeemableNoncontrollingInterestsMember2021-01-012021-09-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001466538us-gaap:CommonStockMember2021-01-012021-09-300001466538us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001466538us-gaap:TreasuryStockMember2021-01-012021-09-300001466538us-gaap:ConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2021-01-012021-09-300001466538us-gaap:CommonStockMember2019-12-310001466538us-gaap:PreferredStockMember2019-12-310001466538us-gaap:TreasuryStockMember2019-12-310001466538us-gaap:AdditionalPaidInCapitalMember2019-12-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001466538us-gaap:RetainedEarningsMember2019-12-3100014665382019-12-310001466538cown:NonredeemableNoncontrollingInterestsMember2019-12-310001466538cown:PermanentEquityMember2019-12-310001466538srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310001466538srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001466538cown:PermanentEquityMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001466538us-gaap:RetainedEarningsMember2020-01-012020-09-300001466538cown:PermanentEquityMember2020-01-012020-09-300001466538cown:NonredeemableNoncontrollingInterestsMember2020-01-012020-09-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001466538us-gaap:CommonStockMember2020-01-012020-09-300001466538us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001466538us-gaap:TreasuryStockMember2020-01-012020-09-300001466538us-gaap:ConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2020-01-012020-09-30cown:segmentcown:division0001466538us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300001466538us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-31xbrli:pure0001466538cown:DuringInvestmentPeriodMembersrt:MinimumMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:DuringInvestmentPeriodMembercown:OperatingCompanyMembersrt:MaximumMember2021-01-012021-09-300001466538cown:AfterInvestmentPeriodMembersrt:MinimumMembercown:OperatingCompanyMembercown:HealthcareRoyaltyPartnersMember2021-01-012021-09-300001466538cown:AfterInvestmentPeriodMembercown:OperatingCompanyMembersrt:MaximumMembercown:HealthcareRoyaltyPartnersMember2021-01-012021-09-300001466538cown:OtherHealthcareRoyaltyPartnersMemberMembercown:DuringInvestmentPeriodMembersrt:MinimumMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:OtherHealthcareRoyaltyPartnersMemberMembercown:DuringInvestmentPeriodMembercown:OperatingCompanyMembersrt:MaximumMember2021-01-012021-09-300001466538us-gaap:HedgeFundsMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:CowenInsuranceMember2021-02-262021-02-260001466538cown:CowenInsuranceMemberus-gaap:ScenarioPlanMember2021-02-262021-02-260001466538cown:CowenInsuranceMember2021-01-012021-09-300001466538cown:CowenInsuranceMemberus-gaap:ScenarioPlanMember2021-02-260001466538cown:CowenInsuranceMemberus-gaap:CustomerRelatedIntangibleAssetsMember2021-02-260001466538cown:CowenInsuranceMemberus-gaap:LicenseMember2021-02-260001466538cown:CowenInsuranceMember2021-07-012021-09-300001466538cown:CowenInsuranceMemberus-gaap:ScenarioPlanMember2021-09-300001466538cown:FacilityLeasesMember2021-09-300001466538cown:FacilityLeasesMember2020-12-310001466538cown:CollateralReinsuranceAgreementMember2021-09-300001466538cown:CollateralReinsuranceAgreementMember2020-12-310001466538cown:LetterOfCreditNYOffice1ExpiresApril2022Memberus-gaap:LetterOfCreditMember2021-09-300001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditNYOffice3ExpiresOctober2022Member2021-09-300001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditNYOffice5ExpiresNovember2021Domain2021-09-300001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditBostonOfficeExpiresMarch2028Member2021-09-300001466538cown:LetterofCreditSanFranciscoOfficeExpiresOctober2025Memberus-gaap:LetterOfCreditMember2021-09-300001466538us-gaap:CommonStockMember2021-09-300001466538us-gaap:CommonStockMember2020-12-310001466538us-gaap:PreferredStockMember2021-09-300001466538us-gaap:PreferredStockMember2020-12-310001466538cown:WarrantsAndRightsMember2021-09-300001466538cown:WarrantsAndRightsMember2020-12-310001466538us-gaap:USTreasuryAndGovernmentMember2021-09-300001466538us-gaap:USTreasuryAndGovernmentMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-09-300001466538us-gaap:ConvertibleDebtSecuritiesMember2020-12-310001466538us-gaap:LoansMember2021-09-300001466538us-gaap:LoansMember2020-12-310001466538cown:TradeClaimsMember2021-09-300001466538cown:TradeClaimsMember2020-12-310001466538us-gaap:PrivateEquityFundsMember2021-09-300001466538us-gaap:PrivateEquityFundsMember2020-12-310001466538us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001466538us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001466538us-gaap:ForeignExchangeForwardMember2021-09-300001466538us-gaap:ForeignExchangeForwardMember2020-12-310001466538us-gaap:SwapMember2021-09-300001466538us-gaap:SwapMember2020-12-31cown:contract0001466538us-gaap:OptionMember2021-09-300001466538us-gaap:OptionMember2020-12-310001466538cown:ReceivableonderivativescontractsatfairvalueMember2021-09-300001466538cown:ReceivableonderivativescontractsatfairvalueMember2020-12-310001466538us-gaap:FutureMember2021-09-300001466538us-gaap:FutureMember2020-12-310001466538us-gaap:InterestRateSwapMember2021-09-300001466538us-gaap:InterestRateSwapMember2020-12-310001466538us-gaap:PutOptionMember2021-09-300001466538us-gaap:PutOptionMember2020-12-310001466538cown:PayableforderivativescontractsatfairvalueMember2021-09-300001466538cown:PayableforderivativescontractsatfairvalueMember2020-12-310001466538us-gaap:OtherIncomeMember2021-07-012021-09-300001466538us-gaap:OtherIncomeMember2020-07-012020-09-300001466538us-gaap:OtherIncomeMember2021-01-012021-09-300001466538us-gaap:OtherIncomeMember2020-01-012020-09-300001466538cown:CarriedinterestMember2021-09-300001466538cown:CarriedinterestMember2020-12-310001466538us-gaap:EquityMethodInvestmentsMember2021-09-300001466538us-gaap:EquityMethodInvestmentsMember2020-12-310001466538cown:StarboardValueAndOpportunityFundLpMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2021-09-300001466538cown:StarboardValueAndOpportunityFundLpMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2020-12-310001466538cown:PortfolioFundsMembercown:Formation8PartnersFundIMember2021-09-300001466538cown:PortfolioFundsMembercown:Formation8PartnersFundIMember2020-12-310001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIILPMembersrt:AffiliatedEntityMember2021-09-300001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIILPMembersrt:AffiliatedEntityMember2020-12-310001466538cown:PortfolioFundsMembercown:LagunitaBiosciencesLLCMemberMember2021-09-300001466538cown:PortfolioFundsMembercown:LagunitaBiosciencesLLCMemberMember2020-12-310001466538cown:PortfolioFundsMembercown:EclipseVenturesFundIL.P.Member2021-09-300001466538cown:PortfolioFundsMembercown:EclipseVenturesFundIL.P.Member2020-12-310001466538cown:HealthcareRoyaltyPartnersIiMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2021-09-300001466538cown:HealthcareRoyaltyPartnersIiMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2020-12-310001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:HealthcareRoyaltyPartnersMember2021-09-300001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:HealthcareRoyaltyPartnersMember2020-12-310001466538cown:PortfolioFundsMembercown:StarboardLeadersFundLPMembersrt:AffiliatedEntityMember2021-09-300001466538cown:PortfolioFundsMembercown:StarboardLeadersFundLPMembersrt:AffiliatedEntityMember2020-12-310001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:EclipseSPVILPMember2021-09-300001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:EclipseSPVILPMember2020-12-310001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:RamiusMergerFundLLCMember2021-09-300001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:RamiusMergerFundLLCMember2020-12-310001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMember2021-09-300001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMember2020-12-310001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMember2021-09-300001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMember2020-12-310001466538cown:TriartisanPFCPartnersLLCMemberMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2021-09-300001466538cown:TriartisanPFCPartnersLLCMemberMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2020-12-310001466538cown:StarboardValueOpportunityFundLtdMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2021-09-300001466538cown:StarboardValueOpportunityFundLtdMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2020-12-310001466538cown:PortfolioFundsMembercown:EclipseVentureFundIILPMember2021-09-300001466538cown:PortfolioFundsMembercown:EclipseVentureFundIILPMember2020-12-310001466538cown:PortfolioFundsMembercown:EclipseContinuityFundIL.P.Member2021-09-300001466538cown:PortfolioFundsMembercown:EclipseContinuityFundIL.P.Member2020-12-310001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:CowenSustainableInvestmentsILPMember2021-09-300001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:CowenSustainableInvestmentsILPMember2020-12-310001466538cown:PortfolioFundsMembercown:DifesaPartnersLPMember2021-09-300001466538cown:PortfolioFundsMembercown:DifesaPartnersLPMember2020-12-310001466538cown:PortfolioFundsMembercown:BDCFundICoinvest1LPMember2021-09-300001466538cown:PortfolioFundsMembercown:BDCFundICoinvest1LPMember2020-12-310001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:OtherPrivateInvestmentMember2021-09-300001466538cown:PortfolioFundsMembersrt:AffiliatedEntityMembercown:OtherPrivateInvestmentMember2020-12-310001466538cown:PortfolioFundsMembercown:OtherFundsMembersrt:AffiliatedEntityMember2021-09-300001466538cown:PortfolioFundsMembercown:OtherFundsMembersrt:AffiliatedEntityMember2020-12-310001466538cown:StarboardValueAndOpportunityFundLpMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2021-01-012021-09-300001466538cown:PortfolioFundsMembercown:StarboardLeadersFundLPMembersrt:AffiliatedEntityMember2021-01-012021-09-300001466538cown:CowenHealthcareInvestmentsIILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2021-09-300001466538cown:CowenHealthcareInvestmentsIILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2020-12-310001466538cown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2021-09-300001466538cown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2020-12-310001466538srt:AffiliatedEntityMembercown:CowenSustainableInvestmentsILPMembercown:CarriedinterestMember2021-09-300001466538srt:AffiliatedEntityMembercown:CowenSustainableInvestmentsILPMembercown:CarriedinterestMember2020-12-310001466538cown:CowenSustainableInvestmentsOffshoreILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2021-09-300001466538cown:CowenSustainableInvestmentsOffshoreILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2020-12-310001466538srt:AffiliatedEntityMembercown:CSIIProdigyCoInvestmentLPMembercown:CarriedinterestMember2021-09-300001466538srt:AffiliatedEntityMembercown:CSIIProdigyCoInvestmentLPMembercown:CarriedinterestMember2020-12-310001466538srt:AffiliatedEntityMembercown:CSIPRTACoInvestmentLPMembercown:CarriedinterestMember2021-09-300001466538srt:AffiliatedEntityMembercown:CSIPRTACoInvestmentLPMembercown:CarriedinterestMember2020-12-310001466538srt:AffiliatedEntityMembercown:TriartisanTGIFPartnersLLCMembercown:CarriedinterestMember2021-09-300001466538srt:AffiliatedEntityMembercown:TriartisanTGIFPartnersLLCMembercown:CarriedinterestMember2020-12-310001466538srt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMembercown:CarriedinterestMember2021-09-300001466538srt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMembercown:CarriedinterestMember2020-12-310001466538cown:TriartisanPFCPartnersLLCMemberMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2021-09-300001466538cown:TriartisanPFCPartnersLLCMemberMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2020-12-310001466538cown:RamiusMultiStrategyFundLPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2021-09-300001466538cown:RamiusMultiStrategyFundLPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2020-12-310001466538srt:AffiliatedEntityMembercown:RamiusMergerFundLLCMembercown:CarriedinterestMember2021-09-300001466538srt:AffiliatedEntityMembercown:RamiusMergerFundLLCMembercown:CarriedinterestMember2020-12-310001466538srt:AffiliatedEntityMembercown:RCGIORenergysSarlMembercown:CarriedinterestMember2021-09-300001466538srt:AffiliatedEntityMembercown:RCGIORenergysSarlMembercown:CarriedinterestMember2020-12-310001466538cown:SurfHouseOceanViewsHoldingsLLCMember2020-01-012020-09-300001466538cown:StarboardValueLPMember2021-09-300001466538cown:StarboardValueLPMember2020-12-310001466538cown:HealthcareRoyaltyGPIIILLCMember2021-09-300001466538cown:HealthcareRoyaltyGPIIILLCMember2020-12-310001466538cown:RCGLongviewManagementLLCMember2021-09-300001466538cown:RCGLongviewManagementLLCMember2020-12-310001466538cown:HealthcareRoyaltyGpLlcMember2021-09-300001466538cown:HealthcareRoyaltyGpLlcMember2020-12-310001466538cown:HealthcareRoyaltyGpIiLlcMember2021-09-300001466538cown:HealthcareRoyaltyGpIiLlcMember2020-12-310001466538cown:HealthcareRoyaltyGPIVLLCMember2021-09-300001466538cown:HealthcareRoyaltyGPIVLLCMember2020-12-310001466538cown:RcgLongviewDebtFundIvManagementLlcMember2021-09-300001466538cown:RcgLongviewDebtFundIvManagementLlcMember2020-12-310001466538cown:HCROverflowFundGPLLCMember2021-09-300001466538cown:HCROverflowFundGPLLCMember2020-12-310001466538cown:RcgLongviewEquityManagementLlcMember2021-09-300001466538cown:RcgLongviewEquityManagementLlcMember2020-12-310001466538cown:HCRStaffordFundGPLLCMember2021-09-300001466538cown:HCRStaffordFundGPLLCMember2020-12-310001466538cown:LibertyHarborNorthMember2021-09-300001466538cown:LibertyHarborNorthMember2020-12-310001466538cown:EquityMethodInvesteeOtherMember2021-09-300001466538cown:EquityMethodInvesteeOtherMember2020-12-310001466538us-gaap:USGovernmentDebtSecuritiesMember2021-09-300001466538us-gaap:USGovernmentDebtSecuritiesMember2020-12-310001466538us-gaap:CommonStockMemberus-gaap:MaturityOvernightMember2021-09-300001466538us-gaap:MaturityUpTo30DaysMemberus-gaap:CommonStockMember2021-09-300001466538us-gaap:Maturity30To90DaysMemberus-gaap:CommonStockMember2021-09-300001466538us-gaap:MaturityOver90DaysMemberus-gaap:CommonStockMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOvernightMember2021-09-300001466538us-gaap:MaturityUpTo30DaysMemberus-gaap:CorporateBondSecuritiesMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:Maturity30To90DaysMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOver90DaysMember2021-09-300001466538us-gaap:CommonStockMemberus-gaap:MaturityOvernightMember2020-12-310001466538us-gaap:MaturityUpTo30DaysMemberus-gaap:CommonStockMember2020-12-310001466538us-gaap:Maturity30To90DaysMemberus-gaap:CommonStockMember2020-12-310001466538us-gaap:MaturityOver90DaysMemberus-gaap:CommonStockMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOvernightMember2020-12-310001466538us-gaap:MaturityUpTo30DaysMemberus-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:Maturity30To90DaysMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOver90DaysMember2020-12-310001466538us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-09-300001466538us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-310001466538cown:ConsolidatedFundsMember2021-01-012021-09-300001466538cown:EnterpriseLpMember2021-09-300001466538cown:EnterpriseLpMember2020-12-310001466538cown:CowenSustainableInvestmentsILPMember2021-09-300001466538cown:CowenSustainableInvestmentsILPMember2020-12-310001466538cown:LinkemMembercountry:ITcown:WirelessBroadbandMemberus-gaap:EquitySecuritiesMember2021-09-300001466538cown:LinkemMembercountry:ITcown:WirelessBroadbandMemberus-gaap:EquitySecuritiesMember2020-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:TradeClaimsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:TradeClaimsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2021-09-300001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel1Membercown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel2Membercown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001466538cown:QuartonMember2021-09-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:LoansMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:SwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:FairValueInputsLevel2Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel1Membercown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel2Membercown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001466538cown:QuartonMember2020-12-310001466538us-gaap:PreferredStockMember2021-06-300001466538us-gaap:PreferredStockMember2021-07-012021-09-300001466538us-gaap:PreferredStockMember2021-09-300001466538us-gaap:CommonStockMember2021-06-300001466538us-gaap:CommonStockMember2021-07-012021-09-300001466538us-gaap:CommonStockMember2021-09-300001466538us-gaap:ConvertibleDebtSecuritiesMember2021-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2021-07-012021-09-300001466538us-gaap:ConvertibleDebtSecuritiesMember2021-09-300001466538us-gaap:CorporateBondSecuritiesMember2021-06-300001466538us-gaap:CorporateBondSecuritiesMember2021-07-012021-09-300001466538us-gaap:CorporateBondSecuritiesMember2021-09-300001466538us-gaap:OptionMember2021-06-300001466538us-gaap:OptionMember2021-07-012021-09-300001466538us-gaap:OptionMember2021-09-300001466538us-gaap:PutOptionMember2021-06-300001466538us-gaap:PutOptionMember2021-07-012021-09-300001466538us-gaap:PutOptionMember2021-09-300001466538us-gaap:LoansMember2021-06-300001466538us-gaap:LoansMember2021-07-012021-09-300001466538us-gaap:LoansMember2021-09-300001466538cown:WarrantsAndRightsMember2021-06-300001466538cown:WarrantsAndRightsMember2021-07-012021-09-300001466538cown:WarrantsAndRightsMember2021-09-300001466538cown:TradeClaimsMember2021-06-300001466538cown:TradeClaimsMember2021-07-012021-09-300001466538cown:TradeClaimsMember2021-09-300001466538us-gaap:PrivateEquityFundsMember2021-06-300001466538us-gaap:PrivateEquityFundsMember2021-07-012021-09-300001466538us-gaap:PrivateEquityFundsMember2021-09-300001466538cown:ContingentLiabilityPayableMember2021-06-300001466538cown:ContingentLiabilityPayableMember2021-07-012021-09-300001466538cown:ContingentLiabilityPayableMember2021-09-300001466538us-gaap:PreferredStockMember2020-06-300001466538us-gaap:PreferredStockMember2020-07-012020-09-300001466538us-gaap:PreferredStockMember2020-09-300001466538us-gaap:CommonStockMember2020-06-300001466538us-gaap:CommonStockMember2020-07-012020-09-300001466538us-gaap:CommonStockMember2020-09-300001466538us-gaap:ConvertibleDebtSecuritiesMember2020-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2020-07-012020-09-300001466538us-gaap:ConvertibleDebtSecuritiesMember2020-09-300001466538us-gaap:CorporateBondSecuritiesMember2020-06-300001466538us-gaap:CorporateBondSecuritiesMember2020-07-012020-09-300001466538us-gaap:CorporateBondSecuritiesMember2020-09-300001466538us-gaap:OptionMember2020-06-300001466538us-gaap:OptionMember2020-07-012020-09-300001466538us-gaap:OptionMember2020-09-300001466538us-gaap:PutOptionMember2020-06-300001466538us-gaap:PutOptionMember2020-07-012020-09-300001466538us-gaap:PutOptionMember2020-09-300001466538us-gaap:LoansMembercown:ConsolidatedFundsMember2020-06-300001466538us-gaap:LoansMembercown:ConsolidatedFundsMember2020-07-012020-09-300001466538us-gaap:LoansMembercown:ConsolidatedFundsMember2020-09-300001466538cown:WarrantsAndRightsMember2020-06-300001466538cown:WarrantsAndRightsMember2020-07-012020-09-300001466538cown:WarrantsAndRightsMember2020-09-300001466538cown:TradeClaimsMember2020-06-300001466538cown:TradeClaimsMember2020-07-012020-09-300001466538cown:TradeClaimsMember2020-09-300001466538us-gaap:PrivateEquityFundsMember2020-06-300001466538us-gaap:PrivateEquityFundsMember2020-07-012020-09-300001466538us-gaap:PrivateEquityFundsMember2020-09-300001466538us-gaap:CorporateBondSecuritiesMember2020-06-300001466538us-gaap:CorporateBondSecuritiesMember2020-07-012020-09-300001466538us-gaap:CorporateBondSecuritiesMember2020-09-300001466538us-gaap:USGovernmentDebtSecuritiesMember2020-06-300001466538us-gaap:USGovernmentDebtSecuritiesMember2020-07-012020-09-300001466538us-gaap:USGovernmentDebtSecuritiesMember2020-09-300001466538cown:ContingentLiabilityPayableMember2020-06-300001466538cown:ContingentLiabilityPayableMember2020-07-012020-09-300001466538cown:ContingentLiabilityPayableMember2020-09-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2020-06-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2020-07-012020-09-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2020-09-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2020-06-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2020-07-012020-09-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2020-09-300001466538us-gaap:ConvertibleDebtSecuritiesMembercown:ConsolidatedFundsMember2020-06-300001466538us-gaap:ConvertibleDebtSecuritiesMembercown:ConsolidatedFundsMember2020-07-012020-09-300001466538us-gaap:ConvertibleDebtSecuritiesMembercown:ConsolidatedFundsMember2020-09-300001466538us-gaap:PreferredStockMember2020-12-310001466538us-gaap:PreferredStockMember2021-01-012021-09-300001466538us-gaap:CommonStockMember2020-12-310001466538us-gaap:CommonStockMember2021-01-012021-09-300001466538us-gaap:ConvertibleDebtSecuritiesMember2020-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-01-012021-09-300001466538us-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMember2021-01-012021-09-300001466538us-gaap:OptionMember2020-12-310001466538us-gaap:OptionMember2021-01-012021-09-300001466538us-gaap:PutOptionMember2020-12-310001466538us-gaap:PutOptionMember2021-01-012021-09-300001466538us-gaap:LoansMember2020-12-310001466538us-gaap:LoansMember2021-01-012021-09-300001466538cown:WarrantsAndRightsMember2020-12-310001466538cown:WarrantsAndRightsMember2021-01-012021-09-300001466538cown:TradeClaimsMember2020-12-310001466538cown:TradeClaimsMember2021-01-012021-09-300001466538us-gaap:PrivateEquityFundsMember2020-12-310001466538us-gaap:PrivateEquityFundsMember2021-01-012021-09-300001466538us-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMember2021-01-012021-09-300001466538us-gaap:CorporateBondSecuritiesMember2021-09-300001466538us-gaap:USGovernmentDebtSecuritiesMember2020-12-310001466538us-gaap:USGovernmentDebtSecuritiesMember2021-01-012021-09-300001466538us-gaap:USGovernmentDebtSecuritiesMember2021-09-300001466538cown:ContingentLiabilityPayableMember2020-12-310001466538cown:ContingentLiabilityPayableMember2021-01-012021-09-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2021-01-012021-09-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2021-09-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2020-12-310001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-01-012021-09-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-09-300001466538us-gaap:PreferredStockMember2019-12-310001466538us-gaap:PreferredStockMember2020-01-012020-09-300001466538us-gaap:CommonStockMember2019-12-310001466538us-gaap:CommonStockMember2020-01-012020-09-300001466538us-gaap:ConvertibleDebtSecuritiesMember2019-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2020-01-012020-09-300001466538us-gaap:CorporateBondSecuritiesMember2019-12-310001466538us-gaap:CorporateBondSecuritiesMember2020-01-012020-09-300001466538us-gaap:OptionMember2019-12-310001466538us-gaap:OptionMember2020-01-012020-09-300001466538us-gaap:PutOptionMember2019-12-310001466538us-gaap:PutOptionMember2020-01-012020-09-300001466538cown:WarrantsAndRightsMember2019-12-310001466538cown:WarrantsAndRightsMember2020-01-012020-09-300001466538us-gaap:LoansMembercown:ConsolidatedFundsMember2019-12-310001466538us-gaap:LoansMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538cown:TradeClaimsMember2019-12-310001466538cown:TradeClaimsMember2020-01-012020-09-300001466538us-gaap:PrivateEquityFundsMember2019-12-310001466538us-gaap:PrivateEquityFundsMember2020-01-012020-09-300001466538us-gaap:CorporateBondSecuritiesMember2019-12-310001466538us-gaap:CorporateBondSecuritiesMember2020-01-012020-09-300001466538us-gaap:USGovernmentDebtSecuritiesMember2019-12-310001466538us-gaap:USGovernmentDebtSecuritiesMember2020-01-012020-09-300001466538cown:ContingentLiabilityPayableMember2019-12-310001466538cown:ContingentLiabilityPayableMember2020-01-012020-09-300001466538us-gaap:PreferredStockMembercown:ConsolidatedFundsMember2019-12-310001466538us-gaap:PreferredStockMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538us-gaap:PreferredStockMembercown:ConsolidatedFundsMember2020-09-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2019-12-310001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2019-12-310001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538us-gaap:ConvertibleDebtSecuritiesMembercown:ConsolidatedFundsMember2019-12-310001466538us-gaap:ConvertibleDebtSecuritiesMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMembercown:CommonAndPreferredStockMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:CommonAndPreferredStockMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:CommonAndPreferredStockMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:CommonAndPreferredStockMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembercown:CommonAndPreferredStockMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:OptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMembercown:WarrantsAndRightsMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:WarrantsAndRightsMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:WarrantsAndRightsMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembercown:WarrantsAndRightsMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:CorporateBondSecuritiesMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMember2021-09-300001466538us-gaap:FairValueInputsLevel3Member2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:PutOptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:PutOptionMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembercown:DiscountCashFlowAndMonteCarloTechniqueMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:ContingentLiabilityPayableMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:ContingentLiabilityPayableMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:MonteCarloMembercown:ContingentLiabilityPayableMembersrt:MinimumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:MonteCarloMembercown:ContingentLiabilityPayableMembersrt:MaximumMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:ContingentLiabilityPayableMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:MonteCarloMembercown:ContingentLiabilityPayableMember2021-09-300001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMembercown:CommonAndPreferredStockMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:CommonAndPreferredStockMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:CommonAndPreferredStockMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:CommonAndPreferredStockMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31cown:times0001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembercown:CommonAndPreferredStockMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMembercown:WarrantsAndRightsMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:WarrantsAndRightsMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercown:WarrantsAndRightsMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembercown:WarrantsAndRightsMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:OptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMember2020-12-310001466538us-gaap:FairValueInputsLevel3Member2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:PutOptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:PutOptionMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembercown:DiscountCashFlowAndMonteCarloTechniqueMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:ContingentLiabilityPayableMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:ContingentLiabilityPayableMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:MonteCarloMembercown:ContingentLiabilityPayableMembersrt:MinimumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membercown:MonteCarloMembercown:ContingentLiabilityPayableMembersrt:MaximumMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:ContingentLiabilityPayableMember2020-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:MonteCarloMembercown:ContingentLiabilityPayableMember2020-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:OtherLiabilitiesMember2020-12-310001466538us-gaap:FairValueInputsLevel1Member2021-09-300001466538us-gaap:FairValueInputsLevel1Member2020-12-310001466538us-gaap:FairValueInputsLevel2Member2021-09-300001466538us-gaap:FairValueInputsLevel2Member2020-12-310001466538us-gaap:ConvertibleDebtMember2020-12-310001466538us-gaap:NotesPayableOtherPayablesMember2021-09-300001466538us-gaap:NotesPayableOtherPayablesMember2020-12-310001466538cown:InvestmentBankReportingUnitMember2019-12-310001466538cown:CowenInvestmentManagementReportingUnitMember2019-12-310001466538cown:AssetCompanyReportingUnitMember2019-12-310001466538cown:InvestmentBankReportingUnitMember2020-01-012020-12-310001466538cown:CowenInvestmentManagementReportingUnitMember2020-01-012020-12-310001466538cown:AssetCompanyReportingUnitMember2020-01-012020-12-3100014665382020-01-012020-12-310001466538cown:InvestmentBankReportingUnitMember2020-12-310001466538cown:CowenInvestmentManagementReportingUnitMember2020-12-310001466538cown:AssetCompanyReportingUnitMember2020-12-310001466538cown:InvestmentBankReportingUnitMember2021-01-012021-09-300001466538cown:CowenInvestmentManagementReportingUnitMember2021-01-012021-09-300001466538cown:AssetCompanyReportingUnitMember2021-01-012021-09-300001466538cown:InvestmentBankReportingUnitMember2021-09-300001466538cown:CowenInvestmentManagementReportingUnitMember2021-09-300001466538cown:AssetCompanyReportingUnitMember2021-09-300001466538cown:OperatingCompaniesMember2021-09-300001466538cown:OperatingCompaniesMember2020-12-310001466538cown:ConsolidatedFundsMember2021-09-300001466538cown:ConsolidatedFundsMember2020-12-310001466538cown:OperatingCompaniesMember2021-07-012021-09-300001466538cown:OperatingCompaniesMember2020-07-012020-09-300001466538cown:OperatingCompaniesMember2021-01-012021-09-300001466538cown:OperatingCompaniesMember2020-01-012020-09-300001466538cown:ConsolidatedFundsMember2021-07-012021-09-300001466538cown:ConsolidatedFundsMember2020-07-012020-09-300001466538cown:ConsolidatedFundsMember2020-01-012020-09-300001466538cown:UnderwritingFeesMembercown:OperatingCompanyMember2021-07-012021-09-300001466538cown:UnderwritingFeesMembercown:OperatingCompanyMember2020-07-012020-09-300001466538cown:UnderwritingFeesMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:UnderwritingFeesMembercown:OperatingCompanyMember2020-01-012020-09-300001466538cown:StrategicFinancialAdvisoryFeesMembercown:OperatingCompanyMember2021-07-012021-09-300001466538cown:StrategicFinancialAdvisoryFeesMembercown:OperatingCompanyMember2020-07-012020-09-300001466538cown:StrategicFinancialAdvisoryFeesMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:StrategicFinancialAdvisoryFeesMembercown:OperatingCompanyMember2020-01-012020-09-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2021-07-012021-09-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2020-07-012020-09-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2020-01-012020-09-300001466538cown:ExpenseReimbursementsfromClientsMembercown:OperatingCompanyMember2021-07-012021-09-300001466538cown:ExpenseReimbursementsfromClientsMembercown:OperatingCompanyMember2020-07-012020-09-300001466538cown:ExpenseReimbursementsfromClientsMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:ExpenseReimbursementsfromClientsMembercown:OperatingCompanyMember2020-01-012020-09-300001466538cown:OperatingCompanyMembercown:InvestmentBankingRevenueMember2021-07-012021-09-300001466538cown:OperatingCompanyMembercown:InvestmentBankingRevenueMember2020-07-012020-09-300001466538cown:OperatingCompanyMembercown:InvestmentBankingRevenueMember2021-01-012021-09-300001466538cown:OperatingCompanyMembercown:InvestmentBankingRevenueMember2020-01-012020-09-300001466538cown:OperatingCompanyMembercown:CommissionsMember2021-07-012021-09-300001466538cown:OperatingCompanyMembercown:CommissionsMember2020-07-012020-09-300001466538cown:OperatingCompanyMembercown:CommissionsMember2021-01-012021-09-300001466538cown:OperatingCompanyMembercown:CommissionsMember2020-01-012020-09-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2021-07-012021-09-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2020-07-012020-09-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2020-01-012020-09-300001466538cown:EquityandCreditResearchFeesMembercown:OperatingCompanyMember2021-07-012021-09-300001466538cown:EquityandCreditResearchFeesMembercown:OperatingCompanyMember2020-07-012020-09-300001466538cown:EquityandCreditResearchFeesMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:EquityandCreditResearchFeesMembercown:OperatingCompanyMember2020-01-012020-09-300001466538cown:BrokerageMembercown:OperatingCompanyMember2021-07-012021-09-300001466538cown:BrokerageMembercown:OperatingCompanyMember2020-07-012020-09-300001466538cown:BrokerageMembercown:OperatingCompanyMember2021-01-012021-09-300001466538cown:BrokerageMembercown:OperatingCompanyMember2020-01-012020-09-300001466538cown:OperatingCompanyMember2021-07-012021-09-300001466538cown:OperatingCompanyMember2020-07-012020-09-300001466538cown:OperatingCompanyMember2021-01-012021-09-300001466538cown:OperatingCompanyMember2020-01-012020-09-300001466538cown:AssetCompanyMember2021-07-012021-09-300001466538cown:AssetCompanyMember2020-07-012020-09-300001466538cown:AssetCompanyMember2021-01-012021-09-300001466538cown:AssetCompanyMember2020-01-012020-09-300001466538cown:OutwardInsuranceMember2021-07-012021-09-300001466538cown:OutwardInsuranceMember2020-07-012020-09-300001466538cown:OutwardInsuranceMember2021-01-012021-09-300001466538cown:OutwardInsuranceMember2020-01-012020-09-300001466538cown:InwardReinsuranceMember2021-07-012021-09-300001466538cown:InwardReinsuranceMember2020-07-012020-09-300001466538cown:InwardReinsuranceMember2021-01-012021-09-300001466538cown:InwardReinsuranceMember2020-01-012020-09-300001466538cown:CowenInsuranceCoAndHollenfelsMember2021-01-012021-09-300001466538us-gaap:CashAndCashEquivalentsMember2021-09-300001466538us-gaap:USTreasuryBondSecuritiesMember2021-09-300001466538cown:CollateralReinsuranceAgreementReleasedSeptember302023Member2021-09-300001466538cown:CollateralReinsuranceAgreementReleasedMarch312021Member2021-09-300001466538us-gaap:EmployeeStockMembercown:EquityPlansMembersrt:MinimumMember2021-01-012021-09-300001466538us-gaap:EmployeeStockMembercown:EquityPlansMembersrt:MaximumMember2021-01-012021-09-300001466538us-gaap:RestrictedStockMembercown:EquityPlansMembersrt:MinimumMember2021-01-012021-09-300001466538us-gaap:RestrictedStockMembercown:EquityPlansMembersrt:MaximumMember2021-01-012021-09-300001466538us-gaap:RestrictedStockMembercown:EquityPlansMember2021-09-300001466538cown:EquityPlansMembercown:DeferredCashAwardMember2021-01-012021-09-300001466538cown:EquityPlansMembercown:DeferredCashAwardMember2021-09-300001466538cown:EquityPlansMember2021-07-012021-09-300001466538cown:EquityPlansMember2020-07-012020-09-300001466538cown:EquityPlansMember2021-01-012021-09-300001466538cown:EquityPlansMember2020-01-012020-09-300001466538cown:EquityPlansMembercown:RestrictedStockAndRestrictedStockUnitsRsusMember2020-12-310001466538cown:EquityPlansMembercown:RestrictedStockAndRestrictedStockUnitsRsusMember2019-12-310001466538cown:EquityPlansMembercown:RestrictedStockAndRestrictedStockUnitsRsusMember2021-01-012021-09-300001466538cown:EquityPlansMembercown:RestrictedStockAndRestrictedStockUnitsRsusMember2020-01-012020-09-300001466538cown:EquityPlansMembercown:RestrictedStockAndRestrictedStockUnitsRsusMember2021-09-300001466538cown:EquityPlansMembercown:RestrictedStockAndRestrictedStockUnitsRsusMember2020-09-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2021-02-012021-02-280001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2020-07-012020-07-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2019-04-012019-04-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2016-03-012016-03-310001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2021-01-012021-09-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2021-01-012021-09-300001466538us-gaap:PerformanceSharesMemberus-gaap:ShareDistributionMembercown:EquityPlansMember2021-01-012021-09-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMemberus-gaap:CashAndCashEquivalentsMember2021-01-012021-09-300001466538us-gaap:PerformanceSharesMembersrt:MinimumMember2021-01-012021-09-300001466538us-gaap:PerformanceSharesMembersrt:MaximumMember2021-01-012021-09-300001466538cown:EquityPlansMembercown:NonEmployeeDirectorMemberus-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001466538cown:EquityPlansMembercown:NonEmployeeDirectorMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001466538cown:EquityPlansMembercown:NonEmployeeDirectorMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001466538cown:EquityPlansMembercown:NonEmployeeDirectorMemberus-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001466538cown:EquityPlansMembercown:NonEmployeeDirectorMemberus-gaap:RestrictedStockUnitsRSUMember2021-09-300001466538cown:EquityPlansMembercown:NonEmployeeDirectorMemberus-gaap:RestrictedStockUnitsRSUMember2020-12-310001466538cown:FacilityLeasesMember2021-07-012021-09-300001466538cown:FacilityLeasesMember2020-07-012020-09-300001466538cown:FacilityLeasesMember2021-01-012021-09-300001466538cown:FacilityLeasesMember2020-01-012020-09-300001466538cown:EquipmentLeasesMember2021-09-300001466538cown:FacilityLeasesMember2021-09-300001466538cown:ServicePaymentsMember2021-09-300001466538cown:UnfundedCommitmentsMembercown:HealthcareRoyaltyPartnersMember2021-01-012021-09-300001466538cown:HealthcareRoyaltyPartnersMembercown:CommitmentToInvestMember2021-01-012021-09-300001466538cown:UnfundedCommitmentsMembercown:Formation8PartnersHardwareFundIL.P.Member2021-01-012021-09-300001466538cown:Formation8PartnersHardwareFundIL.P.Membercown:CommitmentToInvestMember2021-01-012021-09-300001466538cown:UnfundedCommitmentsMembercown:EclipseFundIIL.P.Member2021-01-012021-09-300001466538cown:EclipseFundIIL.P.Membercown:CommitmentToInvestMember2021-01-012021-09-300001466538cown:UnfundedCommitmentsMembercown:EclipseContinuityFundIL.P.Member2021-01-012021-09-300001466538cown:CommitmentToInvestMembercown:EclipseContinuityFundIL.P.Member2021-01-012021-09-300001466538cown:UnfundedCommitmentsMembercown:CowenHealthcareInvestmentsIIILPMember2021-01-012021-09-300001466538cown:CommitmentToInvestMembercown:CowenHealthcareInvestmentsIIILPMember2021-01-012021-09-300001466538cown:UnfundedCommitmentsMembercown:CowenHealthcareInvestmentsIVLPMember2021-01-012021-09-300001466538cown:CommitmentToInvestMembercown:CowenHealthcareInvestmentsIVLPMember2021-01-012021-09-300001466538cown:UnfundedCommitmentsMembercown:CowenSustainableInvestmentsILPMember2021-01-012021-09-300001466538cown:CowenSustainableInvestmentsILPMembercown:CommitmentToInvestMember2021-01-012021-09-300001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2017-12-140001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2020-12-310001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2020-01-012020-12-310001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2021-09-300001466538us-gaap:CommonClassAMembercown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2021-01-012021-09-300001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2021-01-012021-09-300001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2020-07-012020-09-300001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2020-01-012020-09-300001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2019-05-070001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2019-09-300001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2020-07-012020-09-300001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2021-07-012021-09-300001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2020-01-012020-09-300001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2021-01-012021-09-300001466538cown:A2033NotesMemberus-gaap:SeniorNotesMember2018-06-110001466538cown:A2033NotesMemberus-gaap:SeniorNotesMember2019-05-070001466538cown:A2033NotesMemberus-gaap:SeniorNotesMember2020-03-310001466538cown:A2033NotesMemberus-gaap:SeniorNotesMember2020-07-012020-09-300001466538cown:A2033NotesMemberus-gaap:SeniorNotesMember2021-07-012021-09-300001466538cown:A2033NotesMemberus-gaap:SeniorNotesMember2020-01-012020-09-300001466538cown:A2033NotesMemberus-gaap:SeniorNotesMember2021-01-012021-09-300001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2017-12-080001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2019-05-070001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2017-12-140001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2021-07-012021-09-300001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2020-07-012020-09-300001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2021-01-012021-09-300001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2020-01-012020-09-300001466538cown:A2027NotesMemberus-gaap:SeniorNotesMember2021-03-240001466538cown:TermLoanMembercown:A2028TermLoanMember2021-03-240001466538cown:TermLoanMembercown:A2028TermLoanMember2021-09-300001466538cown:TermLoanMembercown:A2028TermLoanMember2021-07-012021-09-300001466538cown:TermLoanMembercown:A2028TermLoanMember2021-01-012021-09-300001466538us-gaap:NotesPayableToBanksMember2017-06-300001466538us-gaap:NotesPayableToBanksMember2019-07-010001466538us-gaap:NotesPayableToBanksMember2021-09-300001466538us-gaap:NotesPayableToBanksMember2020-01-012020-09-300001466538cown:InsuranceNoteMember2021-01-310001466538cown:InsuranceNoteMember2021-01-012021-09-300001466538cown:InsuranceNoteMember2021-09-300001466538cown:CorporateDebtMember2019-11-010001466538cown:CorporateDebtMember2021-09-300001466538cown:CorporateDebtMember2021-01-012021-09-300001466538cown:PurpleProtectAssetS91Member2020-09-300001466538cown:PurpleProtectAssetS91Member2021-01-012021-06-300001466538cown:PurpleProtectAssetS91Member2020-12-310001466538cown:TheMilitaryMutualLtdMember2021-09-300001466538cown:PurpleProtectAssetS91Member2021-07-012021-09-300001466538cown:PurpleProtectAssetS91Member2021-01-012021-09-300001466538cown:SpikeLineMembersrt:MaximumMember2021-09-300001466538cown:SpikeLineMember2020-01-012020-09-300001466538us-gaap:RevolvingCreditFacilityMembercown:BMOHarrisBankMember2019-12-310001466538us-gaap:RevolvingCreditFacilityMembercown:BMOHarrisBankMember2020-01-012020-09-300001466538us-gaap:SeniorNotesMember2021-09-300001466538cown:TermLoanMember2021-09-30cown:class0001466538us-gaap:ConvertiblePreferredStockMember2015-05-192015-05-190001466538us-gaap:ConvertiblePreferredStockMember2015-05-1900014665382015-05-190001466538us-gaap:CallOptionMembersrt:MinimumMember2021-01-012021-09-300001466538srt:MinimumMember2021-01-012021-09-300001466538srt:MaximumMember2021-01-012021-09-300001466538cown:A2022convertiblenoteMemberus-gaap:ConvertibleDebtMember2018-06-260001466538us-gaap:AdditionalPaidInCapitalMemberus-gaap:ConvertibleDebtMember2021-01-012021-03-3100014665382021-01-012021-03-310001466538us-gaap:DividendPaidMember2021-07-012021-09-300001466538us-gaap:DividendPaidMember2021-01-012021-09-300001466538cown:EquityPlansMemberus-gaap:RestrictedStockUnitsRSUMember2020-12-310001466538us-gaap:PerformanceSharesMember2021-07-012021-09-300001466538us-gaap:PerformanceSharesMember2020-07-012020-09-300001466538us-gaap:PerformanceSharesMember2021-01-012021-09-300001466538us-gaap:PerformanceSharesMember2020-01-012020-09-300001466538cown:QuartonMemberus-gaap:RestrictedStockMember2021-07-012021-09-300001466538cown:QuartonMemberus-gaap:RestrictedStockMember2020-07-012020-09-300001466538cown:QuartonMemberus-gaap:RestrictedStockMember2021-01-012021-09-300001466538cown:QuartonMemberus-gaap:RestrictedStockMember2020-01-012020-09-300001466538us-gaap:ConvertibleDebtMember2021-07-012021-09-300001466538us-gaap:ConvertibleDebtMember2020-07-012020-09-300001466538us-gaap:ConvertibleDebtMember2021-01-012021-09-300001466538us-gaap:ConvertibleDebtMember2020-01-012020-09-300001466538us-gaap:RestrictedStockMember2021-07-012021-09-300001466538us-gaap:RestrictedStockMember2020-07-012020-09-300001466538us-gaap:RestrictedStockMember2021-01-012021-09-300001466538us-gaap:RestrictedStockMember2020-01-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMember2021-07-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMember2020-07-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMember2021-01-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMember2020-01-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2021-07-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2020-07-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2021-01-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2020-01-012020-09-300001466538us-gaap:MaterialReconcilingItemsMember2021-07-012021-09-300001466538us-gaap:MaterialReconcilingItemsMember2020-07-012020-09-300001466538us-gaap:MaterialReconcilingItemsMember2020-01-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMembercown:ConsolidatedFundsMember2021-07-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMembercown:ConsolidatedFundsMember2020-07-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMembercown:ConsolidatedFundsMember2021-01-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:OperatingCompanyMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMembercown:ConsolidatedFundsMember2021-07-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMembercown:ConsolidatedFundsMember2020-07-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMembercown:ConsolidatedFundsMember2021-01-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538us-gaap:OperatingSegmentsMember2021-07-012021-09-300001466538us-gaap:OperatingSegmentsMember2020-07-012020-09-300001466538us-gaap:OperatingSegmentsMember2021-01-012021-09-300001466538us-gaap:OperatingSegmentsMember2020-01-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMember2021-07-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMember2020-07-012020-09-300001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMember2021-01-012021-09-300001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMember2020-01-012020-09-300001466538cown:CowenAndCompanyMember2021-09-300001466538srt:MinimumMembercown:CowenAndCompanyMember2021-09-300001466538cown:OptionsClearingCorporationMembercown:CowenAndCompanyMember2021-09-300001466538cown:OptionsClearingCorporationMembercown:CowenAndCompanyMember2021-01-012021-09-300001466538cown:ATMExecutionLLCMember2021-09-300001466538cown:WestminsterResearchMember2021-09-300001466538cown:UKFinancialServicesAuthorityMembercown:CowenInternationalLimitedMember2021-09-300001466538cown:UKFinancialServicesAuthorityMembercown:CowenExecutionServicesLtd.Member2021-09-300001466538cown:CowenandCompanyAsiaLimitedMember2021-09-300001466538cown:SpecialReserveAccountsMembercown:CowenAndCompanyMember2021-09-300001466538cown:PABReserveBankAccountsMembercown:CowenAndCompanyMember2021-09-300001466538cown:RCGInsuranceCompanyMember2021-09-300001466538srt:AffiliatedEntityMember2021-09-300001466538srt:AffiliatedEntityMember2020-12-310001466538cown:EmployeeLoansMember2021-09-300001466538cown:EmployeeLoansMember2020-12-310001466538cown:EmployeeLoansMembersrt:MinimumMember2021-01-012021-09-300001466538cown:EmployeeLoansMembersrt:MaximumMember2021-01-012021-09-300001466538cown:EmployeeLoansMember2021-07-012021-09-300001466538cown:EmployeeLoansMember2020-07-012020-09-300001466538cown:EmployeeLoansMember2021-01-012021-09-300001466538cown:EmployeeLoansMember2020-01-012020-09-300001466538cown:StarboardValueLPMember2021-01-012021-09-300001466538cown:StarboardValueLPMember2020-01-012020-09-300001466538cown:StarboardValueLPMember2020-07-012020-09-300001466538cown:OtherFundsMember2021-09-300001466538cown:OtherFundsMember2020-12-310001466538us-gaap:InvestorMember2021-09-300001466538us-gaap:InvestorMember2020-12-310001466538cown:EmployeesMember2021-09-300001466538cown:EmployeesMember2020-12-310001466538cown:EmployeesMember2021-07-012021-09-300001466538cown:EmployeesMember2020-07-012020-09-300001466538cown:EmployeesMember2021-01-012021-09-300001466538cown:EmployeesMember2020-01-012020-09-300001466538cown:TriPartypledgelineMembercown:BMOHarrisBankMember2021-09-300001466538cown:PledgelineMembercown:BMOHarrisBankMember2021-09-300001466538cown:PledgelineMember2021-09-300001466538cown:BMOHarrisBankMembercown:SpikeLineMember2021-09-300001466538us-gaap:RevolvingCreditFacilityMembercown:MorganStanleyMember2021-09-300001466538us-gaap:SubsequentEventMember2021-10-272021-10-27
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, 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) |
(646) 562-1010
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol | | Name of Exchange on Which Registered |
Class A Common Stock, par value $0.01 per share | | COWN | | The Nasdaq Global Market |
7.75% Senior Notes due 2033 | | COWNL | | The 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, 2021, there were 27,287,075 shares of the registrant's common stock outstanding.
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 nine months ended September 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 nine months ended September 30, 2021 and 2020. The Consolidated Financial Statements as of December 31, 2020 were audited.
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 September 30, 2021 | | As of December 31, 2020 |
Assets | | | |
Cash and cash equivalents | $ | 1,057,123 | | | $ | 645,169 | |
Cash collateral pledged | 48,996 | | | 110,743 | |
Segregated cash | 177,693 | | | 185,141 | |
Securities owned, at fair value ($2,903,432 and $1,524,136 were pledged to various parties) | 3,954,914 | | | 2,001,602 | |
Securities purchased under agreements to resell | — | | | 191 | |
Receivable on derivative contracts, at fair value | 212,421 | | | 51,482 | |
Securities borrowed | 2,169,056 | | | 1,908,187 | |
Other investments ($138,023 and $133,454 at fair value, respectively) | 262,431 | | | 255,027 | |
Deposits with clearing organizations, brokers and banks | 76,798 | | | 104,952 | |
Receivable from brokers, dealers and clearing organizations, net of allowance of $645 and $885, respectively | 2,075,273 | | | 1,729,744 | |
Receivable from customers, net of allowance of $687 and $530, respectively | 224,455 | | | 103,963 | |
Fees receivable, net of allowance of $3,237 and $3,348, respectively | 157,606 | | | 160,349 | |
Due from related parties | 30,454 | | | 21,068 | |
Fixed assets, net of accumulated depreciation and amortization of $47,376 and $40,670, respectively | 29,422 | | | 33,023 | |
Operating lease right-of-use assets | 90,878 | | | 78,241 | |
Goodwill | 147,084 | | | 147,084 | |
Intangible assets, net of accumulated amortization of $30,848 and $37,884, respectively | 25,820 | | | 24,403 | |
Deferred tax asset, net | 4,303 | | | 9,030 | |
Other assets | 95,239 | | | 54,884 | |
Consolidated Funds | | | |
Cash and cash equivalents | 426 | | | 417 | |
Securities owned, at fair value | 2,951 | | | 10,622 | |
| | | |
Other investments | 100,252 | | | 192,670 | |
| | | |
Other assets | 46 | | | 207 | |
Total Assets | $ | 10,943,641 | | | $ | 7,828,199 | |
Liabilities, Temporary Equity and Permanent Equity | | | |
Liabilities | | | |
Securities sold, not yet purchased, at fair value | $ | 1,361,723 | | | $ | 728,115 | |
Securities sold under agreements to repurchase | 53,839 | | | 5,036 | |
Payable for derivative contracts, at fair value | 46,872 | | | 76,160 | |
Securities loaned | 3,352,456 | | | 2,476,414 | |
Payable to brokers, dealers and clearing organizations | 667,809 | | | 415,143 | |
Payable to customers | 2,732,428 | | | 1,680,326 | |
Commission management payable | 117,752 | | | 116,987 | |
Compensation payable | 558,505 | | | 373,339 | |
Operating lease liabilities | 94,383 | | | 82,735 | |
Notes payable and other debt | 479,503 | | | 383,067 | |
Convertible debt | — | | | 80,808 | |
Fees payable | 29,869 | | | 43,833 | |
Due to related parties | 108 | | | 51 | |
Accounts payable, accrued expenses and other liabilities | 204,131 | | | 196,479 | |
Consolidated Funds | | | |
| | | |
Due to related parties | 5 | | | 7 | |
| | | |
| | | |
| | | |
| | | |
Accounts payable, accrued expenses and other liabilities | 181 | | | 578 | |
Total Liabilities | $ | 9,699,564 | | | $ | 6,659,078 | |
| | | |
| | | | | | | | | | | |
Cowen Inc. Condensed Consolidated Statements of Financial Condition (dollars in thousands, except share and per share data) (unaudited) |
| As of September 30, 2021 | | As of December 31, 2020 |
(continued) | | | |
Commitments and Contingencies (Note 18) | | | |
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 September 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, 54,340,530 shares issued and 27,734,650 outstanding as of September 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 217,869 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 September 30, 2021 and December 31, 2020, respectively | — | | | — | |
Additional paid-in capital | 1,176,667 | | | 1,130,138 | |
(Accumulated deficit) retained earnings | 402,049 | | | 185,901 | |
Accumulated other comprehensive income (loss) | (2) | | | (7) | |
Less: Class A common stock held in treasury, at cost, 26,605,880 and 22,619,863 shares as of September 30, 2021 and December 31, 2020, respectively | (495,922) | | | (346,870) | |
Total Cowen Inc. Stockholders' Equity | 1,083,127 | | | 969,497 | |
Nonredeemable non-controlling interests | 160,950 | | | 199,624 | |
Total Permanent Equity | $ | 1,244,077 | | | $ | 1,169,121 | |
Total Liabilities, Temporary Equity and Permanent Equity | $ | 10,943,641 | | | $ | 7,828,199 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cowen Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 | | |
Revenues | | | | | | | | | |
Investment banking | $ | 273,532 | | | $ | 194,341 | | | $ | 803,347 | | | $ | 503,351 | | | |
Brokerage | 131,371 | | | 119,804 | | | 444,168 | | | 391,390 | | | |
Investment income (loss) | | | | | | | | | |
Securities principal transactions, net | 7,291 | | (50,446) | | 111,828 | | 76,097 | | |
Portfolio fund principal transactions, net | (11,121) | | (435) | | 2,400 | | 8,841 | | |
Carried interest allocations | (60,471) | | (4,014) | | 768 | | 22,199 | | |
Total investment income (loss) | (64,301) | | | (54,895) | | | 114,996 | | | 107,137 | | | |
Management fees | 15,334 | | | 11,954 | | | 56,071 | | | 35,211 | | | |
Incentive income | 6 | | | 127 | | | 2,433 | | | 127 | | | |
Interest and dividends | 45,978 | | | 37,552 | | | 167,539 | | | 127,547 | | | |
| | | | | | | | | |
Insurance and reinsurance premiums | 12,586 | | | 2,505 | | | 31,196 | | | 18,943 | | | |
Other revenues, net | (1,078) | | | 2,388 | | | 2,612 | | | 5,257 | | | |
Consolidated Funds | | | | | | | | | |
Principal transactions, net | (1,194) | | | 6,385 | | | (3,850) | | | (29,372) | | | |
Interest and dividends | 3 | | | 1,135 | | | 7 | | | 3,992 | | | |
Other revenues | — | | | — | | | — | | | 620 | | | |
Total revenues | 412,237 | | | 321,296 | | | 1,618,519 | | | 1,164,203 | | | |
Interest and dividends expense | 43,035 | | | 37,754 | | | 163,749 | | | 125,850 | | | |
Total net revenues | 369,202 | | | 283,542 | | | 1,454,770 | | | 1,038,353 | | | |
| | | | | | | | | |
Expenses | | | | | | | | | |
Employee compensation and benefits | 201,686 | | | 153,427 | | | 809,068 | | | |