10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)
x	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly period ended September 30, 2016

OR

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from            to            

Commission File Number: 001-33549

Tiptree Financial Inc.

(Exact name of Registrant as Specified in Its Charter)

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)

(212) 446-1400

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    

Yes   x     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨Accelerated filer x

Non-accelerated filer ¨Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)    Yes  ¨    No  x

As of November 7, 2016, there were 34,954,639 shares, par value $0.001, of the registrant’s Class A common stock outstanding (including 6,596,000 shares of Class A common stock held by subsidiaries of the registrant) and 8,049,029 shares, par value $0.001, of the registrant’s Class B common stock outstanding.

Tiptree Financial Inc.

Quarterly Report on Form 10-Q

September 30, 2016

Table of Contents

ITEM	Page Number
PART I. Financial Information	F-1
Item 1. Financial Statements (Unaudited)	F-1
Consolidated Balance Sheets for September 30, 2016 and December 31, 2015	F-2
Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015	F-3
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015	F-4
Consolidated Statement of Changes in Stockholders’ Equity for the period ended September 30, 2016	F-5
Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015	F-6
Notes to Consolidated Financial Statements	F-8
(1) Organization	F-8
(2) Summary of Significant Accounting Policies	F-8
(3) Acquisitions	F-13
(4) Dispositions, Assets Held for Sale & Discontinued Operations	F-17
(5) Operating Segment Data	F-17
(6) Securities, Available for Sale	F-20
(7) Investment in Loans	F-22
(8) Fair Value of Financial Instruments	F-23
(9) Notes and Accounts Receivable, net	F-31
(10) Reinsurance Receivable	F-31
(11) Real Estate, net	F-33
(12) Goodwill and Intangible Assets, net	F-34
(13) Other Assets	F-35
(14) Derivative Financial Instruments and Hedging	F-35
(15) Assets and Liabilities of Consolidated CLOs	F-38
(16) Debt, net	F-40
(17) Other Liabilities and Accrued Expenses	F-42
(18) Stockholders’ Equity	F-42
(19) Accumulated Other Comprehensive Income (Loss)	F-43
(20) Stock Based Compensation	F-43
(21) Related Party Transactions	F-46
(22) Income Taxes	F-47
(23) Commitments and Contingencies	F-48
(24) Earnings Per Share	F-48
(25) Subsequent Events	F-49
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	1
Item 3. Quantitative and Qualitative Disclosures About Market Risk	24
Item 4. Controls and Procedures	24
PART II. Other Information	26
Item 1. Legal Proceedings	26
Item 1A. Risk Factors	26
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3. Defaults Upon Senior Securities	27
Item 4. Mine Safety Disclosures	27
Item 5. Other Information	27
Item 6. Exhibits, Financial Statement Schedules	28
Signatures	30

PART I. FINANCIAL INFORMATION

Forward-Looking Statements

Except for the historical information included and incorporated by reference in this Quarterly Report on Form 10-Q, the information included and incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations and our strategic plans and objectives. When we use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions, we intend to identify forward-looking statements.

Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those described in the section entitled “Risk Factors” in our Annual Report on Form 10-K.

The factors described herein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements.  Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, our actual performance could be materially different from the results described or anticipated by our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the applicable law, we undertake no obligation to update any forward-looking statements.

Note to Reader

In reading this Quarterly Report on Form 10-Q, references to:

“Administrative Services Agreement” means the Administrative Services Agreement between Operating Company (as assignee of TFP) and BackOffice Services Group, Inc., dated as of June 12, 2007.

“AUM” means assets under management.

“Care” means Care Inc. and Care LLC, collectively.

“Care LLC” means Care Investment Trust LLC.

“CLOs” means collateralized loan obligations.

“Consolidated CLOs” means Telos 5, Telos 6 and Telos 7.

“Contribution Transactions” means the closing on July 1, 2013 of the transactions pursuant to the Contribution Agreement by and between the Company, Operating Company and TFP, dated as of December 31, 2012.

“EBITDA” means earnings before interest, taxes, depreciation and amortization.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Fortress” means Fortress Credit Corp., as administrative agent, collateral agent and lead arranger, and affiliates of Fortress that are lenders under the Credit Agreement among the Company, Fortress and the lenders party thereto.

“Fortegra” means Fortegra Financial Corporation.

“GAAP” means U.S. generally accepted accounting principles.

“Luxury” means Luxury Mortgage Corp.

“Mariner” means Mariner Investment Group LLC.

“MFCA” means Muni Funding Company of America LLC.

“NPL” means nonperforming residential real estate mortgage loans.

“Operating Company” means Tiptree Operating Company, LLC.

“PFG” means Philadelphia Financial Group, Inc.

“Reliance” means Reliance First Capital, LLC.

“REO” means real estate owned.

“SEC” means the U.S. Securities and Exchange Commission.

“Securities Act” means the Securities Act of 1933, as amended.

“Siena” means Siena Capital Finance LLC.

“TAMCO” means Tiptree Asset Management Company, LLC.

“Telos” means Telos Asset Management, LLC.

“Telos 1” means Telos CLO 2006-1, Ltd.

“Telos 2” means Telos CLO 2007-2, Ltd.

“Telos 3” means Telos CLO 2013-3, Ltd.

“Telos 4” means Telos CLO 2013-4, Ltd.

“Telos 5” means Telos CLO 2014-5, Ltd.

“Telos 6” means Telos CLO 2014-6, Ltd.

“Telos 7” means Telos CLO 2016-7, Ltd.

“TFP” means Tiptree Financial Partners, L.P.

“Tiptree”, the “Company”, “we”, “its”, “us” and “our” means, unless otherwise indicated by the context, Tiptree Financial Inc. and its consolidated subsidiaries.

“Transition Services Agreement” means the Transition Services Agreement among TAMCO, Tricadia and Operating Company (as assignee of TFP), dated as of June 30, 2012.

“Tricadia” means Tricadia Holdings, L.P.

F-1

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except share data)

Item 1. Financial Statements (Unaudited)

	As of
	September 30, 2016			December 31, 2015
Assets	(Unaudited)
Cash and cash equivalents	$	65,995		$	69,400
Restricted cash	22,093			18,778
Securities, available for sale (amortized cost: $134,856 at September 30, 2016 and $185,046 at December 31, 2015)	137,195			184,703
Loans, at fair value (pledged as collateral: $159,645 at September 30, 2016 and $112,743 at December 31, 2015)	371,934			394,395
Loans owned, at amortized cost, net	96,696			52,531
Notes and accounts receivable, net	163,896			140,999
Reinsurance receivables	381,163			352,926
Deferred acquisition costs	60,150			57,858
Real estate, net	280,831			203,961
Goodwill and intangible assets, net	178,291			186,107
Other assets	112,843			104,500
Assets of consolidated CLOs	995,658			728,812
Total assets	$	2,866,745		$	2,494,970
Liabilities and Stockholders’ Equity
Liabilities
Debt, net	$	774,095		$	666,952
Unearned premiums	412,633			389,699
Policy liabilities and unpaid claims	101,913			80,663
Deferred revenue	56,716			63,081
Reinsurance payable	54,068			65,840
Commissions payable	9,240			14,866
Deferred tax liabilities, net	27,072			22,699
Other liabilities and accrued expenses	106,449			95,160
Liabilities of consolidated CLOs	943,218			698,316
Total liabilities	$	2,485,404		$	2,097,276
Commitments and contingencies (see Note 23)
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, 34,947,239 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	297,274			297,063
Accumulated other comprehensive income (loss), net of tax	1,031			(111		)
Retained earnings	30,956			15,845
Class A common stock held by subsidiaries, 6,596,000 and 0 shares, respectively	(42,524		)	—
Class B common stock held by subsidiaries, 8,049,029 and 0 shares, respectively	(8		)	—
Total Tiptree Financial Inc. stockholders’ equity	286,772			312,840
Non-controlling interests (including $74,630 and $69,278 attributable to Tiptree Financial Partners, L.P., respectively)	94,569			84,854
Total stockholders’ equity	381,341			397,694
Total liabilities and stockholders’ equity	$	2,866,745		$	2,494,970

See accompanying notes to consolidated financial statements.

F-2

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Consolidated Statements of Operations (Unaudited)

(in thousands, except share data)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Revenues:
Net realized and unrealized gains (losses)	$	7,902	$	(3,492	)	$	21,460	$	(3,128	)
Interest income	6,782		5,853			20,632		12,180
Service and administrative fees	25,842		29,565			84,421		77,037
Ceding commissions	1,397		11,515			22,645		31,600
Earned premiums, net	47,609		43,884			138,516		120,944
Gain on sale of loans held for sale, net	20,045		14,859			48,412		21,531
Loan fee income	3,915		2,844			9,296		6,125
Rental revenue	14,529		11,165			40,764		31,725
Other income	6,100		4,675			13,533		12,945
Total revenues	134,121		120,868			399,679		310,959
Expenses:
Interest expense	7,839		6,329			20,770		17,652
Payroll and employee commissions	38,767		30,156			102,175		73,926
Commission expense	24,032		30,891			91,906		71,346
Member benefit claims	5,967		7,955			17,334		23,774
Net losses and loss adjustment expense	19,914		14,948			55,102		40,324
Professional fees	7,114		5,521			21,816		13,820
Depreciation and amortization	6,437		10,034			21,899		36,857
Acquisition and transaction costs	248		—			631		1,349
Other expenses	16,285		15,391			50,524		39,464
Total expenses	126,603		121,225			382,157		318,512
Results of consolidated CLOs:
Income attributable to consolidated CLOs	12,556		3,092			34,713		20,685
Expenses attributable to consolidated CLOs	8,524		6,294			24,664		24,131
Net income (loss) attributable to consolidated CLOs	4,032		(3,202		)	10,049		(3,446		)
Income (loss) before taxes from continuing operations	11,550		(3,559		)	27,571		(10,999		)
Less: provision (benefit) for income taxes	3,712		2,829			5,298		962
Income (loss) from continuing operations	7,838		(6,388		)	22,273		(11,961		)
Discontinued operations:
Income from discontinued operations, net	—		—			—		6,999
Gain on sale of discontinued operations, net	—		—			—		16,349
Discontinued operations, net	—		—			—		23,348
Net income (loss) before non-controlling interests	7,838		(6,388		)	22,273		11,387
Less: net income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P.	1,362		(1,661		)	4,660		2,214
Less: net income (loss) attributable to non-controlling interests - Other	571		(174		)	20		(257		)
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders	$	5,905	$	(4,553	)	$	17,593	$	9,430
Net income (loss) per Class A common share:
Basic, continuing operations, net	$	0.20	$	(0.13	)	$	0.53	$	(0.25	)
Basic, discontinued operations, net	—		—			—		0.54
Basic earnings per share	0.20		(0.13		)	0.53		0.29
Diluted, continuing operations, net	0.19		(0.13		)	0.53		(0.25		)
Diluted, discontinued operations, net	—		—			—		0.54
Diluted earnings per share	$	0.19	$	(0.13	)	$	0.53	$	0.29
Weighted average number of Class A common shares:
Basic	29,143,470		33,848,463			32,845,124		32,597,774
Diluted	37,230,650		33,848,463			32,912,516		32,597,774

See accompanying notes to consolidated financial statements.

F-3

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss) before non-controlling interests	$	7,838		$	(6,388	)	$	22,273		$	11,387
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during the period	(553		)	1,153			3,779			508
Related tax (expense) benefit	198			(405		)	(1,331		)	(182		)
Reclassification of (gains) losses included in net income	(960		)	56			(1,100		)	97
Related tax expense (benefit)	336			(20		)	385			(34		)
Unrealized gains (losses) on available-for-sale securities, net of tax	(979		)	784			1,733			389
Interest rate swaps (cash flow hedges):
Unrealized gains (losses) on interest rate swaps	156			(167		)	(515		)	(456		)
Related tax (expense) benefit	(46		)	57			158			158
Reclassification of (gains) losses included in net income	172			284			(56		)	848
Related tax expense (benefit)	(54		)	(99		)	30			(296		)
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax	228			75			(383		)	254
Other comprehensive income (loss), net of tax	(751		)	859			1,350			643
Comprehensive income	7,087			(5,529		)	23,623			12,030
Less: Comprehensive income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P.	1,214			(1,661		)	4,897			2,214
Less: Comprehensive income (loss) attributable to non-controlling interests - Other	604			(174		)	(9		)	(257		)
Comprehensive income attributable to Tiptree Financial Inc. Class A common stockholders	$	5,269		$	(3,694	)	$	18,735		$	10,073

See accompanying notes to consolidated financial statements.

F-4

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(in thousands, except shares)

	Number of Shares			Par Value				Additional paid in capital			Accumulated other comprehensive income (loss)			Retained earnings			Common Stock held by subsidiaries										Total stockholders’ equity to Tiptree Financial Inc.			Non-controlling interests - Tiptree Financial Partners, L.P.			Non-controlling interests - Other			Total stockholders' equity
	Class A		Class B	Class A		Class B											Class A Shares		Class A Amount			Class B Shares		Class B Amount
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 and employees	189,896		—	—		—		1,810			—			—			—		—			—		—			1,810			—			—			1,810
Shares issued to settle contingent consideration	72,868		—	—		—		377			—			—			—		—			—		—			377			—			—			377
Other comprehensive income, net of tax	—		—	—		—		—			1,142			—			—		—			—		—			1,142			237			(29		)	1,350
Non-controlling interest contributions	—		—	—		—		—			—			—			—		—			—		—			—			—			6,163			6,163
Non-controlling interest distributions	—		—	—		—		—			—			—			—		—			—		—			—			(603		)	(1,456		)	(2,059		)
Shares retired under stock purchase plan	(215,358	)	—	—		—		(1,230		)	—			—			—		—			—		—			(1,230		)	—			—			(1,230		)
Shares acquired by subsidiaries	—		—	—		—		—			—			—			(6,596,000	)	(42,524		)	(8,049,029	)	(8		)	(42,532		)	—			—			(42,532		)
Net changes in non-controlling interest	—		—	—		—		(746		)	—			—			—		—			—		—			(746		)	1,058			(335		)	(23		)
Dividends declared	—		—	—		—		—			—			(2,482		)	—		—			—		—			(2,482		)	—			—			(2,482		)
Net income (loss)	—		—	—		—		—			—			17,593			—		—			—		—			17,593			4,660			20			22,273
Balance at September 30, 2016	34,947,239		8,049,029	$	35	$	8	$	297,274		$	1,031		$	30,956		(6,596,000	)	$	(42,524	)	(8,049,029	)	$	(8	)	$	286,772		$	74,630		$	19,939		$	381,341

See accompanying notes to consolidated financial statements.

F-5

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Nine Months Ended September 30,
	2016			2015
Operating activities:
Net income (loss) available to common stockholders	$	17,593		$	9,430
Net income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P.	4,660			2,214
Net income (loss) attributable to non-controlling interests - Other	20			(257		)
Net income (loss)	22,273			11,387
Discontinued operations, net	—			(23,348		)
Adjustments to reconcile net income to net cash provided by (used in) operating activities from continuing operations:
Net realized and unrealized (gains) losses	(21,460		)	3,128
Net unrealized loss (gain) on interest rate swaps	1,233			—
Change in fair value of contingent consideration	(262		)	—
Non cash compensation expense	1,696			348
Amortization/accretion of premiums and discounts	1,094			1,922
Depreciation and amortization expense	21,899			36,857
Provision for doubtful accounts	1,321			413
Amortization of deferred financing costs	1,326			1,016
(Gain) loss on sale of loans held for sale	(48,412		)	(21,531		)
Deferred tax expense (benefit)	(327		)	(24,056		)
Changes in operating assets and liabilities:
Mortgage loans originated for sale	(1,258,931		)	(792,512		)
Proceeds from the sale of mortgage loans originated for sale	1,261,617			794,013
(Increase) decrease in notes and accounts receivable	(16,964		)	(29,506		)
(Increase) decrease in reinsurance receivables	(28,237		)	(67,573		)
(Increase) decrease in deferred acquisition costs	(2,292		)	(44,666		)
(Increase) decrease in other assets	(2,223		)	(4,462		)
Increase (decrease) in unearned premiums	22,934			69,001
Increase (decrease) in policy liabilities and unpaid claims	21,250			11,805
Increase (decrease) in deferred revenue	(6,810		)	20,171
Increase (decrease) in reinsurance payable	(11,772		)	43,960
Increase (decrease) in commissions payable	(5,626		)	(4,160		)
Increase (decrease) in other liabilities and accrued expenses	18,125			10,488
Operating activities from consolidated CLOs	(3,505		)	18,213
Net cash provided by (used in) operating activities - continuing operations	(32,053		)	10,908
Net cash provided by (used in) operating activities - discontinued operations	—			(6,198		)
Net cash provided by (used in) operating activities	(32,053		)	4,710
Investing Activities:
Purchases of investments	(174,381		)	(287,522		)
Proceeds from sales and maturities of investments	159,308			48,172
(Increase) decrease in loans owned, at amortized cost, net	(44,640		)	(21,516		)
Purchases of real estate capital expenditures	(4,372		)	(1,814		)
Purchases of corporate fixed assets	(991		)	(2,838		)
Proceeds from the sale of subsidiaries	—			142,837
Proceeds from notes receivable	25,658			24,221
Issuance of notes receivable	(32,437		)	(25,734		)
(Increase) decrease in restricted cash	(3,315		)	(4,628		)
Business and asset acquisitions, net of cash and deposits	(81,183		)	(78,057		)
Distributions from equity method investments	—			2,275
Investing activities from consolidated CLOs	(96,834		)	33,449
Net cash provided by (used in) investing activities - continuing operations	(253,187		)	(171,155		)
Net cash provided by (used in) investing activities from discontinued operations	—			11,866
Net cash provided by (used in) investing activities	(253,187		)	(159,289		)

F-6                    (continued)

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows (continued)

(in thousands)

	Nine Months Ended September 30,
	2016			2015
Financing Activities:
Dividends paid	(2,482		)	(2,442		)
Non-controlling interest contributions	3,050			2,244
Non-controlling interest distributions	(2,059		)	(4,584		)
Change in non-controlling interest	—			(3,000		)
Payment of debt issuance costs	(2,508		)	(1,865		)
Proceeds from borrowings and mortgage notes payable	1,477,446			1,041,686
Principal paydowns of borrowings and mortgage notes payable	(1,368,585		)	(832,369		)
Repurchases of common stock	(43,754		)	(2,914		)
Financing activities from consolidated CLOs	220,727			8,573
Net cash provided by (used in) financing activities - continuing operations	281,835			205,329
Net cash provided by (used in) financing activities - discontinued operations	—			(5,000		)
Net cash provided by (used in) financing activities	281,835			200,329
Net increase (decrease) in cash and cash equivalents	(3,405		)	45,750
Cash and cash equivalents – beginning of period - continuing operations	69,400			52,987
Cash and cash equivalents of continuing operations – end of period	$	65,995		$	98,737
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Acquired real estate properties through, or in lieu of, foreclosure of the related loan	$	10,288		$	817

See accompanying notes to consolidated financial statements.

F-7

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(1) Organization

Tiptree Financial Inc. (together with its consolidated subsidiaries, collectively, Tiptree or the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree is a diversified holding company with 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”. Tiptree’s primary asset is its ownership of Tiptree Financial Partners, L.P. (TFP). Tiptree reports a non-controlling interest representing the economic interest in TFP held by other limited partners of TFP.

As of January 1, 2016, Tiptree directly owns approximately 81% of TFP with the remaining 19% held by non-controlling shareholders through their interests in TFP. TFP directly owns 100% of Operating Company. All of Tiptree’s Class B common stock is owned by TFP and is accounted for as treasury stock. Tiptree’s Class B common stock has voting but no economic rights. The limited partners of TFP (other than Tiptree itself) had 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. For every Class A common stock exchanged in this manner, a share of Class B common stock is canceled. 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. Changes in Tiptree’s ownership of TFP will be accounted for as equity transactions, which increase Tiptree’s ownership of TFP and reduce non-controlling interest in TFP without changing total stockholders’ equity of Tiptree.

(2) 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 and nine months ended September 30, 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 Operations 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 nine months ended September 30, 2015 have been revised for immaterial corrections and errors related to the presentation of our activities from Discontinued Operations and business acquisitions. These corrections resulted in a decrease in cash provided by operating activities of approximately $2,000, an increase in cash provided by investing activities of approximately $2,000, and an adjustment of approximately $28,400 to reflect cash of a disposed business and investing activities. Such changes had no impact on the ending cash balance as of September 30, 2015. In addition, certain prior period amounts have been reclassified to conform to the current year presentation.

F-8

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

See “Item 4. Controls and Procedures” for actions the Company has taken to remediate certain material weaknesses as of September 30, 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:

• 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

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 Operations. 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 measurement of assets and liabilities acquired and 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

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.

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

F-9

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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

In addition to the financial instruments the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize 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 Operations. 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 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 upon 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 upon 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 upon 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 was effective for the Company on January 1, 2016. Accordingly “Debt, net” is reported net of deferred financing costs as of September 30, 2016 and December 31, 2015, respectively, in the Consolidated Balance Sheets. See Note—(16) Debt, net.

F-10

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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 upon 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 was effective for the Company on January 1, 2016 and retrospective adoption is required. The adoption of this standard did not have an impact upon 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 were 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 upon 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.

On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. This standard was originally effective for the Company on January 1, 2017. 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 evaluating the effect upon its financial statements.

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 2016 annual 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, 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

F-11

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

on available-for-sale debt securities. ASU 2016-01 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 upon 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 currently evaluating the effect upon its financial statements.

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

F-12

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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.

In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting which  rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting.  The Company believes that that the adoption of this standard will not have an impact upon the Company’s Consolidated Balance Sheets, results of operations or cash flows.

In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients which provides guidance on collectability, noncash consideration, and completed contracts at transition.  Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.  The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect upon its financial statements.

In June 2016, the FASB issued ASU 2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the effect upon its financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, including the adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the effect upon its financial statements.

(3) Acquisitions

Acquisitions during the nine months ended September 30, 2016

Real Estate

Managed Properties

During the nine months ended September 30, 2016, Care and affiliates of Care’s partners entered into agreements to acquire and operate three senior housing communities for total consideration of $84,605 (which includes deposits of $125 paid in the fourth quarter of 2015) of which $59,817 was financed through mortgage debt issued in connection with the acquisitions, $4,778

F-13

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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 September 30, 2016, revenue and the net loss in the aggregate for the three managed properties acquired were $7,247 and $1,899, respectively.

On June 30, 2016, the Company finalized the determination of the fair value of the assets acquired and the liabilities assumed for acquisitions completed in the first quarter of 2016. The adjustments to the provisional amounts recorded in the prior quarter was an increase of $540 to Real estate, net with an offsetting decrease of $540 to Intangible assets, net related to in-place leases. Additionally, the change to the provisional amounts resulted in a decrease in depreciation and amortization of $213, of which $80 relates to the previous quarter, recorded in the three months ended June 30, 2016.

The following table summarizes the consideration paid and the amounts of the final determination, as described above, for transactions completed in the first quarter of 2016 and provisional determination for the transaction completed in the quarter ended September 30, 2016, of the fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2016:

	2016 Acquisitions
	Real Estate
Consideration:
Cash	$	81,492
Non-cash non-controlling interests contributions	3,113
Fair value of total consideration	$	84,605
Acquisition costs	$	612
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets:
Cash and cash equivalents	$	184
Real estate, net	78,195
Intangible assets, net	6,430
Other assets	248
Liabilities:
Deferred revenue	(290		)
Other liabilities and accrued expenses	(162		)
Total identifiable net assets assumed	$	84,605

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:

Intangible Assets	Weighted Average Amortization Period (in Years)	Real Estate
In-place Lease	1.6	$	6,430

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.

F-14

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

Acquisitions during the nine months ended September 30, 2015

Specialty Finance

On July 1, 2015, the Company completed the acquisition of Reliance First Capital, LLC (Reliance) for total consideration of $24,441 which was comprised of cash of $10,281, a total of 1,625,000 shares of its Class A common stock (market value of $11,960 at the time of issuance), and an earn-out to issue additional shares valued at $2,200 in exchange for 100% ownership. The primary reason for the Company’s acquisition of Reliance is to expand its mortgage origination operations. The results of Reliance, from its closing date, are included in the Company’s specialty finance segment and was considered an acquisition of a business in accordance with ASC 805.

For the period from acquisition until September 30, 2015, revenue and net income were $11,252 and $551, respectively.

Real Estate

Managed Properties

During the nine months ended September 30, 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 nine months ended September 30, 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 September 30, 2015, revenue and the net loss in aggregate for the properties acquired were $8,378 and $2,577, respectively.

F-15

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table summarizes the consideration paid and the final determination of amounts of fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2015:

	2015 Acquisitions
	Specialty Finance			Real Estate			Total
Total consideration:
Cash	$	10,281		$	83,787		$	94,068
Common stock	11,960			—			11,960
Contingent consideration	2,200			—			2,200
Fair value of total consideration	$	24,441		$	83,787		$	108,228
Acquisition costs	$	223		$	1,567		$	1,790
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets:
Cash and cash equivalents	$	13,934		$	—		$	13,934
Restricted cash	919			—			919
Mortgage loans held for sale, at fair value	59,308			—			59,308
Accounts and premiums receivable, net	2,369			—			2,369
Real estate, net	—			76,003			76,003
Goodwill	1,708			—			1,708
Intangible assets, net	1,440			8,800			10,240
Deferred tax assets	150			—			150
Other assets	3,712			92			3,804
Liabilities:
Fair value of debt assumed	(52,836		)	—			(52,836		)
Deferred revenue	—			(589		)	(589		)
Other liabilities and accrued expenses	(6,263		)	(519		)	(6,782		)
Total identifiable net assets assumed	$	24,441		$	83,787		$	108,228

Supplemental pro forma results of operations have not been presented for the above 2015 business acquisitions as they were 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:

Intangible Assets	Weighted Average Amortization Period (in Years)	Specialty Finance		Real Estate		Total
Trade names	10.0	$	800	$	—	$	800
Software	7.0	640		—		640
In-place Lease	8.7	—		8,800		8,800
Total acquired finite-lived other intangible assets	8.7	$	1,440	$	8,800	$	10,240

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. Upon exercising the option, Fortegra made an initial payment of $3,000. Fortegra has accrued an additional $4,100.

F-16

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(4) 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 nine months ended September 30, 2015.

The following table represents detail of revenues and expenses of discontinued operations in the Consolidated Statements of Operations for the nine months ended September 30, 2015:

	Nine Months Ended September 30, 2015
Revenues:
Net realized gain	$	151
Interest income	2,215
Separate account fees	12,706
Service and administrative fees	25,385
Other income	2
Total revenues	40,459
Expenses:
Interest expense	5,226
Payroll expense	9,086
Professional fees	770
Change in future policy benefits	2,077
Mortality expenses	5,688
Commission expense	1,723
Depreciation and amortization	862
Other expenses	4,232
Total expenses	29,664
Less: provision for income taxes	3,796
Income from discontinued operations, net	$	6,999

The following table presents the cash flows from discontinued operations for the periods indicated:

	Nine Months Ended September 30,
	2015
Net cash provided by (used in):
Operating activities	$	(6,198	)
Investing activities	11,866
Financing activities	(5,000		)
Net cash flows provided by discontinued operations	$	668

(5) 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:

F-17

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

Insurance and Insurance Services operations are conducted through Fortegra, a specialty 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 operations are conducted through Siena Capital Finance LLC (Siena), which commenced operations in April 2013, and the Company’s mortgage businesses which consist of Luxury, which was acquired in January 2014, and Reliance, which was acquired in July 2015. The Company’s mortgage origination business originated loans 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.

Real Estate operations are conducted through 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 are primarily conducted through 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 consist of the Company’s principal investments and corporate expenses.

The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following periods:

	Three Months Ended September 30, 2016
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	79,106	$	29,013	$	15,695		$	3,838	$	6,469		$	134,121
Total expense	71,081		24,832		16,168			2,255		12,267			126,603
Net income attributable to consolidated CLOs	—		—		—			720		3,312			4,032
Pre-tax income (loss)	$	8,025	$	4,181	$	(473	)	$	2,303	$	(2,486	)	$	11,550
Less: Provision (benefit) for income taxes													3,712
Net income before non-controlling interests													$	7,838
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													1,933
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	5,905

	Three Months Ended September 30, 2015
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	87,991	$	19,348	$	11,560		$	1,981	$	(12	)	$	120,868
Total expense	77,868		18,097		14,172			1,670		9,418			121,225
Net income attributable to consolidated CLOs	—		—		—			652		(3,854		)	(3,202		)
Pre-tax income (loss)	$	10,123	$	1,251	$	(2,612	)	$	963	$	(13,284	)	$	(3,559	)
Less: Provision (benefit) for income taxes													2,829
Net (loss) before non-controlling interests													$	(6,388	)
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													(1,835		)
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	(4,553	)

F-18

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

	Nine Months Ended September 30, 2016
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	256,208	$	67,790	$	44,204		$	7,505	$	23,972		$	399,679
Total expense	231,108		62,280		49,691			4,930		34,148			382,157
Net income attributable to consolidated CLOs	—		—		—			2,466		7,583			10,049
Pre-tax income (loss)	$	25,100	$	5,510	$	(5,487	)	$	5,041	$	(2,593	)	$	27,571
Less: provision for income taxes													5,298
Net income before non-controlling interests													$	22,273
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													4,680
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	17,593

	Nine Months Ended September 30, 2015
	Insurance and insurance services		Specialty finance		Real estate			Asset management				Corporate and other					Total
Total revenue	$	238,891	$	33,583	$	33,334		$	4,814			$	337				$	310,959
Total expense	218,442		31,329		42,096			5,258		(1	)	21,387			(1	)	318,512
Net income (loss) attributable to consolidated CLOs	—		—		—			3,493				(6,939		)			(3,446		)
Pre-tax income (loss)	$	20,449	$	2,254	$	(8,762	)	$	3,049			$	(27,989	)			$	(10,999	)
Less: (benefit) for income taxes																	962
Discontinued operations																	23,348
Net income before non-controlling interests																	$	11,387
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations																	1,957
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders																	$	9,430

(1) Bonus of $3,615 was reclassified from Corporate and other to Asset management to conform to the current period presentation.

The following table presents the segment assets for the following periods:
	Insurance and insurance services		Specialty finance		Real estate		Asset management		Corporate and other		Total
Segment Assets as of September 30, 2016
Segment assets	$	1,002,987	$	305,010	$	308,949	$	3,819	$	250,322	$	1,871,087
Assets of consolidated CLOs											995,658
Total assets											$	2,866,745
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

F-19

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(6) Securities, Available for Sale

All of the Company’s investments in available for sale securities as of September 30, 2016 and December 31, 2015 are held by Fortegra. The following tables present the Company's investments in available for sale securities:

	As of September 30, 2016
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	7,652	$	152	$	(2	)	$	7,802
Obligations of state and political subdivisions	56,979		1,140		(48		)	58,071
Corporate securities	65,783		1,019		(36		)	66,766
Asset backed securities	1,459		54		—			1,513
Certificates of deposit	893		—		—			893
Equity securities	817		25		(2		)	840
Obligations of foreign governments	1,273		37		—			1,310
Total	$	134,856	$	2,427	$	(88	)	$	137,195
	As of December 31, 2015
	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

F-20

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:

	As of September 30, 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	$	526	$	(1	)	13	$	33	$	(1	)	7
Obligations of state and political subdivisions	14,962		(48		)	60	—		—			—
Corporate securities	11,163		(34		)	139	86		(2		)	4
Equity securities	—		—			—	19		(2		)	2
Total	$	26,651	$	(83	)	212	$	138	$	(5	)	13
	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

The Company does not intend to sell the investments that were in an unrealized loss position at September 30, 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 September 30, 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 and nine months ended September 30, 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.

	As of
	September 30, 2016				December 31, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	18,247	$	18,240	$	20,347	$	20,319
Due after one year through five years	64,291		64,959		76,967		76,578
Due after five years through ten years	45,947		47,449		56,133		56,240
Due after ten years	4,095		4,194		23,993		23,929
Asset backed securities	1,459		1,513		1,525		1,529
Total	$	134,039	$	136,355	$	178,965	$	178,595

F-21

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table presents additional information on the Company’s available for sale securities:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
Purchases of available for sale securities	$	12,799		$	33,324		$	22,477	$	61,697
Proceeds from maturities, calls and prepayments of available for sale securities	$	4,483		$	12,187		$	26,086	$	28,592
Gains (losses) realized on maturities, calls and prepayments of available for sale securities	$	(14	)	$	(56	)	$	83	$	(60	)
Gross proceeds from sales of available for sale securities	$	35,069		$	9,105		$	45,928	$	10,838
Gains (losses) realized on sales of available for sale securities	$	974		$	—		$	1,016	$	4

(7) Investment in Loans

The following table presents the Company’s loans, measured at fair value and amortized cost:

	As of
	September 30, 2016		December 31, 2015
Loans, at fair value
Corporate loans	$	151,997	$	233,861
Mortgage loans held for sale	166,503		120,836
Non-performing and re-performing residential mortgage loans	52,024		38,289
Other loans receivable	1,410		1,409
Total loans, at fair value	$	371,934	$	394,395
Loans owned at amortized cost, net
Asset backed loans and other loans, net	97,633		52,994
Less: Allowance for loan losses	937		463
Total loans owned, at amortized cost, net	$	96,696	$	52,531
Net deferred loan origination fees included in asset backed loans	$	3,854	$	3,520

Loans, at fair value

Corporate Loans

Corporate loans primarily include syndicated leveraged loans held by the Company as principal investments, which consist of $151,997 in loans as of September 30, 2016.  As of September 30, 2016, the unpaid principal balance on these loans was $154,492.

As of September 30, 2016, the difference between fair value of the Corporate loans and the unpaid principal balance was $(2,495).

Mortgage Loans Held for Sale

Mortgage loans held for sale that have been pledged as collateral totaled $159,645 at September 30, 2016 and $112,743 at December 31, 2015. As of September 30, 2016, the fair value of mortgage loans exceeded the unpaid principal balance of $160,527 by $5,976. The unpaid principal balance and fair value of mortgage loans held for sale that are 90 days or more past due were $142 and $66, respectively, as of September 30, 2016. The unpaid principal balance and fair value of mortgage loans held for sale 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.

F-22

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

Non-performing and Re-performing Residential Mortgage Loans (NPLs)

As of September 30, 2016, the Company’s investments included $52,024 of non-performing and re-performing residential mortgage loans collateralized by real estate of which the unpaid principal balance was $77,568.  Non-performing loans are loans that are greater than 60 days delinquent on obligated payments of principal and interest. Re-performing loans are loans less than 60 days delinquent or performing on a workout plan with a minimum of two contractual payments received in a three month period. As of September 30, 2016, the difference between the fair value of the NPLs and the unpaid principal balance was $(25,544).

When NPLs enter into a foreclosure process or similar proceeding, we become owner of the property and the fair value of these assets at the time of transfer are estimated using BPOs, and if the property meets held-of-sale criteria, it is initially recorded at fair value less costs to sell as its new cost basis. Subsequently, the property is carried at (i) the fair value of the asset minus the estimated costs to sell the asset or (ii) the cost of the asset, whichever is lower. Included in other assets as of September 30, 2016 are $10,233 of foreclosed residential real estate property.

Loans Owned at amortized cost, net

Asset backed loans

As of September 30, 2016 and December 31, 2015, the Company held $95,996 and $51,831 of loans receivable, net, attributable to Siena. Siena structures asset-based loan facilities in the $1,000 to $25,000 range for small to mid-sized companies. Collateral for asset-backed loan receivables, as of September 30, 2016 and December 31, 2015, consisted primarily 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 Management has determined that no impairment existed as of September 30, 2016. As of September 30, 2016, there were no delinquencies in the Siena portfolio and all loans were classified as performing.

(8) Fair Value of Financial Instruments

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible 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) Summary of Significant Accounting Policies, 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.

F-23

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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, Obligations of State and Political Subdivisions, Corporate Securities, Asset-Backed 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 costs to produce and 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 forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage backed securities 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.

F-24

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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.

Nonperforming loans and REO: 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. 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. 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 are included in loans, at fair value and fall under Level 3 of the fair value hierarchy.

NPLs that have become REOs were measured at fair value on a non-recurring basis during the nine months ended September 30, 2016 (the Company did not have investments in REO status in prior year period). The carrying value of REOs at September 30, 2016 was $10,233. 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. REO is included in Other Assets.

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:

	As of September 30, 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	$	44,669	$	—	$	—	$	44,669
CLO	—		—		1,660		1,660
Total trading securities	44,669		—		1,660		46,329
Derivative assets:
Interest rate lock commitments	—		—		5,560		5,560
TBA – mortgage backed securities	—		153		—		153
Credit derivatives	—		12,106		—		12,106
Total derivative assets	—		12,259		5,560		17,819
Total trading assets (included in other assets)	44,669		12,259		7,220		64,148
Available for sale securities:
Equity securities	792		—		48		840
U.S. Treasury securities and U.S. government agencies	—		7,802		—		7,802
Obligations of state and political subdivisions	—		58,071		—		58,071
Obligations of foreign governments	—		1,310		—		1,310
Certificates of deposit	893		—		—		893
Asset backed securities	—		1,513		—		1,513
Corporate bonds	—		66,766		—		66,766
Total available for sale securities	1,685		135,462		48		137,195
Investments in loans, at fair value:

F-25

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

	As of September 30, 2016
	Quoted prices in  active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Corporate loans	—		20,950		131,047		151,997
Mortgage loans held for sale	—		166,503		—		166,503
Non-performing loans	—		—		52,024		52,024
Other loans receivable	—		126		1,284		1,410
Total investments in loans, at fair value	—		187,579		184,355		371,934
Total financial instruments attributable to Non-CLOs included in consolidated assets	46,354		335,300		191,623		573,277
Financial instruments included in assets of consolidated CLOs:
Investments in loans, at fair value	—		241,125		693,697		934,822
Total financial instruments included in assets of consolidated CLOs	—		241,125		693,697		934,822
Total	$	46,354	$	576,425	$	885,320	$	1,508,099
Liabilities:
Trading liabilities:
U.S. Treasury securities	$	—	$	—	$	—	$	—
Total trading securities	—		—		—		—
Derivative liabilities:
Interest rate swaps	—		3,116		—		3,116
TBA-mortgage backed securities	—		855		—		855
Total derivative liabilities	—		3,971		—		3,971
Total trading liabilities (included in other liabilities)	—		3,971		—		3,971
Contingent consideration payable	—		—		575		575
Preferred notes payable	—		—		1,284		1,284
Total financial instruments attributable to Non-CLOs included in consolidated liabilities	—		3,971		1,859		5,830
Financial instruments included in liabilities of consolidated CLOs:
Notes payable of CLOs	—		—		927,982		927,982
Total financial instruments included in liabilities of consolidated CLOs	—		—		927,982		927,982
Total	$	—	$	3,971	$	929,841	$	933,812

	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

F-26

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

	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 securities	3,786		1,732		19,023		24,541
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
Investments in loans, at fair value
Corporate loans	—		55,956		177,905		233,861
Mortgage loans held for sale	—		120,836		—		120,836
Non-performing loans	—		—		38,289		38,289
Other loans receivable	—		125		1,284		1,409
Total investments in loans, at fair value	—		176,917		217,478		394,395
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
Total trading liabilities (included in other liabilities)	—		22,152		—		22,152

F-27

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

	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
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

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:

	Nine Months Ended September 30,
	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)	17,185			534			11,469			698			—
Net unrealized gains (losses)	7,623			15,067			677			(4,306		)	—
Purchases	38,053			77,373			37,234			13,625			141,292
Sales	(55,786		)	(78,206		)	(1,437		)	(63,214		)	(3,967,798		)
Issuances	1,400			1,436			2			550			—
Transfer into Level 3 (1)	86,170			118,718			71,547			136,806			—
Transfer adjustments (out of) Level 3 (1)	(28,572		)	(66,215		)	(12,354		)	(152,636		)	—
Adoption of ASU 2015-02	—			—			—			(328,411		)	—
Attributable to policyowner	—			—			—			—			55,048
Conversion to real estate owned and mortgage held for sale	(10,296		)	—			(817		)	—			—
Warehouse transfer to CLO	(104,098		)	104,098			—			—			—
Balance at September 30,	$	191,623		$	693,697		$	117,898		$	179,923		$	—
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$	2,123		$	10,372		$	162		$	(1,020	)	$	—

(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.

F-28

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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:

	Nine Months Ended September 30,
	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)	(262		)	23,169			—		19,681
Purchases	—			—			—		—
Sales	—			—			—		—
Issuances	—			222,303			—		(41,272		)
Settlements	(377		)	—			—		—
Dispositions	—			(1,317		)	—		(31,155		)
Adoption of ASU 2015-02	—			—			—		(1,032,913		)
Balance at September 30,	$	1,859		$	927,982		$	2,802	$	699,548
Changes in unrealized (losses) gains included in earnings related to liabilities still held at period end	$	(262	)	$	23,169		$	—	$	7,248

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.

	Fair Value as of						Actual or Range (Weighted average)
Assets(1)	September 30, 2016		December 31, 2015		Valuation Technique	Unobservable input(s)	September 30, 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	5,560		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	52,024		38,289		Discounted cash flow	See table below (2)	See table below	See table below
Total	$	57,584	$	49,998

(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) 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 the following periods:

	As of September 30, 2016			As of December 31, 2015
Unobservable inputs	High	Low	Average(1)	High	Low	Average(1)
Discount rate	30.0%	16.0%	22.5%	30.0%	15.1%	22.0%
Loan resolution time-line (Years)	2.15	0.45	1.08	2.7	0.6	1.2
Value of underlying properties	$1,250	$32	$220	$1,375	$40	$224
Holding costs	18.8%	5.2%	9.5%	24.6%	5.5%	9.6%
Liquidation costs	25.0%	8.2%	10.6%	21.8%	7.5%	10.5%

(1) Weighted based on value of underlying properties.

F-29

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

	Fair Value as of						Actual or Range (Weighted average)
Liabilities(1)	September 30, 2016		December 31, 2015		Valuation Technique	Unobservable input(s)	September 30, 2016	December 31, 2015
Contingent consideration payable - Reliance	$	523	$	900	Internal model	Forecast EBITDA	$1,369 - $3,812	$1,326 - $3,517
						Book value growth rate	5.0%	5.0%
						Asset volatility	1.1% - 21.4%	2.4% - 20.1%
Contingent consideration payable - Luxury	52		36		Internal model	Projected cash available for distribution	$854 - $1,281	$828 - $1,281
Preferred notes payable	1,284		1,562		Internal model	Discount rate	13.96%	12.0%
Total	$	1,859	$	2,498

(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—(15) 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:

	As of September 30, 2016					As of December 31, 2015
	Level within Fair Value Hierarchy	Fair Value		Carrying Value		Level within Fair Value Hierarchy	Fair Value		Carrying Value
Assets:
Notes receivable, net	2	$	26,353	$	27,665	2	$	20,250	$	21,696
Total Assets		$	26,353	$	27,665		$	20,250	$	21,696
Liabilities:
Debt, net	3	$	785,091	$	780,671	3	$	672,096	$	671,648
Total Liabilities		$	785,091	$	780,671		$	672,096	$	671,648

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.

F-30

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(9) Notes and Accounts Receivable, net

The following table summarizes the total Notes and Accounts receivable, net:

	As of
	September 30, 2016		December 31, 2015
Notes receivable, net	$	27,665	$	21,696
Accounts and premiums receivable, net	44,700		57,056
Other receivables	91,531		62,247
Total	$	163,896	$	140,999

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 these notes at September 30, 2016 and December 31, 2015 was approximately $3,862 and $3,807, respectively. As of September 30, 2016, all of these notes were performing.

Insurance and insurance services

As of September 30, 2016 and December 31, 2015, Fortegra held $23,803 and $17,889 in notes receivable, net, respectively. The majority of these notes totaling $19,262 and $12,216 at September 30, 2016 and December 31, 2015, respectively, consist of receivables from Fortegra’s premium financing program. A total of $529 was for notes receivable under its Pay us Later Program, which allows customers to finance the purchase of electronic mobile devices and/ or the costs of the protection programs on these devices. The remaining $4,012 and $4,191 represents unsecured notes receivable issued to various business partners in order to solidify relationships and grow its business. The Company has established an allowance for uncollectible amounts against its notes receivable of $1,509 and $885 as of September 30, 2016 and December 31, 2015, respectively. As of September 30, 2016 and December 31, 2015, there were $1,900 and $1,553 in balances classified as 90 days plus past due, respectively.

Accounts and premiums receivable, net and Other receivables

Accounts and premiums receivable, net and other receivables are primarily trade receivables from the insurance and insurance services segment that are carried at their approximate fair value. The company has established a valuation allowance against its accounts and premiums receivable of $213 and $165 as of September 30, 2016 and December 31, 2015, respectively.

(10) Reinsurance Receivables

The following table presents the effect of reinsurance on premiums written and earned by Fortegra for the following period:

	Three Months Ended September 30,												Nine Months Ended September 30,
Premiums	2016						2015						2016						2015
	Written			Earned			Written			Earned			Written			Earned			Written			Earned
Direct and assumed	$	181,411		$	174,297		$	190,747		$	155,481		$	540,247		$	517,313		$	502,118		$	433,117
Ceded	(125,399		)	(126,688		)	(137,242		)	(111,597		)	(387,871		)	(378,797		)	(370,415		)	(312,173		)
Net	$	56,012		$	47,609		$	53,505		$	43,884		$	152,376		$	138,516		$	131,703		$	120,944

F-31

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table presents the effect of reinsurance on losses and loss adjustment expenses incurred by Fortegra for the following period:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Direct and assumed	$	76,894		$	46,872		$	208,804		$	126,914
Ceded	(56,980		)	(31,924		)	(153,702		)	(86,590		)
Net losses and loss adjustment expense	$	19,914		$	14,948		$	55,102		$	40,324

The following table presents the components of the reinsurance receivables:

	As of
	September 30, 2016		December 31, 2015
Prepaid reinsurance premiums:
Life (1)	$	63,948	$	61,919
Accident and health (1)	53,880		54,357
Property	186,659		180,236
Total	304,487		296,512
Ceded claim reserves:
Life	2,899		2,664
Accident and health	9,987		8,889
Property	47,476		30,911
Total ceded claim reserves recoverable	60,362		42,464
Other reinsurance settlements recoverable	16,314		13,950
Reinsurance receivables	$	381,163	$	352,926

(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:

	As of
	September 30, 2016
Total of the three largest receivable balances from unrelated reinsurers	$	167,472

At September 30, 2016, the three unrelated reinsurers from whom Fortegra has the largest receivable balances were: London Life International Reinsurance Corporation (A. M. Best Rating: Not rated); MFI Insurance Company, LTD (A. M. Best Rating: Not rated) and Frandicso Property and Casualty Insurance Corporation (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 September 30, 2016, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.

F-32

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(11) Real Estate, net

The following table contains information regarding the Company’s investment in real estate as of the following periods:

	As of September 30, 2016
	Land		Buildings and equipment		Accumulated depreciation			Total
Triple net lease properties	$	12,173	$	77,891	$	(5,916	)	$	84,148
Managed properties	16,016		189,122		(9,625		)	195,513
Other real estate (1)	—		1,170		—			1,170
Total	$	28,189	$	268,183	$	(15,541	)	$	280,831
	As of December 31, 2015
	Land		Buildings and equipment		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

(1) Represents a single family residential property located in Connecticut that is being rented through the Company's subsidiary, Luxury. As of September 30, 2016, this property has been classified as held for sale and is carried at fair value less cost to sell.

Future Minimum Rental Revenue

The following table presents the future minimum annual rental revenue under the noncancelable terms of all operating leases as of:

	September 30, 2016
Remainder of 2016	$	1,801
2017	7,232
2018	7,335
2019	7,441
2020	7,550
Thereafter	37,833
Total	$	69,192

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 $12,685 and $9,459 for the three months ended September 30, 2016 and 2015, respectively. Rental revenues from residential leases were $35,231 and $27,179 for the nine months ended September 30, 2016 and 2015, respectively.

F-33

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(12) Goodwill and Intangible Assets, net

The following table presents identifiable intangible assets, accumulated amortization, and goodwill by segment:

	As of September 30, 2016												As of 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	(3,553		)	—			—			(3,553		)	(1,200		)	—			—			(1,200		)
Trade names	6,500			—			800			7,300			6,500			—			800			7,300
Accumulated amortization	(1,306		)	—			(100		)	(1,406		)	(771		)	—			(40		)	(811		)
Software licensing	8,500			—			640			9,140			8,500			—			640			9,140
Accumulated amortization	(3,117		)	—			(114		)	(3,231		)	(1,842		)	—			(46		)	(1,888		)
Insurance policies and contracts acquired	36,500			—			—			36,500			36,500			—			—			36,500
Accumulated amortization	(33,455		)	—			—			(33,455		)	(28,510		)	—			—			(28,510		)
Insurance licensing agreements(1)	13,000			—			—			13,000			13,000			—			—			13,000
Leases in place	—			29,834			—			29,834			—			23,404			—			23,404
Accumulated amortization	—			(19,105		)	—			(19,105		)	—			(14,095		)	—			(14,095		)
Intangible assets, net	73,569			10,729			1,226			85,524			82,677			9,309			1,354			93,340
Goodwill	89,854			—			2,913			92,767			89,854			—			2,913			92,767
Total	$	163,423		$	10,729		$	4,139		$	178,291		$	172,531		$	9,309		$	4,267		$	186,107

(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 $3,702 and $7,922 for the three months ended September 30, 2016 and 2015, respectively, and $14,246 and $31,319 for the nine months ended September 30, 2016 and 2015, respectively. The Company conducts annual impairment tests of its goodwill as of December 31. For the three and nine months ended September 30, 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:

	As of September 30, 2016
	Insurance and insurance services (VOBA)		Insurance and insurance services (other)		Real estate		Specialty finance		Total
Remainder of 2016	$	728	$	1,664	$	1,202	$	43	$	3,637
2017	1,250		9,865		3,418		171		14,704
2018	465		9,077		1,310		171		11,023
2019	217		7,509		621		171		8,518
2020	123		5,027		621		171		5,942
2021 and thereafter	262		24,382		3,557		499		28,700
Total	$	3,045	$	57,524	$	10,729	$	1,226	$	72,524

F-34

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(13) Other Assets

The following table presents the components of Other assets as reported in the Consolidated Balance Sheets:

	As of
	September 30, 2016		December 31, 2015
Trading assets, at fair value	$	64,148	$	40,060
Foreclosed residential real estate property	10,233		2,197
Due from brokers and trustees	—		29,052
Furnitures, fixtures and equipment, net	6,059		7,024
Inventory	2,217		2,449
Prepaids	5,960		2,690
Income tax receivable	9,310		5,810
Other	14,916		15,218
Total other assets	$	112,843	$	104,500

Net unrealized gains recognized during the three and nine months ended September 30, 2016 on trading assets still held at September 30, 2016 were $2,730 and $8,788, respectively.

(14) 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 and are reported in Other Assets. Trading liabilities are reported within Other liabilities and accrued expenses.

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 September 30, 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 hedge 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 (“pull through”). 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

F-35

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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 the financing of its real estate portfolio. All of these swaps have the same counterparty as the lender.

The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:

	As of September 30, 2016						As of December 31, 2015
	Notional Values		Asset Derivatives		Liability Derivatives		Notional Values		Asset Derivatives		Liability Derivatives
Credit risk:
Credit derivatives sold protection	$	297,612	$	31,948	$	—	$	297,612	$	41,126	$	—
Credit derivatives bought protection	298,173		—		18,210		300,529		106		27,655
Sub-total	595,785		31,948		18,210		598,141		41,232		27,655
Foreign currency risk:
Foreign currency forward contracts	992		—		—		683		—		5
Interest rate risk:
Interest rate lock commitments	225,374		5,560		—		156,309		3,384		—
Forward delivery contracts	82,696		—		16		52,054		11		8
TBA mortgage backed securities	270,750		153		839		136,750		179		150
Interest rate swaps	127,588		—		3,116		78,988		—		2,310
Sub-total	706,408		5,713		3,971		424,101		3,574		2,468
Total	$	1,303,185	$	37,661	$	22,181	$	1,022,925	$	44,806	$	30,128

F-36

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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:

	As of
	September 30, 2016			December 31, 2015
Derivatives subject to netting arrangements:
Credit default swap indices sold protection	$	31,948		$	41,126
Credit default swap indices bought protection	(18,210		)	(27,549		)
Gross assets recognized	13,738			13,577
Collateral payable	(1,632		)	(1,632		)
Net assets recognized (included in other assets)	$	12,106		$	11,945

Derivatives designated as cash flow hedging instruments

Fortegra has one 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 was redesignated as a hedge.

Care has eight IRS with the same counterparty as the lender, pursuant to which Care swapped the floating rate portion of its outstanding debt to a fixed rate. These IRS are designated as cash flow hedges and expire between November 30, 2017 and January 31, 2023. As of September 30, 2016, these IRS were designated as cash flow hedges.

The following table presents the fair value and the related outstanding notional amounts of the Company's cash flow hedging derivative instruments and indicates where the Company records each amount within its Consolidated Balance Sheets:

		As of
	Balance Sheet Location	September 30, 2016			December 31, 2015
Derivatives designated as cash flow hedging instruments:
Notional value		$	127,588		$	35,000
Fair value of interest rate swaps	Other liabilities and accrued expenses	$	3,116		$	1,283
Unrealized gain (loss), net of tax, on the fair value of interest rate swaps	AOCI	$	(272	)	$	111
Range of variable rates on interest rate swaps		0.52% to 0.85%			0.51		%
Range of fixed rates on interest rate swaps		1.31% to 4.99%			3.47		%

The following table presents the pretax impact of the cash flow hedging derivative instruments on the Consolidated Financial Statements for the following periods:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2016	2015		2016		2015
Gain (loss) recognized in AOCI on the derivative-effective portion	156	(167	)	(515	)	(456	)
(Gain) loss reclassified from AOCI into income-effective portion	172	284		(56	)	848
Gain (loss) recognized in income on the derivative-ineffective portion	48	—		(3	)	—

F-37

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table presents the estimated amount to be reclassified to earnings from AOCI during the next 12 months. These net losses reclassified into earnings are primarily expected to increase net interest expense related to the respective hedged item.

	At
	September 30, 2016
Estimated (gains) losses to be reclassified to earnings from AOCI during the next 12 months	$	345

(15) 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:

	As of
	September 30, 2016		December 31, 2015
Assets:
Cash and cash equivalents	$	49,031	$	38,716
Loans, at fair value (1)	934,822		680,784
Other assets	11,805		9,312
Total assets of consolidated CLOs	$	995,658	$	728,812
Liabilities:
Debt	$	927,982	$	683,827
Other liabilities and accrued expenses	15,236		14,489
Total liabilities of consolidated CLOs	$	943,218	$	698,316
Net	$	52,440	$	30,496

(1) The unpaid principal balance for these loans is $970,916 and $727,357 and the difference between their fair value and UPB is $36,094 and $46,573 at September 30, 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:

Beneficial interests:	As of
	September 30, 2016		December 31, 2015
Subordinated notes	$	51,742	$	29,857
Accrued management fees	698		639
Total beneficial interests	$	52,440	$	30,496

F-38

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table represents revenue and expenses of the consolidated CLOs included in the Company’s Consolidated Statements of Operations for the periods indicated:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Income:
Net realized and unrealized gains (losses)	$	(1,422	)	$	(7,129	)	$	(2,913	)	$	(20,241	)
Interest income	13,978			10,221			37,626			40,926
Total revenue	12,556			3,092			34,713			20,685
Expenses:
Interest expense	8,267			6,022			22,667			23,094
Other expense	257			272			1,997			1,037
Total expense	8,524			6,294			24,664			24,131
Net income (loss) attributable to consolidated CLOs	$	4,032		$	(3,202	)	$	10,049		$	(3,446	)

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:

Economic interests:	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net	$	3,289	$	(3,855	)	$	7,880	$	(6,938	)
Management fee income	743		653			2,169		3,492
Total economic interests	$	4,032	$	(3,202	)	$	10,049	$	(3,446	)

F-39

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(16) 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—(15) Assets and Liabilities of Consolidated CLOs:

			Maximum Borrowing Capacity as of		As of
Debt Type	Stated Maturity Date	Stated Interest Rate or Range of Rates	September 30, 2016		September 30, 2016			December 31, 2015
Secured corporate credit agreements	September 2018 - December 2019	1 Month LIBOR + 3.00% to 6.50%	$	199,000	$	169,850		$	137,000
Asset based revolving financing (1) (2)	April 2017 - May 2020	LIBOR + 2.25% to 5.75%	330,000		184,494			99,395
Warehouse borrowings (3)	April 2017 - August 2017	LIBOR + 2.63% to 3.00%	175,500		154,503			229,794
Mortgage borrowings - Fixed Rate	August 2019 - May 2040	4.00% to 4.76%	77,050		76,744			76,818
Mortgage borrowings - Variable Rate (LIBOR based)	October 2019 - January 2023	LIBOR + 2.05% to 3.20%	152,414		151,328			89,846
Mortgage borrowings - Variable Rate (Prime rate based)	January 2024	Prime Rate + 1.00%	750		704			717
Subordinated debt	April 2020	12.50%	20,000		8,500			3,500
Preferred trust securities	June 2037	3 Month LIBOR + 4.10%	35,000		35,000			35,000
Preferred notes payable	January 2021	12.00%			1,284			1,562
Total debt, face value					782,407			673,632
Unamortized discount, net					(452		)	(422		)
Unamortized deferred financing costs					(7,860		)	(6,258		)
Total debt, net					$	774,095		$	666,952

(1) Asset based revolving financing is generally recourse only to specific assets and related cash flows.

(2) The weighted average coupon rate for asset based revolving financing was 3.31% and 2.76% at September 30, 2016 and December 31, 2015, respectively.

(3) The weighted average coupon rate for warehouse borrowings was 3.31% and 2.68% at September 30, 2016 and December 31, 2015, respectively. Includes debt having a maximum borrowing capacity of $90,500 with a stated interest rate of LIBOR +2.75% and a floor of 3.00%.

The table below presents the amount of interest expense the Company incurred on its debt for the following periods:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Interest expense	$	7,769	$	6,097	$	20,612	$	17,151

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:

	September 30, 2016
Remainder of 2016	$	505
2017	171,055
2018	68,679
2019	221,293
2020	156,020
Thereafter	163,571
Total	$	781,123

F-40

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following narrative presents the significant changes in debt or debt terms during the nine months ended September 30, 2016:

Secured Corporate Credit Agreement

On June 24, 2016, the Company entered into a Fourth Amendment to the Credit Agreement with Fortress. The Fourth Amendment provides for additional term loans in an aggregate principal amount of $15,000 with the same maturity date, margin above LIBOR, principal repayment term, and conditions and covenants as the existing term loans under the Credit Agreement. The Fourth Amendment also provides that Operating Company may prepay loans under the Credit Agreement, subject to payment of a make-whole premium until the one year anniversary of the Fourth Amendment.

Asset Based Revolving Financing

Telos COF I, LLC, a subsidiary of Telos Credit Opportunities Fund, L.P. amended its existing credit agreement on July 29, 2016 to increase the borrowing capacity from $100,000 to $150,000 and extend the maturity date.

On September 12, 2016, the Company, through a subsidiary in its Specialty Finance segment, amended its existing credit agreement to increase the borrowing capacity from $75,000 to $125,000.

On September 23, 2016, the Company entered into a revolving line of credit collateralized by certain non-performing loans, with a maximum borrowing capacity of $40,000 with an initial borrowing of $12,159. The credit agreement has a floating rate of 1 month LIBOR plus 5.75%, (with a LIBOR floor of 0.40%) with a maturity in September 2018, with optional extension terms.

Warehouse Borrowing

On August 12, 2016, the Company, through a subsidiary in its Specialty Finance unit entered into a warehouse line of credit with a maximum borrowing amount of $15,000. The loan carries a variable rate of six-month LIBOR + 2.75% and matures on August 11, 2017. A separate credit agreement originally matured in June 2016 but was extended until September 1, 2016 and then expired.

As of September 30, 2016, the Company, through a subsidiary in its Specialty Finance segment, has three warehouse lines of credit in place with a combined maximum borrowing amount of $86,000. The first uncommitted credit agreement, which matures in June 2017, was permanently increased to $40,000 (from $30,000) in July 2016, and then temporarily increased in August 2016, to $50,000 (the temporary increase of $10,000 expires in November 2016). The second uncommitted credit agreement temporarily increased in September 2016 to $35,000 (the temporary increase of $10,000 expires in November 2016). The third credit agreement is a committed line of credit for $1,000 and was renewed in August 2016 and matures in August 2017. In addition, the Company had a $50,000 uncommitted warehouse line of credit that previously matured in June 2016, but was extended until September 1, 2016 and has expired as of September 30, 2016. The 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.

Mortgage Borrowing

On January 20, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into a $28,000, seven 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. 

On March 1, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into an $11,218, five 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. 

On April 13, 2016 the $22,500, five year loan related to the Company and one of Care’s partner’s 2015 acquisition of five senior housing communities was increased to $23,581.

On August 1, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into an $20,600, seven year loan, which includes 36 months of interest only payments. The loan carries a variable rate of LIBOR plus 2.05% and matures on August 1, 2023. 

F-41

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

Subordinated Debt

During the nine months ended September 30, 2016, the Company, through a subsidiary in its Specialty Finance segment, drew down $5,000 from its subordinated promissory note.

(17) Other Liabilities and Accrued Expenses

The following table presents the components of Other liabilities and accrued expenses as reported in the Consolidated Balance Sheets:

	As of
	September 30, 2016		December 31, 2015
Trading liabilities, at fair value	$	3,970	$	22,152
Accrued interest payable	1,282		1,354
Due to broker and trustee	18,836		8,622
Accounts payable and accrued expenses	67,300		53,594
Other liabilities	15,061		9,438
Total other liabilities and accrued expenses	$	106,449	$	95,160

Net unrealized gains (losses) recognized during the three and nine months ended September 30, 2016 on trading liabilities still held at September 30, 2016 was $1,154 and $(1,497), respectively.

(18) Stockholders’ Equity

During the nine months ended September 30, 2016, subsidiaries of Tiptree purchased 6,596,000 shares of Class A common stock of Tiptree for aggregate consideration of $42,524. The shares acquired by subsidiaries of Tiptree are accounted for as treasury shares and therefore are not outstanding for accounting or voting purposes.

As of September 30, 2016 and December 31, 2015, there were 34,947,239 (including the shares of Class A held by subsidiaries of Tiptree) and 34,899,833 shares of Class A common stock issued and outstanding, respectively. As of September 30, 2016 and December 31, 2015, there were 8,049,029 shares of Class B common stock issued and outstanding, respectively, all of which are owned by TFP. As a result of the tax reorganization on January 1, 2016, these Class B common stock are accounted for treasury stock in Tiptree’s financial statements.

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. Such an exercise would be accounted for as treasury stock held at TFP and would have no impact on Tiptree’s financial statements.

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 nine months ended September 30, 2016 and 2015, the Company declared dividends of $0.075 in the aggregate, per common share of Class A stock. In the first quarter of 2016 and 2015, dividends of $0.025 per common share of Class A stock were declared on March 15, 2016 and March 31, 2015 and paid on April 1, 2016 and April 23, 2015, respectively. In the second quarter of 2016 and 2015, dividends of $0.025 per common share of Class A stock were declared on May 10, 2016 and May 15, 2015 and paid on May 30, 2016 and June 1, 2015, respectively. In the third quarter of 2016 and 2015, dividends of $0.025 per common share of Class A stock were declared on August 4, 2016 and August 10, 2015 and paid on August 29, 2016 and August 31, 2015, respectively.

F-42

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(19) 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:

	Unrealized gains (losses) on									Amount Attributable to Noncontrolling Interests
	Available for sale securities			Interest rate swaps			Total AOCI			TFP			Other		Total AOCI to Tiptree Financial Inc.
Balance at December 31, 2015	$	(222	)	$	111		$	(111	)	$	—		$	—	$	(111	)
Other comprehensive income (losses) before reclassifications	2,448			(357		)	2,091			(237		)	29		1,883
Amounts reclassified from AOCI	(715		)	(26		)	(741		)	—			—		(741		)
Period change	1,733			(383		)	1,350			(237		)	29		1,142
Balance at September 30, 2016	$	1,511		$	(272	)	$	1,239		$	(237	)	$	29	$	1,031

The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the Consolidated Statement of Operations for the following periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
Components of AOCI	2016			2015			2016			2015			Affected line item in Consolidated Statement of Operations
Unrealized gains (losses) on available for sale securities	$	960		$	(56	)	$	1,100		$	(97	)	Net realized and unrealized gains (losses)
Related tax (expense) benefit	(336		)	20			(385		)	34			Provision for income tax
Net of tax	$	624		$	(36	)	$	715		$	(63	)
Unrealized gains (losses) on interest rate swaps	$	(172	)	$	(284	)	$	56		$	(848	)	Interest expense
Related tax (expense) benefit	54			99			(30		)	296			Provision for income tax
Net of tax	$	(118	)	$	(185	)	$	26		$	(552	)

(20) 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 September 30, 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.

F-43

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The table below summarizes changes to the issuances under the Company’s 2013 Equity Plan for the periods indicated:

	Number of shares (1)
Available for issuance as of December 31, 2015	1,582,339
Shares and options issued and granted	(613,289	)
Available for issuance as of September 30, 2016	969,050

(1) Excludes shares granted under the Company’s subsidiary Incentive Plan that are exchangeable for Tiptree Class A common stock.

Restricted stock units and restricted stock

A holder of the restricted stock units (RSUs) and restricted stock, pursuant to the terms of the agreements 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. 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:

	Number of shares issuable		Weighted Average Grant Date Fair Value
Unvested units as of December 31, 2015	128,323		$	7.68
Granted (1)	362,052		5.71
Vested (1)	(190,558	)	6.14
Unvested units as of September 30, 2016	299,817		$	6.27

(1) Includes 130,946 of immediately vested Class A common stock with a grant date fair value of approximately $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 nine months ended September 30, 2016, the Company granted 218,310 RSUs to employees of the Company, of which 111,759 vest over a period of three years that began in January 2016, 33,624 will vest over a period of two years beginning February 2016, 55,768 will vest over a period of two years beginning April 2016 and the remainder will vest over a period of three years beginning April 2016.

Subsidiary Incentive Plans

Certain of Tiptree’s subsidiaries have established RSU programs under which they are authorized to issue RSUs or their equivalents, representing equity of such subsidiaries to certain of their employees. These RSUs are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting RSUs) and time-vesting subject to continued employment (time vesting RSUs). Following the service period, such vested RSUs may be exchanged at fair market value, at the option of the holder, for Tiptree Class A common stock under the 2013 Omnibus Incentive Plan. The Company has the option, but not the obligation to settle the exchange right in shares or cash.

These awards are currently considered to be liabilities based upon their expected settlement method. Changes in fair value of the awards are recognized in earnings for the relative amount of cumulative compensation cost. The Company uses the straight-line method to recognize compensation expense for the time vesting RSUs over the requisite service periods, beginning on the grant date. The Company uses the graded-vesting method to recognize compensation expense for the performance vesting RSUs. Compensation expense will be recognized to the extent that it is probable that the performance condition will be achieved. The Company reassesses the probability of satisfaction of the performance condition for the performance vesting RSUs for each reporting period.

F-44

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table summarizes changes to the issuances of subsidiary RSU’s under the Subsidiary Incentive Plans for the periods indicated:

	Grant date fair value of equity shares issuable
Unvested balance as of December 31, 2015	$	874
Granted	7,339
Vested	(97		)
Unvested balance as of September 30, 2016	$	8,116

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 five years beginning on the 3^rd 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:

Valuation Input	Nine Months Ended September 30, 2016
	Range				Weighted
	Low		High		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

The following table presents the Company's stock option activity for the current period:

	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		—
Vested	—	—		—		—
Exercised	—	—		—		—
Canceled/forfeited	—	—		—		—
Balance, September 30, 2016	251,237	$	5.69	$	2.62	—
Weighted average remaining contractual term at September 30, 2016 (in years)	9.3

F-45

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

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 Operations:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Payroll and employee commissions	$	633		$	161		$	1,597		$	285
Professional fees (1)	35			30			99			110
Income tax benefit	(236		)	(67		)	(599		)	(139		)
Net stock-based compensation expense	$	432		$	124		$	1,097		$	256

(1) Professional fees consist of the value of restricted stock units and options granted to persons providing services to the Company.

Additional information on total non-vested stock-based compensation is as follows:

	At
	September 30, 2016
	Stock Options		Restricted Stock Awards and RSUs
Unrecognized compensation cost related to non-vested awards	$	533	$	7,865
Weighted - average recognition period (in years)	3.3		2.1

(21) 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 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 which is detailed in the table below.

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 Tiptree on July 1, 2013 in connection with the Contribution Transactions, under which BOSG provides certain back office, administrative and accounting services to the Company and it’s subsidiaries. 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. The Administrative Services Agreement has successive one year terms but may be terminated by either the Company or BOSG upon 60 days prior notice.

As of June 30, 2016, the Company has concluded that Mariner no longer meets the definition of a related party.

F-46

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table presents the fees paid to related parties for services provided:

	Fees paid
	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Services Provided by Tricadia:
Personnel, including services of our Executive Chairman and personnel providing accounting services	$	25	$	113	$	75	$	338
Incentive compensation for providing services(1)	—		93		—		279
Legal and compliance services	—		38		—		113
Human resources, information technology and other personnel	28		28		84		84
Office space	61		61		183		184
Total paid to Tricadia	114		333		342		998
Services Provided by Mariner:
Personnel, including back office, administrative and accounting services	—		99		189		289
Total fees paid to related parties	$	114	$	432	$	531	$	1,287

(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.

The amount of related party receivables and payables as of the balance sheet date was not material.

ProSight Specialty Insurance Group, Inc.

On June 23, 2016, subsidiaries of Tiptree purchased 5,596,000 shares of Class A common stock of Tiptree from entities affiliated with ProSight Specialty Insurance Group, Inc. (a principal owner of the Company’s Class A common stock prior to the purchase) for aggregate consideration of $36,374. The shares acquired by subsidiaries of Tiptree will be held as treasury shares and therefore will not be outstanding for accounting or voting purposes.

Nomura Securities Co., Ltd.

On September 14, 2016, subsidiaries of Tiptree purchased 1,000,000 shares of Class A common stock of Tiptree from entities affiliated with Nomura Securities Co., Ltd. (a principal owner of the Company’s Class A common stock prior to the purchase) for aggregate consideration of $6,150. The shares acquired by subsidiaries of Tiptree will be accounted for as treasury shares and therefore will not be outstanding for accounting or voting purposes.

(22) Income Taxes

The total income tax expense of $3,712 and $2,829 for the three months ended September 30, 2016 and 2015, respectively, is reflected as a component of income (loss) from continuing operations. For the three months ended September 30, 2016, the Company’s effective tax rate (“ETR”) on income from continuing operations was equal to 32.1% which is lower than the federal and state statutory income tax rates, primarily due to non-controlling interests at certain subsidiaries, the release of valuation allowances on net operating losses at certain subsidiaries, offset by the impact of certain gains and losses treated discretely for the period.

The total income tax expense of $5,298 and $962 for the nine months ended September 30, 2016 and 2015, respectively, is reflected as a component of income (loss) from continuing operations. For the nine months ended September 30, 2016, the Company’s ETR on income from continuing operations was equal to 19.2%, which does not bear a customary relationship to statutory income tax rates. The ETR for the nine months ended September 30, 2016 is lower than the federal and state statutory income tax rates primarily due to $4,044 of 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, in the accompanying consolidated financial statements.

F-47

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

(23) Commitments and Contingencies

Contractual Obligations

The table below summarizes the Company’s contractual obligations by period that payments are due:

	As of September 30, 2016
	Less than one year		1-3 years		3-5 years		More than 5 years		Total
Operating lease obligations (1)	$	13,073	$	6,835	$	5,178	$	3,249	$	28,335
Total	$	13,073	$	6,835	$	5,178	$	3,249	$	28,335

(1) Minimum rental obligations for Tiptree, Care, MFCA, Siena, Luxury, Reliance and Fortegra office leases. For the three months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $1,630 and $1,721, respectively. For the nine months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $4,820 and $4,108, respectively.

In addition, Tiptree’s subsidiary Siena issues standby letters of credit for credit enhancements that are required by its borrower’s respective businesses. As of September 30, 2016, there was $400 outstanding relating to these letters of credit.

Litigation

Fortegra is a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed in February 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. The court did not award sanctions and Fortegra has retained a special master to facilitate the collection of certificates and other documents from Fortegra's agents. In January 2015, the trial court issued an Order denying Fortegra’s motion to decertify the class, which was upheld on appeal. In June 2016, the court established a briefing schedule for Fortegra’s Motion for Summary Judgment, which was filed in June 2015. No trial or hearings are currently scheduled.

Tiptree considers such litigation customary in the insurance industry. 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.

(24) 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 and nine months ended September 30, 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 and nine months ended September 30, 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.

F-48

TIPTREE FINANCIAL INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2016

(in thousands, except share data)

The following table presents a reconciliation of basic and diluted net income per common share for the following periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss) from continuing operations	$	7,838		$	(6,388	)	$	22,273		$	(11,961	)
Less:
Net income (loss) from continuing operations attributable to non-controlling interests (1)	1,933			(1,835		)	4,680			(3,706		)
Net income from continuing operations allocated to participating securities	60			—			148			—
Net income (loss) from continuing operations available to Tiptree Financial Inc. Class A common shares	5,845			(4,553		)	17,445			(8,255		)
Discontinued operations, net	—			—			—			23,348
Less:
Net income from discontinued operations attributable to non-controlling interests (1)	—			—			—			5,663
Net income from discontinued operations attributable to Tiptree Financial Inc. Class A common shares	—			—			—			17,685
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares - basic	$	5,845		$	(4,553	)	$	17,445		$	9,430
Effect of Dilutive Securities:
Securities of subsidiaries	(50		)	—			(148		)	—
Adjustments to income relating to exchangeable interests, net of tax	1,362			—			—			—
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares - diluted	$	7,157		$	(4,553	)	$	17,297		$	9,430
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - basic	29,143,470			33,848,463			32,845,124			32,597,774
Weighted average number of incremental shares of Tiptree Financial Inc. Class A common stock issuable from exchangeable interests	8,087,180			—			67,392			—
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - diluted	37,230,650			33,848,463			32,912,516			32,597,774
Basic:
Income (loss) from continuing operations	$	0.20		$	(0.13	)	$	0.53		$	(0.25	)
Income from discontinued operations	—			—			—			0.54
Net income (loss) available to Tiptree Financial Inc. Class A common shares	$	0.20		$	(0.13	)	$	0.53		$	0.29
Diluted:
Income (loss) from continuing operations	$	0.19		$	(0.13	)	$	0.53		$	(0.25	)
Income from discontinued operations	—			—			—			0.54
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares	$	0.19		$	(0.13	)	$	0.53		$	0.29

(1) For the three months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $1,933, comprised of $1,933 due to continuing operations and $0 attributable to discontinued operations. For the three months ended September 30, 2015, the total net income(loss) attributable to non-controlling interest was $(1,835), comprised of $(1,835) due to continuing operations and $0 attributable to discontinued operations.

For the nine months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $4,680, comprised of $4,680 due to continuing operations and $0 attributable to discontinued operations. For the nine months ended September 30, 2015, the total net income (loss) attributable to non-controlling interest was $1,957, comprised of $(3,706) due to continuing operations and $5,663 attributable to discontinued operations.

(25) Subsequent Events

On November 7, 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 November 21, 2016, and a payment date of November 28, 2016.

F-49

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

The following discussion is of Tiptree on a consolidated basis before non-controlling interests except where the discussion specifically notes that the amounts are attributable to the Class A common stockholders. For a discussion of non-controlling interests see Note—(1) Organization, in the accompanying consolidated financial statements.

Our Management’s Discussion and Analysis of Financial Conditions and Results of Operations is presented in this section as follows:

• Overview

• Results of Operations

• Non-GAAP Financial Measures

• Liquidity and Capital Resources

• Critical Accounting Policies and Estimates

• Recently Adopted and Issued Accounting Standards

The Company currently has five reporting segments: insurance and insurance services, specialty finance, real estate, asset management, and corporate and other. See Note—(5) Operating Segment Data, in the notes to the accompanying consolidated financial statements for detailed information regarding our segments. Since different factors affect the financial condition and results of operation of each segment, the following discussion is presented on both a consolidated and segment basis.

For the nine months ended September 30, 2015, the results of Reliance are included in our specialty finance results from July 1, 2015, the date of acquisition. The results of PFG, which was sold on June 30, 2015, are presented in discontinued operations for the three and six months ended September 30, 2015, and are not included in the comparable results for 2016.

The Company has identified internal control deficiencies that in the aggregate resulted in material weaknesses as of December 31, 2015 that have not been fully remediated and tested. See “Item 4. Controls and Procedures” below for more details.

Market Trends

Our results of operations are affected by a variety of factors including, but not limited to, general economic conditions, market liquidity, consumer confidence, wage growth, business confidence and investment, GDP growth, home affordability, housing starts, market volatility, interest rates and spreads, impact of regulatory environment, and aging U.S. population demographics. The impact on each segment is discussed in more detail in the individual segment results below.

Our business is impacted in various ways by changes in interest rates. Most of our subsidiaries use debt financing to fund their business activities, much of which is floating rate debt. However, most of our variable rate facilities have LIBOR floors, which can result in a reduction in net interest margins in a declining interest rate environment, in particular, if earnings on our assets do not have similar floors or are based on different benchmarks than LIBOR, such as treasury rates or the prime rate. Certain of our subsidiaries have also entered into interest rate swap agreements to fix all or a portion of their interest rate exposure which are currently designated as hedging relationships for accounting purposes. Interest rates, including the U.S. 10 Year Treasury rate, have dropped year over year. In addition, the spread between the U.S. 2 Year and 10 Year Treasury securities has narrowed to its smallest point since 2007 resulting in a flattening yield curve. The interest rate decline has resulted in additional interest expense in our real estate segment during the first nine months of 2016, due to the fair value effect of interest rate swaps not currently designated in hedging relationships.

Many of our investments are held at fair value. Changes in fair value of these assets are reported quarterly as unrealized gains or losses in revenues and can be impacted by changes in both interest rates and credit risk. Credit risk can impact our financial results in a number of ways, including the performance of our corporate loans, mortgage loans, holdings in CLO subordinated notes and other investments. When credit markets are performing well, loans held in our CLOs and credit opportunities fund investments may prepay, subjecting those investments to reinvestment risk. In deteriorating credit environments, default risk can impact the performance of our investments, as well as flowing through income as unrealized losses. Disruption in the credit markets can also impact our ability to raise third party funds to invest and grow our asset management fees.

1

RESULTS OF OPERATIONS

Summary Consolidated Statements of Operations

($ in thousands)	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Total revenues	$	134,121	$	120,868		$	399,679	$	310,959
Total expenses	126,603		121,225			382,157		318,512
Net income (loss) attributable to consolidated CLOs	4,032		(3,202		)	10,049		(3,446		)
Income (loss) before taxes from continuing operations	11,550		(3,559		)	27,571		(10,999		)
Less: provision (benefit) for income taxes	3,712		2,829			5,298		962
Discontinued operations, net	—		—			—		23,348
Net income (loss) before non-controlling interests	7,838		(6,388		)	22,273		11,387
Less: net income (loss) attributable to non-controlling interests - TFP	1,362		(1,661		)	4,660		2,214
Less: net income (loss) attributable to non-controlling interests - Other	571		(174		)	20		(257		)
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders	$	5,905	$	(4,553	)	$	17,593	$	9,430

Key Drivers of Results of Operations

Net Income Before Taxes from Continuing Operations

For the three months ended September 30, 2016 net income before taxes from continuing operations was $11.6 million which represented an increase of $15.1 million from the three months ended September 30, 2015. The Company earned income before taxes from continuing operations of $27.6 million for the nine months ended September 30, 2016, which was an increase of $38.6 million from the comparable prior year period. The key drivers of pre-tax results from continuing operations were improved profitability in our insurance and insurance services segment driven by higher revenues and investment income, increased rental income in our real estate operations, increases in mortgage volume and margins due to improving market conditions, and increased revenue on principal investments partially offset by higher corporate expenses associated with our effort to improve our controls and financial reporting infrastructure. A discussion of the changes in revenues, expenses and net income is presented below and in more detail in our segment analysis.

Revenues

The Company reported revenues of $134.1 million for the three months ended September 30, 2016, which was an increase of $13.3 million or 11.0% from the prior year period. For the nine months ended September 30, 2016, the Company reported revenues of $399.7 million, an increase of $88.7 million or 28.5% from the nine months ended September 30, 2015. The primary drivers of the increase in revenues were improvements in earned premiums, service and administrative fees and investment income in our insurance and insurance services segment, increased mortgage volume and margins, improvement in rental income attributable to acquisitions of senior housing properties, and improvement in the performance of our principal investments.

Expenses

Total Company expenses were $126.6 million for the three months ended September 30, 2016, an increase of $5.4 million or 4.4% from the three months ended September 30, 2015. For the nine months ended September 30, 2016, the Company incurred expenses of $382.2 million, an increase of $63.6 million or 20.0% from the prior year period. The primary drivers of the increase in expenses were commission and loss expenses in insurance and insurance services as a result of the growth in written premiums, higher payroll and commission expense primarily related to increased volume and headcount in specialty finance, increased operating expenses and depreciation and amortization associated with additional investments in our real estate segment and increases in corporate payroll and professional expenses to improve our reporting and controls infrastructure.

Income Before Non-Controlling Interests

The Company reported net income before non-controlling interest of $7.8 million for the three months ended September 30, 2016, an increase of $14.2 million from the three months ended September 30, 2015. The primary drivers of the improvement in net income before non-controlling interests were the same factors which impacted the positive year-over-year change in pre-tax income from continuing operations.

For the nine months ended September 30, 2016, net income before non-controlling interests was $22.3 million, an increase of $10.9 million, or 95.6% from the comparable prior year period. The primary drivers of the difference in net income before non-

2

controlling interests were the same factors which impacted the positive year-over-year change in pre-tax income from continuing operations, and which were partially offset by $23.3 million of earnings from discontinued operations in the nine months ended September 30, 2015, which included the one-time net gain on the sale of PFG of $16.3 million. Additionally, a tax benefit of $2.4 million was recognized in the first quarter 2016, which was driven by the tax reorganization effective January 1, 2016.

Net Income/(Loss) Available to Class A Common Stockholders

The Company reported net income available to Class A common shareholders of $5.9 million for the three months ended September 30, 2016 compared to a loss of $4.6 million for the three months ended September 30, 2015. For the nine months ended September 30, 2016 net income available to Class A common shareholders was $17.6 million, an increase of $8.2 million, or 86.6% from the prior year period. The key drivers of net income available to Class A common shareholders were consistent with those that contributed to the differences in income before non-controlling interests, partially benefiting from a reduction of non-controlling interests in the third quarter of 2015. As of September 30, 2016, the Class A common stockholders were entitled to approximately 81% of the net income of the Company, compared to approximately 77% as of September 30, 2015. For more information on the Company’s structure, see Note—(1) Organization, in the accompanying consolidated financial statements.

Management uses EBITDA, Adjusted EBITDA and related segment EBITDA as measurements of performance. These are non-GAAP financial measures. The Company believes that use of these financial measures on a consolidated basis and for each segment provides supplemental information useful to investors as they are frequently used by the financial community to analyze financial performance, and to analyze a company’s ability to service its debt and to facilitate comparison among companies. The Company believes segment EBITDA and Adjusted EBITDA provides additional supplemental information to compare results among our segments. Adjusted EBITDA is also used in determining incentive compensation for the Company’s executive officers. These measures are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for net income.

Summary Adjusted EBITDA⁽¹⁾  

($ in thousands, unaudited)	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Adjusted EBITDA from continuing operations of the Company	$	20,128	$	4,944	$	52,882	$	16,755
Adjusted EBITDA from discontinued operations of the Company	—		—		—		33,232
Adjusted EBITDA of the Company	$	20,128	$	4,944	$	52,882	$	49,987

(1) For further information relating to the Company’s Adjusted EBITDA, including a reconciliation to GAAP net income, see“—Non-GAAP Financial Measures” below.

Adjusted EBITDA from Continuing Operations

Adjusted EBITDA from continuing operations was $20.1 million for the three months ended September 30, 2016, an increase of $15.2 million or 307.1% from the prior year comparable period. For the nine months ended September 30, 2016, the Company reported Adjusted EBITDA from continuing operations of $52.9 million, an increase of $36.1 million or 215.6% from the nine months ended September 30, 2015. The key drivers of the change in Adjusted EBITDA were the same as those which impacted our pre-tax income from continuing operations.

Total Adjusted EBITDA

Total Company Adjusted EBITDA was $20.1 million for the three months ended September 30, 2016, an increase of $15.2 million from the three months ended September 30, 2015. Adjusted EBITDA for the nine months ended September 30, 2016 was $52.9 million, an increase of $2.9 million from the nine months ended September 30, 2015. The smaller increase for total Adjusted EBITDA versus Adjusted EBITDA from continuing operations was driven by the sale of PFG which contributed $33.2 million in the nine months ended September 30, 2015.

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Segment Results - Three Months Ended September 30, 2016 and September 30, 2015

	Three Months Ended September 30,
($ in thousands)	Insurance and insurance services				Specialty finance				Real estate						Asset management				Corporate and other						Total
	2016		2015		2016		2015		2016			2015			2016		2015		2016			2015			2016		2015
Total revenues	$	79,106	$	87,991	$	29,013	$	19,348	$	15,695		$	11,560		$	3,838	$	1,981	$	6,469		$	(12	)	$	134,121	$	120,868
Total expenses	$	71,081	$	77,868	$	24,832	$	18,097	$	16,168		$	14,172		$	2,255	$	1,670	$	12,267		$	9,418		$	126,603	$	121,225
Net income attributable to consolidated CLOs	—		—		—		—		—			—			720		652		3,312			(3,854		)	4,032		(3,202		)
Pre-tax income/(loss)	$	8,025	$	10,123	$	4,181	$	1,251	$	(473	)	$	(2,612	)	$	2,303	$	963	$	(2,486	)	$	(13,284	)	$	11,550	$	(3,559	)

Segment Results - Nine Months Ended September 30, 2016 and September 30, 2015

	Nine Months Ended September 30,
($ in thousands)	Insurance and insurance services				Specialty finance				Real estate						Asset management				Corporate and other						Total
	2016		2015		2016		2015		2016			2015			2016		2015		2016			2015			2016		2015
Total revenues	$	256,208	$	238,891	$	67,790	$	33,583	$	44,204		$	33,334		$	7,505	$	4,814	$	23,972		$	337		$	399,679	$	310,959
Total expenses	$	231,108	$	218,442	$	62,280	$	31,329	$	49,691		$	42,096		$	4,930	$	5,258	$	34,148		$	21,387		$	382,157	$	318,512
Net income attributable to consolidated CLOs	—		—		—		—		—			—			2,466		3,493		7,583			(6,939		)	10,049		(3,446		)
Pre-tax income (loss)	$	25,100	$	20,449	$	5,510	$	2,254	$	(5,487	)	$	(8,762	)	$	5,041	$	3,049	$	(2,593	)	$	(27,989	)	$	27,571	$	(10,999	)

Segment EBITDA and Adjusted EBITDA from continuing operations ⁽¹⁾

($ in thousands)	Three Months Ended September 30,												Nine Months Ended September 30,
	EBITDA						Adjusted EBITDA						EBITDA					Adjusted EBITDA
	2016			2015			2016			2015			2016		2015			2016			2015
Insurance and insurance services	$	12,682		$	17,623		$	11,585		$	13,171		$	39,825	$	50,675		$	35,028		$	30,479
Specialty finance	6,361			2,737			4,479			1,570			10,526		5,331			6,326			2,887
Real estate	4,894			3,148			2,871			1,320			11,369		7,471			7,196			3,852
Asset management	2,303			963			2,303			963			5,041		3,049			5,041			3,049
Corporate and other	(414		)	(11,667		)	(1,110		)	(12,080		)	3,479		(23,016		)	(709		)	(23,512		)
Total	$	25,826		$	12,804		$	20,128		$	4,944		$	70,240	$	43,510		$	52,882		$	16,755

(1) For further information relating to the Company’s Adjusted EBITDA, including a reconciliation to GAAP net income, see“—Non-GAAP Financial Measures” below.

Summary Segment Balance Sheet

($ in thousands)	Assets
	September 30,		December 31,
	2016		2015
Insurance and insurance services	$	1,002,987	$	929,054
Specialty finance	305,010		208,201
Real estate	308,949		230,546
Asset management	3,819		1,820
Corporate and other	250,322		396,537
Assets of consolidated CLOs	995,658		728,812
Total	$	2,866,745	$	2,494,970

Insurance and Insurance Services segment - operating results for the Three and Nine Months Ended September 30, 2016 and September 30, 2015

The Company’s insurance and insurance services segment is comprised of its wholly-owned Fortegra subsidiary. The acquisition of Fortegra resulted in purchase price accounting adjustments in the segment giving effect to the push-down accounting treatment of the acquisition. These adjustments include setting deferred cost assets to a fair value of zero, modifying deferred revenue liabilities to their respective fair values, and recording a substantial intangible asset representing the value of the business acquired (“VOBA”). The application of push-down accounting creates a modest impact to net income, but significantly impacts individual assets, liabilities, revenues, and expenses.

The following discussion of our insurance and insurance services segment also presents operating results and net revenues by product mix information as adjusted to eliminate the effects of purchase price accounting (“As Adjusted”). These As Adjusted

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results are a non-GAAP financial measure. Due to acquisition accounting, the line items through which revenue and expenses related to acquired contracts are recognized differ from those related to newly originated contracts. As a result, eliminating the effects of purchase accounting provides for better period-over-period comparison of the underlying operating performance of the business and aligns more closely with the basis upon which management performance is measured. The Company believes that presenting this As Adjusted information provides useful information to investors regarding our period-over-period insurance and insurance services segment operations. In addition, management evaluates the operations of our insurance and insurance services segment using this As Adjusted information including for compensation of management of Fortegra.

The following tables present our insurance and insurance services segment results on a GAAP basis and an As Adjusted basis (a non-GAAP measure which excludes the effects of purchase price accounting).

Insurance and Insurance Services As Adjusted Operating Results - Three Months

	Three Months Ended September 30, 2016										Three Months Ended September 30, 2015
($ in thousands)	GAAP			Adjustments				Non-GAAP As Adjusted			GAAP			Adjustments				Non-GAAP As Adjusted
Revenues:
Earned premiums	$	47,609		$	—			$	47,609		$	43,884		$	—			$	43,884
Service and administrative fees	25,842			1,134			(2)	26,976			29,565			4,131			(2)	33,696
Ceding commissions	1,397			69			(3)	1,466			11,515			821			(3)	12,336
Interest income (1)	3,543			—				3,543			1,294			—				1,294
Other Income	715			—				715			1,733			—				1,733
Total revenues	79,106			1,203				80,309			87,991			4,952				92,943
Less:
Commission expense	24,032			2,120			(4)	26,152			30,891			9,302			(4)	40,193
Member benefit claims	5,967			—				5,967			7,955			—				7,955
Net losses and loss adjustment expenses	19,914			—				19,914			14,948			—				14,948
Net revenues	29,193			(917		)		28,276			34,197			(4,350		)		29,847
Expenses:
Interest expense	1,626			—				1,626			1,735			—				1,735
Payroll and employee commissions	9,180			—				9,180			9,543			—				9,543
Depreciation and amortization expenses	3,031			(549		)	(5)	2,482			5,765			(3,097		)	(5)	2,668
Other expenses	7,331			40			(6)	7,371			7,031			355			(6)	7,386
Total operating expenses	21,168			(509		)		20,659			24,074			(2,742		)		21,332
Income before taxes from continuing operations	$	8,025		$	(408	)		$	7,617		$	10,123		$	(1,608	)		$	8,515
Insurance operating metrics: (7)
Retention ratio	33.9		%					32.2		%	38.0		%					31.2		%
Underwriting ratio	66.1		%					67.8		%	62.0		%					68.8		%
Expense ratio	25.9		%					24.8		%	25.8		%					21.4		%
Combined ratio	92.0		%					92.6		%	87.8		%					90.2		%

Results

Insurance and insurance services segment pre-tax income was $8.0 million for the three months ended September 30, 2016, a decrease of $2.1 million or 20.7% over the prior year period operating results. The primary drivers of the decline in period-over-period results was a reduction in net revenues of $5.0 million partially offset by a reduction in depreciation and amortization expenses associated with the VOBA of $2.7 million and reduced operating expenses of $0.2 million.

As Adjusted pre-tax income was $7.6 million for the three months ended September 30, 2016, a decrease of $0.9 million or 10.5%. The primary drivers of the period-over-period decline include a decrease in net revenues of $1.6 million driven by declines in ceding commissions and higher net loss and loss adjustment expense as a result of increased claim activity, from severe storms in the south and southeast regions of the United States partially offset by improvements in investment income and earned premiums. As Adjusted operating expenses were down $0.7 million as a result of cost actions taken throughout 2015 to reduce headcount, professional fees and other expenses.

Insurance and Insurance Services As Adjusted Operating Results - Nine Months

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	Nine Months Ended September 30, 2016										Nine Months Ended September 30, 2015
($ in thousands)	GAAP			Adjustments				Non-GAAP As Adjusted			GAAP			Adjustments				Non-GAAP As Adjusted
Revenues:
Earned premiums	$	138,516		$	—			$	138,516		$	120,944		$	—			$	120,944
Service and administrative fees	84,421			4,976			(2)	89,397			77,037			15,780			(2)	92,817
Ceding commissions	22,645			376			(3)	23,021			31,600			3,159			(3)	34,759
Interest income (1)	9,171			—				9,171			3,718			—				3,718
Other Income	1,455			—				1,455			5,592			—				5,592
Total revenues	256,208			5,352				261,560			238,891			18,939				257,830
Less:
Commission expense	91,906			9,494			(4)	101,400			71,346			38,352			(4)	109,698
Member benefit claims	17,334			—				17,334			23,774			—				23,774
Net losses and loss adjustment expenses	55,102			—				55,102			40,324			—				40,324
Net revenues	91,866			(4,142		)		87,724			103,447			(19,413		)		84,034
Expenses:
Interest expense	4,312			—				4,312			5,249			—				5,249
Payroll and employee commissions	28,065			—				28,065			29,626			—				29,626
Depreciation and amortization expenses	10,413			(2,977		)	(5)	7,436			24,977			(17,189		)	(5)	7,788
Other expenses	23,976			304			(6)	24,280			23,146			1,697			(6)	24,843
Total operating expenses	66,766			(2,673		)		64,093			82,998			(15,492		)		67,506
Income before taxes from continuing operations	$	25,100		$	(1,469	)		$	23,631		$	20,449		$	(3,921	)		$	16,528
Insurance operating metrics: (7)
Retention ratio	33.5		%					31.1		%	42.4		%					31.6		%
Underwriting ratio	66.5		%					68.9		%	57.6		%					68.4		%
Expense ratio	25.3		%					23.7		%	33.1		%					24.5		%
Combined ratio	91.8		%					92.6		%	90.7		%					92.9		%

(1)	Includes net realized and unrealized gains and (losses) on investments.
(2)	Represents service fee revenues that would have been recognized had purchase accounting effects not been recorded. Deferred service fee liabilities at the acquisition date were reduced to reflect the purchase accounting fair value.
(3)	Represents ceding commission revenues that would have been recognized had purchase accounting effects not been recorded. Deferred ceding commissions liabilities at the acquisition date were reduced to reflect the purchase accounting fair value.
(4)	Represents additional commissions expense that would have been recorded without purchase accounting; the values of deferred commission assets were eliminated in purchase accounting.
(5)	Represents the removal of net additional depreciation and amortization expense that would not have been recorded without purchase accounting; fixed assets and amortizing intangible assets were adjusted in purchase accounting based on fair value analyses.
(6)	Represents additional premium tax and other acquisition expenses that would have been recorded without purchase accounting; values of deferred acquisition costs were eliminated in purchase accounting.
(7)	The combined ratio is a measure of underwriting performance and represents the relationship of net losses and loss adjustment expense, commission expense, member benefit claims and payroll, depreciation and other expenses to earned premiums, service and administrative fees, ceding commissions and other income. A combined ratio less than 100% indicates an underwriting profit, while a combined ratio greater than 100% reflects an underwriting loss. The combined ratio is the sum of the underwriting ratio and the expense ratio. The underwriting ratio represents the relationship of net losses and loss adjustment expense, commission expense, member benefit claims to earned premiums, service and administrative fees, ceding commissions and other income. The expense ratio represents the relationship of payroll, depreciation and other expenses to earned premiums, service and administrative fees, ceding commissions and other income. Retention ratio is the relationship of net revenues less interest income to total revenues less interest income.

Insurance and insurance services segment pre-tax income was $25.1 million for the nine months ended September 30, 2016, an increase of $4.7 million or 22.7% over the prior year period operating results. The primary drivers of the improvement in period-over-period results was a reduction in depreciation and amortization expenses associated with the VOBA of $14.6 million, reduction in operating expenses of $1.6 million, partially offset by reduced net revenues of $11.6 million.

As Adjusted pre-tax income was $23.6 million for the nine months ended September 30, 2016, an increase of $7.1 million or 43.0%. The primary drivers of the period-over-period improvement include an increase in net revenues of $3.7 million driven by improvements in investment income and increased earned premiums and service fees, partially offset by higher net loss and loss adjustment expense. As Adjusted operating expenses were down $3.4 million as a result of actions taken throughout 2015 to reduce headcount and professional fees in addition to lower interest expense.

Gross & Net Written Premiums

Gross written premium represents total premiums from each insurance policy that we write during a reporting period based on the effective date of the individual policy. Net written premium is gross written premium less that portion of premium that we cede to third party reinsurers under reinsurance agreements. The amount ceded to each of our reinsurers is based on the contractual formula contained in the individual reinsurance agreements. Net earned premium is the earned portion of our net written premiums. We earn insurance premiums on a pro-rata basis over the term of the policy. At the end of each reporting period, premiums written that are not earned are classified as unearned premiums, which are earned in subsequent periods over the remaining term

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of the policy. The following tables present gross and net written premiums for the insurance and insurance services segment for the three and nine months ended September 30, 2016 and 2015.

Insurance and Insurance Services Product Written Premiums - Three Months

	Three Months Ended September 30,
($ in thousands)	Credit Protection						Warranty						Specialty Products						Services & Other						Insurance Total
	2016			2015			2016			2015			2016			2015			2016			2015			2016			2015
Gross written premiums	$	132,111		$	144,205		$	16,618		$	17,305		$	32,674		$	29,228		$	8		$	8		$	181,411		$	190,746
Ceded premiums	(101,125		)	(111,256		)	(3,476		)	(3,026		)	(20,790		)	(22,953		)	(8		)	(8		)	(125,399		)	(137,243		)
Net written premiums	$	30,986		$	32,949		$	13,142		$	14,279		$	11,884		$	6,275		$	—		$	—		$	56,012		$	53,503
Percent retained	23.5		%	22.8		%	79.1		%	82.5		%	36.4		%	21.5		%	—		%	—		%	30.9		%	28.0		%

Total gross written premiums for the three months ended September 30, 2016 were $181.4 million, which represented a decrease of $9.3 million or 4.9% from the prior year period. The amount of business, or risk, retained was 30.9%, which was up 290 basis points over the prior year period as the Company retained more underwriting risk in 2016 than 2015. Total net premiums written for the three months ended September 30, 2016 were $56.0 million, up $2.5 million or 4.7% from the same period year-over-year. Credit protection net premiums written for the three months ended September 30, 2016 were $31.0 million, lower than the previous year period operating results by $2.0 million. Warranty products were $13.1 million, down $1.1 million from the prior year period operating results. Specialty products net written premiums for the three months ended September 30, 2016 were $11.9 million, up $5.6 million from the prior year period operating results.

Insurance and Insurance Services Product Written Premiums - Nine Months

	Nine Months Ended September 30,
($ in thousands)	Credit Protection						Warranty						Specialty Products						Services & Other						Insurance Total
	2016			2015			2016			2015			2016			2015			2016			2015			2016			2015
Gross written premiums	$	364,842		$	389,510		$	44,078		$	36,989		$	131,306		$	75,586		$	21		$	32		$	540,247		$	502,117
Ceded premiums	(274,631		)	(301,983		)	(9,033		)	(5,396		)	(104,186		)	(63,005		)	(21		)	(32		)	(387,871		)	(370,416		)
Net written premiums	$	90,211		$	87,527		$	35,045		$	31,593		$	27,120		$	12,581		$	—		$	—		$	152,376		$	131,701
Percent retained	24.7		%	22.5		%	79.5		%	85.4		%	20.7		%	16.6		%	—		%	—		%	28.2		%	26.2		%

Total gross written premiums for the nine months ended September 30, 2016 were $540.2 million, which represented an increase of $38.1 million or 7.6% from the prior year period. The amount of business retained was 28.2%, up from 26.2% in the prior year period as the Company retained more risk in 2016 than 2015. Total net premiums written for the nine months ended September 30, 2016 were $152.4 million, up $20.7 million or 15.7% from the same period year-over-year. Credit protection net premiums written for the nine months ended September 30, 2016 were $90.2 million, higher than the previous year period operating results by $2.7 million. Warranty products were $35.0 million, up $3.5 million from the prior year period and specialty products net written premiums for the nine months ended September 30, 2016 were $27.1 million, up $14.5 million from the prior year period.

Revenues

Insurance and insurance services segment revenues are generated by the sale of the following insurance products: credit protection, warranty, specialty products and other. Credit protection products include the following types of insurance: credit life, credit disability, credit property, involuntary unemployment, and accidental death and dismemberment. Warranty products include mobile device protection, furniture and appliance service contracts and auto service contracts. Specialty products are primarily non-standard auto insurance and other property-casualty products. Services and other revenues principally represent investment income, fees for insurance sales and business process outsourcing services, and interest for premium and mobile device plan financing, and include the impact to fee income, ceding commissions, and commissions expense from the purchase accounting effect of VOBA related to insurance contracts. The net revenue impact of VOBA, which is additive to net revenue, is substantially offset by increased amortization expense recorded in depreciation and amortization expense.

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The main components of revenue are service and administrative fees, ceding commissions, earned premiums, net and investment income. Total revenues were $79.1 million for the three months ended September 30, 2016, down $8.9 million, or 10.1% over the prior year period. The decrease was primarily driven by reduced ceding commissions of $10.1 million which was a result of severe storms in Louisiana and the southeast United States and was largely offset within commission expense as much of the risk within those products was retained with our partners through producer owned reinsurance companies or ceded to re-insurers. For the quarter, earned premiums increased $3.7 million and investment income increased $2.3 million, which was offset by reductions in service and administrative fees of $3.7 million and other income of $1.0 million.

Total revenues were $256.2 million for the nine months ended September 30, 2016, up $17.3 million, or 7.2% over the prior year period. The increase was primarily driven by an increase in earned premiums of $17.6 million, or 14.5%, an increase of $7.4 million, or 9.6%, in service and administrative fees, and an increase of $5.4 million in investment income, partially offset by decreases in ceding commissions of $9.0 million and other income of $4.1 million.

The following tables present As Adjusted product revenue mix within the insurance and insurance services segment for the three and nine months ended September 30, 2016 and 2015. We use As Adjusted net revenues as another means of understanding product contributions to our results and provides a comparison of period-over-period risk retained by the Company. As Adjusted net revenues are shown as total revenue less commissions paid, member benefit claims and net loss and loss adjustment expenses adjusted to eliminate the effects of purchase price accounting. Period-over-period comparisons of total revenues are often impacted by our clients’ choice as to whether to retain risk, the impact of which is visible in this metric. The following table should be read in conjunction with the table above, presenting As Adjusted results reconciled to GAAP results.

Insurance and Insurance Services Product As Adjusted Net Revenues - Three Months

	Three Months Ended September 30,
($ in thousands)	Credit Protection				Warranty					Specialty Products				Services and Other(1)					Insurance Total
	2016		2015		2016			2015		2016		2015		2016			2015		2016		2015
Income:
Earned premiums	$	29,173	$	31,106	$	9,139		$	7,787	$	9,297	$	4,991	$	—		$	—	$	47,609	$	43,884
Service and administrative fees	10,865		10,419		11,788			19,931		2,504		1,295		1,819			2,051		26,976		33,696
Ceding commissions	1,465		12,331		1			5		—		—		—			—		1,466		12,336
Interest income (2)	—		—		—			—		—		—		3,543			1,294		3,543		1,294
Other income	71		52		(22		)	1,554		5		31		661			96		715		1,733
Total revenue	41,574		53,908		20,906			29,277		11,806		6,317		6,023			3,441		80,309		92,943
Income Adjustments:
Net losses and member benefit claims	7,918		7,173		10,099			11,441		7,900		4,256		(36		)	33		25,881		22,903
Commissions	18,386		30,223		5,979			9,121		1,611		767		176			82		26,152		40,193
Total income adjustments	26,304		37,396		16,078			20,562		9,511		5,023		140			115		52,033		63,096
As Adjusted net revenues	$	15,270	$	16,512	$	4,828		$	8,715	$	2,295	$	1,294	$	5,883		$	3,326	$	28,276	$	29,847
(1) Services and Other include Consecta, Financial Services, Insurance Services, ImageWorks and Other
(2) Includes net realized and unrealized gains (losses) on investments

As Adjusted net revenues for the three months ended September 30, 2016 were $28.3 million, down $1.6 million or 5.3% from the comparable 2015 period. Credit protection As Adjusted net revenues were $15.3 million, lower than the comparable 2015 period operating results by $1.2 million or 7.5%. Warranty products, including cell phone protection, were $4.8 million for the three months ended September 30, 2016, down $3.9 million or 44.6% from the comparable 2015 period. Specialty products As Adjusted net revenue for the three months ended September 30, 2016 were $2.3 million, up 77.4% from the prior year period.

Commission expense is incurred on most product lines, the majority of which are retrospective commissions paid to distributors and retailers selling our products, including credit insurance policies, motor club memberships, mobile device protection and warranty service contracts. Credit insurance commission rates are, in many cases, set by state regulators and are also impacted by market conditions and retention levels. Total commission expense of $24.0 million for the three months ended September 30, 2016, was down $14.0 million, driven by reduced payments to our distributors and retailers as a result of losses from increased claims activity in the South and Southeast regions of the United States. This reduction was partially offset by the increase in policies issued in the warranty and specialty product lines. For the three months ended September 30, 2016, commission expense adjusted for the impact of purchase accounting was $26.2 million, down $14.0 million from the prior year period as a result of the drivers described above.

8

There are two types of income reductions for claims payments under insurance and warranty service contracts: member benefit claims and net losses and loss adjustment expenses. Member benefit claims represent the costs of services and replacement devices incurred in car club and warranty protection service contracts. Net losses and loss adjustment expenses represent actual insurance claims paid, changes in unpaid claim reserves, net of amounts ceded, and the costs of administering claims for credit life and other insurance lines, such as non-standard auto. Incurred claims are impacted by loss frequency, which is a measure of the number of claims per unit of insured exposure, and loss severity, which is based on the average size of claims. Factors affecting loss frequency and loss severity include changes in claims reporting patterns, claims settlement patterns, judicial decisions, economic conditions, morbidity patterns and the attitudes of claimants towards settlements.

Member benefits claims and net losses and loss adjustment expenses, combined were $25.9 million for the three months ended September 30, 2016, with net losses and loss adjustments up $5.0 million period-over-period, partially offset by a reduction in member benefit claims of $2.0 million. The increase in net losses over the prior year period was a function of growth in earned premiums in non-standard auto and motor club and credit life, partially offset by lower claims in mobile devices.

Insurance and Insurance Services Product As Adjusted Net Revenues - Nine Months

	Nine Months Ended September 30,
($ in thousands)	Credit Protection				Warranty				Specialty Products				Services and Other(1)				Insurance Total
	2016		2015		2016		2015		2016		2015		2016		2015		2016		2015
Income:
Earned premiums	$	88,192	$	88,679	$	27,394	$	21,527	$	22,930	$	10,738	$	—	$	—	$	138,516	$	120,944
Service and administrative fees	33,975		23,860		41,093		58,718		8,577		3,148		5,752		7,091		89,397		92,817
Ceding commissions	23,018		34,735		2		24		—		—		1		—		23,021		34,759
Interest income (2)	—		—		—		—		—		—		9,171		3,718		9,171		3,718
Other income	199		159		64		5,065		5		86		1,187		282		1,455		5,592
Total revenue	145,384		147,433		68,553		85,334		31,512		13,972		16,111		11,091		261,560		257,830
Income Adjustments:
Net losses and member benefit claims	21,727		20,412		30,529		35,198		20,172		8,365		8		123		72,436		64,098
Commissions	76,707		82,312		20,280		25,864		4,036		1,465		377		57		101,400		109,698
Total income adjustments	98,434		102,724		50,809		61,062		24,208		9,830		385		180		173,836		173,796
As Adjusted net revenues	$	46,950	$	44,709	$	17,744	$	24,272	$	7,304	$	4,142	$	15,726	$	10,911	$	87,724	$	84,034
(1) Services and Other include Consecta, Financial Services, Insurance Services, ImageWorks and Other
(2) Includes net realized and unrealized gains (losses) on investments

As Adjusted net revenues for the nine months ended September 30, 2016 were $87.7 million, up $3.7 million or 4.4% from the comparable 2015 period. Credit protection As Adjusted net revenues for the nine months ended September 30, 2016 were $47.0 million, higher than the comparable 2015 period operating results by $2.2 million or 5.0%. Warranty products, including cell phone protection, were $17.7 million for the nine months ended September 30, 2016, down $6.5 million or 26.9% from the comparable 2015 period. Specialty products As Adjusted net revenue for the nine months ended September 30, 2016 were $7.3 million, up 76.3% from the prior year period operating results due to increased earned premiums and service and administrative fees. Credit protection products and specialty products continue to provide opportunities for growth through a combination of expanded product offerings, new clients and geographic expansion in the latter case.

Total commission expense of $91.9 million for the nine months ended September 30, 2016, was driven by the increase in policies issued in the credit life and specialty auto warranty and insurance products. For the nine months ended September 30, 2016, as adjusted, commission expense was $101.4 million, down $8.3 million from the prior year as a result of reduced commissions owed to distributors from losses mentioned earlier.

Member benefits claims and net losses and loss adjustment expenses, combined were $72.4 million for the nine months ended September 30, 2016, with net losses and loss adjustments up $14.8 million period-over-period, partially offset by a reduction in member benefit claims of $6.4 million. The increase in net losses over the prior year period was a function of growth in earned premiums in non-standard auto and motor club and credit life, partially offset by lower claims in mobile devices.

Expenses

Operating expenses in the insurance and insurance services segment are composed of payroll and employee commissions, interest expense, professional fees, depreciation and amortization expenses and other expenses. Segment operating expenses for the three months ended September 30, 2016 were $21.2 million, a decrease of $2.9 million or 12.1% as compared to the previous

9

year period costs. The primary driver of the period-over-period decrease was attributable to lower depreciation and amortization expense as a result of the decline in the purchase accounting impact from the amortization of the fair value attributed to the insurance policies and contracts acquired, which was $0.5 million for the three months ended September 30, 2016 versus $3.1 million in the comparable 2015 period. As adjusted operating expenses of $20.7 million were down period-over-period as a result of the cost reduction efforts described above.

Segment operating expenses for the nine months ended September 30, 2016 were $66.8 million, a decrease of $16.2 million or 19.6% as compared to the previous year period costs. The primary driver of the period-over-period decrease was attributable to lower depreciation and amortization expense as a result of the decline in the purchase accounting impact from the amortization of the fair value attributed to the insurance policies and contracts acquired, which was $3.0 million for the nine months ended September 30, 2016 versus $17.2 million in the comparable 2015 period. As Adjusted operating expenses of $64.1 million were down by $3.4 million period-over-period as a result of the cost reduction efforts described above.

Adjusted EBITDA

Adjusted EBITDA was $11.6 million and $35.0 million for the three and nine months ended September 30, 2016, respectively. The key drivers of Adjusted EBITDA growth was higher credit insurance and specialty products net revenues, increased investment income, and lower operating expenses, adjusted for the impact of purchase accounting effects, partially offset by lower warranty revenues driven by competition in the cell phone warranty business. See “Non-GAAP Financial Measures” below for a reconciliation to GAAP net income.

Specialty Finance segment - operating results for the Three Months Ended September 30, 2016 and September 30, 2015

	Three Months Ended September 30,
	Siena						Mortgage Business					Total Specialty Finance
($ in thousands)	2016			2015			2016		2015			2016		2015
Net realized and unrealized gains (losses)	$	(56	)	$	(51	)	$	1,693	$	(707	)	$	1,637	$	(758	)
Interest income	2,165			1,345			1,097		1,029			3,262		2,374
Gain on sale of loans held for sale, net	—			—			20,045		14,859			20,045		14,859
Loan fee income	1,419			1,030			2,496		1,814			3,915		2,844
Other income	—			—			154		29			154		29
Total revenue	3,528			2,324			25,485		17,024			29,013		19,348
Interest expense	595			293			1,337		924			1,932		1,217
Payroll and employee commissions	1,237			1,092			15,629		10,724			16,866		11,816
Depreciation and amortization	15			70			233		199			248		269
Other expenses	829			522			4,957		4,273			5,786		4,795
Total expense	2,676			1,977			22,156		16,120			24,832		18,097
Pre-tax income (loss)	$	852		$	347		$	3,329	$	904		$	4,181	$	1,251

Specialty Finance segment - operating results for the Nine Months Ended September 30, 2016 and September 30, 2015

	Nine Months Ended September 30,
	Siena						Mortgage Business				Total Specialty Finance
($ in thousands)	2016			2015			2016		2015		2016		2015
Net realized and unrealized (losses) gains	$	(290	)	$	(51	)	$	1,377	$	245	$	1,087	$	194
Interest income	5,723			3,735			2,826		1,814		8,549		5,549
Gain on sale of loans held for sale, net	—			—			48,412		21,531		48,412		21,531
Loan fee income	3,404			2,841			5,892		3,284		9,296		6,125
Other income	—			68			446		116		446		184
Total revenue	8,837			6,593			58,953		26,990		67,790		33,583
	`
Interest expense	1,351			809			3,001		1,753		4,352		2,562
Payroll and employee commissions	3,591			3,082			38,211		16,978		41,802		20,060
Depreciation and amortization	45			203			619		312		664		515
Other expenses	1,970			1,448			13,492		6,744		15,462		8,192
Total expense	6,957			5,542			55,323		25,787		62,280		31,329
Pre-tax income (loss)	$	1,880		$	1,051		$	3,630	$	1,203	$	5,510	$	2,254

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The specialty finance segment is comprised of the operations of Siena, a commercial finance company, which is 62% owned by the Company and our mortgage origination business, which include, Reliance, which is 100% owned as of July 1, 2015 and Luxury, which is 67.5% owned by the Company.

Results

Specialty finance pre-tax income was $4.2 million for the three months ended September 30, 2016, compared with $1.3 million for the same period in 2015. The key drivers of the increase were increases in mortgage origination volume and average loans outstanding at Siena over the prior year period. Segment revenues were $29.0 million for the three months ended September 30, 2016, compared with $19.3 million for the comparable 2015 period, an increase of $9.7 million or 50.0%. Segment expenses were $24.8 million in the three months ended September 30, 2016, compared with $18.1 million in the comparable 2015 period, an increase of $6.7 million or 37.2%. Margins expanded as revenue growth outpaced expense increases as the businesses scaled operations and increased volumes.

For the nine months ended September 30, 2016, specialty finance pre-tax income was $5.5 million compared with $2.3 million for the same period in 2015. Segment revenues were $67.8 million for the nine months ended September 30, 2016, compared with $33.6 million for the comparable 2015 period, an increase of $34.2 million or 101.9%. Segment expenses were $62.3 million in the nine months ended September 30, 2016, compared with $31.3 million in the comparable 2015 period, an increase of $31.0 million or 98.8%. The increases are primarily driven by the acquisition of Reliance and increased originations volume.

Adjusted EBITDA

Specialty finance Adjusted EBITDA was $4.5 million for the three months ended September 30, 2016 compared to $1.6 million in the prior year period. Adjusted EBITDA was $6.3 million for the nine months ended September 30, 2016 compared to $2.9 million in the prior year period. The increases in Adjusted EBITDA were driven by the same factors that impacted pre-tax income explained above. See “Non-GAAP Financial Measures” below for a reconciliation to GAAP net income.

Siena

Siena’s pre-tax income was $0.9 million for the three months ended September 30, 2016, compared with pre-tax income of $0.3 million for the comparable 2015 period. Siena’s pre-tax income was $1.9 million for the nine months ended September 30, 2016, compared with pre-tax income of $1.1 million for the comparable 2015 period. The increase in Siena’s results was driven by increased loan originations and higher utilization rates of facilities by borrowers which increased interest income and loan fees. Higher revenues were partially offset by higher payroll and operating expenses as loans outstanding continue to grow.

Revenues

Siena’s revenues totaled $3.5 million for the three months ended September 30, 2016, compared with $2.3 million for the same period in 2015, an increase of $1.2 million or 51.8%. Siena had average earning assets of $90.6 million for the three months ended September 30, 2016, compared with $62.2 million for the comparable 2015 period, an increase of 45.7%.

Siena’s revenues totaled $8.8 million for the nine months ended September 30, 2016, compared with $6.6 million for the same period in 2015, an increase of $2.2 million or 34.0%. Siena had average earning assets of $72.8 million for the nine months ended September 30, 2016, compared with $54.7 million for the comparable 2015 period, an increase of 33.1%. The increase in revenue was primarily driven by an increase in lending volume and interest margins as well as increases in one time fees and administrative fees.

Expenses

Siena’s expenses were $2.7 million for the three months ended September 30, 2016, compared with $2.0 million in the comparable 2015 period, an increase of $0.7 million or 35.4%. Expenses were $7.0 million for the nine months ended September 30, 2016, compared with $5.5 million in the comparable 2015 period, an increase of $1.4 million or 25.5%. Siena’s expenses are comprised primarily of payroll and employee commissions, interest and other expenses. Growth in expenses was at a slower pace than the increase in lending volume as the additions to headcount had less of an increase than the growth in volume.

11

Mortgage Business

Selected mortgage margin and product mix analysis

($ in thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Funded volume	$	535,233		$	411,909		$	1,258,133		$	791,262
Brokered volume	30,530			30,568			72,418			90,446
Total origination volume	$	565,763		$	442,477		$	1,330,551		$	881,708
Sold volume (basis points of total origination volume)	$	498,470		$	424,153		$	1,228,349		$	782,882
Net revenue	426.8			363.5			420.5			286.0
Expenses
Commissions	103.4			89.0			98.4			77.4
Non commission payroll expenses	172.8			153.4			188.8			115.1
Total other expense	91.7			100.7			106.1			79.8
Total expenses	367.9			343.1			393.3			272.3
Pre-tax income (loss)	58.9			20.4			27.2			13.7
Percent of volume
Agency	39.4		%	35.6		%	36.9		%	29.6		%
FHA/VA	32.6			28.0			32.0			15.8
Jumbo/other	20.3			27.0			22.6			37.2
Total retail	92.3			90.6			91.5			82.6
Wholesale	2.4			2.5			3.1			7.2
Brokered	5.3			6.9			5.4			10.2
Total	100		%	100		%	100		%	100		%

The mortgage business’s pre-tax income was $3.3 million for the three months ended September 30, 2016, compared with $0.9 million for the same period in 2015, an increase of $2.4 million. Mortgage origination volume improved from $442.5 million for the three months ended September 30, 2015 to $565.8 million for the current year, while realizing 63.3 basis points improvement in net revenue margins year-over-year. Increased revenues were partially offset by higher expenses, which increased from $16.1 million for the three months ended September 30, 2015 to $22.2 million for the same period in 2016.

The mortgage business’s pre-tax income was $3.6 million for the nine months ended September 30, 2016, compared with $1.2 million for the same period in 2015. Mortgage origination volume improved 50.9% from $881.7 million for the nine months ended September 30, 2015 to $1,330.6 million for the current year period while realizing 134.5 basis points improvement in revenue margins year-over-year. This was primarily a result of the inclusion of Reliance’s volume and change in product mix towards higher margin government and agency products. Increased revenues were offset by higher expenses, which increased from $25.8 million for the nine months ended September 30, 2015 to $55.3 million for the nine months 2016.

The primary driver of higher expenses for the three and nine months ended September 30, 2016 was a combination of the inclusion of Reliance, higher payroll and other employee expenses plus higher marketing costs to support the higher number of sales personnel. Total mortgage headcount increased from 472 to 565, or by 19.7% which was a driver of increased expenses.

Revenues

Total origination volume increased from $442.5 million for the three months ended September 30, 2015 to $565.8 million for the three months ended September 30, 2016 and from $881.7 million in the nine months ended September 30, 2015 to $1,330.6 million in the nine months ended September 30, 2016. Funded volume increased at a faster pace than brokered volume primarily due to the fact that the substantial majority of Reliance’s volume is in this category. Total sold volume in the three months ended September 30, 2016 was $498.5 million, up from $424.2 million in the comparable 2015 period. Total sold volume in the nine months ended September 30, 2016 was $1,228.3 million, up from $782.9 million in the comparable 2015 period.

Net revenue margins also improved for the three and nine months ended September 30, 2016. The primary driver of the improved margins was the higher mix of FHA/VA and agency volumes. Agency and FHA/VA originations tend to have higher net revenue margin than jumbo and brokered volumes.

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Mortgage revenues are comprised of gain on sale on mortgages originated and sold to investors, gains and losses on the mortgage pipeline of interest rate lock commitments and mortgage loans held for sale and the associated hedges, net interest income on mortgages held for sale, and fees associated with the mortgage origination business. Loan fees are primarily comprised of loan application fees, appraisal fees, document preparation fees, broker fees earned and loan underwriting fees. Revenues for the three months ended September 30, 2016 were $25.5 million compared with $17.0 million for the three months ended September 30, 2015, an increase of $8.5 million or 49.7%. Mortgage revenues for the nine months ended September 30, 2016 were $59.0 million compared with $27.0 million for the prior year, an increase of $32.0 million or 118.4%. The primary driver of the increase in revenue for the three and nine months ended September 30, 2016 were the same volume and margin factors that impacted pretax income.

Expenses

Mortgage expenses are composed of payroll and employee commissions, professional fees and other expenses. Expenses for the three months ended September 30, 2016 were $22.2 million compared with $16.1 million for the comparable period in 2015, an increase of $6.0 million or 37.4%. For the nine months ended September 30, 2016 expenses were $55.3 million compared with $25.8 million for the comparable period in 2015, an increase of $29.5 million or 114.5%. The primary driver of higher expenses for the three and nine months ended September 30, 2016 were the same expense factors that impacted pre-tax income.

Real Estate segment - operating results for the Three and Nine Months Ended September 30, 2016 and September 30, 2015

	Real Estate
	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2016			2015			2016			2015
Net realized and unrealized gains (losses)	$	51		$	(580	)	$	—		$	(696	)
Interest income	26			25			72			69
Rental revenue	14,529			11,189			40,764			31,725
Other income	1,089			926			3,368			2,236
Total revenue	15,695			11,560			44,204			33,334
Interest expense	2,271			1,828			6,220			4,968
Payroll and employee commissions	6,270			4,171			17,661			12,223
Depreciation and amortization	3,096			3,932			10,636			11,265
Other expenses	4,531			4,241			15,174			13,640
Total expense	16,168			14,172			49,691			42,096
Pre-tax income (loss)	$	(473	)	$	(2,612	)	$	(5,487	)	$	(8,762	)

The Company’s real estate segment consists of its wholly-owned Care subsidiary, the current focus of which is investing in seniors housing properties. As of September 30, 2016, Care’s portfolio consists of 27 properties across 10 states primarily in the Mid-Atlantic and Southern United States comprised of 11 Triple Net Lease (“NNN”) Properties and 16 Managed Properties.

In Triple Net Lease Properties, Care owns the real estate and enters into a long term lease with an operator who is typically responsible for bearing operating costs, including maintenance, utilities, taxes, insurance, repairs and capital improvements. The operations of the Triple Net Lease Properties are not consolidated since Care does not manage or own the underlying operations. For Triple Net Lease Properties operations, Care recognizes primarily rental income from the lease since substantially all expenses are passed through to the tenant. In Managed Properties, Care generally owns between 65-80% of the real estate and the operations with affiliates of the management company owning the remainder. Care therefore consolidates all of the assets, liabilities, income and expense of the Managed Properties operations in segment reporting. The real estate segment operating results present revenues and expenses, which include amounts attributable to non-controlling interests, by property type in our real estate segment for the three and nine months ended September 30, 2016 and 2015.

In addition to Adjusted EBITDA, we also evaluate performance of our real estate segment based on net operating income (“NOI”), which is a non-GAAP measure. We consider NOI an important supplemental measure used to evaluate the operating performance of our real estate segment because it allows investors, analysts and our management to assess our unlevered property-level operating results and to compare our operating results between periods and to the operating results of other real estate companies on a consistent basis. We define NOI as total revenue less property operating expense. Property operating expenses and resident fees and services are not relevant to Care’s Triple Net Lease Properties since Care does not manage the underlying operations and substantially all expenses are passed through to the tenant. Our calculation of NOI may differ from similarly titled non-GAAP financial measures used by other companies. NOI is not a measure of financial performance or liquidity under GAAP

13

and should not be considered a substitute for pre-tax income. The following tables include a reconciliation of NOI to pre-tax income for the three and nine months ended September 30, 2016 and 2015.

Real Estate Product Operating Results

	Three Months Ended September 30, 2016								Three Months Ended September 30, 2015
($ in thousands)	NNN Operations		Managed Properties			Real Estate Total			NNN Operations		Managed Properties			Real Estate Total
Revenues:
Resident fees and services	$	—	$	841		$	841		$	—	$	678		$	678
Rental revenue	1,844		12,685			14,529			1,844		9,344			11,188
Less: Property operating expenses	—		9,599			9,599			—		7,489			7,489
Segment NOI	$	1,844	$	3,927		$	5,771		$	1,844	$	2,533		$	4,377
Segment NOI Margin % (1)			29.0		%						25.3		%
Other income						$	324							$	(307	)
Less: Expenses:
Interest expense						2,271								1,828
Payroll and employee commissions						617								529
Depreciation and amortization						3,095								3,932
Other expenses						583								393
Pre-tax income (loss)						$	(471	)						$	(2,612	)

	Nine Months Ended September 30, 2016								Nine Months Ended September 30, 2015
($ in thousands)	NNN Operations		Managed Properties			Real Estate Total			NNN Operations		Managed Properties			Real Estate Total
Revenues
Resident fees and services	$	—	$	2,625		$	2,625		$	—	$	1,663		$	1,663
Rental revenue	5,533		35,231			40,764			4,662		27,062			31,724
Less: Property operating expenses	—		27,600			27,600			—		21,674			21,674
Segment NOI	$	5,533	$	10,256		$	15,789		$	4,662	$	7,051		$	11,713
Segment NOI Margin % (1)			27.1		%						24.5		%
Other income						$	815							$	(54	)
Less: Expenses
Interest expense						6,220								4,968
Payroll and employee commissions						1,900								1,654
Depreciation and amortization						10,635								11,265
Other expenses						3,335								2,534
Pre-tax income (loss)						$	(5,486	)						$	(8,762	)

(1) NOI Margin % is the relationship between Segment NOI and Resident fees and services and rental revenue

Results

Care had a pre-tax loss of $0.5 million for the three months ended September 30, 2016, compared with pre-tax loss of $2.6 million for the same period in 2015. For the nine months ended September 30, 2016, Care had a pre-tax loss of $5.5 million compared with pre-tax loss of $8.8 million for the same period in 2015. The increase in the number of properties acquired by Care has generated higher rental and other income in the 2016 periods compared with the comparable 2015 periods. However the Company also incurred additional depreciation, amortization and interest expenses as a consequence of the additional properties. As a result, the lower losses in both periods was driven by greater growth in rental income, due to both improvements in the underlying properties and the addition of new properties, than operating expenses, including depreciation and amortization related to purchase accounting for acquired properties.

Care’s segment NOI was $5.8 million for the three months ended September 30, 2016, compared with $4.4 million in the prior year period, an increase of $1.4 million or 31.8%. Care’s NOI was $15.8 million for the nine months ended September 30, 2016, compared with $11.7 million in the prior year period, an increase of $4.1 million or 34.8%. The primary drivers of improvement in NOI in both periods was an increase in rental revenue partially offset by increased property operating expenses.

In addition, several of Care’s recent acquisitions included properties that Care and its operating partners are enhancing through renovation projects and other capital upgrades in an effort to grow revenue and to allow them to operate more efficiently. As indicated in the tables above, NOI margins on Managed Properties improved from 24.5% to 27.1% for nine months ended September 30, 2016 against the prior year period. As the more recently acquired facilities ramp up and stabilize, we expect our results to reflect additional NOI margin improvements.

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Revenues

Care’s revenues were $15.7 million for the three months ended September 30, 2016, compared with $11.6 million for the comparable 2015 period, an increase of $4.1 million or 35.8%. Rental income in the 2016 period was $14.5 million, compared with $11.2 million for the comparable 2015 period, an increase of $3.3 million or 29.9%. Care earned other income of $1.1 million in the 2016 period, compared to $0.9 million in the comparable 2015 period. Other income was comprised of resident fees and reimbursable escrow earnings.

Care’s revenues were $44.2 million for the nine months ended September 30, 2016, compared with $33.3 million for the comparable 2015 period, an increase of $10.9 million or 32.6%. Rental income in the 2016 period was $40.8 million, compared with $31.7 million for the comparable 2015 period, an increase of $9.0 million or 28.5%. Care earned other income of $3.4 million in the 2016 period, compared to $2.2 million in the comparable 2015 period. The increase in rental revenue and other income for the three and nine months was primarily due to the facilities acquired since the first quarter of 2015.

Expenses

Care’s expenses are comprised of interest expenses on borrowings, payroll expenses (including employees of the managers at each of Care’s Managed Properties), professional fees, depreciation and amortization of properties and leases acquired and other expenses. Expenses for the three months ended September 30, 2016 were $16.2 million, compared with $14.2 million for the same period in 2015, an increase of $2.0 million or 14.1%. For three months ended September 30, 2016, the primary increases period-over-period include property operating expenses of $2.1 million, interest expense of $0.4 million and other costs of $0.3 million, offset by a reduction in depreciation and amortization expenses of $0.8 million. The increase in property operating expenses was primarily attributable to consolidation of the expenses of three properties acquired in the first and third quarters of 2016, which also included an increase in amortization of in-place leases acquired.

Care’s expenses for the nine months ended September 30, 2016 were $49.7 million, compared with $42.1 million for the same period in 2015, an increase of $7.6 million or 18.0%. The primary increases period-over-period include property operating expenses of $5.9 million, interest expense of $1.3 million, payroll and other costs of $1.0 million, partially offset by a reduction in depreciation and amortization expenses of $0.6 million, which also included a decrease in amortization of in-place leases acquired. The increase in property operating expenses was primarily attributable to consolidation of the expenses of the five properties acquired in the first quarter of 2015, and the three acquired in the first and third quarters of 2016.

Care is party to interest rate swaps in order to hedge interest rate exposure associated with its real estate holdings. These instruments swap fixed to floating rate cash streams in order to maintain the economics on this mortgage debt. As a result of movements in interest rates over the nine months ended September 30, 2016, an unrealized loss was recorded in other expenses for $1.5 million.

Adjusted EBITDA

Care had Adjusted EBITDA of $2.9 million for the three months ended September 30, 2016, compared to $1.3 million in the three months ended September 30, 2015, with the drivers being the same as mentioned above for pre-tax income. Care had Adjusted EBITDA of $7.2 million for the nine months ended September 30, 2016, compared to $3.9 million in the nine months ended September 30, 2015, with the drivers being the same as mentioned above for pre-tax income. See “Non-GAAP Financial Measures” below for a reconciliation to GAAP net income.

15

Asset Management segment - operating results for the Three and Nine Months Ended September 30, 2016 and September 30, 2015

($ in thousands)	Asset Management segment
	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
Fees earned from CLOs	$	4,558		$	2,646		$	9,554	$	8,219
Other management fee income	23			(13		)	111		88
Other income	(22		)	—			307		—
Total revenue	4,559			2,633			9,972		8,307
Payroll and employee commissions	2,220			1,515			4,701		4,766
Other expenses	35			155			229		492
Total expense	2,255			1,670			4,930		5,258
Pre-tax income	$	2,303		$	963		$	5,041	$	3,049

Results

The Company’s asset management segment is comprised of its subsidiary Telos which generates fee income from CLOs. It manages total fee earning AUM of $1.9 billion as of September 30, 2016, compared to $1.8 billion as of September 30, 2015.

Pre-tax income for the asset management segment was $2.3 million for the three months ended September 30, 2016, compared with $1.0 million for the 2015 period, an increase of $1.3 million. The key drivers were an increase in management fee revenues of $1.9 million partially offset by increased employee commissions and other expenses of $0.6 million. The increase was due principally to incentive fees, in combination with the management fees accrued from Telos 7 which was launched in the second quarter of 2016.

For the nine months ended September 30, 2016, pre-tax income was $5.0 million compared with $3.0 million for the 2015 period, an increase of $2.0 million. Asset management fees totaled $10.0 million in the nine months ended September 30, 2016, compared to $8.3 million for the prior year period. The increase was due principally to an increase in incentive fees in the third quarter of 2016 and the launch of Telos 7 in the second quarter of 2016. Additionally, a gain on extinguishment of an obligation to share future subordinated management fees of Telos 6 with a third party was recorded in the first half of 2016.

Adjusted EBITDA

Asset management segment adjusted EBITDA was $2.3 million and $5.0 million for the three and nine months ended September 30, 2016, respectively, compared to $1.0 million and $3.0 million for the comparable prior year periods. The increase was driven by the same factors discussed above under “Results”. See “Non-GAAP Financial Measures” below for a reconciliation to GAAP net income.

Net Income attributable to CLOs managed by the Company - for the Three and Nine Months Ended September 30, 2016and September 30, 2015

The Company earns revenues from CLOs under management, which comprise fees earned for managing the CLOs, distributions received from the Company’s holdings of subordinated notes issued by the CLOs and realized and unrealized gains and losses from the Company’s holdings of subordinated notes. The management fees earned from the CLOs described below are reported in the asset management segment, while the sum of distributions earned and gains and losses on the Company’s holdings of subordinated notes issued by the CLOs are reported as net income (loss) attributable to the consolidated CLOs in the Company’s corporate and other segment.

The table below shows the Company’s share of the results attributable to the CLOs, some of which are consolidated and some of which are not consolidated, which is a non-GAAP measure, for the three and nine months ended September 30, 2016. Management believes this information is helpful for period-over-period comparative purposes as four of our seven CLOs were deconsolidated as of year-end 2015.

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($ in thousands)	Three Months Ended September 30,
	2016									2015
	Consolidated			Non consolidated(1)			Non-GAAP total			Consolidated(2)			Non consolidated(1)			Non-GAAP total
Management fees paid by the CLOs to the Company(3)	$	743		$	3,815		$	4,558		$	652		$	1,994		$	2,646
Distributions from the subordinated notes held by the Company	4,323			45			4,368			2,827			62			2,889
Realized and unrealized (losses) gains on subordinated notes held by the Company	(1,034		)	108			(926		)	(6,681		)	(277		)	(6,958		)
Net (loss) income attributable to the CLOs	$	4,032		$	3,968		$	8,000		$	(3,202	)	$	1,779		$	(1,423	)
	Nine Months Ended September 30,
	2016									2015
	Consolidated			Non consolidated(1)			Non-GAAP total			Consolidated(2)			Non consolidated(1)			Non-GAAP total
Management fees paid by the CLOs to the Company(3)	$	2,169		$	7,385		$	9,554		$	3,493		$	4,726		$	8,219
Distributions from the subordinated notes held by the Company	10,930			128			11,058			11,644			201			11,845
Realized and unrealized (losses) gains on subordinated notes held by the Company	(3,050		)	(123		)	(3,173		)	(18,583		)	(246		)	(18,829		)
Net (loss) income attributable to the CLOs	$	10,049		$	7,390		$	17,439		$	(3,446	)	$	4,681		$	1,235

(1)	Represents amounts from Telos 1, Telos 2, Telos 3 and Telos 4, which have been deconsolidated for the period that we did not own the subordinated notes. See Note—(15) Assets and Liabilities of Consolidated CLOs, in the accompanying consolidated financial statements, regarding the deconsolidation of certain of our CLOs.
(2)	Includes losses of $3.3 million from Telos 2 and Telos 4 for the nine months ended September 30, 2015. Both were deconsolidated and sold in the second quarter of 2015.
(3)	Management fees to Telos are shown net of any management fee participation by Telos to others.

All comparisons reference the Non-GAAP total column in the table above. Including deconsolidated CLOs, pre-tax income from the Company’s CLO business was $8.0 million for the three months ended September 30, 2016 compared with a loss of $1.4 million for the same period in 2015. The primary drivers of the year-over-year increase of $9.4 million were increased management fees of $1.9 million, distributions of $1.5 million and lower realized and unrealized losses incurred on the Company’s holdings of subordinated notes of $6.0 million. The increase in management fees was due to an increase in incentive fees in the third quarter of 2016 and the launch of Telos 7 in the second quarter of 2016. The realized and unrealized losses in the three months ended September 30, 2016 were less than the same period in 2015 due to a recovery of the mark-to-market write-down taken on our CLO subordinated note holdings in the second half of 2015 and first quarter of 2016.

For the nine months ended September 30, 2016, pre-tax income from the Company’s CLO business was $17.4 million compared to $1.2 million in the same period in 2015. The increases were driven by a reduction in losses of $15.6 million, an increase in management fees of $1.3 million partially offset by lower distributions of $0.8 million. The decline in distributions is a result of lower overall subordinated note holdings and the reduction in the realized and unrealized losses was due to a recovery of the marked-to-market position in the 2016 period as compared to the marks taken throughout the 2015 period.

Corporate and Other segment - operating results for the Three and Nine Months Ended September 30, 2016and September 30, 2015

	Three Months Ended September 30,
($ in thousands)	CLO subordinated notes and tax exempt securities						Credit investments				Corporate						Total
	2016			2015			2016		2015		2016			2015			2016			2015
Total revenue	$	146		$	(54	)	$	5,044	$	682	$	1,279		$	(640	)	$	6,469		$	(12	)
Total expense	$	45		$	56		$	2,853	$	413	$	9,369		$	8,949		$	12,267		$	9,418
Distributions from the subordinated notes held by the Company	4,323			2,827			—		—		—			—			4,323			2,827
Realized and unrealized (losses) gains on subordinated notes held by the Company	(1,011		)	(6,681		)	—		—		—			—			(1,011		)	(6,681		)
Pre-tax income (loss)	$	3,413		$	(3,964	)	$	2,191	$	269	$	(8,090	)	$	(9,589	)	$	(2,486	)	$	(13,284	)

	Nine Months Ended September 30,
($ in thousands)	CLO subordinated notes and tax exempt securities					Credit investments				Corporate					Total
	2016			2015		2016		2015		2016		2015			2016		2015
Total revenue	$	(940	)	$	481	$	16,961	$	1,045	$	7,951	$	(1,189	)	$	23,972	$	337
Total expense	$	296		$	741	$	7,532	$	1,208	$	26,320	$	19,438		$	34,148	$	21,387

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	Nine Months Ended September 30,
Distributions from the subordinated notes held by the Company	10,930			11,644			—		—						—			10,930			11,644
Realized and unrealized (losses) gains on subordinated notes held by the Company	(3,347		)	(18,583		)	—		—			—			—			(3,347		)	(18,583		)
Pre-tax income (loss)	$	6,347		$	(7,199	)	$	9,429	$	(163	)	$	(18,369	)	$	(20,627	)	$	(2,593	)	$	(27,989	)

The Company’s corporate and other segment incorporates revenues from the Company’s principal investments, which include CLO subordinated notes, tax exempt securities, income from the Company’s credit investment portfolio and net gains or losses from the Company’s corporate finance activity, including the interest rate and credit derivative risk mitigation transactions. Segment expenses include interest expense on the Fortress credit facility and head office payroll, professional fees and other expenses.

Results

Corporate and other revenues comprise net realized and unrealized gains and losses on the Company’s principal investments and credit mitigation transactions. Expenses include corporate level interest expense and payroll, professional fees and other expenses. Corporate payroll expense includes the expense of management, legal and accounting staff. Other expenses primarily consisted of professional fees, insurance, office rent and other expenses.

The corporate and other segment had a pre-tax loss of $2.5 million for the three months ended September 30, 2016, compared with a loss of $13.3 million for the 2015 period, an increase of $10.8 million. The key drivers of year-over-year increase were $7.4 million in CLO subordinated notes performance, $1.9 million in Credit investments (including the Telos 7 warehouse, Telos Credit Opportunities fund and NPLs) and improvement in Corporate principal investments revenues of $1.9 million, partially offset by increases in Corporate expenses of $0.4 million related to payroll and professional services.

For the nine months ended September 30, 2016, the Company recorded a loss of $2.6 million compared with a loss of $28.0 million for the 2015 period, an increase of $25.4 million. The key drivers of year-over-year increase were $13.5 million in CLO subordinated notes and tax exempt securities income, $9.6 million in Credit investments and improvement in Corporate principal investments revenues of $9.1 million, partially offset by increases in Corporate expenses of $6.9 million related to payroll and professional services.

Revenues

For the three months ended September 30, 2016, Corporate and other segment revenues, including distributions from and realized and unrealized gains and losses on subordinated notes, were $9.8 million compared with a loss of $3.9 million in the three months ended September 30, 2015. The increase of $13.7 million was primarily the result of increased gains, distributions, interest income and dividend income on principal investments.

For the nine months ended September 30, 2016, Corporate and other segment revenues, including distributions from and realized and unrealized gains and losses on subordinated notes, were $31.6 million, compared with losses of $6.6 million in the nine months ended September 30, 2015. The increase of $38.2 million was primarily the result of realized and unrealized gains on investments, including subordinated notes, in the 2016 period, compared with realized and unrealized losses in the prior year.

Expenses

Corporate interest expense was $2.0 million in the three months ended September 30, 2016, compared to $1.5 million in the prior year. This interest expense is primarily interest on borrowings under the Company’s credit agreement with Fortress, which debt outstanding was $59.0 million as of June 2016. Corporate interest expense was $5.9 million in the nine months ended September 30, 2016, compared to $4.9 million in the nine months ended September 30, 2015.

Payroll expenses, which include salaries, bonuses and benefits of $4.2 million in the three months ended September 30, 2016, compared to $3.1 million in the three months ended September 30, 2015. Corporate payroll expense includes the expense of management, legal and accounting staff. Payroll expenses were $9.9 million in the nine months ended September 30, 2016, compared to $7.3 million in the nine months ended September 30, 2015. Payroll expenses increased in the 2016 period as the Company expanded its staff as a result of our efforts to improve our reporting and controls infrastructure as well as higher accrued incentive compensation expense for the nine months ended September 30, 2016 as compared to the prior year as a result of higher total Adjusted EBITDA period-over-period.

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Other expenses primarily consisted of professional fees, insurance, office rent and other office costs and travel expenses which were $6.0 million in the three months ended September 30, 2016 as compared to $4.7 million in the prior year. Other expenses were $18.1 million in the nine months ended September 30, 2016 as compared to $9.2 million in the nine months ended September 30, 2015. The increase was driven by approximately $6.3 million of incremental costs for credit investments, including NPL the mortgage portfolio and Credit Opportunities fund, and $2.6 million from increased corporate compliance costs associated with being an accelerated filer combined with incremental consulting spend to remediate material weaknesses. Other corporate expenses, including audit and consulting fees, have expanded primarily as a result of implementing enhanced infrastructure and controls, which we estimate was approximately $2.5 million of incremental cost for the nine months ended September 30, 2016.

Provision for income taxes

The total income tax expense of $3.7 million for the three months ended September 30, 2016 and $2.8 million for the three months ended September 30, 2015, is reflected as a component of income (loss) from continuing operations. For the three months ended September 30, 2016, the Company’s effective tax rate (“ETR”) on income from continuing operations was equal to 32.1%, which is lower than the federal and state statutory income tax rates, primarily due to non-controlling interests at certain subsidiaries, the release of valuation allowances on net operating losses at certain subsidiaries, offset by the impact of certain gains and losses treated discretely for the period.

The total income tax expense of $5.3 million for the nine months ended September 30, 2016 and $1.0 million for the nine months ended September 30, 2015, is reflected as a component of income (loss) from continuing operations. For the nine months ended September 30, 2016, the Company’s ETR on income from continuing operations was equal to 19.2%, which does not bear a customary relationship to statutory income tax rates. The ETR for the nine months ended September 30, 2016 is lower than the federal and state statutory income tax rates primarily due to $4.0 million of 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, in the accompanying consolidated financial statements.

The ETR on income from continuing operations for the nine months ended September 30, 2016 before the tax restructuring benefit was 33.9%. Such ETR is lower than the federal and state statutory income tax rates primarily due to non-controlling interests at certain subsidiaries, the release of valuation allowances on net operating losses at certain subsidiaries, offset by the impact of certain gains and losses treated discretely for the period.

Discontinued operations, net

The Company completed the sale of PFG during the second quarter of 2015. As such, there was no income from discontinued operations in the three or nine months ended September 30, 2016 compared to no income and $23.3 million for the three and nine months ended September 30, 2015, respectively. For further information relating to the sale of PFG see Note—(4) Dispositions, Assets Held for Sale & Discontinued Operations, in the accompanying consolidated financial statements.

Balance Sheet Information - as of September 30, 2016 compared to the year ended December 31, 2015

Tiptree’s total assets were $2.9 billion as of September 30, 2016, compared to $2.5 billion as of December 31, 2015. The $0.4 billion increase in assets is primarily attributable to increases in assets of consolidated CLOs, acquisitions in our real estate segment, increases in loans at amortized cost, as well as increases in accounts premiums and re-insurance receivables at Fortegra, offset slightly by a reduction in loans at fair value and securities available for sale.

Total stockholders’ equity of Tiptree was $286.8 million as of September 30, 2016 compared to $312.8 million as of December 31, 2015. The primary reason for the decrease in Tiptree’s stockholders’ equity was from the repurchase of approximately 16% of the Company’s outstanding Class A shares, and decreases related to dividends paid and stock purchased under the stock purchase plans described below in “Part II—Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.” These reductions were partially offset by increases from shares issuance for compensation, changes in non-controlling interests and retained earnings.

On June 23, 2016, the Company repurchased 5,596,000 shares of Class A common stock of Tiptree for aggregate consideration of $36.4 million. On September 14, 2016, the Company purchased 1,000,000 shares of Class A common stock for $6.15 million. Both transactions were accretive to both book value per share in the current quarter and are expected to be accretive to earnings per share on a GAAP basis. The shares acquired will be held as treasury shares and will not be outstanding for accounting or voting purposes. As of September 30, 2016 there are 34,947,239 shares of Tiptree Class A common stock outstanding.

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Non-GAAP Financial Measures

Management uses EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The Company believes that use of these financial measures on a consolidated basis and for each segment provide supplemental information useful to investors as it is frequently used by the financial community to analyze performance period to period, to analyze a company’s ability to service its debt and to facilitate comparison among companies. The Company believes segment EBITDA and Adjusted EBITDA provides additional supplemental information to compare results among our segments. Adjusted EBITDA is also used in determining incentive compensation for the Company’s executive officers. These measures are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for net income. The Company’s presentation of these measures may differ from similarly titled non-GAAP financial measures used by other companies. The Company defines EBITDA as GAAP net income of the Company adjusted to add consolidated interest expense, consolidated income taxes and consolidated depreciation and amortization expense as presented in its financial statements and Adjusted EBITDA as EBITDA adjusted to (i) subtract interest expense on asset-specific debt incurred in the ordinary course of its subsidiaries’ business operations, (ii) adjust for the effect of purchase accounting, (iii) add back significant acquisition related costs, (iv) adjust for significant relocation costs and (v) any significant one-time expenses.

EBITDA and Adjusted EBITDA - Three and Nine Months Ended September 30, 2016 and September 30, 2015.

Reconciliation from the Company’s GAAP net income to Non-GAAP financial measures - EBITDA and Adjusted EBITDA
($ in thousands, unaudited)	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss) available to Class A common stockholders	$	5,905		$	(4,553	)	$	17,593		$	9,430
Add: net (loss) income attributable to noncontrolling interests	1,933			(1,835		)	4,680			1,957
Less: net income from discontinued operations	—			—			—			23,348
Income (loss) from Continuing Operations of the Company	$	7,838		$	(6,388	)	$	22,273		$	(11,961	)
Consolidated interest expense	7,839			6,329			20,770			17,652
Consolidated income taxes	3,712			2,829			5,298			962
Consolidated depreciation and amortization expense	6,437			10,034			21,899			36,857
EBITDA from Continuing Operations	$	25,826		$	12,804		$	70,240		$	43,510
Consolidated non-corporate and non-acquisition related interest expense(1)	(4,989		)	(3,484		)	(13,223		)	(8,127		)
Effects of Purchase Accounting (2)	(957		)	(4,376		)	(4,446		)	(19,977		)
Non-cash fair value adjustments (3)	—			—			1,416			—
Significant acquisition expenses (4)	248			—			631			1,349
Separation expenses (5)	—			—			(1,736		)	—
Adjusted EBITDA from Continuing Operations of the Company	$	20,128		$	4,944		$	52,882		$	16,755
Income from Discontinued Operations of the Company	$	—		$	—		$	—		$	23,348
Consolidated interest expense	—			—			—			5,226
Consolidated income taxes	—			—			—			3,796
Consolidated depreciation and amortization expense	—			—			—			862
EBITDA from Discontinued Operations	$	—		$	—		$	—		$	33,232
Adjusted EBITDA from Discontinued Operations of the Company	$	—		$	—		$	—		$	33,232
Adjusted EBITDA of the Company	$	20,128		$	4,944		$	52,882		$	49,987

(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 and current period income associated with deferred revenues were less favorably stated. Thus, the purchase accounting effect related to Fortegra, increased EBITDA 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)	Acquisition related costs represent costs in connection with Care’s acquisition of properties which included taxes, legal costs and other expenses.
(5)	Consists of payments pursuant to a separation agreement, dated as of November 10, 2015.

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Segment EBITDA and Adjusted EBITDA from continuing operations - Three Months Ended September 30, 2016 and September 30, 2015

	Three Months Ended September 30,
($ in thousands)	Insurance and insurance services						Specialty finance						Real estate						Asset management				Corporate and other						Total
	2016			2015			2016			2015			2016			2015			2016		2015		2016			2015			2016			2015
Pre-tax income/(loss)	$	8,025		$	10,123		$	4,181		$	1,251		$	(473	)	$	(2,612	)	$	2,303	$	963	$	(2,486	)	$	(13,284	)	$	11,550		$	(3,559	)
Add back:
Interest expense	1,626			1,735			1,932			1,217			2,271			1,828			—		—		2,010			1,549			7,839			6,329
Depreciation and amortization expenses	3,031			5,765			248			269			3,096			3,932			—		—		62			68			6,437			10,034
Segment EBITDA	$	12,682		$	17,623		$	6,361		$	2,737		$	4,894		$	3,148		$	2,303	$	963	$	(414	)	$	(11,667	)	$	25,826		$	12,804
EBITDA adjustments:
Asset-specific debt interest	(140		)	(76		)	(1,882		)	(1,167		)	(2,271		)	(1,828		)	—		—		(696		)	(413		)	(4,989		)	(3,484		)
Effects of purchase accounting	(957		)	(4,376		)	—			—			—			—			—		—		—			—			(957		)	(4,376		)
Significant acquisition expenses	—			—			—			—			248			—			—		—		—			—			248			—
Segment Adjusted EBITDA	$	11,585		$	13,171		$	4,479		$	1,570		$	2,871		$	1,320		$	2,303	$	963	$	(1,110	)	$	(12,080	)	$	20,128		$	4,944

Segment EBITDA and Adjusted EBITDA from continuing operations - Nine Months Ended September 30, 2016 and September 30, 2015

	Nine Months Ended September 30,
($ in thousands)	Insurance and insurance services						Specialty finance						Real estate						Asset management				Corporate and other						Total
	2016			2015			2016			2015			2016			2015			2016		2015		2016			2015			2016			2015
Pre-tax income/(loss)	$	25,100		$	20,449		$	5,510		$	2,254		$	(5,487	)	$	(8,762	)	$	5,041	$	3,049	$	(2,593	)	$	(27,989	)	$	27,571		$	(10,999	)
Add back:
Interest expense	4,312			5,249			4,352			2,562			6,220			4,968			—		—		5,886			4,873			20,770			17,652
Depreciation and amortization expenses	10,413			24,977			664			515			10,636			11,265			—		—		186			100			21,899			36,857
Segment EBITDA	$	39,825		$	50,675		$	10,526		$	5,331		$	11,369		$	7,471		$	5,041	$	3,049	$	3,479		$	(23,016	)	$	70,240		$	43,510
EBITDA adjustments:
Asset-specific debt interest	(351		)	(219		)	(4,200		)	(2,444		)	(6,220		)	(4,968		)	—		—		(2,452		)	(496		)	(13,223		)	(8,127		)
Effects of purchase accounting	(4,446		)	(19,977		)	—			—			—			—			—		—		—			—			(4,446		)	(19,977		)
Non-cash fair value adjustments	—			—			—			—			1,416			—			—		—		—			—			1,416			—
Significant acquisition expenses	—			—			—			—			631			1,349			—		—		—			—			631			1,349
Separation expenses	—			—			—			—			—			—			—		—		(1,736		)	—			(1,736		)	—
Segment Adjusted EBITDA	$	35,028		$	30,479		$	6,326		$	2,887		$	7,196		$	3,852		$	5,041	$	3,049	$	(709	)	$	(23,512	)	$	52,882		$	16,755

Liquidity and Capital Resources

The Company’s principal sources of liquidity are its holdings of unrestricted cash, cash equivalents and other liquid investments and distributions from operating subsidiaries and principal investments, including subordinated notes of CLOs, income from investments and sales of assets and investments. The Company intends to use its cash resources to continue to grow its businesses. Tiptree may seek additional sources of cash to fund acquisitions or investments. These additional sources of cash may take the form of debt or equity and may be at the parent, subsidiary or asset level. Tiptree is a holding company and its liquidity needs are primarily for interest payments on the Fortress credit facility, compensation, professional fees, office rent and insurance costs.

The ability of Tiptree’s subsidiaries to generate sufficient net income and cash flows to make cash distributions will be subject to numerous business and other factors, including restrictions contained in our subsidiaries’ financing agreements, regulatory restrictions, availability of sufficient funds at such subsidiaries, general economic and business conditions, tax considerations, strategic plans, financial results and other factors such as target capital ratios and ratio levels anticipated by rating agencies to maintain or improve current ratings.

We expect our cash and cash equivalents and distributions from operating subsidiaries and principal investments and our subsidiaries access to financing to be adequate to fund our operations for at least the next 12 months.

As of September 30, 2016, the Company had unrestricted cash of $66.0 million compared to $69.4 million at December 31, 2015, a net decrease of $3.4 million primarily driven by cash invested in corporate principal investments and operating activities.

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Tiptree’s approach to debt is generally to use non-recourse (other than customary carveouts, including fraud and environmental liability), asset specific debt where possible that is amortized by cash flows from the underlying business or assets financed. The Company’s  mortgage businesses rely on short term uncommitted sources of financing as a part of their normal course of operations.  To date, the Company has been able to obtain and renew uncommitted warehouse credit facilities. If the Company were not able to obtain financing, then the Company may need to draw on other sources of liquidity to fund its mortgage business.  See Note—(16) Debt, net for additional information regarding these credit facilities.

The Company has a credit facility with Fortress to provide working capital. Loans under the Fortress credit agreement bear interest at LIBOR (with a minimum LIBOR rate of 1.25%), plus a margin of 6.50% per annum. The Company is required to make quarterly principal payments of $0.5 million, subject to adjustment based on the Net Leverage Ratio (as defined in the Fortress credit agreement) at the end of each fiscal quarter. All remaining principal, and any unpaid interest, under the Fortress credit agreement is payable on maturity at September 18, 2018. Operating Company’s outstanding debt under the Fortress credit agreement was $59.0 million as of September 30, 2016 compared to $45.5 million as December 31, 2015. On July 22, 2016 Telos COF I, a subsidiary of Telos Credit Opportunities Fund amended its existing credit agreement with Capital One, N.A. to increase the maximum size of the facility to $150 million and extend the maturity to July 22, 2021. See Note—(16) Debt, net for additional information of the debt of Tiptree and its subsidiaries. On September 23, 2016, the Company entered into a revolving line of credit collateralized by certain NPLs, with a maximum borrowing capacity of $40 million with an initial borrowing of $12.1 million and a maturity in September 2018, with two extensions for one year each.

Consolidated Comparison of Cash Flows

Summary Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2016 and September 30, 2015

($ in thousands)	Nine Months Ended September 30,
	2016			2015
Net cash (used in) provided by:
Operating activities
Operating activities - continuing operations (excluding VIEs)	$	(28,548	)	$	(7,305	)
Operating activities - VIEs	(3,505		)	18,213
Operating activities - discontinued operations	—			(6,198		)
Total cash provided by (used in) operating activities	(32,053		)	4,710
Investing activities
Investing activities - continuing operations (excluding VIEs)	(156,353		)	(204,604		)
Investing activities - VIEs	(96,834		)	33,449
Investing activities - discontinued operations	—			11,866
Total cash provided by (used in) investing activities	(253,187		)	(159,289		)
Financing activities
Financing activities - continuing operations (excluding VIEs)	61,108			196,756
Financing activities - VIEs	220,727			8,573
Financing activities - discontinued operations	—			(5,000		)
Total cash provided by (used in) financing activities	281,835			200,329
Net increase (decrease) in cash	$	(3,405	)	$	45,750

The amounts associated with operating, investing and financing activities for the nine months ended September 30, 2016 and 2015 from discontinued operations are presented as a component of the Company’s Consolidated Statements of Cash Flows.

Nine Months Ended September 30, 2016

Operating Activities

Cash used in continuing operations (excluding VIEs) was $28.5 million for the nine months ended September 30, 2016. The primary uses of cash from continuing operations were: increases in notes and accounts receivable and reinsurance receivables at Fortegra as written policies increased significantly, and decreases in deferred revenue and reinsurance payables at Fortegra. The primary sources of cash from continuing operations included mortgage sales outpacing originations, an increase in unearned premiums and policy liabilities at Fortegra as a result of the credit protection and specialty products, and increase in revenues at Care as a result of increased investments in properties during the period.

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Cash used in operating activities - VIEs was $3.5 million for the nine months ended September 30, 2016. The primary uses of cash from operating activities - VIEs were due to the increases in accrued interest receivable on the loans.

Investing Activities

Cash used in investing activities from continuing operations (excluding VIEs) was $156.4 million for the nine months ended September 30, 2016. The primary drivers included investments in NPLs and other principal investments at Corporate, investments in real estate properties at Care and increase in loans at Siena.

Cash used in investing activities - VIEs was $96.8 million for the nine months ended September 30, 2016. The primary driver of the cash used in investing activities - VIEs was purchases of loans in Telos 7 during the ramp up period as it converted from a warehouse to a CLO during the second quarter.

Financing Activities

Cash used in financing activities for continuing operations (excluding VIEs) was $61.1 million for the nine months ended September 30, 2016. The primary drivers of the cash used included paydown of the Telos 7 warehouse debt and repurchases of common stock. The sources of cash were from borrowings at Care to fund its investments in real estate, borrowings at Siena, Luxury and Reliance to fund loan growth, increase in debt at Fortegra for working capital, an increase in borrowings at the Telos Credit Opportunities Fund to grow the loan portfolio, and a new borrowing to fund additional investment in NPLs.

Cash provided by financing activities - VIEs was $220.7 million for the nine months ended September 30, 2016 driven primarily by the senior notes issued upon the conversion of Telos 7 from a warehouse to a CLO.

Nine Months Ended September 30, 2015

Operating Activities

Cash used in continuing operations (excluding VIEs) was $7.3 million for the nine months ended September 30, 2015. The primary uses of cash from continuing operations included increased balances in mortgage loans held for sale as a result of higher volume in our mortgage segment, and increases in deferred acquisition costs and reinsurance receivables at Fortegra. The primary sources of cash from continuing operations (excluding VIEs) included operating cash generated at Care, increases in unearned premiums, deferred revenue, reinsurance payables and policy liabilities at Fortegra.

Cash provided by operating activities - VIEs was $18.2 million for the nine months ended September 30, 2015. The primary source of cash from operating activities - VIEs was the net gains on sale of loans in the CLOs.

Cash used in operating activities - discontinued operations was $6.2 million for the nine months ended September 30, 2015. The primary driver of the cash used was a decrease in in future policy benefits payable.

Investing Activities

Cash used in investing activities from continuing operations (excluding VIEs) was $204.6 million for the nine months ended September 30, 2015. The primary uses of cash from investing activities from continuing operations (excluding VIEs) included the acquisition of real estate properties at Care, purchases of loans in the Telos Credit Opportunities Fund, acquisition of NPLs and increases in outstanding loans at Siena. The cash provided by investing activities was primarily driven by the sale of PFG.

Cash provided by investing activities - VIEs was $33.4 million for the nine months ended September 30, 2015. The primary driver of the use of cash in investing activities - VIEs was investments in new loans in the CLOs, more than offset by repayments and sales.

Cash used in investing activities - discontinued operations was $11.9 million for the nine months ended September 30, 2015. The primary driver of cash provided from investing activities was the repayment of policy holder loans, partially offset by the purchases of available for sale debt securities.

Financing Activities

Cash provided by financing activities (excluding VIEs) was $196.8 million for the nine months ended September 30, 2015. The primary sources of cash included increased borrowings at Siena to fund loan growth, borrowings on mortgage warehouse lines and increases in borrowings at Care to fund property acquisitions.

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Cash provided by financing activities - VIEs was $8.6 million for the nine months ended September 30, 2015. The primary driver of the sources of cash in financing activities - VIEs was a net increase in debt on the CLOs.

Cash used in financing activities - discontinued operations was $5.0 million for the nine months ended September 30, 2015. The primary driver of the cash used was the repayment of debt outstanding.

Contractual Obligations

The table below summarizes Tiptree’s consolidated contractual obligations by period for payments that are due as of September 30, 2016:

($ in thousands)	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
Notes payable CLOs (1)	$	—	$	—	$	—	$	945,834	$	945,834
Credit agreement/Revolving line of credit	92,548		162,647		262,152		—		517,347
Mortgage notes payable and related interest (2)	11,588		25,449		127,058		90,245		254,340
Trust Preferred Securities	—		—		—		35,000		35,000
Operating lease obligations (3)	13,073		6,835		5,178		3,249		28,335
Total	$	117,209	$	194,931	$	394,388	$	1,074,328	$	1,780,856

(1) 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, 2027 for Telos 6 and 2025 for Telos 7.

(2) See Note —(16) Debt, net, in the accompanying consolidated financial statements for additional information.

(3) Minimum rental obligation for Tiptree, Care, MFCA, Siena, Reliance, Luxury and Fortegra office leases. The total rent expense for the Company for the nine months ended September 30, 2016 and 2015 was $4.8 million and $4.1 million, respectively.

Critical Accounting Policies and Estimates

The preparation of our financial statements in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Actual results could differ materially from those estimates. There have been no material changes to the critical accounting policies and estimates as discussed in our 2015 Annual Report on Form 10-K.

Recently Adopted and Issued Accounting Standards

For a discussion of recently adopted and issued accounting standards see the section “Recent Accounting Standards” in Note (2)—Summary of Significant Accounting Policies of the notes to the accompanying consolidated financial statements.

Off-Balance Sheet Arrangements

In the normal course of business, we enter into various off-balance sheet arrangements including entering into derivative financial instruments and hedging transactions, operating leases and sponsoring and owning interests in consolidated and non-consolidated variable interest entities.

Further disclosure on our off-balance sheet arrangements as of September 30, 2016 is presented in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing as follows:

• Note —(14) Derivative Financial Instruments and Hedging

• Note —(15) Assets and Liabilities of Consolidated CLOs

• Note —(23) Commitments and Contingencies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Pursuant to Item 305(c) of Regulation S-K, we are not required to provide disclosures under this Item.

Item 4. Controls and Procedures

The Company’s management, with the participation of its Executive Chairman, Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Exchange Act) as of September 30, 2016. Based upon that evaluation, the Company’s Executive Chairman, Chief Executive Officer and Chief Financial Officer have concluded that, because the

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remediation measures designed to address the material weakness in the Company’s internal control over financial reporting described below have not yet been fully implemented or sufficiently tested, the Company’s disclosure controls and procedures were not effective as of September 30, 2016.

All systems of internal control, no matter how well designed, have inherent limitations. Therefore, even those systems deemed to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

Evaluation of Disclosure Controls and Procedures

The Company conducted an evaluation of the effectiveness of its internal control over financial reporting based upon the framework established in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). If we identify any material weaknesses, the COSO Framework does not allow the Company to conclude that our internal control over financial reporting is effective.

As of September 30, 2016, the following material weaknesses in internal control over financial reporting that were reported as of December 31, 2015, still remain material weaknesses:

• 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.

• The Company did not have sufficient knowledgeable resources to operate the Company’s processes and controls at its Care Managed Properties. In addition, the Company failed to establish adequate monitoring activities over its Care Managed Properties 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 over the accounting for and measurement of current and deferred income taxes related to the year-end income tax provision.

As of September 30, 2016, the material weaknesses in internal control over financial reporting for Luxury Mortgage Corp. (Luxury) were remediated based on our assessment that the design, implementation, and testing of controls to remedy these weaknesses were operating effectively. The weaknesses, previously reported as of December 31, 2015, were specifically related to the lack of properly designed process level controls that operate effectively to prevent or detect and correct material misstatements in financial statement accounts, insufficient monitoring activities to ascertain whether the components of internal control for Luxury were properly designed and operating effectively, and lack of sufficient knowledgeable resources to operate Luxury’s processes and controls.

Plan for Remediation of Material Weaknesses

To remediate the material weaknesses in internal control over financial reporting described above which remain unremediated as of September 30, 2016, management, with oversight from the Audit Committee, has dedicated significant resources to improve the Company’s control environment through the following measures:

• Reviewing and enhancing the efficiency and effectiveness of the design and operation of the processes and controls in place to measure and record transactions related to the Care Managed Properties;

• Enhancing monitoring activities and management review controls that operate over the Care Managed Properties; and

• Evaluating and enhancing the level of precision in management review controls over the year-end income tax provision.

The Company has begun to implement the measures described above; however until the remediated controls have been fully implemented for an adequate period of time and tested and concluded by management to be designed and operating effectively, the material weaknesses described above will continue to exist.

The Company is committed to achieving and maintaining a strong internal control environment and believes that these remediation efforts will result in significant improvements in its internal control over financial reporting. This commitment is accompanied by management’s on-going focus on processes and related controls to achieve accurate and reliable financial reporting. As we continue to evaluate and improve our internal control over financial reporting, management may execute additional measures to address potential control deficiencies or modify the remediation plan described above.

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Changes in Internal Control over Financial Reporting

Other than the measures taken to ensure that the design, implementation, and testing of controls at Luxury to ensure these controls were operating effectively as of September 30, 2016, there were no other changes in internal control over financial reporting during the three months ended September 30, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Tiptree’s Fortegra subsidiary is a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed in February 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. The court did not award sanctions and Fortegra has retained a special master to facilitate the collection of certificates and other documents from Fortegra's agents. In January 2015, the trial court issued an Order denying Fortegra’s motion to decertify the class, which was upheld on appeal. In June 2016, the court established a briefing schedule for Fortegra’s Motion for Summary Judgment, which was filed in June 2015. No trial or hearings are currently scheduled.

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 reasonably estimate a range of loss.

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 or results of operations.

Item 1A. Risk Factors

For information regarding factors that could affect our Company, results of operations and financial condition, see the risk factors discussed under Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. There have been no material change in those risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 11, 2016, Tiptree issued 72,868 shares of Class A common stock as additional earn-out consideration pursuant to the Securities Purchase Agreement, dated as of November 24, 2014, among Tiptree and certain of its subsidiaries and the former equity holders of Reliance First Capital, LLC.

(a) Recent Sales of Unregistered Securities

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Share repurchase activity for the three months ended September 30, 2016 was as follows:

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Period	Purchaser	Total Number of Shares Purchased(1)(2)	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
July 1, 2016 to July 31, 2016: Open Market Purchases	Tiptree	—	$	—	—	$	—
	Michael Barnes	48,896	5.61		48,896	1,822,036
	Total	48,896	N/A		48,896	$	1,822,036
August 1, 2016 to August 31, 2016: Open Market Purchases	Tiptree	—	$	—	—	$	—
	Michael Barnes	53,423	5.36		53,423	1,535,656
	Total	53,423	N/A		53,423	$	1,535,656
September 1, 2016 to September 30, 2016: Open Market Purchases	Tiptree	—	$	—	—	$	—
	Michael Barnes	47,101	5.82		47,101	1,261,538
	Total	47,101	N/A		47,101	$	1,261,538

(1) On April 13, 2016, Tiptree and Michael Barnes, Tiptree’s Executive Chairman, completed the prior share repurchase program and Rule 10b5-1 plan, respectively, which each had entered into on August 18, 2015. As such, no further purchases were made pursuant to such plans. On May 13, 2016, Tiptree 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, plus block purchases of up to $10 million of its outstanding Class A common stock in the aggregate, at the discretion of Tiptree's Executive Committee. 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’s outstanding Class A common stock. Repurchases by Tiptree and purchases by Mr. Barnes will be made through a single broker and are anticipated to be allocated equally between Tiptree and Mr. Barnes (or to Tiptree 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.

(2) On June 23, 2016, Tiptree terminated the share repurchase program it had entered into on May 13, 2016. The Rule 10b5-1 stock purchase plan that Mr. Barnes entered into on May 13, 2016 remains in effect.

In addition to the share repurchase activity shown in the table above, on September 14, 2016, a subsidiary of Tiptree purchased 1,000,000 shares of Class A common stock of Tiptree for aggregate consideration of $6.15 million. The shares acquired by subsidiaries of Tiptree will be held as treasury shares and therefore will not be outstanding for accounting or voting purposes.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

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Item 6. Exhibits, Financial Statement Schedules

The following documents are filed as a part of this Form 10-Q:
Financial Statements (Unaudited):
Consolidated Balance Sheets for September 30, 2016 and December 31, 2015	F-2
Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015	F-3
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015	F-4
Consolidated Statement of Changes in Stockholders’ Equity for the period ended September 30, 2016	F-5
Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015	F-6
Notes to Consolidated Financial Statements	F-8
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.

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EXHIBIT INDEX

Exhibit No.	Description
10.1	Stock Purchase Agreement, dated September 14, 2016, by and among Caroline Holdings LLC, Tiptree Financial Inc. and Nomura Securities Co., Ltd. (previously filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-33549), filed on September 14, 2016 and herein incorporated by reference).
31.1	Certification of Executive Chairman pursuant to Section 302 of the Sarbanes-Oxley Act 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 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*

* Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following materials, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets for September 30, 2016 and December 31, 2015, (ii) the Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015, (iii) the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015, (iv) the Consolidated Statements of Changes in Stockholders’ Equity for the period ended September 30, 2016, (v) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 and (vi) the Notes to the Consolidated Financial Statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Tiptree Financial Inc. has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

		Tiptree Financial Inc.
Date:	November 8, 2016	By:/s/ Michael Barnes
		Michael Barnes
		Executive Chairman
Date:	November 8, 2016	By:/s/ Jonathan Ilany
		Jonathan Ilany
		Chief Executive Officer
Date:	November 8, 2016	By:/s/ Sandra Bell
		Sandra Bell
		Chief Financial Officer

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EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Michael Barnes, certify that:

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:	November 8, 2016	/s/ Michael Barnes
		Michael Barnes
		Executive Chairman

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Jonathan Ilany, certify that:

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:	November 8, 2016	/s/ Jonathan Ilany
		Jonathan Ilany
		Chief Executive Officer

EX-31.3

EXHIBIT 31.3

CERTIFICATIONS

I, Sandra Bell, certify that:

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:	November 8, 2016	/s/ Sandra Bell
		Sandra Bell
		Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification Pursuant to Section 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Tiptree Financial Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Barnes, the Executive Chairman of the Company, certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that;

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Michael Barnes

Michael Barnes

Executive Chairman

Date: November 8, 2016

EX-32.2

EXHIBIT 32.2

Certification Pursuant to Section 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Tiptree Financial Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathan Ilany, the Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that;

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Jonathan Ilany

Jonathan Ilany

Chief Executive Officer

Date: November 8, 2016

EX-32.3

EXHIBIT 32.3

Certification Pursuant to Section 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Tiptree Financial Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sandra Bell, the Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that;

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Sandra Bell

Sandra Bell

Chief Financial Officer

Date: November 8, 2016

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Entity Registrant Name	Tiptree Financial Inc.
Entity Central Index Key	0001393726
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2016
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock - Class A
Entity Common Stock, Shares Outstanding		34,954,639
Common Stock - Class B
Entity Common Stock, Shares Outstanding		8,049,029

XML

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 65,995	$ 69,400
Restricted cash	22,093	18,778
Securities, available for sale (amortized cost: $134,856 at September 30, 2016 and $185,046 at December 31, 2015)	137,195	184,703
Loans, at fair value (pledged as collateral: $112,858 at June 30, 2016 and $112,743 at December 31, 2015)	371,934	394,395
Loans owned, at amortized cost, net	96,696	52,531
Notes and accounts receivable, net	163,896	140,999
Reinsurance receivables	381,163	352,926
Deferred acquisition costs	60,150	57,858
Real estate, net	280,831	203,961
Goodwill and intangible assets, net	178,291	186,107
Other assets	112,843	104,500
Assets of consolidated CLOs	995,658	728,812
Total assets	2,866,745	2,494,970
Liabilities
Debt, net	774,095	666,952
Unearned premiums	412,633	389,699
Policy liabilities and unpaid claims	101,913	80,663
Deferred revenue	56,716	63,081
Reinsurance payable	54,068	65,840
Commissions payable	9,240	14,866
Deferred tax liabilities, net	27,072	22,699
Other liabilities and accrued expenses	106,449	95,160
Liabilities of consolidated CLOs	943,218	698,316
Total liabilities	2,485,404	2,097,276
Commitments and contingencies (see Note 23)
Stockholders’ Equity
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding	0	0
Additional paid-in capital	297,274	297,063
Accumulated other comprehensive income (loss), net of tax	1,031	(111)
Retained earnings	30,956	15,845
Total Tiptree Financial Inc. stockholders’ equity	286,772	312,840
Non-controlling interests (including $74,630 and $69,278 attributable to Tiptree Financial Partners, L.P., respectively)	94,569	84,854
Total stockholders’ equity	381,341	397,694
Total liabilities and stockholders’ equity	2,866,745	2,494,970
Common stock - Class A: $0.001 par value, 200,000,000 shares authorized, 34,947,239 and 34,899,833 shares issued and outstanding, respectively
Stockholders’ Equity
Common stock	35	35
Class A common stock held by subsidiaries, 6,596,000 and 0 shares, respectively	(42,524)	0
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
Stockholders’ Equity
Common stock	8	8
Class A common stock held by subsidiaries, 6,596,000 and 0 shares, respectively	(8)	0
Accumulated other comprehensive income (loss)
Stockholders’ Equity
Accumulated other comprehensive income (loss), net of tax	1,239	(111)
Total stockholders’ equity	$ 1,031	$ (111)

XML

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Amortized cost	$ 134,856	$ 185,046
Loans Pledged as Collateral	$ 159,645	$ 112,743
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Non-controlling interests (including $74,630 and $69,278 attributable to Tiptree Financial Partners, L.P., respectively)	$ 381,341	$ 397,694
Common stock - Class A: $0.001 par value, 200,000,000 shares authorized, 34,947,239 and 34,899,833 shares issued and outstanding, respectively
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	34,947,239	34,899,833
Common stock, shares outstanding	34,947,239	34,899,833
Treasury Stock, Shares	6,596,000	0
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
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	8,049,029	8,049,029
Common stock, shares outstanding	8,049,029	8,049,029
Treasury Stock, Shares	8,049,029	0
Noncontrolling interest | Tiptree Financial Partners, L.P.
Non-controlling interests (including $74,630 and $69,278 attributable to Tiptree Financial Partners, L.P., respectively)	$ 74,630	$ 69,278

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Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Net realized and unrealized (losses) gains	$ 7,902	$ (3,492)	$ 21,460	$ (3,128)
Interest income	6,782	5,853	20,632	12,180
Service and administrative fees	25,842	29,565	84,421	77,037
Ceding commissions	1,397	11,515	22,645	31,600
Earned premiums, net	47,609	43,884	138,516	120,944
Gain on sale of loans held for sale, net	20,045	14,859	48,412	21,531
Loan fee income	3,915	2,844	9,296	6,125
Rental revenue	14,529	11,165	40,764	31,725
Other income	6,100	4,675	13,533	12,945
Total revenues	134,121	120,868	399,679	310,959
Expenses:
Interest expense	7,839	6,329	20,770	17,652
Payroll and employee commissions	38,767	30,156	102,175	73,926
Commission expense	24,032	30,891	91,906	71,346
Member benefit claims	5,967	7,955	17,334	23,774
Net losses and loss adjustment expense	19,914	14,948	55,102	40,324
Professional fees	7,114	5,521	21,816	13,820
Depreciation and amortization	6,437	10,034	21,899	36,857
Acquisition and transaction costs	248	0	631	1,349
Other expenses	16,285	15,391	50,524	39,464
Total expenses	126,603	121,225	382,157	318,512
Income attributable to consolidated CLOs	12,556	3,092	34,713	20,685
Expenses attributable to consolidated CLOs	8,524	6,294	24,664	24,131
Net income (loss) attributable to consolidated CLOs	4,032	(3,202)	10,049	(3,446)
Income (loss) before taxes from continuing operations	11,550	(3,559)	27,571	(10,999)
Less: provision (benefit) for income taxes	3,712	2,829	5,298	962
Income (loss) from continuing operations	7,838	(6,388)	22,273	(11,961)
Discontinued operations:
Income from discontinued operations, net	0	0	0	6,999
Gain on sale of discontinued operations, net	0	0	0	16,349
Discontinued operations, net	0	0	0	23,348
Net Income (Loss) Attributable to Parent [Abstract]
Net income (loss) before non-controlling interests	7,838	(6,388)	22,273	11,387
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders	5,905	(4,553)	17,593	9,430
Noncontrolling interest
Net Income (Loss) Attributable to Parent [Abstract]
Less: net (loss) income attributable to non-controlling interests	1,933	(1,835)	4,680	1,957
Tiptree Financial Partners, L.P. | Noncontrolling interest
Net Income (Loss) Attributable to Parent [Abstract]
Net income (loss) before non-controlling interests			4,660
Less: net (loss) income attributable to non-controlling interests	1,362	(1,661)	4,660	2,214
Noncontrolling interests - other | Noncontrolling interest
Net Income (Loss) Attributable to Parent [Abstract]
Net income (loss) before non-controlling interests			20
Less: net (loss) income attributable to non-controlling interests	$ 571	$ (174)	$ 20	$ (257)
Common Stock - Class A
Basic:
Basic, continuing operations, net	$ 0.20	$ (0.13)	$ 0.53	$ (0.25)
Basic, discontinued operations, net	0.00	0.00	0.00	0.54
Basic earnings per share	0.20	(0.13)	0.53	0.29
Diluted:
Diluted, continuing operations, net	0.19	(0.13)	0.53	(0.25)
Diluted, discontinued operations, net	0.00	0.00	0.00	0.54
Diluted earnings per share	$ 0.19	$ (0.13)	$ 0.53	$ 0.29
Weighted average number of Class A common shares:[Abstract]
Basic	29,143,470	33,848,463	32,845,124	32,597,774
Diluted	37,230,650	33,848,463	32,912,516	32,597,774

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other comprehensive income (loss), net of tax:
Net income (loss) before non-controlling interests	$ 7,838	$ (6,388)	$ 22,273	$ 11,387
Unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during the period	(553)	1,153	3,779	508
Related tax (expense) benefit	198	(405)	(1,331)	(182)
Reclassification of (gains) losses included in net income	(960)	56	(1,100)	97
Related tax expense (benefit)	336	(20)	385	(34)
Unrealized gains (losses) on available-for-sale securities, net of tax	(979)	784	1,733	389
Interest rate swaps (cash flow hedges):
Unrealized gains (losses) on interest rate swaps	156	(167)	(515)	(456)
Related tax (expense) benefit	(46)	57	158	158
Reclassification of (gains) losses included in net income	172	284	(56)	848
Related tax expense (benefit)	(54)	(99)	30	(296)
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax	228	75	(383)	254
Other comprehensive income (loss), net of tax	(751)	859	1,350	643
Comprehensive income	7,087	(5,529)	23,623	12,030
Comprehensive income attributable to Tiptree Financial Inc. Class A common stockholders	5,269	(3,694)	18,735	10,073
Tiptree Financial Partners, L.P. | Noncontrolling interest
Other comprehensive income (loss), net of tax:
Net income (loss) before non-controlling interests			4,660
Interest rate swaps (cash flow hedges):
Less: comprehensive (loss) income attributable to non-controlling interests	1,214	(1,661)	4,897	2,214
Noncontrolling interests - other | Noncontrolling interest
Other comprehensive income (loss), net of tax:
Net income (loss) before non-controlling interests			20
Interest rate swaps (cash flow hedges):
Less: comprehensive (loss) income attributable to non-controlling interests	$ 604	$ (174)	$ (9)	$ (257)

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Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Common stock Common Stock - Class A	Common stock Common Stock - Class B	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Total stockholders’ equity to Tiptree Financial Inc.	Treasury Stock Common Stock - Class A	Treasury Stock Common Stock - Class B	Tiptree Financial Partners, L.P. Noncontrolling interest	Noncontrolling interests - other Noncontrolling interest
Capital, beginning of period at Dec. 31, 2015	$ 397,694	$ 35	$ 8	$ 297,063	$ (111)	$ 15,845		$ 0	$ 0	$ 69,278	$ 15,576
Capital, beginning of period, shares at Dec. 31, 2015		34,899,833	8,049,029					0	0
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2015	312,840
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		189,896
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	1,810			1,810			$ 1,810
Stock Issued During Period, Shares, Acquisitions		72,868
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent					1,142		1,142
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest										237	(29)
Other Comprehensive Income (Loss), Net of Tax	1,350				1,350
Non-controlling interest contributions	6,163										6,163
Non-controlling interest distributions	(2,059)									(603)	(1,456)
Stock Issued During Period, Value, Acquisitions	377			377			377
Stock Repurchased and Retired During Period, Shares		215,358
Repurchased shares	(1,230)
Stock Repurchased and Retired During Period, Value		$ 0		1,230			1,230
Treasury Stock, Shares, Acquired								(6,596,000)	(8,049,029)
Treasury Stock, Value, Acquired, Cost Method	(42,532)						(42,532)	$ (42,524)	$ (8)
Net changes in non-controlling interest	(23)			(746)			(746)			1,058	(335)
Dividends declared	(2,482)					(2,482)	(2,482)
Net income (loss) before non-controlling interests	22,273					17,593	17,593			4,660	20
Capital, end of period at Sep. 30, 2016	381,341	$ 35	$ 8	$ 297,274	$ 1,031	$ 30,956		$ (42,524)	$ (8)	$ 74,630	$ 19,939
Capital, end of period, shares at Sep. 30, 2016		34,947,239	8,049,029					6,596,000	8,049,029
Total stockholders’ equity to Tiptree Financial Inc. at Sep. 30, 2016	$ 286,772						$ 286,772

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Consolidated Statements of Cash Flow - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net income (loss) available to common stockholders	$ 17,593	$ 9,430
Net income (loss)	22,273	11,387
Discontinued operations, net	0	(23,348)
Adjustments to reconcile net income to net cash provided by (used in) operating activities from continuing operations:
Net realized and unrealized (gains) losses	(21,460)	3,128
Net unrealized loss (gain) on interest rate swaps	1,233	0
Change in fair value of contingent consideration	(262)	0
Impairment of goodwill	0
Non cash compensation expense	1,696	348
Amortization/accretion of premiums and discounts	1,094	1,922
Depreciation and amortization expense	21,899	36,857
Provision for doubtful accounts	1,321	413
Amortization of deferred financing costs	1,326	1,016
(Gain) loss on sale of loans held for sale	(48,412)	(21,531)
Deferred tax expense (benefit)	(327)	(24,056)
Mortgage loans originated for sale	(1,258,931)	(792,512)
Proceeds from the sale of mortgage loans originated for sale	1,261,617	794,013
(Increase) decrease in notes and accounts receivable	(16,964)	(29,506)
(Increase) decrease in reinsurance receivables	(28,237)	(67,573)
(Increase) decrease in deferred acquisition costs	(2,292)	(44,666)
(Increase) decrease in other assets	(2,223)	(4,462)
Increase (decrease) in unearned premiums	22,934	69,001
Increase (decrease) in policy liabilities and unpaid claims	21,250	11,805
Increase (decrease) in deferred revenue	(6,810)	20,171
Increase (Decrease) in Reinsurance Payables	(11,772)	43,960
Increase (decrease) in commissions payable	(5,626)	(4,160)
Increase (decrease) in other liabilities and accrued expenses	18,125	10,488
Operating activities from consolidated CLOs	(3,505)	18,213
Net cash provided by (used in) operating activities - continuing operations	(32,053)	10,908
Net cash provided by (used in) operating activities - discontinued operations	0	(6,198)
Net cash provided by (used in) operating activities	(32,053)	4,710
Investing Activities:
Purchases of investments	(174,381)	(287,522)
Proceeds from sales and maturities of investments	159,308	48,172
(Increase) decrease in loans owned, at amortized cost, net	(44,640)	(21,516)
Purchases of real estate capital expenditures	(4,372)	(1,814)
Purchases of corporate fixed assets	(991)	(2,838)
Proceeds from the sale of subsidiaries	0	142,837
Proceeds from notes receivable	25,658	24,221
Issuance of notes receivable	(32,437)	(25,734)
(Increase) decrease in restricted cash	(3,315)	(4,628)
Business and asset acquisitions, net of cash and deposits	(81,183)	(78,057)
Distributions from equity method investments	0	2,275
Investing activities from consolidated CLOs	(96,834)	33,449
Net cash provided by (used in) investing activities - continuing operations	(253,187)	(171,155)
Net cash provided by (used in) investing activities from discontinued operations	0	11,866
Net cash provided by (used in) investing activities	(253,187)	(159,289)
Financing Activities:
Dividends paid	(2,482)	(2,442)
Non-controlling interest contributions	3,050	2,244
Non-controlling interest distributions	(2,059)	(4,584)
Change in non-controlling interest	0	(3,000)
Payment of debt issuance costs	(2,508)	(1,865)
Proceeds from borrowings and mortgage notes payable	1,477,446	1,041,686
Principal paydowns of borrowings and mortgage notes payable	(1,368,585)	(832,369)
Repurchase of common stock	(43,754)	(2,914)
Financing activities from CLOs	220,727	8,573
Net cash provided by financing activities - continuing operations	281,835	205,329
Net cash (used in) financing activities - discontinued operations	0	(5,000)
Net cash provided by financing activities	281,835	200,329
Net increase in cash	(3,405)	45,750
Cash and cash equivalents – unrestricted – beginning of period - continuing operations	69,400	52,987
Cash and cash equivalents of continuing operations – unrestricted – end of period	65,995	98,737
Noncash investing and financing activities:
Acquired real estate properties through, or in lieu of, foreclosure of the related loan	10,288	817
Noncontrolling interest
Operating activities:
Net income (loss) attributable to noncontrolling interests	4,680	1,957
Tiptree Financial Partners, L.P. | Noncontrolling interest
Operating activities:
Net income (loss) attributable to noncontrolling interests	4,660	2,214
Net income (loss)	4,660
Noncontrolling interests - other | Noncontrolling interest
Operating activities:
Net income (loss) attributable to noncontrolling interests	20	$ (257)
Net income (loss)	$ 20

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Organization

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Organization

Tiptree Financial Inc. (together with its consolidated subsidiaries, collectively, Tiptree or the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree is a diversified holding company with 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”. Tiptree’s primary asset is its ownership of Tiptree Financial Partners, L.P. (TFP). Tiptree reports a non-controlling interest representing the economic interest in TFP held by other limited partners of TFP.

As of January 1, 2016, Tiptree directly owns approximately 81% of TFP with the remaining 19% held by non-controlling shareholders through their interests in TFP. TFP directly owns 100% of Operating Company. All of Tiptree’s Class B common stock is owned by TFP and is accounted for as treasury stock. Tiptree’s Class B common stock has voting but no economic rights. The limited partners of TFP (other than Tiptree itself) had 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. For every Class A common stock exchanged in this manner, a share of Class B common stock is canceled. 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. Changes in Tiptree’s ownership of TFP will be accounted for as equity transactions, which increase Tiptree’s ownership of TFP and reduce non-controlling interest in TFP without changing total stockholders’ equity of Tiptree.

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Summary of Significant Accounting Policies (Notes)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 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 Operations 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 nine months ended September 30, 2015 have been revised for immaterial corrections and errors related to the presentation of our activities from Discontinued Operations and business acquisitions. These corrections resulted in a decrease in cash provided by operating activities of approximately $2,000, an increase in cash provided by investing activities of approximately $2,000, and an adjustment of approximately $28,400 to reflect cash of a disposed business and investing activities. Such changes had no impact on the ending cash balance as of September 30, 2015. 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 has taken to remediate certain material weaknesses as of September 30, 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:

• 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

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 Operations. 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 measurement of assets and liabilities acquired and 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

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.

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

In addition to the financial instruments the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize 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 Operations. 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 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 upon 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 upon 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 upon 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 was effective for the Company on January 1, 2016. Accordingly “Debt, net” is reported net of deferred financing costs as of September 30, 2016 and December 31, 2015, respectively, in the Consolidated Balance Sheets. See Note—(16) 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 upon 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 was effective for the Company on January 1, 2016 and retrospective adoption is required. The adoption of this standard did not have an impact upon 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 were 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 upon 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.

On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. This standard was originally effective for the Company on January 1, 2017. 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 evaluating the effect upon its financial statements.

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 2016 annual 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, 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 2016-01 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 upon 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 currently evaluating the effect upon its financial statements.

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.

In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting which  rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting.  The Company believes that that the adoption of this standard will not have an impact upon the Company’s Consolidated Balance Sheets, results of operations or cash flows.

In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients which provides guidance on collectability, noncash consideration, and completed contracts at transition.  Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.  The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect upon its financial statements.

In June 2016, the FASB issued ASU 2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the effect upon its financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, including the adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the effect upon its financial statements.

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Acquisitions

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Acquisitions

Acquisitions

Acquisitions during the nine months ended September 30, 2016

Real Estate

Managed Properties

During the nine months ended September 30, 2016, Care and affiliates of Care’s partners entered into agreements to acquire and operate three senior housing communities for total consideration of $84,605 (which includes deposits of $125 paid in the fourth quarter of 2015) of which $59,817 was financed through mortgage debt issued in connection with the acquisitions, $4,778 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 September 30, 2016, revenue and the net loss in the aggregate for the three managed properties acquired were $7,247 and $1,899, respectively.

On June 30, 2016, the Company finalized the determination of the fair value of the assets acquired and the liabilities assumed for acquisitions completed in the first quarter of 2016. The adjustments to the provisional amounts recorded in the prior quarter was an increase of $540 to Real estate, net with an offsetting decrease of $540 to Intangible assets, net related to in-place leases. Additionally, the change to the provisional amounts resulted in a decrease in depreciation and amortization of $213, of which $80 relates to the previous quarter, recorded in the three months ended June 30, 2016.

The following table summarizes the consideration paid and the amounts of the final determination, as described above, for transactions completed in the first quarter of 2016 and provisional determination for the transaction completed in the quarter ended September 30, 2016, of the fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2016:

	2016 Acquisitions
	Real Estate
Consideration:
Cash	$	81,492
Non-cash non-controlling interests contributions	3,113
Fair value of total consideration	$	84,605
Acquisition costs	$	612
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets:
Cash and cash equivalents	$	184
Real estate, net	78,195
Intangible assets, net	6,430
Other assets	248
Liabilities:
Deferred revenue	(290		)
Other liabilities and accrued expenses	(162		)
Total identifiable net assets assumed	$	84,605

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:

Intangible Assets	Weighted Average Amortization Period (in Years)	Real Estate
In-place Lease	1.6	$	6,430

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 nine months ended September 30, 2015

Specialty Finance

On July 1, 2015, the Company completed the acquisition of Reliance First Capital, LLC (Reliance) for total consideration of $24,441 which was comprised of cash of $10,281, a total of 1,625,000 shares of its Class A common stock (market value of $11,960 at the time of issuance), and an earn-out to issue additional shares valued at $2,200 in exchange for 100% ownership. The primary reason for the Company’s acquisition of Reliance is to expand its mortgage origination operations. The results of Reliance, from its closing date, are included in the Company’s specialty finance segment and was considered an acquisition of a business in accordance with ASC 805.

For the period from acquisition until September 30, 2015, revenue and net income were $11,252 and $551, respectively.

Real Estate

Managed Properties

During the nine months ended September 30, 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 nine months ended September 30, 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 September 30, 2015, revenue and the net loss in aggregate for the properties acquired were $8,378 and $2,577, respectively.

The following table summarizes the consideration paid and the final determination of amounts of fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2015:

	2015 Acquisitions
	Specialty Finance			Real Estate			Total
Total consideration:
Cash	$	10,281		$	83,787		$	94,068
Common stock	11,960			—			11,960
Contingent consideration	2,200			—			2,200
Fair value of total consideration	$	24,441		$	83,787		$	108,228
Acquisition costs	$	223		$	1,567		$	1,790
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets:
Cash and cash equivalents	$	13,934		$	—		$	13,934
Restricted cash	919			—			919
Mortgage loans held for sale, at fair value	59,308			—			59,308
Accounts and premiums receivable, net	2,369			—			2,369
Real estate, net	—			76,003			76,003
Goodwill	1,708			—			1,708
Intangible assets, net	1,440			8,800			10,240
Deferred tax assets	150			—			150
Other assets	3,712			92			3,804
Liabilities:
Fair value of debt assumed	(52,836		)	—			(52,836		)
Deferred revenue	—			(589		)	(589		)
Other liabilities and accrued expenses	(6,263		)	(519		)	(6,782		)
Total identifiable net assets assumed	$	24,441		$	83,787		$	108,228

Supplemental pro forma results of operations have not been presented for the above 2015 business acquisitions as they were 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:

Intangible Assets	Weighted Average Amortization Period (in Years)	Specialty Finance		Real Estate		Total
Trade names	10.0	$	800	$	—	$	800
Software	7.0	640		—		640
In-place Lease	8.7	—		8,800		8,800
Total acquired finite-lived other intangible assets	8.7	$	1,440	$	8,800	$	10,240

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. Upon exercising the option, Fortegra made an initial payment of $3,000. Fortegra has accrued an additional $4,100.

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Dispositions, Assets Held for Sale and Discontinued Operations

9 Months Ended

Sep. 30, 2016

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 nine months ended September 30, 2015.

The following table represents detail of revenues and expenses of discontinued operations in the Consolidated Statements of Operations for the nine months ended September 30, 2015:

	Nine Months Ended September 30, 2015
Revenues:
Net realized gain	$	151
Interest income	2,215
Separate account fees	12,706
Service and administrative fees	25,385
Other income	2
Total revenues	40,459
Expenses:
Interest expense	5,226
Payroll expense	9,086
Professional fees	770
Change in future policy benefits	2,077
Mortality expenses	5,688
Commission expense	1,723
Depreciation and amortization	862
Other expenses	4,232
Total expenses	29,664
Less: provision for income taxes	3,796
Income from discontinued operations, net	$	6,999

The following table presents the cash flows from discontinued operations for the periods indicated:

	Nine Months Ended September 30,
	2015
Net cash provided by (used in):
Operating activities	$	(6,198	)
Investing activities	11,866
Financing activities	(5,000		)
Net cash flows provided by discontinued operations	$	668

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Operating Segment Data

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

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 specialty 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 operations are conducted through Siena Capital Finance LLC (Siena), which commenced operations in April 2013, and the Company’s mortgage businesses which consist of Luxury, which was acquired in January 2014, and Reliance, which was acquired in July 2015. The Company’s mortgage origination business originated loans 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.

Real Estate operations are conducted through 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 are primarily conducted through 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 consist of the Company’s principal investments and corporate expenses.

The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following periods:

	Three Months Ended September 30, 2016
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	79,106	$	29,013	$	15,695		$	3,838	$	6,469		$	134,121
Total expense	71,081		24,832		16,168			2,255		12,267			126,603
Net income attributable to consolidated CLOs	—		—		—			720		3,312			4,032
Pre-tax income (loss)	$	8,025	$	4,181	$	(473	)	$	2,303	$	(2,486	)	$	11,550
Less: Provision (benefit) for income taxes													3,712
Net income before non-controlling interests													$	7,838
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													1,933
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	5,905

	Three Months Ended September 30, 2015
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	87,991	$	19,348	$	11,560		$	1,981	$	(12	)	$	120,868
Total expense	77,868		18,097		14,172			1,670		9,418			121,225
Net income attributable to consolidated CLOs	—		—		—			652		(3,854		)	(3,202		)
Pre-tax income (loss)	$	10,123	$	1,251	$	(2,612	)	$	963	$	(13,284	)	$	(3,559	)
Less: Provision (benefit) for income taxes													2,829
Net (loss) before non-controlling interests													$	(6,388	)
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													(1,835		)
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	(4,553	)

	Nine Months Ended September 30, 2016
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	256,208	$	67,790	$	44,204		$	7,505	$	23,972		$	399,679
Total expense	231,108		62,280		49,691			4,930		34,148			382,157
Net income attributable to consolidated CLOs	—		—		—			2,466		7,583			10,049
Pre-tax income (loss)	$	25,100	$	5,510	$	(5,487	)	$	5,041	$	(2,593	)	$	27,571
Less: provision for income taxes													5,298
Net income before non-controlling interests													$	22,273
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													4,680
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	17,593

	Nine Months Ended September 30, 2015
	Insurance and insurance services		Specialty finance		Real estate			Asset management				Corporate and other					Total
Total revenue	$	238,891	$	33,583	$	33,334		$	4,814			$	337				$	310,959
Total expense	218,442		31,329		42,096			5,258		(1	)	21,387			(1	)	318,512
Net income (loss) attributable to consolidated CLOs	—		—		—			3,493				(6,939		)			(3,446		)
Pre-tax income (loss)	$	20,449	$	2,254	$	(8,762	)	$	3,049			$	(27,989	)			$	(10,999	)
Less: (benefit) for income taxes																	962
Discontinued operations																	23,348
Net income before non-controlling interests																	$	11,387
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations																	1,957
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders																	$	9,430

(1) Bonus of $3,615 was reclassified from Corporate and other to Asset management to conform to the current period presentation.

The following table presents the segment assets for the following periods:
	Insurance and insurance services		Specialty finance		Real estate		Asset management		Corporate and other		Total
Segment Assets as of September 30, 2016
Segment assets	$	1,002,987	$	305,010	$	308,949	$	3,819	$	250,322	$	1,871,087
Assets of consolidated CLOs											995,658
Total assets											$	2,866,745
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

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Securities, Available for Sale

9 Months Ended

Sep. 30, 2016

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 September 30, 2016 and December 31, 2015 are held by Fortegra. The following tables present the Company's investments in available for sale securities:

	As of September 30, 2016
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	7,652	$	152	$	(2	)	$	7,802
Obligations of state and political subdivisions	56,979		1,140		(48		)	58,071
Corporate securities	65,783		1,019		(36		)	66,766
Asset backed securities	1,459		54		—			1,513
Certificates of deposit	893		—		—			893
Equity securities	817		25		(2		)	840
Obligations of foreign governments	1,273		37		—			1,310
Total	$	134,856	$	2,427	$	(88	)	$	137,195
	As of December 31, 2015
	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

The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:

	As of September 30, 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	$	526	$	(1	)	13	$	33	$	(1	)	7
Obligations of state and political subdivisions	14,962		(48		)	60	—		—			—
Corporate securities	11,163		(34		)	139	86		(2		)	4
Equity securities	—		—			—	19		(2		)	2
Total	$	26,651	$	(83	)	212	$	138	$	(5	)	13
	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

The Company does not intend to sell the investments that were in an unrealized loss position at September 30, 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 September 30, 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 and nine months ended September 30, 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.

	As of
	September 30, 2016				December 31, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	18,247	$	18,240	$	20,347	$	20,319
Due after one year through five years	64,291		64,959		76,967		76,578
Due after five years through ten years	45,947		47,449		56,133		56,240
Due after ten years	4,095		4,194		23,993		23,929
Asset backed securities	1,459		1,513		1,525		1,529
Total	$	134,039	$	136,355	$	178,965	$	178,595

The following table presents additional information on the Company’s available for sale securities:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
Purchases of available for sale securities	$	12,799		$	33,324		$	22,477	$	61,697
Proceeds from maturities, calls and prepayments of available for sale securities	$	4,483		$	12,187		$	26,086	$	28,592
Gains (losses) realized on maturities, calls and prepayments of available for sale securities	$	(14	)	$	(56	)	$	83	$	(60	)
Gross proceeds from sales of available for sale securities	$	35,069		$	9,105		$	45,928	$	10,838
Gains (losses) realized on sales of available for sale securities	$	974		$	—		$	1,016	$	4

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Investment in Loans

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Investment in Loans

Investment in Loans

The following table presents the Company’s loans, measured at fair value and amortized cost:

	As of
	September 30, 2016		December 31, 2015
Loans, at fair value
Corporate loans	$	151,997	$	233,861
Mortgage loans held for sale	166,503		120,836
Non-performing and re-performing residential mortgage loans	52,024		38,289
Other loans receivable	1,410		1,409
Total loans, at fair value	$	371,934	$	394,395
Loans owned at amortized cost, net
Asset backed loans and other loans, net	97,633		52,994
Less: Allowance for loan losses	937		463
Total loans owned, at amortized cost, net	$	96,696	$	52,531
Net deferred loan origination fees included in asset backed loans	$	3,854	$	3,520

Loans, at fair value

Corporate Loans

Corporate loans primarily include syndicated leveraged loans held by the Company as principal investments, which consist of $151,997 in loans as of September 30, 2016.  As of September 30, 2016, the unpaid principal balance on these loans was $154,492.

As of September 30, 2016, the difference between fair value of the Corporate loans and the unpaid principal balance was $(2,495).

Mortgage Loans Held for Sale

Mortgage loans held for sale that have been pledged as collateral totaled $159,645 at September 30, 2016 and $112,743 at December 31, 2015. As of September 30, 2016, the fair value of mortgage loans exceeded the unpaid principal balance of $160,527 by $5,976. The unpaid principal balance and fair value of mortgage loans held for sale that are 90 days or more past due were $142 and $66, respectively, as of September 30, 2016. The unpaid principal balance and fair value of mortgage loans held for sale 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.

Non-performing and Re-performing Residential Mortgage Loans (NPLs)

As of September 30, 2016, the Company’s investments included $52,024 of non-performing and re-performing residential mortgage loans collateralized by real estate of which the unpaid principal balance was $77,568.  Non-performing loans are loans that are greater than 60 days delinquent on obligated payments of principal and interest. Re-performing loans are loans less than 60 days delinquent or performing on a workout plan with a minimum of two contractual payments received in a three month period. As of September 30, 2016, the difference between the fair value of the NPLs and the unpaid principal balance was $(25,544).

When NPLs enter into a foreclosure process or similar proceeding, we become owner of the property and the fair value of these assets at the time of transfer are estimated using BPOs, and if the property meets held-of-sale criteria, it is initially recorded at fair value less costs to sell as its new cost basis. Subsequently, the property is carried at (i) the fair value of the asset minus the estimated costs to sell the asset or (ii) the cost of the asset, whichever is lower. Included in other assets as of September 30, 2016 are $10,233 of foreclosed residential real estate property.

Loans Owned at amortized cost, net

Asset backed loans

As of September 30, 2016 and December 31, 2015, the Company held $95,996 and $51,831 of loans receivable, net, attributable to Siena. Siena structures asset-based loan facilities in the $1,000 to $25,000 range for small to mid-sized companies. Collateral for asset-backed loan receivables, as of September 30, 2016 and December 31, 2015, consisted primarily 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 Management has determined that no impairment existed as of September 30, 2016. As of September 30, 2016, there were no delinquencies in the Siena portfolio and all loans were classified as performing.

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2016

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 to the extent possible 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) Summary of Significant Accounting Policies, 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, Obligations of State and Political Subdivisions, Corporate Securities, Asset-Backed 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 costs to produce and 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 forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage backed securities 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.

Nonperforming loans and REO: 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. 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. 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 are included in loans, at fair value and fall under Level 3 of the fair value hierarchy.

NPLs that have become REOs were measured at fair value on a non-recurring basis during the nine months ended September 30, 2016 (the Company did not have investments in REO status in prior year period). The carrying value of REOs at September 30, 2016 was $10,233. 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. REO is included in Other Assets.

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:

	As of September 30, 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	$	44,669	$	—	$	—	$	44,669
CLO	—		—		1,660		1,660
Total trading securities	44,669		—		1,660		46,329
Derivative assets:
Interest rate lock commitments	—		—		5,560		5,560
TBA – mortgage backed securities	—		153		—		153
Credit derivatives	—		12,106		—		12,106
Total derivative assets	—		12,259		5,560		17,819
Total trading assets (included in other assets)	44,669		12,259		7,220		64,148
Available for sale securities:
Equity securities	792		—		48		840
U.S. Treasury securities and U.S. government agencies	—		7,802		—		7,802
Obligations of state and political subdivisions	—		58,071		—		58,071
Obligations of foreign governments	—		1,310		—		1,310
Certificates of deposit	893		—		—		893
Asset backed securities	—		1,513		—		1,513
Corporate bonds	—		66,766		—		66,766
Total available for sale securities	1,685		135,462		48		137,195
Investments in loans, at fair value:

	As of September 30, 2016
	Quoted prices in  active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Corporate loans	—		20,950		131,047		151,997
Mortgage loans held for sale	—		166,503		—		166,503
Non-performing loans	—		—		52,024		52,024
Other loans receivable	—		126		1,284		1,410
Total investments in loans, at fair value	—		187,579		184,355		371,934
Total financial instruments attributable to Non-CLOs included in consolidated assets	46,354		335,300		191,623		573,277
Financial instruments included in assets of consolidated CLOs:
Investments in loans, at fair value	—		241,125		693,697		934,822
Total financial instruments included in assets of consolidated CLOs	—		241,125		693,697		934,822
Total	$	46,354	$	576,425	$	885,320	$	1,508,099
Liabilities:
Trading liabilities:
U.S. Treasury securities	$	—	$	—	$	—	$	—
Total trading securities	—		—		—		—
Derivative liabilities:
Interest rate swaps	—		3,116		—		3,116
TBA-mortgage backed securities	—		855		—		855
Total derivative liabilities	—		3,971		—		3,971
Total trading liabilities (included in other liabilities)	—		3,971		—		3,971
Contingent consideration payable	—		—		575		575
Preferred notes payable	—		—		1,284		1,284
Total financial instruments attributable to Non-CLOs included in consolidated liabilities	—		3,971		1,859		5,830
Financial instruments included in liabilities of consolidated CLOs:
Notes payable of CLOs	—		—		927,982		927,982
Total financial instruments included in liabilities of consolidated CLOs	—		—		927,982		927,982
Total	$	—	$	3,971	$	929,841	$	933,812

	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

	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 securities	3,786		1,732		19,023		24,541
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
Investments in loans, at fair value
Corporate loans	—		55,956		177,905		233,861
Mortgage loans held for sale	—		120,836		—		120,836
Non-performing loans	—		—		38,289		38,289
Other loans receivable	—		125		1,284		1,409
Total investments in loans, at fair value	—		176,917		217,478		394,395
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
Total trading liabilities (included in other liabilities)	—		22,152		—		22,152

	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
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

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:

	Nine Months Ended September 30,
	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)	17,185			534			11,469			698			—
Net unrealized gains (losses)	7,623			15,067			677			(4,306		)	—
Purchases	38,053			77,373			37,234			13,625			141,292
Sales	(55,786		)	(78,206		)	(1,437		)	(63,214		)	(3,967,798		)
Issuances	1,400			1,436			2			550			—
Transfer into Level 3 (1)	86,170			118,718			71,547			136,806			—
Transfer adjustments (out of) Level 3 (1)	(28,572		)	(66,215		)	(12,354		)	(152,636		)	—
Adoption of ASU 2015-02	—			—			—			(328,411		)	—
Attributable to policyowner	—			—			—			—			55,048
Conversion to real estate owned and mortgage held for sale	(10,296		)	—			(817		)	—			—
Warehouse transfer to CLO	(104,098		)	104,098			—			—			—
Balance at September 30,	$	191,623		$	693,697		$	117,898		$	179,923		$	—
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$	2,123		$	10,372		$	162		$	(1,020	)	$	—

(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:

	Nine Months Ended September 30,
	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)	(262		)	23,169			—		19,681
Purchases	—			—			—		—
Sales	—			—			—		—
Issuances	—			222,303			—		(41,272		)
Settlements	(377		)	—			—		—
Dispositions	—			(1,317		)	—		(31,155		)
Adoption of ASU 2015-02	—			—			—		(1,032,913		)
Balance at September 30,	$	1,859		$	927,982		$	2,802	$	699,548
Changes in unrealized (losses) gains included in earnings related to liabilities still held at period end	$	(262	)	$	23,169		$	—	$	7,248

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.

	Fair Value as of						Actual or Range (Weighted average)
Assets(1)	September 30, 2016		December 31, 2015		Valuation Technique	Unobservable input(s)	September 30, 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	5,560		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	52,024		38,289		Discounted cash flow	See table below (2)	See table below	See table below
Total	$	57,584	$	49,998

(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) 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 the following periods:

	As of September 30, 2016			As of December 31, 2015
Unobservable inputs	High	Low	Average(1)	High	Low	Average(1)
Discount rate	30.0%	16.0%	22.5%	30.0%	15.1%	22.0%
Loan resolution time-line (Years)	2.15	0.45	1.08	2.7	0.6	1.2
Value of underlying properties	$1,250	$32	$220	$1,375	$40	$224
Holding costs	18.8%	5.2%	9.5%	24.6%	5.5%	9.6%
Liquidation costs	25.0%	8.2%	10.6%	21.8%	7.5%	10.5%

(1) Weighted based on value of underlying properties.

	Fair Value as of						Actual or Range (Weighted average)
Liabilities(1)	September 30, 2016		December 31, 2015		Valuation Technique	Unobservable input(s)	September 30, 2016	December 31, 2015
Contingent consideration payable - Reliance	$	523	$	900	Internal model	Forecast EBITDA	$1,369 - $3,812	$1,326 - $3,517
						Book value growth rate	5.0%	5.0%
						Asset volatility	1.1% - 21.4%	2.4% - 20.1%
Contingent consideration payable - Luxury	52		36		Internal model	Projected cash available for distribution	$854 - $1,281	$828 - $1,281
Preferred notes payable	1,284		1,562		Internal model	Discount rate	13.96%	12.0%
Total	$	1,859	$	2,498

(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—(15) 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:

	As of September 30, 2016					As of December 31, 2015
	Level within Fair Value Hierarchy	Fair Value		Carrying Value		Level within Fair Value Hierarchy	Fair Value		Carrying Value
Assets:
Notes receivable, net	2	$	26,353	$	27,665	2	$	20,250	$	21,696
Total Assets		$	26,353	$	27,665		$	20,250	$	21,696
Liabilities:
Debt, net	3	$	785,091	$	780,671	3	$	672,096	$	671,648
Total Liabilities		$	785,091	$	780,671		$	672,096	$	671,648

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.

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Notes Receivable

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Notes and Accounts Receivable, net

The following table summarizes the total Notes and Accounts receivable, net:

	As of
	September 30, 2016		December 31, 2015
Notes receivable, net	$	27,665	$	21,696
Accounts and premiums receivable, net	44,700		57,056
Other receivables	91,531		62,247
Total	$	163,896	$	140,999

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 these notes at September 30, 2016 and December 31, 2015 was approximately $3,862 and $3,807, respectively. As of September 30, 2016, all of these notes were performing.

Insurance and insurance services

As of September 30, 2016 and December 31, 2015, Fortegra held $23,803 and $17,889 in notes receivable, net, respectively. The majority of these notes totaling $19,262 and $12,216 at September 30, 2016 and December 31, 2015, respectively, consist of receivables from Fortegra’s premium financing program. A total of $529 was for notes receivable under its Pay us Later Program, which allows customers to finance the purchase of electronic mobile devices and/ or the costs of the protection programs on these devices. The remaining $4,012 and $4,191 represents unsecured notes receivable issued to various business partners in order to solidify relationships and grow its business. The Company has established an allowance for uncollectible amounts against its notes receivable of $1,509 and $885 as of September 30, 2016 and December 31, 2015, respectively. As of September 30, 2016 and December 31, 2015, there were $1,900 and $1,553 in balances classified as 90 days plus past due, respectively.

Accounts and premiums receivable, net and Other receivables

Accounts and premiums receivable, net and other receivables are primarily trade receivables from the insurance and insurance services segment that are carried at their approximate fair value. The company has established a valuation allowance against its accounts and premiums receivable of $213 and $165 as of September 30, 2016 and December 31, 2015, respectively.

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Reinsurance

9 Months Ended

Sep. 30, 2016

Reinsurance Disclosures [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:

	Three Months Ended September 30,												Nine Months Ended September 30,
Premiums	2016						2015						2016						2015
	Written			Earned			Written			Earned			Written			Earned			Written			Earned
Direct and assumed	$	181,411		$	174,297		$	190,747		$	155,481		$	540,247		$	517,313		$	502,118		$	433,117
Ceded	(125,399		)	(126,688		)	(137,242		)	(111,597		)	(387,871		)	(378,797		)	(370,415		)	(312,173		)
Net	$	56,012		$	47,609		$	53,505		$	43,884		$	152,376		$	138,516		$	131,703		$	120,944

The following table presents the effect of reinsurance on losses and loss adjustment expenses incurred by Fortegra for the following period:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Direct and assumed	$	76,894		$	46,872		$	208,804		$	126,914
Ceded	(56,980		)	(31,924		)	(153,702		)	(86,590		)
Net losses and loss adjustment expense	$	19,914		$	14,948		$	55,102		$	40,324

The following table presents the components of the reinsurance receivables:

	As of
	September 30, 2016		December 31, 2015
Prepaid reinsurance premiums:
Life (1)	$	63,948	$	61,919
Accident and health (1)	53,880		54,357
Property	186,659		180,236
Total	304,487		296,512
Ceded claim reserves:
Life	2,899		2,664
Accident and health	9,987		8,889
Property	47,476		30,911
Total ceded claim reserves recoverable	60,362		42,464
Other reinsurance settlements recoverable	16,314		13,950
Reinsurance receivables	$	381,163	$	352,926

(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:

	As of
	September 30, 2016
Total of the three largest receivable balances from unrelated reinsurers	$	167,472

At September 30, 2016, the three unrelated reinsurers from whom Fortegra has the largest receivable balances were: London Life International Reinsurance Corporation (A. M. Best Rating: Not rated); MFI Insurance Company, LTD (A. M. Best Rating: Not rated) and Frandicso Property and Casualty Insurance Corporation (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 September 30, 2016, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.

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Real Estate

9 Months Ended

Sep. 30, 2016

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:

	As of September 30, 2016
	Land		Buildings and equipment		Accumulated depreciation			Total
Triple net lease properties	$	12,173	$	77,891	$	(5,916	)	$	84,148
Managed properties	16,016		189,122		(9,625		)	195,513
Other real estate (1)	—		1,170		—			1,170
Total	$	28,189	$	268,183	$	(15,541	)	$	280,831
	As of December 31, 2015
	Land		Buildings and equipment		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

(1) Represents a single family residential property located in Connecticut that is being rented through the Company's subsidiary, Luxury. As of September 30, 2016, this property has been classified as held for sale and is carried at fair value less cost to sell.

Future Minimum Rental Revenue

The following table presents the future minimum annual rental revenue under the noncancelable terms of all operating leases as of:

	September 30, 2016
Remainder of 2016	$	1,801
2017	7,232
2018	7,335
2019	7,441
2020	7,550
Thereafter	37,833
Total	$	69,192

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 $12,685 and $9,459 for the three months ended September 30, 2016 and 2015, respectively. Rental revenues from residential leases were $35,231 and $27,179 for the nine months ended September 30, 2016 and 2015, respectively.

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Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2016

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:

	As of September 30, 2016												As of 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	(3,553		)	—			—			(3,553		)	(1,200		)	—			—			(1,200		)
Trade names	6,500			—			800			7,300			6,500			—			800			7,300
Accumulated amortization	(1,306		)	—			(100		)	(1,406		)	(771		)	—			(40		)	(811		)
Software licensing	8,500			—			640			9,140			8,500			—			640			9,140
Accumulated amortization	(3,117		)	—			(114		)	(3,231		)	(1,842		)	—			(46		)	(1,888		)
Insurance policies and contracts acquired	36,500			—			—			36,500			36,500			—			—			36,500
Accumulated amortization	(33,455		)	—			—			(33,455		)	(28,510		)	—			—			(28,510		)
Insurance licensing agreements(1)	13,000			—			—			13,000			13,000			—			—			13,000
Leases in place	—			29,834			—			29,834			—			23,404			—			23,404
Accumulated amortization	—			(19,105		)	—			(19,105		)	—			(14,095		)	—			(14,095		)
Intangible assets, net	73,569			10,729			1,226			85,524			82,677			9,309			1,354			93,340
Goodwill	89,854			—			2,913			92,767			89,854			—			2,913			92,767
Total	$	163,423		$	10,729		$	4,139		$	178,291		$	172,531		$	9,309		$	4,267		$	186,107

(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 $3,702 and $7,922 for the three months ended September 30, 2016 and 2015, respectively, and $14,246 and $31,319 for the nine months ended September 30, 2016 and 2015, respectively. The Company conducts annual impairment tests of its goodwill as of December 31. For the three and nine months ended September 30, 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:

	As of September 30, 2016
	Insurance and insurance services (VOBA)		Insurance and insurance services (other)		Real estate		Specialty finance		Total
Remainder of 2016	$	728	$	1,664	$	1,202	$	43	$	3,637
2017	1,250		9,865		3,418		171		14,704
2018	465		9,077		1,310		171		11,023
2019	217		7,509		621		171		8,518
2020	123		5,027		621		171		5,942
2021 and thereafter	262		24,382		3,557		499		28,700
Total	$	3,045	$	57,524	$	10,729	$	1,226	$	72,524

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Other Assets (Notes)

9 Months Ended

Sep. 30, 2016

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:

	As of
	September 30, 2016		December 31, 2015
Trading assets, at fair value	$	64,148	$	40,060
Foreclosed residential real estate property	10,233		2,197
Due from brokers and trustees	—		29,052
Furnitures, fixtures and equipment, net	6,059		7,024
Inventory	2,217		2,449
Prepaids	5,960		2,690
Income tax receivable	9,310		5,810
Other	14,916		15,218
Total other assets	$	112,843	$	104,500

Net unrealized gains recognized during the three and nine months ended September 30, 2016 on trading assets still held at September 30, 2016 were $2,730 and $8,788, respectively.

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Derivative Financial Instruments and Hedging

9 Months Ended

Sep. 30, 2016

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 and are reported in Other Assets. Trading liabilities are reported within Other liabilities and accrued expenses.

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 September 30, 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 hedge 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 (“pull through”). 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 the financing of its real estate portfolio. All of these swaps have the same counterparty as the lender.

The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:

	As of September 30, 2016						As of December 31, 2015
	Notional Values		Asset Derivatives		Liability Derivatives		Notional Values		Asset Derivatives		Liability Derivatives
Credit risk:
Credit derivatives sold protection	$	297,612	$	31,948	$	—	$	297,612	$	41,126	$	—
Credit derivatives bought protection	298,173		—		18,210		300,529		106		27,655
Sub-total	595,785		31,948		18,210		598,141		41,232		27,655
Foreign currency risk:
Foreign currency forward contracts	992		—		—		683		—		5
Interest rate risk:
Interest rate lock commitments	225,374		5,560		—		156,309		3,384		—
Forward delivery contracts	82,696		—		16		52,054		11		8
TBA mortgage backed securities	270,750		153		839		136,750		179		150
Interest rate swaps	127,588		—		3,116		78,988		—		2,310
Sub-total	706,408		5,713		3,971		424,101		3,574		2,468
Total	$	1,303,185	$	37,661	$	22,181	$	1,022,925	$	44,806	$	30,128

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:

	As of
	September 30, 2016			December 31, 2015
Derivatives subject to netting arrangements:
Credit default swap indices sold protection	$	31,948		$	41,126
Credit default swap indices bought protection	(18,210		)	(27,549		)
Gross assets recognized	13,738			13,577
Collateral payable	(1,632		)	(1,632		)
Net assets recognized (included in other assets)	$	12,106		$	11,945

Derivatives designated as cash flow hedging instruments

Fortegra has one 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 was redesignated as a hedge.

Care has eight IRS with the same counterparty as the lender, pursuant to which Care swapped the floating rate portion of its outstanding debt to a fixed rate. These IRS are designated as cash flow hedges and expire between November 30, 2017 and January 31, 2023. As of September 30, 2016, these IRS were designated as cash flow hedges.

The following table presents the fair value and the related outstanding notional amounts of the Company's cash flow hedging derivative instruments and indicates where the Company records each amount within its Consolidated Balance Sheets:

		As of
	Balance Sheet Location	September 30, 2016			December 31, 2015
Derivatives designated as cash flow hedging instruments:
Notional value		$	127,588		$	35,000
Fair value of interest rate swaps	Other liabilities and accrued expenses	$	3,116		$	1,283
Unrealized gain (loss), net of tax, on the fair value of interest rate swaps	AOCI	$	(272	)	$	111
Range of variable rates on interest rate swaps		0.52% to 0.85%			0.51		%
Range of fixed rates on interest rate swaps		1.31% to 4.99%			3.47		%

The following table presents the pretax impact of the cash flow hedging derivative instruments on the Consolidated Financial Statements for the following periods:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2016	2015		2016		2015
Gain (loss) recognized in AOCI on the derivative-effective portion	156	(167	)	(515	)	(456	)
(Gain) loss reclassified from AOCI into income-effective portion	172	284		(56	)	848
Gain (loss) recognized in income on the derivative-ineffective portion	48	—		(3	)	—

The following table presents the estimated amount to be reclassified to earnings from AOCI during the next 12 months. These net losses reclassified into earnings are primarily expected to increase net interest expense related to the respective hedged item.

	At
	September 30, 2016
Estimated (gains) losses to be reclassified to earnings from AOCI during the next 12 months	$	345

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Assets and Liabilities of Consolidated CLOs

9 Months Ended

Sep. 30, 2016

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:

	As of
	September 30, 2016		December 31, 2015
Assets:
Cash and cash equivalents	$	49,031	$	38,716
Loans, at fair value (1)	934,822		680,784
Other assets	11,805		9,312
Total assets of consolidated CLOs	$	995,658	$	728,812
Liabilities:
Debt	$	927,982	$	683,827
Other liabilities and accrued expenses	15,236		14,489
Total liabilities of consolidated CLOs	$	943,218	$	698,316
Net	$	52,440	$	30,496

(1) The unpaid principal balance for these loans is $970,916 and $727,357 and the difference between their fair value and UPB is $36,094 and $46,573 at September 30, 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:

Beneficial interests:	As of
	September 30, 2016		December 31, 2015
Subordinated notes	$	51,742	$	29,857
Accrued management fees	698		639
Total beneficial interests	$	52,440	$	30,496

The following table represents revenue and expenses of the consolidated CLOs included in the Company’s Consolidated Statements of Operations for the periods indicated:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Income:
Net realized and unrealized gains (losses)	$	(1,422	)	$	(7,129	)	$	(2,913	)	$	(20,241	)
Interest income	13,978			10,221			37,626			40,926
Total revenue	12,556			3,092			34,713			20,685
Expenses:
Interest expense	8,267			6,022			22,667			23,094
Other expense	257			272			1,997			1,037
Total expense	8,524			6,294			24,664			24,131
Net income (loss) attributable to consolidated CLOs	$	4,032		$	(3,202	)	$	10,049		$	(3,446	)

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:

Economic interests:	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net	$	3,289	$	(3,855	)	$	7,880	$	(6,938	)
Management fee income	743		653			2,169		3,492
Total economic interests	$	4,032	$	(3,202	)	$	10,049	$	(3,446	)

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Debt, net (Notes)

9 Months Ended

Sep. 30, 2016

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—(15) Assets and Liabilities of Consolidated CLOs:

			Maximum Borrowing Capacity as of		As of
Debt Type	Stated Maturity Date	Stated Interest Rate or Range of Rates	September 30, 2016		September 30, 2016			December 31, 2015
Secured corporate credit agreements	September 2018 - December 2019	1 Month LIBOR + 3.00% to 6.50%	$	199,000	$	169,850		$	137,000
Asset based revolving financing (1) (2)	April 2017 - May 2020	LIBOR + 2.25% to 5.75%	330,000		184,494			99,395
Warehouse borrowings (3)	April 2017 - August 2017	LIBOR + 2.63% to 3.00%	175,500		154,503			229,794
Mortgage borrowings - Fixed Rate	August 2019 - May 2040	4.00% to 4.76%	77,050		76,744			76,818
Mortgage borrowings - Variable Rate (LIBOR based)	October 2019 - January 2023	LIBOR + 2.05% to 3.20%	152,414		151,328			89,846
Mortgage borrowings - Variable Rate (Prime rate based)	January 2024	Prime Rate + 1.00%	750		704			717
Subordinated debt	April 2020	12.50%	20,000		8,500			3,500
Preferred trust securities	June 2037	3 Month LIBOR + 4.10%	35,000		35,000			35,000
Preferred notes payable	January 2021	12.00%			1,284			1,562
Total debt, face value					782,407			673,632
Unamortized discount, net					(452		)	(422		)
Unamortized deferred financing costs					(7,860		)	(6,258		)
Total debt, net					$	774,095		$	666,952

(1) Asset based revolving financing is generally recourse only to specific assets and related cash flows.

(2) The weighted average coupon rate for asset based revolving financing was 3.31% and 2.76% at September 30, 2016 and December 31, 2015, respectively.

(3) The weighted average coupon rate for warehouse borrowings was 3.31% and 2.68% at September 30, 2016 and December 31, 2015, respectively. Includes debt having a maximum borrowing capacity of $90,500 with a stated interest rate of LIBOR +2.75% and a floor of 3.00%.

The table below presents the amount of interest expense the Company incurred on its debt for the following periods:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Interest expense	$	7,769	$	6,097	$	20,612	$	17,151

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:

	September 30, 2016
Remainder of 2016	$	505
2017	171,055
2018	68,679
2019	221,293
2020	156,020
Thereafter	163,571
Total	$	781,123

The following narrative presents the significant changes in debt or debt terms during the nine months ended September 30, 2016:

Secured Corporate Credit Agreement

On June 24, 2016, the Company entered into a Fourth Amendment to the Credit Agreement with Fortress. The Fourth Amendment provides for additional term loans in an aggregate principal amount of $15,000 with the same maturity date, margin above LIBOR, principal repayment term, and conditions and covenants as the existing term loans under the Credit Agreement. The Fourth Amendment also provides that Operating Company may prepay loans under the Credit Agreement, subject to payment of a make-whole premium until the one year anniversary of the Fourth Amendment.

Asset Based Revolving Financing

Telos COF I, LLC, a subsidiary of Telos Credit Opportunities Fund, L.P. amended its existing credit agreement on July 29, 2016 to increase the borrowing capacity from $100,000 to $150,000 and extend the maturity date.

On September 12, 2016, the Company, through a subsidiary in its Specialty Finance segment, amended its existing credit agreement to increase the borrowing capacity from $75,000 to $125,000.

On September 23, 2016, the Company entered into a revolving line of credit collateralized by certain non-performing loans, with a maximum borrowing capacity of $40,000 with an initial borrowing of $12,159. The credit agreement has a floating rate of 1 month LIBOR plus 5.75%, (with a LIBOR floor of 0.40%) with a maturity in September 2018, with optional extension terms.

Warehouse Borrowing

On August 12, 2016, the Company, through a subsidiary in its Specialty Finance unit entered into a warehouse line of credit with a maximum borrowing amount of $15,000. The loan carries a variable rate of six-month LIBOR + 2.75% and matures on August 11, 2017. A separate credit agreement originally matured in June 2016 but was extended until September 1, 2016 and then expired.

As of September 30, 2016, the Company, through a subsidiary in its Specialty Finance segment, has three warehouse lines of credit in place with a combined maximum borrowing amount of $86,000. The first uncommitted credit agreement, which matures in June 2017, was permanently increased to $40,000 (from $30,000) in July 2016, and then temporarily increased in August 2016, to $50,000 (the temporary increase of $10,000 expires in November 2016). The second uncommitted credit agreement temporarily increased in September 2016 to $35,000 (the temporary increase of $10,000 expires in November 2016). The third credit agreement is a committed line of credit for $1,000 and was renewed in August 2016 and matures in August 2017. In addition, the Company had a $50,000 uncommitted warehouse line of credit that previously matured in June 2016, but was extended until September 1, 2016 and has expired as of September 30, 2016. The 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.

Mortgage Borrowing

On January 20, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into a $28,000, seven 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. 

On March 1, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into an $11,218, five 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. 

On April 13, 2016 the $22,500, five year loan related to the Company and one of Care’s partner’s 2015 acquisition of five senior housing communities was increased to $23,581.

On August 1, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into an $20,600, seven year loan, which includes 36 months of interest only payments. The loan carries a variable rate of LIBOR plus 2.05% and matures on August 1, 2023. 

Subordinated Debt

During the nine months ended September 30, 2016, the Company, through a subsidiary in its Specialty Finance segment, drew down $5,000 from its subordinated promissory note.

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Other Liabilities and Accrued Expenses (Notes)

9 Months Ended

Sep. 30, 2016

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:

	As of
	September 30, 2016		December 31, 2015
Trading liabilities, at fair value	$	3,970	$	22,152
Accrued interest payable	1,282		1,354
Due to broker and trustee	18,836		8,622
Accounts payable and accrued expenses	67,300		53,594
Other liabilities	15,061		9,438
Total other liabilities and accrued expenses	$	106,449	$	95,160

Net unrealized gains (losses) recognized during the three and nine months ended September 30, 2016 on trading liabilities still held at September 30, 2016 was $1,154 and $(1,497), respectively.

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Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the nine months ended September 30, 2016, subsidiaries of Tiptree purchased 6,596,000 shares of Class A common stock of Tiptree for aggregate consideration of $42,524. The shares acquired by subsidiaries of Tiptree are accounted for as treasury shares and therefore are not outstanding for accounting or voting purposes.

As of September 30, 2016 and December 31, 2015, there were 34,947,239 (including the shares of Class A held by subsidiaries of Tiptree) and 34,899,833 shares of Class A common stock issued and outstanding, respectively. As of September 30, 2016 and December 31, 2015, there were 8,049,029 shares of Class B common stock issued and outstanding, respectively, all of which are owned by TFP. As a result of the tax reorganization on January 1, 2016, these Class B common stock are accounted for treasury stock in Tiptree’s financial statements.

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. Such an exercise would be accounted for as treasury stock held at TFP and would have no impact on Tiptree’s financial statements.

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 nine months ended September 30, 2016 and 2015, the Company declared dividends of $0.075 in the aggregate, per common share of Class A stock. In the first quarter of 2016 and 2015, dividends of $0.025 per common share of Class A stock were declared on March 15, 2016 and March 31, 2015 and paid on April 1, 2016 and April 23, 2015, respectively. In the second quarter of 2016 and 2015, dividends of $0.025 per common share of Class A stock were declared on May 10, 2016 and May 15, 2015 and paid on May 30, 2016 and June 1, 2015, respectively. In the third quarter of 2016 and 2015, dividends of $0.025 per common share of Class A stock were declared on August 4, 2016 and August 10, 2015 and paid on August 29, 2016 and August 31, 2015, respectively.

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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2016

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:

	Unrealized gains (losses) on									Amount Attributable to Noncontrolling Interests
	Available for sale securities			Interest rate swaps			Total AOCI			TFP			Other		Total AOCI to Tiptree Financial Inc.
Balance at December 31, 2015	$	(222	)	$	111		$	(111	)	$	—		$	—	$	(111	)
Other comprehensive income (losses) before reclassifications	2,448			(357		)	2,091			(237		)	29		1,883
Amounts reclassified from AOCI	(715		)	(26		)	(741		)	—			—		(741		)
Period change	1,733			(383		)	1,350			(237		)	29		1,142
Balance at September 30, 2016	$	1,511		$	(272	)	$	1,239		$	(237	)	$	29	$	1,031

The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the Consolidated Statement of Operations for the following periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
Components of AOCI	2016			2015			2016			2015			Affected line item in Consolidated Statement of Operations
Unrealized gains (losses) on available for sale securities	$	960		$	(56	)	$	1,100		$	(97	)	Net realized and unrealized gains (losses)
Related tax (expense) benefit	(336		)	20			(385		)	34			Provision for income tax
Net of tax	$	624		$	(36	)	$	715		$	(63	)
Unrealized gains (losses) on interest rate swaps	$	(172	)	$	(284	)	$	56		$	(848	)	Interest expense
Related tax (expense) benefit	54			99			(30		)	296			Provision for income tax
Net of tax	$	(118	)	$	(185	)	$	26		$	(552	)

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Stock Based Compensation

9 Months Ended

Sep. 30, 2016

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 September 30, 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:

	Number of shares (1)
Available for issuance as of December 31, 2015	1,582,339
Shares and options issued and granted	(613,289	)
Available for issuance as of September 30, 2016	969,050

(1) Excludes shares granted under the Company’s subsidiary Incentive Plan that are exchangeable for Tiptree Class A common stock.

Restricted stock units and restricted stock

A holder of the restricted stock units (RSUs) and restricted stock, pursuant to the terms of the agreements 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. 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:

	Number of shares issuable		Weighted Average Grant Date Fair Value
Unvested units as of December 31, 2015	128,323		$	7.68
Granted (1)	362,052		5.71
Vested (1)	(190,558	)	6.14
Unvested units as of September 30, 2016	299,817		$	6.27

(1) Includes 130,946 of immediately vested Class A common stock with a grant date fair value of approximately $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 nine months ended September 30, 2016, the Company granted 218,310 RSUs to employees of the Company, of which 111,759 vest over a period of three years that began in January 2016, 33,624 will vest over a period of two years beginning February 2016, 55,768 will vest over a period of two years beginning April 2016 and the remainder will vest over a period of three years beginning April 2016.

Subsidiary Incentive Plans

Certain of Tiptree’s subsidiaries have established RSU programs under which they are authorized to issue RSUs or their equivalents, representing equity of such subsidiaries to certain of their employees. These RSUs are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting RSUs) and time-vesting subject to continued employment (time vesting RSUs). Following the service period, such vested RSUs may be exchanged at fair market value, at the option of the holder, for Tiptree Class A common stock under the 2013 Omnibus Incentive Plan. The Company has the option, but not the obligation to settle the exchange right in shares or cash.

These awards are currently considered to be liabilities based upon their expected settlement method. Changes in fair value of the awards are recognized in earnings for the relative amount of cumulative compensation cost. The Company uses the straight-line method to recognize compensation expense for the time vesting RSUs over the requisite service periods, beginning on the grant date. The Company uses the graded-vesting method to recognize compensation expense for the performance vesting RSUs. Compensation expense will be recognized to the extent that it is probable that the performance condition will be achieved. The Company reassesses the probability of satisfaction of the performance condition for the performance vesting RSUs for each reporting period.

The following table summarizes changes to the issuances of subsidiary RSU’s under the Subsidiary Incentive Plans for the periods indicated:

	Grant date fair value of equity shares issuable
Unvested balance as of December 31, 2015	$	874
Granted	7,339
Vested	(97		)
Unvested balance as of September 30, 2016	$	8,116

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 five years beginning on the 3^rd 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:

Valuation Input	Nine Months Ended September 30, 2016
	Range				Weighted
	Low		High		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

The following table presents the Company's stock option activity for the current period:

	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		—
Vested	—	—		—		—
Exercised	—	—		—		—
Canceled/forfeited	—	—		—		—
Balance, September 30, 2016	251,237	$	5.69	$	2.62	—
Weighted average remaining contractual term at September 30, 2016 (in years)	9.3

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 Operations:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Payroll and employee commissions	$	633		$	161		$	1,597		$	285
Professional fees (1)	35			30			99			110
Income tax benefit	(236		)	(67		)	(599		)	(139		)
Net stock-based compensation expense	$	432		$	124		$	1,097		$	256

(1) Professional fees consist of the value of restricted stock units and options granted to persons providing services to the Company.

Additional information on total non-vested stock-based compensation is as follows:

	At
	September 30, 2016
	Stock Options		Restricted Stock Awards and RSUs
Unrecognized compensation cost related to non-vested awards	$	533	$	7,865
Weighted - average recognition period (in years)	3.3		2.1

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Related Party Transactions

9 Months Ended

Sep. 30, 2016

Related Party Transactions [Abstract]

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 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 which is detailed in the table below.

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 Tiptree on July 1, 2013 in connection with the Contribution Transactions, under which BOSG provides certain back office, administrative and accounting services to the Company and it’s subsidiaries. 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. The Administrative Services Agreement has successive one year terms but may be terminated by either the Company or BOSG upon 60 days prior notice.

As of June 30, 2016, the Company has concluded that Mariner no longer meets the definition of a related party.

The following table presents the fees paid to related parties for services provided:

	Fees paid
	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Services Provided by Tricadia:
Personnel, including services of our Executive Chairman and personnel providing accounting services	$	25	$	113	$	75	$	338
Incentive compensation for providing services(1)	—		93		—		279
Legal and compliance services	—		38		—		113
Human resources, information technology and other personnel	28		28		84		84
Office space	61		61		183		184
Total paid to Tricadia	114		333		342		998
Services Provided by Mariner:
Personnel, including back office, administrative and accounting services	—		99		189		289
Total fees paid to related parties	$	114	$	432	$	531	$	1,287

(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.

The amount of related party receivables and payables as of the balance sheet date was not material.

ProSight Specialty Insurance Group, Inc.

On June 23, 2016, subsidiaries of Tiptree purchased 5,596,000 shares of Class A common stock of Tiptree from entities affiliated with ProSight Specialty Insurance Group, Inc. (a principal owner of the Company’s Class A common stock prior to the purchase) for aggregate consideration of $36,374. The shares acquired by subsidiaries of Tiptree will be held as treasury shares and therefore will not be outstanding for accounting or voting purposes.

Nomura Securities Co., Ltd.

On September 14, 2016, subsidiaries of Tiptree purchased 1,000,000 shares of Class A common stock of Tiptree from entities affiliated with Nomura Securities Co., Ltd. (a principal owner of the Company’s Class A common stock prior to the purchase) for aggregate consideration of $6,150. The shares acquired by subsidiaries of Tiptree will be accounted for as treasury shares and therefore will not be outstanding for accounting or voting purposes.

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Income Taxes

9 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The total income tax expense of $3,712 and $2,829 for the three months ended September 30, 2016 and 2015, respectively, is reflected as a component of income (loss) from continuing operations. For the three months ended September 30, 2016, the Company’s effective tax rate (“ETR”) on income from continuing operations was equal to 32.1% which is lower than the federal and state statutory income tax rates, primarily due to non-controlling interests at certain subsidiaries, the release of valuation allowances on net operating losses at certain subsidiaries, offset by the impact of certain gains and losses treated discretely for the period.

The total income tax expense of $5,298 and $962 for the nine months ended September 30, 2016 and 2015, respectively, is reflected as a component of income (loss) from continuing operations. For the nine months ended September 30, 2016, the Company’s ETR on income from continuing operations was equal to 19.2%, which does not bear a customary relationship to statutory income tax rates. The ETR for the nine months ended September 30, 2016 is lower than the federal and state statutory income tax rates primarily due to $4,044 of 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, in the accompanying consolidated financial statements.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Contractual Obligations

The table below summarizes the Company’s contractual obligations by period that payments are due:

	As of September 30, 2016
	Less than one year		1-3 years		3-5 years		More than 5 years		Total
Operating lease obligations (1)	$	13,073	$	6,835	$	5,178	$	3,249	$	28,335
Total	$	13,073	$	6,835	$	5,178	$	3,249	$	28,335

(1) Minimum rental obligations for Tiptree, Care, MFCA, Siena, Luxury, Reliance and Fortegra office leases. For the three months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $1,630 and $1,721, respectively. For the nine months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $4,820 and $4,108, respectively.

In addition, Tiptree’s subsidiary Siena issues standby letters of credit for credit enhancements that are required by its borrower’s respective businesses. As of September 30, 2016, there was $400 outstanding relating to these letters of credit.

Litigation

Fortegra is a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed in February 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. The court did not award sanctions and Fortegra has retained a special master to facilitate the collection of certificates and other documents from Fortegra's agents. In January 2015, the trial court issued an Order denying Fortegra’s motion to decertify the class, which was upheld on appeal. In June 2016, the court established a briefing schedule for Fortegra’s Motion for Summary Judgment, which was filed in June 2015. No trial or hearings are currently scheduled.

Tiptree considers such litigation customary in the insurance industry. 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

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

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 and nine months ended September 30, 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 and nine months ended September 30, 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:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss) from continuing operations	$	7,838		$	(6,388	)	$	22,273		$	(11,961	)
Less:
Net income (loss) from continuing operations attributable to non-controlling interests (1)	1,933			(1,835		)	4,680			(3,706		)
Net income from continuing operations allocated to participating securities	60			—			148			—
Net income (loss) from continuing operations available to Tiptree Financial Inc. Class A common shares	5,845			(4,553		)	17,445			(8,255		)
Discontinued operations, net	—			—			—			23,348
Less:
Net income from discontinued operations attributable to non-controlling interests (1)	—			—			—			5,663
Net income from discontinued operations attributable to Tiptree Financial Inc. Class A common shares	—			—			—			17,685
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares - basic	$	5,845		$	(4,553	)	$	17,445		$	9,430
Effect of Dilutive Securities:
Securities of subsidiaries	(50		)	—			(148		)	—
Adjustments to income relating to exchangeable interests, net of tax	1,362			—			—			—
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares - diluted	$	7,157		$	(4,553	)	$	17,297		$	9,430
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - basic	29,143,470			33,848,463			32,845,124			32,597,774
Weighted average number of incremental shares of Tiptree Financial Inc. Class A common stock issuable from exchangeable interests	8,087,180			—			67,392			—
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - diluted	37,230,650			33,848,463			32,912,516			32,597,774
Basic:
Income (loss) from continuing operations	$	0.20		$	(0.13	)	$	0.53		$	(0.25	)
Income from discontinued operations	—			—			—			0.54
Net income (loss) available to Tiptree Financial Inc. Class A common shares	$	0.20		$	(0.13	)	$	0.53		$	0.29
Diluted:
Income (loss) from continuing operations	$	0.19		$	(0.13	)	$	0.53		$	(0.25	)
Income from discontinued operations	—			—			—			0.54
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares	$	0.19		$	(0.13	)	$	0.53		$	0.29

(1) For the three months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $1,933, comprised of $1,933 due to continuing operations and $0 attributable to discontinued operations. For the three months ended September 30, 2015, the total net income(loss) attributable to non-controlling interest was $(1,835), comprised of $(1,835) due to continuing operations and $0 attributable to discontinued operations.

For the nine months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $4,680, comprised of $4,680 due to continuing operations and $0 attributable to discontinued operations. For the nine months ended September 30, 2015, the total net income (loss) attributable to non-controlling interest was $1,957, comprised of $(3,706) due to continuing operations and $5,663 attributable to discontinued operations.

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Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On November 7, 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 November 21, 2016, and a payment date of November 28, 2016.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

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 and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2016.

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 Operations 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 nine months ended September 30, 2015 have been revised for immaterial corrections and errors related to the presentation of our activities from Discontinued Operations and business acquisitions. These corrections resulted in a decrease in cash provided by operating activities of approximately $2,000, an increase in cash provided by investing activities of approximately $2,000, and an adjustment of approximately $28,400 to reflect cash of a disposed business and investing activities. Such changes had no impact on the ending cash balance as of September 30, 2015. 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 has taken to remediate certain material weaknesses as of September 30, 2016, and to enhance its control infrastructure as a result.

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:

• 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

Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates.

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 Operations. 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 measurement of assets and liabilities acquired and 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

Fair Value Measurement

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.

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

In addition to the financial instruments the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize 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 Operations. 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 reported separately in our Consolidated Balance Sheets from those instruments using another accounting method.

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 upon 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 upon 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 upon 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 was effective for the Company on January 1, 2016. Accordingly “Debt, net” is reported net of deferred financing costs as of September 30, 2016 and December 31, 2015, respectively, in the Consolidated Balance Sheets. See Note—(16) 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 upon 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 was effective for the Company on January 1, 2016 and retrospective adoption is required. The adoption of this standard did not have an impact upon 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 were 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 upon 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.

On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. This standard was originally effective for the Company on January 1, 2017. 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 evaluating the effect upon its financial statements.

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 2016 annual 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, 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 2016-01 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 upon 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 currently evaluating the effect upon its financial statements.

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.

In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting which  rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting.  The Company believes that that the adoption of this standard will not have an impact upon the Company’s Consolidated Balance Sheets, results of operations or cash flows.

In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients which provides guidance on collectability, noncash consideration, and completed contracts at transition.  Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.  The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect upon its financial statements.

In June 2016, the FASB issued ASU 2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the effect upon its financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, including the adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the effect upon its financial statements.

Fair Value of Financial Instruments

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible 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) Summary of Significant Accounting Policies, 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, Obligations of State and Political Subdivisions, Corporate Securities, Asset-Backed 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 costs to produce and 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 forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage backed securities 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.

Nonperforming loans and REO: 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. 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. 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 are included in loans, at fair value and fall under Level 3 of the fair value hierarchy.

NPLs that have become REOs were measured at fair value on a non-recurring basis during the nine months ended September 30, 2016 (the Company did not have investments in REO status in prior year period). The carrying value of REOs at September 30, 2016 was $10,233. 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. REO is included in Other Assets.

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.

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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table summarizes the consideration paid and the amounts of the final determination, as described above, for transactions completed in the first quarter of 2016 and provisional determination for the transaction completed in the quarter ended September 30, 2016, of the fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2016:

	2016 Acquisitions
	Real Estate
Consideration:
Cash	$	81,492
Non-cash non-controlling interests contributions	3,113
Fair value of total consideration	$	84,605
Acquisition costs	$	612
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets:
Cash and cash equivalents	$	184
Real estate, net	78,195
Intangible assets, net	6,430
Other assets	248
Liabilities:
Deferred revenue	(290		)
Other liabilities and accrued expenses	(162		)
Total identifiable net assets assumed	$	84,605

The following table summarizes the consideration paid and the final determination of amounts of fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2015:

	2015 Acquisitions
	Specialty Finance			Real Estate			Total
Total consideration:
Cash	$	10,281		$	83,787		$	94,068
Common stock	11,960			—			11,960
Contingent consideration	2,200			—			2,200
Fair value of total consideration	$	24,441		$	83,787		$	108,228
Acquisition costs	$	223		$	1,567		$	1,790
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets:
Cash and cash equivalents	$	13,934		$	—		$	13,934
Restricted cash	919			—			919
Mortgage loans held for sale, at fair value	59,308			—			59,308
Accounts and premiums receivable, net	2,369			—			2,369
Real estate, net	—			76,003			76,003
Goodwill	1,708			—			1,708
Intangible assets, net	1,440			8,800			10,240
Deferred tax assets	150			—			150
Other assets	3,712			92			3,804
Liabilities:
Fair value of debt assumed	(52,836		)	—			(52,836		)
Deferred revenue	—			(589		)	(589		)
Other liabilities and accrued expenses	(6,263		)	(519		)	(6,782		)
Total identifiable net assets assumed	$	24,441		$	83,787		$	108,228

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:

Intangible Assets	Weighted Average Amortization Period (in Years)	Specialty Finance		Real Estate		Total
Trade names	10.0	$	800	$	—	$	800
Software	7.0	640		—		640
In-place Lease	8.7	—		8,800		8,800
Total acquired finite-lived other intangible assets	8.7	$	1,440	$	8,800	$	10,240

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:

Intangible Assets	Weighted Average Amortization Period (in Years)	Real Estate
In-place Lease	1.6	$	6,430

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Dispositions, Assets Held for Sale and Discontinued Operations Tables (Tables)

9 Months Ended

Sep. 30, 2016

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 Operations for the nine months ended September 30, 2015:

	Nine Months Ended September 30, 2015
Revenues:
Net realized gain	$	151
Interest income	2,215
Separate account fees	12,706
Service and administrative fees	25,385
Other income	2
Total revenues	40,459
Expenses:
Interest expense	5,226
Payroll expense	9,086
Professional fees	770
Change in future policy benefits	2,077
Mortality expenses	5,688
Commission expense	1,723
Depreciation and amortization	862
Other expenses	4,232
Total expenses	29,664
Less: provision for income taxes	3,796
Income from discontinued operations, net	$	6,999

PFG

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Condensed Cash Flow Statement [Table Text Block]

The following table presents the cash flows from discontinued operations for the periods indicated:

	Nine Months Ended September 30,
	2015
Net cash provided by (used in):
Operating activities	$	(6,198	)
Investing activities	11,866
Financing activities	(5,000		)
Net cash flows provided by discontinued operations	$	668

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Operating Segment Data (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of segment profit (loss), and segment assets

The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following periods:

	Three Months Ended September 30, 2016
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	79,106	$	29,013	$	15,695		$	3,838	$	6,469		$	134,121
Total expense	71,081		24,832		16,168			2,255		12,267			126,603
Net income attributable to consolidated CLOs	—		—		—			720		3,312			4,032
Pre-tax income (loss)	$	8,025	$	4,181	$	(473	)	$	2,303	$	(2,486	)	$	11,550
Less: Provision (benefit) for income taxes													3,712
Net income before non-controlling interests													$	7,838
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													1,933
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	5,905

	Three Months Ended September 30, 2015
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	87,991	$	19,348	$	11,560		$	1,981	$	(12	)	$	120,868
Total expense	77,868		18,097		14,172			1,670		9,418			121,225
Net income attributable to consolidated CLOs	—		—		—			652		(3,854		)	(3,202		)
Pre-tax income (loss)	$	10,123	$	1,251	$	(2,612	)	$	963	$	(13,284	)	$	(3,559	)
Less: Provision (benefit) for income taxes													2,829
Net (loss) before non-controlling interests													$	(6,388	)
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													(1,835		)
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	(4,553	)

	Nine Months Ended September 30, 2016
	Insurance and insurance services		Specialty finance		Real estate			Asset management		Corporate and other			Total
Total revenue	$	256,208	$	67,790	$	44,204		$	7,505	$	23,972		$	399,679
Total expense	231,108		62,280		49,691			4,930		34,148			382,157
Net income attributable to consolidated CLOs	—		—		—			2,466		7,583			10,049
Pre-tax income (loss)	$	25,100	$	5,510	$	(5,487	)	$	5,041	$	(2,593	)	$	27,571
Less: provision for income taxes													5,298
Net income before non-controlling interests													$	22,273
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations													4,680
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders													$	17,593

	Nine Months Ended September 30, 2015
	Insurance and insurance services		Specialty finance		Real estate			Asset management				Corporate and other					Total
Total revenue	$	238,891	$	33,583	$	33,334		$	4,814			$	337				$	310,959
Total expense	218,442		31,329		42,096			5,258		(1	)	21,387			(1	)	318,512
Net income (loss) attributable to consolidated CLOs	—		—		—			3,493				(6,939		)			(3,446		)
Pre-tax income (loss)	$	20,449	$	2,254	$	(8,762	)	$	3,049			$	(27,989	)			$	(10,999	)
Less: (benefit) for income taxes																	962
Discontinued operations																	23,348
Net income before non-controlling interests																	$	11,387
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations																	1,957
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders																	$	9,430

(1) Bonus of $3,615 was reclassified from Corporate and other to Asset management to conform to the current period presentation.

The following table presents the segment assets for the following periods:
	Insurance and insurance services		Specialty finance		Real estate		Asset management		Corporate and other		Total
Segment Assets as of September 30, 2016
Segment assets	$	1,002,987	$	305,010	$	308,949	$	3,819	$	250,322	$	1,871,087
Assets of consolidated CLOs											995,658
Total assets											$	2,866,745
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

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Securities, Available for Sale (Tables)

9 Months Ended

Sep. 30, 2016

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:

	As of September 30, 2016
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	7,652	$	152	$	(2	)	$	7,802
Obligations of state and political subdivisions	56,979		1,140		(48		)	58,071
Corporate securities	65,783		1,019		(36		)	66,766
Asset backed securities	1,459		54		—			1,513
Certificates of deposit	893		—		—			893
Equity securities	817		25		(2		)	840
Obligations of foreign governments	1,273		37		—			1,310
Total	$	134,856	$	2,427	$	(88	)	$	137,195
	As of December 31, 2015
	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

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:

	As of September 30, 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	$	526	$	(1	)	13	$	33	$	(1	)	7
Obligations of state and political subdivisions	14,962		(48		)	60	—		—			—
Corporate securities	11,163		(34		)	139	86		(2		)	4
Equity securities	—		—			—	19		(2		)	2
Total	$	26,651	$	(83	)	212	$	138	$	(5	)	13
	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

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.

	As of
	September 30, 2016				December 31, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	18,247	$	18,240	$	20,347	$	20,319
Due after one year through five years	64,291		64,959		76,967		76,578
Due after five years through ten years	45,947		47,449		56,133		56,240
Due after ten years	4,095		4,194		23,993		23,929
Asset backed securities	1,459		1,513		1,525		1,529
Total	$	134,039	$	136,355	$	178,965	$	178,595

Available-for-sale Securities [Table Text Block]

The following table presents additional information on the Company’s available for sale securities:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
Purchases of available for sale securities	$	12,799		$	33,324		$	22,477	$	61,697
Proceeds from maturities, calls and prepayments of available for sale securities	$	4,483		$	12,187		$	26,086	$	28,592
Gains (losses) realized on maturities, calls and prepayments of available for sale securities	$	(14	)	$	(56	)	$	83	$	(60	)
Gross proceeds from sales of available for sale securities	$	35,069		$	9,105		$	45,928	$	10,838
Gains (losses) realized on sales of available for sale securities	$	974		$	—		$	1,016	$	4

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Investment in Loans (Tables)

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The following table presents the Company’s loans, measured at fair value and amortized cost:

	As of
	September 30, 2016		December 31, 2015
Loans, at fair value
Corporate loans	$	151,997	$	233,861
Mortgage loans held for sale	166,503		120,836
Non-performing and re-performing residential mortgage loans	52,024		38,289
Other loans receivable	1,410		1,409
Total loans, at fair value	$	371,934	$	394,395
Loans owned at amortized cost, net
Asset backed loans and other loans, net	97,633		52,994
Less: Allowance for loan losses	937		463
Total loans owned, at amortized cost, net	$	96,696	$	52,531
Net deferred loan origination fees included in asset backed loans	$	3,854	$	3,520

The following table summarizes the total Notes and Accounts receivable, net:

	As of
	September 30, 2016		December 31, 2015
Notes receivable, net	$	27,665	$	21,696
Accounts and premiums receivable, net	44,700		57,056
Other receivables	91,531		62,247
Total	$	163,896	$	140,999

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

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:

	As of September 30, 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	$	44,669	$	—	$	—	$	44,669
CLO	—		—		1,660		1,660
Total trading securities	44,669		—		1,660		46,329
Derivative assets:
Interest rate lock commitments	—		—		5,560		5,560
TBA – mortgage backed securities	—		153		—		153
Credit derivatives	—		12,106		—		12,106
Total derivative assets	—		12,259		5,560		17,819
Total trading assets (included in other assets)	44,669		12,259		7,220		64,148
Available for sale securities:
Equity securities	792		—		48		840
U.S. Treasury securities and U.S. government agencies	—		7,802		—		7,802
Obligations of state and political subdivisions	—		58,071		—		58,071
Obligations of foreign governments	—		1,310		—		1,310
Certificates of deposit	893		—		—		893
Asset backed securities	—		1,513		—		1,513
Corporate bonds	—		66,766		—		66,766
Total available for sale securities	1,685		135,462		48		137,195
Investments in loans, at fair value:

	As of September 30, 2016
	Quoted prices in  active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Corporate loans	—		20,950		131,047		151,997
Mortgage loans held for sale	—		166,503		—		166,503
Non-performing loans	—		—		52,024		52,024
Other loans receivable	—		126		1,284		1,410
Total investments in loans, at fair value	—		187,579		184,355		371,934
Total financial instruments attributable to Non-CLOs included in consolidated assets	46,354		335,300		191,623		573,277
Financial instruments included in assets of consolidated CLOs:
Investments in loans, at fair value	—		241,125		693,697		934,822
Total financial instruments included in assets of consolidated CLOs	—		241,125		693,697		934,822
Total	$	46,354	$	576,425	$	885,320	$	1,508,099
Liabilities:
Trading liabilities:
U.S. Treasury securities	$	—	$	—	$	—	$	—
Total trading securities	—		—		—		—
Derivative liabilities:
Interest rate swaps	—		3,116		—		3,116
TBA-mortgage backed securities	—		855		—		855
Total derivative liabilities	—		3,971		—		3,971
Total trading liabilities (included in other liabilities)	—		3,971		—		3,971
Contingent consideration payable	—		—		575		575
Preferred notes payable	—		—		1,284		1,284
Total financial instruments attributable to Non-CLOs included in consolidated liabilities	—		3,971		1,859		5,830
Financial instruments included in liabilities of consolidated CLOs:
Notes payable of CLOs	—		—		927,982		927,982
Total financial instruments included in liabilities of consolidated CLOs	—		—		927,982		927,982
Total	$	—	$	3,971	$	929,841	$	933,812

	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

	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 securities	3,786		1,732		19,023		24,541
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
Investments in loans, at fair value
Corporate loans	—		55,956		177,905		233,861
Mortgage loans held for sale	—		120,836		—		120,836
Non-performing loans	—		—		38,289		38,289
Other loans receivable	—		125		1,284		1,409
Total investments in loans, at fair value	—		176,917		217,478		394,395
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
Total trading liabilities (included in other liabilities)	—		22,152		—		22,152

	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
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

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:

	Nine Months Ended September 30,
	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)	17,185			534			11,469			698			—
Net unrealized gains (losses)	7,623			15,067			677			(4,306		)	—
Purchases	38,053			77,373			37,234			13,625			141,292
Sales	(55,786		)	(78,206		)	(1,437		)	(63,214		)	(3,967,798		)
Issuances	1,400			1,436			2			550			—
Transfer into Level 3 (1)	86,170			118,718			71,547			136,806			—
Transfer adjustments (out of) Level 3 (1)	(28,572		)	(66,215		)	(12,354		)	(152,636		)	—
Adoption of ASU 2015-02	—			—			—			(328,411		)	—
Attributable to policyowner	—			—			—			—			55,048
Conversion to real estate owned and mortgage held for sale	(10,296		)	—			(817		)	—			—
Warehouse transfer to CLO	(104,098		)	104,098			—			—			—
Balance at September 30,	$	191,623		$	693,697		$	117,898		$	179,923		$	—
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$	2,123		$	10,372		$	162		$	(1,020	)	$	—

(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.

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:

	Nine Months Ended September 30,
	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)	(262		)	23,169			—		19,681
Purchases	—			—			—		—
Sales	—			—			—		—
Issuances	—			222,303			—		(41,272		)
Settlements	(377		)	—			—		—
Dispositions	—			(1,317		)	—		(31,155		)
Adoption of ASU 2015-02	—			—			—		(1,032,913		)
Balance at September 30,	$	1,859		$	927,982		$	2,802	$	699,548
Changes in unrealized (losses) gains included in earnings related to liabilities still held at period end	$	(262	)	$	23,169		$	—	$	7,248

Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of 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.

	Fair Value as of						Actual or Range (Weighted average)
Assets(1)	September 30, 2016		December 31, 2015		Valuation Technique	Unobservable input(s)	September 30, 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	5,560		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	52,024		38,289		Discounted cash flow	See table below (2)	See table below	See table below
Total	$	57,584	$	49,998

(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) 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 the following periods:

	As of September 30, 2016			As of December 31, 2015
Unobservable inputs	High	Low	Average(1)	High	Low	Average(1)
Discount rate	30.0%	16.0%	22.5%	30.0%	15.1%	22.0%
Loan resolution time-line (Years)	2.15	0.45	1.08	2.7	0.6	1.2
Value of underlying properties	$1,250	$32	$220	$1,375	$40	$224
Holding costs	18.8%	5.2%	9.5%	24.6%	5.5%	9.6%
Liquidation costs	25.0%	8.2%	10.6%	21.8%	7.5%	10.5%

(1) Weighted based on value of underlying properties.

Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities

	Fair Value as of						Actual or Range (Weighted average)
Liabilities(1)	September 30, 2016		December 31, 2015		Valuation Technique	Unobservable input(s)	September 30, 2016	December 31, 2015
Contingent consideration payable - Reliance	$	523	$	900	Internal model	Forecast EBITDA	$1,369 - $3,812	$1,326 - $3,517
						Book value growth rate	5.0%	5.0%
						Asset volatility	1.1% - 21.4%	2.4% - 20.1%
Contingent consideration payable - Luxury	52		36		Internal model	Projected cash available for distribution	$854 - $1,281	$828 - $1,281
Preferred notes payable	1,284		1,562		Internal model	Discount rate	13.96%	12.0%
Total	$	1,859	$	2,498

(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—(15) Assets and Liabilities of Consolidated CLOs.

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:

	As of September 30, 2016					As of December 31, 2015
	Level within Fair Value Hierarchy	Fair Value		Carrying Value		Level within Fair Value Hierarchy	Fair Value		Carrying Value
Assets:
Notes receivable, net	2	$	26,353	$	27,665	2	$	20,250	$	21,696
Total Assets		$	26,353	$	27,665		$	20,250	$	21,696
Liabilities:
Debt, net	3	$	785,091	$	780,671	3	$	672,096	$	671,648
Total Liabilities		$	785,091	$	780,671		$	672,096	$	671,648

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Notes and Accounts Receivable, net Notes and Accounts Receivable, net (Tables)

9 Months Ended

Sep. 30, 2016

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The following table presents the Company’s loans, measured at fair value and amortized cost:

	As of
	September 30, 2016		December 31, 2015
Loans, at fair value
Corporate loans	$	151,997	$	233,861
Mortgage loans held for sale	166,503		120,836
Non-performing and re-performing residential mortgage loans	52,024		38,289
Other loans receivable	1,410		1,409
Total loans, at fair value	$	371,934	$	394,395
Loans owned at amortized cost, net
Asset backed loans and other loans, net	97,633		52,994
Less: Allowance for loan losses	937		463
Total loans owned, at amortized cost, net	$	96,696	$	52,531
Net deferred loan origination fees included in asset backed loans	$	3,854	$	3,520

The following table summarizes the total Notes and Accounts receivable, net:

	As of
	September 30, 2016		December 31, 2015
Notes receivable, net	$	27,665	$	21,696
Accounts and premiums receivable, net	44,700		57,056
Other receivables	91,531		62,247
Total	$	163,896	$	140,999

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Reinsurance Receivables (Tables)

9 Months Ended

Sep. 30, 2016

Reinsurance Disclosures [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:

	Three Months Ended September 30,												Nine Months Ended September 30,
Premiums	2016						2015						2016						2015
	Written			Earned			Written			Earned			Written			Earned			Written			Earned
Direct and assumed	$	181,411		$	174,297		$	190,747		$	155,481		$	540,247		$	517,313		$	502,118		$	433,117
Ceded	(125,399		)	(126,688		)	(137,242		)	(111,597		)	(387,871		)	(378,797		)	(370,415		)	(312,173		)
Net	$	56,012		$	47,609		$	53,505		$	43,884		$	152,376		$	138,516		$	131,703		$	120,944

The following table presents the effect of reinsurance on losses and loss adjustment expenses incurred by Fortegra for the following period:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Direct and assumed	$	76,894		$	46,872		$	208,804		$	126,914
Ceded	(56,980		)	(31,924		)	(153,702		)	(86,590		)
Net losses and loss adjustment expense	$	19,914		$	14,948		$	55,102		$	40,324

The following table presents the components of the reinsurance receivables:

	As of
	September 30, 2016		December 31, 2015
Prepaid reinsurance premiums:
Life (1)	$	63,948	$	61,919
Accident and health (1)	53,880		54,357
Property	186,659		180,236
Total	304,487		296,512
Ceded claim reserves:
Life	2,899		2,664
Accident and health	9,987		8,889
Property	47,476		30,911
Total ceded claim reserves recoverable	60,362		42,464
Other reinsurance settlements recoverable	16,314		13,950
Reinsurance receivables	$	381,163	$	352,926

(1) Including policyholder account balances ceded.

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:

	As of
	September 30, 2016
Total of the three largest receivable balances from unrelated reinsurers	$	167,472

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Real Estate, Net (Tables)

9 Months Ended

Sep. 30, 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:

	As of September 30, 2016
	Land		Buildings and equipment		Accumulated depreciation			Total
Triple net lease properties	$	12,173	$	77,891	$	(5,916	)	$	84,148
Managed properties	16,016		189,122		(9,625		)	195,513
Other real estate (1)	—		1,170		—			1,170
Total	$	28,189	$	268,183	$	(15,541	)	$	280,831
	As of December 31, 2015
	Land		Buildings and equipment		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

(1) Represents a single family residential property located in Connecticut that is being rented through the Company's subsidiary, Luxury. As of September 30, 2016, this property has been classified as held for sale and is carried at fair value less cost to sell.

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:

	September 30, 2016
Remainder of 2016	$	1,801
2017	7,232
2018	7,335
2019	7,441
2020	7,550
Thereafter	37,833
Total	$	69,192

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Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of identifiable intangible assets

The following table presents identifiable intangible assets, accumulated amortization, and goodwill by segment:

	As of September 30, 2016												As of 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	(3,553		)	—			—			(3,553		)	(1,200		)	—			—			(1,200		)
Trade names	6,500			—			800			7,300			6,500			—			800			7,300
Accumulated amortization	(1,306		)	—			(100		)	(1,406		)	(771		)	—			(40		)	(811		)
Software licensing	8,500			—			640			9,140			8,500			—			640			9,140
Accumulated amortization	(3,117		)	—			(114		)	(3,231		)	(1,842		)	—			(46		)	(1,888		)
Insurance policies and contracts acquired	36,500			—			—			36,500			36,500			—			—			36,500
Accumulated amortization	(33,455		)	—			—			(33,455		)	(28,510		)	—			—			(28,510		)
Insurance licensing agreements(1)	13,000			—			—			13,000			13,000			—			—			13,000
Leases in place	—			29,834			—			29,834			—			23,404			—			23,404
Accumulated amortization	—			(19,105		)	—			(19,105		)	—			(14,095		)	—			(14,095		)
Intangible assets, net	73,569			10,729			1,226			85,524			82,677			9,309			1,354			93,340
Goodwill	89,854			—			2,913			92,767			89,854			—			2,913			92,767
Total	$	163,423		$	10,729		$	4,139		$	178,291		$	172,531		$	9,309		$	4,267		$	186,107

(1) Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets.

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:

	As of September 30, 2016
	Insurance and insurance services (VOBA)		Insurance and insurance services (other)		Real estate		Specialty finance		Total
Remainder of 2016	$	728	$	1,664	$	1,202	$	43	$	3,637
2017	1,250		9,865		3,418		171		14,704
2018	465		9,077		1,310		171		11,023
2019	217		7,509		621		171		8,518
2020	123		5,027		621		171		5,942
2021 and thereafter	262		24,382		3,557		499		28,700
Total	$	3,045	$	57,524	$	10,729	$	1,226	$	72,524

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Other Assets (Tables)

9 Months Ended

Sep. 30, 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:

	As of
	September 30, 2016		December 31, 2015
Trading assets, at fair value	$	64,148	$	40,060
Foreclosed residential real estate property	10,233		2,197
Due from brokers and trustees	—		29,052
Furnitures, fixtures and equipment, net	6,059		7,024
Inventory	2,217		2,449
Prepaids	5,960		2,690
Income tax receivable	9,310		5,810
Other	14,916		15,218
Total other assets	$	112,843	$	104,500

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Derivative Financial Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 2016

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:

	As of September 30, 2016						As of December 31, 2015
	Notional Values		Asset Derivatives		Liability Derivatives		Notional Values		Asset Derivatives		Liability Derivatives
Credit risk:
Credit derivatives sold protection	$	297,612	$	31,948	$	—	$	297,612	$	41,126	$	—
Credit derivatives bought protection	298,173		—		18,210		300,529		106		27,655
Sub-total	595,785		31,948		18,210		598,141		41,232		27,655
Foreign currency risk:
Foreign currency forward contracts	992		—		—		683		—		5
Interest rate risk:
Interest rate lock commitments	225,374		5,560		—		156,309		3,384		—
Forward delivery contracts	82,696		—		16		52,054		11		8
TBA mortgage backed securities	270,750		153		839		136,750		179		150
Interest rate swaps	127,588		—		3,116		78,988		—		2,310
Sub-total	706,408		5,713		3,971		424,101		3,574		2,468
Total	$	1,303,185	$	37,661	$	22,181	$	1,022,925	$	44,806	$	30,128

Offsetting Assets

The following table presents derivative instruments that are subject to offset by a master netting agreement:

	As of
	September 30, 2016			December 31, 2015
Derivatives subject to netting arrangements:
Credit default swap indices sold protection	$	31,948		$	41,126
Credit default swap indices bought protection	(18,210		)	(27,549		)
Gross assets recognized	13,738			13,577
Collateral payable	(1,632		)	(1,632		)
Net assets recognized (included in other assets)	$	12,106		$	11,945

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the fair value and the related outstanding notional amounts of the Company's cash flow hedging derivative instruments and indicates where the Company records each amount within its Consolidated Balance Sheets:

		As of
	Balance Sheet Location	September 30, 2016			December 31, 2015
Derivatives designated as cash flow hedging instruments:
Notional value		$	127,588		$	35,000
Fair value of interest rate swaps	Other liabilities and accrued expenses	$	3,116		$	1,283
Unrealized gain (loss), net of tax, on the fair value of interest rate swaps	AOCI	$	(272	)	$	111
Range of variable rates on interest rate swaps		0.52% to 0.85%			0.51		%
Range of fixed rates on interest rate swaps		1.31% to 4.99%			3.47		%

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

The following table presents the pretax impact of the cash flow hedging derivative instruments on the Consolidated Financial Statements for the following periods:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2016	2015		2016		2015
Gain (loss) recognized in AOCI on the derivative-effective portion	156	(167	)	(515	)	(456	)
(Gain) loss reclassified from AOCI into income-effective portion	172	284		(56	)	848
Gain (loss) recognized in income on the derivative-ineffective portion	48	—		(3	)	—

Schedule of Interest Rate Derivatives [Table Text Block]

The following table presents the estimated amount to be reclassified to earnings from AOCI during the next 12 months. These net losses reclassified into earnings are primarily expected to increase net interest expense related to the respective hedged item.

	At
	September 30, 2016
Estimated (gains) losses to be reclassified to earnings from AOCI during the next 12 months	$	345

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Assets and Liabilites of Consolidated CLOs (Tables)

9 Months Ended

Sep. 30, 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:

	As of
	September 30, 2016		December 31, 2015
Assets:
Cash and cash equivalents	$	49,031	$	38,716
Loans, at fair value (1)	934,822		680,784
Other assets	11,805		9,312
Total assets of consolidated CLOs	$	995,658	$	728,812
Liabilities:
Debt	$	927,982	$	683,827
Other liabilities and accrued expenses	15,236		14,489
Total liabilities of consolidated CLOs	$	943,218	$	698,316
Net	$	52,440	$	30,496

(1) The unpaid principal balance for these loans is $970,916 and $727,357 and the difference between their fair value and UPB is $36,094 and $46,573 at September 30, 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:

Beneficial interests:	As of
	September 30, 2016		December 31, 2015
Subordinated notes	$	51,742	$	29,857
Accrued management fees	698		639
Total beneficial interests	$	52,440	$	30,496

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:

Economic interests:	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net	$	3,289	$	(3,855	)	$	7,880	$	(6,938	)
Management fee income	743		653			2,169		3,492
Total economic interests	$	4,032	$	(3,202	)	$	10,049	$	(3,446	)

The following table represents revenue and expenses of the consolidated CLOs included in the Company’s Consolidated Statements of Operations for the periods indicated:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Income:
Net realized and unrealized gains (losses)	$	(1,422	)	$	(7,129	)	$	(2,913	)	$	(20,241	)
Interest income	13,978			10,221			37,626			40,926
Total revenue	12,556			3,092			34,713			20,685
Expenses:
Interest expense	8,267			6,022			22,667			23,094
Other expense	257			272			1,997			1,037
Total expense	8,524			6,294			24,664			24,131
Net income (loss) attributable to consolidated CLOs	$	4,032		$	(3,202	)	$	10,049		$	(3,446	)

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Debt, net (Tables)

9 Months Ended

Sep. 30, 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—(15) Assets and Liabilities of Consolidated CLOs:

			Maximum Borrowing Capacity as of		As of
Debt Type	Stated Maturity Date	Stated Interest Rate or Range of Rates	September 30, 2016		September 30, 2016			December 31, 2015
Secured corporate credit agreements	September 2018 - December 2019	1 Month LIBOR + 3.00% to 6.50%	$	199,000	$	169,850		$	137,000
Asset based revolving financing (1) (2)	April 2017 - May 2020	LIBOR + 2.25% to 5.75%	330,000		184,494			99,395
Warehouse borrowings (3)	April 2017 - August 2017	LIBOR + 2.63% to 3.00%	175,500		154,503			229,794
Mortgage borrowings - Fixed Rate	August 2019 - May 2040	4.00% to 4.76%	77,050		76,744			76,818
Mortgage borrowings - Variable Rate (LIBOR based)	October 2019 - January 2023	LIBOR + 2.05% to 3.20%	152,414		151,328			89,846
Mortgage borrowings - Variable Rate (Prime rate based)	January 2024	Prime Rate + 1.00%	750		704			717
Subordinated debt	April 2020	12.50%	20,000		8,500			3,500
Preferred trust securities	June 2037	3 Month LIBOR + 4.10%	35,000		35,000			35,000
Preferred notes payable	January 2021	12.00%			1,284			1,562
Total debt, face value					782,407			673,632
Unamortized discount, net					(452		)	(422		)
Unamortized deferred financing costs					(7,860		)	(6,258		)
Total debt, net					$	774,095		$	666,952

(1) Asset based revolving financing is generally recourse only to specific assets and related cash flows.

(2) The weighted average coupon rate for asset based revolving financing was 3.31% and 2.76% at September 30, 2016 and December 31, 2015, respectively.

(3) The weighted average coupon rate for warehouse borrowings was 3.31% and 2.68% at September 30, 2016 and December 31, 2015, respectively. Includes debt having a maximum borrowing capacity of $90,500 with a stated interest rate of LIBOR +2.75% and a floor of 3.00%.

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:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Interest expense	$	7,769	$	6,097	$	20,612	$	17,151

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:

	September 30, 2016
Remainder of 2016	$	505
2017	171,055
2018	68,679
2019	221,293
2020	156,020
Thereafter	163,571
Total	$	781,123

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Other Liabilities and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 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:

	As of
	September 30, 2016		December 31, 2015
Trading liabilities, at fair value	$	3,970	$	22,152
Accrued interest payable	1,282		1,354
Due to broker and trustee	18,836		8,622
Accounts payable and accrued expenses	67,300		53,594
Other liabilities	15,061		9,438
Total other liabilities and accrued expenses	$	106,449	$	95,160

Net unrealized gains (losses) recognized during the three and nine months ended September 30, 2016 on trading liabilities still held at September 30, 2016 was $1,154 and $(1,497), respectively.

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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 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:

	Unrealized gains (losses) on									Amount Attributable to Noncontrolling Interests
	Available for sale securities			Interest rate swaps			Total AOCI			TFP			Other		Total AOCI to Tiptree Financial Inc.
Balance at December 31, 2015	$	(222	)	$	111		$	(111	)	$	—		$	—	$	(111	)
Other comprehensive income (losses) before reclassifications	2,448			(357		)	2,091			(237		)	29		1,883
Amounts reclassified from AOCI	(715		)	(26		)	(741		)	—			—		(741		)
Period change	1,733			(383		)	1,350			(237		)	29		1,142
Balance at September 30, 2016	$	1,511		$	(272	)	$	1,239		$	(237	)	$	29	$	1,031

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 Operations for the following periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
Components of AOCI	2016			2015			2016			2015			Affected line item in Consolidated Statement of Operations
Unrealized gains (losses) on available for sale securities	$	960		$	(56	)	$	1,100		$	(97	)	Net realized and unrealized gains (losses)
Related tax (expense) benefit	(336		)	20			(385		)	34			Provision for income tax
Net of tax	$	624		$	(36	)	$	715		$	(63	)
Unrealized gains (losses) on interest rate swaps	$	(172	)	$	(284	)	$	56		$	(848	)	Interest expense
Related tax (expense) benefit	54			99			(30		)	296			Provision for income tax
Net of tax	$	(118	)	$	(185	)	$	26		$	(552	)

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Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

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:

	Number of shares (1)
Available for issuance as of December 31, 2015	1,582,339
Shares and options issued and granted	(613,289	)
Available for issuance as of September 30, 2016	969,050

(1) Excludes shares granted under the Company’s subsidiary Incentive Plan that are exchangeable for Tiptree Class A common stock.

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

he following table presents the Company's stock option activity for the current period:

	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		—
Vested	—	—		—		—
Exercised	—	—		—		—
Canceled/forfeited	—	—		—		—
Balance, September 30, 2016	251,237	$	5.69	$	2.62	—
Weighted average remaining contractual term at September 30, 2016 (in years)	9.3

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:

	Number of shares issuable		Weighted Average Grant Date Fair Value
Unvested units as of December 31, 2015	128,323		$	7.68
Granted (1)	362,052		5.71
Vested (1)	(190,558	)	6.14
Unvested units as of September 30, 2016	299,817		$	6.27

(1) Includes 130,946 of immediately vested Class A common stock with a grant date fair value of approximately $750 to settle compensation accrued during the year ended December 31, 2015.

Schedule of Other Share-based Compensation, Activity [Table Text Block]

The following table summarizes changes to the issuances of subsidiary RSU’s under the Subsidiary Incentive Plans for the periods indicated:

	Grant date fair value of equity shares issuable
Unvested balance as of December 31, 2015	$	874
Granted	7,339
Vested	(97		)
Unvested balance as of September 30, 2016	$	8,116

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:

Valuation Input	Nine Months Ended September 30, 2016
	Range				Weighted
	Low		High		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

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 Operations:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Payroll and employee commissions	$	633		$	161		$	1,597		$	285
Professional fees (1)	35			30			99			110
Income tax benefit	(236		)	(67		)	(599		)	(139		)
Net stock-based compensation expense	$	432		$	124		$	1,097		$	256

(1) Professional fees consist of the value of restricted stock units and options granted to persons providing services to the Company.

Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]

Additional information on total non-vested stock-based compensation is as follows:

	At
	September 30, 2016
	Stock Options		Restricted Stock Awards and RSUs
Unrecognized compensation cost related to non-vested awards	$	533	$	7,865
Weighted - average recognition period (in years)	3.3		2.1

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Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2016

Related Party Transactions [Abstract]

Schedule of Related Party Transactions [Table Text Block]

The following table presents the fees paid to related parties for services provided:

	Fees paid
	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Services Provided by Tricadia:
Personnel, including services of our Executive Chairman and personnel providing accounting services	$	25	$	113	$	75	$	338
Incentive compensation for providing services(1)	—		93		—		279
Legal and compliance services	—		38		—		113
Human resources, information technology and other personnel	28		28		84		84
Office space	61		61		183		184
Total paid to Tricadia	114		333		342		998
Services Provided by Mariner:
Personnel, including back office, administrative and accounting services	—		99		189		289
Total fees paid to related parties	$	114	$	432	$	531	$	1,287

(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.

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of contractual obligations

The table below summarizes the Company’s contractual obligations by period that payments are due:

	As of September 30, 2016
	Less than one year		1-3 years		3-5 years		More than 5 years		Total
Operating lease obligations (1)	$	13,073	$	6,835	$	5,178	$	3,249	$	28,335
Total	$	13,073	$	6,835	$	5,178	$	3,249	$	28,335

(1) Minimum rental obligations for Tiptree, Care, MFCA, Siena, Luxury, Reliance and Fortegra office leases. For the three months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $1,630 and $1,721, respectively. For the nine months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $4,820 and $4,108, respectively.

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

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:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss) from continuing operations	$	7,838		$	(6,388	)	$	22,273		$	(11,961	)
Less:
Net income (loss) from continuing operations attributable to non-controlling interests (1)	1,933			(1,835		)	4,680			(3,706		)
Net income from continuing operations allocated to participating securities	60			—			148			—
Net income (loss) from continuing operations available to Tiptree Financial Inc. Class A common shares	5,845			(4,553		)	17,445			(8,255		)
Discontinued operations, net	—			—			—			23,348
Less:
Net income from discontinued operations attributable to non-controlling interests (1)	—			—			—			5,663
Net income from discontinued operations attributable to Tiptree Financial Inc. Class A common shares	—			—			—			17,685
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares - basic	$	5,845		$	(4,553	)	$	17,445		$	9,430
Effect of Dilutive Securities:
Securities of subsidiaries	(50		)	—			(148		)	—
Adjustments to income relating to exchangeable interests, net of tax	1,362			—			—			—
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares - diluted	$	7,157		$	(4,553	)	$	17,297		$	9,430
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - basic	29,143,470			33,848,463			32,845,124			32,597,774
Weighted average number of incremental shares of Tiptree Financial Inc. Class A common stock issuable from exchangeable interests	8,087,180			—			67,392			—
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - diluted	37,230,650			33,848,463			32,912,516			32,597,774
Basic:
Income (loss) from continuing operations	$	0.20		$	(0.13	)	$	0.53		$	(0.25	)
Income from discontinued operations	—			—			—			0.54
Net income (loss) available to Tiptree Financial Inc. Class A common shares	$	0.20		$	(0.13	)	$	0.53		$	0.29
Diluted:
Income (loss) from continuing operations	$	0.19		$	(0.13	)	$	0.53		$	(0.25	)
Income from discontinued operations	—			—			—			0.54
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares	$	0.19		$	(0.13	)	$	0.53		$	0.29

(1) For the three months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $1,933, comprised of $1,933 due to continuing operations and $0 attributable to discontinued operations. For the three months ended September 30, 2015, the total net income(loss) attributable to non-controlling interest was $(1,835), comprised of $(1,835) due to continuing operations and $0 attributable to discontinued operations.

For the nine months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $4,680, comprised of $4,680 due to continuing operations and $0 attributable to discontinued operations. For the nine months ended September 30, 2015, the total net income (loss) attributable to non-controlling interest was $1,957, comprised of $(3,706) due to continuing operations and $5,663 attributable to discontinued operations.

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Organization Organization Narrative (Details)		9 Months Ended
	Jan. 01, 2016	Sep. 30, 2016 shares	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Number of Reportable Segments		5
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			19.00%
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	81.00%
Common Stock - Class A
Schedule of Equity Method Investments [Line Items]
Partnership Units', Conversion Rate		2.798
Affiliated Entity [Member] | TFP [Member]
Schedule of Equity Method Investments [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	100.00%

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Summary of Significant Accounting Policies Reclassification Adjustments to Prior Period Cash Flow Statement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net increase in cash	$ (3,405)	$ 45,750
Net Cash Provided by (Used in) Operating Activities	(32,053)	4,710
Net Cash Provided by (Used in) Financing Activities	$ 281,835	200,329
Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Cash Provided by (Used in) Operating Activities		(2,000)
Net Cash Provided by (Used in) Financing Activities		2,000
PFG | Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Cash Provided by (Used in) Financing Activities		$ 28,400

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Acquisitions Business Acquisition Narrative (Details) $ in Thousands						3 Months Ended				9 Months Ended		12 Months Ended
	Jan. 20, 2016 USD ($) unit	Jul. 01, 2015 USD ($) shares	Mar. 30, 2015 USD ($) unit	Feb. 09, 2015 USD ($) unit	Jan. 01, 2015 USD ($) Rate	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2016 USD ($) unit	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Aug. 01, 2016 USD ($) unit	Apr. 13, 2016 USD ($) unit	Mar. 01, 2016 USD ($) unit
Business Acquisition [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners								19.00%				19.00%
Mortgage borrowing								$ 673,632		$ 782,407		$ 673,632
Number of Real Estate Properties | unit	1												1	5	1
2016 Acquisitions
Business Acquisition [Line Items]
Fair value of total consideration								125		84,605
Payments to Acquire Businesses, Gross	$ 4,778
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual										7,247
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual										$ (1,899)
Number of Real Estate Properties | unit										3
Real estate acquired, purchase accounting adjustment						$ 540
Depreciation adjustment, purchase accounting adjustment						(213)	$ (80)
Intangible Assets, Purchase Accounting Adjustments						$ (540)
Reliance
Business Acquisition [Line Items]
Fair value of total consideration		$ 24,441
Payments to Acquire Businesses, Gross		$ 10,281
Percentage of voting interest		100.00%
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual											$ 11,252
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual											551
Greenfield Holdings, LLC 3/30/2015
Business Acquisition [Line Items]
Fair value of total consideration			$ 54,536						$ 1,490
Number of Real Estate Properties | unit			6
2015 Acquisitions
Business Acquisition [Line Items]
Fair value of total consideration											108,228
Payments to Acquire Businesses, Gross											94,068
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual											8,378
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual											(2,577)
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned											11,960
Business Combination, Contingent Consideration, Liability											$ 2,200
Royal Senior Care Management
Business Acquisition [Line Items]
Fair value of total consideration				$ 29,251					$ 587
Payments to Acquire Businesses, Gross				$ 1,861
Number of Real Estate Properties | unit				5
Mortgages
Business Acquisition [Line Items]
Mortgage borrowing	$ 28,000							$ 76,818		$ 76,744		76,818	$ 20,600	$ 22,500	$ 11,218
Mortgages | 2016 Acquisitions
Business Acquisition [Line Items]
Mortgage borrowing										$ 59,817
Mortgages | Greenfield Holdings, LLC 3/30/2015
Business Acquisition [Line Items]
Mortgage borrowing			$ 39,500
Mortgages | Royal Senior Care Management
Business Acquisition [Line Items]
Mortgage borrowing				$ 19,943
ProtectCell | Noncontrolling interest
Business Acquisition [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | Rate					37.60%
Payments to Acquire Additional Interest in Subsidiaries					$ 3,000							$ 4,100
Common Stock - Class A | Reliance
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		1,625,000
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned		$ 11,960
Business Combination, Contingent Consideration, Liability		$ 2,200

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Acquisitions 2016 Acquisitions Table (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 69,400	$ 65,995	$ 98,737	$ 52,987
Real estate, net	203,961	280,831
Other assets	104,500	112,843
Liabilities
Deferred Revenue	(63,081)	(56,716)
Other Liabilities	(95,160)	(106,449)
Stockholders' Equity Attributable to Noncontrolling Interest	(84,854)	(94,569)
2016 Acquisitions
Business Acquisition [Line Items]
Fair value of total consideration	$ 125	84,605
Real estate | 2016 Acquisitions
Business Acquisition [Line Items]
Fair value of total consideration		84,605
Acquisition Costs		612
Assets
Cash and cash equivalents		184
Real estate, net		78,195
Intangible assets, net		6,430
Other assets		248
Liabilities
Deferred Revenue		(290)
Other Liabilities		(162)
Total identifiable net assets assumed		84,605
Parent | Real estate | 2016 Acquisitions
Business Acquisition [Line Items]
Fair value of total consideration		81,492
Noncontrolling interest | Real estate | 2016 Acquisitions
Business Acquisition [Line Items]
Fair value of total consideration		$ 3,113

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Acquisitions 2015 Acquisitions Table (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 98,737	$ 65,995	$ 69,400	$ 52,987
Restricted Cash and Cash Equivalents		22,093	18,778
Accounts and premiums receivable, net		44,700	57,056
Real estate, net		280,831	203,961
Goodwill		92,767	92,767
Other assets		112,843	104,500
Liabilities
Deferred revenue		56,716	63,081
Deferred tax liabilities, net		27,072	22,699
Other liabilities and accrued expenses		(106,449)	(95,160)
2015 Acquisitions
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	94,068
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	11,960
Business Combination, Contingent Consideration, Liability	2,200
Fair value of total consideration	108,228
Acquisition Costs	1,790
Assets
Cash and cash equivalents	13,934
Restricted Cash and Cash Equivalents	919
Loans Receivable Held-for-sale, Amount	59,308
Accounts and premiums receivable, net	2,369
Real estate, net	76,003
Goodwill	1,708
Intangible assets, net	10,240
Deferred Tax Assets, Net	150
Other assets	3,804
Liabilities
Business Combination, Fair Value of Debt Assumed	52,836
Deferred revenue	589
Other liabilities and accrued expenses	(6,782)
Specialty finance
Assets
Goodwill		2,913	2,913
Specialty finance | 2015 Acquisitions
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	10,281
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	11,960
Business Combination, Contingent Consideration, Liability	2,200
Fair value of total consideration	24,441
Acquisition Costs	223
Assets
Cash and cash equivalents	13,934
Restricted Cash and Cash Equivalents	919
Loans Receivable Held-for-sale, Amount	59,308
Accounts and premiums receivable, net	2,369
Goodwill	1,708
Intangible assets, net	1,440
Deferred Tax Assets, Net	150
Other assets	3,712
Liabilities
Business Combination, Fair Value of Debt Assumed	52,836
Other liabilities and accrued expenses	(6,263)
Total identifiable net assets assumed	24,441
Real estate
Assets
Goodwill		$ 0	$ 0
Real estate | 2015 Acquisitions
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	83,787
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

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Acquisitions Table of Finite Lived Intangibles Acquired (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Leases in place
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 8,800
2016 Acquisitions | Leases in place
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in Years)	1 year 7 months 4 days
2016 Acquisitions | Real estate | Leases in place
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 6,430
2015 Acquisitions
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in Years)		8 years 7 months 26 days
Gross Carrying Amount		$ 10,240
2015 Acquisitions | Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in Years)		10 years
Gross Carrying Amount		$ 800
2015 Acquisitions | Software
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in Years)		7 years
Gross Carrying Amount		$ 640
2015 Acquisitions | Leases in place
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in Years)		8 years 7 months 26 days
2015 Acquisitions | Specialty finance
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,440
2015 Acquisitions | Specialty finance | Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		800
2015 Acquisitions | Specialty finance | Software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		640
2015 Acquisitions | Real estate
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		8,800
2015 Acquisitions | Real estate | Leases in place
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 8,800

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Dispositions, Assets Held for Sale and Discontinued Operations Income Statement of Discontinued Operations(Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Net realized and unrealized (losses) gains	$ 7,902	$ (3,492)	$ 21,460	$ (3,128)
Interest income	6,782	5,853	20,632	12,180
Separate account fees	3,915	2,844	9,296	6,125
Administrative service fees	25,842	29,565	84,421	77,037
Other income	6,100	4,675	13,533	12,945
Total revenues	134,121	120,868	399,679	310,959
Expenses:
Payroll expense	38,767	30,156	102,175	73,926
Professional fees	7,114	5,521	21,816	13,820
Commission expense	24,032	30,891	91,906	71,346
Total expenses	126,603	121,225	382,157	318,512
Less: provision (benefit) for income taxes	$ 3,712	$ 2,829	$ 5,298	962
PFG
Revenues:
Net realized and unrealized (losses) gains				151
Interest income				2,215
Separate account fees				12,706
Administrative service fees				25,385
Other income				2
Total revenues				40,459
Expenses:
Interest expense				5,226
Payroll expense				9,086
Professional fees				770
Change in future policy benefits				2,077
Mortality Expenses				5,688
Commission expense				1,723
Depreciation and amortization				862
Other expenses				4,232
Total expenses				29,664
Less: provision (benefit) for income taxes				3,796
Income from discontinued operations, net				$ 6,999

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Dispositions, Assets Held for Sale and Discontinued Operations Table of Condensed Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities	$ 0	$ (6,198)
Investing Activities	0	11,866
Financing Activities	$ 0	(5,000)
PFG
Operating Activities		(6,198)
Investing Activities		11,866
Financing Activities		(5,000)
Net cash flows provided by discontinued operations		$ 668

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Operating Segment Data Table of Segment Results (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments				5
Total revenues		$ 134,121	$ 120,868	$ 399,679	$ 310,959
Total expenses		126,603	121,225	382,157	318,512
Net income (loss) attributable to consolidated CLOs		4,032	(3,202)	10,049	(3,446)
Pre-tax income (loss)		11,550	(3,559)	27,571	(10,999)
Less: Provision for income taxes		3,712	2,829	5,298	962
Income from discontinued operations, net		0	0	0	23,348
Net income (loss) before non-controlling interests		7,838	(6,388)	22,273	11,387
Net income (loss) available to common stockholders		5,905	(4,553)	17,593	9,430
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues		6,469	(12)	23,972	337
Total expenses		12,267	9,418	34,148	21,387	[1]
Net income (loss) attributable to consolidated CLOs		3,312	(3,854)	7,583	(6,939)
Pre-tax income (loss)		(2,486)	(13,284)	(2,593)	(27,989)
Insurance and insurance services | Operating Segments
Segment Reporting Information [Line Items]
Total revenues		79,106	87,991	256,208	238,891
Total expenses		71,081	77,868	231,108	218,442
Net income (loss) attributable to consolidated CLOs		0	0	0	0
Pre-tax income (loss)		8,025	10,123	25,100	20,449
Specialty finance | Operating Segments
Segment Reporting Information [Line Items]
Total revenues		29,013	19,348	67,790	33,583
Total expenses		24,832	18,097	62,280	31,329
Net income (loss) attributable to consolidated CLOs		0	0	0	0
Pre-tax income (loss)		4,181	1,251	5,510	2,254
Real estate | Operating Segments
Segment Reporting Information [Line Items]
Total revenues		15,695	11,560	44,204	33,334
Total expenses		16,168	14,172	49,691	42,096
Net income (loss) attributable to consolidated CLOs		0	0	0	0
Pre-tax income (loss)		(473)	(2,612)	(5,487)	(8,762)
Asset management | Operating Segments
Segment Reporting Information [Line Items]
Total revenues		3,838	1,981	7,505	4,814
Total expenses		2,255	1,670	4,930	5,258	[1]
Net income (loss) attributable to consolidated CLOs		720	652	2,466	3,493
Pre-tax income (loss)		2,303	963	5,041	3,049
Noncontrolling interest
Segment Reporting Information [Line Items]
Less: net (loss) income attributable to non-controlling interests		$ 1,933	$ (1,835)	$ 4,680	1,957
Restatement Adjustment | Asset management | Operating Segments
Segment Reporting Information [Line Items]
Total expenses	[1]				3,615
Restatement Adjustment | Reclassifications | Consolidation, Eliminations [Member]
Segment Reporting Information [Line Items]
Total expenses	[1]				$ (3,615)

[1] Bonus of $3,615 was reclassified from Corporate and other to Asset management to conform to the current period presentation.

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Operating Segment Data Table of Segment Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Segment Assets	$ 2,866,745	$ 2,494,970
Assets of consolidated CLOs	995,658	728,812
Operating Segments
Segment Reporting Information [Line Items]
Segment Assets	1,871,087	1,766,158
Operating Segments | Insurance and insurance services
Segment Reporting Information [Line Items]
Segment Assets	1,002,987	929,054
Operating Segments | Specialty finance
Segment Reporting Information [Line Items]
Segment Assets	305,010	208,201
Operating Segments | Real estate
Segment Reporting Information [Line Items]
Segment Assets	308,949	230,546
Operating Segments | Asset Management Segment [Member]
Segment Reporting Information [Line Items]
Segment Assets	3,819	1,820
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Segment Assets	$ 250,322	$ 396,537

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Securities, Available for Sale Table of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 134,856	$ 185,046
Gross unrealized gains	2,427	748
Gross unrealized losses	(88)	(1,091)
Fair value	137,195	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	7,652	53,274
Gross unrealized gains	152	83
Gross unrealized losses	(2)	(221)
Fair value	7,802	53,136
Obligations of states and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	56,979	51,942
Gross unrealized gains	1,140	466
Gross unrealized losses	(48)	(73)
Fair value	58,071	52,335
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	65,783	68,400
Gross unrealized gains	1,019	89
Gross unrealized losses	(36)	(651)
Fair value	66,766	67,838
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,459	1,525
Gross unrealized gains	54	4
Gross unrealized losses	0	0
Fair value	1,513	1,529
Certificates of deposit
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	893	893
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair value	893	893
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	817	6,081
Gross unrealized gains	25	106
Gross unrealized losses	(2)	(79)
Fair value	840	6,108
Obligations of foreign governments
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,273	2,931
Gross unrealized gains	37	0
Gross unrealized losses	0	(67)
Fair value	$ 1,310	$ 2,864

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Securities, Available for Sale Table of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Gross Unrealized Losses:
Fair Value, Less Than or Equal to One Year	$ 26,651	$ 26,651	$ 115,322
Gross Unrealized Losses, Less Than or Equal to One Year	$ (83)	$ (83)	$ (1,060)
Number of Securities, Less Than or Equal to One Year	212	212	519
Fair Value, More Than One Year	$ 138	$ 138	$ 667
Gross Unrealized Losses, More Than One Year	$ (5)	$ (5)	$ (31)
Number of Securities, More Than One Year	13	13	8
Other than temporary impairment loss	$ 0	$ 0
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	526	526	$ 35,588
Gross Unrealized Losses, Less Than or Equal to One Year	$ (1)	$ (1)	$ (221)
Number of Securities, Less Than or Equal to One Year	13	13	146
Fair Value, More Than One Year	$ 33	$ 33	$ 0
Gross Unrealized Losses, More Than One Year	$ (1)	$ (1)	$ 0
Number of Securities, More Than One Year	7	7	0
Obligations of states and political subdivisions
Gross Unrealized Losses:
Fair Value, Less Than or Equal to One Year	$ 14,962	$ 14,962	$ 18,500
Gross Unrealized Losses, Less Than or Equal to One Year	$ (48)	$ (48)	$ (59)
Number of Securities, Less Than or Equal to One Year	60	60	45
Fair Value, More Than One Year	$ 0	$ 0	$ 400
Gross Unrealized Losses, More Than One Year	$ 0	$ 0	$ (14)
Number of Securities, More Than One Year	0	0	2
Corporate securities
Gross Unrealized Losses:
Fair Value, Less Than or Equal to One Year	$ 11,163	$ 11,163	$ 56,373
Gross Unrealized Losses, Less Than or Equal to One Year	$ (34)	$ (34)	$ (634)
Number of Securities, Less Than or Equal to One Year	139	139	302
Fair Value, More Than One Year	$ 86	$ 86	$ 267
Gross Unrealized Losses, More Than One Year	$ (2)	$ (2)	$ (17)
Number of Securities, More Than One Year	4	4	6
Equity securities
Gross Unrealized Losses:
Fair Value, Less Than or Equal to One Year	$ 0	$ 0	$ 1,998
Gross Unrealized Losses, Less Than or Equal to One Year	$ 0	$ 0	$ (79)
Number of Securities, Less Than or Equal to One Year	0	0	8
Fair Value, More Than One Year	$ 19	$ 19	$ 0
Gross Unrealized Losses, More Than One Year	$ (2)	$ (2)	$ 0
Number of Securities, More Than One Year	2	2	0
Obligations of foreign governments
Gross Unrealized Losses:
Fair Value, Less Than or Equal to One Year			$ 2,863
Gross Unrealized Losses, Less Than or Equal to One Year			$ (67)
Number of Securities, Less Than or Equal to One Year			18
Fair Value, More Than One Year			$ 0
Gross Unrealized Losses, More Than One Year			$ 0
Number of Securities, More Than One Year			0

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Securities, Available for Sale Table of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Amortized Cost
Due in one year or less	$ 18,247	$ 20,347
Due after one year through five years	64,291	76,967
Due after five years through ten years	45,947	56,133
Due after ten years	4,095	23,993
Asset backed securities	1,459	1,525
Amortized cost	134,039	178,965
Fair Value
Due in one year or less	18,240	20,319
Due after one year through five years	64,959	76,578
Due after five years through ten years	47,449	56,240
Due after ten years	4,194	23,929
Asset backed securities	1,513	1,529
Fair Value	$ 136,355	$ 178,595

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Securities, Available for Sale Table of Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Purchases of available for sale securities	$ 12,799	$ 33,324	$ 22,477	$ 61,697
Proceeds from maturities, calls and prepayments of available for sale securities	4,483	12,187	26,086	28,592
Gains (losses) realized on maturities, calls and prepayments of available for sale securities	(14)	(56)	83	(60)
Gross proceeds from sales of available for sale securities	35,069	9,105	45,928	10,838
Gains (losses) realized on sales of available for sale securities	$ 974	$ 0	$ 1,016	$ 4

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Investment in Loans Table of the Company's Loan Portfolio Measured at Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Fair Value Disclosure	$ 371,934	$ 394,395
Mortgage loans held for sale	166,503	120,836
Non-performing and re-performing residential mortgage loans	52,024	38,289
Other loans receivable	1,410	1,409
Asset backed loans and other loans, net	97,633	52,994
Less: Allowance for loan losses	937	463
Loans owned	96,696	52,531
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums [Abstract]
Net deferred loan origination fees included in total loans, net	3,854	3,520
Telos Asset Management LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Fair Value Disclosure	$ 151,997	$ 233,861

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Investment in Loans Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Fair Value Disclosure	$ 371,934	$ 394,395
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	(25,544)
Loans Pledged as Collateral	159,645	112,743
Mortgage loans held for sale, unpaid principal	160,527
Fair value adjustment	5,976
Financing Receivable, Recorded Investment, Past Due	142	142
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	66	82
Non-performing and re-performing residential mortgage loans	52,024	38,289
Mortgage Loans in Process of Foreclosure, Face Amount	77,568
Real Estate Acquired Through Foreclosure	10,233	2,197
Asset backed loans and other loans, net	97,633	52,994
Telos Asset Management LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Fair Value Disclosure	151,997	233,861
Loans Receivable, Unpaid Principal Balance	154,492
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	(2,495)
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, net	95,996	$ 51,831
Valuation Allowances and Reserves, Charged to Cost and Expense	0
Asset-backed investment | Siena Capital Finance LLC | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset backed loans and other loans, net	1,000
Asset-backed investment | Siena Capital Finance LLC | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset backed loans and other loans, net	$ 25,000

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Fair Value of Financial Instruments Table of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 37,661	$ 44,806
Total trading assets	64,148	40,060
Investments in available for sale securities	137,195	184,703
Mortgage loans held for sale	166,503	120,836
Loans Receivable, Fair Value Disclosure	371,934	394,395
Debt Instrument, Fair Value Disclosure	780,671	671,648
Liability Derivatives	22,181	30,128
Investment liabilities, at fair value	3,970	22,152
Significant unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	57,584	49,998
Total liabilities	1,859	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	46,354	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	576,425	528,367
Total liabilities	3,971	22,152
Recurring | Significant unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	885,320	760,836
Total liabilities	929,841	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	44,669	3,786
Asset Derivatives	0	0
Total trading assets	44,669	3,786
Investments in available for sale securities	1,685	6,953
Mortgage loans held for sale	0	0
Loans Receivable, Fair Value Disclosure	0	0
Total assets	46,354	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
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 | Privately held equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading assets	44,669	3,786
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | 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 | 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 | Forward Delivery Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives		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	792	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	893	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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	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 Receivable, Fair Value Disclosure	0	0
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Other Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	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	12,259	12,124
Total trading assets	12,259	13,856
Investments in available for sale securities	135,462	177,702
Mortgage loans held for sale	166,503	120,836
Loans Receivable, Fair Value Disclosure	187,579	176,917
Total assets	335,300	368,475
Liability Derivatives	3,971	2,473
Investment liabilities, at fair value	3,971	22,152
Trading Liabilities and Payables, Fair Value Disclosure		22,152
Total liabilities	3,971
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	0
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	3,116	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		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	855	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 | 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 | 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 | 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 | Forward Delivery Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives		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	12,106	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	7,802	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	58,071	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	1,310	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	1,513	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	66,766	67,838
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	20,950	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 Receivable, Fair Value Disclosure	0	0
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Other Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	126	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	1,660	19,023
Asset Derivatives	5,560	3,395
Total trading assets	7,220	22,418
Investments in available for sale securities	48	48
Mortgage loans held for sale	0	0
Loans Receivable, Fair Value Disclosure	184,355	217,478
Total assets	191,623	239,944
Liability Derivatives	0	0
Investment liabilities, at fair value	0	0
Trading Liabilities and Payables, Fair Value Disclosure		2,498
Debt	1,284	1,562
Total liabilities	1,859
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		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	575	936
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	0	8,941
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading assets	1,660	1,768
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 | Forward Delivery Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives		11
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	5,560	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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	131,047	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 Receivable, Fair Value Disclosure	52,024	38,289
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Other Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	1,284	1,284
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
Primary beneficiary | Recurring | Quoted prices in active markets Level 1 | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	0	0
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 Receivable, Fair Value Disclosure	0	0
Primary beneficiary | Recurring | Other significant observable inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	241,125	159,892
Total liabilities	0	0
Primary beneficiary | Recurring | Other significant observable inputs Level 2 | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	0	0
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 Receivable, Fair Value Disclosure	241,125	159,892
Primary beneficiary | Recurring | Significant unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	693,697	520,892
Total liabilities	927,982	683,827
Primary beneficiary | Recurring | Significant unobservable inputs Level 3 | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	927,982	683,827
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 Receivable, Fair Value Disclosure	693,697	520,892
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	26,353	20,250
Debt Instrument, Fair Value Disclosure	785,091	672,096
Total liabilities	785,091	672,096
Fair Value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,508,099	1,299,942
Total liabilities	933,812	708,477
Fair Value | Non-Collateralized Loans Obligations | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading assets	46,329	24,541
Asset Derivatives	17,819	15,519
Total trading assets	64,148	40,060
Investments in available for sale securities	137,195	184,703
Mortgage loans held for sale	166,503	120,836
Loans Receivable, Fair Value Disclosure	371,934	394,395
Total assets	573,277	619,158
Liability Derivatives	3,971	2,473
Investment liabilities, at fair value	3,971	22,152
Trading Liabilities and Payables, Fair Value Disclosure		24,650
Debt	1,284	1,562
Total liabilities	5,830
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	0
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	3,116	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		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	855	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	575
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	44,669	12,727
Fair Value | Non-Collateralized Loans Obligations | Recurring | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading assets	1,660	1,768
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 | Forward Delivery Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives		11
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	5,560	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	12,106	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	840	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	7,802	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	58,071	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	1,310	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	893	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	1,513	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	66,766	67,838
Fair Value | Non-Collateralized Loans Obligations | Recurring | Corporate Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	151,997	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 Receivable, Fair Value Disclosure	52,024	38,289
Fair Value | Non-Collateralized Loans Obligations | Recurring | Other Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	1,410	1,409
Fair Value | Primary beneficiary | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	934,822	680,784
Total liabilities	927,982	683,827
Fair Value | Primary beneficiary | Recurring | CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	927,982	683,827
Fair Value | Primary beneficiary | Recurring | Investment in Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	934,822	680,784
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	153	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	$ 153	$ 179

XML

Fair Value of Financial Instruments Table of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2016	Sep. 30, 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		$ 2,123	$ 162
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)		17,185	11,469
Net unrealized gains/(losses)		7,623	677
Purchases		38,053	37,234
Sales		(55,786)	(1,437)
Issuances		1,400	2
Transfers into Level 3	[1]	86,170	71,547
Transfer adjustments (out of) Level 3	[1]	(28,572)	(12,354)
Balance at end of period		191,623	117,898
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			141,292
Sales			(3,967,798)
Attributable to policyowner			55,048
Balance at end of period			0
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		10,372	(1,020)
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)		534	698
Net unrealized gains/(losses)		15,067	(4,306)
Purchases		77,373	13,625
Sales		(78,206)	(63,214)
Issuances		1,436	550
Transfers into Level 3	[1]	118,718	136,806
Transfer adjustments (out of) Level 3	[1]	(66,215)	(152,636)
Balance at end of period		693,697	179,923
Other real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer adjustments (out of) Level 3		(10,296)	(817)
CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer adjustments (out of) Level 3		(104,098)
CLOs | Primary beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers into Level 3		$ 104,098
Assets of Consolidated CLOs | Primary beneficiary
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Adoption of ASU 2015-02			$ (328,411)

[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 of Financial Instruments Table of Level 3 Rollforward, Liabilities Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	$ (262)	$ 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)	(262)
Issuances	0
Dispositions	(377)
Balance at end of period	1,859	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	23,169	7,248
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)	23,169	19,681
Purchases		0
Sales		0
Issuances	(222,303)	41,272
Dispositions	(1,317)	(31,155)
Balance at end of period	$ 927,982	699,548
Liabilities of Consolidated CLOs | Primary beneficiary
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Adoption of ASU 2015-02		$ (1,032,913)

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Fair Value of Financial Instruments Schedule of Significant Observable Inputs used in the Valuation Level 3 Assets(Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Asset Derivatives		$ 37,661	$ 44,806
Loans Receivable, Fair Value Disclosure		371,934	394,395
Significant unobservable inputs Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total		57,584	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 Assumptions and Methodology for Assets and Liabilities [Abstract]
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 Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Assumptions, Yield To Maturity			6.50%
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal Model [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Asset Derivatives	[1]	$ 5,560	$ 3,384
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal Model [Member] | Minimum
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Assumptions, Pull Through Rate		45.00%	55.00%
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal Model [Member] | Maximum
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Assumptions, Pull Through Rate		95.00%	95.00%
Significant unobservable inputs Level 3 | Forward Delivery Contracts | Internal Model [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Asset Derivatives	[1]	$ 0	$ 11
Significant unobservable inputs Level 3 | Forward Delivery Contracts | Internal Model [Member] | Minimum
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Assumptions, Pull Through Rate			80.00%
Significant unobservable inputs Level 3 | Forward Delivery Contracts | Internal Model [Member] | Maximum
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Assumptions, Pull Through Rate			100.00%
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]	$ 52,024	$ 38,289

[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] 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.

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Fair Value of Financial Instruments Table of Significant Observable Inputs used in the Valuation of Nonperforming Loans (Details) - Nonperforming Financial Instruments - Investment in Loans - Significant unobservable inputs Level 3 - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		30.00%	30.00%
Loan resolution time-line (Years)		2 years 1 month 24 days	2 years 8 months 12 days
Value of underlying properties		$ 1,250	$ 1,375
Holding costs		18.80%	24.60%
Liquidation costs		25.00%	21.80%
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		16.00%	15.10%
Loan resolution time-line (Years)		5 months 12 days	7 months 6 days
Value of underlying properties		$ 32	$ 40
Holding costs		5.20%	5.50%
Liquidation costs		8.20%	7.50%
Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	[1]	22.50%	22.00%
Loan resolution time-line (Years)	[1]	1 year 29 days	1 year 2 months 12 days
Value of underlying properties	[1]	$ 220	$ 224
Holding costs	[1]	9.50%	9.60%
Liquidation costs	[1]	10.60%	10.50%

[1] Weighted based on value of underlying properties.

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Fair Value of Financial Instruments Table of Significant Observable Inputs used in the Valuation of Level 3 Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Total liabilities	$ 1,859	$ 2,498
Preferred Notes Payable | Internal Model [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Preferred notes payable	$ 1,284	$ 1,562
Preferred Notes Payable | Weighted Average | Internal Model [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Discount rate	13.96%	12.00%
Reliance | Other Liabilities | Internal Model [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Contingent consideration payable	$ 523	$ 900
Reliance | Other Liabilities | Weighted Average | Internal Model [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Inputs, Book Value Growth Rate	5.00%	5.00%
Reliance | Other Liabilities | Minimum | Internal Model [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Inputs, Earnings Before Interest, Taxes, Depreciation and Amortization	$ 1,369	$ 1,326
Fair Value Inputs, Asset Volatility	1.10%	2.40%
Reliance | Other Liabilities | Maximum | Internal Model [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Inputs, Earnings Before Interest, Taxes, Depreciation and Amortization	$ 3,812	$ 3,517
Fair Value Inputs, Asset Volatility	21.40%	20.10%
Luxury Mortgage Corp | Other Liabilities | Internal Model [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Contingent consideration payable	$ 52	$ 36
Luxury Mortgage Corp | Other Liabilities | Minimum | Internal Model [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Inputs, Projected Cash Available for Distributions	854	828
Luxury Mortgage Corp | Other Liabilities | Maximum | Internal Model [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Fair Value Inputs, Projected Cash Available for Distributions	$ 1,281	$ 1,281

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Fair Value of Financial Instruments Table of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets, Fair Value Disclosure [Abstract]
Notes receivable, net	$ 27,665	$ 21,696
Liabilities, Fair Value Disclosure [Abstract]
Debt, net	780,671	671,648
Fair Value
Assets, Fair Value Disclosure [Abstract]
Notes receivable, net	26,353	20,250
Total assets	26,353	20,250
Liabilities, Fair Value Disclosure [Abstract]
Debt, net	785,091	672,096
Total liabilities	785,091	672,096
Carrying value
Assets, Fair Value Disclosure [Abstract]
Notes receivable, net		21,696
Total assets	27,665	21,696
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities	$ 780,671	$ 671,648

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Notes and Accounts Receivable, net Table of Notes and Accounts Receivable, net (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Notes receivable, net	$ 27,665	$ 21,696
Accounts and premiums receivable, net	44,700	57,056
Other Receivables	91,531	62,247
Total	$ 163,896	$ 140,999

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Notes and Accounts Receivable, net Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 27,665	$ 21,696
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost Basis of Notes Issued to Affiliates	3,862	3,807
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%
Fortegra Financial Corporation | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	23,803	17,889
Valuation Allowances and Reserves, Balance	1,509	885
Fortegra Financial Corporation | Accounts and premiums receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation Allowances and Reserves, Balance	213	165
Fortegra Financial Corporation | Consumer Financing, Premium Financing Program | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	19,262	12,216
Fortegra Financial Corporation | Consumer Financing, Pay Us Later Program | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	529
Fortegra Financial Corporation | Consumer Other Financing Receivable | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	4,012	4,191
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	$ 1,900	$ 1,553

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Reinsurance Receivables Table of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Premiums Earned, Net [Abstract]
Net	$ 47,609	$ 43,884	$ 138,516	$ 120,944
Fortegra Financial Corporation
Premiums Written, Net [Abstract]
Direct and assumed	181,411	190,747	540,247	502,118
Ceded	(125,399)	(137,242)	(387,871)	(370,415)
Net	56,012	53,505	152,376	131,703
Premiums Earned, Net [Abstract]
Direct and assumed	174,297	155,481	517,313	433,117
Ceded	(126,688)	(111,597)	(378,797)	(312,173)
Net	$ 47,609	$ 43,884	$ 138,516	$ 120,944

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Reinsurance Receivables Table of Losses and LAE Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Effects of Reinsurance [Line Items]
Net losses and LAE incurred	$ 19,914	$ 14,948	$ 55,102	$ 40,324
Fortegra Financial Corporation
Effects of Reinsurance [Line Items]
Direct and assumed	76,894	46,872	208,804	126,914
Ceded	(56,980)	(31,924)	(153,702)	(86,590)
Net losses and LAE incurred	$ 19,914	$ 14,948	$ 55,102	$ 40,324

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Reinsurance Receivables Table of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Effects of Reinsurance [Line Items]
Reinsurance receivables		$ 381,163	$ 352,926
Fortegra Financial Corporation
Effects of Reinsurance [Line Items]
Prepaid reinsurance premiums:		304,487	296,512
Reinsurance receivables		381,163	352,926
Fortegra Financial Corporation | Life
Effects of Reinsurance [Line Items]
Prepaid reinsurance premiums:	[1]	63,948	61,919
Ceded claim reserves:		2,899	2,664
Fortegra Financial Corporation | Accident and health
Effects of Reinsurance [Line Items]
Prepaid reinsurance premiums:	[1]	53,880	54,357
Ceded claim reserves:		9,987	8,889
Fortegra Financial Corporation | Property
Effects of Reinsurance [Line Items]
Prepaid reinsurance premiums:		186,659	180,236
Ceded claim reserves:		47,476	30,911
Fortegra Financial Corporation | Total ceded claim reserves recoverable
Effects of Reinsurance [Line Items]
Ceded claim reserves:		60,362	42,464
Fortegra Financial Corporation | Other reinsurance settlements recoverable
Effects of Reinsurance [Line Items]
Other reinsurance settlements recoverable		$ 16,314	$ 13,950

[1] Including policyholder account balances ceded.

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Reinsurance Receivables Table of Reinsurance Concentration of Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Total of the three largest receivable balances from unrelated reinsurers	$ 381,163	$ 352,926
Customer Concentration Risk
Concentration Risk [Line Items]
Total of the three largest receivable balances from unrelated reinsurers	$ 167,472

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Real Estate, Net Table of Investment in Real Estate (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Land		$ 28,189	$ 22,078
Buildings		268,183	192,232
Accumulated Depreciation		(15,541)	(10,349)
Total		280,831	203,961
Triple Net Leases
Real Estate Properties [Line Items]
Land		12,173	12,173
Buildings		77,891	77,161
Accumulated Depreciation		(5,916)	(4,118)
Total		84,148	85,216
Managed Properties
Real Estate Properties [Line Items]
Land		16,016	9,905
Buildings		189,122	113,396
Accumulated Depreciation		(9,625)	(5,842)
Total		195,513	117,459
Other real estate
Real Estate Properties [Line Items]
Land		0	0
Buildings	[1]	1,170	1,675
Accumulated Depreciation	[1]	0	(389)
Total	[1]	$ 1,170	$ 1,286

[1] Represents a single family residential property located in Connecticut that is being rented through the Company's subsidiary, Luxury. As of September 30, 2016, this property has been classified as held for sale and is carried at fair value less cost to sell.

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Real Estate, Net Table of Future Minimum Rental Revenues (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remainder of 2016	$ 1,801
2017	7,232
2018	7,335
2019	7,441
2020	7,550
Thereafter	37,833
Total	$ 69,192

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Real Estate, Net Narrative-Rental Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Leases [Abstract]
Operating Leases, Income Statement, Lease Revenue	$ 12,685	$ 9,459	$ 35,231	$ 27,179

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Goodwill and Intangible Assets, Net Table of Identifiable Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Schedule of Intangible Assets, Net [Line Items]
Intangible Assets, Net		$ 85,524	$ 93,340
Goodwill		92,767	92,767
Total		178,291	186,107
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		(3,553)	(1,200)
Trade Names
Schedule of Intangible Assets, Net [Line Items]
Finite-Lived Intangible Assets, Gross		7,300	7,300
Accumulated amortization		(1,406)	(811)
Software licensing
Schedule of Intangible Assets, Net [Line Items]
Finite-Lived Intangible Assets, Gross		9,140	9,140
Accumulated amortization		(3,231)	(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		(33,455)	(28,510)
Leases in place
Schedule of Intangible Assets, Net [Line Items]
Finite-Lived Intangible Assets, Gross		29,834	23,404
Accumulated amortization		(19,105)	(14,095)
Insurance and insurance services
Schedule of Intangible Assets, Net [Line Items]
Intangible Assets, Net		73,569	82,677
Goodwill		89,854	89,854
Total		163,423	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		(3,553)	(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		(1,306)	(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		(3,117)	(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		(33,455)	(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		10,729	9,309
Goodwill		0	0
Total		10,729	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		29,834	23,404
Accumulated amortization		(19,105)	(14,095)
Specialty finance
Schedule of Intangible Assets, Net [Line Items]
Intangible Assets, Net		1,226	1,354
Goodwill		2,913	2,913
Total		4,139	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		(100)	(40)
Specialty finance | Software licensing
Schedule of Intangible Assets, Net [Line Items]
Finite-Lived Intangible Assets, Gross		640	640
Accumulated amortization		(114)	(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

[1] Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets.

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Goodwill and Intangible Assets, Net Amoritzation Expense on Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 3,702	$ 7,922	$ 14,246	$ 31,319
Impairment of goodwill	$ 0		$ 0
Luxury Mortgage Corp
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill					$ 699

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Goodwill and Intangible Assets, Net Table of Future Amortization Expense on Intangibles (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	$ 3,637
2017	14,704
2018	11,023
2019	8,518
2020	5,942
2021 and thereafter	28,700
Total	72,524
Insurance and insurance services
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	1,664
2017	9,865
2018	9,077
2019	7,509
2020	5,027
2021 and thereafter	24,382
Total	57,524
Real estate
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	1,202
2017	3,418
2018	1,310
2019	621
2020	621
2021 and thereafter	3,557
Total	10,729
Specialty finance
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	43
2017	171
2018	171
2019	171
2020	171
2021 and thereafter	499
Total	1,226
Insurance policies and contracts acquired | Insurance and insurance services
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	728
2017	1,250
2018	465
2019	217
2020	123
2021 and thereafter	262
Total	$ 3,045

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Other Assets Table of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Trading assets, at fair value	$ 64,148	$ 64,148	$ 40,060
Foreclosed residential real estate property	10,233	10,233	2,197
Due from brokers and trustees	0	0	29,052
Furnitures, fixtures and equipment, net	6,059	6,059	7,024
Inventory	2,217	2,217	2,449
Prepaids	5,960	5,960	2,690
Income tax receivable	9,310	9,310	5,810
Other	14,916	14,916	15,218
Total other assets	112,843	112,843	$ 104,500
Trading Securities, Change in Unrealized Holding Gain (Loss) [Abstract]
Trading Securities, Unrealized Holding Gain on Trading Assets Still Held At Period End	$ 2,730	$ 8,788

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Derivative Financial Instruments and Hedging Derivative Narrative (Details) - Credit Default Swap $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($) Rate
Derivative [Line Items]
Derivative, percent cash collateral required | Rate	2.25%
Collateral already posted, aggregate fair value | $	$ 6,750

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Derivative Financial Instruments and Hedging Derivative Table - Gross notional and fair value amounts of derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional Values	$ 1,303,185	$ 1,022,925
Asset Derivatives	37,661	44,806
Liability Derivatives	22,181	30,128
Credit Risk Contract
Derivative [Line Items]
Notional Values	595,785	598,141
Asset Derivatives	31,948	41,232
Liability Derivatives	18,210	27,655
Foreign currency forward contracts
Derivative [Line Items]
Notional Values	992	683
Liability Derivatives	0	5
Interest Risk, Interest Rate Lock Commitments
Derivative [Line Items]
Notional Values	225,374	156,309
Asset Derivatives	5,560	3,384
Interest Risk, Forward Delivery Contracts
Derivative [Line Items]
Notional Values	82,696	52,054
Asset Derivatives		11
Liability Derivatives	16	8
Interest Risk, TBA Mortgage Backed Securities
Derivative [Line Items]
Notional Values	270,750	136,750
Asset Derivatives	153	179
Liability Derivatives	839	150
Interest Risk, Interest Rate Swaps
Derivative [Line Items]
Notional Values	127,588	78,988
Liability Derivatives	3,116	2,310
Interest Rate Risk
Derivative [Line Items]
Notional Values	706,408	424,101
Asset Derivatives	5,713	3,574
Liability Derivatives	3,971	2,468
Credit Default Swap, Selling Protection | Credit Risk Contract
Derivative [Line Items]
Notional Values	297,612	297,612
Asset Derivatives	31,948	41,126
Credit Default Swap, Buying Protection | Credit Risk Contract
Derivative [Line Items]
Notional Values	298,173	300,529
Asset Derivatives		106
Liability Derivatives	$ 18,210	$ 27,655

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Derivative Financial Instruments and Hedging Table of Derivatives subject to netting agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative assets	$ 37,661	$ 44,806
Credit Default Swap, Selling Protection | Credit Default Swap
Derivative [Line Items]
Gross assets recognized	31,948	41,126
Credit Default Swap, Buying Protection | Credit Default Swap
Derivative [Line Items]
Gross assets recognized	18,210	27,549
Credit Index Product | Credit Default Swap
Derivative [Line Items]
Gross assets recognized	13,738	13,577
Collateral payable	(1,632)	(1,632)
Derivative assets	$ 12,106	$ 11,945

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Derivative Financial Instruments and Hedging Table of derivatives designated as cash flow hedging instrument (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 1,303,185	$ 1,022,925
Description of Location of Gain (Loss) on Interest Rate Cash Flow Hedge Derivative in Financial Statements	AOCI
Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional Values	$ 127,588	35,000
Interest Rate Cash Flow Hedge Liability at Fair Value	3,116	1,283
Cash Flow Hedges Derivative Instruments at Fair Value, Net	$ (272)	$ 111
Derivative, Variable Interest Rate		0.51%
Derivative, Fixed Interest Rate		3.47%
Fortegra Financial Corporation | Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Number of Instruments Held	1
Care Investment Trust LLC | Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Number of Instruments Held	8
Minimum | Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Variable Interest Rate	0.52%
Derivative, Fixed Interest Rate	1.31%
Maximum | Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Variable Interest Rate	0.85%
Derivative, Fixed Interest Rate	4.99%
Other Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Interest Rate Cash Flow Hedge Derivative in Financial Statements	Other liabilities and accrued expenses

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Derivative Financial Instruments and Hedging Table of Pretax Impact of Cash Flow Hedging Derivative Instruments on the Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Gain (loss) recognized in AOCI on the derivative-effective portion	$ 156	$ (167)	$ (515)	$ (456)
(Gain) loss reclassified from AOCI into income-effective portion	(172)	(284)	56	(848)
Interest Rate Swap | Cash Flow Hedging
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Gain (loss) recognized in AOCI on the derivative-effective portion	156	(167)	(515)	(456)
Interest Rate Swap | Cash Flow Hedging | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
(Gain) loss reclassified from AOCI into income-effective portion	172	284	(56)	848
Gain (loss) recognized in income on the derivative-ineffective portion	$ 48	$ 0	$ (3)	$ 0

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Derivative Financial Instruments and Hedging Table of Amount to be Reclassified from AOCI during the next 12 months (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated loss to be reclassified to earnings from AOCI during the next 12 months	$ (345)

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Assets and Liabilites of Consolidated CLOs Schedule of Assets and Liabilities of the Consolidated CLOs (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents		$ 65,995	$ 69,400	$ 98,737	$ 52,987
Other assets		112,843	104,500
Total assets of consolidated CLOs		995,658	728,812
Liabilities:
Other liabilities and accrued expenses		106,449	95,160
Total liabilities of consolidated CLOs		943,218	698,316
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables		25,544
Telos Asset Management LLC
Liabilities:
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables		2,495
Telos Asset Management LLC | Primary beneficiary
Assets:
Cash and cash equivalents		49,031	38,716
Loans, at fair value (1)	[1]	934,822	680,784
Other assets		11,805	9,312
Total assets of consolidated CLOs		995,658	728,812
Liabilities:
Debt		927,982	683,827
Other liabilities and accrued expenses		15,236	14,489
Total liabilities of consolidated CLOs		943,218	698,316
Assets, Net		52,440	30,496
Loans Receivable Held-for-sale, Unpaid Principal Balance		970,916	727,357
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables		$ (36,094)	$ (46,573)

[1] (1) The unpaid principal balance for these loans is $970,916 and $727,357 and the difference between their fair value and UPB is $36,094 and $46,573 at September 30, 2016 and December 31, 2015 respectively.

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Assets and Liabilites of Consolidated CLOs Table of Beneficial Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Accrued management fees	$ 56,716	$ 63,081
Telos Asset Management LLC | Primary beneficiary
Variable Interest Entity [Line Items]
Subordinated notes	51,742	29,857
Accrued management fees	698	639
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net	$ 52,440	$ 30,496

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Assets and Liabilites of Consolidated CLOs Table of Revenues and Expenses of CLO's (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income:
Interest income	$ 6,782	$ 5,853	$ 20,632	$ 12,180
Total revenue	12,556	3,092	34,713	20,685
Expenses:
Interest expense	7,839	6,329	20,770	17,652
Other expenses	16,285	15,391	50,524	39,464
Total expense	8,524	6,294	24,664	24,131
Net income (loss) attributable to consolidated CLOs	4,032	(3,202)	10,049	(3,446)
Telos Asset Management LLC | Primary beneficiary
Income:
Net realized and unrealized gains (losses)	(1,422)	(7,129)	(2,913)	(20,241)
Interest income	13,978	10,221	37,626	40,926
Total revenue	12,556	3,092	34,713	20,685
Expenses:
Interest expense	8,267	6,022	22,667	23,094
Other expenses	257	272	1,997	1,037
Total expense	8,524	6,294	24,664	24,131
Net income (loss) attributable to consolidated CLOs	$ 4,032	$ (3,202)	$ 10,049	$ (3,446)

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Assets and Liabilites of Consolidated CLOs Table of Economic Interests in the CLOs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Variable Interest Entity [Line Items]
Net income (loss) attributable to consolidated CLOs	$ 4,032	$ (3,202)	$ 10,049	$ (3,446)
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	3,289	(3,855)	7,880	(6,938)
Management fee income	743	653	2,169	3,492
Net income (loss) attributable to consolidated CLOs	$ 4,032	$ (3,202)	$ 10,049	$ (3,446)

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Debt, net Table of Debt (Details) - USD ($) $ in Thousands						9 Months Ended
		Sep. 23, 2016	Aug. 01, 2016	Mar. 01, 2016	Jan. 20, 2016	Sep. 30, 2016		Sep. 12, 2016	Jul. 29, 2016	Apr. 13, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage borrowing						$ 782,407					$ 673,632
Debt Instrument, Unamortized Discount						(452)					(422)
Deferred Financing Costs, Net						(7,860)					(6,258)
Debt, net						774,095					666,952
Secured Debt
Debt Instrument [Line Items]
Long-term Line of Credit						169,850					137,000
Debt instrument, maximum borrowing capacity						$ 199,000
Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis						1-month LIBOR
Asset-based revolving facility
Debt Instrument [Line Items]
Long-term Line of Credit		$ 12,159				$ 184,494	[1],[2]				$ 99,395	[1],[2]
Debt instrument, maximum borrowing capacity						$ 330,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 40,000						$ 75,000	$ 100,000
Long-term Debt, Weighted Average Interest Rate						3.31%					2.76%
Asset-based revolving facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		1 month LIBOR				LIBOR
Debt Instrument, Basis Spread on Variable Rate		5.75%
Line of Credit
Debt Instrument [Line Items]
Warehouse Agreement Borrowings	[3]					$ 154,503					$ 229,794
Debt instrument, maximum borrowing capacity						$ 175,500
Long-term Debt, Weighted Average Interest Rate						3.31%					2.68%
Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis						LIBOR
Mortgages
Debt Instrument [Line Items]
Mortgage borrowing			$ 20,600	$ 11,218	$ 28,000	$ 76,744				$ 22,500	$ 76,818
Debt instrument, maximum borrowing capacity						77,050
Mortgages | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Mortgage borrowing						151,328					89,846
Debt instrument, maximum borrowing capacity						$ 152,414
Debt Instrument, Description of Variable Rate Basis			LIBOR	30-day LIBOR	30-day LIBOR	LIBOR
Debt Instrument, Basis Spread on Variable Rate			2.05%	2.75%	2.05%
Mortgages | Prime Rate [Member]
Debt Instrument [Line Items]
Mortgage borrowing						$ 704					717
Debt instrument, maximum borrowing capacity						$ 750
Debt Instrument, Description of Variable Rate Basis						Prime Rate
Subordinated Debt
Debt Instrument [Line Items]
Subordinated notes						$ 8,500					3,500
Debt instrument, maximum borrowing capacity						$ 20,000
Debt Instrument, Interest Rate, Stated Percentage						12.50%
Preferred trust securities
Debt Instrument [Line Items]
Preferred trust securities						$ 35,000					35,000
Debt instrument, maximum borrowing capacity						$ 35,000
Preferred trust securities | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis						3-Month LIBOR
Preferred Notes Payable
Debt Instrument [Line Items]
Preferred notes payable						$ 1,284					$ 1,562
Debt Instrument, Interest Rate, Stated Percentage						12.00%
Minimum | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.00%
Minimum | Asset-based revolving facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.40%				2.25%	[1],[2]
Minimum | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[3]					2.63%
Minimum | Mortgages
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						4.00%
Minimum | Mortgages | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.05%
Maximum | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						6.50%
Maximum | Asset-based revolving facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[1],[2]					5.75%
Maximum | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[3]					3.00%
Maximum | Mortgages
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						4.76%
Maximum | Mortgages | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.25%
Maximum | Mortgages | Prime Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.00%
Maximum | Preferred trust securities
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						4.10%
Luxury Mortgage Corp | Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 90,500
Luxury Mortgage Corp | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis						LIBOR
Debt Instrument, Basis Spread on Variable Rate						2.75%
Luxury Mortgage Corp | Minimum | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.00%

[1] Asset based revolving financing is generally recourse only to specific assets and related cash flows.

[2] The weighted average coupon rate for asset based revolving financing was 3.31% and 2.76% at September 30, 2016 and December 31, 2015, respectively.

[3] The weighted average coupon rate for warehouse borrowings was 3.31% and 2.68% at September 30, 2016 and December 31, 2015, respectively. Includes debt having a maximum borrowing capacity of $90,500 with a stated interest rate of LIBOR +2.75% and a floor of 3.00%.

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Debt, net Table of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Interest expense	$ 7,769	$ 6,097	$ 20,612	$ 17,151

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Debt, net Table of Maturities (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Debt Disclosure [Abstract]
Remainder of 2016	$ 505
2017	171,055
2018	68,679
2019	221,293
2020	156,020
Thereafter	163,571
Total	$ 781,123

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Debt, net Narrative (Details) $ in Thousands								9 Months Ended
		Sep. 23, 2016 USD ($) Rate	Aug. 12, 2016 USD ($) Rate	Aug. 01, 2016 USD ($) unit Rate	Apr. 13, 2016 USD ($) unit	Mar. 01, 2016 USD ($) unit Rate	Jan. 20, 2016 USD ($) unit Rate	Sep. 30, 2016 USD ($) unit Rate		Sep. 12, 2016 USD ($)	Aug. 31, 2016 USD ($)	Jul. 31, 2016 USD ($)	Jul. 29, 2016 USD ($)	Jun. 24, 2016 USD ($)	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Mortgage borrowing								$ 782,407							$ 673,632
Number of Real Estate Properties | unit				1	5	1	1
Interest only payment term, in months						36 months	24 months
Secured Debt
Debt Instrument [Line Items]
Increase in maximum borrowing capacity														$ 15,000
Long-term Line of Credit								$ 169,850							137,000
Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis								1-month LIBOR
Asset-based revolving facility
Debt Instrument [Line Items]
Increase in maximum borrowing capacity										$ 125,000			$ 150,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 40,000								$ 75,000			$ 100,000
Long-term Line of Credit		$ 12,159						$ 184,494	[1],[2]						99,395	[1],[2]
Asset-based revolving facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		1 month LIBOR						LIBOR
Debt Instrument, Basis Spread on Variable Rate | Rate		5.75%
Line of Credit
Debt Instrument [Line Items]
Warehouse Agreement Borrowings	[3]							$ 154,503							229,794
Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis								LIBOR
Mortgages
Debt Instrument [Line Items]
Increase in maximum borrowing capacity					$ 23,581
Mortgage borrowing				$ 20,600	$ 22,500	$ 11,218	$ 28,000	$ 76,744							76,818
Term of loan				7 years	5 years	5 years	7 years
Interest only payment term, in months				36 months
Other Commitment						$ 1,000
Mortgages | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis				LIBOR		30-day LIBOR	30-day LIBOR	LIBOR
Debt Instrument, Basis Spread on Variable Rate | Rate				2.05%		2.75%	2.05%
Mortgage borrowing								$ 151,328							$ 89,846
Subordinated Debt
Debt Instrument [Line Items]
Subordinated Debt								$ 5,000
Minimum | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate								3.00%
Minimum | Asset-based revolving facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate		0.40%						2.25%	[1],[2]
Minimum | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate	[3]							2.63%
Minimum | Mortgages
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate								4.00%
Minimum | Mortgages | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate								2.05%
Line of Credit | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Number of credit agreements | unit								3
Warehouse Agreement Borrowings			$ 15,000
Line of Credit | Warehouse Agreement Borrowings | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis			six-month LIBOR
Debt Instrument, Basis Spread on Variable Rate | Rate			2.75%
Line of Credit | Warehouse Agreement Borrowings | Warehouse Agreement Borrowing
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 86,000
Line of Credit Facility, Amount Expired During The Period								50,000
Line of Credit | Warehouse Agreement Borrowings | Warehouse Agreement Borrowing Number One
Debt Instrument [Line Items]
Increase in maximum borrowing capacity								10,000
Line of Credit Facility, Maximum Borrowing Capacity								40,000			$ 50,000	$ 30,000
Line of Credit | Warehouse Agreement Borrowings | Warehouse Agreement Borrowing Number Two
Debt Instrument [Line Items]
Increase in maximum borrowing capacity								10,000
Line of Credit Facility, Maximum Borrowing Capacity								35,000
Line of Credit | Warehouse Agreement Borrowings | Warehouse Agreement Borrowing Number Three
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 1,000

[1] Asset based revolving financing is generally recourse only to specific assets and related cash flows.

[2] The weighted average coupon rate for asset based revolving financing was 3.31% and 2.76% at September 30, 2016 and December 31, 2015, respectively.

[3] The weighted average coupon rate for warehouse borrowings was 3.31% and 2.68% at September 30, 2016 and December 31, 2015, respectively. Includes debt having a maximum borrowing capacity of $90,500 with a stated interest rate of LIBOR +2.75% and a floor of 3.00%.

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Other Liabilities and Accrued Expenses Table of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Trading liabilities, at fair value	$ 3,970	$ 3,970	$ 22,152
Accrued interest payable	1,282	1,282	1,354
Due to broker and trustee	18,836	18,836	8,622
Accounts payable and accrued expenses	67,300	67,300	53,594
Other liabilities	15,061	15,061	9,438
Total other liabilities and accrued expenses	106,449	106,449	$ 95,160
Additional Other Liabilities Disclosure [Abstract]
Trading liabilities, unrealized gains (losses) recognized on trading liabilities still held at period end	$ 1,154	$ (1,497)

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Stockholders' Equity Stockholders’ Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method							$ 42,532
Common Stock - Class A
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares issued	34,947,239						34,947,239		34,899,833
Common stock, shares outstanding	34,947,239						34,947,239		34,899,833
Warrants and Rights Note Disclosure [Abstract]
Warrants and Rights Outstanding	652,500						652,500
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.33						$ 11.33
Dividends, Common Stock [Abstract]
Dividends declared per share	0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.075	$ 0.075
Dividends paid per share	$ 0.025	$ 0.025		$ 0.025	$ 0.025
Common Stock - Class B
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares issued	8,049,029						8,049,029		8,049,029
Common stock, shares outstanding	8,049,029						8,049,029		8,049,029
Treasury Stock | Common Stock - Class A
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired							6,596,000
Treasury Stock, Value, Acquired, Cost Method							$ 42,524
Treasury Stock | Common Stock - Class B
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired							8,049,029
Treasury Stock, Value, Acquired, Cost Method							$ 8

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Accumulated Other Comprehensive Income (Loss) Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ (111)
Period change	$ (751)	$ 859	1,350	$ 643
Ending balance	1,031		1,031
Available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(222)
Other comprehensive gain (loss) before reclassification			2,448
Amounts reclassified from AOCI			(715)
Period change			1,733
Ending balance	1,511		1,511
Interest rate swaps
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			111
Other comprehensive gain (loss) before reclassification			(357)
Amounts reclassified from AOCI			(26)
Period change			(383)
Ending balance	(272)		(272)
Total AOCI
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(111)
Other comprehensive gain (loss) before reclassification			2,091
Amounts reclassified from AOCI			(741)
Period change			1,350
Ending balance	1,239		1,239
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(111)
Other comprehensive gain (loss) before reclassification			1,883
Amounts reclassified from AOCI			(741)
Period change			1,142
Ending balance	1,031		1,031
Tiptree Financial Partners, L.P. | Noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			0
Other comprehensive gain (loss) before reclassification			(237)
Amounts reclassified from AOCI			0
Period change			(237)
Ending balance	(237)		(237)
Noncontrolling interests - other | Noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			0
Other comprehensive gain (loss) before reclassification			29
Amounts reclassified from AOCI			0
Period change			29
Ending balance	$ 29		$ 29

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Accumulated Other Comprehensive Income (Loss) Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Related tax (expense) benefit	$ (3,712)	$ (2,829)	$ (5,298)	$ (962)
Income (loss) from continuing operations	7,838	(6,388)	22,273	(11,961)
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	960	(56)	1,100	(97)
Related tax (expense) benefit	(336)	20	(385)	34
Income (loss) from continuing operations	624	(36)	715	(63)
Interest rate swaps | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on interest rate swaps	(172)	(284)	56	(848)
Related tax (expense) benefit	54	99	(30)	296
Income (loss) from continuing operations	$ (118)	$ (185)	$ 26	$ (552)
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

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Stock Based Compensation Equity Plans Narrative (Details) - shares	9 Months Ended
	Sep. 30, 2016	Aug. 08, 2013
Care Investment Trust Inc. Manger Equity Plan | Common Stock - Class A
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 | Common Stock - Class A
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
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years

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Stock Based Compensation Table of Changes to Equity Plan (Details)	9 Months Ended
	Sep. 30, 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	[1]
Shares issued	(613,289)	[1]
Granted	613,289	[1]
Available for issuance as of September 30, 2016	969,050	[1]

[1] (1) Excludes shares granted under the Company’s subsidiary Incentive Plan that are exchangeable for Tiptree Class A common stock.

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Stock Based Compensation Table of Changes to Restricted Stock Units and Restricted Stock (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($) $ / shares shares
Tiptree Financial Inc. 2013 Omnibus Incentive Plan
Number of shares issuable [Roll Forward]
Unvested units at beginning of period	128,323
Granted	362,052	[1]
Vested	(190,558)	[1]
Unvested units at end of period	299,817
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 | $ / shares	$ 7.68
Granted (1) | $ / shares	5.71	[1]
Vested (1) | $ / shares	6.14	[1]
Unvested units at end of period | $ / shares	$ 6.27
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	218,310
Immediate Vesting, Class A Common [Member] | Tiptree Financial Inc. 2013 Omnibus Incentive Plan
Number of shares issuable [Roll Forward]
Vested	(130,946)	[1]
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 | $	$ 750	[1]
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
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 February 1, 2016 [Member] | Employees | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Number of shares issuable [Roll Forward]
Granted	33,624
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
Two year vesting period, Starting April 1, 2016 [Member] | Employees | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Number of shares issuable [Roll Forward]
Granted	55,768
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
Three year vesting period, Starting April 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	3 years
RSU’s and restricted stock vesting - first tranche | 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%
RSU’s and restricted stock vesting - second tranche | 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%
RSU’s and restricted stock vesting - third tranche | 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%

[1] Includes 130,946 of immediately vested Class A common stock with a grant date fair value of approximately $750 to settle compensation accrued during the year ended December 31, 2015.

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Stock Based Compensation Table of RSU’s under the Subsidiary Incentive Plan Rollforward (Details) - Subsidiary Incentive Plan [Member] - Restricted Stock Units (RSUs) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested balance as of December 31, 2015	$ 874
Granted	7,339
Vested	(97)
Unvested balance as of September 30, 2016	$ 8,116

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Stock Based Compensation Table of Stock Options Valuation Assumptions (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Common Stock - Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.075	$ 0.075
Employee Stock Option
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, Term Requirement Where Weighted Average Stock Price Must Exceed Book Value							20 days
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
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
Employee Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate							1.76%
Employee Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate							1.70%
Employee Stock Option | Common Stock - Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share	$ 0.025

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Stock Based Compensation Table of Stock Option Activity Rollforward (Details) - $ / shares	9 Months Ended
	Sep. 30, 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 September 30, 2016 (in years)	9 years 3 months 12 days

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Stock Based Compensation Table of Share-based Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Income tax benefit		$ (236)	$ (67)	$ (599)	$ (139)
Net stock-based compensation expense		432	124	1,097	256
Payroll and employee commissions
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense		633	161	1,597	285
Professional fees expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	[1]	$ 35	$ 30	$ 99	$ 110

[1] Professional fees consist of the value of restricted stock units and options granted to persons providing services to the Company.

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Stock Based Compensation Table of Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested awards	$ 533
Unrecognized compensation cost related to non-vested awards	$ 7,865
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted - average recognition period (in years)	3 years 3 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted - average recognition period (in years)	2 years 1 month

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Related Party Transactions Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($) shares
Related Party Transaction [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 42,532
Mariner Invesment Group LLC
Related Party Transaction [Line Items]
Management Fee, Percentage of Company's Net Assets	0.025%
Successive terms (in years)	1 year
Notice period (in days)	60 days
Treasury Stock | Common Stock - Class A
Related Party Transaction [Line Items]
Treasury Stock, Shares, Acquired | shares	6,596,000
Treasury Stock, Value, Acquired, Cost Method	$ 42,524
Treasury Stock | Common Stock - Class A | ProSight Specialty Insurance Group, Inc. [Member]
Related Party Transaction [Line Items]
Treasury Stock, Shares, Acquired | shares	5,596,000
Treasury Stock, Value, Acquired, Cost Method	$ 36,374
Treasury Stock | Common Stock - Class A | NOMURA SECURITIES CO LTD [Member]
Related Party Transaction [Line Items]
Treasury Stock, Shares, Acquired | shares	1,000,000
Treasury Stock, Value, Acquired, Cost Method	$ 6,150

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Related Party Transactions Table of Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 114	$ 432	$ 531	$ 1,287
Tricadia Holdings, L.P.
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		114	333	342	998
Tricadia Holdings, L.P. | Personnel services
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		25	113	75	338
Tricadia Holdings, L.P. | Incentive compensation for providing services
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	[1]	0	93	0	279
Tricadia Holdings, L.P. | Legal and compliance services
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0	38	0	113
Tricadia Holdings, L.P. | Human resources, information technology and other personnel
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		28	28	84	84
Tricadia Holdings, L.P. | Rental expense - Office Space
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		61	61	183	184
Mariner Invesment Group LLC | Personnel services
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 0	$ 99	$ 189	$ 289

[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.

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Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Less: provision (benefit) for income taxes	$ 3,712	$ 2,829	$ 5,298	$ 962

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Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Less: provision (benefit) for income taxes	$ 3,712	$ 2,829	$ 5,298	$ 962
Effective Income Tax Rate Reconciliation, Percent	32.10%		19.20%
Effective Income Tax Rate Reconciliation, Tax Restructuring, Amount			$ 4,044
Income (loss) before taxes from continuing operations	$ 11,550	$ (3,559)	$ 27,571	$ (10,999)

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Commitments and Contingencies Table of Contractual Obligations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Contractual Obligation, Fiscal Year Maturity [Abstract]
Less than one year		$ 13,073		$ 13,073
1-3 years		6,835		6,835
3-5 years		5,178		5,178
More than 5 years		3,249		3,249
Total		28,335		28,335
Expenses:
Rent expense for office leases		1,630	$ 1,721	4,820	$ 4,108
Other Liabilities, Unclassified [Abstract]
Letters of Credit Outstanding, Amount		400		400
Operating lease obligations
Operating lease obligations
Less than one year	[1]	13,073		13,073
1-3 years	[1]	6,835		6,835
3-5 years	[1]	5,178		5,178
More than 5 years	[1]	3,249		3,249
Total	[1]	$ 28,335		$ 28,335

[1] Minimum rental obligations for Tiptree, Care, MFCA, Siena, Luxury, Reliance and Fortegra office leases. For the three months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $1,630 and $1,721, respectively. For the nine months ended September 30, 2016 and 2015, rent expense for the Company’s office leases were $4,820 and $4,108, respectively.

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Earnings Per Share Table of Reconciliation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) from continuing operations		$ 7,838	$ (6,388)	$ 22,273	$ (11,961)
Net income from continuing operations attributable to non-controlling interests	[1]	1,933	(1,835)	4,680	(3,706)
Net income from continuing operations allocated to participating securities		60	0	148	0
Discontinued operations, net		0	0	0	23,348
Net income from discontinued operations attributable to non-controlling interests	[1]	0	0	0	5,663
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Income (Loss) Attributable to Noncontrolling Interest		1,933	(1,835)	4,680	1,957
Income (loss) from discontinued operations attributable to non-controlling interest		0	0	0	5,663
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		5,845	(4,553)	17,445	(8,255)
Net income from discontinued operations attributable to Tiptree Financial Inc. Class A common shares		0	0	0	17,685
Net income (loss) available to Class A common stockholders		5,845	(4,553)	17,445	9,430
Net income (loss) attributable to Tiptree Financial Inc. Class A common shares - diluted		$ 7,157	$ (4,553)	$ 17,297	$ 9,430
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - basic		29,143,470	33,848,463	32,845,124	32,597,774
Weighted average number of incremental shares of Tiptree Financial Inc. Class A common stock issuable from exchangeable interests		8,087,180		67,392
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average number of shares of Tiptree Financial Inc. Class A common stock outstanding - diluted		37,230,650	33,848,463	32,912,516	32,597,774
Basic:
Income (loss) from continuing operations		$ 0.20	$ (0.13)	$ 0.53	$ (0.25)
Income from discontinued operations		0.00	0.00	0.00	0.54
Basic earnings per share		0.20	(0.13)	0.53	0.29
Diluted:
Income (loss) from continuing operations		0.19	(0.13)	0.53	(0.25)
Income from discontinued operations		0.00	0.00	0.00	0.54
Diluted earnings per share		$ 0.19	$ (0.13)	$ 0.53	$ 0.29
Securities of subsidiaries
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive Securities, Effect on Basic Earnings Per Share		$ (50)		$ (148)
Adjustments to income relating to exchangeable interests, net of tax
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive Securities, Effect on Basic Earnings Per Share		$ 1,362		$ 0

[1] For the three months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $1,933, comprised of $1,933 due to continuing operations and $0 attributable to discontinued operations. For the three months ended September 30, 2015, the total net income(loss) attributable to non-controlling interest was $(1,835), comprised of $(1,835) due to continuing operations and $0 attributable to discontinued operations. For the nine months ended September 30, 2016, the total net income (loss) attributable to non-controlling interest was $4,680, comprised of $4,680 due to continuing operations and $0 attributable to discontinued operations. For the nine months ended September 30, 2015, the total net income (loss) attributable to non-controlling interest was $1,957, comprised of $(3,706) due to continuing operations and $5,663 attributable to discontinued operations.

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Subsequent Events (Details) - Common Stock - Class A - $ / shares	3 Months Ended							9 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Dividends declared per share		$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.025	$ 0.075	$ 0.075
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per share	$ 0.025