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Operating segment data | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Operating segment data | Operating Segment Data The Company has four reportable operating segments. The Company’s operating segments are organized in a manner that reflects how management views these strategic business units. A description of each of the reportable segments is as follows: •Insurance and Insurance Services operations are conducted by PFG, a majority owned subsidiary of Tiptree. PFG’s operating subsidiaries consist of Philadelphia Financial Life Assurance Company (PFLAC), Philadelphia Financial Life Assurance Company of New York (PFLACNY), Philadelphia Financial Distribution Company (PFDC), Philadelphia Financial Administrative Services Company (PFASC), and Philadelphia Financial Agency, Inc. (PFA). Philadelphia Financial’s principal insurance activity is the structuring, underwriting, marketing and administration of variable life insurance and variable annuity products to the high net worth market. Total separate account assets for policies written by PFG are $4,799,568. PFASC, acquired certain assets and administration rights from The Hartford on July 13, 2012. PFASC administers approximately $37.4 billion in COLI and BOLI policies for The Hartford. •Specialty Finance activities are primarily conducted through the Company’s majority-controlled subsidiaries, MFCA, Luxury and Siena. MFCA is a specialty finance company that owns and manages a portfolio of non-investment grade and non-rated direct and indirect debt obligations of middle-market tax-exempt borrowers. Siena’s business consists of structuring asset-based loan facilities across diversified industries which include manufacturing, distribution, wholesale, and service companies. Luxury is a residential mortgage lender that originates loans conforming FHA, prime jumbo and super jumbo mortgages for sale to institutional investors. In addition to MFCA, Luxury, and Siena, Tiptree’s other specialty finance investments include principal investment holdings of CLO subordinated notes and a structured corporate loan portfolio. •Asset Management activities are conducted through TAMCO, an SEC-registered investment advisor. TAMCO’s operating subsidiaries include: (1) Telos, an asset management company that specializes in investing in middle market corporate credit through managed accounts and structured investment vehicles, such as CLOs; (2) Muni Capital Management, LLC (MCM) which in addition to managing its own portfolio of tax-exempt securities, manages Non-Profit Preferred Funding Trust I (NPPF I), a structured tax-exempt pass-through entity that holds tax-exempt bonds for the benefit of unaffiliated investors; (3) Tiptree Capital Management, LLC, which provides services to Operating Company; and (4) TREIT, a real estate focused service provider. •Real Estate primarily relates to the activities of 1) Care LLC, a wholly-owned subsidiary of Tiptree which has a geographically diverse portfolio of senior housing assets including senior apartments, assisted-living, independent-living and memory care and 2) Star Asia, which consists of various entities which are all Japan based real estate holding companies formed to invest in Asian properties and real estate debt instruments. Care LLC operates the business operated by Care Inc. prior to the Contribution Transactions ( this business as operated by Care Inc. and Care LLC is collectively referred to as Care). (See Note 13—Stockholder’s Equity—Contribution Transactions for further detail). On May 21, 2014, Star Asia Opportunity, LLC (SAO) was liquidated and Tiptree received a final distribution of $16. In addition, Tiptree holds a 17% interest in Star Asia Finance, Limited (SAF), and a 50% interest in Star Asia Opportunity II, LLC (SAO II). The tabular information that follows shows components of revenue, expense, and profit or loss, for each of the operating segments for the periods ended June 30, 2014 and 2013 and total assets as of June 30, 2014 and December 31, 2013. Revenue is derived from the main income components of each segment. For Insurance and Insurance Services, the main drivers of revenue are fees on separate account assets, and administration service fees. For Specialty Finance, the main sources of revenue are investment interest and realized and unrealized gains/losses on investment securities. For Asset Management, revenue is derived from management fees based on assets under management and, in some cases, incentive fees based on the profits generated. For Real Estate, revenue includes rental revenue and investment interest. Intersegment revenues refers to those items of revenue which will be eliminated upon consolidation. Included in revenue, expense, interest revenue, interest expense, segment profit/(loss), and segment assets are items which are eliminated upon consolidation as well as adjustments for discontinued operations, reclassifications, assets of consolidated CLOs and non-controlling interest. These items are classified as corporate eliminations and other in the tables below. Each reportable segment’s measure of profit/(loss) is reported before income taxes and includes discontinued operations and non-controlling interest as this is how management views its segments.
| Three months ended June 30, 2014
| Insurance and insurance services |  | Specialty finance |  | Asset management |  | Real estate |  | Corporate eliminations and other |  | Totals
Fee income | $ | 18,114 |  | (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,114 |
Rental revenue | — |  |  | — |  |  | — |  |  | 4,375 |  |  | 18 |  |  | 4,393 |
Interest income | 1,145 |  |  | 6,643 |  |  | — |  |  | 682 |  |  | (3,532 | ) |  | 4,938 |
Other revenue | 9 |  |  | 1,871 |  |  | 442 |  | (2) | 113 |  |  | (451 | ) |  | 1,984 |
Intersegment revenues | — |  |  | 110 |  |  | 2,943 |  | (2) | — |  |  | (3,053 | ) |  | — |
Total revenue | $ | 19,268 |  |  | $ | 8,624 |  |  | $ | 3,385 |  |  | $ | 5,170 |  |  | $ | (7,018 | ) |  | $ | 29,429 |
Interest expense | $ | 2,897 |  |  | $ | 2,340 |  |  | $ | — |  |  | $ | 978 |  |  | $ | 44 |  |  | $ | 6,259 |
Payroll expense | 4,788 |  |  | 3,237 |  |  | 2,772 |  |  | 1,716 |  |  | — |  |  | 12,513 |
Professional fee expense | 734 |  |  | 1,329 |  |  | 252 |  |  | 117 |  |  | 392 |  |  | 2,824 |
Other expense | 7,087 |  |  | 898 |  |  | 372 |  |  | 1,952 |  |  | (776 | ) |  | 9,533 |
Total expense | 15,506 |  |  | 7,804 |  |  | 3,396 |  |  | 4,763 |  |  | (340 | ) |  | 31,129 |
Segment profit/(loss) | $ | 3,762 |  |  | $ | 820 |  |  | $ | (11 | ) |  | $ | 407 |  |  | $ | (6,678 | ) |  | $ | (1,700 | )
Net loss attributable to consolidated CLOs |  |  |  |  |  |  |  |  |  |  | (2,148 | )
Less: non-controlling interest and net income attributable to the VIE subordinated noteholders |  |  |  |  |  |  |  |  |  |  | (5,416 | )
Discontinued operations |  |  |  |  |  |  |  |  |  |  | — |
Income taxes |  |  |  |  |  |  |  |  |  |  | 497 |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  | $ | 1,071 |
(1) Includes separate account and administrative servicing fees. (2) Includes management fees which is a component of other income on the Company’s Consolidated Statements of Operations.
| Three months ended June 30, 2013
| Insurance and insurance services |  | Specialty finance |  | Asset management |  | Real estate |  | Corporate eliminations and other |  | Totals
Fee income | $ | 17,669 |  | (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,669 |
Rental revenue | — |  |  | — |  |  | — |  |  | 3,995 |  |  | (2,901 | ) |  | 1,094 |
Interest income | 1,226 |  |  | 5,720 |  |  | — |  |  | 587 |  |  | (3,345 | ) |  | 4,188 |
Other revenue/unrealized (loss) | 40 |  |  | (4,401 | ) |  | 74 |  | (2 | ) | 17,153 |  |  | (16,035 | ) |  | (3,169 | )
Intersegment revenues | — |  |  | 47 |  |  | 5,141 |  | (2 | ) | — |  |  | (5,188 | ) |  | — |
Total revenue | $ | 18,935 |  |  | $ | 1,366 |  |  | $ | 5,215 |  |  | $ | 21,735 |  |  | $ | (27,469 | ) |  | $ | 19,782 |
Interest expense | $ | 3,129 |  |  | $ | 570 |  |  | $ | — |  |  | $ | 1,711 |  |  | $ | (1,347 | ) |  | $ | 4,063 |
Payroll expense | 4,595 |  |  | 269 |  |  | 3,450 |  |  | 582 |  |  | — |  |  | 8,896 |
Professional fee expense | 336 |  |  | 841 |  |  | 216 |  |  | 1,187 |  |  | — |  |  | 2,580 |
Other expense | 6,681 |  |  | 672 |  |  | 203 |  |  | 2,981 |  |  | (1,840 | ) |  | 8,697 |
Total expense | 14,741 |  |  | 2,352 |  |  | 3,869 |  |  | 6,461 |  |  | (3,187 | ) |  | 24,236 |
Segment profit/(loss) | $ | 4,194 |  |  | $ | (986 | ) |  | $ | 1,346 |  |  | $ | 15,274 |  |  | $ | (24,282 | ) |  | $ | (4,454 | )
Net loss attributable to consolidated CLOs |  |  |  |  |  |  |  |  |  |  | (5,762 | )
Less: non-controlling interest and net income attributable to the VIE subordinated noteholders |  |  |  |  |  |  |  |  |  |  | 822 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  | 16,269 |
Income taxes |  |  |  |  |  |  |  |  |  |  | 1,816 |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  | 3,415 |
(1) Includes separate account and administrative servicing fees. (2) Includes management fees which is a component of other income on the Company’s Consolidated Statements of Operations.
| Six months ended June 30, 2014
| Insurance and insurance services |  | Specialty finance |  | Asset management |  | Real estate |  | Corporate eliminations and other |  | Totals
Fee income | $ | 35,953 |  | (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,953 |
Rental revenue | — |  |  | — |  |  | — |  |  | 8,821 |  |  | 18 |  |  | 8,839 |
Interest income | 2,333 |  |  | 13,959 |  |  | — |  |  | 1,365 |  |  | (7,356 | ) |  | 10,301 |
Other revenue | 14 |  |  | 4,370 |  |  | 537 |  | (2) | 342 |  |  | (595 | ) |  | 4,668 |
Intersegment revenues | — |  |  | 187 |  |  | 6,311 |  | (2) | — |  |  | (6,498 | ) |  | — |
Total revenue | $ | 38,300 |  |  | $ | 18,516 |  |  | $ | 6,848 |  |  | $ | 10,528 |  |  | $ | (14,431 | ) |  | $ | 59,761 |
Interest expense | $ | 5,810 |  |  | $ | 4,487 |  |  | $ | — |  |  | $ | 1,956 |  |  | $ | (32 | ) |  | $ | 12,221 |
Payroll expense | 10,070 |  |  | 4,415 |  |  | 5,084 |  |  | 3,514 |  |  | — |  |  | 23,083 |
Professional fee expense | 924 |  |  | 2,182 |  |  | 467 |  |  | 172 |  |  | 169 |  |  | 3,914 |
Other expense | 15,361 |  |  | 2,675 |  |  | 703 |  |  | 4,071 |  |  | (807 | ) |  | 22,003 |
Total expense | 32,165 |  |  | 13,759 |  |  | 6,254 |  |  | 9,713 |  |  | (670 | ) |  | 61,221 |
Segment profit/(loss) | $ | 6,135 |  |  | $ | 4,757 |  |  | $ | 594 |  |  | $ | 815 |  |  | $ | (13,761 | ) |  | $ | (1,460 | )
Net loss attributable to consolidated CLOs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,154 | )
Less: non-controlling interest and net income attributable to the VIE subordinated noteholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,636 | )
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 926 |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,096 |
Segment assets as of June 30, 2014 | $ | 5,114,648 |  |  | $ | 396,366 |  |  | $ | 11,879 |  | (3) | $ | 150,844 |  |  | $ | 1,704,894 |  |  | $ | 7,378,631 |
(1) Includes separate account and administrative servicing fees. (2) Includes management fees, which is a component of other income on the Company’s Consolidated Statements of Operations. (3) Refer to Management’s Discussion and Analysis—Economic Net Income Components for further information on assets under management.
| Six months ended June 30, 2013
| Insurance and insurance services |  | Specialty finance |  | Asset management |  | Real estate |  | Corporate eliminations and other |  | Totals
Fee income | $ | 34,906 |  | (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 34,906 |
Rental revenue | — |  |  | — |  |  | — |  |  | 7,836 |  |  | (5,920 | ) |  | 1,916 |
Interest income | 2,407 |  |  | 10,728 |  |  | — |  |  | 911 |  |  | (6,832 | ) |  | 7,214 |
Other revenue/ unrealized (loss) | 72 |  |  | (3,836 | ) |  | 211 |  | (2) | 17,608 |  |  | (16,204 | ) |  | (2,149 | )
Intersegment revenues | — |  |  | 164 |  |  | 8,874 |  | (2) | — |  |  | (9,038 | ) |  | — |
Total revenue | $ | 37,385 |  |  | $ | 7,056 |  |  | $ | 9,085 |  |  | $ | 26,355 |  |  | $ | (37,994 | ) |  | $ | 41,887 |
Interest expense | $ | 6,263 |  |  | $ | 1,064 |  |  | $ | — |  |  | $ | 3,362 |  |  | $ | (2,791 | ) |  | $ | 7,898 |
Payroll expense | 9,611 |  |  | 276 |  |  | 6,669 |  |  | 968 |  |  | — |  |  | 17,524 |
Professional fee expense | 659 |  |  | 1,673 |  |  | 431 |  |  | 1,189 |  |  | — |  |  | 3,952 |
Other expense | 14,858 |  |  | 1,245 |  |  | 338 |  |  | 5,706 |  |  | (4,747 | ) |  | 17,400 |
Total expense | 31,391 |  |  | 4,258 |  |  | 7,438 |  |  | 11,225 |  |  | (7,538 | ) |  | 46,774 |
Segment profit/(loss) | $ | 5,994 |  |  | $ | 2,798 |  |  | $ | 1,647 |  |  | $ | 15,130 |  |  | $ | (30,456 | ) |  | $ | (4,887 | )
Net income attributable to consolidated CLOs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 981 |
Less: non-controlling interest and net income attributable to the VIE subordinated noteholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,356 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,110 |
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,115 |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,733 |
Segment assets as of December 31, 2013 | $ | 4,949,262 |  |  | $ | 385,987 |  |  | $ | 7,896 |  | (3) | $ | 170,683 |  |  | $ | 1,366,620 |  |  | $ | 6,880,448 |
(1) Includes separate account and administrative servicing fees. (2) Includes management fees, which is a component of other income on the Company’s Consolidated Statements of Operations. (3) Refer to Management’s Discussion and Analysis—Economic Net Income Components for further information on assets under management.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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