Press Release

Care Investment Trust LLC Announces Six Property Acquisition and Lease Transaction with Greenfield Senior Living

Company Release - 3/30/2015 3:03 PM ET

Acquisition of Six Seniors Housing Facilities for $54.48 Million
Located in Virginia, Maryland, Pennsylvania, and New Jersey

NEW YORK--(BUSINESS WIRE)-- Care Investment Trust LLC ("Care" or the "Company"), a seniors housing-focused real estate investment and finance subsidiary of Tiptree Financial Inc. (NASDAQ: TIPT), has acquired six senior housing communities from a third party seller for $54.48 million. Concurrent with the acquisition, Care will master lease the properties to affiliates of Greenfield Senior Living ("Greenfield"), a privately-held owner and operator of senior housing facilities in the Mid-Atlantic and South regions of the United States. Pursuant to the lease, Care will provide Greenfield with $1 million to fund initial capital expenditures to enhance and reposition each of the properties. In connection with the acquisition, Care secured a $39.5 million, 10 year loan, which includes 18 months of interest only payments. The initial funding amount was approximately $38.7 million and the remaining amount was held-back at closing to reimburse the borrowers for a portion of the capital expenditures.

Salvatore (Torey) Riso, President and Chief Executive Officer of Care, stated, "With today’s closing, Care has broadened and deepened its important relationship with Greenfield. We started working together in September 2011 with a 3 community triple net sale-leaseback transaction, we expanded that relationship with a 3 community joint venture in October 2013, and now we are thrilled to add 6 more communities in a participating lease structure. This is exactly what we had hoped would happen with the Greenfield relationship and it serves as a model of our strategy to partner and build with a select group of high quality regional operators. Greenfield is made up of true professionals that care deeply about their residents and staff. Together, we are looking forward to the continued growth of our companies.”

Mathew Peponis, Chief Executive Officer of Greenfield, said, “Greenfield Senior Living is honored to expand its relationship with Care Investment Trust. We are excited that over 350 new residents and their family members will now be enjoying the Greenfield experience. We have new and innovative projects planned that we think our residents, families and team members are going to love. With our community partners, we will continue to transform the senior living experience by introducing new healthcare models, enhancing environments, and using technology to delight our customers.”

Transaction Highlights:

— Care partners with Greenfield, a company that now operates 20 seniors housing facilities in Maryland, New Jersey, Pennsylvania, Virginia, Tennessee, and Texas.

— Care acquires the real estate of 6 senior housing facilities with 299 units in four states, and simultaneously leases them to Greenfield pursuant to a participating lease structure with a 12 year initial term.

— Care and Greenfield plan to enhance the resident experience at the communities by implementing an extensive capital improvement program, as well as enhanced programming and services.

— Weighted average occupancy across the portfolio was approximately 89.6% as of February 2015.

About Care Investment Trust LLC

Care Investment Trust LLC is a real estate investment and finance company that invests in seniors housing and healthcare-related real estate. Care is a wholly-owned subsidiary of Tiptree Financial Inc. ("Tiptree") (NASDAQ: TIPT), a diversified holding company engaged through its consolidated subsidiaries in a number of businesses and is an active acquirer of new businesses. Tiptree, whose operations date back to 2007, currently has subsidiaries that operate in four industries: insurance and insurance services, specialty finance, asset management and real estate.

About Greenfield Senior Living

Virginia-based, Greenfield is a “best-in-class” regional owner/operator of Independent Living, Assisted Living and Memory Care communities specializing in creating value through acquiring, repositioning and managing distressed senior housing communities back to profitability. Greenfield currently operates 20 communities comprising 1,449 units located in the Mid-Atlantic and South regions.

Cautionary Statement Regarding Forward-Looking Statements

This release contains “forward-looking statements” which involve risks, uncertainties and contingencies, many of which are beyond the Tiptree’s control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the Tiptree’s plans, objectives, expectations and intentions. The forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond the Tiptree’s control, are difficult to predict and could cause actual results to differ materially from those expressed or forecast in the forward-looking statements. The Tiptree’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to those described in the section entitled “Risk Factors” in the Tiptree’s Annual Report on Form 10-K, and as described in the Tiptree’s other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. The factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of the Tiptree’s forward-looking statements. Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, the Tiptree’s actual performance could be materially different from the results described or anticipated by its forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statements.

For more information on Care Investment Trust LLC, please visit www.careinvestmenttrust.com

For more information on Greenfield Senior Living, please visit www.greenfieldseniorliving.com

Tiptree Financial Inc.
Investor Relations, 212-446-1400
ir@tiptreefinancial.com

Source: Care Investment Trust LLC