Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 165

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 165
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iptree, Warburg and Fortegra independent directors contributed $30.0 million, $9.9 million and $0.1 million, respectively, to Fortegra in exchange for common shares of Fortegra. As of March 31, 2025, Fortegra was owned approximately 79.1% by Tiptree Holdings, 17.7% by Warburg and 3.2% by management and directors of Fortegra, before giving effect to the exercise of outstanding warrants and management options, and the conversion of outstanding preferred stock.

The following table is a summary of certain balance sheet information:

As of March 31, 2025($ in thousands)Tiptree CapitalInsuranceMortgageOtherCorporateTotalTotal assets$5,493,098 $214,697 $90,773 $20,924 $5,819,492 Corporate debt$311,000 $— $— $74,813 $385,813 Asset based debt51,019 76,064 — — 127,083 Tiptree Inc. stockholders’ equity (1)$458,179 $55,790 $89,410 $(129,660)$473,719 Non-controlling interests:Fortegra preferred interests77,679 — — — 77,679 Common interests132,064 — — — 132,064 Total stockholders’ equity$667,922 $55,790 $89,410 $(129,660)$683,462 

(1)    Included in Corporate equity is the deferred tax liability on the outside basis on Tiptree’s investment in Fortegra of $91.8 million as of March 31, 2025. 

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NON-GAAP MEASURES AND RECONCILIATIONSNon-GAAP ReconciliationsIn addition to GAAP results, management uses the non-GAAP financial measures underwriting and fee revenues and underwriting and fee margin in order to better explain to investors the underwriting performance and the respective retentions between the Company and its agents and reinsurance partners. We also use the non-GAAP financial measures adjusted net income and adjusted return on average equity as measures of operating performance and as part of our resource and capital allocation process, to assess comparative returns on invested capital. Management believes these measures provide supplemental information useful to investors as they are frequently used by the financial community to analyze financial performance and to compare relative