Segment Reporting (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(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 dividends	1,698		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 adjustments	1,663		(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,
	2021		2020		2021		2020
	(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 Revenues	413,720		312,885		1,618,067		1,159,100
Interest Expense	39,592		35,701		153,542		115,314
Interest Expense, Consolidated funds	—		—		—		1,672
Depreciation and Amortization	4,791		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 Revenue	177		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 Amortization	5		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 Amortization	4,796		5,682		13,715		17,324
Income Taxes	12,192		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.