Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 115

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 115
---
 SNL Financial) and closing prices, as of September 19, 2025. Barclays divided the comparable companies into two groups: (i) warranty, comprised only of Assurant, Inc.; and (ii) specialty, comprised of the remaining companies. The results of this warranty comparable company analysis are summarized below:

| Metric   |     | Second Quarter  
 2025 Actual     
 (“Q2’25A”) P/BV |     | Q2'25A 
 P/TBV  |     | Non-GAAP 
 P/E '26E |
| Warranty |     | 1.92x           |     | 4.52x  |     | 10.7x    |

The results of this selected specialty comparable company analysis are summarized below:

| Metric(1)                                  |     | Low   |     | Median |     | Mean  |     | High  |
| Second Quarter 2025 Actual (“Q2’25A”) P/BV |     | 0.96x |     | 2.13x  |     | 2.12x |     | 5.80x |
| Q2'25A P/TBV                               |     | 0.97x |     | 2.23x  |     | 2.28x |     | 5.81x |
| Non-GAAP P/E '26E                          |     | 5.4x  |     | 12.5x  |     | 12.8x |     | 20.8x |

| (1) | Aspen market data as of August 19, 2025, reflecting unaffected data prior to news leak about Aspen’s acquisition by Sompo. |

Barclays selected the comparable companies listed above because their businesses and operating profiles are reasonably similar to that of Fortegra. However, because of the inherent differences between the business, operations and prospects of Fortegra and those of the selected comparable companies, Barclays believed that it was inappropriate to, and therefore did not, rely solely on the quantitative results of the selected comparable company analysis. Accordingly, Barclays also made qualitative judgments concerning differences between the business, financial and operating characteristics and prospects of Fortegra and the selected comparable companies that could affect the equity values of each in order to provide a context in which to consider the results of the quantitative analysis. These qualitative judgments related primarily to the differing sizes, growth prospects, profitability levels and degree of operational risk between Fortegra and the companies included