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Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments by Operating Segment and/or Reporting Unit | The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
| Three Months Ended March 31, 2021
|  |  | Tiptree Capital |  |  |  |
| Insurance |  | Mortgage |  | Other |  | Total |  |  |  |  |  |
Total revenues | $ | 222,563 |  |  | $ | 34,494 |  |  | $ | 37,631 |  |  | $ | 294,688 |  |  |  |  |  |  |
Total expenses | (201,035) |  |  | (21,417) |  |  | (22,637) |  |  | (245,089) |  |  |  |  |  |  |
Corporate expenses | — |  |  | — |  |  | — |  |  | (10,207) |  |  |  |  |  |  |
Income (loss) before taxes | $ | 21,528 |  |  | $ | 13,077 |  |  | $ | 14,994 |  |  | $ | 39,392 |  |  |  |  |  |  |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | 8,752 |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  |  | $ | 30,640 |  |  |  |  |  |  |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | 2,059 |  |  |  |  |  |  |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | 28,581 |  |  |  |  |  |  |
| Three Months Ended March 31, 2020
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Total revenues | $ | 143,340 |  |  | $ | 16,220 |  |  | $ | (29,889) |  |  | $ | 129,671 |
Total expenses | (170,457) |  |  | (17,310) |  |  | (15,352) |  |  | (203,119) |
Corporate expenses | — |  |  | — |  |  | — |  |  | (8,303) |
Income (loss) before taxes | $ | (27,117) |  |  | $ | (1,090) |  |  | $ | (45,241) |  |  | $ | (81,751) |
Less: provision (benefit) for income taxes |  |  |  |  |  |  | (21,181) |
Net income (loss) |  |  |  |  |  |  | $ | (60,570) |
Less: net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | (563) |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | $ | (60,007) |
The Company conducts its operations primarily in the U.S. with 4.9% and 8.3% of total revenues generated overseas for the three months ended March 31, 2021 and 2020, respectively. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
| As of March 31, 2021 |  | As of December 31, 2020
|  |  | Tiptree Capital |  |  |  |  |  |  |  | Tiptree Capital |  |  |  |
| Insurance |  | Mortgage |  | Other |  | Corporate |  | Total |  | Insurance |  | Mortgage |  | Other |  | Corporate |  | Total
Total assets | $ | 2,471,077 |  |  | $ | 241,926 |  |  | $ | 294,008 |  |  | $ | 41,602 |  |  | $ | 3,048,613 |  |  | $ | 2,452,798 |  |  | $ | 217,138 |  |  | $ | 302,068 |  |  | $ | 23,756 |  |  | $ | 2,995,760 |
The following table presents the Company's investments related to insurance operations (Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
| As of March 31, 2021 |  |
|  |  | Tiptree Capital |  |  |  |  |  |  |  |
| Insurance |  | Mortgage |  | Other |  | Total |  |  |  |  |  |
Available for sale securities, at fair value, net of allowance for credit losses | $ | 409,947 |  |  | $ | — |  |  | $ | — |  |  | $ | 409,947 |  |  |  |  |  |  |
Loans, at fair value | 10,832 |  |  | 99,626 |  |  | — |  |  | 110,458 |  |  |  |  |  |  |
Equity securities | 105,548 |  |  | — |  |  | 39,474 |  |  | 145,022 |  |  |  |  |  |  |
Other investments | 122,417 |  |  | 12,021 |  |  | 84,033 |  |  | 218,471 |  |  |  |  |  |  |
Total investments | $ | 648,744 |  |  | $ | 111,647 |  |  | $ | 123,507 |  |  | $ | 883,898 |  |  |  |  |  |  |
| As of December 31, 2020
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Available for sale securities, at fair value, net of allowance for credit losses | $ | 377,133 |  |  | $ | — |  |  | $ | — |  |  | $ | 377,133 |
Loans, at fair value | 7,795 |  |  | 82,937 |  |  | — |  |  | 90,732 |
Equity securities | 98,130 |  |  | — |  |  | 25,708 |  |  | 123,838 |
Other investments | 125,833 |  |  | 9,439 |  |  | 84,429 |  |  | 219,701 |
Total investments | $ | 608,891 |  |  | $ | 92,376 |  |  | $ | 110,137 |  |  | $ | 811,404 |
Schedule of available-for-sale securities | The following tables present the Company's investments in AFS securities:
| As of March 31, 2021
| Amortized cost |  | Allowance for Credit Losses(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 206,825 |  |  | $ | — |  |  | $ | 3,964 |  |  | $ | (1,054) |  |  | $ | 209,735 |
Obligations of state and political subdivisions | 45,924 |  |  | — |  |  | 1,483 |  |  | (113) |  |  | 47,294 |
Corporate securities | 107,785 |  |  | (101) |  |  | 1,424 |  |  | (575) |  |  | 108,533 |
Asset backed securities | 40,233 |  |  | — |  |  | 206 |  |  | (1,917) |  |  | 38,522 |
Certificates of deposit | 1,356 |  |  | — |  |  | — |  |  | — |  |  | 1,356 |
Obligations of foreign governments | 4,546 |  |  | (5) |  |  | 20 |  |  | (54) |  |  | 4,507 |
Total | $ | 406,669 |  |  | $ | (106) |  |  | $ | 7,097 |  |  | $ | (3,713) |  |  | $ | 409,947 |
| As of December 31, 2020
| Amortized cost |  | Allowance for Credit Losses(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 191,116 |  |  | $ | — |  |  | $ | 5,245 |  |  | $ | (58) |  |  | $ | 196,303 |
Obligations of state and political subdivisions | 42,583 |  |  | — |  |  | 1,768 |  |  | (1) |  |  | 44,350 |
Corporate securities | 92,761 |  |  | — |  |  | 2,181 |  |  | (1) |  |  | 94,941 |
Asset backed securities | 37,975 |  |  | — |  |  | 316 |  |  | (2,099) |  |  | 36,192 |
Certificates of deposit | 1,355 |  |  | — |  |  | — |  |  | — |  |  | 1,355 |
Obligations of foreign governments | 3,961 |  |  | — |  |  | 31 |  |  | — |  |  | 3,992 |
Total | $ | 369,751 |  |  | $ | — |  |  | $ | 9,541 |  |  | $ | (2,159) |  |  | $ | 377,133 |
(1) - Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in net realized and unrealized gains (losses) as a credit loss on AFS securities. Amount excludes unrealized losses relating to non-credit factors.
Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of AFS securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| As of
| March 31, 2021 |  | December 31, 2020
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less | $ | 36,505 |  |  | $ | 36,902 |  |  | $ | 30,306 |  |  | $ | 30,602 |
Due after one year through five years | 167,610 |  |  | 169,987 |  |  | 149,378 |  |  | 153,406 |
Due after five years through ten years | 38,340 |  |  | 38,292 |  |  | 26,621 |  |  | 27,479 |
Due after ten years | 123,981 |  |  | 126,244 |  |  | 125,471 |  |  | 129,454 |
Asset backed securities | 40,233 |  |  | 38,522 |  |  | 37,975 |  |  | 36,192 |
Total | $ | 406,669 |  |  | $ | 409,947 |  |  | $ | 369,751 |  |  | $ | 377,133 |
Schedule of available-for-sale securities, continuous unrealized loss position | The following tables present the gross unrealized losses on AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
| As of March 31, 2021
| Less Than or Equal to One Year |  | More Than One Year
| Fair value |  | Gross unrealized losses |  | # of Securities |  | Fair value |  | Gross unrealized losses |  | # of Securities
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 74,713 |  |  | $ | (1,054) |  |  | 172 |  |  | $ | 1 |  |  | $ | — |  |  | 2 |
Obligations of state and political subdivisions | 9,082 |  |  | (113) |  |  | 42 |  |  | — |  |  | — |  |  | — |
Corporate securities | 44,717 |  |  | (575) |  |  | 178 |  |  | — |  |  | — |  |  | — |
Asset backed securities | 4,517 |  |  | (20) |  |  | 20 |  |  | 3,531 |  |  | (1,897) |  |  | 4 |
Obligations of foreign governments | 1,868 |  |  | (54) |  |  | 6 |  |  | — |  |  | — |  |  | — |
Total | $ | 134,897 |  |  | $ | (1,816) |  |  | 418 |  |  | $ | 3,532 |  |  | $ | (1,897) |  |  | 6 |
| As of December 31, 2020
| Less Than or Equal to One Year |  | More Than One Year
| Fair value |  | Gross unrealized losses |  | # of Securities |  | Fair value |  | Gross unrealized losses |  | # of Securities
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 15,323 |  |  | $ | (58) |  |  | 41 |  |  | $ | 2 |  |  | $ | — |  |  | 2 |
Obligations of state and political subdivisions | 379 |  |  | (1) |  |  | 5 |  |  | — |  |  | — |  |  | — |
Corporate securities | 901 |  |  | (1) |  |  | 3 |  |  | — |  |  | — |  |  | — |
Asset backed securities | — |  |  | — |  |  | — |  |  | 18,927 |  |  | (2,099) |  |  | 9 |
Total | $ | 16,603 |  |  | $ | (60) |  |  | 49 |  |  | $ | 18,929 |  |  | $ | (2,099) |  |  | 11 |
Roll forward Activity in the Allowance for Credit Losses for AFS Securities | The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of March 31, 2021:
|  |  | Obligations of state and political subdivisions |  | Corporate securities |  | Asset backed securities |  | Obligations of foreign governments |  | Total
Balance as of December 31, 2019 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Increase in the allowance for the initial adoption of ASU 2016-13 |  |  | (1) |  |  | (50) |  |  | (2) |  |  | — |  |  | (53) |
Gains from recoveries of amounts previously written off |  |  | 1 |  |  | 31 |  |  | 2 |  |  | — |  |  | 34 |
Balance as of March 31, 2020 |  |  | $ | — |  |  | $ | (19) |  |  | $ | — |  |  | $ | — |  |  | $ | (19) |
Balance as of December 31, 2020 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(Increase) in allowance for credit losses |  |  | — |  |  | (101) |  |  | — |  |  | (5) |  |  | (106) |
Balance as of March 31, 2021 |  |  | $ | — |  |  | $ | (101) |  |  | $ | — |  |  | $ | (5) |  |  | $ | (106) |
The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security. The table below presents the amount of credit losses (gains from recoveries) on AFS securities recorded by the Company for the following period:
| Three Months Ended March 31,
| 2021 |  | 2020
Credit losses (gains from recoveries) on AFS securities | $ | 106 |  |  | $ | (34) |
Restricted Investments | The following table presents the Company's restricted investments included in the Company's AFS securities:
| As of
| March 31, 2021 |  | December 31, 2020
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ | 44,268 |  |  | $ | 44,349 |
Fair value of restricted investments for special deposits required by state insurance departments | 9,341 |  |  | 9,447 |
Total fair value of restricted investments | $ | 53,609 |  |  | $ | 53,796 |
Available-for-sale Securities additional information | The following table presents additional information on the Company’s AFS securities:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Purchases of AFS securities | $ | 68,702 |  |  | $ | 23,580 |  |  |  |  |  |  |
Proceeds from maturities, calls and prepayments of AFS securities | $ | 17,740 |  |  | $ | 19,660 |  |  |  |  |  |  |
Gross proceeds from sales of AFS securities | $ | 13,645 |  |  | $ | 5,560 |  |  |  |  |  |  |
The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Gross realized gains | $ | 128 |  |  | $ | 67 |  |  |  |  |  |  |
Gross realized (losses) | — |  |  | (63) |  |  |  |  |  |  |
Total net realized gains (losses) from investment sales and redemptions | $ | 128 |  |  | $ | 4 |  |  |  |  |  |  |
Schedule of Investments in Loans Measured at Fair Value | The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
| As of March 31, 2021 |  | As of December 31, 2020
| Fair value |  | Unpaid principal balance (UPB) |  | Fair value exceeds / (below) UPB |  | Pledged as Collateral |  | Fair value |  | Unpaid principal balance (UPB) |  | Fair value exceeds / (below) UPB |  | Pledged as Collateral
Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate loans (1) | $ | 10,832 |  |  | $ | 14,941 |  |  | $ | (4,109) |  |  | $ | — |  |  | $ | 7,795 |  |  | $ | 12,281 |  |  | $ | (4,486) |  |  | $ | — |
Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans held for sale (2) | 99,626 |  |  | 97,043 |  |  | 2,583 |  |  | 97,499 |  |  | 82,937 |  |  | 78,590 |  |  | 4,347 |  |  | 81,630 |
Total loans, at fair value | $ | 110,458 |  |  | $ | 111,984 |  |  | $ | (1,526) |  |  | $ | 97,499 |  |  | $ | 90,732 |  |  | $ | 90,871 |  |  | $ | (139) |  |  | $ | 81,630 |
(1) The cost basis of Corporate loans was approximately $13,463 and $11,282 at March 31, 2021 and December 31, 2020, respectively. (2) As of March 31, 2021 and December 31, 2020, there were two mortgage loans held for sale that were 90 days or more past due, respectively, with a fair value of $334 and $534, respectively. The following table presents the total notes and accounts receivable, net:
| As of
| March 31, 2021 |  | December 31, 2020
Notes receivable, net - premium financing program | $ | 62,807 |  |  | $ | 62,075 |
Accounts and premiums receivable, net | 94,846 |  |  | 95,269 |
Retrospective commissions receivable | 135,494 |  |  | 131,760 |
Trust receivables | 27,910 |  |  | 54,393 |
Other receivables | 27,257 |  |  | 26,955 |
Total notes and accounts receivable, net | $ | 348,314 |  |  | $ | 370,452 |
The following table presents the total valuation allowance and bad debt expense for the following periods:
| Valuation allowance |  | Bad Debt Expense |  |
| As of March 31, 2021 |  | As of December 31, 2020 |  | Three Months Ended March 31, |  |
|  |  | 2021 |  | 2020 |  |  |  |  |  |
Notes receivable, net - premium financing program (1) | $ | 117 |  |  | $ | 101 |  |  | $ | 80 |  |  | $ | 49 |  |  |  |  |  |  |
Accounts and premiums receivable, net | $ | 227 |  |  | $ | 169 |  |  | $ | 4 |  |  | $ | 8 |  |  |  |  |  |  |
(1) As of March 31, 2021 and December 31, 2020, there were $237 and $215 in balances classified as 90 days plus past due, respectively.
Debt Securities, Trading, and Equity Securities | The following table presents information on the cost and fair value of the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
| As of March 31, 2021 |  |
| Insurance |  | Tiptree Capital - Other |  | Total |  |  |  |  |  |
| Cost |  | Fair Value |  | Cost |  | Fair Value |  | Cost |  | Fair Value |  |  |  |  |  |
Invesque | $ | 23,339 |  |  | $ | 8,245 |  |  | $ | 111,491 |  |  | $ | 39,474 |  |  | $ | 134,830 |  |  | $ | 47,719 |  |  |  |  |  |  |
Fixed income exchange traded fund | 62,438 |  |  | 64,293 |  |  | — |  |  | — |  |  | 62,438 |  |  | 64,293 |  |  |  |  |  |  |
Other equity securities | 36,337 |  |  | 33,010 |  |  | — |  |  | — |  |  | 36,337 |  |  | 33,010 |  |  |  |  |  |  |
Total equity securities | $ | 122,114 |  |  | $ | 105,548 |  |  | $ | 111,491 |  |  | $ | 39,474 |  |  | $ | 233,605 |  |  | $ | 145,022 |  |  |  |  |  |  |
| As of December 31, 2020
| Insurance |  | Tiptree Capital - Other |  | Total
| Cost |  | Fair Value |  | Cost |  | Fair Value |  | Cost |  | Fair Value
Invesque | $ | 23,339 |  |  | $ | 5,370 |  |  | $ | 111,491 |  |  | $ | 25,708 |  |  | $ | 134,830 |  |  | $ | 31,078 |
Fixed income exchange traded fund | 62,438 |  |  | 63,875 |  |  | — |  |  | — |  |  | 62,438 |  |  | 63,875 |
Other equity securities | 38,069 |  |  | 28,885 |  |  | — |  |  | — |  |  | 38,069 |  |  | 28,885 |
Total equity securities | $ | 123,846 |  |  | $ | 98,130 |  |  | $ | 111,491 |  |  | $ | 25,708 |  |  | $ | 235,337 |  |  | $ | 123,838 |
Schedule of Other Investments | The following table contains information regarding the Company’s other investments as of the following periods:
| As of March 31, 2021
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Corporate bonds, at fair value (1) | $ | 101,296 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,296 |
Vessels, net (2) | — |  |  | — |  |  | 82,657 |  |  | 82,657 |
Debentures | 20,377 |  |  | — |  |  | — |  |  | 20,377 |
Other | 744 |  |  | 12,021 |  |  | 1,376 |  |  | 14,141 |
Total other investments | $ | 122,417 |  |  | $ | 12,021 |  |  | $ | 84,033 |  |  | $ | 218,471 |
| As of December 31, 2020
|  |  | Tiptree Capital |  |
| Insurance |  | Mortgage |  | Other |  | Total
Corporate bonds, at fair value (1) | $ | 105,777 |  |  | $ | — |  |  | $ | — |  |  | $ | 105,777 |
Vessels, net (2) | — |  |  | — |  |  | 83,028 |  |  | 83,028 |
Debentures | 17,703 |  |  | — |  |  | — |  |  | 17,703 |
Other | 2,353 |  |  | 9,439 |  |  | 1,401 |  |  | 13,193 |
Total other investments | $ | 125,833 |  |  | $ | 9,439 |  |  | $ | 84,429 |  |  | $ | 219,701 |
(1) The cost basis of corporate bonds was $95,644 and $97,284 as of March 31, 2021 and December 31, 2020, respectively. (2) Net of accumulated depreciation of $9,515 and $8,372 as of March 31, 2021 and December 31, 2020, respectively.
Components of Investment Income | The following table presents the components of net investment income by source of income:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Interest: |  |  |  |  |  |  |  |  |
AFS securities | $ | 1,724 |  |  | $ | 2,281 |  |  |  |  |  |  |
Loans, at fair value | 205 |  |  | 173 |  |  |  |  |  |  |
Other investments | 1,282 |  |  | 855 |  |  |  |  |  |  |
Dividends from equity securities | 89 |  |  | 591 |  |  |  |  |  |  |
Other | 20 |  |  | — |  |  |  |  |  |  |
Subtotal | 3,320 |  |  | 3,900 |  |  |  |  |  |  |
Less: investment expenses | 553 |  |  | 412 |  |  |  |  |  |  |
Net investment income | $ | 2,767 |  |  | $ | 3,488 |  |  |  |  |  |  |
Other Investment Income - Tiptree Capital Other investment income represents other revenue from other Tiptree non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (16) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Interest: |  |  |  |  |  |  |  |  |
Loans, at fair value (1) | $ | 1,672 |  |  | $ | 1,731 |  |  |  |  |  |  |
Dividends from equity securities | — |  |  | 2,533 |  |  |  |  |  |  |
Loan fee income | 5,362 |  |  | 3,554 |  |  |  |  |  |  |
Vessel related revenue | 5,699 |  |  | 7,246 |  |  |  |  |  |  |
Other investment income | $ | 12,733 |  |  | $ | 15,064 |  |  |  |  |  |  |
(1) Primarily relates to Loans, at fair value classified as Held for Sale. See Note (4) Assets and Liabilities Held for Sale.
Components of Net Realized and Unrealized Gain (Losses) | The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (loss) (OCI), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Net realized gains (losses) |  |  |  |  |  |  |  |  |
Insurance: |  |  |  |  |  |  |  |  |
Reclass of unrealized gains (losses) on AFS securities from OCI | $ | 128 |  |  | $ | 4 |  |  |  |  |  |  |
Gains from recoveries (credit losses) on AFS securities | (106) |  |  | 34 |  |  |  |  |  |  |
Net realized gains (losses) on loans | — |  |  | (1,518) |  |  |  |  |  |  |
Net realized gains (losses) on equity securities | (1,853) |  |  | (16,564) |  |  |  |  |  |  |
Net realized gain on corporate bonds | 1,816 |  |  | 4 |  |  |  |  |  |  |
Other | 2,577 |  |  | 734 |  |  |  |  |  |  |
Tiptree Capital |  |  |  |  |  |  |  |  |
Mortgage: |  |  |  |  |  |  |  |  |
Net realized gains (losses) on loans | 24,733 |  |  | 17,520 |  |  |  |  |  |  |
Other | 965 |  | (1,377) |  |  |  |  |  |  |
Other: |  |  |  |  |  |  |  |  |
Net realized gains (losses) on loans (1) | 13,887 |  |  | 6,837 |  |  |  |  |  |  |
Other | 669 |  |  | (350) |  |  |  |  |  |  |
Total net realized gains (losses) | 42,816 |  |  | 5,324 |  |  |  |  |  |  |
Net unrealized gains (losses) |  |  |  |  |  |  |  |  |
Insurance: |  |  |  |  |  |  |  |  |
Net change in unrealized gains (losses) on loans | 856 |  |  | (2,160) |  |  |  |  |  |  |
Net unrealized gains (losses) on equity securities held at period end | 11,087 |  |  | (25,770) |  |  |  |  |  |  |
Reclass of unrealized (gains) losses from prior periods for equity securities sold | (1,211) |  |  | 16,252 |  |  |  |  |  |  |
Other | (3,622) |  |  | (4,619) |  |  |  |  |  |  |
Tiptree Capital |  |  |  |  |  |  |  |  |
Mortgage: |  |  |  |  |  |  |  |  |
Net change in unrealized gains (losses) on loans | (1,642) |  |  | (401) |  |  |  |  |  |  |
Other | 6,023 |  |  | (3,027) |  |  |  |  |  |  |
Other: |  |  |  |  |  |  |  |  |
Net change in unrealized gains (losses) on loans (1) | (1,900) |  |  | (252) |  |  |  |  |  |  |
Net unrealized gains (losses) on equity securities held at period end | 13,767 |  |  | (48,551) |  |  |  |  |  |  |
Other | 3,197 |  |  | 763 |  |  |  |  |  |  |
Total net unrealized gains (losses) | 26,555 |  |  | (67,765) |  |  |  |  |  |  |
Total net realized and unrealized gains (losses) | $ | 69,371 |  |  | $ | (62,441) |  |  |  |  |  |  |
(1) Primarily relates to Loans, at fair value classified as Held for Sale. See Note (4) Assets and Liabilities Held for Sale.

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