Press Release

Telos Asset Management LLC Announces Certain Classes of Telos CLO 2006-1 Have Received Ratings Upgrades From Standard & Poor's

Company Release - 1/13/2014 9:00 AM ET

NEW YORK, Jan. 13, 2014 /PRNewswire/ -- Telos Asset Management LLC ("Telos"), a subsidiary of Tiptree Financial Inc. ("Tiptree"; NASDAQ: "TIPT"), announced that Telos CLO 2006-1, Ltd. ("Telos 1"), a collateralized loan obligation vehicle ("CLO") for which it acts as collateral servicer, has recently received ratings upgrades from Standard & Poor's on certain classes of its notes.  In December 2013, Standard & Poor's had announced that it had raised the ratings on the Class A-2, B, C, D and E notes from Telos 1 and removed them from CreditWatch with positive implications as follows:

Telos CLO 2006-1 Ltd.






AA+ / Watch Pos



A+ / Watch Pos



A-     / Watch Pos



BBB- / Watch Pos



BB- / Watch Pos

The rating agency had also affirmed its 'AAA' rating on the Class A-1D, A-1R and A-1T notes from Telos 1.  Standard & Poor's rationale for the stated upgrades included the continued pay downs to the Class A-1D, A-1R and A-1T notes as well as improvements in overcollateralization and portfolio quality.

About Telos Asset Management LLC
Telos is an asset management company focused on investing in corporate credit either through managed accounts or structured investment vehicles such as CLOs.  As of September 30, 2013, Telos has approximately $1.5 billion of assets under management, which consists of four matched funded CLOs and a CLO warehouse.

About Tiptree Financial Inc.
Tiptree is a diversified holding company which conducts its operations through its operating subsidiary, Tiptree Operating Company, LLC. Tiptree operates in four segments: insurance and insurance services, specialty finance (including corporate, consumer and tax-exempt credit), asset management and real estate.  

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SOURCE Tiptree Financial Inc.; Telos Asset Management LLC