Company: TIPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001393726-25-000028
Chunk: 29

Company: TIPTREE INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 29
---
 percentage of average beginning and ending stockholders’ equity during the period. See “—Adjusted Net Income—Non-GAAP” above. Adjusted return on average equity should not be viewed as a substitute for return on average equity calculated in accordance with GAAP, and other companies may define adjusted return on average equity differently. 71

Year Ended December 31, 2024($ in thousands)Tiptree CapitalInsuranceMortgageOtherCorporateTotalIncome (loss) before taxes$183,158 $4,725 $(163)$(38,401)$149,319 Less: Income tax (benefit) expense(43,260)(1,091)(540)(16,761)(61,652)Less: Net realized and unrealized gains (losses) (1)(8,496)(2,711)905 — (10,302)Plus: Intangibles amortization (2)15,413 — — — 15,413 Plus: Stock-based compensation expense8,998 — — 8,682 17,680 Plus: Non-recurring expenses (3)3,455 — — — 3,455 Plus: Non-cash fair value adjustments (4)7,436 — — — 7,436 Plus: Impact of tax deconsolidation of Fortegra (5)— — — 23,495 23,495 Less: Tax on adjustments (6)(9,673)608 87 (3,168)(12,146)Adjusted net income (before NCI)$157,031 $1,531 $289 $(26,153)$132,698 Less: Impact of non-controlling interests(32,638)— — — (32,638)Adjusted net income $124,393 $1,531 $289 $(26,153)$100,060 Adjusted net income (before NCI)$157,031 $1,531 $289 $(26,153)$132,698 Average stockholders’ equity$539,049 $54,113 $80,856 $(57,350)$616,668 Adjusted return on average equity (7)29.1 %2.8 %0.4 %NM%21.5 %Year Ended December 31, 2023($ in thousands)Tiptree CapitalInsuranceMortgage