(Mark One) | |||||
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Capital Market |
ITEM | Page Number | |||||||
PART I | ||||||||
PART II | ||||||||
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PART III | ||||||||
ITEM | Page Number | |||||||
PART IV | ||||||||
Period | Purchaser | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||
October 1, 2020 to October 31, 2020 | Tiptree Inc. | — | $ | — | — | ||||||||||||
November 1, 2020 to November 30, 2020 | Tiptree Inc. | 210,763 | $ | 5.31 | 210,763 | ||||||||||||
December 1, 2020 to December 31, 2020: Open Market Purchases | Tiptree Inc. | 446,936 | $ | 5.23 | 446,936 | ||||||||||||
Total | 657,699 | $ | 5.26 | 657,699 | $ | 16,571 |
Consolidated Statement of Operations Data: | ||||||||||||||||||||||||||||||||
(in thousands, except shares and per share amounts) | 2020 | 2019 | 2018(1) | 2017(1) | 2016(1) | |||||||||||||||||||||||||||
Total revenues | $ | 810,301 | $ | 772,728 | $ | 625,826 | $ | 581,798 | $ | 506,423 | ||||||||||||||||||||||
Total expenses | 849,153 | 743,589 | 645,622 | 595,585 | 477,537 | |||||||||||||||||||||||||||
Net income (loss) attributable to consolidated CLOs (2) | — | — | — | 10,457 | 20,254 | |||||||||||||||||||||||||||
Income (loss) before taxes | (38,852) | 29,139 | (19,796) | (3,330) | 49,140 | |||||||||||||||||||||||||||
Less: provision (benefit) for income taxes | (13,627) | 9,017 | (5,909) | (12,562) | 12,515 | |||||||||||||||||||||||||||
Net income (loss) from continuing operations | (25,225) | 20,122 | (13,887) | 9,232 | 36,625 | |||||||||||||||||||||||||||
Net income (loss) from discontinued operations | — | — | 43,770 | (3,998) | (4,287) | |||||||||||||||||||||||||||
Net income (loss) | (25,225) | 20,122 | 29,883 | 5,234 | 32,338 | |||||||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 3,933 | 1,761 | 5,950 | 1,630 | 7,018 | |||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (29,158) | $ | 18,361 | $ | 23,933 | $ | 3,604 | $ | 25,320 | ||||||||||||||||||||||
Net income (loss) per common share: | ||||||||||||||||||||||||||||||||
Basic, continuing operations, net | $ | (0.86) | $ | 0.52 | $ | (0.38) | $ | 0.22 | $ | 0.88 | ||||||||||||||||||||||
Basic, discontinued operations, net | — | — | 1.07 | (0.10) | (0.09) | |||||||||||||||||||||||||||
Basic earnings per share | (0.86) | 0.52 | 0.69 | 0.12 | 0.79 | |||||||||||||||||||||||||||
Diluted, continuing operations, net | (0.86) | 0.50 | (0.38) | 0.21 | 0.86 | |||||||||||||||||||||||||||
Diluted, discontinued operations, net | — | — | 1.07 | (0.10) | (0.08) | |||||||||||||||||||||||||||
Diluted earnings per share | $ | (0.86) | $ | 0.50 | $ | 0.69 | $ | 0.11 | $ | 0.78 | ||||||||||||||||||||||
Weighted average number of Common Shares: | ||||||||||||||||||||||||||||||||
Basic | 33,859,775 | 34,578,292 | 34,715,852 | 29,134,190 | 31,721,449 | |||||||||||||||||||||||||||
Diluted | 33,859,775 | 34,578,292 | 34,715,852 | 37,306,632 | 31,766,674 | |||||||||||||||||||||||||||
Cash dividends paid per common share | $ | 0.160 | $ | 0.155 | $ | 0.135 | $ | 0.120 | $ | 0.100 | ||||||||||||||||||||||
Consolidated Balance Sheet Data: (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Total assets (3) | $ | 2,995,760 | $ | 2,198,286 | $ | 1,864,918 | $ | 1,989,742 | $ | 2,890,050 | ||||||||||||||||||||||
Debt, net (4) | 366,246 | 374,454 | 354,083 | 346,081 | 554,870 | |||||||||||||||||||||||||||
Total stockholders’ equity | 373,538 | 411,415 | 399,259 | 396,774 | 390,144 | |||||||||||||||||||||||||||
Total Tiptree Inc. stockholders’ equity | 356,144 | 398,062 | 387,101 | 300,077 | 293,431 |
($ in thousands, except per share information) | For the Year Ended December 31, | ||||||||||||||||
GAAP: | 2020 | 2019 | 2018 | ||||||||||||||
Total revenues | $ | 810,301 | $ | 772,728 | $ | 625,826 | |||||||||||
Net income (loss) attributable to common stockholders | $ | (29,158) | $ | 18,361 | $ | 23,933 | |||||||||||
Diluted earnings per share | $ | (0.86) | $ | 0.50 | $ | 0.69 | |||||||||||
Cash dividends paid per common share | $ | 0.160 | $ | 0.155 | $ | 0.135 | |||||||||||
Return on average equity | (6.4) | % | 5.0 | % | 7.5 | % | |||||||||||
Non-GAAP: (1) | |||||||||||||||||
Adjusted net income | $ | 51,431 | $ | 27,598 | $ | 22,283 | |||||||||||
Adjusted return on average equity | 13.1 | % | 6.8 | % | 5.6 | % | |||||||||||
Adjusted EBITDA | $ | 4,541 | $ | 68,085 | $ | 26,659 | |||||||||||
Book value per share | $ | 10.90 | $ | 11.52 | $ | 10.79 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net realized and unrealized gains (losses)(1) | $ | (1,817) | $ | 12,189 | $ | (9,167) | |||||||||||
Net realized and unrealized gains (losses) - Invesque | $ | (81,813) | $ | (1,200) | $ | (20,739) | |||||||||||
Discontinued operations (Care)(2) | $ | — | $ | — | $ | 57,484 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Insurance | $ | 26,948 | $ | 37,030 | $ | 14,172 | |||||||||||
Mortgage | 31,102 | 2,959 | 335 | ||||||||||||||
Tiptree Capital - other | (61,242) | 23,391 | (4,059) | ||||||||||||||
Corporate | (35,660) | (34,241) | (30,244) | ||||||||||||||
Income (loss) before taxes from continuing operations | $ | (38,852) | $ | 29,139 | $ | (19,796) | |||||||||||
Income (loss) before taxes from discontinued operations | $ | — | $ | — | $ | 57,484 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Insurance | $ | 43,423 | $ | 32,806 | $ | 31,271 | |||||||||||
Mortgage | 28,578 | 3,929 | (53) | ||||||||||||||
Tiptree Capital - other | 4,497 | 14,083 | 12,068 | ||||||||||||||
Corporate | (25,067) | (23,220) | (21,003) | ||||||||||||||
Adjusted net income (1) | $ | 51,431 | $ | 27,598 | $ | 22,283 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | Change | % Change | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | 477,991 | $ | 499,108 | $ | (21,117) | (4.2) | % | |||||||||||||||
Service and administrative fees | 186,973 | 106,239 | 80,734 | 76.0 | % | ||||||||||||||||||
Ceding commissions | 21,101 | 9,608 | 11,493 | 119.6 | % | ||||||||||||||||||
Net investment income | 9,916 | 8,667 | 1,249 | 14.4 | % | ||||||||||||||||||
Net realized and unrealized gains (losses) | (11,944) | 6,896 | (18,840) | NM% | |||||||||||||||||||
Other revenue | 7,024 | 4,567 | 2,457 | 53.8 | % | ||||||||||||||||||
Total revenues | $ | 691,061 | $ | 635,085 | $ | 55,976 | 8.8 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Net losses and loss adjustment expenses | 178,248 | 151,009 | 27,239 | 18.0 | % | ||||||||||||||||||
Member benefit claims | 58,650 | 19,672 | 38,978 | 198.1 | % | ||||||||||||||||||
Commission expense | 280,210 | 303,057 | (22,847) | (7.5) | % | ||||||||||||||||||
Employee compensation and benefits | 65,089 | 49,789 | 15,300 | 30.7 | % | ||||||||||||||||||
Interest expense | 15,487 | 14,766 | 721 | 4.9 | % | ||||||||||||||||||
Depreciation and amortization | 10,835 | 9,105 | 1,730 | 19.0 | % | ||||||||||||||||||
Other expenses | 55,594 | 50,657 | 4,937 | 9.7 | % | ||||||||||||||||||
Total expenses | $ | 664,113 | $ | 598,055 | $ | 66,058 | 11.0 | % | |||||||||||||||
Income (loss) before taxes (1) | $ | 26,948 | $ | 37,030 | $ | (10,082) | (27.2) | % | |||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Gross written premiums and premium equivalents | $ | 1,666,942 | $ | 1,297,042 | $ | 369,900 | 28.5 | % | |||||||||||||||
Return on average equity | 8.1 | % | 10.7 | % | |||||||||||||||||||
Underwriting ratio | 74.6 | % | 76.5 | % | |||||||||||||||||||
Combined ratio | 91.5 | % | 92.4 | % | |||||||||||||||||||
Non-GAAP Financial Measures (2): | |||||||||||||||||||||||
Adjusted net income | $ | 43,423 | $ | 32,806 | $ | 10,617 | 32.4 | % | |||||||||||||||
Adjusted return on average equity | 15.2 | % | 12.3 | % |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | Change | % Change | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | 499,108 | $ | 427,837 | $ | 71,271 | 16.7 | % | |||||||||||||||
Service and administrative fees | 106,239 | 102,315 | 3,924 | 3.8 | % | ||||||||||||||||||
Ceding commissions | 9,608 | 9,651 | (43) | (0.4) | % | ||||||||||||||||||
Net investment income | 8,667 | 13,876 | (5,209) | (37.5) | % | ||||||||||||||||||
Net realized and unrealized gains (losses) | 6,896 | (11,664) | 18,560 | NM% | |||||||||||||||||||
Other revenue | 4,567 | 2,571 | 1,996 | 77.6 | % | ||||||||||||||||||
Total revenues | $ | 635,085 | $ | 544,586 | $ | 90,499 | 16.6 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Net losses and loss adjustment expenses | 151,009 | 134,852 | 16,157 | 12.0 | % | ||||||||||||||||||
Member benefit claims | 19,672 | 17,243 | 2,429 | 14.1 | % | ||||||||||||||||||
Commission expense | 303,057 | 262,460 | 40,597 | 15.5 | % | ||||||||||||||||||
Employee compensation and benefits | 49,789 | 45,536 | 4,253 | 9.3 | % | ||||||||||||||||||
Interest expense | 14,766 | 18,202 | (3,436) | (18.9) | % | ||||||||||||||||||
Depreciation and amortization | 9,105 | 10,779 | (1,674) | (15.5) | % | ||||||||||||||||||
Other expenses | 50,657 | 41,342 | 9,315 | 22.5 | % | ||||||||||||||||||
Total expenses | $ | 598,055 | $ | 530,414 | $ | 67,641 | 12.8 | % | |||||||||||||||
Income (loss) before taxes (1) | $ | 37,030 | $ | 14,172 | $ | 22,858 | 161.3 | % | |||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Gross written premiums and premium equivalents | $ | 1,297,042 | $ | 1,096,464 | $ | 200,578 | 18.3 | % | |||||||||||||||
Return on average equity | 10.7 | % | 4.0 | % | |||||||||||||||||||
Underwriting ratio | 76.5 | % | 76.4 | % | |||||||||||||||||||
Combined ratio | 92.4 | % | 92.2 | % | |||||||||||||||||||
Non-GAAP Financial Measures (2): | |||||||||||||||||||||||
Adjusted net income | $ | 32,806 | $ | 31,271 | $ | 1,535 | 4.9 | % | |||||||||||||||
Adjusted return on average equity | 12.3 | % | 12.3 | % |
Year Ended December 31, | |||||||||||||||||
($ in thousands) | Gross Written Premiums and Premium Equivalents | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
U.S. Insurance | $ | 1,063,743 | $ | 965,544 | $ | 886,793 | |||||||||||
U.S. Warranty Solutions | 549,983 | 297,289 | 208,854 | ||||||||||||||
Europe Warranty Solutions | 53,216 | 34,209 | 817 | ||||||||||||||
Total | $ | 1,666,942 | $ | 1,297,042 | $ | 1,096,464 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
($ in thousands) | Underwriting and Fee Revenues (1) | Underwriting and Fee Margin (1) | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
U.S. Insurance | $ | 499,712 | $ | 519,086 | $ | 448,453 | $ | 98,842 | $ | 99,025 | $ | 79,898 | |||||||||||||||||||||||
U.S. Warranty Solutions | 170,726 | 93,598 | 93,672 | 69,642 | 43,945 | 47,684 | |||||||||||||||||||||||||||||
Europe Warranty Solutions | 22,651 | 6,834 | 233 | 7,497 | 2,808 | 219 | |||||||||||||||||||||||||||||
Total | $ | 693,089 | $ | 619,518 | $ | 542,358 | $ | 175,981 | $ | 145,778 | $ | 127,801 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Net realized and unrealized gains (losses) | $ | 96,590 | $ | 53,815 | $ | 42,397 | |||||||||||
Other revenue | 15,575 | 12,306 | 9,227 | ||||||||||||||
Total revenues | $ | 112,165 | $ | 66,121 | $ | 51,624 | |||||||||||
Expenses: | |||||||||||||||||
Employee compensation and benefits | 58,226 | 42,411 | 34,765 | ||||||||||||||
Interest expense | 1,188 | 1,790 | 1,260 | ||||||||||||||
Depreciation and amortization | 956 | 809 | 544 | ||||||||||||||
Other expenses | 20,693 | 18,152 | 14,720 | ||||||||||||||
Total expenses | $ | 81,063 | $ | 63,162 | $ | 51,289 | |||||||||||
Income (loss) before taxes | $ | 31,102 | $ | 2,959 | $ | 335 | |||||||||||
Key Performance Metrics: | |||||||||||||||||
Return on average equity | 50.9 | % | 7.1 | % | 1.4 | % | |||||||||||
Non-GAAP Financial Measures (1): | |||||||||||||||||
Adjusted net income | $ | 28,578 | $ | 3,929 | $ | (53) | |||||||||||
Adjusted return on average equity | 60.5 | % | 12.0 | % | (0.2) | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
($ in thousands) | Total revenue | Income (loss) before taxes | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Senior living (Invesque) | $ | (65,123) | $ | 9,140 | $ | (7,910) | $ | (65,123) | $ | 9,140 | $ | (7,910) | |||||||||||||||||||||||
Maritime transportation | 22,697 | 16,591 | 3,811 | 1,493 | 1,610 | (2,888) | |||||||||||||||||||||||||||||
Other (1) | 49,501 | 45,791 | 33,715 | 2,388 | 12,641 | 6,739 | |||||||||||||||||||||||||||||
Total | $ | 7,075 | $ | 71,522 | $ | 29,616 | $ | (61,242) | $ | 23,391 | $ | (4,059) |
($ in thousands) | Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Senior living (Invesque) (1) | $ | 2,001 | $ | 8,004 | $ | 7,129 | |||||||||||
Maritime transportation | 2,291 | 1,695 | (1,519) | ||||||||||||||
Other | 205 | 4,384 | 6,458 | ||||||||||||||
Total | $ | 4,497 | $ | 14,083 | $ | 12,068 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Employee compensation and benefits | $ | 7,718 | $ | 6,542 | $ | 7,248 | |||||||||||
Employee incentive compensation expense | 7,477 | 9,323 | 7,471 | ||||||||||||||
Interest expense | 10,016 | 6,292 | 5,011 | ||||||||||||||
Depreciation and amortization | 807 | 652 | 248 | ||||||||||||||
Other expenses | 9,642 | 11,432 | 10,266 | ||||||||||||||
Total expenses | $ | 35,660 | $ | 34,241 | $ | 30,244 |
As of December 31, 2020 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Total assets | $ | 2,452,798 | $ | 217,138 | $ | 302,068 | $ | 23,756 | $ | 2,995,760 | |||||||||||||||||||
Corporate debt | $ | 160,000 | $ | — | $ | — | $ | 120,313 | $ | 280,313 | |||||||||||||||||||
Asset based debt | 27,510 | 55,994 | 15,800 | — | 99,304 | ||||||||||||||||||||||||
Tiptree Inc. stockholders’ equity | $ | 288,799 | $ | 55,448 | $ | 102,048 | $ | (90,151) | $ | 356,144 | |||||||||||||||||||
Non-controlling interests - Other | 8,910 | 5,013 | 3,471 | — | 17,394 | ||||||||||||||||||||||||
Total stockholders’ equity | $ | 297,709 | $ | 60,461 | $ | 105,519 | $ | (90,151) | $ | 373,538 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Total revenues | $ | 691,061 | $ | 635,085 | $ | 544,586 | |||||||||||
Less: Net investment income | (9,916) | (8,667) | (13,876) | ||||||||||||||
Less: Net realized and unrealized gains (losses) | 11,944 | (6,896) | 11,664 | ||||||||||||||
Underwriting and fee revenues | $ | 693,089 | $ | 619,522 | $ | 542,374 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Income (loss) before income taxes | $ | 26,948 | $ | 37,030 | $ | 14,172 | |||||||||||
Less: Net investment income | (9,916) | (8,667) | (13,876) | ||||||||||||||
Less: Net realized and unrealized gains (losses) | 11,944 | (6,896) | 11,664 | ||||||||||||||
Plus: Depreciation and amortization | 10,835 | 9,105 | 10,779 | ||||||||||||||
Plus: Interest expense | 15,487 | 14,766 | 18,202 | ||||||||||||||
Plus: Employee compensation and benefits | 65,089 | 49,789 | 45,536 | ||||||||||||||
Plus: Other expenses | 55,594 | 50,657 | 41,342 | ||||||||||||||
Underwriting and fee margin | $ | 175,981 | $ | 145,784 | $ | 127,819 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate Expenses | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 26,948 | $ | 31,102 | $ | (61,242) | $ | (35,660) | $ | (38,852) | |||||||||||||||||||
Less: Income tax (benefit) expense | (3,725) | (7,066) | 13,624 | 10,794 | 13,627 | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses)(1) | 13,804 | 4,018 | 67,668 | — | 85,490 | ||||||||||||||||||||||||
Plus: Intangibles amortization (2) | 9,213 | — | — | — | 9,213 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 2,287 | 2,482 | 174 | 3,172 | 8,115 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 3,418 | — | 624 | 758 | 4,800 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (2,141) | — | (2,141) | ||||||||||||||||||||||||
Less: Tax on adjustments | (8,522) | (1,958) | (14,210) | (4,131) | (28,821) | ||||||||||||||||||||||||
Adjusted net income | $ | 43,423 | $ | 28,578 | $ | 4,497 | $ | (25,067) | $ | 51,431 | |||||||||||||||||||
Adjusted net income | $ | 43,423 | $ | 28,578 | $ | 4,497 | $ | (25,067) | $ | 51,431 | |||||||||||||||||||
Average stockholders’ equity | 285,760 | 47,202 | 138,606 | (79,092) | 392,476 | ||||||||||||||||||||||||
Adjusted return on average equity | 15.2 | % | 60.5 | % | 3.2 | % | NM% | 13.1 | % |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate Expenses | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 37,030 | $ | 2,959 | $ | 23,391 | $ | (34,241) | $ | 29,139 | |||||||||||||||||||
Less: Income tax (benefit) expense | (8,455) | (640) | (4,457) | 4,535 | (9,017) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses)(3) | (6,896) | 2,056 | (6,148) | — | (10,988) | ||||||||||||||||||||||||
Plus: Intangibles amortization (2) | 7,510 | — | — | — | 7,510 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 2,891 | 170 | — | 3,299 | 6,360 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 1,975 | — | 202 | 2,079 | 4,256 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (153) | — | (153) | ||||||||||||||||||||||||
Less: Tax on adjustments | (1,249) | (616) | 1,248 | 1,108 | 491 | ||||||||||||||||||||||||
Adjusted net income | $ | 32,806 | $ | 3,929 | $ | 14,083 | $ | (23,220) | $ | 27,598 | |||||||||||||||||||
Adjusted net income | $ | 32,806 | $ | 3,929 | $ | 14,083 | $ | (23,220) | $ | 27,598 | |||||||||||||||||||
Average stockholders’ equity | 266,397 | 32,785 | 161,133 | (54,978) | 405,337 | ||||||||||||||||||||||||
Adjusted return on average equity | 12.3 | % | 12.0 | % | 8.7 | % | NM% | 6.8 | % |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate Expenses | Total | ||||||||||||||||||||||||
Income (loss) before taxes from continuing operations | $ | 14,172 | $ | 335 | $ | (4,059) | $ | (30,244) | $ | (19,796) | |||||||||||||||||||
Income (loss) before taxes from discontinued operations(4) | — | — | 57,484 | — | 57,484 | ||||||||||||||||||||||||
Less: Income tax (benefit) expense | (4,054) | 118 | (13,241) | 9,372 | (7,805) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 11,664 | (528) | 18,771 | — | 29,907 | ||||||||||||||||||||||||
Plus: Intangibles amortization (2) | 9,077 | — | — | — | 9,077 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 3,458 | 152 | — | 3,049 | 6,659 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 2,559 | — | 1,179 | (1,380) | 2,358 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (56,293) | — | (56,293) | ||||||||||||||||||||||||
Less: Tax on adjustments | (5,605) | (130) | 8,227 | (1,800) | 692 | ||||||||||||||||||||||||
Adjusted net income | $ | 31,271 | $ | (53) | $ | 12,068 | $ | (21,003) | $ | 22,283 | |||||||||||||||||||
Adjusted net income | $ | 31,271 | $ | (53) | $ | 12,068 | $ | (21,003) | $ | 22,283 | |||||||||||||||||||
Average stockholders’ equity | 253,244 | 31,483 | 114,529 | (1,238) | 398,018 | ||||||||||||||||||||||||
Adjusted return on average equity | 12.3 | % | (0.2) | % | 10.5 | % | NM% | 5.6 | % |
Notes | |||||
(1) | For the year ended December 31, 2020, included $1,860 of incentive fees paid with respect to specific unrealized and realized gains that are added-back to Adjusted net income. | ||||
(2) | Specifically associated with acquisition purchase accounting. See Note (3) Acquisitions. | ||||
(3) | For the year ended December 31, 2019, includes $7,598 gain on sale of our CLO management business. | ||||
(4) | Includes discontinued operations related to Care. For more information, see Note (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations. |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (29,158) | $ | 18,361 | $ | 23,933 | |||||||||||
Add: net (loss) income attributable to non-controlling interests | 3,933 | 1,761 | 5,950 | ||||||||||||||
Less: net income from discontinued operations | — | — | 43,770 | ||||||||||||||
Income (loss) from continuing operations | $ | (25,225) | $ | 20,122 | $ | (13,887) | |||||||||||
Corporate debt related interest expense(1) | 23,322 | 19,754 | 18,162 | ||||||||||||||
Consolidated provision (benefit) for income taxes | (13,627) | 9,017 | (5,909) | ||||||||||||||
Depreciation and amortization(2) | 17,268 | 13,083 | 11,614 | ||||||||||||||
Non-cash fair value adjustments(3) | (7,122) | (3,156) | (391) | ||||||||||||||
Non-recurring expenses(4) | 4,800 | 4,257 | 2,358 | ||||||||||||||
Unrealized gains (losses) on AFS securities | 5,125 | 5,008 | (2,100) | ||||||||||||||
Adjusted EBITDA from continuing operations | $ | 4,541 | $ | 68,085 | $ | 9,847 | |||||||||||
Income (loss) from discontinued operations | $ | — | $ | — | $ | 43,770 | |||||||||||
Consolidated provision (benefit) for income taxes | — | — | 13,714 | ||||||||||||||
Non-cash fair value adjustments (3) | — | — | (40,672) | ||||||||||||||
Adjusted EBITDA from discontinued operations | $ | — | $ | — | $ | 16,812 | |||||||||||
Total Adjusted EBITDA | $ | 4,541 | $ | 68,085 | $ | 26,659 |
Notes | |||||
(1) | Corporate debt interest expense includes interest expense from secured corporate credit agreements, junior subordinated notes and preferred trust securities. Interest expense associated with asset-specific debt is not added-back for Adjusted EBITDA. | ||||
(2) | Represents total depreciation and amortization expense less purchase accounting amortization related adjustments at our insurance companies. 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 our insurance companies increased EBITDA above what the historical basis of accounting would have generated. | ||||
(3) | For our maritime transportation operations, depreciation and amortization is deducted as a reduction in the value of the vessel. For our insurance operations, depreciation and amortization on senior living real estate that is within net investment income is added back to Adjusted EBITDA. For Care (Discontinued Operations), the reduction in EBITDA is related to accumulated depreciation and amortization, and certain operating expenses, which were previously included in Adjusted EBITDA in prior periods. | ||||
(4) | Acquisition, start-up and disposition costs, including debt extinguishment, legal, taxes, banker fees and other costs. |
($ in thousands, except per share information) | As of December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Total stockholders’ equity | $ | 373,538 | $ | 411,415 | $ | 399,259 | |||||||||||
Less: Non-controlling interests | 17,394 | 13,353 | 12,158 | ||||||||||||||
Total stockholders’ equity, net of non-controlling interests | $ | 356,144 | $ | 398,062 | $ | 387,101 | |||||||||||
Total common shares outstanding | 32,682 | 34,563 | 35,870 | ||||||||||||||
Book value per share | $ | 10.90 | $ | 11.52 | $ | 10.79 |
($ in thousands) | Corporate Debt Outstanding as of December 31, | Interest Expense for the year ended December 31, | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Insurance | $ | 160,000 | $ | 185,000 | $ | 160,000 | $ | 13,305 | $ | 13,390 | $ | 13,149 | ||||||||||||||||||||||||||
Corporate | 120,313 | 68,210 | 72,090 | 10,017 | 6,292 | 5,013 | ||||||||||||||||||||||||||||||||
Total | $ | 280,313 | $ | 253,210 | $ | 232,090 | $ | 23,322 | $ | 19,682 | $ | 18,100 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||
Total cash provided by (used in): | 2020 | 2019 | 2018 | ||||||||||||||
Net cash (used in) provided by: | |||||||||||||||||
Operating activities | $ | 140,169 | $ | 23,742 | $ | 57,724 | |||||||||||
Investing activities | (123,491) | (8,327) | (109,107) | ||||||||||||||
Financing activities | 31,749 | 36,928 | (2,003) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 48,427 | $ | 52,343 | $ | (53,386) |
($ in thousands) | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | ||||||||||||||||||||||||
Corporate debt, including interest (1) | $ | 27,675 | $ | 53,877 | $ | 134,320 | $ | 196,941 | $ | 412,813 | |||||||||||||||||||
Asset based debt | 58,940 | 33,073 | 9,618 | — | 101,631 | ||||||||||||||||||||||||
Total debt (2) | $ | 86,615 | $ | 86,950 | $ | 143,938 | $ | 196,941 | $ | 514,444 | |||||||||||||||||||
Operating lease obligations (3) | 8,665 | 14,789 | 11,621 | 16,091 | 51,166 | ||||||||||||||||||||||||
Total | $ | 95,280 | $ | 101,739 | $ | 155,559 | $ | 213,032 | $ | 565,610 |
($ in thousands) | As of December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Available for sale securities, at fair value (1) | ||||||||||||||
Obligations of state and political subdivisions | $ | 44,350 | $ | 46,338 | ||||||||||
Corporate securities | 94,941 | 51,231 | ||||||||||||
Asset backed securities | 36,192 | 44,018 | ||||||||||||
Certificates of deposit | 1,355 | 896 | ||||||||||||
Obligations of foreign governments | 3,992 | 1,119 | ||||||||||||
Loans, at fair value(2) | ||||||||||||||
Corporate loans | 7,795 | 9,787 | ||||||||||||
Non-performing loans | — | 387 | ||||||||||||
Other investments(3) | ||||||||||||||
Corporate bonds, at fair value | 105,777 | 20,705 | ||||||||||||
Debentures | 17,703 | 15,423 | ||||||||||||
Other | 802 | 6,956 | ||||||||||||
Total | $ | 312,907 | $ | 196,860 |
($ in thousands) | As of December 31, 2020 | As of December 31, 2019 | |||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | Insurance | Tiptree Capital - Other | Total | ||||||||||||||||||||||||||||||
Invesque | $ | 5,370 | $ | 25,708 | $ | 31,078 | $ | 19,376 | $ | 92,562 | $ | 111,938 | |||||||||||||||||||||||
Fixed income exchange traded fund | 63,875 | — | 63,875 | 25,039 | — | 25,039 | |||||||||||||||||||||||||||||
Other equity securities | 28,885 | — | 28,885 | 18,401 | — | 18,401 | |||||||||||||||||||||||||||||
Total equity securities | $ | 98,130 | $ | 25,708 | $ | 123,838 | $ | 62,816 | $ | 92,562 | $ | 155,378 |
As of | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | |||||||||
Loans, at fair value | |||||||||||
Equity securities | |||||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Notes and accounts receivable, net | |||||||||||
Reinsurance receivables | |||||||||||
Deferred acquisition costs | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Assets held for sale | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Debt, net | $ | $ | |||||||||
Unearned premiums | |||||||||||
Policy liabilities and unpaid claims | |||||||||||
Deferred revenue | |||||||||||
Reinsurance payable | |||||||||||
Other liabilities and accrued expenses | |||||||||||
Liabilities held for sale | |||||||||||
Total liabilities | $ | $ | |||||||||
Stockholders’ Equity: | |||||||||||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | $ | $ | |||||||||
Common stock: $0.001 par value, 200,000,000 shares authorized, 32,682,462 and 34,562,553 shares issued and outstanding, respectively | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss), net of tax | |||||||||||
Retained earnings | |||||||||||
Total Tiptree Inc. stockholders’ equity | |||||||||||
Non-controlling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Earned premiums, net | $ | $ | $ | ||||||||||||||
Service and administrative fees | |||||||||||||||||
Ceding commissions | |||||||||||||||||
Net investment income | |||||||||||||||||
Net realized and unrealized gains (losses) | |||||||||||||||||
Other revenue | |||||||||||||||||
Total revenues | |||||||||||||||||
Expenses: | |||||||||||||||||
Policy and contract benefits | |||||||||||||||||
Commission expense | |||||||||||||||||
Employee compensation and benefits | |||||||||||||||||
Interest expense | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Other expenses | |||||||||||||||||
Total expenses | |||||||||||||||||
Income (loss) before taxes | ( | ( | |||||||||||||||
Less: provision (benefit) for income taxes | ( | ( | |||||||||||||||
Net income (loss) from continuing operations | ( | ( | |||||||||||||||
Discontinued operations: | |||||||||||||||||
Income (loss) before taxes from discontinued operations | |||||||||||||||||
Gain on sale of discontinued operations | |||||||||||||||||
Less: Provision (benefit) for income taxes | |||||||||||||||||
Net income (loss) from discontinued operations | |||||||||||||||||
Net income (loss) | ( | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests - TFP | |||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||
Net income (loss) attributable to common stockholders | $ | ( | $ | $ | |||||||||||||
Net income (loss) per common share: | |||||||||||||||||
Basic, continuing operations, net | $ | ( | $ | $ | ( | ||||||||||||
Basic, discontinued operations, net | |||||||||||||||||
Basic earnings per share | $ | ( | $ | $ | |||||||||||||
Diluted, continuing operations, net | ( | ( | |||||||||||||||
Diluted, discontinued operations, net | |||||||||||||||||
Diluted earnings per share | $ | ( | $ | $ | |||||||||||||
Weighted average number of common shares: | |||||||||||||||||
Basic | |||||||||||||||||
Diluted | |||||||||||||||||
Dividends declared per common share | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income (loss) | $ | ( | $ | $ | |||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Unrealized gains (losses) on available for sale securities: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period | ( | ||||||||||||||||
Related (provision) benefit for income taxes | ( | ( | |||||||||||||||
Reclassification of (gains) losses included in net income | ( | ( | |||||||||||||||
Related (provision) benefit for income taxes | ( | ||||||||||||||||
Unrealized gains (losses) on available for sale securities, net of tax | ( | ||||||||||||||||
Interest rate swaps (cash flow hedges): | |||||||||||||||||
Unrealized gains (losses) on interest rate swaps | |||||||||||||||||
Related (provision) benefit for income taxes | ( | ||||||||||||||||
Reclassification of (gains) losses included in net income (1) | ( | ||||||||||||||||
Related (provision) benefit for income taxes | |||||||||||||||||
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax | ( | ||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests - TFP | |||||||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | |||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | ( | $ | $ |
Number of Shares | Par Value | Additional paid in capital | Accumulated other comprehensive income (loss) | Retained earnings | Shares held by subsidiaries | Total stockholders’ equity to Tiptree Inc. | Non-controlling interests - TFP | Non-controlling interests - Other | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Class B | Common stock | Class B | Common stock | Common stock Amount | Class B Shares | Class B Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | $ | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | — | ( | — | ( | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reorganization merger (1) (2) | ( | ( | ( | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of treasury shares | ( | — | ( | — | ( | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interest | — | — | — | — | ( | — | — | — | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | ( | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ( | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | — | $ | $ | — | $ | $ | ( | $ | — | $ | — | — | $ | — | $ | $ | $ | $ |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Non-controlling interests | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Adoption of accounting standard (3) | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation (4) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions (5) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interest | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Adoption of accounting standard (3) | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation (4) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions (5) | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interest | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Operating Activities: | 2020 | 2019 | 2018 | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | ( | $ | $ | |||||||||||||
Net income (loss) attributable to non-controlling interests - TFP | |||||||||||||||||
Net income (loss) attributable to non-controlling interests | |||||||||||||||||
Net income (loss) | ( | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||||
Net realized and unrealized (gains) losses | ( | ( | ( | ||||||||||||||
Net (gain) loss on sale of businesses | ( | ( | |||||||||||||||
Non-cash compensation expense | |||||||||||||||||
Amortization/accretion of premiums and discounts | |||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||
Non-cash lease expense | |||||||||||||||||
Deferred provision (benefit) for income taxes | |||||||||||||||||
Amortization of deferred financing costs | |||||||||||||||||
Other | ( | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Mortgage loans originated for sale | ( | ( | ( | ||||||||||||||
Proceeds from the sale of mortgage loans originated for sale | |||||||||||||||||
(Increase) decrease in notes and accounts receivable | ( | ( | ( | ||||||||||||||
(Increase) decrease in reinsurance receivables | ( | ( | ( | ||||||||||||||
(Increase) decrease in deferred acquisition costs | ( | ( | |||||||||||||||
(Increase) decrease in other assets | ( | ( | |||||||||||||||
Increase (decrease) in unearned premiums | |||||||||||||||||
Increase (decrease) in policy liabilities and unpaid claims | |||||||||||||||||
Increase (decrease) in deferred revenue | |||||||||||||||||
Increase (decrease) in reinsurance payable | |||||||||||||||||
Increase (decrease) in other liabilities and accrued expenses | |||||||||||||||||
Net cash provided by (used in) operating activities | |||||||||||||||||
Investing Activities: | |||||||||||||||||
Purchases of investments | ( | ( | ( | ||||||||||||||
Proceeds from sales and maturities of investments | |||||||||||||||||
Proceeds from the sale of real estate | |||||||||||||||||
Purchases of property, plant and equipment | ( | ( | ( | ||||||||||||||
Proceeds from the sale of businesses | |||||||||||||||||
Proceeds from notes receivable | |||||||||||||||||
Issuance of notes receivable | ( | ( | ( | ||||||||||||||
Business and asset acquisitions, net of cash, restricted cash and deposits (1) | ( | ( | |||||||||||||||
Net cash provided by (used in) investing activities | ( | ( | ( | ||||||||||||||
Financing Activities: | |||||||||||||||||
Dividends paid | ( | ( | ( | ||||||||||||||
Non-controlling interest contributions | |||||||||||||||||
Non-controlling interest distributions | ( | ( | ( | ||||||||||||||
Payment of debt issuance costs | ( | ( | ( | ||||||||||||||
Proceeds from borrowings and mortgage notes payable | |||||||||||||||||
Principal paydowns of borrowings and mortgage notes payable | ( | ( | ( | ||||||||||||||
Repurchases of common stock | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||||||||
Cash, cash equivalents and restricted cash – beginning of period | |||||||||||||||||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | |||||||||||||||||
Cash, cash equivalents and restricted cash – end of period | |||||||||||||||||
Less: Reclassification of cash to assets held for sale | |||||||||||||||||
Cash, cash equivalents and restricted cash – end of period | $ | $ | $ | ||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash paid during the period for interest expense | $ | $ | $ | ||||||||||||||
Cash (received) paid during the period for income taxes | $ | $ | $ | ( | |||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||||||||
Right of use asset obtained in exchange for lease liability | $ | $ | $ | ||||||||||||||
Equity securities acquired as part of a dividend reinvestment plan | $ | $ | $ | ||||||||||||||
Acquired real estate properties through, or in lieu of, foreclosure of the related loan | $ | $ | $ | ||||||||||||||
Acquisition of non-controlling interest | $ | $ | $ | ||||||||||||||
Equity securities acquired through the sale of a subsidiary and asset sales | $ | $ | $ | ||||||||||||||
Cancellation of treasury shares | $ | $ | $ | ||||||||||||||
As of December 31, | |||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash | 2020 | 2019 | 2018 | ||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | $ | $ |
Standard | Description | Adoption Date | Impact on Financial Statements | ||||||||
2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | Topic 326 amended guidance on reporting credit losses for assets held on an amortized cost basis and AFS debt securities. For assets held on an amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in previous 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 AFS debt securities, credit losses should be measured in a manner similar to previous GAAP; however, Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. Changes in the allowance account are recorded in the period of change as a credit loss expense or reversal of credit loss expense. The measurement of credit losses is not impacted, except that credit losses recognized are limited to the amount by which fair value is below amortized cost. | January 1, 2020 | The adoption of this guidance resulted in an immaterial reclassification from AOCI to retained earnings in the Company’s consolidated financial statements. | ||||||||
2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement | The amendments in this update require additions, modifications and elimination to the fair value measurement disclosure. The objective of these disclosure requirements is to provide users of financial statements with information about assets and liabilities measured at fair value: (a) The valuation techniques and inputs that a reporting entity uses to arrive at its measures of fair value, including judgments and assumptions that the entity makes, (b) The uncertainty in the fair value measurements as of the reporting date, and (c) How changes in fair value measurements affect an entity’s performance and cash flows. | January 1, 2020 | The retrospective adoption of this standard resulted in additional disclosures related to inputs of Level 3 investments. This adoption resulted in no material impact to the Company’s consolidated financial statements. See Note (12) Fair Value of Financial Instruments. | ||||||||
2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | The amendments in this update allow a reclassification from AOCI to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The amendments in this update affect any entity that is required to apply the provisions of Topic 220 and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. | January 1, 2019 | The adoption of this guidance resulted in an immaterial reclassification from AOCI to retained earnings in the Company’s consolidated financial statements. |
Standard | Description | Adoption Date | Impact on Financial Statements | ||||||||
2016-02 Leases (Topic 842) | This new standard introduced a new lessee model that brings substantially all leases onto the balance sheet. In addition, while the new guidance retains most of the principles of the previous existing lessor model in GAAP, it aligns many of those principles with ASC 606, Revenue From Contracts With Customers. | January 1, 2019 | The adoption of this guidance (practical expedient) resulted in the Company recognizing a right of use asset of $ | ||||||||
2014-09 Revenue from Contracts with Customers (Topic 606) | This ASU outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes previous revenue recognition guidance, including industry-specific guidance. | January 1, 2018 | The Company has chosen the modified-retrospective method of adopting Topic 606, and has assessed these contracts and concluded that changes in accounting and revenue recognition upon adoption of Topic 606 were not material to the Company’s financial position as of January 1, 2018, and did not have a material impact on the Company’s consolidated financial statements. |
Standard | Description | Adoption Date | Impact on Financial Statements | ||||||||
2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | The standard eliminates the need for an organization to analyze whether the following apply in a given period (1) exception to the incremental approach for intraperiod tax allocation, (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. | For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. | The Company is currently evaluating the effect on its consolidated financial statements. | ||||||||
2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | The amendments in this update provide optional guidance for a limited period to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. | The standard is effective for all entities as of March 12, 2020, through December 31, 2022. The Company is evaluating their option to adopt the guidance when it is applicable. | The Company is currently evaluating the effect on its consolidated financial statements. |
As of January 3, 2020 | |||||
Assets: | |||||
Investments: | |||||
Available for sale securities, at fair value | $ | ||||
Total investments | |||||
Cash and cash equivalents | |||||
Restricted cash | |||||
Notes and accounts receivable, net | |||||
Reinsurance receivables | |||||
Intangible assets, net | |||||
Other assets | |||||
Total assets | $ | ||||
Liabilities: | |||||
Policy liabilities and unpaid claims | $ | ||||
Deferred revenue | |||||
Reinsurance payable | |||||
Other liabilities and accrued expenses | |||||
Total liabilities | |||||
Net assets acquired | |||||
Goodwill | |||||
$ | |||||
Acquisition costs | $ |
Intangible Assets | Weighted Average Amortization Period (in Years) | Value as of acquisition date | |||||||||
Customer relationships | $ | ||||||||||
Software licensing | |||||||||||
Trade names | |||||||||||
Total acquired finite-lived intangible assets | $ |
As of | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Loans, at fair value | $ | $ | |||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Notes and accounts receivable, net | |||||||||||
Other assets | |||||||||||
Assets held for sale | $ | $ | |||||||||
Liabilities: | |||||||||||
Debt, net | $ | $ | |||||||||
Other liabilities and accrued expenses (1) | |||||||||||
Liabilities held for sale | $ | $ |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Rental and related revenue | $ | $ | $ | ||||||||||||||
Other revenue | |||||||||||||||||
Total revenues | |||||||||||||||||
Expenses: | |||||||||||||||||
Employee compensation and benefits | |||||||||||||||||
Interest expense | |||||||||||||||||
Other expenses | |||||||||||||||||
Total expenses | |||||||||||||||||
Net income (loss) before taxes from discontinued operations | |||||||||||||||||
Gain on sale of discontinued operations | |||||||||||||||||
Less: provision (benefit) for income taxes | |||||||||||||||||
Net income (loss) from discontinued operations | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net cash provided by (used in): | |||||||||||||||||
Operating activities | $ | $ | $ | ( | |||||||||||||
Investing activities | ( | ||||||||||||||||
Financing activities | ( | ||||||||||||||||
Net cash flows provided by discontinued operations | $ | $ | $ | ( |
Year Ended December 31, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | ( | ||||||||||||||||||||||
Income (loss) before taxes | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Less: provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Net income (loss) | $ | ( | |||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | ( |
Year Ended December 31, 2019 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | ( | ||||||||||||||||||||||
Income (loss) before taxes | $ | $ | $ | $ | |||||||||||||||||||
Less: provision (benefit) for income taxes | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ |
Year Ended December 31, 2018 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | ( | ||||||||||||||||||||||
Income (loss) before taxes from continuing operations | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Less: provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Net income (loss) from discontinued operations | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to Common Stockholders | $ |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tiptree Capital | Tiptree Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | $ | $ | |||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Total investments | $ | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | $ | $ | |||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Total investments | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||
Amortized cost | Allowance for Credit Losses(1) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ||||||||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
(1) - Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statements of operations (as a credit loss on AFS securities). Amount excludes unrealized losses relating to non-credit factors. | |||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ||||||||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
As of | |||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ||||||||||||||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ||||||||||||||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||||||||||||||
Asset backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
Obligations of state and political subdivisions | Corporate securities | Asset backed securities | Total | ||||||||||||||||||||
Increase in the allowance for the initial adoption of ASU 2016-13 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Reduction in credit losses due to AFS securities sold during the year | |||||||||||||||||||||||
Recoveries of amounts previously written off during the year | |||||||||||||||||||||||
Ending balance of the allowance for credit losses on AFS securities | $ | $ | $ | $ |
Year Ended December 31, 2020 | |||||
Credit losses (gains from recoveries) on AFS securities | $ | ( |
As of | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ | $ | |||||||||
Fair value of restricted investments for special deposits required by state insurance departments | |||||||||||
Total fair value of restricted investments | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Purchases of AFS securities | $ | $ | $ | ||||||||||||||
Proceeds from maturities, calls and prepayments of AFS securities | $ | $ | $ | ||||||||||||||
Gains (losses) realized on maturities, calls and prepayments of AFS securities | $ | $ | $ | ( | |||||||||||||
Gross proceeds from sales of AFS securities | $ | $ | $ | ||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Gross realized gains | $ | $ | $ | ||||||||||||||
Gross realized (losses) | ( | ( | ( | ||||||||||||||
Total net realized gains (losses) from investment sales and redemptions | ( |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as Collateral | Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as Collateral | ||||||||||||||||||||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans (1) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Non-performing loans (2) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans, at fair value | $ | $ | $ | ( | $ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Invesque | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fixed income exchange traded fund | |||||||||||||||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||||||||||||||
Total equity securities | $ | $ | $ | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Invesque | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fixed income exchange traded fund | |||||||||||||||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||||||||||||||
Total equity securities | $ | $ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Vessels, net (2) | |||||||||||||||||||||||
Debentures | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Vessels, net (2) | |||||||||||||||||||||||
Debentures | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest: | |||||||||||||||||
AFS securities | $ | $ | $ | ||||||||||||||
Loans, at fair value | |||||||||||||||||
Other investments | |||||||||||||||||
Dividends from equity securities | |||||||||||||||||
Other | |||||||||||||||||
Subtotal | |||||||||||||||||
Less: investment expenses | |||||||||||||||||
Net investment income | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest: | |||||||||||||||||
Loans, at fair value (1) | $ | $ | $ | ||||||||||||||
Other | |||||||||||||||||
Dividends from equity securities | |||||||||||||||||
Loan fee income | |||||||||||||||||
Vessel related revenue | |||||||||||||||||
Other investment income | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net realized gains (losses) | |||||||||||||||||
Insurance: | |||||||||||||||||
Reclass of unrealized gains (losses) on AFS securities from OCI | $ | $ | $ | ( | |||||||||||||
Gains from recoveries (credit losses) on AFS securities | |||||||||||||||||
Net realized gains (losses) on loans | ( | ||||||||||||||||
Net realized gains (losses) on equity securities | ( | ||||||||||||||||
Net realized gain on corporate bonds | |||||||||||||||||
Other | |||||||||||||||||
Tiptree Capital | |||||||||||||||||
Mortgage: | |||||||||||||||||
Net realized gains (losses) on loans | |||||||||||||||||
Other: | |||||||||||||||||
Net realized gains (losses) on loans (1) | |||||||||||||||||
Other | ( | ( | |||||||||||||||
Total net realized gains (losses) | |||||||||||||||||
Net unrealized gains (losses) | |||||||||||||||||
Insurance: | |||||||||||||||||
Net change in unrealized gains (losses) on loans | ( | ( | ( | ||||||||||||||
Net unrealized gains (losses) on equity securities held at period end | ( | ( | |||||||||||||||
Reclass of unrealized (gains) losses from prior periods for equity securities sold | ( | ( | |||||||||||||||
Other | ( | ( | |||||||||||||||
Tiptree Capital | |||||||||||||||||
Mortgage: | |||||||||||||||||
Net change in unrealized gains (losses) on loans | |||||||||||||||||
Other | ( | ( | |||||||||||||||
Other: | |||||||||||||||||
Net change in unrealized gains (losses) on loans (1) | |||||||||||||||||
Net unrealized gains (losses) on equity securities held at period end | ( | ( | ( | ||||||||||||||
Other | |||||||||||||||||
Total net unrealized gains (losses) | ( | ( | |||||||||||||||
Total net realized and unrealized gains (losses) | $ | $ | $ |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Notes receivable, net - premium financing program | $ | $ | |||||||||
Accounts and premiums receivable, net | |||||||||||
Retrospective commissions receivable | |||||||||||
Trust receivables | |||||||||||
Other receivables | |||||||||||
Total notes and accounts receivable, net | $ | $ |
Valuation allowance | Bad Debt Expense | ||||||||||||||||||||||||||||
As of December 31, | For the Year Ended December 31, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Notes receivable, net - premium financing program (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Accounts and premiums receivable, net | $ | $ | $ | $ | $ |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | |||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | % | ||||||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | % | ||||||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | |||||||||||||||||||||||||
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | % | ||||||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | % | ||||||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | |||||||||||||||||||||||||
For the Year ended December 31, 2018 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | % |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | % | ||||||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | % | ||||||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | % | ||||||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
For the Year ended December 31, 2018 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | % | ||||||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ |
As of | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Prepaid reinsurance premiums: | |||||||||||
Life insurance (1) | $ | $ | |||||||||
Accident and health insurance (1) | |||||||||||
Property and liability insurance (2) | |||||||||||
Total | |||||||||||
Ceded claim reserves: | |||||||||||
Life insurance | |||||||||||
Accident and health insurance | |||||||||||
Property and liability insurance | |||||||||||
Total ceded claim reserves recoverable | |||||||||||
Other reinsurance settlements recoverable | |||||||||||
Reinsurance receivables | $ | $ |
As of | |||||
December 31, 2020 | |||||
Total of the three largest receivable balances from non-affiliated reinsurers | $ |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||
Insurance | Other | Total | Insurance | Other | Total | ||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Trade names | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Software licensing | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Insurance policies and contracts acquired | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Insurance licensing agreements(1) | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||
Total goodwill and intangible assets, net | $ | $ | $ | $ | $ | $ |
Insurance | Other(1) | Total | |||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | ||||||||||||||
Goodwill acquired (2) | |||||||||||||||||
Balance at December 31, 2019 | |||||||||||||||||
Goodwill acquired (2) | |||||||||||||||||
Purchase accounting adjustments (3) | ( | ( | |||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ||||||||||||||
Accumulated impairments | $ | $ | $ |
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | ||||||||||||||
Intangible assets acquired (1) | |||||||||||||||||
Less: amortization expense | ( | ( | ( | ||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||||||||||
Intangible assets acquired (1) (2) | |||||||||||||||||
Purchase accounting adjustment (3) | ( | ( | |||||||||||||||
Less: amortization expense | ( | ( | ( | ||||||||||||||
Balance at December 31, 2020 | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Amortization expense on intangible assets | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||
Insurance | Other(1) | Total | |||||||||||||||
2021 | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 and thereafter | |||||||||||||||||
Total | $ | $ | $ |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Forward delivery contracts | |||||||||||||||||||||||||||||||||||
TBA mortgage backed securities | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Stated interest rate or range of rates | Maximum borrowing capacity as of | As of | |||||||||||||||||||||||||||||||||
Debt Type | Stated maturity date | December 31, 2020 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Corporate debt | |||||||||||||||||||||||||||||||||||
Secured revolving credit agreements | August 2023 | LIBOR + | $ | $ | $ | ||||||||||||||||||||||||||||||
Secured term credit agreements | February 2025 | LIBOR + | |||||||||||||||||||||||||||||||||
Preferred trust securities | June 2037 | LIBOR + | |||||||||||||||||||||||||||||||||
Junior subordinated notes | October 2057 | ||||||||||||||||||||||||||||||||||
Total corporate debt | |||||||||||||||||||||||||||||||||||
Asset based debt (1) | |||||||||||||||||||||||||||||||||||
Asset based revolving financing | October 2023 | LIBOR + | |||||||||||||||||||||||||||||||||
Residential mortgage warehouse borrowings (2) | April 2021 - | LIBOR + | |||||||||||||||||||||||||||||||||
August 2021 | to LIBOR + | ||||||||||||||||||||||||||||||||||
Vessel backed term loan | November 2024 | LIBOR + | |||||||||||||||||||||||||||||||||
Total asset based debt | |||||||||||||||||||||||||||||||||||
Total debt, face value | |||||||||||||||||||||||||||||||||||
Unamortized discount, net | ( | ( | |||||||||||||||||||||||||||||||||
Unamortized deferred financing costs | ( | ( | |||||||||||||||||||||||||||||||||
Total debt, net | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest expense - corporate debt | $ | $ | $ | ||||||||||||||
Interest expense - asset based debt | |||||||||||||||||
Interest expense on debt | $ | $ | $ |
As of | |||||
December 31, 2020 | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total | $ |
As of December 31, 2020 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | |||||||||||||||||||
Obligations of state and political subdivisions |
As of December 31, 2020 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total available for sale securities, at fair value | |||||||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Total loans, at fair value | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | |||||||||||||||||||||||
Fixed income exchange traded fund | |||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
CLOs | |||||||||||||||||||||||
Total other investments, at fair value | |||||||||||||||||||||||
Mortgage servicing rights (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities (2) | $ | $ | $ | $ | |||||||||||||||||||
Securities sold, not yet purchased (2) | |||||||||||||||||||||||
Contingent consideration payable (2) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | |||||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total available for sale securities, at fair value | |||||||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Non-performing loans |
As of December 31, 2019 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Total loans, at fair value | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | |||||||||||||||||||||||
Fixed income exchange traded fund | |||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
CLOs | |||||||||||||||||||||||
Total other investments, at fair value | |||||||||||||||||||||||
Mortgage servicing rights (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities (2) | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
(1) Included in other assets. (2) Included in other liabilities and accrued expenses. |
For the Year Ended December 31, | |||||||||||
2020 (1) | 2019 (1) | ||||||||||
Balance at January 1, | $ | $ | |||||||||
Net realized and unrealized gains or losses included in: | |||||||||||
Earnings | |||||||||||
OCI | ( | ( | |||||||||
Origination of IRLCs | |||||||||||
Purchases | |||||||||||
Sales | ( | ( | |||||||||
Issuances | |||||||||||
Conversions to real estate owned | ( | ||||||||||
Conversions to mortgage loans held for sale | ( | ( | |||||||||
Balance at December 31, | $ | $ | |||||||||
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | $ | ( | $ | ( | |||||||
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | $ | ( | $ | ( |
As of December 31, | As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 2020 | 2019 | Valuation technique | Unobservable input(s) (1) | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Range | WA | Range | WA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRLCs | $ | $ | Internal model | Pull through rate | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | External model | Discount rate | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost to service | $ | to | $ | $ | $ | to | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment speed | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration payable - Smart AutoCare | $ | $ | Cash Flow Model | Forecast Cash EBITDA | $ | to | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Analysis | Assumed Claim Liabilities | $ | $ | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||
Level within fair value hierarchy | Fair value | Carrying value | Level within fair value hierarchy | Fair value | Carrying value | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Debentures (1) | 2 | $ | $ | 2 | $ | $ | |||||||||||||||||||||||||||||
Notes receivable, net | 2 | 2 | |||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Debt, net | 3 | $ | $ | 3 | $ | $ | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
For the Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Policy liabilities and unpaid claims balance as of January 1, | $ | $ | |||||||||
Less: liabilities of policy-holder account balances, gross | ( | ( | |||||||||
Less: non-insurance warranty benefit claim liabilities | ( | ( | |||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | |||||||||||
Less: reinsurance recoverable on unpaid losses - short duration | ( | ( | |||||||||
Less: other lines, gross | ( | ( | |||||||||
Net balance as of January 1, short duration | |||||||||||
Incurred (short duration) related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total incurred | |||||||||||
Paid (short duration) related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total paid | |||||||||||
Net balance as of December 31, short duration | |||||||||||
Plus: reinsurance recoverable on unpaid losses - short duration | |||||||||||
Plus: other lines, gross | |||||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | |||||||||||
Plus: liabilities of policy-holder account balances, gross | |||||||||||
Plus: non-insurance warranty benefit claim liabilities (1) | |||||||||||
Policy liabilities and unpaid claims balance as of December 31, | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Short duration incurred | $ | $ | $ | ||||||||||||||
Other lines incurred | |||||||||||||||||
Unallocated loss adjustment expenses | |||||||||||||||||
Total losses incurred | $ | $ | $ |
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | As of December 31, 2020 | ||||||||||||||||||||||||||||
For the Years Ended December 31, | Total of IBNR Liabilities Plus Expected Development of Reported Claims | Cumulative Number of Reported Claims | |||||||||||||||||||||||||||
Accident Year | 2016 (Unaudited) | 2017 (Unaudited) | 2018 (Unaudited) | 2019 (Unaudited) | 2020 | ||||||||||||||||||||||||
2016 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
2017 | $ | ||||||||||||||||||||||||||||
2018 | $ | ||||||||||||||||||||||||||||
2019 | $ | ||||||||||||||||||||||||||||
2020 | $ | ||||||||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | |||||||||||||||||||||||||||||
Accident Year | 2016 (Unaudited) | 2017 (Unaudited) | 2018 (Unaudited) | 2019 (Unaudited) | 2020 | ||||||||||||||||||||||||
2016 | $ | $ | $ | $ | |||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||||||||
All outstanding liabilities before 2016, net of reinsurance | |||||||||||||||||||||||||||||
Liabilities for loss and loss adjustment expenses, net of reinsurance | $ |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) | |||||||||||||||||
Years | 1 | 2 | 3 | 4 | 5 | ||||||||||||
Short duration |
As of | |||||
December 31, 2020 | |||||
Net outstanding liabilities: | |||||
Short duration | $ | ||||
Insurance lines other than short duration | |||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | |||||
Reinsurance recoverable on unpaid losses and loss adjustment expenses: | |||||
Short duration | |||||
Other insurance lines | |||||
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | |||||
Total gross liability for unpaid losses and loss adjustment expenses | |||||
Liabilities of policy-holder account balances, gross | |||||
Non-insurance warranty benefit claim liabilities | |||||
Total policy liabilities and unpaid claims | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Motor club revenue | $ | $ | $ | ||||||||||||||
Warranty coverage revenue | |||||||||||||||||
Vessel related revenue | |||||||||||||||||
Management fee income | |||||||||||||||||
Other | |||||||||||||||||
Revenue from contracts with customers | $ | $ | $ |
January 1, 2020 | December 31, 2020 | ||||||||||||||||||||||
Beginning balance | Additions | Amortizations | Ending balance | ||||||||||||||||||||
Deferred acquisition costs | |||||||||||||||||||||||
Motor club revenue | $ | $ | $ | $ | |||||||||||||||||||
Warranty coverage revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Deferred revenue | |||||||||||||||||||||||
Motor club revenue | $ | $ | $ | $ | |||||||||||||||||||
Warranty coverage revenue (1) | $ | ||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Right of use asset - Operating leases (1) | $ | $ | |||||||||
Furniture, fixtures and equipment, net | |||||||||||
Income tax receivable | |||||||||||
Mortgage servicing rights | |||||||||||
Prepaid expenses | |||||||||||
Loans eligible for repurchase | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | $ | $ |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Operating lease liability (1) | |||||||||||
Deferred tax liabilities, net | |||||||||||
Securities sold, not yet purchased | |||||||||||
Due to brokers | |||||||||||
Loans eligible for repurchase liability | |||||||||||
Commissions payable | |||||||||||
Other | |||||||||||
Total other liabilities and accrued expenses | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Other investment income (1) | $ | $ | $ | ||||||||||||||
Gain (loss) on sale of businesses (2) | ( | ||||||||||||||||
Management fee income | |||||||||||||||||
Other (3) | |||||||||||||||||
Total other revenue | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Professional fees | $ | $ | $ | ||||||||||||||
General and administrative | |||||||||||||||||
Premium taxes | |||||||||||||||||
Mortgage origination expenses | |||||||||||||||||
Rent and related | |||||||||||||||||
Operating expenses from vessels | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Other | |||||||||||||||||
Total other expenses | $ | $ | $ |
For the Year Ended December 31, 2020 | |||||||||||
Number of shares purchased | Average price per share | ||||||||||
Share repurchase plan | $ | ||||||||||
Block repurchase | |||||||||||
Total | $ | ||||||||||
Remaining repurchase authorization | $ |
Dividends per share for the | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
First quarter | $ | $ | $ | ||||||||||||||
Second quarter | |||||||||||||||||
Third quarter | |||||||||||||||||
Fourth quarter(1) | |||||||||||||||||
Total cash dividends declared | $ | $ | $ |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ | $ | |||||||||
Required minimum statutory capital and surplus | $ | $ | |||||||||
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income of statutory insurance companies | $ | $ | $ |
For the Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Ordinary dividends | $ | $ | |||||||||
Extraordinary dividends | |||||||||||
Total dividends | $ | $ | |||||||||
As of | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | $ |
Unrealized gains (losses) on | Amount attributable to non-controlling interests | ||||||||||||||||||||||||||||||||||
Available for sale securities | Interest rate swaps | Total AOCI (loss) | TFP | Other | Total AOCI (loss) to Tiptree Inc. | ||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | ( | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||||||||||||||
Reclassification of AOCI - interest rate swaps (1) | — | ( | ( | ( | |||||||||||||||||||||||||||||||
Reorganization merger | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Period change | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | ( | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||||||||||||||
Period change | ( | ||||||||||||||||||||||||||||||||||
Adoption of accounting standard (1) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||||||||||||||
Period change | ( | ||||||||||||||||||||||||||||||||||
Adoption of accounting standard (1) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | ( | $ |
For the Year Ended December 31, | Affected line item in consolidated statements of operations | |||||||||||||||||||
Components of AOCI | 2020 | 2019 | 2018 | |||||||||||||||||
Unrealized gains (losses) on available for sale securities | $ | $ | $ | ( | Net realized and unrealized gains (losses) | |||||||||||||||
Related tax (expense) benefit | ( | ( | Provision for income tax | |||||||||||||||||
Net of tax | $ | $ | $ | ( | ||||||||||||||||
Reclassification of AOCI - interest rate swaps (1) | $ | $ | $ | Gain on sale of discontinued operations | ||||||||||||||||
Related tax (expense) benefit | ( | Provision for income tax | ||||||||||||||||||
Net of tax | $ | $ | $ |
2017 Equity Plan | Number of shares (1) | ||||
Available for issuance as of December 31, 2017 | |||||
RSU and option awards granted | ( | ||||
Forfeited | |||||
Available for issuance as of December 31, 2018 | |||||
RSU and option awards granted | ( | ||||
Forfeited | |||||
Subsidiary exchanged shares | ( | ||||
Available for issuance as of December 31, 2019 | |||||
RSU, stock and option awards granted | ( | ||||
Available for issuance as of December 31, 2020 |
Number of shares issuable | Weighted average grant date fair value | ||||||||||
Unvested units as of December 31, 2017 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested units as of December 31, 2018 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested units as of December 31, 2019 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Unvested units as of December 31, 2020 | $ |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
Granted | 2020 | 2019 | 2018 | Vested | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Directors | Directors | |||||||||||||||||||||||||||||||||||||
Employees (1) | Employees | |||||||||||||||||||||||||||||||||||||
Total Granted | Total Vested | |||||||||||||||||||||||||||||||||||||
Taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Exchanged | ||||||||||||||||||||||||||||||||||||||
Net Vested |
Grant date fair value of equity shares issuable | |||||
Unvested balance as of December 31, 2017 | $ | ||||
Granted | |||||
Vested | ( | ||||
Performance assumption adjustment | |||||
Unvested balance as of December 31, 2018 | $ | ||||
Granted | |||||
Vested | ( | ||||
Performance assumption adjustment | |||||
Unvested balance as of December 31, 2019 | $ | ||||
Granted | |||||
Vested | ( | ||||
Performance assumption adjustment | |||||
Unvested balance as of December 31, 2020 | $ |
Year Ended December 31, | ||||||||||||||||||||||||||
Valuation Input | 2020 | 2019 | ||||||||||||||||||||||||
Assumption | Average | Assumption | Average | |||||||||||||||||||||||
Historical volatility | N/A | N/A | ||||||||||||||||||||||||
Risk-free rate | N/A | N/A | ||||||||||||||||||||||||
Dividend yield | N/A | N/A | ||||||||||||||||||||||||
Expected term (years) |
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, 2017 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | |||||||||||||||||||||
Weighted average remaining contractual term at December 31, 2020 (in years) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Employee compensation and benefits | $ | $ | $ | ||||||||||||||
Director compensation | |||||||||||||||||
Income tax benefit | ( | ( | ( | ||||||||||||||
Net stock based compensation expense | $ | $ | $ |
As of | |||||||||||
December 31, 2020 | |||||||||||
Stock options | Restricted stock awards and RSUs | ||||||||||
Unrecognized compensation cost related to non-vested awards | $ | $ | |||||||||
Weighted - average recognition period (in years) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Current provision (benefit) for income taxes: | |||||||||||||||||
Federal | $ | ( | $ | $ | ( | ||||||||||||
State | ( | ||||||||||||||||
Foreign | |||||||||||||||||
Total current provision (benefit) for income taxes | ( | ( | |||||||||||||||
Deferred provision (benefit) for income taxes: | |||||||||||||||||
Federal | |||||||||||||||||
State | |||||||||||||||||
Foreign | ( | ( | |||||||||||||||
Total deferred provision (benefit) for income taxes | |||||||||||||||||
Total provision (benefit) for income taxes from continuing operations | $ | ( | $ | $ | ( | ||||||||||||
Provision (benefit) for income taxes from discontinued operations | |||||||||||||||||
Total provision (benefit) for income taxes | $ | ( | $ | $ |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Income (loss) before income taxes from continuing operations | $ | ( | $ | $ | ( | ||||||||||||
Federal statutory income tax rate | % | % | % | ||||||||||||||
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate | ( | ( | |||||||||||||||
Effect of state provision (benefit) for income taxes, net of federal benefit | ( | ||||||||||||||||
Effect of CARES Act refund claims | ( | ||||||||||||||||
Effect of foreign operations | ( | ||||||||||||||||
Effect of permanent differences | ( | ||||||||||||||||
Effect of dividends received deduction | ( | ( | ( | ||||||||||||||
Effect of return-to-accrual | ( | ||||||||||||||||
Effect of other items | ( | ||||||||||||||||
Tax (benefit) on income from continuing operations | $ | ( | $ | $ | ( | ||||||||||||
Effective tax rate | % | % | % |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforwards | $ | $ | |||||||||
Unrealized losses | |||||||||||
Accrued expenses | |||||||||||
Unearned premiums | |||||||||||
Deferred revenue | |||||||||||
Other deferred tax assets | |||||||||||
Total deferred tax assets | |||||||||||
Less: Valuation allowance | ( | ( | |||||||||
Total net deferred tax assets | |||||||||||
Deferred tax liabilities: | |||||||||||
Property | |||||||||||
Unrealized gains | |||||||||||
Other deferred tax liabilities | |||||||||||
Deferred acquisition cost | |||||||||||
Advanced commissions | |||||||||||
Intangibles | |||||||||||
Total deferred tax liabilities | |||||||||||
Net deferred tax liability (1) | $ | $ | |||||||||
(1) Includes $939 classified as held for sale. See Note (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations |
As of December 31, 2020 | |||||
Tax Year of Expiration | |||||
2026 | $ | ||||
2027 | |||||
2028 | |||||
2029 | |||||
2030 | |||||
2031 | |||||
2032 | |||||
2033 | |||||
2034 | |||||
2035 | |||||
2036 | |||||
2037 | |||||
2038 | |||||
Indefinite | |||||
Total | $ |
As of | |||||
December 31, 2020 | |||||
Right of use asset - Operating leases | $ | ||||
Operating lease liability | $ | ||||
Weighted-average remaining lease term (years) | |||||
Weighted-average discount rate (1) | % |
December 31, 2020 | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total minimum payments | |||||
Less: liabilities held for sale | ( | ||||
Less: present value adjustment | ( | ||||
Total | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Rent expense for office leases (1) | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income (loss) from continuing operations | $ | ( | $ | $ | ( | ||||||||||||
Less: | |||||||||||||||||
Net income (loss) attributable to non-controlling interests | ( | ||||||||||||||||
Net income allocated to participating securities | |||||||||||||||||
Net income (loss) attributable to common stockholders | ( | ( | |||||||||||||||
Net income (loss) from discontinued operations | |||||||||||||||||
Less: | |||||||||||||||||
Net income (loss) from discontinued operations attributable to non-controlling interests | |||||||||||||||||
Net income (loss) from discontinued operations attributable to common stockholders | |||||||||||||||||
Net income (loss) attributable to common shares - basic | $ | ( | $ | $ | |||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||
Securities of subsidiaries | ( | ||||||||||||||||
Net income (loss) attributable to common shares - diluted | $ | ( | $ | $ | |||||||||||||
Weighted average number of shares of common stock outstanding - basic | |||||||||||||||||
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | |||||||||||||||||
Weighted average number of shares of common stock outstanding - diluted | |||||||||||||||||
Basic: | |||||||||||||||||
Net income (loss) from continuing operations | $ | ( | $ | $ | ( | ||||||||||||
Net income (loss) from discontinued operations | |||||||||||||||||
Basic net income (loss) attributable to common shares | $ | ( | $ | $ | |||||||||||||
Diluted: | |||||||||||||||||
Net income (loss) from continuing operations | $ | ( | $ | $ | ( | ||||||||||||
Net income (loss) from discontinued operations | |||||||||||||||||
Diluted net income (loss) attributable to common shares | $ | ( | $ | $ |
2020 | |||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Income (loss) before taxes | ( | ||||||||||||||||||||||
Less: provision (benefit) for income taxes | ( | ( | ( | ||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | ( | ||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Net (loss) income per Common Share: | |||||||||||||||||||||||
Basic earnings per share | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted earnings per share | $ | ( | $ | $ | $ | ||||||||||||||||||
Weighted average number of Common Shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
2019 | |||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Income (loss) before taxes | ( | ||||||||||||||||||||||
Less: provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | ( | $ | ||||||||||||||||||
Net (loss) income per Common Share: | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | ( | $ | ||||||||||||||||||
Diluted earnings per share | $ | $ | $ | ( | $ | ||||||||||||||||||
Weighted average number of Common Shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
The following documents are filed as a part of this Form 10-K: | |||||
(a)(1) All Financial Statements | |||||
Index to Financial Statements: | Page | ||||
F- 1 | |||||
F- 2 | |||||
F- 3 | |||||
F- 5 | |||||
F- 6 | |||||
F- 7 |
Exhibit No. | Description | |||||||
2.1 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
Exhibit No. | Description | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
23.2 | ||||||||
23.3 | ||||||||
31.1 |
Exhibit No. | Description | |||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
99.1 | ||||||||
99.2 | ||||||||
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* | |||||||
104 | Cover page from Tiptree Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, formatted in iXBRL (included in Exhibit 101). |
Tiptree Inc. | ||||||||||||||
Date: | March 11, 2021 | By:/s/ Jonathan Ilany | ||||||||||||
Jonathan Ilany | ||||||||||||||
Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Jonathan Ilany Jonathan Ilany | Chief Executive Officer and Director (Principal Executive Officer) | March 11, 2021 | ||||||||||||
/s/ Sandra Bell Sandra Bell | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | March 11, 2021 | ||||||||||||
/s/ Michael G. Barnes Michael G. Barnes | Executive Chairman and Director | March 11, 2021 | ||||||||||||
/s/ Paul M. Friedman Paul M. Friedman | Director | March 11, 2021 | ||||||||||||
/s/ Lesley Goldwasser Lesley Goldwasser | Director | March 11, 2021 | ||||||||||||
/s/ Bradley E. Smith Bradley E. Smith | Director | March 11, 2021 | ||||||||||||
/s/ Dominique Mielle Dominique Mielle | Director | March 11, 2021 |
TIPTREE INC. | |||||||||||||||||
PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME | |||||||||||||||||
(All amounts in thousands) | Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | |||||||||||||||||
Interest income (1) | $ | $ | $ | ||||||||||||||
Other revenue | |||||||||||||||||
Total revenues | |||||||||||||||||
Expenses | |||||||||||||||||
Employee compensation and benefits | |||||||||||||||||
Interest expense | |||||||||||||||||
Professional fees | |||||||||||||||||
Rent and facilities | |||||||||||||||||
General and administrative | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Other expenses | |||||||||||||||||
Total expenses | |||||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax (2) | ( | ( | |||||||||||||||
Income (loss) before taxes | ( | ( | |||||||||||||||
Less: provision (benefit) for income taxes | ( | ||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations, net of tax and non-controlling interest | |||||||||||||||||
Gain on sale of discontinued operations, net of tax and non-controlling interest | |||||||||||||||||
Discontinued operations, net of tax and non-controlling interest | |||||||||||||||||
Net income (loss) attributable to Tiptree Inc. common stockholders | $ | ( | $ | $ |
TIPTREE INC. | |||||||||||
PARENT COMPANY ONLY CONDENSED BALANCE SHEETS | |||||||||||
(All amounts in thousands, except share data) | As of December 31, | ||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Investment in subsidiaries (1) | $ | $ | |||||||||
Cash and cash equivalents | |||||||||||
Notes and accounts receivable, net | |||||||||||
Intercompany receivables, net (1) | |||||||||||
Income taxes receivable | |||||||||||
Deferred tax assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities | |||||||||||
Deferred tax liabilities | $ | $ | |||||||||
Operating lease liability | |||||||||||
Intercompany payables, net (1) | |||||||||||
Accrued expenses | |||||||||||
Other liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Stockholders' Equity | |||||||||||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | $ | $ | |||||||||
Common stock: $0.001 par value, 200,000,000 shares authorized, 32,682,462 and 34,562,553 shares issued and outstanding, respectively | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss), net of tax | |||||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
TIPTREE INC. | |||||||||||||||||
PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||||||
(All amounts in thousands) | Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating Activities: | |||||||||||||||||
Net income (loss) attributable to Tiptree Inc. common stockholders | $ | ( | $ | $ | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||
Equity in earnings of subsidiaries(1) | ( | ( | |||||||||||||||
Depreciation expense | |||||||||||||||||
Deferred provision (benefit) for income taxes | ( | ||||||||||||||||
Non-cash lease expense | |||||||||||||||||
Non-cash compensation expense | |||||||||||||||||
Amortization of deferred financing costs | |||||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Changes in other operating assets and liabilities | ( | ||||||||||||||||
Net cash provided by (used in) operating activities | ( | ( | |||||||||||||||
Investing Activities: | |||||||||||||||||
Asset acquisitions due to merger with Operating Co. | |||||||||||||||||
Net cash flows provided by (used in) provided by investing activities | |||||||||||||||||
Financing Activities: | |||||||||||||||||
Distributions from subsidiaries (1) | — | ||||||||||||||||
Dividends paid | ( | ( | ( | ||||||||||||||
Repurchases of common stock | ( | ( | |||||||||||||||
Subsidiary RSU exchanges | ( | ||||||||||||||||
Vesting of share-based incentive compensation | ( | ||||||||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | ||||||||||||||
Cash (received) paid for income taxes | $ | ( | $ | $ | ( |
Name(1) | Jurisdiction of Incorporation or Organization | |||||||
4Warranty Corporation | Florida | |||||||
Accelerated Service Enterprise, LLC | New Jersey | |||||||
Fortegra Financial Corporation | Delaware | |||||||
Freedom Insurance Company, Ltd. (fka LOTS Reassurance Company) | Turks & Caicos Islands, BWI | |||||||
Independent Dealer Group, Inc. | New Jersey | |||||||
Insurance Company of the South | Georgia | |||||||
Life of the South Insurance Company | Georgia | |||||||
LOTSolutions, Inc. | Georgia | |||||||
Luxury Mortgage Corp. | Delaware (67.5% owned) | |||||||
Lyndon Southern Insurance Company | Delaware | |||||||
Ownershield, Inc. | Texas | |||||||
Reliance First Capital, LLC | Delaware (91.75% owned) | |||||||
Response Indemnity Company of California | California | |||||||
Southern Financial Life Insurance Company | Kentucky (85% owned) | |||||||
Tiptree Direct Holdings LLC | Delaware | |||||||
Tiptree Holdings LLC (fka Caroline Holdings LLC) | Delaware | |||||||
United Motor Club of America, Inc. | Kentucky |
1. | I have reviewed this Annual Report on Form 10-K of Tiptree 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: | March 11, 2021 | /s/ Michael Barnes | |||||||||
Michael Barnes | |||||||||||
Executive Chairman |
1. | I have reviewed this Annual Report on Form 10-K of Tiptree 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: | March 11, 2021 | /s/ Jonathan Ilany | |||||||||
Jonathan Ilany | |||||||||||
Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of Tiptree 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: | March 11, 2021 | /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 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(Adjusted - note 3) | ||||||||||||||||||||||||||
Assets | Unaudited | |||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash | $ | 34,133 | $ | 11,838 | ||||||||||||||||||||||
Tenant and other receivables | 14,934 | 6,937 | ||||||||||||||||||||||||
Property tax receivables | 12,754 | 11,020 | ||||||||||||||||||||||||
Loans receivable (note 4) | 1,799 | 4,249 | ||||||||||||||||||||||||
Assets held for sale (note 7) | 2,144 | 12,201 | ||||||||||||||||||||||||
Other (note 5) | 9,069 | 6,184 | ||||||||||||||||||||||||
74,833 | 52,429 | |||||||||||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||||
Loans receivable (note 4) | 16,904 | 37,405 | ||||||||||||||||||||||||
Derivative instruments (note 11) | 4,814 | 64 | ||||||||||||||||||||||||
Investment in joint ventures (note 8) | 65,258 | 107,994 | ||||||||||||||||||||||||
Investment properties (note 6) | 882,019 | 969,634 | ||||||||||||||||||||||||
Property, plant and equipment, net (note 7) | 451,825 | 459,942 | ||||||||||||||||||||||||
Other non-current assets (note 5) | 2,771 | 3,270 | ||||||||||||||||||||||||
1,423,591 | 1,578,309 | |||||||||||||||||||||||||
Total assets | $ | 1,498,424 | $ | 1,630,738 | ||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 17,715 | $ | 18,885 | ||||||||||||||||||||||
Accrued real estate taxes | 14,518 | 13,066 | ||||||||||||||||||||||||
Dividends payable | — | 3,354 | ||||||||||||||||||||||||
Credit facilities (note 9) | 10,000 | 14,569 | ||||||||||||||||||||||||
Mortgages payable (note 10) | 30,622 | 43,024 | ||||||||||||||||||||||||
Derivative instruments (note 11) | 491 | — | ||||||||||||||||||||||||
Other current liabilities (note 14) | 4,975 | 3,015 | ||||||||||||||||||||||||
78,321 | 95,913 | |||||||||||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||||
Credit facilities (note 9) | 650,596 | 632,390 | ||||||||||||||||||||||||
Mortgages payable (note 10) | 268,842 | 232,443 | ||||||||||||||||||||||||
Convertible debentures (note 12) | 92,411 | 91,049 | ||||||||||||||||||||||||
Commonwealth preferred unit liability (note 13) | 65,797 | 63,654 | ||||||||||||||||||||||||
Derivative instruments (note 11) | 28,478 | 7,966 | ||||||||||||||||||||||||
Deferred tax liability (note 24) | — | 6,944 | ||||||||||||||||||||||||
Other non-current liabilities (note 14) | 16,241 | 16,736 | ||||||||||||||||||||||||
Non-controlling interest liability | 4,409 | 3,499 | ||||||||||||||||||||||||
1,126,774 | 1,054,681 | |||||||||||||||||||||||||
Total liabilities | 1,205,095 | 1,150,594 | ||||||||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||||||||
Common share capital (note 16) | 509,203 | 504,561 | ||||||||||||||||||||||||
Equity settled deferred shares | 2,328 | 733 | ||||||||||||||||||||||||
Preferred share capital (note 16) | 85,389 | 85,389 | ||||||||||||||||||||||||
Contributed surplus | 400 | 400 | ||||||||||||||||||||||||
Equity component of convertible instruments | 3,764 | 3,764 | ||||||||||||||||||||||||
Cumulative deficit | (309,032) | (114,908) | ||||||||||||||||||||||||
Accumulated other comprehensive income | 1,277 | 205 | ||||||||||||||||||||||||
Total shareholders' equity | 293,329 | 480,144 | ||||||||||||||||||||||||
Commitments and contingencies (notes 7 and 25) | ||||||||||||||||||||||||||
Subsequent events (note 9) | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,498,424 | $ | 1,630,738 |
Year ended December 31, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||||
Revenue: | Unaudited | |||||||||||||||||||||||||
Rental (note 18) | $ | 90,112 | $ | 103,198 | ||||||||||||||||||||||
Resident rental and related revenue (note 18) | 120,407 | 38,467 | ||||||||||||||||||||||||
Lease revenue from joint ventures (note 8) | 3,118 | 3,024 | ||||||||||||||||||||||||
Other revenue | 3,750 | 3,718 | ||||||||||||||||||||||||
217,387 | 148,407 | |||||||||||||||||||||||||
Other income (note 1) | 3,415 | — | ||||||||||||||||||||||||
Expenses (income): | ||||||||||||||||||||||||||
Direct property operating expenses (note 19) | 95,505 | 33,533 | ||||||||||||||||||||||||
Depreciation and amortization expense | 48,569 | 14,440 | ||||||||||||||||||||||||
Finance costs from operations (note 20) | 49,801 | 41,633 | ||||||||||||||||||||||||
Real estate tax expense | 13,488 | 15,844 | ||||||||||||||||||||||||
General and administrative expenses (note 21) | 20,539 | 18,092 | ||||||||||||||||||||||||
Transaction costs for business combination | 170 | 5,898 | ||||||||||||||||||||||||
Diligence costs for transactions not pursued | — | 633 | ||||||||||||||||||||||||
Allowance for credit losses on loans and interest receivable (note 20) | 23,546 | 1,003 | ||||||||||||||||||||||||
Change in non-controlling interest liability (note 20) | 316 | 504 | ||||||||||||||||||||||||
Change in fair value of investment properties - IFRIC 21 | (57) | 29 | ||||||||||||||||||||||||
Change in fair value of investment properties (note 6) | 100,388 | 6,046 | ||||||||||||||||||||||||
Change in fair value of financial instruments (note 20) | 19,084 | 9,379 | ||||||||||||||||||||||||
Change in fair value of contingent consideration (note 20) | 5,510 | — | ||||||||||||||||||||||||
Loss on sale of property, plant and equipment (note 7) | 162 | — | ||||||||||||||||||||||||
377,021 | 147,034 | |||||||||||||||||||||||||
Loss from joint ventures (note 8) | (34,729) | (6,799) | ||||||||||||||||||||||||
Loss before income taxes | (190,948) | (5,426) | ||||||||||||||||||||||||
Income tax recovery: | ||||||||||||||||||||||||||
Deferred (note 24) | 6,944 | 67 | ||||||||||||||||||||||||
Net loss | $ | (184,004) | $ | (5,359) | ||||||||||||||||||||||
Other comprehensive income : | ||||||||||||||||||||||||||
Items to be reclassified to net income in subsequent periods | ||||||||||||||||||||||||||
Unrealized gain on translation of foreign operations | 1,072 | 3,294 | ||||||||||||||||||||||||
Total comprehensive loss | $ | (182,932) | $ | (2,065) | ||||||||||||||||||||||
Loss per share (note 17): | ||||||||||||||||||||||||||
Basic and diluted | $ | (3.30) | $ | (0.10) | ||||||||||||||||||||||
Common share capital | Equity settled deferred shares | Preferred share capital | Contributed surplus | Equity component of convertible instruments | Cumulative deficit | Accumulated other comprehensive income (loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | 504,561 | $ | 733 | $ | 85,389 | $ | 400 | $ | 3,764 | $ | (114,908) | $ | 205 | $ | 480,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (184,004) | — | (184,004) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | 1,072 | 1,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued, net of issuance costs (note 16) | 1,078 | — | — | — | — | — | — | 1,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued under the Company's dividend reinvestment plan (note 16) | 3,498 | — | — | — | — | — | — | 3,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common shares | — | — | — | — | — | (10,120) | — | (10,120) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares purchased under NCIB (note 16) | (148) | — | — | — | — | — | — | (148) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of equity settled deferred shares (note 22) | — | 1,809 | — | — | — | — | — | 1,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued for equity settled deferred share (note 16 and 22) | 214 | (214) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 509,203 | $ | 2,328 | $ | 85,389 | $ | 400 | $ | 3,764 | $ | (309,032) | $ | 1,277 | $ | 293,329 |
Common share capital | Equity settled deferred shares | Preferred share capital | Contributed surplus | Equity component of convertible instruments | Cumulative deficit | Accumulated other comprehensive income (loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | $ | 493,165 | $ | — | $ | 71,106 | $ | 400 | $ | 1,671 | $ | (69,785) | $ | (3,089) | $ | 493,468 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | (5,359) | — | (5,359) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 3,294 | 3,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued, net of issuance costs (note 16) | 4,878 | — | — | — | — | — | — | 4,878 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares issued, net of issuance costs (note 16) | — | — | 14,283 | — | — | — | — | 14,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity component of Commonwealth preferred units | — | — | — | 2,093 | — | — | 2,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued under the Company's dividend reinvestment plan | 7,023 | — | — | — | — | — | — | 7,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common shares | — | — | — | — | — | (39,764) | — | (39,764) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares purchased under NCIB (note 16) | (530) | — | — | — | — | — | — | (530) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of equity settled deferred shares (note 22) | — | 733 | — | — | — | — | — | 733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued through conversion of convertible debentures (note 16) | 25 | — | — | — | — | — | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 504,561 | $ | 733 | $ | 85,389 | $ | 400 | $ | 3,764 | $ | (114,908) | $ | 205 | $ | 480,144 |
Year ended December 31, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||||||||||
(Adjusted - note 3) | ||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Unaudited | |||||||||||||||||||||||||||||||
Net loss | $ | (184,004) | $ | (5,359) | ||||||||||||||||||||||||||||
Items not involving cash: | ||||||||||||||||||||||||||||||||
Fair value adjustment of investment properties (note 6) | 100,388 | 6,046 | ||||||||||||||||||||||||||||||
Fair value adjustment of financial instruments (note 20) | 19,084 | 9,379 | ||||||||||||||||||||||||||||||
Depreciation and amortization expense (note 7) | 48,569 | 14,440 | ||||||||||||||||||||||||||||||
Allowance for credit losses on loans and interest receivable (note 20) | 23,546 | 1,003 | ||||||||||||||||||||||||||||||
Straight-line rent (note 18) | (6,394) | (8,964) | ||||||||||||||||||||||||||||||
Amortization of tenant inducements (note 18) | 385 | 158 | ||||||||||||||||||||||||||||||
Finance costs from operations (note 20) | 49,801 | 41,633 | ||||||||||||||||||||||||||||||
Change in non-controlling interest liability (note 20) | 316 | 504 | ||||||||||||||||||||||||||||||
Change in fair value of contingent consideration (note 7) | 5,510 | — | ||||||||||||||||||||||||||||||
Loss on sale of property, plant and equipment (note 7) | 162 | — | ||||||||||||||||||||||||||||||
Loss from joint ventures (note 8) | 34,729 | 6,799 | ||||||||||||||||||||||||||||||
Deferred income tax (note 24) | (6,944) | (67) | ||||||||||||||||||||||||||||||
Interest paid | (49,712) | (39,411) | ||||||||||||||||||||||||||||||
Interest income received | 1,056 | 694 | ||||||||||||||||||||||||||||||
Change in non-cash operating working capital: | ||||||||||||||||||||||||||||||||
Tenant and other receivables | (12,344) | (16,066) | ||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | (835) | 268 | ||||||||||||||||||||||||||||||
Unearned revenue | 1,257 | (227) | ||||||||||||||||||||||||||||||
Other assets | (2,150) | 702 | ||||||||||||||||||||||||||||||
Other liabilities | 1,308 | 3,390 | ||||||||||||||||||||||||||||||
Accrued real estate taxes | 1,362 | 1,248 | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 25,090 | $ | 16,170 | ||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Proceeds from credit facilities (note 15) | $ | 33,000 | $ | 370,350 | ||||||||||||||||||||||||||||
Payments on credit facilities (note 15) | (21,250) | (63,990) | ||||||||||||||||||||||||||||||
Debt issuance costs paid (note 15) | (1,599) | (3,206) | ||||||||||||||||||||||||||||||
Proceeds from mortgages payable (note 15) | 16,682 | 39,489 | ||||||||||||||||||||||||||||||
Payments of mortgages payable (note 15) | (22,487) | (45,594) | ||||||||||||||||||||||||||||||
Proceeds from settlement of interest rate swap | — | 104 | ||||||||||||||||||||||||||||||
Dividends paid to common shareholders | (9,976) | (32,509) | ||||||||||||||||||||||||||||||
Payment for repurchase of common shares | (148) | (530) | ||||||||||||||||||||||||||||||
Proceeds from issuance of preferred share capital | — | 14,550 | ||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | $ | (5,778) | $ | 278,664 | ||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Additions to investment properties | $ | (8,390) | $ | (93,002) | ||||||||||||||||||||||||||||
Dispositions of investment properties | — | 9,887 | ||||||||||||||||||||||||||||||
Additions to property, plant and equipment | (11,269) | (235,433) | ||||||||||||||||||||||||||||||
Dispositions of property, plant and equipment | 15,563 | — | ||||||||||||||||||||||||||||||
Acquisition of interest in joint venture (note 7) | (476) | — | ||||||||||||||||||||||||||||||
Disposition of interest in joint venture | 1,447 | — | ||||||||||||||||||||||||||||||
Cash balance acquired in business combination (note 7) | 2,081 | — | ||||||||||||||||||||||||||||||
Distributions from joint ventures | 3,803 | 5,897 | ||||||||||||||||||||||||||||||
Contributions to joint ventures | (1,855) | (14,391) | ||||||||||||||||||||||||||||||
Distributions to non-controlling interest partners | (534) | (152) | ||||||||||||||||||||||||||||||
Proceeds from income support agreement | 63 | 283 | ||||||||||||||||||||||||||||||
Payments to previous owner of Care | — | (9,676) | ||||||||||||||||||||||||||||||
Issuance of loans receivable | — | (1,222) | ||||||||||||||||||||||||||||||
Repayment of loans receivable | 4,105 | 4,835 | ||||||||||||||||||||||||||||||
Proceeds from sale of interest in assets to joint venture partner | — | 23,000 | ||||||||||||||||||||||||||||||
Earnout payment pursuant to Commonwealth purchase agreement | (1,555) | — | ||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | $ | 2,983 | $ | (309,974) | ||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 22,295 | (15,140) | ||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 11,838 | 26,978 | ||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 34,133 | $ | 11,838 |
Components: | ||||||||
Building - Structure | 39 years | |||||||
Building - Roof | 25 years | |||||||
Building - Electrical/HVAC systems | 25 years | |||||||
Building - Windows and doors | 15 years | |||||||
Building - Exterior landscaping | 15 years | |||||||
Furniture, fixtures, and equipment | 5 years | |||||||
Financial assets and liabilities | Measurement | ||||
Cash | Amortized cost | ||||
Restricted cash | Amortized cost | ||||
Tenant and other receivables | Amortized cost | ||||
Security deposits and costs related to future acquisitions | Amortized cost | ||||
Income support receivable | Amortized cost | ||||
Escrow deposits held by lender | Amortized cost | ||||
Bond assets | Amortized cost | ||||
Loans receivable | Amortized cost/FVTPL | ||||
Derivative instruments | FVTPL | ||||
Accounts payable and accrued liabilities | Amortized cost | ||||
Accrued real estate taxes | Amortized cost | ||||
Dividends payable | Amortized cost | ||||
Security deposits received from tenants | Amortized cost | ||||
Escrows collected from tenants | Amortized cost | ||||
Loan commitment liability | FVTPL | ||||
Exchangeable Units liability | Amortized cost | ||||
Contingent consideration liabilities | FVTPL | ||||
Mortgages payable | Amortized cost | ||||
Credit facilities | Amortized cost | ||||
Convertible debentures | Amortized cost | ||||
Commonwealth preferred unit liability | Amortized cost |
December 31, 2019 | Adjustment | December 31, 2019 | |||||||||||||||||||||||||||
(As reported) | (As adjusted) | ||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||||||
Tenant and other receivables | $ | 7,073 | $ | (136) | $ | 6,937 | |||||||||||||||||||||||
Loans receivable - current | 4,113 | 136 | 4,249 | ||||||||||||||||||||||||||
Loans receivable - non-current | 44,789 | (7,384) | 37,405 | ||||||||||||||||||||||||||
Other non-current assets | 4,559 | (1,289) | 3,270 | ||||||||||||||||||||||||||
Investment in joint ventures | 99,321 | 8,673 | 107,994 |
Year ended December 31, 2019 | Adjustment | Year ended December 31, 2019 | |||||||||||||||||||||||||||
(As reported) | (As adjusted) | ||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||||||||||||
Issuance of loans receivable | $ | (13,116) | $ | 11,894 | $ | (1,222) | |||||||||||||||||||||||
Contributions to joint ventures | (2,497) | (11,894) | (14,391) |
Debtor | Loan Type | December 31, 2020 | December 31, 2019 (Adjusted note 3) | Issued Date | Maturity Date (1) | Current Interest Rate | PIK Interest Rate | ||||||||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||||||||||||||
MS-SW Mezzanine Fund, LLC | Mezzanine loan | $ | — | $ | 1,267 | September 1, 2016 | September 1, 2020 | 10.5 | % | 4.0 | % | ||||||||||||||||||||||||||||||
Mainstreet Investment Company, LLC | Interest-only loan | 3,932 | 3,932 | December 22, 2016 | December 22, 2018 | 8.5 | % | 1.5 | % | ||||||||||||||||||||||||||||||||
Autumnwood Lifestyles Inc. | Revolving credit facility | 1,178 | 1,155 | November 1, 2016 | October 31, 2018 (3) | 8.0 | % | — | % | ||||||||||||||||||||||||||||||||
Symcare ML, LLC | Loan receivable | 7,295 | 7,295 | October 20, 2017 | December 31, 2033 | 5.0 | % | — | % | ||||||||||||||||||||||||||||||||
Premier Senior Living, LLC (6) | Loan receivable | 725 | 700 | August 16, 2013 (2) | August 16, 2025 | 9.4 | % | — | % | ||||||||||||||||||||||||||||||||
Ellipsis Real Estate Partners | Loan receivable | 951 | 951 | May 4, 2018 | May 4, 2028 | — | % | 10.0 | % | ||||||||||||||||||||||||||||||||
Ellipsis Real Estate Partners | Loan receivable | 1,338 | 1,341 | September 14, 2018 | September 14, 2028 | — | % | 10.0 | % | ||||||||||||||||||||||||||||||||
Symcare ML, LLC | Loan receivable | 15,000 | 13,530 | December 26, 2018 | December 31, 2033 | 5.0 | % | 5.0 | % | ||||||||||||||||||||||||||||||||
YAL Borrower LLC | Interest-only loan | — | 1,000 | December 31, 2018 | December 30, 2020 | 5.0 | % | — | % | ||||||||||||||||||||||||||||||||
YAL Borrower LLC | Loan receivable | — | 2,000 | December 31, 2018 | December 30, 2020 | 5.0 | % | — | % | ||||||||||||||||||||||||||||||||
Hillcrest Millard, LLC | Loan receivable | 503 | 480 | January 1, 2019 | January 1, 2028 | — | % | 5.0 | % | ||||||||||||||||||||||||||||||||
Hillcrest Firethorn, LLC | Loan receivable | 472 | 449 | January 1, 2019 | November 1, 2027 | — | % | 5.0 | % | ||||||||||||||||||||||||||||||||
Bridgemoor Transitional Care Operations, LLC (5) | Loan receivable | 1,872 | 1,738 | June 5, 2019 | June 5, 2035 | — | % | — | % | ||||||||||||||||||||||||||||||||
MOC Webster, LLC | Loan receivable | 576 | 189 | June 5, 2019 | June 5, 2035 | — | % | — | % | ||||||||||||||||||||||||||||||||
RHS Propco Mooresville, LLC | Loan receivable | 5,000 | 5,000 | June 28, 2019 | July 1, 2024 | 8.5 | % | — | % | ||||||||||||||||||||||||||||||||
Memory Care America LLC | Loan receivable | 1,198 | 1,526 | July 31, 2019 | January 1, 2024 | 8.5 | % | — | % | ||||||||||||||||||||||||||||||||
Ellipsis Real Estate Partners LLC (9) | Mezzanine loan | 474 | 1,223 | October 25, 2019 | October 1, 2022 | 2.5 | % | 7.5 | % | ||||||||||||||||||||||||||||||||
Blue Bell Senior Holdings, LLC (7) | Loan receivable | 490 | — | February 21, 2020 | March 1, 2024 | 5.9 | % | — | % | ||||||||||||||||||||||||||||||||
PSL Care GP LLC | Loan receivable | 450 | — | May 6, 2020 | (8) | 3.5 | % | — | % | ||||||||||||||||||||||||||||||||
Accrued current and long term interest | 3,122 | 1,425 | |||||||||||||||||||||||||||||||||||||||
Allowance for losses on loans receivable | (28,241) | (5,915) | |||||||||||||||||||||||||||||||||||||||
Carrying value of loans recorded at amortized cost | $ | 16,335 | $ | 39,286 | |||||||||||||||||||||||||||||||||||||
Javelina Ventures, LLC | Loan receivable - FVTPL | 2,368 | 2,368 | December 31, 2018 | (4) | — | % | 5.0 | % | ||||||||||||||||||||||||||||||||
Carrying value of loans receivable | 18,703 | 41,654 | |||||||||||||||||||||||||||||||||||||||
Less current portion | 1,799 | 4,249 | |||||||||||||||||||||||||||||||||||||||
Long-term portion | $ | 16,904 | $ | 37,405 | |||||||||||||||||||||||||||||||||||||
(1) Mezzanine loans are due at the time of sale of the property if sale occurs earlier than the stated maturity date. | |||||||||||||||||||||||||||||||||||||||||
(2) Loan assumed through acquisition on February 1, 2018. Loan was originally issued by Care PSL Holdings LLC on August 16, 2013. | |||||||||||||||||||||||||||||||||||||||||
(3) Maturity date is the later of October 31, 2018 or the completion of the expansion projects at the Marina Point and Red Oak Facilities. The projects are not yet complete. | |||||||||||||||||||||||||||||||||||||||||
(4) The repayment of this loan is pursuant to Javelina Ventures Operating Agreement in which net available cash from operations will be used to repay the principal and accrued interest on this loan. | |||||||||||||||||||||||||||||||||||||||||
(5) This loan was issued to MOC Fort Worth, LLC; MOC Round Rock, LLC; MOC San Antonio II, LLC; MOC Webster, LLC; and Bridgemoor Transitional Care Operations, LLC. | |||||||||||||||||||||||||||||||||||||||||
(6) This loan was issued to Park Terrace Operating, LLC; Seneca Lake Terrace Operating, LLC; and Premier Senior Living, LLC. | |||||||||||||||||||||||||||||||||||||||||
(7) Maturity date is the earlier of March 1, 2024, the date that the existing debt secured by the property is refinanced, or upon termination of the management agreement. | |||||||||||||||||||||||||||||||||||||||||
(8) No stated maturity date for loan receivable. Principal of loan is repaid when distributions are made from the Phoenix JV(note 7). | |||||||||||||||||||||||||||||||||||||||||
(9) This loan was funded for the development of a memory care facility in Wyoming, MI. |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||||||||||||
Loans receivable, net of loan fees | $ | 11,079 | $ | 1,186 | $ | 32,311 | $ | 44,576 | ||||||||||||||||||||||||||||||
Allowance for losses on loans receivable | (127) | (236) | (27,878) | (28,241) | ||||||||||||||||||||||||||||||||||
Loans receivable, net of allowances | $ | 10,952 | $ | 950 | $ | 4,433 | $ | 16,335 |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||
Loans receivable, net of loan fees | $ | 38,476 | $ | — | $ | 6,725 | $ | 45,201 | ||||||||||||||||||||||||||||||
Allowance for losses on loans receivable | (421) | — | (5,494) | (5,915) | ||||||||||||||||||||||||||||||||||
Loans receivable, net of allowances | $ | 38,055 | $ | — | $ | 1,231 | $ | 39,286 |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||||||||||||
Total loans receivable as at December 31, 2018 - Unaudited | $ | 27,173 | $ | 1,556 | $ | 11,893 | $ | 40,622 | ||||||||||||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||||||||||
Transfer to/(from) | ||||||||||||||||||||||||||||||||||||||
Stage 1 | (300) | — | 300 | — | ||||||||||||||||||||||||||||||||||
Stage 2 | — | (1,556) | 1,556 | — | ||||||||||||||||||||||||||||||||||
Stage 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||
$ | 26,873 | $ | — | $ | 13,749 | $ | 40,622 | |||||||||||||||||||||||||||||||
Issuances | 16,633 | — | 2,824 | 19,457 | ||||||||||||||||||||||||||||||||||
Repayments | (3,282) | — | (1,500) | (4,782) | ||||||||||||||||||||||||||||||||||
Non-cash settlement | (1,748) | — | (2,913) | (4,661) | ||||||||||||||||||||||||||||||||||
Write off of loans receivable | — | — | (5,435) | (5,435) | ||||||||||||||||||||||||||||||||||
Total loans receivable as at December 31, 2019 - Unaudited | $ | 38,476 | $ | — | $ | 6,725 | $ | 45,201 | ||||||||||||||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||||||||||||
Transfer to/(from) | ||||||||||||||||||||||||||||||||||||||
Stage 1 | (25,052) | 25,052 | — | — | ||||||||||||||||||||||||||||||||||
Stage 2 | — | (23,897) | 23,897 | — | ||||||||||||||||||||||||||||||||||
Stage 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||
$ | 13,424 | $ | 1,155 | $ | 30,622 | $ | 45,201 | |||||||||||||||||||||||||||||||
Issuances | 1,431 | — | 3,280 | 4,711 | ||||||||||||||||||||||||||||||||||
Repayments | (3,776) | — | (329) | (4,105) | ||||||||||||||||||||||||||||||||||
Currency Translation | — | 31 | — | 31 | ||||||||||||||||||||||||||||||||||
Write off of loans receivable | — | — | (1,262) | (1,262) | ||||||||||||||||||||||||||||||||||
Total loans receivable as at December 31, 2020 | $ | 11,079 | $ | 1,186 | $ | 32,311 | $ | 44,576 |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||||||||||||
Total allowance for credit losses as at December 31, 2018 - Unaudited | $ | 293 | $ | 78 | $ | 9,970 | $ | 10,341 | ||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||
Remeasurement | — | — | 998 | 998 | ||||||||||||||||||||||||||||||||||
Transfer to/(from) | ||||||||||||||||||||||||||||||||||||||
Stage 1 | (3) | — | 3 | — | ||||||||||||||||||||||||||||||||||
Stage 2 | — | (76) | 76 | — | ||||||||||||||||||||||||||||||||||
Stage 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses - Unaudited | $ | 290 | $ | 2 | $ | 11,047 | $ | 11,339 | ||||||||||||||||||||||||||||||
Issuances | 181 | — | — | 181 | ||||||||||||||||||||||||||||||||||
Repayments/settlements | (50) | (2) | (1,952) | (2,004) | ||||||||||||||||||||||||||||||||||
Write off of loan receivable and allowance | — | — | (3,601) | (3,601) | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses as at December 31, 2019 - Unaudited | $ | 421 | $ | — | $ | 5,494 | $ | 5,915 | ||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||
Remeasurement | — | 226 | 23,452 | 23,678 | ||||||||||||||||||||||||||||||||||
Transfer to/(from) | ||||||||||||||||||||||||||||||||||||||
Stage 1 | (269) | 269 | — | — | ||||||||||||||||||||||||||||||||||
Stage 2 | — | (259) | 259 | — | ||||||||||||||||||||||||||||||||||
Stage 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||
$ | 152 | $ | 236 | $ | 29,205 | $ | 29,593 | |||||||||||||||||||||||||||||||
Issuances | 13 | — | — | 13 | ||||||||||||||||||||||||||||||||||
Repayments | (38) | — | (65) | (103) | ||||||||||||||||||||||||||||||||||
Write off of loan receivable and allowance | — | — | (1,262) | (1,262) | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses as at December 31, 2020 | $ | 127 | $ | 236 | $ | 27,878 | $ | 28,241 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
(Adjusted - note 3) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Prepaid expense | $ | 2,330 | $ | 1,906 | |||||||||||||||||||
Security deposits and costs related to future acquisitions | 682 | 159 | |||||||||||||||||||||
Escrow deposits held by lenders | 5,251 | 3,038 | |||||||||||||||||||||
Right-of-use assets | 1,889 | 2,199 | |||||||||||||||||||||
Bond assets | 881 | 1,071 | |||||||||||||||||||||
Other | 807 | 1,081 | |||||||||||||||||||||
$ | 11,840 | $ | 9,454 | ||||||||||||||||||||
Current | $ | 9,069 | $ | 6,184 | |||||||||||||||||||
Non-current | 2,771 | 3,270 | |||||||||||||||||||||
$ | 11,840 | $ | 9,454 |
Number of Properties | Amount | |||||||||||||||||||
Balance, December 31, 2018 - Unaudited | 80 | $ | 1,115,530 | |||||||||||||||||
Acquisitions of income properties | 7 | 89,421 | ||||||||||||||||||
Sale of income property | (1) | (14,991) | ||||||||||||||||||
Acquisition of control over a property previously owned through a joint venture | 1 | 13,082 | ||||||||||||||||||
Contribution of investment properties to joint venture (note 8) | (8) | (161,047) | ||||||||||||||||||
Transfer to property, plant and equipment (note 7) | (10) | (100,232) | ||||||||||||||||||
Capital expenditures | — | 1,934 | ||||||||||||||||||
Capital expenditures related to investment property under development | — | 7,188 | ||||||||||||||||||
Increase in straight-line rents | — | 8,964 | ||||||||||||||||||
Fair value adjustment | — | (6,046) | ||||||||||||||||||
Tenant inducements | — | 8,337 | ||||||||||||||||||
Amortization of tenant inducements | — | (158) | ||||||||||||||||||
Translation of foreign operations | — | 7,652 | ||||||||||||||||||
Balance, December 31, 2019 - Unaudited | 69 | $ | 969,634 | |||||||||||||||||
Acquisitions of income properties | 1 | 8,202 | ||||||||||||||||||
Transfer to property, plant and equipment (note 7) | (1) | (9,869) | ||||||||||||||||||
Capital expenditures | — | 668 | ||||||||||||||||||
Capital expenditures related to investment property under development | — | 4,323 | ||||||||||||||||||
Increase in straight-line rents | — | 6,394 | ||||||||||||||||||
Fair value adjustment | — | (100,388) | ||||||||||||||||||
Amortization of tenant inducements | — | (385) | ||||||||||||||||||
Translation of foreign operations | — | 3,440 | ||||||||||||||||||
Balance, December 31, 2020 | 69 | $ | 882,019 | |||||||||||||||||
Investment properties in use | $ | 863,658 | ||||||||||||||||||
Property under development | 18,361 | |||||||||||||||||||
Balance, December 31, 2020 | $ | 882,019 |
Significant unobservable inputs | Inter-relationship between significant unobservable inputs and fair value measurements | ||||
Capitalization rates | There is an inverse relationship between the capitalization rates and the fair value; in other words, the higher the capitalization rate, the lower the estimated fair value. | ||||
Stabilized future cash flows | There is a direct relationship between the stabilized future cash flows and the fair value; in other words, the higher the stabilized future cash flows, the higher the estimated fair value. | ||||
December 31, 2020 | December 31, 2019 | ||||||||||
Unaudited | |||||||||||
Capitalization rate - range | 5.85% - 9.00% | 6.50% - 8.75% | |||||||||
Capitalization rate - weighted average | 8.06% | 7.89% | |||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Investment property valued using direct capitalization income approach | $ | 617,931 | $ | 793,724 | |||||||||||||||||||
Investment property valued using discounted cash flow projection | $ | 139,727 | $ | 162,501 | |||||||||||||||||||
Investment property valued using other methods | $ | 124,361 | $ | 13,409 | |||||||||||||||||||
Capitalization rate: | |||||||||||||||||||||||
25-basis point increase | $ | (18,727) | $ | (24,519) | |||||||||||||||||||
25-basis point decrease | $ | 19,945 | $ | 26,146 | |||||||||||||||||||
Rogers, AR | |||||||||||
Number of consolidated properties acquired: | 1 | ||||||||||
Net assets acquired: | |||||||||||
Investment properties | $ | 8,202 | |||||||||
Working capital balances | 50 | ||||||||||
$ | 8,252 | ||||||||||
Consideration paid/funded: | |||||||||||
Cash | 3,399 | ||||||||||
Proceeds from mortgage payable, net of fees | 4,853 | ||||||||||
$ | 8,252 |
Allen, TX | Symcare Properties | Mooresville, IN | Constant Care | Total | |||||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||||||||||
Number of consolidated properties acquired (disposed): | 1 | 3 | (1) | 3 | 6 | ||||||||||||||||||||||||||||||||||||||||||
Net assets acquired (disposed): | |||||||||||||||||||||||||||||||||||||||||||||||
Investment properties | $ | 8,136 | $ | 51,323 | $ | (14,991) | $ | 29,962 | $ | 74,430 | |||||||||||||||||||||||||||||||||||||
Working capital balances | — | (586) | 104 | — | (482) | ||||||||||||||||||||||||||||||||||||||||||
$ | 8,136 | $ | 50,737 | $ | (14,887) | $ | 29,962 | $ | 73,948 | ||||||||||||||||||||||||||||||||||||||
Consideration paid/funded (received): | |||||||||||||||||||||||||||||||||||||||||||||||
Cash | 2,445 | 46,937 | (9,887) | 25,613 | 65,108 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from mortgage payable, net of fees | 5,591 | — | — | — | 5,591 | ||||||||||||||||||||||||||||||||||||||||||
Deposit applied against purchase price | 100 | — | — | — | 100 | ||||||||||||||||||||||||||||||||||||||||||
Common shares issued | — | 3,800 | — | — | 3,800 | ||||||||||||||||||||||||||||||||||||||||||
Loans issued to buyer | — | — | (5,000) | — | (5,000) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Exchangeable Units | — | — | — | 2,049 | 2,049 | ||||||||||||||||||||||||||||||||||||||||||
Repayment of loan receivable principal and accrued interest | — | — | — | 2,300 | 2,300 | ||||||||||||||||||||||||||||||||||||||||||
$ | 8,136 | $ | 50,737 | $ | (14,887) | $ | 29,962 | $ | 73,948 |
Land | Buildings | Furniture, fixtures and equipment | Properties under development | Total | |||||||||||||||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 - Unaudited | $ | — | $ | — | $ | 585 | $ | — | $ | 585 | |||||||||||||||||||||||||||||||||||||
Additions through business combinations - Commonwealth | 18,034 | 321,491 | 5,221 | 893 | 345,639 | ||||||||||||||||||||||||||||||||||||||||||
Additions through business combinations - Greenfield | 5,024 | 28,228 | 3,178 | — | 36,430 | ||||||||||||||||||||||||||||||||||||||||||
Additions through settlement of loans receivable | 2,500 | — | — | — | 2,500 | ||||||||||||||||||||||||||||||||||||||||||
Additions | — | 640 | 591 | 44 | 1,275 | ||||||||||||||||||||||||||||||||||||||||||
Transfers from investment property | 6,004 | 93,782 | 446 | — | 100,232 | ||||||||||||||||||||||||||||||||||||||||||
Assets transferred to held for sale | (3,560) | (8,183) | (458) | — | (12,201) | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 - Unaudited | $ | 28,002 | $ | 435,958 | $ | 9,563 | $ | 937 | $ | 474,460 | |||||||||||||||||||||||||||||||||||||
Additions | — | 2,584 | 2,216 | 6,469 | 11,269 | ||||||||||||||||||||||||||||||||||||||||||
Disposals | — | — | (63) | — | (63) | ||||||||||||||||||||||||||||||||||||||||||
Transfers to joint venture | (316) | (11,336) | (226) | — | (11,878) | ||||||||||||||||||||||||||||||||||||||||||
Transfer from investment property | 488 | 9,182 | 199 | — | 9,869 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of Royal JV | 1,232 | 23,184 | 607 | — | 25,023 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of Fayetteville | 524 | 9,843 | 505 | — | 10,872 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of Albany operations | — | — | 259 | — | 259 | ||||||||||||||||||||||||||||||||||||||||||
Sale of Tampa | (143) | (2,707) | (29) | — | (2,879) | ||||||||||||||||||||||||||||||||||||||||||
Asset transferred to held for sale | (960) | (1,420) | (188) | — | (2,568) | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 28,827 | $ | 465,288 | $ | 12,843 | $ | 7,406 | $ | 514,364 | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 - Unaudited | — | — | 78 | — | 78 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 13,930 | 510 | 14,440 | |||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 - Unaudited | $ | — | $ | 13,930 | $ | 588 | $ | — | $ | 14,518 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 46,322 | 2,247 | — | 48,569 | ||||||||||||||||||||||||||||||||||||||||||
Disposals | — | — | (3) | — | (3) | ||||||||||||||||||||||||||||||||||||||||||
Transfers to joint venture | — | (111) | (10) | — | (121) | ||||||||||||||||||||||||||||||||||||||||||
Asset transferred to held for sale | — | (397) | (27) | — | (424) | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | — | $ | 59,744 | $ | 2,795 | $ | — | $ | 62,539 | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net balance, December 31, 2019 - Unaudited | $ | 28,002 | $ | 422,028 | $ | 8,975 | $ | 937 | $ | 459,942 | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net balance, December, 2020 | $ | 28,827 | $ | 405,544 | $ | 10,048 | $ | 7,406 | $ | 451,825 | |||||||||||||||||||||||||||||||||||||
Royal | Fayetteville | Albany operations | Total | |||||||||||||||||||||||||||||||||||
Properties | 5 | 1 | — | 6 | ||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ | 25,023 | $ | 10,872 | $ | 259 | $ | 36,154 | ||||||||||||||||||||||||||||||
Cash balance acquired | 1,388 | 625 | 68 | 2,081 | ||||||||||||||||||||||||||||||||||
Working capital balances | (147) | (101) | (327) | (575) | ||||||||||||||||||||||||||||||||||
Mortgages assumed | (22,822) | (6,848) | — | (29,670) | ||||||||||||||||||||||||||||||||||
$ | 3,442 | $ | 4,548 | $ | — | $ | 7,990 | |||||||||||||||||||||||||||||||
Consideration paid: | ||||||||||||||||||||||||||||||||||||||
Fair value of previously held interest | 3,442 | 4,072 | — | 7,514 | ||||||||||||||||||||||||||||||||||
Cash paid | — | 476 | — | 476 | ||||||||||||||||||||||||||||||||||
$ | 3,442 | $ | 4,548 | $ | — | $ | 7,990 |
Arlington Sale | Glassboro to Joint Venture | Tampa Sale | Total | |||||||||||||||||||||||||||||||||||
Properties | (1) | (1) | (1) | (3) | ||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ | (12,201) | $ | (11,757) | $ | (2,879) | $ | (26,837) | ||||||||||||||||||||||||||||||
Working capital balances | 67 | (57) | (121) | (111) | ||||||||||||||||||||||||||||||||||
$ | (12,134) | $ | (11,814) | $ | (3,000) | $ | (26,948) | |||||||||||||||||||||||||||||||
Consideration paid (received): | ||||||||||||||||||||||||||||||||||||||
Equity contributed to joint venture | — | (3,016) | — | (3,016) | ||||||||||||||||||||||||||||||||||
Gain (loss) on sale of property | (221) | 103 | — | (118) | ||||||||||||||||||||||||||||||||||
Note issued to joint venture partner | — | (490) | — | (490) | ||||||||||||||||||||||||||||||||||
Repayment/contribution of mortgages payable | (8,000) | (8,411) | — | (16,411) | ||||||||||||||||||||||||||||||||||
Cash proceeds received, net | (3,913) | — | (3,000) | (6,913) | ||||||||||||||||||||||||||||||||||
$ | (12,134) | $ | (11,814) | $ | (3,000) | $ | (26,948) |
Commonwealth Tranche I | Commonwealth Tranche II | Greenfield Transition | Total | |||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||
Properties Acquired | 17 | 3 | 13 | 33 | ||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ | 286,695 | $ | 58,051 | $ | 36,430 | $ | 381,176 | ||||||||||||||||||||||||||||||
Construction in progress | 893 | — | — | 893 | ||||||||||||||||||||||||||||||||||
Assumption of mortgages payable | (9,523) | (34,475) | (22,522) | (66,520) | ||||||||||||||||||||||||||||||||||
Prepayment embedded derivatives | — | 2,991 | — | 2,991 | ||||||||||||||||||||||||||||||||||
Mark to market debt adjustments | (278) | (5,867) | — | (6,145) | ||||||||||||||||||||||||||||||||||
Working capital balances | (2,964) | 1,010 | 559 | (1,395) | ||||||||||||||||||||||||||||||||||
Previous interest in joint venture | — | — | (9,863) | (9,863) | ||||||||||||||||||||||||||||||||||
$ | 274,823 | $ | 21,710 | $ | 4,604 | $ | 301,137 | |||||||||||||||||||||||||||||||
Consideration paid: | ||||||||||||||||||||||||||||||||||||||
Issuance of preferred units | 53,587 | 12,093 | — | 65,680 | ||||||||||||||||||||||||||||||||||
Proceeds from Commonwealth Facility | 174,069 | — | — | 174,069 | ||||||||||||||||||||||||||||||||||
Satisfaction of rent receivable | — | — | 1,522 | 1,522 | ||||||||||||||||||||||||||||||||||
Cash on hand | 47,167 | 9,617 | 3,082 | 59,866 | ||||||||||||||||||||||||||||||||||
$ | 274,823 | $ | 21,710 | $ | 4,604 | $ | 301,137 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Property, plant and equipment, net | $ | 2,144 | $ | 12,201 | |||||||||||||||||||
$ | 2,144 | $ | 12,201 |
Joint arrangement | Number of properties | Location | Company ownership | Consolidation type | ||||||||||||||||
Invesque-Autumnwood Landlord | 4 | Canada | 50 | % | Joint operation (1) | |||||||||||||||
Invesque-Autumnwood Operator | — | Canada | 50 | % | Joint venture (2) | |||||||||||||||
Calamar | 2 | United States | 75 | % | Joint venture (3) | |||||||||||||||
Heritage JV | 3 | United States | 80 | % | Joint venture (3) | |||||||||||||||
Heritage Newtown | 1 | United States | 80 | % | Joint venture (3) | |||||||||||||||
Heritage Harleysville | 1 | United States | 90 | % | Joint venture (3) | |||||||||||||||
Heritage Glassboro | 1 | United States | 90 | % | Joint venture (3) | |||||||||||||||
Jaguarundi | 8 | United States | 61 | % | Joint venture (4) | |||||||||||||||
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
(Adjusted - note 3) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Cash contributions to joint ventures | $ | 1,855 | $ | 14,391 | |||||||||||||||||||
Distributions received from joint ventures | $ | 3,803 | $ | 5,897 | |||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Net assets | Company share of net assets | Net assets | Company share of net assets | ||||||||||||||||||||||||||||||||||||||
(Adjusted - note 3) | (Adjusted - note 3) | ||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | ||||||||||||||||||||||||||||||||||||||||
Cash | $ | 5,480 | $ | 4,152 | $ | 8,288 | $ | 5,959 | |||||||||||||||||||||||||||||||||
Tenant and other receivables | 3,204 | 1,765 | 5,192 | 3,374 | |||||||||||||||||||||||||||||||||||||
Other | 923 | 839 | 1,032 | 793 | |||||||||||||||||||||||||||||||||||||
Current assets | 9,607 | 6,756 | 14,512 | 10,126 | |||||||||||||||||||||||||||||||||||||
Investment properties | 292,526 | 204,399 | 361,970 | 256,945 | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 26,317 | 19,044 | 26,878 | 19,567 | |||||||||||||||||||||||||||||||||||||
Loans receivable | 3,885 | 55 | 13,978 | 9,010 | |||||||||||||||||||||||||||||||||||||
Other non-current assets | 481 | 362 | 1,107 | 927 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 332,816 | $ | 230,616 | $ | 418,445 | $ | 296,575 | |||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 6,753 | $ | 4,787 | $ | 7,578 | $ | 5,441 | |||||||||||||||||||||||||||||||||
Unearned revenue | 712 | 585 | 724 | 560 | |||||||||||||||||||||||||||||||||||||
Mortgages payable - current | 25,332 | 17,311 | 29,424 | 21,207 | |||||||||||||||||||||||||||||||||||||
Current liabilities | 32,797 | 22,683 | 37,726 | 27,208 | |||||||||||||||||||||||||||||||||||||
Mortgages payable - non-current | 187,120 | 135,298 | 217,627 | 156,853 | |||||||||||||||||||||||||||||||||||||
Loan commitment liability | 416 | 252 | 2,359 | 1,478 | |||||||||||||||||||||||||||||||||||||
Derivative instruments | 7,249 | 5,615 | 2,627 | 2,012 | |||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 2,286 | 1,510 | 1,702 | 1,030 | |||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 229,868 | $ | 165,358 | $ | 262,041 | $ | 188,581 | |||||||||||||||||||||||||||||||||
Net assets | $ | 102,948 | $ | 65,258 | $ | 156,404 | $ | 107,994 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Company share of net income (loss) | Net income (loss) | Company share of net income (loss) | ||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | ||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 65,249 | $ | 40,457 | $ | 78,954 | $ | 52,564 | |||||||||||||||||||||||||||||||||
Other income | 1,582 | 1,294 | — | — | |||||||||||||||||||||||||||||||||||||
Property operating expense | (43,259) | (25,536) | (56,013) | (36,097) | |||||||||||||||||||||||||||||||||||||
Depreciation expense | (724) | (546) | (1,326) | (995) | |||||||||||||||||||||||||||||||||||||
Finance costs | (9,294) | (6,591) | (10,762) | (8,048) | |||||||||||||||||||||||||||||||||||||
Real estate tax expense | (1,609) | (974) | (1,021) | (618) | |||||||||||||||||||||||||||||||||||||
General and administrative expenses | (3,272) | (1,974) | (515) | (352) | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and interest receivable | (14,800) | (11,957) | — | — | |||||||||||||||||||||||||||||||||||||
Change in fair value of financial instruments | (4,622) | (3,603) | (3,010) | (2,465) | |||||||||||||||||||||||||||||||||||||
Change in fair value of investment properties | (33,830) | (25,299) | (16,272) | (10,788) | |||||||||||||||||||||||||||||||||||||
Net loss, prior to distributions to owners | $ | (44,579) | $ | (34,729) | $ | (9,965) | $ | (6,799) |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
Mortgages at fixed rates: | ||||||||||||||||||||||||||
Mortgages (principal) (1) | $ | 170,814 | $ | 163,307 | ||||||||||||||||||||||
Interest rates | 3.99% to 4.98% | 3.99% to 4.98% | ||||||||||||||||||||||||
Weighted average interest rate | 4.30 | % | 4.33 | % | ||||||||||||||||||||||
Mortgages at variable rates: | ||||||||||||||||||||||||||
Mortgages (principal) | $ | 42,635 | $ | 84,745 | ||||||||||||||||||||||
Interest rates | LIBOR plus 2.40% to LIBOR plus 3.00% | LIBOR plus 2.40% to LIBOR plus 3.00% | ||||||||||||||||||||||||
Weighted average interest rate | 3.88 | % | 4.56 | % | ||||||||||||||||||||||
Blended weighted average rate | 4.22 | % | 4.41 | % | ||||||||||||||||||||||
(1) Includes $114,589 of variable rate mortgages that are fixed with interest rate swaps. |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Net assets | Company share of net assets | Net assets | Company share of net assets | ||||||||||||||||||||||||||||||||||||||
(Adjusted - note 3) | (Adjusted - note 3) | ||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | ||||||||||||||||||||||||||||||||||||||||
Cash | $ | 1,658 | $ | 1,003 | $ | 3,936 | $ | 2,382 | |||||||||||||||||||||||||||||||||
Tenant and other receivables | 1,602 | 969 | 1,620 | 980 | |||||||||||||||||||||||||||||||||||||
Other | 110 | 68 | — | — | |||||||||||||||||||||||||||||||||||||
Current assets | 3,370 | 2,040 | 5,556 | 3,362 | |||||||||||||||||||||||||||||||||||||
Investment properties | 143,785 | 86,999 | 162,660 | 98,420 | |||||||||||||||||||||||||||||||||||||
Loans receivable | — | — | 10,120 | 8,972 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 147,155 | $ | 89,039 | $ | 178,336 | $ | 110,754 | |||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 1,918 | $ | 1,160 | $ | 2,154 | $ | 1,303 | |||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 82 | 50 | |||||||||||||||||||||||||||||||||||||
Mortgages payable - current | 15,227 | 9,214 | 2,122 | 1,284 | |||||||||||||||||||||||||||||||||||||
Current liabilities | 17,145 | 10,374 | 4,358 | 2,637 | |||||||||||||||||||||||||||||||||||||
Mortgages payable - non-current | 84,149 | 50,916 | 99,542 | 60,229 | |||||||||||||||||||||||||||||||||||||
Loan commitment liability | 416 | 252 | 2,359 | 1,428 | |||||||||||||||||||||||||||||||||||||
Derivative instruments | 1,602 | 969 | 659 | 399 | |||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 1,700 | 1,029 | 1,700 | 1,029 | |||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 105,012 | $ | 63,540 | $ | 108,618 | $ | 65,722 | |||||||||||||||||||||||||||||||||
Net assets | $ | 42,143 | $ | 25,499 | $ | 69,718 | $ | 45,032 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Company share of net income (loss) | Net income (loss) | Company share of net income (loss) | ||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | ||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 14,423 | $ | 8,638 | $ | 8,417 | $ | 5,048 | |||||||||||||||||||||||||||||||||
Finance costs | (3,859) | (2,182) | (2,847) | (1,723) | |||||||||||||||||||||||||||||||||||||
Real estate tax expense | (1,609) | (974) | (1,021) | (618) | |||||||||||||||||||||||||||||||||||||
General and administrative expenses | (3,318) | (2,008) | (515) | (352) | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and interest receivable | (14,800) | (11,956) | — | — | |||||||||||||||||||||||||||||||||||||
Change in fair value of financial instruments | (942) | (570) | (126) | (76) | |||||||||||||||||||||||||||||||||||||
Change in fair value of investment properties | (19,294) | (11,585) | (5,621) | (4,219) | |||||||||||||||||||||||||||||||||||||
Net loss, prior to distributions to owners | $ | (29,399) | $ | (20,637) | $ | (1,713) | $ | (1,940) |
December 31, 2020 | Borrowing rate at December 31, 2020 | December 31, 2019 | Borrowing rate at December 31, 2019 | ||||||||||||||||||||||||||||||||
Unaudited | Unaudited | ||||||||||||||||||||||||||||||||||
Credit Facility Term (1) | $ | 200,000 | 4.66 | % | $ | 200,000 | 4.51 | % | |||||||||||||||||||||||||||
Credit Facility Revolver (3) | 190,500 | 3.58 | % | 173,750 | 4.43 | % | |||||||||||||||||||||||||||||
MOB Facility USD denominated portion | 21,286 | 2.34 | % | 21,286 | 3.96 | % | |||||||||||||||||||||||||||||
MOB Facility CAD denominated portion (1) (2) | 66,904 | 4.32 | % | 65,589 | 4.32 | % | |||||||||||||||||||||||||||||
Magnetar Facility | 10,000 | 9.00 | % | 15,000 | 8.50 | % | |||||||||||||||||||||||||||||
Commonwealth Facility (1) | 176,000 | 3.84 | % | 176,000 | 3.84 | % | |||||||||||||||||||||||||||||
Finance costs, net | (4,094) | — | (4,666) | — | |||||||||||||||||||||||||||||||
Carrying value | $ | 660,596 | 4.09 | % | $ | 646,959 | 4.36 | % | |||||||||||||||||||||||||||
Less current portion | 10,000 | 14,569 | |||||||||||||||||||||||||||||||||
Long-term portion | $ | 650,596 | $ | 632,390 | |||||||||||||||||||||||||||||||
(1) This facility is fixed with an interest rate swap. | |||||||||||||||||||||||||||||||||||
(2) This facility is denominated in Canadian dollars with a principal amount of CAD$85,202. | |||||||||||||||||||||||||||||||||||
(3) $75,000 of this facility is fixed with interest rate swaps. |
Level | Consolidated Leverage Ratio | Applicable Margin for Revolving Credit LIBOR Loans | Applicable Margin for LIBOR Loans that are Term Loans | ||||||||||||||
1 | Less than 40% | 1.75 | % | 1.70 | % | ||||||||||||
2 | Equal to or greater than 40% but less than 45% | 1.90 | % | 1.85 | % | ||||||||||||
3 | Equal to or greater than 45% but less than 50% | 2.05 | % | 2.00 | % | ||||||||||||
4 | Equal to or greater than 50% but less than 55% | 2.20 | % | 2.15 | % | ||||||||||||
5 | Equal to or greater than 55% but less than 60% | 2.35 | % | 2.30 | % | ||||||||||||
6 | Equal to or greater than 60% but less than 65% | 2.60 | % | 2.55 | % |
Aggregate principal payments | |||||||||||
2021 | $ | 10,000 | |||||||||
2022 | 190,500 | ||||||||||
2023 | 288,190 | ||||||||||
2024 | 176,000 | ||||||||||
2025 | — | ||||||||||
Thereafter | — | ||||||||||
Total | $ | 664,690 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
Mortgages payable | $ | 296,881 | $ | 275,083 | ||||||||||||||||||||||
Mark-to-market adjustment, net | 4,958 | 2,297 | ||||||||||||||||||||||||
Finance costs, net | (2,375) | (1,913) | ||||||||||||||||||||||||
Carrying value | $ | 299,464 | $ | 275,467 | ||||||||||||||||||||||
Less current portion | 30,622 | 43,024 | ||||||||||||||||||||||||
Long-term portion | $ | 268,842 | $ | 232,443 | ||||||||||||||||||||||
Regular principal payments | Principal due on maturity | Total principal payments | % of total principal payments | ||||||||||||||||||||||||||||||||
2021 | $ | 6,417 | $ | 24,205 | $ | 30,622 | 10 | % | |||||||||||||||||||||||||||
2022 | 6,396 | 27,369 | 33,765 | 11 | % | ||||||||||||||||||||||||||||||
2023 | 5,478 | 83,435 | 88,913 | 30 | % | ||||||||||||||||||||||||||||||
2024 | 3,831 | 20,698 | 24,529 | 8 | % | ||||||||||||||||||||||||||||||
2025 | 2,637 | 27,441 | 30,078 | 10 | % | ||||||||||||||||||||||||||||||
Thereafter | 47,678 | 41,296 | 88,974 | 31 | % | ||||||||||||||||||||||||||||||
$ | 72,437 | $ | 224,444 | $ | 296,881 | 100 | % | ||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
Mortgages at fixed rates: | ||||||||||||||||||||||||||
Mortgages (principal) (1) | $ | 240,429 | $ | 241,451 | ||||||||||||||||||||||
Interest rates | 2.55% to 6.15% | 2.55% to 6.96% | ||||||||||||||||||||||||
Weighted average interest rate | 4.33 | % | 4.76 | % | ||||||||||||||||||||||
Mortgages at variable rates: | ||||||||||||||||||||||||||
Mortgages (principal) | $ | 56,452 | $ | 33,632 | ||||||||||||||||||||||
Interest rates | LIBOR plus 2.45% to LIBOR plus 2.75% with a 1% LIBOR Floor | LIBOR plus 3.20% to Canada Prime Rate plus 1.25% | ||||||||||||||||||||||||
Weighted average interest rate | 3.53 | % | 5.02 | % | ||||||||||||||||||||||
Blended weighted average rate | 4.18 | % | 4.79 | % | ||||||||||||||||||||||
(1) Includes $67,069 of variable rate mortgages that are fixed with interest rate swaps. |
Asset (liability) balance | Income (loss) for the years ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Maturity date | Fixed rate | Notional amount | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility Term | December 19, 2023 | LIBOR fixed at 2.11% | $ | 200,000 | $ | (11,945) | $ | (4,466) | $ | (7,479) | $ | (5,655) | ||||||||||||||||||||||||||||||||||||||||||||
Credit Facility Revolver | January 2, 2024 | LIBOR fixed at 2.57% | 25,000 | (1,860) | (1,019) | (841) | (856) | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility Revolver | December 1, 2022 | LIBOR fixed at 2.11% | 50,000 | (1,996) | (861) | (1,135) | (861) | |||||||||||||||||||||||||||||||||||||||||||||||||
Leawood Swap (3) | March 15, 2024 | Interest rate fixed at 4.55% | 13,136 | — | — | — | (407) | |||||||||||||||||||||||||||||||||||||||||||||||||
Topeka Swap (3) | March 15, 2024 | Interest rate fixed at 4.55% | 12,477 | — | — | — | (387) | |||||||||||||||||||||||||||||||||||||||||||||||||
Red Oak Swap (1) | January 18, 2021 | Interest rate fixed at 3.77% | 4,105 | (13) | (27) | 16 | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||
Park Terrace Swap | December 18, 2020 | LIBOR fixed at 2.42% | — | — | — | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Seneca Lake Swap | December 18, 2020 | LIBOR fixed at 2.42% | — | — | — | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Winchester Swap | November 1, 2021 | Interest rate fixed at 4.54% | 6,327 | (76) | (2) | (74) | (159) | |||||||||||||||||||||||||||||||||||||||||||||||||
Calhoun Swap | May 31, 2019 | LIBOR fixed at 1.75% | — | — | — | — | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
MOB Facility Swap (2) | May 1, 2023 | Banker's Acceptance fixed at 2.12% | 66,904 | (2,561) | (276) | (2,127) | (127) | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Brook Swap | October 2, 2021 | Interest rate fixed at 5.98% | 15,429 | (402) | (475) | 73 | (130) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commonwealth Swap | August 1, 2024 | LIBOR fixed at 1.69% | 176,000 | (9,375) | (840) | (8,535) | (840) | |||||||||||||||||||||||||||||||||||||||||||||||||
Constant Care Swap | October 1, 2022 | Interest rate fixed at 4.21% | 26,972 | (641) | 64 | (705) | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||
Oak Ridge Swap | April 1, 2022 | LIBOR fixed at 0.66% | 14,236 | (100) | — | (100) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value | $ | (28,969) | $ | (7,902) | $ | (20,907) | $ | (9,379) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less current portion | (491) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term portion | $ | (28,478) | $ | (7,902) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments (Asset) | $ | — | $ | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments (Liability) | (28,969) | (7,966) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (28,969) | $ | (7,902) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1) The swap has a notional amount of CAD$5,228. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2) The swap is for a fixed amount of CAD$85,202. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3) These properties were contributed to a joint venture on June 5, 2019. |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Issued | $ | 44,975 | $ | 44,975 | |||||||||||||||||||
Issue costs, net of amortization and accretion of equity component | 802 | 45 | |||||||||||||||||||||
Equity component, excluding issue costs and taxes | (1,648) | (1,648) | |||||||||||||||||||||
2016 Convertible Debentures | $ | 44,129 | $ | 43,372 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Issued | $ | 50,000 | $ | 50,000 | |||||||||||||||||||
Issue costs, net of amortization and accretion of equity component | (982) | (1,587) | |||||||||||||||||||||
Equity component, excluding issue costs and taxes | (736) | (736) | |||||||||||||||||||||
2018 Convertible Debentures | $ | 48,282 | $ | 47,677 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Issued | $ | 67,381 | $ | 65,680 | |||||||||||||||||||
Equity component, net of accretion | (1,584) | (2,026) | |||||||||||||||||||||
Commonwealth preferred unit liability | $ | 65,797 | $ | 63,654 | |||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Deferred shares liability (note 22) | $ | 875 | $ | 2,597 | |||||||||||||||||||
Security deposits received from tenants | 8,576 | 8,573 | |||||||||||||||||||||
Escrows collected from tenant | 1,816 | 944 | |||||||||||||||||||||
Unearned revenue | 2,674 | 1,426 | |||||||||||||||||||||
Liability to previous owner of Care | 126 | 632 | |||||||||||||||||||||
Lease liability | 1,890 | 2,199 | |||||||||||||||||||||
Loan commitment liability (note 25) | 115 | 979 | |||||||||||||||||||||
Exchangeable units liability | 2,049 | 2,049 | |||||||||||||||||||||
Earnout payable (note 7 and 25) | 2,254 | — | |||||||||||||||||||||
Other | 841 | 352 | |||||||||||||||||||||
$ | 21,216 | $ | 19,751 | ||||||||||||||||||||
Current | $ | 4,975 | $ | 3,015 | |||||||||||||||||||
Non-current | 16,241 | 16,736 | |||||||||||||||||||||
$ | 21,216 | $ | 19,751 |
Credit facilities | Mortgages payable | Convertible debentures | Commonwealth preferred unit liability | Total | |||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 - Unaudited | $ | 338,140 | $ | 303,330 | $ | 89,745 | $ | — | $ | 731,215 | |||||||||||||||||||||||||||||||||||||
Proceeds from financing | 370,350 | 39,489 | — | — | 409,839 | ||||||||||||||||||||||||||||||||||||||||||
Repayments | (63,990) | (40,635) | — | — | (104,625) | ||||||||||||||||||||||||||||||||||||||||||
Scheduled principal payments | — | (4,959) | — | — | (4,959) | ||||||||||||||||||||||||||||||||||||||||||
Mortgages contributed to joint venture (note 8) | — | (102,692) | — | — | (102,692) | ||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed on acquisition of control over properties previously owned through a joint venture | — | 32,265 | — | — | 32,265 | ||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed through acquisition of property, plant, and equipment (note 7) | — | 47,152 | — | — | 47,152 | ||||||||||||||||||||||||||||||||||||||||||
Commonwealth preferred units issued | — | — | — | 65,680 | 65,680 | ||||||||||||||||||||||||||||||||||||||||||
Equity component of Commonwealth preferred unit liability | — | — | — | (2,093) | (2,093) | ||||||||||||||||||||||||||||||||||||||||||
Financing costs paid | (1,952) | (979) | — | — | (2,931) | ||||||||||||||||||||||||||||||||||||||||||
Amortizing of financing costs and mark to market adjustments | 1,311 | 1,259 | 1,329 | 67 | 3,966 | ||||||||||||||||||||||||||||||||||||||||||
Changes in foreign currency rates | 3,100 | 1,237 | — | — | 4,337 | ||||||||||||||||||||||||||||||||||||||||||
Conversion of convertible debentures into common shares | — | — | (25) | — | (25) | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 - Unaudited | $ | 646,959 | $ | 275,467 | $ | 91,049 | $ | 63,654 | $ | 1,077,129 | |||||||||||||||||||||||||||||||||||||
Proceeds from financing | 33,000 | 16,682 | — | — | 49,682 | ||||||||||||||||||||||||||||||||||||||||||
Repayments | (21,250) | (17,375) | — | — | (38,625) | ||||||||||||||||||||||||||||||||||||||||||
Scheduled principal payments | — | (5,112) | — | — | (5,112) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage contributed to joint venture (note 7) | — | (8,411) | — | — | (8,411) | ||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed from joint venture (note 7) | — | 29,670 | — | — | 29,670 | ||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed through acquisition of investment property (note 6) | — | 4,853 | — | — | 4,853 | ||||||||||||||||||||||||||||||||||||||||||
Commonwealth preferred units issued (note 7) | — | — | — | 1,701 | 1,701 | ||||||||||||||||||||||||||||||||||||||||||
Mark to market adjustments made to mortgages assumed through acquisition of property, plant and equipment | — | 2,991 | — | — | 2,991 | ||||||||||||||||||||||||||||||||||||||||||
Financing costs paid | (996) | (603) | — | — | (1,599) | ||||||||||||||||||||||||||||||||||||||||||
Amortizing of financing costs, mark to market adjustments, and accretion of equity components | 1,577 | 337 | 1,362 | 442 | 3,718 | ||||||||||||||||||||||||||||||||||||||||||
Changes in foreign currency rates | 1,306 | 965 | — | — | 2,271 | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 660,596 | $ | 299,464 | $ | 92,411 | $ | 65,797 | $ | 1,118,268 |
Common shares | Carrying value | |||||||||||||||||||
Balance, December 31, 2018 - Unaudited | 52,933,851 | $ | 493,165 | |||||||||||||||||
Issued as consideration for acquisition of Symcare properties | 555,556 | 3,800 | ||||||||||||||||||
Issued on settlement of Deferred Share Incentive Plan | 150,912 | 1,078 | ||||||||||||||||||
Issued pursuant to the Company's dividend reinvestment plan | 1,070,518 | 7,023 | ||||||||||||||||||
Shares acquired under NCIB | (79,627) | (530) | ||||||||||||||||||
Issued through conversion of convertible debentures | 2,272 | 25 | ||||||||||||||||||
Balance, December 31, 2019 - Unaudited | 54,633,482 | $ | 504,561 | |||||||||||||||||
Issued on settlement of Deferred Share Incentive Plan | 335,709 | 1,078 | ||||||||||||||||||
Issued on settlement of equity settled Deferred Shares | 31,203 | 214 | ||||||||||||||||||
Issued pursuant to the Company's dividend reinvestment plan | 931,602 | 3,498 | ||||||||||||||||||
Shares acquired under NCIB | (54,500) | (148) | ||||||||||||||||||
Balance, December 31, 2020 | 55,877,496 | $ | 509,203 |
Preferred shares | Carrying value | |||||||||||||||||||
Balance, December 31, 2018 - Unaudited | 7,560,137 | $ | 71,106 | |||||||||||||||||
Issued Series 4 preferred shares | 1,538,461 | 14,283 | ||||||||||||||||||
Balance, December 31, 2019 and December 31, 2020 | 9,098,598 | $ | 85,389 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Net loss for basic and diluted net loss per share | $ | (184,004) | $ | (5,359) | |||||||||||||||||||
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||
Unaudited | |||||||||||||||||
Weighted average number of shares, including fully vested deferred shares: Basic and diluted | 55,699,307 | 53,989,904 | |||||||||||||||
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Basic and diluted | $ | (3.30) | $ | (0.10) | |||||||||||||||||||
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Contractual rental revenue | $ | 68,436 | $ | 75,950 | |||||||||||||||||||
Straight-line rent adjustments | 6,394 | 8,964 | |||||||||||||||||||||
Amortization of tenant inducements | (385) | (158) | |||||||||||||||||||||
Property tax recoveries | 12,705 | 15,243 | |||||||||||||||||||||
Revenue from services - CAM recoveries (1) | 2,962 | 3,199 | |||||||||||||||||||||
$ | 90,112 | $ | 103,198 | ||||||||||||||||||||
(1) Represents property services element in accordance with IFRS 15 |
Less than 1 year | $ | 69,031 | |||||||||
Between 1 and 5 years | 272,230 | ||||||||||
More than 5 years | 514,544 | ||||||||||
$ | 855,805 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Resident revenue | $ | 56,250 | $ | 16,210 | |||||||||||||||||||
Service revenue (1) | 64,157 | 22,257 | |||||||||||||||||||||
$ | 120,407 | $ | 38,467 | ||||||||||||||||||||
(1) Represents property services element in accordance with IFRS 15 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied properties | Medical office buildings | Total | Owner occupied properties | Medical office buildings | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repairs and maintenance | $ | 2,436 | $ | 1,649 | $ | 4,085 | $ | 763 | $ | 1,539 | $ | 2,302 | |||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 3,709 | 1,381 | 5,090 | 1,163 | 1,369 | 2,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property management fees | — | 536 | 536 | — | 574 | 574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 59,279 | — | 59,279 | 19,226 | — | 19,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other services and supplies | 6,680 | 994 | 7,674 | 2,562 | 1,022 | 3,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 2,272 | — | 2,272 | 715 | — | 715 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 15,668 | 901 | 16,569 | 3,782 | 818 | 4,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 90,044 | $ | 5,461 | $ | 95,505 | $ | 28,211 | $ | 5,322 | $ | 33,533 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Interest expense on credit facilities | $ | 20,496 | $ | 22,665 | |||||||||||||||||||
Interest expense on mortgages payable | 11,121 | 11,922 | |||||||||||||||||||||
Interest expense on convertible debentures | 5,248 | 5,249 | |||||||||||||||||||||
Distributions on exchangeable units | 62 | 80 | |||||||||||||||||||||
Dividends on Commonwealth preferred units | 4,376 | 1,475 | |||||||||||||||||||||
Amortization and accretion expense | 3,997 | 3,882 | |||||||||||||||||||||
Interest rate swap payments (receipts) | 7,747 | (86) | |||||||||||||||||||||
Write-off of deferred financing costs from refinancing | 67 | 82 | |||||||||||||||||||||
Amortization of mark-to-market debt adjustments | (330) | 25 | |||||||||||||||||||||
Interest income from loans receivable (note 4) | (2,983) | (3,661) | |||||||||||||||||||||
Finance costs from operations | $ | 49,801 | $ | 41,633 | |||||||||||||||||||
Allowance for credit losses on loans and interest receivable (note 4) | 23,546 | 1,003 | |||||||||||||||||||||
Change in non-controlling interest liability | 316 | 504 | |||||||||||||||||||||
Change in fair value of financial instruments (note 11) | 19,084 | 9,379 | |||||||||||||||||||||
Change in fair value of contingent consideration (note 7) | 5,510 | — | |||||||||||||||||||||
Total finance costs | $ | 98,257 | $ | 52,519 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Compensation and benefits | $ | 11,432 | $ | 9,067 | |||||||||||||||||||
Asset management and administrative fees | 235 | 499 | |||||||||||||||||||||
Professional fees | 3,474 | 3,090 | |||||||||||||||||||||
Deferred share compensation expense | 1,066 | 2,653 | |||||||||||||||||||||
Bad debt expense | 1,838 | — | |||||||||||||||||||||
Other | 2,494 | 2,783 | |||||||||||||||||||||
$ | 20,539 | $ | 18,092 |
Granted/ Outstanding | Fully Vested | ||||||||||||||||
As at December 31, 2018 - Unaudited | 375,279 | 92,244 | |||||||||||||||
Discretionary Deferred Shares granted | 621,917 | 95,526 | |||||||||||||||
Individual Contributed Deferred Shares (vested immediately) | 41,289 | 41,289 | |||||||||||||||
Company Contributed Deferred Shares | 28,995 | 30,039 | |||||||||||||||
Shares forfeited | (18,842) | — | |||||||||||||||
Shares issued upon vesting of deferred shares | (150,912) | (150,912) | |||||||||||||||
As at December 31, 2019 - Unaudited | 897,726 | 108,186 | |||||||||||||||
Discretionary Deferred Shares | 257,955 | 335,595 | |||||||||||||||
Equity Settled Deferred Shares | 375,733 | 34,998 | |||||||||||||||
Individual Contributed Deferred Shares (vested immediately) | 78,648 | 78,648 | |||||||||||||||
Company Contributed Deferred Shares | 78,648 | 24,718 | |||||||||||||||
Shares issued upon vesting of deferred shares | (366,912) | (366,912) | |||||||||||||||
Shares settled for cash pursuant to the plan terms | (4,255) | (4,255) | |||||||||||||||
As at December 31, 2020 | 1,317,543 | 210,978 |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Net loss before income taxes | $ | (190,948) | $ | (5,426) | |||||||||||||||||||
Income tax recovery at Canadian tax rate | (50,601) | (1,438) | |||||||||||||||||||||
Non-deductible expenses | 5,211 | 1,443 | |||||||||||||||||||||
Difference in tax rate in foreign jurisdiction | (2,038) | (19) | |||||||||||||||||||||
Unrecognized tax losses | 40,484 | (53) | |||||||||||||||||||||
Income tax recovery | $ | (6,944) | $ | (67) |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||
Tax losses | $ | 26,759 | $ | 19,756 | |||||||||||||||||||
Financing costs | 281 | 952 | |||||||||||||||||||||
Derivative instruments | 5,126 | 2,378 | |||||||||||||||||||||
Other | 10,762 | 2,703 | |||||||||||||||||||||
$ | 42,928 | $ | 25,789 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||
Investment properties and property, plant and equipment | 517 | 30,691 | |||||||||||||||||||||
Convertible debentures | 216 | 343 | |||||||||||||||||||||
Other | 1,699 | 1,699 | |||||||||||||||||||||
Deferred tax liabilities | $ | 2,432 | $ | 32,733 | |||||||||||||||||||
Deferred tax assets not recognized | $ | (40,496) | $ | — | |||||||||||||||||||
Net deferred tax liability | $ | — | $ | (6,944) | |||||||||||||||||||
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Deferred tax liability, beginning balance | $ | (6,944) | $ | (7,011) | |||||||||||||||||||
Deferred tax recovery | 6,944 | 67 | |||||||||||||||||||||
Deferred tax liability, ending balance | $ | — | $ | (6,944) | |||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative asset | $ | — | $ | 4,814 | $ | — | $ | — | $ | 64 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Investment properties | — | — | 882,019 | — | — | 969,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | — | — | 2,368 | — | — | 2,368 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan commitment liability | — | 115 | — | — | 979 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability | — | 28,969 | — | — | 7,966 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred share liability | — | 875 | — | — | 2,597 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | ||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||
Loans receivable | $ | 18,703 | $ | 18,768 | $ | 48,902 | $ | 48,947 | |||||||||||||||||||||||||||||||||
Derivative instruments | 4,814 | 4,814 | 64 | 64 | |||||||||||||||||||||||||||||||||||||
Bond assets | 881 | 881 | 1,071 | 1,071 | |||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Mortgages payable | 299,464 | 301,839 | 275,467 | 275,083 | |||||||||||||||||||||||||||||||||||||
Credit facilities | 660,596 | 664,690 | 646,959 | 651,625 | |||||||||||||||||||||||||||||||||||||
Derivative instruments | 28,969 | 28,969 | 7,966 | 7,966 | |||||||||||||||||||||||||||||||||||||
Convertible debentures | 92,411 | 58,784 | 91,049 | 86,441 | |||||||||||||||||||||||||||||||||||||
Commonwealth preferred unit liability | 65,797 | 65,797 | 63,654 | 63,654 | |||||||||||||||||||||||||||||||||||||
Loan commitment liability | 115 | 115 | 979 | 979 | |||||||||||||||||||||||||||||||||||||
Exchangeable Units liability | 2,049 | 600 | 2,049 | 2,207 |
Carrying Amount | |||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Fixed-rate financial liabilities | $ | 861,053 | $ | 860,650 | |||||||||||||||||||
Variable-rate financial liabilities | $ | 191,418 | $ | 152,825 | |||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facilities principal | $ | 664,690 | $ | 10,000 | $ | 190,500 | $ | 288,190 | $ | 176,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable principal | 296,881 | 30,622 | 33,765 | 88,913 | 24,529 | 30,078 | 88,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debentures principal | 94,975 | — | 44,975 | 50,000 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commonwealth preferred unit liability principal (1) | 67,381 | — | — | — | 67,381 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total principal | 1,123,927 | 40,622 | 269,240 | 427,103 | 267,910 | 30,078 | 88,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 100.0 | % | 3.6 | % | 24.0 | % | 38.0 | % | 23.8 | % | 2.7 | % | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facilities interest | 76,740 | 27,126 | 25,941 | 16,896 | 6,777 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable interest | 78,386 | 11,672 | 10,316 | 8,110 | 5,264 | 4,615 | 38,409 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debentures interest | 12,373 | 5,249 | 4,124 | 3,000 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commonwealth preferred unit liability interest | 17,157 | 4,404 | 4,404 | 4,574 | 3,775 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | 17,715 | 17,715 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued real estate taxes | 14,518 | 14,518 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 4,975 | 4,975 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 16,241 | 2,481 | 2,086 | 535 | 386 | 126 | 10,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan commitments | 380 | 380 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other commitments | 238,485 | 88,520 | 46,871 | 33,115 | 16,202 | 4,741 | 49,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commitments | $ | 1,362,412 | $ | 129,142 | $ | 316,111 | $ | 460,218 | $ | 284,112 | $ | 34,819 | $ | 138,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) The liability has no stated maturity date. It is the Company's expectation that the liability will be repaid in 2024. |
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Officers and directors compensation | $ | 2,111 | $ | 2,684 | |||||||||||||||||||
Share based compensation | 2,909 | 2,490 | |||||||||||||||||||||
$ | 5,020 | $ | 5,174 | ||||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Seniors housing and care investment properties | Owner occupied properties | Medical office buildings | Corporate/other | Total | |||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | 77,457 | $ | — | $ | 12,655 | $ | — | $ | 90,112 | |||||||||||||||||||||||||||||||||||||
Resident rental and related revenue | — | 120,407 | — | — | 120,407 | ||||||||||||||||||||||||||||||||||||||||||
Lease revenue from joint ventures | 3,118 | — | — | — | 3,118 | ||||||||||||||||||||||||||||||||||||||||||
Other revenue | — | 1,769 | 1,114 | 867 | 3,750 | ||||||||||||||||||||||||||||||||||||||||||
Other income | — | 3,415 | — | — | 3,415 | ||||||||||||||||||||||||||||||||||||||||||
Direct property operating expenses | — | (90,044) | (5,461) | — | (95,505) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | — | (48,476) | — | (93) | (48,569) | ||||||||||||||||||||||||||||||||||||||||||
Finance cost from operations | (22,810) | (17,484) | (3,646) | (5,861) | (49,801) | ||||||||||||||||||||||||||||||||||||||||||
Real estate tax expense | (11,389) | — | (2,099) | — | (13,488) | ||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | (1,992) | (6,699) | (307) | (11,541) | (20,539) | ||||||||||||||||||||||||||||||||||||||||||
Transaction costs for business combination | — | (34) | — | (136) | (170) | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and interest receivable | (518) | — | — | (23,028) | (23,546) | ||||||||||||||||||||||||||||||||||||||||||
Changes in non-controlling interest liability | (168) | (148) | — | — | (316) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investment properties - IFRIC 21 | 57 | — | — | — | 57 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investment properties | (78,648) | — | (21,740) | — | (100,388) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of financial instruments | (690) | (6,712) | (2,127) | (9,555) | (19,084) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | (5,510) | (5,510) | ||||||||||||||||||||||||||||||||||||||||||
Loss on sale of property, plant and equipment | — | 58 | — | (220) | (162) | ||||||||||||||||||||||||||||||||||||||||||
Loss from joint ventures | (34,729) | — | — | — | (34,729) | ||||||||||||||||||||||||||||||||||||||||||
Income tax recovery | — | — | — | 6,944 | 6,944 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (70,312) | $ | (43,948) | $ | (21,611) | $ | (48,133) | $ | (184,004) | |||||||||||||||||||||||||||||||||||||
Expenditures for non-current assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of properties | $ | 8,202 | $ | 36,154 | $ | — | $ | — | $ | 44,356 | |||||||||||||||||||||||||||||||||||||
Capital additions | 4,360 | 11,269 | 631 | — | 16,260 | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Seniors housing and care investment properties | Owner occupied properties | Medical office buildings | Corporate/other | Total | |||||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | 89,944 | $ | — | $ | 13,254 | $ | — | $ | 103,198 | |||||||||||||||||||||||||||||||||||||
Resident renal and related revenue | — | 38,467 | — | — | 38,467 | ||||||||||||||||||||||||||||||||||||||||||
Lease revenue from joint ventures | 3,024 | — | — | — | 3,024 | ||||||||||||||||||||||||||||||||||||||||||
Other income | 14 | 874 | 1,792 | 1,038 | 3,718 | ||||||||||||||||||||||||||||||||||||||||||
Direct property operating expenses | — | (28,211) | (5,322) | — | (33,533) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | — | (14,349) | — | (91) | (14,440) | ||||||||||||||||||||||||||||||||||||||||||
Finance cost from operations | (26,593) | (5,836) | (4,066) | (5,138) | (41,633) | ||||||||||||||||||||||||||||||||||||||||||
Real estate tax expense | (13,637) | — | (2,207) | — | (15,844) | ||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | (420) | (2,843) | (535) | (14,294) | (18,092) | ||||||||||||||||||||||||||||||||||||||||||
Transaction costs for business combination | — | — | — | (5,898) | (5,898) | ||||||||||||||||||||||||||||||||||||||||||
Diligence costs for transactions not pursued | — | — | — | (633) | (633) | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and interest receivable | (55) | — | — | (948) | (1,003) | ||||||||||||||||||||||||||||||||||||||||||
Changes in non-controlling interest liability | (378) | (126) | — | — | (504) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investment properties - IFRIC 21 | (29) | — | — | — | (29) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investment properties | (1,179) | — | (4,867) | — | (6,046) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of financial instruments | (1,040) | (840) | (127) | (7,372) | (9,379) | ||||||||||||||||||||||||||||||||||||||||||
Loss from joint ventures | (6,799) | — | — | — | (6,799) | ||||||||||||||||||||||||||||||||||||||||||
Income tax recovery | — | — | — | 67 | 67 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | 42,852 | $ | (12,864) | $ | (2,078) | $ | (33,269) | $ | (5,359) | |||||||||||||||||||||||||||||||||||||
Expenditures for non-current assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of properties | $ | 89,421 | $ | 347,870 | $ | — | $ | — | $ | 437,291 | |||||||||||||||||||||||||||||||||||||
Capital additions | 7,546 | 1,275 | 1,576 | — | 10,397 | ||||||||||||||||||||||||||||||||||||||||||
As at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Seniors housing and care investment properties | Owner occupied properties | Medical office buildings | Corporate/other | Total | |||||||||||||||||||||||||||||||||||||||||||
Investment properties | $ | 759,628 | $ | — | $ | 122,391 | $ | — | $ | 882,019 | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 448,912 | — | 2,913 | 451,825 | ||||||||||||||||||||||||||||||||||||||||||
Investment in joint ventures | 65,258 | — | — | — | 65,258 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable | 6,669 | — | — | 12,034 | 18,703 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 24,014 | 27,464 | 6,712 | 22,429 | 80,619 | ||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 855,569 | $ | 476,376 | $ | 129,103 | $ | 37,376 | $ | 1,498,424 | |||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 158,715 | $ | 140,749 | $ | — | $ | — | $ | 299,464 | |||||||||||||||||||||||||||||||||||||
Credit facilities | 388,715 | 174,465 | 87,416 | 10,000 | 660,596 | ||||||||||||||||||||||||||||||||||||||||||
Convertible debentures | — | — | — | 92,411 | 92,411 | ||||||||||||||||||||||||||||||||||||||||||
Commonwealth preferred unit liability | — | 65,797 | — | — | 65,797 | ||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest liability | 3,373 | 1,036 | — | — | 4,409 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 25,897 | 24,302 | 4,964 | 27,255 | 82,418 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 576,700 | $ | 406,349 | $ | 92,380 | $ | 129,666 | $ | 1,205,095 | |||||||||||||||||||||||||||||||||||||
As at December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Seniors housing and care investment properties | Owner occupied properties | Medical office buildings | Corporate/other | Total | |||||||||||||||||||||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||||||||||||||||||||||
Investment properties | $ | 828,150 | $ | — | $ | 141,484 | $ | — | $ | 969,634 | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 456,936 | — | 3,006 | 459,942 | ||||||||||||||||||||||||||||||||||||||||||
Investment in joint ventures | 107,994 | — | — | — | 107,994 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable | 9,759 | — | — | 31,895 | 41,654 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 18,141 | 24,381 | 1,726 | 7,266 | 51,514 | ||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 964,044 | $ | 481,317 | $ | 143,210 | $ | 42,167 | $ | 1,630,738 | |||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 151,279 | $ | 124,188 | $ | — | $ | — | $ | 275,467 | |||||||||||||||||||||||||||||||||||||
Credit facilities | 386,778 | 174,230 | 85,951 | — | 646,959 | ||||||||||||||||||||||||||||||||||||||||||
Convertible debentures | — | — | — | 91,049 | 91,049 | ||||||||||||||||||||||||||||||||||||||||||
Commonwealth preferred unit liability | — | 63,654 | — | — | 63,654 | ||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest liability | 3,376 | 123 | — | — | 3,499 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 25,875 | 12,839 | 2,465 | 28,787 | 69,966 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 567,308 | $ | 375,034 | $ | 88,416 | $ | 119,836 | $ | 1,150,594 | |||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet (Parenthetical) - $ / shares |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 32,682,462 | 34,562,553 |
Common stock, shares outstanding | 32,682,462 | 34,562,553 |
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Total |
Common stock |
Accumulated other comprehensive income (loss) |
Tiptree |
Noncontrolling interests - other |
Noncontrolling interests - other
Noncontrolling interest
|
Tiptree Financial Partners, L.P. |
Tiptree Financial Partners, L.P.
Common stock
|
Tiptree Financial Partners, L.P.
Noncontrolling interest
|
Tiptree
Common stock
|
Tiptree
Common stock
Common Class B
|
Tiptree
Common stock
Common stock
|
Tiptree
Additional paid-in capital
|
Tiptree
Accumulated other comprehensive income (loss)
|
Tiptree
Retained earnings
|
Subsidiaries
Common stock
Common Class B
|
Subsidiaries
Common stock
Common stock
|
Cumulative Effect, Period of Adoption, Adjustment
Tiptree
Accumulated other comprehensive income (loss)
|
[3] |
Cumulative Effect, Period of Adoption, Adjustment
Tiptree
Retained earnings
|
[3] | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||
Adoption of accounting standard | $ 396,774 | $ 8 | $ 35 | $ 295,582 | $ 966 | $ 38,079 | $ (8) | $ (34,585) | ||||||||||||||||||||||||||
Non-controlling interests | $ 19,203 | $ 77,494 | ||||||||||||||||||||||||||||||||
Total stockholders’ equity, beginning of period, amount at Dec. 31, 2017 | 396,774 | 8 | 35 | 295,582 | 966 | 38,079 | (8) | (34,585) | ||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||
Adoption of accounting standard | 399,259 | $ 36 | $ 8 | $ 36 | 331,892 | (2,058) | 57,231 | $ (8) | $ (34,585) | |||||||||||||||||||||||||
Common stock, shares, Beginning Balance (in shares) at Dec. 31, 2017 | 8,049,029 | 35,003,004 | 8,049,029 | 5,197,551 | ||||||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2017 | $ 300,077 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | 6,354 | 2,465 | 3,889 | 2,465 | ||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation (in shares) | 31,527 | 161,574 | ||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | 143 | 143 | 907 | $ 1,050 | ||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (14,111) | (14,111) | $ (2) | (14,109) | ||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan (in shares) | (8,049,029) | [1],[2] | (2,177,235) | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | [1],[2] | 82,190 | (82,190) | $ (8) | $ 8 | 82,523 | (341) | $ (8) | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other | (1,187,468) | 8,049,029 | [1],[2] | 8,049,029 | [1],[2] | |||||||||||||||||||||||||||||
Cancellation of treasury shares | $ 5 | 33,530 | $ 33,535 | |||||||||||||||||||||||||||||||
Treasury Stock, Shares, Retired | 5,035,977 | 5,035,977 | ||||||||||||||||||||||||||||||||
Non-controlling interest contributions | 3,150 | 3,150 | ||||||||||||||||||||||||||||||||
Non-controlling interest distributions | (241) | 241 | ||||||||||||||||||||||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | (14,229) | 132 | (14,097) | 132 | ||||||||||||||||||||||||||||||
Dividends declared | (4,781) | (4,781) | (4,781) | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | (2,683) | (2,683) | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | (437) | (563) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (3,683) | $ (3,683) | ||||||||||||||||||||||||||||||||
Net income attributable to shareholders | 23,933 | 23,933 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | 5,950 | $ 450 | 450 | $ 5,500 | 5,500 | |||||||||||||||||||||||||||||
Net income | 29,883 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity, end of period, amount at Dec. 31, 2018 | 399,259 | $ 36 | $ 36 | 331,892 | (2,058) | 57,231 | ||||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2018 | 387,101 | |||||||||||||||||||||||||||||||||
Common stock, shares, Ending Balance (in shares) at Dec. 31, 2018 | 35,870,348 | 35,870,348 | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||
Adoption of accounting standard | 399,259 | $ 36 | $ 36 | 331,892 | (2,058) | 57,231 | ||||||||||||||||||||||||||||
Non-controlling interests | 12,158 | 0 | ||||||||||||||||||||||||||||||||
Units of partnership interest | 424,399 | |||||||||||||||||||||||||||||||||
Adoption of accounting standard | 411,415 | $ 35 | $ 36 | 326,140 | 1,698 | 70,189 | $ 42 | $ (42) | ||||||||||||||||||||||||||
Amortization of share-based incentive compensation | 6,062 | 3,145 | 2,917 | 3,145 | ||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation (in shares) | [4] | 164,935 | ||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | [4] | 2,296 | 187 | 2,483 | 187 | |||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (9,085) | (9,085) | $ (1) | (9,084) | ||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan (in shares) | (1,472,730) | |||||||||||||||||||||||||||||||||
Non-controlling interest contributions | 61 | 61 | ||||||||||||||||||||||||||||||||
Non-controlling interest distributions | [5] | (3,585) | (3,585) | |||||||||||||||||||||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | 2,500 | 2,500 | ||||||||||||||||||||||||||||||||
Dividends declared | (5,502) | (5,502) | (5,502) | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 3,855 | 3,855 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 24 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 3,879 | 3,879 | ||||||||||||||||||||||||||||||||
Net income attributable to shareholders | 18,361 | 18,361 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | 1,761 | 1,761 | 0 | 0 | ||||||||||||||||||||||||||||||
Net income | 20,122 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity, end of period, amount at Dec. 31, 2019 | 411,415 | $ 35 | 326,140 | 1,698 | 70,189 | 42 | (42) | |||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2019 | 398,062 | 398,062 | ||||||||||||||||||||||||||||||||
Common stock, shares, Ending Balance (in shares) at Dec. 31, 2019 | 34,562,553 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||
Adoption of accounting standard | 411,415 | $ 35 | 326,140 | 1,698 | 70,189 | 42 | (42) | |||||||||||||||||||||||||||
Non-controlling interests | 13,353 | 13,353 | ||||||||||||||||||||||||||||||||
Adoption of accounting standard | 373,538 | $ 33 | 315,014 | 5,674 | 35,423 | $ 42 | $ (42) | |||||||||||||||||||||||||||
Amortization of share-based incentive compensation | 7,571 | 3,441 | 4,130 | 3,441 | ||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation (in shares) | [4] | 504,195 | ||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | [4] | 2,123 | 100 | 2,223 | 100 | |||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (13,889) | (13,889) | $ (2) | (13,887) | ||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan (in shares) | (2,384,286) | (2,384,286) | ||||||||||||||||||||||||||||||||
Non-controlling interest distributions | [5] | (2,034) | (645) | (1,389) | (645) | |||||||||||||||||||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | (560) | 135 | (425) | 135 | ||||||||||||||||||||||||||||||
Dividends declared | (5,566) | (5,566) | (5,566) | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 3,934 | 3,934 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 15 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 3,949 | $ 3,949 | ||||||||||||||||||||||||||||||||
Net income attributable to shareholders | (29,158) | (29,158) | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | 3,933 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||
Net income | (25,225) | |||||||||||||||||||||||||||||||||
Total stockholders’ equity, end of period, amount at Dec. 31, 2020 | 373,538 | $ 33 | 315,014 | 5,674 | 35,423 | |||||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2020 | 356,144 | $ 356,144 | ||||||||||||||||||||||||||||||||
Common stock, shares, Ending Balance (in shares) at Dec. 31, 2020 | 32,682,462 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||
Adoption of accounting standard | $ 373,538 | $ 33 | $ 315,014 | $ 5,674 | $ 35,423 | |||||||||||||||||||||||||||||
Non-controlling interests | $ 17,394 | $ 17,394 | ||||||||||||||||||||||||||||||||
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Consolidated Statements of Cash Flow $ in Thousands |
12 Months Ended | |||||||
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Dec. 31, 2020
USD ($)
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Dec. 31, 2019
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Dec. 31, 2018
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Operating Activities: | ||||||||
Net income (loss) attributable to common stockholders | $ (29,158) | $ 18,361 | $ 23,933 | |||||
Net income (loss) attributable to non-controlling interests | 1,761 | 5,950 | ||||||
Net income (loss) | (25,225) | 20,122 | 29,883 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||||||
Net realized and unrealized (gains) losses | (62,410) | (83,868) | (28,782) | |||||
Net (gain) loss on sale of businesses | 4,428 | (7,598) | (56,860) | |||||
Non-cash compensation expense | 8,117 | 6,363 | 6,657 | |||||
Amortization/accretion of premiums and discounts | 2,229 | 1,161 | 1,029 | |||||
Depreciation and amortization expense | 17,578 | 13,569 | 12,596 | |||||
Non-cash lease expense | 7,374 | 7,568 | 0 | |||||
Deferred provision (benefit) for income taxes | 10,733 | 6,815 | 4,011 | |||||
Amortization of deferred financing costs | 1,015 | 714 | 934 | |||||
Other Operating Activities, Cash Flow Statement | (333) | 1,381 | 671 | |||||
Mortgage loans originated for sale | (3,064,003) | (2,048,228) | (1,533,365) | |||||
Proceeds from the sale of mortgage loans originated for sale | 3,152,104 | 2,043,097 | 1,590,546 | |||||
(Increase) decrease in notes and accounts receivable | (48,527) | (33,085) | (35,256) | |||||
(Increase) decrease in reinsurance receivables | (116,839) | (119,482) | (67,384) | |||||
(Increase) decrease in deferred acquisition costs | (62,937) | 3,570 | (22,901) | |||||
(Increase) decrease in other assets | (22,417) | 269 | (12,400) | |||||
Increase (decrease) in unearned premiums | 105,697 | 155,549 | 95,998 | |||||
Increase (decrease) in policy liabilities and unpaid claims | 33,968 | 12,773 | 19,608 | |||||
Increase (decrease) in deferred revenue | 122,042 | 16,397 | 19,009 | |||||
Increase (decrease) in reinsurance payable | 53,716 | 26,272 | 27,043 | |||||
Increase (decrease) in other liabilities and accrued expenses | 23,859 | 383 | 6,687 | |||||
Net cash provided by (used in) operating activities | 140,169 | 23,742 | 57,724 | |||||
Investing Activities: | ||||||||
Purchases of investments | (1,494,688) | (389,206) | (327,617) | |||||
Proceeds from sales and maturities of investments | 1,400,229 | 394,331 | 190,942 | |||||
Proceeds from the sale of real estate | 2,981 | 11,857 | 17,705 | |||||
Purchases of property, plant and equipment | (6,694) | (8,519) | (3,749) | |||||
Proceeds from the sale of businesses | 500 | 18,329 | 15,709 | |||||
Proceeds from notes receivable | 41,582 | 36,690 | 29,234 | |||||
Issuance of notes receivable | (62,088) | (67,176) | (31,331) | |||||
Business and asset acquisitions, net of cash, restricted cash and deposits | (5,313) | [1] | (4,633) | [1] | 0 | [1] | ||
Net cash provided by (used in) investing activities | (123,491) | (8,327) | (109,107) | |||||
Financing Activities: | ||||||||
Dividends paid | (5,566) | (5,502) | (4,781) | |||||
Non-controlling interest contributions | 0 | 61 | 3,150 | |||||
Non-controlling interest distributions | (2,134) | (3,585) | (241) | |||||
Payment of debt issuance costs | (4,571) | (586) | (1,143) | |||||
Proceeds from borrowings and mortgage notes payable | 3,379,688 | 2,237,329 | 1,632,469 | |||||
Principal paydowns of borrowings and mortgage notes payable | (3,321,779) | (2,181,704) | (1,617,346) | |||||
Repurchases of common stock | (13,889) | (9,085) | (14,111) | |||||
Net cash provided by (used in) financing activities | 31,749 | 36,928 | (2,003) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 48,427 | 52,343 | (53,386) | |||||
Cash, cash equivalents and restricted cash – beginning of period | 144,590 | 96,524 | 142,237 | |||||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 7,137 | 2,860 | 10,533 | |||||
Cash, cash equivalents and restricted cash – end of period | 200,154 | 151,727 | 99,384 | |||||
Less: Reclassification of cash to assets held for sale | 4,879 | 7,137 | 2,860 | |||||
Cash, cash equivalents and restricted cash – end of period | 195,275 | 144,590 | 96,524 | |||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 29,538 | 26,224 | 25,976 | |||||
Income Taxes Paid, Net | 1,066 | 3,301 | (5,088) | |||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||
Right of use asset obtained in exchange for lease liability | 9,989 | 33,558 | 0 | |||||
Equity Securities Acquired Through a Dividend Reinvestment Plan | 953 | 0 | 0 | |||||
Acquired real estate properties through, or in lieu of, foreclosure of the related loan | 0 | 2,596 | 7,367 | |||||
Noncash or Part Noncash Acquisition, Acquisition of Non-Controlling Interest | 0 | 2,500 | 82,190 | |||||
Noncash or Part Noncash Acquisition, Investments Acquired | 0 | 0 | 135,675 | |||||
Noncash or Part Noncash Acquisition, Cancellation Of Treasury Shares [Line Items] | 0 | 0 | 33,535 | |||||
Reconciliation of cash, cash equivalents and restricted cash | ||||||||
Cash and cash equivalents | 136,920 | 133,117 | 86,003 | |||||
Restricted cash | 58,355 | 11,473 | 10,521 | |||||
Tiptree Financial Partners, L.P. | ||||||||
Operating Activities: | ||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 5,500 | |||||
Noncontrolling interests - other | ||||||||
Operating Activities: | ||||||||
Net income (loss) attributable to non-controlling interests | 3,933 | 1,761 | 450 | |||||
Noncontrolling interest | Tiptree Financial Partners, L.P. | ||||||||
Operating Activities: | ||||||||
Net income (loss) attributable to non-controlling interests | $ 0 | $ 0 | 5,500 | |||||
Noncontrolling interest | Noncontrolling interests - other | ||||||||
Operating Activities: | ||||||||
Net income (loss) attributable to non-controlling interests | $ 450 | |||||||
|
Organization |
12 Months Ended |
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Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Tiptree Inc. (together with its consolidated subsidiaries, collectively, Tiptree, the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree’s common stock trades on the Nasdaq Capital Market under the symbol “TIPT”. Tiptree is a holding company that combines specialty insurance operations with investment management capabilities. We allocate our capital across our insurance operations and other investments. We classify our business into two reportable segments: Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable segments and other business activities, as Tiptree Capital. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Tiptree have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries. The consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. Non-controlling interests on the consolidated balance sheets 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. Reclassifications As a result of changes in presentation, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items: •Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives •Value of acquired assets and liabilities; •Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives; •Vessel valuations, residual value of vessels and the useful lives of vessels; •Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims; •Deferred acquisition costs and value of business acquired (VOBA); •The realization of deferred tax assets, and recognition and measurement of uncertain tax positions; •Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service and administration fees, and loan origination fees; and •Other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other expense in the consolidated statements of operations. Acquisition and transaction costs 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, primarily due to the results of valuation studies applicable to the business combination. Acquisitions that do not meet the criteria for the acquisition method of accounting are accounted for as acquisitions of assets. Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations The results of operations of a business that has either been disposed of or are classified as held for sale are reported in discontinued operations if the disposal of the business represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company carries assets and liabilities held for sale at the lower of carrying value on the date the asset is initially classified as held for sale or fair value less costs to sell. At the time of reclassification to held for sale, the Company ceases the recording of depreciation and amortization on assets transferred. Accounting policies specific to our dispositions, assets and liabilities held for sale and discontinued operations are described in more detail in (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations. 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. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market, and the 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. 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. 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 is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Tiptree’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the investment. From time to time, Tiptree’s assets and liabilities will transfer between one level to another level. It is Tiptree’s policy to recognize transfers between different levels at the end of each reporting period. Tiptree utilizes both observable and unobservable inputs in its valuation methodologies. Observable inputs 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. For broker quotes, 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. Fair Value Option In addition to the financial instruments that 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. Derivative Financial Instruments and Hedging From time to time, derivative instruments are used in the overall strategy to manage exposure to market risks primarily related to fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in other investments or other liabilities and accrued expenses on the consolidated balance sheets. Derivative Instruments Designated as Cash Flow Hedging Instruments The Company uses cash flow hedges to reduce the exposure to variability of cash flows from floating rate borrowings. If a derivative instrument meets certain cash flow hedge accounting criteria, it is recorded on the consolidated balance sheet at its fair value, as either an asset or a liability, with offsetting changes in fair value recognized in AOCI. The effective portion of the changes in fair value of derivatives are reported in AOCI and amounts previously recorded in AOCI are recognized in earnings in the period in which the hedged transaction affects earnings. Any ineffective portions of the change in fair value of the derivative are recognized in current earnings. Stock Based Compensation The Company accounts for equity‑based compensation issued to employees, directors, and affiliates of the Company using the current fair value based methodology. The Company initially measures the cost of restricted stock unit (RSUs) and restricted stock awards at fair value on the date of grant and subsequently recognizes the cost of such awards over the vesting period using the straight-line method. The compensation costs are charged to expense over the vesting period with a corresponding credit to additional paid-in capital. Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. Compensation cost is recognized over the required service period, generally defined as the vesting period. Grants of subsidiary RSUs exchangeable into common stock of the Company are accounted for as equity based upon their expected settlement method. The Company recognizes the cost of such awards over the vesting period using the straight-line method and 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. Income Taxes Deferred tax assets and liabilities are determined using the asset and liability method. Under this method, deferred tax assets and liabilities are established for future tax consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to reverse. A valuation allowance is established when necessary to reduce a deferred tax asset to the amount expected to be realized. Several of the Company’s subsidiaries file state tax returns on a standalone basis. Two of our subsidiaries file federal and state tax returns on a stand alone basis, one of which is held for sale. These U.S. federal and state income tax returns, when filed, will be subject to examination by the Internal Revenue Service and state departments of revenue. See Note (20) Income Taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. The Company’s provision or benefit for income taxes is adjusted accordingly for tax positions not deemed to meet the more likely than not threshold. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expenses. Earnings Per Share The Company presents both basic and diluted earnings per Common Share in its consolidated financial statements and footnotes thereto. Basic earnings per Common Share (Basic EPS) excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding, which includes vested RSUs, for the period. Diluted earnings per Common Share (Diluted EPS) reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares where such exercise or conversion would result in a lower earnings per share amount. The Company calculates EPS using the two-class method, which is an earnings allocation formula that determines EPS for common shares and participating securities. Unvested RSUs contain non-forfeitable rights to distributions or distribution equivalents (whether paid or unpaid) and are participating securities that are included in the computation of EPS using the two-class method. Accordingly, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive distributions. The participating securities do not have a contractual obligation to absorb losses and are only allocated in periods where there is income from continuing operations. See Note (22) Earnings Per Share, for EPS computations. Investments The Company records all investment transactions on a trade‑date basis. Realized gains (losses) are determined using the specific-identification method. The Company classifies its investments in debt securities as available for sale or held-to-maturity based on the Company’s intent and ability to hold the debt security to maturity. The Company did not have any held-to-maturity securities at December 31, 2020 and 2019. Available for Sale Securities, at Fair Value (AFS) AFS are securities that are not classified as trading or held-to-maturity and are intended to be held for indefinite periods of time. AFS securities include those debt securities that management may sell as part of its asset/liability management strategy or in response to changes in interest rates, resultant prepayment risk or other factors. AFS securities are held at fair value on the consolidated balance sheet with changes in fair value including non-credit related losses, net of related tax effects, recorded in the AOCI component of stockholders’ equity in the period of change. Upon the disposition of an AFS security, the Company reclassifies the gain or loss on the security from AOCI to net realized and unrealized gains (losses) on the consolidated statements of operations. For AFS securities, the Company reviews its securities portfolio for impairment and determines if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component (e.g. write-offs, recoveries) is recognized as part of the allowance for credit losses on AFS securities. For AFS securities which have an expectation of zero risk nonpayment of the amortized cost basis (e.g. U.S. Treasury securities or agency securities), the expected credit loss is zero. Loans, at Fair Value Loans, at fair value is substantially comprised of (i) corporate loans, (ii) non-performing residential loans (NPLs) and (iii) loans originated by the Company’s mortgage finance business. Changes in their fair value are reported within net realized and unrealized gains (losses) in our consolidated statements of operations. Corporate Loans Corporate loans are comprised of a diversified portfolio of middle market leveraged loans which are carried at fair value. In general, the fair value of leveraged loans is obtained from an independent pricing service which provides coverage of secondary market participants. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of leveraged loans based on internal models and other unobservable inputs. Non-Performing Residential Loans (NPLs) The Company has purchased portfolios of NPLs which consist of residential mortgage loans. Such loans are carried at fair value, which is measured on an individual loan basis. We seek to either (i) convert such loans into real estate owned property (REO) through foreclosure or another resolution process that can then be sold, or (ii) modify and resell them at higher prices if circumstances warrant. The Company has elected the fair value option for NPLs as we have concluded that fair value timely reflects the results of our investment performance. As substantially all of our loans were non-performing when acquired, we generally look to the estimated fair value of the underlying property collateral to assess the recoverability of our investments. We primarily utilize the local broker price opinion (BPO) but also consider any other comparable home sales or other market data, as considered necessary, in estimating a property’s fair value. For further discussion on the observable and unobservable inputs to the model and determination of fair value of NPLs, see Note (12) Fair Value of Financial Instruments. Certain NPLs are loans that are delinquent on obligated payments of principal and interest. Certain other NPLs are making some payments, generally as a result of a modification or a workout plan. The fair value of NPLs are determined using a discounted cash flow model. As such, both the changes in fair value and the net periodic cash flows related to NPLs are recorded in net realized and unrealized gains (losses) in the consolidated statements of operations. The Company does not hold any NPLs as of December 31, 2020. Mortgage Loans Held for Sale Mortgage loans held for sale represent loans originated and held until sold to secondary market investors. Such loans are typically warehoused for a period after origination or purchase before sale into the secondary market. Loans are sold either servicing released, or in select instances, servicing retained into the secondary loan market. The Company has elected to measure all mortgage loans held for sale at fair value. These loans are considered sold when the Company surrenders control to the purchaser. The gains or losses on sales of such loans, net of any accrual for standard representations and warranties, are reported in operating results as a component of net realized and unrealized gains (losses) in the consolidated statements of operations in the period when the sale occurs. Equity Securities Equity securities are investments consisting of equity securities that are purchased principally for the purpose of selling them in the near term. Changes in fair value are recorded in net realized and unrealized gains (losses) on investments on the consolidated statements of operations in the period of change. Other Investments Foreclosed Residential Real Estate Property (REO) NPLs are reclassified to REO once the Company has obtained legal title to the property upon completion of a foreclosure sale or the borrower has conveyed all interest in the property to satisfy that loan through completion of a deed in lieu of foreclosure. Because the Company elected the fair value option for NPLs, upon recognition as REO, the property fair value is estimated using market values and, if the property meets held-for-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 initial REO value, whichever is lower. Adjustments to the carrying value of REOs are recorded in net realized and unrealized gains (losses). Vessels, net Investments in vessels, net are carried at cost (inclusive of capitalized acquisition costs, where applicable) less accumulated depreciation. Subsequent expenditures are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. Vessels acquired are recognized at their fair value as of the date of the acquisition. Depreciation is computed using the straight-line method over the vessel’s estimated remaining useful life, after considering the estimated salvage value. A vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Vessels are depreciated from the date of their acquisition through their remaining estimated useful life. Vessels are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of a particular vessel may not be fully recoverable. Potential impairment indicators are primarily based upon a comparison of the market value of a vessel to its carrying value. Market values are based upon quoted prices from industry-recognized sources. The Company evaluates market quotes of vessels for reasonableness by comparison to available market transactions or internal valuation models. An impairment charge would be recognized if the estimated undiscounted future net cash flows expected to result from the operation and subsequent disposal of the vessel are less than the vessel’s carrying amount. The Company’s estimate of future revenue is based upon time charter equivalent (TCE) rates using current market rates. The Company uses average historical rates for periods beyond those for which rates are available. Estimated cash flows are net of brokerage and address commissions, vessel operating expenses, and estimated costs of drydocking and include an inflation factor, as appropriate. The projected undiscounted future cash flows are comprised of the net of these inflows and outflows, plus an estimated salvage value. As of December 31, 2020, the undiscounted future cash flows were higher than the carrying amount of each of the vessels in the Company’s fleet and, as such, no loss on impairment was recognized. Cash and Cash Equivalents The Company considers all highly liquid investments of sufficient credit quality purchased with an initial maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of U.S. denominated cash on hand, cash held in banks and investments in money market funds. Restricted Cash The Company’s restricted cash primarily consists of cash for unremitted premiums received from agents and insurers, fiduciary cash for reinsurers and pledged assets for the protection of policy holders in various state jurisdictions. Restricted cash also includes cash posted as collateral under credit facilities to maintain borrowing base sufficiency, borrower escrow funds for taxes, insurance, rate-lock fees and servicing related escrow funds and collateral on warehouse borrowings. Notes and Accounts Receivable, Net Notes Receivable, Net The Company’s notes receivable, net includes receivables related to the insurance business for its premium financing programs. The Company accrues interest income on its notes receivable based on the contractual terms of the respective note. The Company monitors all notes receivable for delinquency and provides for estimated losses for specific receivables that are not likely to be collected. In addition to allowances for bad debt for specific notes receivable, a general provision for bad debt is estimated for the Company’s notes receivable based on history. Account balances are generally charged against the allowance when the Company believes it is probable that the note receivable will not be recovered and has exhausted its contractual and legal remedies. Generally, receivables overdue more than 120 days are written off when the Company determines it has exhausted reasonable collection efforts and remedies, see Note (7) Notes and Accounts Receivable, net. Accounts and Premiums Receivable, Net Accounts and premiums receivable, net are primarily trade receivables from the insurance business that are carried at their approximate fair value. Accounts and premiums receivable from the Company’s insurance business consist primarily of advance commissions and agents' balances in course of collection and billed but not collected policy premiums, presented net of the allowance for doubtful accounts. For policy premiums that have been billed but not collected, the Company records a receivable on its consolidated balance sheets for the full amount of the premium billed, with a corresponding liability, net of its commission, to insurance carriers. The Company earns interest on the premium cash during the period of time between receipt of the funds and payment of these funds to insurance carriers. The Company maintains an allowance for doubtful accounts based on an estimate of uncollectible accounts. Retrospective commissions receivable, Trust receivables and Other receivables Retrospective commissions receivable, trust receivables and other receivables are primarily trade receivables from the insurance business that are carried net of allowance at their approximate fair value. Reinsurance Receivables Through the insurance business, the Company has various reinsurance agreements in place whereby the amount of risk in excess of its retention goals is reinsured by unrelated domestic and foreign insurance companies. The Company is required to pay losses even if a reinsurer fails to meet its obligations under the applicable reinsurance agreement. Reinsurance receivables include amounts related to paid benefits, unpaid benefits and prepaid reinsurance premiums. Reinsurance receivables are based upon estimates and are reported on the consolidated balance sheets separately as assets, as reinsurance does not relieve the Company of its legal liability to policyholders. Management continually monitors the financial condition and agency ratings of the Company’s reinsurers and believes that the reinsurance receivables accrued are collectible. Balances recoverable from reinsurers and amounts ceded to reinsurers relating to the unexpired portion of reinsured policies are presented as assets. Experience refunds from reinsurers are recognized based on the underwriting experience of the underlying contracts. Deferred Acquisition Costs The Company defers certain costs of acquiring new and renewal insurance policies and other products as follows within the Company’s insurance business. Amortization of deferred acquisition costs was $265,781, $287,834 and $246,330 for the years ended December 31, 2020, 2019 and 2018, respectively. Insurance policy related deferred acquisition costs are limited to direct costs that resulted from successful contract transactions and would not have been incurred by the Company’s insurance company subsidiaries had the transactions not occurred. These capitalized costs are amortized as the related premium is earned. Other deferred acquisition costs are limited to prepaid direct costs, typically commissions and contract transaction fees, that resulted from successful contract transactions and would not have been incurred by the Company had the transactions not occurred. These capitalized costs are amortized as the related service and administrative fees are earned. The Company evaluates whether all deferred acquisition costs are recoverable at year-end, and considers investment income in the recoverability analysis for insurance policy related deferred acquisition costs. As a result of the Company’s evaluations, no write-offs for unrecoverable deferred acquisition costs were recognized during the years ended December 31, 2020, 2019 and 2018. Goodwill and Intangible Assets, net The initial measurement of goodwill and intangibles requires judgment concerning estimates of the fair value of the acquired assets and liabilities. Goodwill and indefinite-lived intangible assets are not amortized but subject to tests for impairment annually or if events or circumstances indicate it is more likely than not they may be impaired. Finite-lived intangible assets are amortized over their estimated useful lives principally using a pattern of economic benefit for customer relationships and a straight-line method for other intangible assets. Finite-lived intangible assets are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount. The Company carries intangible assets, which represent customer and agent relationships, trade names, insurance licenses (certificates of authority granted by individual state departments of insurance), the value of in-force insurance policies acquired, software acquired or internally developed and fishing licenses. Management has deemed the insurance licenses to have an indefinite useful life. Costs incurred to renew or maintain insurance licenses are recorded as operating costs in the period in which they arise. See Note (9) Goodwill and Intangible Assets, net. Other Assets Other assets primarily consist of right of use assets, prepaid expenses, and furniture, fixtures and equipment, net. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. Debt, net Debt is carried on the consolidated balance sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and direct and any incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of interest expense in the consolidated statements of operations over the life of the debt. See Note (11) Debt, net. Unearned Premiums Premiums written are earned over the life of the respective policy using the Rule of 78's, pro rata, or other actuarial methods as appropriate for the type of business. Unearned premiums represent the portion of premiums that will be earned in the future. A premium deficiency reserve is recorded if anticipated losses, loss adjustment expenses, deferred acquisition costs and policy maintenance costs exceed the recorded unearned premium reserve and anticipated investment income. As of December 31, 2020 and 2019, no deficiency reserves were recorded. Policy Liabilities and Unpaid Claims Policyholder account balances relate to investment-type individual annuity contracts in the accumulation phase. Policyholder account balances are carried at accumulated account values, which consist of deposits received, plus interest credited, less withdrawals and assessments. Minimum guaranteed interest credited to these contracts ranges from 3.0% to 4.0%. The Company’s claims are generally reported and settled quickly, resulting in consistent historical loss development patterns. The Company’s actuaries apply a variety of generally accepted actuarial methods to the historical loss development patterns, to derive cumulative development factors. These cumulative development factors are applied to reported losses for each accident quarter to compute ultimate losses. The indicated required reserve is the difference between the ultimate losses and the reported losses. The actuarial methods used include but are not limited to the chain ladder method, the Bornhuetter-Ferguson method, and the expected loss ratio method. The actuarial analyses are performed on a basis gross of ceded reinsurance, and the resulting factors and estimates are then used in calculating the net loss reserves which take into account the impact of reinsurance. The Company has not made any changes to its methodologies for determining claim reserves in the periods presented. Credit life and accidental death and dismemberment (AD&D) unpaid claims reserves include claims in the course of settlement and incurred but not reported (IBNR). Credit disability unpaid claims reserves also include continuing claim reserves for open disability claims. For all other product lines, unpaid claims reserves include case reserves for reported claims and bulk reserves for IBNR claims. The Company uses a number of algorithms in establishing its unpaid claims reserves. These algorithms are used to calculate unpaid claims as a function of paid losses, earned premium, reported incurred losses, target loss ratios, and in-force amounts or a combination of these factors. Anticipated future loss development patterns form a key assumption underlying these analyses. Generally, unpaid claims reserves, and associated incurred losses, are impacted by loss frequency, which is the measure of the number of claims per unit of insured exposure, and loss severity, which is based on the average size of claims. Factors affecting loss frequency and loss severity may include changes in claims reporting patterns, claims settlement patterns, judicial decisions, legislation, economic conditions, morbidity patterns and the attitudes of claimants towards settlements. The unpaid claims reserves represent the Company’s best estimates at a given time, based on the projections and analyses discussed above. Actual claim costs are dependent upon a number of complex factors such as changes in doctrines of legal liabilities and damage awards. These factors are not directly quantifiable, particularly on a prospective basis. The Company periodically reviews and updates its methods of making such unpaid claims reserve estimates and establishing the related liabilities based on our actual experience. The Company has not made any changes to its methodologies for determining unpaid claims reserves in the periods presented. In accordance with applicable statutory insurance company regulations, the Company’s recorded unpaid claims reserves are evaluated by appointed independent third-party actuaries, who perform this function in compliance with the Standards of Practice and Codes of Conduct of the American Academy of Actuaries. The independent actuaries perform their actuarial analyses annually and prepare opinions, statements, and reports documenting their determinations. For December 31, 2020 and 2019, our appointed independent third-party actuaries found the Company’s reserves to be adequate. Deferred Revenue Deferred revenues represent the portion of income that will be earned in the future attributable to motor club memberships, mobile device protection plans, and other non-insurance service contracts that are earned over the respective contract periods using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. A deficiency reserve would be recorded if anticipated contract benefits, deferred acquisition costs and contract service costs exceed the recorded deferred revenues and anticipated investment income. As of December 31, 2020 and 2019 no deficiency reserves were recorded. Other Liabilities and Accrued Expenses Other liabilities and accrued expenses primarily consist of lease liabilities, accounts payable and accrued expenses, deferred tax liabilities, net, securities sold, not yet purchased, commissions payable and accrued interest payable. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. Revenue Recognition The Company earns revenues from a variety of sources: Earned Premiums, Net Net earned premium is from direct and assumed earned premium consisting of revenue generated from the direct sale of insurance policies by the Company’s distributors and premiums written for insurance policies by another carrier and assumed by the Company. Whether direct or assumed, the premium is earned over the life of the respective policy using methods appropriate to the pattern of losses for the type of business. Methods used include the Rule of 78's, pro rata, and other actuarial methods. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Direct and assumed premiums are offset by premiums ceded to the Company’s reinsurers, including producer owned reinsurance companies (PORCs), earned in the same manner. The amount ceded is proportional to the amount of risk assumed by the reinsurer. Service and Administrative Fees The Company earns service and administrative fees from a variety of activities. Such fees are typically positively correlated with transaction volume and are recognized as revenue as they become both realized and earned. Service Fees. Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Collateral tracking fee income is recognized when the service is performed and billed. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined probable. During the years ended December 31, 2020, 2019 and 2018, respectively, the Company did not incur a loss with respect to a specific significant service fee contract. Administrative Fees. Administrative fee revenue includes the administration of premium associated with our producers and their PORCs. In addition, we also earn fee revenue from debt cancellation programs, motor club programs, and warranty programs. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Ceding Commissions Ceding commissions earned under reinsurance agreements are based on contractual formulas that take into account, in part, underwriting performance and investment returns experienced by the assuming companies. As experience changes, adjustments to the ceding commissions are reflected in the period incurred and are based on the claim experience of the related policy. The adjustment is calculated by adding the earned premium and investment income from the assets held in trust for the Company’s benefit less earned commissions, incurred claims and the reinsurer's fee for the coverage. Vessel Related Revenue The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time or voyage charters, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes revenue received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Vessel related revenue is recorded in other investment income as a part of other revenue. Policy and Contract Benefits Member Benefit Claims Member benefit claims represent claims paid on behalf of contract holders directly to third-party providers for roadside assistance and for the repair or replacement of covered products. Claims can also be paid directly to contract holders as a reimbursement payment, provided supporting documentation of loss is submitted to the Company. Claims are recognized as expense when incurred. Net Losses and Loss Adjustment Expenses Net losses and loss adjustment expenses represent losses and related claim adjudication and processing costs on insurance contract claims, net of amounts ceded. Net losses include actual claims paid and the change in unpaid claim reserves. Commissions Payable and Expense Commissions are paid to distributors and retailers selling credit insurance policies, motor club memberships, mobile device protection, and warranty service contracts, and are generally deferred and expensed in proportion to the earning of related revenue. Credit insurance commission rates, in many instances, are set by state regulators and are also impacted by market conditions. In certain instances, credit insurance commissions are subject to retrospective adjustment based on the profitability of the related policies. Under these retrospective commission arrangements, the producer of the credit insurance policies receives a retrospective commission if the premium generated by that producer in the accounting period exceeds the costs associated with those policies, which includes the Company’s administrative fees, claims, reserves, and premium taxes. The Company analyzes the retrospective commission calculation periodically for each producer and, based on the analysis associated with each such producer, the Company records a liability for any positive net retrospective commission earned and due to the producer or, conversely, records a receivable, net of allowance, for amounts due from such producer for instances where the net result of the retrospective commission calculation is negative. Commissions payable are included in other liabilities and accrued expenses. Recent Accounting Standards Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements, Not Yet Adopted
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Acquisitions |
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Business Combination Disclosure | Acquisitions Acquisition of Sky Auto On December 31, 2020, a subsidiary in our insurance business acquired all of the equity interests in Sky Auto for total net cash consideration of approximately $25,200. Sky Auto markets vehicle service contracts to consumers within the United States. Identifiable assets acquired were primarily made up of goodwill and intangible assets. Management’s preliminary allocation of the purchase price to the net assets acquired resulted in the recording of goodwill and intangible assets of approximately $20,000 and $5,340. It is expected that the tax basis in goodwill and intangible assets will be similar to the GAAP values provided above. See Note (9) Goodwill and Intangible Assets, net. Acquisition of Smart AutoCare On January 3, 2020, a subsidiary of the Company acquired (the Acquisition) all of the equity interests of Accelerated Service Enterprise LLC., SAC Holdings Inc., Dealer Motor Services, Inc., Independent Dealer Group, Inc., Ownershield, Inc., Freedom Insurance Company, Ltd. (Freedom), SAC Admin, Inc., SAC Insurance Company, Inc., Smart AutoCare, Inc. and Smart AutoCare Administration Solutions, Inc. (together Smart AutoCare), pursuant to the Equity Interest Purchase Agreement (the Purchase Agreement) between Fortegra Warranty Holdings, LLC. (Buyer) and Peter Masi (Seller), dated as of December 16, 2019. Concurrent with the Acquisition, Freedom terminated reinsurance agreements with affiliates of Seller (the Commutation Transaction). Tiptree paid Seller $111,804, net of working capital true-ups, in cash at closing, $8,250 of which will be held in an escrow account for 18 months to satisfy indemnity claims. Simultaneously, pursuant to the Commutation Transaction, affiliates of Seller paid Freedom $102,000 in cash. The Purchase Agreement also provides for an earn out of up to $50,000 in cash based on Smart AutoCare achieving specified performance metrics measured on the 3-year and 5-year anniversary of closing (Reserve Based Earn-Out Amount) and an additional earn out of up to $30,000 payable in cash or Tiptree common stock based on Smart AutoCare achieving other certain specified performance metrics measured on the 4-year and 5-year anniversary of closing (Profits Based Earn-Out Amount). In addition, the purchase price will be subject to a true-up following the 5-year anniversary of the closing (Underwriting Profitability True-Up) based on the adequacy of certain legacy reserves, offset by certain earnings on new business. Fortegra Warranty may hold back all or a portion of any Reserve Based Earn-Out Amounts until final determination of the legacy reserves used to calculate the Underwriting Profitability True-Up if in Tiptree’s reasonable opinion such amount may be needed to offset a deficiency in such legacy reserves. In addition, if the deficiency in the legacy reserves used to calculate the Underwriting Profitability True-Up is greater than the aggregate amount owing to Seller for the Reserve-Based Earn-Out Amount and Profits-Based Earn-Out Amount, Seller shall pay Tiptree an amount equal to the lesser of such difference and $10,000. Smart AutoCare’s results are included in the Company’s Insurance segment. The financial results of Smart AutoCare have been included in the Company’s results as of the acquisition date. For the period from the Acquisition until December 31, 2020, Smart AutoCare total revenue was $70,022 and the loss before taxes was $226. The fair value of assets acquired and liabilities assumed represent the allocation as our evaluation of facts and circumstances available as of the acquisition date. The allocation of the purchase price to the intangible assets is based on fair value estimates and have been reviewed by management. The allocation of the purchase price has been finalized and all measurement period adjustments have been recorded. Management’s allocation of the purchase price to the net assets acquired resulted in the recording of finite-lived intangible assets valued at $93,700, with an estimated amortization period of 5 to 13.5 years. It is expected that the tax basis in intangible assets will be similar to the GAAP values provided above. The residual amount of the purchase price after the allocation to net assets acquired and identifiable intangibles of $60,346 has been allocated to goodwill. This goodwill is included in the Insurance segment. It is expected that $21,127 of this goodwill will be tax deductible over a 15 year period. The following table presents the determination of the acquisition date fair value amounts for the identifiable assets acquired, liabilities assumed, and goodwill recorded in connection with the Acquisition, in accordance with the acquisition method of accounting:
Supplemental pro forma results of operations have not been presented for the Acquisition as they are not material in relation to the Company’s reported results. The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and the range of their estimated amortization period:
On July 1, 2019, a subsidiary in our insurance business acquired a majority interest in Ingenasys, Ltd., the parent holding company of Defend Insurance Group (Defend), for total net cash consideration of approximately $4,600. Defend is an automotive finance and insurance provider and insurance administrator operating in the Czech Republic, Poland, Hungary, Slovakia, and the UK. Identifiable assets acquired were primarily made up of goodwill and intangible assets. See Note (9) Goodwill and Intangible Assets, net.
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Dispositions, Assets Held for Sale and Discontinued Operations |
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Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations | Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations Dispositions On April 26, 2019, the Company completed the sale of the management contracts and related assets for the CLOs managed by Telos Asset Management, LLC (Telos). The pre-tax gain on sale for the year ended December 31, 2019 was $7,598, which is included in other revenue. See (16) Other Revenue and Other Expenses. The sale did not meet the requirements to be classified as a discontinued operation. The sale agreement also contains a provision which provides for contingent consideration if the Telos business achieves specific performance metrics. This contingent consideration represents a gain contingency, and the Company will not recognize any additional gain unless such consideration is realized. On February 1, 2018, the Company completed the sale of Care, as well as two senior living properties held in our insurance business, to Invesque Inc. (Invesque). The pre-tax comprehensive income on the sale was approximately $54,860, which consists of $56,860 gain on sale of a subsidiary, $1,845 of realized gain on the sale of the insurance properties, offset by the reclassification of an interest rate swap from AOCI of $3,845. The gain on sale of a subsidiary includes $10,676 of earnout consideration recognized in December 2018 as a result of a portfolio disposition by Invesque. Total consideration received for the sale of Care was $150,741, including approximately 16.6 million shares of Invesque, resulting in an ownership of approximately 34% of the acquiring company at the time of sale. The Company has elected to apply the fair value option to the investment in Invesque. As such, these shares are held at fair value within equity securities. When the Company entered into a purchase agreement on November 16, 2017 to sell Care, the Company concluded that the sale met the requirements to be classified as a discontinued operation. As a result, the Company reclassified the income and expenses attributable to Care to net income (loss) from discontinued operations through the completion of the sale. Assets and Liabilities Held for Sale The Company has entered into a definitive agreement to sell Luxury, and it is classified as held for sale at December 31, 2020 and December 31, 2019. The agreement did not meet the requirements to be classified as a discontinued operation. The following table presents detail of Luxury’s assets and liabilities held for sale in the consolidated balance sheets for the following periods:
(1) Includes deferred tax liabilities of $939 as of December 31, 2020. During the year ended December 31, 2020, the Company recorded an impairment of $4,428 related to assets and liabilities held for sale. See Note (16) Other Revenue and Other Expenses. No impairment related to assets and liabilities held for sale was recorded for the years ended December 31, 2019 or 2018. Luxury has a total borrowing capacity at December 31, 2020 of $214,000. As of December 31, 2020 and 2019, a total of $162,072 and $97,822, respectively, was outstanding under such financing agreements. Discontinued Operations The following table presents detail of Care’s revenues and expenses of discontinued operations in the consolidated statements of operations for the following periods:
The following table presents a summary of cash flows related to discontinued operations included in the consolidated statements of cash flows for the following periods:
Significant Accounting Policies Related to Dispositions and Discontinued Operations Except as noted below, Care and our CLO management business adhered to the Significant Accounting Policies as described in Note (2) Summary of Significant Accounting Policies. Investments Revenue Recognition Rental and Related Revenue Rental revenue from residents in properties owned by Care but managed by a management company pursuant to a management agreement (Managed Properties) were recognized monthly as services were provided, as lease periods for residents were short-term in nature. The Company recognized rental revenue from triple net leases on a straight-line basis over the non-cancelable term of the lease unless another systematic and rational basis was more representative of the time pattern in which the use benefit was derived from the leased property. Renewal options in leases with rental terms that were higher than those in the primary term were excluded from the calculation of straight-line rent if the renewals were not reasonably assured. The Company commenced rental revenue recognition when the tenant took control of the leased space. The Company recognized lease termination payments as a component of rental revenue in the period received, provided that there were no further obligations under the lease. Revenue related to rental revenue was primarily attributable to services provided to the occupants of our senior living properties. Management Fee Income The Company earned management and incentive fees from the CLOs it managed. These management fees were paid periodically in accordance with the terms of the individual management agreements for as long as the Company managed the funds. Management fees typically consisted of fees based on the amount of assets held in the CLOs. Management fees were recognized as revenue when earned. The Company did not recognize incentive fees until all contractual contingencies were removed. Management fee income is recorded in other revenue.
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Operating Segment Data | Segment Data Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, The Fortegra Group, LLC (Fortegra), along with its subsidiaries, is a leading provider of specialty insurance underwriting, warranty and service contract products and related service solutions. Based on the ASC 280 quantitative analysis performed as of December 31, 2020, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable operating segments and other business activities, as Tiptree Capital. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses. Our reportable segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. For the year ended December 31, 2020, Mortgage has been broken out of Tiptree Capital as a reportable segment since it meets the quantitative threshold for disclosure. Prior year segments have been conformed to the current year presentation. Intercompany transactions are eliminated. Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment are as follows: Insurance operations are conducted through Fortegra, which includes Fortegra Financial Corporation and Fortegra Warranty. Fortegra underwrites and administers specialty insurance programs and products, and is a leading provider of credit and asset protection products and administration services. Fortegra’s programs are provided across a diverse range of products and services including credit protection insurance, warranty and service contract products, premium finance, and niche personal and commercial lines of insurance. On January 3, 2020, Fortegra Warranty acquired Smart AutoCare, a vehicle warranty solutions provider in the United States. On December 31, 2020, Fortegra acquired Sky Auto, a vehicle service contract marketer within the United States. See Note (3) Acquisitions. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage origination business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and GNMA. Other includes our asset management, mortgage operations of Luxury, shipping operations, and other investments (including our Invesque shares). The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The Company conducts its operations primarily in the U.S. with less than 6% of total revenues generated overseas for the years ended December 31, 2020, 2019 and 2018. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following table presents the Company's investments related to insurance operations (Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
Available for Sale Securities, at fair value, net of allowance for credit losses All of the Company’s investments in Available for Sale Securities, at fair value, net of allowance for credit losses (AFS securities) as of December 31, 2020 and December 31, 2019 are held by subsidiaries in the insurance business. The following tables present the Company's investments in AFS securities:
The amortized cost and fair values of AFS 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.
The following tables present the gross unrealized losses on AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
Management believes that it is more likely than not that the Company will be able to hold the fixed maturity AFS securities that were in an unrealized loss position as of December 31, 2020 until full recovery of their amortized cost basis. The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of December 31, 2020:
The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security. The table below presents the amount of credit losses (gains from recoveries) on AFS securities recorded by the Company for the following period:
Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove or replace investments in regulatory deposit accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's AFS securities:
The following table presents additional information on the Company’s AFS securities:
Equity securities Equity securities represents the carrying amount of the Company's basis in equity investments. Included within the equity securities balance are 17.0 million shares of Invesque as of December 31, 2020, and 16.6 million as of December 31, 2019, for which the Company has elected to apply the fair value option. The following table presents information on the cost and fair value of the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
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Loans, at fair value |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, at fair value | Loans, at fair value The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
(1) The cost basis of Corporate loans was approximately $11,282 and $11,969 at December 31, 2020 and December 31, 2019, respectively. (2) The cost basis of NPLs was approximately $282 at December 31, 2019, respectively. The are no NPLs as of December 31, 2020. (3) As of December 31, 2020 and December 31, 2019, there were two mortgage loans held for sale and one mortgage loan held for sale that were 90 days or more past due, respectively, with a fair value of $534 and $198, respectively.
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Equity Securities |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following table presents the Company's investments related to insurance operations (Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
Available for Sale Securities, at fair value, net of allowance for credit losses All of the Company’s investments in Available for Sale Securities, at fair value, net of allowance for credit losses (AFS securities) as of December 31, 2020 and December 31, 2019 are held by subsidiaries in the insurance business. The following tables present the Company's investments in AFS securities:
The amortized cost and fair values of AFS 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.
The following tables present the gross unrealized losses on AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
Management believes that it is more likely than not that the Company will be able to hold the fixed maturity AFS securities that were in an unrealized loss position as of December 31, 2020 until full recovery of their amortized cost basis. The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of December 31, 2020:
The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security. The table below presents the amount of credit losses (gains from recoveries) on AFS securities recorded by the Company for the following period:
Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove or replace investments in regulatory deposit accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's AFS securities:
The following table presents additional information on the Company’s AFS securities:
Equity securities Equity securities represents the carrying amount of the Company's basis in equity investments. Included within the equity securities balance are 17.0 million shares of Invesque as of December 31, 2020, and 16.6 million as of December 31, 2019, for which the Company has elected to apply the fair value option. The following table presents information on the cost and fair value of the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
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Other Investments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | Other investments The following table contains information regarding the Company’s other investments as of the following periods:
(1) The cost basis of corporate bonds was $97,284 and $20,146 as of December 31, 2020 and December 31, 2019, respectively. (2) Net of accumulated depreciation of $8,372 and $3,817 as of December 31, 2020 and December 31, 2019, respectively.
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Investment Income and Net Realized and Unrealized Gains and Losses |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income | Net Investment Income - Insurance Net investment income represents investment income and expense from investments related to insurance operations as disclosed within net investment income on the consolidated statements of operations. The following table presents the components of net investment income by source of income:
Other Investment Income - Tiptree Capital Other investment income represents other revenue from other Tiptree non-insurance activities as disclosed within other revenue on the consolidated statements of operations, see Note (16) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:
(1) Primarily relates to Loans, at fair value classified as Held for Sale. See Note (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations Net realized and unrealized gains (losses) The following table presents the components of net realized and unrealized gains (losses) recorded on the consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (OCI), and as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment financial assets and liabilities are included below:
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Notes and Accounts Receivable, net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes and Accounts Receivable, net | Notes and Accounts Receivable, net The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of December 31, 2020 and December 31, 2019, there were $215 and $93 in balances classified as 90 days plus past due, respectively.
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Reinsurance Receivables |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Receivables | Reinsurance Receivables The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
(1) Including policyholder account balances ceded. (2) Includes amounts from the acquired balance sheet of Smart AutoCare. See Note (3) Acquisitions. The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
As of December 31, 2020, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: MFI Insurance Company, LTD (A. M. Best Rating: Not rated), Frandisco Property and Casualty Company (A. M. Best Rating: Not rated) and Canada Life International Reinsurance (Barbados) Corporation (A. M. Best Rating: Not rated).The related receivables of these reinsurers are collateralized by assets on hand, assets held in trust accounts and letters of credit. As of December 31, 2020, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.
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Goodwill and Intangible Assets, net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, net | Goodwill and Intangible Assets, net The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
(1) Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets. Goodwill The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to impairment related charges:
(1) Other is primarily comprised of Mortgage. (2) Relates to acquisitions in respective years. See Note (3) Acquisitions. (3) Relates to adjustments during the measurement period as permitted under ASC 805 for the final valuation of acquisitions in our insurance business as of July 1, 2019 and January 3, 2020. The Company conducts annual impairment tests of its goodwill as of October 1. For the years ended December 31, 2020, 2019 and 2018, no impairments were recorded on the Company’s goodwill. Intangible Assets, net The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to impairment-related charges:
(1) Relates to acquisitions in respective years. See Note (3) Acquisitions. (2) The addition to Other relates to a fishing license acquired by our shipping operations. (3) Relates to adjustments during the measurement period as permitted under ASC 805 for the final valuation of an acquisition in our insurance business as of July 1, 2019. The following table presents the amortization expense on finite-lived intangible assets for the following periods:
For the years ended December 31, 2020, 2019 and 2018, no impairments were recorded on the Company’s intangible assets. The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:
(1) Other is primarily comprised of Mortgage.
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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 reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Interest Rate Lock Commitments The Company enters into interest rate lock commitments (IRLCs) with customers 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 to be announced (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 and TBA Mortgage Backed Securities The Company enters into forward delivery contracts with loan aggregators and other investors as one of the tools to manage the interest rate risk associated with IRLCs and loans held for sale. In addition, the Company enters into 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. The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
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Debt, net |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Net | Debt, net The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs.
(1) Asset based debt is generally recourse only to specific assets and related cash flows. (2) The weighted average coupon rate for residential mortgage warehouse borrowings was 2.75% and 3.83% at December 31, 2020 and December 31, 2019, respectively. The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
The following narrative is a summary of certain terms of our debt agreements for the period ended December 31, 2020: Corporate Debt Secured Revolving Credit Agreements As of December 31, 2020 and December 31, 2019, a total of $0 and $25,000, respectively, was outstanding under the revolving line of credit in our insurance business. On August 4, 2020, Fortegra entered into an Amended and Restated Credit Agreement by and among Fortegra Financial and its subsidiary, LOTS Intermediate Co., as borrowers, the lenders from time to time party thereto, certain of Fortegra’s subsidiaries, as guarantors, and Fifth Third Bank, National Association, as the administrative agent and issuing lender (the Fortegra Credit Agreement). The Fortegra Credit Agreement provides for a $200,000 revolving credit facility, all of which is available for the issuance of letters of credit, with a sub-limit of $17,500 for swing loans and matures on August 4, 2023. The Fortegra Credit Agreement replaced the $30,000 revolving line of credit with the Fifth Third Bank (the “Working Capital Facility”). As of December 31, 2019, the Company had the Working Capital Facility of $30,000, which provided for a $30,000 accordion feature. The Working Capital Facility had a maturity date of April 28, 2020 and an interest rate of 30-day LIBOR rate plus 1.20%. On December 30, 2019, the Working Capital Facility was amended, adding the ability to issue up to $75,000 in standby letters of credit (“SBLCs”), and applying an aggregate maximum of $75,000 for the combined values of outstanding debt and issued SBLCs. The Working Capital Facility contained terms and conditions typical for a transaction of this type. Secured Term Credit Agreement On February 21, 2020, the Operating Company borrowed $125,000 under a new credit agreement (Credit Agreement) with Fortress Credit Corp. (Fortress). The proceeds were used to repay the Company’s prior credit agreement with Fortress, with a balance of $68,210 as of December 31, 2019, and for working capital and general corporate purposes. Pursuant to an Amendment, Assumption and Consent Agreement, dated July 17, 2020 by and among Tiptree, certain of its subsidiaries and Fortress, Tiptree Holdings LLC (Tiptree Holdings) became the borrower under the Credit Agreement, dated as of February 21, 2020, by and among Tiptree, certain of its subsidiaries and Fortress. The Credit Agreement will mature on February 21, 2025, with principal amounts of the loans to be repaid in consecutive quarterly installments. Loans under the Credit Agreement bear interest at a variable rate per annum equal to LIBOR (with a minimum LIBOR rate of 1.00%), plus a margin of 6.75% per annum. The obligations under the Credit Agreement are secured by liens on substantially all of the assets of Tiptree Holdings and guaranteed by the Company and Tiptree Holdings’ direct wholly owned first tier subsidiaries (Guarantors). The Credit Agreement contains various customary affirmative and negative covenants of the Company, Tiptree Holdings and the other Guarantors (subject to customary exceptions), including, but not limited to, limitations on indebtedness, liens, investments and acquisitions, negative pledges, junior payments, conduct of business, transactions with affiliates, dispositions of assets, prepayment of certain indebtedness and limits on guarantees by subsidiaries of Tiptree Holdings’ and the Guarantors’ indebtedness. The Credit Agreement also contains a financial covenant which limits corporate leverage as defined by its Corporate Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement also contains customary mandatory repayment provisions (subject to customary exceptions) and requires that net cash proceeds from the sale by Tiptree and certain of its subsidiaries of capital stock of Invesque be applied to prepay loans until the outstanding principal amount of loans is $62,500, with remaining proceeds subject to reinvestment rights. Prepayments, whether mandatory or voluntary, reduce future scheduled amortization payments in the order they come due. The Credit Agreement also requires the payment of a prepayment fee upon a repricing transaction or equity issuance consummated after the closing date, or the sale of Fortegra, or any of its material subsidiaries. As of December 31, 2020, a total of $120,313 was outstanding under this agreement. Junior Subordinated Notes A subsidiary in our insurance business issued $125,000 of 8.50% Fixed Rate Resetting Junior Subordinated Notes due October 2057. Substantially all of the net proceeds were used to repay the existing secured credit agreement, which was terminated thereafter. The notes are unsecured obligations of the subsidiary and rank in right of payment and upon liquidation, junior to all of the subsidiary’s current and future senior indebtedness. The notes are not obligations of or guaranteed by any subsidiaries of the subsidiary, or any other Tiptree entities. So long as no event of default has occurred and is continuing, all or part of the interest payments on the notes can be deferred on one or more occasions for up to consecutive years per deferral period. This credit agreement contains customary financial covenants that require, among other items, maximum leverage and limitations on restricted payments under certain circumstances. Preferred Trust Securities A subsidiary in our insurance business has $35,000 of preferred trust securities due June 15, 2037. Interest is payable quarterly at an interest rate of LIBOR plus 4.10%. The Company may redeem the preferred trust securities, in whole or in part, at a price equal to the full outstanding principal amount of such preferred trust securities outstanding plus accrued and unpaid interest. Asset Based Debt Asset Backed Revolving Financing As of December 31, 2019, a total of $9,840 was outstanding under the borrowing related to our premium finance business in our insurance business. During April 2019, the maturity date of this borrowing was extended to April 2021 with a new rate of LIBOR plus 2.40%. On December 30, 2019, the maximum borrowing capacity of this borrowing was reduced from $25,000 to $13,000. This agreement was replaced on October 16, 2020 with a new agreement, described below. On August 5, 2019, a subsidiary in our insurance business entered into a $15,000 revolving line of credit agreement related to our warranty service contract finance business. The borrowing has a maturity date of April 28, 2021 and a rate of LIBOR plus 2.40%. On December 30, 2019, the maximum borrowing capacity of this borrowing was increased from $15,000 to $27,000. As of December 31, 2019, a total of $11,736 was outstanding under the borrowing. This agreement was replaced on October 16, 2020 with a new agreement, described below. On October 16, 2020, subsidiaries in our insurance business entered into a year $75,000 secured credit agreement which replaced the individual agreements in our premium finance and warranty service contract finance businesses. The borrowers can select from various borrowing and rate options under the agreement, as well the option to convert certain borrowings to term loans, if no default or event of default exists. The agreement extends up to $20,000 for our premium finance business and up to $55,000 for our warranty service contract finance business, and is secured by substantially all of the assets of the borrowers. The obligations under the agreement are non-recourse to Fortegra and its subsidiaries (other than borrowers and their subsidiaries). As of December 31, 2020, a total of $27,510 was outstanding under the borrowing. Residential Mortgage Warehouse Borrowings In April 2020, a subsidiary in our mortgage business renewed a $60,000 warehouse line of credit, extending the maturity date to April 2021 and establishing a LIBOR floor of 1.0%. Additionally, during March 2020, another warehouse line maturing in August 2020 temporarily raised the maximum borrowing capacity to $65,000, returning to a maximum borrowing capacity of $50,000 in May 2020 and establishing a LIBOR floor of 0.50%. In August 2020, the $50,000 warehouse line of credit was extended to August 2021, and established a LIBOR floor of 0.50% to 1.00%. As of December 31, 2020 and December 31, 2019, a total of $55,994 and $90,673, respectively, was outstanding under such financing agreements. Vessel Backed Term Loan On November 28, 2019, subsidiaries in our shipping business entered into a $18,000 term loan facility. Amounts borrowed under the facility are not allowed to be reborrowed. The borrowing has a maturity date of November 28, 2024 and a rate of LIBOR plus 4.75%, with quarterly principal payments of $550. This facility is secured by liens on 2.00 of our vessels as well as the assets of the borrowing entities and their parent guarantor. This credit agreement contains customary financial covenants that require, among other items, minimum liquidity, positive working capital, minimum required security coverage ratio of 150%, and the existence of a maintenance reserve account funded on a quarterly basis prior to anticipated scheduled drydocking costs. As of December 31, 2020, a total of $15,800 was outstanding under the borrowing. As of December 31, 2020, the Company is in compliance with the representations and covenants for outstanding borrowings or has obtained waivers for any events of non-compliance.
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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 an 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 measurements are based primarily 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, at fair value The fair values of available for sale securities are based on prices provided by an independent pricing service and a third-party investment manager. The Company obtains an understanding of the methods, models and inputs used by the independent pricing service and the third-party investment manager by analyzing the investment manager-provided pricing report. The following details the methods and assumptions used to estimate the fair value of each class of AFS 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 and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in 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 equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks are based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 in the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of a diversified portfolio of middle market and broadly syndicated leveraged loans and are generally classified under either Level 2 or Level 3 in the fair value hierarchy. To determine fair value, the Company uses quoted prices which include those provided from pricing vendors, where available. We perform internal price verification procedures to ensure that the prices and quotes provided from the independent pricing vendors are reasonable. Such verification procedures include comparison of pricing sources and analysis of variances among pricing sources. The Company has evaluated each loan’s respective liquidity and has additionally performed valuation benchmarking. The key characteristics which were evaluated as part of this determination were liquidity ratings, price changes to index benchmarks, depth of quotes, credit ratings and industry trends. Mortgage Loans Held for Sale: Mortgage loans held for sale are generally classified under Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third-party investors, including estimated loan costs. Derivative Assets and Liabilities Derivatives are primarily comprised of IRLCs, forward delivery contracts and TBA mortgage backed securities. 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. Our mortgage origination subsidiaries issue IRLCs to their 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 pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. 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 and forward delivery contracts generally fall under Level 2 in the fair value hierarchy. Corporate Bonds Corporate bonds are generally classified under Level 2 in the fair value hierarchy and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly. Securities Sold, Not Yet Purchased Securities sold, not yet purchased are generally classified under Level 1 or Level 2 in the fair value hierarchy, based on the leveling of the securities sold short, and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures to ensure that the prices provided are reasonable. Mortgage Servicing Rights Mortgage servicing rights are classified under Level 3 in the fair value hierarchy and fair value is provided by a third-party valuation service. Various observable and unobservable inputs are used to determine fair value, including discount rate, cost to service and weighted average prepayment speed. The following tables present the Company’s fair value hierarchies for financial assets and liabilities, measured on a recurring basis:
(1) Included in other assets. (2) Included in other liabilities and accrued expenses.
The following table presents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
(1) Transfers between Level 2 and 3 were a result of subjecting third-party pricing on assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation. The following table presents the range and weighted average (WA) used to develop significant unobservable inputs for the fair value measurements of Level 3 assets and liabilities.
(1) Unobservable inputs were weighted by the relative fair value of the instruments. The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value and their respective levels within the fair value hierarchy:
(1) Included in other investments. Debentures: Since interest rates on debentures are at current market rates for similar credit risks, the carrying amount approximates fair value. These values are net of allowance for doubtful accounts. Notes Receivable, net: 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 under Level 2 in the fair value hierarchy. See Note (7) Notes and Accounts Receivable, net. Debt: The carrying value, which approximates fair value of LIBOR based debt, represents the total debt balance at face value excluding the unamortized discount. The fair value of the Junior subordinated notes is determined based on dealer quotes. Categorized under Level 3 in 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 under Level 1 in the fair value hierarchy. Accounts and Premiums Receivable, net, Retrospective Commissions Receivable and Other Receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized under Level 2 in the fair value hierarchy. See Note (7) Notes and Accounts Receivable, net. 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 and approximate their fair value due to their short term nature. Categorized under Level 2 in the fair value hierarchy.
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Liability for Unpaid Claims and Claim Adjustment Expenses |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Unpaid Claims and Claim Adjustment Expenses | Liability for Unpaid Claims and Claim Adjustment Expenses The following tables present undiscounted information about incurred and paid claims development as of December 31, 2020 and 2019, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. This information is presented in the aggregate for all short duration contracts, due to the commonality of claims characteristics. The tables reflect five years of information because historically approximately 95% of incurred losses have been paid within years of the accident period. Roll forward of Claim Liability The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short duration contracts for the following periods:
(1) Primarily relates to Smart AutoCare which was acquired on January 3, 2020. See Note (3) Acquisitions for more information. The following schedule reconciles the total short duration contracts per the table above to the amount of total losses incurred as presented in the consolidated statements of operations, excluding the amount for member benefit claims:
During the year ended December 31, 2020, the Company experienced an increase in prior year development of $5,443 primarily as a result of higher than expected claim frequency from business written by a small group of producers of our personal and commercial lines of business. The underlying cause of this development was the result of a subset of risk where the loss ratio pegs used in our year end actuarial determination was low given the ultimate frequency that emerged. During the year ended December 31, 2019, the Company experienced an increase in prior year development of $5,169 primarily in our non-standard auto business. The underlying cause of this development was higher than expected claim frequency. Management considers the prior year development for each of the two years to be insignificant when considered in the context of our annual earned premiums, net as well as our net losses and loss adjustment expenses and member benefit claims expenses. We analyze our development on a quarterly basis and given the short duration nature of our products, favorable or adverse development emerges quickly and allows for timely reserve strengthening, if necessary, or modifications to our product pricing or offerings. Based upon our internal analysis and our review of the statement of actuarial opinions provided by our actuarial consultants, we believe that the amounts recorded for policy liabilities and unpaid claims reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date. Incurred and Paid Development The following table presents information about incurred and paid loss development and average claim duration as of December 31, 2020, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. The cumulative number of reported claims represents open claims, claims closed with payment, and claims closed without payment. It does not include an estimated count of unreported claims. The number of claims is measured by claim event. The Company considers a claim that does not result in a liability as a claim closed without payment.
Duration The following table presents supplementary information about average historical claims duration as of December 31, 2020 for short duration contracts:
Reconciliation of Reserves to Balance Sheet The following table presents a reconciliation of net outstanding liabilities for unpaid loss and loss adjustment expenses of short-duration contracts to the consolidated balance sheets value of policy liabilities and unpaid claims:
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Revenue From Contracts with Customers |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contracts with Customers | Revenue from Contracts with Customers The Company’s revenues from insurance and warranty operations are primarily accounted for under Financial Services-Insurance (Topic 944) that are not within the scope of Revenue for Contracts with Customers (Topic 606). The Company’s remaining revenues that are within the scope of Topic 606 are primarily comprised of revenues from contracts with customers for monthly membership dues for motor clubs, monthly administration fees for services provided for premiums, claims and reinsurance processing revenues, vehicle service contracts and warranty coverage revenues for household goods and appliances (collectively, remaining contracts). The following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
Service and Administrative Fees Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined probable. Administrative fee revenue includes the administration of premium associated with our producers and their producer owned reinsurance companies (PORCs). In addition, we also earn fee revenue from debt cancellation programs, motor club programs, and warranty programs. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Information on Remaining Performance Obligations We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at December 31, 2020. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. Charter Revenue The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time or voyage charters, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes revenue received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Management Fees The Company earned management fee income in the form of base management fees and incentive fees from the CLOs it managed. These base management fees were billed as the services were provided and paid periodically in accordance with the terms of the individual management agreements for as long as the Company managed the funds. Base management fees typically consisted of fees based on the amount of assets held in the CLOs. Base management fees were recognized as revenue when earned. The Company did not recognize incentive fees until all contractual contingencies were removed. The following table presents the activity in the significant deferred assets and liabilities related to revenue from contracts with customers for the following period:
(1) Additions include $182,568 from the acquired balance sheet of Smart AutoCare. See Note (3) Acquisitions. Write-offs were not material for any period presented.
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Other Assets and Other Liabilities and Accrued Expenses |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Other Liabilities and Accrued Expenses | Other Assets and Other Liabilities and Accrued Expenses Other Assets The following table presents the components of other assets as reported in the consolidated balance sheets:
(1) See Note (21) Commitments and Contingencies for additional information. The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
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Other Liabilities and Accrued Expenses |
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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:
(1) See Note (21) Commitments and Contingencies for additional information.
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Other Revenue, Other Expenses and Other Income |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue, Other Expenses and Other Income | Other Revenue and Other Expenses Other Revenue The following table presents the components of other revenue as reported in the consolidated statement of operations. Other revenue is primarily generated by Tiptree Capital’s non-insurance activities except as noted in the footnote to the table.
(1) See Note (6) Investments for the components of Other investment income. (2) Related to the impairment of Luxury for the year ended December 31, 2020, and the sale of Telos for the year ended December 31, 2019. See Note (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations. (3) Includes $7,025, $4,566 and $2,554 for the year ended December 31, 2020, 2019 and 2018, respectively, related to Insurance. Other Expenses The following table presents the components of other expenses as reported in the consolidated statement of operations:
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Stock Repurchases On November 2, 2020, the Board of Directors authorized the Company to make repurchases of up to $20,000 of shares of the Company’s outstanding common stock in the aggregate, at the discretion of the Company's Executive Committee. The shares purchased during the first, second and third quarters of 2020 were purchased under a previous authorization. The following table presents the Company’s stock repurchase activity and remaining authorization.
Dividends The Company declared cash dividends per share for the following periods presented below:
(1) See Note (25) Subsequent Events for when dividend was declared. Reorganization Merger On April 10, 2018, the Company completed a reorganization merger whereby TFP merged with and into the Company with the Company continuing as the surviving company (Reorganization Merger). After the Reorganization Merger, TFP ceased to exist and the Company owned 100% of Operating Company. As a result of the merger, the balance of Non-controlling interest - TFP as of the merger date was allocated to Additional paid-in capital and Accumulated other comprehensive income (loss), as detailed in the consolidated statement of changes in stockholders’ equity. In connection with the Reorganization Merger, each TFP limited partner other than Tiptree received 2.798 shares of Class A common stock for each partnership unit, 6,861,561 Class A common shares were issued, and all outstanding Class B common stock was canceled. Outstanding warrants to acquire 652,500 shares of Class A common stock at an exercise price of $11.33 per share owned by TFP were canceled. In addition, warrants to acquire 103,994 shares of Class A common stock at an exercise price of $11.33 were issued to partners of TFP other than Tiptree, and expired unexercised on December 31, 2018. Warrants to acquire 805,986 TFP LP units at $21.232 per unit were canceled and Tiptree issued warrants for 2,255,149 Tiptree shares of Class A common stock at an exercise price of $7.59 per share to holders of the canceled TFP warrants. On April 16, 2018, the Company canceled 5,035,977 shares of Class A common stock held by a subsidiary of the Company, which had no effect on total Tiptree Inc. stockholders’ equity. At the 2018 Annual Meeting of Stockholders of the Company held on June 6, 2018, the Company’s stockholders approved an amendment and restatement (the Amendment) to the Fourth Articles of Amendment and Restatement of the Company (as amended by the Amendment, the Fifth A&R Charter) to remove all references to the Company’s Class B common stock as well as other ministerial changes, including changing the name of our Class A common stock to Common Stock. The Amendment was filed with the State Department of Assessments and Taxation of Maryland on June 7, 2018. Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions The Company’s U.S. insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (SAP) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners (the NAIC) as well as state laws, regulations and administrative rules. Statutory Capital, Surplus and Net Income The Company’s insurance company subsidiaries must maintain minimum amounts of statutory capital and surplus as required by regulatory authorities, including the NAIC; their capital and surplus levels exceeded respective minimum requirements as of December 31, 2020 and December 31, 2019.
Under the National Association of Insurance Commissioners Risk-Based Capital Act of 1995, a company's Risk-Based Capital (RBC) is calculated by applying certain risk factors to various asset, claim and reserve items. If a company's adjusted surplus falls below calculated RBC thresholds, regulatory intervention or oversight is required. The Company's U.S. domiciled insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC’s RBC instructions, exceeded all RBC thresholds as of December 31, 2020. The following table presents the statutory net income of the Company’s U.S. domiciled statutory insurance companies for the following periods:
The Company also has a foreign insurance subsidiary that is not subject to SAP. The statutory capital and surplus amounts and statutory net income presented above do not include the foreign insurance subsidiary in accordance with SAP. Statutory Dividends The Company’s U.S. domiciled insurance company subsidiaries may pay dividends to the Company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to the Company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminates all dividends from its subsidiaries in the consolidated financial statements. The following table presents the dividends paid to the Company by its U.S domiciled insurance company subsidiaries and the combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:
At December 31, 2020, the maximum amount of dividends that our U.S. domiciled regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $13,418. The Company may seek regulatory approval to pay dividends in excess of this permitted amount, but there can be no assurance that the Company would receive regulatory approval if sought.
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Accumulated Other Comprehensive Income (Loss) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(1) Due to adoption of 2018-02 and 2016-13, respectively. See Note (2) Summary of Significant Accounting Policies. 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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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Equity Plans 2017 Omnibus Incentive Plan The Company adopted the Tiptree 2017 Omnibus Incentive Plan (2017 Equity Plan) on June 6, 2017, which permits the grant of restricted stock units (RSUs), stock, and stock options up to a maximum of 6,100,000 shares of common stock. The general purpose of the 2017 Equity Plan is to attract, motivate and retain selected employees and directors for the Company and its subsidiaries, 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 2017 Equity Plan terminates automatically on June 6, 2027. The table below summarizes changes to the issuances under the Company’s 2017 Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock:
(1) Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock. Restricted Stock Units and Stock Awards Tiptree Corporate Incentive Plans The Company values RSUs at their grant-date fair value as measured by Tiptree’s common stock price. Generally, the Tiptree RSUs vest and become non-forfeitable with respect to one-third of Tiptree shares granted on each of the , and year anniversaries of the date of the grant, and expensed using the straight-line method over the requisite service period. Stock Awards - Directors’ Compensation The Company values the stock awards at their issuance-date fair value as measured by Tiptree’s common stock price. Upon issuance, the awards are deemed to be granted and immediately vested. The following table presents changes to the issuances of RSUs and stock awards under the 2017 Equity Plan for the periods indicated:
The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated:
(1) Includes 256,619, 307,148 and 147,467 shares that vest ratably over years and 212,638, 112,907 and 121,332 shares that cliff vest in February 2023, 2022 and 2021, respectively, for the years ended December 31, 2020, 2019 and 2018, respectively. Subsidiary Incentive Plans Certain of the Company’s subsidiaries have established incentive plans under which they are authorized to issue equity of those subsidiaries to certain of their employees. Such awards are accounted for as equity. These awards are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting awards) and time-vesting subject to continued employment (time vesting awards). Following the service period, such vested awards may be exchanged at fair market value, at the option of the holder, for Tiptree common stock under the 2017 Equity Plan. The service period for certain grants has been achieved and those vested subsidiary awards are currently eligible for exchange. The Company has the option, but not the obligation to settle the exchange right in cash. The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:
The net vested and unvested balance of subsidiary awards (assuming full vesting) translates to an aggregate of 2,954,566 which are eligible for exchange as of December 31, 2020. Stock Option Awards Tiptree Corporate Incentive Plans 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. The option awards have a 10-year term and are subject the recipient’s continuous service, a market requirement, and vest one third on each of the , , and year anniversaries of the grant date. The market requirement is a book value per share target that can be met at 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 service condition is met, the full amount of the compensation expense will be recognized over the appropriate vesting period whether the market requirement is met or not. The options granted after 2017 include a retirement provision and are amortized over the lesser of the service condition or expected retirement date. Book value targets for grants in 2020, 2019, 2018, 2017 and 2016 are $11.52, $10.79, $9.97, $10.14 and $8.96, respectively. The fair value option grants are 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 between the grant date and July 1, 2013, the date of the business combination through which Tiptree became a public company. 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 rates in effect as of the date of the grant are 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 periods:
The following table presents the Company's stock option activity for the current period:
Stock Based Compensation Expense The following table presents total 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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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted, implementing numerous changes to tax law including temporary changes regarding the prior and future utilization of net operating losses. During the year ended December 31, 2020, the Company recorded a $7,293 tax benefit related to the ability to carryback net operating losses to prior periods under the CARES Act, resulting in a decrease of our deferred tax asset of $16,795 and an increase to our current receivable of $24,088. The Company continues to assess the potential tax impacts of this legislation on its financial position and results of operations. The U.S. federal rate is before the consideration of rate reconciling items. A reconciliation of the expected federal provision (benefit) for income taxes on income from continuing operations using the federal statutory income tax rate to the actual provision (benefit) for income taxes and resulting effective income tax rate is as follows for the periods indicated below:
For the year ended December 31, 2020, the Company’s effective tax rate on income from continuing operations was equal to 35.1%. The effective tax rate for the year ended December 31, 2020 is higher than the U.S. statutory income tax rate of 21.0% primarily from the impact of expected refunds arising from the CARES Act. For the year ended December 31, 2019, the Company’s effective tax rate on income from continuing operations was equal to 31%. The effective tax rate for the year ended December 31, 2019 is higher than the U.S. statutory income tax rate of 21.0% primarily due to the non-recurring return-to-provision, as well as ongoing state and foreign taxes. For the year ended December 31, 2018, the Company’s effective tax rate on losses from continuing operations was equal to 29.9%. The effective tax rate for the year ended December 31, 2018 is higher than the U.S. statutory income tax rate of 21.0% primarily due to the dividends received deduction, offset by the effect of foreign operations. The table below presents the components of the Company’s net deferred tax assets and liabilities as of the respective balance sheet dates:
As of January 2016, Tiptree has established a U.S. federal consolidated income tax group and as such files on a consolidated basis, with certain exceptions such as a Fortegra life insurance company and Luxury. Tiptree consolidated, and certain subsidiaries on a separate basis, file returns in various state jurisdictions, and as such may have state tax obligations. Additionally, as needed the Company will take all necessary steps to comply with any income tax withholding requirements. As of December 31, 2020, the Company had total U.S. Federal net operating loss carryforwards (NOLs) of $70,803 arising from continuing operations. The following table presents the U.S. Federal NOLs by tax year of expiration:
In addition to the U.S. Federal NOL, Tiptree and its subsidiaries have NOLs in various state jurisdictions totaling $11,446 as of December 31, 2020. Valuation allowances have been established for various state deferred tax assets of $6,871, which are primarily state NOLs, since management has concluded it is more likely than not they will expire unutilized based on existing positive and negative evidence. Management believes it is more likely than not the remaining NOLs and deferred tax assets will be utilized prior to their expiration dates. As of December 31, 2020, the consolidated valuation allowance for Tiptree was $6,871. In 2020, the Company recorded a net increase in its valuation allowances equal to $1,910, compared to a net increase in its valuation allowance of $1,869 in 2019. As of December 31, 2020, the Company had no material unrecognized tax benefits or accrued interest and penalties. This is consistent with the tax years ending December 31, 2019 and December 31, 2018. Federal tax years 2017 and onward are open for examination as of December 31, 2020.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Operating Leases All leases are office space leases and are classified as operating leases that expire through 2031. Some of our office leases include the option to extend for up to 5 years or less at management’s discretion. Such extension options were not included in the measurement of the lease liability. Below is a summary of our right of use asset and lease liability as of December 31, 2020:
(1) Discount rate was determined by applying available market rates to lease obligations based upon their term. As of December 31, 2020, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:
The following table presents rent expense for the Company’s office leases recorded on the consolidated statements of operations for the following periods:
(1) Includes lease expense of $509 and $385 for the years ended December 31, 2020 and 2019, respectively, for assets held for sale. Litigation The Company 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 in June 2010. At issue is the duration or term of coverage under certain disability and life credit insurance policies. The action alleges violations of the Consumer Protection Act and certain insurance statutes, as well as common law fraud and seeks compensatory and punitive damages, attorney fees and interest. To date, the court has not awarded sanctions in connection with Plaintiffs’ April 2012 Motion for Sanctions. In January 2015, the trial court issued an Order denying the Company’s motion to decertify the class, which was upheld on appeal. Following a February 2017 hearing, the court denied the Company’s Motion for Summary Judgment as to certain disability insurance policies. In January 2018, the court vacated its November 2017 order granting Company’s Motion for Summary Judgment as to the life certificates at issue with leave to refile. No trial or additional hearings are currently scheduled. The Company 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 the Company. 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. The Company and its subsidiaries are parties to other legal proceedings in the ordinary course of business. Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company does not believe that these proceedings, either individually or in the aggregate, are likely to have a material adverse effect on the Company’s financial position.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a 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 under which the income available to common stockholders is allocated to the unvested corporate RSUs. Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments are included in the diluted net income per common share calculation, if dilutive. The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
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Related Party Transactions |
12 Months Ended |
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Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Corvid Peak is a related party of the Company because Corvid Peak is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. Tiptree agreed to invest $75,000 to seed new investment funds to be managed by Corvid Peak, which was completely funded in the first quarter of 2020. The Company will pay Corvid Peak an annual management fee of 1.25% of the net asset value of invested capital and an incentive fee equal to 20% of the net profits, subject to a conventional high water mark. The Company incurred $2,792 and $1,006 of management and incentive fees to Corvid Peak for the year ended December 31, 2020 and 2019, respectively. Pursuant to the Transition Services Agreement, Tiptree and Corvid Peak have mutually agreed to provide certain services to one another. Payments under the Transition Services Agreement in the year ended December 31, 2020 and 2019 were not material. Pursuant to the Emeritus Agreement, Tiptree agreed to provide Mr. Inayatullah, a greater than 5% stockholder of the Company, office space and support services, and reimburse Mr. Inayatullah for a portion of benefit expenses in exchange for advice and other consulting services as requested by the Company’s Executive Committee. Transactions related to the Emeritus Agreement in the year ended December 31, 2020 were not material.
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Subsequent Events |
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Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn March 9, 2021, the Company’s board of directors declared a quarterly cash dividend of $0.04 per share to holders of common stock with a record date of March 22 2021, and a payment date of March 29, 2021. |
Summarized Quarterly Information (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Quarterly Information (Unaudited) | Summarized Quarterly Information (Unaudited)
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Schedule II- Condensed Financial Information of Registrant |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | Schedule II — Condensed Financial Information of Registrant
(1) Eliminated in consolidation for the period ending December 31, 2018 only. (2) Eliminated in consolidation.
(1) Eliminated in consolidation.
(1) Eliminated in consolidation. Note 1. Basis of Presentation Tiptree Inc. (together with its consolidated subsidiaries, collectively, Tiptree, the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree’s common stock trades on the Nasdaq Capital Market under the symbol “TIPT”. Tiptree is a holding company that combines specialty insurance operations with investment management capabilities. We allocate our capital across our insurance operations and other investments. We classify our business into two reportable segments: Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable segments and other business activities, as Tiptree Capital. Pursuant to the terms discussed in Note—(11) Debt, net in the notes to consolidated financial statements, a secured corporate credit agreement of a subsidiary of Tiptree restricts that subsidiary’s ability to pay or make any dividend or distribution to Tiptree Inc. In addition, certain other subsidiaries’ activities are regulated, or subject to specific restriction on transfers as a result of financing arrangements. As a result of these restrictions, these condensed financial statements of the Registrant have been prepared in accordance with Rule 12-04 of Regulation S-X, as restricted net assets of the Company's subsidiaries (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the Company's consolidated net assets as of December 31, 2020. For the periods ending December 31, 2019 and 2018, the Company was a holding company without any operations of its own. On July 17, 2020, Operating Company merged into Tiptree, with Tiptree as the surviving entity (the Reorganization). In connection with the Reorganization, Operating Company contributed substantially all of its assets to Caroline Holdings LLC, a wholly owned subsidiary of Operating Company, which was renamed Tiptree Holdings LLC. Prior to the Reorganization, the Company was allocated itemized expenses of $2,000 related to operating as a public company from Operating Company for the six months ended June 30, 2020. These condensed financial statements have been prepared on a "parent-only" basis. Under a parent-only presentation, the Parent Company's investments in subsidiaries are presented under the equity method of accounting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The accompanying condensed financial information should be read in conjunction with the Tiptree Inc. consolidated financial statements and related Notes thereto. Note 2. Dividends Received The Company received distributions of $35,092, $14,587 and $4,781 for the years ended December 31, 2020, 2019 and 2018, respectively.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Tiptree have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries. The consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. Non-controlling interests on the consolidated balance sheets 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.
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Reclassification, Comparability Adjustment [Policy Text Block] | As a result of changes in presentation, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items: •Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives •Value of acquired assets and liabilities; •Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives; •Vessel valuations, residual value of vessels and the useful lives of vessels; •Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims; •Deferred acquisition costs and value of business acquired (VOBA); •The realization of deferred tax assets, and recognition and measurement of uncertain tax positions; •Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service and administration fees, and loan origination fees; and •Other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates.
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Business Combinations | 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 expense in the consolidated statements of operations. Acquisition and transaction costs 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, primarily due to the results of valuation studies applicable to the business combination. Acquisitions that do not meet the criteria for the acquisition method of accounting are accounted for as acquisitions of assets.
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Discontinued Operations | Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations The results of operations of a business that has either been disposed of or are classified as held for sale are reported in discontinued operations if the disposal of the business represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company carries assets and liabilities held for sale at the lower of carrying value on the date the asset is initially classified as held for sale or fair value less costs to sell. At the time of reclassification to held for sale, the Company ceases the recording of depreciation and amortization on assets transferred. Accounting policies specific to our dispositions, assets and liabilities held for sale and discontinued operations are described in more detail in (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations. Significant Accounting Policies Related to Dispositions and Discontinued Operations Except as noted below, Care and our CLO management business adhered to the Significant Accounting Policies as described in Note (2) Summary of Significant Accounting Policies. Investments Revenue Recognition Rental and Related Revenue Rental revenue from residents in properties owned by Care but managed by a management company pursuant to a management agreement (Managed Properties) were recognized monthly as services were provided, as lease periods for residents were short-term in nature. The Company recognized rental revenue from triple net leases on a straight-line basis over the non-cancelable term of the lease unless another systematic and rational basis was more representative of the time pattern in which the use benefit was derived from the leased property. Renewal options in leases with rental terms that were higher than those in the primary term were excluded from the calculation of straight-line rent if the renewals were not reasonably assured. The Company commenced rental revenue recognition when the tenant took control of the leased space. The Company recognized lease termination payments as a component of rental revenue in the period received, provided that there were no further obligations under the lease. Revenue related to rental revenue was primarily attributable to services provided to the occupants of our senior living properties. Management Fee Income The Company earned management and incentive fees from the CLOs it managed. These management fees were paid periodically in accordance with the terms of the individual management agreements for as long as the Company managed the funds. Management fees typically consisted of fees based on the amount of assets held in the CLOs. Management fees were recognized as revenue when earned. The Company did not recognize incentive fees until all contractual contingencies were removed. Management fee income is recorded in other revenue.
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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. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market, and the 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. 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. 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 is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Tiptree’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the investment. From time to time, Tiptree’s assets and liabilities will transfer between one level to another level. It is Tiptree’s policy to recognize transfers between different levels at the end of each reporting period. Tiptree utilizes both observable and unobservable inputs in its valuation methodologies. Observable inputs 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. For broker quotes, 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. Fair Value Option In addition to the financial instruments that 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.
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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 an 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 measurements are based primarily 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, at fair value The fair values of available for sale securities are based on prices provided by an independent pricing service and a third-party investment manager. The Company obtains an understanding of the methods, models and inputs used by the independent pricing service and the third-party investment manager by analyzing the investment manager-provided pricing report. The following details the methods and assumptions used to estimate the fair value of each class of AFS 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 and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in 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 equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks are based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 in the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of a diversified portfolio of middle market and broadly syndicated leveraged loans and are generally classified under either Level 2 or Level 3 in the fair value hierarchy. To determine fair value, the Company uses quoted prices which include those provided from pricing vendors, where available. We perform internal price verification procedures to ensure that the prices and quotes provided from the independent pricing vendors are reasonable. Such verification procedures include comparison of pricing sources and analysis of variances among pricing sources. The Company has evaluated each loan’s respective liquidity and has additionally performed valuation benchmarking. The key characteristics which were evaluated as part of this determination were liquidity ratings, price changes to index benchmarks, depth of quotes, credit ratings and industry trends. Mortgage Loans Held for Sale: Mortgage loans held for sale are generally classified under Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third-party investors, including estimated loan costs. Derivative Assets and Liabilities Derivatives are primarily comprised of IRLCs, forward delivery contracts and TBA mortgage backed securities. 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. Our mortgage origination subsidiaries issue IRLCs to their 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 pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. 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 and forward delivery contracts generally fall under Level 2 in the fair value hierarchy. Corporate Bonds Corporate bonds are generally classified under Level 2 in the fair value hierarchy and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly. Securities Sold, Not Yet Purchased Securities sold, not yet purchased are generally classified under Level 1 or Level 2 in the fair value hierarchy, based on the leveling of the securities sold short, and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures to ensure that the prices provided are reasonable. Mortgage Servicing Rights Mortgage servicing rights are classified under Level 3 in the fair value hierarchy and fair value is provided by a third-party valuation service. Various observable and unobservable inputs are used to determine fair value, including discount rate, cost to service and weighted average prepayment speed. Debentures: Since interest rates on debentures are at current market rates for similar credit risks, the carrying amount approximates fair value. These values are net of allowance for doubtful accounts. Notes Receivable, net: 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 under Level 2 in the fair value hierarchy. See Note (7) Notes and Accounts Receivable, net. Debt: The carrying value, which approximates fair value of LIBOR based debt, represents the total debt balance at face value excluding the unamortized discount. The fair value of the Junior subordinated notes is determined based on dealer quotes. Categorized under Level 3 in 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 under Level 1 in the fair value hierarchy. Accounts and Premiums Receivable, net, Retrospective Commissions Receivable and Other Receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized under Level 2 in the fair value hierarchy. See Note (7) Notes and Accounts Receivable, net. 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 and approximate their fair value due to their short term nature. Categorized under Level 2 in the fair value hierarchy.
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Derivatives | Derivative Financial Instruments and Hedging From time to time, derivative instruments are used in the overall strategy to manage exposure to market risks primarily related to fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in other investments or other liabilities and accrued expenses on the consolidated balance sheets. Derivative Instruments Designated as Cash Flow Hedging Instruments The Company uses cash flow hedges to reduce the exposure to variability of cash flows from floating rate borrowings. If a derivative instrument meets certain cash flow hedge accounting criteria, it is recorded on the consolidated balance sheet at its fair value, as either an asset or a liability, with offsetting changes in fair value recognized in AOCI. The effective portion of the changes in fair value of derivatives are reported in AOCI and amounts previously recorded in AOCI are recognized in earnings in the period in which the hedged transaction affects earnings. Any ineffective portions of the change in fair value of the derivative are recognized in current earnings. 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 reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Interest Rate Lock Commitments The Company enters into interest rate lock commitments (IRLCs) with customers 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 to be announced (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 and TBA Mortgage Backed Securities The Company enters into forward delivery contracts with loan aggregators and other investors as one of the tools to manage the interest rate risk associated with IRLCs and loans held for sale. In addition, the Company enters into 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.
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Share-based Payment Arrangement | Stock Based Compensation The Company accounts for equity‑based compensation issued to employees, directors, and affiliates of the Company using the current fair value based methodology. The Company initially measures the cost of restricted stock unit (RSUs) and restricted stock awards at fair value on the date of grant and subsequently recognizes the cost of such awards over the vesting period using the straight-line method. The compensation costs are charged to expense over the vesting period with a corresponding credit to additional paid-in capital. Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. Compensation cost is recognized over the required service period, generally defined as the vesting period. Grants of subsidiary RSUs exchangeable into common stock of the Company are accounted for as equity based upon their expected settlement method. The Company recognizes the cost of such awards over the vesting period using the straight-line method and 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.
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Income Tax | Income Taxes Deferred tax assets and liabilities are determined using the asset and liability method. Under this method, deferred tax assets and liabilities are established for future tax consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to reverse. A valuation allowance is established when necessary to reduce a deferred tax asset to the amount expected to be realized. Several of the Company’s subsidiaries file state tax returns on a standalone basis. Two of our subsidiaries file federal and state tax returns on a stand alone basis, one of which is held for sale. These U.S. federal and state income tax returns, when filed, will be subject to examination by the Internal Revenue Service and state departments of revenue. See Note (20) Income Taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. The Company’s provision or benefit for income taxes is adjusted accordingly for tax positions not deemed to meet the more likely than not threshold. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expenses.
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Earnings Per Share | Earnings Per Share The Company presents both basic and diluted earnings per Common Share in its consolidated financial statements and footnotes thereto. Basic earnings per Common Share (Basic EPS) excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding, which includes vested RSUs, for the period. Diluted earnings per Common Share (Diluted EPS) reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares where such exercise or conversion would result in a lower earnings per share amount. The Company calculates EPS using the two-class method, which is an earnings allocation formula that determines EPS for common shares and participating securities. Unvested RSUs contain non-forfeitable rights to distributions or distribution equivalents (whether paid or unpaid) and are participating securities that are included in the computation of EPS using the two-class method. Accordingly, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive distributions. The participating securities do not have a contractual obligation to absorb losses and are only allocated in periods where there is income from continuing operations. See Note (22) Earnings Per Share, for EPS computations. The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a 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 under which the income available to common stockholders is allocated to the unvested corporate RSUs. Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments are included in the diluted net income per common share calculation, if dilutive.
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Investments | InvestmentsThe Company records all investment transactions on a trade‑date basis. Realized gains (losses) are determined using the specific-identification method. The Company classifies its investments in debt securities as available for sale or held-to-maturity based on the Company’s intent and ability to hold the debt security to maturity. The Company did not have any held-to-maturity securities at December 31, 2020 and 2019. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale Securities, at Fair Value (AFS) | Available for Sale Securities, at Fair Value (AFS) AFS are securities that are not classified as trading or held-to-maturity and are intended to be held for indefinite periods of time. AFS securities include those debt securities that management may sell as part of its asset/liability management strategy or in response to changes in interest rates, resultant prepayment risk or other factors. AFS securities are held at fair value on the consolidated balance sheet with changes in fair value including non-credit related losses, net of related tax effects, recorded in the AOCI component of stockholders’ equity in the period of change. Upon the disposition of an AFS security, the Company reclassifies the gain or loss on the security from AOCI to net realized and unrealized gains (losses) on the consolidated statements of operations. For AFS securities, the Company reviews its securities portfolio for impairment and determines if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component (e.g. write-offs, recoveries) is recognized as part of the allowance for credit losses on AFS securities. For AFS securities which have an expectation of zero risk nonpayment of the amortized cost basis (e.g. U.S. Treasury securities or agency securities), the expected credit loss is zero.
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Loans at Fair Value | Loans, at Fair Value Loans, at fair value is substantially comprised of (i) corporate loans, (ii) non-performing residential loans (NPLs) and (iii) loans originated by the Company’s mortgage finance business. Changes in their fair value are reported within net realized and unrealized gains (losses) in our consolidated statements of operations. Corporate Loans Corporate loans are comprised of a diversified portfolio of middle market leveraged loans which are carried at fair value. In general, the fair value of leveraged loans is obtained from an independent pricing service which provides coverage of secondary market participants. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of leveraged loans based on internal models and other unobservable inputs.
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Nonperforming Loan and Lease and Mortgage Loans Held for Sale | Non-Performing Residential Loans (NPLs) The Company has purchased portfolios of NPLs which consist of residential mortgage loans. Such loans are carried at fair value, which is measured on an individual loan basis. We seek to either (i) convert such loans into real estate owned property (REO) through foreclosure or another resolution process that can then be sold, or (ii) modify and resell them at higher prices if circumstances warrant. The Company has elected the fair value option for NPLs as we have concluded that fair value timely reflects the results of our investment performance. As substantially all of our loans were non-performing when acquired, we generally look to the estimated fair value of the underlying property collateral to assess the recoverability of our investments. We primarily utilize the local broker price opinion (BPO) but also consider any other comparable home sales or other market data, as considered necessary, in estimating a property’s fair value. For further discussion on the observable and unobservable inputs to the model and determination of fair value of NPLs, see Note (12) Fair Value of Financial Instruments. Certain NPLs are loans that are delinquent on obligated payments of principal and interest. Certain other NPLs are making some payments, generally as a result of a modification or a workout plan. The fair value of NPLs are determined using a discounted cash flow model. As such, both the changes in fair value and the net periodic cash flows related to NPLs are recorded in net realized and unrealized gains (losses) in the consolidated statements of operations. The Company does not hold any NPLs as of December 31, 2020. Mortgage Loans Held for Sale Mortgage loans held for sale represent loans originated and held until sold to secondary market investors. Such loans are typically warehoused for a period after origination or purchase before sale into the secondary market. Loans are sold either servicing released, or in select instances, servicing retained into the secondary loan market. The Company has elected to measure all mortgage loans held for sale at fair value. These loans are considered sold when the Company surrenders control to the purchaser. The gains or losses on sales of such loans, net of any accrual for standard representations and warranties, are reported in operating results as a component of net realized and unrealized gains (losses) in the consolidated statements of operations in the period when the sale occurs.
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Equity Securities | Equity Securities Equity securities are investments consisting of equity securities that are purchased principally for the purpose of selling them in the near term. Changes in fair value are recorded in net realized and unrealized gains (losses) on investments on the consolidated statements of operations in the period of change.
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Foreclosed Residential Real Estate Property (REO) | Foreclosed Residential Real Estate Property (REO) NPLs are reclassified to REO once the Company has obtained legal title to the property upon completion of a foreclosure sale or the borrower has conveyed all interest in the property to satisfy that loan through completion of a deed in lieu of foreclosure. Because the Company elected the fair value option for NPLs, upon recognition as REO, the property fair value is estimated using market values and, if the property meets held-for-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 initial REO value, whichever is lower. Adjustments to the carrying value of REOs are recorded in net realized and unrealized gains (losses).
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Vessels, net | Vessels, net Investments in vessels, net are carried at cost (inclusive of capitalized acquisition costs, where applicable) less accumulated depreciation. Subsequent expenditures are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. Vessels acquired are recognized at their fair value as of the date of the acquisition. Depreciation is computed using the straight-line method over the vessel’s estimated remaining useful life, after considering the estimated salvage value. A vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Vessels are depreciated from the date of their acquisition through their remaining estimated useful life. Vessels are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of a particular vessel may not be fully recoverable. Potential impairment indicators are primarily based upon a comparison of the market value of a vessel to its carrying value. Market values are based upon quoted prices from industry-recognized sources. The Company evaluates market quotes of vessels for reasonableness by comparison to available market transactions or internal valuation models. An impairment charge would be recognized if the estimated undiscounted future net cash flows expected to result from the operation and subsequent disposal of the vessel are less than the vessel’s carrying amount. The Company’s estimate of future revenue is based upon time charter equivalent (TCE) rates using current market rates. The Company uses average historical rates for periods beyond those for which rates are available. Estimated cash flows are net of brokerage and address commissions, vessel operating expenses, and estimated costs of drydocking and include an inflation factor, as appropriate. The projected undiscounted future cash flows are comprised of the net of these inflows and outflows, plus an estimated salvage value. As of December 31, 2020, the undiscounted future cash flows were higher than the carrying amount of each of the vessels in the Company’s fleet and, as such, no loss on impairment was recognized.
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Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments of sufficient credit quality purchased with an initial maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of U.S. denominated cash on hand, cash held in banks and investments in money market funds. Restricted Cash The Company’s restricted cash primarily consists of cash for unremitted premiums received from agents and insurers, fiduciary cash for reinsurers and pledged assets for the protection of policy holders in various state jurisdictions. Restricted cash also includes cash posted as collateral under credit facilities to maintain borrowing base sufficiency, borrower escrow funds for taxes, insurance, rate-lock fees and servicing related escrow funds and collateral on warehouse borrowings.
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Notes and Accounts Receivable, Net | Notes and Accounts Receivable, Net Notes Receivable, Net The Company’s notes receivable, net includes receivables related to the insurance business for its premium financing programs. The Company accrues interest income on its notes receivable based on the contractual terms of the respective note. The Company monitors all notes receivable for delinquency and provides for estimated losses for specific receivables that are not likely to be collected. In addition to allowances for bad debt for specific notes receivable, a general provision for bad debt is estimated for the Company’s notes receivable based on history. Account balances are generally charged against the allowance when the Company believes it is probable that the note receivable will not be recovered and has exhausted its contractual and legal remedies. Generally, receivables overdue more than 120 days are written off when the Company determines it has exhausted reasonable collection efforts and remedies, see Note (7) Notes and Accounts Receivable, net.
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Accounts and Premium Receivable, Net | Accounts and Premiums Receivable, Net Accounts and premiums receivable, net are primarily trade receivables from the insurance business that are carried at their approximate fair value. Accounts and premiums receivable from the Company’s insurance business consist primarily of advance commissions and agents' balances in course of collection and billed but not collected policy premiums, presented net of the allowance for doubtful accounts. For policy premiums that have been billed but not collected, the Company records a receivable on its consolidated balance sheets for the full amount of the premium billed, with a corresponding liability, net of its commission, to insurance carriers. The Company earns interest on the premium cash during the period of time between receipt of the funds and payment of these funds to insurance carriers. The Company maintains an allowance for doubtful accounts based on an estimate of uncollectible accounts. Retrospective commissions receivable, Trust receivables and Other receivables Retrospective commissions receivable, trust receivables and other receivables are primarily trade receivables from the insurance business that are carried net of allowance at their approximate fair value.
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Reinsurance Receivables | Reinsurance Receivables Through the insurance business, the Company has various reinsurance agreements in place whereby the amount of risk in excess of its retention goals is reinsured by unrelated domestic and foreign insurance companies. The Company is required to pay losses even if a reinsurer fails to meet its obligations under the applicable reinsurance agreement. Reinsurance receivables include amounts related to paid benefits, unpaid benefits and prepaid reinsurance premiums. Reinsurance receivables are based upon estimates and are reported on the consolidated balance sheets separately as assets, as reinsurance does not relieve the Company of its legal liability to policyholders. Management continually monitors the financial condition and agency ratings of the Company’s reinsurers and believes that the reinsurance receivables accrued are collectible. Balances recoverable from reinsurers and amounts ceded to reinsurers relating to the unexpired portion of reinsured policies are presented as assets. Experience refunds from reinsurers are recognized based on the underwriting experience of the underlying contracts.
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Deferred Acquisition Costs | Deferred Acquisition Costs The Company defers certain costs of acquiring new and renewal insurance policies and other products as follows within the Company’s insurance business. Amortization of deferred acquisition costs was $265,781, $287,834 and $246,330 for the years ended December 31, 2020, 2019 and 2018, respectively. Insurance policy related deferred acquisition costs are limited to direct costs that resulted from successful contract transactions and would not have been incurred by the Company’s insurance company subsidiaries had the transactions not occurred. These capitalized costs are amortized as the related premium is earned. Other deferred acquisition costs are limited to prepaid direct costs, typically commissions and contract transaction fees, that resulted from successful contract transactions and would not have been incurred by the Company had the transactions not occurred. These capitalized costs are amortized as the related service and administrative fees are earned. The Company evaluates whether all deferred acquisition costs are recoverable at year-end, and considers investment income in the recoverability analysis for insurance policy related deferred acquisition costs. As a result of the Company’s evaluations, no write-offs for unrecoverable deferred acquisition costs were recognized during the years ended December 31, 2020, 2019 and 2018.
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Goodwill and Intangible Assets, net | Goodwill and Intangible Assets, net The initial measurement of goodwill and intangibles requires judgment concerning estimates of the fair value of the acquired assets and liabilities. Goodwill and indefinite-lived intangible assets are not amortized but subject to tests for impairment annually or if events or circumstances indicate it is more likely than not they may be impaired. Finite-lived intangible assets are amortized over their estimated useful lives principally using a pattern of economic benefit for customer relationships and a straight-line method for other intangible assets. Finite-lived intangible assets are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount. The Company carries intangible assets, which represent customer and agent relationships, trade names, insurance licenses (certificates of authority granted by individual state departments of insurance), the value of in-force insurance policies acquired, software acquired or internally developed and fishing licenses. Management has deemed the insurance licenses to have an indefinite useful life. Costs incurred to renew or maintain insurance licenses are recorded as operating costs in the period in which they arise. See Note (9) Goodwill and Intangible Assets, net.
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Other Assets | Other Assets Other assets primarily consist of right of use assets, prepaid expenses, and furniture, fixtures and equipment, net. See Note (15) Other Assets and Other Liabilities and Accrued Expenses.
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Debt | Debt, netDebt is carried on the consolidated balance sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and direct and any incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of interest expense in the consolidated statements of operations over the life of the debt. See Note (11) Debt, net. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned Premiums | Unearned Premiums Premiums written are earned over the life of the respective policy using the Rule of 78's, pro rata, or other actuarial methods as appropriate for the type of business. Unearned premiums represent the portion of premiums that will be earned in the future. A premium deficiency reserve is recorded if anticipated losses, loss adjustment expenses, deferred acquisition costs and policy maintenance costs exceed the recorded unearned premium reserve and anticipated investment income. As of December 31, 2020 and 2019, no deficiency reserves were recorded.
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Policy Liabilities and Unpaid Claims | Policy Liabilities and Unpaid Claims Policyholder account balances relate to investment-type individual annuity contracts in the accumulation phase. Policyholder account balances are carried at accumulated account values, which consist of deposits received, plus interest credited, less withdrawals and assessments. Minimum guaranteed interest credited to these contracts ranges from 3.0% to 4.0%. The Company’s claims are generally reported and settled quickly, resulting in consistent historical loss development patterns. The Company’s actuaries apply a variety of generally accepted actuarial methods to the historical loss development patterns, to derive cumulative development factors. These cumulative development factors are applied to reported losses for each accident quarter to compute ultimate losses. The indicated required reserve is the difference between the ultimate losses and the reported losses. The actuarial methods used include but are not limited to the chain ladder method, the Bornhuetter-Ferguson method, and the expected loss ratio method. The actuarial analyses are performed on a basis gross of ceded reinsurance, and the resulting factors and estimates are then used in calculating the net loss reserves which take into account the impact of reinsurance. The Company has not made any changes to its methodologies for determining claim reserves in the periods presented. Credit life and accidental death and dismemberment (AD&D) unpaid claims reserves include claims in the course of settlement and incurred but not reported (IBNR). Credit disability unpaid claims reserves also include continuing claim reserves for open disability claims. For all other product lines, unpaid claims reserves include case reserves for reported claims and bulk reserves for IBNR claims. The Company uses a number of algorithms in establishing its unpaid claims reserves. These algorithms are used to calculate unpaid claims as a function of paid losses, earned premium, reported incurred losses, target loss ratios, and in-force amounts or a combination of these factors. Anticipated future loss development patterns form a key assumption underlying these analyses. Generally, unpaid claims reserves, and associated incurred losses, are impacted by loss frequency, which is the measure of the number of claims per unit of insured exposure, and loss severity, which is based on the average size of claims. Factors affecting loss frequency and loss severity may include changes in claims reporting patterns, claims settlement patterns, judicial decisions, legislation, economic conditions, morbidity patterns and the attitudes of claimants towards settlements. The unpaid claims reserves represent the Company’s best estimates at a given time, based on the projections and analyses discussed above. Actual claim costs are dependent upon a number of complex factors such as changes in doctrines of legal liabilities and damage awards. These factors are not directly quantifiable, particularly on a prospective basis. The Company periodically reviews and updates its methods of making such unpaid claims reserve estimates and establishing the related liabilities based on our actual experience. The Company has not made any changes to its methodologies for determining unpaid claims reserves in the periods presented. In accordance with applicable statutory insurance company regulations, the Company’s recorded unpaid claims reserves are evaluated by appointed independent third-party actuaries, who perform this function in compliance with the Standards of Practice and Codes of Conduct of the American Academy of Actuaries. The independent actuaries perform their actuarial analyses annually and prepare opinions, statements, and reports documenting their determinations. For December 31, 2020 and 2019, our appointed independent third-party actuaries found the Company’s reserves to be adequate.
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Revenue Recognition | Deferred Revenue Deferred revenues represent the portion of income that will be earned in the future attributable to motor club memberships, mobile device protection plans, and other non-insurance service contracts that are earned over the respective contract periods using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. A deficiency reserve would be recorded if anticipated contract benefits, deferred acquisition costs and contract service costs exceed the recorded deferred revenues and anticipated investment income. As of December 31, 2020 and 2019 no deficiency reserves were recorded. Revenue Recognition The Company earns revenues from a variety of sources: Earned Premiums, Net Net earned premium is from direct and assumed earned premium consisting of revenue generated from the direct sale of insurance policies by the Company’s distributors and premiums written for insurance policies by another carrier and assumed by the Company. Whether direct or assumed, the premium is earned over the life of the respective policy using methods appropriate to the pattern of losses for the type of business. Methods used include the Rule of 78's, pro rata, and other actuarial methods. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Direct and assumed premiums are offset by premiums ceded to the Company’s reinsurers, including producer owned reinsurance companies (PORCs), earned in the same manner. The amount ceded is proportional to the amount of risk assumed by the reinsurer. Service and Administrative Fees The Company earns service and administrative fees from a variety of activities. Such fees are typically positively correlated with transaction volume and are recognized as revenue as they become both realized and earned. Service Fees. Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Collateral tracking fee income is recognized when the service is performed and billed. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined probable. During the years ended December 31, 2020, 2019 and 2018, respectively, the Company did not incur a loss with respect to a specific significant service fee contract. Administrative Fees. Administrative fee revenue includes the administration of premium associated with our producers and their PORCs. In addition, we also earn fee revenue from debt cancellation programs, motor club programs, and warranty programs. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Ceding Commissions Ceding commissions earned under reinsurance agreements are based on contractual formulas that take into account, in part, underwriting performance and investment returns experienced by the assuming companies. As experience changes, adjustments to the ceding commissions are reflected in the period incurred and are based on the claim experience of the related policy. The adjustment is calculated by adding the earned premium and investment income from the assets held in trust for the Company’s benefit less earned commissions, incurred claims and the reinsurer's fee for the coverage. Vessel Related Revenue The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time or voyage charters, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes revenue received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Vessel related revenue is recorded in other investment income as a part of other revenue. Service and Administrative Fees Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined probable. Administrative fee revenue includes the administration of premium associated with our producers and their producer owned reinsurance companies (PORCs). In addition, we also earn fee revenue from debt cancellation programs, motor club programs, and warranty programs. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Information on Remaining Performance Obligations We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at December 31, 2020. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. Charter Revenue The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time or voyage charters, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes revenue received prior to the balance sheet date relating to services to be rendered after the balance sheet date. Management Fees The Company earned management fee income in the form of base management fees and incentive fees from the CLOs it managed. These base management fees were billed as the services were provided and paid periodically in accordance with the terms of the individual management agreements for as long as the Company managed the funds. Base management fees typically consisted of fees based on the amount of assets held in the CLOs. Base management fees were recognized as revenue when earned. The Company did not recognize incentive fees until all contractual contingencies were removed.
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Other Liabilities and Accrued Expenses | Other Liabilities and Accrued Expenses Other liabilities and accrued expenses primarily consist of lease liabilities, accounts payable and accrued expenses, deferred tax liabilities, net, securities sold, not yet purchased, commissions payable and accrued interest payable. See Note (15) Other Assets and Other Liabilities and Accrued Expenses.
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Member Benefit Claims | Member Benefit Claims Member benefit claims represent claims paid on behalf of contract holders directly to third-party providers for roadside assistance and for the repair or replacement of covered products. Claims can also be paid directly to contract holders as a reimbursement payment, provided supporting documentation of loss is submitted to the Company. Claims are recognized as expense when incurred.
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Net Losses and Loss Adjustment Expenses | Net Losses and Loss Adjustment Expenses Net losses and loss adjustment expenses represent losses and related claim adjudication and processing costs on insurance contract claims, net of amounts ceded. Net losses include actual claims paid and the change in unpaid claim reserves.
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Commissions Payable and Expense | Commissions Payable and ExpenseCommissions are paid to distributors and retailers selling credit insurance policies, motor club memberships, mobile device protection, and warranty service contracts, and are generally deferred and expensed in proportion to the earning of related revenue. Credit insurance commission rates, in many instances, are set by state regulators and are also impacted by market conditions. In certain instances, credit insurance commissions are subject to retrospective adjustment based on the profitability of the related policies. Under these retrospective commission arrangements, the producer of the credit insurance policies receives a retrospective commission if the premium generated by that producer in the accounting period exceeds the costs associated with those policies, which includes the Company’s administrative fees, claims, reserves, and premium taxes. The Company analyzes the retrospective commission calculation periodically for each producer and, based on the analysis associated with each such producer, the Company records a liability for any positive net retrospective commission earned and due to the producer or, conversely, records a receivable, net of allowance, for amounts due from such producer for instances where the net result of the retrospective commission calculation is negative. Commissions payable are included in other liabilities and accrued expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements, Not Yet Adopted
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Segment Reporting | Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, The Fortegra Group, LLC (Fortegra), along with its subsidiaries, is a leading provider of specialty insurance underwriting, warranty and service contract products and related service solutions. Based on the ASC 280 quantitative analysis performed as of December 31, 2020, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable operating segments and other business activities, as Tiptree Capital. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses. Our reportable segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. For the year ended December 31, 2020, Mortgage has been broken out of Tiptree Capital as a reportable segment since it meets the quantitative threshold for disclosure. Prior year segments have been conformed to the current year presentation. Intercompany transactions are eliminated. Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment are as follows: Insurance operations are conducted through Fortegra, which includes Fortegra Financial Corporation and Fortegra Warranty. Fortegra underwrites and administers specialty insurance programs and products, and is a leading provider of credit and asset protection products and administration services. Fortegra’s programs are provided across a diverse range of products and services including credit protection insurance, warranty and service contract products, premium finance, and niche personal and commercial lines of insurance. On January 3, 2020, Fortegra Warranty acquired Smart AutoCare, a vehicle warranty solutions provider in the United States. On December 31, 2020, Fortegra acquired Sky Auto, a vehicle service contract marketer within the United States. See Note (3) Acquisitions. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage origination business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and GNMA. Other includes our asset management, mortgage operations of Luxury, shipping operations, and other investments (including our Invesque shares).
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Acquisitions (Tables) |
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table presents the determination of the acquisition date fair value amounts for the identifiable assets acquired, liabilities assumed, and goodwill recorded in connection with the Acquisition, in accordance with the acquisition method of accounting:
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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 the range of their estimated amortization period:
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Dispositions, Assets Held for Sale and Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Held for Sale | The following table presents detail of Luxury’s assets and liabilities held for sale in the consolidated balance sheets for the following periods:
(1) Includes deferred tax liabilities of $939 as of December 31, 2020. The following table presents detail of Care’s revenues and expenses of discontinued operations in the consolidated statements of operations for the following periods:
The following table presents a summary of cash flows related to discontinued operations included in the consolidated statements of cash flows for the following periods:
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Operating Segment Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Revenue, Expense, pre-tax Income (loss), and Segment Assets for Each Operating Segment | The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The Company conducts its operations primarily in the U.S. with less than 6% of total revenues generated overseas for the years ended December 31, 2020, 2019 and 2018. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
The following table presents the Company's investments related to insurance operations (Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
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Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments by Operating Segment and/or Reporting Unit | The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The Company conducts its operations primarily in the U.S. with less than 6% of total revenues generated overseas for the years ended December 31, 2020, 2019 and 2018. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
The following table presents the Company's investments related to insurance operations (Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
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Schedule of available-for-sale securities | The following tables present the Company's investments in AFS securities:
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Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of AFS 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.
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Schedule of available-for-sale securities, continuous unrealized loss position | The following tables present the gross unrealized losses on AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
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Rollfoward Activity in the Allowance for Credit Losses for AFS Securities | The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of December 31, 2020:
The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security. The table below presents the amount of credit losses (gains from recoveries) on AFS securities recorded by the Company for the following period:
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Restricted Investments | The following table presents the Company's restricted investments included in the Company's AFS securities:
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Available-for-sale Securities additional information | The following table presents additional information on the Company’s AFS securities:
The following table presents the gross realized gains and gross realized losses from sales and or redemptions of AFS securities:
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Loans, at fair value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in Loans Measured at Fair Value | The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of December 31, 2020 and December 31, 2019, there were $215 and $93 in balances classified as 90 days plus past due, respectively.
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Equity Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | The following table presents information on the cost and fair value of the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
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Net realized and unrealized gain (losses) | The following table presents the components of net realized and unrealized gains (losses) recorded on the consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (OCI), and as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment financial assets and liabilities are included below:
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Other Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings, Other than Securities | Other investments The following table contains information regarding the Company’s other investments as of the following periods:
(1) The cost basis of corporate bonds was $97,284 and $20,146 as of December 31, 2020 and December 31, 2019, respectively. (2) Net of accumulated depreciation of $8,372 and $3,817 as of December 31, 2020 and December 31, 2019, respectively.
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Investment Income and Net Realized and Unrealized Gains and Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income | The following table presents the components of net investment income by source of income:
Other Investment Income - Tiptree Capital Other investment income represents other revenue from other Tiptree non-insurance activities as disclosed within other revenue on the consolidated statements of operations, see Note (16) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:
(1) Primarily relates to Loans, at fair value classified as Held for Sale. See Note (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations
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Net realized and unrealized gain (losses) | The following table presents the components of net realized and unrealized gains (losses) recorded on the consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (OCI), and as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment financial assets and liabilities are included below:
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Notes and Accounts Receivable, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes and Accounts Receivable | The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of December 31, 2020 and December 31, 2019, there were $215 and $93 in balances classified as 90 days plus past due, respectively.
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Reinsurance Receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance | The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
(1) Including policyholder account balances ceded. (2) Includes amounts from the acquired balance sheet of Smart AutoCare. See Note (3) Acquisitions.
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Components of Reinsurance Receivable | The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
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Goodwill and Intangible Assets, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
(1) Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets.
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Schedule of Goodwill | Goodwill The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to impairment related charges:
(1) Other is primarily comprised of Mortgage. (2) Relates to acquisitions in respective years. See Note (3) Acquisitions. (3) Relates to adjustments during the measurement period as permitted under ASC 805 for the final valuation of acquisitions in our insurance business as of July 1, 2019 and January 3, 2020.
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Schedule of identifiable intangible assets | Intangible Assets, net The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to impairment-related charges:
(1) Relates to acquisitions in respective years. See Note (3) Acquisitions. (2) The addition to Other relates to a fishing license acquired by our shipping operations. (3) Relates to adjustments during the measurement period as permitted under ASC 805 for the final valuation of an acquisition in our insurance business as of July 1, 2019.
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Finite-lived Intangible Assets Amortization Expense | The following table presents the amortization expense on finite-lived intangible assets for the following periods:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:
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Derivative Financial Instruments and Hedging (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Notional and Fair Value of Derivatives | The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
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Debt, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs.
(1) Asset based debt is generally recourse only to specific assets and related cash flows. (2) The weighted average coupon rate for residential mortgage warehouse borrowings was 2.75% and 3.83% at December 31, 2020 and December 31, 2019, respectively.
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Schedule of Interest Expense Incurred on Debt | The following table 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 | The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
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Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, measured on a recurring basis:
(1) Included in other assets. (2) Included in other liabilities and accrued expenses.
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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 presents 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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Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities | The following table presents the range and weighted average (WA) used to develop significant unobservable inputs for the fair value measurements of Level 3 assets and liabilities.
(1) Unobservable inputs were weighted by the relative fair value of the instruments.
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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 and their respective levels within the fair value hierarchy:
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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | Roll forward of Claim Liability The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short duration contracts for the following periods:
(1) Primarily relates to Smart AutoCare which was acquired on January 3, 2020. See Note (3) Acquisitions for more information.
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Reconciliation of Short Duration Contracts to Total Losses Incurred | The following schedule reconciles the total short duration contracts per the table above to the amount of total losses incurred as presented in the consolidated statements of operations, excluding the amount for member benefit claims:
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Short-duration Insurance Contracts, Claims Development | Incurred and Paid Development The following table presents information about incurred and paid loss development and average claim duration as of December 31, 2020, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. The cumulative number of reported claims represents open claims, claims closed with payment, and claims closed without payment. It does not include an estimated count of unreported claims. The number of claims is measured by claim event. The Company considers a claim that does not result in a liability as a claim closed without payment.
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Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following table presents supplementary information about average historical claims duration as of December 31, 2020 for short duration contracts:
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Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The following table presents a reconciliation of net outstanding liabilities for unpaid loss and loss adjustment expenses of short-duration contracts to the consolidated balance sheets value of policy liabilities and unpaid claims:
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Revenue From Contracts with Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue from Contracts with Customers by Product Type | The following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
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Schedule of Activity in Deferred Assets and Liabilities Related to Revenue from Contracts with Customers | The following table presents the activity in the significant deferred assets and liabilities related to revenue from contracts with customers for the following period:
(1) Additions include $182,568 from the acquired balance sheet of Smart AutoCare. See Note (3) Acquisitions.
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Other Assets and Other Liabilities and Accrued Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Other Assets The following table presents the components of other assets as reported in the consolidated balance sheets:
(1) See Note (21) Commitments and Contingencies for additional information.
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Schedule of Depreciation Expense | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
Other Expenses The following table presents the components of other expenses as reported in the consolidated statement of operations:
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Other Liabilities and Accrued Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of 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:
(1) See Note (21) Commitments and Contingencies for additional information.
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Other Revenue, Other Expenses and Other Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Other Revenue | Other Revenue The following table presents the components of other revenue as reported in the consolidated statement of operations. Other revenue is primarily generated by Tiptree Capital’s non-insurance activities except as noted in the footnote to the table.
(1) See Note (6) Investments for the components of Other investment income. (2) Related to the impairment of Luxury for the year ended December 31, 2020, and the sale of Telos for the year ended December 31, 2019. See Note (4) Dispositions, Assets and Liabilities Held for Sale and Discontinued Operations. (3) Includes $7,025, $4,566 and $2,554 for the year ended December 31, 2020, 2019 and 2018, respectively, related to Insurance.
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Schedule of Components of Other Expenses | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
Other Expenses The following table presents the components of other expenses as reported in the consolidated statement of operations:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Repurchased | The following table presents the Company’s stock repurchase activity and remaining authorization.
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Dividends Declared | Dividends The Company declared cash dividends per share for the following periods presented below:
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Statutory Accounting Practices Disclosure | Statutory Capital, Surplus and Net Income The Company’s insurance company subsidiaries must maintain minimum amounts of statutory capital and surplus as required by regulatory authorities, including the NAIC; their capital and surplus levels exceeded respective minimum requirements as of December 31, 2020 and December 31, 2019.
Under the National Association of Insurance Commissioners Risk-Based Capital Act of 1995, a company's Risk-Based Capital (RBC) is calculated by applying certain risk factors to various asset, claim and reserve items. If a company's adjusted surplus falls below calculated RBC thresholds, regulatory intervention or oversight is required. The Company's U.S. domiciled insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC’s RBC instructions, exceeded all RBC thresholds as of December 31, 2020. The following table presents the statutory net income of the Company’s U.S. domiciled statutory insurance companies for the following periods:
The Company also has a foreign insurance subsidiary that is not subject to SAP. The statutory capital and surplus amounts and statutory net income presented above do not include the foreign insurance subsidiary in accordance with SAP. Statutory Dividends The Company’s U.S. domiciled insurance company subsidiaries may pay dividends to the Company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to the Company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminates all dividends from its subsidiaries in the consolidated financial statements. The following table presents the dividends paid to the Company by its U.S domiciled insurance company subsidiaries and the combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:
At December 31, 2020, the maximum amount of dividends that our U.S. domiciled regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $13,418. The Company may seek regulatory approval to pay dividends in excess of this permitted amount, but there can be no assurance that the Company would receive regulatory approval if sought.
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(1) Due to adoption of 2018-02 and 2016-13, respectively. See Note (2) Summary of Significant Accounting Policies.
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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) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes to Issuances under 2017 Equity Plan | The table below summarizes changes to the issuances under the Company’s 2017 Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock:
(1) Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock.
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Summary of Changes to Issuances of RSUs under the 2017 Equity Plan | The following table presents changes to the issuances of RSUs and stock awards under the 2017 Equity Plan for the periods indicated:
The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated:
(1) Includes 256,619, 307,148 and 147,467 shares that vest ratably over years and 212,638, 112,907 and 121,332 shares that cliff vest in February 2023, 2022 and 2021, respectively, for the years ended December 31, 2020, 2019 and 2018, respectively. The following table presents the Company's stock option activity for the current period:
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Summary of Changes to Issuances of Subsidiary RSU's under Subsidiary Incentive Plan | The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:
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Schedule of Assumptions Used to Estimate the Fair Values of the Stock Options Granted | The following table presents the assumptions used to estimate the fair values of the stock options granted for the following periods:
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Schedule of Stock-based Compensation Expense and Related Income Tax Benefit | Stock Based Compensation Expense The following table presents total stock based compensation expense and the related income tax benefit recognized on the consolidated statements of operations:
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Schedule of Additional Information on Total Non-vested Stock-based Compensation | Additional information on total non-vested stock based compensation is as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):
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Schedule of Effective Income Tax Rate Reconciliation | The U.S. federal rate is before the consideration of rate reconciling items. A reconciliation of the expected federal provision (benefit) for income taxes on income from continuing operations using the federal statutory income tax rate to the actual provision (benefit) for income taxes and resulting effective income tax rate is as follows for the periods indicated below:
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Schedule of Deferred Tax Assets and Liabilities | The table below presents the components of the Company’s net deferred tax assets and liabilities as of the respective balance sheet dates:
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Summary of Operating Loss Carryforwards | As of December 31, 2020, the Company had total U.S. Federal net operating loss carryforwards (NOLs) of $70,803 arising from continuing operations. The following table presents the U.S. Federal NOLs by tax year of expiration:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Disclosure [Table Text Block] | Below is a summary of our right of use asset and lease liability as of December 31, 2020:
(1) Discount rate was determined by applying available market rates to lease obligations based upon their term.
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2020, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:
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Schedule of rent expense for the Company’s office leases | The following table presents rent expense for the Company’s office leases recorded on the consolidated statements of operations for the following periods:
(1) Includes lease expense of $509 and $385 for the years ended December 31, 2020 and 2019, respectively, for assets held for sale.
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Summarized Quarterly Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Quarterly Information (Unaudited) |
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Schedule II- Condensed Financial Information of Registrant (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements |
(1) Eliminated in consolidation for the period ending December 31, 2018 only. (2) Eliminated in consolidation.
(1) Eliminated in consolidation.
(1) Eliminated in consolidation.
|
Organization - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 2 |
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Liability for Future Policy Benefit, Activity [Line Items] | |||
Amortizations | $ 265,781 | $ 287,834 | $ 246,330 |
Deferred Acquisition Costs, Write off of unrecoverable costs, Insurance Policy Related | 0 | 0 | 0 |
Deferred Acquisition Costs, Write off of unrecoverable costs, Non-insurance Policy Related | 0 | 0 | 0 |
Loss on Contracts | 0 | 0 | $ 0 |
Unearned Premiums - Deferred revenues, deficiency reserve | 0 | $ 0 | |
Vessel related revenue | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Asset impairment charges | $ 0 | ||
Minimum | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for policyholder contract deposits, interest rate | 3.00% | ||
Maximum | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for policyholder contract deposits, interest rate | 4.00% |
Summary of Significant Accounting Policies - Recent Accounting Standards (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 27,291 | $ 23,832 | |
Other Assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | 27,291 | $ 32,052 | |
Other Liabilities | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease liability | $ 32,914 | $ 29,491 | $ 33,558 |
Acquisitions - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2020 |
Jan. 03, 2020 |
Jul. 01, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 111,804 | |||||
Business Combination, Escrow Deposit | $ 8,250 | |||||
Business Combination, Escrow Deposit, Holding Period | 18 months | |||||
Business Combination, Consideration Transferred | $ 102,000 | |||||
Business Combination, Contingent Consideration, Possible Reserve Earn Out Receivable | 10,000 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 70,022 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 226 | |||||
Intangible assets, net | $ 138,215 | 93,700 | 138,215 | $ 47,974 | $ 52,121 | |
Goodwill | 179,236 | 179,236 | 99,147 | 91,562 | ||
Goodwill, Acquired During Period | 60,346 | 84,476 | 7,585 | |||
Finite-lived Intangible Assets Acquired | 100,040 | 3,750 | ||||
Gain on sale of discontinued operations | 0 | 0 | 56,860 | |||
Unrealized gains (losses) on interest rate swaps | 0 | 0 | 1,111 | |||
Acquisition, goodwill, expected tax deductible amount | $ 21,127 | |||||
Sky Services, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | 25,200 | |||||
Goodwill, Acquired During Period | 20,000 | |||||
Finite-lived Intangible Assets Acquired | 5,340 | |||||
Defend Insurance Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 4,600 | |||||
Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||
Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 13 years 6 months | |||||
Acquisition, goodwill, expected tax deductible, amortization period | 15 years | |||||
Tiptree Insurance | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets, net | 136,718 | 136,718 | 47,305 | 51,281 | ||
Goodwill | $ 177,528 | 177,528 | 97,439 | $ 89,854 | ||
Goodwill, Acquired During Period | 84,476 | 7,585 | ||||
Finite-lived Intangible Assets Acquired | $ 99,040 | $ 3,750 | ||||
Contingent Consideration, Possible Earnout Amount, Cash | ||||||
Business Acquisition [Line Items] | ||||||
Contingent consideration payable | $ 50,000 | |||||
Contingent Consideration, Possible Earnout Amount, Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Contingent consideration payable | $ 30,000 | |||||
Third Anniversary of Business Combination | Contingent Consideration, Possible Earnout Amount, Cash | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Measurement Anniversary | 3 years | |||||
Fourth Anniversary of Business Combination | Contingent Consideration, Possible Earnout Amount, Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Measurement Anniversary | 4 years | |||||
Fifth Anniversary of Business Combination | Contingent Consideration, Possible Earnout Amount, Cash | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Measurement Anniversary | 5 years | |||||
Fifth Anniversary of Business Combination | Contingent Consideration, Possible Earnout Amount, Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Measurement Anniversary | 5 years | |||||
Business Combination, Contingent Consideration, True-up Anniversary | 5 years |
Acquisitions - Schedule of Business Combination, Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Jan. 03, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Available for sale securities, at fair value, net of allowance for credit losses | $ 377,133 | $ 335,192 | ||
Total investments | 811,404 | 736,936 | ||
Cash and cash equivalents | 136,920 | 133,117 | $ 86,003 | |
Restricted cash | 58,355 | $ 764 | 11,473 | 10,521 |
Notes and accounts receivable, net | 370,452 | 286,968 | ||
Reinsurance receivables | 728,009 | 539,833 | ||
Deferred acquisition costs | 229,430 | 166,493 | ||
Goodwill | 179,236 | 99,147 | 91,562 | |
Intangible assets, net | 138,215 | 93,700 | 47,974 | 52,121 |
Other assets | 162,034 | 68,510 | ||
Total assets | 2,995,760 | 2,198,286 | ||
Policy liabilities and unpaid claims | 233,438 | 144,384 | $ 131,611 | |
Deferred revenue | 399,211 | 94,601 | ||
Reinsurance payable | 224,660 | 143,869 | ||
Other liabilities and accrued expenses | 362,865 | 172,140 | ||
Total liabilities | $ 2,622,222 | $ 1,786,871 | ||
Smart AutoCare | ||||
Business Acquisition [Line Items] | ||||
Available for sale securities, at fair value, net of allowance for credit losses | 110 | |||
Total investments | 110 | |||
Cash and cash equivalents | 120,934 | |||
Notes and accounts receivable, net | 6,214 | |||
Reinsurance receivables | 71,337 | |||
Goodwill | 60,346 | |||
Intangible assets, net | 93,700 | |||
Other assets | 34,053 | |||
Total assets | 327,112 | |||
Policy liabilities and unpaid claims | 55,151 | |||
Deferred revenue | 182,568 | |||
Reinsurance payable | 27,075 | |||
Other liabilities and accrued expenses | 10,860 | |||
Total liabilities | 275,654 | |||
Goodwill | 51,458 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 111,804 | |||
Acquisition costs | $ 3,539 |
Acquisitions - Schedule of Finite-lived Intangible Assets and Range of Estimated Amortization Periods (Details) - USD ($) $ in Thousands |
Jan. 03, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Value as of acquisition date | $ 143,300 | $ 53,500 | |
Software licensing | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Value as of acquisition date | 9,940 | 9,140 | |
Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Value as of acquisition date | $ 15,550 | $ 7,550 | |
Smart AutoCare | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 7 years 8 months 12 days | ||
Value as of acquisition date | $ 93,700 | ||
Smart AutoCare | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 7 years 2 months 12 days | ||
Value as of acquisition date | $ 86,000 | ||
Smart AutoCare | Software licensing | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 5 years | ||
Value as of acquisition date | $ 600 | ||
Smart AutoCare | Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 13 years 6 months | ||
Value as of acquisition date | $ 7,100 |
Dispositions, Assets Held for Sale and Discontinued Operations - Narrative (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Feb. 01, 2018
USD ($)
shares
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ 7,598 | $ 0 | ||
Gain on sale of discontinued operations | $ 0 | 0 | 56,860 | |
Unrealized gains (losses) on interest rate swaps | 0 | 0 | 1,111 | |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | ||
Debt, net | 366,246 | 374,454 | ||
Luxury Disposition | Warehouse Agreement Borrowings | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 214,000 | |||
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of discontinued operations | 0 | 0 | 56,860 | |
Discontinued Operations | Care Disposition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Other Comprehensive Income (Loss), before Tax | 54,860 | |||
Gain on sale of discontinued operations | 56,860 | |||
Gains (Losses) on Sales of Investment Real Estate | 1,845 | |||
Disposal Group, Including Discontinued Operation, Gain Contingency Receivable from Sale, Recorded Amount | 10,676 | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 150,741 | |||
Discontinued Operations | Care Disposition | Invesque Inc. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration, Shares Received | shares | 16,600,000 | |||
Noncash or Part Noncash Acquisition, Interest Acquired | 34.00% | |||
Discontinued Operations | Care Disposition | Interest Rate Swap | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Unrealized gains (losses) on interest rate swaps | $ 3,845 | |||
Held for sale | Luxury Disposition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 4,428 | |||
Debt, net | $ 162,072 | $ 97,822 |
Dispositions, Assets Held for Sale and Discontinued Operations - Assets and Liabilities Held for Sale and Discontinued Operations-Revenue and Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jan. 03, 2020 |
|
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||
Loans, at fair value | $ 90,732 | $ 108,894 | ||
Other investments | 219,701 | 137,472 | ||
Total investments | 811,404 | 736,936 | ||
Cash and cash equivalents | 4,879 | 7,137 | $ 2,860 | |
Restricted cash | 58,355 | 11,473 | 10,521 | $ 764 |
Other assets | 162,034 | 68,510 | ||
Assets held for sale | 181,705 | 107,835 | ||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||||
Debt, net | 366,246 | 374,454 | ||
Liabilities held for sale | 175,112 | 102,430 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Other revenue | 51,910 | 59,888 | 38,062 | |
Employee compensation and benefits | 172,737 | 129,479 | 113,557 | |
Income (loss) before taxes from discontinued operations | 0 | 0 | 624 | |
Gain on sale of discontinued operations | 0 | 0 | 56,860 | |
Net income (loss) from discontinued operations | 0 | 0 | 43,770 | |
Held for sale | Luxury Disposition | ||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||
Loans, at fair value | 164,802 | 98,272 | ||
Other investments | 4,345 | 1,019 | ||
Total investments | 169,147 | 99,291 | ||
Cash and cash equivalents | 4,870 | 7,137 | ||
Restricted cash | 9 | 0 | ||
Notes and accounts receivable, net | 1,760 | 238 | ||
Other assets | 5,919 | 1,169 | ||
Assets held for sale | 181,705 | 107,835 | ||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||||
Debt, net | 162,072 | 97,822 | ||
Other liabilities and accrued expenses | 13,040 | 4,608 | ||
Liabilities held for sale | 175,112 | 102,430 | ||
Deferred tax liabilities | 939 | |||
Discontinued Operations | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Rental and related revenue | 0 | 0 | 6,476 | |
Other revenue | 0 | 0 | 149 | |
Total revenues | 0 | 0 | 6,625 | |
Employee compensation and benefits | 0 | 0 | 2,788 | |
Interest expense | 0 | 0 | 1,252 | |
Other expenses | 0 | 0 | 1,961 | |
Total expenses | 0 | 0 | 6,001 | |
Income (loss) before taxes from discontinued operations | 0 | 0 | 624 | |
Gain on sale of discontinued operations | 0 | 0 | 56,860 | |
Less: provision (benefit) for income taxes | 0 | 0 | 13,714 | |
Net income (loss) from discontinued operations | $ 0 | $ 0 | $ 43,770 |
Dispositions, Assets Held for Sale and Discontinued Operations - Cash Flow Statement (Details) - Discontinued Operations - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating activities | $ 0 | $ 0 | $ (2,095) |
Investing activities | 0 | 0 | (592) |
Financing activities | 0 | 0 | (123) |
Net cash flows provided by discontinued operations | $ 0 | $ 0 | $ (2,810) |
Operating Segment Data - Schedule of Segment Results (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||
Number of reportable segments | 2 | ||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||
Total revenues | $ 257,395 | $ 224,041 | $ 199,194 | $ 129,671 | $ 208,568 | $ 189,185 | $ 191,072 | $ 183,903 | $ 810,301 | $ 772,728 | $ 625,826 |
Total expenses | (813,493) | (709,348) | (615,378) | ||||||||
Corporate expenses | (35,660) | (34,241) | (30,244) | ||||||||
Income (loss) before taxes | 24,568 | 13,897 | 4,434 | (81,751) | 9,877 | (1,598) | 15,705 | 5,155 | (38,852) | 29,139 | (19,796) |
Less: provision (benefit) for income taxes | 8,403 | (844) | (5) | (21,181) | 5,311 | (649) | 3,501 | 854 | (13,627) | 9,017 | (5,909) |
Net income (loss) | 16,165 | 14,741 | 4,439 | (60,570) | 4,566 | (949) | 12,204 | 4,301 | (25,225) | 20,122 | 29,883 |
Less: net (loss) income attributable to non-controlling interests | 1,895 | 1,978 | 623 | (563) | 419 | 508 | 458 | 376 | 1,761 | 5,950 | |
Net income (loss) attributable to common stockholders | $ 14,270 | $ 12,763 | $ 3,816 | $ (60,007) | $ 4,147 | $ (1,457) | $ 11,746 | $ 3,925 | (29,158) | 18,361 | 23,933 |
Net realized and unrealized gains (losses) | 62,410 | 83,868 | 28,782 | ||||||||
Other investment income | 51,910 | 59,888 | 38,062 | ||||||||
Gain (Loss) on Disposition of Business | (4,428) | 7,598 | 56,860 | ||||||||
Management Fee Income | 163,557 | 89,004 | 76,806 | ||||||||
Other | $ 7,591 | $ 5,038 | $ 5,827 | ||||||||
Revenues, Non-United States Sources | 6.00% | 6.00% | 6.00% | ||||||||
Tiptree Insurance | |||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||
Total revenues | $ 691,061 | $ 635,085 | $ 544,586 | ||||||||
Total expenses | (664,113) | (598,055) | (530,414) | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Income (loss) before taxes | 26,948 | 37,030 | 14,172 | ||||||||
Other | 7,025 | 4,566 | 2,554 | ||||||||
Tiptree Capital | |||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||
Total revenues | 112,165 | 66,121 | 51,624 | ||||||||
Total expenses | (81,063) | (63,162) | (51,289) | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Income (loss) before taxes | 31,102 | 2,959 | 335 | ||||||||
Other investment income | 48,747 | 45,985 | 25,541 | ||||||||
Tiptree Capital - other | |||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||
Total revenues | 7,075 | 71,522 | 29,616 | ||||||||
Total expenses | (68,317) | (48,131) | (33,675) | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Income (loss) before taxes | $ (61,242) | $ 23,391 | $ (4,059) |
Operating Segment Data - Schedule of Segment Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,995,760 | $ 2,198,286 |
Tiptree Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,452,798 | 1,730,636 |
Tiptree Capital | ||
Segment Reporting Information [Line Items] | ||
Total assets | 217,138 | 154,589 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 23,756 | 16,052 |
Tiptree Capital - other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 302,068 | $ 297,009 |
Investments - Schedule of Investments by Segment (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 377,133 | $ 335,192 |
Loans, at fair value | 90,732 | 108,894 |
Equity securities | 123,838 | 155,378 |
Other investments | 219,701 | 137,472 |
Total investments | 811,404 | 736,936 |
Tiptree Insurance | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 377,133 | 335,192 |
Loans, at fair value | 7,795 | 10,174 |
Equity securities | 98,130 | 62,816 |
Other investments | 125,833 | 42,452 |
Total investments | 608,891 | 450,634 |
Tiptree Capital | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Loans, at fair value | 82,937 | 98,720 |
Equity securities | 0 | 0 |
Other investments | 9,439 | 7,490 |
Total investments | 92,376 | 106,210 |
Tiptree Capital - other | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Loans, at fair value | 0 | 0 |
Equity securities | 25,708 | 92,562 |
Other investments | 84,429 | 87,530 |
Total investments | $ 110,137 | $ 180,092 |
Investments - Schedule of Available-for-sale Securities, at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 369,751 | $ 332,988 |
Allowance for Credit Losses | 0 | 53 |
Gross unrealized gains | 9,541 | 4,070 |
Gross unrealized losses | (2,159) | (1,866) |
Fair value | 377,133 | 335,192 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 191,116 | 189,596 |
Allowance for Credit Losses | 0 | |
Gross unrealized gains | 5,245 | 2,138 |
Gross unrealized losses | (58) | (144) |
Fair value | 196,303 | 191,590 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 42,583 | 45,249 |
Allowance for Credit Losses | 0 | 1 |
Gross unrealized gains | 1,768 | 1,104 |
Gross unrealized losses | (1) | (15) |
Fair value | 44,350 | 46,338 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 92,761 | 50,514 |
Allowance for Credit Losses | 0 | 50 |
Gross unrealized gains | 2,181 | 719 |
Gross unrealized losses | (1) | (2) |
Fair value | 94,941 | 51,231 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 37,975 | 45,634 |
Allowance for Credit Losses | 0 | 2 |
Gross unrealized gains | 316 | 89 |
Gross unrealized losses | (2,099) | (1,705) |
Fair value | 36,192 | 44,018 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,355 | 896 |
Allowance for Credit Losses | 0 | |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 1,355 | 896 |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,961 | 1,099 |
Allowance for Credit Losses | 0 | |
Gross unrealized gains | 31 | 20 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 3,992 | $ 1,119 |
Investments - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 30,306 | $ 9,584 |
Due after one year through five years | 149,378 | 130,223 |
Due after five years through ten years | 26,621 | 19,508 |
Due after ten years | 125,471 | 128,039 |
Asset-backed securities | 37,975 | 45,634 |
Amortized Cost | 369,751 | 332,988 |
Fair Value | ||
Due in one year or less | 30,602 | 9,602 |
Due after one year through five years | 153,406 | 131,952 |
Due after five years through ten years | 27,479 | 20,125 |
Due after ten years | 129,454 | 129,495 |
Asset-backed securities | 36,192 | 44,018 |
Fair Value | $ 377,133 | $ 335,192 |
Investments - Schedule of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 16,603 | $ 41,888 |
Less than or equal to One Year, Gross unrealized losses | $ 60 | $ 160 |
Less than or Equal to One Year, Number of Securities | 49 | 124 |
More Than One Year, Fair value | $ 18,929 | $ 24,110 |
More than One Year, Gross unrealized loss | $ 2,099 | $ 1,706 |
More than One Year, Number of securities | 11 | 56 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 15,323 | $ 31,416 |
Less than or equal to One Year, Gross unrealized losses | $ 58 | $ 132 |
Less than or Equal to One Year, Number of Securities | 41 | 75 |
More Than One Year, Fair value | $ 2 | $ 3,888 |
More than One Year, Gross unrealized loss | $ 0 | $ 12 |
More than One Year, Number of securities | 2 | 38 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 379 | $ 3,774 |
Less than or equal to One Year, Gross unrealized losses | $ 1 | $ 15 |
Less than or Equal to One Year, Number of Securities | 5 | 20 |
More Than One Year, Fair value | $ 0 | $ 0 |
More than One Year, Gross unrealized loss | $ 0 | $ 0 |
More than One Year, Number of securities | 0 | 0 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 901 | $ 2,820 |
Less than or equal to One Year, Gross unrealized losses | $ 1 | $ 2 |
Less than or Equal to One Year, Number of Securities | 3 | 12 |
More Than One Year, Fair value | $ 0 | $ 742 |
More than One Year, Gross unrealized loss | $ 0 | $ 0 |
More than One Year, Number of securities | 0 | 7 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 0 | $ 3,878 |
Less than or equal to One Year, Gross unrealized losses | $ 0 | $ 11 |
Less than or Equal to One Year, Number of Securities | 0 | 17 |
More Than One Year, Fair value | $ 18,927 | $ 19,480 |
More than One Year, Gross unrealized loss | $ 2,099 | $ 1,694 |
More than One Year, Number of securities | 9 | 11 |
Investments -Schedule of the Allowance for Credit Losses (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Increase in the allowance for the initial adoption of ASU 2016-13 | $ 53 |
Reduction in credit losses due to AFS securities sold during the year | 3 |
Recoveries of amounts previously written off during the year | 50 |
Ending balance of the allowance for credit losses on AFS securities | 0 |
Credit losses (gains from recoveries) on AFS securities | 53 |
Obligations of state and political subdivisions | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Increase in the allowance for the initial adoption of ASU 2016-13 | 1 |
Reduction in credit losses due to AFS securities sold during the year | 0 |
Recoveries of amounts previously written off during the year | 1 |
Ending balance of the allowance for credit losses on AFS securities | 0 |
Corporate securities | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Increase in the allowance for the initial adoption of ASU 2016-13 | 50 |
Reduction in credit losses due to AFS securities sold during the year | 3 |
Recoveries of amounts previously written off during the year | 47 |
Ending balance of the allowance for credit losses on AFS securities | 0 |
Asset backed securities | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Increase in the allowance for the initial adoption of ASU 2016-13 | 2 |
Reduction in credit losses due to AFS securities sold during the year | 0 |
Recoveries of amounts previously written off during the year | 2 |
Ending balance of the allowance for credit losses on AFS securities | $ 0 |
Investments - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments for special deposits required by state insurance departments | $ 9,447 | $ 6,275 |
Fair value of restricted investments in trust pursuant to reinsurance agreements | 44,349 | 33,478 |
Total fair value of restricted investments | $ 53,796 | $ 39,753 |
Investments - Schedule of Available for Sale Investment Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Purchases of AFS securities | $ 158,357 | $ 253,415 | $ 192,288 |
Proceeds from maturities, calls and prepayments of AFS securities | 84,923 | 36,459 | 30,089 |
Gross proceeds from sales of AFS securities | 35,603 | 170,495 | 56,191 |
Gains (losses) realized on sales of AFS securities | 528 | 1,312 | (789) |
Gains (losses) realized on maturities, calls and prepayments of AFS securities | 0 | 0 | (30) |
Debt Securities, Available-for-sale, Realized Gain | 594 | 1,558 | 50 |
Debt Securities, Available-for-sale, Realized Loss | $ (66) | $ (246) | $ (839) |
Loans, at fair value - Schedule of the Company's Investment in Loans Measured at Fair Value (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 90,732 | $ 108,894 |
Unpaid principal balance (UPB) | 90,871 | 108,095 |
Fair value exceeds / (below) UPB | (139) | 799 |
Loans Pledged as Collateral | $ 81,630 | 98,086 |
Non-performing loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Cost Basis of NPLs | $ 282 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Mortgage Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Financing Receivable, Number of Loans Past Due | 2 | 1 |
Financing Receivable, Past Due | $ 534 | $ 198 |
Tiptree Insurance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 7,795 | 10,174 |
Tiptree Insurance | Corporate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 7,795 | 9,787 |
Unpaid principal balance (UPB) | 12,281 | 12,006 |
Fair value exceeds / (below) UPB | (4,486) | (2,219) |
Loans Pledged as Collateral | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Cost Basis of NPLs | 11,282 | 11,969 |
Tiptree Insurance | Non-performing loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 0 | 387 |
Unpaid principal balance (UPB) | 0 | 409 |
Fair value exceeds / (below) UPB | 0 | (22) |
Loans Pledged as Collateral | 0 | 0 |
Tiptree Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 82,937 | 98,720 |
Tiptree Capital | Mortgage Loans Held for Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans held for sale (3) | 82,937 | 98,720 |
Unpaid principal balance (UPB) | 78,590 | 95,680 |
Fair value exceeds / (below) UPB | 4,347 | 3,040 |
Loans Pledged as Collateral | $ 81,630 | $ 98,086 |
Equity Securities (Details) - USD ($) $ in Thousands, shares in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 123,838 | $ 155,378 |
Equity Securities, FV-NI, Cost | 235,337 | 195,021 |
Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 98,130 | 62,816 |
Equity Securities, FV-NI, Cost | 123,846 | 84,333 |
Tiptree Capital | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 0 | 0 |
Tiptree Capital - other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 25,708 | 92,562 |
Equity Securities, FV-NI, Cost | $ 111,491 | $ 110,688 |
Invesque Inc. | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, shares held | 17.0 | 16.6 |
Equity securities | $ 31,078 | $ 111,938 |
Equity Securities, FV-NI, Cost | 134,830 | 133,876 |
Invesque Inc. | Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 5,370 | 19,376 |
Equity Securities, FV-NI, Cost | 23,339 | 23,188 |
Invesque Inc. | Tiptree Capital - other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 25,708 | 92,562 |
Equity Securities, FV-NI, Cost | 111,491 | 110,688 |
Other equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 28,885 | 18,401 |
Equity Securities, FV-NI, Cost | 38,069 | 35,889 |
Other equity securities | Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 28,885 | 18,401 |
Equity Securities, FV-NI, Cost | 38,069 | 35,889 |
Other equity securities | Tiptree Capital - other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 0 | 0 |
Equity Securities, FV-NI, Cost | 0 | 0 |
Exchange Traded Funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 63,875 | 25,039 |
Equity Securities, FV-NI, Cost | 62,438 | 25,256 |
Exchange Traded Funds | Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 63,875 | 25,039 |
Equity Securities, FV-NI, Cost | 62,438 | 25,256 |
Exchange Traded Funds | Tiptree Capital - other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 0 | 0 |
Equity Securities, FV-NI, Cost | $ 0 | $ 0 |
Other Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 219,701 | $ 137,472 |
Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 125,833 | 42,452 |
Tiptree Capital | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 9,439 | 7,490 |
Tiptree Capital - other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 84,429 | 87,530 |
Vessels | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 83,028 | 85,991 |
Vessels | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Accumulated Depreciation, Vessels | 8,372 | 3,817 |
Vessels | Tiptree Capital | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Vessels | Tiptree Capital - other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 83,028 | 85,991 |
Corporate bonds, at fair value | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 105,777 | 20,705 |
Corporate bonds, at fair value | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 105,777 | 20,705 |
Investment Owned, at Cost | 97,284 | 20,146 |
Corporate bonds, at fair value | Tiptree Capital | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 0 | 0 |
Corporate bonds, at fair value | Tiptree Capital - other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 0 | 0 |
Other Investments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 13,193 | 15,353 |
Other Investments | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 2,353 | 6,324 |
Other Investments | Tiptree Capital | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 9,439 | 7,490 |
Other Investments | Tiptree Capital - other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other, at Fair Value | 1,401 | 1,539 |
Debentures | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 17,703 | 15,423 |
Debentures | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 17,703 | 15,423 |
Debentures | Tiptree Capital | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Debentures | Tiptree Capital - other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 0 | $ 0 |
Investment Income and Net Realized and Unrealized Gains and Losses - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Net investment income | $ 9,916 | $ 14,017 | $ 19,179 |
Other revenue | 51,910 | 59,888 | 38,062 |
Revenue from contracts with customers | 163,557 | 89,004 | 76,806 |
Tiptree Insurance | |||
Total investment income | 14,221 | 15,719 | 20,908 |
Less: investment expenses | 4,305 | 1,702 | 1,729 |
Net investment income | 9,916 | 14,017 | 19,179 |
Tiptree Insurance | Available for sale securities, at fair value | |||
Investment income, gross | 7,685 | 8,404 | 6,560 |
Tiptree Insurance | Loans, at fair value | |||
Investment income, gross | 801 | 3,284 | 10,809 |
Tiptree Insurance | Other Investments | |||
Investment income, gross | 4,245 | 1,218 | 1,350 |
Tiptree Insurance | Equity securities | |||
Investment income, gross | 1,482 | 2,813 | 2,092 |
Tiptree Insurance | Real Estate Investment | |||
Investment income, gross | 8 | 0 | 97 |
Tiptree Capital | |||
Other revenue | 48,747 | 45,985 | 25,541 |
Tiptree Capital | Loans, at fair value | |||
Other revenue | 5,617 | 6,206 | 4,343 |
Tiptree Capital | Other Investments | |||
Other revenue | 0 | 269 | 175 |
Tiptree Capital | Equity securities | |||
Other revenue | 2,533 | 10,132 | 9,224 |
Loan fee income | Tiptree Capital | Loans, at fair value | |||
Other revenue | $ 17,900 | $ 12,631 | $ 7,827 |
Investment Income and Net Realized and Unrealized Gains and Losses - Schedule of Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | $ 122,024 | $ 80,437 | $ 64,663 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 53 | 0 | 0 |
Net unrealized gains (losses) | (59,614) | 3,431 | (35,881) |
Net realized and unrealized gains (losses) | 62,410 | 83,868 | 28,782 |
Available for sale securities, at fair value | Tiptree Insurance | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 528 | 1,312 | (819) |
Corporate Loans | Tiptree Insurance | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | (945) | 2,100 | 2,071 |
Net unrealized gains (losses) | (1,461) | (3,899) | (4,730) |
Corporate Loans | Tiptree Capital | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 101,411 | 52,617 | 44,509 |
Net unrealized gains (losses) | 1,270 | 840 | 134 |
Corporate Loans | Tiptree Capital - other | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 35,753 | 23,403 | 16,638 |
Net unrealized gains (losses) | 2,185 | 983 | 60 |
Equity securities | Tiptree Insurance | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | (24,586) | 947 | 2,721 |
Net unrealized gains (losses) | (22,793) | 7,621 | (9,815) |
Equity securities | Tiptree Capital - other | |||
Segment Reporting Information [Line Items] | |||
Net unrealized gains (losses) | (67,656) | (992) | (17,134) |
Other Investments | Tiptree Insurance | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 2,511 | 279 | 0 |
Net unrealized gains (losses) | 10,162 | (697) | (428) |
Other Investments | Tiptree Capital | |||
Segment Reporting Information [Line Items] | |||
Net unrealized gains (losses) | (6,093) | 357 | (2,246) |
Other Investments | Tiptree Capital - other | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 0 | (260) | (2,084) |
Net unrealized gains (losses) | 7,482 | 25 | 569 |
Other Corporate Bonds | Tiptree Insurance | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 7,299 | 39 | 1,627 |
Equity securities | Equity securities | Tiptree Insurance | |||
Segment Reporting Information [Line Items] | |||
Net unrealized gains (losses) | $ 17,290 | $ (807) | $ (2,291) |
Notes and Accounts Receivable, net -Schedule of Notes and Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net - premium financing program (1) | $ 62,075 | $ 42,192 | |
Accounts and premiums receivable, net | 95,269 | 50,712 | |
Retrospective commissions receivable | 131,760 | 105,387 | |
Trust receivables | 54,393 | 63,925 | |
Other Receivables | 26,955 | 24,752 | |
Total | 370,452 | 286,968 | |
Financing Receivable, Allowance for Credit Loss | 101 | 95 | |
Financing Receivable, Credit Loss, Expense (Reversal) | 223 | 175 | $ 195 |
Accounts Receivable, Allowance for Credit Loss | 169 | 109 | |
Bad debt expense | 28 | 36 | $ 39 |
Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 215 | $ 93 |
Reinsurance Receivables - Schedule of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Premiums Written, Net [Abstract] | |||
Direct amount | $ 1,012,784 | $ 918,089 | $ 812,602 |
Ceded to other companies | 627,812 | 478,095 | 401,231 |
Assumed from other companies | 158,578 | 97,139 | 55,449 |
Net amount | $ 543,550 | $ 537,133 | $ 466,820 |
Percentage of amount - assumed to net | 29.20% | 18.10% | 11.90% |
Premiums Earned, Net [Abstract] | |||
Direct amount | $ 878,130 | $ 789,316 | $ 735,620 |
Ceded to other companies | (521,028) | (360,769) | (344,216) |
Assumed from other companies | 120,889 | 70,561 | 36,433 |
Net amount | $ 477,991 | $ 499,108 | $ 427,837 |
Percentage of amount - assumed to net | 25.30% | 14.10% | 8.50% |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Net | $ 2,167,955 | $ 2,292,047 | $ 2,184,130 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Assumed | 0 | 0 | 0 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Ceded | 2,985,196 | 2,884,009 | 2,662,173 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Gross | 5,153,151 | 5,176,056 | 4,846,303 |
Life Insurance | |||
Premiums Written, Net [Abstract] | |||
Direct amount | 69,704 | 75,060 | 69,516 |
Ceded to other companies | 39,761 | 40,555 | 38,239 |
Assumed from other companies | 1,550 | 1,692 | 1,874 |
Net amount | $ 31,493 | $ 36,197 | $ 33,151 |
Percentage of amount - assumed to net | 4.90% | 4.70% | 5.70% |
Premiums Earned, Net [Abstract] | |||
Direct amount | $ 68,637 | $ 68,282 | $ 64,346 |
Ceded to other companies | (37,194) | (35,929) | (32,865) |
Assumed from other companies | 1,437 | 1,607 | 1,766 |
Net amount | $ 32,880 | $ 33,960 | $ 33,247 |
Percentage of amount - assumed to net | 4.40% | 4.70% | 5.30% |
Accident and Health Insurance | |||
Premiums Written, Net [Abstract] | |||
Direct amount | $ 117,235 | $ 133,514 | $ 126,951 |
Ceded to other companies | 78,233 | 87,447 | 85,136 |
Assumed from other companies | 12,696 | 3,201 | 3,229 |
Net amount | $ 51,698 | $ 49,268 | $ 45,044 |
Percentage of amount - assumed to net | 24.60% | 6.50% | 7.20% |
Premiums Earned, Net [Abstract] | |||
Direct amount | $ 118,183 | $ 123,182 | $ 118,482 |
Ceded to other companies | (78,365) | (82,660) | (80,258) |
Assumed from other companies | 11,599 | 3,165 | 3,262 |
Net amount | $ 51,417 | $ 43,687 | $ 41,486 |
Percentage of amount - assumed to net | 22.60% | 7.20% | 7.90% |
Property and Liability Insurance | |||
Premiums Written, Net [Abstract] | |||
Direct amount | $ 825,845 | $ 709,515 | $ 616,135 |
Ceded to other companies | 509,818 | 350,093 | 277,856 |
Assumed from other companies | 144,332 | 92,246 | 50,346 |
Net amount | $ 460,359 | $ 451,668 | $ 388,625 |
Percentage of amount - assumed to net | 31.40% | 20.40% | 13.00% |
Premiums Earned, Net [Abstract] | |||
Direct amount | $ 691,310 | $ 597,852 | $ 552,792 |
Ceded to other companies | (405,469) | (242,180) | (231,093) |
Assumed from other companies | 107,853 | 65,789 | 31,405 |
Net amount | $ 393,694 | $ 421,461 | $ 353,104 |
Percentage of amount - assumed to net | 27.40% | 15.60% | 8.90% |
Reinsurance Receivables - Schedule of Losses and LAE Incurred (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 347,528 | $ 282,338 | $ 282,986 |
Ceded to other companies | (225,122) | (184,919) | (177,887) |
Assumed from other companies | 55,842 | 53,590 | 29,753 |
Net | 178,248 | 151,009 | 134,852 |
Member benefit claims (1) | 58,650 | 19,672 | 17,243 |
Total policy and contract benefits | $ 236,898 | $ 170,681 | $ 152,095 |
Losses Incurred, Percentage Assumed to Net | 31.30% | 35.50% | 22.10% |
Life Insurance | |||
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 46,268 | $ 38,306 | $ 36,488 |
Ceded to other companies | (27,292) | (22,607) | (21,037) |
Assumed from other companies | 645 | 443 | 886 |
Net | $ 19,621 | $ 16,142 | $ 16,337 |
Losses Incurred, Percentage Assumed to Net | 3.30% | 2.70% | 5.40% |
Accident and Health Insurance | |||
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 18,354 | $ 18,832 | $ 18,986 |
Ceded to other companies | (15,715) | (15,022) | (15,666) |
Assumed from other companies | 7,032 | 362 | 686 |
Net | $ 9,671 | $ 4,172 | $ 4,006 |
Losses Incurred, Percentage Assumed to Net | 72.70% | 8.70% | 17.10% |
Property and Liability Insurance | |||
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 282,906 | $ 225,200 | $ 227,512 |
Ceded to other companies | (182,115) | (147,290) | (141,184) |
Assumed from other companies | 48,165 | 52,785 | 28,181 |
Net | $ 148,956 | $ 130,695 | $ 114,509 |
Losses Incurred, Percentage Assumed to Net | 32.30% | 40.40% | 24.60% |
Reinsurance Receivables - Schedule of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Jan. 03, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Effects of Reinsurance [Line Items] | |||
Reinsurance receivables | $ 728,009 | $ 539,833 | |
Prepaid reinsurance premiums: | 560,195 | 425,479 | |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 113,343 | ||
Life (1) | |||
Effects of Reinsurance [Line Items] | |||
Prepaid reinsurance premiums: | 70,066 | 72,675 | |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 4,133 | 3,350 | |
Accident and health (1) | |||
Effects of Reinsurance [Line Items] | |||
Prepaid reinsurance premiums: | 66,261 | 66,393 | |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 11,118 | 11,065 | |
Property (2) | |||
Effects of Reinsurance [Line Items] | |||
Prepaid reinsurance premiums: | 423,868 | 286,411 | |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 98,092 | 74,384 | |
Total ceded claim reserves recoverable | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 113,343 | 88,799 | |
Other reinsurance settlements recoverable | |||
Effects of Reinsurance [Line Items] | |||
Other reinsurance settlements recoverable | $ 54,471 | $ 25,555 | |
Smart AutoCare | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance receivables | $ 71,337 |
Reinsurance Receivables - Schedule of Reinsurance Receivables - Aggregrate of Three Largest Reinsurers (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 728,009 | $ 539,833 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 164,857 |
Goodwill and Intangible Assets, net - Schedule of Identifiable Finite and Indefinite-Lived Intangible Assets, Accumulated Amortization and Goodwill by Segment (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Jan. 03, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Schedule of Intangible Assets, Net [Line Items] | ||||
Intangible assets, net | $ 138,215 | $ 93,700 | $ 47,974 | $ 52,121 |
Goodwill | 179,236 | 99,147 | 91,562 | |
Total | 317,451 | 147,121 | ||
Insurance licensing agreements(1) | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Insurance licensing agreements(1) | 13,761 | 14,261 | ||
Customer relationships | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 143,300 | 53,500 | ||
Accumulated amortization | (32,263) | (24,318) | ||
Trade names | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 15,550 | 7,550 | ||
Accumulated amortization | (4,822) | (3,633) | ||
Software licensing | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 9,940 | 9,140 | ||
Accumulated amortization | (9,153) | (8,911) | ||
Insurance policies and contracts acquired | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | ||
Accumulated amortization | (36,238) | (36,115) | ||
Other Intangible Assets | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 1,640 | 0 | ||
Tiptree Insurance | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Intangible assets, net | 136,718 | 47,305 | 51,281 | |
Goodwill | 177,528 | 97,439 | 89,854 | |
Total | 314,246 | 144,744 | ||
Tiptree Insurance | Insurance licensing agreements(1) | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Insurance licensing agreements(1) | 13,761 | 14,261 | ||
Tiptree Insurance | Customer relationships | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 143,300 | 53,500 | ||
Accumulated amortization | (32,263) | (24,318) | ||
Tiptree Insurance | Trade names | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 14,750 | 6,750 | ||
Accumulated amortization | (4,382) | (3,273) | ||
Tiptree Insurance | Software licensing | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 9,300 | 8,500 | ||
Accumulated amortization | (8,650) | (8,500) | ||
Tiptree Insurance | Insurance policies and contracts acquired | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | ||
Accumulated amortization | (36,238) | (36,115) | ||
Tiptree Insurance | Other Intangible Assets | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 640 | 0 | ||
Other Segments | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Intangible assets, net | 1,497 | 669 | 840 | |
Goodwill | 1,708 | 1,708 | $ 1,708 | |
Total | 3,205 | 2,377 | ||
Other Segments | Insurance licensing agreements(1) | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Insurance licensing agreements(1) | 0 | 0 | ||
Other Segments | Customer relationships | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | ||
Accumulated amortization | 0 | 0 | ||
Other Segments | Trade names | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 800 | 800 | ||
Accumulated amortization | (440) | (360) | ||
Other Segments | Software licensing | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 640 | 640 | ||
Accumulated amortization | (503) | (411) | ||
Other Segments | Insurance policies and contracts acquired | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | ||
Accumulated amortization | 0 | 0 | ||
Other Segments | Other Intangible Assets | ||||
Schedule of Intangible Assets, Net [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 1,000 | $ 0 |
Goodwill and Intangible Assets, net - Schedule of Goodwill Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jan. 03, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Goodwill [Roll Forward] | ||||
Balance, beginning of period | $ 99,147 | $ 91,562 | ||
Goodwill, Acquired During Period | $ 60,346 | 84,476 | 7,585 | |
Balance, end of period | 179,236 | 99,147 | $ 91,562 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 699 | |||
Goodwill, Impaired [Abstract] | ||||
Impairment of goodwill | 0 | 0 | 0 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | 0 | |
Goodwill, Purchase Accounting Adjustments | (4,387) | |||
Other Segments | ||||
Goodwill [Roll Forward] | ||||
Balance, beginning of period | 1,708 | 1,708 | ||
Goodwill, Acquired During Period | 0 | 0 | ||
Balance, end of period | 1,708 | 1,708 | 1,708 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 699 | |||
Goodwill, Impaired [Abstract] | ||||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Tiptree Insurance | ||||
Goodwill [Roll Forward] | ||||
Balance, beginning of period | 97,439 | 89,854 | ||
Goodwill, Acquired During Period | 84,476 | 7,585 | ||
Balance, end of period | 177,528 | $ 97,439 | $ 89,854 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 0 | |||
Goodwill, Impaired [Abstract] | ||||
Goodwill, Purchase Accounting Adjustments | $ (4,387) |
Goodwill and Intangible Assets, net - Schedule of Intangible Assets, Net Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, Beginning of Period | $ 47,974 | $ 52,121 | |
Finite-lived Intangible Assets Acquired | 100,040 | 3,750 | |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (300) | ||
Less: amortization expense | (9,499) | (7,897) | $ (9,729) |
Balance, End of Period | 138,215 | 47,974 | 52,121 |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | |||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | 0 |
Tiptree Insurance | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, Beginning of Period | 47,305 | 51,281 | |
Finite-lived Intangible Assets Acquired | 99,040 | 3,750 | |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (300) | ||
Less: amortization expense | (9,327) | (7,726) | |
Balance, End of Period | 136,718 | 47,305 | 51,281 |
Other Segments | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, Beginning of Period | 669 | 840 | |
Finite-lived Intangible Assets Acquired | 1,000 | 0 | |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 | ||
Less: amortization expense | (172) | (171) | |
Balance, End of Period | $ 1,497 | $ 669 | $ 840 |
Goodwill and Intangible Assets, net - Schedule of Amortization Expense on Intangibles (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 9,499 | $ 7,897 | $ 9,729 |
Goodwill and Intangible Assets, net - Schedule of Future Amortization Expense on Intangibles by Segment (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 13,121 |
2022 | 14,586 |
2023 | 14,278 |
2024 | 12,891 |
2025 | 11,141 |
2026 and thereafter | 57,437 |
Total | 123,454 |
Tiptree Insurance | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 12,951 |
2022 | 14,459 |
2023 | 14,198 |
2024 | 12,811 |
2025 | 11,101 |
2026 and thereafter | 57,437 |
Total | 122,957 |
Other Segments | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 170 |
2022 | 127 |
2023 | 80 |
2024 | 80 |
2025 | 40 |
2026 and thereafter | 0 |
Total | $ 497 |
Derivative Financial Instruments and Hedging - Schedule of Gross Notional and Fair Value Amounts of Derivatives (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative [Line Items] | ||
Notional values | $ 549,966 | $ 612,181 |
Asset derivatives | 11,529 | 7,490 |
Liability derivatives | 2,090 | 3,758 |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional values | 219,929 | 279,048 |
Asset derivatives | 9,207 | 7,336 |
Liability derivatives | 0 | 0 |
Forward delivery contracts | ||
Derivative [Line Items] | ||
Notional values | 35,979 | 87,773 |
Asset derivatives | 0 | 36 |
Liability derivatives | 22 | 0 |
TBA mortgage backed securities | ||
Derivative [Line Items] | ||
Notional values | 291,000 | 235,000 |
Asset derivatives | 232 | 118 |
Liability derivatives | 1,508 | 428 |
Other Contract | ||
Derivative [Line Items] | ||
Notional values | 3,058 | 10,360 |
Asset derivatives | 2,090 | 0 |
Liability derivatives | $ 560 | $ 3,330 |
Debt, net - Schedule of Debt Obligations, Net of Discounts and Deferred Financing Costs (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 06, 2020 |
Feb. 21, 2020 |
Aug. 31, 2020 |
May 31, 2020 |
Dec. 31, 2020 |
Oct. 16, 2020 |
Aug. 01, 2020 |
Jul. 01, 2020 |
Mar. 23, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 379,617 | $ 383,459 | ||||||||
Unamortized discount, net | (2,035) | (198) | ||||||||
Unamortized deferred financing costs | (11,336) | (8,807) | ||||||||
Debt, net | 366,246 | 374,454 | ||||||||
Asset based revolving financing | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | 200,000 | |||||||||
Long-term debt | 0 | 25,000 | ||||||||
Secured term credit agreements | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | 120,313 | |||||||||
Long-term debt | $ 62,500 | 120,313 | 68,210 | |||||||
Junior subordinated notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | 125,000 | |||||||||
Long-term debt | 125,000 | 125,000 | ||||||||
Preferred trust securities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | 35,000 | |||||||||
Long-term debt | 35,000 | 35,000 | ||||||||
Total corporate debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 280,313 | $ 253,210 | ||||||||
Residential mortgage warehouse borrowings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | $ 60,000 | $ 110,000 | $ 50,000 | $ 50,000 | $ 65,000 | |||||
Weighted average interest rate | 2.75% | 3.83% | ||||||||
Vessel backed term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | $ 15,800 | |||||||||
Total asset based debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 99,304 | $ 130,249 | ||||||||
Minimum | Secured term credit agreements | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | |||||||||
Minimum | Residential mortgage warehouse borrowings | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | 0.50% | 0.50% | 2.00% | ||||||
Maximum | Asset based revolving financing | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.25% | |||||||||
Maximum | Secured term credit agreements | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 6.75% | 6.75% | ||||||||
Maximum | Junior subordinated notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate, percentage | 8.50% | |||||||||
Maximum | Preferred trust securities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 4.10% | |||||||||
Stated interest rate, percentage | 4.10% | |||||||||
Maximum | Residential mortgage warehouse borrowings | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | 3.00% | ||||||||
Maximum | Vessel backed term loan | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 4.75% | |||||||||
Asset Backed Term Loan - Vessels | Vessel backed term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 15,800 | 18,000 | ||||||||
Asset Backed Revolving Line of Credit | Asset based revolving financing | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maximum borrowing capacity | 75,000 | $ 75,000 | ||||||||
Long-term debt | $ 27,510 | $ 21,576 | ||||||||
Asset Backed Revolving Line of Credit | Maximum | Asset based revolving financing | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.75% |
Debt, net - Schedule of Interest Expense Incurred on Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | |||
Interest expense on debt | $ 32,582 | $ 27,059 | $ 27,013 |
Interest expense - corporate debt | |||
Debt Instrument [Line Items] | |||
Interest expense on debt | 23,322 | 19,682 | 18,162 |
Interest expense - asset based debt | |||
Debt Instrument [Line Items] | |||
Interest expense on debt | $ 9,260 | $ 7,377 | $ 8,851 |
Debt, net - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Disclosure [Abstract] | ||
2021 | $ 64,444 | |
2022 | 8,450 | |
2023 | 35,960 | |
2024 | 15,450 | |
2025 | 95,313 | |
2026 and thereafter | 160,000 | |
Total | $ 379,617 | $ 383,459 |
Debt, net - Narrative (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 06, 2020
USD ($)
Rate
|
Feb. 21, 2020
USD ($)
Rate
|
Aug. 31, 2020
Rate
|
May 31, 2020
Rate
|
Dec. 31, 2020
USD ($)
Rate
|
Dec. 31, 2019
USD ($)
Rate
|
Dec. 31, 2018
USD ($)
|
Dec. 30, 2020
USD ($)
|
Oct. 16, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
Aug. 04, 2020
USD ($)
|
Aug. 01, 2020
USD ($)
|
Jul. 01, 2020
USD ($)
|
Mar. 23, 2020
USD ($)
|
Dec. 30, 2019
USD ($)
|
Aug. 05, 2019
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 379,617 | $ 383,459 | ||||||||||||||
Borrowings | 3,379,688 | 2,237,329 | $ 1,632,469 | |||||||||||||
Secured term credit agreements | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 62,500 | 120,313 | 68,210 | |||||||||||||
Debt instrument, maximum borrowing capacity | 120,313 | |||||||||||||||
Borrowings | $ 125,000 | |||||||||||||||
Asset-based revolving facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 0 | 25,000 | ||||||||||||||
Debt instrument, maximum borrowing capacity | 200,000 | |||||||||||||||
Residential mortgage warehouse borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maximum borrowing capacity | $ 60,000 | 110,000 | $ 50,000 | $ 50,000 | $ 65,000 | |||||||||||
Junior subordinated notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 125,000 | 125,000 | ||||||||||||||
Debt instrument, maximum borrowing capacity | $ 125,000 | |||||||||||||||
Potential deferred interest periods | 5 years | |||||||||||||||
Preferred trust securities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 35,000 | 35,000 | ||||||||||||||
Debt instrument, maximum borrowing capacity | 35,000 | |||||||||||||||
Vessel backed term loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maximum borrowing capacity | 15,800 | |||||||||||||||
Corporate and Other | Secured term credit agreements | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 68,210 | |||||||||||||||
Tiptree Insurance | Secured term credit agreements | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maximum borrowing capacity | 30,000 | $ 75,000 | ||||||||||||||
Debt instrument, accordion feature | 30,000 | |||||||||||||||
Debt instrument, stand by letters of credit | $ 75,000 | |||||||||||||||
Tiptree Insurance | Asset-based revolving facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 0 | 25,000 | ||||||||||||||
Debt instrument, maximum borrowing capacity | $ 30,000 | $ 200,000 | ||||||||||||||
Sub-limit of swing loans included within the Credit Agreement | $ 17,500 | |||||||||||||||
Warehouse Agreement Borrowings | Residential mortgage warehouse borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 55,994 | 90,673 | ||||||||||||||
Asset Backed Revolving Line of Credit | Asset-based revolving facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 27,510 | 21,576 | ||||||||||||||
Debt instrument, maximum borrowing capacity | 75,000 | $ 75,000 | ||||||||||||||
Debt term | 3 years | |||||||||||||||
Asset Backed Revolving Line of Credit | Asset-based revolving facility | Premium Finance [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 9,840 | |||||||||||||||
Debt instrument, maximum borrowing capacity | 13,000 | $ 25,000 | $ 20,000 | |||||||||||||
Asset Backed Revolving Line of Credit | Asset-based revolving facility | Warranty Service Contract Finance Business [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 11,736 | |||||||||||||||
Debt instrument, maximum borrowing capacity | 27,000 | $ 15,000 | $ 55,000 | $ 15,000 | ||||||||||||
Asset Backed Term Loan - Vessels | Vessel backed term loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 15,800 | $ 18,000 | ||||||||||||||
Debt periodic principal payments | $ 550 | |||||||||||||||
Number of liens | 2 | |||||||||||||||
Minimum | Asset Backed Term Loan - Vessels | Vessel backed term loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt covenant ratio | 150.00% | |||||||||||||||
Maximum | Junior subordinated notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated interest rate, percentage | Rate | 8.50% | |||||||||||||||
Maximum | Preferred trust securities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 4.10% | |||||||||||||||
Stated interest rate, percentage | Rate | 4.10% | |||||||||||||||
LIBOR | Minimum | Secured term credit agreements | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 1.00% | |||||||||||||||
LIBOR | Minimum | Residential mortgage warehouse borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 1.00% | 0.50% | 0.50% | 2.00% | ||||||||||||
LIBOR | Maximum | Secured term credit agreements | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 6.75% | 6.75% | ||||||||||||||
LIBOR | Maximum | Asset-based revolving facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 2.25% | |||||||||||||||
LIBOR | Maximum | Residential mortgage warehouse borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 1.00% | 3.00% | ||||||||||||||
LIBOR | Maximum | Vessel backed term loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 4.75% | |||||||||||||||
LIBOR | Maximum | Tiptree Insurance | Secured term credit agreements | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 1.20% | |||||||||||||||
LIBOR | Maximum | Asset Backed Revolving Line of Credit | Asset-based revolving facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 2.75% | |||||||||||||||
LIBOR | Maximum | Asset Backed Revolving Line of Credit | Asset-based revolving facility | Premium Finance [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 2.40% | |||||||||||||||
LIBOR | Maximum | Asset Backed Revolving Line of Credit | Asset-based revolving facility | Warranty Service Contract Finance Business [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | Rate | 2.40% |
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | $ 90,732 | $ 108,894 |
Equity securities | 123,838 | 155,378 |
Asset derivatives | 11,529 | 7,490 |
Total other investments, at fair value | 219,701 | 137,472 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 2,090 | 3,758 |
Securities sold, not yet purchased | 46,637 | 0 |
Other equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 28,885 | 18,401 |
Exchange Traded Funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 63,875 | 25,039 |
Invesque Inc. | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 31,078 | 111,938 |
Significant unobservable inputs Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage servicing rights (included in other assets) | 14,758 | 8,764 |
Total assets | 23,965 | 16,100 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Contingent consideration payable | 200 | 0 |
Recurring | Quoted prices in active markets Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 1,355 | 896 |
Loans, at fair value | 0 | 0 |
Asset derivatives | 2,090 | 0 |
Total other investments, at fair value | 2,090 | 0 |
Mortgage servicing rights (included in other assets) | 0 | 0 |
Total assets | 127,248 | 156,031 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 0 | 0 |
Securities sold, not yet purchased | 16,479 | |
Contingent consideration payable | 0 | |
Total liabilities | 16,479 | 0 |
Recurring | Quoted prices in active markets Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Obligations of foreign governments | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 1,355 | 896 |
Recurring | Quoted prices in active markets Level 1 | Asset backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Corporate securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Corporate Loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Mortgage Loans Held for Sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage loans held for sale | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Non-performing loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 0 | |
Recurring | Quoted prices in active markets Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 123,803 | 155,135 |
Recurring | Quoted prices in active markets Level 1 | Equity securities | Other equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 28,850 | 18,158 |
Recurring | Quoted prices in active markets Level 1 | Equity securities | Exchange Traded Funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 63,875 | 25,039 |
Recurring | Quoted prices in active markets Level 1 | Equity securities | Invesque Inc. | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 31,078 | 111,938 |
Recurring | Quoted prices in active markets Level 1 | Corporate bonds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate bonds | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | CLOs | ||
Assets, Fair Value Disclosure [Abstract] | ||
CLOs | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 374,920 | 333,111 |
Loans, at fair value | 82,937 | 98,720 |
Asset derivatives | 232 | 154 |
Total other investments, at fair value | 106,009 | 20,859 |
Mortgage servicing rights (included in other assets) | 0 | 0 |
Total assets | 563,866 | 452,690 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 2,090 | 3,758 |
Securities sold, not yet purchased | 30,158 | |
Contingent consideration payable | 0 | |
Total liabilities | 32,248 | 3,758 |
Recurring | Other significant observable inputs Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 196,303 | 191,590 |
Recurring | Other significant observable inputs Level 2 | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 44,350 | 46,338 |
Recurring | Other significant observable inputs Level 2 | Obligations of foreign governments | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 3,992 | 1,119 |
Recurring | Other significant observable inputs Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Asset backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 35,334 | 42,833 |
Recurring | Other significant observable inputs Level 2 | Corporate securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 94,941 | 51,231 |
Recurring | Other significant observable inputs Level 2 | Corporate Loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Mortgage Loans Held for Sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage loans held for sale | 82,937 | 98,720 |
Recurring | Other significant observable inputs Level 2 | Non-performing loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 0 | |
Recurring | Other significant observable inputs Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Equity securities | Other equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Equity securities | Exchange Traded Funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Equity securities | Invesque Inc. | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Corporate bonds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate bonds | 105,777 | 20,705 |
Recurring | Other significant observable inputs Level 2 | CLOs | ||
Assets, Fair Value Disclosure [Abstract] | ||
CLOs | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 858 | 1,185 |
Loans, at fair value | 7,795 | 10,174 |
Asset derivatives | 9,207 | 7,336 |
Total other investments, at fair value | 10,009 | 12,104 |
Mortgage servicing rights (included in other assets) | 14,758 | 8,764 |
Total assets | 33,455 | 32,470 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 0 | 0 |
Securities sold, not yet purchased | 0 | |
Contingent consideration payable | 200 | |
Total liabilities | 200 | 0 |
Recurring | Significant unobservable inputs Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Obligations of foreign governments | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Asset backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 858 | 1,185 |
Recurring | Significant unobservable inputs Level 3 | Corporate securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Corporate Loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 7,795 | 9,787 |
Recurring | Significant unobservable inputs Level 3 | Mortgage Loans Held for Sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage loans held for sale | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Non-performing loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 387 | |
Recurring | Significant unobservable inputs Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 35 | 243 |
Recurring | Significant unobservable inputs Level 3 | Equity securities | Other equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 35 | 243 |
Recurring | Significant unobservable inputs Level 3 | Equity securities | Exchange Traded Funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Equity securities | Invesque Inc. | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Corporate bonds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate bonds | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | CLOs | ||
Assets, Fair Value Disclosure [Abstract] | ||
CLOs | 802 | 4,768 |
Fair Value | Other significant observable inputs Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 79,778 | 57,615 |
Fair Value | Significant unobservable inputs Level 3 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities | 392,951 | 396,699 |
Fair Value | Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 377,133 | 335,192 |
Loans, at fair value | 90,732 | 108,894 |
Asset derivatives | 11,529 | 7,490 |
Total other investments, at fair value | 118,108 | 32,963 |
Mortgage servicing rights (included in other assets) | 14,758 | 8,764 |
Total assets | 724,569 | 641,191 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities | 2,090 | 3,758 |
Securities sold, not yet purchased | 46,637 | |
Contingent consideration payable | 200 | |
Total liabilities | 48,927 | 3,758 |
Fair Value | Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 196,303 | 191,590 |
Fair Value | Recurring | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 44,350 | 46,338 |
Fair Value | Recurring | Obligations of foreign governments | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 3,992 | 1,119 |
Fair Value | Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 1,355 | 896 |
Fair Value | Recurring | Asset backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 36,192 | 44,018 |
Fair Value | Recurring | Corporate securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available for sale securities, at fair value | 94,941 | 51,231 |
Fair Value | Recurring | Corporate Loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 7,795 | 9,787 |
Fair Value | Recurring | Mortgage Loans Held for Sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage loans held for sale | 82,937 | 98,720 |
Fair Value | Recurring | Non-performing loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 387 | |
Fair Value | Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 123,838 | 155,378 |
Fair Value | Recurring | Equity securities | Other equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 28,885 | 18,401 |
Fair Value | Recurring | Equity securities | Exchange Traded Funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 63,875 | 25,039 |
Fair Value | Recurring | Equity securities | Invesque Inc. | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 31,078 | 111,938 |
Fair Value | Recurring | Corporate bonds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate bonds | 105,777 | 20,705 |
Fair Value | Recurring | CLOs | ||
Assets, Fair Value Disclosure [Abstract] | ||
CLOs | $ 802 | $ 4,768 |
Fair Value of Financial Instruments - Schedule of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, | $ 32,470 | $ 152,845 |
Net realized gains/(losses) | 2,253 | 1,901 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (329) | (323) |
Issuances | 0 | 111 |
Sales | (6,672) | (123,497) |
Balance at December 31, | 33,455 | 32,470 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (7,978) | (1,884) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (329) | (323) |
Other real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfer adjustments (out of) Level 3 | 0 | (2,596) |
Conversion to mortgage held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfer adjustments (out of) Level 3 | (118,396) | (73,206) |
Interest rate lock commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Issuances | 120,267 | 77,082 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | $ 3,862 | $ 153 |
Fair Value of Financial Instruments - Schedule of Significant Inputs used in the Valuation of Level 3 Assets (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
Rate
|
Dec. 31, 2019
USD ($)
Rate
|
---|---|---|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 11,529 | $ 7,490 |
Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 14,758 | 8,764 |
Total | 23,965 | 16,100 |
Contingent consideration payable | 200 | 0 |
Fair Value, Inputs, Level 3 | Interest rate lock commitments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 9,207 | $ 7,336 |
Pull through Rate [Member] | Fair Value, Inputs, Level 3 | Interest rate lock commitments | Internal Model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Pull Through Rate | Rate | 0.50 | 0.50 |
Pull through Rate [Member] | Fair Value, Inputs, Level 3 | Interest rate lock commitments | Internal Model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Pull Through Rate | Rate | 0.95 | 0.95 |
Pull through Rate [Member] | Fair Value, Inputs, Level 3 | Interest rate lock commitments | Internal Model | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Pull Through Rate | Rate | 0.68 | 0.61 |
Measurement Input, Discount Rate [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | Rate | 0.10 | 0.10 |
Measurement Input, Discount Rate [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | Rate | 0.13 | 0.13 |
Measurement Input, Discount Rate [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | Rate | 0.11 | 0.18 |
Measurement Input, Cost to Service [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 75 | 75 |
Measurement Input, Cost to Service [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 90 | 90 |
Measurement Input, Cost to Service [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 82 | 0.11 |
Measurement Input, Prepayment Rate [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | Rate | 0.08 | 0.07 |
Measurement Input, Prepayment Rate [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | Rate | 0.60 | 0.50 |
Measurement Input, Prepayment Rate [Member] | Fair Value, Inputs, Level 3 | Residential Mortgage | External Model [Member] | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | Rate | 0.22 | 86 |
Contingent Consideration, Possible Earnout Amount, Cash | Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | $ 200 | $ 0 |
Contingent Consideration, Possible Earnout Amount, Cash | Measurement Input, EBITDA Multiple [Member] | Fair Value, Inputs, Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 20,000 | |
Contingent Consideration, Possible Earnout Amount, Cash | Measurement Input, EBITDA Multiple [Member] | Fair Value, Inputs, Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 30,000 | |
Contingent Consideration, Possible Earnout Amount, Cash | Assumed Claim LIabilities [Member] | Fair Value, Inputs, Level 3 | Actuarial Analysis [Member] | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 55,000 | |
Contingent Consideration, Possible Earnout Amount, Cash | Assumed Claim LIabilities [Member] | Fair Value, Inputs, Level 3 | Actuarial Analysis [Member] | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | $ 55,000 |
Fair Value of Financial Instruments - Schedule of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Assets, Fair Value Disclosure [Abstract] | ||
Notes receivable, net | $ 62,075 | $ 42,192 |
Fair Value, Inputs, Level 2 | Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 79,778 | 57,615 |
Fair Value, Inputs, Level 2 | Carrying value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 79,778 | 57,615 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 23,965 | 16,100 |
Fair Value, Inputs, Level 3 | Fair Value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt, net | 392,951 | 396,699 |
Total liabilities | 392,951 | 396,699 |
Fair Value, Inputs, Level 3 | Carrying value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt, net | 377,582 | 383,261 |
Total liabilities | 377,582 | 383,261 |
Debentures | Fair Value, Inputs, Level 2 | Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Notes receivable, net | 17,703 | 15,423 |
Debentures | Fair Value, Inputs, Level 2 | Carrying value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Notes receivable, net | 17,703 | 15,423 |
Notes Receivable | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Notes receivable, net | $ 62,075 | $ 42,192 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Rollforward of Claims Liability (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Policy liabilities and unpaid claims balance as of January 1, | $ 144,384 | $ 131,611 | |
Less: liabilities of policy-holder account balances, gross | (11,589) | (13,659) | |
Less: non-insurance warranty benefit claim liabilities | (85) | (94) | |
Gross liabilities for unpaid losses and loss adjustment expenses | 132,710 | 117,858 | |
Net balance as of January 1, short duration | 43,881 | 27,615 | |
Incurred (short duration) related to: | |||
Current year | 172,007 | 144,925 | |
Prior years | 5,443 | 5,169 | |
Total incurred | 177,450 | 150,094 | $ 131,861 |
Paid (short duration) related to: | |||
Current year | 127,721 | 122,348 | |
Prior years | 9,665 | 11,480 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 137,386 | 133,828 | |
Net balance as of December 31, short duration | 84,012 | 43,881 | 27,615 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (113,343) | ||
Gross liabilities for unpaid losses and loss adjustment expenses | 197,355 | 132,710 | 117,858 |
Plus: liabilities of policy-holder account balances, gross | (5,419) | (11,589) | (13,659) |
Plus: non-insurance warranty benefit claim liabilities (1) | (30,664) | (85) | (94) |
Policy liabilities and unpaid claims balance as of December 31, | $ 233,438 | 144,384 | 131,611 |
Short-duration Insurance Contracts, Historical Claims Duration, Percentage of Full Payout | 95.00% | ||
Short-duration Insurance Contracts, Historical Claims Duration, Percentage of Full Payout, Period | 5 years | ||
Other Short-duration Insurance Product Line | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ (88,599) | (90,016) | |
Net balance as of January 1, short duration | 43,881 | ||
Paid (short duration) related to: | |||
Net balance as of December 31, short duration | 83,945 | 43,881 | |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (113,163) | (88,599) | (90,016) |
Other Insurance Product Line | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (230) | (227) | |
Paid (short duration) related to: | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ (247) | $ (230) | $ (227) |
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule Showing the Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Insurance [Abstract] | |||
Short duration incurred | $ 177,450 | $ 150,094 | $ 131,861 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Other Lines | 27 | 184 | 124 |
Unallocated loss adjustment expenses | 771 | 731 | 2,867 |
Net | $ 178,248 | $ 151,009 | $ 134,852 |
Liability for Unpaid Claims and Claim Adjustment Expenses -Schedule of Incurred and Paid Development (Details) unit in Thousands, $ in Thousands |
Dec. 31, 2020
USD ($)
unit
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|---|---|---|
Claims Development [Line Items] | |||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 649,747 | ||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 565,826 | ||||
All outstanding liabilities before 2016, net of reinsurance | 24 | ||||
Liabilities for loss and loss adjustment expenses, net of reinsurance | 84,012 | $ 43,881 | $ 27,615 | ||
Other Short-duration Insurance Product Line | |||||
Claims Development [Line Items] | |||||
Liabilities for loss and loss adjustment expenses, net of reinsurance | 83,945 | 43,881 | |||
Accident Year 2016 | |||||
Claims Development [Line Items] | |||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 89,629 | 88,615 | 87,993 | $ 87,290 | $ 84,178 |
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 17 | ||||
Cumulative Number of Reported Claims | unit | 257 | ||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 88,976 | 88,482 | 86,531 | 84,185 | $ 62,989 |
Accident Year 2017 | |||||
Claims Development [Line Items] | |||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 105,787 | 105,601 | 104,898 | 103,306 | |
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 96 | ||||
Cumulative Number of Reported Claims | unit | 326 | ||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 105,852 | 105,075 | 102,620 | $ 84,493 | |
Accident Year 2018 | |||||
Claims Development [Line Items] | |||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 133,158 | 133,225 | 129,352 | ||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 2,366 | ||||
Cumulative Number of Reported Claims | unit | 399 | ||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 114,490 | 112,619 | $ 105,740 | ||
Accident Year 2019 | |||||
Claims Development [Line Items] | |||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 149,166 | 144,925 | |||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 15,572 | ||||
Cumulative Number of Reported Claims | unit | 403 | ||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 128,787 | $ 122,348 | |||
Accident Year 2020 | |||||
Claims Development [Line Items] | |||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 172,007 | ||||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 52,734 | ||||
Cumulative Number of Reported Claims | unit | 328 | ||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 127,721 |
Liability for Unpaid Claims and Claim Adjustment Expenses- Historical Claims Duration (Details) |
Dec. 31, 2020 |
---|---|
Insurance [Abstract] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 77.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 12.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 2.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.60% |
Liability for Unpaid Claims and Claim Adjustment Expenses- Reconciliation of Reserves to Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for loss and loss adjustment expenses, net of reinsurance | $ 84,012 | $ 43,881 | $ 27,615 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 113,343 | ||
Liability for Claims and Claims Adjustment Expense | 197,355 | 132,710 | 117,858 |
Other Policyholder Funds | 5,419 | 11,589 | 13,659 |
Non-insurance warranty benefit claim liabilities | 30,664 | 85 | 94 |
Policy liabilities and unpaid claims | 233,438 | 144,384 | 131,611 |
Other Short-duration Insurance Product Line | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for loss and loss adjustment expenses, net of reinsurance | 83,945 | 43,881 | |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 113,163 | 88,599 | 90,016 |
Long-Duration Insurance, Other | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 67 | ||
Long-Duration Insurance, Other | Ceded | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 180 | ||
Other Insurance Product Line | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 247 | $ 230 | $ 227 |
Revenue From Contracts with Customers - Schedule of Disaggregated Revenue From Contracts With Customers By Product Type (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 163,557 | $ 89,004 | $ 76,806 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 195,275 | 144,590 | 96,524 | $ 142,237 |
Motor club revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 36,159 | 36,076 | 32,242 | |
Warranty coverage revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 98,574 | 27,597 | 26,058 | |
Vessel related revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 22,697 | 16,747 | 3,972 | |
Management fee income | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 0 | 1,267 | 6,694 | |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 6,127 | $ 7,317 | $ 7,840 |
Revenue From Contracts with Customers - Schedule of Deferred Assets Related to Revenue From Contracts with Customers (Rollforward) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |||
Deferred acquisition costs, beginning balance | $ 166,493 | ||
Amortizations | 265,781 | $ 287,834 | $ 246,330 |
Deferred acquisition costs, ending balance | 229,430 | 166,493 | |
Customer Contracts | |||
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |||
Deferred acquisition costs, beginning balance | 14,727 | ||
Additions | 85,920 | ||
Amortizations | 38,832 | ||
Deferred acquisition costs, ending balance | 61,815 | 14,727 | |
Customer Contracts | Motor club revenue | |||
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |||
Deferred acquisition costs, beginning balance | 13,700 | ||
Additions | 27,014 | ||
Amortizations | 27,633 | ||
Deferred acquisition costs, ending balance | 13,081 | 13,700 | |
Customer Contracts | Warranty coverage revenue | |||
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |||
Deferred acquisition costs, beginning balance | 1,027 | ||
Additions | 58,906 | ||
Amortizations | 11,199 | ||
Deferred acquisition costs, ending balance | $ 48,734 | $ 1,027 |
Revenue From Contracts with Customers - Schedule of Deferred Revenue Liabilities From Contracts with Customers (Rollforward) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Rollforward | |
Deferred Revenue, Beginning Balance | $ 94,601 |
Deferred Revenue, Ending Balance | 399,211 |
Customer Contracts | |
Rollforward | |
Deferred Revenue, Beginning Balance | 67,278 |
Deferred Revenue, Additions | 440,755 |
Deferred Revenue, Revenue Recognized | 142,673 |
Deferred Revenue, Ending Balance | 365,360 |
Customer Contracts | Motor club revenue | |
Rollforward | |
Deferred Revenue, Beginning Balance | 17,910 |
Deferred Revenue, Additions | 35,218 |
Deferred Revenue, Revenue Recognized | 36,159 |
Deferred Revenue, Ending Balance | 16,969 |
Customer Contracts | Warranty coverage revenue | |
Rollforward | |
Deferred Revenue, Beginning Balance | 49,368 |
Deferred Revenue, Additions | 405,537 |
Deferred Revenue, Revenue Recognized | 106,514 |
Deferred Revenue, Ending Balance | $ 348,391 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Right of use asset - Operating leases (1) | $ 27,291 | $ 23,832 |
Furniture, fixtures and equipment, net | 15,798 | 12,305 |
Income taxes receivable | 19,513 | 817 |
Prepaid expenses | 8,159 | 8,461 |
Assets Sold under Agreements to Repurchase, Market Value | 70,593 | 6,733 |
Other | 5,922 | 7,598 |
Total other assets | $ 162,034 | $ 68,510 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense related to furniture, fixtures and equipment | $ 3,257 | $ 2,753 | $ 1,984 |
Other Liabilities and Accrued Expenses - Schedule of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|---|
Other Liabilities Disclosure [Abstract] | |||
Accounts payable and accrued expenses | $ 106,142 | $ 68,829 | |
Deferred tax liabilities, net | 24,183 | 32,306 | |
Securities sold, not yet purchased | 46,637 | 0 | |
Due to brokers | 45,047 | 1,140 | |
Assets Sold under Agreements to Repurchase, Repurchase Liability | 70,593 | 6,733 | |
Commissions payable | 18,678 | 9,179 | |
Other | 18,671 | 24,462 | |
Total other liabilities and accrued expenses | 362,865 | 172,140 | |
Other Liabilities | |||
Other Liabilities Disclosure [Abstract] | |||
Operating lease liability | 32,914 | 29,491 | $ 33,558 |
Operating lease liability | $ 32,914 | $ 29,491 | $ 33,558 |
Other Revenue, Other Expenses and Other Income - Schedule of Other Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Other revenue | $ 51,910 | $ 59,888 | $ 38,062 |
Management Fee Income | 163,557 | 89,004 | 76,806 |
Other | 7,591 | 5,038 | 5,827 |
Gain (Loss) on Disposition of Assets | 7,598 | 0 | |
Tiptree Capital | |||
Other revenue | 48,747 | 45,985 | 25,541 |
Tiptree Insurance | |||
Other | 7,025 | 4,566 | 2,554 |
Management fee income | |||
Management Fee Income | $ 0 | $ 1,267 | $ 6,694 |
Other Revenue, Other Expenses and Other Income - Schedule of Other Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Other Income and Expenses [Abstract] | |||
Professional fees | $ 20,711 | $ 20,820 | $ 15,216 |
General and administrative | 22,295 | 18,563 | 16,218 |
Premium taxes | 15,824 | 15,205 | 14,026 |
Mortgage origination expenses | 14,603 | 12,200 | 8,857 |
Rent and related | 14,074 | 12,642 | 11,114 |
Charter expenses from vessels | 13,210 | 9,781 | 3,777 |
Loss on extinguishment of debt | 353 | 1,241 | 428 |
Other | 8,078 | 9,292 | 8,265 |
Total other expenses | $ 109,148 | $ 99,744 | $ 77,901 |
Stockholders' Equity - Schedule of Share Repurchases (Details) - Common stock - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
May 02, 2019 |
|
Stock repurchase program, authorized amount | $ 20,000 | |
Stock Repurchased and Retired During Period, Shares | 2,384,286 | |
Average price per share | $ 5.82 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 16,571 | |
Share repurchase program | ||
Stock Repurchased and Retired During Period, Shares | 1,884,286 | |
Average price per share | $ 5.51 | |
Block repurchase program | ||
Stock Repurchased and Retired During Period, Shares | 500,000 | |
Average price per share | $ 7.00 |
Stockholders' Equity - Schedule of Declared Cash Dividends Per Share (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Equity [Abstract] | |||||||||||||
Dividends declared per common share | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.16 | $ 0.16 | $ 0.140 |
Stockholders' Equity - Reorganization Merger (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Apr. 10, 2018 |
Dec. 31, 2018 |
May 02, 2019 |
Apr. 16, 2018 |
|
Common Class A | ||||
Partnership Units', Conversion Rate | 279.80% | |||
Stock Issued During Period, Shares, Other | 6,861,561 | |||
Warrants, Canceled | 652,500 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7.59 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 2,255,149 | |||
Treasury Stock, Shares Canceled | 5,035,977 | |||
Common Class A | Tiptree Operating Company, LLC [Member] | Tiptree Operating Company, LLC [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | |||
Common Class A | Tiptree Financial Partners, L.P. | ||||
Warrants, Canceled | 805,986 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.33 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Canceled | $ 21.232 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 103,994 | |||
Common stock | ||||
Stock Issued During Period, Shares, Other | 1,187,468 | |||
Stock repurchase program, authorized amount | $ 20,000 |
Stockholders' Equity - Schedule of Statutory Insurance - Statutory capital, surplus, net income and dividends (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 202,710 | $ 134,179 | |
Statutory Accounting Practices, Statutory Capital and Surplus Required | 64,950 | 17,950 | |
Statutory Accounting Practices, Statutory Net Income Amount | 19,647 | 8,444 | $ 13,986 |
Statutory Accounting Practices, Dividends Paid not needing the Approval of Regulatory Agency | 0 | 9,001 | |
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 0 | 1,188 | |
Statutory Accounting Practices, Dividends Paid, Total | 0 | 10,189 | |
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 13,418 | $ 4,527 |
Accumulated Other Comprehensive Income (Loss) - Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,698 | ||
Period change | 3,949 | $ 3,879 | $ (3,683) |
Ending balance | 5,674 | 1,698 | |
Unrealized gains (losses) on Available for sale securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 1,711 | (2,069) | (460) |
Other comprehensive gain (loss) before reclassification | 4,364 | 4,911 | (2,257) |
Amounts reclassified from AOCI | (415) | (1,032) | 648 |
Period change | 3,949 | 3,879 | (1,609) |
Ending balance | 5,702 | 1,711 | (2,069) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | 2,074 |
Other comprehensive gain (loss) before reclassification | 0 | 0 | 835 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Period change | 0 | 0 | (2,074) |
Ending balance | 0 | 0 | 0 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Care Disposition | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | 2,909 | ||
Total AOCI | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 1,711 | (2,069) | 1,614 |
Other comprehensive gain (loss) before reclassification | 4,364 | 4,911 | (1,422) |
Amounts reclassified from AOCI | (415) | (1,032) | 648 |
Period change | 3,949 | 3,879 | (3,683) |
Ending balance | 5,702 | 1,711 | (2,069) |
Total AOCI | Care Disposition | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | (2,909) | ||
Accumulated other comprehensive income (loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 1,698 | (2,058) | 966 |
Other comprehensive gain (loss) before reclassification | 4,349 | 4,887 | (1,150) |
Amounts reclassified from AOCI | (415) | (1,032) | 648 |
Reclassification from Accumulated Other Comprehensive Income Due To Reorganization, Current Period, Net of Tax | 341 | ||
Period change | 3,934 | 3,855 | (3,024) |
Ending balance | 5,674 | 1,698 | (2,058) |
Accumulated other comprehensive income (loss) | Care Disposition | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | (2,181) | ||
Noncontrolling interests - other | Noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (13) | 11 | (426) |
Other comprehensive gain (loss) before reclassification | (15) | (24) | 211 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Period change | (15) | (24) | 437 |
Ending balance | (28) | (13) | 11 |
Noncontrolling interests - other | Noncontrolling interest | Care Disposition | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | 226 | ||
Noncontrolling interest - TFP | Noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | (222) |
Other comprehensive gain (loss) before reclassification | 0 | 0 | 61 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income Due To Reorganization, Current Period, Net of Tax | 341 | ||
Period change | 0 | 0 | 222 |
Ending balance | 0 | 0 | 0 |
Noncontrolling interest - TFP | Noncontrolling interest | Care Disposition | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | $ 502 | ||
Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment | Unrealized gains (losses) on Available for sale securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (99) | ||
Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | ||
Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment | Total AOCI | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (99) | ||
Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (99) | ||
Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling interests - other | Noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | ||
Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling interest - TFP | Noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | |||
Accounting Standards Update 2016-13 | Unrealized gains (losses) on Available for sale securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | (42) | ||
Accounting Standards Update 2016-13 | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | 0 | ||
Accounting Standards Update 2016-13 | Total AOCI | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | (42) | ||
Accounting Standards Update 2016-13 | Accumulated other comprehensive income (loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | (42) | ||
Accounting Standards Update 2016-13 | Noncontrolling interests - other | Noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | 0 | ||
Accounting Standards Update 2016-13 | Noncontrolling interest - TFP | Noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | $ 0 |
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Related tax (expense) benefit | $ (8,403) | $ 844 | $ 5 | $ 21,181 | $ (5,311) | $ 649 | $ (3,501) | $ (854) | $ 13,627 | $ (9,017) | $ 5,909 |
Net income (loss) from continuing operations | (25,225) | 20,122 | (13,887) | ||||||||
Gain on sale of discontinued operations | 0 | 0 | 56,860 | ||||||||
Unrealized gains (losses) on 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 | 528 | 1,312 | (819) | ||||||||
Related tax (expense) benefit | (113) | (280) | 171 | ||||||||
Net income (loss) from continuing operations | 415 | 1,032 | (648) | ||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Amount reclassified from AOCI | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Related tax (expense) benefit | 0 | 0 | 936 | ||||||||
Net income (loss) from continuing operations | 0 | 0 | 2,909 | ||||||||
Gain on sale of discontinued operations | $ 0 | $ 0 | $ 3,845 |
Stock Based Compensation - Summary of Changes to Equity Plan Rollforward (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jun. 06, 2017 |
|
Stock Compensation Plan | ||||
Options outstanding | ||||
Available for issuance, beginning of period | 4,765,863 | 5,474,214 | 6,017,012 | |
RSU and option awards granted | (977,446) | (702,264) | (558,034) | |
Forfeited | 8,318 | 15,236 | ||
Exchanged | (14,405) | |||
Available for issuance, end of period | 3,788,417 | 4,765,863 | 5,474,214 | |
Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,100,000 |
Stock Based Compensation - Summary of Changes to Restricted Stock Units and Restricted Stock Rollforward (Details) - Restricted Stock Units (RSUs) - $ / shares |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
RSU’s and restricted stock vesting - first tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.33% | |||
Weighted average grant date fair value | ||||
Award vesting period | 1 year | |||
RSU’s and restricted stock vesting - second tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.33% | |||
Weighted average grant date fair value | ||||
Award vesting period | 2 years | |||
RSU’s and restricted stock vesting - third tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.33% | |||
Weighted average grant date fair value | ||||
Award vesting period | 3 years | |||
Common stock | Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Unvested units, beginning of period | 958,609 | 676,630 | 598,882 | |
Granted | 552,169 | 552,169 | 476,449 | 315,371 |
Vested | (557,633) | (557,633) | (186,152) | (222,387) |
Forfeited | 8,318 | 15,236 | ||
Unvested units, end of period | 953,145 | 953,145 | 958,609 | 676,630 |
Weighted average grant date fair value | ||||
Unvested units, beginning of period | $ 6.23 | $ 6.27 | $ 6.48 | |
Granted | 7.04 | 6.25 | 5.95 | |
Vested | 6.54 | 6.44 | 6.39 | |
Forfeited | 6.10 | 6.04 | ||
Unvested units, end of period | $ 6.52 | $ 6.52 | $ 6.23 | $ 6.27 |
Stock Based Compensation - Schedule of Granted and Vested RSUs (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - Restricted Stock Units (RSUs) - shares |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 552,169 | 552,169 | 476,449 | 315,371 |
Vested | (557,633) | (557,633) | (186,152) | (222,387) |
Taxes | (53,438) | (35,622) | (29,286) | |
Exchanged | 0 | 14,405 | 0 | |
Net Vested | 504,195 | 164,935 | 193,101 | |
Director | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 82,912 | 48,076 | 46,572 | |
Vested | (82,912) | (48,076) | (46,572) | |
Employees | Three year vesting period, Starting February 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 256,619 | 307,148 | 147,467 | |
Award vesting period | 3 years | |||
Employees | Cliff Vest February 2023 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 212,638 | |||
Employees | Cliff Vest February 2022 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 112,907 | |||
Employees | Cliff Vest February 2021 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 121,332 | |||
Employees | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 469,257 | 428,373 | 268,799 | |
Vested | (474,721) | (138,076) | (175,815) |
Stock Based Compensation - Schedule of RSUs under the Subsidiary Incentive Plans Rollforward (Details) - Subsidiary Incentive Plan - Restricted Stock Units (RSUs) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested balance, beginning of period | $ 4,279 | $ 8,710 | $ 8,792 |
Granted | 1,108 | 0 | 1,113 |
Vested | (4,237) | (4,991) | (1,771) |
Performance assumption adjustment | 3,155 | 560 | 576 |
Unvested balance, end of period | $ 4,305 | $ 4,279 | $ 8,710 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Vested Shares, If Converted | 2,954,566 |
Stock Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - Employee Stock Option - $ / shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Book Value Target, Amount Per Share | $ 11.52 | $ 10.79 | $ 9.97 | $ 10.14 | $ 8.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Historical volatility | 27.60% | 27.69% | |||
Risk-free rate | 1.51% | 2.62% | |||
Dividend yield | 2.20% | 2.21% | |||
Expected term (years) | 7 years | 6 years 6 months | |||
RSU’s and restricted stock vesting - first tranche | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 33.33% | ||||
Award vesting period | 3 years | ||||
RSU’s and restricted stock vesting - second tranche | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 33.33% | ||||
Award vesting period | 4 years | ||||
RSU’s and restricted stock vesting - third tranche | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 33.33% | ||||
Award vesting period | 5 years |
Stock Based Compensation - Schedule of Stock Option Activity Rollforward (Details) - Employee Stock Option - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Options outstanding | |||
Balance, beginning of period | 1,290,342 | 1,064,527 | 821,864 |
Granted | 425,277 | 225,815 | 242,663 |
Balance, end of period | 1,715,619 | 1,290,342 | 1,064,527 |
Weighted average exercise price (in dollars per stock option) | |||
Balance, beginning of period | $ 6.24 | $ 6.24 | $ 6.36 |
Granted | 7.25 | 6.26 | 5.85 |
Balance, end of period | 6.49 | 6.24 | 6.24 |
Weighted average grant date value (in dollars per stock option) | |||
Balance, beginning of period | 2.45 | 2.61 | 2.82 |
Granted | 1.83 | 1.69 | 1.88 |
Balance, end of period | $ 2.29 | $ 2.45 | $ 2.61 |
Options Exercisable | |||
Balance, beginning of period | 0 | 0 | 0 |
Granted | 0 | 0 | 0 |
Balance, end of period | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average remaining contractual term at December 31, 2020 (in years) | 7 years 1 month 6 days |
Stock Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Income tax benefit | $ (1,705) | $ (1,374) | $ (1,438) |
Net stock based compensation expense | 6,412 | 4,989 | 5,219 |
Employee compensation and benefits | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Employee compensation and benefits | 7,571 | 6,062 | 6,354 |
Other Expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Employee compensation and benefits | $ 546 | $ 301 | $ 303 |
Stock Based Compensation - Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards, stock options | $ 521 |
Weighted - average recognition period (in years) | 1 year 3 months 7 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards, restricted stock awards and RSU's | $ 4,551 |
Weighted - average recognition period (in years) | 1 year 5 months 4 days |
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Income Tax Expense (Benefit) | $ 8,403 | $ (844) | $ (5) | $ (21,181) | $ 5,311 | $ (649) | $ 3,501 | $ 854 | $ (13,627) | $ 9,017 | $ (5,909) |
Effective Income Tax Rate Reconciliation, Percent | 35.10% | 31.00% | 29.90% | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | ||||||||
Tax benefit from CARES Act provision | $ 7,293 | ||||||||||
Increase (Decrease) in Deferred Income Taxes | 16,795 | ||||||||||
Increase (Decrease) in Income Taxes Receivable | 24,088 | ||||||||||
Less: Provision (benefit) for income taxes | 0 | $ 0 | $ 13,714 | ||||||||
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | (13,627) | 9,017 | 7,805 | ||||||||
Current Federal Tax Expense (Benefit) | (26,273) | 991 | (9,650) | ||||||||
Current State and Local Tax Expense (Benefit) | 1,692 | 386 | (1,182) | ||||||||
Current Foreign Tax Expense (Benefit) | 221 | 825 | 754 | ||||||||
Current Federal, State and Local, Tax Expense (Benefit) | (24,360) | 2,202 | (10,078) | ||||||||
Deferred Federal Income Tax Expense (Benefit) | 10,415 | 6,502 | 4,110 | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | 697 | 335 | 59 | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | (379) | (22) | 0 | ||||||||
Deferred Income Tax Expense (Benefit) | $ 10,733 | $ 6,815 | $ 4,169 |
Schedule of Rate Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | ||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (8,159) | $ 6,119 | $ (4,157) | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 1,929 | 549 | (471) | ||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (7,293) | 0 | 0 | ||||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (938) | 440 | 1,053 | ||||||||
Effective Income Tax Rate Reconciliation, Effect of Permanent Differences, Amount | 62 | (30) | 170 | ||||||||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | (26) | (29) | (1,534) | ||||||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 330 | 1,524 | (404) | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 468 | 444 | (566) | ||||||||
Less: provision (benefit) for income taxes | $ 8,403 | $ (844) | $ (5) | $ (21,181) | $ 5,311 | $ (649) | $ 3,501 | $ 854 | $ (13,627) | $ 9,017 | $ (5,909) |
Effective Income Tax Rate Reconciliation, Percent | 35.10% | 31.00% | 29.90% | ||||||||
Income (loss) before taxes | $ 24,568 | $ 13,897 | $ 4,434 | $ (81,751) | $ 9,877 | $ (1,598) | $ 15,705 | $ 5,155 | $ (38,852) | $ 29,139 | $ (19,796) |
Schedule of Deferred tax assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 26,404 | $ 17,384 |
Deferred Tax Assets, Unrealized Losses on Trading Securities | 25,527 | 4,242 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 3,560 | 5,470 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve | 25,626 | 14,189 |
Deferred Tax Assets, Deferred Income | 7,042 | 6,301 |
Deferred Tax Assets, Other | 7,091 | 5,720 |
Deferred tax assets | 95,250 | 53,306 |
Deferred Tax Assets, Valuation Allowance | (6,871) | (4,961) |
Deferred Tax Assets, Net of Valuation Allowance | 88,379 | 48,345 |
Deferred Tax Liabilities, Property, Plant and Equipment | 2,697 | 1,554 |
Deferred Tax Liabilities, Unrealized Gains on Trading Securities | 17,968 | 6,005 |
Deferred Tax Liabilities, Other | 4,057 | 3,370 |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 47,061 | 35,066 |
Deferred Tax Liabilities, Deferred Expense | 30,977 | 25,392 |
Deferred Tax Liabilities, Intangible Assets | 10,741 | 9,264 |
Deferred tax liabilities | 113,501 | 80,651 |
Other Liabilities | ||
Income Tax Disclosure [Abstract] | ||
Deferred Income Tax Liabilities, Net | 25,122 | 32,306 |
Deferred Income Tax Liabilities, Net | $ 25,122 | $ 32,306 |
Schedule of Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 6,871 | $ 4,961 |
Increase, valuation allowance | 1,910 | $ 1,869 |
Domestic Tax Authority | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 70,803 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 70,803 | |
Domestic Tax Authority | Future Tax Year 2026 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 86 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 86 | |
Domestic Tax Authority | Future Tax Year 2027 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 124 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 124 | |
Domestic Tax Authority | Future Tax Year 2028 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 0 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | |
Domestic Tax Authority | Future Tax Year 2029 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 166 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 166 | |
Domestic Tax Authority | Future Tax Year 2030 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 17 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 17 | |
Domestic Tax Authority | Future Tax Year 2031 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 0 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | |
Domestic Tax Authority | Future Tax Year 2032 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 0 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | |
Domestic Tax Authority | Future Tax Year 2033 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 0 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | |
Domestic Tax Authority | Future Tax Year 2034 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 1,893 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1,893 | |
Domestic Tax Authority | Future Tax Year 2035 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 562 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 562 | |
Domestic Tax Authority | Future Tax Year 2036 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 39,862 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 39,862 | |
Domestic Tax Authority | Future Tax Year 2037 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 1,766 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1,766 | |
Domestic Tax Authority | Future Tax Year 2038 | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 0 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | |
Domestic Tax Authority | Future Tax Year Indefinite | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 26,327 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 26,327 | |
State and Local Jurisdiction | ||
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards | 11,446 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 11,446 | |
Valuation allowance | $ 6,871 | |
Internal Revenue Service (IRS) | Minimum | ||
Operating Loss Carryforwards [Line Items] | ||
Open tax year | 2017 |
Commitments and Contingencies - Summary Operating Lease Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease, renewal term | 5 years | ||
Operating lease, right-of-use asset | $ 27,291 | $ 23,832 | |
Weighted-average remaining lease term (years) | 6 years 10 months 24 days | ||
Weighted-average discount rate (1) | 7.40% | ||
Right of use asset - Operating leases (1) | $ 27,291 | 23,832 | |
Other Assets | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease, right-of-use asset | 27,291 | $ 32,052 | |
Right of use asset - Operating leases (1) | 27,291 | 32,052 | |
Other Liabilities | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease liability | 32,914 | 29,491 | 33,558 |
Operating lease liability | $ 32,914 | $ 29,491 | $ 33,558 |
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 8,665 |
2022 | 7,740 |
2023 | 7,049 |
2024 | 6,176 |
2025 | 5,445 |
2026 and thereafter | 16,091 |
Total minimum payments | 51,166 |
Less: present value adjustment | (17,365) |
Luxury Disposition | Held for sale | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Less: liabilities held for sale | $ (887) |
Commitments and Contingencies - Rent Expense for the Company's Office Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rent expense for office leases | $ 7,374 | $ 8,612 | $ 7,519 |
Held for sale | Luxury Disposition | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rent expense for office leases | $ 509 | $ 385 |
Earnings Per Share - Reconciliation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income (loss) from continuing operations | $ (25,225) | $ 20,122 | $ (13,887) | ||||||||
Net income from continuing operations attributable to non-controlling interests | 3,933 | 1,761 | (612) | ||||||||
Net income allocated to participating securities | 0 | 472 | 0 | ||||||||
Securities of subsidiaries | $ 0 | $ (723) | $ 0 | ||||||||
Weighted average number of shares of common stock outstanding - basic | 33,213,307 | 33,684,301 | 33,984,195 | 34,566,330 | 34,562,219 | 34,552,171 | 34,527,230 | 34,673,054 | 34,715,852 | ||
Weighted average number of shares of common stock outstanding - diluted | 33,213,307 | 33,684,301 | 33,984,195 | 34,566,330 | 34,578,357 | 34,552,171 | 34,527,230 | 34,673,054 | 33,859,775 | 34,578,292 | 34,715,852 |
Basic earnings per share | $ 0.42 | $ 0.37 | $ 0.11 | $ (1.74) | $ 0.12 | $ (0.04) | $ 0.33 | $ 0.11 | $ (0.86) | $ 0.52 | $ 0.69 |
Diluted earnings per share (in usd per share) | $ 0.40 | $ 0.35 | $ 0.10 | $ (1.74) | $ 0.11 | $ (0.04) | $ 0.32 | $ 0.11 | (0.86) | 0.50 | 0.69 |
Basic, continuing operations, net (in usd per share) | (0.86) | 0.52 | (0.38) | ||||||||
Basic, discontinued operation, net (in usd per share) | 0 | 0 | 1.07 | ||||||||
Diluted, continuing operations, net (in usd per share) | (0.86) | 0.50 | (0.38) | ||||||||
Diluted, discontinued operations, net (in usd per share) | $ 0 | $ 0 | $ 1.07 | ||||||||
Income from discontinued operations, net of tax and non-controlling interest | $ 0 | $ 0 | $ 43,770 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 6,562 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 37,208 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (29,158) | 17,889 | 23,933 | ||||||||
Common stock | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income (loss) attributable to common stockholders | (29,158) | 17,889 | (13,275) | ||||||||
Net income (loss) attributable to common shares - diluted | $ (29,158) | $ 17,166 | $ 23,933 | ||||||||
Weighted average number of shares of common stock outstanding - basic | 33,859,775 | 34,578,292 | 34,715,852 | ||||||||
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | 0 | 0 | 0 | ||||||||
Weighted average number of shares of common stock outstanding - diluted | 33,859,775 | 34,578,292 | 34,715,852 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Feb. 15, 2019 |
|
Related Party Transaction [Line Items] | |||
Related party, greater than 5% shareholder | 5.00% | ||
Corvid Peak | Strategic Combination Agreement | |||
Related Party Transaction [Line Items] | |||
Investment in funds to be managed | $ 75,000 | ||
Management fee based on net asset value of invested capital | 1.25% | ||
Management fee based on percent of net profits | 20.00% | ||
Investment Income, Investment Expense | $ 2,792 | $ 1,006 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 09, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared per share (in usd per share) | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.16 | $ 0.16 | $ 0.140 | |
Subsequent Event | Common stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared per share (in usd per share) | $ 0.04 |
Summarized Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 257,395 | $ 224,041 | $ 199,194 | $ 129,671 | $ 208,568 | $ 189,185 | $ 191,072 | $ 183,903 | $ 810,301 | $ 772,728 | $ 625,826 |
Total expenses | 232,827 | 210,144 | 194,760 | 211,422 | 198,691 | 190,783 | 175,367 | 178,748 | 849,153 | 743,589 | 645,622 |
Income (loss) before taxes | 24,568 | 13,897 | 4,434 | (81,751) | 9,877 | (1,598) | 15,705 | 5,155 | (38,852) | 29,139 | (19,796) |
Less: provision (benefit) for income taxes | 8,403 | (844) | (5) | (21,181) | 5,311 | (649) | 3,501 | 854 | (13,627) | 9,017 | (5,909) |
Net income (loss) | 16,165 | 14,741 | 4,439 | (60,570) | 4,566 | (949) | 12,204 | 4,301 | (25,225) | 20,122 | 29,883 |
Net income (loss) attributable to non-controlling interests | 1,895 | 1,978 | 623 | (563) | 419 | 508 | 458 | 376 | 1,761 | 5,950 | |
Net income (loss) attributable to common stockholders | $ 14,270 | $ 12,763 | $ 3,816 | $ (60,007) | $ 4,147 | $ (1,457) | $ 11,746 | $ 3,925 | $ (29,158) | $ 18,361 | $ 23,933 |
Basic earnings per share | $ 0.42 | $ 0.37 | $ 0.11 | $ (1.74) | $ 0.12 | $ (0.04) | $ 0.33 | $ 0.11 | $ (0.86) | $ 0.52 | $ 0.69 |
Diluted earnings per share (in usd per share) | $ 0.40 | $ 0.35 | $ 0.10 | $ (1.74) | $ 0.11 | $ (0.04) | $ 0.32 | $ 0.11 | $ (0.86) | $ 0.50 | $ 0.69 |
Basic (in shares) | 33,213,307 | 33,684,301 | 33,984,195 | 34,566,330 | 34,562,219 | 34,552,171 | 34,527,230 | 34,673,054 | 34,715,852 | ||
Diluted (in shares) | 33,213,307 | 33,684,301 | 33,984,195 | 34,566,330 | 34,578,357 | 34,552,171 | 34,527,230 | 34,673,054 | 33,859,775 | 34,578,292 | 34,715,852 |
Schedule II- Condensed Financial Information of Registrant (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Total revenues | $ 257,395 | $ 224,041 | $ 199,194 | $ 129,671 | $ 208,568 | $ 189,185 | $ 191,072 | $ 183,903 | $ 810,301 | $ 772,728 | $ 625,826 | |
Employee compensation and benefits | 172,737 | 129,479 | 113,557 | |||||||||
Interest expense | 32,582 | 27,059 | 27,013 | |||||||||
Professional fees | 20,711 | 20,820 | 15,216 | |||||||||
Rent and related | 14,074 | 12,642 | 11,114 | |||||||||
General and administrative | 22,295 | 18,563 | 16,218 | |||||||||
Depreciation and amortization expense | 17,578 | 13,569 | 12,596 | |||||||||
Loss on extinguishment of debt | 353 | 1,241 | 428 | |||||||||
Other expenses | 8,078 | 9,292 | 8,265 | |||||||||
Total expenses | 232,827 | 210,144 | 194,760 | 211,422 | 198,691 | 190,783 | 175,367 | 178,748 | 849,153 | 743,589 | 645,622 | |
Income (loss) before taxes | 24,568 | 13,897 | 4,434 | (81,751) | 9,877 | (1,598) | 15,705 | 5,155 | (38,852) | 29,139 | (19,796) | |
Less: provision (benefit) for income taxes | 8,403 | (844) | (5) | (21,181) | 5,311 | (649) | 3,501 | 854 | (13,627) | 9,017 | (5,909) | |
Net income (loss) from continuing operations | (25,225) | 20,122 | (13,887) | |||||||||
Income from discontinued operations, net of tax and non-controlling interest | 0 | 0 | 43,770 | |||||||||
Net income (loss) attributable to common stockholders | 14,270 | 12,763 | 3,816 | (60,007) | 4,147 | (1,457) | 11,746 | 3,925 | (29,158) | 18,361 | 23,933 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||||
Cash and cash equivalents | 136,920 | 133,117 | 136,920 | 133,117 | 86,003 | |||||||
Notes and accounts receivable, net | 370,452 | 286,968 | 370,452 | 286,968 | ||||||||
Income taxes receivable | 19,513 | 817 | 19,513 | 817 | ||||||||
Deferred tax assets | 95,250 | 53,306 | 95,250 | 53,306 | ||||||||
Other assets | 162,034 | 68,510 | 162,034 | 68,510 | ||||||||
Total assets | 2,995,760 | 2,198,286 | 2,995,760 | 2,198,286 | ||||||||
Deferred tax liabilities | 113,501 | 80,651 | 113,501 | 80,651 | ||||||||
Other liabilities | 362,865 | 172,140 | 362,865 | 172,140 | ||||||||
Total liabilities | 2,622,222 | 1,786,871 | 2,622,222 | 1,786,871 | ||||||||
Common stock | 33 | 35 | 33 | 35 | ||||||||
Additional paid-in capital | 315,014 | 326,140 | 315,014 | 326,140 | ||||||||
Accumulated other comprehensive income (loss), net of tax | 5,674 | 1,698 | 5,674 | 1,698 | ||||||||
Retained earnings | 35,423 | 70,189 | 35,423 | 70,189 | ||||||||
Stockholders' Equity Attributable to Parent | 356,144 | 398,062 | 356,144 | 398,062 | ||||||||
Liabilities and Equity | 2,995,760 | 2,198,286 | 2,995,760 | 2,198,286 | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net income (loss) attributable to common stockholders | 14,270 | $ 12,763 | $ 3,816 | (60,007) | 4,147 | $ (1,457) | $ 11,746 | 3,925 | (29,158) | 18,361 | 23,933 | |
Deferred provision (benefit) for income taxes | 10,733 | 6,815 | 4,011 | |||||||||
Non-cash lease expense | 7,374 | 7,568 | 0 | |||||||||
Non-cash compensation expense | 8,117 | 6,363 | 6,657 | |||||||||
Amortization of deferred financing costs | 1,015 | 714 | 934 | |||||||||
Changes in other operating assets and liabilities | (333) | 1,381 | 671 | |||||||||
Net cash provided by (used in) operating activities | 140,169 | 23,742 | 57,724 | |||||||||
Net cash provided by (used in) investing activities | (123,491) | (8,327) | (109,107) | |||||||||
Dividends paid | (5,566) | (5,502) | (4,781) | |||||||||
Repurchases of common stock | (13,889) | (9,085) | (14,111) | |||||||||
Net cash provided by (used in) financing activities | 31,749 | 36,928 | (2,003) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 48,427 | 52,343 | (53,386) | |||||||||
Cash, cash equivalents and restricted cash – beginning of period | 144,590 | 96,524 | $ 144,590 | 144,590 | 96,524 | 142,237 | ||||||
Cash, cash equivalents and restricted cash – end of period | 195,275 | 144,590 | 195,275 | 144,590 | 96,524 | |||||||
Cash (received) paid for income taxes | 1,066 | 3,301 | (5,088) | |||||||||
Parent Company | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Interest Income, Operating | 223 | 0 | 137 | |||||||||
Other Income | 232 | 0 | 10 | |||||||||
Total revenues | 455 | 0 | 147 | |||||||||
Employee compensation and benefits | 15,195 | 0 | 0 | |||||||||
Interest expense | 4,681 | 0 | 0 | |||||||||
Professional fees | 4,476 | 0 | 0 | |||||||||
Rent and related | 2,094 | 0 | 0 | |||||||||
General and administrative | 1,259 | 0 | 0 | |||||||||
Depreciation and amortization expense | 807 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 353 | 0 | 0 | |||||||||
Other expenses | 1,513 | 3 | 30 | |||||||||
Total expenses | 30,378 | 3 | 30 | |||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (24,855) | 18,364 | (13,392) | |||||||||
Income (loss) before taxes | (54,778) | 18,361 | (13,275) | |||||||||
Less: provision (benefit) for income taxes | (25,620) | 0 | 0 | |||||||||
Net income (loss) from continuing operations | (29,158) | 18,361 | (13,275) | |||||||||
Income from discontinued operations, net of tax and non-controlling interest | 0 | 0 | 414 | |||||||||
Gain on sale of discontinued operations, net of tax and non-controlling interest | 0 | 0 | 36,794 | |||||||||
Discontinued operations, net of tax and non-controlling interest | 0 | 0 | 37,208 | |||||||||
Net income (loss) attributable to common stockholders | (29,158) | 18,361 | 23,933 | |||||||||
Distributions from subsidiaries | 35,092 | 14,587 | 4,781 | |||||||||
Other expenses | 2,000 | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||||
Investment in subsidiaries | 337,951 | 397,395 | 337,951 | 397,395 | ||||||||
Cash and cash equivalents | 712 | 87 | 712 | 87 | ||||||||
Notes and accounts receivable, net | 2,622 | 0 | 2,622 | 0 | ||||||||
Intercompany receivables, net | 0 | 0 | 0 | 0 | ||||||||
Income taxes receivable | 15,590 | 0 | 15,590 | 0 | ||||||||
Deferred tax assets | 44,161 | 0 | 44,161 | 0 | ||||||||
Other assets | 15,332 | 580 | 15,332 | 580 | ||||||||
Total assets | 416,368 | 398,062 | 416,368 | 398,062 | ||||||||
Deferred tax liabilities | 23,889 | 0 | 23,889 | 0 | ||||||||
Operating lease liability | 12,241 | 0 | 12,241 | 0 | ||||||||
Intercompany payables, net | 9,861 | 0 | 9,861 | 0 | ||||||||
Accrued expenses | 7,490 | 0 | 7,490 | 0 | ||||||||
Other liabilities | 6,743 | 0 | 6,743 | 0 | ||||||||
Total liabilities | 60,224 | 0 | 60,224 | 0 | ||||||||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | 0 | 0 | 0 | 0 | ||||||||
Common stock | 33 | 35 | 33 | 35 | ||||||||
Additional paid-in capital | 315,014 | 326,140 | 315,014 | 326,140 | ||||||||
Accumulated other comprehensive income (loss), net of tax | 5,674 | 1,698 | 5,674 | 1,698 | ||||||||
Retained earnings | 35,423 | 70,189 | 35,423 | 70,189 | ||||||||
Stockholders' Equity Attributable to Parent | 356,144 | 398,062 | 356,144 | 398,062 | ||||||||
Liabilities and Equity | 416,368 | 398,062 | 416,368 | 398,062 | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net income (loss) attributable to common stockholders | (29,158) | 18,361 | 23,933 | |||||||||
Equity in earnings of subsidiaries | 24,855 | (18,364) | (23,816) | |||||||||
Depreciation expense | 807 | 0 | 0 | |||||||||
Deferred provision (benefit) for income taxes | (15,815) | 0 | 0 | |||||||||
Non-cash lease expense | 1,660 | 0 | 0 | |||||||||
Non-cash compensation expense | 3,110 | 0 | 0 | |||||||||
Amortization of deferred financing costs | 172 | 0 | 0 | |||||||||
Changes in other operating assets and liabilities | 1,264 | (583) | 4,772 | |||||||||
Net cash provided by (used in) operating activities | (13,105) | (586) | 4,889 | |||||||||
Asset acquisitions due to merger with Operating Co. | 488 | 0 | 0 | |||||||||
Net cash provided by (used in) investing activities | 488 | 0 | 0 | |||||||||
Distributions from subsidiaries | 35,092 | 14,587 | 4,781 | |||||||||
Dividends paid | (5,565) | (5,502) | (4,781) | |||||||||
Repurchases of common stock | (13,889) | (9,085) | 0 | |||||||||
Subsidiary RSU exchanges | (2,034) | 0 | 0 | |||||||||
Vesting of share-based incentive compensation | (362) | 0 | 0 | |||||||||
Net cash provided by (used in) financing activities | 13,242 | 0 | (4,781) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 625 | (586) | 108 | |||||||||
Cash, cash equivalents and restricted cash – beginning of period | $ 87 | $ 673 | 87 | 87 | 673 | 565 | ||||||
Cash, cash equivalents and restricted cash – end of period | $ 712 | $ 87 | 712 | 87 | 673 | |||||||
Cash (received) paid for income taxes | (166) | 2,168 | (5,915) | |||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Other expenses | $ 2,000 | |||||||||||
Distributions from subsidiaries | $ 35,092 | $ 14,587 | $ 4,781 |
Label | Element | Value | ||
---|---|---|---|---|
Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect | $ (99,000) | ||
Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect | $ 99,000 | ||
|
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