Exhibit

EXHIBIT 21.1

SUBSIDIARIES OF THE REGISTRANT⁽¹⁾



Name		Jurisdiction of Incorporation or Organization
Operating Company
	Tiptree Operating Company, LLC (81% owned)	Delaware
Insurance and Insurance Services
	Caroline Holdings LLC	Delaware
	Fortegra Financial Corporation	Delaware
	LOTS Intermediate Company	Delaware
	4Warranty Corporation	Florida
	Auto Knight Motor Club, Inc.	California
	Bankers Life of Louisiana	Louisiana
	Continental Car Club, Inc.	Tennessee
	CRC Reassurance Company, LTD.	Turks & Caicos Islands, BWI
	Digital Leash, LLC (d/b/a ProtectCELL)	Florida
	Insurance Company of the South	Georgia
	Life of the South Insurance Company	Georgia
	LOTS Reassurance Company	Turks & Caicos Islands, BWI
	LOTSolutions, Inc.	Georgia
	LOTSolutions Florida LLC	Florida
	Lyndon Southern Insurance Company	Delaware
	Pacific Benefits Group Northwest, LLC	Oregon
	ProtectCell Graphics, LLC (d/b/a Imageworks)	Delaware
	Response Indemnity Company of California	California
	South Bay Acceptance Corporation	California
	South Bay Financial Services, LLC	Delaware
	Southern Financial Life Insurance Company (85% owned)	Kentucky
	The Service Doc, Inc. 4Warranty Corporation	Florida
	United Motor Club of America, Inc.	Kentucky
Specialty Finance
	Luxury Mortgage Corp. (67.5% owned)	Delaware
	River Oaks, LLC	Delaware
	Reliance Holdings LLC	Delaware
	Reliance First Capital, LLC	Delaware
	Siena Capital Finance Acquisition Corp.	Delaware
	Siena Capital Finance LLC (62% owned)	Delaware
	Siena Funding LLC	Delaware
	Siena Lending Group LLC	Delaware
	Winsted Parent Holdings LLC	Delaware
	Winsted Intermediate Holdings LLC	Delaware
	Winsted Funding, LLC	Delaware
	Winsted REO, LLC	Delaware
Asset Management
	Muni Capital Management LLC	Delaware
	Muni Funding Company of America LLC	Delaware
	MFCA Funding, Inc.	Delaware

EXHIBIT 21.1



	TAMCO Manager, Inc.	Delaware
	Telos Asset Management, LLC	Delaware
	Tiptree Asset Management Company, LLC (99% owned)	Delaware
	Tiptree Capital Management LLC	Delaware
	TREIT Management, LLC	Delaware
Real Estate
	Care Investment Trust LLC	Delaware
	Bridges Care Services of Arlington LLC	Delaware
	Calamar Investco, LLC	Delaware
	Care Cal Holdings LLC (f/k/a Care JCL Aurora PropCo LLC)	Delaware
	Care Cal JV LLC (75% owned)	Delaware
	Care GSL Arlington OpCo LLC	Delaware
	Care GSL Arlington PropCo LLC	Delaware
	Care GSL Bel Air PropCo LLC	Delaware
	Care GSL Berryville LLC (99% owned)	Delaware
	Care GSL Chesapeake PropCo LLC	Delaware
	Care GSL Cockeysville PropCo LLC	Delaware
	Care GSL Fredericksburg LLC	Delaware
	Care GSL Glassboro PropCo LLC	Delaware
	Care GSL Hagerstown PropCo LLC	Delaware
	Care GSL Harrisburg PropCo LLC	Delaware
	Care GSL Holdings II LLC	Delaware
	Care GSL Holdings LLC	Delaware
	Care GSL JV Holdings LLC	Delaware
	Care GSL Oak Ridge OpCo LLC	Delaware
	Care GSL Oak Ridge PropCo LLC	Delaware
	Care GSL OpCo Holdings LLC	Delaware
	Care GSL Ops LLC (80% owned)	Delaware
	Care GSL RE Holdings LLC	Delaware
	Care GSL RE LLC (80% owned)	Delaware
	Care GSL Richmond OpCo LLC	Delaware
	Care GSL Richmond PropCo LLC	Delaware
	Care GSL Stafford LLC	Delaware
	Care HSL Belle Reve OpCo LLC	Delaware
	Care HSL Belle Reve PropCo LLC	Delaware
	Care HSL Cardinal Village OpCo LLC	Delaware
	Care HSL Cardinal Village PropCo LLC	Delaware
	Care HSL Heritage Hill OpCo LLC	Delaware
	Care HSL Heritage Hill PropCo LLC	Delaware
	Care HSL Holdings II LLC	Delaware
	Care HSL Holdings LLC	Delaware
	Care HSL Newtown OpCo LLC	Delaware
	Care HSL Newtown PropCo LLC	Delaware
	Care HSL OpCo Holdings II LLC	Delaware
	Care HSL OpCo II LLC (80% owned)	Delaware

EXHIBIT 21.1



	Care HSL OpCo LLC (80% owned)					Delaware
	Care HSL RE Holdings II LLC					Delaware
	Care HSL RE Holdings LLC					Delaware
	Care HSL RE II LLC (80% owned)					Delaware
	Care HSL RE LLC (80% owned)					Delaware
	Care HSL RE Newtown Holdco LLC					Delaware
	Care HSL RE Newtown Mezzco LLC					Delaware
	Care HSL TRS Holdings LLC					Delaware
	Care Investment Trust LLC					Delaware
	Care PSL Holdings LLC					Delaware
	Care PSL Park Terrace PropCo LLC					Delaware
	Care PSL RE LLC					Delaware
	Care PSL Seneca Lake PropCo LLC					Delaware
	Care RSL Easley OpCo LLC					Delaware
	Care RSL Easley PropCo LLC					Delaware
	Care RSL Eatonton OpCo LLC					Delaware
	Care RSL Eatonton PropCo LLC					Delaware
	Care RSL Gaffney OpCo LLC					Delaware
	Care RSL Gaffney PropCo LLC					Delaware
	Care RSL JV Holdings LLC					Delaware
	Care HSL Cardinal Village PropCo LLC					Delaware
	Care HSL Heritage Hill OpCo LLC					Delaware
	Care HSL Heritage Hill PropCo LLC					Delaware
	Care HSL Holdings II LLC					Delaware
	Care HSL Holdings LLC					Delaware
	Care HSL Newtown OpCo LLC					Delaware
	Care HSL Newtown PropCo LLC					Delaware
	Care HSL OpCo Holdings II LLC					Delaware
	Care HSL OpCo II LLC					Delaware
	Care HSL OpCo LLC					Delaware
	Care HSL RE Holdings II LLC					Delaware
	Care HSL RE Holdings LLC					Delaware
	Care HSL RE II LLC					Delaware
	Care HSL RE LLC					Delaware
	Care HSL RE Newtown Holdco LLC					Delaware
	Care HSL RE Newtown Mezzco LLC					Delaware
	Care HSL TRS Holdings LLC					Delaware
	Care Investment Trust LLC					Delaware
	Care PSL Holdings LLC					Delaware
	Care PSL Park Terrace PropCo LLC					Delaware
	Care PSL RE LLC					Delaware
	Care PSL Seneca Lake PropCo LLC					Delaware
	Care RSL Easley OpCo LLC					Delaware
	Care RSL Easley PropCo LLC					Delaware
	Care RSL Eatonton OpCo LLC					Delaware
	Care RSL Eatonton PropCo LLC					Delaware

EXHIBIT 21.1



	Care RSL Gaffney OpCo LLC	Delaware
	Care RSL Gaffney PropCo LLC	Delaware
	Care RSL JV Holdings LLC	Delaware
	Care RSL OpCo Holdings II LLC	Delaware
	Care RSL OpCo Holdings LLC	Delaware
	Care RSL OPS II LLC (65% owned)	Delaware
	Care RSL OPS LLC (80% owned)	Delaware
	Care RSL Port Royal OpCo LLC	Delaware
	Care RSL Port Royal PropCo LLC	Delaware
	Care RSL RE Holdings II LLC	Delaware
	Care RSL RE Holdings II LLC	Delaware
	Care RSL RE Holdings LLC	Delaware
	Care RSL RE II LLC (65% owned)	Delaware
	Care RSL RE LLC (80% owned)	Delaware
	Care RSL Summerville OpCo LLC	Delaware
	Care RSL Summerville PropCo LLC	Delaware
	Care RSL Tampa OpCo LLC	Delaware
	Care RSL Tampa PropCo LLC	Delaware
	N.A. Realty Investco, LLC	Delaware
	RM1B Holdings, L.L.C.	Delaware
	RM2 Holdings, L.L.C.	Delaware
Corporate and Other
	Tiptree Direct Holdings LLC	Delaware
	TCO GP LLC	Delaware
	Telos Floating Rate Capital, LLC	Delaware
Discontinued Operations
	PFG Holdings Acquisition Corp.	Delaware
	Philadelphia Financial Group, Inc. (93% owned)	Pennsylvania
	PFASC Holdings, LLC	Delaware
	Philadelphia Financial Administration Services Company	Delaware
	Philadelphia Financial Life Assurance Company LLC	Pennsylvania

(1) As of December 31, 2015. Subsidiaries are 100% owned unless otherwise noted.