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Segment Reporting
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has two reportable business segments: Op Co and Asset Co. The Op Co segment consists of Cowen Investment Management ("CIM"), Investment Banking, Markets and Research. The Asset Co segment consists of the Company's private investments, private real estate investments and other legacy investment strategies.
Segment Measures
The measure of profit or loss for these segments is Economic Income (Loss), which management uses to evaluate the financial performance of and make operating decisions for the segments including determining appropriate compensation levels. Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other factors.
In general, Economic Income (Loss) is an after tax measure, which excludes the impact of deferred taxes and (i) includes management reclassifications which the Company believes provides additional insight into the performance of the Company’s core businesses and divisions (ii) eliminates the impact of consolidation for Consolidated Funds and (iii) excludes (1) goodwill and certain other impairments (2) certain other transaction-related adjustments and/or reorganization expenses and (3) certain costs associated with debt.
The Company does not disclose total asset information for its business segments as the information is not reviewed by the Chief Operating Decision Maker ("CODM"). The Op Co and Asset Co segments do not conduct inter-segment transactions.
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 September 30,Nine Months Ended September 30,
 2021202020212020
 (dollars in thousands)
Economic Income
Op Co$43,496 $32,790 $238,500 $200,774 
Asset Co(3,777)(1,028)(8,904)(20,329)
Adjustments made to arrive at Net Income (loss) before income taxes
Income attributable to non-controlling interest(4,938)9,232 13,379 (19,843)
Preferred stock dividends1,698 1,698 5,094 5,094 
Amortization of (discount)/premium on convertible debt(26)(1,152)(1,571)(3,394)
Acquisition related amounts(1,007)(171)(1,324)(34)
Contingent liability adjustments(4,244)(3,023)(2,677)(4,781)
Debt extinguishment gain (loss) and accelerated debt costs— — (10,095)— 
Bargain purchase gain— — 3,855 — 
Goodwill and other impairment— — — (545)
Net Income tax effect of adjustments1,663 (8,830)7,752 (52,589)
Net income (loss) $32,865 $29,516 $244,009 $104,353 
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 September 30,Nine Months Ended September 30,
 2021202020212020
 (dollars in thousands)
Op Co
     Non-Interest Revenue$373,695 $276,496 $1,469,034 $1,042,986 
     Interest Revenue 40,025 35,257 149,033 114,560 
     Interest Revenue, Consolidated funds— 1,132 — 1,554 
           Total Revenues413,720 312,885 1,618,067 1,159,100 
     Interest Expense39,592 35,701 153,542 115,314 
     Interest Expense, Consolidated funds— — — 1,672 
     Depreciation and Amortization4,791 5,677 13,701 17,307 
     Income Taxes 13,484 8,830 80,333 52,589 
Asset Co
     Non-Interest Revenue(1,662)8,260 (143)4,702 
     Interest Revenue177 148 588 394 
     Interest Revenue, Consolidated funds 2 3 7 7 
           Total Revenues(1,483)8,411 452 5,103 
     Interest Expense 901 1,357 4,106 4,772 
     Interest Expense, Consolidated funds — — — — 
     Depreciation and Amortization5 5 14 17 
     Income Taxes(1,292)— (3,469)— 
Total Segment
     Non-Interest Revenue *372,033 284,756 1,468,891 1,047,688 
     Interest Revenue 40,202 35,405 149,621 114,954 
     Interest Revenue, Consolidated funds 2 1,135 7 1,561 
           Total Revenues$412,237 $321,296 $1,618,519 $1,164,203 
Interest and Dividend Expense (includes dividend expense of $2.5 million and $0.7 million for the three months ended September 30, 2021 and 2020, respectively and $6.1 million, and $5.8 million for the nine months ended September 30, 2021 and 2020, respectively)
43,035 37,754 163,749 125,850 
Interest and Dividend Expense, Consolidated funds (includes dividend expense of $0 million and $0.4 million for the three and nine months ended September 30, 2020, respectively)
— — — 2,064 
Depreciation and Amortization4,796 5,682 13,715 17,324 
Income Taxes12,192 8,830 76,864 52,589 
* Includes dividend revenue of $5.8 million and $2.1 million for the three months ended September 30, 2021 and 2020, respectively and $17.9 million and $12.6 million for the nine months ended September 30, 2021 and 2020, respectively. In addition, includes dividend revenue, consolidated funds, of $0.0 million and $2.4 million for the three and nine months ended September 30, 2020, respectively.