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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
Contractual Obligations
The table below summarizes the Company’s contractual obligations for the periods indicated. In addition, the Company has off balance sheet arrangements in the form of letters of credit.
 
June 30, 2014
 
December 31, 2013
 
Mortgage notes payable
    and related interest (1)
$
106,301

 
$
107,705

 
Notes payable (2)
88,539

 
91,015

 
Notes payable CLOs (3)
1,633,074

 
1,341,701

 
Warehouse borrowings (4)
24,045

 
—

 
Operating lease obligations (5)
13,774

 
6,437

 
Credit facilities/Lines of credit (6)
68,662

 
54,871

 
Standby letters of credit (7)
322

 
—

 
Total
$
1,934,717

 
$
1,601,729

 
(1)
Mortgage notes payable include mortgage notes entered into by the Company in connection with its acquisition of several properties (See Note 11—Debt).
(2)
Notes payable relates to PFG’s acquisition of the administrative services rights from The Hartford, TFP payment for Series A preferred stock and common shares of PFG and Luxury promissory notes (See Note 11—Debt).
(3)
CLO notes payable principal is payable at stated maturity, 2021 for Telos 1, 2022 for Telos 2, 2024 for Telos 3, 2024 for Telos 4 and 2025 for Telos 5 (See Note 4—CLOs and Consolidated Variable Interest Entities).
(4)
The Company through its subsidiary Luxury has warehouse borrowings with several lenders (See Note 11—Debt).
(5)
Minimum rental obligations for Care, Siena, Luxury and PFG office leases. For the six month periods ended June 30, 2014 and 2013, rent expense for the Company’s office leases were $1,192 and $786, respectively.
(6)
On September 18, 2013, Operating Company entered into a Credit Agreement with Fortress and borrowed $50,000 under the Credit Agreement. The Credit Agreement also includes an option for Operating Company to borrow additional amounts up to a maximum aggregate of $125,000, subject to satisfaction of certain customary conditions. On July 25, 2013, TFI’s subsidiary Siena closed on a line of credit with Wells Fargo Bank. This revolving line is for $65,000 with an interest rate of LIBOR + 250 basis points and a maturity date of January 25, 2017. As of June 30, 2014, there was $20,162 outstanding on this line (See Note 11—Debt).
(7)
Tiptree’s subsidiary Siena issues standby letters of credit to customers which generally guarantee the borrower’s performance.

Litigation
Tiptree and its subsidiaries are parties to legal proceedings in the ordinary course of their business. Although Tiptree’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, Tiptree does not believe that these proceedings, either individually or in the aggregate, are likely to have a material adverse effect on Tiptree’s financial position or results of operations.