The following tables set forth operating results for the Company's investment management and investment bank 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):



	Three Months Ended March 31, 2018
									Adjustments
	Investment Management			Investment Bank		Total Economic Income/(Loss)			Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—		$	93,924	$	93,924		$	—		$	4,064		(i)	$	97,988
Brokerage	—			114,071		114,071			—			(8,338		)	(h)	105,733
Management fees	12,355			771		13,126			(1,203		)	(4,506		)	(a)	7,417
Incentive income (loss)	5,197			—		5,197			(9		)	(5,172		)	(a)(i)	16
Investment income (loss)	11,896			2,405		14,301			—			(14,301		)	(c)(f)	—
Interest and dividends	—			—		—			—			25,954			(c)	25,954
Reimbursement from affiliates	—			—		—			(68		)	445			(e)	377
Aircraft lease revenue	—			—		—			—			715			(f)	715
Reinsurance premiums	—			—		—			—			8,647			(g)	8,647
Other revenue	361			527		888			—			449			(g)	1,336
Consolidated Funds revenues	—			—		—			3,185			—				3,201
Total revenues	29,809			211,698		241,507			1,905			7,957				251,384
Expenses
Non interest expense	22,881			186,452		209,333			—			13,966			(b)(d)(i)	223,315
Interest and dividends	3,854			2,104		5,958			—			18,582			(c)	24,540
Consolidated Funds expenses	—			—		—			2,431			—				2,431
Total expenses	26,735			188,556		215,291			2,431			32,548				250,286
Total other income (loss)	—			—		—			10,063			23,770			(c)	33,834
Income taxes expense / (benefit)	—			—		—			—			6,923			(b)	6,923
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	(2,158		)	—		(2,158		)	(9,537		)	539				(11,156		)
Economic Income (Loss) / Net Income (loss) attributable to Cowen Inc.	$	916		$	23,142	$	24,058		$	—		$	(7,205	)		$	16,853



	Three Months Ended March 31, 2017
									Adjustments
	Investment Management			Investment Bank		Total Economic Income/(Loss)			Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—		$	36,553	$	36,553		$	—		$	—			$	36,553
Brokerage	—			52,313		52,313			—			(1,779		)	(h)	50,534
Management fees	13,145			801		13,946			(527		)	(4,711		)	(a)	8,708
Incentive income (loss)	3,060			—		3,060			(489		)	(2,025		)	(a)	546
Investment income (loss)	15,149			6,477		21,626			—			(21,626		)	(c)(f)	—
Interest and dividends	—			—		—			—			5,089			(c)	5,089
Reimbursement from affiliates	—			—		—			(78		)	1,730			(e)	1,652
Aircraft lease revenue	—			—		—			—			1,059			(f)	1,059
Reinsurance premiums	—			—		—			—			7,089			(g)	7,089
Other revenue	819			285		1,104			—			296			(g)	1,400
Consolidated Funds revenues	—			—		—			2,341			—				2,341
Total revenues	32,173			96,429		128,602			1,247			(14,878		)		114,971
Expenses
Non interest expense	23,191			93,967		117,158			(429		)	8,751			(b)(d)	125,480
Interest and dividends	3,241			1,100		4,341			—			5,589			(c)	9,930
Consolidated Funds expenses	—			—		—			4,963			—				4,963
Total expenses	26,432			95,067		121,499			4,534			14,340				140,373
Total other income (loss)	—			—		—			11,674			27,728			(c)	39,402
Income taxes expense / (benefit)	—			—		—			—			1,911			(b)	1,911
(Income) loss attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	(1,645		)	—		(1,645		)	(8,387		)	927				(9,105		)
Economic Income (Loss) / Net Income (loss) attributable to Cowen Inc.	$	4,096		$	1,362	$	5,458		$	—		$	(2,474	)		$	2,984

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) brokerage revenues included net securities borrowed and securities loaned activities.

(i) Economic Income (Loss) presents underwriting expenses net of investment banking revenues and records income from

uncrystallized incentive fees.