|  |  |  |
|--|--|--|
|  |

|  |  |  |
|--|--|--|
|  |

|                                |                   |        |                                       |  |  |  |  |  |  |  |  |
|--------------------------------|-------------------|--------|---------------------------------------|--|--|--|--|--|--|--|--|
| For the fiscal year ended: | December 31, 2019 |   | Commission file number: 001-34516 |

|  |                                                                       |        |                                               |  |  |  |  |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------|--------|-----------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|
|  | Delaware(State or other jurisdiction ofincorporation or organization) |   | 27-0423711(I.R.S. EmployerIdentification No.) |  |

|                                                      |        |                |  |                                      |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------|--------|----------------|--|--------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Title of Each Class                                  |   | Trading Symbol |  | Name of Exchange on Which Registered |
| Class A Common Stock, par value $0.01 per share |   | COWN           |  | The Nasdaq Global Market             |
| 7.35% Senior Notes due 2027                          |        | COWNZ          |  | The Nasdaq Global Market             |
| 7.75% Senior Notes due 2033                          |        | COWNL          |  | The Nasdaq Global Market             |

|  |  |  |
|--|--|--|
|  |

|  |                           |        |                     |        |                                                                          |        |                             |  |                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------|--------|---------------------|--------|--------------------------------------------------------------------------|--------|-----------------------------|--|---------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Large accelerated filer o |   | Accelerated filer Q |   | Non-accelerated filer o(Do not check if a smallerreporting company) |   | Smaller reporting company o |  | Emerging growth company o |  |

|  |  |  |
|--|--|--|
|  |

----

----

----

|  |           |                |        |            |        |                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|-----------|----------------|--------|------------|--------|-------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  |           |                |        | COWEN INC. |        |                                     |  |
|  |           |           |   |            |        |                                     |  |
|  |           |           |   | By:    |   | /s/ JEFFREY M. SOLOMON |  |
|  |           |           |   | Name:  |   | Jeffrey M. Solomon                  |  |
|  | Date: | March 24, 2020 |   | Title: |   | Chief Executive Officer             |  |

|                                        |        |                                                                                        |        |                |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|--------|----------------------------------------------------------------------------------------|--------|----------------|--|--|--|--|--|--|--|--|--|--|
|                                        |        |                                                                                        |        |                |
| Signature                              |   | Title                                                                                  |   | Date           |
|                                   |   |                                                                                   |   |           |
|                                        |        |                                                                                        |        |                |
| /s/ JEFFREY M. SOLOMON    |        | Chairman of the Board and Chief Executive Officer (Principal Executive Officer)        |        |                |
| Jeffrey M. Solomon                     |   |                                                                                        |   | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ STEPHEN A. LASOTA     |        | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |        |                |
| Stephen A. Lasota                      |   |                                                                                        |   | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ BRETT H. BARTH        |        |                                                                                        |        |                |
| Brett H. Barth                         |        | Director                                                                               |        | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ KATHERINE E. DIETZE   |        |                                                                                        |        |                |
| Katherine E. Dietze                    |   | Director                                                                               |   | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ STEVEN KOTLER         |        |                                                                                        |        |                |
| Steven Kotler                          |   | Director                                                                               |   | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ LAWRENCE E. LEIBOWITZ |        |                                                                                        |        |                |
| Lawrence E. Leibowitz                  |   | Director                                                                               |   | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ JEROME S. MARKOWITZ   |        |                                                                                        |        |                |
| Jerome S. Markowitz                    |        | Director                                                                               |        | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ JACK H. NUSBAUM       |        |                                                                                        |        |                |
| Jack H. Nusbaum                        |   | Director                                                                               |   | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ MARGARET L. POSTER         |        |                                                                                        |        |                |
| Margaret L. Poster                     |        | Director                                                                               |        | March 24, 2020 |
|                                        |        |                                                                                        |        |                |
| /s/ DOUGLAS A. REDIKER    |        |                                                                                        |        |                |
| Douglas A. Rediker                     |   | Director                                                                               |   | March 24, 2020 |

----

|             |  |                                                                                                               |  |  |  |  |  |  |  |  |  |
|-------------|--|---------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|
| Exhibit No. |  | Description                                                                                                   |  |
| 23.1        |  | Consent of Independent Registered Public Accounting Firm (filed herewith).                                    |  |
| 31.1        |  | Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002 (filed herewith).             |  |
| 31.2        |  | Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002 (filed herewith).             |  |
| 32          |  | Certification of CEO and CFO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (furnished herewith). |  |
| 99.1        |  | Starboard Value A LP Audited Financial Statements (filed herewith).                                           |  |