Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 194

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 194
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 equity was $683.5 million as of March 31, 2025 compared to $598.6 million as of March 31, 2024, with the increase driven by comprehensive income over the trailing four quarters, partially offset by net changes in non-controlling interests and preferred dividends paid at Fortegra. In the three months ended March 31, 2025, Tiptree returned $2.3 million to stockholders through dividends paid. 

Book value per share for the period ended March 31, 2025 was $12.63, an increase from book value per share of $11.55 as of March 31, 2024, driven by comprehensive income per share, partially offset by dividends paid of $0.49 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.

Results by Segment

We classify our business into two reportable segments, Insurance and Mortgage, with the remainder of our operations aggregated into Tiptree Capital - Other. Corporate activities include holding company interest expense, corporate employee compensation and benefits, and other expenses, including public company expenses.

The following tables present the components of Revenue, Income (loss) before taxes and Adjusted net income for the following periods:

($ in thousands)Three Months EndedMarch 31, 20252024Revenues:Insurance$480,581 $478,756 Mortgage15,179 15,891 Tiptree Capital - other1,666 3,574 Corporate— — Total revenues$497,426 $498,221 Income (loss) before taxes:Insurance$38,054 $36,811 Mortgage(210)753 Tiptree Capital - other184 2,993 Corporate(12,678)(10,858)Total income (loss) before taxes$25,350 $29,699 Non-GAAP - Adjusted net income: (1)Insurance$32,017 $27,057 Mortgage610 (309)Tiptree Capital - other(447)653 Corporate(8,848)(6,868)Total adjusted net income$23,332 $20,533 

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

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Insurance

Our principal operating subsidiary, Fortegra, is a specialty insurance underwriter and service provider, which focuses on niche lines and fee-oriented