Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting Information, by Segment

The following table sets forth operating results for the Company's consolidated US GAAP net income (loss) and related reclassifications and adjustments necessary to reconcile to the Company's Economic Income (Loss) measure which represents the Company's Op Co and Asset Co segments' results:


	Three Months Ended March 31,
		2021	2020
		(dollars in thousands)
Economic Income
Op Co		143,858	3,650
Asset Co		(1,476)	(16,229)
Adjustments made to arrive at Income (loss) before income taxes
Non-controlling Interest		4,562	(62,188)
Preferred stock dividends		1,698	1,698
Amortization of (discount)/premium on convertible debt		(776)	(1,110)
Acquisition related amounts		(238)	—
Contingent liability adjustments		6,798	895

Debt extinguishment gain (loss)		(4,538)	—
Bargain purchase gain		3,855	—

Net Income tax effect		(1,677)	1,173
Net income (loss)		152,066	(72,111)

Economic Income (Loss) information provided and reviewed by the CODM includes (i) non-interest revenue, (ii) interest revenue, (iii) interest expense, (iv) depreciation and amortization expense and (v) income taxes (subsequent to 2020 after all available net operating losses were utilized) presented on an Economic Income (Loss) basis by Segment. The following table sets forth the included segment information on a US GAAP basis with reconciliations to consolidated amounts.


	Three Months Ended March 31,
		2021	2020
		(dollars in thousands)
Op Co
Non-Interest Revenue		704,682	173,123
Interest Revenue		51,104	33,666
Interest Revenue, Consolidated funds		—	577
Total Revenues		755,786	207,366
Interest Expense		53,803	33,639
Interest Expense, Consolidated funds		—	1,061
Depreciation and Amortization		4,349	5,436
Income Taxes		55,085	—
Asset Co
Non-Interest Revenue		(1,668)	(10,695)
Interest Revenue		203	50
Interest Revenue, Consolidated funds		2	2
Total Revenues		(1,463)	(10,643)
Interest Expense		1,275	1,689
Interest Expense, Consolidated funds		—	—
Depreciation and Amortization		5	6
Income Taxes		(657)	—
Total Segment
Non-Interest Revenue *		703,014	162,428
Interest Revenue		51,307	33,716
Interest Revenue, Consolidated funds		2	579
Total Revenues		754,323	196,723
Interest and Dividend Expense (includes dividend expense of $2.6 million, and $3.5 million for the three months ended March 31, 2021 and 2020, respectively)		57,641	38,792
Interest and Dividend Expense, Consolidated funds (includes dividend expense of $0.2 million for the three months ended March 31, 2020)		—	1,252
Depreciation and Amortization		4,354	5,442
Income Taxes		54,428	—

* Includes dividend revenue of $8.1 million and $8.3 million for the three months ended March 31, 2021 and 2020, respectively. In addition, includes dividend revenue, consolidated funds, of $2.6 million and $3.5 million for the three months ended March 31, 2021 and 2020, respectively.