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Operating Segment Data
 9 Months Ended
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