Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 116

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 116
---
 |     | Non-GAAP 
 P/E '26E |
| Warranty |     | 1.92x           |     | 4.52x  |     | 10.7x    |

The results of this selected specialty comparable company analysis are summarized below:

| Metric(1)                                  |     | Low   |     | Median |     | Mean  |     | High  |
| Second Quarter 2025 Actual (“Q2’25A”) P/BV |     | 0.96x |     | 2.13x  |     | 2.12x |     | 5.80x |
| Q2'25A P/TBV                               |     | 0.97x |     | 2.23x  |     | 2.28x |     | 5.81x |
| Non-GAAP P/E '26E                          |     | 5.4x  |     | 12.5x  |     | 12.8x |     | 20.8x |

| (1) | Aspen market data as of August 19, 2025, reflecting unaffected data prior to news leak about Aspen’s acquisition by Sompo. |

Barclays selected the comparable companies listed above because their businesses and operating profiles are reasonably similar to that of Fortegra. However, because of the inherent differences between the business, operations and prospects of Fortegra and those of the selected comparable companies, Barclays believed that it was inappropriate to, and therefore did not, rely solely on the quantitative results of the selected comparable company analysis. Accordingly, Barclays also made qualitative judgments concerning differences between the business, financial and operating characteristics and prospects of Fortegra and the selected comparable companies that could affect the equity values of each in order to provide a context in which to consider the results of the quantitative analysis. These qualitative judgments related primarily to the differing sizes, growth prospects, profitability levels and degree of operational risk between Fortegra and the companies included in the selected company analysis. Based upon these judgments, Barclays selected (1) a P/BV multiple range of 1.90x to 2.15x, (2) a P/TBV multiple range of 2.25x to 4.50x and (3) a Non-GAAP P/E ‘26E multiple range of 10.5x to 12.5x, and applied such ranges to the Fortegra Projections to calculate a range of implied equity values