Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

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,
			2022		2021
		(dollars in thousands)
Economic Income
Op Co			$	36,297	$	143,858
Asset Co			1,150		(1,476)
Adjustments applied to arrive at Net Income (loss)
Income attributable to non-controlling interest			20,131		4,562
Preferred stock dividends			1,698		1,698
Amortization of (discount)/premium on convertible debt			(75)		(776)
Acquisition related amounts			(80)		(238)
Contingent liability adjustments			(5,133)		6,798

Debt extinguishment gain (loss) and accelerated debt costs			—		(4,538)
Bargain purchase gain			—		3,855

US GAAP Income tax expense			(11,889)		(54,428)
Economic income tax expense			13,048		52,751
Net income (loss)			$	55,147	$	152,066

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 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,
		2022		2021
		(dollars in thousands)
Op Co
Non-Interest Revenue		$	367,652	$	697,885
Interest Revenue		40,331		51,104

Total Revenues		407,983		748,989
Interest Expense		43,300		53,803

Depreciation and Amortization		7,179		4,349
Income Taxes		11,832		55,085
Asset Co
Non-Interest Revenue		2,599		(1,668)
Interest Revenue		8		203
Interest Revenue, Consolidated funds		2		2
Total Revenues		2,609		(1,463)
Interest Expense		1,236		1,275

Depreciation and Amortization		6		5
Income Taxes		57		(657)
Total Segment
Non-Interest Revenue *		370,251		696,217
Interest Revenue		40,339		51,307
Interest Revenue, Consolidated funds		2		2
Total Revenues		$	410,592	$	747,526
Interest and Dividend Expense (includes dividend expense of $2.0 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively)		46,524		57,641

Depreciation and Amortization		7,185		4,354
Income Taxes		11,889		54,428

* Includes dividend revenue of $6.0 million and $8.1 million for the three months ended March 31, 2022 and 2021, respectively. In addition, includes dividend revenue, consolidated funds, of $0.0 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively.