Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 209

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 209
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es)$9,510 $10,664 Other revenue5,669 5,227 Total revenues$15,179 $15,891 Expenses:Employee compensation and benefits$9,316 $9,239 Interest expense302 651 Depreciation and amortization74 125 Other expenses5,697 5,123 Total expenses$15,389 $15,138 Income (loss) before taxes$(210)$753 Key Performance Metrics:Origination volumes$209,142 $210,402 Gain on sale margins4.8 %5.0 %Return on average equity(1.0)%4.5 %Non-GAAP Financial Measures (1):Adjusted net income$610 $(309)Adjusted return on average equity4.4 %(2.4)%

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

Revenues - Three Months Ended March 31, 2025 compared to 2024

For the three months ended March 31, 2025, $209.1 million of loans were funded, compared to $210.4 million for the prior year period, a decrease of $1.3 million, or 0.6%. Gain on sale margins decreased to 4.8% for the three months ended March 31, 2025, as compared to 5.0% for the three months ended March 31, 2024.

Net realized and unrealized gains for the three months ended March 31, 2025 were $9.5 million, compared to $10.7 million in the prior year period, a decrease of $1.2 million or 10.8%. The primary driver of decreased gain on sale revenues for three months ended March 31, 2025 were lower origination volumes, and the negative fair value adjustment in mortgage servicing rights of $1.0 million in 2024 compared to a positive fair value adjustment of $1.2 million in the prior year period.

Other revenue for the three months ended March 31, 2025 was $5.7 million, compared to $5.2 million in the prior year period, an increase of $0.4 million, or 8.5%. The increase was driven by higher loan servicing income and higher loan origination fees. As of March 31, 2025, the mortgage servicing