Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 162

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 162
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31, 2025 compared to 2024 

The loss before taxes for the three months ended March 31, 2025 was $0.2 million, compared to income before taxes of $0.8 million in the prior year period. The decrease was driven by lower mortgage volumes, negative fair value adjustment in mortgage servicing rights, partially offset by higher and servicing fees.

Tiptree Capital - Other

The following tables present a summary of Tiptree Capital - Other results for the following periods:

Results of Operations

($ in thousands)Three Months EndedMarch 31, 20252024Revenues:Net realized and unrealized gains (losses)$740 $2,141 Other income926 1,433 Total revenue$1,666 $3,574 Expenses:Employee compensation and benefits$102 $107 Other expenses1,380 474 Total expenses$1,482 $581 Income (loss) before taxes$184 $2,993 Non-GAAP Financial Measures (1):Adjusted net income (before NCI)$(447)$653 Adjusted return on average equity(2.9)%2.7 %

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues

Tiptree Capital - Other earns revenues from the following sources: net interest income, realized and unrealized gains and losses on the Company’s investment holdings (including Invesque until the sale in April 2024); and charter revenues from vessels within the Company’s maritime transportation operations. Subsequent to the sale of our dry bulk and tanker vessels, operations include two smaller vessels and other ancillary assets. 

Revenues for the three months ended March 31, 2025 were $1.7 million compared to $3.6 million in the prior year period with the decrease driven by realized investments gains on securities in the Company’s investment holdings in 2024, and lower interest income on cash and cash equivalents recorded in other income in 2025 compared to 2024.

Income (loss) before taxes

Income before taxes from Tiptree Capital - Other for the three months ended March 31, 2025 was $0.2 million, compared to the income before taxes of $3.0 million in the prior year period driven by increased other expenses.

Adjusted net income - Non-GAAP (1)

Adjusted net loss for the three months ended March 31,