v2.4.0.8

CLOs and Consolidated Variable Interest Entities (Tables) | 6 Months Ended
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Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of assets and liabilities of the consolidated CLOs | The table below represents the assets and liabilities of the consolidated CLOs that are included in the Company’s consolidated balance sheet as of the dates indicated. Subordinated debt obligations owned by Tiptree are not included in these tables as these amounts are eliminated in consolidation.
| June 30, 2014 |  | December 31, 2013
Assets: |  |  |
Restricted cash | $ | 140,862 |  |  | $ | 67,604 |
Investment in loans | 1,565,916 |  |  | 1,298,155 |
Investment in trading securities | 21,472 |  |  | 19,366 |
Due from brokers | 14,640 |  |  | 15,945 |
Accrued interest receivable | 3,963 |  |  | 4,108 |
Deferred debt issuance costs | 11,844 |  |  | 9,261 |
Other assets | 212 |  |  | 177 |
Total assets of consolidated CLOs | $ | 1,758,909 |  |  | $ | 1,414,616 |
Liabilities: |  |  |
Notes payable | $ | 1,459,153 |  |  | $ | 1,154,097 |
Due to brokers | 53,337 |  |  | 11,479 |
Accrued interest payable | 9,138 |  |  | 9,745 |
Other liabilities | 465 |  |  | 285 |
Total liabilities of consolidated CLOs | $ | 1,522,093 |  |  | $ | 1,175,606 |
The following table represents revenue and expenses of the consolidated CLOs included in the Company’s consolidated statements of operations for the periods indicated:
| Three months ended June 30, |  | Six months ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Income: |  |  |  |  |  |  |
Realized loss | $ | (5,377 | ) |  | $ | (5,502 | ) |  | $ | (12,332 | ) |  | $ | (6,165 | )
Unrealized gain loans | (1,695 | ) |  | (6,685 | ) |  | (1,477 | ) |  | (3,569 | )
Interest income | 19,921 |  |  | 17,843 |  |  | 38,644 |  |  | 31,953 |
Total income attributable to consolidated CLOs | $ | 12,849 |  |  | $ | 5,656 |  |  | $ | 24,835 |  |  | $ | 22,219 |
Expenses: |  |  |  |  |  |  |
Interest expense | $ | 14,882 |  |  | $ | 11,109 |  |  | $ | 28,344 |  |  | $ | 20,720 |
Other expense | 115 |  |  | 308 |  |  | 645 |  |  | 518 |
Total expenses attributable to consolidated CLOs | $ | 14,997 |  |  | $ | 11,417 |  |  | $ | 28,989 |  |  | $ | 21,238 |
The tables below summarize the debt obligations of the CLOs consolidated by the Company as of June 30, 2014 and December 31, 2013. Subordinated debt obligations owned by Tiptree are not included in these tables as these amounts are eliminated in consolidation:
| June 30, 2014
| Aggregate principal amount |  | Spread over three months LIBOR |  | Unamortized discount |  | Carrying amount
Description |  |  |  |  |  |  |
Telos 5 (maturity April 2025) |  |  |  |  |  |  |
Class A | $ | 252,000 |  |  | 1.55 | % |  | $ | 251 |  |  | $ | 251,749 |
Class B-1 | 39,000 |  |  | N/A |  | (1) | 349 |  |  | 38,651 |
Class B-2 | 7,500 |  |  | 2.15 | % |  | 70 |  |  | 7,430 |
Class C | 32,750 |  |  | 3.00 | % |  | 531 |  |  | 32,219 |
Class D | 19,750 |  |  | 3.65 | % |  | 1,097 |  |  | 18,653 |
Class E | 18,000 |  |  | 5.00 | % |  | 1,691 |  |  | 16,309 |
Class F | 7,750 |  |  | 5.50 | % |  | 1,066 |  |  | 6,684 |
Subordinated | 10,500 |  |  | N/A |  |  | 1,028 |  |  | 9,472 |
Telos 4 (maturity July 2024) |  |  |  |  |  |  |
Class A | $ | 214,000 |  |  | 1.30 | % |  | $ | 918 |  |  | $ | 213,082 |
Class B | 46,500 |  |  | 1.80 | % |  | 1,975 |  |  | 44,525 |
Class C | 29,000 |  |  | 2.75 | % |  | 1,343 |  |  | 27,657 |
Class D | 19,250 |  |  | 3.50 | % |  | 1,501 |  |  | 17,749 |
Class E | 16,000 |  |  | 5.00 | % |  | 1,906 |  |  | 14,094 |
Class X | 2,800 |  |  | 0.95 | % |  | — |  |  | 2,800 |
Subordinated | 10,700 |  |  | N/A |  |  | 493 |  |  | 10,207 |
Telos 3 (maturity October 2024) |  |  |  |  |  |  |
Class A | $ | 225,000 |  |  | 1.42 | % |  | $ | — |  |  | $ | 225,000 |
Class B | 36,500 |  |  | 2.25 | % |  | — |  |  | 36,500 |
Class C | 26,500 |  |  | 3.00 | % |  | 547 |  |  | 25,953 |
Class D | 18,000 |  |  | 4.25 | % |  | 790 |  |  | 17,210 |
Class E | 15,000 |  |  | 5.50 | % |  | 1,460 |  |  | 13,540 |
Class F | 6,000 |  |  | 5.50 | % |  | 718 |  |  | 5,282 |
Subordinated | 34,350 |  |  | N/A |  |  | 1,349 |  |  | 33,001 |
Telos 2 (maturity April 2022) |  |  |  |  |  |  |
Class A-1 | $ | 161,470 |  |  | 0.26 | % |  | $ | 19,377 |  |  | $ | 142,093 |
Class A-2 | 40,000 |  |  | 0.40 | % |  | 8,263 |  |  | 31,737 |
Class B | 27,500 |  |  | 0.55 | % |  | 7,157 |  |  | 20,343 |
Class C | 22,000 |  |  | 0.95 | % |  | 9,069 |  |  | 12,931 |
Class D | 22,000 |  |  | 2.20 | % |  | 11,490 |  |  | 10,510 |
Class E | 16,000 |  |  | 5.00 | % |  | 13,028 |  |  | 2,972 |
Subordinated | 2,000 |  |  | N/A |  |  | 1,614 |  |  | 386 |
Telos 1 (maturity October 2021) |  |  |  |  |  |  |
Class A-1D | $ | 24,666 |  |  | 0.27 | % |  | $ | 2,870 |  |  | $ | 21,796 |
Class A-1R | 9,250 |  |  | 0.29 | % |  | 1,077 |  |  | 8,173 |
Class A-1T | 33,915 |  |  | 0.27 | % |  | 3,946 |  |  | 29,969 |
Class A-2 | 60,000 |  |  | 0.40 | % |  | 12,068 |  |  | 47,932 |
Class B | 27,200 |  |  | 0.49 | % |  | 6,887 |  |  | 20,313 |
Class C | 22,000 |  |  | 0.85 | % |  | 8,831 |  |  | 13,169 |
Class D | 22,000 |  |  | 1.70 | % |  | 11,094 |  |  | 10,906 |
Class E | 16,000 |  |  | 4.25 | % |  | 12,676 |  |  | 3,324 |
Subordinated | 40,223 |  |  | N/A |  |  | 25,391 |  |  | 14,832 |
| $ | 1,633,074 |  |  |  |  | $ | 173,921 |  |  | $ | 1,459,153 |
(1) Tranche B-1 Notes in Telos 5 have a fixed rate of 4.45% over the life of the CLO.
| December 31, 2013
| Aggregate principal amount |  | Spread over three months LIBOR |  | Unamortized discount |  | Carrying amount
Description |  |  |  |  |  |  |
Telos 4 (maturity July 2024) |  |  |  |  |  |  |
Class A | $ | 214,000 |  |  | 1.30 | % |  | $ | 962 |  |  | $ | 213,038 |
Class B | 46,500 |  |  | 1.80 | % |  | 2,066 |  |  | 44,434 |
Class C | 29,000 |  |  | 2.75 | % |  | 1,401 |  |  | 27,599 |
Class D | 19,250 |  |  | 3.50 | % |  | 1,562 |  |  | 17,688 |
Class E | 16,000 |  |  | 5.00 | % |  | 1,976 |  |  | 14,024 |
Class X | 3,500 |  |  | 0.95 | % |  | — |  |  | 3,500 |
Subordinated | 10,700 |  |  | N/A |  |  | 516 |  |  | 10,184 |
Telos 3 (maturity October 2024) |  |  |  |  |  |  |
Class A | $ | 225,000 |  |  | 1.42 | % |  | $ | — |  |  | $ | 225,000 |
Class B | 36,500 |  |  | 2.25 | % |  | — |  |  | 36,500 |
Class C | 26,500 |  |  | 3.00 | % |  | 570 |  |  | 25,930 |
Class D | 18,000 |  |  | 4.25 | % |  | 822 |  |  | 17,178 |
Class E | 15,000 |  |  | 5.50 | % |  | 1,512 |  |  | 13,488 |
Class F | 6,000 |  |  | 5.50 | % |  | 743 |  |  | 5,257 |
Subordinated | 29,000 |  |  | N/A |  |  | 1,322 |  |  | 27,678 |
Telos 2 (maturity April 2022) |  |  |  |  |  |  |
Class A-1 | $ | 221,836 |  |  | 0.26 | % |  | $ | 28,216 |  |  | $ | 193,620 |
Class A-2 | 40,000 |  |  | 0.40 | % |  | 8,717 |  |  | 31,283 |
Class B | 27,500 |  |  | 0.55 | % |  | 7,532 |  |  | 19,968 |
Class C | 22,000 |  |  | 0.95 | % |  | 9,473 |  |  | 12,527 |
Class D | 22,000 |  |  | 2.20 | % |  | 11,900 |  |  | 10,100 |
Class E | 16,000 |  |  | 5.00 | % |  | 13,155 |  |  | 2,845 |
Subordinated | 2,000 |  |  | N/A |  |  | 1,654 |  |  | 346 |
Telos 1 (maturity October 2021) |  |  |  |  |  |  |
Class A-1D | $ | 39,270 |  |  | 0.27 | % |  | $ | 4,867 |  |  | $ | 34,403 |
Class A-1R | 14,726 |  |  | 0.29 | % |  | 1,826 |  |  | 12,900 |
Class A-1T | 53,996 |  |  | 0.27 | % |  | 6,693 |  |  | 47,303 |
Class A-2 | 60,000 |  |  | 0.40 | % |  | 12,781 |  |  | 47,219 |
Class B | 27,200 |  |  | 0.49 | % |  | 7,277 |  |  | 19,923 |
Class C | 22,000 |  |  | 0.85 | % |  | 9,261 |  |  | 12,739 |
Class D | 22,000 |  |  | 1.70 | % |  | 11,548 |  |  | 10,452 |
Class E | 16,000 |  |  | 4.25 | % |  | 12,861 |  |  | 3,139 |
Subordinated | 40,223 |  |  | N/A |  |  | 26,391 |  |  | 13,832 |
| $ | 1,341,701 |  |  |  |  | $ | 187,604 |  |  | $ | 1,154,097 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5710-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6759159-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5747-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5728-111685 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6228884-111685 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Variable Interest Entity -URI http://asc.fasb.org/extlink&oid=6528138 + Details
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