Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 193

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 193
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 driven by growth in earned premiums, net, and higher investment income, more than offset by declines in service and administrative fees, and lower net realized and unrealized gains.

The table below provides a break down between net realized and unrealized gains and losses from Invesque and other securities which impacted our consolidated results on a pre-tax basis. Many investments are carried at fair value and marked to market through unrealized gains and losses. As a result, we expect earnings related to these investments to be relatively volatile between periods. Fixed income securities are primarily marked to market through AOCI in stockholders’ equity and do not impact net realized and unrealized gains and losses until they are sold. 

($ in thousands)Three Months EndedMarch 31, 20252024Net realized and unrealized gains (losses) - Invesque(1)$— $(3,536)Net realized and unrealized gains (losses)(2)$(3,692)$9,656 

(1)    On April 15, 2024, the Company sold its 16.98 million shares of Invesque for $0.6 million of proceeds resulting in a realized loss of $134.2 million.

(2)    Excludes Invesque and Mortgage realized and unrealized gains and losses.

Net Income (Loss) Attributable to common stockholders

50

For the three months ended March 31, 2025, the net income attributable to common stockholders was $5.6 million, compared to $9.1 million in the prior year period, driven by growth in Fortegra’s underwriting and fee income, which was more than offset by lower net realized and unrealized investments gains, and incremental interest expense on $74.8 million of outstanding borrowings at the holding company level.

Adjusted net income & Adjusted return on average equity - Non-GAAP

Adjusted net income for the three months ended March 31, 2025 was $23.3 million, an increase of $2.8 million, or 13.6%, from the three months ended March 31, 2024, driven by growth in our insurance operations. For the three months ended March 31, 2025, adjusted return on average equity was 20.0%, as compared to 19.5% for the three months ended March 31, 2024, driven by the increase in adjusted net income.

Book Value per share - Non-GAAP

Total stockholders’