cown-20220630
0001466538--12-312022Q2falsehttp://fasb.org/us-gaap/2021-01-31#DebtAndCapitalLeaseObligationsP2YP2YP1Y00014665382022-01-012022-06-300001466538exch:XNMSus-gaap:CommonClassAMember2022-01-012022-06-300001466538exch:XNMScown:A2033NotesMember2022-01-012022-06-3000014665382022-08-02xbrli:shares00014665382022-06-30iso4217:USD00014665382021-12-310001466538cown:PortfolioFundsMember2022-06-300001466538cown:PortfolioFundsMember2021-12-31iso4217:USDxbrli:shares0001466538us-gaap:ConvertiblePreferredStockMember2022-06-300001466538us-gaap:ConvertiblePreferredStockMember2021-12-310001466538us-gaap:CommonClassAMember2022-06-300001466538us-gaap:CommonClassAMember2021-12-310001466538us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2022-06-300001466538us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2021-12-310001466538us-gaap:CommonClassBMember2022-06-300001466538us-gaap:CommonClassBMember2021-12-3100014665382022-04-012022-06-3000014665382021-04-012021-06-3000014665382021-01-012021-06-300001466538us-gaap:CommonStockMember2022-03-310001466538us-gaap:CommonStockMember2021-03-310001466538us-gaap:CommonStockMember2021-12-310001466538us-gaap:CommonStockMember2020-12-310001466538us-gaap:CommonStockMember2022-04-012022-06-300001466538us-gaap:CommonStockMember2021-04-012021-06-300001466538us-gaap:CommonStockMember2022-01-012022-06-300001466538us-gaap:CommonStockMember2021-01-012021-06-300001466538us-gaap:CommonStockMember2022-06-300001466538us-gaap:CommonStockMember2021-06-300001466538us-gaap:PreferredStockMember2022-03-310001466538us-gaap:PreferredStockMember2021-03-310001466538us-gaap:PreferredStockMember2021-12-310001466538us-gaap:PreferredStockMember2020-12-310001466538us-gaap:PreferredStockMember2022-06-300001466538us-gaap:PreferredStockMember2021-06-300001466538us-gaap:ParentMember2022-03-310001466538us-gaap:ParentMember2021-03-310001466538us-gaap:ParentMember2021-12-310001466538us-gaap:ParentMember2020-12-310001466538us-gaap:TreasuryStockMember2022-03-310001466538us-gaap:TreasuryStockMember2021-03-310001466538us-gaap:TreasuryStockMember2021-12-310001466538us-gaap:TreasuryStockMember2020-12-310001466538us-gaap:TreasuryStockMember2022-04-012022-06-300001466538us-gaap:TreasuryStockMember2021-04-012021-06-300001466538us-gaap:TreasuryStockMember2022-01-012022-06-300001466538us-gaap:TreasuryStockMember2021-01-012021-06-300001466538us-gaap:TreasuryStockMember2022-06-300001466538us-gaap:TreasuryStockMember2021-06-300001466538us-gaap:AdditionalPaidInCapitalMember2022-03-310001466538us-gaap:AdditionalPaidInCapitalMember2021-03-310001466538us-gaap:AdditionalPaidInCapitalMember2021-12-310001466538us-gaap:AdditionalPaidInCapitalMember2020-12-310001466538us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001466538us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001466538us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001466538us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001466538us-gaap:AdditionalPaidInCapitalMember2022-06-300001466538us-gaap:AdditionalPaidInCapitalMember2021-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001466538us-gaap:RetainedEarningsMember2022-03-310001466538us-gaap:RetainedEarningsMember2021-03-310001466538us-gaap:RetainedEarningsMember2021-12-310001466538us-gaap:RetainedEarningsMember2020-12-310001466538us-gaap:RetainedEarningsMember2022-04-012022-06-300001466538us-gaap:RetainedEarningsMember2021-04-012021-06-300001466538us-gaap:RetainedEarningsMember2022-01-012022-06-300001466538us-gaap:RetainedEarningsMember2021-01-012021-06-300001466538us-gaap:RetainedEarningsMember2022-06-300001466538us-gaap:RetainedEarningsMember2021-06-300001466538us-gaap:ParentMember2022-06-300001466538us-gaap:ParentMember2021-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2022-03-310001466538cown:NonredeemableNoncontrollingInterestsMember2021-03-310001466538cown:NonredeemableNoncontrollingInterestsMember2021-12-310001466538cown:NonredeemableNoncontrollingInterestsMember2020-12-310001466538cown:NonredeemableNoncontrollingInterestsMember2022-04-012022-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2021-04-012021-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2022-01-012022-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2021-01-012021-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2022-06-300001466538cown:NonredeemableNoncontrollingInterestsMember2021-06-3000014665382021-06-3000014665382020-12-31cown:segmentcown:division0001466538us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-06-300001466538us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310001466538srt:MinimumMembercown:OperatingCompanyMembercown:DuringInvestmentPeriodMember2022-01-012022-06-30xbrli:pure0001466538cown:OperatingCompanyMembercown:DuringInvestmentPeriodMembersrt:MaximumMember2022-01-012022-06-300001466538cown:HealthcareRoyaltyPartnersMembercown:AfterInvestmentPeriodMembersrt:MinimumMembercown:OperatingCompanyMember2022-01-012022-06-300001466538cown:HealthcareRoyaltyPartnersMembercown:AfterInvestmentPeriodMembercown:OperatingCompanyMembersrt:MaximumMember2022-01-012022-06-300001466538srt:MinimumMembercown:OperatingCompanyMembercown:DuringInvestmentPeriodMembercown:OtherHealthcareRoyaltyPartnersMemberMember2022-01-012022-06-300001466538cown:OperatingCompanyMembercown:DuringInvestmentPeriodMembersrt:MaximumMembercown:OtherHealthcareRoyaltyPartnersMemberMember2022-01-012022-06-300001466538cown:OperatingCompanyMemberus-gaap:HedgeFundsMember2022-01-012022-06-300001466538cown:KelvinReLimitedMember2022-01-012022-06-300001466538cown:KelvinReLimitedMember2022-06-012022-06-010001466538cown:KelvinReLimitedMember2022-06-010001466538cown:CowenInsuranceMember2021-02-262021-02-260001466538cown:CowenInsuranceMember2022-01-012022-06-300001466538cown:CowenInsuranceMember2021-02-260001466538us-gaap:CustomerRelatedIntangibleAssetsMembercown:CowenInsuranceMember2021-02-260001466538us-gaap:LicenseMembercown:CowenInsuranceMember2021-02-260001466538cown:CowenInsuranceMember2021-04-012021-06-300001466538cown:CowenInsuranceMember2022-04-012022-06-300001466538cown:CowenInsuranceMember2021-01-012021-06-300001466538cown:CowenInsuranceMember2022-06-300001466538cown:FacilityLeasesMember2022-06-300001466538cown:FacilityLeasesMember2021-12-310001466538cown:CollateralReinsuranceAgreementMember2022-06-300001466538cown:CollateralReinsuranceAgreementMember2021-12-310001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditNYOffice1ExpiresApril2023Member2022-06-300001466538cown:LetterOfCreditNYOffice3ExpiresOctober2022Memberus-gaap:LetterOfCreditMember2022-06-300001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditNYOffice5ExpiresNovember2022Domain2022-06-300001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditBostonOfficeExpiresMarch2023Member2022-06-300001466538us-gaap:LetterOfCreditMembercown:LetterofCreditSanFranciscoOfficeExpiresOctober2025Member2022-06-300001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditTelAvivIsraelOfficeExpiresJanuary2025Member2022-06-300001466538us-gaap:CommonStockMember2022-06-300001466538us-gaap:CommonStockMember2021-12-310001466538us-gaap:PreferredStockMember2022-06-300001466538us-gaap:PreferredStockMember2021-12-310001466538cown:WarrantsAndRightsMember2022-06-300001466538cown:WarrantsAndRightsMember2021-12-310001466538us-gaap:USTreasuryAndGovernmentMember2022-06-300001466538us-gaap:USTreasuryAndGovernmentMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:LoansMember2022-06-300001466538us-gaap:LoansMember2021-12-310001466538cown:TradeClaimsMember2022-06-300001466538cown:TradeClaimsMember2021-12-310001466538us-gaap:PrivateEquityFundsMember2022-06-300001466538us-gaap:PrivateEquityFundsMember2021-12-310001466538us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001466538us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001466538us-gaap:FutureMember2022-06-300001466538us-gaap:FutureMember2021-12-310001466538us-gaap:ForeignExchangeForwardMember2022-06-300001466538us-gaap:ForeignExchangeForwardMember2021-12-310001466538us-gaap:SwapMember2022-06-300001466538us-gaap:SwapMember2021-12-310001466538us-gaap:OptionMember2022-06-30cown:contract0001466538us-gaap:OptionMember2021-12-310001466538us-gaap:InterestRateSwapMember2022-06-300001466538us-gaap:InterestRateSwapMember2021-12-310001466538cown:ReceivableonderivativescontractsatfairvalueMember2022-06-300001466538cown:ReceivableonderivativescontractsatfairvalueMember2021-12-310001466538us-gaap:PutOptionMember2022-06-300001466538us-gaap:PutOptionMember2021-12-310001466538cown:PayableforderivativescontractsatfairvalueMember2022-06-300001466538cown:PayableforderivativescontractsatfairvalueMember2021-12-310001466538us-gaap:OtherIncomeMember2022-04-012022-06-300001466538us-gaap:OtherIncomeMember2021-04-012021-06-300001466538us-gaap:OtherIncomeMember2022-01-012022-06-300001466538us-gaap:OtherIncomeMember2021-01-012021-06-300001466538cown:CarriedinterestMember2022-06-300001466538cown:CarriedinterestMember2021-12-310001466538us-gaap:EquityMethodInvestmentsMember2022-06-300001466538us-gaap:EquityMethodInvestmentsMember2021-12-310001466538cown:PortfolioFundsMembercown:HealthcareRoyaltyPartnersMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:HealthcareRoyaltyPartnersMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:HealthcareRoyaltyPartnersIiMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:HealthcareRoyaltyPartnersIiMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:EclipseVenturesFundIL.P.Member2022-06-300001466538cown:PortfolioFundsMembercown:EclipseVenturesFundIL.P.Member2021-12-310001466538cown:PortfolioFundsMembercown:EclipseVentureFundIILPMember2022-06-300001466538cown:PortfolioFundsMembercown:EclipseVentureFundIILPMember2021-12-310001466538cown:PortfolioFundsMembercown:EclipseContinuityFundIL.P.Member2022-06-300001466538cown:PortfolioFundsMembercown:EclipseContinuityFundIL.P.Member2021-12-310001466538cown:PortfolioFundsMembercown:StarboardValueAndOpportunityFundLpMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:StarboardValueAndOpportunityFundLpMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:StarboardValueOpportunityFundLtdMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:StarboardValueOpportunityFundLtdMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:LagunitaBiosciencesLLCMemberMember2022-06-300001466538cown:PortfolioFundsMembercown:LagunitaBiosciencesLLCMemberMember2021-12-310001466538cown:PortfolioFundsMembercown:StarboardLeadersFundLPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:StarboardLeadersFundLPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:Formation8PartnersFundIMember2022-06-300001466538cown:PortfolioFundsMembercown:Formation8PartnersFundIMember2021-12-310001466538cown:BDCFundICoinvest1LPMembercown:PortfolioFundsMember2022-06-300001466538cown:BDCFundICoinvest1LPMembercown:PortfolioFundsMember2021-12-310001466538cown:PortfolioFundsMembercown:DifesaPartnersLPMember2022-06-300001466538cown:PortfolioFundsMembercown:DifesaPartnersLPMember2021-12-310001466538cown:PortfolioFundsMembercown:CowenSustainableInvestmentsILPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:CowenSustainableInvestmentsILPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CowenHealthcareInvestmentsIILPMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CowenHealthcareInvestmentsIILPMembercown:PortfolioFundsMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIVLPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIVLPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:EclipseSPVILPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:EclipseSPVILPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:TriartisanESPartnersLLCMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:TriartisanESPartnersLLCMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:TriartisanPFCPartnersLLCMemberMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:TriartisanPFCPartnersLLCMemberMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:RamiusMergerFundLLCMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:RamiusMergerFundLLCMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:OtherPrivateInvestmentMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:OtherPrivateInvestmentMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:OtherFundsMembersrt:AffiliatedEntityMember2022-06-300001466538cown:PortfolioFundsMembercown:OtherFundsMembersrt:AffiliatedEntityMember2021-12-310001466538cown:PortfolioFundsMembercown:StarboardValueAndOpportunityFundLpMembersrt:AffiliatedEntityMember2022-01-012022-06-300001466538cown:PortfolioFundsMembercown:StarboardLeadersFundLPMembersrt:AffiliatedEntityMember2022-01-012022-06-300001466538cown:PortfolioFundsMembercown:DifesaPartnersLPMembersrt:AffiliatedEntityMember2022-01-012022-06-300001466538cown:PortfolioFundsMembercown:RamiusMergerFundLLCMembersrt:AffiliatedEntityMember2022-01-012022-06-300001466538cown:CowenHealthcareInvestmentsIILPMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CowenHealthcareInvestmentsIILPMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:CowenHealthcareInvestmentsIIILPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CowenSustainableInvestmentsILPMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CowenSustainableInvestmentsILPMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:CowenSustainableInvestmentsOffshoreILPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:CowenSustainableInvestmentsOffshoreILPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:CSIIProdigyCoInvestmentLPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:CSIIProdigyCoInvestmentLPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CSIPRTACoInvestmentLPMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CSIPRTACoInvestmentLPMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:TriartisanTGIFPartnersLLCMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:TriartisanTGIFPartnersLLCMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:TriartisanESPartnersLLCMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:TriartisanESPartnersLLCMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:TriartisanPFCPartnersLLCMemberMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:TriartisanPFCPartnersLLCMemberMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:TriartisanSBEPartnersLLCMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:TriartisanSBEPartnersLLCMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:RamiusMultiStrategyFundLPMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:RamiusMultiStrategyFundLPMembersrt:AffiliatedEntityMember2021-12-310001466538cown:RamiusMergerFundLLCMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2022-06-300001466538cown:RamiusMergerFundLLCMembercown:CarriedinterestMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:RCGIORenergysSarlMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:RCGIORenergysSarlMembersrt:AffiliatedEntityMember2021-12-310001466538cown:CarriedinterestMembercown:OtherFundsMembersrt:AffiliatedEntityMember2022-06-300001466538cown:CarriedinterestMembercown:OtherFundsMembersrt:AffiliatedEntityMember2021-12-310001466538cown:StarboardValueLPMember2022-06-300001466538cown:StarboardValueLPMember2021-12-310001466538cown:HealthcareRoyaltyGPIIILLCMember2022-06-300001466538cown:HealthcareRoyaltyGPIIILLCMember2021-12-310001466538cown:HealthcareRoyaltyGpLlcMember2022-06-300001466538cown:HealthcareRoyaltyGpLlcMember2021-12-310001466538cown:HealthcareRoyaltyGpIiLlcMember2022-06-300001466538cown:HealthcareRoyaltyGpIiLlcMember2021-12-310001466538cown:HealthcareRoyaltyGPIVLLCMember2022-06-300001466538cown:HealthcareRoyaltyGPIVLLCMember2021-12-310001466538cown:RcgLongviewDebtFundIvManagementLlcMember2022-06-300001466538cown:RcgLongviewDebtFundIvManagementLlcMember2021-12-310001466538cown:HCROverflowFundGPLLCMember2022-06-300001466538cown:HCROverflowFundGPLLCMember2021-12-310001466538cown:HCRPMGSAccountManagementLLCMember2022-06-300001466538cown:HCRPMGSAccountManagementLLCMember2021-12-310001466538cown:HCRStaffordFundGPLLCMember2022-06-300001466538cown:HCRStaffordFundGPLLCMember2021-12-310001466538cown:EquityMethodInvesteeOtherMember2022-06-300001466538cown:EquityMethodInvesteeOtherMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:MaturityOvernightMember2022-06-300001466538us-gaap:CommonStockMemberus-gaap:MaturityUpTo30DaysMember2022-06-300001466538us-gaap:Maturity30To90DaysMemberus-gaap:CommonStockMember2022-06-300001466538us-gaap:CommonStockMemberus-gaap:MaturityOver90DaysMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOvernightMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2022-06-300001466538us-gaap:Maturity30To90DaysMemberus-gaap:CorporateBondSecuritiesMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOver90DaysMember2022-06-300001466538us-gaap:MaturityOvernightMemberus-gaap:USTreasuryAndGovernmentMember2022-06-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityUpTo30DaysMember2022-06-300001466538us-gaap:Maturity30To90DaysMemberus-gaap:USTreasuryAndGovernmentMember2022-06-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOver90DaysMember2022-06-300001466538us-gaap:CommonStockMemberus-gaap:MaturityOvernightMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:MaturityUpTo30DaysMember2021-12-310001466538us-gaap:Maturity30To90DaysMemberus-gaap:CommonStockMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:MaturityOver90DaysMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOvernightMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2021-12-310001466538us-gaap:Maturity30To90DaysMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOver90DaysMember2021-12-310001466538us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-06-300001466538us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310001466538cown:ConsolidatedFundsMember2022-01-012022-06-300001466538cown:EnterpriseLpMember2022-06-300001466538cown:EnterpriseLpMember2021-12-310001466538cown:WirelessBroadbandMembercountry:ITcown:LinkemMemberus-gaap:EquitySecuritiesMember2022-06-300001466538us-gaap:TechnologySectorMembercountry:USus-gaap:PreferredStockMembercown:PolysignMember2022-06-300001466538cown:WirelessBroadbandMembercountry:ITcown:LinkemMemberus-gaap:EquitySecuritiesMember2021-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Membercown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538cown:TradeClaimsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2022-06-300001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:FutureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:EquitySwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:OptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:OptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:OptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:OptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2022-06-300001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538cown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMemberus-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMember2022-06-300001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMember2022-06-300001466538us-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMember2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2022-06-300001466538cown:QuartonMember2022-06-300001466538cown:PorticoMember2022-06-300001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Membercown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2021-12-310001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:EquitySwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:OptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:OptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:OptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:OptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2021-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Membercown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EquitySwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:ContingentLiabilityPayableMember2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMember2021-12-310001466538cown:QuartonMember2021-12-310001466538cown:PorticoMember2021-12-310001466538us-gaap:PreferredStockMember2022-03-310001466538us-gaap:PreferredStockMember2022-04-012022-06-300001466538us-gaap:PreferredStockMember2022-06-300001466538us-gaap:CommonStockMember2022-03-310001466538us-gaap:CommonStockMember2022-04-012022-06-300001466538us-gaap:CommonStockMember2022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2022-03-310001466538us-gaap:ConvertibleDebtSecuritiesMember2022-04-012022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2022-06-300001466538us-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:CorporateBondSecuritiesMember2022-04-012022-06-300001466538us-gaap:CorporateBondSecuritiesMember2022-06-300001466538us-gaap:OptionMember2022-03-310001466538us-gaap:OptionMember2022-04-012022-06-300001466538us-gaap:OptionMember2022-06-300001466538us-gaap:PutOptionMember2022-03-310001466538us-gaap:PutOptionMember2022-04-012022-06-300001466538us-gaap:PutOptionMember2022-06-300001466538us-gaap:LoansMember2022-03-310001466538us-gaap:LoansMember2022-04-012022-06-300001466538us-gaap:LoansMember2022-06-300001466538cown:WarrantsAndRightsMember2022-03-310001466538cown:WarrantsAndRightsMember2022-04-012022-06-300001466538cown:WarrantsAndRightsMember2022-06-300001466538cown:TradeClaimsMember2022-03-310001466538cown:TradeClaimsMember2022-04-012022-06-300001466538cown:TradeClaimsMember2022-06-300001466538us-gaap:PrivateEquityFundsMember2022-03-310001466538us-gaap:PrivateEquityFundsMember2022-04-012022-06-300001466538us-gaap:PrivateEquityFundsMember2022-06-300001466538cown:ContingentLiabilityPayableMember2022-03-310001466538cown:ContingentLiabilityPayableMember2022-04-012022-06-300001466538cown:ContingentLiabilityPayableMember2022-06-300001466538us-gaap:PreferredStockMember2021-03-310001466538us-gaap:PreferredStockMember2021-04-012021-06-300001466538us-gaap:PreferredStockMember2021-06-300001466538us-gaap:CommonStockMember2021-03-310001466538us-gaap:CommonStockMember2021-04-012021-06-300001466538us-gaap:CommonStockMember2021-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2021-03-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-04-012021-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2021-06-300001466538us-gaap:CorporateBondSecuritiesMember2021-03-310001466538us-gaap:CorporateBondSecuritiesMember2021-04-012021-06-300001466538us-gaap:CorporateBondSecuritiesMember2021-06-300001466538us-gaap:OptionMember2021-03-310001466538us-gaap:OptionMember2021-04-012021-06-300001466538us-gaap:OptionMember2021-06-300001466538us-gaap:PutOptionMember2021-03-310001466538us-gaap:PutOptionMember2021-04-012021-06-300001466538us-gaap:PutOptionMember2021-06-300001466538us-gaap:LoansMember2021-03-310001466538us-gaap:LoansMember2021-04-012021-06-300001466538us-gaap:LoansMember2021-06-300001466538cown:WarrantsAndRightsMember2021-03-310001466538cown:WarrantsAndRightsMember2021-04-012021-06-300001466538cown:WarrantsAndRightsMember2021-06-300001466538cown:TradeClaimsMember2021-03-310001466538cown:TradeClaimsMember2021-04-012021-06-300001466538cown:TradeClaimsMember2021-06-300001466538us-gaap:PrivateEquityFundsMember2021-03-310001466538us-gaap:PrivateEquityFundsMember2021-04-012021-06-300001466538us-gaap:PrivateEquityFundsMember2021-06-300001466538us-gaap:CorporateBondSecuritiesMember2021-03-310001466538us-gaap:CorporateBondSecuritiesMember2021-04-012021-06-300001466538us-gaap:CorporateBondSecuritiesMember2021-06-300001466538us-gaap:USGovernmentDebtSecuritiesMember2021-03-310001466538us-gaap:USGovernmentDebtSecuritiesMember2021-04-012021-06-300001466538us-gaap:USGovernmentDebtSecuritiesMember2021-06-300001466538cown:ContingentLiabilityPayableMember2021-03-310001466538cown:ContingentLiabilityPayableMember2021-04-012021-06-300001466538cown:ContingentLiabilityPayableMember2021-06-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2021-03-310001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2021-04-012021-06-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2021-06-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-03-310001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-04-012021-06-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-06-300001466538us-gaap:PreferredStockMember2021-12-310001466538us-gaap:PreferredStockMember2022-01-012022-06-300001466538us-gaap:CommonStockMember2021-12-310001466538us-gaap:CommonStockMember2022-01-012022-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2022-01-012022-06-300001466538us-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMember2022-01-012022-06-300001466538us-gaap:OptionMember2021-12-310001466538us-gaap:OptionMember2022-01-012022-06-300001466538us-gaap:PutOptionMember2021-12-310001466538us-gaap:PutOptionMember2022-01-012022-06-300001466538us-gaap:LoansMember2021-12-310001466538us-gaap:LoansMember2022-01-012022-06-300001466538cown:WarrantsAndRightsMember2021-12-310001466538cown:WarrantsAndRightsMember2022-01-012022-06-300001466538cown:TradeClaimsMember2021-12-310001466538cown:TradeClaimsMember2022-01-012022-06-300001466538us-gaap:PrivateEquityFundsMember2021-12-310001466538us-gaap:PrivateEquityFundsMember2022-01-012022-06-300001466538cown:ContingentLiabilityPayableMember2021-12-310001466538cown:ContingentLiabilityPayableMember2022-01-012022-06-300001466538us-gaap:PreferredStockMember2020-12-310001466538us-gaap:PreferredStockMember2021-01-012021-06-300001466538us-gaap:CommonStockMember2020-12-310001466538us-gaap:CommonStockMember2021-01-012021-06-300001466538us-gaap:ConvertibleDebtSecuritiesMember2020-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-01-012021-06-300001466538us-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMember2021-01-012021-06-300001466538us-gaap:OptionMember2020-12-310001466538us-gaap:OptionMember2021-01-012021-06-300001466538us-gaap:PutOptionMember2020-12-310001466538us-gaap:PutOptionMember2021-01-012021-06-300001466538cown:WarrantsAndRightsMember2020-12-310001466538cown:WarrantsAndRightsMember2021-01-012021-06-300001466538us-gaap:LoansMember2020-12-310001466538us-gaap:LoansMember2021-01-012021-06-300001466538cown:TradeClaimsMember2020-12-310001466538cown:TradeClaimsMember2021-01-012021-06-300001466538us-gaap:PrivateEquityFundsMember2020-12-310001466538us-gaap:PrivateEquityFundsMember2021-01-012021-06-300001466538us-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMember2021-01-012021-06-300001466538us-gaap:USGovernmentDebtSecuritiesMember2020-12-310001466538us-gaap:USGovernmentDebtSecuritiesMember2021-01-012021-06-300001466538cown:ContingentLiabilityPayableMember2020-12-310001466538cown:ContingentLiabilityPayableMember2021-01-012021-06-300001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2020-12-310001466538us-gaap:CommonStockMembercown:ConsolidatedFundsMember2021-01-012021-06-300001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2020-12-310001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-01-012021-06-300001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMember2022-06-300001466538srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:MaximumMember2022-06-300001466538srt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMember2022-06-300001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:MaximumMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:WeightedAverageMember2022-06-300001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:WeightedAverageMember2022-06-300001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2022-06-300001466538srt:MinimumMemberus-gaap:OptionMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-06-300001466538us-gaap:OptionMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2022-06-300001466538srt:MinimumMemberus-gaap:OptionMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2022-06-300001466538us-gaap:OptionMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2022-06-300001466538us-gaap:OptionMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-06-300001466538us-gaap:OptionMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-06-300001466538cown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-06-300001466538cown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-06-300001466538cown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-06-300001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2022-06-300001466538srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMembersrt:MaximumMember2022-06-300001466538srt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2022-06-300001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMembersrt:MaximumMember2022-06-300001466538srt:MinimumMembercown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2022-06-300001466538cown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMembersrt:MaximumMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMember2022-06-300001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMember2022-06-300001466538cown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMember2022-06-300001466538us-gaap:OtherInvestmentsMemberus-gaap:FairValueInputsLevel3Member2022-06-300001466538us-gaap:FairValueInputsLevel3Member2022-06-300001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2022-06-300001466538us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:PutOptionMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:PutOptionMember2022-06-300001466538us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:PutOptionMember2022-06-300001466538us-gaap:FairValueInputsLevel3Membercown:DiscountCashFlowAndMonteCarloTechniqueMembercown:ContingentLiabilityPayableMember2022-06-300001466538srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembersrt:MaximumMember2022-06-300001466538srt:MinimumMemberus-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembercown:MonteCarloMember2022-06-300001466538us-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembersrt:MaximumMembercown:MonteCarloMember2022-06-300001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:ContingentLiabilityPayableMember2022-06-300001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:ContingentLiabilityPayableMembercown:MonteCarloMember2022-06-300001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMember2021-12-310001466538srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:MaximumMember2021-12-310001466538srt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMember2021-12-310001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:MaximumMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:WeightedAverageMember2021-12-310001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:CommonAndPreferredStockMembersrt:WeightedAverageMember2021-12-31cown:times0001466538cown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:TradeClaimsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2021-12-310001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2021-12-310001466538srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMembersrt:MaximumMember2021-12-310001466538srt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMembersrt:MaximumMember2021-12-310001466538srt:MinimumMembercown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMember2021-12-310001466538cown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membercown:WarrantsAndRightsMembersrt:MaximumMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMember2021-12-310001466538cown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:WarrantsAndRightsMember2021-12-310001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538srt:MinimumMemberus-gaap:OptionMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:OptionMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2021-12-310001466538srt:MinimumMemberus-gaap:OptionMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:OptionMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2021-12-310001466538us-gaap:OptionMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2021-12-310001466538us-gaap:OptionMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2021-12-310001466538us-gaap:OtherInvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2021-12-310001466538us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:PutOptionMember2021-12-310001466538us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:PutOptionMember2021-12-310001466538us-gaap:FairValueInputsLevel3Membercown:DiscountCashFlowAndMonteCarloTechniqueMembercown:ContingentLiabilityPayableMember2021-12-310001466538srt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembersrt:MaximumMember2021-12-310001466538srt:MinimumMemberus-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembercown:MonteCarloMember2021-12-310001466538us-gaap:FairValueInputsLevel3Membercown:ContingentLiabilityPayableMembersrt:MaximumMembercown:MonteCarloMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:ContingentLiabilityPayableMember2021-12-310001466538us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembercown:ContingentLiabilityPayableMembercown:MonteCarloMember2021-12-310001466538us-gaap:FairValueInputsLevel1Member2022-06-300001466538us-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Member2022-06-300001466538us-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:NotesPayableOtherPayablesMember2022-06-300001466538us-gaap:NotesPayableOtherPayablesMember2021-12-310001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2017-12-140001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2020-12-310001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2020-10-012020-12-310001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2021-06-242021-06-240001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2021-06-240001466538us-gaap:ConvertibleDebtMemberus-gaap:CommonClassAMembercown:A2022convertiblenoteMember2021-01-012021-06-300001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2021-01-012021-06-300001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2021-04-012021-06-300001466538cown:A2024NotesMemberus-gaap:SeniorNotesMember2019-05-070001466538cown:A2024NotesMemberus-gaap:SeniorNotesMember2019-09-300001466538cown:A2024NotesMemberus-gaap:SeniorNotesMember2022-04-012022-06-300001466538cown:A2024NotesMemberus-gaap:SeniorNotesMember2021-04-012021-06-300001466538cown:A2024NotesMemberus-gaap:SeniorNotesMember2022-01-012022-06-300001466538cown:A2024NotesMemberus-gaap:SeniorNotesMember2021-01-012021-06-300001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2018-06-110001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2018-06-300001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2022-04-012022-06-300001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2021-04-012021-06-300001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2022-01-012022-06-300001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2021-01-012021-06-300001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2017-12-080001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2017-12-140001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2021-01-012021-06-300001466538us-gaap:SeniorNotesMembercown:October2021NotesMember2021-10-310001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2021-03-240001466538cown:TermLoanMembercown:A2028TermLoanMember2021-03-240001466538cown:TermLoanMembercown:A2028TermLoanMember2021-12-150001466538cown:TermLoanMembercown:A2028TermLoanMember2022-06-300001466538cown:TermLoanMembercown:A2028TermLoanMember2022-01-012022-06-300001466538cown:TermLoanMembercown:A2028TermLoanMember2022-04-012022-06-300001466538cown:TermLoanMembercown:A2028TermLoanMember2021-04-012021-06-300001466538cown:TermLoanMembercown:A2028TermLoanMember2021-01-012021-06-300001466538cown:InsuranceNoteMember2022-01-310001466538cown:InsuranceNoteMember2022-01-012022-06-300001466538cown:InsuranceNoteMember2022-06-300001466538cown:PurpleProtectAssetS91Member2020-09-300001466538cown:PurpleProtectAssetS91Member2021-07-012021-09-300001466538cown:PurpleProtectAssetS91Member2020-12-310001466538cown:PurpleProtectAssetS91Member2021-06-300001466538cown:PurpleProtectAssetS91Member2022-06-300001466538cown:TheMilitaryMutualLtdMember2022-06-300001466538cown:PurpleProtectAssetS91Member2022-04-012022-06-300001466538cown:PurpleProtectAssetS91Member2021-04-012021-06-300001466538cown:PurpleProtectAssetS91Member2022-01-012022-06-300001466538cown:PurpleProtectAssetS91Member2021-01-012021-06-300001466538cown:CorporateDebtMember2019-11-010001466538cown:CorporateDebtMember2022-06-300001466538cown:CorporateDebtMember2022-01-012022-06-300001466538cown:CorporateDebtMember2021-01-012021-06-300001466538us-gaap:SeniorNotesMember2022-06-300001466538cown:TermLoanMember2022-06-30cown:letters_of_credit0001466538us-gaap:ConvertiblePreferredStockMember2015-05-192015-05-190001466538us-gaap:RetainedEarningsMemberus-gaap:ConvertiblePreferredStockMember2022-04-012022-06-300001466538us-gaap:RetainedEarningsMemberus-gaap:ConvertiblePreferredStockMember2021-04-012021-06-300001466538us-gaap:RetainedEarningsMemberus-gaap:ConvertiblePreferredStockMember2022-01-012022-06-300001466538us-gaap:RetainedEarningsMemberus-gaap:ConvertiblePreferredStockMember2021-01-012021-06-300001466538us-gaap:ConvertiblePreferredStockMember2015-05-1900014665382015-05-190001466538srt:MinimumMemberus-gaap:CallOptionMember2015-05-192015-05-1900014665382015-05-192015-05-190001466538srt:MinimumMember2015-05-192015-05-190001466538srt:MaximumMember2015-05-192015-05-19cown:class0001466538us-gaap:CommonClassAMember2022-01-012022-06-30cown:vote0001466538us-gaap:CommonClassBMember2022-01-012022-06-300001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2018-06-260001466538us-gaap:AdditionalPaidInCapitalMemberus-gaap:ConvertibleDebtMember2021-01-012021-12-3100014665382021-07-012021-09-3000014665382022-01-012022-03-310001466538us-gaap:DividendPaidMember2022-04-012022-06-300001466538us-gaap:DividendPaidMember2022-01-012022-06-300001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2021-12-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2020-12-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2022-01-012022-06-300001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2021-01-012021-06-300001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2022-06-300001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2021-06-300001466538cown:NonredeemableNoncontrollingInterestsMembercown:ConsolidatedFundsMember2021-12-310001466538cown:NonredeemableNoncontrollingInterestsMembercown:ConsolidatedFundsMember2020-12-310001466538cown:NonredeemableNoncontrollingInterestsMembercown:ConsolidatedFundsMember2022-01-012022-06-300001466538cown:NonredeemableNoncontrollingInterestsMembercown:ConsolidatedFundsMember2021-01-012021-06-300001466538cown:NonredeemableNoncontrollingInterestsMembercown:ConsolidatedFundsMember2022-06-300001466538cown:NonredeemableNoncontrollingInterestsMembercown:ConsolidatedFundsMember2021-06-3000014665382022-03-3100014665382021-03-310001466538cown:OperatingCompanyMembercown:UnderwritingFeesMember2022-04-012022-06-300001466538cown:OperatingCompanyMembercown:UnderwritingFeesMember2021-04-012021-06-300001466538cown:OperatingCompanyMembercown:UnderwritingFeesMember2022-01-012022-06-300001466538cown:OperatingCompanyMembercown:UnderwritingFeesMember2021-01-012021-06-300001466538cown:OperatingCompanyMembercown:StrategicFinancialAdvisoryFeesMember2022-04-012022-06-300001466538cown:OperatingCompanyMembercown:StrategicFinancialAdvisoryFeesMember2021-04-012021-06-300001466538cown:OperatingCompanyMembercown:StrategicFinancialAdvisoryFeesMember2022-01-012022-06-300001466538cown:OperatingCompanyMembercown:StrategicFinancialAdvisoryFeesMember2021-01-012021-06-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2022-04-012022-06-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2021-04-012021-06-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2022-01-012022-06-300001466538cown:PlacementandSalesAgentFeesMembercown:OperatingCompanyMember2021-01-012021-06-300001466538cown:OperatingCompanyMembercown:ExpenseReimbursementsfromClientsMember2022-04-012022-06-300001466538cown:OperatingCompanyMembercown:ExpenseReimbursementsfromClientsMember2021-04-012021-06-300001466538cown:OperatingCompanyMembercown:ExpenseReimbursementsfromClientsMember2022-01-012022-06-300001466538cown:OperatingCompanyMembercown:ExpenseReimbursementsfromClientsMember2021-01-012021-06-300001466538cown:InvestmentBankingRevenueMembercown:OperatingCompanyMember2022-04-012022-06-300001466538cown:InvestmentBankingRevenueMembercown:OperatingCompanyMember2021-04-012021-06-300001466538cown:InvestmentBankingRevenueMembercown:OperatingCompanyMember2022-01-012022-06-300001466538cown:InvestmentBankingRevenueMembercown:OperatingCompanyMember2021-01-012021-06-300001466538cown:OperatingCompanyMembercown:CommissionsMember2022-04-012022-06-300001466538cown:OperatingCompanyMembercown:CommissionsMember2021-04-012021-06-300001466538cown:OperatingCompanyMembercown:CommissionsMember2022-01-012022-06-300001466538cown:OperatingCompanyMembercown:CommissionsMember2021-01-012021-06-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2022-04-012022-06-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2021-04-012021-06-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2022-01-012022-06-300001466538cown:TradeConversionMembercown:OperatingCompanyMember2021-01-012021-06-300001466538cown:OperatingCompanyMembercown:EquityandCreditResearchFeesMember2022-04-012022-06-300001466538cown:OperatingCompanyMembercown:EquityandCreditResearchFeesMember2021-04-012021-06-300001466538cown:OperatingCompanyMembercown:EquityandCreditResearchFeesMember2022-01-012022-06-300001466538cown:OperatingCompanyMembercown:EquityandCreditResearchFeesMember2021-01-012021-06-300001466538cown:OperatingCompanyMembercown:BrokerageMember2022-04-012022-06-300001466538cown:OperatingCompanyMembercown:BrokerageMember2021-04-012021-06-300001466538cown:OperatingCompanyMembercown:BrokerageMember2022-01-012022-06-300001466538cown:OperatingCompanyMembercown:BrokerageMember2021-01-012021-06-300001466538cown:OperatingCompanyMember2022-04-012022-06-300001466538cown:OperatingCompanyMember2021-04-012021-06-300001466538cown:OperatingCompanyMember2022-01-012022-06-300001466538cown:OperatingCompanyMember2021-01-012021-06-300001466538cown:AssetCompanyMember2022-04-012022-06-300001466538cown:AssetCompanyMember2021-04-012021-06-300001466538cown:AssetCompanyMember2022-01-012022-06-300001466538cown:AssetCompanyMember2021-01-012021-06-300001466538cown:OutwardInsuranceMember2022-04-012022-06-300001466538cown:OutwardInsuranceMember2021-04-012021-06-300001466538cown:OutwardInsuranceMember2022-01-012022-06-300001466538cown:OutwardInsuranceMember2021-01-012021-06-300001466538cown:InwardReinsuranceMember2022-04-012022-06-300001466538cown:InwardReinsuranceMember2021-04-012021-06-300001466538cown:InwardReinsuranceMember2022-01-012022-06-300001466538cown:InwardReinsuranceMember2021-01-012021-06-300001466538cown:CowenInsuranceCowenReMember2022-01-012022-06-300001466538cown:CowenInsuranceCowenReMember2022-06-300001466538us-gaap:CashAndCashEquivalentsMembercown:CowenInsuranceCowenReMember2022-06-300001466538cown:CowenInsuranceCowenReMemberus-gaap:USTreasuryBondSecuritiesMember2022-06-300001466538cown:CowenInsuranceCowenReMember2021-12-310001466538us-gaap:CashAndCashEquivalentsMembercown:CowenInsuranceCowenReMember2021-12-310001466538cown:CowenInsuranceCowenReMemberus-gaap:USTreasuryBondSecuritiesMember2021-12-310001466538cown:CollateralReinsuranceAgreementReleasedSeptember302023Membercown:CowenInsuranceCowenReMember2022-06-300001466538cown:CowenInsuranceCowenReMembercown:CollateralReinsuranceAgreementReleasedMarch312021Member2022-06-300001466538cown:KelvinReLimitedMember2022-06-300001466538cown:KelvinReLimitedMemberus-gaap:CashAndCashEquivalentsMember2022-06-300001466538us-gaap:LetterOfCreditMembercown:KelvinReLimitedMember2022-06-300001466538srt:MinimumMemberus-gaap:EmployeeStockMembercown:EquityPlansMember2022-01-012022-06-300001466538us-gaap:EmployeeStockMembersrt:MaximumMembercown:EquityPlansMember2022-01-012022-06-300001466538srt:MinimumMemberus-gaap:RestrictedStockMembercown:EquityPlansMember2022-01-012022-06-300001466538us-gaap:RestrictedStockMembersrt:MaximumMembercown:EquityPlansMember2022-01-012022-06-300001466538us-gaap:RestrictedStockMembercown:EquityPlansMember2022-06-300001466538cown:DeferredCashAwardMembercown:EquityPlansMember2022-01-012022-06-300001466538cown:DeferredCashAwardMembercown:EquityPlansMember2022-06-300001466538cown:EquityPlansMember2022-04-012022-06-300001466538cown:EquityPlansMember2021-04-012021-06-300001466538cown:EquityPlansMember2022-01-012022-06-300001466538cown:EquityPlansMember2021-01-012021-06-300001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2021-12-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2020-12-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2022-01-012022-06-300001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2021-01-012021-06-300001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2022-06-300001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2021-06-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2020-07-012020-07-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2019-04-012019-04-300001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2021-02-012021-02-280001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2016-03-012016-03-310001466538us-gaap:PerformanceSharesMembercown:EquityPlansMember2022-01-012022-06-300001466538us-gaap:PerformanceSharesMembercown:March2016PerformanceAwardsMembercown:EquityPlansMember2022-01-012022-06-300001466538us-gaap:ShareDistributionMemberus-gaap:PerformanceSharesMembercown:March2016PerformanceAwardsMembercown:EquityPlansMember2022-01-012022-06-300001466538us-gaap:CashAndCashEquivalentsMemberus-gaap:PerformanceSharesMembercown:March2016PerformanceAwardsMembercown:EquityPlansMember2022-01-012022-06-300001466538cown:April2019PerformanceAwardsMemberus-gaap:PerformanceSharesMembercown:EquityPlansMember2022-01-012022-06-300001466538cown:April2019PerformanceAwardsMemberus-gaap:ShareDistributionMemberus-gaap:PerformanceSharesMembercown:EquityPlansMember2022-01-012022-06-300001466538cown:April2019PerformanceAwardsMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:PerformanceSharesMembercown:EquityPlansMember2022-01-012022-06-300001466538srt:MinimumMemberus-gaap:PerformanceSharesMember2022-01-012022-06-300001466538srt:MaximumMemberus-gaap:PerformanceSharesMember2022-01-012022-06-300001466538us-gaap:RestrictedStockUnitsRSUMembercown:NonEmployeeDirectorMembercown:EquityPlansMember2021-01-012021-06-300001466538us-gaap:RestrictedStockUnitsRSUMembercown:NonEmployeeDirectorMembercown:EquityPlansMember2022-01-012022-06-300001466538us-gaap:RestrictedStockUnitsRSUMembercown:NonEmployeeDirectorMembercown:EquityPlansMember2021-04-012021-06-300001466538us-gaap:RestrictedStockUnitsRSUMembercown:NonEmployeeDirectorMembercown:EquityPlansMember2022-04-012022-06-300001466538us-gaap:RestrictedStockUnitsRSUMembercown:NonEmployeeDirectorMembercown:EquityPlansMember2022-06-300001466538us-gaap:RestrictedStockUnitsRSUMembercown:NonEmployeeDirectorMembercown:EquityPlansMember2021-12-310001466538cown:A2022EquityUnitIncentivePlanMember2022-03-010001466538cown:A2022EquityUnitIncentivePlanMember2022-01-012022-06-300001466538cown:A2022EquityUnitIncentivePlanMember2022-03-012022-03-010001466538cown:A2022EquityUnitIncentivePlanMember2022-04-012022-06-300001466538cown:A2022EquityUnitIncentivePlanMember2022-06-300001466538us-gaap:RestrictedStockUnitsRSUMembercown:EquityPlansMember2021-12-310001466538us-gaap:PerformanceSharesMember2022-04-012022-06-300001466538us-gaap:PerformanceSharesMember2021-04-012021-06-300001466538us-gaap:PerformanceSharesMember2022-01-012022-06-300001466538us-gaap:PerformanceSharesMember2021-01-012021-06-300001466538us-gaap:RestrictedStockMembercown:QuartonMember2022-04-012022-06-300001466538us-gaap:RestrictedStockMembercown:QuartonMember2021-04-012021-06-300001466538us-gaap:RestrictedStockMembercown:QuartonMember2022-01-012022-06-300001466538us-gaap:RestrictedStockMembercown:QuartonMember2021-01-012021-06-300001466538us-gaap:ConvertibleDebtMember2022-04-012022-06-300001466538us-gaap:ConvertibleDebtMember2021-04-012021-06-300001466538us-gaap:ConvertibleDebtMember2022-01-012022-06-300001466538us-gaap:ConvertibleDebtMember2021-01-012021-06-300001466538us-gaap:ConvertiblePreferredStockMember2022-04-012022-06-300001466538us-gaap:ConvertiblePreferredStockMember2021-04-012021-06-300001466538us-gaap:ConvertiblePreferredStockMember2022-01-012022-06-300001466538us-gaap:ConvertiblePreferredStockMember2021-01-012021-06-300001466538us-gaap:RestrictedStockMember2022-04-012022-06-300001466538us-gaap:RestrictedStockMember2021-04-012021-06-300001466538us-gaap:RestrictedStockMember2022-01-012022-06-300001466538us-gaap:RestrictedStockMember2021-01-012021-06-300001466538cown:FacilityLeasesMember2022-04-012022-06-300001466538cown:FacilityLeasesMember2021-04-012021-06-300001466538cown:FacilityLeasesMember2022-01-012022-06-300001466538cown:FacilityLeasesMember2021-01-012021-06-300001466538cown:EquipmentLeasesMember2022-06-300001466538cown:FacilityLeasesMember2022-06-300001466538cown:ServicePaymentsMember2022-06-300001466538cown:HealthcareRoyaltyPartnersMembercown:UnfundedCommitmentsMember2022-01-012022-06-300001466538cown:HealthcareRoyaltyPartnersMembercown:CommitmentToInvestMember2022-01-012022-06-300001466538cown:Formation8PartnersHardwareFundIL.P.Membercown:UnfundedCommitmentsMember2022-01-012022-06-300001466538cown:Formation8PartnersHardwareFundIL.P.Membercown:CommitmentToInvestMember2022-01-012022-06-300001466538cown:EclipseFundIIL.P.Membercown:UnfundedCommitmentsMember2022-01-012022-06-300001466538cown:EclipseFundIIL.P.Membercown:CommitmentToInvestMember2022-01-012022-06-300001466538cown:EclipseContinuityFundIL.P.Membercown:UnfundedCommitmentsMember2022-01-012022-06-300001466538cown:EclipseContinuityFundIL.P.Membercown:CommitmentToInvestMember2022-01-012022-06-300001466538cown:CowenHealthcareInvestmentsIIILPMembercown:UnfundedCommitmentsMember2022-01-012022-06-300001466538cown:CowenHealthcareInvestmentsIIILPMembercown:CommitmentToInvestMember2022-01-012022-06-300001466538cown:CowenHealthcareInvestmentsIVLPMembercown:UnfundedCommitmentsMember2022-01-012022-06-300001466538cown:CowenHealthcareInvestmentsIVLPMembercown:CommitmentToInvestMember2022-01-012022-06-300001466538cown:CowenSustainableInvestmentsILPMembercown:UnfundedCommitmentsMember2022-01-012022-06-300001466538cown:CowenSustainableInvestmentsILPMembercown:CommitmentToInvestMember2022-01-012022-06-300001466538cown:OperatingCompanyMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001466538cown:OperatingCompanyMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001466538cown:OperatingCompanyMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001466538cown:OperatingCompanyMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2022-04-012022-06-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2021-04-012021-06-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2022-01-012022-06-300001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2021-01-012021-06-300001466538us-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001466538us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001466538us-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001466538us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMembercown:AssetCompanyMember2022-04-012022-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMembercown:AssetCompanyMember2021-04-012021-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMembercown:AssetCompanyMember2022-01-012022-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMembercown:AssetCompanyMember2021-01-012021-06-300001466538us-gaap:OperatingSegmentsMember2022-04-012022-06-300001466538us-gaap:OperatingSegmentsMember2021-04-012021-06-300001466538us-gaap:OperatingSegmentsMember2022-01-012022-06-300001466538us-gaap:OperatingSegmentsMember2021-01-012021-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001466538cown:ConsolidatedFundsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001466538cown:ConsolidatedFundsMember2021-01-012021-06-300001466538cown:CowenAndCompanyMember2022-06-300001466538cown:CowenAndCompanyMember2022-01-012022-06-300001466538srt:MinimumMembercown:CowenAndCompanyMember2022-06-300001466538cown:CowenAndCompanyMembercown:OptionsClearingCorporationMember2022-06-300001466538cown:CowenAndCompanyMembercown:OptionsClearingCorporationMember2022-01-012022-06-300001466538cown:CowenFinancialProductsLLCMember2022-01-012022-06-300001466538cown:CowenFinancialProductsLLCMember2022-06-300001466538cown:ATMExecutionLLCMember2022-06-300001466538cown:WestminsterResearchMember2022-06-300001466538cown:UKFinancialConductAuthorityMembercown:CowenInternationalLimitedMember2022-06-300001466538cown:UKFinancialConductAuthorityMembercown:CowenExecutionServicesLtd.Member2022-06-300001466538cown:CowenandCompanyAsiaLimitedMember2022-06-300001466538cown:CowenAndCompanyMembercown:SpecialReserveAccountsMember2022-06-300001466538cown:CowenAndCompanyMembercown:PABReserveBankAccountsMember2022-06-300001466538cown:RCGInsuranceCompanyMember2022-06-300001466538srt:AffiliatedEntityMember2022-06-300001466538srt:AffiliatedEntityMember2021-12-310001466538cown:EmployeeLoansMember2022-06-300001466538cown:EmployeeLoansMember2021-12-310001466538srt:MinimumMembercown:EmployeeLoansMember2022-01-012022-06-300001466538srt:MaximumMembercown:EmployeeLoansMember2022-01-012022-06-300001466538cown:EmployeeLoansMember2022-04-012022-06-300001466538cown:EmployeeLoansMember2021-04-012021-06-300001466538cown:EmployeeLoansMember2022-01-012022-06-300001466538cown:EmployeeLoansMember2021-01-012021-06-300001466538cown:OtherFundsMember2022-06-300001466538cown:OtherFundsMember2021-12-310001466538cown:EmployeesMember2022-06-300001466538cown:EmployeesMember2021-12-310001466538cown:EmployeesMember2022-04-012022-06-300001466538cown:EmployeesMember2021-04-012021-06-300001466538cown:EmployeesMember2022-01-012022-06-300001466538cown:EmployeesMember2021-01-012021-06-300001466538cown:BMOHarrisBankMembercown:BrokerLoanMember2022-06-300001466538cown:TriPartypledgelineMembercown:BMOHarrisBankMember2022-06-300001466538cown:PledgelineMembercown:BMOHarrisBankMember2022-06-300001466538cown:PledgelineMember2022-06-300001466538cown:SpikeLineMembercown:BMOHarrisBankMember2022-06-300001466538cown:MorganStanleyMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001466538us-gaap:SubsequentEventMember2022-07-202022-07-200001466538cown:TDBankGroupCowenMemberus-gaap:SubsequentEventMember2022-08-010001466538cown:TDBankGroupCowenMemberus-gaap:SubsequentEventMember2022-08-012022-08-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
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 August 2, 2022, there were 27,651,792 shares of the registrant's common stock outstanding.



Item No. Page No.




2

Table of Contents

Special Note Regarding Forward-Looking Statements
We have made statements in this Quarterly Report on Form 10-Q (including in "Management's Discussion and Analysis of Financial Condition and Results of Operations") that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking terms such as "may," "might," "will," "would," "could," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "project," "possible," "potential," "intend," "seek" or "continue," the negative of these terms and other comparable terminology or similar expressions. In addition, our management may make forward-looking statements to analysts, representatives of the media and others. These forward-looking statements represent only the Company's beliefs regarding future events (many of which, by their nature, are inherently uncertain and beyond our control) and are predictions only, based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 and the risks contained in Item 1A of this periodic report on Form 10-Q for the three and six months ended June 30, 2022.
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update any of these forward-looking statements after the date of this filing to conform our prior statements to actual results or revised expectations.
Unaudited Condensed Consolidated Financial Statements are presented for the three and six months ended June 30, 2022 and 2021. The Consolidated Financial Statements as of December 31, 2021 were audited.



3

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of June 30, 2022As of December 31, 2021
Assets
Cash and cash equivalents$926,768 $914,343 
Cash collateral pledged145,570 47,494 
Segregated cash198,772 194,701 
Securities owned, at fair value ($1,837,004 and $1,764,853 were pledged to various parties)
2,358,484 2,660,742 
Securities purchased under agreements to resell411  
Receivable on derivative contracts, at fair value498,630 286,135 
Securities borrowed1,574,854 1,704,603 
Other investments ($122,356 and $137,986 at fair value, respectively)
193,140 274,111 
Deposits with clearing organizations, brokers and banks90,889 111,857 
Receivable from brokers, dealers and clearing organizations, net of allowance of $768 and $636, respectively
1,718,766 1,614,347 
Receivable from customers, net of allowance of $580 and $687, respectively
216,908 159,418 
Fees receivable, net of allowance of $2,086 and $886, respectively
116,350 145,809 
Insurance and reinsurance assets148,825 30,073 
Due from related parties24,296 31,449 
Fixed assets, net of accumulated depreciation and amortization of $51,963 and $50,017, respectively
24,340 25,976 
Operating lease right-of-use assets86,645 93,655 
Goodwill234,005 234,005 
Intangible assets, net of accumulated amortization of $31,073 and $33,219, respectively
37,659 44,167 
Deferred tax asset, net22,101 21,765 
Other assets, net of allowance of $970 and $0 respectively
55,724 54,755 
Consolidated Funds  
Cash and cash equivalents25 296 
Other investments81,855 99,067 
Other assets46 46 
Total Assets$8,755,063 $8,748,814 
Liabilities, Temporary Equity and Permanent Equity  
Liabilities
Securities sold, not yet purchased, at fair value$1,091,489 $1,201,448 
Securities sold under agreements to repurchase177,052 63,469 
Payable for derivative contracts, at fair value50,407 60,163 
Securities loaned1,353,229 1,586,572 
Payable to brokers, dealers and clearing organizations719,972 586,553 
Payable to customers2,445,298 2,432,612 
Commission management payable128,623 102,990 
Insurance and reinsurance liabilities362,709 71,269 
Compensation payable210,916 443,580 
Operating lease liabilities90,985 98,883 
Notes payable and other debt623,792 623,371 
Fees payable11,804 16,483 
Accounts payable, accrued expenses and other liabilities147,898 164,819 
Consolidated Funds 
Due to related parties 23 
Accounts payable, accrued expenses and other liabilities159 225 
Total Liabilities$7,414,333 $7,452,460 
4

Table of Contents
Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of June 30, 2022As of December 31, 2021
(continued)
Commitments and Contingencies (Note 22)
Redeemable Series A Convertible Preferred stock, par value $0.01 per share: 10,000,000 shares authorized, 120,750 shares issued and outstanding as of June 30, 2022 (aggregate liquidation preference of $120,750) and 10,000,000 shares authorized, 120,750 shares issued and outstanding as of December 31, 2021 (aggregate liquidation preference of $120,750)
$120,750$120,750 
Permanent Equity
Class A common stock, par value $0.01 per share: 62,500,000 shares authorized, 57,319,922 shares issued and 27,801,792 outstanding as of June 30, 2022 and 62,500,000 shares authorized, 55,826,893 shares issued and 27,778,964 outstanding as of December 31, 2021, respectively (including 960,238 and 901,374 restricted shares, respectively)
334 334 
Class B common stock, par value $0.01 per share: 62,500,000 authorized, no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
  
Additional paid-in capital1,138,329 1,100,667 
Retained earnings499,609 461,982 
Accumulated other comprehensive income (loss)1 (2)
Less: Class A common stock held in treasury, at cost, 29,518,130 and 28,047,929 shares as of June 30, 2022 and December 31, 2021, respectively
(591,102)(547,112)
Total Cowen Inc. Stockholders' Equity1,047,171 1,015,869 
Nonredeemable non-controlling interests172,809 159,735 
Total Permanent Equity$1,219,980 $1,175,604 
Total Liabilities, Redeemable Preferred Stock and Permanent Equity$8,755,063 $8,748,814 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

Table of Contents
Cowen Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues   
Investment banking$100,169 $224,981 $201,711 $529,815 
Brokerage154,656 139,060 323,394 312,797 
Investment income (loss)
Securities principal transactions, net31,54240,572122,794104,537
Portfolio fund principal transactions, net (9,462)(1,882)(15,560)13,521
Carried interest allocations(32,083)(35,530)(49,150)61,239
Total investment income (loss)(10,003)3,160 58,084 179,297 
Management fees16,717 14,995 33,486 40,737 
Incentive income 169 633 2,427 
Interest and dividends48,545 62,173 94,880 121,561 
Insurance and reinsurance premiums14,278 11,493 25,599 18,610 
Other revenues, net(6,625)2,031 (7,574)3,690 
Consolidated Funds  
Principal transactions, net(15,326)693 (17,212)(2,656)
Interest and dividends2 2 4 4 
Total revenues302,413 458,757 713,005 1,206,282 
Interest and dividends expense53,925 63,073 100,449 120,714 
Total net revenues248,488 395,684 612,556 1,085,568 
Expenses   
Employee compensation and benefits151,322 219,186 338,500 607,382 
Brokerage and trade execution costs44,635 38,813 85,226 84,469 
Underwriting expenses889 6,152 1,148 13,067 
Professional, advisory and other fees12,373 17,457 26,055 32,917 
Service fees7,460 6,379 14,610 12,110 
Communications9,257 9,710 18,728 18,977 
Occupancy and equipment10,500 9,946 20,816 19,486 
Depreciation and amortization6,997 4,565 14,182 8,919 
Client services and business development11,248 4,336