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Tricadia Capital exercises option to buy Tiptree Financial Partners common units

Tricadia Capital Management LLC on June 5 exercised an option to purchase 540,000 common units of Tiptree Financial Partners LP at $15.00 per common unit.

The Tricadia option, granted in 2007, allows Tiptree Financial to deliver Tiptree Inc.'s class A common shares on an as exchanged basis of 2.798 class A common shares for each Tiptree Financial common unit. In settlement of the option, Tiptree Financial delivered 1,510,920 class A common shares of Tiptree Inc., held by a Tiptree Inc. unit, to Tricadia for total consideration of about $8.1 million.

As of June 5, Tiptree Inc. had 35,003,004 class A common shares outstanding and 8,049,029 class B common shares outstanding.