Three Months Ended March 31, 2020 Adjustments Operating Company Asset Company Total Economic Income (Loss) Funds Consolidation Other Adjustments US GAAP Net Income (Loss) (dollars in thousands) Revenues Investment banking $ 98,759 $  $ 98,759 $  $ 6,269 (a) $ 105,028 Brokerage 132,672  132,672  6,690 (b)(g) 139,362 Management fees 14,711 204 14,915 (678) (2,633) (c) 11,604 Incentive income (loss) (2,487) (2,402) (4,889)  4,889 (c)  Investment income (loss) (19,449) (11,655) (31,104)  31,104 (d)(g)  Interest and dividends     42,077 (b)(d) 42,077 Reimbursement from affiliates    (25) 286 (e) 261 Reinsurance premiums     10,471 (f) 10,471 Other revenue 562  562  1,288 (f) 1,850 Consolidated Funds revenues    3,156  3,156 Total revenues 224,768 (13,853) 210,915 2,453 100,441 313,809 Interest expense (Economic Income/(Loss)) / Interest and dividend expense (US GAAP) 6,343 1,435 7,778  31,014 (b)(d) 38,792 Total net revenues 218,425 (15,288) 203,137 2,453 69,427 275,017 Expenses Non interest expense 211,066 859 211,925  16,514 (a)(e)(h)(i) 228,439 Consolidated Funds expenses    2,714  2,714 Total expenses 211,066 859 211,925 2,714 16,514 231,153 Total other income (loss)    (62,054) (55,094) (c)(d)(i) (117,148) Income taxes expense / (benefit)     (1,173) (h) (1,173) Income (loss) attributable to non-controlling interests in consolidated subsidiaries and investment funds 1,740  1,740 (62,315) (1,613) (62,188) Income (loss) attributable to Cowen Inc. 5,619 (16,147) (10,528)  605 $ (9,923) Less: Preferred stock dividends 1,358 340 1,698   1,698 Economic Income (Loss)/ Income (loss) attributable to Cowen Inc. common stockholders 4,261 (16,487) (12,226) $  $ 605 $ (11,621) Add back: Depreciation and amortization expense 5,428 6 5,434 Economic operating income (loss) $ 9,689 $ (16,481) $ (6,792) Three Months Ended March 31, 2019 Adjustments Operating Company Asset Company Total Economic Income (Loss) Funds Consolidation Other Adjustments US GAAP Net Income (Loss) (dollars in thousands) Revenues Investment banking $ 82,991 $  $ 82,991 $  $ (2,885) (a) $ 80,106 Brokerage 111,872  111,872  (14,409) (b)(g) 97,463 Management fees 9,728 703 10,431 (501) (2,789) (c) 7,141 Incentive income (loss) 16,637 110 16,747 (544) (16,188) (c) 15 Investment income (loss) 9,427 842 10,269  (10,269) (d)(g)  Interest and dividends     29,092 (b)(d) 29,092 Reimbursement from affiliates    (34) 322 (e) 288 Reinsurance premiums     6,591 (f) 6,591 Other revenue 1,123 36 1,159  (98) (f) 1,061 Consolidated Funds revenues    2,340  2,340 Total revenues 231,778 1,691 233,469 1,261 (10,633) 224,097 Interest expense (Economic Income/(Loss)) / Interest and dividend expense (US GAAP) 5,317 1,247 6,564  22,520 (d) 29,084 Total net revenues 226,461 444 226,905 1,261 (33,153) 195,013 Expenses Non interest expense 206,531 2,379 208,910  12,091 (a)(e)(h)(i) 221,001 Consolidated Funds expenses    1,482  1,482 Total expenses 206,531 2,379 208,910 1,482 12,091 222,483 Total other income (loss)    621 40,321 (c)(d)(i) 40,942 Income taxes expense / (benefit)     3,177 (h) 3,177 Income (loss) attributable to non-controlling interests in consolidated subsidiaries and investment funds 1,023  1,023 400 (911) 512 Income (loss) attributable to Cowen Inc. 18,907 (1,935) 16,972  (7,189) 9,783 Less: Preferred stock dividends 1,375 323 1,698   1,698 Economic Income (Loss)/ Income (loss) attributable to Cowen Inc. common stockholders 17,532 (2,258) 15,274 $  $ (7,189) $ 8,085 Add back: Depreciation and amortization expense 4,939 17 4,956 Economic operating income (loss) $ 22,471 $ (2,241) $ 20,230 The following is a summary of the adjustments made to US GAAP net income (loss) to arrive at Economic Income (Loss): Funds Consolidation: The impacts of consolidation and the related elimination entries of the Consolidated Funds are not included in Economic Income (Loss). Adjustments to reconcile to US GAAP net income (loss) included elimination of incentive income and management fees earned from the Consolidated Funds and addition of investment fund expenses excluding management fees paid, investment fund revenues and investment income (loss). Other Adjustments: (a) Economic Income (Loss) presents underwriting expenses net of investment banking revenues, expenses reimbursed from clients within their respective expense category. Economic Income (Loss) also records retainer fees, relating to investment banking activities, collectible during the period that would otherwise be deferred until closing for US GAAP reporting. (b) Economic Income (Loss) brokerage revenues included net securities borrowed and securities loaned activities which are shown gross in interest income and interest expense for US GAAP. (c) Economic Income (Loss) recognizes revenues (i) net of fund start-up costs and distribution fees paid to agents, (ii) records income from uncrystallized incentive fees and (iii) the Company's proportionate share of management and incentive fees of certain real estate operating entities, the healthcare royalty business and the activist business. (d) Economic Income (Loss) recognizes Company income from proprietary trading (including interest and dividends) for which the majority of this activity is shown in other income (loss) for US GAAP reporting. (e) Reimbursement from affiliates is shown as a reduction of Economic Income expenses, but is included as a part of revenues under US GAAP. (f) Economic Income (Loss) recognizes underwriting income from the Company's insurance related activities, net of expenses, within other revenue. The costs are recorded within expenses for US GAAP reporting. (g) Economic Income (Loss) recognizes gains and losses on investments held as part of the Company's facilitation and trading business within brokerage revenues as these investments are directly related to the markets business activities. (h) Economic Income (Loss) excludes income taxes and acquisition related adjustments as management does not consider these items when evaluating the performance of the segment. (i) Economic Income (Loss) recognizes the Company's proportionate share of expenses, for certain real estate operating entities and the activist business, for which the investments are recorded under the equity method of accounting for investments.