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Subsequent Events
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6 Months Ended |
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Jun. 30, 2014
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| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company has evaluated events that have occurred from July 1, 2014 through August 12, 2014 (the date this Form 10-Q was filed), and except as already included in the notes to the consolidated financial statements, it believes that no events have occurred that would require recognition or additional disclosures in these consolidated financial statements. On May 21, 2014 the Telos 6 warehouse was initially capitalized and on July 7, 2014 the Company further contributed $10,000 to the warehouse. On August 6, 2014, the Company contributed an additional $10,000 to the warehouse. On July 25, 2014, the Company received a principal payoff of $29,846 for the Westside loan investment resulting in a gain of approximately $7,839. On August 5, 2014, the Company issued an aggregate of 11,096,938 shares of Class A common stock to limited partners of TFP in exchange for an aggregate of 3,966,025 TFP partnership units in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereunder. TFP delivered to Tiptree for cancellation one share of Class B common stock of Tiptree for each share of Class A common stock issued. As of August 5, 2014, there were 21,720,761 shares of Class A common stock of Tiptree outstanding and 19,871,939 shares of Class B common stock of Tiptree outstanding. As of August 5, 2014, there were 11,068,219 limited partnership units of TFP outstanding, of which Tiptree owns 3,966,025. On August 11, 2014, Operating Company and its subsidiaries Caroline Holdings LLC and Caroline Merger Sub, Inc. entered into an Agreement and Plan of Merger to acquire Fortegra Financial Corporation (Fortegra) (NYSE:FRF) for approximately $218,000 in cash. Fortegra is a publicly traded insurance services company that offers a wide array of revenue enhancing products, including payment protection products, motor club memberships, service contracts, device and warranty services, and administration services to its business partners, including insurance companies, retailers, dealers, insurance brokers and agents and financial services companies. Closing of the merger is subject to the satisfaction of customary conditions including, among other things, insurance regulatory approvals and expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. |