Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
common stock, par value $0.001 per share | TIPT | NASDAQ | Capital Market |
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As of | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | 568,460 | $ | 577,448 | |||||||
Loans, at fair value | 96,244 | 105,583 | |||||||||
Equity securities | 120,895 | 138,483 | |||||||||
Other investments | 132,305 | 168,656 | |||||||||
Total investments | 917,904 | 990,170 | |||||||||
Cash and cash equivalents | 177,962 | 175,718 | |||||||||
Restricted cash | 19,567 | 19,368 | |||||||||
Notes and accounts receivable, net | 536,133 | 454,369 | |||||||||
Reinsurance receivables | 949,952 | 880,836 | |||||||||
Deferred acquisition costs | 414,752 | 379,373 | |||||||||
Goodwill | 179,103 | 179,103 | |||||||||
Intangible assets, net | 119,357 | 122,758 | |||||||||
Other assets | 147,217 | 146,844 | |||||||||
Assets held for sale | 138,251 | 250,608 | |||||||||
Total assets | $ | 3,600,198 | $ | 3,599,147 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Debt, net | $ | 391,326 | $ | 393,349 | |||||||
Unearned premiums | 1,188,764 | 1,123,952 | |||||||||
Policy liabilities and unpaid claims | 393,877 | 331,703 | |||||||||
Deferred revenue | 560,316 | 534,863 | |||||||||
Reinsurance payable | 273,314 | 265,569 | |||||||||
Other liabilities and accrued expenses | 292,115 | 306,536 | |||||||||
Liabilities held for sale | 117,333 | 242,994 | |||||||||
Total liabilities | $ | 3,217,045 | $ | 3,198,966 | |||||||
Stockholders’ Equity: | |||||||||||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | $ | — | $ | — | |||||||
Common stock: $0.001 par value, 200,000,000 shares authorized, 34,877,897 and 34,124,153 shares issued and outstanding, respectively | 35 | 34 | |||||||||
Additional paid-in capital | 323,916 | 317,459 | |||||||||
Accumulated other comprehensive income (loss), net of tax | (23,106) | (2,685) | |||||||||
Retained earnings | 65,788 | 68,146 | |||||||||
Total Tiptree Inc. stockholders’ equity | 366,633 | 382,954 | |||||||||
Non-controlling interests | 16,520 | 17,227 | |||||||||
Total stockholders’ equity | 383,153 | 400,181 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,600,198 | $ | 3,599,147 |
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 March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Earned premiums, net | $ | 208,416 | $ | 146,919 | |||||||||||||||||||||||||||||||
Service and administrative fees | 71,835 | 58,050 | |||||||||||||||||||||||||||||||||
Ceding commissions | 2,537 | 3,025 | |||||||||||||||||||||||||||||||||
Net investment income | 3,167 | 2,767 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | 17,204 | 69,371 | |||||||||||||||||||||||||||||||||
Other revenue | 21,744 | 14,556 | |||||||||||||||||||||||||||||||||
Total revenues | 324,903 | 294,688 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Policy and contract benefits | 104,446 | 67,174 | |||||||||||||||||||||||||||||||||
Commission expense | 117,423 | 88,645 | |||||||||||||||||||||||||||||||||
Employee compensation and benefits | 56,455 | 52,924 | |||||||||||||||||||||||||||||||||
Interest expense | 10,199 | 9,252 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 6,156 | 5,934 | |||||||||||||||||||||||||||||||||
Other expenses | 31,176 | 31,367 | |||||||||||||||||||||||||||||||||
Total expenses | 325,855 | 255,296 | |||||||||||||||||||||||||||||||||
Income (loss) before taxes | (952) | 39,392 | |||||||||||||||||||||||||||||||||
Less: provision (benefit) for income taxes | (86) | 8,752 | |||||||||||||||||||||||||||||||||
Net income (loss) | (866) | 30,640 | |||||||||||||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 94 | 2,059 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (960) | $ | 28,581 | |||||||||||||||||||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | (0.03) | $ | 0.86 | |||||||||||||||||||||||||||||||
Diluted earnings per share | $ | (0.03) | $ | 0.81 | |||||||||||||||||||||||||||||||
Weighted average number of common shares: | |||||||||||||||||||||||||||||||||||
Basic | 34,229,011 | 32,420,982 | |||||||||||||||||||||||||||||||||
Diluted | 34,229,011 | 36,184,019 | |||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.04 | $ | 0.04 |
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 March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (866) | $ | 30,640 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) on available for sale securities: | ||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period | (26,376) | (3,870) | ||||||||||||||||||||||||||||||
Related (provision) benefit for income taxes | 5,819 | 875 | ||||||||||||||||||||||||||||||
Reclassification of (gains) losses included in net income (loss) | 110 | (128) | ||||||||||||||||||||||||||||||
Related (provision) benefit for income taxes | (24) | 30 | ||||||||||||||||||||||||||||||
Unrealized gains (losses) on available for sale securities, net of tax | (20,471) | (3,093) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (20,471) | (3,093) | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | (21,337) | 27,547 | ||||||||||||||||||||||||||||||
Less: comprehensive income (loss) attributable to non-controlling interests | 44 | 2,048 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | (21,381) | $ | 25,499 |
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 |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Non-controlling interests | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 34,124,153 | $ | 34 | $ | 317,459 | $ | (2,685) | $ | 68,146 | $ | 382,954 | $ | 17,227 | $ | 400,181 | ||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | 3,162 | — | — | 3,162 | 576 | 3,738 | |||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | 261,449 | — | (127) | — | — | (127) | (994) | (1,121) | |||||||||||||||||||||||||||||||||||||||
Shares issued upon exercise of warrants | 492,295 | 1 | 3,422 | — | — | 3,423 | — | 3,423 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | 250 | 250 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | (583) | (583) | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | (1,398) | (1,398) | — | (1,398) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | (20,421) | — | (20,421) | (50) | (20,471) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | (960) | (960) | 94 | (866) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 34,877,897 | $ | 35 | $ | 323,916 | $ | (23,106) | $ | 65,788 | $ | 366,633 | $ | 16,520 | $ | 383,153 | ||||||||||||||||||||||||||||||||
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 |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Non-controlling interests | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 32,682,462 | $ | 33 | $ | 315,014 | $ | 5,674 | $ | 35,423 | $ | 356,144 | $ | 17,394 | $ | 373,538 | ||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | 627 | — | — | 627 | 328 | 955 | |||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | 344,686 | — | (51) | — | — | (51) | (914) | (965) | |||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (488,662) | — | (2,450) | — | — | (2,450) | — | (2,450) | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | 100 | 100 | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | (1,326) | (1,326) | — | (1,326) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | (3,082) | — | (3,082) | (11) | (3,093) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | 28,581 | 28,581 | 2,059 | 30,640 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 32,538,486 | $ | 33 | $ | 313,140 | $ | 2,592 | $ | 62,678 | $ | 378,443 | $ | 18,956 | $ | 397,399 | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (960) | $ | 28,581 | ||||||||||||||||
Net income (loss) attributable to non-controlling interests | 94 | 2,059 | ||||||||||||||||||
Net income (loss) | (866) | 30,640 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||||||||||||||||||
Net realized and unrealized (gains) losses | (17,204) | (69,371) | ||||||||||||||||||
Net (gain) loss on held for sale of business | (1,752) | 431 | ||||||||||||||||||
Non-cash compensation expense | 6,170 | 1,065 | ||||||||||||||||||
Amortization/accretion of premiums and discounts | 654 | 670 | ||||||||||||||||||
Depreciation and amortization expense | 6,156 | 5,934 | ||||||||||||||||||
Non-cash lease expense | 2,420 | 2,195 | ||||||||||||||||||
Deferred provision (benefit) for income taxes | (54) | 7,788 | ||||||||||||||||||
Amortization of deferred financing costs | 407 | 394 | ||||||||||||||||||
Other | 69 | 80 | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Mortgage loans originated for sale | (972,051) | (911,193) | ||||||||||||||||||
Proceeds from the sale of mortgage loans originated for sale | 1,141,727 | 956,609 | ||||||||||||||||||
(Increase) decrease in notes and accounts receivable | (72,105) | 24,507 | ||||||||||||||||||
(Increase) decrease in reinsurance receivables | (69,116) | 14,279 | ||||||||||||||||||
(Increase) decrease in deferred acquisition costs | (35,379) | (43,494) | ||||||||||||||||||
(Increase) decrease in other assets | 4,653 | (4,101) | ||||||||||||||||||
Increase (decrease) in unearned premiums | 64,812 | 31,319 | ||||||||||||||||||
Increase (decrease) in policy liabilities and unpaid claims | 62,174 | 17,885 | ||||||||||||||||||
Increase (decrease) in deferred revenue | 25,453 | 25,397 | ||||||||||||||||||
Increase (decrease) in reinsurance payable | 7,745 | (23,329) | ||||||||||||||||||
Increase (decrease) in other liabilities and accrued expenses | (4,846) | (40,375) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 149,067 | 27,330 | ||||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Purchases of investments | (333,311) | (413,159) | ||||||||||||||||||
Proceeds from sales and maturities of investments | 322,923 | 372,015 | ||||||||||||||||||
Proceeds from the sale of real estate and other assets | 583 | — | ||||||||||||||||||
Purchases of property, plant and equipment | (535) | (397) | ||||||||||||||||||
Proceeds from the sale of businesses | — | 125 | ||||||||||||||||||
Proceeds from notes receivable | 17,098 | 14,762 | ||||||||||||||||||
Issuance of notes receivable | (25,490) | (15,710) | ||||||||||||||||||
Net cash provided by (used in) investing activities | (18,732) | (42,364) | ||||||||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (1,398) | (1,326) | ||||||||||||||||||
Cash received for the exercise of warrants | 3,423 | — | ||||||||||||||||||
Net non-controlling interest (redemptions) contributions | (1,566) | 100 | ||||||||||||||||||
Payment of debt issuance costs | (5) | — | ||||||||||||||||||
Proceeds from borrowings and mortgage notes payable | 1,020,790 | 955,306 | ||||||||||||||||||
Principal paydowns of borrowings and mortgage notes payable | (1,145,947) | (952,260) | ||||||||||||||||||
Repurchases of common stock and other changes in additional paid-in capital | — | (2,450) | ||||||||||||||||||
Net cash provided by (used in) financing activities | (124,703) | (630) | ||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,632 | (15,664) | ||||||||||||||||||
Cash, cash equivalents and restricted cash – beginning of period | 195,086 | 195,275 | ||||||||||||||||||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 9,360 | 4,879 | ||||||||||||||||||
Cash, cash equivalents and restricted cash – end of period | 210,078 | 184,490 | ||||||||||||||||||
Less: Reclassification of cash to assets held for sale | 12,549 | 7,317 | ||||||||||||||||||
Cash, cash equivalents and restricted cash – end of period | $ | 197,529 | $ | 177,173 | ||||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||||||||||||||
Right of use asset obtained in exchange for lease liability | $ | 5,830 | $ | 1,413 | ||||||||||||||||
Corporate loans and equity securities exchanged for trade receivables | $ | 19,846 | $ | — | ||||||||||||||||
As of | ||||||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash | March 31, 2022 | December 31, 2021 | ||||||||||||||||||
Cash and cash equivalents | $ | 177,962 | $ | 175,718 | ||||||||||||||||
Restricted cash | 19,567 | 19,368 | ||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | 197,529 | $ | 195,086 |
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 | $ | — |
Standard | Description | Adoption Date | Impact on Financial Statements | ||||||||
Accounting Standard Updates (ASU) 2020-06 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) | The standard simplifies the accounting for certain financial instruments. The guidance reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. The ASU amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. Either a full or modified retrospective method of transition is permissible for the adoption of this standard. | January 1, 2022 | The standard makes changes to the accounting for convertible instruments, which the Company does not currently issue, so the adoption of the standard does not currently impact the Company’s condensed consolidated financial statements. | ||||||||
As of | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Loans, at fair value | $ | 106,429 | $ | 236,810 | |||||||
Other investments | 2,835 | 2,071 | |||||||||
Total investments | 109,264 | 238,881 | |||||||||
Cash, cash equivalents and restricted cash | 12,549 | 9,360 | |||||||||
Notes and accounts receivable, net | 336 | 157 | |||||||||
Other assets | 2,037 | 2,210 | |||||||||
Assets held for sale | $ | 124,186 | $ | 250,608 | |||||||
Liabilities: | |||||||||||
Debt, net | $ | 105,376 | $ | 227,973 | |||||||
Other liabilities and accrued expenses (1) | 11,957 | 15,021 | |||||||||
Liabilities held for sale | $ | 117,333 | $ | 242,994 |
As of | |||||||||||
March 31, 2022 | |||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Other investments | $ | 13,364 | |||||||||
Total investments | 13,364 | ||||||||||
Other assets | 701 | ||||||||||
Assets held for sale | $ | 14,065 |
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 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 282,529 | $ | 25,401 | $ | 16,973 | $ | 324,903 | |||||||||||||||||||||||||||||||||
Total expenses | (267,847) | (21,135) | (24,624) | (313,606) | |||||||||||||||||||||||||||||||||||||
Corporate expenses | — | — | — | (12,249) | |||||||||||||||||||||||||||||||||||||
Income (loss) before taxes | $ | 14,682 | $ | 4,266 | $ | (7,651) | $ | (952) | |||||||||||||||||||||||||||||||||
Less: provision (benefit) for income taxes | (86) | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (866) | |||||||||||||||||||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 94 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (960) | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | 222,563 | $ | 34,494 | $ | 37,631 | $ | 294,688 | |||||||||||||||
Total expenses | (201,035) | (21,417) | (22,637) | (245,089) | |||||||||||||||||||
Corporate expenses | — | — | — | (10,207) | |||||||||||||||||||
Income (loss) before taxes | $ | 21,528 | $ | 13,077 | $ | 14,994 | $ | 39,392 | |||||||||||||||
Less: provision (benefit) for income taxes | 8,752 | ||||||||||||||||||||||
Net income (loss) | $ | 30,640 | |||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 2,059 | ||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 28,581 |
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 March 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tiptree Capital | Tiptree Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 3,168,813 | $ | 182,828 | $ | 248,852 | $ | (295) | $ | 3,600,198 | $ | 3,002,152 | $ | 201,134 | $ | 384,564 | $ | 11,297 | $ | 3,599,147 |
As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | 568,460 | $ | — | $ | — | $ | 568,460 | |||||||||||||||||||||||||||||||||
Loans, at fair value | 19,113 | 77,131 | — | 96,244 | |||||||||||||||||||||||||||||||||||||
Equity securities | 100,946 | — | 19,949 | 120,895 | |||||||||||||||||||||||||||||||||||||
Other investments | 56,523 | 9,156 | 66,626 | 132,305 | |||||||||||||||||||||||||||||||||||||
Total investments | $ | 745,042 | $ | 86,287 | $ | 86,575 | $ | 917,904 |
As of December 31, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | 577,448 | $ | — | $ | — | $ | 577,448 | |||||||||||||||
Loans, at fair value | 7,099 | 98,484 | — | 105,583 | |||||||||||||||||||
Equity securities | 109,684 | — | 28,799 | 138,483 | |||||||||||||||||||
Other investments | 79,975 | 7,981 | 80,700 | 168,656 | |||||||||||||||||||
Total investments | $ | 774,206 | $ | 106,465 | $ | 109,499 | $ | 990,170 |
As of September 30, 2017 | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Allowance for Credit Losses(1) | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 36,474 | $ | 96 | $ | (216 | ) | $ | 36,354 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 355,764 | $ | — | $ | 74 | $ | (16,657) | $ | 339,181 | ||||||||||||||||||||||||
Obligations of state and political subdivisions | 47,542 | 415 | (324 | ) | 47,633 | Obligations of state and political subdivisions | 55,460 | (1) | 171 | (2,459) | 53,171 | |||||||||||||||||||||||||||||||||
Corporate securities | 53,589 | 447 | (167 | ) | 53,869 | Corporate securities | 161,568 | (263) | 80 | (7,972) | 153,413 | |||||||||||||||||||||||||||||||||
Asset backed securities | 24,011 | 105 | (16 | ) | 24,100 | Asset backed securities | 20,231 | — | 4 | (2,711) | 17,524 | |||||||||||||||||||||||||||||||||
Certificates of deposit | 896 | — | — | 896 | Certificates of deposit | 2,696 | — | — | — | 2,696 | ||||||||||||||||||||||||||||||||||
Equity securities | 658 | 13 | (9 | ) | 662 | |||||||||||||||||||||||||||||||||||||||
Obligations of foreign governments | 566 | 13 | — | 579 | Obligations of foreign governments | 2,645 | (3) | — | (167) | 2,475 | ||||||||||||||||||||||||||||||||||
Total | $ | 163,736 | $ | 1,089 | $ | (732 | ) | $ | 164,093 | Total | $ | 598,364 | $ | (267) | $ | 329 | $ | (29,966) | $ | 568,460 | ||||||||||||||||||||||||
As of December 31, 2016 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Allowance for Credit Losses(1) | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 27,149 | $ | 27 | $ | (377 | ) | $ | 26,799 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 352,288 | $ | — | $ | 2,087 | $ | (3,197) | $ | 351,178 | ||||||||||||||||||||||||
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 |
Obligations of state and political subdivisions | 57,923 | — | 1,050 | (313) | 58,660 | ||||||||||||||||||||||||
Corporate securities | 145,997 | (241) | 517 | (1,396) | 144,877 | ||||||||||||||||||||||||
Asset backed securities | 19,511 | — | 82 | (2,146) | 17,447 | ||||||||||||||||||||||||
Certificates of deposit | 2,696 | — | — | — | 2,696 | ||||||||||||||||||||||||
Obligations of foreign governments | 2,649 | (4) | 3 | (58) | 2,590 | ||||||||||||||||||||||||
Total | $ | 581,064 | $ | (245) | $ | 3,739 | $ | (7,110) | $ | 577,448 |
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 | |||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due in one year or less | $ | 40,298 | $ | 40,331 | $ | 41,033 | $ | 41,150 | |||||||||||||||
Due after one year through five years | 284,784 | 272,909 | 269,487 | 268,537 | |||||||||||||||||||
Due after five years through ten years | 50,081 | 46,659 | 52,561 | 52,000 | |||||||||||||||||||
Due after ten years | 202,970 | 191,037 | 198,472 | 198,314 | |||||||||||||||||||
Asset backed securities | 20,231 | 17,524 | 19,511 | 17,447 | |||||||||||||||||||
Total | $ | 598,364 | $ | 568,460 | $ | 581,064 | $ | 577,448 |
As of March 31, 2022 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities(1) | Fair value | Gross unrealized losses | # of Securities(1) | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 276,483 | $ | (13,589) | 524 | $ | 35,661 | $ | (3,068) | 119 | |||||||||||||||||||||||||
Obligations of state and political subdivisions | 26,377 | (2,227) | 93 | 2,828 | (232) | 18 | |||||||||||||||||||||||||||||
Corporate securities | 123,495 | (6,572) | 430 | 17,396 | (1,400) | 72 | |||||||||||||||||||||||||||||
Asset backed securities | 11,066 | (414) | 67 | 3,800 | (2,297) | 7 | |||||||||||||||||||||||||||||
Certificates of deposit | 1,339 | — | 2 | — | — | — | |||||||||||||||||||||||||||||
Obligations of foreign governments | 1,344 | (71) | 5 | 1,131 | (96) | 4 | |||||||||||||||||||||||||||||
Total | $ | 440,104 | $ | (22,873) | 1,121 | $ | 60,816 | $ | (7,093) | 220 | |||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities(1) | Fair value | Gross unrealized losses | # of Securities(1) | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 216,378 | $ | (2,827) | 324 | $ | 11,920 | $ | (370) | 47 | |||||||||||||||||||||||||
Obligations of state and political subdivisions | 17,190 | (275) | 64 | 1,152 | (38) | 5 | |||||||||||||||||||||||||||||
Corporate securities | 99,434 | (1,159) | 326 | 9,722 | (237) | 45 | |||||||||||||||||||||||||||||
Asset backed securities | 7,454 | (84) | 38 | 2,316 | (2,062) | 5 | |||||||||||||||||||||||||||||
Certificates of deposit | 1,339 | — | 2 | — | — | — | |||||||||||||||||||||||||||||
Obligations of foreign governments | 2,278 | (58) | 8 | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 344,073 | $ | (4,403) | 762 | $ | 25,110 | $ | (2,707) | 102 |
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 |
Obligations of state and political subdivisions | Corporate securities | Asset backed securities | Obligations of foreign governments | Total | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
(Increase) in allowance for credit losses | — | (101) | — | (5) | (106) | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | — | $ | (101) | $ | — | $ | (5) | $ | (106) | |||||||||||||||||||
Balance at December 31, 2021 | $ | — | $ | (241) | $ | — | $ | (4) | $ | (245) | |||||||||||||||||||
(Increase) in allowance for credit losses | (1) | (47) | — | — | (48) | ||||||||||||||||||||||||
Gains from recoveries of amounts previously written off | — | 25 | — | 1 | 26 | ||||||||||||||||||||||||
Balance at March 31, 2022 | $ | (1) | $ | (263) | $ | — | $ | (3) | $ | (267) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Net gains from recoveries (credit losses) on AFS securities | (22) | (106) |
As of | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ | 40,099 | $ | 42,471 | |||||||
Fair value of restricted investments for special deposits required by state insurance departments | 9,754 | 7,189 | |||||||||
Total fair value of restricted investments | $ | 49,853 | $ | 49,660 |
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 March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Purchases of AFS securities | $ | 55,142 | $ | 68,702 | |||||||||||||||||||||||||
Proceeds from maturities, calls and prepayments of AFS securities | $ | 20,242 | $ | 17,740 | |||||||||||||||||||||||||
Gross proceeds from sales of AFS securities | $ | 16,970 | $ | 13,645 | |||||||||||||||||||||||||
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 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Gross realized gains | $ | 74 | $ | 128 | |||||||||||||||||||||||||||||||||||||
Gross realized (losses) | (184) | — | |||||||||||||||||||||||||||||||||||||||
Total net realized gains (losses) from investment sales and redemptions | $ | (110) | $ | 128 |
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 March 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as collateral | Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as collateral | ||||||||||||||||||||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans (1) | $ | 19,113 | $ | 21,292 | $ | (2,179) | $ | — | $ | 7,099 | $ | 10,156 | $ | (3,057) | $ | — | |||||||||||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale (2) | 77,131 | 77,028 | 103 | 74,768 | 98,484 | 95,264 | 3,220 | 95,542 | |||||||||||||||||||||||||||||||||||||||
Total loans, at fair value | $ | 96,244 | $ | 98,320 | $ | (2,076) | $ | 74,768 | $ | 105,583 | $ | 105,420 | $ | 163 | $ | 95,542 |
As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Invesque | $ | 23,339 | $ | 4,167 | $ | 111,491 | $ | 19,949 | $ | 134,830 | $ | 24,116 | |||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded fund | 52,176 | 51,718 | — | — | 52,176 | 51,718 | |||||||||||||||||||||||||||||||||||||||||||||||
Other equity securities | 40,845 | 45,061 | — | — | 40,845 | 45,061 | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 116,360 | $ | 100,946 | $ | 111,491 | $ | 19,949 | $ | 227,851 | $ | 120,895 |
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Invesque | $ | 23,339 | $ | 6,015 | $ | 111,491 | $ | 28,799 | $ | 134,830 | $ | 34,814 | |||||||||||||||||||||||
Fixed income exchange traded fund | 52,176 | 53,154 | — | — | 52,176 | 53,154 | |||||||||||||||||||||||||||||
Other equity securities | 49,664 | 50,515 | — | — | 49,664 | 50,515 | |||||||||||||||||||||||||||||
Total equity securities | $ | 125,179 | $ | 109,684 | $ | 111,491 | $ | 28,799 | $ | 236,670 | $ | 138,483 |
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 March 31, 2022 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | 34,700 | $ | — | $ | — | $ | 34,700 | |||||||||||||||
Vessels, net (2) | — | — | 65,307 | 65,307 | |||||||||||||||||||
Debentures | 21,783 | — | — | 21,783 | |||||||||||||||||||
Other | 40 | 9,156 | 1,319 | 10,515 | |||||||||||||||||||
Total other investments | $ | 56,523 | $ | 9,156 | $ | 66,626 | $ | 132,305 |
As of December 31, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | 38,965 | $ | — | $ | — | $ | 38,965 | |||||||||||||||
Vessels, net (2) | — | — | 79,368 | 79,368 | |||||||||||||||||||
Debentures | 21,057 | — | — | 21,057 | |||||||||||||||||||
Trade claims | 19,737 | — | — | 19,737 | |||||||||||||||||||
Other | 216 | 7,981 | 1,332 | 9,529 | |||||||||||||||||||
Total other investments | $ | 79,975 | $ | 7,981 | $ | 80,700 | $ | 168,656 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Interest: | |||||||||||||||||||||||||||||
AFS securities | $ | 2,199 | $ | 1,724 | |||||||||||||||||||||||||
Loans, at fair value | 167 | 205 | |||||||||||||||||||||||||||
Other investments | 1,340 | 1,282 | |||||||||||||||||||||||||||
Dividends from equity securities | 588 | 89 | |||||||||||||||||||||||||||
Other | — | 20 | |||||||||||||||||||||||||||
Subtotal | 4,294 | 3,320 | |||||||||||||||||||||||||||
Less: investment expenses | 1,127 | 553 | |||||||||||||||||||||||||||
Net investment income | $ | 3,167 | $ | 2,767 |
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 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Interest: | |||||||||||||||||||||||||||||
Loans, at fair value (1) | $ | 2,307 | $ | 1,672 | |||||||||||||||||||||||||
Loan fee income | 5,536 | 5,362 | |||||||||||||||||||||||||||
Vessel related revenue | 8,862 | 5,699 | |||||||||||||||||||||||||||
Other investment income | $ | 16,705 | $ | 12,733 |
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 March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Net realized gains (losses) | |||||||||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||||||||
Reclass of unrealized gains (losses) on AFS securities from OCI | $ | (110) | $ | 128 | |||||||||||||||||||||||||
Net gains from recoveries (credit losses) on AFS securities | (22) | (106) | |||||||||||||||||||||||||||
Net realized gains (losses) on loans | 93 | — | |||||||||||||||||||||||||||
Net realized gains (losses) on equity securities | (2,483) | (1,853) | |||||||||||||||||||||||||||
Net realized gains (losses) on corporate bonds | 913 | 1,816 | |||||||||||||||||||||||||||
Other | (4,284) | 2,577 | |||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||||||
Net realized gains (losses) on loans | 13,418 | 24,733 | |||||||||||||||||||||||||||
Other | 4,066 | 965 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
Net realized gains (losses) on loans (1) | 14,740 | 13,887 | |||||||||||||||||||||||||||
Other | 441 | 669 | |||||||||||||||||||||||||||
Total net realized gains (losses) | 26,772 | 42,816 | |||||||||||||||||||||||||||
Net unrealized gains (losses) | |||||||||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on loans | (268) | 856 | |||||||||||||||||||||||||||
Net unrealized gains (losses) on equity securities held at period end | (2,161) | 11,087 | |||||||||||||||||||||||||||
Reclass of unrealized (gains) losses from prior periods for equity securities sold | 1,815 | (1,211) | |||||||||||||||||||||||||||
Other | (136) | (3,622) | |||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on loans | (3,117) | (1,642) | |||||||||||||||||||||||||||
Other | 6,047 | 6,023 |
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 |
Other: | |||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on loans (1) | (3,581) | (1,900) | |||||||||||||||||||||||||||
Net unrealized gains (losses) on equity securities held at period end | (8,850) | 13,767 | |||||||||||||||||||||||||||
Other | 683 | 3,197 | |||||||||||||||||||||||||||
Total net unrealized gains (losses) | (9,568) | 26,555 | |||||||||||||||||||||||||||
Total net realized and unrealized gains (losses) | $ | 17,204 | $ | 69,371 |
As of | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Accounts and premiums receivable, net | $ | 179,002 | $ | 137,082 | |||||||
Retrospective commissions receivable | 167,657 | 157,853 | |||||||||
Notes receivable, net - premium financing program | 99,264 | 89,788 | |||||||||
Trust receivables | 45,503 | 41,889 | |||||||||
Other receivables | 44,707 | 27,757 | |||||||||
Total notes and accounts receivable, net | $ | 536,133 | $ | 454,369 |
Valuation allowance | Bad Debt Expense | ||||||||||||||||||||||||||||||||||||||||
As of | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Notes receivable, net - premium financing program (1) | $ | 95 | $ | 123 | $ | 62 | $ | 80 | |||||||||||||||||||||||||||||||||
Accounts and premiums receivable, net | $ | 116 | $ | 120 | $ | 8 | $ | 4 |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Premiums written: | Premiums written: | ||||||||||||||||||||||||||||||||||||||||||||||
Life insurance | $ | 18,375 | $ | 9,587 | $ | 525 | $ | 9,313 | 5.6 | % | Life insurance | $ | 20,059 | $ | 8,394 | $ | 49 | $ | 11,714 | 0.4 | % | ||||||||||||||||||||||||||
Accident and health insurance | 34,034 | 23,077 | 862 | 11,819 | 7.3 | % | Accident and health insurance | 34,838 | 23,545 | 249 | 11,542 | 2.2 | % | ||||||||||||||||||||||||||||||||||
Property and liability insurance | 149,414 | 56,380 | 4,844 | 97,878 | 4.9 | % | Property and liability insurance | 299,164 | 156,189 | 98,471 | 241,446 | 40.8 | % | ||||||||||||||||||||||||||||||||||
Total premiums written | 201,823 | 89,044 | 6,231 | 119,010 | 5.2 | % | Total premiums written | 354,061 | 188,128 | 98,769 | 264,702 | 37.3 | % | ||||||||||||||||||||||||||||||||||
Premiums earned: | Premiums earned: | ||||||||||||||||||||||||||||||||||||||||||||||
Life insurance | 15,654 | 7,764 | 481 | 8,371 | 5.7 | % | Life insurance | 19,940 | 10,126 | 168 | 9,982 | 1.7 | % | ||||||||||||||||||||||||||||||||||
Accident and health insurance | 28,347 | 19,511 | 814 | 9,650 | 8.4 | % | Accident and health insurance | 36,058 | 24,551 | 332 | 11,839 | 2.8 | % | ||||||||||||||||||||||||||||||||||
Property and liability insurance | 126,847 | 52,201 | 3,406 | 78,052 | 4.4 | % | Property and liability insurance | 257,480 | 141,416 | 70,531 | 186,595 | 37.8 | % | ||||||||||||||||||||||||||||||||||
Total premiums earned | $ | 170,848 | $ | 79,476 | $ | 4,701 | $ | 96,073 | 4.9 | % | Total premiums earned | $ | 313,478 | $ | 176,093 | $ | 71,031 | $ | 208,416 | 34.1 | % | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | 18,573 | $ | 11,027 | $ | 410 | $ | 7,956 | 5.2 | % | |||||||||||||||||||
Accident and health insurance | 32,163 | 22,667 | 4,861 | 14,357 | 33.9 | % | |||||||||||||||||||||||
Property and liability insurance | 270,157 | 136,353 | 42,888 | 176,692 | 24.3 | % | |||||||||||||||||||||||
Total premiums written | 320,893 | 170,047 | 48,159 | 199,005 | 24.2 | % | |||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | 17,493 | 9,766 | 340 | 8,067 | 4.2 | % | |||||||||||||||||||||||
Accident and health insurance | 30,179 | 20,476 | 3,791 | 13,494 | 28.1 | % | |||||||||||||||||||||||
Property and liability insurance | 241,829 | 160,395 | 43,924 | 125,358 | 35.0 | % | |||||||||||||||||||||||
Total premiums earned | $ | 289,501 | $ | 190,637 | $ | 48,055 | $ | 146,919 | 32.7 | % | |||||||||||||||||||
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | 16,605 | $ | 8,782 | $ | 265 | $ | 8,088 | 3.3 | % | |||||||||||||||||||
Accident and health insurance | 9,988 | 7,748 | 1,171 | 3,411 | 34.3 | % | |||||||||||||||||||||||
Property and liability insurance | 110,376 | 76,946 | 38,347 | 71,777 | 53.4 | % | |||||||||||||||||||||||
Total losses and LAE incurred | 136,969 | 93,476 | 39,783 | 83,276 | 47.8 | % | |||||||||||||||||||||||
Member benefit claims (1) | 21,170 | ||||||||||||||||||||||||||||
Total policy and contract benefits | $ | 104,446 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | 15,596 | $ | 9,332 | $ | 153 | $ | 6,417 | 2.4 | % | |||||||||||||||||||
Accident and health insurance | 4,818 | 3,814 | 660 | 1,664 | 39.7 | % | |||||||||||||||||||||||
Property and liability insurance | 75,917 | 51,996 | 18,249 | 42,170 | 43.3 | % | |||||||||||||||||||||||
Total losses and LAE incurred | 96,331 | 65,142 | 19,062 | 50,251 | 37.9 | % | |||||||||||||||||||||||
Member benefit claims (1) | 16,923 | ||||||||||||||||||||||||||||
Total policy and contract benefits | $ | 67,174 | |||||||||||||||||||||||||||
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 | |||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Prepaid reinsurance premiums: | |||||||||||||||||
Life insurance (1) | $ | 71,398 | $ | 73,478 | |||||||||||||
Accident and health insurance (1) | 80,515 | 81,521 | |||||||||||||||
Property and liability insurance | 498,074 | 479,091 | |||||||||||||||
Total | 649,987 | 634,090 | |||||||||||||||
Ceded claim reserves: | |||||||||||||||||
Life insurance | 3,935 | 3,928 | |||||||||||||||
Accident and health insurance | 15,813 | 12,239 | |||||||||||||||
Property and liability insurance | 178,490 | 148,962 | |||||||||||||||
Total ceded claim reserves recoverable | 198,238 | 165,129 | |||||||||||||||
Other reinsurance settlements recoverable | 101,727 | 81,617 | |||||||||||||||
Reinsurance receivables | $ | 949,952 | $ | 880,836 |
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 |
As of | |||||
March 31, 2022 | |||||
Total of the three largest receivable balances from non-affiliated reinsurers | $ | 126,831 |
As of | |||
September 30, 2017 | |||
Total of the three largest receivable balances from unrelated reinsurers | $ | 78,783 |
As of March 31, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets: | Insurance | Other | Total | Insurance | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 143,300 | $ | — | $ | 143,300 | $ | 143,300 | $ | — | $ | 143,300 | ||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (49,552) | — | (49,552) | (45,997) | — | (45,997) | ||||||||||||||||||||||||||||||||||||||||||||
Trade names | 14,750 | 800 | 15,550 | 14,750 | 800 | 15,550 | ||||||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (6,033) | (540) | (6,573) | (5,633) | (520) | (6,153) | ||||||||||||||||||||||||||||||||||||||||||||
Software licensing | 9,300 | 640 | 9,940 | 9,300 | 640 | 9,940 | ||||||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (8,825) | (617) | (9,442) | (8,790) | (594) | (9,384) | ||||||||||||||||||||||||||||||||||||||||||||
Insurance policies and contracts acquired | 36,500 | — | 36,500 | 36,500 | — | 36,500 | ||||||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (36,335) | — | (36,335) | (36,320) | — | (36,320) | ||||||||||||||||||||||||||||||||||||||||||||
Other | 640 | — | 640 | 640 | — | 640 | ||||||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (160) | — | (160) | (203) | — | (203) | ||||||||||||||||||||||||||||||||||||||||||||
Total finite-lived intangible assets | 103,585 | 283 | 103,868 | 107,547 | 326 | 107,873 | ||||||||||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance licensing agreements | 13,761 | — | 13,761 | 13,761 | — | 13,761 | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | 1,728 | 1,728 | — | 1,124 | 1,124 | ||||||||||||||||||||||||||||||||||||||||||||
Total indefinite-lived intangible assets | 13,761 | 1,728 | 15,489 | 13,761 | 1,124 | 14,885 | ||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets, net | $ | 117,346 | $ | 2,011 | $ | 119,357 | $ | 121,308 | $ | 1,450 | $ | 122,758 | ||||||||||||||||||||||||||||||||||||||
Goodwill | 177,395 | 1,708 | 179,103 | 177,395 | 1,708 | 179,103 | ||||||||||||||||||||||||||||||||||||||||||||
Total goodwill and intangible assets, net | $ | 294,741 | $ | 3,719 | $ | 298,460 | $ | 298,703 | $ | 3,158 | $ | 301,861 |
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 |
Tiptree Capital | |||||||||||||||||
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2021 | $ | 177,395 | $ | 1,708 | $ | 179,103 | |||||||||||
Balance at March 31, 2022 | $ | 177,395 | $ | 1,708 | $ | 179,103 | |||||||||||
Accumulated impairments (1) | $ | — | $ | 699 | $ | 699 |
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 |
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2021 | $ | 121,308 | $ | 1,450 | $ | 122,758 | |||||||||||
Intangibles acquired | — | 604 | 604 | ||||||||||||||
Less: amortization expense | (3,962) | (43) | (4,005) | ||||||||||||||
Balance at March 31, 2022 | $ | 117,346 | $ | 2,011 | $ | 119,357 |
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 March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Amortization expense on intangible assets | $ | 4,005 | $ | 3,900 |
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 March 31, 2022 | |||||||||||||||||
Insurance | Other | Total | |||||||||||||||
Remainder of 2022 | $ | 11,886 | $ | 83 | $ | 11,969 | |||||||||||
2023 | 15,031 | 80 | 15,111 | ||||||||||||||
2024 | 13,344 | 80 | 13,424 | ||||||||||||||
2025 | 11,229 | 40 | 11,269 | ||||||||||||||
2026 | 9,003 | — | 9,003 | ||||||||||||||
2027 and thereafter | 43,092 | — | 43,092 | ||||||||||||||
Total | $ | 103,585 | $ | 283 | $ | 103,868 |
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 March 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 275,196 | $ | 3,569 | $ | — | $ | 268,878 | $ | 7,514 | $ | — | |||||||||||||||||||||||
Forward delivery contracts | 54,328 | 563 | 14 | 56,593 | 204 | 59 | |||||||||||||||||||||||||||||
TBA mortgage backed securities | 325,000 | 5,024 | 415 | 316,000 | 262 | 425 | |||||||||||||||||||||||||||||
Other | 49,664 | 41 | 1,998 | 9,232 | 216 | 1,657 | |||||||||||||||||||||||||||||
Total | $ | 704,188 | $ | 9,197 | $ | 2,427 | $ | 650,703 | $ | 8,196 | $ | 2,141 |
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 |
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 |
As of March 31, 2022 | |||||||||||||||||||||||
Corporate debt | Insurance | Other | Corporate | Total | |||||||||||||||||||
Secured term credit agreements (LIBOR + 6.75%)(2) | $ | — | $ | — | $ | 112,500 | $ | 112,500 | |||||||||||||||
Preferred trust securities (LIBOR + 4.10%) | 35,000 | — | — | 35,000 | |||||||||||||||||||
8.50% Junior subordinated notes | 125,000 | — | — | 125,000 | |||||||||||||||||||
Total corporate debt | 160,000 | — | 112,500 | 272,500 | |||||||||||||||||||
Asset based debt (3) | |||||||||||||||||||||||
Asset based revolving financing (LIBOR + 2.75%) | 48,551 | — | — | 48,551 | |||||||||||||||||||
Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3) | — | 67,990 | — | 67,990 | |||||||||||||||||||
Vessel backed term loan (LIBOR + 4.75%) | — | 13,050 | — | 13,050 | |||||||||||||||||||
Total asset based debt | 48,551 | 81,040 | — | 129,591 | |||||||||||||||||||
Total debt, face value | 208,551 | 81,040 | 112,500 | 402,091 | |||||||||||||||||||
Unamortized discount, net | — | — | (1,323) | (1,323) | |||||||||||||||||||
Unamortized deferred financing costs | (8,180) | (983) | (279) | (9,442) | |||||||||||||||||||
Total debt, net | $ | 200,371 | $ | 80,057 | $ | 110,898 | $ | 391,326 | |||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||
Corporate debt | Insurance | Other | Corporate | Total | |||||||||||||||||||
Secured revolving credit agreements (1) | $ | 2,160 | $ | — | $ | — | $ | 2,160 | |||||||||||||||
Secured term credit agreements (LIBOR + 6.75%)(2) | — | — | 114,063 | 114,063 | |||||||||||||||||||
Preferred trust securities (LIBOR + 4.10%) | 35,000 | — | — | 35,000 | |||||||||||||||||||
8.50% Junior subordinated notes | 125,000 | — | — | 125,000 | |||||||||||||||||||
Total corporate debt | 162,160 | — | 114,063 | 276,223 | |||||||||||||||||||
Asset based debt (3) | |||||||||||||||||||||||
Asset based revolving financing (LIBOR + 2.75%) | 42,310 | — | — | 42,310 | |||||||||||||||||||
Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3) | — | 72,518 | — | 72,518 | |||||||||||||||||||
Vessel backed term loan (LIBOR + 4.75%) | — | 13,600 | — | 13,600 | |||||||||||||||||||
Total asset based debt | 42,310 | 86,118 | — | 128,428 | |||||||||||||||||||
Total debt, face value | 204,470 | 86,118 | 114,063 | 404,651 | |||||||||||||||||||
Unamortized discount, net | — | — | (1,458) | (1,458) | |||||||||||||||||||
Unamortized deferred financing costs | (8,474) | (1,069) | (301) | (9,844) | |||||||||||||||||||
Total debt, net | $ | 195,996 | $ | 85,049 | $ | 112,304 | $ | 393,349 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Total Interest expense - corporate debt | $ | 5,876 | $ | 6,063 | |||||||||||||||||||||||||||||||
Total Interest expense - asset based debt | 4,198 | 3,082 | |||||||||||||||||||||||||||||||||
Interest expense on debt | $ | 10,074 | $ | 9,145 |
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 | |||||
March 31, 2022 | |||||
Remainder of 2022 | $ | 74,327 | |||
2023 | 57,001 | ||||
2024 | 15,450 | ||||
2025 | 95,313 | ||||
2026 | 0 | ||||
2027 and thereafter | 160,000 | ||||
Total | $ | 402,091 |
As of March 31, 2022 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | — | $ | 339,181 | $ | — | $ | 339,181 | |||||||||||||||
Obligations of state and political subdivisions | — | 53,171 | — | 53,171 | |||||||||||||||||||
Obligations of foreign governments | — | 2,475 | — | 2,475 | |||||||||||||||||||
Certificates of deposit | 2,696 | — | — | 2,696 | |||||||||||||||||||
Asset backed securities | — | 17,082 | 442 | 17,524 | |||||||||||||||||||
Corporate securities | — | 153,413 | — | 153,413 | |||||||||||||||||||
Total available for sale securities, at fair value | 2,696 | 565,322 | 442 | 568,460 | |||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | — | 5,060 | 14,053 | 19,113 | |||||||||||||||||||
Mortgage loans held for sale | — | 77,131 | — | 77,131 | |||||||||||||||||||
Total loans, at fair value | — | 82,191 | 14,053 | 96,244 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | 24,116 | — | — | 24,116 | |||||||||||||||||||
Fixed income ETFs | 51,718 | — | — | 51,718 | |||||||||||||||||||
Other equity securities | 37,653 | — | 7,408 | 45,061 | |||||||||||||||||||
Total equity securities | 113,487 | — | 7,408 | 120,895 | |||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | — | 34,700 | — | 34,700 | |||||||||||||||||||
Derivative assets | 41 | 5,587 | 3,569 | 9,197 | |||||||||||||||||||
Other | — | — | 896 | 896 | |||||||||||||||||||
Total other investments, at fair value | 41 | 40,287 | 4,465 | 44,793 | |||||||||||||||||||
Mortgage servicing rights (1) | — | — | 37,870 | 37,870 | |||||||||||||||||||
Total | $ | 116,224 | $ | 687,800 | $ | 64,238 | $ | 868,262 | |||||||||||||||
Liabilities: (2) | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 3,199 | $ | — | $ | — | $ | 3,199 | |||||||||||||||
Derivative liabilities | — | 2,427 | — | 2,427 | |||||||||||||||||||
Contingent consideration payable | — | — | 200 | 200 | |||||||||||||||||||
Total | $ | 3,199 | $ | 2,427 | $ | 200 | $ | 5,826 |
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 December 31, 2021 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | — | $ | 351,178 | $ | — | $ | 351,178 | |||||||||||||||
Obligations of state and political subdivisions | — | 58,660 | — | 58,660 | |||||||||||||||||||
Obligations of foreign governments | — | 2,590 | — | 2,590 | |||||||||||||||||||
Certificates of deposit | 2,696 | — | — | 2,696 | |||||||||||||||||||
Asset backed securities | — | 16,832 | 615 | 17,447 | |||||||||||||||||||
Corporate securities | — | 144,877 | — | 144,877 | |||||||||||||||||||
Total available for sale securities, at fair value | 2,696 | 574,137 | 615 | 577,448 | |||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | — | 5,002 | 2,097 | 7,099 | |||||||||||||||||||
Mortgage loans held for sale | — | 98,484 | — | 98,484 | |||||||||||||||||||
Total loans, at fair value | — | 103,486 | 2,097 | 105,583 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | 34,814 | — | — | 34,814 | |||||||||||||||||||
Fixed income ETFs | 53,154 | — | — | 53,154 | |||||||||||||||||||
Other equity securities | 49,309 | — | 1,206 | 50,515 | |||||||||||||||||||
Total equity securities | 137,277 | — | 1,206 | 138,483 | |||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | — | 38,965 | — | 38,965 | |||||||||||||||||||
Derivative assets | 113 | 569 | 7,514 | 8,196 | |||||||||||||||||||
Trade claims | — | — | 19,737 | 19,737 | |||||||||||||||||||
Other | — | — | 441 | 441 | |||||||||||||||||||
Total other investments, at fair value | 113 | 39,534 | 27,692 | 67,339 | |||||||||||||||||||
Mortgage servicing rights (1) | — | — | 29,833 | 29,833 | |||||||||||||||||||
Total | $ | 140,086 | $ | 717,157 | $ | 61,443 | $ | 918,686 | |||||||||||||||
Liabilities: (2) | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 242 | $ | — | $ | — | $ | 242 | |||||||||||||||
Derivative liabilities | — | 2,141 | — | 2,141 | |||||||||||||||||||
Contingent consideration payable | — | — | 200 | 200 | |||||||||||||||||||
Total | $ | 242 | $ | 2,141 | $ | 200 | $ | 2,583 | |||||||||||||||
(1) Included in other assets. (2) Included in other liabilities and accrued expenses. |
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 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Balance at January 1, | $ | 61,443 | $ | 33,455 | |||||||
Net realized and unrealized gains or losses included in: | |||||||||||
Earnings | 7,009 | 7,015 | |||||||||
OCI | (173) | 20 | |||||||||
Origination of IRLCs | 15,613 | 26,347 | |||||||||
Purchases | — | 568 | |||||||||
Sales and repayments | (1,233) | (1,743) | |||||||||
Conversions to mortgage loans held for sale | (19,558) | (27,270) | |||||||||
Settlement of trade claims | (18,709) | — | |||||||||
Issuance of term loans | 12,486 | — | |||||||||
Issuance of equity securities | 7,360 | — | |||||||||
Balance at March 31, | $ | 64,238 | $ | 38,392 | |||||||
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | $ | (159) | $ | 2,390 | |||||||
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | $ | (173) | $ | 20 |
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 |
As of | As of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | Valuation technique | Unobservable input(s) (1) | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Fair Value | Range | WA | Range | WA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRLCs | $ | 3,569 | $ | 7,514 | Internal model | Pull through rate | 55% | to | 95% | 65% | 55% | to | 95% | 66% | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 37,870 | 29,833 | External model | Discount rate | 9% | to | 12% | 9% | 10% | to | 12% | 9% | |||||||||||||||||||||||||||||||||||||||||||||||
Cost to service | $65 | to | $80 | $71 | $65 | to | $80 | $71 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment speed | 5% | to | 80% | 10% | 5% | to | 100% | 15% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trade claims | — | 19,737 | Internal model | Plan projected recovery rate | N/A | 15% | to | 18% | 17% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 7,360 | — | Internal model | Projected recovery rate | 15% | to | 17% | 16% | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans and related receivables | 12,486 | — | Internal model | Discount rate | 18% | to | 20% | 19% | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 61,285 | $ | 57,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration payable - Smart AutoCare | $ | 200 | $ | 200 | Cash Flow Model | Forecast Cash EBITDA | $20,000 | to | $30,000 | N/A | $20,000 | to | $30,000 | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Actuarial Analysis | Assumed Claim Liabilities | $55,000 | $55,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 200 | $ | 200 |
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 |
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 |
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% |
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 |
As of March 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
Level within fair value hierarchy | Fair value | Carrying value | Level within fair value hierarchy | Fair value | Carrying value | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Debentures (1) | 2 | $ | 21,783 | $ | 21,783 | 2 | $ | 21,057 | $ | 21,057 | |||||||||||||||||||||||||
Notes receivable, net | 2 | 99,264 | 99,264 | 2 | 89,788 | 89,788 | |||||||||||||||||||||||||||||
Total assets | $ | 121,047 | $ | 121,047 | $ | 110,845 | $ | 110,845 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Debt, net | 3 | $ | 409,518 | $ | 400,768 | 3 | $ | 419,599 | $ | 403,193 | |||||||||||||||||||||||||
Total liabilities | $ | 409,518 | $ | 400,768 | $ | 419,599 | $ | 403,193 |
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 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Policy liabilities and unpaid claims balance as of January 1, | $ | 331,703 | $ | 233,438 | |||||||
Less: liabilities of policy-holder account balances, gross | (801) | (5,419) | |||||||||
Less: non-insurance warranty benefit claim liabilities | (10,785) | (30,664) | |||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | 320,117 | 197,355 | |||||||||
Less: reinsurance recoverable on unpaid losses - short duration | (165,129) | (113,163) | |||||||||
Less: other lines, gross | (576) | (247) | |||||||||
Net balance as of January 1, short duration | 154,412 | 83,945 | |||||||||
Incurred (short duration) related to: | |||||||||||
Current year | 81,563 | 50,013 | |||||||||
Prior years | 1,161 | (36) | |||||||||
Total incurred | 82,724 | 49,977 | |||||||||
Paid (short duration) related to: | |||||||||||
Current year | 42,706 | 36,498 | |||||||||
Prior years | 6,686 | 1,914 | |||||||||
Total paid | 49,392 | 38,412 | |||||||||
Net balance as of March 31, short duration | 187,744 | 95,510 | |||||||||
Plus: reinsurance recoverable on unpaid losses - short duration | 197,607 | 124,375 | |||||||||
Plus: other lines, gross | 658 | 786 | |||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | 386,009 | 220,671 | |||||||||
Plus: liabilities of policy-holder account balances, gross | 273 | 5,120 | |||||||||
Plus: non-insurance warranty benefit claim liabilities | 7,595 | 25,532 | |||||||||
Policy liabilities and unpaid claims balance as of March 31, | $ | 393,877 | $ | 251,323 |
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 March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Short duration incurred | $ | 82,724 | $ | 49,977 | ||||||||||||||||||||||||||||
Other lines incurred | 392 | 1 | ||||||||||||||||||||||||||||||
Unallocated loss adjustment expenses | 160 | 273 | ||||||||||||||||||||||||||||||
Total losses incurred | $ | 83,276 | $ | 50,251 |
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 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||||||||
Service contract revenue | $ | 43,213 | $ | 33,068 | |||||||||||||||||||||||||
Motor club revenue | 12,558 | 9,184 | |||||||||||||||||||||||||||
Vessel related revenue | 8,862 | 5,699 | |||||||||||||||||||||||||||
Other | 2,121 | 5,364 | |||||||||||||||||||||||||||
Revenue from contracts with customers | $ | 66,754 | $ | 53,315 |
January 1, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||
Beginning balance | Additions | Amortization | Ending balance | |||||||||||||||||||||||||||||
Deferred acquisition costs | ||||||||||||||||||||||||||||||||
Service and Administrative Fees: | ||||||||||||||||||||||||||||||||
Service contract revenue | $ | 110,220 | $ | 28,906 | $ | 9,762 | $ | 129,364 | ||||||||||||||||||||||||
Motor club revenue | 19,424 | 9,416 | 9,997 | 18,843 | ||||||||||||||||||||||||||||
Total | $ | 129,644 | $ | 38,322 | $ | 19,759 | $ | 148,207 |
Deferred revenue | ||||||||||||||||||||||||||||||||
Service and Administrative Fees: | ||||||||||||||||||||||||||||||||
Service contract revenue | $ | 470,399 | $ | 68,305 | $ | 43,213 | $ | 495,491 | ||||||||||||||||||||||||
Motor club revenue | 24,870 | 12,386 | 12,558 | 24,698 | ||||||||||||||||||||||||||||
Total | $ | 495,269 | $ | 80,691 | $ | 55,771 | $ | 520,189 |
As of | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Loans eligible for repurchase | $ | 27,686 | $ | 36,732 | |||||||
Mortgage servicing rights | 37,870 | 29,833 | |||||||||
Right of use asset - Operating leases | 25,102 | 23,870 | |||||||||
Income tax receivable | 19,492 | 19,824 | |||||||||
Furniture, fixtures and equipment, net | 14,650 | 14,878 | |||||||||
Prepaid expenses | 9,697 | 10,722 | |||||||||
Other | 12,720 | 10,985 | |||||||||
Total other assets | $ | 147,217 | $ | 146,844 |
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 March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | 838 | $ | 777 |
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 | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Accounts payable and accrued expenses | $ | 154,131 | $ | 149,816 | |||||||
Loans eligible for repurchase liability | 27,686 | 36,732 | |||||||||
Deferred tax liabilities, net | 34,335 | 40,049 | |||||||||
Operating lease liability | 33,185 | 29,396 | |||||||||
Due to brokers | 44 | 10,763 | |||||||||
Commissions payable | 16,788 | 20,412 | |||||||||
Securities sold, not yet purchased | 3,199 | 242 | |||||||||
Other | 22,747 | 19,126 | |||||||||
Total other liabilities and accrued expenses | $ | 292,115 | $ | 306,536 |
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 March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Other investment income (1) | $ | 16,705 | $ | 12,733 | ||||||||||||||||||||||||||||
Other (2) | 5,039 | 1,823 | ||||||||||||||||||||||||||||||
Total other revenue | $ | 21,744 | $ | 14,556 |
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 March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
General and administrative | $ | 4,039 | $ | 8,003 | ||||||||||||||||||||||||||||
Professional fees | 6,283 | 5,440 | ||||||||||||||||||||||||||||||
Premium taxes | 5,057 | 4,936 | ||||||||||||||||||||||||||||||
Mortgage origination expenses | 4,602 | 4,195 | ||||||||||||||||||||||||||||||
Rent and related | 4,359 | 4,136 | ||||||||||||||||||||||||||||||
Operating expenses from vessels | 3,602 | 2,781 | ||||||||||||||||||||||||||||||
Other | 3,234 | 1,876 | ||||||||||||||||||||||||||||||
Total other expenses | $ | 31,176 | $ | 31,367 |
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 the | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
First quarter(1) | $ | 0.04 | $ | 0.04 | |||||||||||||
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 | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | 35,145 | $ | 18,519 |
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 |
Total AOCI | Amount attributable to non-controlling interests | Total AOCI to Tiptree Inc. | |||||||||||||||
Balance at December 31, 2020 | $ | 5,702 | $ | (28) | $ | 5,674 | |||||||||||
Other comprehensive income (losses) before reclassifications | (2,995) | 11 | (2,984) | ||||||||||||||
Amounts reclassified from AOCI | (98) | — | (98) | ||||||||||||||
OCI | (3,093) | 11 | (3,082) | ||||||||||||||
Balance at March 31, 2021 | $ | 2,609 | $ | (17) | $ | 2,592 | |||||||||||
Balance at December 31, 2021 | $ | (2,686) | $ | 1 | $ | (2,685) | |||||||||||
Other comprehensive income (losses) before reclassifications | (20,557) | 50 | (20,507) | ||||||||||||||
Amounts reclassified from AOCI | 86 | — | 86 | ||||||||||||||
OCI | (20,471) | 50 | (20,421) | ||||||||||||||
Balance at March 31, 2022 | $ | (23,157) | $ | 51 | $ | (23,106) |
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 March 31, | Affected line item in consolidated statements of operations | ||||||||||||||||||||||||||||||||||||||||
Components of AOCI | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on available for sale securities | $ | (110) | $ | 128 | Net realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||||||
Related tax (expense) benefit | 24 | (30) | Provision for income tax | ||||||||||||||||||||||||||||||||||||||
Net of tax | $ | (86) | $ | 98 | |||||||||||||||||||||||||||||||||||||
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 |
2017 Equity Plan | Number of shares (1) | ||||
Available for issuance as of December 31, 2021 | 2,344,814 | ||||
RSU, stock and option awards granted | (211,246) | ||||
Forfeited | 528 | ||||
Available for issuance as of March 31, 2022 | 2,134,096 |
Number of shares issuable | Weighted average grant date fair value | ||||||||||
Unvested units as of December 31, 2021 | 599,012 | $ | 6.59 | ||||||||
Granted | 211,246 | 13.01 | |||||||||
Vested | (308,723) | 6.72 | |||||||||
Forfeited | (528) | 6.26 | |||||||||
Unvested units as of March 31, 2022 | 501,007 | $ | 9.63 |
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 |
For the Three Months Ended March 31, | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
Granted | 2022 | 2021 | Vested | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Directors | 8,418 | 25,381 | Directors | 8,418 | 25,381 | |||||||||||||||||||||||||||||||||
Employees (1) | 202,828 | — | Employees | 300,305 | 354,133 | |||||||||||||||||||||||||||||||||
Total Granted | 211,246 | 25,381 | Total Vested | 308,723 | 379,514 | |||||||||||||||||||||||||||||||||
Taxes | (47,274) | (34,828) | ||||||||||||||||||||||||||||||||||||
Net Vested | 261,449 | 344,686 |
Original Tiptree Share Price Target | Number of PRSUs that Vest | |||||||
$20 | 466,667 |
$30 | 700,000 | |||||||
$45 | 933,333 | |||||||
$60 | 1,166,667 |
Valuation Input | For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assumption | ||||||||||||||||||||||||||||||||||||||||||||||||||
Historical volatility | 38.29% | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk-free rate | 2.40% | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividend yield | 1.21% | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost of equity | 10.64% | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected term (years) | 6 |
Grant date fair value of equity shares issuable | |||||
Unvested balance as of December 31, 2021 | $ | 2,234 | |||
Granted | 160 | ||||
Vested | (935) | ||||
Performance assumption adjustment | 80 | ||||
Unvested balance as of March 31, 2022 | $ | 1,539 |
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(1) | December 31, 2020 | ||||||||||||||
Assumption | Average | ||||||||||||||
Historical volatility | N/A | ||||||||||||||
Risk-free rate | N/A | ||||||||||||||
Dividend yield | N/A | ||||||||||||||
Expected term (years) |
Options outstanding | Weighted average exercise price (in dollars per stock option) | Weighted average grant date value (in dollars per stock option) | Options exercisable | ||||||||||||||||||||
Balance, December 31, 2021 | 1,715,619 | $ | 6.49 | $ | 2.29 | 712,542 | |||||||||||||||||
Balance, March 31, 2022 | 1,715,619 | $ | 6.49 | $ | 2.29 | 712,542 | |||||||||||||||||
Weighted average remaining contractual term at March 31, 2022 (in years) | 5.9 |
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 March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Employee compensation and benefits (1) | $ | 6,041 | $ | 955 | ||||||||||||||||||||||||||||
Director compensation | 119 | 110 | ||||||||||||||||||||||||||||||
Income tax benefit | (1,294) | (224) | ||||||||||||||||||||||||||||||
Net stock based compensation expense | $ | 4,866 | $ | 841 |
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 |
As of March 31, 2022 | |||||||||||||||||
Stock options | Restricted stock awards and RSUs | Performance Restricted Stock Units | |||||||||||||||
Unrecognized compensation cost related to non-vested awards | $ | 64 | $ | 1,141 | $ | 14,859 | |||||||||||
Weighted - average recognition period (in years) | 0.62 | 0.92 | 1.2 |
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 March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Total income tax expense (benefit) | $ | (86) | $ | 8,752 | |||||||||||||||||||||||||||||||
Effective tax rate (ETR) | 9.0 | % | (1) | 22.2 | % | (2) |
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 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Rent expense for office leases (1) | $ | 2,289 | $ | 2,195 |
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 March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (866) | $ | 30,640 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | 94 | 2,059 | ||||||||||||||||||||||||||||||
Net income allocated to participating securities | — | 602 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. common shares - basic | (960) | 27,979 | ||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||||||||
Securities of subsidiaries | — | (574) | ||||||||||||||||||||||||||||||
Adjustments to income relating to exchangeable interests, net of tax | — | 1,961 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. common shares - diluted | $ | (960) | $ | 29,366 | ||||||||||||||||||||||||||||
Weighted average number of shares of common stock outstanding - basic | 34,229,011 | 32,420,982 | ||||||||||||||||||||||||||||||
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | — | 3,763,037 | ||||||||||||||||||||||||||||||
Weighted average number of shares of common stock outstanding - diluted | 34,229,011 | 36,184,019 | ||||||||||||||||||||||||||||||
Basic net income (loss) attributable to common shares | $ | (0.03) | $ | 0.86 | ||||||||||||||||||||||||||||
Diluted net income (loss) attributable to common shares | $ | (0.03) | $ | 0.81 |
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 |
($ in thousands, except per share information) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
GAAP: | 2022 | 2021 | ||||||||||||||||||||||||||||||
Total revenues | $ | 324,903 | $ | 294,688 | ||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (960) | $ | 28,581 | ||||||||||||||||||||||||||||
Diluted earnings per share | $ | (0.03) | $ | 0.81 | ||||||||||||||||||||||||||||
Cash dividends paid per common share | $ | 0.04 | $ | 0.04 | ||||||||||||||||||||||||||||
Return on average equity | (0.9) | % | 31.8 | % | ||||||||||||||||||||||||||||
Non-GAAP: (1) | ||||||||||||||||||||||||||||||||
Adjusted net income | $ | 15,452 | $ | 13,155 | ||||||||||||||||||||||||||||
Adjusted return on average equity | 15.8 | % | 13.7 | % | ||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (14,905) | $ | 45,683 | ||||||||||||||||||||||||||||
Book value per share | $ | 10.51 | $ | 11.63 |
($ 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 |
($ in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Net realized and unrealized gains (losses)(1) | $ | 1,518 | $ | 10,215 | |||||||||||||||||||||||||
Net realized and unrealized gains (losses) - Invesque | $ | (10,698) | $ | 16,643 | |||||||||||||||||||||||||
($ 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 | ) |
($ in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Insurance | $ | 282,529 | $ | 222,563 | ||||||||||||||||||||||||||||
Mortgage | 25,401 | 34,494 | ||||||||||||||||||||||||||||||
Tiptree Capital - other | 16,973 | 37,631 | ||||||||||||||||||||||||||||||
Corporate | — | — | ||||||||||||||||||||||||||||||
Total revenues | $ | 324,903 | $ | 294,688 | ||||||||||||||||||||||||||||
Income (loss) before taxes: | ||||||||||||||||||||||||||||||||
Insurance | $ | 14,682 | $ | 21,528 | ||||||||||||||||||||||||||||
Mortgage | 4,266 | 13,077 | ||||||||||||||||||||||||||||||
Tiptree Capital - other | (7,651) | 14,994 | ||||||||||||||||||||||||||||||
Corporate | (12,249) | (10,207) | ||||||||||||||||||||||||||||||
Total income (loss) before taxes | $ | (952) | $ | 39,392 | ||||||||||||||||||||||||||||
Non-GAAP - Adjusted net income (1): | ||||||||||||||||||||||||||||||||
Insurance | $ | 21,124 | $ | 12,776 | ||||||||||||||||||||||||||||
Mortgage | (1,556) | 7,465 | ||||||||||||||||||||||||||||||
Tiptree Capital - other | 2,528 | 567 | ||||||||||||||||||||||||||||||
Corporate | (6,644) | (7,653) | ||||||||||||||||||||||||||||||
Total adjusted net income | $ | 15,452 | $ | 13,155 |
($ 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 |
($ in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | 208,416 | $ | 146,919 | $ | 61,497 | 41.9 | % | |||||||||||||||
Service and administrative fees | 71,835 | 58,050 | 13,785 | 23.7 | % | ||||||||||||||||||
Ceding commissions | 2,537 | 3,025 | (488) | (16.1) | % | ||||||||||||||||||
Net investment income | 3,167 | 2,767 | 400 | 14.5 | % | ||||||||||||||||||
Net realized and unrealized gains (losses) | (6,643) | 9,672 | (16,315) | NM% | |||||||||||||||||||
Other revenue | 3,217 | 2,130 | 1,087 | 51.0 | % | ||||||||||||||||||
Total revenues | $ | 282,529 | $ | 222,563 | $ | 59,966 | 26.9 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Net losses and loss adjustment expenses | $ | 83,276 | $ | 50,251 | $ | 33,025 | 65.7 | % | |||||||||||||||
Member benefit claims | 21,170 | 16,923 | 4,247 | 25.1 | % | ||||||||||||||||||
Commission expense | 117,423 | 88,645 | 28,778 | 32.5 | % | ||||||||||||||||||
Employee compensation and benefits | 22,026 | 19,089 | 2,937 | 15.4 | % | ||||||||||||||||||
Interest expense | 4,759 | 4,304 | 455 | 10.6 | % | ||||||||||||||||||
Depreciation and amortization | 4,354 | 4,191 | 163 | 3.9 | % | ||||||||||||||||||
Other expenses | 14,839 | 17,632 | (2,793) | (15.8) | % | ||||||||||||||||||
Total expenses | $ | 267,847 | $ | 201,035 | $ | 66,812 | 33.2 | % | |||||||||||||||
Income (loss) before taxes (1) | $ | 14,682 | $ | 21,528 | $ | (6,846) | (31.8) | % | |||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Gross written premiums and premium equivalents | $ | 600,855 | $ | 477,233 | $ | 123,622 | 25.9 | % | |||||||||||||||
Return on average equity | 14.7 | % | 23.9 | % | |||||||||||||||||||
Underwriting ratio | 77.6 | % | 74.2 | % | |||||||||||||||||||
Expense ratio | 12.9 | % | 17.3 | % | |||||||||||||||||||
Combined ratio | 90.5 | % | 91.5 | % | |||||||||||||||||||
Non-GAAP Financial Measures (2): | |||||||||||||||||||||||
Adjusted net income | $ | 21,124 | $ | 12,776 | $ | 8,348 | 65.3 | % | |||||||||||||||
Adjusted return on average equity | 28.2 | % | 17.9 | % | |||||||||||||||||||
($ 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 | % |
($ in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
U.S. Insurance | $ | 407,020 | $ | 335,848 | ||||||||||||||||||||||
U.S. Warranty Solutions | 162,683 | 125,329 | ||||||||||||||||||||||||
Europe Warranty Solutions | 31,152 | 16,056 | ||||||||||||||||||||||||
Total | $ | 600,855 | $ | 477,233 | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
($ in thousands) | Underwriting and Fee Revenues (1) | Underwriting and Fee Margin (1) | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
U.S. Insurance | $ | 210,988 | $ | 149,813 | $ | 39,879 | $ | 30,190 | |||||||||||||||||||||||||||
U.S. Warranty Solutions | 61,049 | 51,119 | 19,441 | 20,638 | |||||||||||||||||||||||||||||||
Europe Warranty Solutions | 13,968 | 9,192 | 4,816 | 3,477 | |||||||||||||||||||||||||||||||
Total | $ | 286,005 | $ | 210,124 | $ | 64,136 | $ | 54,305 | |||||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | $ | 20,414 | $ | 30,077 | |||||||||||||||||||||||||
Other revenue | 4,987 | 4,417 | |||||||||||||||||||||||||||
Total revenues | $ | 25,401 | $ | 34,494 | |||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Employee compensation and benefits | $ | 14,425 | $ | 15,342 | |||||||||||||||||||||||||
Interest expense | 326 | 298 | |||||||||||||||||||||||||||
Depreciation and amortization | 214 | 225 | |||||||||||||||||||||||||||
Other expenses | 6,170 | 5,552 | |||||||||||||||||||||||||||
Total expenses | $ | 21,135 | $ | 21,417 | |||||||||||||||||||||||||
Income (loss) before taxes | $ | 4,266 | $ | 13,077 | |||||||||||||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||||||||
Origination volumes | $ | 354,413 | $ | 419,879 | |||||||||||||||||||||||||
Gain on sale margins | 4.3 | % | 6.0 | % | |||||||||||||||||||||||||
Return on average equity | 22.3 | % | 60.9 | % | |||||||||||||||||||||||||
Non-GAAP Financial Measures (1): | |||||||||||||||||||||||||||||
Adjusted net income | $ | (1,556) | $ | 7,465 | |||||||||||||||||||||||||
Adjusted return on average equity | (10.6) | % | 45.6 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
($ in thousands) | Total revenue | Income (loss) before taxes | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Senior living (Invesque) | $ | (8,851) | $ | 13,766 | $ | (8,851) | $ | 13,766 | |||||||||||||||||||||||||||
Maritime transportation | 8,862 | 5,699 | 2,653 | 513 | |||||||||||||||||||||||||||||||
Other (1) | 16,962 | 18,166 | (1,453) | 715 | |||||||||||||||||||||||||||||||
Total | $ | 16,973 | $ | 37,631 | $ | (7,651) | $ | 14,994 |
($ in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Senior living (Invesque) | $ | — | $ | — | |||||||||||||||||||||||||
Maritime transportation | 2,480 | 521 | |||||||||||||||||||||||||||
Other | 48 | 46 | |||||||||||||||||||||||||||
Total | $ | 2,528 | $ | 567 |
($ in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | $ | 2,368 | $ | 2,067 | ||||||||||||||||||||||||||||||||||
Employee incentive compensation expense | 4,663 | 3,553 | ||||||||||||||||||||||||||||||||||||
Interest expense | 2,243 | 2,564 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 198 | 198 | ||||||||||||||||||||||||||||||||||||
Other expenses | 2,777 | 1,825 | ||||||||||||||||||||||||||||||||||||
Total expenses | $ | 12,249 | $ | 10,207 |
As of March 31, 2022 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Total assets | $ | 3,168,813 | $ | 182,828 | $ | 248,852 | $ | (295) | $ | 3,600,198 | |||||||||||||||||||
Corporate debt | $ | 160,000 | $ | — | $ | — | $ | 112,500 | $ | 272,500 | |||||||||||||||||||
Asset based debt | 48,551 | 67,990 | 13,050 | — | 129,591 | ||||||||||||||||||||||||
Tiptree Inc. stockholders’ equity | $ | 282,875 | $ | 56,431 | $ | 110,620 | $ | (83,293) | $ | 366,633 | |||||||||||||||||||
Non-controlling interests | 11,419 | 1,087 | 2,952 | 1,062 | 16,520 | ||||||||||||||||||||||||
Total stockholders’ equity | $ | 294,294 | $ | 57,518 | $ | 113,572 | $ | (82,231) | $ | 383,153 |
($ in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Total revenues | $ | 282,529 | $ | 222,563 | ||||||||||||||||||||||||||||
Less: Net investment income | (3,167) | (2,767) | ||||||||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 6,643 | (9,672) | ||||||||||||||||||||||||||||||
Underwriting and fee revenues | $ | 286,005 | $ | 210,124 |
($ in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 14,682 | $ | 21,528 | ||||||||||||||||||||||||||||
Less: Net investment income | (3,167) | (2,767) | ||||||||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 6,643 | (9,672) | ||||||||||||||||||||||||||||||
Plus: Depreciation and amortization | 4,354 | 4,191 | ||||||||||||||||||||||||||||||
Plus: Interest expense | 4,759 | 4,304 | ||||||||||||||||||||||||||||||
Plus: Employee compensation and benefits | 22,026 | 19,089 | ||||||||||||||||||||||||||||||
Plus: Other expenses | 14,839 | 17,632 | ||||||||||||||||||||||||||||||
Underwriting and fee margin | $ | 64,136 | $ | 54,305 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 14,682 | $ | 4,266 | $ | (7,651) | $ | (12,249) | $ | (952) | |||||||||||||||||||
Less: Income tax (benefit) expense | (3,664) | (978) | 1,794 | 2,934 | 86 | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 6,643 | (6,314) | 8,851 | — | 9,180 | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 3,946 | — | — | — | 3,946 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 2,319 | — | — | 3,839 | 6,158 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 23 | — | 133 | — | 156 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | 1,514 | — | 1,514 | ||||||||||||||||||||||||
Less: Tax on adjustments | (2,825) | 1,470 | (2,113) | (1,168) | (4,636) | ||||||||||||||||||||||||
Adjusted net income | $ | 21,124 | $ | (1,556) | $ | 2,528 | $ | (6,644) | $ | 15,452 | |||||||||||||||||||
Adjusted net income | $ | 21,124 | $ | (1,556) | $ | 2,528 | $ | (6,644) | $ | 15,452 | |||||||||||||||||||
Average stockholders’ equity | $ | 299,113 | $ | 58,962 | $ | 117,744 | $ | (84,152) | $ | 391,667 | |||||||||||||||||||
Adjusted return on average equity | 28.2 | % | (10.6) | % | 8.6 | % | NM% | 15.8 | % |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 21,528 | $ | 13,077 | $ | 14,994 | $ | (10,207) | $ | 39,392 | |||||||||||||||||||
Less: Income tax (benefit) expense | (4,429) | (3,096) | (2,907) | 1,680 | (8,752) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | (9,624) | (3,420) | (13,766) | — | (26,810) | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 3,834 | — | — | — | 3,834 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 372 | 165 | 8 | 520 | 1,065 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 270 | — | — | — | 270 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (657) | — | (657) | ||||||||||||||||||||||||
Less: Tax on adjustments | 825 | 739 | 2,895 | 354 | 4,813 | ||||||||||||||||||||||||
Adjusted net income | $ | 12,776 | $ | 7,465 | $ | 567 | $ | (7,653) | $ | 13,155 | |||||||||||||||||||
Adjusted net income | $ | 12,776 | $ | 7,465 | $ | 567 | $ | (7,653) | $ | 13,155 | |||||||||||||||||||
Average stockholders’ equity | $ | 285,885 | $ | 65,533 | $ | 113,218 | $ | (79,166) | $ | 385,470 | |||||||||||||||||||
Adjusted return on average equity | 17.9 | % | 45.6 | % | 2.0 | % | NM% | 13.7 | % | ||||||||||||||||||||
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 |
($ in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (960) | $ | 28,581 | |||||||||||||||||||||||||||||||||||||
Add: net (loss) income attributable to non-controlling interests | 94 | 2,059 | |||||||||||||||||||||||||||||||||||||||
Corporate debt related interest expense(1) | 5,877 | 6,064 | |||||||||||||||||||||||||||||||||||||||
Consolidated provision (benefit) for income taxes | (86) | 8,752 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 6,156 | 5,934 | |||||||||||||||||||||||||||||||||||||||
Non-cash fair value adjustments(2) | 124 | (1,980) | |||||||||||||||||||||||||||||||||||||||
Non-recurring expenses(3) | 156 | 270 | |||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on AFS securities | (26,266) | (3,997) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (14,905) | $ | 45,683 | |||||||||||||||||||||||||||||||||||||
(1) | Corporate debt interest expense includes interest expense from secured corporate credit agreements, junior subordinated notes and preferred trust securities. Interest expense associated with asset-specific debt is not added-back for Adjusted EBITDA. | ||||
(2) | For | ||||
(3) | Acquisition, start-up and disposition costs, including |
($ 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 | % |
($ 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 |
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) | As of March 31, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Total stockholders’ equity | $ | 383,153 | $ | 397,399 | |||||||||||||
Less: Non-controlling interests | 16,520 | 18,956 | |||||||||||||||
Total stockholders’ equity, net of non-controlling interests | $ | 366,633 | $ | 378,443 | |||||||||||||
Total common shares outstanding | 34,878 | 32,538 | |||||||||||||||
Book value per share | $ | 10.51 | $ | 11.63 |
($ 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) | Corporate Debt Outstanding as of March 31, | Interest Expense for the three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Insurance | $ | 160,000 | $ | 180,380 | $ | 3,446 | $ | 3,500 | ||||||||||||||||||||||||||||||||||||||||||
Corporate | 112,500 | 118,750 | 2,430 | 2,563 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 272,500 | $ | 299,130 | $ | 5,876 | $ | 6,063 |
($ 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) | Three Months Ended March 31, | ||||||||||||||||
Total cash provided by (used in): | 2022 | 2021 | |||||||||||||||
Net cash (used in) provided by: | |||||||||||||||||
Operating activities | $ | 149,067 | $ | 27,330 | |||||||||||||
Investing activities | (18,732) | (42,364) | |||||||||||||||
Financing activities | (124,703) | (630) | |||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 5,632 | $ | (15,664) |
($ 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 |
The following documents are filed as a part of this Form 10-Q: | |||||
Financial Statements (Unaudited): | |||||
Condensed Consolidated Balance Sheets as of | F- | ||||
Condensed Consolidated Statements of Operations for the three | F- | ||||
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three | F- | ||||
Condensed Consolidated | F- | ||||
Condensed Consolidated Statements of Cash Flows for the | F- | ||||
Notes to Condensed Consolidated Financial Statements | F- | ||||
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: | By:/s/ Michael Barnes | |||||||||||||
Michael Barnes | ||||||||||||||
Executive Chairman | ||||||||||||||
Date: | By:/s/ Jonathan Ilany | |||||||||||||
Jonathan Ilany | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: | By:/s/ Sandra Bell | |||||||||||||
Sandra Bell | ||||||||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Exhibit No. | Description | ||||
10.2 | |||||
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* |
104 | |||||