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Segment Reporting
 9 Months Ended
Sep. 30, 2022
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 represents the Company’s income tax expense or benefit calculated on Pre-tax Economic Income (Loss) once all currently available net operating losses have been utilized) and is presented after preferred stock dividends. Economic Income (Loss) (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 goodwill and certain other impairments, certain other transaction-related adjustments and/or reorganization expenses and 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,
 2022202120222021
 (dollars in thousands)
Economic Income
Op Co$37,033 $43,496 $73,431 $238,500 
Asset Co(17,806)(3,777)(18,138)(8,904)
Adjustments applied to arrive at Net Income (loss)
Income attributable to non-controlling interest(22,046)(4,938)(16,896)13,379 
Preferred stock dividends1,698 1,698 5,094 5,094 
Amortization of (discount)/premium on convertible debt(76)(26)(229)(1,571)
Acquisition related amounts(7,694)(1,007)(7,852)(1,324)
Contingent liability adjustments(1,681)(4,244)12,279 (2,677)
Debt extinguishment gain (loss) and accelerated debt costs— — — (10,095)
Bargain purchase gain— — — 3,855 
US GAAP Income tax expense(4,476)(12,192)(22,273)(76,864)
Economic income tax expense 7,353 13,855 21,218 84,616 
Net income (loss) $(7,695)$32,865 $46,634 $244,009 
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 September 30,Nine Months Ended September 30,
 2022202120222021
 (dollars in thousands)
Op Co
     Non-Interest Revenue$416,865 $373,695 $1,059,952 $1,469,034 
     Interest Revenue 38,364 40,025 117,464 149,033 
           Total Revenues455,229 413,720 1,177,416 1,618,067 
     Interest Expense45,264 39,592 132,294 153,542 
     Depreciation and Amortization6,988 4,791 21,158 13,701 
     Income Taxes 10,127 13,484 27,923 80,333 
Asset Co
     Non-Interest Revenue(44,553)(1,662)(53,811)(143)
     Interest Revenue112 177 184 588 
     Interest Revenue, Consolidated funds 3 2 7 7 
           Total Revenues(44,438)(1,483)(53,620)452 
     Interest Expense 1,211 901 3,724 4,106 
     Depreciation and Amortization6 5 18 14 
     Income Taxes(5,651)(1,292)(5,650)(3,469)
Total Segment
     Non-Interest Revenue *372,312 372,033 1,006,141 1,468,891 
     Interest Revenue 38,476 40,202 117,648 149,621 
     Interest Revenue, Consolidated funds 3 2 7 7 
           Total Revenues$410,791 $412,237 $1,123,796 $1,618,519 
Interest and Dividend Expense (includes dividend expense of $29.8 million and $2.5 million for the three months ended September 30, 2022 and 2021 and $40.7 million and $6.1 million for the nine months ended September 30, 2022 and 2021, respectively)
76,270 43,035 176,719 163,749 
Depreciation and Amortization6,994 4,796 21,176 13,715 
Income Taxes4,476 12,192 22,273 76,864 
* Includes dividend revenue of $109.4 million and $5.8 million for the three months ended September 30, 2022 and 2021, respectively and $125.1 million and $17.9 million for the nine months ended September 30, 2022 and 2021, respectively. Dividend revenue, consolidated funds, was immaterial for the three and nine months ended September 30, 2022 and 2021,
respectively.