Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Sep. 30, 2020		Dec. 31, 2019
Assets
Cash and cash equivalents		$ 539,733	[1]	$ 301,123
Cash collateral pledged		110,666		6,563
Segregated cash		139,152		107,328
Securities owned, at fair value ($254,383 and $941,595 were pledged to various parties)		1,088,566		1,633,552
Receivable on derivative contracts, at fair value		58,194		62,977
Securities borrowed		1,272,428		754,441
Other investments ($123,787 and $114,504 at fair value, respectively)		204,610		185,722
Deposits with clearing organizations, brokers and banks		90,075		91,755
Receivable from brokers, dealers and clearing organizations, net of allowance of $730 and $721, respectively		1,390,821		681,695
Receivable from customers, net of allowance of $653 and $650, respectively		83,208		105,647
Fees receivable, net of allowance of $3,677 and $2,620, respectively		138,234		126,358
Due from related parties		23,480		26,749
Fixed assets, net of accumulated depreciation and amortization of $38,347 and $32,846, respectively		37,052		33,661
Operating lease right-of-use assets		80,805		92,852
Goodwill		137,728		137,728
Intangible assets, net of accumulated amortization of $34,746 and $26,395, respectively		26,043		35,200
Deferred tax asset, net		31,110		79,166
Other assets		50,917		84,158
Consolidated Funds
Cash and cash equivalents, Consolidated Funds		946		30,874
Securities owned, at fair value		187,991		375,278
Receivable on derivative contracts, at fair value, Consolidated Funds		0		5,833
Other Investments, Consolidated Funds		98,267		175,769
Receivable from brokers, Consolidated Funds		0		25,964
Other assets, Consolidated Funds		692		1,632
Total Assets		5,790,718		5,162,025
Liabilities
Securities sold, not yet purchased, at fair value		440,930		451,836
Securities Sold under Agreements to Repurchase		6,218		23,244
Payable for derivative contracts, at fair value		62,054		60,761
Securities Loaned		1,326,917		1,601,866
Payables to brokers, dealers and clearing organizations		312,850		271,018
Payable to customers		1,151,139		430,224
Commission management payable		117,778		71,620
Compensation payable		345,470		223,139
Operating lease liabilities		84,044		97,581
Notes payable and other debt	[2]	383,722		345,451
Convertible debt	[3]	122,485		118,688
Fees payable		81,851		21,540
Accounts payable, accrued expenses and other liabilities		173,706		141,557
Consolidated Funds
Due to related parties		136		581
Payable for derivative contracts, at fair value		0		4,769
Payable to brokers		0		864
Capital withdrawals payable		0		1,276
Accounts payable, accrued expenses and other liabilities		217		560
Total Liabilities		4,609,517		3,866,575
Commitments and Contingencies
Redeemable non-controlling interests in consolidated subsidiaries and funds		0		391,275
Stockholders' equity
Additional paid-in capital		1,146,848		1,110,635
(Accumulated deficit) retained earnings		98,139		(16,809)
Accumulated other comprehensive income (loss)		(7)		(5)
Less: Class A common stock held in treasury, at cost, 22,093,020 and 18,605,581 shares as of September 30, 2020 and December 31, 2019, respectively.		(334,100)		(284,300)
Cowen Inc. Stockholders' Equity		911,180		809,855
Nonredeemable non-controlling interests		270,021		94,320
Permanent Equity		1,181,201		904,175
Total Liabilities and Stockholders' Equity		5,790,718		5,162,025
Convertible Preferred Stock
Stockholders' equity
Preferred stock		1		1
Common Stock Class A
Stockholders' equity
Common stock		334		334
Less: Class A common stock held in treasury, at cost, 22,093,020 and 18,605,581 shares as of September 30, 2020 and December 31, 2019, respectively.		(334,135)		(284,301)
Permanent Equity		$ 1,181,201		$ 904,175
Common stock, shares issued		48,662,355		47,215,938
Common stock, shares outstanding		26,569,335		28,610,357
Common Stock Class B
Stockholders' equity
Common stock		$ 0		$ 0
Common stock, shares issued		0		0
Common stock, shares outstanding		0		0

[1] As of September 30, 2020, cash and cash equivalents include Level 1 cash in the amount of $479.7 million and Level 2 certificates of deposit of $60.0 million.

[2] The carrying amount of the notes payable and other debt includes an unamortized premium of $0.4 million and $0.5 million as of September 30, 2020 and December 31, 2019, respectively.

[3] The carrying amount of the convertible debt includes an unamortized discount of $11.4 million and $14.9 million as of September 30, 2020 and December 31, 2019, respectively.