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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-34516
Cowen Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
27-0423711
(I.R.S. Employer
Identification No.)
599 Lexington Avenue
New York, New York
(Address of Principal Executive Offices)
10022
(Zip Code)
(646562-1010
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading SymbolName of Exchange on Which Registered
Class A Common Stock, par value $0.01 per share COWNThe Nasdaq Global Market
7.75% Senior Notes due 2033COWNLThe Nasdaq Global Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer

 
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No 
As of October 28, 2021, there were 27,287,075 shares of the registrant's common stock outstanding.



Item No. Page No.




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Special Note Regarding Forward-Looking Statements
We have made statements in this Quarterly Report on Form 10-Q (including in "Management's Discussion and Analysis of Financial Condition and Results of Operations") that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking terms such as "may," "might," "will," "would," "could," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "project," "possible," "potential," "intend," "seek" or "continue," the negative of these terms and other comparable terminology or similar expressions. In addition, our management may make forward-looking statements to analysts, representatives of the media and others. These forward-looking statements represent only the Company's beliefs regarding future events (many of which, by their nature, are inherently uncertain and beyond our control) and are predictions only, based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 and the risks contained in Item 1A of this periodic report on Form 10-Q for the three and 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.



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PART I. FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of September 30, 2021As of December 31, 2020
Assets
Cash and cash equivalents$1,057,123 $645,169 
Cash collateral pledged48,996 110,743 
Segregated cash177,693 185,141 
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 value212,421 51,482 
Securities borrowed2,169,056 1,908,187 
Other investments ($138,023 and $133,454 at fair value, respectively)
262,431 255,027 
Deposits with clearing organizations, brokers and banks76,798 104,952 
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 parties30,454 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 assets90,878 78,241 
Goodwill147,084 147,084 
Intangible assets, net of accumulated amortization of $30,848 and $37,884, respectively
25,820 24,403 
Deferred tax asset, net4,303 9,030 
Other assets95,239 54,884 
Consolidated Funds  
Cash and cash equivalents426 417 
Securities owned, at fair value2,951 10,622 
Other investments100,252 192,670 
Other assets46 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 repurchase53,839 5,036 
Payable for derivative contracts, at fair value46,872 76,160 
Securities loaned3,352,456 2,476,414 
Payable to brokers, dealers and clearing organizations667,809 415,143 
Payable to customers2,732,428 1,680,326 
Commission management payable117,752 116,987 
Compensation payable558,505 373,339 
Operating lease liabilities94,383 82,735 
Notes payable and other debt479,503 383,067 
Convertible debt 80,808 
Fees payable29,869 43,833 
Due to related parties108 51 
Accounts payable, accrued expenses and other liabilities204,131 196,479 
Consolidated Funds 
Due to related parties5 7 
Accounts payable, accrued expenses and other liabilities181 578 
Total Liabilities$9,699,564 $6,659,078 
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Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of September 30, 2021As of December 31, 2020
(continued)
Commitments and Contingencies (Note 18)
Temporary Equity
Redeemable non-controlling interests$ $ 
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 capital1,176,667 1,130,138 
(Accumulated deficit) retained earnings402,049 185,901 
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' Equity1,083,127 969,497 
Nonredeemable non-controlling interests160,950 199,624 
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.
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Cowen Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues   
Investment banking$273,532 $194,341 $803,347 $503,351 
Brokerage131,371 119,804 444,168 391,390 
Investment income (loss)
Securities principal transactions, net7,291(50,446)111,82876,097
Portfolio fund principal transactions, net (11,121)(435)2,4008,841
Carried interest allocations(60,471)(4,014)76822,199
Total investment income (loss)(64,301)(54,895)114,996 107,137 
Management fees15,334 11,954 56,071 35,211 
Incentive income6 127 2,433 127 
Interest and dividends45,978 37,552 167,539 127,547 
Insurance and reinsurance premiums12,586 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 dividends3 1,135 7 3,992 
Other revenues   620 
Total revenues412,237 321,296 1,618,519 1,164,203 
Interest and dividends expense43,035 37,754 163,749 125,850 
Total net revenues369,202 283,542 1,454,770 1,038,353 
Expenses   
Employee compensation and benefits201,686 153,427 809,068 583,137 
Brokerage and trade execution costs33,600 33,660 118,069 101,412 
Underwriting expenses7,208 4,013 20,275 16,524 
Professional, advisory and other fees22,096 15,085 55,013 40,519 
Service fees6,810 4,727 18,920