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Assets and Liabilites of Consolidated CLOs (Tables) | 9 Months Ended
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Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule Of Variable Interest Entities | 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:
| As of
| September 30, 2016 |  | December 31, 2015
Assets: |  |  |
Cash and cash equivalents | $ | 49,031 |  |  | $ | 38,716 |
Loans, at fair value (1) | 934,822 |  |  | 680,784 |
Other assets | 11,805 |  |  | 9,312 |
Total assets of consolidated CLOs | $ | 995,658 |  |  | $ | 728,812 |
Liabilities: |  |  |
Debt | $ | 927,982 |  |  | $ | 683,827 |
Other liabilities and accrued expenses | 15,236 |  |  | 14,489 |
Total liabilities of consolidated CLOs | $ | 943,218 |  |  | $ | 698,316 |
Net | $ | 52,440 |  |  | $ | 30,496 |
(1) | The unpaid principal balance for these loans is $970,916 and $727,357 and the difference between their fair value and UPB is $36,094 and $46,573 at September 30, 2016 and December 31, 2015 respectively.
The Company’s beneficial interests and maximum exposure to loss related to the Consolidated CLOs are limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative results in the net amount of the CLOs shown above to be equivalent to the beneficial interests retained by Tiptree as illustrated in the below table:
Beneficial interests: | As of
| September 30, 2016 |  | December 31, 2015
Subordinated notes | $ | 51,742 |  |  | $ | 29,857 |
Accrued management fees | 698 |  |  | 639 |
Total beneficial interests | $ | 52,440 |  |  | $ | 30,496 |
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to Tiptree’s own economic interests in the CLOs which are eliminated upon consolidation:
Economic interests: | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Distributions received and realized and unrealized gains (losses) on the subordinated notes held by the Company, net | $ | 3,289 |  |  | $ | (3,855 | ) |  | $ | 7,880 |  |  | $ | (6,938 | )
Management fee income | 743 |  |  | 653 |  |  | 2,169 |  |  | 3,492 |
Total economic interests | $ | 4,032 |  |  | $ | (3,202 | ) |  | $ | 10,049 |  |  | $ | (3,446 | )
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 September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Income: |  |  |  |  |  |  |
Net realized and unrealized gains (losses) | $ | (1,422 | ) |  | $ | (7,129 | ) |  | $ | (2,913 | ) |  | $ | (20,241 | )
Interest income | 13,978 |  |  | 10,221 |  |  | 37,626 |  |  | 40,926 |
Total revenue | 12,556 |  |  | 3,092 |  |  | 34,713 |  |  | 20,685 |
Expenses: |  |  |  |  |  |  |
Interest expense | 8,267 |  |  | 6,022 |  |  | 22,667 |  |  | 23,094 |
Other expense | 257 |  |  | 272 |  |  | 1,997 |  |  | 1,037 |
Total expense | 8,524 |  |  | 6,294 |  |  | 24,664 |  |  | 24,131 |
Net income (loss) attributable to consolidated CLOs | $ | 4,032 |  |  | $ | (3,202 | ) |  | $ | 10,049 |  |  | $ | (3,446 | )

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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 6 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5747-111685 Reference 2: 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=52262685&loc=SL6228884-111685 Reference 3: 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=52262685&loc=d3e5728-111685 Reference 4: 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 Reference 5: 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=52262685&loc=SL6759159-111685 Reference 6: 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=52262685&loc=d3e5710-111685 + Details
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