10-Q 1 cown-20220331.htm 10-Q cown-20220331
0001466538--12-312022Q1falsehttp://fasb.org/us-gaap/2021-01-31#DebtAndCapitalLeaseObligationsP2YP2YP1Y00014665382022-01-012022-03-310001466538us-gaap:CommonClassAMemberexch:XNMS2022-01-012022-03-310001466538cown:A2033NotesMemberexch:XNMS2022-01-012022-03-3100014665382022-04-29xbrli:shares00014665382022-03-31iso4217:USD00014665382021-12-310001466538cown:PortfolioFundsMember2022-03-310001466538cown:PortfolioFundsMember2021-12-31iso4217:USDxbrli:shares0001466538us-gaap:ConvertiblePreferredStockMember2022-03-310001466538us-gaap:ConvertiblePreferredStockMember2021-12-310001466538us-gaap:CommonClassAMember2022-03-310001466538us-gaap:CommonClassAMember2021-12-310001466538us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2022-03-310001466538us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2021-12-310001466538us-gaap:CommonClassBMember2021-12-310001466538us-gaap:CommonClassBMember2022-03-3100014665382021-01-012021-03-310001466538us-gaap:MaterialReconcilingItemsMember2022-01-012022-03-310001466538us-gaap:CommonStockMember2021-12-310001466538us-gaap:CommonStockMember2020-12-310001466538us-gaap:CommonStockMember2022-01-012022-03-310001466538us-gaap:CommonStockMember2021-01-012021-03-310001466538us-gaap:CommonStockMember2022-03-310001466538us-gaap:CommonStockMember2021-03-310001466538us-gaap:PreferredStockMember2021-12-310001466538us-gaap:PreferredStockMember2020-12-310001466538us-gaap:PreferredStockMember2022-03-310001466538us-gaap:PreferredStockMember2021-03-310001466538us-gaap:ParentMember2021-12-310001466538us-gaap:ParentMember2020-12-310001466538us-gaap:TreasuryStockMember2021-12-310001466538us-gaap:TreasuryStockMember2020-12-310001466538us-gaap:TreasuryStockMember2022-01-012022-03-310001466538us-gaap:TreasuryStockMember2021-01-012021-03-310001466538us-gaap:TreasuryStockMember2022-03-310001466538us-gaap:TreasuryStockMember2021-03-310001466538us-gaap:AdditionalPaidInCapitalMember2021-12-310001466538us-gaap:AdditionalPaidInCapitalMember2020-12-310001466538us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001466538us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001466538us-gaap:AdditionalPaidInCapitalMember2022-03-310001466538us-gaap:AdditionalPaidInCapitalMember2021-03-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001466538us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001466538us-gaap:RetainedEarningsMember2021-12-310001466538us-gaap:RetainedEarningsMember2020-12-310001466538us-gaap:RetainedEarningsMember2022-01-012022-03-310001466538us-gaap:RetainedEarningsMember2021-01-012021-03-310001466538us-gaap:RetainedEarningsMember2022-03-310001466538us-gaap:RetainedEarningsMember2021-03-310001466538us-gaap:ParentMember2022-03-310001466538us-gaap:ParentMember2021-03-310001466538cown:NonredeemableNoncontrollingInterestsMember2021-12-310001466538cown:NonredeemableNoncontrollingInterestsMember2020-12-310001466538cown:NonredeemableNoncontrollingInterestsMember2022-01-012022-03-310001466538cown:NonredeemableNoncontrollingInterestsMember2021-01-012021-03-310001466538cown:NonredeemableNoncontrollingInterestsMember2022-03-310001466538cown:NonredeemableNoncontrollingInterestsMember2021-03-3100014665382021-03-3100014665382020-12-31cown:segmentcown:division0001466538us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-03-310001466538us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310001466538cown:OperatingCompanyMembercown:DuringInvestmentPeriodMembersrt:MinimumMember2022-01-012022-03-31xbrli:pure0001466538cown:OperatingCompanyMembercown:DuringInvestmentPeriodMembersrt:MaximumMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:AfterInvestmentPeriodMembersrt:MinimumMembercown:HealthcareRoyaltyPartnersMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:AfterInvestmentPeriodMembersrt:MaximumMembercown:HealthcareRoyaltyPartnersMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:DuringInvestmentPeriodMembersrt:MinimumMembercown:OtherHealthcareRoyaltyPartnersMemberMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:DuringInvestmentPeriodMembersrt:MaximumMembercown:OtherHealthcareRoyaltyPartnersMemberMember2022-01-012022-03-310001466538cown:OperatingCompanyMemberus-gaap:HedgeFundsMember2022-01-012022-03-310001466538cown:CowenInsuranceMember2021-02-262021-02-260001466538cown:CowenInsuranceMember2022-01-012022-03-310001466538cown:CowenInsuranceMember2021-02-260001466538cown:CowenInsuranceMemberus-gaap:CustomerRelatedIntangibleAssetsMember2021-02-260001466538cown:CowenInsuranceMemberus-gaap:LicenseMember2021-02-260001466538cown:CowenInsuranceMember2022-03-310001466538cown:FacilityLeasesMember2022-03-310001466538cown:FacilityLeasesMember2021-12-310001466538cown:CollateralReinsuranceAgreementMember2022-03-310001466538cown:CollateralReinsuranceAgreementMember2021-12-310001466538cown:LetterOfCreditNYOffice1ExpiresApril2022Memberus-gaap:LetterOfCreditMember2022-03-310001466538cown:LetterOfCreditNYOffice3ExpiresOctober2022Memberus-gaap:LetterOfCreditMember2022-03-310001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditNYOffice5ExpiresNovember2021Domain2022-03-310001466538us-gaap:LetterOfCreditMembercown:LetterOfCreditBostonOfficeExpiresMarch2028Member2022-03-310001466538cown:LetterofCreditSanFranciscoOfficeExpiresOctober2025Memberus-gaap:LetterOfCreditMember2022-03-310001466538us-gaap:CommonStockMember2022-03-310001466538us-gaap:CommonStockMember2021-12-310001466538us-gaap:PreferredStockMember2022-03-310001466538us-gaap:PreferredStockMember2021-12-310001466538cown:WarrantsAndRightsMember2022-03-310001466538cown:WarrantsAndRightsMember2021-12-310001466538us-gaap:USTreasuryAndGovernmentMember2022-03-310001466538us-gaap:USTreasuryAndGovernmentMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2022-03-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:LoansMember2022-03-310001466538us-gaap:LoansMember2021-12-310001466538cown:TradeClaimsMember2022-03-310001466538cown:TradeClaimsMember2021-12-310001466538us-gaap:PrivateEquityFundsMember2022-03-310001466538us-gaap:PrivateEquityFundsMember2021-12-310001466538us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001466538us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001466538us-gaap:ForeignExchangeForwardMember2022-03-310001466538us-gaap:ForeignExchangeForwardMember2021-12-310001466538us-gaap:SwapMember2022-03-310001466538us-gaap:SwapMember2021-12-310001466538us-gaap:OptionMember2022-03-31cown:contract0001466538us-gaap:OptionMember2021-12-310001466538us-gaap:InterestRateSwapMember2022-03-310001466538us-gaap:InterestRateSwapMember2021-12-310001466538cown:ReceivableonderivativescontractsatfairvalueMember2022-03-310001466538cown:ReceivableonderivativescontractsatfairvalueMember2021-12-310001466538us-gaap:FutureMember2022-03-310001466538us-gaap:FutureMember2021-12-310001466538us-gaap:PutOptionMember2022-03-310001466538us-gaap:PutOptionMember2021-12-310001466538cown:PayableforderivativescontractsatfairvalueMember2022-03-310001466538cown:PayableforderivativescontractsatfairvalueMember2021-12-310001466538us-gaap:OtherIncomeMember2022-01-012022-03-310001466538us-gaap:OtherIncomeMember2021-01-012021-03-310001466538cown:CarriedinterestMember2022-03-310001466538cown:CarriedinterestMember2021-12-310001466538us-gaap:EquityMethodInvestmentsMember2022-03-310001466538us-gaap:EquityMethodInvestmentsMember2021-12-310001466538srt:AffiliatedEntityMembercown:HealthcareRoyaltyPartnersMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:HealthcareRoyaltyPartnersMembercown:PortfolioFundsMember2021-12-310001466538cown:HealthcareRoyaltyPartnersIiMembersrt:AffiliatedEntityMembercown:PortfolioFundsMember2022-03-310001466538cown:HealthcareRoyaltyPartnersIiMembersrt:AffiliatedEntityMembercown:PortfolioFundsMember2021-12-310001466538cown:EclipseVenturesFundIL.P.Membercown:PortfolioFundsMember2022-03-310001466538cown:EclipseVenturesFundIL.P.Membercown:PortfolioFundsMember2021-12-310001466538cown:EclipseVentureFundIILPMembercown:PortfolioFundsMember2022-03-310001466538cown:EclipseVentureFundIILPMembercown:PortfolioFundsMember2021-12-310001466538cown:EclipseContinuityFundIL.P.Membercown:PortfolioFundsMember2022-03-310001466538cown:EclipseContinuityFundIL.P.Membercown:PortfolioFundsMember2021-12-310001466538cown:StarboardValueAndOpportunityFundLpMembersrt:AffiliatedEntityMembercown:PortfolioFundsMember2022-03-310001466538cown:StarboardValueAndOpportunityFundLpMembersrt:AffiliatedEntityMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:StarboardValueOpportunityFundLtdMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:StarboardValueOpportunityFundLtdMembercown:PortfolioFundsMember2021-12-310001466538cown:LagunitaBiosciencesLLCMemberMembercown:PortfolioFundsMember2022-03-310001466538cown:LagunitaBiosciencesLLCMemberMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:StarboardLeadersFundLPMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:StarboardLeadersFundLPMembercown:PortfolioFundsMember2021-12-310001466538cown:PortfolioFundsMembercown:Formation8PartnersFundIMember2022-03-310001466538cown:PortfolioFundsMembercown:Formation8PartnersFundIMember2021-12-310001466538cown:BDCFundICoinvest1LPMembercown:PortfolioFundsMember2022-03-310001466538cown:BDCFundICoinvest1LPMembercown:PortfolioFundsMember2021-12-310001466538cown:DifesaPartnersLPMembercown:PortfolioFundsMember2022-03-310001466538cown:DifesaPartnersLPMembercown:PortfolioFundsMember2021-12-310001466538cown:CowenSustainableInvestmentsILPMembersrt:AffiliatedEntityMembercown:PortfolioFundsMember2022-03-310001466538cown:CowenSustainableInvestmentsILPMembersrt:AffiliatedEntityMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIILPMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIILPMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIIILPMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIIILPMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIVLPMember2022-03-310001466538srt:AffiliatedEntityMembercown:PortfolioFundsMembercown:CowenHealthcareInvestmentsIVLPMember2021-12-310001466538srt:AffiliatedEntityMembercown:EclipseSPVILPMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:EclipseSPVILPMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:TriartisanPFCPartnersLLCMemberMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:TriartisanPFCPartnersLLCMemberMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:RamiusMergerFundLLCMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:RamiusMergerFundLLCMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:OtherPrivateInvestmentMembercown:PortfolioFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:OtherPrivateInvestmentMembercown:PortfolioFundsMember2021-12-310001466538srt:AffiliatedEntityMembercown:PortfolioFundsMembercown:OtherFundsMember2022-03-310001466538srt:AffiliatedEntityMembercown:PortfolioFundsMembercown:OtherFundsMember2021-12-310001466538cown:StarboardValueAndOpportunityFundLpMembersrt:AffiliatedEntityMembercown:PortfolioFundsMember2022-01-012022-03-310001466538srt:AffiliatedEntityMembercown:StarboardLeadersFundLPMembercown:PortfolioFundsMember2022-01-012022-03-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIILPMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIILPMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIIILPMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:CowenHealthcareInvestmentsIIILPMembercown:CarriedinterestMember2021-12-310001466538cown:CowenSustainableInvestmentsILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2022-03-310001466538cown:CowenSustainableInvestmentsILPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:CowenSustainableInvestmentsOffshoreILPMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:CowenSustainableInvestmentsOffshoreILPMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:CSIIProdigyCoInvestmentLPMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:CSIIProdigyCoInvestmentLPMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:CSIPRTACoInvestmentLPMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:CSIPRTACoInvestmentLPMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:TriartisanTGIFPartnersLLCMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:TriartisanTGIFPartnersLLCMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:TriartisanESPartnersLLCMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:TriartisanPFCPartnersLLCMemberMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:TriartisanPFCPartnersLLCMemberMembercown:CarriedinterestMember2021-12-310001466538cown:RamiusMultiStrategyFundLPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2022-03-310001466538cown:RamiusMultiStrategyFundLPMembersrt:AffiliatedEntityMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:RamiusMergerFundLLCMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:RamiusMergerFundLLCMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:RCGIORenergysSarlMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:RCGIORenergysSarlMembercown:CarriedinterestMember2021-12-310001466538srt:AffiliatedEntityMembercown:OtherFundsMembercown:CarriedinterestMember2022-03-310001466538srt:AffiliatedEntityMembercown:OtherFundsMembercown:CarriedinterestMember2021-12-310001466538cown:StarboardValueLPMember2022-03-310001466538cown:StarboardValueLPMember2021-12-310001466538cown:HealthcareRoyaltyGPIIILLCMember2022-03-310001466538cown:HealthcareRoyaltyGPIIILLCMember2021-12-310001466538cown:HealthcareRoyaltyGpLlcMember2022-03-310001466538cown:HealthcareRoyaltyGpLlcMember2021-12-310001466538cown:HealthcareRoyaltyGpIiLlcMember2022-03-310001466538cown:HealthcareRoyaltyGpIiLlcMember2021-12-310001466538cown:HealthcareRoyaltyGPIVLLCMember2022-03-310001466538cown:HealthcareRoyaltyGPIVLLCMember2021-12-310001466538cown:RcgLongviewDebtFundIvManagementLlcMember2022-03-310001466538cown:RcgLongviewDebtFundIvManagementLlcMember2021-12-310001466538cown:HCROverflowFundGPLLCMember2022-03-310001466538cown:HCROverflowFundGPLLCMember2021-12-310001466538cown:HCRPMGSAccountManagementLLCMember2022-03-310001466538cown:HCRPMGSAccountManagementLLCMember2021-12-310001466538cown:HCRStaffordFundGPLLCMember2022-03-310001466538cown:HCRStaffordFundGPLLCMember2021-12-310001466538cown:EquityMethodInvesteeOtherMember2022-03-310001466538cown:EquityMethodInvesteeOtherMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:MaturityOvernightMember2022-03-310001466538us-gaap:CommonStockMemberus-gaap:MaturityUpTo30DaysMember2022-03-310001466538us-gaap:CommonStockMemberus-gaap:Maturity30To90DaysMember2022-03-310001466538us-gaap:MaturityOver90DaysMemberus-gaap:CommonStockMember2022-03-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOvernightMember2022-03-310001466538us-gaap:MaturityUpTo30DaysMemberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:Maturity30To90DaysMemberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:MaturityOver90DaysMemberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:CommonStockMemberus-gaap:MaturityOvernightMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:MaturityUpTo30DaysMember2021-12-310001466538us-gaap:CommonStockMemberus-gaap:Maturity30To90DaysMember2021-12-310001466538us-gaap:MaturityOver90DaysMemberus-gaap:CommonStockMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMemberus-gaap:MaturityOvernightMember2021-12-310001466538us-gaap:MaturityUpTo30DaysMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:Maturity30To90DaysMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:MaturityOver90DaysMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-03-310001466538us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310001466538cown:ConsolidatedFundsMember2022-01-012022-03-310001466538cown:EnterpriseLpMember2022-03-310001466538cown:EnterpriseLpMember2021-12-310001466538cown:LinkemMembercountry:ITcown:WirelessBroadbandMemberus-gaap:EquitySecuritiesMember2022-03-310001466538cown:LinkemMembercountry:ITcown:WirelessBroadbandMemberus-gaap:EquitySecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ConvertibleDebtSecuritiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleDebtSecuritiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ConvertibleDebtSecuritiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleDebtSecuritiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LoansMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2022-03-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SwapMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:SwapMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMember2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001466538cown:QuartonMember2022-03-310001466538cown:PorticoMember2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:TradeClaimsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LoansMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OptionMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMembercown:WarrantsAndRightsMember2021-12-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SwapMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:SwapMember2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OptionMember2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001466538cown:QuartonMember2021-12-310001466538cown:PorticoMember2021-12-310001466538us-gaap:PreferredStockMember2021-12-310001466538us-gaap:PreferredStockMember2022-01-012022-03-310001466538us-gaap:PreferredStockMember2022-03-310001466538us-gaap:CommonStockMember2021-12-310001466538us-gaap:CommonStockMember2022-01-012022-03-310001466538us-gaap:CommonStockMember2022-03-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2022-01-012022-03-310001466538us-gaap:ConvertibleDebtSecuritiesMember2022-03-310001466538us-gaap:CorporateBondSecuritiesMember2021-12-310001466538us-gaap:CorporateBondSecuritiesMember2022-01-012022-03-310001466538us-gaap:CorporateBondSecuritiesMember2022-03-310001466538us-gaap:OptionMember2021-12-310001466538us-gaap:OptionMember2022-01-012022-03-310001466538us-gaap:OptionMember2022-03-310001466538us-gaap:PutOptionMember2021-12-310001466538us-gaap:PutOptionMember2022-01-012022-03-310001466538us-gaap:PutOptionMember2022-03-310001466538cown:WarrantsAndRightsMember2021-12-310001466538cown:WarrantsAndRightsMember2022-01-012022-03-310001466538cown:WarrantsAndRightsMember2022-03-310001466538cown:TradeClaimsMember2021-12-310001466538cown:TradeClaimsMember2022-01-012022-03-310001466538cown:TradeClaimsMember2022-03-310001466538us-gaap:PrivateEquityFundsMember2021-12-310001466538us-gaap:PrivateEquityFundsMember2022-01-012022-03-310001466538us-gaap:PrivateEquityFundsMember2022-03-310001466538cown:ContingentLiabilityPayableMember2021-12-310001466538cown:ContingentLiabilityPayableMember2022-01-012022-03-310001466538cown:ContingentLiabilityPayableMember2022-03-310001466538us-gaap:PreferredStockMember2020-12-310001466538us-gaap:PreferredStockMember2021-01-012021-03-310001466538us-gaap:PreferredStockMember2021-03-310001466538us-gaap:CommonStockMember2020-12-310001466538us-gaap:CommonStockMember2021-01-012021-03-310001466538us-gaap:CommonStockMember2021-03-310001466538us-gaap:ConvertibleDebtSecuritiesMember2020-12-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-01-012021-03-310001466538us-gaap:ConvertibleDebtSecuritiesMember2021-03-310001466538us-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMember2021-01-012021-03-310001466538us-gaap:CorporateBondSecuritiesMember2021-03-310001466538us-gaap:OptionMember2020-12-310001466538us-gaap:OptionMember2021-01-012021-03-310001466538us-gaap:OptionMember2021-03-310001466538us-gaap:PutOptionMember2020-12-310001466538us-gaap:PutOptionMember2021-01-012021-03-310001466538us-gaap:PutOptionMember2021-03-310001466538cown:WarrantsAndRightsMember2020-12-310001466538cown:WarrantsAndRightsMember2021-01-012021-03-310001466538cown:WarrantsAndRightsMember2021-03-310001466538us-gaap:LoansMember2020-12-310001466538us-gaap:LoansMember2021-01-012021-03-310001466538us-gaap:LoansMember2021-03-310001466538cown:TradeClaimsMember2020-12-310001466538cown:TradeClaimsMember2021-01-012021-03-310001466538cown:TradeClaimsMember2021-03-310001466538us-gaap:PrivateEquityFundsMember2020-12-310001466538us-gaap:PrivateEquityFundsMember2021-01-012021-03-310001466538us-gaap:PrivateEquityFundsMember2021-03-310001466538us-gaap:CorporateBondSecuritiesMember2020-12-310001466538us-gaap:CorporateBondSecuritiesMember2021-01-012021-03-310001466538us-gaap:CorporateBondSecuritiesMember2021-03-310001466538us-gaap:USGovernmentDebtSecuritiesMember2020-12-310001466538us-gaap:USGovernmentDebtSecuritiesMember2021-01-012021-03-310001466538us-gaap:USGovernmentDebtSecuritiesMember2021-03-310001466538cown:ContingentLiabilityPayableMember2020-12-310001466538cown:ContingentLiabilityPayableMember2021-01-012021-03-310001466538cown:ContingentLiabilityPayableMember2021-03-310001466538cown:ConsolidatedFundsMemberus-gaap:CommonStockMember2020-12-310001466538cown:ConsolidatedFundsMemberus-gaap:CommonStockMember2021-01-012021-03-310001466538cown:ConsolidatedFundsMemberus-gaap:CommonStockMember2021-03-310001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2020-12-310001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-01-012021-03-310001466538cown:WarrantsAndRightsMembercown:ConsolidatedFundsMember2021-03-310001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-03-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538srt:MaximumMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538srt:WeightedAverageMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-03-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:OptionMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538us-gaap:OptionMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538srt:WeightedAverageMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538cown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-03-310001466538cown:TradeClaimsMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:WarrantsAndRightsMembercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-03-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembercown:WarrantsAndRightsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538cown:WarrantsAndRightsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538cown:WarrantsAndRightsMembercown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-03-310001466538cown:WarrantsAndRightsMembercown:BlackScholesModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538srt:WeightedAverageMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-03-310001466538srt:WeightedAverageMembercown:WarrantsAndRightsMembercown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMember2022-03-310001466538us-gaap:FairValueInputsLevel3Member2022-03-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2022-03-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2022-03-310001466538us-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2022-03-310001466538srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2022-03-310001466538us-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueInputsLevel3Membercown:DiscountCashFlowAndMonteCarloTechniqueMember2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMembercown:MonteCarloMember2022-03-310001466538cown:ContingentLiabilityPayableMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Membercown:MonteCarloMember2022-03-310001466538cown:ContingentLiabilityPayableMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2022-03-310001466538cown:ContingentLiabilityPayableMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Membercown:MonteCarloMember2022-03-310001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538srt:MaximumMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538srt:WeightedAverageMembercown:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-31cown:times0001466538cown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:TradeClaimsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2021-12-310001466538cown:TradeClaimsMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:WarrantsAndRightsMembercown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembercown:WarrantsAndRightsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538cown:WarrantsAndRightsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538cown:WarrantsAndRightsMembercown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-12-310001466538cown:WarrantsAndRightsMembercown:BlackScholesModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538srt:WeightedAverageMembercown:WarrantsAndRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538srt:WeightedAverageMembercown:WarrantsAndRightsMembercown:BlackScholesModelMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:DiscountedCashFlowAndMarketApproachValuationTechniquesMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-12-310001466538us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:OptionMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538us-gaap:OptionMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538srt:WeightedAverageMemberus-gaap:OptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-310001466538us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMember2021-12-310001466538us-gaap:FairValueInputsLevel3Member2021-12-310001466538us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2021-12-310001466538us-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2021-12-310001466538us-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueInputsLevel3Membercown:DiscountCashFlowAndMonteCarloTechniqueMember2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:ContingentLiabilityPayableMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMembercown:MonteCarloMember2021-12-310001466538cown:ContingentLiabilityPayableMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Membercown:MonteCarloMember2021-12-310001466538cown:ContingentLiabilityPayableMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Member2021-12-310001466538cown:ContingentLiabilityPayableMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Membercown:MonteCarloMember2021-12-310001466538us-gaap:FairValueInputsLevel1Member2022-03-310001466538us-gaap:FairValueInputsLevel1Member2021-12-310001466538us-gaap:FairValueInputsLevel2Member2022-03-310001466538us-gaap:FairValueInputsLevel2Member2021-12-310001466538us-gaap:NotesPayableOtherPayablesMember2022-03-310001466538us-gaap:NotesPayableOtherPayablesMember2021-12-310001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2017-12-140001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2020-12-310001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2020-10-012020-12-310001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2021-06-240001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMemberus-gaap:CommonClassAMember2021-01-012021-06-300001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2021-01-012021-06-300001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2021-01-012021-03-310001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2019-05-070001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2019-09-300001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2022-01-012022-03-310001466538us-gaap:SeniorNotesMembercown:A2024NotesMember2021-01-012021-03-310001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2018-06-110001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2020-09-300001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2022-01-012022-03-310001466538us-gaap:SeniorNotesMembercown:A2033NotesMember2021-01-012021-03-310001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2017-12-080001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2017-12-140001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2021-01-012021-03-310001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2021-03-240001466538us-gaap:SeniorNotesMembercown:A2027NotesMember2022-01-012022-03-310001466538cown:TermLoanMembercown:A2028TermLoanMember2021-03-240001466538cown:TermLoanMembercown:A2028TermLoanMember2021-12-150001466538cown:TermLoanMembercown:A2028TermLoanMember2022-03-310001466538cown:TermLoanMembercown:A2028TermLoanMember2022-01-012022-03-310001466538cown:TermLoanMembercown:A2028TermLoanMember2021-01-012021-03-310001466538cown:InsuranceNoteMember2022-01-310001466538cown:InsuranceNoteMember2022-01-012022-03-310001466538cown:InsuranceNoteMember2022-03-310001466538cown:PurpleProtectAssetS91Member2020-09-300001466538cown:PurpleProtectAssetS91Member2021-04-012021-06-300001466538cown:PurpleProtectAssetS91Member2020-12-310001466538cown:PurpleProtectAssetS91Member2021-06-300001466538cown:PurpleProtectAssetS91Member2022-03-310001466538cown:TheMilitaryMutualLtdMember2022-03-310001466538cown:PurpleProtectAssetS91Member2022-01-012022-03-310001466538cown:PurpleProtectAssetS91Member2021-01-012021-03-310001466538cown:CorporateDebtMember2019-11-010001466538cown:CorporateDebtMember2022-03-310001466538cown:CorporateDebtMember2022-01-012022-03-310001466538us-gaap:SeniorNotesMember2022-03-310001466538cown:TermLoanMember2022-03-310001466538us-gaap:ConvertiblePreferredStockMember2015-05-192015-05-190001466538us-gaap:RetainedEarningsMemberus-gaap:ConvertiblePreferredStockMember2022-01-012022-03-310001466538us-gaap:RetainedEarningsMemberus-gaap:ConvertiblePreferredStockMember2021-01-012021-03-310001466538us-gaap:ConvertiblePreferredStockMember2015-05-1900014665382015-05-190001466538us-gaap:CallOptionMembersrt:MinimumMember2015-05-192015-05-1900014665382015-05-192015-05-190001466538srt:MinimumMember2015-05-192015-05-190001466538srt:MaximumMember2015-05-192015-05-19cown:class0001466538us-gaap:ConvertibleDebtMembercown:A2022convertiblenoteMember2018-06-260001466538us-gaap:ConvertibleDebtMemberus-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-3000014665382021-04-012021-06-3000014665382021-01-012021-12-310001466538us-gaap:DividendPaidMember2022-01-012022-03-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2021-12-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2020-12-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2022-01-012022-03-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2021-01-012021-03-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2022-03-310001466538cown:OperatingCompaniesMembercown:NonredeemableNoncontrollingInterestsMember2021-03-310001466538cown:ConsolidatedFundsMembercown:NonredeemableNoncontrollingInterestsMember2021-12-310001466538cown:ConsolidatedFundsMembercown:NonredeemableNoncontrollingInterestsMember2020-12-310001466538cown:ConsolidatedFundsMembercown:NonredeemableNoncontrollingInterestsMember2022-01-012022-03-310001466538cown:ConsolidatedFundsMembercown:NonredeemableNoncontrollingInterestsMember2021-01-012021-03-310001466538cown:ConsolidatedFundsMembercown:NonredeemableNoncontrollingInterestsMember2022-03-310001466538cown:ConsolidatedFundsMembercown:NonredeemableNoncontrollingInterestsMember2021-03-310001466538cown:OperatingCompanyMembercown:UnderwritingFeesMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:UnderwritingFeesMember2021-01-012021-03-310001466538cown:OperatingCompanyMembercown:StrategicFinancialAdvisoryFeesMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:StrategicFinancialAdvisoryFeesMember2021-01-012021-03-310001466538cown:OperatingCompanyMembercown:PlacementandSalesAgentFeesMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:PlacementandSalesAgentFeesMember2021-01-012021-03-310001466538cown:OperatingCompanyMembercown:ExpenseReimbursementsfromClientsMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:ExpenseReimbursementsfromClientsMember2021-01-012021-03-310001466538cown:InvestmentBankingRevenueMembercown:OperatingCompanyMember2022-01-012022-03-310001466538cown:InvestmentBankingRevenueMembercown:OperatingCompanyMember2021-01-012021-03-310001466538cown:CommissionsMembercown:OperatingCompanyMember2022-01-012022-03-310001466538cown:CommissionsMembercown:OperatingCompanyMember2021-01-012021-03-310001466538cown:OperatingCompanyMembercown:TradeConversionMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:TradeConversionMember2021-01-012021-03-310001466538cown:OperatingCompanyMembercown:EquityandCreditResearchFeesMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:EquityandCreditResearchFeesMember2021-01-012021-03-310001466538cown:OperatingCompanyMembercown:BrokerageMember2022-01-012022-03-310001466538cown:OperatingCompanyMembercown:BrokerageMember2021-01-012021-03-310001466538cown:OperatingCompanyMember2022-01-012022-03-310001466538cown:OperatingCompanyMember2021-01-012021-03-310001466538cown:AssetCompanyMember2022-01-012022-03-310001466538cown:AssetCompanyMember2021-01-012021-03-310001466538cown:OutwardInsuranceMember2022-01-012022-03-310001466538cown:OutwardInsuranceMember2021-01-012021-03-310001466538cown:InwardReinsuranceMember2022-01-012022-03-310001466538cown:InwardReinsuranceMember2021-01-012021-03-310001466538cown:CowenInsuranceCoAndHollenfelsMember2022-01-012022-03-310001466538us-gaap:CashAndCashEquivalentsMember2022-03-310001466538us-gaap:USTreasuryBondSecuritiesMember2022-03-310001466538us-gaap:CashAndCashEquivalentsMember2021-12-310001466538us-gaap:USTreasuryBondSecuritiesMember2021-12-310001466538cown:CollateralReinsuranceAgreementReleasedSeptember302023Member2022-03-310001466538cown:CollateralReinsuranceAgreementReleasedMarch312021Member2022-03-310001466538cown:EquityPlansMembersrt:MinimumMemberus-gaap:EmployeeStockMember2022-01-012022-03-310001466538srt:MaximumMembercown:EquityPlansMemberus-gaap:EmployeeStockMember2022-01-012022-03-310001466538us-gaap:RestrictedStockMembercown:EquityPlansMembersrt:MinimumMember2022-01-012022-03-310001466538srt:MaximumMemberus-gaap:RestrictedStockMembercown:EquityPlansMember2022-01-012022-03-310001466538us-gaap:RestrictedStockMembercown:EquityPlansMember2022-03-310001466538cown:DeferredCashAwardMembercown:EquityPlansMember2022-01-012022-03-310001466538cown:DeferredCashAwardMembercown:EquityPlansMember2022-03-310001466538cown:EquityPlansMember2022-01-012022-03-310001466538cown:EquityPlansMember2021-01-012021-03-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2021-12-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2020-12-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2022-01-012022-03-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2021-01-012021-03-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2022-03-310001466538cown:RestrictedStockAndRestrictedStockUnitsRsusMembercown:EquityPlansMember2021-03-310001466538cown:EquityPlansMemberus-gaap:PerformanceSharesMember2019-04-012019-04-300001466538cown:EquityPlansMemberus-gaap:PerformanceSharesMember2021-02-012021-02-280001466538cown:EquityPlansMemberus-gaap:PerformanceSharesMember2020-07-012020-07-300001466538cown:EquityPlansMemberus-gaap:PerformanceSharesMember2016-03-012016-03-310001466538cown:EquityPlansMemberus-gaap:PerformanceSharesMember2022-01-012022-03-310001466538cown:March2016PerformanceAwardsMembercown:EquityPlansMemberus-gaap:PerformanceSharesMember2022-01-012022-03-310001466538cown:March2016PerformanceAwardsMemberus-gaap:ShareDistributionMembercown:EquityPlansMemberus-gaap:PerformanceSharesMember2022-01-012022-03-310001466538cown:March2016PerformanceAwardsMembercown:EquityPlansMemberus-gaap:PerformanceSharesMemberus-gaap:CashAndCashEquivalentsMember2022-01-012022-03-310001466538cown:EquityPlansMemberus-gaap:PerformanceSharesMembercown:April2019PerformanceAwardsMember2022-01-012022-03-310001466538us-gaap:ShareDistributionMembercown:EquityPlansMemberus-gaap:PerformanceSharesMembercown:April2019PerformanceAwardsMember2022-01-012022-03-310001466538cown:EquityPlansMemberus-gaap:PerformanceSharesMemberus-gaap:CashAndCashEquivalentsMembercown:April2019PerformanceAwardsMember2022-01-012022-03-310001466538srt:MinimumMemberus-gaap:PerformanceSharesMember2022-01-012022-03-310001466538srt:MaximumMemberus-gaap:PerformanceSharesMember2022-01-012022-03-310001466538us-gaap:RestrictedStockUnitsRSUMembercown:EquityPlansMembercown:NonEmployeeDirectorMember2021-01-012021-03-310001466538us-gaap:RestrictedStockUnitsRSUMembercown:EquityPlansMembercown:NonEmployeeDirectorMember2022-01-012022-03-310001466538us-gaap:RestrictedStockUnitsRSUMembercown:EquityPlansMembercown:NonEmployeeDirectorMember2022-03-310001466538us-gaap:RestrictedStockUnitsRSUMembercown:EquityPlansMembercown:NonEmployeeDirectorMember2021-12-310001466538cown:A2022EquityUnitIncentivePlanMember2022-03-010001466538cown:A2022EquityUnitIncentivePlanMember2022-01-012022-03-310001466538cown:A2022EquityUnitIncentivePlanMember2022-03-310001466538us-gaap:RestrictedStockUnitsRSUMembercown:EquityPlansMember2021-12-310001466538us-gaap:PerformanceSharesMember2022-01-012022-03-310001466538us-gaap:PerformanceSharesMember2021-01-012021-03-310001466538us-gaap:RestrictedStockMembercown:QuartonMember2022-01-012022-03-310001466538us-gaap:RestrictedStockMembercown:QuartonMember2021-01-012021-03-310001466538us-gaap:ConvertibleDebtMember2022-01-012022-03-310001466538us-gaap:ConvertibleDebtMember2021-01-012021-03-310001466538us-gaap:ConvertiblePreferredStockMember2022-01-012022-03-310001466538us-gaap:ConvertiblePreferredStockMember2021-01-012021-03-310001466538us-gaap:RestrictedStockMember2022-01-012022-03-310001466538us-gaap:RestrictedStockMember2021-01-012021-03-310001466538cown:FacilityLeasesMember2022-01-012022-03-310001466538cown:FacilityLeasesMember2021-01-012021-03-310001466538cown:EquipmentLeasesMember2022-03-310001466538cown:FacilityLeasesMember2022-03-310001466538cown:ServicePaymentsMember2022-03-310001466538cown:UnfundedCommitmentsMembercown:HealthcareRoyaltyPartnersMember2022-01-012022-03-310001466538cown:CommitmentToInvestMembercown:HealthcareRoyaltyPartnersMember2022-01-012022-03-310001466538cown:Formation8PartnersHardwareFundIL.P.Membercown:UnfundedCommitmentsMember2022-01-012022-03-310001466538cown:Formation8PartnersHardwareFundIL.P.Membercown:CommitmentToInvestMember2022-01-012022-03-310001466538cown:UnfundedCommitmentsMembercown:EclipseFundIIL.P.Member2022-01-012022-03-310001466538cown:CommitmentToInvestMembercown:EclipseFundIIL.P.Member2022-01-012022-03-310001466538cown:EclipseContinuityFundIL.P.Membercown:UnfundedCommitmentsMember2022-01-012022-03-310001466538cown:EclipseContinuityFundIL.P.Membercown:CommitmentToInvestMember2022-01-012022-03-310001466538cown:UnfundedCommitmentsMembercown:CowenHealthcareInvestmentsIIILPMember2022-01-012022-03-310001466538cown:CommitmentToInvestMembercown:CowenHealthcareInvestmentsIIILPMember2022-01-012022-03-310001466538cown:UnfundedCommitmentsMembercown:CowenHealthcareInvestmentsIVLPMember2022-01-012022-03-310001466538cown:CommitmentToInvestMembercown:CowenHealthcareInvestmentsIVLPMember2022-01-012022-03-310001466538cown:UnfundedCommitmentsMembercown:CowenSustainableInvestmentsILPMember2022-01-012022-03-310001466538cown:CommitmentToInvestMembercown:CowenSustainableInvestmentsILPMember2022-01-012022-03-310001466538cown:OperatingCompanyMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001466538cown:OperatingCompanyMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2022-01-012022-03-310001466538us-gaap:OperatingSegmentsMembercown:AssetCompanyMember2021-01-012021-03-310001466538us-gaap:MaterialReconcilingItemsMember2021-01-012021-03-310001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMembercown:AssetCompanyMember2022-01-012022-03-310001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMembercown:AssetCompanyMember2021-01-012021-03-310001466538us-gaap:OperatingSegmentsMember2022-01-012022-03-310001466538us-gaap:OperatingSegmentsMember2021-01-012021-03-310001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMember2022-01-012022-03-310001466538us-gaap:OperatingSegmentsMembercown:ConsolidatedFundsMember2021-01-012021-03-310001466538cown:ConsolidatedFundsMember2021-01-012021-03-310001466538cown:CowenAndCompanyMember2022-03-310001466538cown:CowenAndCompanyMember2022-01-012022-03-310001466538srt:MinimumMembercown:CowenAndCompanyMember2022-03-310001466538cown:OptionsClearingCorporationMembercown:CowenAndCompanyMember2022-03-310001466538cown:OptionsClearingCorporationMembercown:CowenAndCompanyMember2022-01-012022-03-310001466538cown:CowenFinancialProductsLLCMember2022-03-310001466538cown:ATMExecutionLLCMember2022-03-310001466538cown:WestminsterResearchMember2022-03-310001466538cown:CowenInternationalLimitedMembercown:UKFinancialConductAuthorityMember2022-03-310001466538cown:CowenExecutionServicesLtd.Membercown:UKFinancialConductAuthorityMember2022-03-310001466538cown:CowenandCompanyAsiaLimitedMember2022-03-310001466538cown:SpecialReserveAccountsMembercown:CowenAndCompanyMember2022-03-310001466538cown:PABReserveBankAccountsMembercown:CowenAndCompanyMember2022-03-310001466538cown:RCGInsuranceCompanyMember2022-03-310001466538srt:AffiliatedEntityMember2022-03-310001466538srt:AffiliatedEntityMember2021-12-310001466538cown:EmployeeLoansMember2022-03-310001466538cown:EmployeeLoansMember2021-12-310001466538cown:EmployeeLoansMembersrt:MinimumMember2022-01-012022-03-310001466538cown:EmployeeLoansMembersrt:MaximumMember2022-01-012022-03-310001466538cown:EmployeeLoansMember2022-01-012022-03-310001466538cown:EmployeeLoansMember2021-01-012021-03-310001466538cown:OtherFundsMember2022-03-310001466538cown:OtherFundsMember2021-12-310001466538cown:EmployeesMember2022-03-310001466538cown:EmployeesMember2021-12-310001466538cown:EmployeesMember2022-01-012022-03-310001466538cown:EmployeesMember2021-01-012021-03-310001466538cown:TriPartypledgelineMembercown:BMOHarrisBankMember2022-03-310001466538cown:PledgelineMembercown:BMOHarrisBankMember2022-03-310001466538cown:PledgelineMember2022-03-310001466538cown:SpikeLineMembercown:BMOHarrisBankMember2022-03-310001466538us-gaap:RevolvingCreditFacilityMembercown:MorganStanleyMember2022-03-310001466538us-gaap:SubsequentEventMember2022-04-212022-04-21

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 March 31, 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 April 29, 2022, there were 27,494,230 shares of the registrant's common stock outstanding.



Item No. Page No.




2


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 months ended March 31, 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 months ended March 31, 2022 and 2021. The Consolidated Financial Statements as of December 31, 2021 were audited.



3

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 March 31, 2022As of December 31, 2021
Assets
Cash and cash equivalents$512,978 $914,343 
Cash collateral pledged52,865 47,494 
Segregated cash220,882 194,701 
Securities owned, at fair value ($1,704,831 and $1,764,853 were pledged to various parties)
2,763,514 2,660,742 
Securities purchased under agreements to resell19,621  
Receivable on derivative contracts, at fair value342,712 286,135 
Securities borrowed1,761,146 1,704,603 
Other investments ($131,766 and $137,986 at fair value, respectively)
237,628 274,111 
Deposits with clearing organizations, brokers and banks105,854 111,857 
Receivable from brokers, dealers and clearing organizations, net of allowance of $616 and $636, respectively
1,487,911 1,614,347 
Receivable from customers, net of allowance of $587 and $687, respectively
159,625 159,418 
Fees receivable, net of allowance of $828 and $886, respectively
128,136 145,809 
Due from related parties21,666 31,449 
Fixed assets, net of accumulated depreciation and amortization of $52,254 and $50,017, respectively
25,037 25,976 
Operating lease right-of-use assets95,430 93,655 
Goodwill234,005 234,005 
Intangible assets, net of accumulated amortization of $37,470 and $33,219, respectively
40,731 44,167 
Deferred tax asset, net19,608 21,765 
Other assets, net of allowance of $834 and $0 respectively
99,427 84,828 
Consolidated Funds  
Cash and cash equivalents23 296 
Other investments97,182 99,067 
Other assets46 46 
Total Assets$8,426,027 $8,748,814 
Liabilities, Temporary Equity and Permanent Equity  
Liabilities
Securities sold, not yet purchased, at fair value$974,867 $1,201,448 
Securities sold under agreements to repurchase229,192 63,469 
Payable for derivative contracts, at fair value46,814 60,163 
Securities loaned1,735,852 1,586,572 
Payable to brokers, dealers and clearing organizations587,540 586,553 
Payable to customers2,243,654 2,432,612 
Commission management payable126,968 102,990 
Compensation payable176,210 443,580 
Operating lease liabilities99,800 98,883 
Notes payable and other debt625,766 623,371 
Fees payable6,580 16,483 
Due to related parties27  
Accounts payable, accrued expenses and other liabilities241,110 236,088 
Consolidated Funds 
Due to related parties 23 
Accounts payable, accrued expenses and other liabilities174 225 
Total Liabilities$7,094,554 $7,452,460 
4

Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited)
As of March 31, 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 March 31, 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, 56,835,283 shares issued and 27,614,903 outstanding as of March 31, 2022 and 62,500,000 shares authorized, 55,826,893 shares issued and 27,778,964 outstanding as of December 31, 2021, respectively (including 901,374 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 March 31, 2022 and December 31, 2021, respectively
  
Additional paid-in capital1,127,160 1,100,667 
Retained earnings491,189 461,982 
Accumulated other comprehensive income (loss) (2)
Less: Class A common stock held in treasury, at cost, 29,220,380 and 28,047,929 shares as of March 31, 2022 and December 31, 2021, respectively
(583,535)(547,112)
Total Cowen Inc. Stockholders' Equity1,035,148 1,015,869 
Nonredeemable non-controlling interests175,575 159,735 
Total Permanent Equity$1,210,723 $1,175,604 
Total Liabilities, Redeemable Preferred Stock and Permanent Equity$8,426,027 $8,748,814 

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

Cowen Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
 20222021
Revenues 
Investment banking$101,542 $304,834 
Brokerage168,738 173,737 
Investment income (loss)
Securities principal transactions, net91,25263,965
Portfolio fund principal transactions, net (6,098)15,403
Carried interest allocations(17,067)96,769
Total investment income (loss)68,087 176,137 
Management fees16,769 25,742 
Incentive income633 2,258 
Interest and dividends46,335 59,388 
Insurance and reinsurance premiums11,321 7,117 
Other revenues, net(949)1,660 
Consolidated Funds 
Principal transactions, net(1,886)(3,349)
Interest and dividends2 2 
Total revenues410,592 747,526 
Interest and dividends expense46,524 57,641 
Total net revenues364,068 689,885 
Expenses 
Employee compensation and benefits187,178 388,196 
Brokerage and trade execution costs40,591 45,656 
Underwriting expenses259 6,915 
Professional, advisory and other fees13,682 15,460 
Service fees7,150 5,731 
Communications9,471 9,267 
Occupancy and equipment10,316 9,540 
Depreciation and amortization7,185 4,354 
Client services and business development6,569 6,848 
Insurance and reinsurance claims, commissions and amortization of deferred acquisition costs7,343 6,455 
Other expenses12,763 (3,340)
Consolidated Funds 
Professional, advisory and other fees42 110 
Other expenses63 161 
Total expenses302,612 495,353 
Other income (loss) 
Net gains (losses) on other investments5,580 12,645 
Bargain purchase gain, net of tax 3,855 
Gain/(loss) on debt extinguishment  (4,538)
Total other income (loss)5,580 11,962 
Income (loss) before income taxes67,036 206,494 
Income tax expense (benefit)11,889 54,428 
Net income (loss) 55,147 152,066 
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries and investment funds20,131 4,562 
Net income (loss) attributable to Cowen Inc.35,016 147,504 
Preferred stock dividends1,698 1,698 
Net income (loss) attributable to Cowen Inc. common stockholders$33,318 $145,806 
Weighted average common shares outstanding: 
Basic28,386 27,359 
Diluted (See Note 21)31,772 33,565 
Earnings (loss) per share:  
Basic$1.17 $5.33 
Diluted (See Note 21)$1.05 $4.34 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6


Cowen Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(dollars in thousands)
(unaudited)





 Three Months Ended March 31,
20222021
Net income (loss)$55,147 $152,066 
   Other comprehensive income (loss), net of tax:
Foreign currency translation2 4 
   Total other comprehensive income (loss), net of tax2 4 
Comprehensive income (loss)$55,149 $152,070 
    Less: Comprehensive income (loss) attributable to non-controlling interests 20,131 4,562 
Comprehensive income (loss) attributable to Cowen Inc. $35,018 $147,508 

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



7

Cowen Inc.
Condensed Consolidated Statements of Changes in Equity
(dollars in thousands, except share data)
(unaudited)
Three Months Ended March 31,
20222021
Permanent Equity Shares(in shares)
Common Shares Outstanding
Beginning balance27,778,964 26,845,628 
Restricted stock awards issued949,803 705,512 
Common stock issuance for partial settlement of contingent liability from prior acquisition58,587 56,801 
Purchase of treasury stock, at cost(1,172,451)(755,610)
Ending balance27,614,903 26,852,331 
Series A Convertible Preferred Shares Outstanding
Beginning balance 120,750 
Ending balance 120,750 
Permanent Equity(in dollars)
Total Cowen Inc. Stockholders' Equity (beginning of period)$1,015,869 $969,497 
Class A Common stock
Beginning balance334 334 
Ending balance334 334 
Series A Convertible Preferred stock
Beginning balance 1 
Ending balance 1 
Treasury stock
Beginning balance(547,112)(346,870)
Purchase of treasury stock, at cost(36,423)(26,904)
Ending balance(583,535)(373,774)
Additional Paid-in Capital
Beginning balance1,100,6671,130,138
Common stock issuance for partial settlement of contingent liability from prior acquisition1,881 2,202 
Amortization of share based awards24,612 19,037 
Ending balance$1,127,160