Segment Reporting (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
			2021		2020		2019
		(dollars in thousands)
Economic Income
Op Co			$	314,519	$	329,381	$	53,257
Asset Co			(2,291)		(16,136)		(9,560)
Adjustments applied to arrive at Net Income (loss)
Income attributable to non-controlling interest			8,380		(9,299)		31,239
Preferred stock dividends			6,792		6,792		6,792
Amortization of (discount)/premium on convertible debt			(1,604)		(4,499)		(4,297)
Acquisition related amounts			(6,593)		(606)		(2,608)
Contingent liability adjustments			(15,118)		(8,492)		—

Debt extinguishment gain (loss) and accelerated debt costs			(10,095)		2,719		—
Bargain purchase gain			3,855		—		—
Goodwill and other impairment			(1,009)		(2,423)		(4,100)
US GAAP Income tax expense			(102,039)		(90,373)		(14,853)
Economic income tax expense *			109,194		—		—
Net income (loss)			$	303,991	$	207,064	$	55,870

* Economic Income (Loss) is presented net of associated taxes starting in the first quarter of 2021. The Company has utilized all available federal net operating losses not subject to limitation during 2020.

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.


	Year Ended December 31,
		2021		2020		2019
		(dollars in thousands)
Op Co
Non-Interest Revenue		$	1,917,406	$	1,564,710	981,131
Interest Revenue		192,756		169,358		165,443
Interest Revenue, Consolidated funds		—		2,683		6,746
Total Revenues		2,110,162		1,736,751		1,153,320
Interest Expense		199,570		173,537		155,974
Interest Expense, Consolidated funds		—		1,376		3,553
Depreciation and Amortization		18,982		22,655		20,424
Income Taxes		103,149		90,373		14,853
Asset Co
Non-Interest Revenue		2,163		18,396		9,957
Interest Revenue		465		770		284
Interest Revenue, Consolidated funds		9		9		9
Total Revenues		2,637		19,175		10,250
Interest Expense		5,035		6,120		3,835
Interest Expense, Consolidated funds		—		—		—
Depreciation and Amortization		22		22		36
Income Taxes		(1,110)		—		—
Total Segment
Non-Interest Revenue *		1,919,569		1,583,106		991,088
Interest Revenue		193,221		170,128		165,727
Interest Revenue, Consolidated funds		9		2,692		6,755
Total Revenues		$	2,112,799	$	1,755,926	1,163,570
Interest and Dividend Expense (includes dividend expense of $6.8 million, $8.1 million and $8.8 million for the years ended December 31, 2021, 2020, and 2019, respectively)		211,387		187,725		168,628
Interest and Dividend Expense, Consolidated funds (includes dividend expense of $0 million, $0.7 million and $1.0 million for the years ended December 31, 2021, 2020, and 2019, respectively)		—		2,064		4,602
Depreciation and Amortization		19,004		22,677		20,460
Income Taxes		102,039		90,373		14,853

* Includes dividend revenue of $26.0 million, $17.3 million and $9.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. In addition, includes dividend revenue, consolidated funds, of $0.0 million and $2.5 million and $3.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.