(Mark One) | |
x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Maryland | 38-3754322 | |
(State or Other Jurisdiction of | (IRS Employer | |
Incorporation of Organization) | Identification No.) | |
780 Third Avenue, 21st Floor, New York, New York | 10017 | |
(Address of Principal Executive Offices) | (Zip Code) |
ITEM | Page Number | |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Investments: | |||||||
Available for sale securities, at fair value | $ | 164,093 | $ | 146,171 | |||
Loans, at fair value | 323,122 | 373,089 | |||||
Loans at amortized cost, net | 150,596 | 113,838 | |||||
Equity securities, trading, at fair value | 28,106 | 48,612 | |||||
Real estate, net | 371,137 | 309,423 | |||||
Other investments | 27,191 | 25,467 | |||||
Total investments | 1,064,245 | 1,016,600 | |||||
Cash and cash equivalents | 111,751 | 63,010 | |||||
Restricted cash | 23,400 | 24,472 | |||||
Notes and accounts receivable, net | 178,726 | 157,500 | |||||
Reinsurance receivables | 333,023 | 296,234 | |||||
Deferred acquisition costs | 139,471 | 126,608 | |||||
Goodwill and intangible assets, net | 176,820 | 178,245 | |||||
Other assets | 48,544 | 37,886 | |||||
Assets of consolidated CLOs | 372,774 | 989,495 | |||||
Total assets | $ | 2,448,754 | $ | 2,890,050 | |||
Liabilities and Stockholders’ Equity | |||||||
Liabilities | |||||||
Debt, net | $ | 865,629 | $ | 793,009 | |||
Unearned premiums | 475,047 | 414,960 | |||||
Policy liabilities and unpaid claims | 110,928 | 103,391 | |||||
Deferred revenue | 53,930 | 52,254 | |||||
Reinsurance payable | 81,887 | 70,588 | |||||
Other liabilities and accrued expenses | 115,858 | 133,735 | |||||
Liabilities of consolidated CLOs | 354,337 | 931,969 | |||||
Total liabilities | $ | 2,057,616 | $ | 2,499,906 | |||
Commitments and contingencies (see Note 22) | |||||||
Stockholders’ Equity | |||||||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | $ | — | $ | — | |||
Common stock - Class A: $0.001 par value, 200,000,000 shares authorized, 35,003,004 and 34,983,616 shares issued and outstanding, respectively | 35 | 35 | |||||
Common stock - Class B: $0.001 par value, 50,000,000 shares authorized, 8,049,029 and 8,049,029 shares issued and outstanding, respectively | 8 | 8 | |||||
Additional paid-in capital | 296,476 | 297,391 | |||||
Accumulated other comprehensive income (loss), net of tax | 1,223 | 555 | |||||
Retained earnings | 28,913 | 37,974 | |||||
Class A common stock held by subsidiaries, 5,209,523 and 6,596,000 shares, respectively | (34,664 | ) | (42,524 | ) | |||
Class B common stock held by subsidiaries, 8,049,029 and 8,049,029 shares, respectively | (8 | ) | (8 | ) | |||
Total Tiptree Inc. stockholders’ equity | 291,983 | 293,431 | |||||
Non-controlling interests (including $74,074 and $76,077 attributable to Tiptree Financial Partners, L.P., respectively) | 99,155 | 96,713 | |||||
Total stockholders’ equity | 391,138 | 390,144 | |||||
Total liabilities and stockholders’ equity | $ | 2,448,754 | $ | 2,890,050 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Earned premiums, net | $ | 96,073 | $ | 47,609 | $ | 272,781 | $ | 138,516 | |||||||
Service and administrative fees | 24,018 | 25,842 | 70,861 | 84,421 | |||||||||||
Ceding commissions | 2,513 | 1,397 | 6,801 | 22,645 | |||||||||||
Net investment income | 3,840 | 3,307 | 12,032 | 8,409 | |||||||||||
Net realized and unrealized gains (losses) | 7,526 | 26,215 | 35,183 | 65,954 | |||||||||||
Rental and related revenue | 19,170 | 15,371 | 54,819 | 43,389 | |||||||||||
Other income | 11,379 | 12,419 | 33,820 | 31,725 | |||||||||||
Total revenues | 164,519 | 132,160 | 486,297 | 395,059 | |||||||||||
Expenses: | |||||||||||||||
Policy and contract benefits | 31,570 | 25,881 | 94,364 | 72,436 | |||||||||||
Commission expense | 63,066 | 24,032 | 176,405 | 91,906 | |||||||||||
Employee compensation and benefits | 36,596 | 38,767 | 109,437 | 102,175 | |||||||||||
Interest expense | 10,361 | 7,839 | 28,444 | 20,770 | |||||||||||
Depreciation and amortization | 7,775 | 6,437 | 23,781 | 21,899 | |||||||||||
Other expenses | 23,164 | 21,686 | 73,380 | 68,351 | |||||||||||
Total expenses | 172,532 | 124,642 | 505,811 | 377,537 | |||||||||||
Results of consolidated CLOs: | |||||||||||||||
Income attributable to consolidated CLOs | 7,216 | 12,556 | 24,024 | 34,713 | |||||||||||
Expenses attributable to consolidated CLOs | 4,633 | 8,524 | 14,631 | 24,664 | |||||||||||
Net income (loss) attributable to consolidated CLOs | 2,583 | 4,032 | 9,393 | 10,049 | |||||||||||
Income (loss) before taxes | (5,430 | ) | 11,550 | (10,121 | ) | 27,571 | |||||||||
Less: provision (benefit) for income taxes | (2,052 | ) | 3,712 | (2,761 | ) | 5,298 | |||||||||
Net income (loss) before non-controlling interests | (3,378 | ) | 7,838 | (7,360 | ) | 22,273 | |||||||||
Less: net income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P. | (595 | ) | 1,362 | (1,432 | ) | 4,660 | |||||||||
Less: net income (loss) attributable to non-controlling interests - Other | 331 | 571 | 529 | 20 | |||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common stockholders | $ | (3,114 | ) | $ | 5,905 | $ | (6,457 | ) | $ | 17,593 | |||||
Net income (loss) per Class A common share: | |||||||||||||||
Basic earnings per share | $ | (0.11 | ) | $ | 0.20 | $ | (0.22 | ) | $ | 0.53 | |||||
Diluted earnings per share | $ | (0.11 | ) | $ | 0.19 | $ | (0.22 | ) | $ | 0.53 | |||||
Weighted average number of Class A common shares: | |||||||||||||||
Basic | 29,455,462 | 29,143,470 | 28,908,195 | 32,845,124 | |||||||||||
Diluted | 29,455,462 | 37,230,650 | 28,908,195 | 32,912,516 | |||||||||||
Dividends declared per common share | $ | 0.030 | $ | 0.025 | $ | 0.090 | $ | 0.075 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) before non-controlling interests | $ | (3,378 | ) | $ | 7,838 | $ | (7,360 | ) | $ | 22,273 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Unrealized gains (losses) on available-for-sale securities: | |||||||||||||||
Unrealized holding gains (losses) arising during the period | 355 | (553 | ) | 1,800 | 3,779 | ||||||||||
Related tax (expense) benefit | (124 | ) | 198 | (635 | ) | (1,331 | ) | ||||||||
Reclassification of (gains) losses included in net income | (394 | ) | (960 | ) | (367 | ) | (1,100 | ) | |||||||
Related tax expense (benefit) | 138 | 336 | 129 | 385 | |||||||||||
Unrealized gains (losses) on available-for-sale securities, net of tax | (25 | ) | (979 | ) | 927 | 1,733 | |||||||||
Interest rate swaps (cash flow hedges): | |||||||||||||||
Unrealized gains (losses) on interest rate swaps | (33 | ) | 156 | (411 | ) | (515 | ) | ||||||||
Related tax (expense) benefit | 19 | (46 | ) | 115 | 158 | ||||||||||
Reclassification of (gains) losses included in net income | (25 | ) | 172 | 212 | (56 | ) | |||||||||
Related tax expense (benefit) | 8 | (54 | ) | (69 | ) | 30 | |||||||||
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax | (31 | ) | 228 | (153 | ) | (383 | ) | ||||||||
Other comprehensive income (loss), net of tax | (56 | ) | (751 | ) | 774 | 1,350 | |||||||||
Comprehensive income (loss) | (3,434 | ) | 7,087 | (6,586 | ) | 23,623 | |||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P. | (620 | ) | 1,214 | (1,278 | ) | 4,897 | |||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests - Other | 409 | 604 | 481 | (9 | ) | ||||||||||
Comprehensive income (loss) attributable to Tiptree Inc. Class A common stockholders | $ | (3,223 | ) | $ | 5,269 | $ | (5,789 | ) | $ | 18,735 |
Number of Shares | Par Value | Additional paid in capital | Accumulated other comprehensive income (loss) | Retained earnings | Common Stock held by subsidiaries | Total stockholders’ equity to Tiptree Inc. | Non-controlling interests - Tiptree Financial Partners, L.P. | Non-controlling interests - Other | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A Shares | Class A Amount | Class B Shares | Class B Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | 34,899,833 | 8,049,029 | $ | 35 | $ | 8 | $ | 297,063 | $ | (111 | ) | $ | 15,845 | — | $ | — | — | $ | — | $ | 312,840 | $ | 69,278 | $ | 15,576 | $ | 397,694 | ||||||||||||||||||||||||||||
Stock-based compensation to directors and employees | 189,896 | — | — | — | 1,810 | — | — | — | — | — | — | 1,810 | — | — | 1,810 | ||||||||||||||||||||||||||||||||||||||||
Shares issued to settle contingent consideration | 72,868 | — | — | — | 377 | — | — | — | — | — | 377 | — | — | 377 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 1,142 | — | — | — | — | — | 1,142 | 237 | (29 | ) | 1,350 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | — | — | — | — | 6,163 | 6,163 | ||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | — | — | — | — | — | (603 | ) | (1,456 | ) | (2,059 | ) | |||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (215,358 | ) | — | — | — | (1,230 | ) | — | — | — | — | — | — | (1,230 | ) | — | — | (1,230 | ) | ||||||||||||||||||||||||||||||||||||
Shares acquired by subsidiaries | — | — | — | — | — | — | — | (6,596,000 | ) | (42,524 | ) | (8,049,029 | ) | (8 | ) | (42,532 | ) | — | — | (42,532 | ) | ||||||||||||||||||||||||||||||||||
Net changes in non-controlling interest | — | — | — | — | (746 | ) | — | — | — | — | — | — | (746 | ) | 1,058 | (335 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (2,482 | ) | — | — | — | — | (2,482 | ) | — | — | (2,482 | ) | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 17,593 | — | — | — | — | 17,593 | 4,660 | 20 | 22,273 | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2016 | 34,947,239 | 8,049,029 | $ | 35 | $ | 8 | $ | 297,274 | $ | 1,031 | $ | 30,956 | (6,596,000 | ) | $ | (42,524 | ) | (8,049,029 | ) | $ | (8 | ) | $ | 286,772 | $ | 74,630 | $ | 19,939 | $ | 381,341 |
Number of Shares | Par Value | Additional paid in capital | Accumulated other comprehensive income (loss) | Retained earnings | Common Stock held by subsidiaries | Total stockholders’ equity to Tiptree Inc. | Non-controlling interests - Tiptree Financial Partners, L.P. | Non-controlling interests - Other | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A Shares | Class A Amount | Class B Shares | Class B Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 34,983,616 | 8,049,029 | $ | 35 | $ | 8 | $ | 297,391 | $ | 555 | $ | 37,974 | (6,596,000 | ) | $ | (42,524 | ) | (8,049,029 | ) | $ | (8 | ) | $ | 293,431 | $ | 76,077 | $ | 20,636 | $ | 390,144 | |||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | 1,541 | — | — | — | — | — | — | 1,541 | — | 536 | 2,077 | ||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | 19,388 | — | — | — | (588 | ) | — | — | 119,511 | 775 | — | — | 187 | — | 187 | ||||||||||||||||||||||||||||||||||||||||
Shares issued to settle contingent consideration | — | — | — | — | (76 | ) | — | — | 756,046 | 4,914 | — | — | 4,838 | — | — | 4,838 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash upon exercise of stock options | — | — | — | — | (1,371 | ) | — | — | 1,510,920 | 9,471 | — | — | 8,100 | — | — | 8,100 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 668 | — | — | — | — | — | 668 | 154 | (48 | ) | 774 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | — | — | — | 2,464 | 2,464 | |||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | — | — | — | — | — | (725 | ) | (1,676 | ) | (2,401 | ) | |||||||||||||||||||||||||||||||||||||
Shares acquired by subsidiaries | — | — | — | — | — | — | — | (1,000,000 | ) | (7,300 | ) | — | — | (7,300 | ) | — | — | (7,300 | ) | ||||||||||||||||||||||||||||||||||||
Net changes in non-controlling interest | — | — | — | — | (421 | ) | — | — | — | — | — | — | (421 | ) | — | 2,640 | 2,219 | ||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (2,604 | ) | — | — | — | — | (2,604 | ) | — | — | (2,604 | ) | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | (6,457 | ) | — | — | — | — | (6,457 | ) | (1,432 | ) | 529 | (7,360 | ) | ||||||||||||||||||||||||||||||||||||
Balance at September 30, 2017 | 35,003,004 | 8,049,029 | $ | 35 | $ | 8 | $ | 296,476 | $ | 1,223 | $ | 28,913 | (5,209,523 | ) | $ | (34,664 | ) | (8,049,029 | ) | $ | (8 | ) | $ | 291,983 | $ | 74,074 | $ | 25,081 | $ | 391,138 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating Activities: | |||||||
Net income (loss) available to common stockholders | $ | (6,457 | ) | $ | 17,593 | ||
Net income (loss) attributable to non-controlling interests - Tiptree Financial Partners, L.P. | (1,432 | ) | 4,660 | ||||
Net income (loss) attributable to non-controlling interests - Other | 529 | 20 | |||||
Net income (loss) | (7,360 | ) | 22,273 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||
Net realized and unrealized (gains) losses | (35,183 | ) | (65,954 | ) | |||
Net unrealized loss (gain) on interest rate swaps | (67 | ) | 1,233 | ||||
Change in fair value of contingent consideration | 3,192 | (262 | ) | ||||
Non cash compensation expense | 4,275 | 1,696 | |||||
Amortization/accretion of premiums and discounts | 971 | 1,094 | |||||
Depreciation and amortization expense | 24,120 | 21,899 | |||||
Provision for doubtful accounts | 967 | 1,321 | |||||
Amortization of deferred financing costs | 2,178 | 1,326 | |||||
Deferred tax expense (benefit) | (2,371 | ) | (327 | ) | |||
Changes in operating assets and liabilities: | |||||||
Mortgage loans originated for sale | (1,151,150 | ) | (1,258,931 | ) | |||
Proceeds from the sale of mortgage loans originated for sale | 1,205,868 | 1,259,091 | |||||
(Increase) decrease in notes and accounts receivable | (26,262 | ) | (16,964 | ) | |||
(Increase) decrease in reinsurance receivables | (33,312 | ) | (28,237 | ) | |||
(Increase) decrease in deferred acquisition costs | (12,863 | ) | (2,292 | ) | |||
(Increase) decrease in other assets | (8,205 | ) | (2,223 | ) | |||
Increase (decrease) in unearned premiums | 59,481 | 22,934 | |||||
Increase (decrease) in policy liabilities and unpaid claims | 4,666 | 21,250 | |||||
Increase (decrease) in deferred revenue | 1,267 | (6,810 | ) | ||||
Increase (decrease) in reinsurance payable | 11,299 | (11,772 | ) | ||||
Increase (decrease) in other liabilities and accrued expenses | (14,297 | ) | 12,499 | ||||
Operating activities from consolidated CLOs | (2,684 | ) | (3,505 | ) | |||
Net cash provided by (used in) operating activities | 24,530 | (30,661 | ) | ||||
Investing Activities: | |||||||
Purchases of investments | (147,764 | ) | (178,599 | ) | |||
Proceeds from sales and maturities of investments | 201,754 | 159,773 | |||||
(Increase) decrease in loans owned, at amortized cost, net | (37,166 | ) | (44,640 | ) | |||
Purchases of real estate capital expenditures | (463 | ) | (4,372 | ) | |||
Proceeds from the sale of real estate | 11,396 | 2,526 | |||||
Purchases of corporate fixed assets | (1,616 | ) | (991 | ) | |||
Proceeds from the sale of subsidiaries (1) | 4,846 | — | |||||
Proceeds from notes receivable | 40,273 | 25,193 | |||||
Issuance of notes receivable | (35,109 | ) | (32,137 | ) | |||
(Increase) decrease in restricted cash | 1,072 | (3,315 | ) | ||||
Business and asset acquisitions, net of cash and deposits | (75,489 | ) | (81,183 | ) | |||
Investing activities from consolidated CLOs | 224,107 | (96,834 | ) | ||||
Net cash provided by (used in) investing activities | 185,841 | (254,579 | ) | ||||
Financing Activities: | |||||||
Dividends paid | (2,604 | ) | (2,482 | ) | |||
Non-controlling interest contributions | 2,464 | 3,050 | |||||
Non-controlling interest distributions | (1,657 | ) | (2,059 | ) | |||
Payment of debt issuance costs | (1,738 | ) | (2,508 | ) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Proceeds from borrowings and mortgage notes payable | 1,297,203 | 1,477,446 | |||||
Principal paydowns of borrowings and mortgage notes payable | (1,232,705 | ) | (1,368,585 | ) | |||
Proceeds from the exercise of options for common stock | 8,100 | — | |||||
Repurchases of common stock | (7,300 | ) | (43,754 | ) | |||
Financing activities from consolidated CLOs | (223,393 | ) | 220,727 | ||||
Net cash provided by (used in) financing activities | (161,630 | ) | 281,835 | ||||
Net increase (decrease) in cash and cash equivalents | 48,741 | (3,405 | ) | ||||
Cash and cash equivalents – beginning of period | 63,010 | 69,400 | |||||
Cash and cash equivalents – end of period | $ | 111,751 | $ | 65,995 | |||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||
Acquired real estate properties through, or in lieu of, foreclosure of the related loan | $ | 9,793 | $ | 10,288 | |||
Real estate acquired through asset acquisition | $ | 8,178 | $ | — | |||
Intangible assets related to in-place leases acquired through asset acquisition | $ | 2,049 | $ | — | |||
Assets of consolidated CLOs deconsolidated due to sale and redemption | $ | 407,323 | $ | — | |||
Liabilities of consolidated CLOs deconsolidated due to sale and redemption | $ | 389,333 | $ | — | |||
Debt assumed through asset acquisition | $ | 7,586 | $ | — | |||
Settlement of contingent consideration payable with Class A common stock | $ | 4,838 | $ | — |
• | Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives |
• | Value of acquired assets and liabilities; |
• | Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives; |
• | Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims; |
• | Valuation of contingent share issuances for compensation and purchase consideration, including estimates of number of shares and vesting schedules; |
• | Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service, administration fees, and loan origination fees; and |
• | Other matters that affect the reported amounts and disclosure of contingencies in the condensed consolidated financial statements. |
2017 Acquisitions | |||
Senior living | |||
Consideration: | |||
Cash | $ | 25,999 | |
Fair value of total consideration | $ | 25,999 | |
Acquisition costs | $ | 288 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Assets: | |||
Cash and cash equivalents | $ | 717 | |
Real estate, net | 21,800 | ||
Intangible assets, net | 3,850 | ||
Other assets | 76 | ||
Liabilities: | |||
Deferred revenue | (409 | ) | |
Other liabilities and accrued expenses | (35 | ) | |
Total identifiable net assets assumed | $ | 25,999 |
Intangible Assets | Weighted Average Amortization Period (in Years) | Senior living | |||
In-place lease | 1.38 | $ | 3,850 |
2016 Acquisitions | |||
Senior living | |||
Consideration: | |||
Cash | $ | 81,492 | |
Non-cash non-controlling interests contributions | 3,113 | ||
Fair value of total consideration | $ | 84,605 | |
Acquisition costs | $ | 612 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Assets: | |||
Cash and cash equivalents | $ | 184 | |
Real estate, net | 77,787 | ||
Intangible assets, net | 6,838 | ||
Other assets | 248 | ||
Liabilities: | |||
Deferred revenue | (290 | ) | |
Other liabilities and accrued expenses | (162 | ) | |
Total identifiable net assets assumed | $ | 84,605 |
Intangible Assets | Weighted Average Amortization Period (in Years) | Senior living | |||
In-place lease | 1.61 | $ | 6,838 |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||
Specialty insurance | Asset management | Senior living | Specialty finance | Corporate and other | Total | ||||||||||||||||||
Total revenue | $ | 118,714 | $ | 1,448 | $ | 19,583 | $ | 24,976 | $ | (202 | ) | $ | 164,519 | ||||||||||
Total expense | 121,059 | 1,058 | 21,118 | 22,381 | 6,916 | 172,532 | |||||||||||||||||
Net income attributable to consolidated CLOs | — | 2,583 | — | — | — | 2,583 | |||||||||||||||||
Income (loss) before taxes | $ | (2,345 | ) | $ | 2,973 | $ | (1,535 | ) | $ | 2,595 | $ | (7,118 | ) | $ | (5,430 | ) | |||||||
Less: provision (benefit) for income taxes | (2,052 | ) | |||||||||||||||||||||
Net income (loss) before non-controlling interests | $ | (3,378 | ) | ||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | (264 | ) | |||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common stockholders | $ | (3,114 | ) |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Specialty insurance(1) | Asset management(1) | Senior living | Specialty finance | Corporate and other(1) | Total | ||||||||||||||||||
Total revenue | $ | 82,630 | $ | 4,746 | $ | 15,695 | $ | 29,013 | $ | 76 | $ | 132,160 | |||||||||||
Total expense | 71,971 | 2,303 | 16,168 | 24,832 | 9,368 | 124,642 | |||||||||||||||||
Net income attributable to consolidated CLOs | — | 4,032 | — | — | — | 4,032 | |||||||||||||||||
Income (loss) before taxes | $ | 10,659 | $ | 6,475 | $ | (473 | ) | $ | 4,181 | $ | (9,292 | ) | $ | 11,550 | |||||||||
Less: provision (benefit) for income taxes | 3,712 | ||||||||||||||||||||||
Net income (loss) before non-controlling interests | $ | 7,838 | |||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 1,933 | ||||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common stockholders | $ | 5,905 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
Specialty insurance | Asset management | Senior living | Specialty finance | Corporate and other | Total | ||||||||||||||||||
Total revenue | $ | 351,731 | $ | 8,239 | $ | 55,927 | $ | 70,325 | $ | 75 | $ | 486,297 | |||||||||||
Total expense | 350,007 | 4,549 | 61,286 | 67,696 | 22,273 | 505,811 | |||||||||||||||||
Net income (loss) attributable to consolidated CLOs | — | 9,393 | — | — | — | 9,393 | |||||||||||||||||
Income (loss) before taxes | $ | 1,724 | $ | 13,083 | $ | (5,359 | ) | $ | 2,629 | $ | (22,198 | ) | $ | (10,121 | ) | ||||||||
Less: provision (benefit) for income taxes | (2,761 | ) | |||||||||||||||||||||
Net income (loss) before non-controlling interests | $ | (7,360 | ) | ||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | (903 | ) | |||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common stockholders | $ | (6,457 | ) |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Specialty insurance(1) | Asset management(1) | Senior living | Specialty finance | Corporate and other(1) | Total | ||||||||||||||||||
Total revenue | $ | 268,743 | $ | 10,754 | $ | 44,204 | $ | 67,790 | $ | 3,568 | $ | 395,059 | |||||||||||
Total expense | 233,116 | 6,131 | 49,691 | 62,280 | 26,319 | 377,537 | |||||||||||||||||
Net income (loss) attributable to consolidated CLOs | — | 10,049 | — | — | — | 10,049 | |||||||||||||||||
Income (loss) before taxes | $ | 35,627 | $ | 14,672 | $ | (5,487 | ) | $ | 5,510 | $ | (22,751 | ) | $ | 27,571 | |||||||||
Less: provision (benefit) for income taxes | 5,298 | ||||||||||||||||||||||
Net income (loss) before non-controlling interests | $ | 22,273 | |||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 4,680 | ||||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common stockholders | $ | 17,593 |
The following table presents the segment assets for the following periods: | |||||||||||||||||||||||
Segment Assets as of September 30, 2017 | |||||||||||||||||||||||
Specialty insurance | Asset management | Senior living | Specialty finance | Corporate and other | Total | ||||||||||||||||||
Segment assets | $ | 1,319,165 | $ | 21,175 | $ | 390,818 | $ | 303,203 | $ | 41,619 | $ | 2,075,980 | |||||||||||
Assets of consolidated CLOs | — | 372,774 | — | — | — | 372,774 | |||||||||||||||||
Total assets | $ | 2,448,754 | |||||||||||||||||||||
Segment Assets as of December 31, 2016 | |||||||||||||||||||||||
Specialty insurance | Asset management | Senior living | Specialty finance | Corporate and other | Total | ||||||||||||||||||
Segment assets | $ | 1,268,152 | $ | 17,427 | $ | 323,169 | $ | 271,795 | $ | 20,012 | $ | 1,900,555 | |||||||||||
Assets of consolidated CLOs | — | 989,495 | — | — | — | 989,495 | |||||||||||||||||
Total assets | $ | 2,890,050 |
As of September 30, 2017 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 36,474 | $ | 96 | $ | (216 | ) | $ | 36,354 | ||||||
Obligations of state and political subdivisions | 47,542 | 415 | (324 | ) | 47,633 | ||||||||||
Corporate securities | 53,589 | 447 | (167 | ) | 53,869 | ||||||||||
Asset backed securities | 24,011 | 105 | (16 | ) | 24,100 | ||||||||||
Certificates of deposit | 896 | — | — | 896 | |||||||||||
Equity securities | 658 | 13 | (9 | ) | 662 | ||||||||||
Obligations of foreign governments | 566 | 13 | — | 579 | |||||||||||
Total | $ | 163,736 | $ | 1,089 | $ | (732 | ) | $ | 164,093 | ||||||
As of December 31, 2016 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 27,149 | $ | 27 | $ | (377 | ) | $ | 26,799 | ||||||
Obligations of state and political subdivisions | 57,425 | 107 | (598 | ) | 56,934 | ||||||||||
Corporate securities | 58,769 | 204 | (402 | ) | 58,571 | ||||||||||
Asset backed securities | 1,459 | 1 | — | 1,460 | |||||||||||
Certificates of deposit | 895 | — | — | 895 | |||||||||||
Equity securities | 818 | 3 | (37 | ) | 784 | ||||||||||
Obligations of foreign governments | 733 | 3 | (8 | ) | 728 | ||||||||||
Total | $ | 147,248 | $ | 345 | $ | (1,422 | ) | $ | 146,171 |
As of September 30, 2017 | |||||||||||||||||||||
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 | $ | 25,152 | $ | (187 | ) | 119 | $ | 924 | $ | (29 | ) | 5 | |||||||||
Obligations of state and political subdivisions | 9,936 | (145 | ) | 55 | 7,142 | (179 | ) | 34 | |||||||||||||
Corporate securities | 16,269 | (61 | ) | 164 | 4,479 | (106 | ) | 86 | |||||||||||||
Asset-backed securities | 1,294 | (16 | ) | 2 | — | — | — | ||||||||||||||
Equity securities | 411 | (7 | ) | 3 | 19 | (2 | ) | 2 | |||||||||||||
Obligations of foreign governments | — | — | — | — | — | — | |||||||||||||||
Total | $ | 53,062 | $ | (416 | ) | 343 | $ | 12,564 | $ | (316 | ) | 127 | |||||||||
As of December 31, 2016 | |||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities | Fair value | Gross unrealized losses | # of Securities | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 20,979 | $ | (376 | ) | 115 | $ | 16 | $ | (1 | ) | 5 | |||||||||
Obligations of state and political subdivisions | 41,639 | (597 | ) | 170 | 1,334 | (1 | ) | 3 | |||||||||||||
Corporate securities | 29,856 | (400 | ) | 279 | 253 | (2 | ) | 3 | |||||||||||||
Asset-backed securities | 706 | — | 1 | — | — | — | |||||||||||||||
Equity securities | 736 | (35 | ) | 5 | 19 | (2 | ) | 2 | |||||||||||||
Obligations of foreign governments | 338 | (8 | ) | 4 | — | — | — | ||||||||||||||
Total | $ | 94,254 | $ | (1,416 | ) | 574 | $ | 1,622 | $ | (6 | ) | 13 |
As of | |||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 19,075 | $ | 19,074 | $ | 22,846 | $ | 22,833 | |||||||
Due after one year through five years | 68,918 | 69,207 | 66,063 | 65,841 | |||||||||||
Due after five years through ten years | 45,447 | 45,375 | 49,036 | 48,381 | |||||||||||
Due after ten years | 5,627 | 5,675 | 7,026 | 6,872 | |||||||||||
Asset backed securities | 24,011 | 24,100 | 1,459 | 1,460 | |||||||||||
Total | $ | 163,078 | $ | 163,431 | $ | 146,430 | $ | 145,387 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Fair value of restricted investments for special deposits required by state insurance departments | $ | 9,939 | $ | 10,111 | |||
Fair value of restricted investments in trust pursuant to reinsurance agreements | 7,287 | 7,573 | |||||
Total fair value of restricted investments | $ | 17,226 | $ | 17,684 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Purchases of available for sale securities | $ | 45,250 | $ | 12,799 | $ | 79,907 | $ | 22,477 | |||||||
Proceeds from maturities, calls and prepayments of available for sale securities | $ | 7,686 | $ | 4,483 | $ | 23,909 | $ | 26,086 | |||||||
Gains (losses) realized on maturities, calls and prepayments of available for sale securities | $ | — | $ | (14 | ) | $ | (5 | ) | $ | 83 | |||||
Gross proceeds from sales of available for sale securities | $ | 21,167 | $ | 35,069 | $ | 39,493 | $ | 45,928 | |||||||
Gains (losses) realized on sales of available for sale securities | $ | 395 | $ | 974 | $ | 372 | $ | 1,016 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||
Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | ||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Corporate loans | $ | 162,512 | $ | 162,582 | $ | (70 | ) | $ | 175,558 | $ | 176,808 | $ | (1,250 | ) | |||||||||
Mortgage loans held for sale | 114,461 | 110,803 | 3,658 | 121,439 | 118,162 | 3,277 | |||||||||||||||||
Non-performing loans | 44,980 | 62,237 | (17,257 | ) | 74,923 | 113,892 | (38,969 | ) | |||||||||||||||
Other loans receivable | 1,169 | 1,169 | — | 1,169 | 1,169 | — | |||||||||||||||||
Total loans, at fair value | $ | 323,122 | $ | 336,791 | $ | (13,669 | ) | $ | 373,089 | $ | 410,031 | $ | (36,942 | ) |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Corporate loans | $ | 161,000 | $ | 175,365 | |||
Mortgage loans held for sale | 111,927 | 117,734 | |||||
Non-performing loans | 39,537 | 60,409 | |||||
Total fair value of loans pledged as collateral | $ | 312,464 | $ | 353,508 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Loans at amortized cost, net | |||||||
Asset backed loans and other loans, net | $ | 152,168 | $ | 115,033 | |||
Less: Allowance for loan losses | 1,572 | 1,195 | |||||
Total loans at amortized cost, net | $ | 150,596 | $ | 113,838 | |||
Net deferred loan origination fees included in asset backed loans | $ | 5,701 | $ | 5,244 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Pledged as collateral | $ | 157,169 | $ | 119,558 | |||
Loans receivable, net, attributable to a subsidiary in our specialty finance business | $ | 149,896 | $ | 113,138 |
As of September 30, 2017 | |||||||||||||||
Land | Buildings and equipment | Accumulated depreciation | Total | ||||||||||||
Managed properties | $ | 19,447 | $ | 208,751 | $ | (16,283 | ) | $ | 211,915 | ||||||
Triple net lease properties | 19,741 | 135,857 | (9,455 | ) | 146,143 | ||||||||||
Foreclosed residential real estate property | — | 13,079 | — | 13,079 | |||||||||||
Total | $ | 39,188 | $ | 357,687 | $ | (25,738 | ) | $ | 371,137 | ||||||
As of December 31, 2016 | |||||||||||||||
Land | Buildings and equipment | Accumulated depreciation | Total | ||||||||||||
Managed properties | $ | 16,347 | $ | 189,463 | $ | (11,212 | ) | $ | 194,598 | ||||||
Triple net lease properties | 13,778 | 94,291 | (6,610 | ) | 101,459 | ||||||||||
Foreclosed residential real estate property | — | 13,366 | — | 13,366 | |||||||||||
Total | $ | 30,125 | $ | 297,120 | $ | (17,822 | ) | $ | 309,423 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation expense on real estate investments | $ | 2,873 | $ | 1,974 | $ | 7,916 | $ | 5,581 |
September 30, 2017 | |||
Remainder of 2017 | $ | 3,280 | |
2018 | 13,248 | ||
2019 | 13,519 | ||
2020 | 13,797 | ||
2021 | 15,161 | ||
Thereafter | 60,999 | ||
Total | $ | 120,004 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Rental revenues from residential leases | $ | 14,274 | $ | 12,685 | $ | 42,005 | $ | 35,231 |
• | Interest income, and dividends related to available for sale securities, at fair value; |
• | Interest income related to loans, at fair value; |
• | Dividend income from equity securities, trading, at fair value; |
• | Rental and related revenue from real estate, net; and |
• | Earnings from other investments. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Net investment income | 2017 | 2016 | 2017 | 2016 | |||||||||||
Available for sale securities, at fair value | $ | 823 | $ | 653 | $ | 2,423 | $ | 2,323 | |||||||
Loans, at fair value | 2,698 | 1,971 | 8,330 | 4,981 | |||||||||||
Equity securities, trading, at fair value | 459 | 969 | 1,912 | 1,933 | |||||||||||
Real estate, net | 156 | — | 482 | — | |||||||||||
Other investments | 73 | 73 | 277 | 224 | |||||||||||
Total investment income | 4,209 | 3,666 | 13,424 | 9,461 | |||||||||||
Less: investment expenses | 369 | 359 | 1,392 | 1,052 | |||||||||||
Net investment income | $ | 3,840 | $ | 3,307 | $ | 12,032 | $ | 8,409 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Net realized and unrealized gains (losses) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net realized gains (losses) | $ | 18,817 | $ | 19,948 | $ | 48,150 | $ | 48,423 | |||||||
Net unrealized gains (losses) | (11,291 | ) | 6,267 | (12,967 | ) | 17,531 | |||||||||
Net realized and unrealized gains (losses) | $ | 7,526 | $ | 26,215 | $ | 35,183 | $ | 65,954 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net realized gain on sale of mortgage loans (1) | $ | 16,476 | $ | 20,045 | $ | 47,237 | $ | 48,412 | |||||||
Cumulative net unrealized gains (losses) on equity securities, trading, at fair value held at the reporting date | $ | (11,125 | ) | $ | 1,365 | $ | (21,183 | ) | $ | 6,386 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Premium financing program (1) | $ | 15,403 | $ | 20,615 | |||
Notes from affiliates of partner (2) | 3,862 | 3,862 | |||||
Other | 45 | 298 | |||||
Notes receivable, net | $ | 19,310 | $ | 24,775 | |||
Accounts and premiums receivable, net | 60,763 | 45,041 | |||||
Retrospective commissions receivable | 65,156 | 59,175 | |||||
Other receivables | 33,497 | 28,509 | |||||
Total | $ | 178,726 | $ | 157,500 |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | ||||||||||||||
For the Three Months ended September 30, 2017 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 18,375 | $ | 9,587 | $ | 525 | $ | 9,313 | 5.6 | % | ||||||||
Accident and health insurance | 34,034 | 23,077 | 862 | 11,819 | 7.3 | % | ||||||||||||
Property and liability insurance | 149,414 | 56,380 | 4,844 | 97,878 | 4.9 | % | ||||||||||||
Total premiums written | 201,823 | 89,044 | 6,231 | 119,010 | 5.2 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 15,654 | 7,764 | 481 | 8,371 | 5.7 | % | ||||||||||||
Accident and health insurance | 28,347 | 19,511 | 814 | 9,650 | 8.4 | % | ||||||||||||
Property and liability insurance | 126,847 | 52,201 | 3,406 | 78,052 | 4.4 | % | ||||||||||||
Total premiums earned | $ | 170,848 | $ | 79,476 | $ | 4,701 | $ | 96,073 | 4.9 | % | ||||||||
For the Three Months ended September 30, 2016 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 18,246 | $ | 9,668 | $ | 674 | $ | 9,252 | 7.3 | % | ||||||||
Accident and health insurance | 31,553 | 21,635 | 865 | 10,783 | 8.0 | % | ||||||||||||
Property and liability insurance | 126,230 | 94,095 | 3,842 | 35,977 | 10.7 | % | ||||||||||||
Total premiums written | 176,029 | 125,398 | 5,381 | 56,012 | 9.6 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 15,861 | 7,712 | 642 | 8,791 | 7.3 | % | ||||||||||||
Accident and health insurance | 28,391 | 20,093 | 830 | 9,128 | 9.1 | % | ||||||||||||
Property and liability insurance | 126,902 | 98,883 | 1,671 | 29,690 | 5.6 | % | ||||||||||||
Total premiums earned | $ | 171,154 | $ | 126,688 | $ | 3,143 | $ | 47,609 | 6.6 | % | ||||||||
For the Nine Months ended September 30, 2017 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 46,275 | $ | 23,264 | $ | 1,458 | $ | 24,469 | 6.0 | % | ||||||||
Accident and health insurance | 87,242 | 57,911 | 2,355 | 31,686 | 7.4 | % | ||||||||||||
Property and liability insurance | 406,976 | 176,477 | 15,670 | 246,169 | 6.4 | % | ||||||||||||
Total premiums written | 540,493 | 257,652 | 19,483 | 302,324 | 6.4 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 45,995 | 22,685 | 1,473 | 24,783 | 5.9 | % | ||||||||||||
Accident and health insurance | 82,242 | 56,736 | 2,373 | 27,879 | 8.5 | % | ||||||||||||
Property and liability insurance | 357,448 | 148,402 | 11,073 | 220,119 | 5.0 | % | ||||||||||||
Total premiums earned | $ | 485,685 | $ | 227,823 | $ | 14,919 | $ | 272,781 | 5.5 | % | ||||||||
For the Nine Months ended September 30, 2016 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 49,018 | $ | 25,267 | $ | 1,971 | $ | 25,722 | 7.7 | % | ||||||||
Accident and health insurance | 87,446 | 59,657 | 2,507 | 30,296 | 8.3 | % | ||||||||||||
Property and liability insurance | 389,157 | 302,945 | 10,146 | 96,358 | 10.5 | % | ||||||||||||
Total premiums written | 525,621 | 387,869 | 14,624 | 152,376 | 9.6 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 46,112 | 22,139 | 2,003 | 25,976 | 7.7 | % | ||||||||||||
Accident and health insurance | 84,994 | 60,134 | 2,465 | 27,325 | 9.0 | % | ||||||||||||
Property and liability insurance | 377,589 | 296,523 | 4,149 | 85,215 | 4.9 | % | ||||||||||||
Total premiums earned | $ | 508,695 | $ | 378,796 | $ | 8,617 | $ | 138,516 | 6.2 | % |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | ||||||||||||||
For the Three Months ended September 30, 2017 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 8,003 | $ | 4,573 | $ | 178 | $ | 3,608 | 4.9 | % | ||||||||
Accident and health insurance | 4,456 | 3,252 | 190 | 1,394 | 13.6 | % | ||||||||||||
Property and liability insurance | 48,783 | 26,571 | 544 | 22,756 | 2.4 | % | ||||||||||||
Total losses incurred | 61,242 | 34,396 | 912 | 27,758 | 3.3 | % | ||||||||||||
Member benefit claims (1) | 3,812 | |||||||||||||||||
Total policy and contract benefits | $ | 31,570 | ||||||||||||||||
For the Three Months ended September 30, 2016 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 8,550 | $ | 4,647 | $ | 378 | $ | 4,281 | 8.8 | % | ||||||||
Accident and health insurance | 5,697 | 4,863 | 205 | 1,039 | 19.7 | % | ||||||||||||
Property and liability insurance | 61,431 | 47,469 | 632 | 14,594 | 4.3 | % | ||||||||||||
Total losses incurred | 75,678 | 56,979 | 1,215 | 19,914 | 6.1 | % | ||||||||||||
Member benefit claims (1) | 5,967 | |||||||||||||||||
Total policy and contract benefits | $ | 25,881 | ||||||||||||||||
For the Nine Months ended September 30, 2017 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 24,527 | $ | 13,558 | $ | 748 | $ | 11,717 | 6.4 | % | ||||||||
Accident and health insurance | 13,200 | 10,815 | 662 | 3,047 | 21.7 | % | ||||||||||||
Property and liability insurance | 144,535 | 78,454 | 1,708 | 67,789 | 2.5 | % | ||||||||||||
Total losses incurred | 182,262 | 102,827 | 3,118 | 82,553 | 3.8 | % | ||||||||||||
Member benefit claims (1) | 11,811 | |||||||||||||||||
Total policy and contract benefits | $ | 94,364 | ||||||||||||||||
For the Nine Months ended September 30, 2016 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 24,962 | $ | 12,957 | $ | 1,061 | $ | 13,066 | 8.1 | % | ||||||||
Accident and health insurance | 14,598 | 12,203 | 700 | 3,095 | 22.6 | % | ||||||||||||
Property and liability insurance | 166,586 | 128,542 | 897 | 38,941 | 2.3 | % | ||||||||||||
Total losses incurred | 206,146 | 153,702 | 2,658 | 55,102 | 4.8 | % | ||||||||||||
Member benefit claims (1) | 17,334 | |||||||||||||||||
Total policy and contract benefits | $ | 72,436 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Prepaid reinsurance premiums: | |||||||
Life (1) | $ | 64,223 | $ | 64,621 | |||
Accident and health (1) | 55,175 | 53,999 | |||||
Property (2) | 122,883 | 94,091 | |||||
Total | 242,281 | 212,711 | |||||
Ceded claim reserves: | |||||||
Life | 3,015 | 2,929 | |||||
Accident and health | 9,819 | 10,435 | |||||
Property | 57,138 | 49,917 | |||||
Total ceded claim reserves recoverable | 69,972 | 63,281 | |||||
Other reinsurance settlements recoverable | 20,770 | 20,242 | |||||
Reinsurance receivables | $ | 333,023 | $ | 296,234 |
(1) | Including policyholder account balances ceded. |
(2) | The December 31, 2016 amount includes a non-cash transaction, as part of a reinsurance contract cancellation that resulted in a reduction of $92,854 in reinsurance receivable, offset by an increase of $88,857 in assets and a decrease of $3,997 in liabilities. |
As of | |||
September 30, 2017 | |||
Total of the three largest receivable balances from unrelated reinsurers | $ | 78,783 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
Specialty insurance | Senior living | Specialty finance | Total | Specialty insurance | Senior living | Specialty finance | Total | ||||||||||||||||||||||||
Customer relationships | $ | 50,500 | $ | — | $ | — | $ | 50,500 | $ | 50,500 | $ | — | $ | — | $ | 50,500 | |||||||||||||||
Accumulated amortization | (10,215 | ) | — | — | (10,215 | ) | (4,614 | ) | — | — | (4,614 | ) | |||||||||||||||||||
Trade names | 6,500 | — | 800 | 7,300 | 6,500 | — | 800 | 7,300 | |||||||||||||||||||||||
Accumulated amortization | (2,018 | ) | — | (180 | ) | (2,198 | ) | (1,484 | ) | — | (120 | ) | (1,604 | ) | |||||||||||||||||
Software licensing | 8,500 | — | 640 | 9,140 | 8,500 | — | 640 | 9,140 | |||||||||||||||||||||||
Accumulated amortization | (4,817 | ) | — | (206 | ) | (5,023 | ) | (3,542 | ) | — | (137 | ) | (3,679 | ) | |||||||||||||||||
Insurance policies and contracts acquired | 36,500 | — | — | 36,500 | 36,500 | — | — | 36,500 | |||||||||||||||||||||||
Accumulated amortization | (35,234 | ) | — | — | (35,234 | ) | (34,184 | ) | — | — | (34,184 | ) | |||||||||||||||||||
Insurance licensing agreements(1) | 13,749 | — | — | 13,749 | 13,000 | — | — | 13,000 | |||||||||||||||||||||||
Leases in place | 1,317 | 44,380 | — | 45,697 | 1,317 | 32,233 | — | 33,550 | |||||||||||||||||||||||
Accumulated amortization | (101 | ) | (26,062 | ) | — | (26,163 | ) | (18 | ) | (20,413 | ) | — | (20,431 | ) | |||||||||||||||||
Intangible assets, net | 64,681 | 18,318 | 1,054 | 84,053 | 72,475 | 11,820 | 1,183 | 85,478 | |||||||||||||||||||||||
Goodwill | 89,854 | — | 2,913 | 92,767 | 89,854 | — | 2,913 | 92,767 | |||||||||||||||||||||||
Total goodwill and intangible assets, net | $ | 154,535 | $ | 18,318 | $ | 3,967 | $ | 176,820 | $ | 162,329 | $ | 11,820 | $ | 4,096 | $ | 178,245 |
(1) | Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets. |
Specialty insurance | Specialty finance | Total | |||||||||
Balance at December 31, 2016 | $ | 89,854 | $ | 2,913 | $ | 92,767 | |||||
Balance at September 30, 2017 | $ | 89,854 | $ | 2,913 | $ | 92,767 |
Specialty insurance | Senior living | Specialty finance | Total | ||||||||||||
Balance at December 31, 2016 | $ | 72,475 | $ | 11,820 | $ | 1,183 | $ | 85,478 | |||||||
Intangible assets acquired in 2017 | 749 | 12,147 | — | 12,896 | |||||||||||
Less: amortization expense | (8,543 | ) | (5,649 | ) | (129 | ) | (14,321 | ) | |||||||
Balance at September 30, 2017 | $ | 64,681 | $ | 18,318 | $ | 1,054 | $ | 84,053 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Amortization expense on intangible assets | $ | 4,359 | $ | 3,702 | $ | 14,321 | $ | 14,246 |
As of September 30, 2017 | |||||||||||||||||||
Specialty insurance (VOBA) | Specialty insurance (other) | Senior living | Specialty finance | Total | |||||||||||||||
Remainder of 2017 | $ | 200 | $ | 2,482 | $ | 1,730 | $ | 42 | $ | 4,454 | |||||||||
2018 | 465 | 9,187 | 3,086 | 171 | 12,909 | ||||||||||||||
2019 | 217 | 7,619 | 958 | 171 | 8,965 | ||||||||||||||
2020 | 123 | 5,137 | 958 | 171 | 6,389 | ||||||||||||||
2021 | 82 | 4,361 | 958 | 171 | 5,572 | ||||||||||||||
2022 and thereafter | 179 | 20,880 | 10,628 | 328 | 32,015 | ||||||||||||||
Total | $ | 1,266 | $ | 49,666 | $ | 18,318 | $ | 1,054 | $ | 70,304 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||
Credit risk: | |||||||||||||||||||||||
Credit derivatives sold protection | $ | 295,973 | $ | 18,409 | $ | — | $ | 297,612 | $ | 28,731 | $ | — | |||||||||||
Credit derivatives bought protection | 294,767 | — | 3,742 | 298,173 | — | 14,501 | |||||||||||||||||
Sub-total | 590,740 | 18,409 | 3,742 | 595,785 | 28,731 | 14,501 | |||||||||||||||||
Foreign currency risk: | |||||||||||||||||||||||
Foreign currency forward contracts | — | — | — | 965 | — | 3 | |||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||
Interest rate lock commitments | 276,776 | 6,537 | — | 203,815 | 4,872 | — | |||||||||||||||||
Forward delivery contracts | 61,094 | 49 | — | 66,731 | — | 84 | |||||||||||||||||
TBA mortgage backed securities | 253,750 | 284 | 283 | 249,750 | 1,678 | 269 | |||||||||||||||||
Interest rate swaps | 133,143 | 1,284 | 426 | 134,343 | 1,388 | 1,042 | |||||||||||||||||
Sub-total | 724,763 | 8,154 | 709 | 654,639 | 7,938 | 1,395 | |||||||||||||||||
Total | $ | 1,315,503 | $ | 26,563 | $ | 4,451 | $ | 1,251,389 | $ | 36,669 | $ | 15,899 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Derivatives subject to netting arrangements: | |||||||
Credit default swap indices sold protection | $ | 18,409 | $ | 28,731 | |||
Credit default swap indices bought protection | (3,742 | ) | (14,501 | ) | |||
Gross assets recognized | 14,667 | 14,230 | |||||
Cash collateral | (1,632 | ) | (1,632 | ) | |||
Net assets recognized (included in other investments) | $ | 13,035 | $ | 12,598 |
As of | |||||||||
Balance Sheet Location | September 30, 2017 | December 31, 2016 | |||||||
Derivatives designated as cash flow hedging instruments: | |||||||||
Notional value | $ | 133,143 | $ | 134,343 | |||||
Fair value of interest rate swaps | Other investments | $ | 1,284 | $ | 1,388 | ||||
Fair value of interest rate swaps | Other liabilities and accrued expenses | $ | 426 | $ | 1,042 | ||||
Unrealized gain (loss), net of tax, on the fair value of interest rate swaps | AOCI | $ | 1,606 | $ | 1,759 | ||||
Range of variable rates on interest rate swaps | 1.23% to 1.24% | 0.67% to 0.96% | |||||||
Range of fixed rates on interest rate swaps | 1.31% to 4.99% | 1.31% to 4.99% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Gains (losses) recognized in AOCI on the derivative-effective portion | $ | (33 | ) | $ | 156 | $ | (411 | ) | $ | (515 | ) | ||||
(Gains) losses reclassified from AOCI into income-effective portion | $ | (25 | ) | $ | 172 | $ | 212 | $ | (56 | ) | |||||
Gains (losses) recognized in income on the derivative-ineffective portion | $ | — | $ | 48 | $ | (2 | ) | $ | (3 | ) |
As of | |||
September 30, 2017 | |||
Estimated (gains) losses to be reclassified to earnings from AOCI during the next 12 months | $ | (199 | ) |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 20,586 | $ | 45,589 | |||
Loans, at fair value (1) | 343,382 | 928,240 | |||||
Other assets | 8,806 | 15,666 | |||||
Total assets of consolidated CLOs | $ | 372,774 | $ | 989,495 | |||
Liabilities: | |||||||
Debt | $ | 326,716 | $ | 912,034 | |||
Other liabilities and accrued expenses | 27,621 | 19,935 | |||||
Total liabilities of consolidated CLOs | $ | 354,337 | $ | 931,969 | |||
Net | $ | 18,437 | $ | 57,526 |
(1) | The unpaid principal balance for these loans is $352,958 and $952,225 and the difference between their fair value and UPB is $9,576 and $23,985 at September 30, 2017 and December 31, 2016, respectively. |
Beneficial interests: | As of | ||||||
September 30, 2017 | December 31, 2016 | ||||||
Subordinated notes and related participations in management fees | $ | 18,128 | $ | 56,820 | |||
Accrued management fees | 309 | 706 | |||||
Total beneficial interests | $ | 18,437 | $ | 57,526 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income: | |||||||||||||||
Net realized and unrealized gains (losses) | $ | 1,889 | $ | (1,422 | ) | $ | 3,457 | $ | (2,913 | ) | |||||
Interest income | 5,327 | 13,978 | 20,567 | 37,626 | |||||||||||
Total revenue | 7,216 | 12,556 | 24,024 | 34,713 | |||||||||||
Expenses: | |||||||||||||||
Interest expense | 4,580 | 8,267 | 13,629 | 22,667 | |||||||||||
Other expense | 53 | 257 | 1,002 | 1,997 | |||||||||||
Total expense | 4,633 | 8,524 | 14,631 | 24,664 | |||||||||||
Net income (loss) attributable to consolidated CLOs | $ | 2,583 | $ | 4,032 | $ | 9,393 | $ | 10,049 |
Economic interests: | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net | $ | 2,272 | $ | 3,289 | $ | 8,355 | $ | 7,880 | |||||||
Management fee income | 311 | 743 | 1,038 | 2,169 | |||||||||||
Total economic interests | $ | 2,583 | $ | 4,032 | $ | 9,393 | $ | 10,049 |
Maximum borrowing capacity as of | As of | |||||||||||||||
Debt Type | Stated maturity date | Stated interest rate or range of rates | September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||
Secured corporate credit agreements | September 2018 - December 2019 | LIBOR + 2.50% to 6.50% | $ | 251,250 | $ | 167,000 | $ | 164,000 | ||||||||
Asset based revolving financing (1) (2) | September 2018 - July 2022 | LIBOR + 2.25% to 5.75% | 365,000 | 261,163 | 250,557 | |||||||||||
Residential mortgage warehouse borrowings (3) | March 2018 - August 2018 | LIBOR + 2.50% to 2.75% | 171,000 | 95,729 | 101,402 | |||||||||||
Real estate commercial mortgage borrowings: | ||||||||||||||||
Fixed rate | August 2019 - July 2048 | 4.00% to 5.12% | 99,283 | 97,433 | 82,133 | |||||||||||
Variable rate (LIBOR based) | October 2019 - January 2023 | LIBOR + 2.05% to 6.95% | 206,074 | 203,779 | 158,618 | |||||||||||
Subordinated debt | April 2020 | 12.50% | 20,000 | 12,500 | 8,500 | |||||||||||
Preferred trust securities | June 2037 | LIBOR + 4.10% | 35,000 | 35,000 | 35,000 | |||||||||||
Preferred notes payable | January 2021 | 12.00% | 1,386 | 1,232 | ||||||||||||
Total debt, face value | 873,990 | 801,442 | ||||||||||||||
Unamortized discount, net | (471 | ) | (382 | ) | ||||||||||||
Unamortized deferred financing costs | (7,890 | ) | (8,051 | ) | ||||||||||||
Total debt, net | $ | 865,629 | $ | 793,009 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest expense on debt | $ | 10,427 | $ | 7,769 | $ | 28,650 | $ | 20,612 |
September 30, 2017 | |||
Remainder of 2017 | $ | 8,689 | |
2018 | 182,173 | ||
2019 | 267,685 | ||
2020 | 121,514 | ||
2021 | 21,899 | ||
Thereafter | 272,030 | ||
Total | $ | 873,990 |
As of September 30, 2017 | |||||||||||||||
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: | |||||||||||||||
Equity securities | $ | 615 | $ | — | $ | 47 | $ | 662 | |||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | — | 36,354 | — | 36,354 | |||||||||||
Obligations of state and political subdivisions | — | 47,633 | — | 47,633 | |||||||||||
Obligations of foreign governments | — | 579 | — | 579 | |||||||||||
Certificates of deposit | 896 | — | — | 896 | |||||||||||
Asset backed securities | — | 24,100 | — | 24,100 |
As of September 30, 2017 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Corporate securities | — | 53,869 | — | 53,869 | |||||||||||
Total available for sale securities | 1,511 | 162,535 | 47 | 164,093 | |||||||||||
Loans, at fair value: | |||||||||||||||
Corporate loans | — | 33,427 | 129,085 | 162,512 | |||||||||||
Mortgage loans held for sale | — | 114,461 | — | 114,461 | |||||||||||
Non-performing loans | — | — | 44,980 | 44,980 | |||||||||||
Other loans receivable | — | — | 1,169 | 1,169 | |||||||||||
Total loans, at fair value | — | 147,888 | 175,234 | 323,122 | |||||||||||
Equity securities, trading, at fair value | 28,106 | — | — | 28,106 | |||||||||||
Other investments: | |||||||||||||||
Derivative assets: | |||||||||||||||
Interest rate swaps | — | 1,284 | — | 1,284 | |||||||||||
Forward delivery contracts | — | 49 | — | 49 | |||||||||||
Interest rate lock commitments | — | — | 6,537 | 6,537 | |||||||||||
TBA mortgage backed securities | — | 284 | — | 284 | |||||||||||
Credit derivatives | — | 13,035 | — | 13,035 | |||||||||||
Total derivative assets | — | 14,652 | 6,537 | 21,189 | |||||||||||
CLOs | — | — | 2,045 | 2,045 | |||||||||||
Debentures | — | 3,957 | — | 3,957 | |||||||||||
Total other investments | — | 18,609 | 8,582 | 27,191 | |||||||||||
Total financial instruments attributable to non-CLOs included in consolidated assets | 29,617 | 329,032 | 183,863 | 542,512 | |||||||||||
Financial instruments included in assets of consolidated CLOs: | |||||||||||||||
Loans, at fair value | — | 132,623 | 210,759 | 343,382 | |||||||||||
Total financial instruments included in assets of consolidated CLOs | — | 132,623 | 210,759 | 343,382 | |||||||||||
Total | $ | 29,617 | $ | 461,655 | $ | 394,622 | $ | 885,894 | |||||||
Liabilities: | |||||||||||||||
Derivative liabilities: | |||||||||||||||
Interest rate swaps | $ | — | $ | 426 | $ | — | $ | 426 | |||||||
TBA mortgage backed securities | — | 283 | — | 283 | |||||||||||
Foreign currency forward contracts | — | — | — | — | |||||||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | — | 709 | — | 709 | |||||||||||
Contingent consideration payable | — | — | 52 | 52 | |||||||||||
Preferred notes payable | — | — | 1,386 | 1,386 | |||||||||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | — | 709 | 1,438 | 2,147 | |||||||||||
Financial instruments included in liabilities of consolidated CLOs: | |||||||||||||||
Notes payable of CLOs | — | — | 326,716 | 326,716 | |||||||||||
Total financial instruments included in liabilities of consolidated CLOs | — | — | 326,716 | 326,716 | |||||||||||
Total | $ | — | $ | 709 | $ | 328,154 | $ | 328,863 |
As of December 31, 2016 | |||||||||||||||
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: | |||||||||||||||
Equity securities | $ | 736 | $ | — | $ | 48 | $ | 784 |
As of December 31, 2016 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | — | 26,799 | — | 26,799 | |||||||||||
Obligations of state and political subdivisions | — | 56,934 | — | 56,934 | |||||||||||
Obligations of foreign governments | — | 728 | — | 728 | |||||||||||
Certificates of deposit | 895 | — | — | 895 | |||||||||||
Asset backed securities | — | 1,460 | — | 1,460 | |||||||||||
Corporate bonds | — | 58,571 | — | 58,571 | |||||||||||
Total available for sale securities, at fair value | 1,631 | 144,492 | 48 | 146,171 | |||||||||||
Loans, at fair value: | |||||||||||||||
Corporate loans | — | 46,352 | 129,206 | 175,558 | |||||||||||
Mortgage loans held for sale | — | 121,439 | — | 121,439 | |||||||||||
Non-performing loans | — | — | 74,923 | 74,923 | |||||||||||
Other loans receivable | — | — | 1,169 | 1,169 | |||||||||||
Total loans, at fair value | — | 167,791 | 205,298 | 373,089 | |||||||||||
Equity securities, trading, at fair value | 48,612 | — | — | 48,612 | |||||||||||
Other investments: | |||||||||||||||
Derivative assets: | |||||||||||||||
Interest rate swaps | — | 1,388 | — | 1,388 | |||||||||||
Interest rate lock commitments | — | — | 4,872 | 4,872 | |||||||||||
TBA mortgage backed securities | — | 1,678 | — | 1,678 | |||||||||||
Credit derivatives | — | 12,598 | — | 12,598 | |||||||||||
Total derivative assets | — | 15,664 | 4,872 | 20,536 | |||||||||||
CLOs | — | — | 974 | 974 | |||||||||||
Debentures | — | 3,957 | — | 3,957 | |||||||||||
Total other investments | — | 19,621 | 5,846 | 25,467 | |||||||||||
Total financial instruments attributable to non-CLOs included in consolidated assets | 50,243 | 331,904 | 211,192 | 593,339 | |||||||||||
Financial instruments included in assets of consolidated CLOs: | |||||||||||||||
Loans, at fair value | — | 342,370 | 585,870 | 928,240 | |||||||||||
Total financial instruments included in assets of consolidated CLOs | — | 342,370 | 585,870 | 928,240 | |||||||||||
Total | $ | 50,243 | $ | 674,274 | $ | 797,062 | $ | 1,521,579 | |||||||
Liabilities: | |||||||||||||||
Derivative liabilities: | |||||||||||||||
Interest rate swaps | $ | — | $ | 1,042 | $ | — | $ | 1,042 | |||||||
Forward delivery contracts | — | 84 | — | 84 | |||||||||||
TBA mortgage backed securities | — | 269 | — | 269 | |||||||||||
Foreign currency forward contracts | — | 3 | — | 3 | |||||||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | — | 1,398 | — | 1,398 | |||||||||||
Contingent consideration payable | — | — | 1,852 | 1,852 | |||||||||||
Preferred notes payable | — | — | 1,232 | 1,232 | |||||||||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | — | 1,398 | 3,084 | 4,482 | |||||||||||
Financial instruments included in liabilities of consolidated CLOs: | |||||||||||||||
Notes payable of CLOs | — | — | 912,034 | 912,034 | |||||||||||
Total financial instruments included in liabilities of consolidated CLOs | — | — | 912,034 | 912,034 | |||||||||||
Total | $ | — | $ | 1,398 | $ | 915,118 | $ | 916,516 |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 (3) | ||||||||||||||
Non-CLO assets | CLO assets | Non-CLO assets | CLO assets | ||||||||||||
Balance at January 1, | $ | 211,192 | $ | 585,870 | $ | 239,944 | $ | 520,892 | |||||||
Net realized gains (losses) | 7,279 | (1,667 | ) | 4,450 | 402 | ||||||||||
Net unrealized gains (losses) | 2,800 | 89 | 5,482 | 15,584 | |||||||||||
Origination of IRLC | 54,468 | — | 38,554 | — | |||||||||||
Purchases | 41,458 | 76,122 | 101,161 | 157,144 | |||||||||||
Sales (1) | (74,010 | ) | (193,205 | ) | (56,824 | ) | (72,612 | ) | |||||||
Issuances | 590 | 676 | 1,716 | 1,546 | |||||||||||
Transfer into Level 3 (2) | 9,286 | 17,601 | 23,184 | 32,858 | |||||||||||
Transfer adjustments (out of) Level 3 (2) | (7,641 | ) | (23,427 | ) | (15,280 | ) | (66,215 | ) | |||||||
Deconsolidation of CLO due to sale | 1,342 | (251,300 | ) | — | — | ||||||||||
Conversion to real estate owned | (9,793 | ) | — | (10,288 | ) | — | |||||||||
Conversion to mortgage held for sale | (53,069 | ) | — | (36,378 | ) | — | |||||||||
Warehouse transfer to CLO | — | — | (104,098 | ) | 104,098 | ||||||||||
Other | (39 | ) | — | — | — | ||||||||||
Balance at September 30, | $ | 183,863 | $ | 210,759 | $ | 191,623 | $ | 693,697 | |||||||
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | $ | 4,790 | $ | (168 | ) | $ | 4,023 | $ | 11,325 |
(1) | Included within the CLO assets amount are sales related to the liquidation of a consolidated CLO during the nine months ended September 30, 2017. |
(2) | All transfers are deemed to occur at end of period. Transfers between Level 2 and 3 were a result of subjecting third-party pricing on both CLO and Non-CLO assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation. |
(3) | Items within the Level 3 rollforward have been restated to reflect assets purchased during a period as purchases rather than transfers. The presentation of gross origination of IRLC’s and gross conversion to mortgage held for sale have also been restated to show the break out from net realized and unrealized gains and losses, conversion to real estate owned, and transfers out of Level 3 assets. These changes have no impact on the total amount of Level 3 assets. |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
Non-CLO liabilities | CLO liabilities | Non-CLO liabilities | CLO liabilities | ||||||||||||
Balance at January 1, | $ | 3,084 | $ | 912,034 | $ | 2,498 | $ | 683,827 | |||||||
Net unrealized (gains) losses | — | (3,071 | ) | (262 | ) | 23,169 | |||||||||
Issuances | — | — | — | 222,303 | |||||||||||
Settlements (1) | (4,838 | ) | (155,194 | ) | (377 | ) | — | ||||||||
Dispositions | — | (49,010 | ) | — | (1,317 | ) | |||||||||
FV adjustment | 3,192 | — | — | — | |||||||||||
Deconsolidation of CLO due to sale | — | (378,043 | ) | — | — | ||||||||||
Balance at September 30, | $ | 1,438 | $ | 326,716 | $ | 1,859 | $ | 927,982 | |||||||
Changes in unrealized (gains) losses included in earnings related to liabilities still held at period end | $ | 154 | $ | (6,119 | ) | $ | (262 | ) | $ | 23,169 |
(1) | Included within the CLO liabilities amount are settlements related to the liquidation of a consolidated CLO during the nine months ended September 30, 2017. |
Fair Value as of | Actual or Range (Weighted average) | ||||||||||||||
Assets (1) | September 30, 2017 | December 31, 2016 | Valuation technique | Unobservable input(s) | September 30, 2017 | December 31, 2016 | |||||||||
Interest rate lock commitments | $ | 6,537 | $ | 4,872 | Internal model | Pull through rate | 45% - 95% | 45% - 95% | |||||||
NPLs | 44,980 | 74,923 | Discounted cash flow | See table below (2) | See table below | See table below | |||||||||
Total | $ | 51,517 | $ | 79,795 |
(1) | Financial assets classified as Level 3 and fair valued using significant unobservable inputs classified as Level 3 have not been provided as these are not readily available to the Company (including servicing release premium for interest rate lock commitments and forward delivery contracts). |
(2) | Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics, such as location and value of underlying collateral, affect the loan resolution timeline. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. |
As of September 30, 2017 | As of December 31, 2016 | |||||||||||
Unobservable inputs | High | Low | Average(1) | High | Low | Average(1) | ||||||
Discount rate | 30.0% | 16.0% | 23.2% | 30.0% | 16.0% | 22.9% | ||||||
Loan resolution time-line (Years) | 2.59 | 0.48 | 1.26 | 2.3 | 0.5 | 1.2 | ||||||
Value of underlying properties | $2,400 | $40 | $307 | $1,800 | $32 | $234 | ||||||
Holding costs | 22.0% | 5.5% | 7.7% | 24.1% | 5.4% | 8.3% | ||||||
Liquidation costs | 20.8% | 8.1% | 9.4% | 25.0% | 8.5% | 9.6% | ||||||
Note rate | 6.0% | 3.0% | 5.2% | 6.0% | 3.0% | 4.8% | ||||||
Secondary market transaction prices/UPB | 88.5% | 75.5% | 85.2% | 88.5% | 75.5% | 83.7% |
(1) | Weighted based on value of underlying properties (excluding the value of underlying properties line item). |
Fair Value as of | Actual or Range (Weighted average) | ||||||||||||||
Liabilities (1) | September 30, 2017 | December 31, 2016 | Valuation technique | Unobservable input(s) | September 30, 2017 | December 31, 2016 | |||||||||
Contingent consideration payable - Reliance (2) | $ | — | $ | 1,800 | Cash Flow model (3) | Forecast EBITDA | $1,000 - $8,000 | $951 - $6,005 | |||||||
Book value growth rate | N/A | 5.0% | |||||||||||||
Asset volatility | N/A | 1.4% - 23.7% | |||||||||||||
Contingent consideration payable - Luxury | 52 | 52 | Cash Flow model | Projected cash available for distribution | $1,059 - $1,316 | $1,059 - $1,316 | |||||||||
Preferred notes payable | 1,386 | 1,232 | Cash Flow model | Discount rate | 12.0% | 12.0% | |||||||||
Total | $ | 1,438 | $ | 3,084 |
(1) | Not included in this table are the debt obligations of consolidated CLOs, measured and leveled on the basis of the fair value of the (more observable) financial assets of the consolidated CLOs. See Note—(10) Assets and Liabilities of Consolidated CLOs. |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||
Level within fair value hierarchy | Fair value | Carrying value | Level within fair value hierarchy | Fair value | Carrying value | ||||||||||||||
Assets: | |||||||||||||||||||
Notes and accounts receivable, net | 2 | $ | 19,310 | $ | 19,310 | 2 | $ | 28,293 | $ | 28,732 | |||||||||
Total assets | $ | 19,310 | $ | 19,310 | $ | 28,293 | $ | 28,732 | |||||||||||
Liabilities: | |||||||||||||||||||
Debt, net | 3 | $ | 876,444 | $ | 872,133 | 3 | $ | 798,806 | $ | 799,828 | |||||||||
Total liabilities | $ | 876,444 | $ | 872,133 | $ | 798,806 | $ | 799,828 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Policy liabilities and unpaid claims balance as of January 1 | $ | 103,391 | $ | 80,663 | |||
Less : liabilities of policy-holder accounts balances, gross | (17,417 | ) | (19,037 | ) | |||
Less : non-insurance warranty benefit claim liabilities | (91 | ) | (116 | ) | |||
Gross liabilities for unpaid losses and loss adjustment expenses | 85,883 | 61,510 | |||||
Less : reinsurance recoverable on unpaid losses - short duration | (63,112 | ) | (42,341 | ) | |||
Less : other lines, gross | (208 | ) | (163 | ) | |||
Net balance as of January 1, short duration | 22,563 | 19,006 | |||||
Incurred (short duration) related to: | |||||||
Current year | 78,174 | 55,461 | |||||
Prior years | 2,958 | (1,987 | ) | ||||
Total incurred | 81,132 | 53,474 | |||||
Paid (short duration) related to: | |||||||
Current year | 57,875 | 34,822 | |||||
Prior years | 20,600 | 13,992 | |||||
Total paid | 78,475 | 48,814 | |||||
Net balance as of September 30, short duration | 25,220 | 23,666 | |||||
Plus : reinsurance recoverable on unpaid losses - short duration | 69,813 | 60,236 | |||||
Plus : other lines, gross | 193 | 164 | |||||
Gross liabilities for unpaid losses and loss adjustment expenses | 95,226 | 84,066 | |||||
Plus : liabilities of policy-holder accounts balances, gross | 15,652 | 17,766 | |||||
Plus : non-insurance warranty benefit claim liabilities | 50 | 80 | |||||
Policy liabilities and unpaid claims balance as of September 30, | $ | 110,928 | $ | 101,912 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total incurred | $ | 27,236 | $ | 19,247 | $ | 81,132 | $ | 53,474 | |||||||
Other lines incurred | 81 | 44 | 78 | 74 | |||||||||||
Unallocated loss adjustment expense | 441 | 623 | 1,343 | 1,554 | |||||||||||
Total losses incurred | $ | 27,758 | $ | 19,914 | $ | 82,553 | $ | 55,102 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Due from brokers | $ | 1,505 | $ | 2,027 | |||
Furniture, fixtures and equipment, net | 5,669 | 5,936 | |||||
Prepaid expenses | 9,441 | 5,020 | |||||
Accrued interest receivable | 3,154 | 2,052 | |||||
Management fee receivable | 4,375 | 4,308 | |||||
Other fee receivable | 5,159 | 5,022 | |||||
Income tax receivable | 4,140 | 4,842 | |||||
Other | 15,101 | 8,679 | |||||
Total other assets | $ | 48,544 | $ | 37,886 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | 656 | $ | 667 | $ | 1,883 | $ | 1,978 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Accounts payable and accrued expenses | $ | 46,544 | $ | 67,837 | |||
Deferred tax liabilities, net | 30,789 | 32,296 | |||||
Due to brokers | 7,733 | 8,457 | |||||
Commissions payable | 11,007 | 7,466 | |||||
Accrued interest payable | 2,127 | 1,729 | |||||
Derivative liabilities, at fair value | 709 | 1,398 | |||||
Other liabilities | 16,949 | 14,552 | |||||
Total other liabilities and accrued expenses | $ | 115,858 | $ | 133,735 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income | $ | 5,254 | $ | 4,215 | $ | 14,439 | $ | 13,455 | |||||||
Loan fee income | 3,201 | 3,915 | 9,451 | 9,296 | |||||||||||
Management fee income | 1,541 | 3,839 | 6,578 | 7,497 | |||||||||||
Other | 1,383 | 450 | 3,352 | 1,477 | |||||||||||
Total other income | $ | 11,379 | $ | 12,419 | $ | 33,820 | $ | 31,725 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Professional fees | $ | 4,506 | $ | 5,283 | $ | 13,980 | $ | 17,581 | |||||||
Acquisition and transaction costs | 25 | 248 | 302 | 631 | |||||||||||
General and administrative | 4,015 | 3,178 | 11,552 | 10,788 | |||||||||||
Premium taxes | 2,810 | 1,637 | 8,840 | 5,480 | |||||||||||
Mortgage origination expenses | 2,406 | 2,308 | 6,728 | 5,944 | |||||||||||
Property operating expenses | 2,635 | 1,854 | 7,798 | 5,439 | |||||||||||
Rent and related | 2,992 | 3,091 | 8,998 | 9,189 | |||||||||||
Other | 3,775 | 4,087 | 15,182 | 13,299 | |||||||||||
Total other expense | $ | 23,164 | $ | 21,686 | $ | 73,380 | $ | 68,351 |
Dividends per share for | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
First Quarter | $ | 0.030 | $ | 0.025 | |||
Second Quarter | 0.030 | 0.025 | |||||
Third Quarter | 0.030 | 0.025 | |||||
Total cash dividends declared | $ | 0.090 | $ | 0.075 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ | 108,666 | $ | 100,920 | |||
Required minimum statutory capital and surplus | $ | 19,200 | $ | 17,200 | |||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | 9,425 | $ | 9,049 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income of statutory insurance companies | $ | 391 | $ | 4,199 | $ | 6,745 | $ | 10,326 |
Unrealized gains (losses) on | Amount attributable to noncontrolling interests | ||||||||||||||||||||||
Available for sale securities | Interest rate swaps | Total AOCI | TFP | Other | Total AOCI to Tiptree Inc. | ||||||||||||||||||
Balance at December 31, 2015 | $ | (222 | ) | $ | 111 | $ | (111 | ) | $ | — | $ | — | $ | (111 | ) | ||||||||
Other comprehensive income (losses) before reclassifications | 2,448 | (357 | ) | 2,091 | (237 | ) | 29 | 1,883 | |||||||||||||||
Amounts reclassified from AOCI | (715 | ) | (26 | ) | (741 | ) | — | — | (741 | ) | |||||||||||||
Period change | 1,733 | (383 | ) | 1,350 | (237 | ) | 29 | 1,142 | |||||||||||||||
Balance at September 30, 2016 | $ | 1,511 | $ | (272 | ) | $ | 1,239 | $ | (237 | ) | $ | 29 | $ | 1,031 | |||||||||
Balance at December 31, 2016 | $ | (700 | ) | $ | 1,759 | $ | 1,059 | $ | (128 | ) | $ | (376 | ) | $ | 555 | ||||||||
Other comprehensive income (losses) before reclassifications | 1,165 | (296 | ) | 869 | (154 | ) | 48 | 763 | |||||||||||||||
Amounts reclassified from AOCI | (238 | ) | 143 | (95 | ) | — | — | (95 | ) | ||||||||||||||
Period change | 927 | (153 | ) | 774 | (154 | ) | 48 | 668 | |||||||||||||||
Balance at September 30, 2017 | $ | 227 | $ | 1,606 | $ | 1,833 | $ | (282 | ) | $ | (328 | ) | $ | 1,223 |
Three Months Ended September 30, | Nine Months Ended September 30, | Affected line item in Condensed Consolidated Statement of Operations | ||||||||||||||
Components of AOCI | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Unrealized gains (losses) on available for sale securities | $ | 394 | $ | 960 | $ | 367 | $ | 1,100 | Net realized and unrealized gains (losses) | |||||||
Related tax (expense) benefit | (138 | ) | (336 | ) | (129 | ) | (385 | ) | Provision for income tax | |||||||
Net of tax | $ | 256 | $ | 624 | $ | 238 | $ | 715 | ||||||||
Unrealized gains (losses) on interest rate swaps | $ | 25 | $ | (172 | ) | $ | (212 | ) | $ | 56 | Interest expense | |||||
Related tax (expense) benefit | (8 | ) | 54 | 69 | (30 | ) | Provision for income tax | |||||||||
Net of tax | $ | 17 | $ | (118 | ) | $ | (143 | ) | $ | 26 |
2013 Equity Plan | Number of shares (1) | |
Available for issuance as of December 31, 2016 | 961,650 | |
Shares granted | (954,291 | ) |
Shares rolled into 2017 Equity Plan | (7,359 | ) |
Available for issuance as of September 30, 2017 | — | |
2017 Equity Plan | Number of shares (1) | |
Available for issuance as of December 31, 2016 | — | |
Available from 2017 Equity Plan | 6,100,000 | |
Shares granted | (71,016 | ) |
Available for issuance as of September 30, 2017 | 6,028,984 |
Number of shares issuable | Weighted average grant date fair value | ||||||
Unvested units as of December 31, 2016 | 299,817 | $ | 6.27 | ||||
Granted (1) | 454,680 | 6.60 | |||||
Vested | (155,615 | ) | 6.42 | ||||
Unvested units as of September 30, 2017 | 598,882 | $ | 6.48 |
Grant date fair value of equity shares issuable | ||||
Unvested balance as of December 31, 2016 | $ | 8,089 | ||
Vested | (2,436 | ) | ||
Grant value adjustment (1) | (210 | ) | ||
Unvested balance as of September 30, 2017 (2) | $ | 5,443 |
Valuation Input | Nine Months Ended September 30, 2017 | ||||
Assumption | Average | ||||
Historical volatility | 47.20 | % | N/A | ||
Risk-free rate | 2.44 | % | N/A | ||
Dividend yield | 1.80 | % | N/A | ||
Expected term (years) | 6.5 |
Options outstanding | Weighted average exercise price (in dollars per stock option) | Weighted average grant date value (in dollars per stock option) | Options exercisable | ||||||||||
Balance, December 31, 2016 | 251,237 | $ | 5.69 | $ | 2.62 | — | |||||||
Granted | 570,627 | 6.65 | 2.91 | — | |||||||||
Balance, September 30, 2017 | 821,864 | $ | 6.36 | $ | 2.82 | — | |||||||
Weighted average remaining contractual term at September 30, 2017 (in years) | 9.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Employee compensation and benefits | $ | 1,135 | $ | 633 | $ | 4,275 | $ | 1,597 | |||||||
Professional fees (1) | — | 35 | — | 99 | |||||||||||
Income tax benefit | (401 | ) | (236 | ) | (1,509 | ) | (599 | ) | |||||||
Net stock-based compensation expense | $ | 734 | $ | 432 | $ | 2,766 | $ | 1,097 |
(1) | Professional fees consist of the value of restricted stock units and options granted to persons providing services to the Company. |
As of | |||||||
September 30, 2017 | |||||||
Stock options | Restricted stock awards and RSUs | ||||||
Unrecognized compensation cost related to non-vested awards | $ | 1,798 | $ | 9,176 | |||
Weighted - average recognition period (in years) | 3.1 | 1.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Income tax expense (benefit) | $ | (2,052 | ) | $ | 3,712 | $ | (2,761 | ) | $ | 5,298 | |||||||||||||
Effective tax rate (ETR) | 37.8 | % | (1) | 32.3 | % | (1) | 27.3 | % | (2) | 19.2 | % | (3) |
As of September 30, 2017 | |||||||||||||||||||
Less than one year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||||
Operating lease obligations (1) | $ | 4,946 | $ | 14,070 | $ | 7,981 | $ | 11,972 | $ | 38,969 | |||||||||
Total | $ | 4,946 | $ | 14,070 | $ | 7,981 | $ | 11,972 | $ | 38,969 |
(1) | Minimum rental obligations for Tiptree, Care, Siena, Luxury, Reliance and Fortegra office leases. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Rent expense for office leases | $ | 1,745 | $ | 1,630 | $ | 5,230 | $ | 4,820 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | (3,378 | ) | $ | 7,838 | $ | (7,360 | ) | $ | 22,273 | |||||
Less: | |||||||||||||||
Net income (loss) attributable to non-controlling interests | (264 | ) | 1,933 | (903 | ) | 4,680 | |||||||||
Net income allocated to participating securities | — | 60 | — | 148 | |||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common shares - basic | $ | (3,114 | ) | $ | 5,845 | $ | (6,457 | ) | $ | 17,445 | |||||
Effect of Dilutive Securities: | |||||||||||||||
Securities of subsidiaries | — | (50 | ) | — | (148 | ) | |||||||||
Adjustments to income relating to exchangeable interests, net of tax | — | 1,362 | — | — | |||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common shares - diluted | $ | (3,114 | ) | $ | 7,157 | $ | (6,457 | ) | $ | 17,297 | |||||
Weighted average number of shares of Tiptree Inc. Class A common stock outstanding - basic | 29,455,462 | 29,143,470 | 28,908,195 | 32,845,124 | |||||||||||
Weighted average number of incremental shares of Tiptree Inc. Class A common stock issuable from exchangeable interests and contingent considerations | — | 8,087,180 | — | 67,392 | |||||||||||
Weighted average number of shares of Tiptree Inc. Class A common stock outstanding - diluted | 29,455,462 | 37,230,650 | 28,908,195 | 32,912,516 | |||||||||||
Basic: | |||||||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common shares | $ | (0.11 | ) | $ | 0.20 | $ | (0.22 | ) | $ | 0.53 | |||||
Diluted: | |||||||||||||||
Net income (loss) attributable to Tiptree Inc. Class A common shares | $ | (0.11 | ) | $ | 0.19 | $ | (0.22 | ) | $ | 0.53 |
• | Overview |
• | Results of Operations |
• | Non-GAAP Reconciliations |
• | Liquidity and Capital Resources |
• | Critical Accounting Policies and Estimates |
• | Off-Balance Sheet Arrangements |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
GAAP: | 2017 | 2016 | 2017 | 2016 | |||||||||||
Total revenues | $ | 164,519 | $ | 132,160 | $ | 486,297 | $ | 395,059 | |||||||
Net income before non-controlling interests | (3,378 | ) | 7,838 | (7,360 | ) | 22,273 | |||||||||
Net income attributable to Tiptree Inc. Class A common stockholders | (3,114 | ) | 5,905 | (6,457 | ) | 17,593 | |||||||||
Diluted earnings per share | (0.11 | ) | 0.19 | (0.22 | ) | 0.53 | |||||||||
Cash dividends paid per common share | 0.03 | 0.025 | 0.09 | 0.075 | |||||||||||
Non-GAAP: (1) | |||||||||||||||
Adjusted EBITDA | $ | 4,776 | $ | 20,128 | $ | 23,333 | $ | 52,882 | |||||||
Book Value per share, as exchanged | 9.67 | 9.93 | 9.67 | 9.93 |
(1) | For further information relating to the Company’s Adjusted EBITDA and book value per share, as exchanged, including a reconciliation to GAAP financials, see “—Non-GAAP Reconciliations.” |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||||
Unrealized & realized gains (losses) on equity securities | $ | (11,125 | ) | $ | 1,365 | $ | (12,490 | ) | $ | (21,183 | ) | $ | 10,787 | $ | (31,970 | ) | ||||||||
Stock-based compensation | (1,135 | ) | (633 | ) | (502 | ) | (4,275 | ) | (1,597 | ) | (2,678 | ) | ||||||||||||
Reliance contingent earn-out liability (1) | 422 | — | 422 | (3,039 | ) | — | (3,039 | ) | ||||||||||||||||
Depreciation and amortization (1) | (7,775 | ) | (6,437 | ) | (1,338 | ) | (23,781 | ) | (21,899 | ) | (1,882 | ) |
(1) | Added back to Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to GAAP financials, see “—Non-GAAP Reconciliations.” |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Specialty insurance | $ | (2,345 | ) | $ | 10,659 | $ | 1,724 | $ | 35,627 | ||||||
Asset management | 2,973 | 6,475 | 13,083 | 14,672 | |||||||||||
Senior living | (1,535 | ) | (473 | ) | (5,359 | ) | (5,487 | ) | |||||||
Specialty finance | 2,595 | 4,181 | 2,629 | 5,510 | |||||||||||
Corporate and other | (7,118 | ) | (9,292 | ) | (22,198 | ) | (22,751 | ) | |||||||
Pre-tax income | $ | (5,430 | ) | $ | 11,550 | $ | (10,121 | ) | $ | 27,571 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Specialty insurance | $ | 2,318 | $ | 14,220 | $ | 15,566 | $ | 45,556 | |||||||
Asset management | 2,973 | 6,475 | 13,083 | 14,672 | |||||||||||
Senior living | 2,859 | 2,869 | 8,293 | 7,194 | |||||||||||
Specialty finance | 2,382 | 4,479 | 6,288 | 6,327 | |||||||||||
Corporate and other | (5,756 | ) | (7,915 | ) | (19,897 | ) | (20,867 | ) | |||||||
Adjusted EBITDA | $ | 4,776 | $ | 20,128 | $ | 23,333 | $ | 52,882 |
(1) | For further information relating to the Company’s Adjusted EBITDA, including a reconciliation of the Company’s segments’ Adjusted EBITDA to GAAP pre-tax income, see “—Non-GAAP Reconciliations.” |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Net earned premiums | $ | 96,073 | $ | 47,609 | $ | 272,781 | $ | 138,516 | |||||||
Service and administrative fees | 24,018 | 25,842 | 70,861 | 84,421 | |||||||||||
Ceding commissions | 2,513 | 1,397 | 6,801 | 22,645 | |||||||||||
Net investment income | 3,840 | 3,307 | 12,032 | 8,409 | |||||||||||
Net realized and unrealized gains (losses) | (8,554 | ) | 3,745 | (13,618 | ) | 12,767 | |||||||||
Other income | 824 | 730 | 2,874 | 1,985 | |||||||||||
Total revenues | $ | 118,714 | $ | 82,630 | $ | 351,731 | $ | 268,743 | |||||||
Expenses: | |||||||||||||||
Policy and contract benefits | 31,570 | 25,881 | 94,364 | 72,436 | |||||||||||
Commission expense | 63,066 | 24,032 | 176,405 | 91,906 | |||||||||||
Employee compensation and benefits | 10,073 | 9,180 | 30,800 | 28,065 | |||||||||||
Interest expense | 3,499 | 2,322 | 10,534 | 6,018 | |||||||||||
Depreciation and amortization expenses | 3,134 | 3,032 | 9,625 | 10,414 | |||||||||||
Other expenses | 9,717 | 7,524 | 28,279 | 24,277 | |||||||||||
Total expenses | $ | 121,059 | $ | 71,971 | $ | 350,007 | $ | 233,116 | |||||||
Pre-tax income (loss) | $ | (2,345 | ) | $ | 10,659 | $ | 1,724 | $ | 35,627 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
Insurance operating ratios: | 2017 | 2016 | 2017 | 2016 | |||||||
Combined ratio | 92.6 | % | 87.9 | % | 93.2 | % | 86.3 | % | |||
As adjusted Combined ratio - Non-GAAP (1) | 92.8 | % | 89.4 | % | 93.6 | % | 88.5 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
($ in thousands) | Credit Protection | Warranty | Programs | Services and Other | Insurance Total | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Gross written premiums | $ | 149,115 | $ | 132,111 | $ | 25,530 | $ | 16,618 | $ | 34,512 | $ | 32,674 | $ | 11 | $ | 8 | $ | 209,168 | $ | 181,411 | ||||||||||||||
Net written premiums | 96,375 | 30,987 | 17,217 | 13,142 | 5,418 | 11,884 | — | — | 119,010 | 56,013 | ||||||||||||||||||||||||
As Adjusted Revenues: | ||||||||||||||||||||||||||||||||||
Net earned premiums | $ | 78,951 | $ | 29,173 | $ | 10,900 | $ | 9,139 | $ | 6,222 | $ | 9,297 | $ | — | $ | — | $ | 96,073 | $ | 47,609 | ||||||||||||||
Service and administrative fees | 10,434 | 10,865 | 9,409 | 11,788 | 2,721 | 2,504 | 1,690 | 1,819 | 24,254 | 26,976 | ||||||||||||||||||||||||
Ceding commissions | 2,523 | 1,465 | — | 1 | — | — | — | — | 2,523 | 1,466 | ||||||||||||||||||||||||
Other income | 135 | 71 | — | (22 | ) | — | 5 | 689 | 676 | 824 | 730 | |||||||||||||||||||||||
Less product specific expenses: | ||||||||||||||||||||||||||||||||||
Policy and contract benefits | 14,420 | 7,918 | 11,694 | 10,099 | 5,456 | 7,900 | — | (36 | ) | 31,570 | 25,881 | |||||||||||||||||||||||
Commission expense | 59,949 | 18,386 | 2,287 | 5,979 | 1,178 | 1,611 | 190 | 176 | 63,604 | 26,152 | ||||||||||||||||||||||||
As Adjusted underwriting margin (1) | $ | 17,674 | $ | 15,270 | $ | 6,328 | $ | 4,828 | $ | 2,309 | $ | 2,295 | $ | 2,189 | $ | 2,355 | $ | 28,500 | $ | 24,748 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
($ in thousands) | Credit Protection | Warranty | Programs | Services and Other | Insurance Total | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Gross written premiums | 371,123 | 364,842 | 83,075 | 44,078 | 106,348 | 131,306 | 23 | 21 | 560,569 | 540,247 | ||||||||||||||||||||||||
Net written premiums | 238,658 | 90,212 | 44,641 | 35,045 | 19,025 | 27,120 | — | — | 302,324 | 152,377 | ||||||||||||||||||||||||
As Adjusted Revenues: | ||||||||||||||||||||||||||||||||||
Net earned premiums | $ | 221,080 | $ | 88,192 | $ | 31,525 | $ | 27,394 | $ | 20,176 | $ | 22,930 | $ | — | $ | — | $ | 272,781 | $ | 138,516 | ||||||||||||||
Service and administrative fees | 31,204 | 33,975 | 27,330 | 41,093 | 8,108 | 8,577 | 4,961 | 5,752 | 71,603 | 89,397 | ||||||||||||||||||||||||
Ceding commissions | 6,847 | 23,018 | — | 2 | — | — | — | 1 | 6,847 | 23,021 | ||||||||||||||||||||||||
Other income | 338 | 199 | — | 64 | — | 5 | 2,536 | 1,717 | 2,874 | 1,985 | ||||||||||||||||||||||||
Less product specific expenses: | ||||||||||||||||||||||||||||||||||
Policy and contract benefits | 44,226 | 21,727 | 32,406 | 30,529 | 17,548 | 20,172 | 184 | 8 | 94,364 | 72,436 | ||||||||||||||||||||||||
Commission expense | 165,990 | 76,707 | 7,919 | 20,280 | 3,747 | 4,036 | 641 | 377 | 178,297 | 101,400 | ||||||||||||||||||||||||
As Adjusted underwriting margin (1) | $ | 49,253 | $ | 46,950 | $ | 18,530 | $ | 17,744 | $ | 6,989 | $ | 7,304 | $ | 6,672 | $ | 7,085 | $ | 81,444 | $ | 79,083 |
($ in thousands) | As of September 30, | ||||||||||||||
2017 | 2016 | ||||||||||||||
Cash and cash equivalents (1) | $ | 60,199 | $ | 4,402 | |||||||||||
Available for sale securities, at fair value | 164,093 | 137,195 | |||||||||||||
Equity securities, trading, at fair value | 28,106 | 44,670 | |||||||||||||
Loans, at fair value (2) | 84,493 | 101,383 | |||||||||||||
Real estate, net | 23,106 | 10,233 | |||||||||||||
Other investments | 3,956 | 4,012 | |||||||||||||
Net investments | $ | 363,953 | $ | 301,895 | |||||||||||
(1) Cash and cash equivalents, plus restricted cash, net of due from/due to brokers on consolidated loan funds, see “—Non-GAAP Reconciliations”, for a reconciliation to GAAP financials. | |||||||||||||||
(2) Loans, at fair value, net of asset based debt, see “—Non-GAAP Reconciliations”, for a reconciliation to GAAP financials. | |||||||||||||||
Specialty Insurance Net Investment Portfolio Income - Non-GAAP | |||||||||||||||
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net investment income | $ | 3,840 | $ | 3,307 | $ | 12,032 | $ | 8,409 | |||||||
Realized gains (losses) | 1,462 | 1,056 | 6,425 | 4,187 | |||||||||||
Unrealized gains (losses) | (10,016 | ) | 2,689 | (20,042 | ) | 8,580 | |||||||||
Interest expense | (1,678 | ) | (697 | ) | (5,143 | ) | (1,708 | ) | |||||||
Net portfolio income | $ | (6,392 | ) | $ | 6,355 | $ | (6,728 | ) | $ | 19,468 | |||||
Average Annualized Yield % (1) | (7.2 | )% | 8.3 | % | (3.7 | )% | 8.5 | % |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Net realized and unrealized gains (losses) | $ | (349 | ) | $ | 695 | $ | 839 | $ | 226 | ||||||
Management fee income | 1,541 | 3,839 | 6,578 | 7,497 | |||||||||||
Other income | 256 | 212 | 822 | 3,031 | |||||||||||
Total revenue | $ | 1,448 | $ | 4,746 | $ | 8,239 | $ | 10,754 | |||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | 889 | 2,267 | 3,953 | 4,861 | |||||||||||
Interest expense | 5 | — | 7 | 746 | |||||||||||
Other expenses | 164 | 36 | 589 | 524 | |||||||||||
Total expenses | $ | 1,058 | $ | 2,303 | $ | 4,549 | $ | 6,131 | |||||||
Net income attributable to consolidated CLOs | 2,583 | 4,032 | 9,393 | 10,049 | |||||||||||
Pre-tax income (loss) | $ | 2,973 | $ | 6,475 | $ | 13,083 | $ | 14,672 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
As Adjusted Revenues: | |||||||||||||||
Management fees | $ | 1,852 | $ | 4,582 | $ | 7,616 | $ | 9,666 | |||||||
Distributions | 2,168 | 4,368 | 6,560 | 11,058 | |||||||||||
Realized and unrealized gains (losses) | 11 | (339 | ) | 3,443 | (2,824 | ) | |||||||||
Other income | — | 167 | 13 | 2,903 | |||||||||||
Total as adjusted revenues | $ | 4,031 | $ | 8,778 | $ | 17,632 | $ | 20,803 |
(1) | For further information relating to the Asset Management as adjusted revenues, including a reconciliation to GAAP revenues, see “Non-GAAP Reconciliations”. |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Net realized and unrealized gains (losses) | $ | — | $ | 51 | $ | — | $ | — | |||||||
Rental and related revenue | 19,170 | 15,371 | 54,819 | 43,389 | |||||||||||
Other income | 413 | 273 | 1,108 | 815 | |||||||||||
Total revenue | $ | 19,583 | $ | 15,695 | $ | 55,927 | $ | 44,204 | |||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | 7,723 | 6,270 | 22,499 | 17,661 | |||||||||||
Interest expense | 3,609 | 2,271 | 9,309 | 6,220 | |||||||||||
Depreciation and amortization expenses | 4,369 | 3,094 | 13,350 | 10,634 | |||||||||||
Other expenses | 5,417 | 4,533 | 16,128 | 15,176 | |||||||||||
Total expenses | $ | 21,118 | $ | 16,168 | $ | 61,286 | $ | 49,691 | |||||||
Pre-tax income (loss) | $ | (1,535 | ) | $ | (473 | ) | $ | (5,359 | ) | $ | (5,487 | ) |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Triple Net Leases | $ | 3,371 | $ | 1,844 | $ | 8,218 | $ | 5,533 | |||||||
Managed Properties | 4,071 | 3,927 | 12,024 | 10,256 | |||||||||||
Segment NOI | $ | 7,442 | $ | 5,771 | $ | 20,242 | $ | 15,789 | |||||||
Managed Property NOI Margin % (2) | 25.8 | % | 29.0 | % | 25.8 | % | 27.1 | % |
(1) | For further information relating to the Senior Living NOI, including a reconciliation to GAAP pre-tax income, see “—Non-GAAP Reconciliations.” |
(2) | NOI Margin % is the relationship between Managed Property segment NOI and Rental and related revenue. |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Net realized and unrealized gains (losses) | $ | 16,700 | $ | 21,682 | $ | 48,029 | $ | 49,499 | ||||||||
Other income | 8,276 | 7,331 | 22,296 | 18,291 | ||||||||||||
Total revenue | $ | 24,976 | $ | 29,013 | $ | 70,325 | $ | 67,790 | ||||||||
Expenses: | ||||||||||||||||
Employee compensation and benefits | 14,631 | 16,865 | 42,434 | 41,801 | ||||||||||||
Interest expense | 1,949 | 1,932 | 4,743 | 4,352 | ||||||||||||
Depreciation and amortization expenses | 209 | 248 | 620 | 665 | ||||||||||||
Other expenses | 5,592 | 5,787 | 19,899 | 15,462 | ||||||||||||
Total expenses | $ | 22,381 | $ | 24,832 | $ | 67,696 | $ | 62,280 | ||||||||
Pre-tax income (loss) | $ | 2,595 | $ | 4,181 | $ | 2,629 | $ | 5,510 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Net realized and unrealized gains (losses) | $ | (271 | ) | $ | 42 | $ | (67 | ) | $ | 3,462 | |||||
Other income | 69 | 34 | 142 | 106 | |||||||||||
Total revenue | $ | (202 | ) | $ | 76 | $ | 75 | $ | 3,568 | ||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | 3,280 | 4,185 | 9,751 | 9,787 | |||||||||||
Interest expense | 1,299 | 1,314 | 3,851 | 3,434 | |||||||||||
Depreciation and amortization expenses | 63 | 63 | 186 | 186 | |||||||||||
Other expenses | 2,274 | 3,806 | 8,485 | 12,912 | |||||||||||
Total expenses | $ | 6,916 | $ | 9,368 | $ | 22,273 | $ | 26,319 | |||||||
Pre-tax income (loss) | $ | (7,118 | ) | $ | (9,292 | ) | $ | (22,198 | ) | $ | (22,751 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | |||
Impact of state tax and permanent items | 3.8 | (2.2 | ) | 4.0 | (0.9 | ) | |||||
Impact of non-controlling interests | (0.7 | ) | (1.2 | ) | 2.9 | (0.6 | ) | ||||
Impact of restructuring | — | — | — | (14.7 | ) | ||||||
Impact of Reliance contingent liability valuation | 4.5 | — | (10.5 | ) | — | ||||||
Impact of other discrete | (4.8 | ) | 0.7 | (4.1 | ) | 0.4 | |||||
ETR | 37.8 | % | 32.3 | % | 27.3 | % | 19.2 | % |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) available to Class A common stockholders | $ | (3,114 | ) | $ | 5,905 | $ | (6,457 | ) | $ | 17,593 | |||||
Add: net (loss) income attributable to noncontrolling interests | (264 | ) | 1,933 | (903 | ) | 4,680 | |||||||||
Income (loss) | $ | (3,378 | ) | $ | 7,838 | $ | (7,360 | ) | $ | 22,273 | |||||
Consolidated interest expense | 10,361 | 7,839 | 28,444 | 20,770 | |||||||||||
Consolidated income taxes | (2,052 | ) | 3,712 | (2,761 | ) | 5,298 | |||||||||
Consolidated depreciation and amortization expense | 7,775 | 6,437 | 23,781 | 21,899 | |||||||||||
EBITDA | $ | 12,706 | $ | 25,826 | $ | 42,104 | $ | 70,240 | |||||||
Consolidated non-corporate and non-acquisition related interest expense(1) | (7,340 | ) | (4,989 | ) | (19,510 | ) | (13,223 | ) | |||||||
Effects of Purchase Accounting (2) | (306 | ) | (957 | ) | (1,205 | ) | (4,446 | ) | |||||||
Non-cash fair value adjustments (3) | (309 | ) | — | 3,378 | 1,416 | ||||||||||
Significant acquisition expenses (4) | 25 | 248 | 302 | 631 | |||||||||||
Separation expense adjustments (5) | — | — | (1,736 | ) | (1,736 | ) | |||||||||
Adjusted EBITDA of the Company | $ | 4,776 | $ | 20,128 | $ | 23,333 | $ | 52,882 |
(1) | The consolidated non-corporate and non-acquisition related interest expense is subtracted from EBITDA to arrive at Adjusted EBITDA. This includes interest expense associated with asset-specific debt at subsidiaries in the specialty insurance, asset management, senior living and specialty finance segments. |
(2) | Following the purchase accounting adjustments, current period expenses associated with deferred costs were more favorably stated and current period income associated with deferred revenues were less favorably stated. Thus, the purchase accounting effect related to Fortegra increased EBITDA above what the historical basis of accounting would have generated. The impact of this purchase accounting adjustments have been reversed to reflect an adjusted EBITDA without such purchase accounting effect. The impact for the three months ended September 30, 2017 and 2016 was an effective increase to pre-tax earnings of $307 thousand and $408 thousand, respectively. |
(3) | For our senior living segment, Adjusted EBITDA excludes the impact of the change of fair value of interest rate swaps hedging the debt at the property level. For Reliance, within our specialty finance segment, Adjusted EBITDA excludes the impact of changes in contingent earn-outs. For our specialty insurance segment, depreciation and amortization on senior living real estate that is within net investment income is added back to Adjusted EBITDA. |
(4) | Acquisition costs include legal, taxes, banker fees and other costs associated with senior living acquisitions in 2017 and 2016. |
(5) | Consists of payments pursuant to a separation agreement, dated as of November 10, 2015. |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Specialty insurance | Asset management | Senior living | Specialty finance | Corporate and other | Total | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||
Pre-tax income/(loss) | $ | (2,345 | ) | $ | 10,659 | $ | 2,973 | $ | 6,475 | $ | (1,535 | ) | $ | (473 | ) | $ | 2,595 | $ | 4,181 | $ | (7,118 | ) | $ | (9,292 | ) | $ | (5,430 | ) | $ | 11,550 | |||||||||||
Add back: | |||||||||||||||||||||||||||||||||||||||||
Interest expense | 3,499 | 2,322 | 5 | — | 3,609 | 2,271 | 1,949 | 1,932 | 1,299 | 1,314 | 10,361 | 7,839 | |||||||||||||||||||||||||||||
Depreciation and amortization expenses | 3,134 | 3,032 | — | — | 4,369 | 3,094 | 209 | 248 | 63 | 63 | 7,775 | 6,437 | |||||||||||||||||||||||||||||
Segment EBITDA | $ | 4,288 | $ | 16,013 | $ | 2,978 | $ | 6,475 | $ | 6,443 | $ | 4,892 | $ | 4,753 | $ | 6,361 | $ | (5,756 | ) | $ | (7,915 | ) | $ | 12,706 | $ | 25,826 | |||||||||||||||
EBITDA adjustments: | |||||||||||||||||||||||||||||||||||||||||
Asset-specific debt interest | (1,777 | ) | (836 | ) | (5 | ) | — | (3,609 | ) | (2,271 | ) | (1,949 | ) | (1,882 | ) | — | — | (7,340 | ) | (4,989 | ) | ||||||||||||||||||||
Effects of purchase accounting | (306 | ) | (957 | ) | — | — | — | — | — | — | — | — | (306 | ) | (957 | ) | |||||||||||||||||||||||||
Non-cash fair value adjustments | 113 | — | — | — | — | — | (422 | ) | — | — | — | (309 | ) | — | |||||||||||||||||||||||||||
Significant acquisition expenses | — | — | — | — | 25 | 248 | — | — | — | — | 25 | 248 | |||||||||||||||||||||||||||||
Separation expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Segment Adjusted EBITDA | $ | 2,318 | $ | 14,220 | $ | 2,973 | $ | 6,475 | $ | 2,859 | $ | 2,869 | $ | 2,382 | $ | 4,479 | $ | (5,756 | ) | $ | (7,915 | ) | $ | 4,776 | $ | 20,128 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Specialty insurance | Asset management | Senior living | Specialty finance | Corporate and other | Total | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||
Pre-tax income/(loss) | $ | 1,724 | $ | 35,627 | $ | 13,083 | $ | 14,672 | $ | (5,359 | ) | $ | (5,487 | ) | $ | 2,629 | $ | 5,510 | $ | (22,198 | ) | $ | (22,751 | ) | $ | (10,121 | ) | $ | 27,571 | ||||||||||||
Add back: | |||||||||||||||||||||||||||||||||||||||||
Interest expense | 10,534 | 6,018 | 7 | 746 | 9,309 | 6,220 | 4,743 | 4,352 | 3,851 | 3,434 | 28,444 | 20,770 | |||||||||||||||||||||||||||||
Depreciation and amortization expenses | 9,625 | 10,414 | — | — | 13,350 | 10,634 | 620 | 665 | 186 | 186 | 23,781 | 21,899 | |||||||||||||||||||||||||||||
Segment EBITDA | $ | 21,883 | $ | 52,059 | $ | 13,090 | $ | 15,418 | $ | 17,300 | $ | 11,367 | $ | 7,992 | $ | 10,527 | $ | (18,161 | ) | $ | (19,131 | ) | $ | 42,104 | $ | 70,240 | |||||||||||||||
EBITDA adjustments: | |||||||||||||||||||||||||||||||||||||||||
Asset-specific debt interest | (5,451 | ) | (2,057 | ) | (7 | ) | (746 | ) | (9,309 | ) | (6,220 | ) | (4,743 | ) | (4,200 | ) | — | — | (19,510 | ) | (13,223 | ) | |||||||||||||||||||
Effects of purchase accounting | (1,205 | ) | (4,446 | ) | — | — | — | — | — | — | — | — | (1,205 | ) | (4,446 | ) | |||||||||||||||||||||||||
Non-cash fair value adjustments | 339 | — | — | — | — | 1,416 | 3,039 | — | — | — | 3,378 | 1,416 | |||||||||||||||||||||||||||||
Significant acquisition expenses | — | — | — | — | 302 | 631 | — | — | — | — | 302 | 631 | |||||||||||||||||||||||||||||
Separation expenses | — | — | — | — | — | — | — | — | (1,736 | ) | (1,736 | ) | (1,736 | ) | (1,736 | ) | |||||||||||||||||||||||||
Segment Adjusted EBITDA | $ | 15,566 | $ | 45,556 | $ | 13,083 | $ | 14,672 | $ | 8,293 | $ | 7,194 | $ | 6,288 | $ | 6,327 | $ | (19,897 | ) | $ | (20,867 | ) | $ | 23,333 | $ | 52,882 |
($ in thousands, except per share information) | Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Total stockholders’ equity | $ | 391,138 | $ | 381,341 | |||
Less non-controlling interest - other | 25,081 | 19,939 | |||||
Total stockholders’ equity, net of non-controlling interests - other | $ | 366,057 | $ | 361,402 | |||
Total Class A shares outstanding (1) | 29,793 | 28,351 | |||||
Total Class B shares outstanding | 8,049 | 8,049 | |||||
Total shares outstanding | 37,842 | 36,400 | |||||
Book value per share, as exchanged | $ | 9.67 | $ | 9.93 |
Three Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | GAAP | Non-GAAP adjustments | Non-GAAP - As Adjusted | ||||||||||||||||||||
Revenues: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Net earned premiums | $ | 96,073 | $ | 47,609 | $ | — | $ | — | $ | 96,073 | $ | 47,609 | |||||||||||
Service and administrative fees | 24,018 | 25,842 | 236 | 1,134 | 24,254 | 26,976 | |||||||||||||||||
Ceding commissions | 2,513 | 1,397 | 10 | 69 | 2,523 | 1,466 | |||||||||||||||||
Other income | 824 | 730 | — | — | 824 | 730 | |||||||||||||||||
Less underwriting expenses: | |||||||||||||||||||||||
Policy and contract benefits | 31,570 | 25,881 | — | — | 31,570 | 25,881 | |||||||||||||||||
Commission expense | 63,066 | 24,032 | 538 | 2,120 | 63,604 | 26,152 | |||||||||||||||||
Underwriting Margin - Non-GAAP | $ | 28,792 | $ | 25,665 | $ | (292 | ) | $ | (917 | ) | $ | 28,500 | $ | 24,748 | |||||||||
Less operating expenses: | |||||||||||||||||||||||
Employee compensation and benefits | 10,073 | 9,180 | — | — | 10,073 | 9,180 | |||||||||||||||||
Other expenses | 9,717 | 7,524 | 31 | 40 | 9,748 | 7,564 | |||||||||||||||||
Combined Ratio | 92.6 | % | 87.9 | % | — | % | — | % | 92.8 | % | 89.4 | % | |||||||||||
Plus investment revenues: | |||||||||||||||||||||||
Net investment income | 3,840 | 3,307 | — | — | 3,840 | 3,307 | |||||||||||||||||
Net realized and unrealized gains | (8,554 | ) | 3,745 | — | — | (8,554 | ) | 3,745 | |||||||||||||||
Less other expenses: | |||||||||||||||||||||||
Interest expense | 3,499 | 2,322 | — | — | 3,499 | 2,322 | |||||||||||||||||
Depreciation and amortization expenses | 3,134 | 3,032 | (16 | ) | (549 | ) | 3,118 | 2,483 | |||||||||||||||
Pre-tax income (loss) | $ | (2,345 | ) | $ | 10,659 | $ | (307 | ) | $ | (408 | ) | $ | (2,652 | ) | $ | 10,251 |
Nine Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | GAAP | Non-GAAP adjustments | Non-GAAP - As Adjusted | ||||||||||||||||||||
Revenues: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Net earned premiums | $ | 272,781 | $ | 138,516 | $ | — | $ | — | $ | 272,781 | $ | 138,516 | |||||||||||
Service and administrative fees | 70,861 | 84,421 | 742 | 4,976 | 71,603 | 89,397 | |||||||||||||||||
Ceding commissions | 6,801 | 22,645 | 46 | 376 | 6,847 | 23,021 | |||||||||||||||||
Other income | 2,874 | 1,985 | — | — | 2,874 | 1,985 | |||||||||||||||||
Less underwriting expenses: | |||||||||||||||||||||||
Policy and contract benefits | 94,364 | 72,436 | — | — | 94,364 | 72,436 | |||||||||||||||||
Commission expense | 176,405 | 91,906 | 1,892 | 9,494 | 178,297 | 101,400 | |||||||||||||||||
Underwriting Margin - Non-GAAP | $ | 82,548 | $ | 83,225 | $ | (1,104 | ) | $ | (4,142 | ) | $ | 81,444 | $ | 79,083 | |||||||||
Less operating expenses: | |||||||||||||||||||||||
Employee compensation and benefits | 30,800 | 28,065 | — | — | 30,800 | 28,065 | |||||||||||||||||
Other expenses | 28,279 | 24,277 | 120 | 304 | 28,399 | 24,581 | |||||||||||||||||
Combined Ratio | 93.2 | % | 86.3 | % | — | — | 93.6 | % | 88.5 | % | |||||||||||||
Plus investment revenues: | |||||||||||||||||||||||
Net investment income | 12,032 | 8,409 | — | — | 12,032 | 8,409 | |||||||||||||||||
Net realized and unrealized gains | (13,618 | ) | 12,767 | — | — | (13,618 | ) | 12,767 | |||||||||||||||
Less other expenses: | |||||||||||||||||||||||
Interest expense | 10,534 | 6,018 | — | — | 10,534 | 6,018 | |||||||||||||||||
Depreciation and amortization expenses | 9,625 | 10,414 | (182 | ) | (2,977 | ) | 9,443 | 7,437 | |||||||||||||||
Pre-tax income (loss) | $ | 1,724 | $ | 35,627 | $ | (1,042 | ) | $ | (1,469 | ) | $ | 682 | $ | 34,158 |
($ in thousands) | As of September 30, | ||||||
2017 | 2016 | ||||||
Total Investments | $ | 426,753 | $ | 398,505 | |||
Investment portfolio debt (1) | (122,999 | ) | (101,012 | ) | |||
Cash and cash equivalents | 62,790 | 16,555 | |||||
Restricted cash (2) | 3,637 | 6,683 | |||||
Receivable due from brokers (3) | 1,505 | — | |||||
Liability due to brokers (3) | (7,733 | ) | (18,836 | ) | |||
Net investments - Non-GAAP | $ | 363,953 | $ | 301,895 |
($ in thousands) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||
NNN Operations | Managed Properties | Senior Living Total | NNN Operations | Managed Properties | Senior Living Total | NNN Operations | Managed Properties | Senior Living Total | NNN Operations | Managed Properties | Senior Living Total | ||||||||||||||||||||||||||||||||||||
Rental and related revenue | $ | 3,371 | $ | 15,799 | $ | 19,170 | $ | 1,844 | $ | 13,526 | $ | 15,370 | $ | 8,218 | $ | 46,600 | $ | 54,818 | $ | 5,533 | $ | 37,856 | $ | 43,389 | |||||||||||||||||||||||
Less: Property operating expenses | — | 11,728 | 11,728 | — | 9,599 | 9,599 | — | 34,576 | 34,576 | — | 27,600 | 27,600 | |||||||||||||||||||||||||||||||||||
Segment NOI | $ | 3,371 | $ | 4,071 | $ | 7,442 | $ | 1,844 | $ | 3,927 | $ | 5,771 | $ | 8,218 | $ | 12,024 | $ | 20,242 | $ | 5,533 | $ | 10,256 | $ | 15,789 | |||||||||||||||||||||||
Segment NOI Margin % (1) | 25.8 | % | 29.0 | % | 25.8 | % | 27.1 | % | |||||||||||||||||||||||||||||||||||||||
Other income | $ | 414 | $ | 324 | $ | 1,109 | $ | 815 | |||||||||||||||||||||||||||||||||||||||
Less: Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 3,609 | 2,271 | 9,309 | 6,220 | |||||||||||||||||||||||||||||||||||||||||||
Payroll and employee commissions | 790 | 617 | 2,323 | 1,900 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,369 | 3,095 | 13,350 | 10,635 | |||||||||||||||||||||||||||||||||||||||||||
Other expenses | 623 | 583 | 1,728 | 3,335 | |||||||||||||||||||||||||||||||||||||||||||
Pre-tax income (loss) | $ | (1,535 | ) | $ | (471 | ) | $ | (5,359 | ) | $ | (5,486 | ) |
Three Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | GAAP | Non-GAAP adjustments | Non-GAAP - As Adjusted | ||||||||||||||||||||
Revenues: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Management fee income | $ | 1,541 | $ | 3,839 | $ | 311 | $ | 743 | $ | 1,852 | $ | 4,582 | |||||||||||
Distributions | — | — | 2,168 | 4,368 | 2,168 | 4,368 | |||||||||||||||||
Net realized and unrealized gains (losses) | (349 | ) | 695 | 360 | (1,034 | ) | 11 | (339 | ) | ||||||||||||||
Other income | 256 | 212 | (256 | ) | (45 | ) | — | 167 | |||||||||||||||
Total revenues | $ | 1,448 | $ | 4,746 | $ | 2,583 | $ | 4,032 | $ | 4,031 | $ | 8,778 |
Nine Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | GAAP | Non-GAAP adjustments | Non-GAAP - As Adjusted | ||||||||||||||||||||
Revenues: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Management fee income | $ | 6,578 | $ | 7,497 | $ | 1,038 | $ | 2,169 | $ | 7,616 | $ | 9,666 | |||||||||||
Distributions | — | — | 6,560 | 11,058 | 6,560 | 11,058 | |||||||||||||||||
Net realized and unrealized gains (losses) | 839 | 226 | 2,604 | (3,050 | ) | 3,443 | (2,824 | ) | |||||||||||||||
Other income | 822 | 3,031 | (809 | ) | (128 | ) | 13 | 2,903 | |||||||||||||||
Total revenues | $ | 8,239 | $ | 10,754 | $ | 9,393 | $ | 10,049 | $ | 17,632 | $ | 20,803 |
($ in thousands) | Debt outstanding as of September 30, | Interest expense for the three months ended September 30, | Interest expense for the nine months ended September 30, | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Specialty insurance | $ | 145,000 | $ | 145,850 | $ | 1,721 | $ | 1,516 | $ | 5,082 | $ | 3,961 | ||||||||||||
Corporate and other | 57,000 | 59,000 | 1,258 | 1,209 | 3,810 | 3,329 | ||||||||||||||||||
Total | $ | 202,000 | $ | 204,850 | $ | 2,979 | $ | 2,725 | $ | 8,892 | $ | 7,290 |
($ in thousands) | Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Net cash (used in) provided by: | |||||||
Operating activities | |||||||
Operating activities - (excluding VIEs) | $ | 27,214 | $ | (27,156 | ) | ||
Operating activities - VIEs | (2,684 | ) | (3,505 | ) | |||
Total cash provided by (used in) operating activities | 24,530 | (30,661 | ) | ||||
Investing activities | |||||||
Investing activities - (excluding VIEs) | (38,266 | ) | (157,745 | ) | |||
Investing activities - VIEs | 224,107 | (96,834 | ) | ||||
Total cash provided by (used in) investing activities | 185,841 | (254,579 | ) | ||||
Financing activities | |||||||
Financing activities - (excluding VIEs) | 61,763 | 61,108 | |||||
Financing activities - VIEs | (223,393 | ) | 220,727 | ||||
Total cash provided by (used in) financing activities | (161,630 | ) | 281,835 | ||||
Net increase (decrease) in cash | $ | 48,741 | $ | (3,405 | ) |
($ in thousands) | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | ||||||||||||||
Notes payable CLOs (1) | $ | — | $ | — | $ | — | $ | 334,900 | $ | 334,900 | |||||||||
Credit agreement/Revolving line of credit | 101,173 | 178,164 | 247,247 | — | 526,584 | ||||||||||||||
Mortgage notes payable and related interest (2) | 18,073 | 125,181 | 118,774 | 97,513 | 359,541 | ||||||||||||||
Trust Preferred Securities | — | — | — | 35,000 | 35,000 | ||||||||||||||
Operating lease obligations (3) | 4,946 | 14,070 | 7,981 | 11,972 | 38,969 | ||||||||||||||
Total | $ | 124,192 | $ | 317,415 | $ | 374,002 | $ | 479,385 | $ | 1,294,994 |
(1) | Non-recourse CLO notes payable principal is payable at stated maturity, 2027 for Telos 6. |
(2) | See Note —(11) Debt, net, in the accompanying consolidated financial statements for additional information. |
(3) | Minimum rental obligation for Tiptree, Care, MFCA, Siena, Reliance, Luxury and Fortegra office leases. The total rent expense for the Company for the nine months ended September 30, 2017 and 2016 was $5.2 million and $4.8 million, respectively. |
• | Note —(9) Derivative Financial Instruments and Hedging |
• | Note —(10) Assets and Liabilities of Consolidated CLOs |
• | Note —(22) Commitments and Contingencies |
The following documents are filed as a part of this Form 10-Q: | |
Financial Statements (Unaudited): | |
Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 | |
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 | |
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016 | |
Condensed Consolidated Statement of Changes in Stockholders’ Equity for the period ended September 30, 2017 and 2016 | |
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 | |
Exhibits: | |
The Exhibits listed in the Index of Exhibits, which appears immediately following the signature page, is incorporated herein by reference and is filed as part of this Form 10-Q. |
Tiptree Inc. | ||||
Date: | November 6, 2017 | By:/s/ Michael Barnes | ||
Michael Barnes | ||||
Executive Chairman | ||||
Date: | November 6, 2017 | By:/s/ Jonathan Ilany | ||
Jonathan Ilany | ||||
Chief Executive Officer | ||||
Date: | November 6, 2017 | By:/s/ Sandra Bell | ||
Sandra Bell | ||||
Chief Financial Officer |
Exhibit No. | Description |
31.1 | |
31.2 | |
31.3 | |
32.1 | |
32.2 | |
32.3 | |
101.INS | XBRL Instance Document* |
101.SCH | XBRL Taxonomy Extension Schema Document* |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* |
* | Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following materials, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets for September 30, 2017 and December 31, 2016, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016, (iv) the Condensed Consolidated Statements of Changes in Stockholders’ Equity for the period ended September 30, 2017, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 and (vi) the Notes to the Condensed Consolidated Financial Statements. |
1. | I have reviewed this Quarterly Report on Form 10-Q 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: | November 6, 2017 | /s/ Michael Barnes | |
Michael Barnes | |||
Executive Chairman |
1. | I have reviewed this Quarterly Report on Form 10-Q 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: | November 6, 2017 | /s/ Jonathan Ilany | |
Jonathan Ilany | |||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q 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: | November 6, 2017 | /s/ Sandra Bell | |
Sandra Bell | |||
Chief Financial Officer |
/s/ Michael Barnes |
Michael Barnes |
Executive Chairman |
/s/ Jonathan Ilany |
Jonathan Ilany |
Chief Executive Officer |
/s/ Sandra Bell |
Sandra Bell |
Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Nov. 03, 2017 |
|
Entity Registrant Name | Tiptree Inc. | |
Entity Central Index Key | 0001393726 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2017 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Common Stock - Class A | ||
Entity Common Stock, Shares Outstanding | 35,003,004 | |
Common Stock - Class B | ||
Entity Common Stock, Shares Outstanding | 8,049,029 |
Organization |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization Tiptree Inc. (formally known as Tiptree Financial Inc., together with its consolidated subsidiaries, collectively, Tiptree or the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree is a diversified holding company with four reporting segments: specialty insurance, asset management, senior living and specialty finance. Tiptree’s Class A common stock is traded on the NASDAQ Capital Market under the symbol “TIPT”. Tiptree’s primary asset is its ownership of Tiptree Financial Partners, L.P. (TFP) an intermediate holding company through which Tiptree operates its businesses. Tiptree reports a non-controlling interest representing the economic interest in TFP held by other limited partners of TFP. As of January 1, 2016, Tiptree directly owned approximately 81% of TFP. The remaining 19% is reported as non-controlling interest. All of Tiptree’s Class B common stock is owned by TFP and is accounted for as treasury stock. Tiptree’s Class B common stock has the same voting rights as the Class A common stock but no economic rights. The limited partners of TFP (other than Tiptree itself) have the ability to exchange TFP partnership units for Tiptree Class A common stock at a rate of 2.798 shares of Class A common stock per partnership unit equal to the number of shares of Class B common stock outstanding. For every share of Class A common stock exchanged in this manner, a share of Class B common stock is canceled. The percentage of TFP owned by Tiptree may increase in the future to the extent TFP’s limited partners exchange their limited partnership units of TFP for Class A common stock of Tiptree. Changes in Tiptree’s ownership of TFP, as a result of such exchanges, will be accounted for as equity transactions, which increase Tiptree’s ownership of TFP and reduce non-controlling interest in TFP without changing total stockholders’ equity of Tiptree. |
Summary of Significant Accounting Policies - Quarter (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2017. As a result of changes in presentation made in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, certain prior period amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. The primary difference in the presentation of the condensed consolidated financial statements from the prior year is the aggregation of investments on the condensed consolidated balance sheets and the summation of the net investment income of our specialty insurance business in the condensed consolidated statements of operations. The condensed consolidated cash flow statement has also been conformed to this new presentation. In addition certain immaterial balances have been combined in the condensed consolidated balance sheet and condensed consolidated statement of operations. Tiptree consolidates those entities in which it has an investment of 50% or more of voting rights or has control over significant operating, financial and investing decisions of the entity as well as variable interest entities (VIEs) in which Tiptree is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Generally, Tiptree’s consolidated VIEs are entities which Tiptree is considered the primary beneficiary through its controlling financial interests. Non-controlling interests on the condensed 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. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items:
Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other expense in the condensed 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. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. Fair Value Option In addition to the financial instruments the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in Net realized and unrealized gains (losses) within the condensed consolidated statements of operations. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are reported separately in our condensed consolidated balance sheets from those instruments using another accounting method. Recent Accounting Standards Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments -Equity Method and Joint Ventures (Topic 323), which eliminates the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition, the amendments in this Update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those annual periods. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties that Are Under Common Control, which amends the consolidation guidance on how a reporting entity, that is the single decision maker of a VIE, evaluates whether it is the primary beneficiary of a VIE. This new guidance is effective for fiscal years beginning after December 15, 2016. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements, Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this standard affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. Reporting entities may choose to adopt the standard as of the original effective date. The deferral results in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently evaluating the effect on its condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which makes targeted improvements to the recognition, measurement, presentation and disclosure of certain financial instruments. ASU 2016-01 focuses primarily on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for certain financial instruments. Among its provisions for public business entities, ASU 2016-01 eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires the separate presentation in other comprehensive income of the change in fair value of a liability due to instrument-specific credit risk for a liability for which the reporting entity has elected the fair value option, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) and clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for a limited number of provisions. The Company is currently evaluating the effect on its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the effect on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarify the implementation guidance on principal versus net considerations. The effective date and transition requirements for this standard are the same as the effective date and transition requirements of ASU 2014-09. The Company is currently evaluating the effect on its condensed consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect on its condensed consolidated financial statements. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, which rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. The Company believes that that the adoption of this standard will not have a material impact on the Company’s condensed consolidated financial statements. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides guidance on collectability, noncash consideration, and completed contracts at transition. Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the effect on its condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, including the adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the effect on its condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. The ASU does not define restricted cash or restricted cash equivalents, but an entity will need to disclose the nature of the restrictions. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the effect on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 does not change the qualitative assessment; however, it removes “the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test.” Instead, all reporting units, even those with a zero or negative carrying amount will apply the same impairment test. Therefore, as the FASB notes in the ASU’s Basis for Conclusions, the goodwill of reporting units with zero or negative carrying values will not be impaired, even when conditions underlying the reporting unit indicate that goodwill is impaired. Entities will, however, be required to disclose any reporting units with zero or negative carrying amounts and the respective amounts of goodwill allocated to those reporting units. The Company is currently evaluating the effect on its condensed consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2016. The guidance may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The new guidance clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term, “in-substance nonfinancial asset.” The ASU also adds guidance for partial sales of nonfinancial assets. The Company is currently evaluating the effect on its condensed consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2017. The guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The guidance shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The Company is currently evaluating the effect on its condensed consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provided clarity as to what changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company for interim and annual periods beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. The Company will consider the impact that this standard may have on future stock-based payment award modifications should they occur. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the guidance on hedge accounting. The amendment will make more financial and nonfinancial hedging strategies eligible for hedge accounting and amend the presentation and disclosure requirements. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 can be adopted immediately in any interim or annual period. The mandatory effective date for calendar year-end public companies is January 1, 2019. The Company is currently evaluating the effect on its condensed consolidated financial statements. |
Acquisitions |
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Acquisitions | Acquisitions Acquisitions during the nine months ended September 30, 2017 Senior Living Managed Properties During the nine months ended September 30, 2017, subsidiaries in our senior living business and their partners entered into agreements to acquire and operate two senior living communities for total consideration of $25,999, of which $7,000 was financed through mortgage debt issued in connection with one of the acquisitions, $4,096 was financed by contributions from partners of our subsidiaries and the remainder was paid with cash on hand. Affiliates of the partners provide management services to the communities under management contracts. The Company provided an advance to the partners of our subsidiary at closing of one of these transactions for $1,036, which was part of their cash contribution for the property. Subsequent to the closing of this transaction, the property was financed with mortgage debt of $10,000. Our partner repaid the advance to the Company with proceeds from this financing, which was split based on the ownership of the property. The primary reason for the Company’s acquisitions of the senior living communities are to expand its real estate operations. For the period from acquisition until September 30, 2017, revenue and the net loss for the two properties acquired were $4,398 and $1,941, respectively. The following table summarizes the consideration paid and the amounts of the final determination, as described above, for the transactions completed during the nine months ended September 30, 2017:
The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
Supplemental pro forma results of operations have not been presented for the above 2017 business acquisitions as they are not material in relation to the Company’s reported results. Acquisitions during the nine months ended September 30, 2016 Senior Living Managed Properties During the nine months ended September 30, 2016, subsidiaries in our senior living business and their partners entered into agreements to acquire and operate three senior living communities for total consideration of $84,605 (which includes deposits of $125 paid in the fourth quarter of 2015), of which $59,817 was financed through mortgage debt issued in connection with the acquisitions, $4,778 was financed by contributions from partners of our subsidiary, and the remainder was paid with cash on hand. Affiliates of the partners provide management services to the communities under management contracts. The primary reason for the Company’s acquisition of the senior living communities is to expand its real estate operations. For the period from acquisition until September 30, 2016, revenue and the net loss for the three managed properties acquired were $7,247 and $1,899, respectively. The following table summarizes the consideration paid and the amounts of the final determination, as described above, for transactions completed during the nine months ended September 30, 2016:
The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
Supplemental pro forma results of operations have not been presented for the above 2016 business acquisitions as they are not material in relation to the Company’s reported results. |
Operating Segment Data |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Data | Operating Segment Data The Company has four reportable operating segments, which are: (i) specialty insurance (formally known as insurance and insurance services), (ii) asset management, (iii) senior living (formally known as real estate), and (iv) specialty finance. The Company’s operating segments are organized in a manner that reflects how the chief operating decision maker (CODM) views these strategic business units. Each reportable segment’s income (loss) is reported before income taxes, discontinued operations and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. In the fourth quarter of 2016, the Company made certain segment realignments in order to conform to the way the CODM internally evaluates segment performance. These realignments primarily consisted of the transfer of principal investments from corporate and other to the specialty insurance and asset management operating segments. As a result, corporate and other is no longer deemed to be an operating segment of the Company. For the three months ended September 30, 2016, $6,808 of pretax income (loss) previously reported in corporate and other was allocated $2,634 and $4,174 to the specialty insurance and asset management operating segments, respectively. For the three months ended September 30, 2016, inclusive of what was allocated to the asset management operating segment there was $3,312 of net income (loss) attributable to consolidated CLOs. For the nine months ended September 30, 2016, $20,160 of pretax income (loss) previously reported in corporate and other was allocated $10,527 and $9,633 to the specialty insurance and asset management operating segments, respectively. For the nine months ended September 30, 2016, inclusive of what was allocated to the asset management operating segment there was $7,583 of net income (loss) attributable to consolidated CLOs. The Company has reclassified prior period amounts to provide visibility and comparability. This reclassification had no impact on the allocation of goodwill to reporting units. None of these changes impact the Company’s previously reported consolidated net income or earnings per share. Descriptions of each of the reportable segments are as follows: Specialty Insurance operations are conducted through Fortegra Financial Corporation (Fortegra), an insurance holding company. Fortegra underwrites and provides specialty insurance products, primarily in the United States, and is a leading provider of credit insurance and asset protection products. Fortegra’s diverse range of products and services include products such as mobile protection, extended warranty and service, debt protection and credit insurance and select niche personal and commercial lines insurance. The specialty insurance investment portfolio also includes results related to corporate loans held at fair value and non-performing residential mortgage loans due to the aforementioned segment realignment. Asset Management operations are primarily conducted through Telos Asset Management LLC’s (Telos) management of CLOs. Telos is a subsidiary of Tiptree Asset Management Company, LLC (TAMCO), an SEC-registered investment advisor owned by the Company. Results include net income (loss) from consolidated CLOs. Senior Living operations are conducted through Care Investment Trust LLC (Care) which has a geographically diverse portfolio of seniors housing properties including senior apartments, assisted living, independent living, memory care and skilled nursing facilities in the U.S. Specialty Finance operations are conducted through Siena Capital Finance LLC (Siena) and the Company’s mortgage businesses, which consist of Luxury and Reliance. The Company’s mortgage origination business originated loans for sale to institutional investors, including GSEs and FHA/VA. Siena’s business consists of structuring asset-based loan facilities across diversified industries. The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following periods:
(1) Reclassified to conform to current period presentation
(1) Reclassified to conform to current period presentation
(1) Reclassified to conform to current period presentation |
Available for Sale Securities, at fair value |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Available for Sale Securities | Investments Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities as of September 30, 2017 and December 31, 2016 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
The Company does not intend to sell the investments that were in an unrealized loss position as of September 30, 2017, and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities or cost for equity securities. The unrealized losses were attributable to changes in interest rates and not credit-related issues. As of September 30, 2017 and December 31, 2016, based on the Company's review, none of the fixed maturity or equity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery. The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
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 invested assets from these 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 available for sale securities:
The following table presents additional information on the Company’s available for sale securities:
Net Investment Income Net investment income represents income primarily from the following sources:
The following table presents the components of net investment income related to our specialty insurance business recorded on the condensed consolidated statements of operations:
The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations:
The following table presents the net gain on the sale of mortgage loans and the cumulative net unrealized gains (losses) on equity securities, trading, at fair value recorded on the condensed consolidated statements of operations:
(1) Related to the Company’s specialty finance business. |
Investment in Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Loans | Investment in Loans The following tables present the Company’s investments in loans, measured at fair value:
The following table presents the Company’s investments in loans, measured at fair value pledged as collateral:
As of September 30, 2017, there are no mortgage loans held for sale 90 days or more past due. The unpaid principal balance and fair value of mortgage loans held for sale that are 90 days or more past due were $142 and $66, respectively, as of December 31, 2016. The following table presents the Company’s investments in loans, measured at amortized cost:
The following table presents additional information on the Company’s asset backed loans:
Our subsidiary structures asset-based loan facilities in the $1,000 to $25,000 range for small to mid-sized companies. Collateral for asset-backed loan receivables, as of September 30, 2017 and December 31, 2016, consisted primarily of inventory, equipment and accounts receivable. Management reviews collateral for these loans on at least a monthly basis or more frequently if a draw is requested and management has determined that no impairment existed as of September 30, 2017. As of September 30, 2017, there were no delinquencies in the portfolio and all loans were classified as performing. |
Real Estate |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investments, Net | Real Estate, net The following table contains information regarding the Company’s investment in real estate as of the following periods:
For the nine months ended September 30, 2017, the Company acquired ten senior living facilities accounted for as asset acquisitions, with $47,654 of real estate acquired, and $8,297 of identifiable intangible assets related to in-place leases which will be amortized over a period ranging from approximately 7 to 12 years. These ten properties are in addition to the two acquisitions disclosed in Note—(3) Acquisitions, which were accounted for as business combinations. The following table presents the depreciation expense related to the Company’s real estate investments for the following periods:
Future Minimum Rental Revenue The following table presents the future minimum rental revenue under the noncancelable terms of all operating leases related to our triple net lease properties, as of:
The following table presents rental revenues from residential leases at the managed properties for the following periods:
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Net Investment Income (Notes) |
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Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income [Text Block] | Investments Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities as of September 30, 2017 and December 31, 2016 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
The Company does not intend to sell the investments that were in an unrealized loss position as of September 30, 2017, and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities or cost for equity securities. The unrealized losses were attributable to changes in interest rates and not credit-related issues. As of September 30, 2017 and December 31, 2016, based on the Company's review, none of the fixed maturity or equity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery. The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
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 invested assets from these 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 available for sale securities:
The following table presents additional information on the Company’s available for sale securities:
Net Investment Income Net investment income represents income primarily from the following sources:
The following table presents the components of net investment income related to our specialty insurance business recorded on the condensed consolidated statements of operations:
The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations:
The following table presents the net gain on the sale of mortgage loans and the cumulative net unrealized gains (losses) on equity securities, trading, at fair value recorded on the condensed consolidated statements of operations:
(1) Related to the Company’s specialty finance business. |
Notes Receivable |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Notes and Accounts Receivable, net The following table summarizes the total notes and accounts receivable, net:
(1) Related to the Company’s specialty insurance business. (2) Related to the Company’s senior living business, which owns a 75% interest in a managed property. The remaining 25% interest is owned by our joint venture partner. Notes Receivable, net The Company has established an allowance for uncollectible amounts against its notes receivable of $1,528 and $1,444 as of September 30, 2017 and December 31, 2016, respectively. As of September 30, 2017 and December 31, 2016, there were $1,848 and $2,188 in balances classified as 90 days plus past due, respectively. Accounts and premiums receivable, net, Retrospective commissions receivable and Other receivables Accounts and premiums receivable, net, retrospective commissions receivable and other receivables are primarily trade receivables from the specialty insurance business that are carried at their approximate fair value. The Company has established a valuation allowance against its accounts and premiums receivable of $319 and $225 as of September 30, 2017 and December 31, 2016, respectively. |
Reinsurance |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance [Text Block] | Reinsurance Receivables The following table presents the effect of reinsurance on premiums written and earned by our specialty 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:
The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:
At September 30, 2017, the three unrelated reinsurers from whom our specialty insurance business has the largest receivable balances were: London Life Reinsurance Corporation (A. M. Best Rating: A rated); MFI Insurance Company, LTD (A. M. Best Rating: Not rated) and London Life International Reinsurance 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. At September 30, 2017, 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. |
Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets, net The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by segment:
Goodwill The following table presents the activity in goodwill, by segment, 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 discontinued operations or impairment related charges:
The Company conducts annual impairment tests of its goodwill as of October 1. For the three and nine months ended September 30, 2017 and 2016, respectively, no impairment was recorded on the Company’s goodwill or intangibles. Intangible Assets, net The following table presents the activity, by segment, 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 discontinued operations or impairment-related charges:
During the nine months ended September 30, 2017 a subsidiary in our specialty insurance business acquired 100% of the outstanding stock of an insurance company, licensed in several states but having no operations and no net insurance exposures. The purpose of this transaction was to acquire additional licenses to expand the Company’s direct writing capabilities to New York and Wisconsin. The transaction was accounted for as an asset acquisition, resulting in $749 recorded as an indefinite life intangible asset for the cost attributed to the insurance licenses. The following table presents the amortization expense on finite-lived intangible assets for the following periods:
The following table presents the amortization expense on finite-lived intangible assets for the next five years by segment:
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Derivative Financial Instruments and Hedging |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging The Company utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should its counterparties fail to meet the contract terms. The derivative financial instruments are located within derivative assets at fair value and are reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Credit Derivatives Credit derivatives are generally defined as over‑the‑counter contracts between a buyer and seller of protection against the risk of default on a set of obligations issued by a specified reference entity. Credit Default Swap Indices (CDX) are credit derivatives that reference multiple names through underlying baskets or portfolios of single name credit default swaps. The Company enters into these contracts as both a buyer of protection and seller of protection to manage the credit risk exposure of its investment portfolio. At inception of the investment into the CDX position, the Company was required to deposit cash collateral for these positions equal to an initial 2.25% of the notional amount of the sold protection side subject to increase based on additional maintenance margin as a result of decreases in value. As of September 30, 2017, the required collateral balance was $6,668 posted by the Company to cover its liabilities as a seller of protection. As of September 30, 2017, there is a cash collateral balance of $1,632 held by the Company as collateral for the payments due to the Company as buyer of protection, which is netted against the overall investment position. Interest Rate Lock Commitments The Company enters into interest rate lock commitments (IRLCs) in connection with its mortgage banking activities to fund residential mortgage loans with certain terms at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value typically resulting in recognition of a gain when the Company enters into IRLCs. In estimating the fair value of an IRLC, the Company assigns a probability that the loan commitment will be exercised and the loan will be funded (“pull through”). The fair value of the commitments is derived from the fair value of related mortgage loans, net of estimated costs to complete. Outstanding IRLCs expose the Company to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Company utilizes forward delivery contracts and TBA mortgage backed securities to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. Forward Delivery Contracts The Company enters into forward delivery contracts with investors to manage the interest rate risk associated with IRLCs and loans held for sale. TBA Mortgage Backed Securities The Company enters into to be announced (TBA) mortgage backed securities which facilitate hedging and funding by allowing the Company to prearrange prices for mortgages that are in the process of originating. The Company utilizes these hedging instruments for Agency (Fannie Mae and Freddie Mac) and FHA/VA (Ginnie Mae) eligible IRLCs and typically commit them to investors at prices higher than otherwise available. Interest Rate Swaps The Company is exposed to interest rate risk when there is an unfavorable change in the value of investments as a result of adverse movements in the market interest rates. The Company enters into interest rate swaps (IRS) to protect against such adverse movements in interest rates. The Company is required to post collateral for the benefit of the counterparty. This is included in other assets in the condensed consolidated balance sheets. The Company uses interest rate swaps to hedge the variability of floating rate borrowings. Cash flow hedge accounting was applied to the floating rate borrowings in its specialty insurance business, and during the second quarter of 2016, the Company elected to apply cash flow hedge accounting to such transactions in its senior living business. The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
The Company nets the credit derivative assets and liabilities as these credit derivatives are subject to legally enforceable netting arrangements with the same party. The following table presents derivative instruments that are subject to offset by a master netting agreement:
Derivatives Designated as Cash Flow Hedging Instruments A subsidiary in our specialty insurance business had an IRS with a counterparty, pursuant to which the subsidiary swapped the floating rate portion of its outstanding preferred trust securities to a fixed rate. This IRS was designated as a cash flow hedge and expired in June 2017. Subsidiaries in our senior living business have IRSs with the same counterparty as the respective lenders, pursuant to which our subsidiary swapped the floating rate portion of its outstanding debt to a fixed rate. These IRSs are designated as cash flow hedges and expire between November 30, 2017 and August 1, 2023. The following table presents the fair value and the related outstanding notional amounts of the Company's cash flow hedging derivative instruments and indicates where the Company records each amount in its condensed consolidated balance sheets:
The following table presents the pretax impact of the cash flow hedging derivative instruments on the condensed consolidated financial statements for the following periods:
The following table presents the estimated amount to be reclassified to earnings from AOCI during the next 12 months. These net (gains) losses are reclassified into earnings through interest expense.
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Assets and Liabilities of Consolidated CLOs |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities of Consolidated CLOs | Assets and Liabilities of Consolidated CLOs The CLOs are considered variable interest entities (VIE) and the Company consolidates entities when it is determined to be the primary beneficiary under current VIE accounting guidance. On January 18, 2017, the Company sold its ownership in the subordinated notes of a CLO. As a result of the sale, the Company determined that it no longer had the controlling interest in such entity. The Company, therefore, deconsolidated its ownership in the subordinated notes of the CLO and is no longer reporting the assets and liabilities of the CLO in its condensed consolidated balance sheet as of September 30, 2017, or the revenue and expenses of the CLO in its condensed consolidated statement of operations for the three and nine months ended September 30, 2017. On August 10, 2017, the Company’s ownership in the subordinated notes of a CLO was redeemed for cash as part of the complete liquidation of the CLO. The operations of the CLO were consolidated in the Company’s condensed consolidated financial statements through the redemption date. The table below represents the assets and liabilities of the consolidated CLOs that are included in the Company’s condensed consolidated balance sheets as of the dates indicated:
The Company’s beneficial interests and maximum exposure to loss related to the consolidated CLOs are limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative results in the net amount of the CLOs shown above to be equivalent to the beneficial interests retained by the Company as illustrated in the below table:
The following table represents revenue and expenses of the consolidated CLOs included in the Company’s condensed consolidated statements of operations for the periods indicated:
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the CLOs which are eliminated upon consolidation:
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Debt, net (Notes) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Net | Debt, net The following table summarizes the balance of the Company’s debt obligations, net of discounts and deferred financing costs, excluding notes payable of consolidated CLOs (See Note—(10) Assets and Liabilities of Consolidated CLOs):
(1) Asset based revolving financing is generally recourse only to specific assets and related cash flows. (2) The weighted average coupon rate for asset based revolving financing was 3.89% and 3.53% at September 30, 2017 and December 31, 2016, respectively. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 4.10% and 3.51% at September 30, 2017 and December 31, 2016, respectively. Includes debt having a maximum borrowing capacity of $171,000 with a stated interest rate of LIBOR + 2.50% to LIBOR +2.75% and a floor of 3.00%. The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
The following table presents the future maturities of the unpaid principal balance on the Company’s long-term debt as of:
The following narrative is a summary of certain of the terms of our debt agreements for the periods ended September 30, 2017: Asset Backed Revolving Financing An asset backed revolving borrowing in our asset management business entered into an amendment that changed the stated interest from LIBOR plus 2.50%, to LIBOR plus 2.25%, and extended the maturity date from July 2021 to July 2022. An asset backed revolving borrowing in our specialty finance business increased its maximum borrowing capacity from $125,000 to $150,000 as of September 30, 2017 and also changed its maturing date from October 2019 to October 2020. An asset backed revolving borrowing in our specialty insurance business with a maximum borrowing capacity of $15,000 matured in April 2017. A new borrowing maturing in April 2019 with an interest rate of LIBOR plus 2.60% and a maximum borrowing capacity of $25,000 was used to pay off the matured borrowing. Residential Mortgage Warehouse Borrowings The maximum borrowing amount for three of the six warehouse lines of credit, through subsidiaries in our specialty finance business, decreased by $18,000, from $88,000 as of December 31, 2016 to $70,000 as of September 30, 2017. The maturity dates for warehouse lines of credit through subsidiaries in our specialty finance business were extended during the nine months ended September 30, 2017. One borrowing extended its maturity from April 2017 to March 2018, one borrowing extended its maturity from June 2017 to March 2018, and two borrowings extended their maturity from June 2017 to June 2018. Real Estate Commercial Mortgage Borrowings On February 3, 2017, in connection with an acquisition in the senior living business, the Company along with our partners entered into a $10,000, five year mortgage borrowing, which includes 12 months of interest only payments. The loan carries a variable rate of LIBOR plus 3.75%. If on or after February 3, 2019 the facility has achieved certain occupancy and minimum debt service coverage ratio, then the interest rate will be reduced to a rate of LIBOR plus 2.75% as of such date. This note matures on February 1, 2022. On February 9, 2017, in connection with assets acquired in the senior living business, a pre-existing Housing and Urban Development (HUD) loan was assumed by a subsidiary in our senior living business. The 35 year loan was originally dated June 1, 2013 for $8,072. The loan carries a fixed interest rate of 3.08% per annum, and matures on July 1, 2048. As of the acquisition date, this debt had a balance of $7,586. All terms of the note assumed remain consistent with the original note. On April 18, 2017, in connection with an acquisition in the senior living business, the Company entered into a $7,000, five year mortgage borrowing. The loan carries a variable rate of LIBOR plus 3.00% and matures on May 1, 2022. On May 31, 2017, in connection with an acquisition of seven skilled nursing facilities in the senior living business, the Company entered into a $28,800, three year mortgage borrowing. The loan carries a variable rate of LIBOR plus 6.95% and matures on May 31, 2020. On June 14, 2017, in connection with an acquisition in the senior living business, the Company entered into a $9,150, five year mortgage borrowing. The loan carries a fixed interest rate of 4.60% and matures on July 1, 2022. Covenant Compliance As of September 30, 2017, the Company is in compliance with the representations and covenants for outstanding borrowings or has obtained waivers for any events of non-compliance. |
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 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurement is based 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. In addition, the Company utilizes an income approach to measure the fair value of NPLs, as discussed below. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities Available for sale securities are generally classified within either Level 1 or Level 2 of the fair value hierarchy and are based on prices provided by an independent pricing service and a third party investment manager who provide a single price or quote per security. The following details the methods and assumptions used to estimate the fair value of each class of available for sale securities and the applicable level each security falls within the fair value hierarchy: U.S Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Obligations of State and Political Subdivisions, Corporate Securities, Asset-Backed Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third party investment manager. The prices provided by the independent pricing service are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 of the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity Securities: The fair values of publicly traded common and preferred stocks were obtained from market value quotations provided by an independent pricing service and fall under Level 1 of the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks were based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 of the fair value hierarchy. Loans, at fair value Corporate Loans (including those of consolidated CLOs): These loans are comprised of a diversified portfolio of middle market and broadly syndicated leveraged loans and are generally classified within either Level 2 or Level 3 in the fair value hierarchy. 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 as Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third party investors, including estimated loan costs, and reserves. For non-performing mortgage loans held for sale, fair value is based upon estimated selling prices from third party investors of such types of loans. Nonperforming Loans and REO: The Company determines the purchase price for NPLs at the time of acquisition and for each subsequent valuation by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation, or conversion to REO. The significant unobservable inputs used in the fair value measurement of our NPLs are discount rates, loan resolution timeline, and the value of underlying properties. The fair values of NPLs which are making payments (generally based on a modification or a workout plan) are primarily based upon secondary market transaction prices, which are expressed as a percentage of unpaid principal balance (UPB). Observable inputs to the model include loan amounts, payment history, and property types. Our NPLs are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. NPLs are included in loans, at fair value and fall under Level 3 of the fair value hierarchy. NPLs that have become REOs were measured at fair value on a non-recurring basis during the nine months ended September 30, 2017 and year ended December 31, 2016. The carrying value of REOs at September 30, 2017 and December 31, 2016 was $13,079 and $13,366, respectively. Upon conversion to REO, the fair value is estimated using broker price opinion (BPO). BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings, and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. REO is included in real estate, net. Derivative Assets and Liabilities Derivatives are comprised of credit default swaps (CDS), index credit default swaps (CDX), interest rate lock commitments (IRLC), to be announced mortgage backed securities (TBA) and interest rate swaps (IRS). The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. In general, the fair value of CDSs and CDXs are based on dealer quotes. Because significant inputs, other than unadjusted quoted prices in active markets are used to determine the dealer quotes, such as price volatility, the Company classifies them as Level 2 in the fair value hierarchy. The fair value of IRS is based upon either valuation pricing models, which represent the amount the Company would expect to pay at the balance sheet date if the contracts were exited, or by obtaining broker or counterparty quotes. Because there are observable inputs used to arrive at these prices, the Company has classified IRS within Level 2 of the fair value hierarchy. Our mortgage origination subsidiaries issue IRLCs to its customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheet. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected fall out assumption. The fair values of these commitments generally result in a Level 3 classification. Our mortgage origination subsidiaries manage their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage backed securities generally result in a Level 2 classification. The following tables present the Company’s fair value hierarchies for financial assets and liabilities, including the balances associated with the consolidated CLOs, measured on a recurring basis:
The following table represents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
The following is quantitative information about Level 3 significant unobservable inputs used in fair valuation.
The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our NPLs. For NPLs that are not making payments, discount rate, loan resolution time-line, value of underlying properties, holdings costs and liquidation costs are the primary inputs used to measure fair value. For NPLs that are making payments, note rate and secondary market transaction prices/UPB are the primary inputs used to measure fair value.
(2) Settled in Q3 2017 with Class A common shares. See Note—(17) Stockholders’ Equity. (3) Monte Carlo simulation is run, as needed. 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:
Notes and Accounts Receivable: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized as Level 2 of the fair value hierarchy. Debt: The carrying value represents the total debt balance at face value excluding the unamortized discount. The fair value of notes payable is determined based on contractual cash flows discounted at market rates for mortgage notes payable and either dealer quotes or contractual cash flows discounted at market rates for other notes payable. Categorized as Level 3 of the fair value hierarchy. Additionally, the following financial assets and liabilities on the condensed consolidated balance sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Loans Owned, at Amortized Cost: The fair value of loans owned, at amortized cost approximates its carrying value because the interest rates on the loans are based on a variable market interest rate. Categorized as Level 3 of the fair value hierarchy. Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized as Level 1 of the fair value hierarchy. 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 as Level 2 of the fair value hierarchy. See Note—(6) 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 as Level 2 of the fair value hierarchy. |
Liability for Unpaid Claims and Claim Adjustment Expenses (Notes) |
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Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Liability for Unpaid Claims and Claim Adjustment Expenses 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:
The following schedule reconciles the total on short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statement of operations, excluding the amount for member benefit claims:
For the nine months ended September 30, 2017, the Company’s specialty insurance business experienced an increase in prior year case development of $2,958. This included $1,772 in non-standard auto and $1,852 in warranty. This development was partially offset by favorable development in its credit lines of business. The warranty and credit lines of business are primarily in retrospective commission arrangements that minimally impact the operating income of the Company. For the nine months ended September 30, 2016, the Company’s specialty insurance business experienced a decrease in prior year case development of $1,987. This decrease was due to the favorable development in credit lines of business. This development was partially offset by increased case development of $1,644 in non-standard auto and $1,328 in warranty. The warranty and credit lines of business are primarily in retrospective commission arrangements that minimally impacts the operating income of the Company. |
Other Assets (Notes) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other Assets The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
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 (Notes) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] | Other Liabilities and Accrued Expenses The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
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Other Income and Other Expenses (Notes) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Other Expense Disclosure [Text Block] | Other Income and Other Expenses The following table presents the components of other income as reported in the condensed consolidated statement of operations, primarily comprised of interest income and loan fee income related to both loans at fair value and loans at amortized costs, net in our specialty finance business, and management fees from our asset management business:
The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity All shares of our Class A common stock have equal rights as to earnings, assets, dividends and voting. Shares of Class B common stock have the voting rights as the Class A common stock but no economic rights (including no right to receive dividends or other distributions upon liquidation, dissolution or otherwise). Distributions may be paid to holders of Class A common stock when duly authorized by our board of directors and declared out of legally available assets. TFP owns a warrant to purchase 652,500 shares of Class A common stock at $11.33 per share which is immediately exercisable and expires on September 30, 2018. Such an exercise would be accounted for as treasury stock held at TFP and would have no impact on Tiptree’s financial statements. On June 5, 2017, in settlement of an option, TFP delivered 1,510,920 shares of the Company’s Class A common stock to Tricadia for total consideration of approximately $8,100. On June 21, 2017, a subsidiary of Tiptree purchased 1,000,000 shares of Class A common stock of Tiptree for aggregate consideration of $7,300. The shares acquired are accounted for as treasury shares and therefore are not outstanding for accounting or voting purposes. On August 10, 2017, the Company settled a contingent consideration payable related to the acquisition of Reliance in 2015 with 756,046 shares of Class A common stock. The Company declared cash dividends per share for the following periods presented below:
Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions The Company's 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 eliminated all dividends from its subsidiaries in the condensed consolidated financial statements. For the three and nine months ended September 30, 2017 and 2016, respectively, the Company’s insurance company subsidiaries did not pay any ordinary or extraordinary dividends. The following table presents the combined statutory capital and surplus of the Company's insurance company subsidiaries, the required minimum statutory capital and surplus, as required by the laws of the states in which they are domiciled, and the combined amount available for ordinary dividends of the Company's insurance company subsidiaries for the following periods:
At September 30, 2017, the maximum amount of dividends that our regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $9,425. 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. Under the National Association of Insurance Commissioners (NAIC) 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 insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC’s RBC instructions, exceeded all RBC thresholds as of September 30, 2017. The following table presents the net income of the Company’s statutory insurance companies for the following periods:
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the activity in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:
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Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Equity Plans 2007 Manager Equity Plan The Care Investment Trust Inc. Manager Equity Plan (Manager Plan) was adopted in June 2007. On June 6, 2017, the 134,629 remaining shares of Class A common stock available for issuance under the Manager Plan was rolled into the 2017 Equity Plan and the Manager Plan was simultaneously terminated. 2013 Omnibus Incentive Plan The Tiptree 2013 Omnibus Incentive Plan (2013 Equity Plan) was adopted on August 8, 2013. On June 6, 2017, the 7,359 remaining shares of Class A common stock available for issuance under the 2013 Equity Plan was rolled into the 2017 Equity Plan and the 2013 Equity Plan was simultaneously terminated. 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 stock units, stock, and stock options up to a maximum of 6,100,000 shares of Class A 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 the 10th anniversary of its adoption. The table below summarizes changes to the issuances under the Company’s 2013 and 2017 Equity Plan for the periods indicated:
(1) Excludes shares granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree Class A common stock. Restricted Stock Units (RSUs) Generally, the Tiptree RSUs shall vest and become nonforfeitable with respect to one-third of Tiptree shares granted on each of the first, second and third anniversaries of the date of the grant, and expensed using the straight-line method over the requisite service period. The following table summarizes changes to the issuances of Class A common stock and RSUs under the 2017 Equity Plan for the periods indicated:
(1) Includes grants of 27,192 shares of Class A common stock to directors. The Company values RSUs at their grant-date fair value as measured by Tiptree’s common stock price. Included in vested shares for 2017 are 16,716 shares surrendered to pay taxes on behalf of the employees with shares vesting. During the nine months ended September 30, 2017, the Company granted 427,488 RSUs to employees of the Company. 142,175 shares vest ratably over a period of three years that began in February 2017 and the remaining 285,313 shares will cliff vest in February 2020. Subsidiary Incentive Plans Certain of Tiptree’s subsidiaries have established RSU programs under which they are authorized to issue RSUs or their equivalents, representing equity of such subsidiaries to certain of their employees. Such awards are accounted for as equity. These RSUs are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting RSUs) and time-vesting subject to continued employment (time vesting RSUs). Following the service period, such vested RSUs may be exchanged at fair market value, at the option of the holder, for Tiptree Class A common stock under the 2017 Equity Plan. The Company has the option, but not the obligation to settle the exchange right in shares or cash. The following table summarizes changes to the issuances of subsidiary RSU’s under the subsidiary incentive plans for the periods indicated:
(1) Due to the approval of the 2017 Equity Plan, Tiptree changed the classification of the subsidiary RSU’s during the three months ended September 30, 2017 from liability to equity awards, because the Company expects to settle these awards in stock. (2) The unvested balance translates to 1,093,139 shares of Class A common stock if converted as of September 30, 2017. Stock Options Option awards have been granted to the Executive Committee with an exercise price equal to the fair market value of our common stock on the date of grant; those option awards have a 10-year term and are subject the recipient’s continuous service, a market requirement, and generally vest over five years beginning on the 3rd anniversary of the grant date. Options granted during the year ended December 31, 2016 contained a market requirement that, at any time during the option term, the 20-day volume weighted average stock price must exceed the December 31, 2015 book value per share. Options granted in 2017 contained a market requirement that, at any time during the option term, the 20-day volume weighted average stock price plus the sum of actual cash dividends paid must exceed the December 31, 2016 as exchanged book value per share. The market requirement may be met any time before the option expires and it only needs to be met once for the option to remain exercisable for the remainder of its term. If the 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 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 period:
The following table presents the Company's stock option activity for the current period:
Stock-based Compensation Expense The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
Additional information on total non-vested stock-based compensation is as follows:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions | Related Party Transactions On June 30, 2012, TAMCO, TFP and Tricadia Holdings LP (Tricadia) entered into the Transition Services Agreement (TSA) in connection with the internalization of the management of Tiptree which was assigned to the Company in connection with the Contribution Transactions. Pursuant to the TSA, Tricadia provides the Company with the services of its Executive Chairman and office space and in 2016, information technology services. Payments to Tricadia for the services of our Executive Chairman are included in employee compensation and benefits. TFP and Back Office Services Group, Inc. (BOSG) entered into an administrative services agreement on June 12, 2007 (Administrative Services Agreement), which was assigned to Tiptree on July 1, 2013 in connection with the Contribution Transactions, under which BOSG provided certain back office, administrative and accounting services to the Company and its subsidiaries. BOSG is an affiliate of Mariner Investment Group (Mariner). As of June 30, 2016, the Company has concluded that Mariner no longer meets the definition of a related party. This agreement was terminated on December 31, 2016. Payments under the TSA and Administrative Services Agreement in the three and nine months ended September 30, 2017 and 2016 were not material. |
Income Taxes (Notes) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table represents the income tax expense (benefit):
(1) Bears a customary relationship to the federal statutory income tax rate. (2) Lower than the federal statutory income tax rate, primarily due a change in fair value of a contingent consideration liability, an increase in a valuation allowance on net operating losses, and various other discrete items. The ETR for the nine months ended September 30, 2017 excluding the effect of discrete items was 28.1%, which is lower than the federal statutory income tax rate, primarily due to a state tax benefit and the effect of non-controlling interests at certain subsidiaries. (3) Lower than the federal statutory income tax rate primarily due to $4,044 of discrete tax benefits for the period, primarily related to the tax restructuring that resulted in a consolidated corporate tax group effective January 1, 2016. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The table below summarizes the Company’s contractual obligations by period that payments are due:
The following table presents rent expense for the Company’s office leases recorded on the condensed consolidated statements of operations:
In August 2017, Tiptree entered into a lease for office space. The terms of the lease are $2,322 per annum for five years starting on the one year anniversary of the commencement date. Upon the six year anniversary of the commencement date, the lease escalates to $2,520 per annum for five years. The expected commencement date is July 1, 2018. In addition, Tiptree’s subsidiary Siena issues standby letters of credit for credit enhancements that are required by its borrower’s respective businesses. As of September 30, 2017, there was $400 outstanding relating to these letters of credit. 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 Fortegra’s motion to decertify the class, which was upheld on appeal. Following a February 2017 hearing, the court denied Fortegra’s Motion for Summary Judgment as to certain disability insurance policies but has not yet ruled on such motion with respect to the life insurance policies at issue. In June, a new Special Master was appointed. No trial or 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 Tiptree’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. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company calculates basic net income per Class A common share based on the weighted average number of Class A common shares outstanding (inclusive of vested restricted share units). The unvested restricted share units have the non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method, and for the three and nine months ended September 30, 2017 and September 30, 2016, the income available to common stockholders was allocated to the unvested restricted stock units. Diluted net income per Class A common shares for the period includes the effect of potential equity of subsidiaries as well as potential Class A common stock, if dilutive. For the three months and nine months ended September 30, 2017, the assumed exercise of all dilutive instruments were anti-dilutive and, therefore, were not included in the diluted net income per Class A common share calculation. The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 2, 2017, the Company’s board of directors declared a quarterly cash dividend of $0.03 per share to Class A stockholders with a record date of November 20, 2017, and a payment date of November 27, 2017. On October 16, 2017, Fortegra completed a private placement offering of $125,000 of 8.50% Fixed Rate Resetting Junior Subordinated Notes due 2057 (the “Notes”). Substantially all of the net proceeds from the Notes were used to repay Fortegra’s existing credit facility, which was terminated thereafter. The Notes, which are issued under an indenture, are the unsecured obligations of Fortegra and rank in right of payment and upon liquidation, junior to all of Fortegra’s current and future senior indebtedness. The Notes are not obligations of or guaranteed by any of Fortegra’s subsidiaries or any other Tiptree entities. So long as no event of default has occurred and is continuing, Fortegra may defer all or part of the interest payments on the Notes on one or more occasions for up to five consecutive years per deferral period. The indenture governing the Notes contains customary affirmative and negative covenants and events of default. |
Summary of Significant Accounting Policies - Quarter (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2017. As a result of changes in presentation made in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, certain prior period amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. The primary difference in the presentation of the condensed consolidated financial statements from the prior year is the aggregation of investments on the condensed consolidated balance sheets and the summation of the net investment income of our specialty insurance business in the condensed consolidated statements of operations. The condensed consolidated cash flow statement has also been conformed to this new presentation. In addition certain immaterial balances have been combined in the condensed consolidated balance sheet and condensed consolidated statement of operations. |
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Principles of Consolidation | Tiptree consolidates those entities in which it has an investment of 50% or more of voting rights or has control over significant operating, financial and investing decisions of the entity as well as variable interest entities (VIEs) in which Tiptree is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Generally, Tiptree’s consolidated VIEs are entities which Tiptree is considered the primary beneficiary through its controlling financial interests. Non-controlling interests on the condensed 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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Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items:
Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. |
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Business Combination Accounting | Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other expense in the condensed 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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Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. Fair Value Option In addition to the financial instruments the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in Net realized and unrealized gains (losses) within the condensed consolidated statements of operations. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are reported separately in our condensed consolidated balance sheets from those instruments using another accounting method. |
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Recent Accounting Pronouncements | Recent Accounting Standards Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments -Equity Method and Joint Ventures (Topic 323), which eliminates the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition, the amendments in this Update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those annual periods. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties that Are Under Common Control, which amends the consolidation guidance on how a reporting entity, that is the single decision maker of a VIE, evaluates whether it is the primary beneficiary of a VIE. This new guidance is effective for fiscal years beginning after December 15, 2016. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements, Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this standard affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. Reporting entities may choose to adopt the standard as of the original effective date. The deferral results in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently evaluating the effect on its condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which makes targeted improvements to the recognition, measurement, presentation and disclosure of certain financial instruments. ASU 2016-01 focuses primarily on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for certain financial instruments. Among its provisions for public business entities, ASU 2016-01 eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires the separate presentation in other comprehensive income of the change in fair value of a liability due to instrument-specific credit risk for a liability for which the reporting entity has elected the fair value option, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) and clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for a limited number of provisions. The Company is currently evaluating the effect on its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the effect on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarify the implementation guidance on principal versus net considerations. The effective date and transition requirements for this standard are the same as the effective date and transition requirements of ASU 2014-09. The Company is currently evaluating the effect on its condensed consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect on its condensed consolidated financial statements. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, which rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. The Company believes that that the adoption of this standard will not have a material impact on the Company’s condensed consolidated financial statements. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides guidance on collectability, noncash consideration, and completed contracts at transition. Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). The Company is currently evaluating the effect on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the effect on its condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, including the adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the effect on its condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. The ASU does not define restricted cash or restricted cash equivalents, but an entity will need to disclose the nature of the restrictions. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the effect on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 does not change the qualitative assessment; however, it removes “the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test.” Instead, all reporting units, even those with a zero or negative carrying amount will apply the same impairment test. Therefore, as the FASB notes in the ASU’s Basis for Conclusions, the goodwill of reporting units with zero or negative carrying values will not be impaired, even when conditions underlying the reporting unit indicate that goodwill is impaired. Entities will, however, be required to disclose any reporting units with zero or negative carrying amounts and the respective amounts of goodwill allocated to those reporting units. The Company is currently evaluating the effect on its condensed consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2016. The guidance may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The new guidance clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term, “in-substance nonfinancial asset.” The ASU also adds guidance for partial sales of nonfinancial assets. The Company is currently evaluating the effect on its condensed consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2017. The guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The guidance shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The Company is currently evaluating the effect on its condensed consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provided clarity as to what changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company for interim and annual periods beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. The Company will consider the impact that this standard may have on future stock-based payment award modifications should they occur. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the guidance on hedge accounting. The amendment will make more financial and nonfinancial hedging strategies eligible for hedge accounting and amend the presentation and disclosure requirements. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 can be adopted immediately in any interim or annual period. The mandatory effective date for calendar year-end public companies is January 1, 2019. The Company is currently evaluating the effect on its condensed consolidated financial statements. |
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Fair Value of Financial Instruments, Policy [Policy Text Block] | 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 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurement is based 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. In addition, the Company utilizes an income approach to measure the fair value of NPLs, as discussed below. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities Available for sale securities are generally classified within either Level 1 or Level 2 of the fair value hierarchy and are based on prices provided by an independent pricing service and a third party investment manager who provide a single price or quote per security. The following details the methods and assumptions used to estimate the fair value of each class of available for sale securities and the applicable level each security falls within the fair value hierarchy: U.S Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Obligations of State and Political Subdivisions, Corporate Securities, Asset-Backed Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third party investment manager. The prices provided by the independent pricing service are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 of the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity Securities: The fair values of publicly traded common and preferred stocks were obtained from market value quotations provided by an independent pricing service and fall under Level 1 of the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks were based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 of the fair value hierarchy. Loans, at fair value Corporate Loans (including those of consolidated CLOs): These loans are comprised of a diversified portfolio of middle market and broadly syndicated leveraged loans and are generally classified within either Level 2 or Level 3 in the fair value hierarchy. 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 as Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third party investors, including estimated loan costs, and reserves. For non-performing mortgage loans held for sale, fair value is based upon estimated selling prices from third party investors of such types of loans. Nonperforming Loans and REO: The Company determines the purchase price for NPLs at the time of acquisition and for each subsequent valuation by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation, or conversion to REO. The significant unobservable inputs used in the fair value measurement of our NPLs are discount rates, loan resolution timeline, and the value of underlying properties. The fair values of NPLs which are making payments (generally based on a modification or a workout plan) are primarily based upon secondary market transaction prices, which are expressed as a percentage of unpaid principal balance (UPB). Observable inputs to the model include loan amounts, payment history, and property types. Our NPLs are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. NPLs are included in loans, at fair value and fall under Level 3 of the fair value hierarchy. NPLs that have become REOs were measured at fair value on a non-recurring basis during the nine months ended September 30, 2017 and year ended December 31, 2016. The carrying value of REOs at September 30, 2017 and December 31, 2016 was $13,079 and $13,366, respectively. Upon conversion to REO, the fair value is estimated using broker price opinion (BPO). BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings, and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. REO is included in real estate, net. Derivative Assets and Liabilities Derivatives are comprised of credit default swaps (CDS), index credit default swaps (CDX), interest rate lock commitments (IRLC), to be announced mortgage backed securities (TBA) and interest rate swaps (IRS). The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. In general, the fair value of CDSs and CDXs are based on dealer quotes. Because significant inputs, other than unadjusted quoted prices in active markets are used to determine the dealer quotes, such as price volatility, the Company classifies them as Level 2 in the fair value hierarchy. The fair value of IRS is based upon either valuation pricing models, which represent the amount the Company would expect to pay at the balance sheet date if the contracts were exited, or by obtaining broker or counterparty quotes. Because there are observable inputs used to arrive at these prices, the Company has classified IRS within Level 2 of the fair value hierarchy. Our mortgage origination subsidiaries issue IRLCs to its customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheet. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected fall out assumption. The fair values of these commitments generally result in a Level 3 classification. Our mortgage origination subsidiaries manage their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage backed securities generally result in a Level 2 classification. Notes and Accounts Receivable: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized as Level 2 of the fair value hierarchy. Debt: The carrying value represents the total debt balance at face value excluding the unamortized discount. The fair value of notes payable is determined based on contractual cash flows discounted at market rates for mortgage notes payable and either dealer quotes or contractual cash flows discounted at market rates for other notes payable. Categorized as Level 3 of the fair value hierarchy. Additionally, the following financial assets and liabilities on the condensed consolidated balance sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Loans Owned, at Amortized Cost: The fair value of loans owned, at amortized cost approximates its carrying value because the interest rates on the loans are based on a variable market interest rate. Categorized as Level 3 of the fair value hierarchy. Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized as Level 1 of the fair value hierarchy. 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 as Level 2 of the fair value hierarchy. See Note—(6) 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 as Level 2 of the fair value hierarchy. |
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Derivatives, Policy [Policy Text Block] | The Company utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should its counterparties fail to meet the contract terms. The derivative financial instruments are located within derivative assets at fair value and are reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Credit Derivatives Credit derivatives are generally defined as over‑the‑counter contracts between a buyer and seller of protection against the risk of default on a set of obligations issued by a specified reference entity. Credit Default Swap Indices (CDX) are credit derivatives that reference multiple names through underlying baskets or portfolios of single name credit default swaps. The Company enters into these contracts as both a buyer of protection and seller of protection to manage the credit risk exposure of its investment portfolio. At inception of the investment into the CDX position, the Company was required to deposit cash collateral for these positions equal to an initial 2.25% of the notional amount of the sold protection side subject to increase based on additional maintenance margin as a result of decreases in value. As of September 30, 2017, the required collateral balance was $6,668 posted by the Company to cover its liabilities as a seller of protection. As of September 30, 2017, there is a cash collateral balance of $1,632 held by the Company as collateral for the payments due to the Company as buyer of protection, which is netted against the overall investment position. Interest Rate Lock Commitments The Company enters into interest rate lock commitments (IRLCs) in connection with its mortgage banking activities to fund residential mortgage loans with certain terms at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value typically resulting in recognition of a gain when the Company enters into IRLCs. In estimating the fair value of an IRLC, the Company assigns a probability that the loan commitment will be exercised and the loan will be funded (“pull through”). The fair value of the commitments is derived from the fair value of related mortgage loans, net of estimated costs to complete. Outstanding IRLCs expose the Company to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Company utilizes forward delivery contracts and TBA mortgage backed securities to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. Forward Delivery Contracts The Company enters into forward delivery contracts with investors to manage the interest rate risk associated with IRLCs and loans held for sale. TBA Mortgage Backed Securities The Company enters into to be announced (TBA) mortgage backed securities which facilitate hedging and funding by allowing the Company to prearrange prices for mortgages that are in the process of originating. The Company utilizes these hedging instruments for Agency (Fannie Mae and Freddie Mac) and FHA/VA (Ginnie Mae) eligible IRLCs and typically commit them to investors at prices higher than otherwise available. Interest Rate Swaps The Company is exposed to interest rate risk when there is an unfavorable change in the value of investments as a result of adverse movements in the market interest rates. The Company enters into interest rate swaps (IRS) to protect against such adverse movements in interest rates. The Company is required to post collateral for the benefit of the counterparty. This is included in other assets in the condensed consolidated balance sheets. The Company uses interest rate swaps to hedge the variability of floating rate borrowings. Cash flow hedge accounting was applied to the floating rate borrowings in its specialty insurance business, and during the second quarter of 2016, the Company elected to apply cash flow hedge accounting to such transactions in its senior living business. |
Acquisitions (Tables) |
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the consideration paid and the amounts of the final determination, as described above, for transactions completed during the nine months ended September 30, 2016:
The following table summarizes the consideration paid and the amounts of the final determination, as described above, for the transactions completed during the nine months ended September 30, 2017:
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
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Operating Segment Data (Tables) |
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Schedule of segment profit (loss), and segment assets | The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following periods:
(1) Reclassified to conform to current period presentation
(1) Reclassified to conform to current period presentation
(1) Reclassified to conform to current period presentation |
Available for Sale Securities, at fair value (Tables) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of available-for-sale securities reconciliation | The following tables present the Company's investments in available for sale securities:
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Schedule of available-for-sale securities, continuous unrealized loss position | The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
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Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
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Restricted Investments | The following table presents the Company's restricted investments included in the Company's available for sale securities:
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Available-for-sale Securities | The following table presents additional information on the Company’s available for sale securities:
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Investment in Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table presents the Company’s investments in loans, measured at fair value pledged as collateral:
The following table presents the Company’s investments in loans, measured at amortized cost:
The following tables present the Company’s investments in loans, measured at fair value:
The following table presents additional information on the Company’s asset backed loans:
The following table summarizes the total notes and accounts receivable, net:
(1) Related to the Company’s specialty insurance business. (2) Related to the Company’s senior living business, which owns a 75% interest in a managed property. The remaining 25% interest is owned by our joint venture partner. |
Real Estate, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of real estate assets | The following table contains information regarding the Company’s investment in real estate as of the following periods:
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Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The following table presents rental revenues from residential leases at the managed properties for the following periods:
The following table presents the depreciation expense related to the Company’s real estate investments for the following periods:
The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Schedule of future minimum annual rental revenue | The following table presents the future minimum rental revenue under the noncancelable terms of all operating leases related to our triple net lease properties, as of:
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Net Investment Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income [Table Text Block] | The following table presents the components of net investment income related to our specialty insurance business recorded on the condensed consolidated statements of operations:
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Gain (Loss) on Investments [Table Text Block] | The following table presents the net gain on the sale of mortgage loans and the cumulative net unrealized gains (losses) on equity securities, trading, at fair value recorded on the condensed consolidated statements of operations:
The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations:
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Notes and Accounts Receivable, net Notes and Accounts Receivable, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table presents the Company’s investments in loans, measured at fair value pledged as collateral:
The following table presents the Company’s investments in loans, measured at amortized cost:
The following tables present the Company’s investments in loans, measured at fair value:
The following table presents additional information on the Company’s asset backed loans:
The following table summarizes the total notes and accounts receivable, net:
(1) Related to the Company’s specialty insurance business. (2) Related to the Company’s senior living business, which owns a 75% interest in a managed property. The remaining 25% interest is owned by our joint venture partner. |
Reinsurance Receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance [Table Text Block] | The following table presents the effect of reinsurance on premiums written and earned by our specialty 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:
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Components of Reinsurance Receivable [Table Text Block] | The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:
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Goodwill and Intangible Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by segment:
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Schedule of Goodwill [Table Text Block] | The following table presents the activity in goodwill, by segment, 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 discontinued operations or impairment related charges:
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Schedule of identifiable intangible assets | The following table presents the activity, by segment, 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 discontinued operations or impairment-related charges:
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Finite-lived Intangible Assets Amortization Expense [Table Text Block] | 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 [Table Text Block] | The following table presents the amortization expense on finite-lived intangible assets for the next five years by segment:
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Derivative Financial Instruments and Hedging (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
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Offsetting Assets | The following table presents derivative instruments that are subject to offset by a master netting agreement:
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Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the fair value and the related outstanding notional amounts of the Company's cash flow hedging derivative instruments and indicates where the Company records each amount in its condensed consolidated balance sheets:
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the pretax impact of the cash flow hedging derivative instruments on the condensed consolidated financial statements for the following periods:
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Schedule of Interest Rate Derivatives [Table Text Block] | The following table presents the estimated amount to be reclassified to earnings from AOCI during the next 12 months. These net (gains) losses are reclassified into earnings through interest expense.
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Assets and Liabilites of Consolidated CLOs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Variable Interest Entities | The following table represents revenue and expenses of the consolidated CLOs included in the Company’s condensed consolidated statements of operations for the periods indicated:
The table below represents the assets and liabilities of the consolidated CLOs that are included in the Company’s condensed consolidated balance sheets as of the dates indicated:
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the CLOs which are eliminated upon consolidation:
The Company’s beneficial interests and maximum exposure to loss related to the consolidated CLOs are limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative results in the net amount of the CLOs shown above to be equivalent to the beneficial interests retained by the Company as illustrated in the below table:
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Debt, net (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | The following table summarizes the balance of the Company’s debt obligations, net of discounts and deferred financing costs, excluding notes payable of consolidated CLOs (See Note—(10) Assets and Liabilities of Consolidated CLOs):
(1) Asset based revolving financing is generally recourse only to specific assets and related cash flows. (2) The weighted average coupon rate for asset based revolving financing was 3.89% and 3.53% at September 30, 2017 and December 31, 2016, respectively. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 4.10% and 3.51% at September 30, 2017 and December 31, 2016, respectively. Includes debt having a maximum borrowing capacity of $171,000 with a stated interest rate of LIBOR + 2.50% to LIBOR +2.75% and a floor of 3.00%. |
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Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table presents the future maturities of the unpaid principal balance on the Company’s long-term debt as of:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values and carrying values of assets and liabilities and the fair value level(s) associated with them | The following tables present the Company’s fair value hierarchies for financial assets and liabilities, including the balances associated with the consolidated CLOs, measured on a recurring basis:
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Schedule of additional information about assets that are measured at fair value on a recurring basis for which the company utilized Level 3 inputs to determine fair value | The following table represents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of assets | The following is quantitative information about Level 3 significant unobservable inputs used in fair valuation.
The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our NPLs. For NPLs that are not making payments, discount rate, loan resolution time-line, value of underlying properties, holdings costs and liquidation costs are the primary inputs used to measure fair value. For NPLs that are making payments, note rate and secondary market transaction prices/UPB are the primary inputs used to measure fair value.
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Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities |
(2) Settled in Q3 2017 with Class A common shares. See Note—(17) Stockholders’ Equity. (3) Monte Carlo simulation is run, as needed. |
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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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 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:
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Reconciliation of Short Duration Contracts to Total Losses Incurred [Table Text Block] | The following schedule reconciles the total on short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statement of operations, excluding the amount for member benefit claims:
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Other Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The following table presents rental revenues from residential leases at the managed properties for the following periods:
The following table presents the depreciation expense related to the Company’s real estate investments for the following periods:
The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Schedule of Other Assets | The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
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Other Liabilities and Accrued Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities [Table Text Block] | The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
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Other Income and Other Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income, by Component [Table Text Block] | The following table presents the components of other income as reported in the condensed consolidated statement of operations, primarily comprised of interest income and loan fee income related to both loans at fair value and loans at amortized costs, net in our specialty finance business, and management fees from our asset management business:
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Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The following table presents rental revenues from residential leases at the managed properties for the following periods:
The following table presents the depreciation expense related to the Company’s real estate investments for the following periods:
The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The Company declared cash dividends per share for the following periods presented below:
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Statutory Accounting Practices Disclosure [Table Text Block] | The following table presents the net income of the Company’s statutory insurance companies for the following periods:
The following table presents the combined statutory capital and surplus of the Company's insurance company subsidiaries, the required minimum statutory capital and surplus, as required by the laws of the states in which they are domiciled, and the combined amount available for ordinary dividends of the Company's insurance company subsidiaries for the following periods:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the activity in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:
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Stock Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | The table below summarizes changes to the issuances under the Company’s 2013 and 2017 Equity Plan for the periods indicated:
(1) Excludes shares granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree Class A common stock. |
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes changes to the issuances of Class A common stock and RSUs under the 2017 Equity Plan for the periods indicated:
(1) Includes grants of 27,192 shares of Class A common stock to directors. he following table presents the Company's stock option activity for the current period:
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Schedule of Other Share-based Compensation, Activity [Table Text Block] | The following table summarizes changes to the issuances of subsidiary RSU’s under the subsidiary incentive plans for the periods indicated:
(1) Due to the approval of the 2017 Equity Plan, Tiptree changed the classification of the subsidiary RSU’s during the three months ended September 30, 2017 from liability to equity awards, because the Company expects to settle these awards in stock. (2) The unvested balance translates to 1,093,139 shares of Class A common stock if converted as of September 30, 2017. |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table presents the assumptions used to estimate the fair values of the stock options granted for the following period:
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Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
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Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Additional information on total non-vested stock-based compensation is as follows:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table represents the income tax expense (benefit):
(1) Bears a customary relationship to the federal statutory income tax rate. (2) Lower than the federal statutory income tax rate, primarily due a change in fair value of a contingent consideration liability, an increase in a valuation allowance on net operating losses, and various other discrete items. The ETR for the nine months ended September 30, 2017 excluding the effect of discrete items was 28.1%, which is lower than the federal statutory income tax rate, primarily due to a state tax benefit and the effect of non-controlling interests at certain subsidiaries. (3) Lower than the federal statutory income tax rate primarily due to $4,044 of discrete tax benefits for the period, primarily related to the tax restructuring that resulted in a consolidated corporate tax group effective January 1, 2016. |
Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contractual obligations | The table below summarizes the Company’s contractual obligations by period that payments are due:
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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 condensed consolidated statements of operations:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic and diluted net income per common share | The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
|
Organization Organization Narrative (Details) |
9 Months Ended | |
---|---|---|
Jan. 01, 2016
shares
|
Sep. 30, 2017 |
|
Schedule of Equity Method Investments [Line Items] | ||
Number of Reportable Segments | 4 | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 81.00% | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.00% | |
Common Stock - Class A | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership Units', Conversion Rate | 2.798 |
Acquisitions Business Acquisition Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 20, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2017
USD ($)
unit
|
Sep. 30, 2016
USD ($)
unit
|
Dec. 31, 2016
USD ($)
|
|
Business Acquisition [Line Items] | |||||
Long-term Debt, Gross | $ 873,990 | $ 801,442 | |||
2017 Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Number of Real Estate Properties | unit | 2 | ||||
Payments to Acquire Businesses, Gross | $ 4,096 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,398 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,941 | ||||
2016 Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Number of Real Estate Properties | unit | 3 | ||||
Fair value of total consideration | $ 125 | $ 84,605 | |||
Payments to Acquire Businesses, Gross | $ 4,778 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 7,247 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,899 | ||||
Long-term Debt, Gross | $ 59,817 | ||||
Parent | 2017 Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Fair value of total consideration | 25,999 | ||||
Hope Center Property | 2017 Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Long-term Debt, Gross | 7,000 | ||||
Landsdale Property | 2017 Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Proceeds from Sale of Notes Receivable | 1,036 | ||||
Long-term Debt, Gross | $ 10,000 |
Acquisitions Acquisitions Tables (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Assets | ||||
Cash and cash equivalents | $ 69,400 | $ 111,751 | $ 65,995 | $ 63,010 |
Intangible assets, net | 84,053 | 85,478 | ||
Other assets | 48,544 | 37,886 | ||
Liabilities | ||||
Deferred Revenue | (53,930) | (52,254) | ||
Other Liabilities | (115,858) | (133,735) | ||
2016 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration | $ 125 | 84,605 | ||
Senior Living Segment | ||||
Assets | ||||
Intangible assets, net | 18,318 | $ 11,820 | ||
Senior Living Segment | 2017 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration | 25,999 | |||
Acquisition Costs | 288 | |||
Assets | ||||
Cash and cash equivalents | 717 | |||
Real estate, net | 21,800 | |||
Intangible assets, net | 3,850 | |||
Other assets | (76) | |||
Liabilities | ||||
Deferred Revenue | (409) | |||
Other Liabilities | (35) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25,999 | |||
Senior Living Segment | 2016 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration | 84,605 | |||
Acquisition Costs | 612 | |||
Assets | ||||
Cash and cash equivalents | 184 | |||
Real estate, net | 77,787 | |||
Intangible assets, net | 6,838 | |||
Other assets | 248 | |||
Liabilities | ||||
Deferred Revenue | (290) | |||
Other Liabilities | (162) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 84,605 | |||
Parent | 2017 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration | 25,999 | |||
Parent | Senior Living Segment | 2017 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration | $ 25,999 | |||
Parent | Senior Living Segment | 2016 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration | 81,492 | |||
Noncontrolling interest | Senior Living Segment | 2016 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration | $ 3,113 |
Acquisitions Tables of Finite Lived Intangibles Acquired (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,896 | |
Senior Living Segment | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,147 | |
2017 Acquisitions | Senior Living Segment | Leases in place | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 1 year 4 months 18 days | |
Gross Carrying Amount | $ 3,850 | |
2016 Acquisitions | Senior Living Segment | Leases in place | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 1 year 7 months 8 days | |
Gross Carrying Amount | $ 6,838 |
Operating Segment Data Segment Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations | $ (5,430) | $ 11,550 | $ (10,121) | $ 27,571 | ||||
Net income (loss) attributable to consolidated CLOs | 2,583 | 4,032 | 9,393 | 10,049 | ||||
Corporate and Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations | (7,118) | (9,292) | [1] | (22,198) | (22,751) | [1] | ||
Net income (loss) attributable to consolidated CLOs | 0 | 0 | [1] | 0 | 0 | |||
Specialty Insurance | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations | (2,345) | 10,659 | 1,724 | 35,627 | [1] | |||
Net income (loss) attributable to consolidated CLOs | 0 | 0 | 0 | 0 | ||||
Asset Management Segment | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations | 2,973 | 6,475 | [1] | 13,083 | 14,672 | [1] | ||
Net income (loss) attributable to consolidated CLOs | $ 2,583 | 4,032 | [1] | $ 9,393 | 10,049 | [1] | ||
Scenario, Previously Reported | Reclassifications | Corporate and Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations | 6,808 | 20,160 | ||||||
Scenario, Adjustment | Reclassifications | Specialty Insurance | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations | 2,634 | 10,527 | ||||||
Scenario, Adjustment | Reclassifications | Asset Management Segment | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations | 4,174 | 9,633 | ||||||
Net income (loss) attributable to consolidated CLOs | $ 3,312 | $ 7,583 | ||||||
|
Operating Segment Data Table of Segment Results (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
|||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||
Number of Reportable Segments | 4 | |||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Total revenues | $ 164,519 | $ 132,160 | $ 486,297 | $ 395,059 | ||||
Total expenses | 172,532 | 124,642 | 505,811 | 377,537 | ||||
Net income (loss) attributable to consolidated CLOs | 2,583 | 4,032 | 9,393 | 10,049 | ||||
Pre-tax income (loss) | (5,430) | 11,550 | (10,121) | 27,571 | ||||
Less: provision (benefit) for income taxes | (2,052) | 3,712 | (2,761) | 5,298 | ||||
Net income (loss) before non-controlling interests | (3,378) | 7,838 | (7,360) | 22,273 | ||||
Net income (loss) attributable to Tiptree Inc. Class A common stockholders | (3,114) | 5,905 | (6,457) | 17,593 | ||||
Specialty Insurance | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Total revenues | 118,714 | 82,630 | 351,731 | 268,743 | [1] | |||
Total expenses | 121,059 | 71,971 | 350,007 | 233,116 | [1] | |||
Net income (loss) attributable to consolidated CLOs | 0 | 0 | 0 | 0 | ||||
Pre-tax income (loss) | (2,345) | 10,659 | 1,724 | 35,627 | [1] | |||
Asset Management Segment | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Total revenues | 1,448 | 4,746 | [1] | 8,239 | 10,754 | [1] | ||
Total expenses | 1,058 | 2,303 | [1] | 4,549 | 6,131 | [1] | ||
Net income (loss) attributable to consolidated CLOs | 2,583 | 4,032 | [1] | 9,393 | 10,049 | [1] | ||
Pre-tax income (loss) | 2,973 | 6,475 | [1] | 13,083 | 14,672 | [1] | ||
Senior Living Segment | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Total revenues | 19,583 | 15,695 | 55,927 | 44,204 | ||||
Total expenses | 21,118 | 16,168 | 61,286 | 49,691 | ||||
Net income (loss) attributable to consolidated CLOs | 0 | 0 | 0 | 0 | ||||
Pre-tax income (loss) | (1,535) | (473) | (5,359) | (5,487) | ||||
Specialty Finance Segment | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Total revenues | 24,976 | 29,013 | 70,325 | 67,790 | ||||
Total expenses | 22,381 | 24,832 | 67,696 | 62,280 | ||||
Net income (loss) attributable to consolidated CLOs | 0 | 0 | 0 | 0 | ||||
Pre-tax income (loss) | 2,595 | 4,181 | 2,629 | 5,510 | ||||
Corporate and Other | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Total revenues | (202) | 76 | [1] | 75 | 3,568 | [1] | ||
Total expenses | 6,916 | 9,368 | [1] | 22,273 | 26,319 | [1] | ||
Net income (loss) attributable to consolidated CLOs | 0 | 0 | [1] | 0 | 0 | |||
Pre-tax income (loss) | (7,118) | (9,292) | [1] | (22,198) | (22,751) | [1] | ||
Noncontrolling interest | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Less: net (loss) income attributable to non-controlling interests | $ (264) | 1,933 | $ (903) | 4,680 | ||||
Scenario, Adjustment | Reclassifications | Specialty Insurance | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Pre-tax income (loss) | 2,634 | 10,527 | ||||||
Scenario, Adjustment | Reclassifications | Asset Management Segment | ||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||||||
Net income (loss) attributable to consolidated CLOs | 3,312 | 7,583 | ||||||
Pre-tax income (loss) | $ 4,174 | $ 9,633 | ||||||
|
Operating Segment Data Table of Segment Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Segment Reporting Information [Line Items] | |||||
Segment Assets | $ 2,448,754 | $ 2,890,050 | |||
Assets of consolidated CLOs | 372,774 | 989,495 | |||
Specialty Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Segment Assets | 1,319,165 | 1,268,152 | [1] | ||
Assets of consolidated CLOs | 0 | 0 | |||
Asset Management Segment | |||||
Segment Reporting Information [Line Items] | |||||
Segment Assets | 21,175 | 17,427 | [1] | ||
Assets of consolidated CLOs | 372,774 | 989,495 | |||
Senior Living Segment | |||||
Segment Reporting Information [Line Items] | |||||
Segment Assets | 390,818 | 323,169 | |||
Assets of consolidated CLOs | 0 | 0 | |||
Specialty Finance Segment | |||||
Segment Reporting Information [Line Items] | |||||
Segment Assets | 303,203 | 271,795 | |||
Assets of consolidated CLOs | 0 | 0 | |||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Segment Assets | 41,619 | 20,012 | [1] | ||
Assets of consolidated CLOs | 0 | 0 | |||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segment Assets | $ 2,075,980 | $ 1,900,555 | |||
|
Available for Sale Securities, at fair value Table of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 163,736 | $ 147,248 |
Gross unrealized gains | 1,089 | 345 |
Gross unrealized losses | (732) | (1,422) |
Fair value | 164,093 | 146,171 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 36,474 | 27,149 |
Gross unrealized gains | 96 | 27 |
Gross unrealized losses | (216) | (377) |
Fair value | 36,354 | 26,799 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 47,542 | 57,425 |
Gross unrealized gains | 415 | 107 |
Gross unrealized losses | (324) | (598) |
Fair value | 47,633 | 56,934 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 53,589 | 58,769 |
Gross unrealized gains | 447 | 204 |
Gross unrealized losses | (167) | (402) |
Fair value | 53,869 | 58,571 |
Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 24,011 | 1,459 |
Gross unrealized gains | 105 | 1 |
Gross unrealized losses | (16) | 0 |
Fair value | 24,100 | 1,460 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 896 | 895 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 896 | 895 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 658 | 818 |
Gross unrealized gains | 13 | 3 |
Gross unrealized losses | (9) | (37) |
Fair value | 662 | 784 |
Obligations of foreign governments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 566 | 733 |
Gross unrealized gains | 13 | 3 |
Gross unrealized losses | 0 | (8) |
Fair value | $ 579 | $ 728 |
Available for Sale Securities, at fair value Table of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
Sep. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 53,062 | $ 94,254 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (416) | $ (1,416) |
Number of Securities, Less Than or Equal to One Year | 343 | 574 |
Fair Value, More Than One Year | $ 12,564 | $ 1,622 |
Gross Unrealized Losses, More Than One Year | $ (316) | $ (6) |
Number of Securities, More Than One Year | 127 | 13 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 25,152 | $ 20,979 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (187) | $ (376) |
Number of Securities, Less Than or Equal to One Year | 119 | 115 |
Fair Value, More Than One Year | $ 924 | $ 16 |
Gross Unrealized Losses, More Than One Year | $ (29) | $ (1) |
Number of Securities, More Than One Year | 5 | 5 |
Obligations of states and political subdivisions | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 9,936 | $ 41,639 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (145) | $ (597) |
Number of Securities, Less Than or Equal to One Year | 55 | 170 |
Fair Value, More Than One Year | $ 7,142 | $ 1,334 |
Gross Unrealized Losses, More Than One Year | $ (179) | $ (1) |
Number of Securities, More Than One Year | 34 | 3 |
Corporate securities | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 16,269 | $ 29,856 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (61) | $ (400) |
Number of Securities, Less Than or Equal to One Year | 164 | 279 |
Fair Value, More Than One Year | $ 4,479 | $ 253 |
Gross Unrealized Losses, More Than One Year | $ (106) | $ (2) |
Number of Securities, More Than One Year | 86 | 3 |
Asset-backed Securities | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 1,294 | $ 706 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (16) | $ 0 |
Number of Securities, Less Than or Equal to One Year | 2 | 1 |
Fair Value, More Than One Year | $ 0 | $ 0 |
Gross Unrealized Losses, More Than One Year | $ 0 | $ 0 |
Number of Securities, More Than One Year | 0 | 0 |
Equity securities | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 411 | $ 736 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (7) | $ (35) |
Number of Securities, Less Than or Equal to One Year | 3 | 5 |
Fair Value, More Than One Year | $ 19 | $ 19 |
Gross Unrealized Losses, More Than One Year | $ (2) | $ (2) |
Number of Securities, More Than One Year | 2 | 2 |
Obligations of foreign governments | ||
Gross Unrealized Losses: | ||
Fair Value, Less Than or Equal to One Year | $ 0 | $ 338 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ 0 | $ (8) |
Number of Securities, Less Than or Equal to One Year | 0 | 4 |
Fair Value, More Than One Year | $ 0 | $ 0 |
Gross Unrealized Losses, More Than One Year | $ 0 | $ 0 |
Number of Securities, More Than One Year | 0 | 0 |
Available for Sale Securities, at fair value Table of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Amortized Cost | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 19,075 | $ 22,846 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 68,918 | 66,063 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 45,447 | 49,036 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 5,627 | 7,026 |
Asset backed securities | 24,011 | 1,459 |
Amortized cost | 163,078 | 146,430 |
Fair Value | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 19,074 | 22,833 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 69,207 | 65,841 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 45,375 | 48,381 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 5,675 | 6,872 |
Asset backed securities | 24,100 | 1,460 |
Fair Value | $ 163,431 | $ 145,387 |
Available for Sale Securities, at fair value Table of Restricted Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments for special deposits required by state insurance departments | $ 9,939 | $ 10,111 |
Fair value of restricted investments in trust pursuant to reinsurance agreements | 7,287 | 7,573 |
Total fair value of restricted investments | $ 17,226 | $ 17,684 |
Available for Sale Securities, at fair value Table of Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Purchases of available for sale securities | $ 45,250 | $ 12,799 | $ 79,907 | $ 22,477 |
Proceeds from maturities, calls and prepayments of available for sale securities | 7,686 | 4,483 | 23,909 | 26,086 |
Gains (losses) realized on maturities, calls and prepayments of available for sale securities | 0 | (14) | (5) | 83 |
Gross proceeds from sales of available for sale securities | 21,167 | 35,069 | 39,493 | 45,928 |
Gains (losses) realized on sales of available for sale securities | $ 395 | $ 974 | $ 372 | $ 1,016 |
Investment in Loans Table of the Company's Investment in Loans Measured at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 323,122 | $ 373,089 |
Loans Receivable, Unpaid Principal Balance | 336,791 | 410,031 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (13,669) | (36,942) |
Corporate Loans | Telos Asset Management LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 162,512 | 175,558 |
Loans Receivable, Unpaid Principal Balance | 162,582 | 176,808 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (70) | (1,250) |
Mortgage Loans Held for Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 114,461 | 121,439 |
Loans Receivable, Unpaid Principal Balance | 110,803 | 118,162 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 3,658 | 3,277 |
Nonperforming Financial Instruments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 44,980 | 74,923 |
Loans Receivable, Unpaid Principal Balance | 62,237 | 113,892 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (17,257) | (38,969) |
Loan and lease receivable, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 1,169 | 1,169 |
Loans Receivable, Unpaid Principal Balance | 1,169 | 1,169 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 0 | $ 0 |
Investment in Loans Table of Investments in Loans, Measured at Fair Value Pledged as Collateral (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | $ 312,464 | $ 353,508 |
Corporate Loans | Telos Asset Management LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 161,000 | 175,365 |
Mortgage Loans Held for Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 111,927 | 117,734 |
Nonperforming Financial Instruments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | $ 39,537 | $ 60,409 |
Investment in Loans Table of Investment in Loans Measured at Amortized Cost (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans at amortized cost, net | $ 150,596 | $ 113,838 |
Asset-backed investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 152,168 | 115,033 |
Loans and Leases Receivable, Allowance | 1,572 | 1,195 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 5,701 | $ 5,244 |
Investment in Loans Table of Additional Information on the Company’s Asset Backed Loans(Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | $ 312,464 | $ 353,508 |
Loans at amortized cost, net | 150,596 | 113,838 |
Asset-backed investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 157,169 | 119,558 |
Asset-backed investment | Siena Capital Finance LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans at amortized cost, net | $ 149,896 | $ 113,138 |
Investment in Loans Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans at amortized cost, net | $ 150,596 | $ 113,838 |
Mortgage Loans Held for Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due | 66 | |
Asset-backed investment | Siena Capital Finance LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | |
Loans at amortized cost, net | 149,896 | 113,138 |
Asset-backed investment | Siena Capital Finance LLC | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans at amortized cost, net | 1,000 | |
Asset-backed investment | Siena Capital Finance LLC | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans at amortized cost, net | 25,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Mortgage Loans Held for Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 142 |
Real Estate, Net Table of Investment in Real Estate (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017
USD ($)
unit
|
Dec. 31, 2016
USD ($)
|
|
Real Estate Properties [Line Items] | ||
Land | $ 39,188 | $ 30,125 |
Buildings | 357,687 | 297,120 |
Accumulated Depreciation | (25,738) | (17,822) |
Real Estate Acquired Through Foreclosure | 13,079 | 13,366 |
Total | 371,137 | 309,423 |
Business Combination [Abstract] | ||
Intangible Assets Acquired | $ 12,896 | |
2017 Acquisitions | ||
Business Combination [Abstract] | ||
Number of Real Estate Properties | unit | 2 | |
2017 Acquisitions | Real Estate Investment | ||
Business Combination [Abstract] | ||
Number of Real Estate Properties | unit | 10 | |
Real estate, net | $ 47,654 | |
Leases in place | 2017 Acquisitions | Real Estate Investment | ||
Business Combination [Abstract] | ||
Intangible Assets Acquired | 8,297 | |
Triple Net Leases | ||
Real Estate Properties [Line Items] | ||
Land | 19,741 | 13,778 |
Buildings | 135,857 | 94,291 |
Accumulated Depreciation | (9,455) | (6,610) |
Total | 146,143 | 101,459 |
Corporate Joint Venture [Member] | ||
Real Estate Properties [Line Items] | ||
Land | 19,447 | 16,347 |
Buildings | 208,751 | 189,463 |
Accumulated Depreciation | (16,283) | (11,212) |
Total | $ 211,915 | $ 194,598 |
Minimum | Leases in place | 2017 Acquisitions | ||
Business Combination [Abstract] | ||
Weighted Average Amortization Period (in Years) | 7 years | |
Maximum | Leases in place | 2017 Acquisitions | ||
Business Combination [Abstract] | ||
Weighted Average Amortization Period (in Years) | 12 years |
Real Estate, Net Table of Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Assets Leased to Others, Real Estate investments | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 2,873 | $ 1,974 | $ 7,916 | $ 5,581 |
Real Estate, Net Table of Future Minimum Rental Revenues (Details) $ in Thousands |
Sep. 30, 2017
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Remainder of 2017 | $ 3,280 |
2018 | 13,248 |
2019 | 13,519 |
2020 | 13,797 |
2021 | 15,161 |
Thereafter | 60,999 |
Total | $ 120,004 |
Real Estate, Net Table of Rental Revnues from Residential Lease (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Statement [Abstract] | ||||
Operating Leases, Income Statement, Lease Revenue | $ 14,274 | $ 12,685 | $ 42,005 | $ 35,231 |
Net Investment Income Table of Net Investment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Investment Income, Interest and Dividend | $ 4,209 | $ 3,666 | $ 13,424 | $ 9,461 |
Less: investment expenses | 369 | 359 | 1,392 | 1,052 |
Net investment income | 3,840 | 3,307 | 12,032 | 8,409 |
Available-for-sale Securities | ||||
Gross Investment Income, Operating | 823 | 653 | 2,423 | 2,323 |
Loans, at fair value | ||||
Gross Investment Income, Operating | 2,698 | 1,971 | 8,330 | 4,981 |
Equity securities, trading, at fair value | ||||
Gross Investment Income, Operating | 459 | 969 | 1,912 | 1,933 |
Real Estate Investment | ||||
Gross Investment Income, Operating | 156 | 0 | 482 | 0 |
Other Investments | ||||
Gross Investment Income, Operating | $ 73 | $ 73 | $ 277 | $ 224 |
Net Investment Income Table of Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Statement [Abstract] | ||||
Net realized gains (losses) | $ 18,817 | $ 19,948 | $ 48,150 | $ 48,423 |
Net unrealized gains (losses) | (11,291) | 6,267 | (12,967) | 17,531 |
Net realized and unrealized gains (losses) | $ 7,526 | $ 26,215 | $ 35,183 | $ 65,954 |
Net Investment Income Table of Gains on Sale of Mortgage Loans and Equity Securities, Trading, Still Held (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
Income Statement [Abstract] | ||||||
Net realized gain on sale of mortgage loans (1) | [1] | $ 16,476 | $ 20,045 | $ 47,237 | $ 48,412 | |
Cumulative net unrealized gains (losses) on equity securities, trading, at fair value held at the reporting date | $ (11,125) | $ 1,365 | $ (21,183) | $ 6,386 | ||
|
Notes and Accounts Receivable, net Table of Notes and Accounts Receivable, net (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Jan. 01, 2016 |
Feb. 28, 2013 |
|||||
---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, net | $ 19,310 | $ 24,775 | |||||||
Accounts and premiums receivable, net | 60,763 | 45,041 | |||||||
Retrospective commissions receivable | 65,156 | 59,175 | |||||||
Other Receivables | 33,497 | 28,509 | |||||||
Total | $ 178,726 | 157,500 | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.00% | ||||||||
Specialty Insurance | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of voting interest | 100.00% | ||||||||
Senior Living Segment | Notes Receivable | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, net | [1] | $ 3,862 | 3,862 | ||||||
Consumer Financing, Premium Financing Program | Specialty Insurance | Notes Receivable | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, net | [2] | 15,403 | 20,615 | ||||||
Consumer Financing, Pay Us Later Program | Specialty Insurance | Notes Receivable | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, net | $ 45 | $ 298 | |||||||
Calamar Enterprises, Inc. | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Percentage of voting interest | 75.00% | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||||||||
|
Notes and Accounts Receivable, net Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts and premiums receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Valuation Allowances and Reserves, Balance | $ 319 | $ 225 |
Specialty Insurance | Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Valuation Allowances and Reserves, Balance | 1,528 | 1,444 |
Specialty Insurance | Financing Receivables, Equal to Greater than 90 Days Past Due | Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | $ 1,848 | $ 2,188 |
Reinsurance Receivables Table of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Premiums Written, Net [Abstract] | ||||
Direct and assumed | $ 201,823 | $ 176,029 | $ 540,493 | $ 525,621 |
Ceded | 89,044 | 125,398 | 257,652 | 387,869 |
Assumed Premiums Written | 6,231 | 5,381 | 19,483 | 14,624 |
Net | $ 119,010 | $ 56,012 | $ 302,324 | $ 152,376 |
Premiums, Percentage Assumed to Net | 5.20% | 9.60% | 6.40% | 9.60% |
Premiums Earned, Net [Abstract] | ||||
Direct and assumed | $ 170,848 | $ 171,154 | $ 485,685 | $ 508,695 |
Ceded | (79,476) | (126,688) | (227,823) | (378,796) |
Assumed Premiums Earned | 4,701 | 3,143 | 14,919 | 8,617 |
Net | $ 96,073 | $ 47,609 | $ 272,781 | $ 138,516 |
Premiums earned, Percentage Assumed to Net | 4.90% | 6.60% | 5.50% | 6.20% |
Life | ||||
Premiums Written, Net [Abstract] | ||||
Direct and assumed | $ 18,375 | $ 18,246 | $ 46,275 | $ 49,018 |
Ceded | 9,587 | 9,668 | 23,264 | 25,267 |
Assumed Premiums Written | 525 | 674 | 1,458 | 1,971 |
Net | $ 9,313 | $ 9,252 | $ 24,469 | $ 25,722 |
Premiums, Percentage Assumed to Net | 5.60% | 7.30% | 6.00% | 7.70% |
Premiums Earned, Net [Abstract] | ||||
Direct and assumed | $ 15,654 | $ 15,861 | $ 45,995 | $ 46,112 |
Ceded | (7,764) | (7,712) | (22,685) | (22,139) |
Assumed Premiums Earned | 481 | 642 | 1,473 | 2,003 |
Net | $ 8,371 | $ 8,791 | $ 24,783 | $ 25,976 |
Premiums earned, Percentage Assumed to Net | 5.70% | 7.30% | 5.90% | 7.70% |
Accident and health | ||||
Premiums Written, Net [Abstract] | ||||
Direct and assumed | $ 34,034 | $ 31,553 | $ 87,242 | $ 87,446 |
Ceded | 23,077 | 21,635 | 57,911 | 59,657 |
Assumed Premiums Written | 862 | 865 | 2,355 | 2,507 |
Net | $ 11,819 | $ 10,783 | $ 31,686 | $ 30,296 |
Premiums, Percentage Assumed to Net | 7.30% | 8.00% | 7.40% | 8.30% |
Premiums Earned, Net [Abstract] | ||||
Direct and assumed | $ 28,347 | $ 28,391 | $ 82,242 | $ 84,994 |
Ceded | (19,511) | (20,093) | (56,736) | (60,134) |
Assumed Premiums Earned | 814 | 830 | 2,373 | 2,465 |
Net | $ 9,650 | $ 9,128 | $ 27,879 | $ 27,325 |
Premiums earned, Percentage Assumed to Net | 8.40% | 9.10% | 8.50% | 9.00% |
Property | ||||
Premiums Written, Net [Abstract] | ||||
Direct and assumed | $ 149,414 | $ 126,230 | $ 406,976 | $ 389,157 |
Ceded | 56,380 | 94,095 | 176,477 | 302,945 |
Assumed Premiums Written | 4,844 | 3,842 | 15,670 | 10,146 |
Net | $ 97,878 | $ 35,977 | $ 246,169 | $ 96,358 |
Premiums, Percentage Assumed to Net | 4.90% | 10.70% | 6.40% | 10.50% |
Premiums Earned, Net [Abstract] | ||||
Direct and assumed | $ 126,847 | $ 126,902 | $ 357,448 | $ 377,589 |
Ceded | (52,201) | (98,883) | (148,402) | (296,523) |
Assumed Premiums Earned | 3,406 | 1,671 | 11,073 | 4,149 |
Net | $ 78,052 | $ 29,690 | $ 220,119 | $ 85,215 |
Premiums earned, Percentage Assumed to Net | 4.40% | 5.60% | 5.00% | 4.90% |
Reinsurance Receivables Table of Losses and LAE Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
Effects of Reinsurance [Line Items] | ||||||
Direct and assumed | $ 61,242 | $ 75,678 | $ 182,262 | $ 206,146 | ||
Ceded | (34,396) | (56,979) | (102,827) | (153,702) | ||
Policyholder Benefits and Claims Incurred, Assumed | 912 | 1,215 | 3,118 | 2,658 | ||
Net losses and LAE incurred | 27,758 | 19,914 | 82,553 | 55,102 | ||
Member benefit claims | [1] | 3,812 | 5,967 | 11,811 | 17,334 | |
Policy and contract benefits | $ 31,570 | $ 25,881 | $ 94,364 | $ 72,436 | ||
Losses Incurred, Percentage Assumed to Net | 3.30% | 6.10% | 3.80% | 4.80% | ||
Life | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct and assumed | $ 8,003 | $ 8,550 | $ 24,527 | $ 24,962 | ||
Ceded | (4,573) | (4,647) | (13,558) | (12,957) | ||
Policyholder Benefits and Claims Incurred, Assumed | 178 | 378 | 748 | 1,061 | ||
Net losses and LAE incurred | $ 3,608 | $ 4,281 | $ 11,717 | $ 13,066 | ||
Losses Incurred, Percentage Assumed to Net | 4.90% | 8.80% | 6.40% | 8.10% | ||
Accident and health | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct and assumed | $ 4,456 | $ 5,697 | $ 13,200 | $ 14,598 | ||
Ceded | (3,252) | (4,863) | (10,815) | (12,203) | ||
Policyholder Benefits and Claims Incurred, Assumed | 190 | 205 | 662 | 700 | ||
Net losses and LAE incurred | $ 1,394 | $ 1,039 | $ 3,047 | $ 3,095 | ||
Losses Incurred, Percentage Assumed to Net | 13.60% | 19.70% | 21.70% | 22.60% | ||
Property | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct and assumed | $ 48,783 | $ 61,431 | $ 144,535 | $ 166,586 | ||
Ceded | (26,571) | (47,469) | (78,454) | (128,542) | ||
Policyholder Benefits and Claims Incurred, Assumed | 544 | 632 | 1,708 | 897 | ||
Net losses and LAE incurred | $ 22,756 | $ 14,594 | $ 67,789 | $ 38,941 | ||
Losses Incurred, Percentage Assumed to Net | 2.40% | 4.30% | 2.50% | 2.30% | ||
|
Reinsurance Receivables Table of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|||||||
Effects of Reinsurance [Line Items] | |||||||||
Prepaid reinsurance premiums: | $ 242,281 | $ 212,711 | |||||||
Reinsurance receivables | 333,023 | 296,234 | |||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Increase (Decrease) in Reinsurance Recoverable | 33,312 | $ 28,237 | |||||||
Increase (Decrease) in Other Operating Assets | 8,205 | $ 2,223 | |||||||
Life (1) | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Prepaid reinsurance premiums: | [1] | 64,223 | 64,621 | ||||||
Ceded claim reserves: | 3,015 | 2,929 | |||||||
Accident and health (1) | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Prepaid reinsurance premiums: | [1] | 55,175 | 53,999 | ||||||
Ceded claim reserves: | 9,819 | 10,435 | |||||||
Property (2) | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Prepaid reinsurance premiums: | 122,883 | 94,091 | [2] | ||||||
Ceded claim reserves: | 57,138 | 49,917 | |||||||
Total ceded claim reserves recoverable | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Ceded claim reserves: | 69,972 | 63,281 | |||||||
Other reinsurance settlements recoverable | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Other reinsurance settlements recoverable | $ 20,770 | 20,242 | |||||||
Reinsurance Contract Cancellation [Member] | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Increase (Decrease) in Reinsurance Recoverable | (92,854) | ||||||||
Increase (Decrease) in Other Operating Assets | 88,857 | ||||||||
Increase (Decrease) in Other Operating Liabilities | $ (3,997) | ||||||||
|
Reinsurance Receivables Table of Reinsurance Concentration of Credit Risk (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from unrelated reinsurers | $ 333,023 | $ 296,234 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from unrelated reinsurers | $ 78,783 |
Goodwill and Intangible Assets, Net Table of Identifiable Finite and Indefinite-Lived Intangible Assets, Accumulated Amortization and Goodwill (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | $ 84,053 | $ 85,478 | |||
Goodwill | 92,767 | 92,767 | |||
Total | 176,820 | 178,245 | |||
Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | [1] | 13,749 | 13,000 | ||
Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 50,500 | 50,500 | |||
Accumulated amortization | (10,215) | (4,614) | |||
Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 7,300 | 7,300 | |||
Accumulated amortization | (2,198) | (1,604) | |||
Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 9,140 | 9,140 | |||
Accumulated amortization | (5,023) | (3,679) | |||
Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | |||
Accumulated amortization | (35,234) | (34,184) | |||
Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 45,697 | 33,550 | |||
Accumulated amortization | (26,163) | (20,431) | |||
Specialty Insurance | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | 64,681 | 72,475 | |||
Goodwill | 89,854 | 89,854 | |||
Total | 154,535 | 162,329 | |||
Specialty Insurance | Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | [1] | 13,749 | 13,000 | ||
Specialty Insurance | Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 50,500 | 50,500 | |||
Accumulated amortization | (10,215) | (4,614) | |||
Specialty Insurance | Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 6,500 | 6,500 | |||
Accumulated amortization | (2,018) | (1,484) | |||
Specialty Insurance | Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 8,500 | 8,500 | |||
Accumulated amortization | (4,817) | (3,542) | |||
Specialty Insurance | Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | |||
Accumulated amortization | (35,234) | (34,184) | |||
Specialty Insurance | Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,317 | 1,317 | |||
Accumulated amortization | (101) | (18) | |||
Senior Living Segment | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | 18,318 | 11,820 | |||
Goodwill | 0 | 0 | |||
Total | 18,318 | 11,820 | |||
Senior Living Segment | Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | 0 | 0 | |||
Senior Living Segment | Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Senior Living Segment | Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Senior Living Segment | Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Senior Living Segment | Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Senior Living Segment | Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 44,380 | 32,233 | |||
Accumulated amortization | (26,062) | (20,413) | |||
Specialty Finance Segment | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Intangible Assets, Net | 1,054 | 1,183 | |||
Goodwill | 2,913 | 2,913 | |||
Total | 3,967 | 4,096 | |||
Specialty Finance Segment | Insurance licensing agreements | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Indefinite-Lived License Agreements | 0 | 0 | |||
Specialty Finance Segment | Customer relationships | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Specialty Finance Segment | Trade Names | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 800 | 800 | |||
Accumulated amortization | (180) | (120) | |||
Specialty Finance Segment | Software licensing | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 640 | 640 | |||
Accumulated amortization | (206) | (137) | |||
Specialty Finance Segment | Insurance policies and contracts acquired | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | 0 | 0 | |||
Specialty Finance Segment | Leases in place | |||||
Schedule of Intangible Assets, Net [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||
Accumulated amortization | $ 0 | $ 0 | |||
|
Goodwill and Intangible Assets, Net Table of Goodwill Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Goodwill [Roll Forward] | ||||
Goodwill | $ 92,767 | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | 0 | $ 0 |
Goodwill | 92,767 | 92,767 | ||
Specialty Insurance | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 89,854 | |||
Goodwill | 89,854 | 89,854 | ||
Specialty Finance Segment | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 2,913 | |||
Goodwill | $ 2,913 | $ 2,913 |
Goodwill and Intangible Assets, Net Table of Intangible Assets, Net Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 85,478 | |||
Intangible Assets Acquired | 12,896 | |||
Amortization of Intangible Assets | $ (4,359) | $ (3,702) | (14,321) | $ (14,246) |
Intangible Assets, Net (Excluding Goodwill) | 84,053 | 84,053 | ||
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | $ 0 |
Specialty Insurance | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Percentage of voting interest | 100.00% | 100.00% | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 72,475 | |||
Intangible Assets Acquired | 749 | |||
Amortization of Intangible Assets | 8,543 | |||
Intangible Assets, Net (Excluding Goodwill) | $ 64,681 | 64,681 | ||
Senior Living Segment | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible Assets, Net (Excluding Goodwill) | 11,820 | |||
Intangible Assets Acquired | 12,147 | |||
Amortization of Intangible Assets | 5,649 | |||
Intangible Assets, Net (Excluding Goodwill) | 18,318 | 18,318 | ||
Specialty Finance Segment | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible Assets, Net (Excluding Goodwill) | 1,183 | |||
Intangible Assets Acquired | 0 | |||
Amortization of Intangible Assets | 129 | |||
Intangible Assets, Net (Excluding Goodwill) | $ 1,054 | $ 1,054 |
Goodwill and Intangible Assets, Net Table of Amoritzation Expense on Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 4,359 | $ 3,702 | $ 14,321 | $ 14,246 |
Goodwill and Intangible Assets, Net Table of Future Amortization Expense on Intangibles (Details) $ in Thousands |
Sep. 30, 2017
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | $ 4,454 |
2018 | 12,909 |
2019 | 8,965 |
2020 | 6,389 |
2021 | 5,572 |
2022 and thereafter | 32,015 |
Finite-Lived Intangible Assets, Net | 70,304 |
Specialty Insurance | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | 2,482 |
2018 | 9,187 |
2019 | 7,619 |
2020 | 5,137 |
2021 | 4,361 |
2022 and thereafter | 20,880 |
Finite-Lived Intangible Assets, Net | 49,666 |
Senior Living Segment | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | 1,730 |
2018 | 3,086 |
2019 | 958 |
2020 | 958 |
2021 | 958 |
2022 and thereafter | 10,628 |
Finite-Lived Intangible Assets, Net | 18,318 |
Specialty Finance Segment | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | 42 |
2018 | 171 |
2019 | 171 |
2020 | 171 |
2021 | 171 |
2022 and thereafter | 328 |
Finite-Lived Intangible Assets, Net | 1,054 |
Insurance policies and contracts acquired | Specialty Insurance | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | 200 |
2018 | 465 |
2019 | 217 |
2020 | 123 |
2021 | 82 |
2022 and thereafter | 179 |
Finite-Lived Intangible Assets, Net | $ 1,266 |
Derivative Financial Instruments and Hedging Derivative Financial Instruments and Hedging Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Credit Default Swap | ||
Derivative [Line Items] | ||
Derivative, percent cash collateral required | 2.25% | |
Collateral already posted, aggregate fair value | $ 6,668 | |
Credit Default Swap | Credit Index Product | ||
Derivative [Line Items] | ||
Cash collateral | $ 1,632 | $ 1,632 |
Derivative Financial Instruments and Hedging Table of Derivatives - Gross notional and fair value amounts of derivatives (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Notional values | $ 1,315,503 | $ 1,251,389 |
Asset derivatives | 26,563 | 36,669 |
Liability derivatives | 4,451 | 15,899 |
Credit Risk Contract | ||
Derivative [Line Items] | ||
Notional values | 590,740 | 595,785 |
Asset derivatives | 18,409 | 28,731 |
Liability derivatives | 3,742 | 14,501 |
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Notional values | 0 | 965 |
Asset derivatives | 0 | 0 |
Liability derivatives | 0 | 3 |
Interest Risk, Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional values | 276,776 | 203,815 |
Asset derivatives | 6,537 | 4,872 |
Liability derivatives | 0 | 0 |
Interest Risk, Forward Delivery Contracts | ||
Derivative [Line Items] | ||
Notional values | 61,094 | 66,731 |
Asset derivatives | 49 | 0 |
Liability derivatives | 0 | 84 |
Interest Risk, TBA Mortgage Backed Securities | ||
Derivative [Line Items] | ||
Notional values | 253,750 | 249,750 |
Asset derivatives | 284 | 1,678 |
Liability derivatives | 283 | 269 |
Interest Risk, Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional values | 133,143 | 134,343 |
Asset derivatives | 1,284 | 1,388 |
Liability derivatives | 426 | 1,042 |
Interest Rate Risk | ||
Derivative [Line Items] | ||
Notional values | 724,763 | 654,639 |
Asset derivatives | 8,154 | 7,938 |
Liability derivatives | 709 | 1,395 |
Credit Default Swap, Selling Protection | Credit Risk Contract | ||
Derivative [Line Items] | ||
Notional values | 295,973 | 297,612 |
Asset derivatives | 18,409 | 28,731 |
Liability derivatives | 0 | 0 |
Credit Default Swap, Buying Protection | Credit Risk Contract | ||
Derivative [Line Items] | ||
Notional values | 294,767 | 298,173 |
Asset derivatives | 0 | 0 |
Liability derivatives | $ 3,742 | $ 14,501 |
Derivative Financial Instruments and Hedging Table of Derivatives subject to netting agreement (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Derivative assets | $ 26,563 | $ 36,669 |
Credit Default Swap, Selling Protection | Credit Default Swap | ||
Derivative [Line Items] | ||
Gross assets recognized | 18,409 | 28,731 |
Credit Default Swap, Buying Protection | Credit Default Swap | ||
Derivative [Line Items] | ||
Gross assets recognized | 3,742 | 14,501 |
Credit Index Product | Credit Default Swap | ||
Derivative [Line Items] | ||
Gross assets recognized | 14,667 | 14,230 |
Cash collateral | (1,632) | (1,632) |
Derivative assets | $ 13,035 | $ 12,598 |
Derivative Financial Instruments and Hedging Table of derivatives designated as cash flow hedging instrument (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional values | $ 1,315,503 | $ 1,251,389 | |
Balance Sheet Related Disclosures [Abstract] | |||
Description of Location of Gain (Loss) on Interest Rate Cash Flow Hedge Derivative in Financial Statements | AOCI | ||
Interest Rate Swap | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional values | $ 133,143 | 134,343 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | 1,284 | 1,388 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | 426 | $ 1,042 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net | $ 1,606 | $ 1,759 | |
Minimum | Interest Rate Swap | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Variable Interest Rate | 1.23% | 0.67% | |
Derivative, Fixed Interest Rate | 1.31% | 1.31% | |
Maximum | Interest Rate Swap | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Variable Interest Rate | 1.24% | 0.96% | |
Derivative, Fixed Interest Rate | 4.99% | 4.99% | |
Other Assets | |||
Balance Sheet Related Disclosures [Abstract] | |||
Description of Location of Gain (Loss) on Interest Rate Cash Flow Hedge Derivative in Financial Statements | Other investments | ||
Other Liabilities | |||
Balance Sheet Related Disclosures [Abstract] | |||
Description of Location of Gain (Loss) on Interest Rate Cash Flow Hedge Derivative in Financial Statements | Other liabilities and accrued expenses |
Derivative Financial Instruments and Hedging Table of Pretax Impact of Cash Flow Hedging Derivative Instruments on the Consolidated Financial Statements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Gain (loss) recognized in AOCI on the derivative-effective portion | $ (33) | $ 156 | $ (411) | $ (515) |
(Gains) losses reclassified from AOCI into income-effective portion | 25 | (172) | (212) | 56 |
Interest Rate Swap | Cash Flow Hedging | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Gain (loss) recognized in AOCI on the derivative-effective portion | (33) | 156 | (411) | (515) |
Interest Rate Swap | Cash Flow Hedging | Amount reclassified from AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
(Gains) losses reclassified from AOCI into income-effective portion | (25) | 172 | 212 | (56) |
Gains (losses) recognized in income on the derivative-ineffective portion | $ 0 | $ 48 | $ (2) | $ (3) |
Derivative Financial Instruments and Hedging Table of Amount to be Reclassified from AOCI during the next 12 months (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated (gains) losses to be reclassified to earnings from AOCI during the next 12 months | $ (199) |
Assets and Liabilites of Consolidated CLOs Schedule of Assets and Liabilities of the Consolidated CLOs (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|---|---|
Assets: | ||||||
Cash and cash equivalents | $ 111,751 | $ 63,010 | $ 65,995 | $ 69,400 | ||
Loans Receivable, Fair Value Disclosure | 323,122 | 373,089 | ||||
Other assets | 48,544 | 37,886 | ||||
Total assets of consolidated CLOs | 372,774 | 989,495 | ||||
Liabilities: | ||||||
Other liabilities and accrued expenses | 115,858 | 133,735 | ||||
Total liabilities of consolidated CLOs | 354,337 | 931,969 | ||||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 13,669 | 36,942 | ||||
Telos Asset Management LLC | Primary beneficiary | ||||||
Assets: | ||||||
Cash and cash equivalents | 20,586 | 45,589 | ||||
Loans Receivable, Fair Value Disclosure | [1] | 343,382 | 928,240 | |||
Other assets | 8,806 | 15,666 | ||||
Total assets of consolidated CLOs | 372,774 | 989,495 | ||||
Liabilities: | ||||||
Debt | 326,716 | 912,034 | ||||
Other liabilities and accrued expenses | 27,621 | 19,935 | ||||
Total liabilities of consolidated CLOs | 354,337 | 931,969 | ||||
Net | 18,437 | 57,526 | ||||
Loans Receivable Held-for-sale, Unpaid Principal Balance | 352,958 | 952,225 | ||||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 9,576 | $ 23,985 | ||||
|
Assets and Liabilites of Consolidated CLOs Table of Beneficial Interests (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Accrued management fees | $ 53,930 | $ 52,254 |
Telos Asset Management LLC | Primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Subordinated notes | 18,128 | 56,820 |
Accrued management fees | 309 | 706 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net | $ 18,437 | $ 57,526 |
Assets and Liabilites of Consolidated CLOs Table of Revenues and Expenses of CLO's (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income: | ||||
Total revenue | $ 7,216 | $ 12,556 | $ 24,024 | $ 34,713 |
Expenses: | ||||
Interest expense | 10,361 | 7,839 | 28,444 | 20,770 |
Other expenses | 23,164 | 21,686 | 73,380 | 68,351 |
Total expense | 4,633 | 8,524 | 14,631 | 24,664 |
Net income (loss) attributable to consolidated CLOs | 2,583 | 4,032 | 9,393 | 10,049 |
Telos Asset Management LLC | Primary beneficiary | ||||
Income: | ||||
Net realized and unrealized gains (losses) | 1,889 | (1,422) | 3,457 | (2,913) |
Interest income | 5,327 | 13,978 | 20,567 | 37,626 |
Total revenue | 7,216 | 12,556 | 24,024 | 34,713 |
Expenses: | ||||
Interest expense | 4,580 | 8,267 | 13,629 | 22,667 |
Other expenses | 53 | 257 | 1,002 | 1,997 |
Total expense | 4,633 | 8,524 | 14,631 | 24,664 |
Net income (loss) attributable to consolidated CLOs | $ 2,583 | $ 4,032 | $ 9,393 | $ 10,049 |
Assets and Liabilites of Consolidated CLOs Table of Economic Interests in the CLOs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Variable Interest Entity [Line Items] | ||||
Management fee income | $ 1,541 | $ 3,839 | $ 6,578 | $ 7,497 |
Net income (loss) attributable to consolidated CLOs | 2,583 | 4,032 | 9,393 | 10,049 |
Telos Asset Management LLC | Primary beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net | 2,272 | 3,289 | 8,355 | 7,880 |
Management fee income | 311 | 743 | 1,038 | 2,169 |
Net income (loss) attributable to consolidated CLOs | $ 2,583 | $ 4,032 | $ 9,393 | $ 10,049 |
Debt, net Table of Debt (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 873,990 | $ 801,442 | |||||||
Debt Instrument, Unamortized Discount | (471) | (382) | |||||||
Deferred Financing Costs, Net | (7,890) | (8,051) | |||||||
Debt, net | 865,629 | 793,009 | |||||||
Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 167,000 | 164,000 | |||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt instrument, maximum borrowing capacity | $ 251,250 | ||||||||
Secured Debt | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Asset-based revolving facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | [1],[2] | $ 261,163 | $ 250,557 | ||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt instrument, maximum borrowing capacity | $ 365,000 | ||||||||
Long-term Debt, Weighted Average Interest Rate | 3.89% | 3.53% | |||||||
Asset-based revolving facility | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | [3] | $ 95,729 | $ 101,402 | ||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt instrument, maximum borrowing capacity | [3] | $ 171,000 | |||||||
Long-term Debt, Weighted Average Interest Rate | 4.10% | 3.51% | |||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Mortgages | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 97,433 | $ 82,133 | |||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt instrument, maximum borrowing capacity | 99,283 | ||||||||
Mortgages | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 203,779 | 158,618 | |||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt instrument, maximum borrowing capacity | $ 206,074 | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Subordinated Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 12,500 | 8,500 | |||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt instrument, maximum borrowing capacity | $ 20,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | ||||||||
Preferred trust securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 35,000 | 35,000 | |||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt instrument, maximum borrowing capacity | $ 35,000 | ||||||||
Preferred trust securities | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Preferred Notes Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 1,386 | $ 1,232 | |||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||||
Minimum | Secured Debt | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Minimum | Asset-based revolving facility | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 2.25% | |||||||
Minimum | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.50% | |||||||
Minimum | Mortgages | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||||
Minimum | Mortgages | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | ||||||||
Maximum | Secured Debt | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.50% | ||||||||
Maximum | Asset-based revolving facility | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 5.75% | |||||||
Maximum | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.75% | |||||||
Maximum | Mortgages | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.12% | ||||||||
Maximum | Mortgages | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.95% | ||||||||
Maximum | Preferred trust securities | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||||||||
Luxury Mortgage Corp | Line of Credit | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 171,000 | ||||||||
Luxury Mortgage Corp | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Luxury Mortgage Corp | Minimum | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | ||||||||
Luxury Mortgage Corp | Maximum | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||
|
Debt, net Table of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Statement [Abstract] | ||||
Interest expense | $ 10,427 | $ 7,769 | $ 28,650 | $ 20,612 |
Debt, net Table of Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Disclosure [Abstract] | ||
Remainder of 2017 | $ 8,689 | |
2018 | 182,173 | |
2019 | 267,685 | |
2020 | 121,514 | |
2021 | 21,899 | |
Thereafter | 272,030 | |
Total | $ 873,990 | $ 801,442 |
Debt, net Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 14, 2017
USD ($)
Rate
|
May 31, 2017
USD ($)
unit
Rate
|
Apr. 18, 2017
USD ($)
Rate
|
Feb. 09, 2017
USD ($)
Rate
|
Feb. 03, 2017
USD ($)
Rate
|
Sep. 30, 2017
USD ($)
unit
Rate
|
Sep. 30, 2017
USD ($)
unit
Rate
|
Aug. 27, 2017
USD ($)
Rate
|
Sep. 30, 2017
USD ($)
unit
Rate
|
Dec. 31, 2016
USD ($)
|
Jun. 01, 2013
USD ($)
|
||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term Debt, Gross | $ 873,990 | $ 873,990 | $ 873,990 | $ 801,442 | ||||||||||||||
Secured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, maximum borrowing capacity | 251,250 | 251,250 | 251,250 | |||||||||||||||
Long-term Debt, Gross | 167,000 | 167,000 | 167,000 | 164,000 | ||||||||||||||
Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, maximum borrowing capacity | 365,000 | 365,000 | 365,000 | |||||||||||||||
Long-term Debt, Gross | [1],[2] | 261,163 | 261,163 | 261,163 | 250,557 | |||||||||||||
Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, maximum borrowing capacity | [3] | 171,000 | 171,000 | 171,000 | ||||||||||||||
Long-term Debt, Gross | [3] | 95,729 | 95,729 | 95,729 | 101,402 | |||||||||||||
Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, maximum borrowing capacity | 99,283 | 99,283 | 99,283 | |||||||||||||||
Long-term Debt, Gross | 97,433 | 97,433 | 97,433 | 82,133 | ||||||||||||||
Subordinated Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, maximum borrowing capacity | 20,000 | 20,000 | 20,000 | |||||||||||||||
Long-term Debt, Gross | $ 12,500 | $ 12,500 | $ 12,500 | 8,500 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 12.50% | 12.50% | 12.50% | |||||||||||||||
Preferred trust securities | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, maximum borrowing capacity | $ 35,000 | $ 35,000 | $ 35,000 | |||||||||||||||
Long-term Debt, Gross | 35,000 | 35,000 | 35,000 | 35,000 | ||||||||||||||
Specialty Insurance | Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of Credit, Maximum Borrowing Capacity, Matured, Amount | 15,000 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | 25,000 | 25,000 | |||||||||||||||
Specialty Finance Segment | Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | 150,000 | $ 125,000 | 150,000 | ||||||||||||||
Specialty Finance Segment | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Increase in maximum borrowing capacity | 18,000 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000 | $ 70,000 | $ 70,000 | 88,000 | ||||||||||||||
Number of credit agreements | unit | 6 | 6 | 6 | |||||||||||||||
Specialty Finance Segment | First uncommitted credit agreement | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of credit agreements | unit | 3 | 3 | 3 | |||||||||||||||
Senior Living Segment | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Term | 5 years | 3 years | 5 years | 35 years | 5 years | |||||||||||||
Interest only payment term, in months | 12 months | |||||||||||||||||
Long-term Debt, Gross | $ 9,150 | $ 28,800 | $ 7,000 | $ 7,586 | $ 10,000 | $ 8,072 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.60% | 3.08% | ||||||||||||||||
Minimum | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 4.00% | |||||||||||||||||
Maximum | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 5.12% | |||||||||||||||||
Maximum | Preferred trust securities | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.10% | 4.10% | 4.10% | |||||||||||||||
London Interbank Offered Rate (LIBOR) | Secured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, maximum borrowing capacity | $ 206,074 | $ 206,074 | $ 206,074 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||||||
Long-term Debt, Gross | $ 203,779 | $ 203,779 | $ 203,779 | $ 158,618 | ||||||||||||||
London Interbank Offered Rate (LIBOR) | Preferred trust securities | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Asset Management Segment | Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.25% | 2.50% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) | Specialty Insurance | Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.60% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Senior Living Segment | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 3.75% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Secured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.50% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 2.25% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [3] | 2.50% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.05% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Senior Living Segment | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 6.95% | 3.00% | 2.75% | |||||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Secured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 6.50% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Asset-based revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [1],[2] | 5.75% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | [3] | 2.75% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Mortgages | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 6.95% | |||||||||||||||||
2017 Acquisitions | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of Real Estate Properties | unit | 2 | 2 | 2 | |||||||||||||||
Real Estate Investment | 2017 Acquisitions | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of Real Estate Properties | unit | 10 | 10 | 10 | |||||||||||||||
Real Estate Investment | 2017 Acquisitions | Senior Living Segment | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of Real Estate Properties | unit | 7 | |||||||||||||||||
|
Fair Value of Financial Instruments Table of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Real Estate Acquired Through Foreclosure | $ 13,079 | $ 13,366 | |||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 164,093 | 146,171 | |||||
Loans Receivable, Fair Value Disclosure | 323,122 | 373,089 | |||||
Asset derivatives | 26,563 | 36,669 | |||||
Trading assets | 28,106 | 48,612 | |||||
Total other investments | 27,191 | 25,467 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 709 | 1,398 | |||||
Liability derivatives | 4,451 | 15,899 | |||||
Significant unobservable inputs Level 3 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | [1] | 51,517 | 79,795 | ||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | [2] | 1,438 | 3,084 | ||||
Recurring | Quoted prices in active markets Level 1 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 29,617 | 50,243 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 0 | 0 | |||||
Recurring | Other significant observable inputs Level 2 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 461,655 | 674,274 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 709 | 1,398 | |||||
Recurring | Significant unobservable inputs Level 3 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 394,622 | 797,062 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 328,154 | 915,118 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 1,511 | 1,631 | |||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Mortgage loans held for sale | 0 | 0 | |||||
Asset derivatives | 0 | 0 | |||||
Total other investments | 0 | 0 | |||||
Total assets | 29,617 | 50,243 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 0 | 0 | |||||
Preferred notes payable | 0 | 0 | |||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | 0 | ||||||
Total liabilities | 0 | ||||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Swap | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Forward Delivery Contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | ||||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Foreign currency forward contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Contingent Consideration Payable | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Contingent consideration payable | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Equity securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 615 | 736 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | U.S. Treasury securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Obligations of states and political subdivisions | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Obligations of foreign governments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Certificates of deposit | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 896 | 895 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Asset-backed Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Corporate bonds | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Corporate Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Nonperforming Financial Instruments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Trading Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 28,106 | 48,612 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Other Loans Receivable | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Swap | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Credit Derivatives | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Forward Delivery Contracts | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | ||||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | CLOs | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Other Investments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 162,535 | 144,492 | |||||
Loans Receivable, Fair Value Disclosure | 147,888 | 167,791 | |||||
Mortgage loans held for sale | 114,461 | 121,439 | |||||
Asset derivatives | 14,652 | 15,664 | |||||
Total other investments | 18,609 | 19,621 | |||||
Total assets | 329,032 | 331,904 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 709 | 1,398 | |||||
Preferred notes payable | 0 | 0 | |||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | 1,398 | ||||||
Total liabilities | 709 | ||||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Swap | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 426 | 1,042 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Forward Delivery Contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 84 | ||||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 283 | 269 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Foreign currency forward contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 3 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Contingent Consideration Payable | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Contingent consideration payable | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Equity securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | U.S. Treasury securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 36,354 | 26,799 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Obligations of states and political subdivisions | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 47,633 | 56,934 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Obligations of foreign governments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 579 | 728 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Certificates of deposit | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Asset-backed Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 24,100 | 1,460 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Corporate bonds | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 53,869 | 58,571 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Corporate Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 33,427 | 46,352 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Nonperforming Financial Instruments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Trading Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Other Loans Receivable | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Swap | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 1,284 | 1,388 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Credit Derivatives | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 13,035 | 12,598 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Forward Delivery Contracts | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 49 | ||||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | CLOs | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Other Investments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 3,957 | 3,957 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 47 | 48 | |||||
Loans Receivable, Fair Value Disclosure | 175,234 | 205,298 | |||||
Mortgage loans held for sale | 0 | 0 | |||||
Asset derivatives | 6,537 | 4,872 | |||||
Total other investments | 8,582 | 5,846 | |||||
Total assets | 183,863 | 211,192 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 0 | 0 | |||||
Preferred notes payable | 1,386 | 1,232 | |||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | 3,084 | ||||||
Total liabilities | 1,438 | ||||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Swap | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Forward Delivery Contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | ||||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Foreign currency forward contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Contingent Consideration Payable | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Contingent consideration payable | 52 | 1,852 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Equity securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 47 | 48 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | U.S. Treasury securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Obligations of states and political subdivisions | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Obligations of foreign governments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Certificates of deposit | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Asset-backed Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Corporate bonds | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Corporate Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 129,085 | 129,206 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Nonperforming Financial Instruments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 44,980 | 74,923 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Trading Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Other Loans Receivable | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 1,169 | 1,169 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Swap | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 6,537 | 4,872 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Credit Derivatives | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Forward Delivery Contracts | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | ||||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | CLOs | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 2,045 | 974 | |||||
Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Other Investments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Primary beneficiary | Recurring | Quoted prices in active markets Level 1 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 0 | 0 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 0 | 0 | |||||
Primary beneficiary | Recurring | Quoted prices in active markets Level 1 | CLOs | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | |||||
Primary beneficiary | Recurring | Quoted prices in active markets Level 1 | Investment in Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||
Primary beneficiary | Recurring | Other significant observable inputs Level 2 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 132,623 | 342,370 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 0 | 0 | |||||
Primary beneficiary | Recurring | Other significant observable inputs Level 2 | CLOs | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | |||||
Primary beneficiary | Recurring | Other significant observable inputs Level 2 | Investment in Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 132,623 | 342,370 | |||||
Primary beneficiary | Recurring | Significant unobservable inputs Level 3 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 210,759 | 585,870 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 326,716 | 912,034 | |||||
Primary beneficiary | Recurring | Significant unobservable inputs Level 3 | CLOs | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Notes Payable, Fair Value Disclosure | 326,716 | 912,034 | |||||
Primary beneficiary | Recurring | Significant unobservable inputs Level 3 | Investment in Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 210,759 | 585,870 | |||||
Fair Value | Other significant observable inputs Level 2 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 19,310 | 28,293 | |||||
Fair Value | Significant unobservable inputs Level 3 | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 876,444 | 798,806 | |||||
Fair Value | Recurring | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 885,894 | 1,521,579 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 328,863 | 916,516 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 164,093 | 146,171 | |||||
Loans Receivable, Fair Value Disclosure | 323,122 | 373,089 | |||||
Mortgage loans held for sale | 114,461 | 121,439 | |||||
Asset derivatives | 21,189 | 20,536 | |||||
Total other investments | 27,191 | 25,467 | |||||
Total assets | 542,512 | 593,339 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 709 | 1,398 | |||||
Preferred notes payable | 1,386 | 1,232 | |||||
Total financial instruments attributable to Non-CLOs included in consolidated liabilities | 4,482 | ||||||
Total liabilities | 2,147 | ||||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Swap | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 426 | 1,042 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Forward Delivery Contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 84 | ||||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Lock Commitments | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 283 | 269 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Foreign currency forward contracts | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Liability derivatives | 0 | 3 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Contingent Consideration Payable | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Contingent consideration payable | 52 | ||||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Equity securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 662 | 784 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | U.S. Treasury securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 36,354 | 26,799 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Obligations of states and political subdivisions | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 47,633 | 56,934 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Obligations of foreign governments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 579 | 728 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Certificates of deposit | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 896 | 895 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Asset-backed Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 24,100 | 1,460 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Corporate bonds | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Investments in available for sale securities | 53,869 | 58,571 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Corporate Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 162,512 | 175,558 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Nonperforming Financial Instruments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 44,980 | 74,923 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Trading Securities | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 28,106 | 48,612 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Other Loans Receivable | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 1,169 | 1,169 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Swap | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 1,284 | 1,388 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 6,537 | 4,872 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Credit Derivatives | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 13,035 | 12,598 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Forward Delivery Contracts | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 49 | ||||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | CLOs | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Trading assets | 2,045 | 974 | |||||
Fair Value | Non-Collateralized Loans Obligations | Recurring | Other Investments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 3,957 | 3,957 | |||||
Fair Value | Primary beneficiary | Recurring | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | 343,382 | 928,240 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | 326,716 | 912,034 | |||||
Fair Value | Primary beneficiary | Recurring | CLOs | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Notes Payable, Fair Value Disclosure | 326,716 | 912,034 | |||||
Fair Value | Primary beneficiary | Recurring | Investment in Loans | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Loans Receivable, Fair Value Disclosure | 343,382 | 928,240 | |||||
Mortgage Backed Securities, Other | Non-Collateralized Loans Obligations | Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Mortgage Backed Securities, Other | Non-Collateralized Loans Obligations | Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 284 | 1,678 | |||||
Mortgage Backed Securities, Other | Non-Collateralized Loans Obligations | Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | 0 | 0 | |||||
Mortgage Backed Securities, Other | Fair Value | Non-Collateralized Loans Obligations | Recurring | Interest Rate Lock Commitments | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Asset derivatives | $ 284 | $ 1,678 | |||||
|
Fair Value of Financial Instruments Table of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Balance at January 1, | $ 211,192 | $ 239,944 | [1] | |||||||
Net realized gains/(losses) | 7,279 | 4,450 | [1] | |||||||
Net unrealized gains/(losses) | 2,800 | 5,482 | [1] | |||||||
Issuances | 590 | 1,716 | [1] | |||||||
Purchases | 41,458 | 101,161 | [1] | |||||||
Sales | [2] | (74,010) | (56,824) | [1] | ||||||
Transfer adjustments (out of) Level 3 | [3] | (7,641) | (15,280) | [1] | ||||||
Transfers into Level 3 | [3] | 9,286 | 23,184 | [1] | ||||||
Balance at September 30, | 183,863 | 191,623 | [1] | |||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||
Fair value,measurement with unobservable inputs reconciliation,changes in unrealized gains included in earnings related to assets still held at period end | 4,790 | 4,023 | ||||||||
Primary beneficiary | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Balance at January 1, | 585,870 | 520,892 | [1] | |||||||
Net realized gains/(losses) | (1,667) | 402 | [1] | |||||||
Net unrealized gains/(losses) | 89 | 15,584 | [1] | |||||||
Issuances | 676 | 1,546 | [1] | |||||||
Purchases | 76,122 | 157,144 | [1] | |||||||
Sales | [2] | (193,205) | (72,612) | [1] | ||||||
Transfer adjustments (out of) Level 3 | [3] | (23,427) | (66,215) | [1] | ||||||
Transfers into Level 3 | [3] | 17,601 | 32,858 | [1] | ||||||
Balance at September 30, | 210,759 | 693,697 | [1] | |||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||
Fair value,measurement with unobservable inputs reconciliation,changes in unrealized gains included in earnings related to assets still held at period end | (168) | 11,325 | ||||||||
Other real estate | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfer adjustments (out of) Level 3 | (9,793) | (10,288) | [1] | |||||||
Other real estate | Primary beneficiary | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfer adjustments (out of) Level 3 | 0 | 0 | [1] | |||||||
Mortgage Loans Held for Sale | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfer adjustments (out of) Level 3 | (53,069) | (36,378) | [1] | |||||||
Mortgage Loans Held for Sale | Primary beneficiary | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfer adjustments (out of) Level 3 | 0 | 0 | [1] | |||||||
CLOs | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfer adjustments (out of) Level 3 | 0 | (104,098) | [1] | |||||||
Deconsolidation of CLO due to sale | 1,342 | 0 | [1] | |||||||
CLOs | Primary beneficiary | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfers into Level 3 | 0 | 104,098 | [1] | |||||||
Deconsolidation of CLO due to sale | (251,300) | 0 | [1] | |||||||
Other Assets | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfer adjustments (out of) Level 3 | (39) | 0 | [1] | |||||||
Other Assets | Primary beneficiary | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Transfer adjustments (out of) Level 3 | 0 | 0 | [1] | |||||||
Interest Rate Lock Commitments | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Issuances | 54,468 | 38,554 | [1] | |||||||
Interest Rate Lock Commitments | Primary beneficiary | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Issuances | $ 0 | $ 0 | [1] | |||||||
|
Fair Value of Financial Instruments Table of Level 3 Rollforward, Liabilities Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at January 1, | $ 3,084 | $ 2,498 | |||
Net unrealized (gains) losses | 0 | (262) | |||
Issuances | 0 | 0 | |||
Settlements (1) | (4,838) | (377) | |||
Dispositions | 0 | 0 | |||
Net realized gains (losses) | 3,192 | 0 | |||
Balance at September 30, | 1,438 | 1,859 | |||
Liabilities, Fair Value Disclosure [Abstract] | |||||
Changes in unrealized (gains) losses included in earnings related to liabilities still held at period end | 154 | (262) | |||
Primary beneficiary | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at January 1, | 912,034 | 683,827 | |||
Net unrealized (gains) losses | (3,071) | 23,169 | |||
Issuances | 0 | 222,303 | |||
Settlements (1) | (155,194) | [1] | 0 | ||
Dispositions | 49,010 | 1,317 | |||
Net realized gains (losses) | 0 | 0 | |||
Balance at September 30, | 326,716 | 927,982 | |||
Liabilities, Fair Value Disclosure [Abstract] | |||||
Changes in unrealized (gains) losses included in earnings related to liabilities still held at period end | (6,119) | 23,169 | |||
Liabilities of Consolidated CLOs | Primary beneficiary | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Deconsolidation of CLO due to sale | (378,043) | 0 | |||
CLOs | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Deconsolidation of CLO due to sale | $ 0 | $ 0 | |||
|
Fair Value of Financial Instruments Table of Significant Observable Inputs used in the Valuation of Level 3 Assets(Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Asset derivatives | $ 26,563 | $ 36,669 | |||
Loans Receivable, Fair Value Disclosure | 323,122 | 373,089 | |||
Significant unobservable inputs Level 3 | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Total | [1] | 51,517 | 79,795 | ||
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal Model | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Asset derivatives | [1] | $ 6,537 | $ 4,872 | ||
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal Model | Minimum | |||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | |||||
Fair Value Assumptions, Pull Through Rate | 45.00% | 45.00% | |||
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | Internal Model | Maximum | |||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | |||||
Fair Value Assumptions, Pull Through Rate | 95.00% | 95.00% | |||
Nonperforming Financial Instruments | Significant unobservable inputs Level 3 | Investment in Loans | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | [1] | $ 44,980 | $ 74,923 | ||
|
Fair Value of Financial Instruments Table of Significant Observable Inputs used in the Valuation of Nonperforming Loans (Details) - Nonperforming Financial Instruments - Investment in Loans - Significant unobservable inputs Level 3 - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
||||
Maximum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Discount rate | 30.00% | 30.00% | |||
Loan resolution time-line (Years) | 2 years 7 months 2 days | 2 years 3 months 17 days | |||
Value of underlying properties | $ 2,400 | $ 1,800 | |||
Holding costs | 22.00% | 24.10% | |||
Liquidation costs | 20.80% | 25.00% | |||
Fair Value Inputs, Note Rate | 6.00% | 6.00% | |||
Secondary market transaction prices/UPB | 88.50% | 88.50% | |||
Minimum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Discount rate | 16.00% | 16.00% | |||
Loan resolution time-line (Years) | 5 months 23 days | 5 months 30 days | |||
Value of underlying properties | $ 40 | $ 32 | |||
Holding costs | 5.50% | 5.40% | |||
Liquidation costs | 8.10% | 8.50% | |||
Fair Value Inputs, Note Rate | 3.00% | 3.00% | |||
Secondary market transaction prices/UPB | 75.50% | 75.50% | |||
Weighted Average | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Discount rate | [1] | 23.20% | 22.90% | ||
Loan resolution time-line (Years) | [1] | 1 year 3 months 3 days | 1 year 2 months 12 days | ||
Value of underlying properties | [1] | $ 307 | $ 234 | ||
Holding costs | [1] | 7.70% | 8.30% | ||
Liquidation costs | [1] | 9.40% | 9.60% | ||
Fair Value Inputs, Note Rate | [1] | 5.20% | 4.80% | ||
Secondary market transaction prices/UPB | [1] | 85.20% | 83.70% | ||
|
Fair Value of Financial Instruments Table of Significant Observable Inputs used in the Valuation of Level 3 Liabilities (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||||||||
Total liabilities | [1] | $ 1,438 | $ 3,084 | |||||||
Preferred Notes Payable | Cash Flow Model | ||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||||||||
Preferred notes payable | [1] | 1,386 | 1,232 | |||||||
Reliance | Other Liabilities | Cash Flow Model | ||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||||||||
Contingent consideration payable | [1] | 0 | [2] | 1,800 | ||||||
Luxury Mortgage Corp | Other Liabilities | Cash Flow Model | ||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||||||||
Contingent consideration payable | [1] | 52 | 52 | |||||||
Minimum | Reliance | Other Liabilities | Cash Flow Model | ||||||||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||||||||||
Fair Value Inputs, Earnings Before Interest, Taxes, Depreciation and Amortization | [3] | 1,000 | $ 951 | |||||||
Fair Value Inputs, Asset Volatility | [3] | 1.40% | ||||||||
Minimum | Luxury Mortgage Corp | Other Liabilities | Cash Flow Model | ||||||||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||||||||||
Fair Value Inputs, Projected Cash Available for Distributions | 1,059 | $ 1,059 | ||||||||
Maximum | Reliance | Other Liabilities | Cash Flow Model | ||||||||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||||||||||
Fair Value Inputs, Earnings Before Interest, Taxes, Depreciation and Amortization | [3] | 8,000 | $ 6,005 | |||||||
Fair Value Inputs, Asset Volatility | [3] | 23.70% | ||||||||
Maximum | Luxury Mortgage Corp | Other Liabilities | Cash Flow Model | ||||||||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||||||||||
Fair Value Inputs, Projected Cash Available for Distributions | $ 1,316 | $ 1,316 | ||||||||
Weighted Average | Preferred Notes Payable | Cash Flow Model | ||||||||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||||||||||
Discount rate | 12.00% | 12.00% | ||||||||
Weighted Average | Reliance | Other Liabilities | Cash Flow Model | ||||||||||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||||||||||
Fair Value Inputs, Book Value Growth Rate | [3] | 5.00% | ||||||||
|
Fair Value of Financial Instruments Table of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Assets, Fair Value Disclosure [Abstract] | |||||||
Notes receivable, net | $ 19,310 | $ 24,775 | |||||
Fair Value, Inputs, Level 2 | Fair Value | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Notes receivable, net | 19,310 | 28,293 | |||||
Total assets | 19,310 | 28,293 | |||||
Fair Value, Inputs, Level 2 | Carrying value | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Notes receivable, net | 19,310 | 28,732 | |||||
Total assets | 19,310 | 28,732 | |||||
Fair Value, Inputs, Level 3 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total assets | [1] | 51,517 | 79,795 | ||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Debt, net | 872,133 | 799,828 | |||||
Total liabilities | [2] | 1,438 | 3,084 | ||||
Fair Value, Inputs, Level 3 | Fair Value | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Debt, net | 876,444 | 798,806 | |||||
Total liabilities | 876,444 | 798,806 | |||||
Fair Value, Inputs, Level 3 | Carrying value | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities | $ 872,133 | $ 799,828 | |||||
|
Liability for Unpaid Claims and Claim Adjustment Expenses Schedule of Net Liability for Unpaid Losses and Loss Adjustment Expenses of Short-Duration Contracts - Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Policy liabilities and unpaid claims balance at January 1 | $ 103,391 | $ 80,663 | ||
Policyholder Funds | (17,417) | (19,037) | ||
Non-insurance warranty benefit claim liabilities | (91) | (116) | ||
Liability for Claims and Claims Adjustment Expense | 85,883 | 61,510 | ||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 22,563 | 19,006 | ||
Policyholder Benefits and Claims Incurred [Abstract] | ||||
Current Year Claims and Claims Adjustment Expense | 78,174 | 55,461 | ||
Prior Year Claims and Claims Adjustment Expense | 2,958 | (1,987) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | $ 27,236 | $ 19,247 | 81,132 | 53,474 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 57,875 | 34,822 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 20,600 | 13,992 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 78,475 | 48,814 | ||
Liability for Claims and Claims Adjustment Expense | 95,226 | 84,066 | 95,226 | 84,066 |
Policyholder Funds | (15,652) | (17,766) | (15,652) | (17,766) |
Non-insurance warranty benefit claim liabilities | (50) | (80) | (50) | (80) |
Policy liabilities and unpaid claims balance as of September 30, | 110,928 | 101,912 | 110,928 | 101,912 |
Other Short-duration Insurance Product Line [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (63,112) | (42,341) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 25,220 | 23,666 | 25,220 | 23,666 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (69,813) | (60,236) | (69,813) | (60,236) |
Other Insurance Product Line [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (208) | (163) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ (193) | $ (164) | $ (193) | $ (164) |
Liability for Unpaid Claims and Claim Adjustment Expenses Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Insurance [Abstract] | ||||
Total incurred | $ 27,236 | $ 19,247 | $ 81,132 | $ 53,474 |
Other lines incurred | 81 | 44 | 78 | 74 |
Unallocated loss adjustment expense | 441 | 623 | 1,343 | 1,554 |
Net losses and LAE incurred | $ 27,758 | $ 19,914 | $ 82,553 | $ 55,102 |
Liability for Unpaid Claims and Claim Adjustment Expenses Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Prior Year Claims and Claims Adjustment Expense | $ 2,958 | $ 1,987 |
Non-Standard Auto | ||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | 1,772 | 1,644 |
Warranty | ||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | $ 1,852 | $ 1,328 |
Other Assets Table of Other Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Due from brokers | $ 1,505 | $ 2,027 |
Furniture, fixtures and equipment, net | 5,669 | 5,936 |
Prepaid expenses | 9,441 | 5,020 |
Interest Receivable | 3,154 | 2,052 |
Management Fee Receivable | 4,375 | 4,308 |
Accrued Fees and Other Revenue Receivable | 5,159 | 5,022 |
Income tax receivable | 4,140 | 4,842 |
Other | 15,101 | 8,679 |
Total other assets | $ 48,544 | $ 37,886 |
Other Assets Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Furniture and Fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 656 | $ 667 | $ 1,883 | $ 1,978 |
Other Assets Table of Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Furniture and Fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 656 | $ 667 | $ 1,883 | $ 1,978 |
Other Liabilities and Accrued Expenses Table of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Accounts payable and accrued expenses | $ 46,544 | $ 67,837 |
Deferred tax liabilities, net | 30,789 | 32,296 |
Due to broker and trustee | 7,733 | 8,457 |
Commissions payable | 11,007 | 7,466 |
Accrued interest payable | 2,127 | 1,729 |
Trading liabilities, at fair value | 709 | 1,398 |
Other liabilities | 16,949 | 14,552 |
Total other liabilities and accrued expenses | $ 115,858 | $ 133,735 |
Other Income and Other Expenses Table of Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Income and Expenses [Abstract] | ||||
Interest Income, Other | $ 5,254 | $ 4,215 | $ 14,439 | $ 13,455 |
Loan fee income | 3,201 | 3,915 | 9,451 | 9,296 |
Management fee income | 1,541 | 3,839 | 6,578 | 7,497 |
Other Nonoperating Income | 1,383 | 450 | 3,352 | 1,477 |
Other income | $ 11,379 | $ 12,419 | $ 33,820 | $ 31,725 |
Other Income and Other Expenses Table of Other Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Income and Expenses [Abstract] | ||||
Professional Fees | $ 4,506 | $ 5,283 | $ 13,980 | $ 17,581 |
Acquisition and transaction costs | 25 | 248 | 302 | 631 |
Selling, General and Administrative Expense | 4,015 | 3,178 | 11,552 | 10,788 |
Taxes, Other | 2,810 | 1,637 | 8,840 | 5,480 |
Loan Processing Fee | 2,406 | 2,308 | 6,728 | 5,944 |
Cost of Other Property Operating Expense | 2,635 | 1,854 | 7,798 | 5,439 |
Rent and related | 2,992 | 3,091 | 8,998 | 9,189 |
Other Nonoperating Expense | 3,775 | 4,087 | 15,182 | 13,299 |
Other expenses | $ 23,164 | $ 21,686 | $ 73,380 | $ 68,351 |
Stockholders' Equity Stockholders’ Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Aug. 10, 2017 |
Jun. 21, 2017 |
Jun. 05, 2017 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Class of Stock [Line Items] | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 7,300 | $ 42,532 | |||
Common Stock - Class A | |||||
Class of Stock [Line Items] | |||||
Warrants and Rights Outstanding | 652,500 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.33 | ||||
Option Indexed to Issuer's Equity, Shares | 1,510,920 | ||||
Proceeds from Issuance of Common Stock | $ 8,100 | ||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 756,046 | ||||
Treasury Stock | Common Stock - Class A | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Shares, Acquired | 1,000,000 | 1,000,000 | 6,596,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 7,300 | $ 7,300 | $ 42,524 |
Stockholders' Equity Table of Declared Cash Dividends Per Share (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Common Stock - Class A | ||||||||
Dividends, Common Stock [Abstract] | ||||||||
Dividends declared per share | $ 0.030 | $ 0.030 | $ 0.030 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.090 | $ 0.075 |
Stockholders' Equity Table of Statutory Insurance Ordinary and Extraordinary Dividends Paid (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Insurance [Abstract] | ||||
Statutory Accounting Practices, Dividends Paid not needing the Approval of Regulatory Agency | $ 0 | $ 0 | $ 0 | $ 0 |
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 0 | 0 | 0 | 0 |
Statutory Accounting Practices, Dividends Paid, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Stockholders' Equity Table of Statutory Insurance - Capital Requirements (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Insurance [Abstract] | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 108,666 | $ 100,920 |
Statutory Accounting Practices, Statutory Capital and Surplus Required | 19,200 | 17,200 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 9,425 | $ 9,049 |
Stockholders' Equity Table of Statutory Insurance Companies Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Insurance [Abstract] | ||||
Statutory Accounting Practices, Statutory Net Income Amount | $ 391 | $ 4,199 | $ 6,745 | $ 10,326 |
Accumulated Other Comprehensive Income (Loss) Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 555 | |||
Period change | $ (56) | $ (751) | 774 | $ 1,350 |
Ending balance | 1,223 | 1,223 | ||
Available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (700) | (222) | ||
Other comprehensive gain (loss) before reclassification | 1,165 | 2,448 | ||
Amounts reclassified from AOCI | (238) | (715) | ||
Period change | 927 | 1,733 | ||
Ending balance | 227 | 1,511 | 227 | 1,511 |
Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 1,759 | 111 | ||
Other comprehensive gain (loss) before reclassification | (296) | (357) | ||
Amounts reclassified from AOCI | 143 | (26) | ||
Period change | (153) | (383) | ||
Ending balance | 1,606 | (272) | 1,606 | (272) |
Total AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 1,059 | (111) | ||
Other comprehensive gain (loss) before reclassification | 869 | 2,091 | ||
Amounts reclassified from AOCI | (95) | (741) | ||
Period change | 774 | 1,350 | ||
Ending balance | 1,833 | 1,239 | 1,833 | 1,239 |
Accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 555 | (111) | ||
Other comprehensive gain (loss) before reclassification | 763 | 1,883 | ||
Amounts reclassified from AOCI | (95) | (741) | ||
Period change | 668 | 1,142 | ||
Ending balance | 1,223 | 1,031 | 1,223 | 1,031 |
Tiptree Financial Partners, L.P. | Noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (128) | 0 | ||
Other comprehensive gain (loss) before reclassification | (154) | (237) | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Period change | (154) | (237) | ||
Ending balance | (282) | (237) | (282) | (237) |
Noncontrolling interests - other | Noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (376) | 0 | ||
Other comprehensive gain (loss) before reclassification | 48 | 29 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Period change | 48 | 29 | ||
Ending balance | $ (328) | $ 29 | $ (328) | $ 29 |
Accumulated Other Comprehensive Income (Loss) Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Related tax (expense) benefit | $ 2,052 | $ (3,712) | $ 2,761 | $ (5,298) |
Income (loss) | (3,378) | 7,838 | (7,360) | 22,273 |
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 | 394 | 960 | 367 | 1,100 |
Related tax (expense) benefit | (138) | (336) | (129) | (385) |
Income (loss) | 256 | 624 | 238 | 715 |
Interest rate swaps | Amount reclassified from AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains (losses) on interest rate swaps | 25 | (172) | (212) | 56 |
Related tax (expense) benefit | (8) | 54 | 69 | (30) |
Income (loss) | $ 17 | $ (118) | $ (143) | $ 26 |
Interest Expense | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Interest expense | |||
Provision for income taxes | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Provision for income tax |
Stock Based Compensation Equity Plans Narrative (Details) - shares |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2017 |
Jun. 06, 2017 |
Dec. 31, 2016 |
||||
Care Investment Trust Inc. 2007 Manager Equity Plan | Common Stock - Class A | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 134,629 | ||||||
Tiptree Financial Inc. 2017 Omnibus Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Tiptree Financial Inc. 2017 Omnibus Incentive Plan | Common Stock - Class A | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,100,000 | ||||||
Stock Compensation Plan | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | 0 | 7,359 | 961,650 | |||
Stock Compensation Plan | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | 6,028,984 | 0 | ||||
|
Stock Based Compensation Table of Changes to Equity Plan (Details) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2017
shares
|
[1] | |||
Stock Compensation Plan | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | ||||
Options outstanding | ||||
Beginning | 961,650 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | (954,291) | |||
Share increase (decrease) (in shares) | 7,359 | |||
Ending | 0 | |||
Stock Compensation Plan | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Options outstanding | ||||
Beginning | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | (71,016) | |||
Ending | 6,028,984 | |||
Common Stock - Class A | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Options outstanding | ||||
Share increase (decrease) (in shares) | 6,100,000 | |||
|
Stock Based Compensation Table of Changes to Restricted Stock Units and Restricted Stock (Details) - Restricted Stock Units (RSUs) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2017
$ / shares
shares
| ||||
Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 16,716 | |||
Director | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 27,192 | |||
Employees | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 427,488 | |||
Three year vesting period, Starting April 2017 [Member] | Employees | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 142,175 | |||
Three year vesting period, Starting February 2017 [Member] | Employees | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Amount vesting in February 2020 [Member] | Employees | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 285,313 | |||
RSU’s and restricted stock vesting - first tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
RSU’s and restricted stock vesting - second tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
RSU’s and restricted stock vesting - third tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Common Stock - Class A | Tiptree Financial Inc. 2013 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Unvested units at beginning of period | 299,817 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unvested units at beginning of period | $ / shares | $ 6.27 | |||
Common Stock - Class A | Tiptree Financial Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 454,680 | [1] | ||
Vested | (155,615) | |||
Unvested units at end of period | 598,882 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Granted | $ / shares | $ 6.60 | |||
Vested(1) | $ / shares | 6.42 | |||
Unvested units at end of period | $ / shares | $ 6.48 | |||
|
Stock Based Compensation Table of RSU’s under the Subsidiary Incentive Plans Rollforward (Details) - Subsidiary Incentive Plan - Restricted Stock Units (RSUs) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
shares
| ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested Shares, If Converted | shares | 1,093,139 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Unvested balance as of December 31, 2016 | $ 8,089 | |||||
Vested | 2,436 | |||||
Grant value adjustment | (210) | [1] | ||||
Unvested balance as of September 30, 2017 (2) | $ 5,443 | [2] | ||||
|
Stock Based Compensation Table of Stock Options Valuation Assumptions (Details) - $ / shares |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Common Stock - Class A | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividends declared per share | $ 0.030 | $ 0.030 | $ 0.030 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.090 | $ 0.075 | |
Employee Stock Option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Term Requirement Where Weighted Average Stock Price Must Exceed Book Value | 20 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Term Requirement Where Weighted Average Stock Price Plus Sum of Actual Cash Dividends Paid Must Exceed as Exchanged Book Value | 20 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||
Historical volatility | 47.20% | ||||||||
Risk-free rate | 2.44% | ||||||||
Expected term (years) | 6 years 6 months | ||||||||
Employee Stock Option | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.80% |
Stock Based Compensation Table of Stock Option Activity Rollforward (Details) - Employee Stock Option |
9 Months Ended |
---|---|
Sep. 30, 2017
$ / shares
shares
| |
Options outstanding | |
Balance at beginning of period | shares | 251,237 |
Granted | shares | 570,627 |
Balance at end of period | shares | 821,864 |
Weighted average exercise price (in dollars per stock option) | |
Weighted average exercise price, beginning balance | $ 5.69 |
Granted | 6.65 |
Weighted average exercise price, ending balance | 6.36 |
Weighted average grant date value (in dollars per stock option) | |
Weighted average grant date value, beginning balance | 2.62 |
Granted | 2.91 |
Weighted average grant date value, ending balance | $ 2.82 |
Options Exercisable | |
Options Exercisable | shares | 0 |
Options Exercisable | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual term at September 30, 2017 (in years) | 9 years 1 month 15 days |
Stock Based Compensation Table of Share-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Income tax benefit | $ (401) | $ (236) | $ (1,509) | $ (599) | ||
Net stock-based compensation expense | 734 | 432 | 2,766 | 1,097 | ||
Payroll and employee commissions | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated Share-based Compensation Expense | 1,135 | 633 | 4,275 | 1,597 | ||
Professional fees expense | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated Share-based Compensation Expense | [1] | $ 0 | $ 35 | $ 0 | $ 99 | |
|
Stock Based Compensation Table of Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards | $ 1,798 |
Weighted - average recognition period (in years) | 3 years 1 month 15 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards | $ 9,176 |
Weighted - average recognition period (in years) | 1 year 9 months |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Total income tax expense | $ (2,052) | $ 3,712 | $ (2,761) | $ 5,298 | ||||||||||
Effective Income Tax Rate Reconciliation, Percent | 37.80% | [1] | 32.30% | [1] | 27.30% | [2] | 19.20% | [3] | ||||||
Effective Income Tax Rate Reconciliation, Excluding the Effect of Discrete Items, Percent | 28.10% | |||||||||||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 4,044 | |||||||||||||
|
Commitments and Contingencies Table of Contractual Obligations (Details) $ in Thousands |
Sep. 30, 2017
USD ($)
|
|||
---|---|---|---|---|
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||||
Less than one year | $ 4,946 | |||
1-3 years | 14,070 | |||
3-5 years | 7,981 | |||
More than 5 years | 11,972 | |||
Total | 38,969 | |||
Other Liabilities, Unclassified [Abstract] | ||||
Letters of Credit Outstanding, Amount | 400 | |||
Operating lease obligations | ||||
Operating lease obligations | ||||
Less than one year | 4,946 | [1] | ||
1-3 years | 14,070 | [1] | ||
3-5 years | 7,981 | [1] | ||
More than 5 years | 11,972 | [1] | ||
Total | $ 38,969 | [1] | ||
|
Commitments and Contingencies Table of Rent Expense for the Company's Office Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Income and Expenses [Abstract] | ||||
Rent expense for office leases | $ 1,745 | $ 1,630 | $ 5,230 | $ 4,820 |
Annual rent during first term of lease | $ 2,322 | |||
Initial term of leasing contract | 5 years | |||
Year following commencement when lease terms begin | 1 year | |||
Year of lease escalation | 6 years | |||
Annual rent following lease escalation | $ 2,520 | |||
Escalated lease term | 5 years |
Earnings Per Share Table of Reconciliation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) | $ (3,378) | $ 7,838 | $ (7,360) | $ 22,273 |
Net income from continuing operations attributable to non-controlling interests | (264) | 1,933 | (903) | 4,680 |
Net income allocated to participating securities | 0 | 60 | 0 | 148 |
Common Stock - Class A | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) available to Class A common stockholders | (3,114) | 5,845 | (6,457) | 17,445 |
Net income (loss) attributable to Tiptree Inc. Class A common shares - diluted | $ (3,114) | $ 7,157 | $ (6,457) | $ 17,297 |
Weighted Average Number of Shares Outstanding, Basic | ||||
Weighted average number of shares of Tiptree Inc. Class A common stock outstanding - basic | 29,455,462 | 29,143,470 | 28,908,195 | 32,845,124 |
Weighted average number of incremental shares of Tiptree Inc. Class A common stock issuable from exchangeable interests and contingent considerations | 0 | 8,087,180 | 0 | 67,392 |
Weighted Average Number of Shares Outstanding, Diluted | ||||
Weighted average number of shares of Tiptree Inc. Class A common stock outstanding - diluted | 29,455,462 | 37,230,650 | 28,908,195 | 32,912,516 |
Basic: | ||||
Basic earnings per share | $ (0.11) | $ 0.20 | $ (0.22) | $ 0.53 |
Diluted: | ||||
Diluted earnings per share | $ (0.11) | $ 0.19 | $ (0.22) | $ 0.53 |
Securities of subsidiaries | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive Securities, Effect on Basic Earnings Per Share | $ 0 | $ (50) | $ 0 | $ (148) |
Adjustments to income relating to exchangeable interests, net of tax | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive Securities, Effect on Basic Earnings Per Share | $ 0 | $ 1,362 | $ 0 | $ 0 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 02, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Oct. 16, 2017 |
|
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Junior Subordinated Notes | $ 125,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||||||
Common Stock - Class A | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends declared per share | $ 0.030 | $ 0.030 | $ 0.030 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.090 | $ 0.075 | ||
Common Stock - Class A | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends declared per share | $ 0.03 |
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