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Operating Segment Data | 9 Months Ended
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Sep. 30, 2016
Segment Reporting [Abstract] |
Operating Segment Data | Operating Segment Data The Company has five reportable operating segments, which are: (i) insurance and insurance services, (ii) specialty finance, (iii) real estate, (iv) asset management and (v) corporate and other. The Company’s operating segments are organized in a manner that reflects how management views these strategic business units. Each reportable segment’s income (loss) is reported before income taxes, discontinued operations and non-controlling interests. Descriptions of each of the reportable segments are as follows: Insurance and Insurance Services operations are conducted through Fortegra, a specialty insurance company that offers a wide array of consumer related protection products, including credit-related insurance, mobile device protection, and warranty and service contracts. Fortegra also provides third party administration services to insurance companies, retailers, automobile dealers, insurance brokers and agents and financial services companies. Specialty Finance operations are conducted through Siena Capital Finance LLC (Siena), which commenced operations in April 2013, and the Company’s mortgage businesses which consist of Luxury, which was acquired in January 2014, and Reliance, which was acquired in July 2015. The Company’s mortgage origination business originated loans for sale to institutional investors, including GSEs, FHA/VA, prime jumbo and super jumbo mortgages, through both retail and wholesale channels and through a call center model, primarily focused on re-financings. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Siena’s business consists of structuring asset-based loan facilities across diversified industries which include manufacturing, distribution, wholesale, and service companies. Real Estate operations are conducted through Care LLC (Care), a wholly-owned subsidiary of Tiptree which has a geographically diverse portfolio of seniors housing properties including senior apartments, assisted living, independent living, memory care and skilled nursing facilities in the U.S. Asset Management operations are primarily conducted through Telos Asset Management’s (Telos) management of CLOs. Telos is a subsidiary of Tiptree Asset Management Company, LLC (TAMCO), an SEC-registered investment advisor owned by the Company. Corporate and other operations consist of the Company’s principal investments and corporate expenses. The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following periods:
| Three Months Ended September 30, 2016
| Insurance and insurance services |  | Specialty finance |  | Real estate |  | Asset management |  | Corporate and other |  | Total
Total revenue | $ | 79,106 |  |  | $ | 29,013 |  |  | $ | 15,695 |  |  | $ | 3,838 |  |  | $ | 6,469 |  |  | $ | 134,121 |
Total expense | 71,081 |  |  | 24,832 |  |  | 16,168 |  |  | 2,255 |  |  | 12,267 |  |  | 126,603 |
Net income attributable to consolidated CLOs | — |  |  | — |  |  | — |  |  | 720 |  |  | 3,312 |  |  | 4,032 |
Pre-tax income (loss) | $ | 8,025 |  |  | $ | 4,181 |  |  | $ | (473 | ) |  | $ | 2,303 |  |  | $ | (2,486 | ) |  | $ | 11,550 |
Less: Provision (benefit) for income taxes |  |  |  |  |  |  |  |  |  |  | 3,712 |
Net income before non-controlling interests |  |  |  |  |  |  |  |  |  |  | $ | 7,838 |
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations |  |  |  |  |  |  |  |  |  |  | 1,933 |
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders |  |  |  |  |  |  |  |  |  |  | $ | 5,905 |
| Three Months Ended September 30, 2015
| Insurance and insurance services |  | Specialty finance |  | Real estate |  | Asset management |  | Corporate and other |  | Total
Total revenue | $ | 87,991 |  |  | $ | 19,348 |  |  | $ | 11,560 |  |  | $ | 1,981 |  |  | $ | (12 | ) |  | $ | 120,868 |
Total expense | 77,868 |  |  | 18,097 |  |  | 14,172 |  |  | 1,670 |  |  | 9,418 |  |  | 121,225 |
Net income attributable to consolidated CLOs | — |  |  | — |  |  | — |  |  | 652 |  |  | (3,854 | ) |  | (3,202 | )
Pre-tax income (loss) | $ | 10,123 |  |  | $ | 1,251 |  |  | $ | (2,612 | ) |  | $ | 963 |  |  | $ | (13,284 | ) |  | $ | (3,559 | )
Less: Provision (benefit) for income taxes |  |  |  |  |  |  |  |  |  |  | 2,829 |
Net (loss) before non-controlling interests |  |  |  |  |  |  |  |  |  |  | $ | (6,388 | )
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations |  |  |  |  |  |  |  |  |  |  | (1,835 | )
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders |  |  |  |  |  |  |  |  |  |  | $ | (4,553 | )
| Nine Months Ended September 30, 2016
| Insurance and insurance services |  | Specialty finance |  | Real estate |  | Asset management |  | Corporate and other |  | Total
Total revenue | $ | 256,208 |  |  | $ | 67,790 |  |  | $ | 44,204 |  |  | $ | 7,505 |  |  | $ | 23,972 |  |  | $ | 399,679 |
Total expense | 231,108 |  |  | 62,280 |  |  | 49,691 |  |  | 4,930 |  |  | 34,148 |  |  | 382,157 |
Net income attributable to consolidated CLOs | — |  |  | — |  |  | — |  |  | 2,466 |  |  | 7,583 |  |  | 10,049 |
Pre-tax income (loss) | $ | 25,100 |  |  | $ | 5,510 |  |  | $ | (5,487 | ) |  | $ | 5,041 |  |  | $ | (2,593 | ) |  | $ | 27,571 |
Less: provision for income taxes |  |  |  |  |  |  |  |  |  |  | 5,298 |
Net income before non-controlling interests |  |  |  |  |  |  |  |  |  |  | $ | 22,273 |
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations |  |  |  |  |  |  |  |  |  |  | 4,680 |
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders |  |  |  |  |  |  |  |  |  |  | $ | 17,593 |
| Nine Months Ended September 30, 2015
| Insurance and insurance services |  | Specialty finance |  | Real estate |  | Asset management |  | Corporate and other |  | Total
Total revenue | $ | 238,891 |  |  | $ | 33,583 |  |  | $ | 33,334 |  |  | $ | 4,814 |  |  | $ | 337 |  |  | $ | 310,959 |
Total expense | 218,442 |  |  | 31,329 |  |  | 42,096 |  |  | 5,258 |  | (1 | ) | 21,387 |  | (1 | ) | 318,512 |
Net income (loss) attributable to consolidated CLOs | — |  |  | — |  |  | — |  |  | 3,493 |  |  | (6,939 | ) |  | (3,446 | )
Pre-tax income (loss) | $ | 20,449 |  |  | $ | 2,254 |  |  | $ | (8,762 | ) |  | $ | 3,049 |  |  | $ | (27,989 | ) |  | $ | (10,999 | )
Less: (benefit) for income taxes |  |  |  |  |  |  |  |  |  |  | 962 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  | 23,348 |
Net income before non-controlling interests |  |  |  |  |  |  |  |  |  |  | $ | 11,387 |
Less: net income attributable to non-controlling interests from continuing operations and discontinued operations |  |  |  |  |  |  |  |  |  |  | 1,957 |
Net income (loss) attributable to Tiptree Financial Inc. Class A common stockholders |  |  |  |  |  |  |  |  |  |  | $ | 9,430 |
(1) | Bonus of $3,615 was reclassified from Corporate and other to Asset management to conform to the current period presentation.
The following table presents the segment assets for the following periods:
| Insurance and insurance services |  | Specialty finance |  | Real estate |  | Asset management |  | Corporate and other |  | Total
Segment Assets as of September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Segment assets | $ | 1,002,987 |  |  | $ | 305,010 |  |  | $ | 308,949 |  |  | $ | 3,819 |  |  | $ | 250,322 |  |  | $ | 1,871,087 |
Assets of consolidated CLOs |  |  |  |  |  |  |  |  |  |  | 995,658 |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 2,866,745 |
Segment Assets as of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Segment assets | $ | 929,054 |  |  | $ | 208,201 |  |  | $ | 230,546 |  |  | $ | 1,820 |  |  | $ | 396,537 |  |  | $ | 1,766,158 |
Assets of consolidated CLOs |  |  |  |  |  |  |  |  |  |  | 728,812 |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 2,494,970 |

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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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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