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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 October 27, 2022, there were 28,014,299 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 nine months ended September 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 nine months ended September 30, 2022 and 2021. The Consolidated Financial Statements as of December 31, 2021 were audited.



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PART I. FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of September 30, 2022As of December 31, 2021
Assets
Cash and cash equivalents$909,848 $914,343 
Cash collateral pledged126,097 47,494 
Segregated cash202,197 194,701 
Securities owned, at fair value ($1,733,491 and $1,764,853 were pledged to various parties)
2,344,240 2,660,742 
Securities purchased under agreements to resell117,038  
Receivable on derivative contracts, at fair value533,302 286,135 
Securities borrowed1,444,431 1,704,603 
Other investments ($122,597 and $137,986 at fair value, respectively)
206,496 274,111 
Deposits with clearing organizations, brokers and banks104,140 111,857 
Receivable from brokers, dealers and clearing organizations, net of allowance of $600 and $636, respectively
1,801,482 1,614,347 
Receivable from customers, net of allowance of $592 and $687, respectively
243,039 159,418 
Fees receivable, net of allowance of $5,378 and $886, respectively
113,297 145,809 
Insurance and reinsurance assets186,094 30,073 
Due from related parties22,384 31,449 
Fixed assets, net of accumulated depreciation and amortization of $52,237 and $50,017, respectively
25,015 25,976 
Operating lease right-of-use assets83,744 93,655 
Goodwill234,005 234,005 
Intangible assets, net of accumulated amortization of $35,143 and $33,219, respectively
34,413 44,167 
Deferred tax asset, net22,130 21,765 
Other assets, net of allowance of $1,204 and $0 respectively
61,098 54,755 
Consolidated Funds  
Cash and cash equivalents27 296 
Other investments58,967 99,067 
Other assets46 46 
Total Assets$8,873,530 $8,748,814 
Liabilities, Temporary Equity and Permanent Equity  
Liabilities
Securities sold, not yet purchased, at fair value$1,034,789 $1,201,448 
Securities sold under agreements to repurchase143,452 63,469 
Payable for derivative contracts, at fair value85,728 60,163 
Securities loaned1,547,579 1,586,572 
Payable to brokers, dealers and clearing organizations661,605 586,553 
Payable to customers2,413,537 2,432,612 
Commission management payable123,713 102,990 
Insurance and reinsurance liabilities387,004 71,269 
Compensation payable281,918 443,580 
Operating lease liabilities87,917 98,883 
Notes payable and other debt621,879 623,371 
Fees payable10,771 16,483 
Accounts payable, accrued expenses and other liabilities150,498 164,819 
Consolidated Funds 
Due to related parties 23 
Accounts payable, accrued expenses and other liabilities171 225 
Total Liabilities$7,550,561 $7,452,460 
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Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of September 30, 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 September 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, 57,996,481 shares issued and 28,014,299 outstanding as of September 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 1,024,054 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 September 30, 2022 and December 31, 2021, respectively
  
Additional paid-in capital1,151,597 1,100,667 
Retained earnings508,189 461,982 
Accumulated other comprehensive income (loss)1 (2)
Less: Class A common stock held in treasury, at cost, 29,982,182 and 28,047,929 shares as of September 30, 2022 and December 31, 2021, respectively
(606,830)(547,112)
Total Cowen Inc. Stockholders' Equity1,053,291 1,015,869 
Nonredeemable non-controlling interests148,928 159,735 
Total Permanent Equity$1,202,219 $1,175,604 
Total Liabilities, Redeemable Preferred Stock and Permanent Equity$8,873,530 $8,748,814 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Cowen Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenues   
Investment banking$154,480 $273,532 $356,191 $803,347 
Brokerage135,516 131,371 458,910 444,168 
Investment income (loss)
Securities principal transactions, net(41,170)7,29181,624111,828
Portfolio fund principal transactions, net (247)(11,121)(15,807)2,400
Carried interest allocations9,443(60,471)(39,707)768
Total investment income (loss)(31,974)(64,301)26,110 114,996 
Management fees16,655 15,334 50,141 56,071 
Incentive income 6 633 2,433 
Interest and dividends147,884 45,978 242,764 167,539 
Insurance and reinsurance premiums10,737 12,586 36,336 31,196 
Other revenues, net376 (1,078)(7,198)2,612 
Consolidated Funds  
Principal transactions, net(22,886)(1,194)(40,098)(3,850)
Interest and dividends3 3 7 7 
Total revenues410,791 412,237 1,123,796 1,618,519 
Interest and dividends expense76,270 43,035 176,719 163,749 
Total net revenues334,521 369,202 947,077 1,454,770 
Expenses   
Employee compensation and benefits203,878 201,686 542,378 809,068 
Brokerage and trade execution costs38,729 33,600 123,955 118,069 
Underwriting expenses1,899 7,208