Exhibit 12.1

Cowen Inc.

Calculation of Ratio of Earnings to Total Fixed Charges

($ in thousands) Earnings	Three Months Ended March 31, 2018			Year ended December 31,
				2017			2016			2015			2014			2013
Pre-tax income from continuing operations before adjustment for income tax		34,932			6,962			(31,487	)		11,479			57,836			18,297
Less income (or plus loss) from equity investees		(3,900	)		(21,290	)		(14,431	)		(3,419	)		(49,053	)		(16,100	)
Plus: fixed charges		10,715			34,582			26,848			26,475			17,150			6,248
Plus: amortization of capitalized interest		—			—			—			—			—			—
Plus: distributed income of equity investees		295			26,218			29,270			45,860			20,292			19,475
Plus: share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges					—			—			—			—			—
Less: interest capitalized and preference security dividend requirements of consolidated subsidiaries					—			—			—			—			—
Less: non-controlling interest in the pre-tax income of subsidiaries that have not incurred fixed charges		(11,156	)		(23,791	)		(6,882	)		(15,246	)		(15,564	)		(13,193	)
Total Earnings		30,886			22,681			3,318			65,149			30,661			14,727
Fixed Charges
Amortization of discount		1,442			7,435			6,885			6,302			4,685			—
Plus: interest expense on debt		4,058			10,448			9,703			9,703			4,772			—
Plus: other interest expense		5,215			16,699			10,260			10,470			7,693			6,248
Total Fixed Charges		10,715			34,582			26,848			26,475			17,150			6,248
Ratio of earnings to fixed charges		2.88			0.66			0.12			2.46			1.79			2.36