Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 218

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 218
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 Plus: Impact of tax deconsolidation of Fortegra (5)— — — 4,465 4,465 Less: Tax on adjustments (6)(2,071)261 493 (487)(1,804)Adjusted net income (before NCI)$34,133 $(309)$653 $(6,868)$27,609 Less: Impact of non-controlling interests(7,076)— — — (7,076)Adjusted net income $27,057 $(309)$653 $(6,868)20,533 Adjusted net income (before NCI)$34,133 $(309)$653 $(6,868)$27,609 Average stockholders’ equity$483,158 $52,591 $97,899 $(46,047)$587,601 Adjusted return on average equity (7)28.3 %(2.4)%2.7 %NM%18.8 %(1)    Net realized and unrealized gains (losses) added back in Adjusted net income excludes net realized and unrealized gains (losses) from the mortgage segment and unrealized gains (losses) on mortgage servicing rights.(2)       Specifically associated with acquisition purchase accounting. See Note (7) Goodwill and Intangible Assets, net, for the period ended March 31, 2025.(3)       For the three months ended March 31, 2025 and 2024, included in other expenses were expenses related to legal, banker and other expenses including expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024.(4)    For the three months ended March 31, 2025 and 2024, non-cash fair-value adjustments represent a change in fair value of the Fortegra Additional Warrant liability.(5)    For the three months ended March 31, 2025 and 2024, included in the adjustment is an add-back of $4.7 million and $4.5 million, respectively, related to deferred tax expense from the WP Transaction.(6)      Tax on adjustments represents the tax applied to the total non-GAAP adjustments and includes adjustments for non-recurring or discrete tax impacts.(7)    Total Adjusted return on average equity after non-controlling interests was 20.0% and 19.5% for the three months ended March 31, 2025 and 202