Assets and Liabilities Held for Sale

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Luxury

The Company has entered into a definitive agreement to sell Luxury, which was classified as held for sale at December 31, 2021. The Company has deconsolidated Luxury effective as of July 1, 2022 due to the execution of an amendment to the definitive agreement to sell Luxury on that date. As of that date, Tiptree no longer had a variable interest in Luxury and all of the risks and rewards associated with Luxury were transferred to the buyer. The transaction did not meet the requirements to be classified as a discontinued operation. The following table presents detail of Luxury’s assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:


	As of
	September 30, 2022		December 31, 2021
Assets:
Investments:
Loans, at fair value	$	—	$	236,810
Other investments	—		2,071
Total investments	—		238,881
Cash, cash equivalents and restricted cash	—		9,360
Notes and accounts receivable, net	—		157
Other assets	—		2,210
Assets held for sale	$	—	$	250,608

Liabilities:
Debt, net	$	—	$	227,973
Other liabilities and accrued expenses	—		15,021
Liabilities held for sale	$	—	$	242,994

Luxury’s earnings had no impact to net income (loss) attributable to common stockholders for the three or nine months ended September 30, 2022 and 2021.

Marine

In the three months ended September 30, 2022, the Company completed the sale of two dry bulk vessels from its maritime shipping operations, which had previously been held for sale. The Company recognized a net gain of $14,100, based on proceeds of $46,200 plus final settlement of assets, for the three months ended September 30, 2022, and a net gain of $21,217, based on proceeds of $67,700 plus final settlement of assets, for the nine months ended September 30, 2022. Also in the three months ended September 30, 2022, we entered into definitive agreements to sell the remaining two product tankers for approximately $49,000. As of September 30, 2022, these two product tankers are classified as held for sale. We expect the remaining sales to be completed in the fourth quarter of 2022. The following table presents detail of the assets held for sale in the condensed consolidated balance sheet as of September 30, 2022:


	As of
	September 30, 2022
Assets:
Investments:
Other investments	$	33,113
Total investments	33,113
Other assets	724
Assets held for sale	$	33,837