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Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Effective January 1, 2016, Tiptree, TFP and Operating Company created a consolidated group among themselves and various Operating Company subsidiaries for U.S. federal income tax purposes, with Tiptree being the parent company. In connection with the creation of the consolidated group, TFP and the Operating Company elected to be treated as corporations for U.S. federal income tax purposes, and Tiptree contributed its 28% interest in Operating Company to TFP in exchange for 4,307,023 additional common units of TFP. As a result of these steps, effective January 1, 2016, Tiptree directly owns 81.29% of TFP and TFP directly owns 100% of Operating Company.
On January 14, 2016, Telos COF I, LLC, a subsidiary of Telos Credit Opportunities, amended its existing credit agreement with Capital One, N.A., as administrative agent, and the other lenders party thereto. The amendment reduced the maximum size of the facility to $100,000 and increased advance rates on certain types of loans.
On January 11, 2016, Telos CLO 2016-7, Ltd (Telos 7) amended and restated its existing warehouse credit agreement with SG Americas Securities, LLC, as administrative agent, and the other lenders party thereto. The amendment reduces the amount that Telos 7 may borrow during the period between marketing and pricing a CLO and extended the revolving period of the loan.
On January 20, 2016, affiliates of Care and affiliates of Heritage acquired a senior housing community. Care owns an 80% interest in the community, while affiliates of Heritage own the remaining 20% interest and an affiliated management company provides management services to the communities under a management contract. In connection with the acquisition, Care and Heritage secured a $28,000, 7 year loan, which includes 24 months of interest only payments. The acquisition related disclosures by ASC 805 cannot be made as the initial accounting for the business transaction is incomplete.

On March 1, 2016, affiliates of Care and affiliates of Royal entered into an agreement to (i) own and operate a senior housing community and (ii) purchase adjacent land. Care owns a 65% interest in the community, while affiliates of Royal own the remaining 35% interest and an affiliated management company provides management services to the community under a management contract. In connection with the acquisition, Care and Royal secured a $11,218, 5 year loan, which includes 36 months of interest only payments. The amount of the mortgage debt may be increased one year after closing by an additional $1,000 subject to meeting certain terms and conditions. The acquisition related disclosures by ASC 805 cannot be made as the initial accounting for the business transaction is incomplete.

In the first quarter of 2016, the Company purchased an additional $8,000 in NPLs, bringing the Company’s total investment in NPLs to $47,700 million as of the date of this report.

In the first quarter of 2016, the Company and its subsidiaries purchased an additional approximately 5,200,000 common shares of RAIT for an aggregate of $12,600.

On March 10, 2016, the Company’s board of directors declared a quarterly cash dividend of $0.025 per share to Class A stockholders with a record date of March 25, 2016, and a payment date of April 1, 2016.

Subsequent to December 31, 2015, the Company issued to the executive committee 125,618 shares of Class A common stock and options to acquire 251,237 shares of Class A common stock, subject to vesting requirements, as incentive compensation.