(Mark One) | |
x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Maryland | 38-3754322 | |
(State or Other Jurisdiction of | (IRS Employer | |
Incorporation of Organization) | Identification No.) | |
780 Third Avenue, 21st Floor, New York, New York | 10017 | |
(Address of Principal Executive Offices) | (Zip Code) |
ITEM | Page Number | |
As of | |||||||
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 |
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 |
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 |
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 |
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 | ) | |||
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 |
• | Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives |
• | Value of acquired assets and liabilities |
• | Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives |
• | Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims |
• | Valuation of contingent share issuances for compensation and purchase consideration, including estimates of number of shares and vesting schedules |
• | Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service, administration fees, and loan origination fees and |
• | Other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements |
2016 Acquisitions | |||
Real Estate | |||
Consideration: | |||
Cash | $ | 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 |
Intangible Assets | Weighted Average Amortization Period (in Years) | Real Estate | |||
In-place Lease | 1.6 | $ | 6,430 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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. |
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 |
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. |
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. |
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 |
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 |
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 |
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 |
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. |
As of | |||
September 30, 2016 | |||
Total of the three largest receivable balances from unrelated reinsurers | $ | 167,472 |
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. |
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 |
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. |
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 |
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 |
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 |
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 |
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 | % |
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 | ) | — |
At | |||
September 30, 2016 | |||
Estimated (gains) losses to be reclassified to earnings from AOCI during the next 12 months | $ | 345 |
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. |
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 |
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 | ) |
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 | ) |
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest expense | $ | 7,769 | $ | 6,097 | $ | 20,612 | $ | 17,151 |
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 |
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 |
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 |
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 | ) |
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. |
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. |
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 |
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 |
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 |
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. |
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 |
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. |
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. |
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 $0 attributable to discontinued operations. |
• | Overview |
• | Results of Operations |
• | Non-GAAP Financial Measures |
• | Liquidity and Capital Resources |
• | Critical Accounting Policies and Estimates |
• | Recently Adopted and Issued Accounting Standards |
($ in thousands) | Three Months Ended 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 |
($ 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. |
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 | ) |
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 | ) |
($ 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. |
($ 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 |
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 | % |
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. |
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 | % |
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 | % |
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 |
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 |
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 |
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 |
($ 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 | % |
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 | ) |
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 | ) |
($ 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 |
($ 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 $3.3 million from Telos 2 and Telos 4 for the nine months ended September 30, 2015. Both were deconsolidated and sold in the second quarter of 2015. |
(3) | Management fees to Telos are shown net of any management fee participation by Telos to others. |
Three Months Ended September 30, | |||||||||||||||||||||||||||
($ 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 |
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 | ) |
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. |
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 |
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 |
($ 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 |
($ 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. |
• | Note —(14) Derivative Financial Instruments and Hedging |
• | Note —(15) Assets and Liabilities of Consolidated CLOs |
• | Note —(23) Commitments and Contingencies. |
• | The Company did not design and operate effective process level controls to prevent or detect and correct material misstatements on a timely basis in financial statement accounts at its Care Managed Properties. |
• | 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. |
• | 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. |
(a) | Recent Sales of Unregistered Securities |
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. |
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 | |
Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 | |
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015 | |
Consolidated Statement of Changes in Stockholders’ Equity for the period ended September 30, 2016 | |
Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 | |
Exhibits: | |
The Exhibits listed in the Index of Exhibits, which appears immediately following the signature page, is incorporated herein by reference and is filed as part of this Form 10-Q. |
Exhibit No. | Description |
10.1 | 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. |
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 |
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 |
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 |
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 |
/s/ Michael Barnes |
Michael Barnes |
Executive Chairman |
/s/ Jonathan Ilany |
Jonathan Ilany |
Chief Executive Officer |
/s/ Sandra Bell |
Sandra Bell |
Chief Financial Officer |
Document and Entity Information - shares |
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 |
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. |
Summary of Significant Accounting Policies (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||
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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:
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. |
Acquisitions |
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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:
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:
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:
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:
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. |
Dispositions, Assets Held for Sale and Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions, Assets Held for Sale and Discontinued Operations | Dispositions, Assets Held for Sale and Discontinued Operations The Company classified its Philadelphia Financial Group (PFG) subsidiary as held for sale as of December 31, 2014. At the time of such classification, the pending sale of PFG also met the requirements to be classified as a discontinued operation. The sale of PFG was completed on June 30, 2015. As a result, the Company has reclassified the income and expenses attributable to PFG to income from discontinued operations, net for the 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:
The following table presents the cash flows from discontinued operations for the periods indicated:
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Operating Segment Data |
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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:
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Securities, Available for Sale |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Available for Sale Securities | Securities, Available for Sale All of the Company’s investments in available for sale securities as of September 30, 2016 and December 31, 2015 are held by Fortegra. The following tables present the Company's investments in available for sale securities:
The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
The Company does not intend to sell the investments that were in an unrealized loss position at 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.
The following table presents additional information on the Company’s available for sale securities:
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Investment in Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Loans | Investment in Loans The following table presents the Company’s loans, measured at fair value and amortized cost:
Loans, at fair value Corporate Loans Corporate loans primarily include syndicated leveraged loans held by the Company as principal investments, which consist of $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. |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs 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:
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:
The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
The following is quantitative information about Level 3 significant unobservable inputs used in fair valuation. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not readily available to the Company.
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:
The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value on a recurring or non-recurring basis and their respective levels within the fair value hierarchy:
Notes receivable: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized as Level 2 of the fair value hierarchy. Debt: The fair value of notes payable is determined based on contractual cash flows discounted at market rates for mortgage notes payable and either dealer quotes or contractual cash flows discounted at market rates for other notes payable. Categorized as Level 3 of the fair value hierarchy. Additionally, the following financial assets and liabilities on the Consolidated Balance Sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized as Level 1 of the fair value hierarchy. Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses an approximate their fair value due to their short‑term nature. Categorized as Level 2 of the fair value hierarchy. Accounts and premiums receivable, net, and other receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized as Level 2 of the fair value hierarchy. Loans Owned, at Amortized Cost: The fair value of loans owned, at amortized cost approximates its carrying value because the interest rates on the loans are based on a variable market interest rate. Categorized as Level 3 of the fair value hierarchy. |
Notes Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Notes and Accounts Receivable, net The following table summarizes the total Notes and Accounts receivable, net:
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. |
Reinsurance |
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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:
The following table presents the effect of reinsurance on losses and loss adjustment expenses incurred by Fortegra for the following period:
The following table presents the components of the reinsurance receivables:
The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:
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. |
Real Estate |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investments, Net | Real Estate, net The following table contains information regarding the Company’s investment in real estate as of the following periods:
Future Minimum Rental Revenue The following table presents the future minimum annual rental revenue under the noncancelable terms of all operating leases as of:
The schedule of minimum future rental revenue excludes residential lease agreements, generally having terms of one year or less. Rental revenues from residential leases were $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. |
Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets, net The following table presents identifiable intangible assets, accumulated amortization, and goodwill by segment:
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:
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Other Assets (Notes) |
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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:
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. |
Derivative Financial Instruments and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging The Company utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should its counterparties fail to meet the contract terms. The derivative financial instruments are located within trading assets at fair value 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:
The Company nets the credit derivative assets and liabilities as these credit derivatives are subject to legally enforceable netting arrangements with the same party. The following table presents derivative instruments that are subject to offset by a master netting agreement:
Derivatives designated as cash flow hedging instruments Fortegra has 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:
The following table presents the pretax impact of the cash flow hedging derivative instruments on the Consolidated Financial Statements for the following periods:
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.
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Assets and Liabilities of Consolidated CLOs |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities of Consolidated CLOs | Assets and Liabilities of Consolidated CLOs The term CLO generally refers to a special purpose vehicle that owns a portfolio of investments and issues various tranches of debt and subordinated note securities to finance the purchase of those investments. The investment activities of a CLO are governed by extensive investment guidelines, generally contained within a CLO’s indenture and other governing documents which limit, among other things, the CLO’s exposure to any single industry or obligor and provide that the CLO’s assets satisfy certain ratings requirements. Most CLOs have a defined investment period during which they are allowed to make investments and reinvest capital as it becomes available. The CLOs are considered variable interest entities (VIE). The assets of each of the CLOs, including cash and cash equivalents, are held solely as collateral to satisfy the obligations of the CLOs. The Company does not own and has no right to the benefits from, nor does it bear the risks associated with, the assets held by the CLOs, beyond its direct investments in, and investment advisory fees generated from, the CLOs. If the Company were to liquidate, the assets of the CLOs would not be available to its general creditors, and as a result, the Company does not consider these assets available for the benefit of its investors. Additionally, the investors in the CLOs have no recourse to the Company’s general assets for the debt issued by the CLOs. Therefore, this debt is not the Company’s obligation. The Company consolidates entities when it is determined to be the primary beneficiary under current VIE accounting guidance. The table below represents the assets and liabilities of the consolidated CLOs that are included in the Company’s Consolidated Balance Sheet as of the dates indicated:
The Company’s beneficial interests and maximum exposure to loss related to the Consolidated CLOs are limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative results in the net amount of the CLOs shown above to be equivalent to the beneficial interests retained by Tiptree as illustrated in the below table:
The following table represents revenue and expenses of the consolidated CLOs included in the Company’s Consolidated Statements of Operations for the periods indicated:
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to Tiptree’s own economic interests in the CLOs which are eliminated upon consolidation:
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Debt, net (Notes) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Net | Debt, net The following table summarizes the balance of the Company’s debt holdings, net of discounts and deferred financing costs, excluding notes payable of consolidated CLOs. See Note—(15) Assets and Liabilities of Consolidated CLOs:
(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:
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:
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. |
Other Liabilities and Accrued Expenses (Notes) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses | Other Liabilities and Accrued Expenses The following table presents the components of Other liabilities and accrued expenses as reported in the Consolidated Balance Sheets:
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. |
Stockholders' Equity |
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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. |
Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the activity in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the Consolidated Statement of Operations for the following periods:
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Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Equity Plans 2007 Manager Equity Plan The Care Investment Trust Inc. Manager Equity Plan was adopted in June 2007 and will automatically expire on the 10th anniversary of the date it was adopted. As of 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:
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:
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:
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 3rd anniversary of the grant date. Options granted during the quarter contained a market requirement that at any time during the option term, the 20-day volume weighted average stock price must exceed the December 31, 2015 book value per share. The market requirement may be met any time before the option expires and it only needs to be met once for the option to remain exercisable for the remainder of its term. If the market requirement is not met, but the service condition is met, the full amount of the compensation expense will be recognized over the appropriate vesting period. The fair value of each option grant was estimated on the date of grant using a Black-Scholes-Merton option pricing formula embedded within a Monte Carlo model used to simulate the future stock prices of the Company, which assumes that the market requirement is achieved. Historical volatility was computed based on historical daily returns of the Company’s stock over a lookback period equal to 2.5 years from the grant date. The valuation is done under a risk-neutral framework using the 10-year zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the grant date. The current quarterly dividend of $0.025 was used to calculate a spot dividend yield as of the date of grant for use in the model. The following table presents the assumptions used to estimate the fair values of the stock options granted for the following period:
The following table presents the Company's stock option activity for the current period:
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:
Additional information on total non-vested stock-based compensation is as follows:
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Related Party Transactions |
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Related Party Transactions | Related Party Transactions Tricadia Holdings, L.P. On June 30, 2012, TAMCO, TFP and Tricadia Holdings LP (Tricadia) entered into a transition services agreement in connection with the internalization of the management of Tiptree (TSA). Pursuant to the TSA, Tricadia 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:
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. |
Income Taxes |
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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. |
Commitments and Contingencies |
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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:
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. |
Earnings Per Share |
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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:
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. |
Subsequent Events |
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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. |
Summary of Significant Accounting Policies (Policies) |
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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. |
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Principles of Consolidation | Tiptree consolidates those entities in which it has an investment of 50% or more of voting rights or has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (VIEs) in which Tiptree is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Generally, Tiptree’s consolidated VIEs are entities which Tiptree is considered the primary beneficiary through its controlling financial interests. Non-controlling interests on the Consolidated Statements of 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. |
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Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include but are not limited to the determination of the following significant items:
Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. |
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Acquisition Accounting | Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other income in the Consolidated Statements of 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. |
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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. |
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Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. These amendments change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information. ASU 2014-08 is effective for the first quarter of 2015 for the Company. The effects of applying the revised guidance will vary based upon the nature and size of future disposal transactions. It is expected that fewer disposal transactions will meet the new criteria to be reported as discontinued operations. The adoption of ASU 2014-08 did not have an impact 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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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. |
Acquisitions (Tables) |
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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:
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:
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
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Dispositions, Assets Held for Sale and Discontinued Operations Tables (Tables) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table represents detail of revenues and expenses of discontinued operations in the Consolidated Statements of Operations for the nine months ended September 30, 2015:
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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:
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Operating Segment Data (Tables) |
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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:
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Securities, Available for Sale (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Schedule of available-for-sale securities, continuous unrealized loss position | The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
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Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
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Available-for-sale Securities [Table Text Block] | The following table presents additional information on the Company’s available for sale securities:
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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:
The following table summarizes the total Notes and Accounts receivable, net:
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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:
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Schedule of additional information about assets that are measured at fair value on a recurring basis for which the company utilized Level 3 inputs to determine fair value | The following table represents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Schedule of quantitative information 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.
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:
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Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities |
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Schedule of fair values and carrying values of financial assets and liabilities, and fair value hierarchy | The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value on a recurring or non-recurring basis and their respective levels within the fair value hierarchy:
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Notes and Accounts Receivable, net Notes and Accounts Receivable, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
The following table summarizes the total Notes and Accounts receivable, net:
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Reinsurance Receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
The following table presents the effect of reinsurance on losses and loss adjustment expenses incurred by Fortegra for the following period:
The following table presents the components of the reinsurance receivables:
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Components of Reinsurance Receivable [Table Text Block] | The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:
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Real Estate, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Schedule of future minimum annual rental revenue | The following table presents the future minimum annual rental revenue under the noncancelable terms of all operating leases as of:
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Goodwill and Intangible Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table presents the amortization expense on intangible assets for the next five years by relevant segment:
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Other Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Derivative Financial Instruments and Hedging (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
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Offsetting Assets | The following table presents derivative instruments that are subject to offset by a master netting agreement:
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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:
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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:
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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.
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Assets and Liabilites of Consolidated CLOs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
The Company’s beneficial interests and maximum exposure to loss related to the Consolidated CLOs are limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative results in the net amount of the CLOs shown above to be equivalent to the beneficial interests retained by Tiptree as illustrated in the below table:
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to Tiptree’s own economic interests in the CLOs which are eliminated upon consolidation:
The following table represents revenue and expenses of the consolidated CLOs included in the Company’s Consolidated Statements of Operations for the periods indicated:
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Debt, net (Tables) |
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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:
(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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Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table presents the future maturities of the unpaid principal balance on the Company’s long-term debt (excluding preferred notes payable) as of:
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Other Liabilities and Accrued Expenses (Tables) |
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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:
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. |
Accumulated Other Comprehensive Income (Loss) (Tables) |
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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:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the Consolidated Statement of Operations for the following periods:
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Stock Based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | The table below summarizes changes to the issuances under the Company’s 2013 Equity Plan for the periods indicated:
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | he following table presents the Company's stock option activity for the current period:
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:
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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:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table presents the assumptions used to estimate the fair values of the stock options granted for the following period:
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Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the Consolidated Statements of Operations:
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Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Additional information on total non-vested stock-based compensation is as follows:
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Related Party Transactions (Tables) |
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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:
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contractual obligations | The table below summarizes the Company’s contractual obligations by period that payments are due:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic and diluted net income per common share | The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
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 $5,663 attributable to discontinued operations. |
Organization Organization Narrative (Details) |
9 Months Ended | ||
---|---|---|---|
Jan. 01, 2016 |
Sep. 30, 2016
shares
|
Dec. 31, 2015 |
|
Schedule of Equity Method Investments [Line Items] | |||
Number of Reportable Segments | 5 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.00% | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 81.00% | ||
Common Stock - Class A | |||
Schedule of Equity Method Investments [Line Items] | |||
Partnership Units', Conversion Rate | 2.798 | ||
Affiliated Entity [Member] | TFP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% |
Summary of Significant Accounting Policies Reclassification Adjustments to Prior Period Cash Flow Statement (Details) - USD ($) $ 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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) | ||||
|
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) |
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 | ||||
|
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% | ||
|
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 |
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 |
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 |
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 |
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 |
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 |
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 | |||
|
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 |
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 | ||
|
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 |
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 |
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 | |||
|
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
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) | ||||
|
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 |
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) |
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) |
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% | |||||||||||||||||
|
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 |
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 |
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 | |||||||||||||||||||||
|
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) |
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 |
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 |
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 |
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 |
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] | ||
|
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% | |||
|
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 |
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 |
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 |
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 | |
|
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 |
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 |
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 | ||
|
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 |
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) |
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 | ||||
|
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 | |||||
|
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 |
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