Commitments and Contingencies

Contractual Obligations

The table below summarizes The Company's contractual obligations as of September 30, 2013:



	2013		2014		2015		2016		2017		Thereafter		Total
Mortgage notes payable and related interest (1)	$	516	$	2,064	$	2,064	$	2,064	$	2,064	$	34,872	$	43,644
Notes payable (2)	1,499		10,167		10,000		10,000		10,417		54,417		96,500
Notes payable CLOs (3)	—		—		—		—		—		1,389,162		1,389,162
Fortress Credit Agreement (4)	500		2,000		2,000		2,000		2,000		41,500		50,000
Operating lease obligations (5)	202		813		826		808		805		2,122		5,576
Total	$	2,717	$	15,044	$	14,890	$	14,872	$	15,286	$	1,522,073	$	1,584,882


(1)	Mortgage notes payable include mortgage notes entered into by the Company in connection with its acquisition of several properties (see Note 12 “Borrowings under Mortgage Notes Payable”)


(2)	Note payable relates to PFG's acquisition of the administrative services rights from The Hartford and TFP payment for Series A preferred stock and common shares of PFG (See Note 13 ”Notes Payable”).


(3)	CLO notes payable principal is payable at stated maturity, 2021 for Telos 1, 2022 for Telos 2, 2024 for Telos 3 and 2024 for Telos 4.


(4)	On September 18, 2013 Operating Subsidiary entered into a Credit Agreement with Fortress and borrowed $50.0 million under the Credit Agreement. The Credit Agreement also includes an option for Operating Subsidiary to borrow additional amounts up to a maximum aggregate of $125 million, subject to satisfaction of certain customary conditions.


(5)	Minimum rental obligations for Care and PFG office leases. For the nine month periods ended September 30, 2013 and 2012, rent expense for the Company’s and PFG’s office leases were $1,169 and $728, respectively.

Litigation

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