Consolidated Statements of Financial Condition - USD ($)		Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents		$ 645,169,000	$ 301,123,000
Cash collateral pledged		110,743,000	6,563,000
Segregated cash		185,141,000	107,328,000
Securities owned, at fair value ($1,218,947 and $941,595 were pledged to various parties)		2,001,602,000	1,633,552,000
Securities Purchased under Agreements to Resell		191,000	0
Receivable on derivative contracts, at fair value		51,482,000	62,977,000
Securities borrowed		1,908,187,000	754,441,000
Other investments ($133,454 and $114,504 at fair value, respectively)		255,027,000	185,722,000
Deposits with clearing organizations, brokers and banks		104,952,000	91,755,000
Receivable from brokers, dealers and clearing organizations, net of allowance of $885 and $721, respectively		1,729,744,000	681,695,000
Receivable from customers, net of allowance of $530 and $650, respectively		103,963,000	105,647,000
Fees receivable, net of allowance of $3,348 and $2,620, respectively		160,349,000	126,358,000
Due from related parties		21,068,000	26,749,000
Fixed assets, net of accumulated depreciation and amortization of $40,670 and $32,846, respectively		33,023,000	33,661,000
Operating lease right-of-use assets		78,241,000	92,852,000
Goodwill		147,084,000	137,728,000
Intangible assets, net of accumulated amortization of $37,884 and $26,395, respectively		24,403,000	35,200,000
Deferred tax asset, net		9,030,000	79,166,000
Other assets		54,884,000	84,158,000
Consolidated Funds
Cash and cash equivalents, Consolidated Funds		417,000	30,874,000
Securities owned, at fair value		10,622,000	375,278,000
Receivable on derivative contracts, at fair value, Consolidated Funds		0	5,833,000
Other Investments, Consolidated Funds		192,670,000	175,769,000
Receivable from brokers, Consolidated Funds		0	25,964,000
Other assets, Consolidated Funds		207,000	1,632,000
Total Assets		7,828,199,000	5,162,025,000
Liabilities
Securities sold, not yet purchased, at fair value		728,115,000	451,836,000
Securities Sold under Agreements to Repurchase		5,036,000	23,244,000
Payable for derivative contracts, at fair value		76,160,000	60,761,000
Securities Loaned		2,476,414,000	1,601,866,000
Payables to brokers, dealers and clearing organizations		415,143,000	271,018,000
Payable to customers		1,680,326,000	430,224,000
Commission management payable		116,987,000	71,620,000
Compensation payable		373,339,000	223,139,000
Operating lease liabilities		82,735,000	97,581,000
Notes payable and other debt	[1]	383,067,000	345,451,000
Convertible debt	[2]	80,808,000	118,688,000
Fees payable		43,833,000	21,540,000
Due to related parties		51,000	1,000
Accounts payable, accrued expenses and other liabilities		196,479,000	141,556,000
Consolidated Funds
Due to related parties		7,000	581,000
Payable for derivative contracts, at fair value		0	4,769,000
Payable to brokers		0	864,000
Capital withdrawals payable		0	1,276,000
Accounts payable, accrued expenses and other liabilities		578,000	560,000
Total Liabilities		6,659,078,000	3,866,575,000
Commitments and Contingencies
Redeemable non-controlling interests in consolidated subsidiaries and funds		0	391,275,000
Stockholders' equity
Additional paid-in capital		1,130,138,000	1,110,635,000
(Accumulated deficit) retained earnings		185,901,000	(16,809,000)
Accumulated other comprehensive income (loss)		(7,000)	(5,000)
Less: Class A common stock held in treasury, at cost, 22,619,863 and 18,605,581 shares as of December 31, 2020 and December 31, 2019, respectively.		(346,900,000)	(284,300,000)
Cowen Inc. Stockholders' Equity		969,497,000	809,855,000
Nonredeemable non-controlling interests		199,624,000	94,320,000
Permanent Equity		1,169,121,000	904,175,000
Total Liabilities and Stockholders' Equity		7,828,199,000	5,162,025,000
Portfolio Funds
Assets
Other investments ($133,454 and $114,504 at fair value, respectively)	[3]	133,454,000	114,504,000
Consolidated Funds
Other Investments, Consolidated Funds	[3]	192,670,000	175,769,000
Convertible Preferred Stock
Stockholders' equity
Preferred stock		1,000	1,000
Common Stock Class A
Stockholders' equity
Common stock		334,000	334,000
Less: Class A common stock held in treasury, at cost, 22,619,863 and 18,605,581 shares as of December 31, 2020 and December 31, 2019, respectively.		(346,870,000)	(284,301,000)
Common Stock Class B
Stockholders' equity
Common stock		$ 0	$ 0

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

[2] The carrying amount of the convertible debt includes an unamortized discount of $6.7 million and $14.9 million as of December 31, 2020 and 2019, respectively.

[3] In accordance with US GAAP, portfolio funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not classified in the fair value hierarchy. Carried interest and equity method investments presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statement of financial condition.