Segment Reporting (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
		2022		2021		2020
		(dollars in thousands)
Economic Income
Op Co		$	87,502	$	314,519	$	329,381
Asset Co		(27,482)		(2,291)		(16,136)
Adjustments applied to arrive at Net Income (loss)
Income attributable to non-controlling interest		(10,603)		8,380		(9,299)
Preferred stock dividends		6,792		6,792		6,792
Amortization of (discount)/premium on convertible debt		(309)		(1,604)		(4,499)
Acquisition related amounts		(16,293)		(6,593)		(606)
Contingent liability adjustments		13,560		(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)
US GAAP Income tax expense		(10,786)		(102,039)		(90,373)
Economic income tax expense		23,474		109,194		—
Net income (loss)		$	65,855	$	303,991	$	207,064

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.


	Year Ended December 31,
		2022		2021		2020
		(dollars in thousands)
Op Co
Non-Interest Revenue		$	1,442,022	$	1,917,406	1,564,710
Interest Revenue		153,050		192,756		169,358
Interest Revenue, Consolidated funds		—		—		2,683
Total Revenues		1,595,072		2,110,162		1,736,751
Interest Expense		180,983		199,570		173,537
Interest Expense, Consolidated funds		—		—		1,376
Depreciation and Amortization		27,700		18,982		22,655
Income Taxes		21,635		103,149		90,373
Asset Co
Non-Interest Revenue		(57,756)		2,163		18,396
Interest Revenue		407		465		770
Interest Revenue, Consolidated funds		—		9		9
Total Revenues		(57,349)		2,637		19,175
Interest Expense		5,100		5,035		6,120
Interest Expense, Consolidated funds		—		—		—
Depreciation and Amortization		25		22		22
Income Taxes		(10,849)		(1,110)		—
Total Segment
Non-Interest Revenue *		1,384,266		1,919,569		1,583,106
Interest Revenue		153,457		193,221		170,128
Interest Revenue, Consolidated funds		—		9		2,692
Total Revenues		$	1,537,723	$	2,112,799	1,755,926
Interest and Dividend Expense (includes dividend expense of $73.0 million, $6.8 million, and $8.1 million for the years ended December 31, 2022, 2021 and 2020, respectively)		259,126		211,387		187,725
Interest and Dividend Expense, Consolidated funds (includes dividend expense of $0 million, $— million and $0.7 million for the years ended December 31, 2022, 2021 and 2020, respectively)		—		—		2,064
Depreciation and Amortization		27,725		19,004		22,677
Income Taxes		10,786		102,039		90,373

* Includes dividend revenue of $158.7 million, $26.0 million and $17.3 million for the year ended December 31, 2022, 2021 and 2020, respectively. Dividend revenue, consolidated funds, was $0.0 million, $0.0 million and $2.5 million for the year ended December 31, 2022, 2021 and 2020, respectively.