(Mark One) | |
x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Maryland | 38-3754322 | |
(State or Other Jurisdiction of | (IRS Employer | |
Incorporation of Organization) | Identification No.) | |
780 Third Avenue, 21st Floor, New York, New York | 10017 | |
(Address of Principal Executive Offices) | (Zip Code) |
ITEM | Page Number | |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Assets | (Unaudited) | ||||||
Cash and cash equivalents | $ | 43,225 | $ | 69,400 | |||
Restricted cash | 21,951 | 18,778 | |||||
Securities, available for sale (cost or amortized cost: $182,821 at March 31, 2016 and $185,046 at December 31, 2015) | 185,092 | 184,703 | |||||
Loans, at fair value | 325,912 | 273,559 | |||||
Loans owned, at amortized cost, net | 58,897 | 52,531 | |||||
Mortgage loans held for sale, at fair value (pledged as collateral: $84,745 at March 31, 2016 and $112,743 at December 31, 2015) | 93,532 | 120,836 | |||||
Notes receivable, net | 21,532 | 21,696 | |||||
Accounts and premiums receivable, net | 78,134 | 57,056 | |||||
Reinsurance receivables | 373,854 | 352,926 | |||||
Deferred acquisition costs | 56,185 | 57,858 | |||||
Real estate, net | 254,072 | 203,961 | |||||
Goodwill and intangible assets, net | 184,021 | 186,107 | |||||
Other receivables | 69,919 | 62,247 | |||||
Other assets | 111,165 | 104,500 | |||||
Assets of consolidated CLOs | 722,418 | 728,812 | |||||
Total assets | $ | 2,599,909 | $ | 2,494,970 | |||
Liabilities and Stockholders’ Equity | |||||||
Liabilities | |||||||
Debt, net | $ | 713,071 | $ | 666,952 | |||
Unearned premiums | 404,100 | 389,699 | |||||
Policy liabilities and unpaid claims | 89,927 | 80,663 | |||||
Deferred revenue | 58,646 | 63,081 | |||||
Reinsurance payables | 71,932 | 65,840 | |||||
Commissions payable | 15,358 | 14,866 | |||||
Deferred tax liabilities, net | 19,069 | 22,699 | |||||
Other liabilities and accrued expenses | 123,342 | 94,420 | |||||
Liabilities of consolidated CLOs | 694,012 | 698,316 | |||||
Liabilities held for sale and discontinued operations | 734 | 740 | |||||
Total liabilities | $ | 2,190,191 | $ | 2,097,276 | |||
Commitments and contingencies (Note 24) | |||||||
Stockholders’ Equity | |||||||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | $ | — | $ | — | |||
Common stock - Class A: $0.001 par value, 200,000,000 shares authorized, 34,914,772 and 34,899,833 shares issued and outstanding, respectively | 35 | 35 | |||||
Common stock - Class B: $0.001 par value, 50,000,000 shares authorized, 8,049,029 and 8,049,029 shares issued and outstanding, respectively | 8 | 8 | |||||
Additional paid-in capital | 296,531 | 297,063 | |||||
Accumulated other comprehensive income (loss), net of tax | 1,277 | (111 | ) | ||||
Retained earnings | 20,522 | 15,845 | |||||
Total stockholders’ equity to Tiptree Financial Inc. | 318,373 | 312,840 | |||||
Non-controlling interests (including $72,721 and $69,278 attributable to Tiptree Financial Partners, L.P., respectively) | 91,345 | 84,854 | |||||
Total stockholders’ equity | 409,718 | 397,694 | |||||
Total liabilities and stockholders’ equity | $ | 2,599,909 | $ | 2,494,970 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Revenues: | |||||||
Net realized and unrealized gains (losses) | $ | 6,177 | $ | (98 | ) | ||
Interest income | 7,685 | 2,883 | |||||
Service and administrative fees | 30,310 | 21,927 | |||||
Ceding commissions | 10,703 | 9,937 | |||||
Earned premiums, net | 44,615 | 37,353 | |||||
Gain on sale of loans held for sale, net | 13,515 | 2,731 | |||||
Loan fee income | 2,334 | 1,399 | |||||
Rental revenue | 12,724 | 9,369 | |||||
Other income | 3,743 | 3,562 | |||||
Total revenues | 131,806 | 89,063 | |||||
Expenses: | |||||||
Interest expense | 6,480 | 5,129 | |||||
Payroll and employee commissions | 30,608 | 20,341 | |||||
Commission expense | 33,038 | 16,528 | |||||
Member benefit claims | 5,750 | 7,579 | |||||
Net losses and loss adjustment expense | 17,948 | 12,450 | |||||
Professional fees | 7,362 | 4,628 | |||||
Depreciation and amortization | 8,377 | 15,464 | |||||
Acquisition and transaction costs | 383 | 1,349 | |||||
Other expenses | 17,990 | 11,144 | |||||
Total expenses | 127,936 | 94,612 | |||||
Results of consolidated CLOs: | |||||||
Income attributable to consolidated CLOs | 7,677 | 9,050 | |||||
Expenses attributable to consolidated CLOs | 6,572 | 9,361 | |||||
Net income (loss) attributable to consolidated CLOs | 1,105 | (311 | ) | ||||
Income (loss) before taxes from continuing operations | 4,975 | (5,860 | ) | ||||
Less: provision (benefit) for income taxes | (2,439 | ) | (1,496 | ) | |||
Income (loss) from continuing operations | 7,414 | (4,364 | ) | ||||
Discontinued operations: | |||||||
Income from discontinued operations, net | — | 2,345 | |||||
Discontinued operations, net | — | 2,345 | |||||
Net income (loss) before non-controlling interests | 7,414 | (2,019 | ) | ||||
Less: net income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P. | 2,629 | (860 | ) | ||||
Less: net (loss) attributable to non-controlling interests - Other | (770 | ) | (180 | ) | |||
Net income (loss) available to common stockholders | $ | 5,555 | $ | (979 | ) | ||
Net income (loss) per Class A common share: | |||||||
Basic, continuing operations, net | $ | 0.16 | $ | (0.08 | ) | ||
Basic, discontinued operations, net | — | 0.05 | |||||
Basic earnings per share | 0.16 | (0.03 | ) | ||||
Diluted, continuing operations, net | 0.16 | (0.08 | ) | ||||
Diluted, discontinued operations, net | — | 0.05 | |||||
Diluted earnings per share | $ | 0.16 | $ | (0.03 | ) | ||
Weighted average number of Class A common shares: | |||||||
Basic | 34,976,485 | 32,138,455 | |||||
Diluted | 35,084,505 | 32,138,455 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net income (loss) before non-controlling interests | $ | 7,414 | $ | (2,019 | ) | ||
Other comprehensive income (loss), net of tax: | |||||||
Unrealized gains (losses) on available-for-sale securities: | |||||||
Unrealized holding gains arising during the period | 2,659 | 1,647 | |||||
Related tax (expense) | (938 | ) | (585 | ) | |||
Reclassification of (gains) included in net income | (57 | ) | (15 | ) | |||
Related tax expense | 20 | 5 | |||||
Unrealized gains on available-for-sale securities, net of tax | 1,684 | 1,052 | |||||
Interest rate swap (cash flow hedge): | |||||||
Unrealized (loss) on interest rate swap | (136 | ) | (234 | ) | |||
Related tax benefit | 47 | 82 | |||||
Reclassification of (gains) losses included in net income | (319 | ) | 281 | ||||
Related tax expense (benefit) | 112 | (98 | ) | ||||
Unrealized (loss) gain on interest rate swap from cash flow hedge, net of tax | (296 | ) | 31 | ||||
Other comprehensive income, net of tax | 1,388 | 1,083 | |||||
Comprehensive income | 8,802 | (936 | ) | ||||
Less: net income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P. | 2,629 | (860 | ) | ||||
Less: net (loss) attributable to non-controlling interests - Other | (770 | ) | (180 | ) | |||
Total comprehensive income available to common stockholders | $ | 6,943 | $ | 104 |
Number of Shares | Par Value | ||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Additional paid in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total stockholders’ equity to Tiptree Financial Inc. | Non-controlling interests - Tiptree Financial Partners, L.P. | Non-controlling interests - Other | Total stockholders' equity | |||||||||||||||||||||||||||||||
Balance at December 31, 2015 | 34,899,833 | 8,049,029 | $ | 35 | $ | 8 | $ | 297,063 | $ | (111 | ) | $ | 15,845 | $ | 312,840 | $ | 69,278 | $ | 15,576 | $ | 397,694 | ||||||||||||||||||||
Stock-based compensation to directors, employees and other persons for services rendered | 163,529 | — | — | — | 1,241 | — | — | 1,241 | — | — | 1,241 | ||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 1,134 | — | 1,134 | 254 | — | 1,388 | ||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | 4,134 | 4,134 | ||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | — | (201 | ) | (264 | ) | (465 | ) | |||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (148,590 | ) | — | — | — | (851 | ) | — | — | (851 | ) | — | — | (851 | ) | ||||||||||||||||||||||||||
Net changes in non-controlling interest | — | — | — | — | (922 | ) | 254 | — | (668 | ) | 761 | (52 | ) | 41 | |||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (878 | ) | (878 | ) | — | — | (878 | ) | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 5,555 | 5,555 | 2,629 | (770 | ) | 7,414 | |||||||||||||||||||||||||||||
Balance at March 31, 2016 | 34,914,772 | 8,049,029 | $ | 35 | $ | 8 | $ | 296,531 | $ | 1,277 | $ | 20,522 | $ | 318,373 | $ | 72,721 | $ | 18,624 | $ | 409,718 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Operating activities: | |||||||
Net income (loss) available to common stockholders | $ | 5,555 | $ | (979 | ) | ||
Net income attributable to non-controlling interests - Tiptree Financial Partners, L.P. | 2,629 | (860 | ) | ||||
Net (loss) attributable to non-controlling interests - Other | (770 | ) | (180 | ) | |||
Net income | 7,414 | (2,019 | ) | ||||
Discontinued operations, net | — | (2,345 | ) | ||||
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | |||||||
Net realized and unrealized (gain) loss | (6,177 | ) | 98 | ||||
Net unrealized loss (gain) on interest rate swaps | 1,416 | — | |||||
Change in fair value of contingent consideration | (161 | ) | — | ||||
Non cash compensation expense | 388 | 107 | |||||
Amortization/accretion of premiums and discounts | 332 | 683 | |||||
Depreciation and amortization expense | 8,377 | 15,464 | |||||
Provision for doubtful accounts | 504 | 65 | |||||
Amortization of deferred financing costs | 445 | 343 | |||||
(Gain) on sale of loans held for sale | (13,515 | ) | (2,731 | ) | |||
Deferred tax (benefit) | (3,642 | ) | (4,875 | ) | |||
Changes in operating assets and liabilities: | |||||||
Mortgage loans originated for sale | (317,808 | ) | (161,767 | ) | |||
Proceeds from the sale of mortgage loans originated for sale | 357,439 | 141,561 | |||||
(Increase) decrease in accounts and premiums receivable | (21,078 | ) | (12,416 | ) | |||
(Increase) decrease in reinsurance receivables | (20,928 | ) | (11,342 | ) | |||
(Increase) decrease in deferred acquisition costs | 1,673 | (19,208 | ) | ||||
(Increase) decrease in other receivables | (7,672 | ) | (1,175 | ) | |||
(Increase) decrease in other assets | (1,076 | ) | (5,526 | ) | |||
Increase (decrease) in unearned premiums | 14,401 | 7,230 | |||||
Increase (decrease) in policy liabilities | 9,264 | 2,705 | |||||
Increase (decrease) in deferred revenue | (4,696 | ) | 12,990 | ||||
Increase (decrease) in reinsurance payable | 6,092 | 20,824 | |||||
Increase (decrease) in commissions payable | 492 | (3,033 | ) | ||||
Increase (decrease) in other liabilities and accrued expenses | (1,708 | ) | (7,595 | ) | |||
Operating activities from CLOs | 2,831 | 10,697 | |||||
Net cash provided by (used in) operating activities - continuing operations | 12,607 | (21,265 | ) | ||||
Net cash (used in) provided by operating activities - discontinued operations | (6 | ) | 30,950 | ||||
Net cash provided by operating activities | 12,601 | 9,685 | |||||
Investing Activities: | |||||||
Purchases of investments | (57,972 | ) | (13,466 | ) | |||
Proceeds from sales and maturities of investments | 36,768 | 12,106 | |||||
(Increase) decrease in loans, net | (6,406 | ) | (7,188 | ) | |||
Purchases of real estate capital expenditures | (519 | ) | (590 | ) | |||
Purchases of corporate fixed assets | (155 | ) | (866 | ) | |||
Proceeds from notes receivable | 7,951 | 8,146 | |||||
Issuance of notes receivable | (8,251 | ) | (8,284 | ) | |||
(Increase) decrease in restricted cash | (3,173 | ) | 764 | ||||
Business and asset acquisitions, net of cash and deposits | (52,729 | ) | (81,710 | ) | |||
Distributions from equity method investments | — | 2,275 | |||||
Deconsolidation of consolidated CLOs | — | 80 | |||||
Investing activities from CLOs | (481 | ) | 15,205 | ||||
Net cash (used in) investing activities - continuing operations | (84,967 | ) | (73,528 | ) | |||
Net cash (used in) investing activities from discontinued operations | — | (1,738 | ) | ||||
Net cash (used in) investing activities | (84,967 | ) | (75,266 | ) | |||
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Financing Activities: | |||||||
Non-controlling interest contributions | 1,914 | 2,218 | |||||
Non-controlling interest distributions | (465 | ) | (70 | ) | |||
Change in non-controlling interest | 41 | (3,120 | ) | ||||
Payment of debt issuance costs | (433 | ) | (839 | ) | |||
Proceeds from borrowings and mortgage notes payable | 406,357 | 256,827 | |||||
Principal paydowns of borrowings and mortgage notes payable | (360,112 | ) | (146,451 | ) | |||
Repurchases of common stock | (851 | ) | (486 | ) | |||
Financing activities from CLOs | (260 | ) | (19,853 | ) | |||
Net cash provided by financing activities - continuing operations | 46,191 | 88,226 | |||||
Net cash (used in) financing activities - discontinued operations | — | (2,500 | ) | ||||
Net cash provided by financing activities | 46,191 | 85,726 | |||||
Net increase (decrease) in cash and cash equivalents | (26,175 | ) | 20,145 | ||||
Cash and cash equivalents – beginning of period - continuing operations | 69,400 | 52,987 | |||||
Cash and cash equivalents – beginning of period - discontinued operations | — | 28,361 | |||||
Cash and cash equivalents – end of period | 43,225 | 101,493 | |||||
Less: Reclassification of cash to assets held for sale | — | 55,073 | |||||
Cash and cash equivalents of continuing operations – end of period | $ | 43,225 | $ | 46,420 | |||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||
Acquiring real estate properties through, or in lieu of, foreclosure of the related loan | $ | 1,676 | $ | — |
• | Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives |
• | Value of acquired assets and liabilities |
• | Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives |
• | Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims |
• | Valuation of contingent share issuances for compensation and purchase consideration, including estimates of number of shares and vesting schedules |
• | Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service, administration fees, and loan origination fees and |
• | Other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements |
2016 Acquisitions | |||
Real Estate | |||
Consideration: | |||
Cash | $ | 52,854 | |
Equity | 2,220 | ||
Fair value of total consideration | $ | 55,074 | |
Acquisition costs | $ | 383 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Assets: | |||
Real estate, net | $ | 51,285 | |
Intangible assets, net | 3,940 | ||
Other assets | 117 | ||
Liabilities: | |||
Deferred revenue | (261 | ) | |
Other liabilities and accrued expenses | (7 | ) | |
Total identifiable net assets assumed | $ | 55,074 |
Intangible Assets | Weighted Average Amortization Period (in Years) | Real Estate | |||
In-place Lease | 1.3 | $ | 3,940 |
2015 Acquisitions | |||
Real Estate | |||
Fair value of total consideration | $ | 83,787 | |
Acquisition costs | $ | 1,567 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Assets: | |||
Real estate, net | $ | 76,003 | |
Intangible assets, net | 8,800 | ||
Other assets | 92 | ||
Liabilities: | |||
Deferred revenue | (589 | ) | |
Other liabilities and accrued expenses | (519 | ) | |
Total identifiable net assets assumed | $ | 83,787 |
Intangible Assets | Weighted Average Amortization Period (in Years) | Real Estate | |||
In-place Lease | 8.7 | $ | 8,800 |
Three months ended March 31, | |||
2015 | |||
Revenues: | |||
Net realized gain | $ | 20 | |
Interest income | 1,174 | ||
Separate account fees | 6,226 | ||
Service and administrative fees | 12,659 | ||
Other income | 2 | ||
Total revenues | 20,081 | ||
Expenses: | |||
Interest expense | 2,654 | ||
Payroll expense | 4,612 | ||
Professional fees | 319 | ||
Change in future policy benefits | 1,102 | ||
Mortality expenses | 2,805 | ||
Commission expense | 808 | ||
Depreciation and amortization | 457 | ||
Other expenses | 2,237 | ||
Total expenses | 14,994 | ||
Less: provision for income taxes | 2,742 | ||
Income from discontinued operations, net | $ | 2,345 |
Three Months Ended March 31, | |||
2015 | |||
Net cash provided by (used in): | |||
Operating activities | $ | 30,950 | |
Investing activities | (1,738 | ) | |
Financing activities | (2,500 | ) | |
Net cash flows provided by discontinued operations | $ | 26,712 |
Three months ended March 31, 2016 | |||||||||||||||||||||||
Insurance and insurance services | Specialty finance | Real estate | Asset management | Corporate and other | Total | ||||||||||||||||||
Total revenue | 89,312 | 16,566 | 13,890 | 2,006 | 10,032 | 131,806 | |||||||||||||||||
Total expense | 80,315 | 17,549 | 17,749 | 1,346 | 10,977 | 127,936 | |||||||||||||||||
Net income attributable to consolidated CLOs | — | — | — | 1,000 | 105 | 1,105 | |||||||||||||||||
Pre-tax income (loss) | $ | 8,997 | $ | (983 | ) | $ | (3,859 | ) | $ | 1,660 | $ | (840 | ) | $ | 4,975 | ||||||||
Less: provision for income taxes | (2,439 | ) | |||||||||||||||||||||
Discontinued operations, net | — | ||||||||||||||||||||||
Net income before non-controlling interests | $ | 7,414 | |||||||||||||||||||||
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations | 1,859 | ||||||||||||||||||||||
Net income available to common stockholders | $ | 5,555 | |||||||||||||||||||||
Segment Assets as of March 31, 2016 | |||||||||||||||||||||||
Segment assets | $ | 981,412 | $ | 186,260 | $ | 278,634 | $ | 1,966 | $ | 429,219 | $ | 1,877,491 | |||||||||||
Assets of consolidated CLOs | 722,418 | ||||||||||||||||||||||
Total assets | $ | 2,599,909 |
Three months ended March 31, 2015 | |||||||||||||||||||||||||
Insurance and insurance services | Specialty finance | Real estate | Asset management | Corporate and other | Total | ||||||||||||||||||||
Total revenue | 72,379 | 6,255 | 9,424 | 1,047 | (42 | ) | 89,063 | ||||||||||||||||||
Total expense | 68,353 | 5,820 | 13,605 | 1,010 | (1 | ) | 5,824 | (1 | ) | 94,612 | |||||||||||||||
Net income (loss) attributable to consolidated CLOs | — | — | — | 1,837 | (2,148 | ) | (311 | ) | |||||||||||||||||
Pre-tax income (loss) | $ | 4,026 | $ | 435 | $ | (4,181 | ) | $ | 1,874 | $ | (8,014 | ) | $ | (5,860 | ) | ||||||||||
Less: (benefit) for income taxes | (1,496 | ) | |||||||||||||||||||||||
Discontinued operations | 2,345 | ||||||||||||||||||||||||
Net (loss) before non-controlling interests | $ | (2,019 | ) |
Three months ended March 31, 2015 | |||||||||||||||||||||||||
Insurance and insurance services | Specialty finance | Real estate | Asset management | Corporate and other | Total | ||||||||||||||||||||
Less: net (loss) attributable to non-controlling interests from continuing operations and discontinued operations | (1,040 | ) | |||||||||||||||||||||||
Net (loss) available to common stockholders | $ | (979 | ) | ||||||||||||||||||||||
Segment Assets as of December 31, 2015 | |||||||||||||||||||||||||
Segment assets | $ | 929,054 | $ | 208,201 | $ | 230,546 | $ | 1,820 | $ | 396,537 | $ | 1,766,158 | |||||||||||||
Assets of consolidated CLOs | 728,812 | ||||||||||||||||||||||||
Total assets | $ | 2,494,970 |
As of March 31, 2016 | |||||||||||||||
Cost or Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 51,082 | $ | 779 | $ | (15 | ) | $ | 51,846 | ||||||
Obligations of state and political subdivisions | 54,271 | 892 | (18 | ) | 55,145 | ||||||||||
Corporate securities | 66,087 | 679 | (214 | ) | 66,552 | ||||||||||
Asset backed securities | 1,490 | 41 | — | 1,531 | |||||||||||
Certificates of deposit | 892 | — | — | 892 | |||||||||||
Equity securities | 6,081 | 183 | (64 | ) | 6,200 | ||||||||||
Obligations of foreign governments | 2,918 | 14 | (6 | ) | 2,926 | ||||||||||
Total | $ | 182,821 | $ | 2,588 | $ | (317 | ) | $ | 185,092 | ||||||
As of December 31, 2015 | |||||||||||||||
Cost or Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 53,274 | $ | 83 | $ | (221 | ) | $ | 53,136 | ||||||
Obligations of state and political subdivisions | 51,942 | 466 | (73 | ) | 52,335 | ||||||||||
Corporate securities | 68,400 | 89 | (651 | ) | 67,838 | ||||||||||
Asset backed securities | 1,525 | 4 | — | 1,529 | |||||||||||
Certificates of deposit | 893 | — | — | 893 | |||||||||||
Equity securities | 6,081 | 106 | (79 | ) | 6,108 | ||||||||||
Obligations of foreign governments | 2,931 | — | (67 | ) | 2,864 | ||||||||||
Total | $ | 185,046 | $ | 748 | $ | (1,091 | ) | $ | 184,703 |
As of March 31, 2016 | |||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities | Fair value | Gross unrealized losses | # of Securities | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 10,772 | $ | (14 | ) | 57 | $ | 19 | $ | (1 | ) | 2 | |||||||||
Obligations of state and political subdivisions | 8,198 | (14 | ) | 25 | 898 | (4 | ) | 3 | |||||||||||||
Corporate securities | 19,006 | (198 | ) | 106 | 1,179 | (16 | ) | 8 | |||||||||||||
Equity securities | 1,078 | (11 | ) | 4 | 936 | (53 | ) | 4 | |||||||||||||
Obligations of foreign governments | 568 | (6 | ) | 8 | — | — | — | ||||||||||||||
Total | $ | 39,622 | $ | (243 | ) | 200 | $ | 3,032 | $ | (74 | ) | 17 | |||||||||
As of December 31, 2015 | |||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities | Fair value | Gross unrealized losses | # of Securities | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 35,588 | $ | (221 | ) | 146 | $ | — | $ | — | — | ||||||||||
Obligations of state and political subdivisions | 18,500 | (59 | ) | 45 | 400 | (14 | ) | 2 | |||||||||||||
Corporate securities | 56,373 | (634 | ) | 302 | 267 | (17 | ) | 6 | |||||||||||||
Equity securities | 1,998 | (79 | ) | 8 | — | — | — | ||||||||||||||
Obligations of foreign governments | 2,863 | (67 | ) | 18 | — | — | — | ||||||||||||||
Total | $ | 115,322 | $ | (1,060 | ) | 519 | $ | 667 | $ | (31 | ) | 8 |
As of | |||||||||||||||
March 31, 2016 | December 31, 2015 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 22,888 | $ | 22,874 | $ | 20,347 | $ | 20,319 | |||||||
Due after one year through five years | 75,012 | 75,348 | 76,967 | 76,578 | |||||||||||
Due after five years through ten years | 57,391 | 58,892 | 56,133 | 56,240 | |||||||||||
Due after ten years | 19,959 | 20,247 | 23,993 | 23,929 | |||||||||||
Asset backed securities | 1,490 | 1,531 | 1,525 | 1,529 | |||||||||||
Total | $ | 176,740 | $ | 178,892 | $ | 178,965 | $ | 178,595 |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Loans, at fair value | |||||||
Corporate loans | $ | 275,604 | $ | 233,861 | |||
Non-performing residential loans | 48,899 | 38,289 | |||||
Other loans receivable | 1,409 | 1,409 | |||||
Total loans, at fair value | $ | 325,912 | $ | 273,559 | |||
Loans owned at amortized cost, net | |||||||
Asset backed loans and other loans | 59,400 | 52,994 | |||||
Less: Allowance for loan losses | 503 | 463 | |||||
Total loans owned, held at amortized cost, net | $ | 58,897 | $ | 52,531 | |||
Net deferred loan origination fees included in asset backed loans | $ | 4,011 | $ | 3,520 |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Mortgage loans held for sale, unpaid principal | $ | 90,248 | $ | 117,039 | |||
Change in fair value | 3,284 | 3,797 | |||||
Total mortgage loans held for sale, at fair value | $ | 93,532 | $ | 120,836 |
As of March 31, 2016 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Assets: | |||||||||||||||
Trading assets: | |||||||||||||||
Equity securities | $ | 21,261 | $ | — | $ | 12,911 | $ | 34,172 | |||||||
CLO | — | — | 1,490 | 1,490 | |||||||||||
Total trading securities | 21,261 | — | 14,401 | 35,662 | |||||||||||
Derivative assets: | |||||||||||||||
Interest rate lock commitments | — | — | 3,488 | 3,488 | |||||||||||
TBA – mortgage backed securities | — | 194 | — | 194 | |||||||||||
Foreign currency forward contracts | — | 4 | — | 4 | |||||||||||
Credit derivatives | — | 12,121 | — | 12,121 | |||||||||||
Total derivative assets | — | 12,319 | 3,488 | 15,807 | |||||||||||
Total trading assets (included in other assets) | 21,261 | 12,319 | 17,889 | 51,469 | |||||||||||
Available for sale securities: | |||||||||||||||
Equity securities | 6,152 | — | 48 | 6,200 | |||||||||||
U.S. Treasury securities and U.S. government agencies | — | 51,846 | — | 51,846 | |||||||||||
Obligations of state and political subdivisions | — | 55,145 | — | 55,145 | |||||||||||
Obligations of foreign governments | — | 2,926 | — | 2,926 | |||||||||||
Certificates of deposit | 892 | — | — | 892 | |||||||||||
Asset backed securities | — | 1,531 | — | 1,531 | |||||||||||
Corporate bonds | — | 66,552 | — | 66,552 | |||||||||||
Total available for sale securities | 7,044 | 178,000 | 48 | 185,092 | |||||||||||
Mortgage loans held for sale | — | 93,532 | — | 93,532 | |||||||||||
Investments in loans, at fair value: | |||||||||||||||
Corporate loans | — | 52,774 | 222,830 | 275,604 | |||||||||||
Non-performing loans | — | — | 48,899 | 48,899 | |||||||||||
Other loans receivable | — | 125 | 1,284 | 1,409 | |||||||||||
Total investments in loans, at fair value | — | 52,899 | 273,013 | 325,912 | |||||||||||
As of March 31, 2016 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Total financial instruments attributable to Non-CLOs included in consolidated assets | 28,305 | 336,750 | 290,950 | 656,005 | |||||||||||
Financial instruments included in assets of consolidated CLOs: | |||||||||||||||
Investments in loans, at fair value | — | 145,085 | 551,279 | 696,364 | |||||||||||
Total financial instruments included in assets of consolidated CLOs | — | 145,085 | 551,279 | 696,364 | |||||||||||
Total | $ | 28,305 | $ | 481,835 | $ | 842,229 | $ | 1,352,369 | |||||||
Liabilities: | |||||||||||||||
Trading liabilities: | |||||||||||||||
U.S. Treasury securities | $ | — | $ | 20,345 | $ | — | $ | 20,345 | |||||||
Total trading securities | — | 20,345 | — | 20,345 | |||||||||||
Derivative liabilities: | |||||||||||||||
Interest rate swaps | — | 3,602 | — | 3,602 | |||||||||||
Forward delivery contracts | — | 92 | 11 | 103 | |||||||||||
TBA-mortgage backed securities | — | 612 | — | 612 | |||||||||||
Total derivative liabilities | — | 4,306 | 11 | 4,317 | |||||||||||
Total trading liabilities (included in other liabilities) | — | 24,651 | 11 | 24,662 | |||||||||||
Contingent consideration payable | — | — | 952 | 952 | |||||||||||
Preferred notes payable | — | — | 1,386 | 1,386 | |||||||||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | — | 24,651 | 2,349 | 27,000 | |||||||||||
Financial instruments included in liabilities of consolidated CLOs: | |||||||||||||||
Notes payable of CLOs | — | — | 683,947 | 683,947 | |||||||||||
Total financial instruments included in liabilities of consolidated CLOs | — | — | 683,947 | 683,947 | |||||||||||
Total | $ | — | $ | 24,651 | $ | 686,296 | $ | 710,947 |
As of December 31, 2015 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Assets: | |||||||||||||||
Trading assets: | |||||||||||||||
Equity securities | $ | 3,786 | $ | — | $ | 8,941 | $ | 12,727 | |||||||
Tax exempt securities | — | 1,732 | 8,314 | 10,046 | |||||||||||
CLO | — | — | 1,768 | 1,768 | |||||||||||
Total trading securities | 3,786 | 1,732 | 19,023 | 24,541 | |||||||||||
As of December 31, 2015 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Derivative assets: | |||||||||||||||
Interest rate lock commitments | — | — | 3,384 | 3,384 | |||||||||||
TBA - mortgage backed securities | — | 179 | — | 179 | |||||||||||
Forward delivery contracts | — | — | 11 | 11 | |||||||||||
Credit derivatives | — | 11,945 | — | 11,945 | |||||||||||
Total derivative assets | — | 12,124 | 3,395 | 15,519 | |||||||||||
Total trading assets (included in other assets) | 3,786 | 13,856 | 22,418 | 40,060 | |||||||||||
Available for sale securities: | |||||||||||||||
Equity securities | 6,060 | — | 48 | 6,108 | |||||||||||
U.S. Treasury securities and U.S. government agencies | — | 53,136 | — | 53,136 | |||||||||||
Obligations of state and political subdivisions | — | 52,335 | — | 52,335 | |||||||||||
Obligations of foreign governments | — | 2,864 | — | 2,864 | |||||||||||
Certificates of deposit | 893 | — | — | 893 | |||||||||||
Asset backed securities | — | 1,529 | — | 1,529 | |||||||||||
Corporate bonds | — | 67,838 | — | 67,838 | |||||||||||
Total available for sale securities | 6,953 | 177,702 | 48 | 184,703 | |||||||||||
Mortgage loans held for sale | — | 120,836 | — | 120,836 | |||||||||||
Investments in loans, at fair value | |||||||||||||||
Corporate loans | — | 55,956 | 177,905 | 233,861 | |||||||||||
Non-performing loans | — | — | 38,289 | 38,289 | |||||||||||
Other loans receivable | — | 125 | 1,284 | 1,409 | |||||||||||
Total investments in loans, at fair value | — | 56,081 | 217,478 | 273,559 | |||||||||||
Total financial instruments attributable to Non-CLOs included in consolidated assets | 10,739 | 368,475 | 239,944 | 619,158 | |||||||||||
Financial instruments included in assets of consolidated CLOs: | |||||||||||||||
Investments in loans, at fair value | — | 159,892 | 520,892 | 680,784 | |||||||||||
Total financial instruments included in assets of consolidated CLOs | — | 159,892 | 520,892 | 680,784 | |||||||||||
Total | $ | 10,739 | $ | 528,367 | $ | 760,836 | $ | 1,299,942 | |||||||
Liabilities: | |||||||||||||||
Trading liabilities: | |||||||||||||||
U.S. Treasury securities | $ | — | $ | 19,679 | $ | — | $ | 19,679 | |||||||
Total trading securities | — | 19,679 | — | 19,679 | |||||||||||
Derivative liabilities: | |||||||||||||||
Interest rate swaps | — | 2,310 | — | 2,310 | |||||||||||
Forward delivery contracts | — | 8 | — | 8 | |||||||||||
TBA-mortgage backed securities | — | 150 | — | 150 | |||||||||||
Foreign currency forward contracts | — | 5 | — | 5 | |||||||||||
Total derivative liabilities | — | 2,473 | — | 2,473 | |||||||||||
As of December 31, 2015 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Total trading liabilities (included in other liabilities) | — | 22,152 | — | 22,152 | |||||||||||
Contingent consideration payable | — | — | 936 | 936 | |||||||||||
Preferred notes payable | — | — | 1,562 | 1,562 | |||||||||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | — | 22,152 | 2,498 | 24,650 | |||||||||||
Financial instruments included in liabilities of consolidated CLOs: | |||||||||||||||
Notes payable of CLOs | — | — | 683,827 | 683,827 | |||||||||||
Total financial instruments included in liabilities of consolidated CLOs | — | — | 683,827 | 683,827 | |||||||||||
Total | $ | — | $ | 22,152 | $ | 686,325 | $ | 708,477 |
Three Months Ended March 31, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
Non-CLO assets | CLO assets | Non-CLO assets | CLO assets | Assets held for sale | |||||||||||||||
Balance at January 1, | $ | 239,944 | $ | 520,892 | $ | 11,577 | $ | 576,811 | $ | 3,771,458 | |||||||||
Net realized gains (losses) | (1,641 | ) | 33 | 2,445 | 591 | — | |||||||||||||
Net unrealized gains (losses) | 8,838 | (5,173 | ) | 740 | (2,765 | ) | — | ||||||||||||
Purchases | 21,624 | 15,805 | — | 8,897 | 47,633 | ||||||||||||||
Sales | (13,377 | ) | (9,962 | ) | (109 | ) | (28,281 | ) | (35,352 | ) | |||||||||
Issuances | 313 | 393 | — | 429 | — | ||||||||||||||
Transfer into Level 3 (1) | 51,637 | 66,012 | — | 88,333 | — | ||||||||||||||
Transfer adjustments (out of) Level 3 (1) | (14,712 | ) | (36,721 | ) | (2,904 | ) | (159,247 | ) | — | ||||||||||
Adoption of ASU 2015-02 | — | — | — | (169,214 | ) | — | |||||||||||||
Attributable to policyowner | — | — | — | — | 23,918 | ||||||||||||||
Conversion to real estate owned and mortgage held for sale | (1,676 | ) | — | — | — | — | |||||||||||||
Balance at March 31, | $ | 290,950 | $ | 551,279 | $ | 11,749 | $ | 315,554 | $ | 3,807,657 | |||||||||
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | $ | 3,492 | $ | (5,716 | ) | $ | (113 | ) | $ | (2,074 | ) | $ | — |
Three Months Ended March 31, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Non-CLO Liabilities | CLO Liabilities | Non-CLO Liabilities | CLO Liabilities | ||||||||||||
Balance at January 1, | $ | 2,498 | $ | 683,827 | $ | 2,802 | $ | 1,785,207 | |||||||
Net unrealized gains (losses) | (149 | ) | 120 | — | 14,392 | ||||||||||
Purchases | — | — | — | — | |||||||||||
Dispositions | — | — | — | (19,853 | ) | ||||||||||
Adoption of ASU 2015-02 | — | — | — | (543,191 | ) | ||||||||||
Balance at March 31, | $ | 2,349 | $ | 683,947 | $ | 2,802 | $ | 1,236,555 | |||||||
Changes in unrealized (losses) gains included in earnings related to liabilities still held at period end | $ | (149 | ) | $ | 120 | $ | — | $ | 14,392 |
Fair Value as of | Actual or Range (Weighted average) | ||||||||||||||
Assets (1) | March 31, 2016 | December 31, 2015 | Valuation Technique | Unobservable input(s) | March 31, 2016 | December 31, 2015 | |||||||||
Tax exempt security | $ | — | $ | 121 | Discounted cash flow | Short term cash flows | N/A | 0.0% | |||||||
Tax exempt security | — | 8,193 | Market yield analysis | Yield to maturity | N/A | 6.50% | |||||||||
Interest rate lock commitments | 3,488 | 3,384 | Internal model | Pull through rate | 45% - 95% | 55% - 95% | |||||||||
Forward delivery contracts | — | 11 | Internal model | Pull through rate | N/A | 80% - 100% | |||||||||
NPLs | 48,899 | 38,289 | Discounted cash flow | See table below (2) | See table below | See table below | |||||||||
Total | $ | 52,387 | $ | 49,998 |
Unobservable inputs | High | Low | Average(1) | |||
Discount rate | 30.0% | 16.0% | 22.5% | |||
Loan resolution time-line (Years) | 2.3 | 0.5 | 1.3 | |||
Value of underlying properties | $1,800 | $20 | $256 | |||
Holding costs | 48.9% | 5.3% | 8.7% | |||
Liquidation costs | 29.6% | 7.5% | 9.4% |
Fair Value as of | Actual or Range (Weighted average) | ||||||||||||||
Liabilities (1) | March 31, 2016 | December 31, 2015 | Valuation Technique | Unobservable input(s) | March 31, 2016 | December 31, 2015 | |||||||||
Contingent consideration payable - Reliance | $ | 900 | $ | 900 | Internal model | Forecast EBITDA | $481 - $3,367 | $1,326 - $3,517 | |||||||
Book value growth rate | 5.0% | 5.0% | |||||||||||||
Asset volatility | 1.6% - 17.9% | 2.4% - 20.1% | |||||||||||||
Contingent consideration payable - Luxury | 52 | 36 | Internal model | Projected cash available for distribution | $81,501 - $306,917 | $828 - $1,281 | |||||||||
Preferred notes payable | 1,386 | 1,562 | Internal model | Discount rate | 13.96% | 12.0% | |||||||||
Forward delivery contracts | 11 | — | Internal model | Pull through rate | 80% - 100% | N/A | |||||||||
Total | $ | 2,349 | $ | 2,498 |
As of March 31, 2016 | |||||||||
Level within Fair Value Hierarchy | Fair Value | Carrying Value | |||||||
Assets: | |||||||||
Notes receivable, net | 2 | $ | 20,225 | $ | 21,532 | ||||
Total Assets | $ | 20,225 | $ | 21,532 | |||||
Liabilities: | |||||||||
Debt, net | 3 | $ | 720,708 | $ | 711,686 | ||||
Total Liabilities | $ | 720,708 | $ | 711,686 |
As of December 31, 2015 | |||||||||
Level within Fair Value Hierarchy | Fair Value | Carrying Value | |||||||
Assets: | |||||||||
Notes receivable, net | 2 | $ | 20,250 | $ | 21,696 | ||||
Total Assets | $ | 20,250 | $ | 21,696 | |||||
Liabilities: | |||||||||
Debt, net | 3 | $ | 672,096 | $ | 671,648 | ||||
Total Liabilities | $ | 672,096 | $ | 671,648 |
Premiums | Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | |||||||||||||
Written | Earned | Written | Earned | ||||||||||||
Direct and assumed | $ | 182,500 | $ | 168,099 | $ | 144,284 | $ | 137,054 | |||||||
Ceded | (135,109 | ) | (123,484 | ) | (112,341 | ) | (99,701 | ) | |||||||
Net | $ | 47,391 | $ | 44,615 | $ | 31,943 | $ | 37,353 |
Three Months Ended March 31, | |||||||
Losses and LAE incurred | 2016 | 2015 | |||||
Direct and assumed | $ | 64,049 | $ | 38,158 | |||
Ceded | (46,101 | ) | (25,708 | ) | |||
Net losses & LAE incurred | $ | 17,948 | $ | 12,450 |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Prepaid reinsurance premiums: | |||||||
Life (1) | $ | 61,028 | $ | 61,919 | |||
Accident and health (1) | 51,281 | 54,357 | |||||
Property | 195,565 | 180,236 | |||||
Total | 307,874 | 296,512 | |||||
Ceded claim reserves: | |||||||
Life | 2,722 | 2,664 | |||||
Accident and health | 8,922 | 8,889 | |||||
Property | 37,912 | 30,911 | |||||
Total ceded claim reserves recoverable | 49,556 | 42,464 | |||||
Other reinsurance settlements recoverable | 16,424 | 13,950 | |||||
Reinsurance receivables | $ | 373,854 | $ | 352,926 |
As of | |||
March 31, 2016 | |||
Total of the three largest receivable balances from unrelated reinsurers | $ | 158,165 |
As of March 31, 2016 | |||||||||||||||
Land | Buildings | Accumulated depreciation | Total | ||||||||||||
Triple Net Lease Properties | $ | 12,173 | $ | 77,161 | $ | (4,707 | ) | $ | 84,627 | ||||||
Managed Properties | 15,040 | 160,065 | (6,931 | ) | 168,174 | ||||||||||
Other real estate (1) | — | 1,675 | (404 | ) | 1,271 | ||||||||||
Total | $ | 27,213 | $ | 238,901 | $ | (12,042 | ) | $ | 254,072 | ||||||
As of December 31, 2015 | |||||||||||||||
Land | Buildings | Accumulated depreciation | Total | ||||||||||||
Triple Net Lease Properties | $ | 12,173 | $ | 77,161 | $ | (4,118 | ) | $ | 85,216 | ||||||
Managed Properties | 9,905 | 113,396 | (5,842 | ) | 117,459 | ||||||||||
Other real estate (1) | — | 1,675 | (389 | ) | 1,286 | ||||||||||
Total | $ | 22,078 | $ | 192,232 | $ | (10,349 | ) | $ | 203,961 |
March 31, 2016 | |||
Remainder of 2016 | $ | 5,357 | |
2017 | 7,232 | ||
2018 | 7,335 | ||
2019 | 7,441 | ||
2020 | 7,550 | ||
Thereafter | 37,833 | ||
Total | $ | 72,748 |
As of | As of | ||||||||||||||||||||||||||||||
March 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||
Insurance and insurance services | Real estate | Specialty finance | Total | Insurance and insurance services | Real estate | Specialty finance | Total | ||||||||||||||||||||||||
Customer relationships | $ | 50,500 | $ | — | $ | — | $ | 50,500 | $ | 50,500 | $ | — | $ | — | $ | 50,500 | |||||||||||||||
Accumulated amortization | (1,846 | ) | — | — | (1,846 | ) | (1,200 | ) | — | — | (1,200 | ) | |||||||||||||||||||
Trade names | 6,500 | — | 800 | 7,300 | 6,500 | — | 800 | 7,300 | |||||||||||||||||||||||
Accumulated amortization | (949 | ) | — | (60 | ) | (1,009 | ) | (771 | ) | — | (40 | ) | (811 | ) | |||||||||||||||||
Software licensing | 8,500 | — | 640 | 9,140 | 8,500 | — | 640 | 9,140 | |||||||||||||||||||||||
Accumulated amortization | (2,267 | ) | — | (69 | ) | (2,336 | ) | (1,842 | ) | — | (46 | ) | (1,888 | ) | |||||||||||||||||
Insurance policies and contracts acquired | 36,500 | — | — | 36,500 | 36,500 | — | — | 36,500 | |||||||||||||||||||||||
Accumulated amortization | (30,802 | ) | — | — | (30,802 | ) | (28,510 | ) | — | — | (28,510 | ) | |||||||||||||||||||
Insurance licensing agreements(1) | 13,000 | — | — | 13,000 | 13,000 | — | — | 13,000 | |||||||||||||||||||||||
Leases in place | — | 27,344 | — | 27,344 | — | 23,404 | — | 23,404 | |||||||||||||||||||||||
Accumulated amortization | — | (16,537 | ) | — | (16,537 | ) | — | (14,095 | ) | — | (14,095 | ) | |||||||||||||||||||
Intangible assets, net | 79,136 | 10,807 | 1,311 | 91,254 | 82,677 | 9,309 | 1,354 | 93,340 | |||||||||||||||||||||||
Goodwill | 89,854 | — | 2,913 | 92,767 | 89,854 | — | 2,913 | 92,767 | |||||||||||||||||||||||
Total | $ | 168,990 | $ | 10,807 | $ | 4,224 | $ | 184,021 | $ | 172,531 | $ | 9,309 | $ | 4,267 | $ | 186,107 |
As of | |||||||||||||||
March 31, 2016 | |||||||||||||||
Insurance and insurance services (VOBA) | Insurance and insurance services (other) | Real estate | Specialty finance | ||||||||||||
Remainder of 2016 | $ | 3,381 | $ | 4,578 | $ | 3,452 | $ | 128 | |||||||
2017 | 1,250 | 9,865 | 1,935 | 171 | |||||||||||
2018 | 465 | 9,077 | 621 | 171 | |||||||||||
2019 | 217 | 7,509 | 621 | 171 | |||||||||||
2020 | 123 | 5,027 | 621 | 171 | |||||||||||
2021 and thereafter | 262 | 24,382 | 3,557 | 499 | |||||||||||
Total | $ | 5,698 | $ | 60,438 | $ | 10,807 | $ | 1,311 |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Trading assets, at fair value | $ | 51,469 | $ | 40,060 | |||
Due from brokers and trustees | 23,124 | 29,052 | |||||
Furnitures, fixtures and equipment, net | 6,521 | 7,024 | |||||
Inventory | 2,065 | 2,449 | |||||
Prepaids | 5,475 | 2,690 | |||||
Income tax receivable | 5,028 | 5,810 | |||||
Other | 17,483 | 17,415 | |||||
Total other assets | $ | 111,165 | $ | 104,500 |
Notional Values | Asset Derivatives | Liability Derivatives | |||||||||
As of March 31, 2016 | |||||||||||
Credit risk: | |||||||||||
Credit derivatives | $ | 598,141 | $ | 38,643 | $ | 24,890 | |||||
Foreign currency risk: | |||||||||||
Foreign currency forward contracts | 736 | 4 | — | ||||||||
Interest rate risk: | |||||||||||
Interest rate lock commitments | 140,186 | 3,488 | — | ||||||||
Forward delivery contracts | 50,216 | — | 103 | ||||||||
TBA mortgage backed securities | 147,250 | 194 | 612 | ||||||||
Interest rate swaps | 106,988 | — | 3,602 | ||||||||
Sub-total | 444,640 | 3,682 | 4,317 | ||||||||
Total | $ | 1,043,517 | $ | 42,329 | $ | 29,207 | |||||
As of December 31, 2015 | |||||||||||
Credit risk: | |||||||||||
Credit derivatives | $ | 598,141 | $ | 41,232 | $ | 27,655 | |||||
Foreign currency risk: | |||||||||||
Foreign currency forward contracts | 683 | — | 5 | ||||||||
Interest rate risk: | |||||||||||
Interest rate lock commitments | 156,309 | 3,384 | — | ||||||||
Forward delivery contracts | 52,054 | 11 | 8 | ||||||||
TBA mortgage backed securities | 136,750 | 179 | 150 | ||||||||
Interest rate swaps | 78,988 | — | 2,310 | ||||||||
Sub-total | 424,101 | 3,574 | 2,468 | ||||||||
Total | $ | 1,022,925 | $ | 44,806 | $ | 30,128 |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Derivatives subject to netting arrangements: | |||||||
Credit default swap indices sold protection | $ | 38,643 | $ | 41,232 | |||
Credit default swap indices bought protection | (24,890 | ) | (27,655 | ) | |||
Gross assets recognized | 13,753 | 13,577 | |||||
Collateral payable | (1,632 | ) | (1,632 | ) | |||
Net assets recognized (included in other assets) | $ | 12,121 | $ | 11,945 |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 22,543 | $ | 38,716 | |||
Loans, at fair value (1) | 696,364 | 680,784 | |||||
Other assets | 3,511 | 9,312 | |||||
Total assets of consolidated CLOs | $ | 722,418 | $ | 728,812 | |||
Liabilities: | |||||||
Debt | $ | 683,947 | $ | 683,827 | |||
Other liabilities and accrued expenses | 10,065 | 14,489 | |||||
Total liabilities of consolidated CLOs | $ | 694,012 | $ | 698,316 | |||
Net | $ | 28,406 | $ | 30,496 |
Beneficial interests: | As of | ||||||
March 31, 2016 | December 31, 2015 | ||||||
Subordinated notes | $ | 27,773 | $ | 29,857 | |||
Accrued management fees | 633 | 639 | |||||
Total beneficial interests | $ | 28,406 | $ | 30,496 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Income: | |||||||
Net realized and unrealized losses | $ | (2,765 | ) | $ | (8,484 | ) | |
Interest income | 10,442 | 17,534 | |||||
Total revenue | 7,677 | 9,050 | |||||
Expenses: | |||||||
Interest expense | 6,338 | 8,900 | |||||
Other expense | 234 | 461 | |||||
Total expense | 6,572 | 9,361 | |||||
Net income (loss) attributable to consolidated CLOs | $ | 1,105 | $ | (311 | ) |
Economic interests: | Three Months Ended March 31, | ||||||
2016 | 2015 | ||||||
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net | $ | 436 | $ | (2,149 | ) | ||
Management fee income | 669 | 1,838 | |||||
Total economic interests | $ | 1,105 | $ | (311 | ) |
Maximum Borrowing Capacity as of March 31, 2016 | As of | ||||||||||
March 31, 2016 | December 31, 2015 | ||||||||||
Operating Company: | |||||||||||
CLO warehouse borrowing | $ | 306,250 | $ | 119,480 | $ | 119,480 | |||||
Secured credit agreement | 125,000 | 45,000 | 45,500 | ||||||||
Original issue discount on secured credit agreement | (426 | ) | (476 | ) | |||||||
Deferred financing costs, net | (628 | ) | (691 | ) | |||||||
Subtotal Operating Company | 163,426 | 163,813 | |||||||||
Fortegra: | |||||||||||
Secured credit agreement- revolving credit facility | 90,000 | 68,334 | 46,500 | ||||||||
Secured credit agreement- term loan | 43,750 | 43,750 | 45,000 | ||||||||
Revolving line of credit | 15,000 | 8,192 | 8,303 | ||||||||
Preferred trust securities | 35,000 | 35,000 | 35,000 | ||||||||
Deferred financing costs, net | (1,890 | ) | (2,019 | ) | |||||||
Subtotal Fortegra | 153,386 | 132,784 | |||||||||
Luxury: | |||||||||||
Mortgage warehouse borrowing | 90,500 | 46,701 | 66,858 | ||||||||
Preferred notes payable | 1,386 | 1,386 | 1,562 | ||||||||
Mortgage borrowing | 712 | 712 | 717 | ||||||||
Subtotal Luxury | 48,799 | 69,137 | |||||||||
Reliance: | |||||||||||
Mortgage warehouse borrowing | 51,000 | 35,898 | 43,456 | ||||||||
Deferred financing costs, net | (5 | ) | (15 | ) | |||||||
Subtotal Reliance | 35,893 | 43,441 | |||||||||
Siena: | |||||||||||
Revolving line of credit | 75,000 | 44,428 | 36,192 | ||||||||
Subordinated debt | 3,500 | 3,500 | 3,500 | ||||||||
Deferred financing costs, net | (565 | ) | (624 | ) | |||||||
Subtotal Siena | 47,363 | 39,068 | |||||||||
Care: | |||||||||||
Mortgage borrowings | 208,716 | 205,414 | 166,664 | ||||||||
Unamortized (discount) premium on mortgage borrowings | 52 | 54 | |||||||||
Deferred financing costs, net | (2,318 | ) | (2,020 | ) | |||||||
Subtotal Care | 203,148 | 164,698 | |||||||||
Telos Credit Opportunities Fund, L.P.: | |||||||||||
Secured credit agreement | 100,000 | 61,896 | 54,900 | ||||||||
Deferred financing costs, net | (840 | ) | (889 | ) | |||||||
Subtotal Telos | 61,056 | 54,011 | |||||||||
Total debt outstanding, net | $ | 713,071 | $ | 666,952 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Interest expense | $ | 6,389 | $ | 4,963 |
March 31, 2016 | |||
Remainder of 2016 | $ | 142,148 | |
2017 | 129,529 | ||
2018 | 50,981 | ||
2019 | 134,497 | ||
2020 | 135,362 | ||
Thereafter | 125,788 | ||
Total | $ | 718,305 |
As of | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Trading liabilities, at fair value | $ | 24,662 | $ | 22,152 | |||
Accrued interest payable | 1,748 | 1,354 | |||||
Due to broker and trustee | 35,979 | 8,622 | |||||
Accounts payable and accrued expenses | 50,108 | 53,594 | |||||
Other liabilities | 10,845 | 8,698 | |||||
Total other liabilities and accrued expenses | $ | 123,342 | $ | 94,420 |
Unrealized gains (losses) on | |||||||||||
Available for sale securities | Interest rate swap | Total | |||||||||
Balance at December 31, 2015 | $ | (222 | ) | $ | 111 | $ | (111 | ) | |||
Other comprehensive income (losses) before reclassifications | 1,721 | (89 | ) | 1,632 | |||||||
Amounts reclassified from AOCI | (37 | ) | (207 | ) | (244 | ) | |||||
Period change | 1,684 | (296 | ) | 1,388 | |||||||
Balance at March 31, 2016 | $ | 1,462 | $ | (185 | ) | $ | 1,277 |
Three Months Ended March 31, | |||||||||
Components of AOCI | 2016 | 2015 | Affected line item in Consolidated Statement of Income (Loss) | ||||||
Unrealized gains (losses) on available for sale securities | $ | 57 | $ | 15 | Net realized and unrealized gains (losses) | ||||
Related tax (expense) benefit | (20 | ) | (5 | ) | Provision for income tax | ||||
Net of tax | $ | 37 | $ | 10 | |||||
Unrealized gains (losses) on interest rate swap | $ | 319 | $ | (281 | ) | Interest expense | |||
Related tax (expense) benefit | (112 | ) | 98 | Provision for income tax | |||||
Net of tax | $ | 207 | $ | (183 | ) |
Number of shares available | ||
2013 Equity Plan | ||
Available for issuance as of December 31, 2015 | 1,582,339 | |
Shares and options issued and granted | (527,582 | ) |
Available for issuance as of March 31, 2016 | 1,054,757 |
Number of shares issuable | Weighted Average Grant Date Fair Value | ||||||
Unvested units as of December 31, 2015 | 128,323 | $ | 7.68 | ||||
Granted (1) | 276,345 | 5.76 | |||||
Vested (1) | (164,191 | ) | 6.10 | ||||
Unvested units as of March 31, 2016 | 240,477 | $ | 6.55 |
Valuation Input | Three Months Ended March 31, 2016 | |||||||
Range | ||||||||
Low | High | Weighted Average | ||||||
Historical Volatility | 50.19 | % | 50.46 | % | N/A | |||
Risk-free Rate | 1.93 | % | 2.28 | % | N/A | |||
Dividend Yield | 1.70 | % | 1.76 | % | N/A | |||
Expected term (years) | 6.5 |
Options Outstanding | Weighted Average Exercise Price (in dollars per stock option) | Weighted Average Grant Date Value (in dollars per stock option) | Options Exercisable | ||||||||||
Balance, December 31, 2015 | — | $ | — | $ | — | — | |||||||
Granted | 251,237 | 5.69 | 2.62 | — | |||||||||
Balance, March 31, 2016 | 251,237 | $ | 5.69 | $ | 2.62 | — | |||||||
Weighted average remaining contractual term at March 31, 2016 (in years) | 9.8 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Payroll and employee commissions | $ | 353 | $ | 69 | |||
Professional fees | 35 | 38 | |||||
Income tax benefit | (137 | ) | (38 | ) | |||
Net stock-based compensation expense | $ | 251 | $ | 69 |
At | |||||||
March 31, 2016 | |||||||
Stock Options | Restricted Stock Awards and RSUs | ||||||
Unrecognized compensation cost related to non-vested awards | $ | 619 | $ | 1,406 | |||
Weighted - average recognition period (in years) | 3.8 | 2.3 |
Fees paid | |||||||
Three Months Ended March 31, | |||||||
Service Provided | 2016 | 2015 | |||||
Personnel, including services of our Executive Chairman and personnel providing accounting services | $ | 25 | $ | 113 | |||
Incentive compensation for providing services(1) | — | 93 | |||||
Legal and compliance services | — | 38 | |||||
Human resources, information technology and other personnel | 28 | 28 | |||||
Office space | 61 | 61 |
As of | |||||||||||||||||||
March 31, 2016 | |||||||||||||||||||
Less than one year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||||
Operating lease obligations (1) | $ | 5,186 | $ | 8,519 | $ | 5,376 | $ | 1,741 | $ | 20,822 | |||||||||
Total | $ | 5,186 | $ | 8,519 | $ | 5,376 | $ | 1,741 | $ | 20,822 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net income (loss) from continuing operations | $ | 7,414 | $ | (4,364 | ) | ||
Less: | |||||||
Net income (loss) from continuing operations attributable to non-controlling interests (1) | 1,859 | (1,739 | ) | ||||
Net income from continuing operations allocated to participating securities | 34 | — | |||||
Net income (loss) from continuing operations available to Class A common shares | 5,521 | (2,625 | ) | ||||
Discontinued operations, net | — | 2,345 | |||||
Less: | |||||||
Net income from discontinued operations attributable to non-controlling interests (1) | — | 699 | |||||
Net income from discontinued operations available to Class A common shares | — | 1,646 | |||||
Net income (loss) available to Class A common shares - basic | $ | 5,521 | $ | (979 | ) | ||
Basic: | |||||||
Income (loss) from continuing operations | $ | 0.16 | $ | (0.08 | ) | ||
Income from discontinued operations | — | 0.05 | |||||
Net income available to Class A common shares | 0.16 | (0.03 | ) | ||||
Diluted: | |||||||
Income (loss) from continuing operations | 0.16 | (0.08 | ) | ||||
Income from discontinued operations | — | 0.05 | |||||
Net income (loss) available to Class A common shares | $ | 0.16 | $ | (0.03 | ) | ||
Weighted average Class A common shares outstanding: | |||||||
Basic | 34,976,485 | 32,138,455 | |||||
Diluted | 35,084,505 | 32,138,455 |
• | Overview |
• | Results of Operations |
• | Non-GAAP Financial Measures |
• | Liquidity and Capital Resources |
• | Critical Accounting Policies and Estimates |
• | Recently Adopted and Issued Accounting Standards |
($ in thousands) | Three months ended March 31, | ||||||
2016 | 2015 | ||||||
Total revenues | $ | 131,806 | $ | 89,063 | |||
Total expenses | 127,936 | 94,612 | |||||
Net income (loss) attributable to consolidated CLOs | 1,105 | (311 | ) | ||||
Income (loss) before taxes from continuing operations | 4,975 | (5,860 | ) | ||||
Less: provision (benefit) for income taxes | (2,439 | ) | (1,496 | ) | |||
Discontinued operations, net | — | 2,345 | |||||
Net income (loss) before non-controlling interests | 7,414 | (2,019 | ) | ||||
Less: net income attributable to non-controlling interests | 1,859 | (1,040 | ) | ||||
Net income (loss) available to common stockholders | $ | 5,555 | $ | (979 | ) |
($ in thousands) | Three months ended March 31, | ||||||
2016 | 2015 | ||||||
Adjusted EBITDA from continuing operations of the Company | $ | 15,323 | $ | 4,758 | |||
Adjusted EBITDA from discontinued operations of the Company | $ | — | $ | 8,198 | |||
Total Adjusted EBITDA of the Company | $ | 15,323 | $ | 12,956 |
($ in thousands) | Three Months Ended March 31, 2016 and March 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Insurance and insurance services | Specialty finance | Real estate | Asset management | Corporate and other | Totals | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | $ | 2,108 | $ | (5 | ) | $ | (96 | ) | $ | 715 | $ | — | $ | (485 | ) | $ | — | $ | — | $ | 5,884 | $ | (323 | ) | $ | 7,896 | $ | (98 | ) | ||||||||||||
Net realized and unrealized (losses) on mortgage pipeline and associated hedging instruments | — | — | (1,719 | ) | — | — | — | — | — | — | — | (1,719 | ) | — | |||||||||||||||||||||||||||
Interest income | 1,312 | 1,230 | 2,356 | 1,353 | 20 | 19 | — | — | 3,997 | 281 | 7,685 | 2,883 | |||||||||||||||||||||||||||||
Service and administrative fees | 30,310 | 21,927 | — | — | — | — | — | — | — | — | 30,310 | 21,927 | |||||||||||||||||||||||||||||
Ceding commissions | 10,703 | 9,937 | — | — | — | — | — | — | — | — | 10,703 | 9,937 | |||||||||||||||||||||||||||||
Earned premiums, net | 44,615 | 37,353 | — | — | — | — | — | — | — | — | 44,615 | 37,353 | |||||||||||||||||||||||||||||
Gain on sale of loans held for sale, net | — | — | 13,515 | 2,731 | — | — | — | — | — | — | 13,515 | 2,731 | |||||||||||||||||||||||||||||
Loan fee income | — | — | 2,334 | 1,399 | — | — | — | — | — | — | 2,334 | 1,399 | |||||||||||||||||||||||||||||
Rental revenue | — | — | — | 17 | 12,724 | 9,352 | — | — | — | — | 12,724 | 9,369 | |||||||||||||||||||||||||||||
Other income | 264 | 1,937 | 176 | 40 | 1,146 | 538 | 2,006 | 1,047 | 151 | — | 3,743 | 3,562 | |||||||||||||||||||||||||||||
Total revenues | 89,312 | 72,379 | 16,566 | 6,255 | 13,890 | 9,424 | 2,006 | 1,047 | 10,032 | (42 | ) | 131,806 | 89,063 | ||||||||||||||||||||||||||||
Interest expense | 1,155 | 1,739 | 1,185 | 511 | 1,854 | 1,330 | — | — | 2,286 | 1,549 | 6,480 | 5,129 | |||||||||||||||||||||||||||||
Payroll and employee commissions | 9,587 | 10,405 | 11,468 | 3,724 | 5,638 | 3,923 | 1,241 | 848 | 2,674 | 1,441 | 30,608 | 20,341 | |||||||||||||||||||||||||||||
Commission expense | 33,038 | 16,528 | — | — | — | — | — | — | — | — | 33,038 | 16,528 | |||||||||||||||||||||||||||||
Member benefit claims | 5,750 | 7,579 | — | — | — | — | — | — | — | — | 5,750 | 7,579 | |||||||||||||||||||||||||||||
Net losses and loss adjustment expense | 17,948 | 12,450 | — | — | — | — | — | — | — | — | 17,948 | 12,450 | |||||||||||||||||||||||||||||
Depreciation and amortization | 3,983 | 11,954 | 202 | 122 | 4,130 | 3,388 | — | — | 62 | — | 8,377 | 15,464 | |||||||||||||||||||||||||||||
Other expenses | 8,854 | 7,698 | 4,694 | 1,463 | 6,127 | 4,964 | 105 | 162 | 5,955 | 2,834 | 25,735 | 17,121 | |||||||||||||||||||||||||||||
Total expenses | 80,315 | 68,353 | 17,549 | 5,820 | 17,749 | 13,605 | 1,346 | 1,010 | 10,977 | 5,824 | 127,936 | 94,612 | |||||||||||||||||||||||||||||
Net income attributable to consolidated CLOs | — | — | — | — | — | — | 1,000 | 1,837 | 105 | (2,148 | ) | 1,105 | (311 | ) | |||||||||||||||||||||||||||
Pre-tax income (loss) | $ | 8,997 | $ | 4,026 | $ | (983 | ) | $ | 435 | $ | (3,859 | ) | $ | (4,181 | ) | $ | 1,660 | $ | 1,874 | $ | (840 | ) | $ | (8,014 | ) | $ | 4,975 | $ | (5,860 | ) |
($ in thousands) | Three Months Ended March 31, 2016 and March 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Insurance and insurance services | Specialty finance | Real estate | Asset management | Corporate and other | Totals | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Segment EBITDA | $ | 14,135 | $ | 17,719 | $ | 404 | $ | 1,068 | $ | 2,125 | $ | 537 | $ | 1,660 | $ | 1,874 | $ | 1,508 | $ | (6,465 | ) | $ | 19,832 | $ | 14,733 | ||||||||||||||||
Segment Adjusted EBITDA | $ | 12,006 | $ | 8,236 | $ | (730 | ) | $ | 557 | $ | 2,070 | $ | 556 | $ | 1,660 | $ | 1,874 | $ | 317 | $ | (6,465 | ) | $ | 15,323 | $ | 4,758 |
($ in thousands) | Insurance and insurance services | Specialty finance | Real estate | Asset management | Corporate and other | Total | |||||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Segment assets | $ | 981,412 | $ | 929,054 | $ | 186,260 | $ | 208,201 | $ | 278,634 | $ | 230,546 | $ | 1,966 | $ | 1,820 | $ | 429,219 | $ | 396,537 | $ | 1,877,491 | $ | 1,766,158 | |||||||||||||||||
Assets of consolidated CLOs | 722,418 | 728,812 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,599,909 | $ | 2,494,970 |
Three months ended March 31, 2016 | Three months ended March 31, 2015 | ||||||||||||||||||||||
($ in thousands) | GAAP | Adjustments | Non-GAAP As Adjusted | GAAP | Adjustments | Non-GAAP As Adjusted | |||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums | $ | 44,615 | $ | — | $ | 44,615 | $ | 37,353 | $ | — | $ | 37,353 | |||||||||||
Service and administrative fees | 30,310 | 2,196 | (2) | 32,506 | 21,927 | 6,150 | (2) | 28,077 | |||||||||||||||
Ceding commissions | 10,703 | 191 | (3) | 10,894 | 9,937 | 1,602 | (3) | 11,539 | |||||||||||||||
Interest income (1) | 3,420 | — | 3,420 | 1,225 | — | 1,225 | |||||||||||||||||
Other Income | 264 | — | 264 | 1,937 | — | 1,937 | |||||||||||||||||
Total revenues | 89,312 | 2,387 | 91,699 | 72,379 | 7,752 | 80,131 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Commission expense | 33,038 | 4,263 | (4) | 37,301 | 16,528 | 16,854 | (4) | 33,382 | |||||||||||||||
Member benefit claims | 5,750 | — | 5,750 | 7,579 | — | 7,579 | |||||||||||||||||
Net losses and loss adjustment expenses | 17,948 | — | 17,948 | 12,450 | — | 12,450 | |||||||||||||||||
Net revenues | 32,576 | (1,876 | ) | 30,700 | 35,822 | (9,102 | ) | 26,720 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Interest expense | 1,155 | — | 1,155 | 1,739 | — | 1,739 | |||||||||||||||||
Payroll and employee commissions | 9,587 | — | 9,587 | 10,405 | — | 10,405 | |||||||||||||||||
Depreciation and amortization expenses | 3,983 | (1,487 | ) | (5) | 2,496 | 11,954 | (9,389 | ) | (5) | 2,565 | |||||||||||||
Other expenses | 8,854 | 153 | (6) | 9,007 | 7,698 | 816 | (6) | 8,514 | |||||||||||||||
Loss on note receivable | — | — | — | — | — | — |
Three months ended March 31, 2016 | Three months ended March 31, 2015 | ||||||||||||||||||||||
($ in thousands) | GAAP | Adjustments | Non-GAAP As Adjusted | GAAP | Adjustments | Non-GAAP As Adjusted | |||||||||||||||||
Total operating expenses | 23,579 | (1,334 | ) | 22,245 | 31,796 | (8,573 | ) | 23,223 | |||||||||||||||
Income before taxes from continuing operations | $ | 8,997 | $ | (542 | ) | $ | 8,455 | $ | 4,026 | $ | (529 | ) | $ | 3,497 |
($ in thousands) | Credit Protection | Warranty | Specialty Products | Services and Other(1) | Insurance Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||
Income: | |||||||||||||||||||||||||||||||||||
Earned premiums | $ | 29,294 | $ | 27,700 | $ | 9,149 | $ | 6,939 | $ | 6,172 | $ | 2,714 | $ | — | $ | — | $ | 44,615 | $ | 37,353 | |||||||||||||||
Service and administrative fees | 11,438 | 5,480 | 15,678 | 19,011 | 3,147 | 896 | 2,243 | 2,690 | 32,506 | 28,077 | |||||||||||||||||||||||||
Ceding commissions | 10,893 | 11,529 | 1 | 10 | — | — | — | — | 10,894 | 11,539 | |||||||||||||||||||||||||
Interest income (2) | 2,955 | 707 | — | — | — | — | 465 | 518 | 3,420 | 1,225 | |||||||||||||||||||||||||
Other income | 147 | 134 | 93 | 1,777 | 30 | 26 | (6 | ) | — | 264 | 1,937 | ||||||||||||||||||||||||
Total revenue | 54,727 | 45,550 | 24,921 | 27,737 | 9,349 | 3,636 | 2,702 | 3,208 | 91,699 | 80,131 | |||||||||||||||||||||||||
Income Adjustments: | |||||||||||||||||||||||||||||||||||
Net losses and member benefit claims | 7,228 | 6,950 | 10,510 | 11,114 | 5,953 | 1,909 | 7 | 56 | 23,698 | 20,029 | |||||||||||||||||||||||||
Commissions | 28,559 | 24,162 | 7,628 | 8,825 | 1,026 | 439 | 88 | (44 | ) | 37,301 | 33,382 | ||||||||||||||||||||||||
Total income adjustments | 35,787 | 31,112 | 18,138 | 19,939 | 6,979 | 2,348 | 95 | 12 | 60,999 | 53,411 | |||||||||||||||||||||||||
As Adjusted net revenues | $ | 18,940 | $ | 14,438 | $ | 6,783 | $ | 7,798 | $ | 2,370 | $ | 1,288 | $ | 2,607 | $ | 3,196 | $ | 30,700 | $ | 26,720 | |||||||||||||||
(1) Services and Other include Consecta, Financial Services, Insurance Services, ImageWorks, VOBA and Other | |||||||||||||||||||||||||||||||||||
(2) Includes net realized and unrealized gains (losses) on investments |
($ in thousands) | Credit Protection | Warranty | Specialty Products | Services & Other | Insurance Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||
Gross written premiums | $ | 107,182 | $ | 112,204 | $ | 12,045 | $ | 9,157 | $ | 63,264 | $ | 22,901 | $ | 9 | $ | — | $ | 182,500 | $ | 144,262 | |||||||||||||||
Ceded written premiums | (79,373 | ) | (90,772 | ) | (2,144 | ) | (1,233 | ) | (53,583 | ) | (20,314 | ) | (9 | ) | — | (135,109 | ) | (112,319 | ) | ||||||||||||||||
Net written premiums | $ | 27,809 | $ | 21,432 | $ | 9,901 | $ | 7,924 | $ | 9,681 | $ | 2,587 | $ | — | $ | — | $ | 47,391 | $ | 31,943 |
Total | |||||||||||||||||||||||
Siena | Mortgage Business | Specialty Finance | |||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||
($ in thousands) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Net realized and unrealized (losses) gains | $ | (96 | ) | $ | — | $ | — | $ | 715 | $ | (96 | ) | $ | 715 | |||||||||
Net realized and unrealized gains on mortgage pipeline and associated hedging instruments | — | — | (1,719 | ) | — | (1,719 | ) | — | |||||||||||||||
Interest income | 1,445 | 1,026 | 911 | 327 | 2,356 | 1,353 | |||||||||||||||||
Gain on sale of loans held for sale, net | — | — | 13,515 | 2,731 | 13,515 | 2,731 | |||||||||||||||||
Loan fee income | 903 | 837 | 1,431 | 562 | 2,334 | 1,399 | |||||||||||||||||
Rental revenue | — | — | 17 | — | 17 | ||||||||||||||||||
Other income | — | 40 | 176 | — | 176 | 40 | |||||||||||||||||
Total revenue | 2,252 | 1,903 | 14,314 | 4,352 | 16,566 | 6,255 | |||||||||||||||||
` | |||||||||||||||||||||||
Interest expense | 332 | 232 | 853 | 279 | 1,185 | 511 | |||||||||||||||||
Payroll and employee commissions | 1,171 | 902 | 10,297 | 2,822 | 11,468 | 3,724 | |||||||||||||||||
Depreciation and amortization | 16 | 66 | 186 | 56 | 202 | 122 | |||||||||||||||||
Other expenses | 467 | 371 | 4,227 | 1,092 | 4,694 | 1,463 | |||||||||||||||||
Total expense | 1,986 | 1,571 | 15,563 | 4,249 | 17,549 | 5,820 | |||||||||||||||||
Pre-tax income (loss) | $ | 266 | $ | 332 | $ | (1,249 | ) | $ | 103 | $ | (983 | ) | $ | 435 |
($ in thousands) | Three Months Ended March 31, | |||||||
2016 | 2015 | |||||||
Funded volume | $ | 317,808 | $ | 161,633 | ||||
Brokered volume | 14,999 | 18,748 | ||||||
Total origination volume | $ | 332,807 | $ | 180,381 | ||||
Sold volume | $ | 348,559 | $ | 141,560 | ||||
(basis points of total origination volume) | ||||||||
Net revenue | 404.5 | 225.8 | ||||||
Expenses | ||||||||
Commissions | 94.6 | 72.8 | ||||||
Non commission payroll expenses | 214.8 | 86.0 | ||||||
Total other expense | 132.6 | 61.3 | ||||||
Total expenses | 442.0 | 220.1 | ||||||
Pretax income (loss) | (37.5 | ) | 5.7 | |||||
Headcount | 502 | 121 | (1) | |||||
Percent of volume | ||||||||
Agency | 35.1 | % | 21.7 | % | ||||
FHA/VA | 32.8 | 4.2 | ||||||
Jumbo/other | 26.0 | 50.5 | ||||||
Total retail | 93.9 | 76.4 | ||||||
Wholesale | 1.6 | 13.2 | ||||||
Brokered | 4.5 | 10.4 | ||||||
Total | 100 | % | 100 | % |
Real Estate segment | |||||||
Three months ended March 31, | |||||||
($ in thousands) | 2016 | 2015 | |||||
Net realized and unrealized gains (losses) | $ | — | $ | (485 | ) | ||
Interest income | 20 | 19 | |||||
Rental revenue | 12,724 | 9,352 | |||||
Other income | 1,146 | 538 | |||||
Total revenue | 13,890 | 9,424 | |||||
Interest expense | 1,854 | 1,330 | |||||
Payroll and employee commissions | 5,638 | 3,923 | |||||
Depreciation and amortization | 4,130 | 3,388 | |||||
Other expenses | 6,127 | 4,964 | |||||
Total expense | 17,749 | 13,605 | |||||
Pre-tax income (loss) | $ | (3,859 | ) | $ | (4,181 | ) |
Three months ended March 31, 2016 | Three months ended March 31, 2015 | ||||||||||||||||||||||
($ in thousands) | Triple Net Lease Operations | Managed Properties | Consolidated | Triple Net Lease Operations | Managed Properties | Consolidated | |||||||||||||||||
Revenues | |||||||||||||||||||||||
Resident fees and services | $ | — | $ | 882 | $ | 882 | $ | — | $ | 436 | $ | 436 | |||||||||||
Rental revenue | 1,844 | 10,880 | 12,724 | 1,058 | 8,294 | 9,352 | |||||||||||||||||
Less: Property operating expenses | — | 8,705 | 8,705 | — | 6,661 | 6,661 | |||||||||||||||||
Segment NOI | $ | 1,844 | $ | 3,057 | $ | 4,901 | $ | 1,058 | $ | 2,069 | $ | 3,127 | |||||||||||
Other income | $ | 284 | $ | (365 | ) | ||||||||||||||||||
Less: Expenses | |||||||||||||||||||||||
Interest expense | 1,854 | 1,330 | |||||||||||||||||||||
Payroll and employee commissions | 658 | 593 | |||||||||||||||||||||
Depreciation and amortization | 4,130 | 3,388 | |||||||||||||||||||||
Other expenses | 2,402 | 1,632 | |||||||||||||||||||||
Pre-tax income (loss) | $ | (3,859 | ) | $ | (4,181 | ) |
($ in thousands) | Asset Management segment | ||||||
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Fees earned from CLOs | $ | 2,620 | $ | 2,820 | |||
Other management fee income | 46 | 64 | |||||
Other income | 340 | — | |||||
Total revenue | 3,006 | 2,884 | |||||
Payroll and employee commissions | 1,241 | 848 | |||||
Other expenses | 105 | 162 | |||||
Total expense | 1,346 | 1,010 | |||||
Pre-tax income | $ | 1,660 | $ | 1,874 |
($ in thousands) | Net Income attributable to CLOs managed by the Company | ||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Consolidated | Not consolidated(1) | Non-GAAP total | Consolidated(2) | Not consolidated(1) | Non-GAAP total | ||||||||||||||||||
Management fees paid by the CLOs to the Company(3) | $ | 669 | $ | 1,951 | $ | 2,620 | $ | 1,837 | $ | 984 | $ | 2,821 | |||||||||||
Distributions from the subordinated notes held by the Company | 2,749 | 72 | 2,821 | 5,657 | 69 | 5,726 | |||||||||||||||||
Realized and unrealized (losses) gains on subordinated notes held by the Company | (2,313 | ) | (292 | ) | (2,605 | ) | (7,805 | ) | — | (7,805 | ) | ||||||||||||
Net (loss) income attributable to the CLOs | $ | 1,105 | $ | 1,731 | $ | 2,836 | $ | (311 | ) | $ | 1,053 | $ | 742 |
($ in thousands) | Corporate and Other segment | ||||||||||||||||||||||||||||||
CLO subordinated notes and tax exempt securities | Credit investments | Corporate | Total | ||||||||||||||||||||||||||||
Three months ended March 31, | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) | $ | (1,424 | ) | (1) | $ | 352 | (2) | $ | 1,486 | $ | — | $ | 5,822 | $ | (675 | ) | $ | 5,884 | $ | (323 | ) | ||||||||||
Interest income | 218 | 238 | 3,721 | — | 58 | 43 | 3,997 | 281 | |||||||||||||||||||||||
Other income | — | — | — | — | 151 | — | 151 | — | |||||||||||||||||||||||
Total revenue | (1,206 | ) | 590 | 5,207 | — | 6,031 | (632 | ) | 10,032 | (42 | ) | ||||||||||||||||||||
Interest expense | — | 1,191 | — | 1,095 | 1,549 | 2,286 | 1,549 | ||||||||||||||||||||||||
Payroll and employee commissions | 55 | 33 | — | — | 2,619 | 1,408 | 2,674 | 1,441 | |||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 62 | — | 62 | — | |||||||||||||||||||||||
Other expenses | 72 | 59 | 1,174 | — | 4,709 | 2,775 | 5,955 | 2,834 | |||||||||||||||||||||||
Total expense | 127 | 92 | 2,365 | — | 8,485 | 5,732 | 10,977 | 5,824 | |||||||||||||||||||||||
Distributions from the subordinated notes held by the Company | 2,749 | 5,657 | — | — | — | 2,749 | 5,657 | ||||||||||||||||||||||||
Realized and unrealized (losses) gains on subordinated notes held by the Company | (2,644 | ) | (7,805 | ) | — | — | — | — | (2,644 | ) | (7,805 | ) | |||||||||||||||||||
Pre-tax income (loss) | $ | (1,228 | ) | $ | (1,650 | ) | $ | 2,842 | $ | — | $ | (2,454 | ) | $ | (6,364 | ) | $ | (840 | ) | $ | (8,014 | ) |
Reconciliation from the Company’s GAAP net income to Non-GAAP financial measures - EBITDA and Adjusted EBITDA | |||||||
($ in thousands) | Three months ended March 31, | ||||||
2016 | 2015 | ||||||
Net income available to Class A common stockholders | $ | 5,555 | $ | (979 | ) | ||
Add: net income attributable to non-controlling interests | 1,859 | (1,040 | ) | ||||
Less: net income from discontinued operations | — | 2,345 | |||||
(Loss) income from Continuing Operations of the Company | $ | 7,414 | $ | (4,364 | ) | ||
Consolidated interest expense | 6,480 | 5,129 | |||||
Consolidated income taxes | (2,439 | ) | (1,496 | ) | |||
Consolidated depreciation and amortization expense | 8,377 | 15,464 | |||||
EBITDA from Continuing Operations | $ | 19,832 | $ | 14,733 | |||
Consolidated non-corporate and non-acquisition related interest expense(1) | (4,278 | ) | (1,841 | ) | |||
Effects of purchase accounting(2) | (2,030 | ) | (9,483 | ) | |||
Non-cash fair value adjustments(3) | 1,416 | — | |||||
Significant acquisition expenses(4) | 383 | 1,349 | |||||
Subtotal Adjusted EBITDA from Continuing Operations of the Company | $ | 15,323 | $ | 4,758 | |||
Income from Discontinued Operations of the Company | $ | — | $ | 2,345 | |||
Consolidated interest expense | — | 2,654 | |||||
Consolidated income taxes | — | 2,742 | |||||
Consolidated depreciation and amortization expense | — | 457 | |||||
EBITDA from Discontinued Operations | $ | — | $ | 8,198 | |||
Subtotal Adjusted EBITDA from Discontinued Operations of the Company | $ | — | $ | 8,198 | |||
Total Adjusted EBITDA of the Company | $ | 15,323 | $ | 12,956 |
(1) | The consolidated non-corporate and non-acquisition related interest expense is subtracted from EBITDA to arrive at Adjusted EBITDA. This includes interest expense associated with asset-specific debt at subsidiaries in the insurance and insurance services, specialty finance, real estate and corporate and other segments. |
(2) | Following the purchase accounting adjustments, current period expenses associated with deferred costs were more favorably stated by $4.4 million and current period income associated with deferred revenues were less favorably stated by $2.4 million. Thus, the purchase accounting effect related to Fortegra, increased EBITDA in the first quarter of 2016 by $2.0 million above what the historical basis of accounting would have generated. The impact of this purchase accounting adjustments have been reversed to reflect an adjusted EBITDA without such purchase accounting effect. |
(3) | For Care, Adjusted EBITDA excludes the impact of the change of fair value of interest rate swaps hedging the debt at the property level to conform to our updated interest rate hedging policy. |
(4) | For the first quarter of 2016, $0.4 million of acquisition related costs represents costs in connection with Care’s acquisition of two properties which included taxes, legal costs and other expenses. |
($ in thousands) | Segment EBITDA and Adjusted EBITDA - Three Months Ended March 31, 2016 and March 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Insurance and insurance services | Specialty finance | Real estate | Asset management | Corporate and other | Totals | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Pre-tax income/(loss) | $ | 8,997 | $ | 4,026 | $ | (983 | ) | $ | 435 | $ | (3,859 | ) | $ | (4,181 | ) | $ | 1,660 | $ | 1,874 | $ | (840 | ) | $ | (8,014 | ) | $ | 4,975 | $ | (5,860 | ) | |||||||||||
Add back: | |||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,155 | 1,739 | 1,185 | 511 | 1,854 | 1,330 | — | — | 2,286 | 1,549 | 6,480 | 5,129 | |||||||||||||||||||||||||||||
Depreciation and amortization expenses | 3,983 | 11,954 | 202 | 122 | 4,130 | 3,388 | — | — | 62 | — | 8,377 | 15,464 | |||||||||||||||||||||||||||||
Segment EBITDA | $ | 14,135 | $ | 17,719 | $ | 404 | $ | 1,068 | $ | 2,125 | $ | 537 | $ | 1,660 | $ | 1,874 | $ | 1,508 | $ | (6,465 | ) | $ | 19,832 | $ | 14,733 | ||||||||||||||||
EBITDA adjustments: | |||||||||||||||||||||||||||||||||||||||||
Asset-specific debt interest | (99 | ) | — | (1,134 | ) | (511 | ) | (1,854 | ) | (1,330 | ) | — | — | (1,191 | ) | — | (4,278 | ) | (1,841 | ) | |||||||||||||||||||||
Effects of purchase accounting | (2,030 | ) | (9,483 | ) | — | — | — | — | — | — | — | — | (2,030 | ) | (9,483 | ) | |||||||||||||||||||||||||
Non-cash fair value adjustments | — | — | — | — | 1,416 | — | — | — | — | — | 1,416 | — | |||||||||||||||||||||||||||||
Significant acquisition expenses | — | — | — | — | 383 | 1,349 | — | — | — | — | 383 | 1,349 | |||||||||||||||||||||||||||||
Separation expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Segment Adjusted EBITDA | $ | 12,006 | $ | 8,236 | $ | (730 | ) | $ | 557 | $ | 2,070 | $ | 556 | $ | 1,660 | $ | 1,874 | $ | 317 | $ | (6,465 | ) | $ | 15,323 | $ | 4,758 |
($ in thousands) | Three months ended March 31, | ||||||
2016 | 2015 | ||||||
Net cash (used in) provided by: | |||||||
Operating activities | |||||||
Operating activities - continuing operations (excluding VIEs) | $ | 9,776 | $ | (31,962 | ) | ||
Operating activities - VIEs | 2,831 | 10,697 | |||||
Operating activities - discontinued operations | (6 | ) | 30,950 | ||||
Total cash provided by operating activities | 12,601 | 9,685 | |||||
Investing activities | |||||||
Investing activities - continuing operations (excluding VIEs) | (84,486 | ) | (88,733 | ) | |||
Investing activities - VIEs | (481 | ) | 15,205 | ||||
Investing activities - discontinued operations | — | (1,738 | ) | ||||
Total cash (used in) investing activities | (84,967 | ) | (75,266 | ) | |||
Financing activities | |||||||
Financing activities - continuing operations (excluding VIEs) | 46,451 | 108,079 | |||||
Financing activities - VIEs | (260 | ) | (19,853 | ) | |||
Financing activities - discontinued operations | — | (2,500 | ) | ||||
Total cash provided by financing activities | 46,191 | 85,726 | |||||
Net (decrease) in cash | $ | (26,175 | ) | $ | 20,145 |
($ in thousands) | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | ||||||||||||||
Mortgage notes payable and related interest (1) | $ | 10,754 | $ | 24,123 | $ | 128,095 | $ | 90,602 | $ | 253,574 | |||||||||
Trust Preferred Securities (2) | — | — | — | 35,000 | 35,000 | ||||||||||||||
Notes payable CLOs (3) | — | — | — | 722,150 | 722,150 | ||||||||||||||
Credit agreement/Revolving line of credit (4) | 133,422 | 53,000 | 208,158 | — | 394,580 | ||||||||||||||
Operating lease obligations (5) | 5,186 | 8,519 | 5,376 | 1,741 | 20,822 | ||||||||||||||
Total | $ | 149,362 | $ | 85,642 | $ | 341,629 | $ | 849,493 | $ | 1,426,126 |
(1) | Mortgage notes payable include mortgage notes entered into by subsidiaries of Care LLC in connection with its acquisition of several properties and the mortgage note entered into by Luxury Mortgage Corp. with the Bank of Danbury (see Note 17—Debt, Net, in the accompanying consolidated financial statements). |
(2) | Fortegra has $35.0 million of fixed/floating rate trust preferred securities due June 15, 2037. The trust preferred securities bear interest at a floating rate of 3-month LIBOR plus the annual base rate of 4.10%. Interest is payable quarterly. In 2012, Fortegra entered into an interest rate swap that exchanges the floating rate for a fixed rate, as further described in Note 15—Derivative Financial Instruments and Hedging. The Company may redeem the trust preferred securities, in whole or in part, at a price equal to the full outstanding principal amount of such trust preferred securities outstanding plus accrued and unpaid interest. |
(3) | Non-recourse CLO notes payable principal is payable at stated maturity, 2021 for Telos 1, 2022 for Telos 2, 2024 for Telos 3 and Telos 4, 2025 for Telos 5 and 2027 for Telos 6. |
(4) | On September 18, 2013, Operating Company entered into a credit agreement with Fortress and borrowed $50.0 million under the credit agreement. The credit agreement also included an option for Operating Company to borrow additional amounts up to a maximum aggregate of $125.0 million, subject to satisfaction of certain customary conditions. On January 26, 2015, Tiptree entered into a First Amendment to its existing Fortress credit agreement (the “Amendment”) providing for additional term loans in an aggregate principal amount of $25.0 million to Tiptree. Tiptree paid down $25.0 million of the loans under the Fortress credit agreement upon the closing of the PFG sale on June 30, 2015 (see Note 17—Debt, net, in the accompanying consolidated financial statements, for further detail). |
(5) | Minimum rental obligation for Tiptree, Care, MFCA, Siena, Reliance, Luxury and Fortegra office leases. The total rent expense for the Company for the three months ended March 31, 2016 and 2015 was $1.7 million and $1 million, respectively. |
• | Note 15—“Derivative Financial Instruments and Hedging”, |
• | Note 16—“Assets and Liabilities of Consolidated CLOs” and |
• | Note 24—“Commitments and Contingencies”. |
• | The Company did not design and operate effective process level controls to prevent or detect and correct material misstatements on a timely basis in financial statement accounts at its Care Managed Properties and Luxury Mortgage Corp. and Subsidiary (Luxury). |
• | The Company did not have sufficient knowledgeable resources to operate the Company’s processes and controls at its Care Managed Properties and at Luxury. In addition, the Company failed to establish adequate monitoring activities over its Care Managed Properties and Luxury to ascertain whether the components of internal control were properly designed and operating effectively. |
• | The Company did not design management review controls that operated at a sufficient level of precision to ensure the accounting for and measurement of current and deferred income taxes and business combinations are properly recorded and disclosed in the Company’s consolidated financial statements. The Company did not design management review controls that operated at a sufficient level of precision to ensure items are properly presented and classified in the Company’s consolidated statement of cash flows. |
• | Review the processes and controls in place to measure and record transactions related to the Care Managed Properties and Luxury and to enhance the efficiency and effectiveness of the design and operation of those controls; |
• | Enhance the complement of skilled accounting resources at the Care Managed Properties and Luxury or implement periodic internal audits over the Care Managed Properties; |
• | Enhance monitoring activities and management review controls that operate over the Care Managed Properties and Luxury; and |
• | Evaluate and enhance the level of precision in the management review controls over current and deferred income taxes, business combinations and the statement of cash flows. |
(a) | Recent Sales of Unregistered Securities |
Period | Purchaser | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||
January 1, 2016 to January 31, 2016: Open Market Purchases | Tiptree Financial | 46,700 | $ | 5.93 | 46,700 | $ | 715,401 | ||||
Michael Barnes | 46,500 | 5.92 | 46,500 | 718,688 | |||||||
Total | 93,200 | $ | 5.93 | 93,200 | $ | 1,434,089 | |||||
February 1, 2016 to February 29, 2016: Open Market Purchases | Tiptree Financial | 47,800 | $ | 6.12 | 47,800 | $ | 422,903 | ||||
Michael Barnes | 47,103 | 6.12 | 47,103 | 430,637 | |||||||
Total | 94,903 | $ | 6.12 | 94,903 | $ | 853,540 | |||||
March 1, 2016 to March 31, 2016: Open Market Purchases | Tiptree Financial | 54,090 | $ | 5.98 | 54,090 | $ | 99,664 | ||||
Michael Barnes | 53,990 | 5.96 | 53,990 | 109,052 | |||||||
Total | 108,080 | $ | 5.97 | 108,080 | $ | 208,716 |
(1) | On August 18, 2015, Tiptree Financial engaged a broker in connection with a new share repurchase program for the repurchase of up to $2.5 million of its outstanding Class A common stock. In addition, on the same date, Mr. Barnes entered into a Rule 10b5-1 plan pursuant to which he may, for his own account, purchase up to $2.5 million of Tiptree Financial’s outstanding Class A common stock. Repurchases by Tiptree Financial and purchases by Mr. Barnes will be made through a single broker and are anticipated to be allocated equally between Tiptree Financial and Mr. Barnes (or to Tiptree Financial in the case of trades that cannot be split evenly). The Company expects the share purchases to be made from time to time in the open market or through privately negotiated transactions, or otherwise, subject to applicable laws and regulations. The repurchase program concluded on April 13, 2016. |
The following documents are filed as a part of this Form 10-Q: | |
Financial Statements (Unaudited): | |
Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 | |
Consolidated Statements of Income for the three month period ended March 31, 2016 and 2015 | |
Consolidated Statements of Other Comprehensive Income for the three month period ended March 31, 2016 and 2015 | |
Consolidated Statement of Changes in Stockholders’ Equity for the period ended March 31, 2016 | |
Consolidated Statements of Cash Flows for the three month period ended March 31, 2016 and 2015 | |
Exhibits: | |
The Exhibits listed in the Index of Exhibits, which appears immediately following the signature page, is incorporated herein by reference and is filed as part of this Form 10-Q. |
Exhibit No. | Description |
10.1 | First Amendment to the Amended and Restated Limited Liability Company Agreement of Tiptree Operating Company, LLC, dated January 1, 2016 (previously filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-33549), filed on January 7, 2016 and herein incorporated by reference). |
10.2 | Third Amendment to Credit Agreement, dated January 14, 2016, by and among Tiptree Operating Company, LLC, Fortress Credit Corp. as Administrative Agent, Collateral Agent and Lead Arranger, and the lenders party thereto (previously filed as Exhibit 10.1 to Form 8-K (File No. 001-33549), filed January 14, 2016 and herein incorporated by reference). |
10.3 | Executive Employment Agreement between Tiptree Asset Management Company, LLC and Julia Wyatt dated as of January 1, 2016 (previously filed as Exhibit 10.17 to Form 10-K (File No. 001-33549), filed March 15, 2016 and herein incorporated by reference).** |
10.4 | Executive Employment Agreement between Tiptree Asset Management Company, LLC and Timothy Schott dated as of March 10, 2016 (previously filed as Exhibit 10.1 to Form 8-K (File No. 001-33549), filed March 16, 2016 and herein incorporated by reference).** |
31.1 | Certification of Executive Chairman pursuant to Section 302 of the Sarbanes-OxleyAct of 2002 (filed herewith). |
31.2 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
31.3 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
32.1 | Certification of Executive Chairman pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
32.2 | Certification of Co-Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
32.3 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
101.INS | XBRL Instance Document* |
101.SCH | XBRL Taxonomy Extension Schema Document* |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* |
Tiptree Financial Inc. | ||||
Date: | May 10, 2016 | By:/s/ Michael Barnes | ||
Michael Barnes | ||||
Executive Chairman | ||||
Date: | May 10, 2016 | By:/s/ Jonathan Ilany | ||
Jonathan Ilany | ||||
Chief Executive Officer | ||||
Date: | May 10, 2016 | By:/s/ Sandra Bell | ||
Sandra Bell | ||||
Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Financial Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 10, 2016 | /s/ Michael Barnes | |
Michael Barnes | |||
Executive Chairman |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Financial Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 10, 2016 | /s/ Jonathan Ilany | |
Jonathan Ilany | |||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Financial Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 10, 2016 | /s/ Sandra Bell | |
Sandra Bell | |||
Chief Financial Officer |
/s/ Michael Barnes |
Michael Barnes |
Executive Chairman |
/s/ Jonathan Ilany |
Jonathan Ilany |
Chief Executive Officer |
/s/ Sandra Bell |
Sandra Bell |
Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2016 |
May. 04, 2016 |
|
Entity Registrant Name | Tiptree Financial Inc. | |
Entity Central Index Key | 0001393726 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2016 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock - Class A | ||
Entity Common Stock, Shares Outstanding | 34,900,783 | |
Common Stock - Class B | ||
Entity Common Stock, Shares Outstanding | 8,049,029 |
Organization |
3 Months Ended |
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Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization Tiptree Financial Inc. (Tiptree and, together with its consolidated subsidiaries, collectively, the Company, or We) is a Maryland Corporation that was incorporated on March 19, 2007. Until July 1, 2013, Tiptree operated under the name Care Investment Trust Inc. (which, for the period prior to July 1, 2013, we refer to as Care Inc.). Tiptree is a diversified holding company which conducts its operations through Tiptree Operating Company, LLC (the Operating Company). Tiptree’s primary focus is on five reporting segments: insurance and insurance services, specialty finance, real estate, asset management, and corporate and other. Tiptree’s Class A Common Stock is traded on the NASDAQ Capital Market under the symbol “TIPT”. As of December 31, 2015, Tiptree owned, directly or indirectly, approximately 81% of the assets of Operating Company with the remaining 19% held by non-controlling shareholders through their interests in Tiptree Financial Partners, L.P. (TFP). Effective January 1, 2016, Tiptree, TFP and Operating Company created a consolidated group among themselves and various Operating Company subsidiaries for U.S. federal income tax purposes, with Tiptree being the parent company. In connection with the creation of the consolidated group, TFP and the Operating Company elected to be treated as corporations for U.S. federal income tax purposes, and Tiptree contributed its 28% interest in Operating Company to TFP in exchange for 4,281,624 additional common units of TFP. As a result of these steps, as of January 1, 2016, Tiptree directly owns approximately 81% of TFP and TFP directly owns 100% of Operating Company. There was no change to the relative economic position of the parties to the transactions as a result of this reorganization. See Note 23—Income Taxes. The limited partners of TFP (other than Tiptree itself) have the ability to exchange TFP partnership units for Tiptree Class A common stock at a rate of 2.798 shares of Class A common stock per partnership unit. The percentage of TFP (and therefore Operating Company) owned by Tiptree may increase in the future to the extent TFP’s limited partners choose to exchange their limited partnership units of TFP for Class A common stock of Tiptree. |
Summary of Significant Accounting Policies (Notes) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its controlled subsidiaries. The consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Form 10-K for the fiscal year ended December 31, 2015. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2016. Tiptree consolidates those entities in which it has an investment of 50% or more of voting rights or has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (VIEs) in which Tiptree is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Generally, Tiptree’s consolidated VIEs are entities which Tiptree is considered the primary beneficiary through its controlling financial interests. Non-controlling interests on the Consolidated Statements of Income represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated. The Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2015 have been revised primarily to reflect funds used to originate loans as an investing activity rather than an operating activity. These corrections resulted in an increase in cash provided by operating activities of approximately $9,000, an increase in cash used in investing activities of approximately $5,000 and a decrease in cash provided by financing activities of approximately $4,000. In addition, certain prior period amounts have been reclassified to conform to the current year presentation. See “Item 4. Controls and Procedures” for actions the Company is taking to remediate certain material weaknesses as of March 31, 2016, and to enhance its control infrastructure as a result. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include but are not limited to the determination of the following significant items:
Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other income in the Consolidated Statements of Income. Acquisition and transaction costs are related primarily to completed and potential business combinations and include advisory, legal, accounting, valuation and other professional or consulting fees which are expensed as incurred. In certain instances, the Company may acquire less than 100% ownership of an entity, resulting in the recording of a non-controlling interest. The non-controlling interest is initially established at a preliminary estimate of fair value, which may be adjusted during the measurement period based upon the results of a valuation study applicable to the business combination. Fair Value Measurement ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, describes the framework for measuring fair value, and addresses fair value measurement disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three‑level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. Fair Value Option The Company has elected the fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in net realized and unrealized gains (losses) within the Consolidated Statements of Income. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our Consolidated Balance Sheets from those instruments using another accounting method. Recent Accounting Standards Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. These amendments change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information. ASU 2014-08 is effective for the first quarter of 2015 for the Company. The effects of applying the revised guidance will vary based upon the nature and size of future disposal transactions. It is expected that fewer disposal transactions will meet the new criteria to be reported as discontinued operations. The adoption of ASU 2014-08 did not have an impact on the Company's consolidated financial position, results of operations and cash flows. In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period shall be treated as a performance condition. The adoption of this standard did not have an impact on its Consolidated Balance Sheets, results of operations or cash flows. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The pronouncement eliminates the concept of extraordinary items from GAAP. However, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 will be effective for the annual and interim periods beginning after December 15, 2015 with early adoption permitted. The adoption of this standard did not have an impact on the Company’s Consolidated Balance Sheets, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability and consistent with debt discounts. ASU 2015-03 requires retrospective adoption and will be effective for the Company on January 1, 2016 and early adoption is permitted. Accordingly “Debt, net” is reported net of deferred financing costs as of March 31, 2016 and December 31, 2015, respectively in the Consolidated Balance Sheets. See Note 17—Debt, net. In April 2015, the FASB issued ASU 2015-05, Intangibles -Goodwill and Other -Internal-Use Software (Subtopic 350-40) which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance as to whether an arrangement includes the sale or license of software. The adoption of this standard did not have an impact on the Company’s Consolidated Balance Sheets, results of operations and cash flows. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which eliminates the requirement for entities to categorize within the fair value hierarchy investments for which fair values are measured at net asset value (NAV) per share (FASB ASC Subtopic 820-10). ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient, instead limiting disclosures to investments for which the entity has elected the expedient. ASU 2015-07 is effective for the Company on January 1, 2016 and early adoption is permitted and retrospective adoption is required. The adoption of this standard did not have an impact on the Company’s Consolidated Balance Sheets, results of operations or cash flows. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements, which covers a wide range of Topics in the Codification. The amendments in ASU 2015-10 represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost on most entities. Amendments with transition guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. All other amendments are effective upon the ASU’s issuance (June 12, 2015). The adoption of this standard did not have a material impact on the Company’s Consolidated Balance Sheets, results of operations or cash flows. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this standard affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This standard was originally effective for the Company on January 1, 2017. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. Reporting entities may choose to adopt the standard as of the original effective date. The deferral results in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently reviewing ASU 2014-09 and is assessing the potential effects on its consolidated financial position, results of operations and cash flows. In May 2015, the FASB issued ASU 2015-09, Financial Services—Insurance (Topic 944): Disclosures about Short-Duration Contracts, which expands the disclosure requirements for insurance companies that issue short-duration contracts (typically one year or less) to provide users with additional disclosures about the liability for unpaid claims and claim adjustment expenses and to increase the transparency of the significant estimates management makes in measuring those liabilities. In addition, the disclosures will serve to increase insight into an insurance entity’s ability to underwrite and anticipate costs associated with claims as well as provide users of the financial statements a better understanding of the amount and uncertainty of cash flows arising from insurance liabilities, the nature and extent of risks on short-duration contracts and the timing of cash flows arising from insurance liabilities. ASU 2015-09 will be effective for the Company for the annual period beginning after December 15, 2015, and for interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the effect upon its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01), which makes targeted improvements to the recognition, measurement, presentation and disclosure of certain financial instruments. ASU 2016-01 focuses primarily on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for certain financial instruments. Among its provisions for public business entities, ASU 2016-01 eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires the separate presentation in other comprehensive income of the change in fair value of a liability due to instrument-specific credit risk for a liability for which the reporting entity has elected the fair value option, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) and clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-1 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for a limited number of provisions. The Company is currently evaluating the effect on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact the adoption of ASU 2016-02 will have on our financial position or results of operations. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently evaluating the effect upon its financial statements. In March 2016, the FASB issued ASU 2016-07, Investments -Equity Method and Joint Ventures (Topic 323) which eliminates the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently evaluating the effect upon its financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) which clarify the implementation guidance on principal versus net considerations. The effective date and transition requirements for this standard are the same as the effective date and transition requirements of ASU 2014-09. The Company is currently evaluating the effect upon its financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting which simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition, the amendments in this Update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the effect upon its financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect upon its financial statements. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Acquisitions during the three months ended March 31, 2016 Real Estate Managed Properties During the three months ended March 31, 2016, Care and affiliates of Care’s partners entered into agreements to acquire and operate two senior housing communities for total consideration of $55,074 (which includes deposits of $125 paid in the fourth quarter of 2015) of which $39,217 was financed through mortgage debt issued in connection with the acquisitions, $3,885 was financed by contributions from the affiliates of Care’s partners, and the remainder was paid with cash on hand. Affiliates of Care’s partners provide management services to the communities under management contracts. The primary reason for the Company’s acquisition of the senior housing communities is to expand its real estate operations. For the period from acquisition until March 31, 2016, revenue and the net loss in the aggregate for the two managed properties acquired were $1,580 and $1,065, respectively. The following table summarizes the consideration paid and the amounts of estimated fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the three months ended March 31, 2016:
The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
The Company's acquisition accounting for transactions completed through March 31, 2016 is still preliminary pending the completion of various analyses and the finalization of estimates used in the determination of fair values. During the measurement period, additional assets or liabilities may be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets or liabilities as of that date. The preliminary measurement of net assets acquired may be adjusted after obtaining additional information regarding, among other things, asset valuations (including market and other information with which to determine fair values), liabilities assumed, the analysis of assumed contracts, and revisions of previous estimates. These adjustments may be significant and will be accounted for within the allowable 1 year measurement period. Supplemental pro forma results of operations have not been presented for the above 2016 business acquisitions as they are not material in relation to the Company’s reported results. Acquisitions during the three months ended March 31, 2015 Real Estate Managed Properties During the three months ended March 31, 2015, the Company and one of Care’s partners entered into agreements to acquire and operate five senior housing communities for total consideration of $29,251 (which includes deposits of $587 paid in the fourth quarter of 2014) of which $19,943 was financed through mortgage debt issued in connection with the acquisitions, $1,861 was financed by a contribution of cash from the partner, and the remainder was paid with cash on hand. Affiliates of the partner provide management services to the communities under a management contract. Triple Net Lease Properties During the three months ended March 31, 2015, the Company acquired the assets of six seniors housing communities for total consideration of $54,536 (which includes deposits of $1,490 paid in the fourth quarter of 2014) of which $39,500 was financed through mortgage debt issued in connection with the acquisitions, and the remainder was paid with cash on hand. The primary reason for the Company’s acquisition of the senior housing communities was to expand its real estate operations. For the period from acquisition until March 31, 2015, revenue and the net loss in aggregate for the properties acquired were $1,553 and $1,675 respectively. The following table summarizes the consideration paid and the amounts of estimated fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the three months ended March 31, 2015:
Supplemental pro forma results of operations have not been presented for the above 2015 business acquisitions as they are not material in relation to the Company’s reported results. The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
Insurance and Insurance Services - Purchase of Non-controlling Interests On January 1, 2015, Fortegra Financial Corporation (Fortegra) exercised an option to purchase the remaining 37.6% ownership interest in ProtectCELL it did not own and now owns 100% of ProtectCELL. Upon exercising the option, Fortegra made an initial payment of $3,000. Fortegra has accrued an additional $4,100. |
Dispositions, Assets Held for Sale and Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions, Assets Held for Sale and Discontinued Operations | Dispositions, Assets Held for Sale and Discontinued Operations The Company classified its Philadelphia Financial Group (PFG) subsidiary as held for sale as of December 31, 2014. At the time of such classification, the pending sale of PFG also met the requirements to be classified as a discontinued operation. The sale of PFG was completed on June 30, 2015. As a result, the Company has reclassified the income and expenses attributable to PFG to income from discontinued operations, net for the three months ended March 31, 2015. The following table represents detail of revenues and expenses of discontinued operations in the Consolidated Statements of Income for the three months ended March 31, 2015:
The following table presents the cash flows from discontinued operations for the periods indicated:
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Operating Segment Data |
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Operating Segment Data | Operating Segment Data The Company has five reportable operating segments, which are: (i) insurance and insurance services, (ii) specialty finance, (iii) real estate, (iv) asset management and (v) corporate and other. The Company’s operating segments are organized in a manner that reflects how management views these strategic business units. Each reportable segment’s income (loss) is reported before income taxes, discontinued operations and non-controlling interests. Descriptions of each of the reportable segments are as follows: Insurance and Insurance Services operations are conducted through Fortegra, a specialized insurance company that offers a wide array of consumer related protection products, including credit-related insurance, mobile device protection, and warranty and service contracts. Fortegra also provides third party administration services to insurance companies, retailers, automobile dealers, insurance brokers and agents and financial services companies. Specialty Finance is comprised of Siena Capital Finance LLC (Siena), which commenced operations in April 2013, and the Company’s mortgage businesses which consists of Luxury, which was acquired in January 2014 and Reliance which was acquired in July 2015. The Company’s mortgage origination business originated loans primarily for sale to institutional investors, including GSEs, FHA/VA, prime jumbo and super jumbo mortgages, through both retail and wholesale channels and through a call center model, primarily focused on re-financings. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Siena’s business consists of structuring asset-based loan facilities across diversified industries which include manufacturing, distribution, wholesale, and service companies. Our mortgage origination business includes Luxury, a residential mortgage lender that originates loans, including prime jumbo and super jumbo mortgages for sale to institutional investors and Reliance, a residential mortgage lender that originates loans, primarily GSE and FHA/VA mortgages, focusing on refinancing with a call center model. Real Estate operations include Care LLC (Care), a wholly-owned subsidiary of Tiptree which has a geographically diverse portfolio of seniors housing properties including senior apartments, assisted living, independent living, memory care and skilled nursing facilities in the U.S. Asset Management operations is primarily comprised of Telos Asset Management’s (Telos) management of CLOs. Telos is a subsidiary of Tiptree Asset Management Company, LLC (TAMCO), an SEC-registered investment advisor owned by the Company. Corporate and other operations include the Company’s principal investments and corporate expenses. The tables below present the components of revenue, expense pre-tax income or loss, and segment assets for each of the operating segments for the following periods:
(1) Bonus of $300 was reclassified from Corporate and other to Asset management to conform to the current period presentation. |
Securities, Available for Sale |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Available for Sale Securities | Securities, Available for Sale All of the Company’s investments in available for sale securities as of March 31, 2016 and December 31, 2015 are held by Fortegra. The following tables present the Company's investments in available for sale securities:
The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
The Company does not intend to sell the investments that were in an unrealized loss position at March 31, 2016, and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities or cost for equity securities. The unrealized losses were attributable to changes in interest rates and not credit-related issues. As of March 31, 2016, based on the Company's review, none of the fixed maturity or equity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery. There have been no other-than-temporary impairments recorded by the Company for the three months ended March 31, 2016. The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
Purchases of available for sale securities were $7,898 and $13,466 for the three months ended March 31, 2016 and 2015, respectively. Proceeds from maturities, calls and prepayments of available for sale securities were $9,535 and $8,170 with associated gains of $57 and $4, for the three months ended March 31, 2016 and 2015, respectively. Proceeds from the sale of available for sale securities for the three months ended March 31, 2016 and 2015, were $0 and $722 with associated gains of $0 and losses of $9, respectively. |
Investment in Loans |
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Investment in Loans | Investment in Loans The following table presents the Company’s loans, measured at fair value and amortized cost:
Loans, at fair value Corporate Loans Corporate loans primarily include syndicated leveraged loans held by the Company as principal investments, which consist of $275,604 in loans primarily held by the Company’s warehouse credit facility in anticipation of launching a new CLO, Telos CLO 2016-7, Ltd. (Telos 7), and the Telos Credit Opportunities fund at March 31, 2016. As of March 31, 2016, the unpaid principal balance on these loans was $285,805. The difference between fair value of the Corporate loans and the unpaid principal balance was $10,201. Non-performing Residential Loans As of March 31, 2016, the Company’s investments included $48,899 of loans collateralized by real estate in the process of foreclosure of which the unpaid principal balance was $79,142. The difference between the fair value of the NPLs and the unpaid principal balance was $30,243. Included in other assets are $3,677 of foreclosed residential real estate property. Loans Owned at amortized cost, net Asset backed loans Siena structures asset-based loan facilities in the $1,000 to $25,000 range across diversified industries, which include manufacturing distribution, wholesale, and service companies. As of March 31, 2016 and December 31, 2015, the Company carried $58,197 and $51,831 in loans receivable on its Consolidated Balance Sheets. Collateral for asset-backed loan receivables, as of March 31, 2016 and December 31, 2015 consisted of inventory, equipment and accounts receivable. Management reviews collateral for these loans on at least a monthly basis or more frequently if a draw is requested and has determined that no impairment existed as of March 31, 2016. As of March 31, 2016, there were no delinquencies in the Siena portfolio and all loans were classified as performing. |
Mortgage Loans Held for Sale (Notes) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Mortgage Loans Held for Sale The following table summarized the total mortgage loans held for sale, at fair value:
The unpaid principal balance and fair value of held for sales that are 90 days or more past due were $142 and $66, respectively, as of March 31, 2016. The unpaid principal balance and fair value of held for sales that are 90 days or more past due were $142 and $82, respectively, as of December 31, 2015. The Company discontinues accruing interest on all loans that are 90 days or more past due. Notes Receivable, net Real estate Care owns a 75% interest in a Managed Property. In connection therewith, subsidiaries of Care received notes from affiliates of the 25% partner. The cost basis of the notes at March 31, 2016 and December 31, 2015 was approximately $3,857 and $3,807, respectively. As of March 31, 2016, all of these notes were performing. Insurance and insurance services As of March 31, 2016, Fortegra held $17,675 in notes receivable, net. The majority of these notes totaling $12,593 consist of receivables from Fortegra’s premium financing program. A total of $948 was for notes receivable under its Pay us Later Program, which allows customers to finance the cost of electronic mobile devices and or protection programs on these devices. The remaining $4,134 represents unsecured notes receivable issued to various business partners in order to solidify relationships and grow its business. The Company has established a valuation allowance against its notes receivable of $1,320 as of March 31, 2016. As of March 31, 2016, there were $1,720 in balances classified as 90 days plus past due. |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note 2, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities Available for sale securities are generally classified within either Level 1 or Level 2 of the fair value hierarchy and are based on prices provided by an independent pricing service and a third party investment manager who provide a single price or quote per security. The following details the methods and assumptions used to estimate the fair value of each class of available for sale securities and the applicable level each security falls within the fair value hierarchy: U.S Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Municipal Securities, Corporate Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third party investment manager. The prices provided by the independent pricing service are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 of the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity Securities: The fair values of publicly traded common and preferred stocks were obtained from market value quotations provided by an independent pricing service and fall under Level 1 of the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks were based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 of the fair value hierarchy. Derivative Assets and Liabilities: Derivatives are comprised of credit default swaps (CDS), index credit default swaps (CDX), interest rate lock commitments (IRLC), to be announced mortgage backed securities (TBA) and interest rate swaps (IRS). The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. In general, the fair value of CDSs and CDXs are based on dealer quotes. Because significant inputs, other than unadjusted quoted prices in active markets are used to determine the dealer quotes, such as price volatility, the Company classifies them as Level 2 in the fair value hierarchy. The fair value of IRS is based upon either valuation pricing models, which represent the amount the Company would expect to pay at the balance sheet date if the contracts were exited, or by obtaining broker or counterparty quotes. Because there are observable inputs used to arrive at these prices, the Company has classified IRS within Level 2 of the fair value hierarchy. Our mortgage origination subsidiaries issue IRLCs to its customers, which are carried at estimated fair value on the Company’s Consolidated Balance Sheet. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of an expected fall out assumption. The fair values of these commitments generally result in a Level 3 classification. Our mortgage origination subsidiaries manage their exposure by entering into best efforts delivery commitments with loan investors referred to as “best efforts lock”. For loans not locked with investors on a best efforts basis, the Company enters into hedge instruments, to protect against movements in interest rates. The fair values of these hedge instruments generally result in a Level 2 classification. The Company uses certain of its IRS as part of its risk management strategy to manage interest rate risk and cash flow risk that may arise in connection with the variable interest rate provision of the Company's preferred trust securities. These derivatives are classified as cash flow hedges. Trading Assets and Liabilities: Trading assets and liabilities consist primarily of privately held equity securities, exchange-traded equity securities, CLOs, collateralized debt obligations (CDOs), derivative assets and liabilities, tax exempt securities, and U.S. Treasury short positions. The fair value of privately held equity securities are based on quotes obtained from dealers or internally developed valuation models. Because significant inputs used to determine the dealer quotes or model values are not observable, such as projected future earnings and price volatility, the Company has classified them within Level 3 of the fair value hierarchy. The Company’s U.S. Treasury short position is priced through dealer indicative quotes and as such is classified as Level 2. Positions in securitized products such as CLOs and CDOs are based on quotes obtained from dealers and valuation models. When these quotes are based directly or indirectly on observable inputs such as quoted prices for similar assets exchanged in an active or inactive market, the Company has classified them within Level 2 of the fair value hierarchy. If these quotes are based on valuation models using unobservable inputs such as expected future cash flows, default rates, supply and demand considerations, and market volatility, the Company has classified them within Level 3 of the fair value hierarchy. The fair value of tax exempt securities is determined by obtaining quotes from independent pricing services. In most cases, quotes are obtained from two pricing services and the average of both quotes is used. The independent pricing services determine their quotes using observable inputs such as current interest rates, specific issuer information and other market data for such securities. Therefore, the estimate of fair value is subject to a high degree of variability based upon market conditions, the availability of issuer information and the assumptions made. The valuation inputs used to arrive at fair value for such debt obligations are generally classified within Level 2 or Level 3 of the fair value hierarchy. The Company determines the purchase price for NPLs at the time of acquisition and for each subsequent valuation by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation, or conversion to REO. Observable inputs to the model include loan amounts, payment history, and property types. Our NPLs are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. NPLs converted to REOs were measured at fair value on a non-recurring basis during the three months ended March 31, 2016 (the Company did not have investments in REO status in prior year period). The carrying value of REOs at March 31, 2016 was $3,677. Upon conversion to REO the fair value is estimated using broker price opinion (BPO). BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings, and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. The following tables present the Company’s fair value hierarchies for financial assets and liabilities, including the balances associated with the consolidated CLOs, measured on a recurring basis:
The following table represents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
(1) All transfers are deemed to occur at end of period. Transfers between Level 2 and 3 were a result of subjecting third-party pricing on both CLO and Non-CLO assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation. The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
The following is quantitative information about Level 3 significant unobservable inputs used in fair valuation. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not readily available to the Company.
(1) Financial assets classified as Level 3 and fair valued using significant unobservable inputs classified as Level 3 have not been provided as these are not readily available to the Company (including servicing release premium for interest rate lock commitments and forward delivery contracts). (2) The significant unobservable inputs used in the fair value measurement of our NPLs are discount rates, loan resolution timeline, and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics, such as location and value of underlying collateral, affect the loan resolution timeline. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our NPLs as of March 31, 2016 (the Company did not invest in NPLs in the prior year period):
(1) Weighted based on value of underlying properties.
(1) Not included in this table are the debt obligations of consolidated CLOs, measured and leveled on the basis of the fair value of the (more observable) financial assets of the consolidated CLOs. See Note 16—Assets and Liabilities of Consolidated CLOs. The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value on a recurring or non-recurring basis and their respective levels within the fair value hierarchy:
Notes receivable: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized as Level 2 of the fair value hierarchy. Debt: The fair value of notes payable is determined based on contractual cash flows discounted at market rates for mortgage notes payable and either dealer quotes or contractual cash flows discounted at market rates for other notes payable. Categorized as Level 3 of the fair value hierarchy. Additionally, the following financial assets and liabilities on the Consolidated Balance Sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized as Level 1 of the fair value hierarchy. Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses an approximate their fair value due to their short‑term nature. Categorized as Level 2 of the fair value hierarchy. Accounts and premiums receivable, net, and other receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized as Level 2 of the fair value hierarchy. Loans Owned, at Amortized Cost: The fair value of loans owned, at amortized cost approximates its carrying value because the interest rates on the loans are based on a variable market interest rate. Categorized as Level 3 of the fair value hierarchy. |
Notes Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Mortgage Loans Held for Sale The following table summarized the total mortgage loans held for sale, at fair value:
The unpaid principal balance and fair value of held for sales that are 90 days or more past due were $142 and $66, respectively, as of March 31, 2016. The unpaid principal balance and fair value of held for sales that are 90 days or more past due were $142 and $82, respectively, as of December 31, 2015. The Company discontinues accruing interest on all loans that are 90 days or more past due. Notes Receivable, net Real estate Care owns a 75% interest in a Managed Property. In connection therewith, subsidiaries of Care received notes from affiliates of the 25% partner. The cost basis of the notes at March 31, 2016 and December 31, 2015 was approximately $3,857 and $3,807, respectively. As of March 31, 2016, all of these notes were performing. Insurance and insurance services As of March 31, 2016, Fortegra held $17,675 in notes receivable, net. The majority of these notes totaling $12,593 consist of receivables from Fortegra’s premium financing program. A total of $948 was for notes receivable under its Pay us Later Program, which allows customers to finance the cost of electronic mobile devices and or protection programs on these devices. The remaining $4,134 represents unsecured notes receivable issued to various business partners in order to solidify relationships and grow its business. The Company has established a valuation allowance against its notes receivable of $1,320 as of March 31, 2016. As of March 31, 2016, there were $1,720 in balances classified as 90 days plus past due. |
Reinsurance |
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Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance [Text Block] | Reinsurance Receivables The following table presents the effect of reinsurance on premiums written and earned by Fortegra for the following period:
The following table presents the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred by Fortegra for the following period:
The following table presents the components of the reinsurance receivables:
(1) Including policyholder account balances ceded. The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:
At March 31, 2016, the three unrelated reinsurers from whom Fortegra has the largest receivable balances were: London Life Reinsurance Company (A. M. Best Rating: A); London Life International Reinsurance Corporation (A. M. Best Rating: not rated); and MFI Insurance Company, LTD (A. M. Best Rating: Not rated). The related receivables of London Life International Reinsurance Corporation and MFI Insurance Company, LTD are collateralized by assets held in trust accounts and letters of credit due to their offshore relationships. At March 31, 2016, the Company does not believe there is a risk of loss as a result of the concentration of credit risk in the reinsurance program. |
Real Estate |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investments, Net | Real Estate, Net The following table contains information regarding the Company’s investment in real estate as of the following periods:
(1) Represents a single family residential property located in Connecticut that is being rented through the Company's subsidiary, Luxury. Future Minimum Rental Revenue The following table presents the future minimum annual rental revenue under the noncancelable terms of all operating leases as of:
The schedule of minimum future rental revenue excludes residential lease agreements, generally having terms of one year or less. Rental revenues from residential leases were $10,880 and $8,311 for the three months ended March 31, 2016 and 2015, respectively. |
Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets, Net The following table presents identifiable intangible assets, accumulated amortization, and goodwill by segment:
(1) Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets. Amortization expense on intangible assets was $6,026 and $14,022 for the three months ended March 31, 2016 and 2015, respectively. The Company conducts annual impairment tests of its goodwill as of December 31. For the three months ended March 31, 2016, no impairment was recorded on the Company’s goodwill or intangibles. As of December 31, 2015, the Company recorded an impairment of $699 associated with Luxury within the Specialty Finance segment as a result of qualitative and quantitative procedures associated with our annual impairment testing. The following table presents the amortization expense on intangible assets for the next five years by relevant segment:
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Other Assets (Notes) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other Assets The following table presents the components of Other assets as reported in the Consolidated Balance Sheets:
Unrealized gains recognized during the three months ended March 31, 2016 on trading assets still held at March 31, 2016 was $7,788. |
Derivative Financial Instruments and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging The Company utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should its counterparties fail to meet the contract terms. The derivative financial instruments are located within trading assets at fair value within Other assets and trading liabilities within Other liabilities and accrued expenses on the Consolidated Balance Sheets. Derivatives, at fair value Credit Derivatives Credit derivatives are generally defined as over‑the‑counter contracts between a buyer and seller of protection against the risk of default on a set of obligations issued by a specified reference entity. Credit Default Swap Indices (CDX) are credit derivatives that reference multiple names through underlying baskets or portfolios of single name credit default swaps. The Company enters into these contracts as both a buyer of protection and seller of protection to manage the credit risk exposure of its investment portfolio. The Company is required to deposit cash collateral for these positions equal to an initial 2.25% of the notional amount of the sold protection side, subject to increase based on additional maintenance margin as a result of decreases in value. As of March 31, 2016, the total margin was $6,750. Foreign Currency Forward Contracts Foreign currency forward contracts are used as a foreign currency hedge where the Company has an obligation to either make or take a foreign currency payment at a future date. If the date of the foreign currency payment and the last trading date of the foreign currency forwards contract are matched, the Company has in effect “locked in” the exchange rate payment amount. The Company, through its subsidiary Siena, has entered into a foreign exchange forward contract to protect its position on its foreign loans receivable. Interest Rate Lock Commitments The Company enters into interest rate lock commitments (IRLCs) in connection with its mortgage banking activities to fund residential mortgage loans with certain terms at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value typically resulting in recognition of a gain when the Company enters into IRLCs. In estimating the fair value of an IRLC, the Company assigns a probability that the loan commitment will be exercised and the loan will be funded. The fair value of the commitments is derived from the fair value of related mortgage loans, net of estimated costs to complete. Outstanding IRLCs expose the Company to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Company utilizes forward delivery contracts and TBA mortgage backed securities to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. Forward Delivery Contracts The Company enters into forward delivery contracts with investors to manage the interest rate risk associated with IRLCs and loans held for sale. TBA Mortgage Backed Securities The Company enters into to be announced (TBA) mortgage backed securities which facilitate hedging and funding by allowing the Company to prearrange prices for mortgages that are in the process of originating. The Company utilizes these hedging instruments for Agency (Fannie Mae and Freddie Mac) and FHA/VA (Ginnie Mae) eligible IRLCs and typically commit them to investors at prices higher than otherwise available. Interest Rate Swaps The Company is exposed to interest rate risk when there is an unfavorable change in the value of investments as a result of adverse movements in the market interest rates. The Company enters into interest rate swaps (IRS) to protect against such adverse movements in interest rates. The Company is required to post collateral for the benefit of the counterparty. This is included in other assets in the Consolidated Balance Sheet. The Company is party to interest rate swaps in order to economically hedge interest rate risk associated with its real estate portfolio. All of these swaps have the same counterparty. The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
The Company nets the credit derivative assets and liabilities as these credit derivatives are subject to legally enforceable netting arrangements with the same party. The following table presents derivative instruments that are subject to offset by a master netting agreement:
Derivatives designated as cash flow hedging instruments Fortegra has an IRS with a counterparty, pursuant to which Fortegra swapped the floating rate portion of its outstanding preferred trust securities to a fixed rate. This IRS is designated as a cash flow hedge and expires in June 2017. As of the December 4, 2014 acquisition date, the IRS was considered a new hedging relationship, and has been redesignated as a hedge. As of March 31, 2016, the notional amount of this cash flow hedge was $35,000, with a fair value of $(1,159). Based on analysis under the long-haul method, the IRS has an unrealized loss net of tax of $185, and a variable rate of interest of 0.63% and a fixed rate of 3.47%. For the three months ended March 31, 2016, the pretax loss recognized in AOCI on the derivative-effective portion was $136, with a pretax gain reclassified from AOCI into income-effective portion of $319. The amount estimated to be reclassified to earnings from AOCI during the next 12 months is $57. These net losses reclassified into earnings are primarily expected to increase net interest expense related to the respective hedged item. |
Assets and Liabilities of Consolidated CLOs |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities of Consolidated CLOs | Assets and Liabilities of Consolidated CLOs The term CLO generally refers to a special purpose vehicle that owns a portfolio of investments and issues various tranches of debt and subordinated note securities to finance the purchase of those investments. The investment activities of a CLO are governed by extensive investment guidelines, generally contained within a CLO’s “indenture” and other governing documents which limit, among other things, the CLO’s exposure to any single industry or obligor and provide that the CLO’s assets satisfy certain ratings requirements. Most CLOs have a defined investment period during which they are allowed to make investments and reinvest capital as it becomes available. The CLOs are considered variable interest entities (VIE). The assets of each of the CLOs, including cash and cash equivalents, are held solely as collateral to satisfy the obligations of the CLOs. The Company does not own and has no right to the benefits from, nor does it bear the risks associated with, the assets held by the CLOs, beyond its direct investments in, and investment advisory fees generated from, the CLOs. If the Company were to liquidate, the assets of the CLOs would not be available to its general creditors, and as a result, the Company does not consider these assets available for the benefit of its investors. Additionally, the investors in the CLOs have no recourse to the Company’s general assets for the debt issued by the CLOs. Therefore, this debt is not the Company’s obligation. The Company consolidates entities when it is determined to be the primary beneficiary under current VIE accounting guidance. The table below represents the assets and liabilities of the consolidated CLOs that are included in the Company’s Consolidated Balance Sheet as of the dates indicated:
(1) The unpaid principal balance for these loans is $749,085 and $727,357 and the difference between their fair value and UPB is $52,721 and $46,573 at March 31, 2016 and December 31, 2015 respectively. The Company’s beneficial interests and maximum exposure to loss related to the Consolidated CLOs are limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative results in the net amount of the CLOs shown above to be equivalent to the beneficial interests retained by Tiptree as illustrated in the below table:
The following table represents revenue and expenses of the consolidated CLOs included in the Company’s Consolidated Statements of Income for the periods indicated:
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to Tiptree’s own economic interests in the CLOs which are eliminated upon consolidation:
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Net | Debt, Net The following table summarizes the balance of the Company’s debt holdings, net of discounts and deferred financing costs, excluding notes payable of consolidated CLOs. See Note 16—Assets and Liabilities of Consolidated CLOs, for notes payable of the consolidated CLOs:
The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
The following table presents the future maturities of the unpaid principal balance on the Company’s long-term debt (excluding preferred notes payable) as of:
Operating Company Secured Credit Agreement - Fortress On September 18, 2013, Operating Company entered into a Credit Agreement with Fortress and borrowed $50,000 thereunder, with an associated original issue discount of $1,000, which is being amortized over the term of the agreement. The Credit Agreement allows Operating Company to borrow additional amounts up to a maximum aggregate of $125,000, subject to satisfaction of certain customary conditions. The obligations of Operating Company under the Credit Agreement are secured by liens on substantially all of the assets of Operating Company. The principal of, and all accrued and unpaid interest on, all loans under the Credit Agreement become immediately due and payable on September 18, 2018. Loans under the Credit Agreement bear interest at a variable rate per annum equal to one-month LIBOR with a LIBOR floor of 1.25%, plus a margin of 6.50% per annum. The weighted average rate paid for the three months ended March 31, 2016 was 7.75%. The principal amount of the loan is to be repaid in quarterly installments, the amount of which may be adjusted based on the Net Leverage Ratio (as defined in the Credit Agreement) at the end of each fiscal quarter. On January 26, 2015, Tiptree entered into the Amendment to its existing Credit Agreement with Fortress providing for additional term loans in an aggregate principal amount of $25,000 to Tiptree. Tiptree was required to repay and did repay $25,000 of all the aggregate outstanding additional term loans under the Fortress credit agreement upon the closing of the PFG sale on June 30, 2015. The Company is obligated to pay interest on a monthly basis and has incurred interest expense of $891 and $1,265 for the three months ended March 31, 2016 and 2015 respectively. The remaining amortization of the original issue discount totaled $493 and $693 for the three months ended March 31, 2016 and 2015, respectively. The Company capitalized an aggregate of approximately $1,456 of costs associated with the original transaction and the amendment discussed in the preceding paragraph. The Company is amortizing the costs over the life of the facility. The Company recorded approximately $63 and $139 of expense for the three months ended March 31, 2016 and 2015, respectively, related to these capitalized costs. CLO Warehouse Borrowing Also included in debt are any warehouse lines outstanding associated with the Company’s CLOs. As of March 31, 2016 there was $119,480 outstanding for Telos 7 with a maturity date, unless earlier repaid, of January 9, 2017. Operating Company believes it was in compliance with all of the financial covenants contained in the Credit Agreement as of March 31, 2016. Fortegra Secured Credit Agreement - Wells Fargo Bank, N.A. On December 4, 2014, Fortegra entered into an amended and restated $140,000 secured credit agreement (the Credit Agreement) among: (i) Fortegra and its wholly owned subsidiary LOTS Intermediate Co. (LOTS), as borrowers (Fortegra and LOTS, collectively, the Borrowers); (ii) the initial lenders named therein; and (iii) Wells Fargo Bank, National Association, as administrative agent, swingline lender, and issuing lender. The Credit Agreement provides for a $50,000 term loan facility and a $90,000 revolving credit facility. Subject to earlier termination, the Credit Agreement matures on December 4, 2019. The weighted average rate paid for the three months ended March 31, 2016 was 3.22%. The Borrowers are required to repay the aggregate outstanding principal amount of the initial $50,000 term loan facility in consecutive quarterly installments of $1,250 that commenced on March 2015. Fortegra believes it was in compliance with the covenants required by the respective Credit Agreement in effect at March 31, 2016. Revolving Line of Credit - Synovus Bank Fortegra has a $15,000 revolving line of credit agreement (the Line of Credit) with Synovus Bank, entered into on October 9, 2013, with a maturity date of April 30, 2017. The Line of Credit bears interest at a rate of 300 basis points plus 90-day LIBOR, and is available specifically for the South Bay premium financing product. The weighted average rate paid for the three months ended March 31, 2016 was 3.62%. At March 31, 2016, Fortegra believes it was in compliance with the covenants required by the Line of Credit. Preferred Trust Securities Fortegra has $35,000 of preferred trust securities due June 15, 2037. The preferred trust securities bear interest at a floating rate of 3-month LIBOR plus the annual base rate of 4.10%. Interest is payable quarterly. In 2012, Fortegra entered into an interest rate swap that exchanges the floating rate for a fixed rate, as further described in Note 15—Derivative Financial Instruments and Hedging. The Company may redeem the preferred trust securities, in whole or in part, at a price equal to the full outstanding principal amount of such preferred trust securities outstanding plus accrued and unpaid interest. Luxury Mortgage Warehouse Borrowing As of March 31, 2016, Luxury has three separate uncommitted warehouse lines of credit in place with a combined maximum borrowing amount of $90,500. The credit agreements pay a floating rate of LIBOR plus 2.75% (with a minimum LIBOR of 3.00%) one of which matures on May 2016 and the other two on June 2016. Luxury’s three credit agreements contain customary financial covenants that require, among other items, minimum amounts of tangible net worth, profitability, maximum indebtedness ratios, and minimum liquid assets. As of March 31, 2016, Luxury believes it was in compliance or had obtained waivers of compliance with such financial covenants. Luxury’s ability to borrow under the warehouse line of credit agreements is not adversely affected by the waivers. Notes Payable On January 31, 2014, Luxury issued a series of notes to pay several former shareholders of Luxury as part of the acquisition of Luxury by Tiptree. Although the notes accrue interest at a rate of 12.0% per annum, payments to former shareholders are subject to cash available for distribution based on the profitability of Luxury subject to stipulations governed by the note agreements. The notes all mature on January 31, 2021. Mortgage Borrowing In December 2013, Luxury entered into a mortgage note agreement with the Bank of Danbury. The mortgage note matures on January 2024 and the monthly payments are based upon a twenty-five year amortization schedule. The mortgage note has a floating rate of Prime plus 1.00%. The mortgage note is secured by the underlying rental property, a guaranty by Luxury, and a personal guaranty by one of the shareholders of Luxury. Reliance As of March 31, 2016, Reliance has an uncommitted warehouse line of credit with a maximum aggregate borrowing amount of $50,000 and a maturity date of June 2016. The credit agreement, with Citibank, is collateralized by specific mortgage loans held for sale and pays a rate of one - month LIBOR plus margin. For the three months ended March 31, 2016, Reliance utilized approximately $35,898 of this line of credit. Independently of the original line of credit Reliance entered into an agreement for an additional $1,000 with an expiration of August 31, 2016. As of March 31, 2016 there have been no amounts drawn on this facility. In addition to the Citibank line of credit, a subsidiary of Tiptree entered into a warehouse credit facility with Reliance pursuant to which Tiptree may provide up to $20,000 to Reliance for the purpose of originating mortgage loans. As of the date of this report, no amounts are outstanding under this warehouse credit facility. Siena Revolving line of credit - Wells Fargo Bank On July 25, 2013 Siena established a revolving line of credit with Wells Fargo Bank. As of March 31, 2016, this revolving line has a maximum borrowing amount of $75,000 with an interest rate of LIBOR plus 2.25% and a maturity date of October 17, 2019. Subordinated note - Solaia Credit On April 9, 2015, Siena entered into a $3,500 subordinated promissory note with Solaia Credit Strategies LLC, an affiliate of Solaia Capital Management LLC, which owns approximately 38% of Siena. The note has a maturity date of April 9, 2020 or six months following maturity of the Wells Fargo facility described above. The note has an interest rate of 12.50%. Siena may prepay the note following the first anniversary of issuance but is required to pay a prepayment premium expensed as a percentage of the prepayment amount as follows: 3.0% prior to the second anniversary of issuance; 2.0% after the second but before the third anniversary and 1.0% after the third but before the fourth anniversary. Care Mortgage Borrowings The three separate loans (each, a Greenfield VA Lease Loan and, collectively, the Greenfield VA Lease Loans) with KeyCorp Real Estate Capital Markets, Inc. (KeyCorp) have an aggregate balance of $14,729 as of March 31, 2016. The Greenfield VA Lease Loans bear interest at a fixed rate of 4.76%, amortize over a thirty-year period, provide for monthly interest and principal payments and mature on May 1, 2022. The Greenfield VA Lease Loans are secured by separate cross-collateralized, cross-defaulted first priority deeds of trust on each of the Greenfield VA Lease properties. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. The two separate loans from Liberty Bank for the Calamar Properties have an aggregate balance of $17,286 as of March 31, 2016. Both of these loans amortize over a thirty year period at a weighted average fixed rate of 4.21% with one maturing on August 2019 and the other on February 2020. These loans are secured by separate first priority mortgages on each of the properties. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. The two separate loans from First Niagara Bank for the Terraces Portfolio have an aggregate balance of $15,201 as of March 31, 2016. Both of these loans amortize over a twenty-five year period at a floating rate of LIBOR plus 2.50% and mature on December 2020. These loans are secured by separate first priority mortgages on each of the properties. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. The two separate loans from First Niagara Bank for the Heritage Portfolio have an aggregate balance of $31,278 as of March 31, 2016. Both of these loans amortize over a twenty-five year period at a floating rate of LIBOR plus 2.75% and mature on November 2020. These loans are secured by separate first priority mortgages on each of the properties. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. The loan with Synovus Bank for the Greenfield Portfolio Managed Properties has an aggregate balance of $23,095 as of March 31, 2016. The loan includes 36 months of interest only payments and amortizes over a thirty year period at a floating rate of LIBOR plus 3.20% and matures on October 2019. The loan is secured by first priority mortgages on each of the properties. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. The Housing and Urban Development loan from Red Mortgage Capital for the additional Heritage Portfolio seniors housing community has an aggregate balance of $5,909 as of March 31, 2016. The loan amortizes over a thirty year period at a fixed rate of 4.72% and matures on May 2040. The loan is secured by a first priority mortgage on the property. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. Effective February 9, 2015, in connection with Care and Royal’s acquisition of five seniors housing communities, the parties entered into a $22,500, five year loan (subject to a holdback). The agreement includes 36 months of interest only payments and a $2,000 commitment which will be available to be drawn on between February 9, 2016 and February 9, 2019, subject to certain conditions. As of March 31, 2016, the loan had an aggregate balance of $19,998 and matures on February 2020. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. Effective March 30, 2015, affiliates of Care secured a $39,500, 10 year loan (subject to a holdback), in connection with its acquisition of six seniors housing communities. The mortgage debt carries a fixed rate of 4.25% and matures on April 1, 2025. As of March 31, 2016, the loan had an aggregate balance of $38,700. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. Effective January 20, 2016, in connection with Care and Heritage’s acquisition of one seniors housing community, the parties entered into a $28,000, 7 year loan, which includes 24 months of interest only payments. The loan carries a variable rate of 30-day LIBOR plus 2.05% and matures on January 31, 2023. As of March 31, 2016, the loan had an aggregate balance of $28,000. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. Effective March 1, 2016, in connection with Care and Royal’s acquisition of one seniors housing community, the parties entered into a $11,218, 5 year loan, which includes 36 months of interest only payments and a $1,000 commitment which will be available to be drawn on one year after closing, subject to certain conditions. The loan carries a variable rate of 30-day LIBOR plus 2.75% and matures on February 29, 2021. As of March 31, 2016, the loan had an aggregate balance of $11,218. As of March 31, 2016, management believes Care is in compliance with the representations and covenants for this loan transaction. Telos Credit Opportunities Fund On May 5, 2015, a subsidiary of Telos Credit Opportunities Fund, L.P. (Telos Credit Opportunities), a leveraged loan fund in which Tiptree is the sole investor and which is managed by Tiptree’s Telos Asset Management LLC subsidiary, entered into an asset based secured credit facility of up to $100,000 with Capital One, N.A. as administrative agent and the lenders party thereto. The credit agreement has a maturity date of May 5, 2020. As of March 31, 2016, $61,896 was outstanding under the credit agreement with a weighted average interest rate of 2.92% for the period ended March 31, 2016. On January 14, 2016, Telos COF I, LLC, a subsidiary of Telos Credit Opportunities, amended its existing credit agreement with Capital One, N.A., as administrative agent, and the other lenders party thereto. The amendment reduced the maximum size of the facility to $100,000 and increased advance rates on certain types of loans. Telos Credit Opportunities may prepay borrowings under the facility but is required to pay a prepayment premium expressed as a percentage of the amount prepaid as follows: 1.5% if prior to May 5, 2016 and 1% if prior to May 5, 2017. Consolidated CLOs The Company includes in its Consolidated Balance Sheets, as part of liabilities of consolidated CLOs, the debt obligations used to finance the investment in corporate loans and other investments owned by the CLOs that it manages. See Note 16—Assets and Liabilities of Consolidated CLOs, for additional information. |
Other Liabilities and Accrued Expenses (Notes) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses | Other Liabilities and Accrued Expenses The following table presents the components of Other liabilities and accrued expenses as reported in the Consolidated Balance Sheets:
Unrealized losses recognized during the three months ended March 31, 2016 on trading liabilities still held at March 31, 2016 was $2,516. |
Stockholders' Equity |
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Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity As of March 31, 2016, Tiptree’s authorized capital stock consists of 100,000,000 shares of preferred stock, $0.001 par value, 200,000,000 shares of Class A common stock, $0.001 par value, and 50,000,000 shares of Class B common stock, $0.001 par value. As of March 31, 2016 and December 31, 2015, no shares of preferred stock were issued and outstanding. As of March 31, 2016 and December 31, 2015, there were 34,914,772 and 34,899,833 shares of Class A common stock issued and outstanding, respectively. As of March 31, 2016 and December 31, 2015, there were 8,049,029 shares of Class B common stock issued and outstanding, respectively. TFP owns a warrant to purchase 652,500 shares of Class A common stock at $11.33 per share which is immediately exercisable and expires on September 30, 2018. All shares of our Class A common stock have equal rights as to earnings, assets, dividends and voting. Shares of Class B common stock have equal voting rights but no economic rights (including no right to receive dividends or other distributions upon liquidation, dissolution or otherwise). Distributions may be paid to holders of Class A common stock if, as and when duly authorized by our board of directors and declared out of assets legally available therefor. For the three months ended March 31, 2016 and 2015, the Company declared dividends of $0.025, per common share of Class A stock, respectively on March 15, 2016 and March 31, 2015. The Company paid such dividends after the quarter end, on April 1, 2016 and April 23, 2015, respectively. |
Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the activity in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the Consolidated Statement of Income (Loss) for the following periods:
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Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Equity Plans 2007 Manager Equity Plan The Care Investment Trust Inc. Manager Equity Plan was adopted in June 2007 and will automatically expire on the 10th anniversary of the date it was adopted. As of March 31, 2016, 134,629 common shares remain available for future issuances. No shares have been issued since March 30, 2012 from this plan. 2013 Omnibus Incentive Plan The Company adopted the Tiptree 2013 Omnibus Incentive Plan (2013 Equity Plan) on August 8, 2013 which permits the grant of stock units, stock, and stock options up to a maximum of 2,000,000 shares of Class A common stock. The general purpose of the 2013 Equity Plan is to attract, motivate and retain selected employees and directors for the Company, to provide them with incentives and rewards for performance and to better align their interests with the interests of the Company’s stockholders. Unless otherwise extended, the 2013 Equity Plan terminates automatically on the tenth anniversary of its adoption. The table below summarizes changes to the issuances under the Company’s 2013 Equity Plan for the periods indicated:
Restricted stock units and restricted stock A holder of the restricted stock units (RSUs), pursuant to the terms of the restricted stock unit agreement governing the awards, have all of the rights of a stockholder, including the right to vote and receive distributions. Generally, the RSUs shall vest and become nonforfeitable with respect to one-third of Tiptree shares granted on each of the first, second and third anniversaries of the date of the grant, and expensed using the straight-line method over the requisite service period as if the award was, in-substance, multiple awards. A holder of restricted stock, pursuant to the terms of the restricted stock award agreement governing the awards have all of the rights of a stockholder, including the right to vote and receive distributions. The restricted stock is subject to forfeiture as set forth in the agreement governing the award. The following table summarizes changes to the issuances of Class A common stock, restricted stock, and RSUs under the 2013 Equity Plan for the periods indicated:
(1) Includes 130,946 of immediately vested Class A common stock with a grant date fair value of $750 to settle compensation accrued during the year ended December 31, 2015. The Company values RSUs at their grant-date fair value as measured by Tiptree’s common stock price. Included in vested shares for 2016 are 646 shares surrendered to pay taxes on behalf of the employees with shares vesting. During the three months ended March 31, 2016, the Company granted 145,383 RSUs to employees of the Company, of which 111,759 vest over a period of three years that began in January 2016, and the remainder will vest over a period of two years beginning January 2016. Stock Options Option awards have been granted to the Executive Committee with an exercise price equal to the fair market value of our common stock on the date of grant; those option awards have a 10-year term and are subject the recipient’s continuous service, a market requirement, and generally vest over 5 years beginning on the 3rd anniversary of the grant date. Options granted during the quarter contained a market requirement that at any time during the option term, the 20-day volume weighted average stock price must exceed the December 31, 2015 book value per share. The market requirement may be met any time before the option expires and it only needs to be met once for the option to remain exercisable for the remainder of its term. If the market requirement is not met, but the service condition is met, the full amount of the compensation expense will be recognized over the appropriate vesting period. The fair value of each option grant was estimated on the date of grant using a Black-Scholes-Merton option pricing formula embedded within a Monte Carlo model used to simulate the future stock prices of the Company, which assumes that the market requirement is achieved. Historical volatility was computed based on historical daily returns of the Company’s stock over a lookback period equal to 2.5 years from the grant date. The valuation is done under a risk-neutral framework using the 10-year zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the grant date. The current quarterly dividend of $0.025 was used to calculate a spot dividend yield as of the date of grant for use in the model. The following table presents the assumptions used to estimate the fair values of the stock options granted for the following period:
The following table presents the Company's stock option activity for the current period:
Reliance Incentive Plan In July 2015, Tiptree and Reliance established the Reliance Restricted Units Program under which Reliance is authorized to issue restricted stock units representing equity of Reliance to employees of Reliance. Two-thirds of the restricted stock units issued are subject to vesting based on the performance of Reliance and one-third vest annually in four equal installments, subject to continued employment. Following the fourth anniversary of issuance, vested restricted stock of Reliance may be exchanged at fair market value, at the option of the holder, for Tiptree Class A common stock. The Company has determined that the straight-line method will be used to recognize compensation expense for the time vesting Reliance restricted stock over the requisite service period of four years beginning in July 2015. The Company has determined that the graded-vesting method will be used to recognize compensation expense for the performance vesting Reliance restricted stock. Compensation expense will be recognized if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The Company must reassess the probability of satisfaction of the performance condition for the performance vesting Reliance restricted stock for each reporting period. Stock-based Compensation Expense The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the Consolidated Statements of Income:
Additional information on total non-vested stock-based compensation is as follows:
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Related Party Transactions |
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Related Party Transactions | Related Party Transactions Tricadia Holdings, L.P. On June 30, 2012, TAMCO, TFP and Tricadia Holdings LP (Tricadia) entered into a transition services agreement in connection with the internalization of the management of Tiptree (TSA). Pursuant to the TSA, Tricadia currently provides the Company with the services of its Executive Chairman as well as certain administrative and information technology. The TSA was assigned to the Company in connection with the Contribution Transactions. The Company pays Tricadia specified prices per service (detailed below) which totaled $114 and $333 for the three months ended March 31, 2016 and 2015, respectively. The fees paid to Tricadia for services provided consisted of the following:
(1) Represents cash bonuses and grant date fair value of immediately vested stock granted to Tricadia or its employees providing services to Tiptree pursuant to the TSA. Mariner Investment Group LLC TFP and Back Office Services Group, Inc. (BOSG) entered into an administrative services agreement on June 12, 2007 (Administrative Services Agreement), which was assigned to the Operating Company on July 1, 2013 in connection with the Contribution Transactions, under which BOSG provides certain back office, administrative and accounting services to the Company including the services of the Company’s Chief Accounting Officer. BOSG is an affiliate of Mariner Investment Group (Mariner). Under the Administrative Services Agreement, the Company pays BOSG a quarterly fee of 0.025% of the Company’s Net Assets, defined as the Company’s total assets less total liabilities, including accrued income and expense, calculated in accordance with GAAP. This fee totaled $100 and $95 for the three months ended March 31, 2016 and 2015, respectively. The Administrative Services Agreement has successive one year terms but may be terminated by the Company or BOSG upon 60 days prior notice. The amount of receivable and payables as of the balance sheet date was not material. |
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Income Taxes | Income Taxes The total income tax benefit of $2,439 and benefit of $1,496 for the three months ended March 31, 2016 and 2015, respectively, is reflected as a component of income/(loss) from continuing operations. For the three months ended March 31, 2016, the Company’s effective tax rate (“ETR”) on income from continuing operations was equal to (49.0)% which does not bear a customary relationship to statutory income tax rates. The ETR for the three months ended March 31, 2016 is negative and lower than the U.S. federal statutory income tax rate of 35.0% primarily due to $4,044 of the discrete tax benefits for the period, primarily related to the tax restructuring that resulted in a consolidated corporate tax group effective January 1, 2016. See Note 1—Organization. The ETR on income from continuing operations for the three months ended March 31, 2016 before the tax restructuring was 32.3%. This 32.3% ETR is lower than the U.S. federal statutory income tax rate of 35.0% primarily due to (i) the release of valuation allowances on net operating losses earned by on certain subsidiaries, offset by (ii) valuation allowances on net operating losses incurred by other subsidiaries and (iii) the impact of certain gains and losses treated discretely for the period. |
Commitments and Contingencies |
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Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The table below summarizes the Company’s contractual obligations by period that payments are due:
(1) Minimum rental obligations for Tiptree, Care, MFCA, Siena, Luxury, Reliance and Fortegra office leases. For the three months ended March 31, 2016 and 2015, rent expense for the Company’s office leases were $1,691 and $986, respectively. In addition, Tiptree’s subsidiary Siena issues standby letters of credit for credit enhancements that are required by their borrower’s respective businesses. As of March 31, 2016 there was $400 outstanding relating to these letters of credit. Litigation Tiptree’s Fortegra subsidiary is a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed on February 2, 2006, in the Pike Circuit Court, in the Commonwealth of Kentucky. A class was certified on June 25, 2010. At issue is the duration or term of coverage under certain policies. The action alleges violations of the Consumer Protection Act and certain insurance statutes, as well as common law fraud. The action seeks compensatory and punitive damages, attorney fees and interest. Plaintiffs filed a Motion for Sanctions on April 5, 2012 in connection with Fortegra's efforts to locate and gather certificates and other documents from Fortegra's agents. While the court did not award sanctions, it did order Fortegra to subpoena certain records from its agents. Although Fortegra appealed the order on numerous grounds, the Kentucky Supreme Court ultimately denied the appeal in April 2014. Consequently, the court has appointed a special master to facilitate the collection of certificates and other documents from Fortegra's agents. On January 29, 2015, the trial court issued an Order denying Fortegra’s motion to decertify the class, which Fortegra has appealed. On July 8, 2015, the Kentucky Court of Appeals dismissed Fortegra’s appeal, on the grounds that the court lacked subject-matter jurisdiction. The Company appealed, and the Supreme Court of Kentucky denied discretionary review. No trial or hearings are currently scheduled. Tiptree considers such litigation customary in Fortegra’s lines of business. In management's opinion, based on information available at this time, the ultimate resolution of such litigation, which it is vigorously defending, should not be materially adverse to the financial position of Tiptree. It should be noted that large punitive damage awards, bearing little relation to actual damages sustained by plaintiffs, have been awarded in certain states against other companies in the credit insurance business. At this time, the Company cannot estimate a range of loss that is reasonably possible. Tiptree and its subsidiaries are parties to other legal proceedings in the ordinary course of business. Although Tiptree’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, Tiptree does not believe that these proceedings, either individually or in the aggregate, are likely to have a material adverse effect on Tiptree’s financial position. |
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Earnings Per Share | Earnings Per Share The Company calculates basic net income per Class A common share based on the weighted average number of Class A common shares outstanding (inclusive of vested restricted share units). The unvested restricted share units have the non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method, and for the three months ended March 31, 2015, the loss from continuing operations available to common stockholders was not allocated to the unvested restricted stock units as those holders do not have a contractual obligation to share in net losses. Diluted net income per Class A common shares for the period includes the effect of potential equity of Siena, Reliance, and Operating Company as well as potential Class A common stock, if dilutive. For the three months ended March 31, 2015, the assumed exercise of all dilutive instruments were anti-dilutive, and therefore, were not included in the diluted net income per Class A common share calculation. The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
(1) For the three months ended March 31, 2016, the total net income (loss) attributable to non-controlling interest was $1,859, comprised of $1,859 due to continuing operations and $0 attributable to discontinued operations. For the three months ended March 31, 2015, the total net income attributable to non-controlling interest was $(1,040), comprised of $(1,739) due to continuing operations and $699 attributable to discontinued operations. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 5, 2016, the Company’s board of directors declared a quarterly cash dividend of $0.025 per share to Class A stockholders with a record date of May 23, 2016, and a payment date of May 30, 2016. |
Summary of Significant Accounting Policies (Policies) |
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Basis of Presentation | Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its controlled subsidiaries. The consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Form 10-K for the fiscal year ended December 31, 2015. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2016. |
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Principles of Consolidation | Tiptree consolidates those entities in which it has an investment of 50% or more of voting rights or has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (VIEs) in which Tiptree is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Generally, Tiptree’s consolidated VIEs are entities which Tiptree is considered the primary beneficiary through its controlling financial interests. Non-controlling interests on the Consolidated Statements of Income represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated. The Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2015 have been revised primarily to reflect funds used to originate loans as an investing activity rather than an operating activity. These corrections resulted in an increase in cash provided by operating activities of approximately $9,000, an increase in cash used in investing activities of approximately $5,000 and a decrease in cash provided by financing activities of approximately $4,000. In addition, certain prior period amounts have been reclassified to conform to the current year presentation. See “Item 4. Controls and Procedures” for actions the Company is taking to remediate certain material weaknesses as of March 31, 2016, and to enhance its control infrastructure as a result. |
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Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include but are not limited to the determination of the following significant items:
Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. |
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Acquisition Accounting | Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other income in the Consolidated Statements of Income. Acquisition and transaction costs are related primarily to completed and potential business combinations and include advisory, legal, accounting, valuation and other professional or consulting fees which are expensed as incurred. In certain instances, the Company may acquire less than 100% ownership of an entity, resulting in the recording of a non-controlling interest. The non-controlling interest is initially established at a preliminary estimate of fair value, which may be adjusted during the measurement period based upon the results of a valuation study applicable to the business combination. |
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Fair Value Measurement | Fair Value Measurement ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, describes the framework for measuring fair value, and addresses fair value measurement disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three‑level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. Fair Value Option The Company has elected the fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in net realized and unrealized gains (losses) within the Consolidated Statements of Income. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our Consolidated Balance Sheets from those instruments using another accounting method. |
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Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. These amendments change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information. ASU 2014-08 is effective for the first quarter of 2015 for the Company. The effects of applying the revised guidance will vary based upon the nature and size of future disposal transactions. It is expected that fewer disposal transactions will meet the new criteria to be reported as discontinued operations. The adoption of ASU 2014-08 did not have an impact on the Company's consolidated financial position, results of operations and cash flows. In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period shall be treated as a performance condition. The adoption of this standard did not have an impact on its Consolidated Balance Sheets, results of operations or cash flows. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The pronouncement eliminates the concept of extraordinary items from GAAP. However, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 will be effective for the annual and interim periods beginning after December 15, 2015 with early adoption permitted. The adoption of this standard did not have an impact on the Company’s Consolidated Balance Sheets, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability and consistent with debt discounts. ASU 2015-03 requires retrospective adoption and will be effective for the Company on January 1, 2016 and early adoption is permitted. Accordingly “Debt, net” is reported net of deferred financing costs as of March 31, 2016 and December 31, 2015, respectively in the Consolidated Balance Sheets. See Note 17—Debt, net. In April 2015, the FASB issued ASU 2015-05, Intangibles -Goodwill and Other -Internal-Use Software (Subtopic 350-40) which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance as to whether an arrangement includes the sale or license of software. The adoption of this standard did not have an impact on the Company’s Consolidated Balance Sheets, results of operations and cash flows. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which eliminates the requirement for entities to categorize within the fair value hierarchy investments for which fair values are measured at net asset value (NAV) per share (FASB ASC Subtopic 820-10). ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient, instead limiting disclosures to investments for which the entity has elected the expedient. ASU 2015-07 is effective for the Company on January 1, 2016 and early adoption is permitted and retrospective adoption is required. The adoption of this standard did not have an impact on the Company’s Consolidated Balance Sheets, results of operations or cash flows. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements, which covers a wide range of Topics in the Codification. The amendments in ASU 2015-10 represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost on most entities. Amendments with transition guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. All other amendments are effective upon the ASU’s issuance (June 12, 2015). The adoption of this standard did not have a material impact on the Company’s Consolidated Balance Sheets, results of operations or cash flows. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this standard affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This standard was originally effective for the Company on January 1, 2017. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. Reporting entities may choose to adopt the standard as of the original effective date. The deferral results in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently reviewing ASU 2014-09 and is assessing the potential effects on its consolidated financial position, results of operations and cash flows. In May 2015, the FASB issued ASU 2015-09, Financial Services—Insurance (Topic 944): Disclosures about Short-Duration Contracts, which expands the disclosure requirements for insurance companies that issue short-duration contracts (typically one year or less) to provide users with additional disclosures about the liability for unpaid claims and claim adjustment expenses and to increase the transparency of the significant estimates management makes in measuring those liabilities. In addition, the disclosures will serve to increase insight into an insurance entity’s ability to underwrite and anticipate costs associated with claims as well as provide users of the financial statements a better understanding of the amount and uncertainty of cash flows arising from insurance liabilities, the nature and extent of risks on short-duration contracts and the timing of cash flows arising from insurance liabilities. ASU 2015-09 will be effective for the Company for the annual period beginning after December 15, 2015, and for interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the effect upon its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01), which makes targeted improvements to the recognition, measurement, presentation and disclosure of certain financial instruments. ASU 2016-01 focuses primarily on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for certain financial instruments. Among its provisions for public business entities, ASU 2016-01 eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires the separate presentation in other comprehensive income of the change in fair value of a liability due to instrument-specific credit risk for a liability for which the reporting entity has elected the fair value option, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) and clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-1 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for a limited number of provisions. The Company is currently evaluating the effect on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact the adoption of ASU 2016-02 will have on our financial position or results of operations. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently evaluating the effect upon its financial statements. In March 2016, the FASB issued ASU 2016-07, Investments -Equity Method and Joint Ventures (Topic 323) which eliminates the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently evaluating the effect upon its financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) which clarify the implementation guidance on principal versus net considerations. The effective date and transition requirements for this standard are the same as the effective date and transition requirements of ASU 2014-09. The Company is currently evaluating the effect upon its financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting which simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition, the amendments in this Update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the effect upon its financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect upon its financial statements. |
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Fair Value of Financial Instruments | The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note 2, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities Available for sale securities are generally classified within either Level 1 or Level 2 of the fair value hierarchy and are based on prices provided by an independent pricing service and a third party investment manager who provide a single price or quote per security. The following details the methods and assumptions used to estimate the fair value of each class of available for sale securities and the applicable level each security falls within the fair value hierarchy: U.S Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Municipal Securities, Corporate Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third party investment manager. The prices provided by the independent pricing service are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 of the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity Securities: The fair values of publicly traded common and preferred stocks were obtained from market value quotations provided by an independent pricing service and fall under Level 1 of the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks were based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 of the fair value hierarchy. Derivative Assets and Liabilities: Derivatives are comprised of credit default swaps (CDS), index credit default swaps (CDX), interest rate lock commitments (IRLC), to be announced mortgage backed securities (TBA) and interest rate swaps (IRS). The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. In general, the fair value of CDSs and CDXs are based on dealer quotes. Because significant inputs, other than unadjusted quoted prices in active markets are used to determine the dealer quotes, such as price volatility, the Company classifies them as Level 2 in the fair value hierarchy. The fair value of IRS is based upon either valuation pricing models, which represent the amount the Company would expect to pay at the balance sheet date if the contracts were exited, or by obtaining broker or counterparty quotes. Because there are observable inputs used to arrive at these prices, the Company has classified IRS within Level 2 of the fair value hierarchy. Our mortgage origination subsidiaries issue IRLCs to its customers, which are carried at estimated fair value on the Company’s Consolidated Balance Sheet. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of an expected fall out assumption. The fair values of these commitments generally result in a Level 3 classification. Our mortgage origination subsidiaries manage their exposure by entering into best efforts delivery commitments with loan investors referred to as “best efforts lock”. For loans not locked with investors on a best efforts basis, the Company enters into hedge instruments, to protect against movements in interest rates. The fair values of these hedge instruments generally result in a Level 2 classification. The Company uses certain of its IRS as part of its risk management strategy to manage interest rate risk and cash flow risk that may arise in connection with the variable interest rate provision of the Company's preferred trust securities. These derivatives are classified as cash flow hedges. Trading Assets and Liabilities: Trading assets and liabilities consist primarily of privately held equity securities, exchange-traded equity securities, CLOs, collateralized debt obligations (CDOs), derivative assets and liabilities, tax exempt securities, and U.S. Treasury short positions. The fair value of privately held equity securities are based on quotes obtained from dealers or internally developed valuation models. Because significant inputs used to determine the dealer quotes or model values are not observable, such as projected future earnings and price volatility, the Company has classified them within Level 3 of the fair value hierarchy. The Company’s U.S. Treasury short position is priced through dealer indicative quotes and as such is classified as Level 2. Positions in securitized products such as CLOs and CDOs are based on quotes obtained from dealers and valuation models. When these quotes are based directly or indirectly on observable inputs such as quoted prices for similar assets exchanged in an active or inactive market, the Company has classified them within Level 2 of the fair value hierarchy. If these quotes are based on valuation models using unobservable inputs such as expected future cash flows, default rates, supply and demand considerations, and market volatility, the Company has classified them within Level 3 of the fair value hierarchy. The fair value of tax exempt securities is determined by obtaining quotes from independent pricing services. In most cases, quotes are obtained from two pricing services and the average of both quotes is used. The independent pricing services determine their quotes using observable inputs such as current interest rates, specific issuer information and other market data for such securities. Therefore, the estimate of fair value is subject to a high degree of variability based upon market conditions, the availability of issuer information and the assumptions made. The valuation inputs used to arrive at fair value for such debt obligations are generally classified within Level 2 or Level 3 of the fair value hierarchy. Notes receivable: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized as Level 2 of the fair value hierarchy. Debt: The fair value of notes payable is determined based on contractual cash flows discounted at market rates for mortgage notes payable and either dealer quotes or contractual cash flows discounted at market rates for other notes payable. Categorized as Level 3 of the fair value hierarchy. Additionally, the following financial assets and liabilities on the Consolidated Balance Sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized as Level 1 of the fair value hierarchy. Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses an approximate their fair value due to their short‑term nature. Categorized as Level 2 of the fair value hierarchy. Accounts and premiums receivable, net, and other receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized as Level 2 of the fair value hierarchy. Loans Owned, at Amortized Cost: The fair value of loans owned, at amortized cost approximates its carrying value because the interest rates on the loans are based on a variable market interest rate. Categorized as Level 3 of the fair value hierarchy. |
Acquisitions (Tables) |
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the consideration paid and the amounts of estimated fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the three months ended March 31, 2016:
The following table summarizes the consideration paid and the amounts of estimated fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the three months ended March 31, 2015:
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
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Dispositions, Assets Held for Sale and Discontinued Operations Tables (Tables) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table represents detail of revenues and expenses of discontinued operations in the Consolidated Statements of Income for the three months ended March 31, 2015:
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Condensed Cash Flow Statement [Table Text Block] | The following table presents the cash flows from discontinued operations for the periods indicated:
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Operating Segment Data (Tables) |
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Schedule of segment profit (loss), and segment assets | The tables below present the components of revenue, expense pre-tax income or loss, and segment assets for each of the operating segments for the following periods:
(1) Bonus of $300 was reclassified from Corporate and other to Asset management to conform to the current period presentation. |
Securities, Available for Sale (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of available-for-sale securities reconciliation | The following tables present the Company's investments in available for sale securities:
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Schedule of available-for-sale securities, continuous unrealized loss position | The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
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Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
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Investment in Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of the Company's loan portfolio | The following table presents the Company’s loans, measured at fair value and amortized cost:
The following table summarized the total mortgage loans held for sale, at fair value:
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Mortgage Loans Held for Sale (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortage Loans held for sale, at fair value [Table Text Block] | The following table presents the Company’s loans, measured at fair value and amortized cost:
The following table summarized the total mortgage loans held for sale, at fair value:
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values and carrying values of assets and liabilities and the fair value level(s) associated with them | The following tables present the Company’s fair value hierarchies for financial assets and liabilities, including the balances associated with the consolidated CLOs, measured on a recurring basis:
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Schedule of additional information about assets that are measured at fair value on a recurring basis for which the company utilized Level 3 inputs to determine fair value | The following table represents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
(1) All transfers are deemed to occur at end of period. Transfers between Level 2 and 3 were a result of subjecting third-party pricing on both CLO and Non-CLO assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation. |
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Schedule of quantitative information about significant observable inputs used in the valuation of privately held securities and credit default assets | The following is quantitative information about Level 3 significant unobservable inputs used in fair valuation. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not readily available to the Company.
(1) Financial assets classified as Level 3 and fair valued using significant unobservable inputs classified as Level 3 have not been provided as these are not readily available to the Company (including servicing release premium for interest rate lock commitments and forward delivery contracts). (2) The significant unobservable inputs used in the fair value measurement of our NPLs are discount rates, loan resolution timeline, and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics, such as location and value of underlying collateral, affect the loan resolution timeline. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our NPLs as of March 31, 2016 (the Company did not invest in NPLs in the prior year period):
(1) Weighted based on value of underlying properties. |
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Fair Value Inputs, Liabilities, Quantitative Information |
(1) Not included in this table are the debt obligations of consolidated CLOs, measured and leveled on the basis of the fair value of the (more observable) financial assets of the consolidated CLOs. See Note 16—Assets and Liabilities of Consolidated CLOs. |
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Schedule of fair values and carrying values of financial assets and liabilities, and fair value hierarchy | The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value on a recurring or non-recurring basis and their respective levels within the fair value hierarchy:
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Reinsurance (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance [Table Text Block] | The following table presents the effect of reinsurance on premiums written and earned by Fortegra for the following period:
The following table presents the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred by Fortegra for the following period:
The following table presents the components of the reinsurance receivables:
(1) Including policyholder account balances ceded. |
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Components of Reinsurance Receivable [Table Text Block] | The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:
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Real Estate, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of real estate assets | The following table contains information regarding the Company’s investment in real estate as of the following periods:
(1) Represents a single family residential property located in Connecticut that is being rented through the Company's subsidiary, Luxury. |
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Schedule of future minimum annual rental revenue | The following table presents the future minimum annual rental revenue under the noncancelable terms of all operating leases as of:
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Goodwill and Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of identifiable intangible assets | The following table presents identifiable intangible assets, accumulated amortization, and goodwill by segment:
(1) Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets. |
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table presents the amortization expense on intangible assets for the next five years by relevant segment:
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Other Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | The following table presents the components of Other assets as reported in the Consolidated Balance Sheets:
Unrealized gains recognized during the three months ended March 31, 2016 on trading assets still held at March 31, 2016 was $7,788. |
Derivative Financial Instruments and Hedging (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
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Offsetting Assets | The following table presents derivative instruments that are subject to offset by a master netting agreement:
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Assets and Liabilites of Consolidated CLOs (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Variable Interest Entities | The table below represents the assets and liabilities of the consolidated CLOs that are included in the Company’s Consolidated Balance Sheet as of the dates indicated:
(1) The unpaid principal balance for these loans is $749,085 and $727,357 and the difference between their fair value and UPB is $52,721 and $46,573 at March 31, 2016 and December 31, 2015 respectively. The Company’s beneficial interests and maximum exposure to loss related to the Consolidated CLOs are limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative results in the net amount of the CLOs shown above to be equivalent to the beneficial interests retained by Tiptree as illustrated in the below table:
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to Tiptree’s own economic interests in the CLOs which are eliminated upon consolidation:
The following table represents revenue and expenses of the consolidated CLOs included in the Company’s Consolidated Statements of Income for the periods indicated:
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Debt, Net (Tables) |
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | The following table summarizes the balance of the Company’s debt holdings, net of discounts and deferred financing costs, excluding notes payable of consolidated CLOs. See Note 16—Assets and Liabilities of Consolidated CLOs, for notes payable of the consolidated CLOs:
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Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table presents the future maturities of the unpaid principal balance on the Company’s long-term debt (excluding preferred notes payable) as of:
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Other Liabilities and Accrued Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | The following table presents the components of Other liabilities and accrued expenses as reported in the Consolidated Balance Sheets:
Unrealized losses recognized during the three months ended March 31, 2016 on trading liabilities still held at March 31, 2016 was $2,516. |
Accumulated Other Comprehensive Income (Loss) (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the activity in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the Consolidated Statement of Income (Loss) for the following periods:
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Stock Based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | The table below summarizes changes to the issuances under the Company’s 2013 Equity Plan for the periods indicated:
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes changes to the issuances of Class A common stock, restricted stock, and RSUs under the 2013 Equity Plan for the periods indicated:
(1) Includes 130,946 of immediately vested Class A common stock with a grant date fair value of $750 to settle compensation accrued during the year ended December 31, 2015. he following table presents the Company's stock option activity for the current period:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table presents the assumptions used to estimate the fair values of the stock options granted for the following period:
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Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the Consolidated Statements of Income:
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Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Additional information on total non-vested stock-based compensation is as follows:
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Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | The fees paid to Tricadia for services provided consisted of the following:
(1) Represents cash bonuses and grant date fair value of immediately vested stock granted to Tricadia or its employees providing services to Tiptree pursuant to the TSA. |
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contractual obligations | The table below summarizes the Company’s contractual obligations by period that payments are due:
(1) Minimum rental obligations for Tiptree, Care, MFCA, Siena, Luxury, Reliance and Fortegra office leases. For the three months ended March 31, 2016 and 2015, rent expense for the Company’s office leases were $1,691 and $986, respectively. |
Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic and diluted net income per common share | The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
(1) For the three months ended March 31, 2016, the total net income (loss) attributable to non-controlling interest was $1,859, comprised of $1,859 due to continuing operations and $0 attributable to discontinued operations. For the three months ended March 31, 2015, the total net income attributable to non-controlling interest was $(1,040), comprised of $(1,739) due to continuing operations and $699 attributable to discontinued operations. |
Summary of Significant Accounting Policies Reclassification Adjustments to Prior Period Cash Flow Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net increase in cash | $ (26,175) | $ 20,145 |
Net Cash Provided by (Used in) Operating Activities | 12,601 | 9,685 |
Net Cash Provided by (Used in) Investing Activities | 84,967 | 75,266 |
Net Cash Provided by (Used in) Financing Activities | $ (46,191) | (85,726) |
Reclassifications [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 9,000 | |
Net Cash Provided by (Used in) Investing Activities | 5,000 | |
Net Cash Provided by (Used in) Financing Activities | $ 4,000 |
Acquisitions 2015 Acquisitions Table (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2015 |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Assets | |||
Real estate, net | $ 254,072 | $ 203,961 | |
Other assets | 111,165 | 104,500 | |
Liabilities | |||
Deferred revenue | 58,646 | 63,081 | |
Other liabilities and accrued expenses | (123,342) | (94,420) | |
Debt | $ (713,071) | $ (666,952) | |
Real estate | 2015 Acquisitions | |||
Business Acquisition [Line Items] | |||
Fair value of total consideration | $ 83,787 | ||
Acquisition Costs | 1,567 | ||
Assets | |||
Real estate, net | 76,003 | ||
Intangible assets, net | 8,800 | ||
Other assets | 92 | ||
Liabilities | |||
Deferred revenue | 589 | ||
Other liabilities and accrued expenses | (519) | ||
Total identifiable net assets assumed | $ 83,787 |
Acquisitions Schedule of Finite Lived Intangibles Acquired (Details) - Leases in place - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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2016 Acquisitions | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 1 year 3 months 18 days | |
2016 Acquisitions | Real estate | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,940 | |
2015 Acquisitions | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 8 years 7 months 26 days | |
2015 Acquisitions | Real estate | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 8,800 |
Dispositions, Assets Held for Sale and Discontinued Operations Condensed Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Operating Activities | $ (6) | $ 30,950 |
Investing Activities | 0 | (1,738) |
Financing Activities | $ 0 | (2,500) |
PFG | ||
Operating Activities | 30,950 | |
Investing Activities | (1,738) | |
Financing Activities | (2,500) | |
Net cash flows provided by discontinued operations | $ 26,712 |
Securities, Available for Sale (Schedule of Available-for-sale Securities Reconciliation) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 182,821 | $ 185,046 |
Gross unrealized gains | 2,588 | 748 |
Gross unrealized losses | (317) | (1,091) |
Fair value | 185,092 | 184,703 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 51,082 | 53,274 |
Gross unrealized gains | 779 | 83 |
Gross unrealized losses | (15) | (221) |
Fair value | 51,846 | 53,136 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 54,271 | 51,942 |
Gross unrealized gains | 892 | 466 |
Gross unrealized losses | (18) | (73) |
Fair value | 55,145 | 52,335 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 66,087 | 68,400 |
Gross unrealized gains | 679 | 89 |
Gross unrealized losses | (214) | (651) |
Fair value | 66,552 | 67,838 |
Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 1,490 | 1,525 |
Gross unrealized gains | 41 | 4 |
Gross unrealized losses | 0 | 0 |
Fair value | 1,531 | 1,529 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 892 | 893 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 892 | 893 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,081 | 6,081 |
Gross unrealized gains | 183 | 106 |
Gross unrealized losses | (64) | (79) |
Fair value | 6,200 | 6,108 |
Obligations of foreign governments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,918 | 2,931 |
Gross unrealized gains | 14 | 0 |
Gross unrealized losses | (6) | (67) |
Fair value | $ 2,926 | $ 2,864 |
Securities, Available for Sale (Schedule of Available-for-sale Securities in Continuous Unrealized Loss Position) (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
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Dec. 31, 2015
USD ($)
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Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 39,622 | $ 115,322 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (243) | $ (1,060) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Or Equal to One Year | 200 | 519 |
Fair Value, More Than One Year | $ 3,032 | $ 667 |
Gross Unrealized Losses, More Than One Year | $ (74) | $ (31) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, More Than One Year | 17 | 8 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 10,772 | $ 35,588 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (14) | $ (221) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Or Equal to One Year | 57 | 146 |
Fair Value, More Than One Year | $ 19 | $ 0 |
Gross Unrealized Losses, More Than One Year | $ (1) | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, More Than One Year | 2 | 0 |
Obligations of states and political subdivisions | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 8,198 | $ 18,500 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (14) | $ (59) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Or Equal to One Year | 25 | 45 |
Fair Value, More Than One Year | $ 898 | $ 400 |
Gross Unrealized Losses, More Than One Year | $ (4) | $ (14) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, More Than One Year | 3 | 2 |
Corporate securities | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 19,006 | $ 56,373 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (198) | $ (634) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Or Equal to One Year | 106 | 302 |
Fair Value, More Than One Year | $ 1,179 | $ 267 |
Gross Unrealized Losses, More Than One Year | $ (16) | $ (17) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, More Than One Year | 8 | 6 |
Equity securities | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 1,078 | $ 1,998 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (11) | $ (79) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Or Equal to One Year | 4 | 8 |
Fair Value, More Than One Year | $ 936 | $ 0 |
Gross Unrealized Losses, More Than One Year | $ (53) | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, More Than One Year | 4 | 0 |
Obligations of foreign governments | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 568 | $ 2,863 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (6) | $ (67) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Or Equal to One Year | 8 | 18 |
Fair Value, More Than One Year | $ 0 | $ 0 |
Gross Unrealized Losses, More Than One Year | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, More Than One Year | 0 | 0 |
Securities, Available for Sale (Schedule of Amortized Cost and Fair Value by Contractual Maturity) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 22,888 | $ 20,347 |
Due after one year through five years | 75,012 | 76,967 |
Due after five years through ten years | 57,391 | 56,133 |
Due after ten years | 19,959 | 23,993 |
Asset backed securities | 1,490 | 1,525 |
Amortized cost | 176,740 | 178,965 |
Fair Value | ||
Due in one year or less | 22,874 | 20,319 |
Due after one year through five years | 75,348 | 76,578 |
Due after five years through ten years | 58,892 | 56,240 |
Due after ten years | 20,247 | 23,929 |
Asset backed securities | 1,531 | 1,529 |
Fair Value | $ 178,892 | $ 178,595 |
Securities, Available for Sale Purchases, Proceeds and Gains & Losses (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Available-for-sale Securities [Abstract] | ||
Purchases of available-for-sale securities | $ 7,898 | $ 13,466 |
Proceeds from maturities, calls, and prepayments of available for sale securities | 9,535 | 8,170 |
Available-for-sale Securities, Gross Realized Gain (Loss) on Redemptions | 57 | 4 |
Proceeds from sale of available-for-sale securities | 0 | 722 |
Gain (loss) on sale of available-for-sale securities | $ 0 | $ (9) |
Investment in Loans (Table of the Company's Loan Portfolio) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 325,912 | $ 273,559 |
Non-performing residential loans | 48,899 | 38,289 |
Other loans receivable | 1,409 | 1,409 |
Asset backed loans and other loans | 59,400 | 52,994 |
Less: Allowance for loan losses | 503 | 463 |
Loans owned | 58,897 | 52,531 |
Net deferred loan origination fees included in total loans, net | 4,011 | 3,520 |
Telos Asset Management LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 275,604 | $ 233,861 |
Other loans receivable | $ 285,805 |
Investment in Loans (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 142 | $ 142 |
Loans Receivable, Fair Value Disclosure | 325,912 | 273,559 |
Other loans receivable | 1,409 | 1,409 |
Real Estate Acquired Through Foreclosure | 3,677 | |
Non-performing residential loans | 48,899 | 38,289 |
Mortgage Loans in Process of Foreclosure, Face Amount | 79,142 | |
Real Estate Acquired Through Foreclosure, Difference between face amount fair value | (30,243) | |
Asset backed loans and other loans | 59,400 | 52,994 |
Telos Asset Management LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 275,604 | 233,861 |
Other loans receivable | 285,805 | |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (10,201) | |
Asset-backed investment | Siena Capital Finance LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | |
Asset backed loans and other loans | 58,197 | $ 51,831 |
Asset-backed investment | Siena Capital Finance LLC | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Asset backed loans and other loans | 1,000 | |
Asset-backed investment | Siena Capital Finance LLC | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Asset backed loans and other loans | $ 25,000 |
Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Mortgage loans held for sale, unpaid principal | $ 90,248 | $ 117,039 |
Change in fair value | 3,284 | 3,797 |
Total mortgage loans held for sale, at fair value | 93,532 | 120,836 |
Financing Receivable, Recorded Investment, Past Due | 142 | 142 |
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due | $ 66 | $ 82 |
Fair Value of Financial Instruments (Fair Value and Carrying Value of Financial Instruments Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | $ 42,329 | $ 44,806 |
Total trading assets | 51,469 | 40,060 |
Investments in available for sale securities | 185,092 | 184,703 |
Total mortgage loans held for sale, at fair value | 93,532 | 120,836 |
Loans, at fair value | 325,912 | 273,559 |
Debt Instrument, Fair Value Disclosure | 711,686 | 671,648 |
Liability Derivatives | 29,207 | 30,128 |
Investment liabilities, at fair value | 24,662 | 22,152 |
Significant unobservable inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 52,387 | 49,998 |
Total liabilities | 2,349 | 2,498 |
Recurring | Quoted prices in active markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 28,305 | 10,739 |
Total liabilities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 481,835 | 528,367 |
Total liabilities | 24,651 | 22,152 |
Recurring | Significant unobservable inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 842,229 | 760,836 |
Total liabilities | 686,296 | 686,325 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 21,261 | 3,786 |
Asset Derivatives | 0 | 0 |
Total trading assets | 21,261 | 3,786 |
Investments in available for sale securities | 7,044 | 6,953 |
Total mortgage loans held for sale, at fair value | 0 | 0 |
Loans, at fair value | 0 | 0 |
Total assets | 28,305 | 10,739 |
Liability Derivatives | 0 | 0 |
Investment liabilities, at fair value | 0 | 0 |
Trading Liabilities and Payables, Fair Value Disclosure | 0 | |
Total liabilities | 0 | |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 0 | |
Debt Instrument, Fair Value Disclosure | 0 | |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Privately held equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 21,261 | 3,786 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Tax exempt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 0 | |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Credit Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 6,152 | 6,060 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Obligations of foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 892 | 893 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Corporate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Nonperforming Financial Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Other Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 0 | 1,732 |
Asset Derivatives | 12,319 | 12,124 |
Total trading assets | 12,319 | 13,856 |
Investments in available for sale securities | 178,000 | 177,702 |
Total mortgage loans held for sale, at fair value | 93,532 | 120,836 |
Loans, at fair value | 52,899 | 56,081 |
Total assets | 336,750 | 368,475 |
Liability Derivatives | 4,306 | 2,473 |
Investment liabilities, at fair value | 24,651 | 22,152 |
Trading Liabilities and Payables, Fair Value Disclosure | 22,152 | |
Total liabilities | 24,651 | |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 19,679 | |
Debt Instrument, Fair Value Disclosure | 20,345 | |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 3,602 | 2,310 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 92 | 8 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 612 | 150 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 5 | |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 4 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Privately held equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Tax exempt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 1,732 | |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Credit Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 12,121 | 11,945 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 51,846 | 53,136 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 55,145 | 52,335 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Obligations of foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 2,926 | 2,864 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 1,531 | 1,529 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 66,552 | 67,838 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Corporate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 52,774 | 55,956 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Nonperforming Financial Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Other Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 125 | 125 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 14,401 | 19,023 |
Asset Derivatives | 3,488 | 3,395 |
Total trading assets | 17,889 | 22,418 |
Investments in available for sale securities | 48 | 48 |
Total mortgage loans held for sale, at fair value | 0 | 0 |
Loans, at fair value | 273,013 | 217,478 |
Total assets | 290,950 | 239,944 |
Liability Derivatives | 11 | 0 |
Investment liabilities, at fair value | 11 | 0 |
Other Notes Payable | 1,386 | 1,562 |
Trading Liabilities and Payables, Fair Value Disclosure | 2,498 | |
Total liabilities | 2,349 | |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 0 | |
Debt Instrument, Fair Value Disclosure | 0 | |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 11 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Contingent Consideration Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration payable - Reliance | 952 | 936 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 11 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Privately held equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 12,911 | 8,941 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Tax exempt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 8,314 | |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 1,490 | 1,768 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 3,488 | 3,384 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Credit Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 48 | 48 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Obligations of foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 0 | 0 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Corporate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 222,830 | 177,905 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Nonperforming Financial Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 48,899 | 38,289 |
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Other Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 1,284 | 1,284 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 6,200 | 6,108 |
Telos Asset Management LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 275,604 | 233,861 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Quoted prices in active markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Quoted prices in active markets Level 1 | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | 0 | 0 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Quoted prices in active markets Level 1 | Investment in Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 0 | 0 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Other significant observable inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 145,085 | 159,892 |
Total liabilities | 0 | 0 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Other significant observable inputs Level 2 | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | 0 | 0 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Other significant observable inputs Level 2 | Investment in Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 145,085 | 159,892 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Significant unobservable inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 551,279 | 520,892 |
Total liabilities | 683,947 | 683,827 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Significant unobservable inputs Level 3 | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | 683,947 | 683,827 |
Telos Asset Management LLC | Primary beneficiary | Recurring | Significant unobservable inputs Level 3 | Investment in Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 551,279 | 520,892 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,225 | 20,250 |
Debt Instrument, Fair Value Disclosure | 720,708 | 672,096 |
Total liabilities | 720,708 | 672,096 |
Fair Value | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,352,369 | 1,299,942 |
Total liabilities | 710,947 | 708,477 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 35,662 | 24,541 |
Asset Derivatives | 15,807 | 15,519 |
Total trading assets | 51,469 | 40,060 |
Investments in available for sale securities | 185,092 | 184,703 |
Total mortgage loans held for sale, at fair value | 93,532 | 120,836 |
Loans, at fair value | 325,912 | 273,559 |
Total assets | 656,005 | 619,158 |
Liability Derivatives | 4,317 | 2,473 |
Investment liabilities, at fair value | 24,662 | 22,152 |
Other Notes Payable | 1,386 | 1,562 |
Trading Liabilities and Payables, Fair Value Disclosure | 24,650 | |
Total liabilities | 27,000 | |
Fair Value | Non-Collateralized Loans Obligations | Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 19,679 | |
Debt Instrument, Fair Value Disclosure | 20,345 | |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 3,602 | 2,310 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 103 | 8 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 612 | 150 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 5 | |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Contingent Consideration Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration payable - Reliance | 952 | |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Forward Delivery Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 4 | 11 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Privately held equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 34,172 | 12,727 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Tax exempt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 10,046 | |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading assets | 1,490 | 1,768 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 3,488 | 3,384 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Credit Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 12,121 | 11,945 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 6,200 | 6,108 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 51,846 | 53,136 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 55,145 | 52,335 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Obligations of foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 2,926 | 2,864 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 892 | 893 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 1,531 | 1,529 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available for sale securities | 66,552 | 67,838 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Corporate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 275,604 | 233,861 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Nonperforming Financial Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 48,899 | 38,289 |
Fair Value | Non-Collateralized Loans Obligations | Recurring | Other Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 1,409 | 1,409 |
Fair Value | Telos Asset Management LLC | Primary beneficiary | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 696,364 | 680,784 |
Total liabilities | 683,947 | 683,827 |
Fair Value | Telos Asset Management LLC | Primary beneficiary | Recurring | Notes payable of CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | 683,947 | 683,827 |
Fair Value | Telos Asset Management LLC | Primary beneficiary | Recurring | Investment in Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, at fair value | 696,364 | 680,784 |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 21,532 | 21,696 |
Total liabilities | 711,686 | 671,648 |
Mortgage Backed Securities, Other | Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Mortgage Backed Securities, Other | Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 194 | 179 |
Mortgage Backed Securities, Other | Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | 0 |
Mortgage Backed Securities, Other | Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | $ 194 | $ 179 |
Fair Value of Financial Instruments (Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
fair value,measurement with unobservable inputs reconciliation,changes in unrealized gains included in earnings related to assets still held at period end | $ (3,492) | $ 113 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at beginning of period | 239,944 | 11,577 | |||
Net realized gains/(losses) | (1,641) | 2,445 | |||
Net unrealized gains/(losses) | 8,838 | 740 | |||
Purchases | 21,624 | ||||
Sales | (13,377) | (109) | |||
Issuances | 313 | ||||
Transfers into Level 3 | [1] | 51,637 | |||
Transfer adjustments (out of) Level 3 | [1] | (14,712) | (2,904) | ||
Balance at end of period | 290,950 | 11,749 | |||
PFG | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
fair value,measurement with unobservable inputs reconciliation,changes in unrealized gains included in earnings related to assets still held at period end | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at beginning of period | 3,771,458 | ||||
Purchases | 47,633 | ||||
Sales | (35,352) | ||||
Attributable to policyowner | 23,918 | ||||
Balance at end of period | 3,807,657 | ||||
Primary beneficiary | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
fair value,measurement with unobservable inputs reconciliation,changes in unrealized gains included in earnings related to assets still held at period end | 5,716 | 2,074 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at beginning of period | 520,892 | 576,811 | |||
Net realized gains/(losses) | 33 | 591 | |||
Net unrealized gains/(losses) | (5,173) | (2,765) | |||
Purchases | 15,805 | 8,897 | |||
Sales | (9,962) | (28,281) | |||
Issuances | 393 | 429 | |||
Transfers into Level 3 | [1] | 66,012 | 88,333 | ||
Transfer adjustments (out of) Level 3 | [1] | (36,721) | (159,247) | ||
Balance at end of period | 551,279 | 315,554 | |||
Other real estate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Transfer adjustments (out of) Level 3 | $ (1,676) | ||||
Assets of Consolidated CLOs [Member] | Primary beneficiary | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Adoption of ASU 2015-02 | $ (169,214) | ||||
|
Fair Value of Financial Instruments Level 3 Rollforward, Liabilities Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in unrealized (losses) gains included in earnings related to liabilities still held at period end | $ (149) | $ 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 2,498 | 2,802 |
Net unrealized gains (losses) | (149) | |
Balance at end of period | 2,349 | 2,802 |
Primary beneficiary | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in unrealized (losses) gains included in earnings related to liabilities still held at period end | 120 | 14,392 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 683,827 | 1,785,207 |
Net unrealized gains (losses) | 120 | 14,392 |
Purchases | 0 | |
Dispositions | (19,853) | |
Balance at end of period | $ 683,947 | 1,236,555 |
Liabilities of Consolidated CLOs | Primary beneficiary | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Adoption of ASU 2015-02 | $ (543,191) |
Fair Value of Financial Instruments (Significant Observable Inputs used in the Valuation Level 3 Assets(Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Asset Derivatives | $ 42,329 | $ 44,806 | |||||
Securities, available for sale (cost or amortized cost: $182,821 at March 31, 2016 and $185,046 at December 31, 2015) | 185,092 | 184,703 | |||||
Loans Receivable, Fair Value Disclosure | 325,912 | 273,559 | |||||
Significant unobservable inputs Level 3 | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Total | 52,387 | 49,998 | |||||
Significant unobservable inputs Level 3 | Tax exempt security | Discounted cash flow | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Trading assets | [1] | 0 | $ 121 | ||||
Significant unobservable inputs Level 3 | Tax exempt security | Discounted cash flow | Weighted Average | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Short and long term cash flows | 0.00% | ||||||
Significant unobservable inputs Level 3 | Tax exempt security | Market Approach Valuation Technique | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Trading assets | [1] | 0 | $ 8,193 | ||||
Significant unobservable inputs Level 3 | Tax exempt security | Market Approach Valuation Technique | Weighted Average | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Fair Value Assumptions, Yield To Maturity | 6.50% | ||||||
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal valuation model | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Asset Derivatives | [1] | $ 3,488 | $ 3,384 | ||||
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal valuation model | Minimum | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Fair Value Assumptions, Pull Through Rate | 45.00% | 55.00% | |||||
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal valuation model | Maximum | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Fair Value Assumptions, Pull Through Rate | 95.00% | 95.00% | |||||
Significant unobservable inputs Level 3 | Forward Delivery Contracts | Internal valuation model | Minimum | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Fair Value Assumptions, Pull Through Rate | 80.00% | ||||||
Significant unobservable inputs Level 3 | Forward Delivery Contracts | Internal valuation model | Maximum | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Fair Value Assumptions, Pull Through Rate | 100.00% | ||||||
Significant unobservable inputs Level 3 | Forward Delivery Contracts | Internal Model [Member] | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Asset Derivatives | [1] | $ 0 | $ 11 | ||||
Nonperforming Financial Instruments | Significant unobservable inputs Level 3 | Investment in Loans | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||
Loans Receivable, Fair Value Disclosure | [2] | $ 48,899 | $ 38,289 | ||||
|
Fair Value of Financial Instruments (Fair Values and Carrying Values of Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 43,225 | $ 69,400 | $ 46,420 | $ 52,987 |
Restricted cash | 21,951 | 18,778 | ||
Investments in available for sale securities | 185,092 | 184,703 | ||
Total mortgage loans held for sale, at fair value | 93,532 | 120,836 | ||
Loans, at fair value | 325,912 | 273,559 | ||
Loans owned | 58,897 | 52,531 | ||
Notes receivable, net | 21,532 | 21,696 | ||
Accounts and premiums receivable, net | 78,134 | 57,056 | ||
Reinsurance receivables | 373,854 | 352,926 | ||
Other assets | 111,165 | 104,500 | ||
Other receivables | 69,919 | 62,247 | ||
Assets of consolidated CLOs | 722,418 | 728,812 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Investment liabilities, at fair value | 24,662 | 22,152 | ||
Debt, net | 711,686 | 671,648 | ||
Liabilities of consolidated CLOs | 694,012 | 698,316 | ||
Liabilities held for sale and discontinued operations | 734 | 740 | ||
Fair Value | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Notes receivable, net | 20,225 | 20,250 | ||
Total assets | 20,225 | 20,250 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Debt, net | 720,708 | 672,096 | ||
Total liabilities | 720,708 | 672,096 | ||
Carrying value | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Notes receivable, net | 21,696 | |||
Total assets | 21,532 | 21,696 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total liabilities | $ 711,686 | $ 671,648 |
Fair Value of Financial Instruments (Significant Observable Inputs used in the Valuation of Nonperforming Loans (Details) (Details) - Nonperforming Financial Instruments - Investment in Loans - Significant unobservable inputs Level 3 $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016
USD ($)
Rate
| ||||
Maximum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | Rate | 30.00% | |||
Loan resolution time-line (Years) | 2 years 3 months 18 days | |||
Value of underlying properties | $ | $ 1,800 | |||
Holding costs | 48.90% | |||
Liquidation costs | 29.60% | |||
Minimum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | Rate | 16.00% | |||
Loan resolution time-line (Years) | 6 months | |||
Value of underlying properties | $ | $ 20 | |||
Holding costs | 5.30% | |||
Liquidation costs | 7.50% | |||
Weighted Average | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | Rate | 22.50% | [1] | ||
Loan resolution time-line (Years) | 1 year 3 months 18 days | [1] | ||
Value of underlying properties | $ | $ 256 | [1] | ||
Holding costs | 8.70% | [1] | ||
Liquidation costs | 9.40% | [1] | ||
|
Fair Value of Financial Instruments Significant Observable Inputs used in the Valuation of Level 3 Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Liability Derivatives | $ 29,207 | $ 30,128 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Total liabilities | $ 2,349 | 2,498 | |
Forward Contracts [Member] | Minimum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Assumptions, Pull Through Rate | 80.00% | ||
Forward Contracts [Member] | Maximum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Assumptions, Pull Through Rate | 100.00% | ||
Forward Contracts [Member] | Internal Model [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Liability Derivatives | $ 11 | $ 0 | |
Forward Contracts [Member] | Minimum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Assumptions, Pull Through Rate | 80.00% | ||
Forward Contracts [Member] | Maximum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Assumptions, Pull Through Rate | 100.00% | ||
Recurring | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Total liabilities | 686,296 | $ 686,325 | |
Non-Collateralized Loans Obligations | Recurring | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Liability Derivatives | 11 | 0 | |
Other Notes Payable | 1,386 | 1,562 | |
Total liabilities | 2,349 | ||
Non-Collateralized Loans Obligations | Recurring | Other Liabilities | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Contingent consideration payable - Reliance | 952 | 936 | |
Non-Collateralized Loans Obligations | Recurring | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Liability Derivatives | 11 | 0 | |
Reliance | Other Liabilities | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Contingent consideration payable - Reliance | $ 900 | $ 900 | |
Reliance | Other Liabilities | Weighted Average | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Inputs, Book Value Growth Rate | 5.00% | 5.00% | |
Reliance | Other Liabilities | Minimum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Inputs, Earnings Before Interest, Taxes, Depreciation and Amortization | $ 481 | $ 1,326 | |
Fair Value Inputs, Asset Volatility | 1.60% | 2.40% | |
Reliance | Other Liabilities | Maximum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Inputs, Earnings Before Interest, Taxes, Depreciation and Amortization | $ 3,367 | $ 3,517 | |
Fair Value Inputs, Asset Volatility | 17.90% | 20.10% | |
Luxury Mortgage Corp | Other Liabilities | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Contingent consideration payable - Reliance | $ 52 | $ 36 | |
Luxury [Member] | Other Liabilities | Minimum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Inputs, Projected Cash Available for Distributions | 81,501 | 828 | |
Luxury [Member] | Other Liabilities | Maximum | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Inputs, Projected Cash Available for Distributions | $ 306,917 | $ 1,281 | |
Luxury [Member] | Preferred Notes Payable [Member] | Weighted Average | Internal valuation model | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 13.96% | 12.00% |
Notes Receivable, net Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Feb. 28, 2013 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.00% | ||
Notes receivable, net | $ 21,532 | $ 21,696 | |
Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cost Basis of Notes Issued to Affiliates | 3,857 | $ 3,807 | |
Fortegra Financial Corporation | Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net | 17,675 | ||
Valuation Allowances and Reserves, Balance | 1,320 | ||
Fortegra Financial Corporation | Consumer Financing, Premium Financing Program | Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net | 12,593 | ||
Fortegra Financial Corporation | Consumer Financing, Pay Us Later Program | Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net | 948 | ||
Fortegra Financial Corporation | Consumer Other Financing Receivable | Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net | 4,134 | ||
Care Cal JV LLC | Calamar Enterprises, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of voting interest | 75.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Fortegra Financial Corporation | Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | $ 1,720 |
Reinsurance Table of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Premiums Earned, Net [Abstract] | ||
Net | $ 44,615 | $ 37,353 |
Fortegra Financial Corporation | ||
Premiums Written, Net [Abstract] | ||
Direct and assumed | 182,500 | 144,284 |
Ceded | (135,109) | (112,341) |
Net | 47,391 | 31,943 |
Premiums Earned, Net [Abstract] | ||
Direct and assumed | 168,099 | 137,054 |
Ceded | (123,484) | (99,701) |
Net | $ 44,615 | $ 37,353 |
Reinsurance Table of Losses and LAE Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Effects of Reinsurance [Line Items] | ||
Net losses and LAE incurred | $ 17,948 | $ 12,450 |
Fortegra Financial Corporation | ||
Effects of Reinsurance [Line Items] | ||
Direct and assumed | 64,049 | 38,158 |
Ceded | (46,101) | (25,708) |
Net losses and LAE incurred | $ 17,948 | $ 12,450 |
Reinsurance Table of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Effects of Reinsurance [Line Items] | |||||
Reinsurance receivables | $ 373,854 | $ 352,926 | |||
Fortegra Financial Corporation | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | 307,874 | 296,512 | |||
Reinsurance receivables | 373,854 | 352,926 | |||
Fortegra Financial Corporation | Life | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | [1] | 61,028 | 61,919 | ||
Ceded claim reserves: | 2,722 | 2,664 | |||
Fortegra Financial Corporation | Accident and health | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | [1] | 51,281 | 54,357 | ||
Ceded claim reserves: | 8,922 | 8,889 | |||
Fortegra Financial Corporation | Property | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | 195,565 | 180,236 | |||
Ceded claim reserves: | 37,912 | 30,911 | |||
Fortegra Financial Corporation | Total ceded claim reserves recoverable | |||||
Effects of Reinsurance [Line Items] | |||||
Ceded claim reserves: | 49,556 | 42,464 | |||
Fortegra Financial Corporation | Other reinsurance settlements recoverable | |||||
Effects of Reinsurance [Line Items] | |||||
Other reinsurance settlements recoverable | $ 16,424 | $ 13,950 | |||
|
Reinsurance Table of Reinsurance Concentration of Credit Risk (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from unrelated reinsurers | $ 373,854 | $ 352,926 |
Fortegra Financial Corporation | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from unrelated reinsurers | 373,854 | $ 352,926 |
Fortegra Financial Corporation | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from unrelated reinsurers | $ 158,165 |
Real Estate, Net Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Real Estate Properties [Line Items] | |||||
Land | $ 27,213 | $ 22,078 | |||
Buildings | 238,901 | 192,232 | |||
Accumulated Depreciation | (12,042) | (10,349) | |||
Total | 254,072 | 203,961 | |||
Triple Net Leases | |||||
Real Estate Properties [Line Items] | |||||
Land | 12,173 | 12,173 | |||
Buildings | 77,161 | 77,161 | |||
Accumulated Depreciation | (4,707) | (4,118) | |||
Total | 84,627 | 85,216 | |||
Managed Properties | |||||
Real Estate Properties [Line Items] | |||||
Land | 15,040 | 9,905 | |||
Buildings | 160,065 | 113,396 | |||
Accumulated Depreciation | (6,931) | (5,842) | |||
Total | 168,174 | 117,459 | |||
Other real estate | |||||
Real Estate Properties [Line Items] | |||||
Land | 0 | 0 | |||
Buildings | [1] | 1,675 | 1,675 | ||
Accumulated Depreciation | [1] | (404) | (389) | ||
Total | [1] | $ 1,271 | $ 1,286 | ||
|
Real Estate, Net Future minimum rental payments receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
Remainder of 2016 | $ 5,357 | |
2017 | 7,232 | |
2018 | 7,335 | |
2019 | 7,441 | |
2020 | 7,550 | |
Thereafter | 37,833 | |
Total | 72,748 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | ||
Residential leases rental revenue | $ 10,880 | $ 8,311 |
Goodwill and Intangible Assets, Net Identifiable Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | $ 91,254 | $ 93,340 | |||
Goodwill | 92,767 | 92,767 | |||
Total | 184,021 | 186,107 | |||
Goodwill, Impairment Loss | 0 | ||||
Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | [1] | 13,000 | 13,000 | ||
Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 50,500 | 50,500 | |||
Accumulated amortization | (1,846) | (1,200) | |||
Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 7,300 | 7,300 | |||
Accumulated amortization | (1,009) | (811) | |||
Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 9,140 | 9,140 | |||
Accumulated amortization | (2,336) | (1,888) | |||
Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | |||
Accumulated amortization | (30,802) | (28,510) | |||
Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 27,344 | 23,404 | |||
Accumulated amortization | (16,537) | (14,095) | |||
Insurance and insurance services | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | 79,136 | 82,677 | |||
Goodwill | 89,854 | 89,854 | |||
Total | 168,990 | 172,531 | |||
Insurance and insurance services | Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | [1] | 13,000 | 13,000 | ||
Insurance and insurance services | Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 50,500 | 50,500 | |||
Accumulated amortization | (1,846) | (1,200) | |||
Insurance and insurance services | Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 6,500 | 6,500 | |||
Accumulated amortization | (949) | (771) | |||
Insurance and insurance services | Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 8,500 | 8,500 | |||
Accumulated amortization | (2,267) | (1,842) | |||
Insurance and insurance services | Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | |||
Accumulated amortization | (30,802) | (28,510) | |||
Insurance and insurance services | Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Real estate | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | 10,807 | 9,309 | |||
Goodwill | 0 | 0 | |||
Total | 10,807 | 9,309 | |||
Real estate | Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | 0 | 0 | |||
Real estate | Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Real estate | Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Real estate | Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Real estate | Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Real estate | Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 27,344 | 23,404 | |||
Accumulated amortization | (16,537) | (14,095) | |||
Specialty finance | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | 1,311 | 1,354 | |||
Goodwill | 2,913 | 2,913 | |||
Total | 4,224 | 4,267 | |||
Specialty finance | Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | 0 | 0 | |||
Specialty finance | Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Specialty finance | Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 800 | 800 | |||
Accumulated amortization | (60) | (40) | |||
Specialty finance | Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 640 | 640 | |||
Accumulated amortization | (69) | (46) | |||
Specialty finance | Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Specialty finance | Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | $ 0 | 0 | |||
Luxury Mortgage Corp | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Goodwill, Impairment Loss | $ 699 | ||||
|
Goodwill and Intangible Assets, Net Table of Future Amortization Expense (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Insurance and insurance services | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2016 | $ 4,578 |
2017 | 9,865 |
2018 | 9,077 |
2019 | 7,509 |
2020 | 5,027 |
2021 and thereafter | 24,382 |
Total | 60,438 |
Real estate | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2016 | 3,452 |
2017 | 1,935 |
2018 | 621 |
2019 | 621 |
2020 | 621 |
2021 and thereafter | 3,557 |
Total | 10,807 |
Specialty finance | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2016 | 128 |
2017 | 171 |
2018 | 171 |
2019 | 171 |
2020 | 171 |
2021 and thereafter | 499 |
Total | 1,311 |
Insurance policies and contracts acquired | Insurance and insurance services | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2016 | 3,381 |
2017 | 1,250 |
2018 | 465 |
2019 | 217 |
2020 | 123 |
2021 and thereafter | 262 |
Total | $ 5,698 |
Goodwill and Intangible Assets, Net Amoritzation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 6,026 | $ 14,022 |
Other Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Trading assets, at fair value | $ 51,469 | $ 40,060 |
Due from brokers and trustees | 23,124 | 29,052 |
Furnitures, fixtures and equipment, net | 6,521 | 7,024 |
Inventory | 2,065 | 2,449 |
Prepaids | 5,475 | 2,690 |
Income tax receivable | 5,028 | 5,810 |
Other | 17,483 | 17,415 |
Total other assets | 111,165 | $ 104,500 |
Trading Securities, Unrealized Holding Gain | $ 7,788 |
Derivative Financial Instruments and Hedging Derivative Narrative (Details) - Credit Default Swap $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
Rate
| |
Derivative [Line Items] | |
Derivative, percent cash collateral required | Rate | 2.25% |
Collateral already posted, aggregate fair value | $ | $ 6,750 |
Derivative Financial Instruments and Hedging Derivative Table - Gross notional and fair value amounts of derivatives (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative [Line Items] | ||
Notional Values | $ 1,043,517 | $ 1,022,925 |
Asset Derivatives | 42,329 | 44,806 |
Liability Derivatives | 29,207 | 30,128 |
Credit Risk Contract | ||
Derivative [Line Items] | ||
Notional Values | 598,141 | 598,141 |
Asset Derivatives | 38,643 | 41,232 |
Liability Derivatives | 24,890 | 27,655 |
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Notional Values | 736 | 683 |
Asset Derivatives | 4 | |
Liability Derivatives | 0 | 5 |
Interest Risk, Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional Values | 140,186 | 156,309 |
Asset Derivatives | 3,488 | 3,384 |
Interest Risk, Forward Delivery Contracts | ||
Derivative [Line Items] | ||
Notional Values | 50,216 | 52,054 |
Asset Derivatives | 0 | 11 |
Liability Derivatives | 103 | 8 |
Interest Risk, TBA Mortgage Backed Securities | ||
Derivative [Line Items] | ||
Notional Values | 147,250 | 136,750 |
Asset Derivatives | 194 | 179 |
Liability Derivatives | 612 | 150 |
Interest Risk, Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional Values | 106,988 | 78,988 |
Liability Derivatives | 3,602 | 2,310 |
Interest Rate Risk | ||
Derivative [Line Items] | ||
Notional Values | 444,640 | 424,101 |
Asset Derivatives | 3,682 | 3,574 |
Liability Derivatives | $ 4,317 | $ 2,468 |
Derivative Financial Instruments and Hedging Schedule of Derivatives subject to netting agreement (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative [Line Items] | ||
Derivative assets | $ 42,329 | $ 44,806 |
Credit Default Swap, Selling Protection | Credit Default Swap | ||
Derivative [Line Items] | ||
Gross assets recognized | 38,643 | 41,232 |
Credit Default Swap, Buying Protection | Credit Default Swap | ||
Derivative [Line Items] | ||
Gross assets recognized | 24,890 | 27,655 |
Credit Index Product | Credit Default Swap | ||
Derivative [Line Items] | ||
Gross assets recognized | 13,753 | 13,577 |
Collateral payable | (1,632) | (1,632) |
Derivative assets | $ 12,121 | $ 11,945 |
Derivative Financial Instruments and Hedging Derivatives designated as cash flow hedging instrument Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Values | $ 1,043,517 | $ 1,022,925 |
Interest Rate Swap | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Values | 35,000 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (1,159) | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net | $ (185) | |
Derivative, Variable Interest Rate | 0.63% | |
Derivative, Fixed Interest Rate | 3.47% |
Derivative Financial Instruments and Hedging Amount to be Reclassified from AOCI during the next 12 months (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Unrealized (loss) on interest rate swap | $ 136 | $ 234 |
Reclassification of (gains) losses included in net income | (319) | $ 281 |
Interest Rate Swap | Cash Flow Hedging | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Unrealized (loss) on interest rate swap | (136) | |
Interest Rate Swap | Cash Flow Hedging | Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Reclassification of (gains) losses included in net income | (319) | |
Estimated loss to be reclassified to earnings from AOCI during the next 12 months | $ 57 |
Assets and Liabilites of Consolidated CLOs Schedule of Assets and Liabilities of the Consolidated CLOs (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
||
---|---|---|---|---|---|---|
Assets: | ||||||
Cash and cash equivalents | $ 43,225 | $ 69,400 | $ 46,420 | $ 52,987 | ||
Other assets | 111,165 | 104,500 | ||||
Total assets of consolidated CLOs | 722,418 | 728,812 | ||||
Liabilities: | ||||||
Other liabilities and accrued expenses | 123,342 | 94,420 | ||||
Total liabilities of consolidated CLOs | 694,012 | 698,316 | ||||
Telos Asset Management LLC | ||||||
Liabilities: | ||||||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 10,201 | |||||
Telos Asset Management LLC | Primary beneficiary | ||||||
Assets: | ||||||
Cash and cash equivalents | 22,543 | 38,716 | ||||
Loans, at fair value | [1] | 696,364 | 680,784 | |||
Other assets | 3,511 | 9,312 | ||||
Total assets of consolidated CLOs | 722,418 | 728,812 | ||||
Liabilities: | ||||||
Preferred notes payable | 683,947 | 683,827 | ||||
Other liabilities and accrued expenses | 10,065 | 14,489 | ||||
Total liabilities of consolidated CLOs | 694,012 | 698,316 | ||||
Assets, Net | 28,406 | 30,496 | ||||
Loans Receivable Held-for-sale, Unpaid Principal Balance | 749,085 | 727,357 | ||||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ (52,721) | $ (46,573) | ||||
|
Assets and Liabilites of Consolidated CLOs Beneficial Interests (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Accrued management fees | $ 58,646 | $ 63,081 |
Telos Asset Management LLC | Primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Subordinated notes | 27,773 | 29,857 |
Accrued management fees | 633 | 639 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net | $ 28,406 | $ 30,496 |
Assets and Liabilites of Consolidated CLOs Revenues and Expenses of CLO's (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income: | ||
Interest income | $ 7,685 | $ 2,883 |
Total revenue | 7,677 | 9,050 |
Expenses: | ||
Interest expense | 6,480 | 5,129 |
Other expenses | 17,990 | 11,144 |
Total expense | 6,572 | 9,361 |
Net income (loss) attributable to consolidated CLOs | 1,105 | (311) |
Telos Asset Management LLC | Primary beneficiary | ||
Income: | ||
Net realized and unrealized losses | (2,765) | (8,484) |
Interest income | 10,442 | 17,534 |
Total revenue | 7,677 | 9,050 |
Expenses: | ||
Interest expense | 6,338 | 8,900 |
Other expenses | 234 | 461 |
Total expense | 6,572 | 9,361 |
Net income (loss) attributable to consolidated CLOs | $ 1,105 | $ (311) |
Assets and Liabilites of Consolidated CLOs Economic Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Variable Interest Entity [Line Items] | ||
Net income (loss) attributable to consolidated CLOs | $ 1,105 | $ (311) |
Telos Asset Management LLC | Primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net | 436 | (2,149) |
Management fee income | 669 | 1,838 |
Net income (loss) attributable to consolidated CLOs | $ 1,105 | $ (311) |
Debt, Net Schedule of Debt Table (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt | $ 718,305 | |
Total debt | 713,071 | $ 666,952 |
Operating Subsidiary | ||
Debt Instrument [Line Items] | ||
CLO warehouse borrowing | 119,480 | |
Long-term Debt | 163,426 | 163,813 |
Fortegra Financial Corporation | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 153,386 | 132,784 |
Debt instrument, maximum borrowing capacity | 35,000 | |
Luxury Mortgage Corp | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 48,799 | 69,137 |
Line of Credit Facility, Maximum Borrowing Capacity | 90,500 | |
Reliance | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | |
Siena Capital Finance LLC | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 47,363 | 39,068 |
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |
Telos Credit Opportunities Fund, L.P. | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 61,896 | 54,900 |
Deferred Financing Costs, Net | (840) | (889) |
Total debt | 61,056 | 54,011 |
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |
Line of Credit | Operating Subsidiary | ||
Debt Instrument [Line Items] | ||
CLO warehouse borrowing | 119,480 | 119,480 |
Line of Credit Facility, Maximum Borrowing Capacity | 306,250 | |
Secured Debt | Operating Subsidiary | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 45,000 | 45,500 |
Original issue discount on secured credit agreement | (426) | (476) |
Deferred Financing Costs, Net | (628) | (691) |
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | |
Revolving Credit Facility | Siena Capital Finance LLC | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 44,428 | 36,192 |
Deferred Financing Costs, Net | (565) | (624) |
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |
Junior Subordinated Debt | Fortegra Financial Corporation | ||
Debt Instrument [Line Items] | ||
Preferred trust securities | 35,000 | 35,000 |
Warehouse Agreement Borrowings | Luxury Mortgage Corp | ||
Debt Instrument [Line Items] | ||
CLO warehouse borrowing | 46,701 | 66,858 |
Line of Credit Facility, Maximum Borrowing Capacity | 90,500 | |
Warehouse Agreement Borrowings | Reliance | ||
Debt Instrument [Line Items] | ||
CLO warehouse borrowing | 43,456 | |
Deferred Financing Costs, Net | (15) | |
Long-term Debt | 43,441 | |
Notes Payable | Luxury Mortgage Corp | ||
Debt Instrument [Line Items] | ||
Preferred notes payable | 1,386 | 1,562 |
Debt instrument, maximum borrowing capacity | 1,386 | |
Mortgages | Luxury Mortgage Corp | ||
Debt Instrument [Line Items] | ||
Mortgage borrowing | 712 | 717 |
Debt instrument, maximum borrowing capacity | 712 | |
Mortgages | Care Investment Trust LLC | ||
Debt Instrument [Line Items] | ||
Deferred Financing Costs, Net | (2,318) | (2,020) |
Mortgage borrowing | 205,414 | 166,664 |
Unamortized (discount) premium on mortgage borrowings | 52 | 54 |
Long-term Debt | 203,148 | 164,698 |
Debt instrument, maximum borrowing capacity | 208,716 | |
Subordinated | Siena Capital Finance LLC | ||
Debt Instrument [Line Items] | ||
Subordinated notes | 3,500 | 3,500 |
Debt instrument, maximum borrowing capacity | 3,500 | |
Wells Fargo Bank, N.A. credit facility | Fortegra Financial Corporation | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 43,750 | |
Wells Fargo Bank, N.A. credit facility | Revolving Credit Facility | Fortegra Financial Corporation | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 68,334 | 46,500 |
Line of Credit Facility, Maximum Borrowing Capacity | 90,000 | |
Wells Fargo Bank, N.A. credit facility | Medium-term Notes | Fortegra Financial Corporation | ||
Debt Instrument [Line Items] | ||
Secured credit agreement- term loan | 43,750 | 45,000 |
Synovus Bank, Line of credit | Revolving Credit Facility | Fortegra Financial Corporation | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 8,192 | 8,303 |
Deferred Financing Costs, Net | (1,890) | $ (2,019) |
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | |
Citibank | Reliance | ||
Debt Instrument [Line Items] | ||
CLO warehouse borrowing | 35,898 | |
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | |
Citibank | Warehouse Agreement Borrowings | Reliance | ||
Debt Instrument [Line Items] | ||
CLO warehouse borrowing | 35,898 | |
Deferred Financing Costs, Net | (5) | |
Long-term Debt | 35,893 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,000 |
Debt, Net Interest expense on debt (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Other Income and Expenses [Abstract] | ||
Interest expense | $ 6,389 | $ 4,963 |
Debt, Net Future Maturities of the Company’s Long-term Debt (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Remainder of 2016 | $ 142,148 |
2017 | 129,529 |
2018 | 50,981 |
2019 | 134,497 |
2020 | 135,362 |
Thereafter | 125,788 |
Total | $ 718,305 |
Debt, Net Operating Company Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jan. 26, 2015 |
Sep. 18, 2013 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Debt Instrument [Line Items] | ||||
Interest expense | $ 6,389 | $ 4,963 | ||
Tiptree Operating Company, LLC | Revolving Credit Facility | Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | $ 50,000 | |||
Debt Instrument, Unamortized Discount | 1,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |||
Debt Instrument, Maturity Date | Sep. 18, 2018 | |||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||
Debt Instrument, Basis Spread on Variable Rate | 6.50% | |||
Long-term Debt, Weighted Average Interest Rate | 7.75% | |||
Interest expense | $ 891 | 1,265 | ||
Amortization of Debt Discount (Premium) | 493 | 693 | ||
Unamortized Debt Issuance Expense | $ 1,456 | |||
Debt Related Commitment Fees and Debt Issuance Costs | $ 63 | $ 139 | ||
Tiptree Operating Company, LLC | Revolving Credit Facility | Credit Agreement | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||
Tiptree Operating Company, LLC | Fortress credit agreement, First Amendment, January 2015 | ||||
Debt Instrument [Line Items] | ||||
Increase in maximum borrowing capacity | $ 25,000 | |||
Debt Instrument, Periodic Payment | $ 25,000 |
Debt, Net Fortegra Narrative (Details) - Fortegra Financial Corporation - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Dec. 04, 2014 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Preferred trust securities | $ 35,000 | $ 35,000 | |
Debt Instrument, Maturity Date | Jun. 15, 2037 | ||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||
Revolving Credit Facility | Wells Fargo Bank, N.A. credit facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Dec. 04, 2014 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 140,000 | ||
Secured credit agreement- term loan | 50,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 90,000 | ||
Line of Credit Facility, Expiration Date | Dec. 04, 2019 | ||
Long-term Debt, Weighted Average Interest Rate | 3.22% | ||
Line of Credit Facility, Periodic Payment, Principal | $ 1,250 | ||
Debt Instrument, Redemption Period, Start Date | Mar. 31, 2015 | ||
Revolving Credit Facility | Synovus Bank, Line of credit | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Oct. 09, 2013 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | ||
Line of Credit Facility, Expiration Date | Apr. 30, 2017 | ||
Long-term Debt, Weighted Average Interest Rate | 3.62% | ||
Revolving Credit Facility | Synovus Bank, Line of credit | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Debt, Net Luxury Narrative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
Rate
| |
Debt Instrument [Line Items] | |
Number of credit agreements | 3 |
Luxury Mortgage Corp | |
Debt Instrument [Line Items] | |
Number of credit agreements | 3 |
Line of Credit Facility, Maximum Borrowing Capacity | $ | $ 90,500 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Bank of Danbury | Luxury Mortgage Corp | Mortgages | |
Debt Instrument [Line Items] | |
Term of loan | 10 years |
Amortization Period | Bank of Danbury | Luxury Mortgage Corp | Mortgages | |
Debt Instrument [Line Items] | |
Term of loan | 25 years |
London Interbank Offered Rate (LIBOR) | Luxury Mortgage Corp | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
London Interbank Offered Rate (LIBOR) | Minimum | Luxury Mortgage Corp | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Prime Rate [Member] | Bank of Danbury | Luxury Mortgage Corp | Mortgages | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Debt, Net Reliance Narrative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Tiptree Operating Company, LLC | |
Debt Instrument [Line Items] | |
CLO warehouse borrowing | $ 119,480 |
Reliance | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 |
Citibank | Reliance | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 |
Debt Instrument, Description of Variable Rate Basis | one - month LIBOR plus margin |
CLO warehouse borrowing | $ 35,898 |
Citibank, additional line | Reliance | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 |
Debt, Net Siena Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 09, 2015 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.00% | ||
Siena Capital Finance LLC | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||
Debt Instrument, Maturity Date | Oct. 17, 2019 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 38.00% | ||
Revolving Credit Facility | Solaia Credit | Siena Capital Finance LLC | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 09, 2020 | ||
Debt Instrument, Issuance Date | Apr. 09, 2015 | ||
Subordinated notes | $ 3,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | ||
Revolving Credit Facility | Solaia Credit | Siena Capital Finance LLC | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Prepayment premium (percent) | 3.00% | ||
Revolving Credit Facility | Solaia Credit | Siena Capital Finance LLC | Debt Instrument, Redemption, Period Two | |||
Debt Instrument [Line Items] | |||
Prepayment premium (percent) | 2.00% | ||
Revolving Credit Facility | Solaia Credit | Siena Capital Finance LLC | Debt Instrument, Redemption, Period Three | |||
Debt Instrument [Line Items] | |||
Prepayment premium (percent) | 1.00% | ||
London Interbank Offered Rate (LIBOR) | Siena Capital Finance LLC | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Debt, Net Care Narrative (Details) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 01, 2016
USD ($)
Rate
|
Jan. 20, 2016
USD ($)
Rate
|
Mar. 30, 2015
USD ($)
unit
|
Feb. 09, 2015
USD ($)
unit
|
Mar. 31, 2016
USD ($)
loan
Rate
|
Dec. 31, 2015
USD ($)
|
|
Care Investment Trust LLC | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage borrowing | $ 205,414 | $ 166,664 | ||||
Debt instrument, maximum borrowing capacity | 208,716 | |||||
Royal 3/1/2016 Joint Venture [Member] | Care Investment Trust LLC | ||||||
Debt Instrument [Line Items] | ||||||
Interest only payment term, in months | 36 months | |||||
Royal 3/1/2016 Joint Venture [Member] | Care Investment Trust LLC | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 11,218 | 11,218 | ||||
Term of loan | 5 years | |||||
Other Commitment | $ 1,000 | |||||
Other Commitments, Description | P1Y | |||||
Royal Senior Care Management | ||||||
Debt Instrument [Line Items] | ||||||
Number of Real Estate Properties | unit | 5 | |||||
Royal Senior Care Management | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage borrowing | $ 19,943 | 19,998 | ||||
Debt instrument, maximum borrowing capacity | $ 22,500 | |||||
Term of loan | 5 years | |||||
Interest only payment term, in months | 36 months | |||||
Debt, earn out amount | $ 2,000 | |||||
Greenfield Holdings, LLC 3/30/2015 | ||||||
Debt Instrument [Line Items] | ||||||
Number of Real Estate Properties | unit | 6 | |||||
Greenfield Holdings, LLC 3/30/2015 | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage borrowing | 38,700 | |||||
Debt instrument, maximum borrowing capacity | $ 39,500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||
Term of loan | 10 years | |||||
Number of Real Estate Properties | unit | 6 | |||||
Heritage 1/20/2016 Joint Venture [Member] | Care Investment Trust LLC | ||||||
Debt Instrument [Line Items] | ||||||
Term of loan | 7 years | |||||
Interest only payment term, in months | 24 months | |||||
Heritage 1/20/2016 Joint Venture [Member] | Care Investment Trust LLC | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage borrowing | $ 28,000 | |||||
Debt instrument, maximum borrowing capacity | $ 28,000 | |||||
Greenfield VA Lease properties | KeyCorp Real Estate Capital Market | Mortgages | Mortgage Note Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Number of Loans | loan | 3 | |||||
Mortgage borrowing | $ 14,729 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.76% | |||||
Debt Instrument, Maturity Date | May 01, 2022 | |||||
Term of loan | 30 years | |||||
Joint ventures | Liberty Bank | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Number of Loans | loan | 2 | |||||
Mortgage borrowing | $ 17,286 | |||||
Term of loan | 30 years | |||||
Long-term Debt, Weighted Average Interest Rate | Rate | 4.21% | |||||
Terraces Portfolio | Niagara Bank | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Number of Loans | loan | 2 | |||||
Debt Instrument, Face Amount | $ 15,201 | |||||
Term of loan | 25 years | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.50% | |||||
Heritage | Niagara Bank | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Number of Loans | loan | 2 | |||||
Mortgage borrowing | $ 31,278 | |||||
Term of loan | 25 years | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.75% | |||||
Greenfield Portfolio - JV | Synovus Bank | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage borrowing | $ 23,095 | |||||
Term of loan | 30 years | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 3.20% | |||||
Interest only payment term, in months | 36 months | |||||
Belle Reve [Member] | Red Mortgage Capital | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage borrowing | $ 5,909 | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.72% | |||||
Term of loan | 30 years | |||||
London Interbank Offered Rate (LIBOR) | Royal 3/1/2016 Joint Venture [Member] | Care Investment Trust LLC | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.75% | |||||
Debt Instrument, Description of Variable Rate Basis | 30-day LIBOR | |||||
London Interbank Offered Rate (LIBOR) | Heritage 1/20/2016 Joint Venture [Member] | Care Investment Trust LLC | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.05% | |||||
Debt Instrument, Description of Variable Rate Basis | 30-day LIBOR |
Debt, Net Telos Credit Opportunities Fund, L.P. (Details) - Telos Credit Opportunities Fund, L.P. - USD ($) $ in Thousands |
May. 05, 2015 |
Mar. 31, 2016 |
Jan. 14, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 61,896 | $ 54,900 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||
Revolving Credit Facility | Capital One, N.A. | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 61,896 | |||
Line of Credit Facility, Expiration Date | May 05, 2020 | |||
Line of Credit Facility, Initiation Date | May 05, 2015 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 100,000 | ||
Long-term Debt, Weighted Average Interest Rate | 2.92% | |||
Revolving Credit Facility | Capital One, N.A. | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Prepayment premium (percent) | 1.50% | |||
Revolving Credit Facility | Capital One, N.A. | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Prepayment premium (percent) | 1.00% |
Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Other Liabilities Disclosure [Abstract] | ||
Trading liabilities, unrealized gains losses recognized | $ (2,516) | |
Trading liabilities, at fair value | 24,662 | $ 22,152 |
Accrued interest payable | 1,748 | 1,354 |
Due to broker and trustee | 35,979 | 8,622 |
Accounts payable and accrued expenses | 50,108 | 53,594 |
Other liabilities | 10,845 | 8,698 |
Total other liabilities and accrued expenses | $ 123,342 | $ 94,420 |
Stockholders' Equity Stockholders’ Equity Narrative (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common Stock - Class A | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 34,914,772 | 34,899,833 | |
Common stock, shares outstanding | 34,914,772 | 34,899,833 | |
Warrants and Rights Outstanding | 652,500 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.33 | ||
Dividends, Common Stock [Abstract] | |||
Dividends declared per share | 0.025 | $ 0.025 | |
Dividends paid per share | $ 0 | $ 0 | |
Common Stock - Class B | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 8,049,029 | 8,049,029 | |
Common stock, shares outstanding | 8,049,029 | 8,049,029 |
Accumulated Other Comprehensive Income (Loss) Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (111) | |
Other comprehensive gain (loss) before reclassification | 1,632 | |
Amounts reclassified from AOCI | (244) | |
Period change | 1,388 | $ 1,083 |
Ending balance | 1,277 | |
Available for sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (222) | |
Other comprehensive gain (loss) before reclassification | 1,721 | |
Amounts reclassified from AOCI | (37) | |
Period change | 1,684 | |
Ending balance | 1,462 | |
Interest rate swap | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 111 | |
Other comprehensive gain (loss) before reclassification | (89) | |
Amounts reclassified from AOCI | (207) | |
Period change | (296) | |
Ending balance | $ (185) |
Accumulated Other Comprehensive Income (Loss) Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Related tax (expense) benefit | $ 2,439 | $ 1,496 |
Available for sale securities | Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains (losses) on available for sale securities | 57 | 15 |
Related tax (expense) benefit | (20) | (5) |
Net change after tax | 37 | 10 |
Interest rate swap | Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains (losses) on interest rate swap | 319 | (281) |
Related tax (expense) benefit | (112) | 98 |
Net change after tax | $ 207 | $ (183) |
Interest Expense | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Interest expense | |
Provision for income taxes | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Provision for income tax |
Stock Based Compensation Equity Plans Narrative (Details) - Common Stock - Class A - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Aug. 08, 2013 |
|
Care Investment Trust Inc. Manger Equity Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 134,629 | |
Tiptree Financial Inc. 2013 Omnibus Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 |
Stock Based Compensation Schedule of Changes to Equity Plan (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
shares
| |
Options Outstanding | |
Granted | (251,237) |
Stock Compensation Plan [Member] | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | |
Options Outstanding | |
Available for issuance as of December 31, 2015 | 1,582,339 |
Shares issued | (527,582) |
Granted | (527,582) |
Available for issuance as of March 31, 2016 | 1,054,757 |
Stock Based Compensation Summary of Changes to Restricted Stock Units and Restricted Stock (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||
Tiptree Financial Inc. 2013 Omnibus Incentive Plan | |||||
Number of shares issuable [Roll Forward] | |||||
Unvested units at beginning of period | 128,323 | ||||
Granted | [1] | 276,345 | |||
Vested | [1] | (164,191) | |||
Unvested units at end of period | 240,477 | 128,323 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Unvested units at beginning of period | $ 7.68 | ||||
Granted (1) | [1] | 5.76 | |||
Vested (1) | [1] | 6.10 | |||
Unvested units at end of period | $ 6.55 | $ 7.68 | |||
Tiptree Financial Inc. 2013 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Shares Paid for Tax Withholding for Share Based Compensation | 646 | ||||
Employees | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | |||||
Number of shares issuable [Roll Forward] | |||||
Granted | 145,383 | ||||
Immediate Vesting, Class A Common [Member] | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | |||||
Number of shares issuable [Roll Forward] | |||||
Vested | [1] | (130,946) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | [1] | $ 750,000 | |||
Three year vesting period, Starting January 1, 2016 [Member] | Employees | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | |||||
Number of shares issuable [Roll Forward] | |||||
Granted | 111,759,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Two year vesting period, Starting January 1, 2016 [Member] | Employees | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Share-based Compensation Award, Tranche One [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Nonforfeitable in Period, Percentage | 33.33% | ||||
Share-based Compensation Award, Tranche One [Member] | Reliance Restricted Stock Units Program [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 66.67% | ||||
Share-based Compensation Award, Tranche Two [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Nonforfeitable in Period, Percentage | 33.33% | ||||
Share-based Compensation Award, Tranche Two [Member] | Reliance Restricted Stock Units Program [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 8.33% | ||||
Share-based Compensation Award, Tranche Three [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Nonforfeitable in Period, Percentage | 33.33% | ||||
Share-based Compensation Award, Tranche Three [Member] | Reliance Restricted Stock Units Program [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 8.33% | ||||
Share-based Compensation Award, Tranche Four [Member] | Reliance Restricted Stock Units Program [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 8.33% | ||||
Share-based Compensation Award, Tranche Five [Member] | Reliance Restricted Stock Units Program [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 8.33% | ||||
|
Stock Based Compensation Valuation Assumptions Table (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Historical Volatility | 50.19% | |
Historical Volatility | 50.46% | |
Risk-free Rate | 1.93% | |
Risk-free Rate | 2.28% | |
Expected term (years) | 6 years 6 months | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Dividend Yield | .0176 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Dividend Yield | .0170 | |
Common stock - Class A: $0.001 par value, 200,000,000 shares authorized, 34,914,772 and 34,899,833 shares issued and outstanding, respectively | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividends declared per share | $ 0.025 | $ 0.025 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Historical Volatility based on Historical Daily Returns, Look-back Period | 2 years 6 months | |
Employee Stock Option [Member] | Common stock - Class A: $0.001 par value, 200,000,000 shares authorized, 34,914,772 and 34,899,833 shares issued and outstanding, respectively | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividends declared per share | $ 0.025 |
Stock Based Compensation Stock Option Activity Rollforward (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Options Outstanding | ||
Balance at beginning of period | 0 | |
Granted | 251,237 | |
Balance at end of period | 251,237 | |
Weighted Average Exercise Price (in dollars per stock option) | ||
Weighted average exercise price, beginning balance | $ 0.00 | |
Granted | 5.69 | |
Weighted average exercise price, ending balance | 5.69 | |
Weighted Average Grant Date Value (in dollars per stock option) | ||
Weighted average grant date value, beginning balance | 0.00 | |
Granted | 2.62 | |
Weighted average grant date value, ending balance | $ 2.62 | |
Options Exercisable | 0 | 0 |
Weighted average remaining contractual term at March 31, 2016 (in years) | 9 years 9 months 15 days |
Stock Based Compensation Share-based compensation expense table (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ (137) | $ (38) |
Net stock-based compensation expense | 251 | 69 |
Payroll and employee commissions [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 353 | 69 |
Professional fees expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 35 | $ 38 |
Stock Based Compensation Schedule of Unrecognized Compensation costs related to non-vested awards (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards | $ 619 |
Unrecognized compensation cost related to non-vested awards | $ 1,406 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted - average recognition period (in years) | 3 years 9 months |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted - average recognition period (in years) | 2 years 3 months |
Related Party Transactions Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Tricadia Holdings, L.P. | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 114 | $ 333 |
Mariner Invesment Group LLC | ||
Related Party Transaction [Line Items] | ||
Management Fee, Percentage of Company's Net Assets | 0.025% | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 100 | $ 95 |
Successive terms (in years) | 1 year | |
Notice period (in days) | 60 days |
Related Party Transactions Schedule of Related Party Transactions (Details) - Tricadia Holdings, L.P. - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 114 | $ 333 | ||
Personnel services | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 25 | 113 | ||
Incentive compensation for providing services | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | [1] | 0 | 93 | |
Legal and compliance services | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 38 | ||
Human resources, information technology and other personnel | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 28 | 28 | ||
Rental expense - Office Space | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 61 | $ 61 | ||
|
Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Deferred tax expense (benefit): | ||
Total income tax expense | $ (2,439) | $ (1,496) |
Federal statutory income tax rate | 35.00% |
Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Income (loss) before taxes from continuing operations | $ 4,975 | $ (5,860) |
Federal statutory income tax rate | 35.00% | |
Effective tax rate | (49.00%) |
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred tax liabilities: | ||
Net deferred tax liability | $ (19,069) | $ (22,699) |
Income Taxes Narrative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Income Tax Examination [Line Items] | |
Effective Income Tax Rate Reconciliation, Tax Restructuring, Amount | $ 4,044 |
Effective Income Tax Rate Reconciliation, Before Tax Restructuring, Percent | 32.30% |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
||||
Contractual Obligation, Fiscal Year Maturity [Abstract] | |||||
Less than one year | $ 5,186 | ||||
1-3 years | 8,519 | ||||
3-5 years | 5,376 | ||||
More than 5 years | 1,741 | ||||
Total | 20,822 | ||||
Expenses: | |||||
Rent expense for office leases | 1,691 | $ 986 | |||
Letters of Credit Outstanding, Amount | 400 | ||||
Operating lease obligations | |||||
Operating lease obligations | |||||
Less than one year | [1] | 5,186 | |||
1-3 years | [1] | 8,519 | |||
3-5 years | [1] | 5,376 | |||
More than 5 years | [1] | 1,741 | |||
Total | [1] | $ 20,822 | |||
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net income (loss) from continuing operations | $ 7,414 | $ (4,364) | |||
Net income from continuing operations attributable to non-controlling interests | [1] | 1,859 | (1,739) | ||
Net income from continuing operations allocated to participating securities | 34 | 0 | |||
Discontinued operations, net | 0 | 2,345 | |||
Net income from discontinued operations attributable to non-controlling interests | [1] | 0 | 699 | ||
Net income (loss) available to common stockholders | 5,555 | (979) | |||
Earnings Per Share, Diluted, Other Disclosures [Abstract] | |||||
Income (Loss) Attributable to Noncontrolling Interest | 1,859 | (1,040) | |||
Income (loss) from discontinued operations attributable to non-controlling interest | 0 | 699 | |||
Common Stock - Class A | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net (loss) income from continuing operations available to Class A common shares | 5,521 | (2,625) | |||
Net income from discontinued operations available to Class A common shares | 0 | 1,646 | |||
Net income (loss) available to common stockholders | $ 5,521 | $ (979) | |||
Basic: | |||||
Income (loss) from continuing operations | $ 0.16 | $ (0.08) | |||
Income from discontinued operations | 0.00 | 0.05 | |||
Basic earnings per share | 0.16 | (0.03) | |||
Diluted: | |||||
Income (loss) from continuing operations | 0.16 | (0.08) | |||
Income from discontinued operations | 0.00 | 0.05 | |||
Diluted earnings per share | $ 0.16 | $ (0.03) | |||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | |||||
Basic | 34,976,485 | 32,138,455 | |||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||
Diluted | 35,084,505 | 32,138,455 | |||
|
Subsequent Events (Details) - Common Stock - Class A - $ / shares |
3 Months Ended | ||
---|---|---|---|
May. 05, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Subsequent Event [Line Items] | |||
Dividends declared per share | $ 0.025 | $ 0.025 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared per share | $ 0.025 |
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