Company: TIPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001393726-25-000028
Chunk: 23

Company: TIPTREE INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 23
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 Capital - Other

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

Results of Operations

($ in thousands)Year Ended December 31,20242023Revenues:Net realized and unrealized gains (losses)$(905)$(5,289)Other income4,136 7,386 Total revenue$3,231 $2,097 Expenses:Employee compensation and benefits$515 $579 Depreciation and amortization— 97 Other expenses2,879 4,685 Total expenses$3,394 $5,361 Income (loss) before taxes$(163)$(3,264)Non-GAAP Financial Measures (1):Adjusted net income$289 $923 Adjusted return on average equity0.4 %0.9 %

(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 its 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 year ended December 31, 2024 were $3.2 million compared to $2.1 million in the prior year period with the improvement driven by decreased investment losses on Invesque in 2024, partially offset by lower interest income on cash and cash equivalents recorded in other income in 2024 compared to 2023.

Income (loss) before taxes

The loss before taxes from Tiptree Capital - Other for the year ended December 31, 2024 was $0.2 million, compared to the loss before taxes of $3.3 million in the prior year period. The improvement was driven by the same factors that impacted revenues.

Adjusted net income - Non-GAAP(1)

Adjusted net income decreased to $0.3 million for the year ended December 31, 2024 compared to $0.9 million in 2023.

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Corporate

The following table presents a summary of corporate results for the following periods:

Results of Operations

($ in thousands)Year Ended December 31, 20242023Employee compensation and benefits$8,220