The following tables set forth operating results for the Company's investment management and broker-dealer segments and related adjustments necessary to reconcile the Company's Economic Income (Loss) measure to arrive at the Company's consolidated US GAAP net income (loss):



	Year Ended December 31, 2017
									Adjustments
	Investment Management			Broker-Dealer		Total Economic Income/(Loss)			Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—		$	223,614	$	223,614		$	—		$	—			$	223,614
Brokerage	38			312,742		312,780			—			(19,170		)	(i)	293,610
Management fees	52,239			3,148		55,387			(2,593		)	(19,549		)	(a)	33,245
Incentive income (loss)	26,028			—		26,028			(1,739		)	(18,906		)	(a)	5,383
Investment income (loss)	31,447			13,695		45,142			—			(45,142		)	(c)(f)	—
Interest and dividends	—			—		—			—			49,440			(c)	49,440
Reimbursement from affiliates	—			—		—			(297		)	3,157			(e)	2,860
Aircraft lease revenue	—			—		—			—			3,751			(f)	3,751
Reinsurance premiums	—			—		—			—			30,996			(g)	30,996
Other revenue	1,575			1,656		3,231			—			5,330			(g)	8,561
Consolidated Funds revenues	—			—		—			7,321			—				7,321
Total revenues	111,327			554,855		666,182			2,692			(10,093		)		658,781
Expenses
Non interest expense	92,567			532,820		625,387			(199		)	58,935			(b)(d)	684,123
Interest and dividends	14,268			4,620		18,888			—			42,061			(c)	60,949
Consolidated Funds expenses	—			—		—			12,526			—				12,526
Total expenses	106,835			537,440		644,275			12,327			100,996				757,598
Total other income (loss)	—			—		—			31,073			74,706			(c) (h) (j)	105,779
Income taxes expense / (benefit)	—			—		—			—			44,053			(b)	44,053
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	(6,072		)	—		(6,072		)	(21,438		)	3,719				(23,791		)
Economic Income (Loss) / Net Income (loss) attributable to Cowen Inc.	$	(1,580	)	$	17,415	$	15,835		$	—		$	(76,717	)		$	(60,882	)



	Year Ended December 31, 2016
										Adjustments
	Investment Management			Broker-Dealer			Total Economic Income/(Loss)			Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—		$	133,279		$	133,279		$	—		$	—			$	133,279
Brokerage	—			207,040			207,040			—			(7,860		)	(i)	199,180
Management fees	64,086			3,162			67,248			(1,665		)	(24,971		)	(a)	40,612
Incentive income (loss)	26,274			—			26,274			(714		)	(17,226		)	(a)	8,334
Investment income (loss)	3,015			1,008			4,023			—			(4,023		)	(c)(f)	—
Interest and dividends	—			—			—			—			14,732			(c)	14,732
Reimbursement from affiliates	—			—			—			(303		)	10,807			(e)	10,504
Aircraft lease revenue	—			—			—			—			4,161			(f)	4,161
Reinsurance premiums	—			—			—			—			32,459			(g)	32,459
Other revenue	29,202			565			29,767			—			(7,412		)	(g)	22,355
Consolidated Funds revenues	—			—			—			5,949			—				5,949
Total revenues	122,577			345,054			467,631			3,267			667				471,565
Expenses
Non interest expense	102,163			369,188			471,351			(429		)	37,824			(b)(d)	508,746
Interest and dividends	12,827			4,363			17,190			—			12,118			(c)	29,308
Consolidated Funds expenses	—			—			—			9,064			—				9,064
Total expenses	114,990			373,551			488,541			8,635			49,942				547,118
Total other income (loss)	—			—			—			8,532			35,534			(c)	44,066
Income taxes expense / (benefit)	—			—			—			—			(19,092		)	(b)	(19,092		)
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	(7,821		)	—			(7,821		)	(3,164		)	4,103				(6,882		)
Economic Income (Loss) / Net Income (loss) attributable to Cowen Inc.	$	(234	)	$	(28,497	)	$	(28,731	)	$	—		$	9,454			$	(19,277	)




	Year Ended December 31, 2015
									Adjustments
	Alternative Investment			Broker-Dealer		Total Economic Income/(Loss)			Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—		$	222,781	$	222,781		$	—		$	—			$	222,781
Brokerage	—			160,436		160,436			—			(2,714		)		157,722
Management fees	68,989			1,026		70,015			(1,307		)	(26,802		)	(a)	41,906
Incentive income (loss)	(1,544		)	—		(1,544		)	(736		)	3,746			(a)	1,466
Investment income (loss)	49,244			13,352		62,596			—			(62,596		)	(c)	—
Interest and dividends	—			—		—			—			13,796			(c)	13,796
Reimbursement from affiliates	—			—		—			(190		)	21,747			(e)	21,557
Other revenue	14,492			890		15,382			—			(11,656		)	(c)	3,726
Consolidated Funds revenues	—			—		—			1,613			—				1,613
Total revenues	131,181			398,485		529,666			(620		)	(64,479		)		464,567
Expenses
Non interest expense	107,291			362,463		469,754			—			6,090			(b)(c)(d)	475,844
Interest and dividends	11,839			4,745		16,584			—			9,636			(c)	26,220
Consolidated Funds expenses	—			—		—			2,310			—				2,310
Total expenses	119,130			367,208		486,338			2,310			15,726				504,374
Total other income (loss)	—			—		—			8,781			42,505			(c)	51,286
Income taxes expense / (benefit)	—			—		—			—			(47,496		)	(b)	(47,496		)
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	(8,796		)	—		(8,796		)	(5,851		)	(599		)		(15,246		)
Economic Income (Loss) / Net Income (loss) attributable to Cowen Inc.	$	3,255		$	31,277	$	34,532		$	—		$	9,197			$	43,729

The following is a summary of the adjustments made to US GAAP net income (loss) for the segment to arrive at

Economic Income (Loss):

Funds Consolidation: The impacts of consolidation and the related elimination entries of the Consolidated Funds are not included in Economic Income (Loss). Adjustments to reconcile to US GAAP net income (loss) included elimination of incentive income and management fees earned from the Consolidated Funds and addition of fund expenses excluding management fees paid, fund revenues and investment income (loss).

Other Adjustments:

(a) Economic Income (Loss) recognizes revenues (i) net of distribution fees paid to agents and (ii) our proportionate share

of management and incentive fees of certain real estate operating entities, the healthcare royalty business and the activist business.

(b) Economic Income (Loss) excludes income taxes and acquisition related adjustments as management does not consider

these items when evaluating the performance of the segment.

(d) Economic Income (Loss) recognizes the Company's proportionate share of expenses, for certain real estate

operating entities and the activist business, for which the investments are recorded under the equity method of accounting for investments.

(e) Reimbursement from affiliates is shown as a reduction of Economic Income expenses, but is included as a part of

revenues under US GAAP.

(f) Aircraft lease revenue is shown net of expenses in investment income for Economic Income (Loss).

(g) Economic Income (Loss) recognizes underwriting income from the Company's insurance related activities, net of

expenses, within other revenue.

(h) Economic Income (Loss) excludes the bargain purchase gain which resulted from the Convergex Group acquisition.

(i) Economic Income (Loss) brokerage revenues included net securities borrowed and securities loaned activities.

(j) Economic Income (Loss) excludes gain / (loss) on debt extinguishment.