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 September 30, 2018
								Adjustments
	Investment Management			Investment Bank		Total Economic Income/(Loss)		Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—		$	77,510	$	77,510	$	—		$	4,413		(i)	$	81,923
Brokerage	—			101,672		101,672		—			(9,637		)	(h)	92,035
Management fees	11,582			804		12,386		(381		)	(4,459		)	(a)	7,546
Incentive income (loss)	6,910			—		6,910		(20		)	(6,857		)	(a)(i)	33
Investment income (loss)	2,039			25,633		27,672		—			(27,672		)	(c)(f)	—
Interest and dividends	—			—		—		—			26,448			(c)	26,448
Reimbursement from affiliates	—			—		—		(65		)	418			(e)	353
Aircraft lease revenue	—			—		—		—			375			(f)	375
Reinsurance premiums	—			—		—		—			8,378			(g)	8,378
Other revenue	(283		)	366		83		—			1,551			(g)	1,634
Consolidated Funds revenues	—			—		—		2,303			—				2,303
Total revenues	20,248			205,985		226,233		1,837			(7,042		)		221,028
Interest expense	2,554			3,865		6,419		—			19,581			(c)	26,000
Total net revenues	17,694			202,120		219,814		1,837			(26,623		)		195,028
Expenses
Non interest expense	17,934			177,074		195,008		—			14,454			(b)(c)(d)(i)	209,462
Consolidated Funds expenses	—			—		—		1,687			—				1,687
Total expenses	17,934			177,074		195,008		1,687			14,454				211,149
Total other income (loss)	—			—		—		2,654			39,328			(c)(k)	41,982
Income taxes expense / (benefit)	—			—		—		—			5,083			(b)	5,083
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	2,122			—		2,122		2,804			364				5,290
Economic income (loss) / net income (loss) attributable to Cowen Inc.	$	(2,362	)	$	25,046	$	22,684	$	—		$	(7,196	)		$	15,488




	Three Months Ended September 30, 2017
							Adjustments
	Investment Management		Investment Bank		Total Economic Income/(Loss)		Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—	$	57,383	$	57,383	$	—		$	—			$	57,383
Brokerage	19		89,949		89,968		—			(5,748		)	(h)	84,220
Management fees	12,983		811		13,794		(640		)	(4,931		)	(a)	8,223
Incentive income (loss)	4,597		—		4,597		(402		)	(2,250		)	(a)	1,945
Investment income (loss)	9,927		6,022		15,949		—			(15,949		)	(c)(f)	—
Interest and dividends	—		—		—		—			14,318			(c)	14,318
Reimbursement from affiliates	—		—		—		(88		)	572			(e)	484
Aircraft lease revenue	—		—		—		—			934			(f)	934
Reinsurance premiums	—		—		—		—			7,186			(g)	7,186
Other revenue	387		552		939		—			2,463			(g)	3,402
Consolidated Funds revenues	—		—		—		735			—				735
Total revenues	27,913		154,717		182,630		(395		)	(3,405		)		178,830
Interest expense	3,662		1,123		4,785		—			10,347			(c)	$	15,132
Total net revenues	24,251		153,594		177,845		(395		)	(13,752		)		163,698
Expenses
Non interest expense	21,333		147,732		169,065		—			8,439			(b)(c)(d)	177,504
Consolidated Funds expenses	—		—		—		1,712			—				1,712
Total expenses	21,333		147,732		169,065		1,712			8,439				179,216
Total other income (loss)	—		—		—		7,535			20,092			(c)(j)	27,627
Income taxes expense / (benefit)	—		—		—		—			2,281			(b)	2,281
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	524		—		524		5,428			(790		)		5,162
Economic income (loss) / net income (loss) attributable to Cowen Inc.	$	2,394	$	5,862	$	8,256	$	—		$	(3,590	)		$	4,666



	Nine Months Ended September 30, 2018
								Adjustments
	Investment Management			Investment Bank		Total Economic Income/(Loss)		Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—		$	251,476	$	251,476	$	—		$	13,261		(i)	$	264,737
Brokerage	—			328,929		328,929		—			(27,876		)	(h)	301,053
Management fees	35,695			2,303		37,998		(2,197		)	(13,465		)	(a)	22,336
Incentive income (loss)	21,470			—		21,470		(37		)	(21,336		)	(a)	97
Investment income (loss)	30,826			31,101		61,927		—			(61,927		)	(c)(f)	—
Interest and dividends	—			—		—		—			77,511			(c)	77,511
Reimbursement from affiliates	—			—		—		(198		)	1,264			(e)	1,066
Aircraft lease revenue	—			—		—		—			1,509			(f)	1,509
Reinsurance premiums	—			—		—		—			26,251			(g)	26,251
Other revenue	(501		)	751		250		—			3,596			(g)	3,846
Consolidated Funds revenues	—			—		—		8,579			—				8,579
Total revenues	87,490			614,560		702,050		6,147			(1,212		)		706,985
Interest expense	8,814			7,686		16,500		—			58,346			(c)	74,846
Total net revenues	78,676			606,874		685,550		6,147			(59,558		)		632,139
Expenses
Non interest expense	67,489			542,817		610,306		—			42,738			(b)(d)(i)	653,044
Consolidated Funds expenses	—			—		—		7,267			—				7,267
Total expenses	67,489			542,817		610,306		7,267			42,738				660,311
Total other income (loss)	—			—		—		36,113			86,851			(c)(k)	122,964
Income taxes expense / (benefit)	—			—		—		—			15,999			(b)	15,999
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	6,760			—		6,760		34,993			(700		)		41,053
Economic income (loss) / net income (loss) attributable to Cowen Inc.	$	4,427		$	64,057	$	68,484	$	—		$	(30,744	)		$	37,740



	Nine Months Ended September 30, 2017
							Adjustments
	Investment Management		Investment Bank		Total Economic Income/(Loss)		Funds Consolidation			Other Adjustments				US GAAP
	(dollars in thousands)
Revenues
Investment banking	$	—	$	158,082	$	158,082	$	—		$	—			$	158,082
Brokerage	38		209,236		209,274		—			(10,675		)	(h)	198,599
Management fees	39,730		2,365		42,095		(1,773		)	(14,735		)	(a)	25,587
Incentive income (loss)	18,626		—		18,626		(3,669		)	(8,740		)	(a)	6,217
Investment income (loss)	34,412		17,353		51,765		—			(51,765		)	(c)(f)	—
Interest and dividends	—		—		—		—			27,324			(c)	27,324
Reimbursement from affiliates	—		—		—		(241		)	2,872			(e)	2,631
Aircraft lease revenue	—		—		—		—			3,036			(f)	3,036
Reinsurance premiums	—		—		—		—			21,957			(g)	21,957
Other revenue	2,067		1,247		3,314		—			2,833			(g)	6,147
Consolidated Funds revenues	—		—		—		4,751			—				4,751
Total revenues	94,873		388,283		483,156		(932		)	(27,893		)		454,331
Interest expense	10,141		3,312		13,453		—			23,820			(c)	37,273
Total net revenues	84,732		384,971		469,703		(932		)	(51,713		)		417,058
Expenses
Non interest expense	68,524		371,792		440,316		(199		)	37,916			(b)(d)	478,033
Consolidated Funds expenses	—		—		—		9,423			—				9,423
Total expenses	68,524		371,792		440,316		9,224			37,916				487,456
Total other income (loss)	—		—		—		44,111			80,196			(c)(j)	124,307
Income taxes expense / (benefit)	—		—		—		—			3,407			(b)	3,407
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds	4,129		—		4,129		33,955			(2,672		)		35,412
Economic income (loss) / net income (loss) attributable to Cowen Inc.	$	12,079	$	13,179	$	25,258	$	—		$	(10,168	)		$	15,090

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.

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

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