Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 255

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part II, Item 8
Chunk 255
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 other factors associated with changes in interest rates, plus actual run-off in the servicing portfolio. We report these adjustments separate from servicing income and servicing expense.

Other Revenue includes loan origination fees, interest income, and mortgage servicing income. Loan origination fees are earned as mortgage loans are funded. Servicing fees are earned over the life of the loan. Interest income includes interest earned on loans held for sale and interest income on bank balances and short-term investments.

Expenses

Employee Compensation and Benefits includes salaries, commissions, benefits, bonuses, other incentive compensation and related taxes for employees. Commissions expense for sales staff generally varies with loan origination volumes.

Interest Expense represents borrowing costs under warehouse and other credit facilities used primarily to fund loan originations. Amortization of deferred financing costs, including commitment fees, is included in interest expense.

Depreciation is mainly associated with furniture, fixtures and equipment. Amortization is primarily associated with a trade name and internally developed software.

Other Expenses include loan origination expenses, namely, leads, appraisals, credit reporting and licensing fees, general and administrative expenses, including office rent, insurance, legal, consulting and payroll processing expenses, and servicing expense.

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The following tables present the Mortgage segment results for the following periods:

Results of Operations

($ in thousands)Three Months Ended June 30, Six Months EndedJune 30, 2025202420252024Revenues:Net realized and unrealized gains (losses)$10,132 $10,136 $19,642 $20,800 Other revenue6,100 5,747 11,769 10,974 Total revenues$16,232 $15,883 $31,411 $31,774 Expenses:Employee compensation and benefits$9,827 $9,378 $19,143 $18,617 Interest expense392 527 694 1,178 Depreciation and amortization79 97 153 222 Other expenses5,696 5,353 11,393 10,476 Total expenses$15,994 $15,355 $31,383 $30,493 Income (loss) before taxes$238 $528 $28 $1,281 Key Performance Metrics:Origination volumes$244,477 $226,871 $453,619 $437,273 Gain on sale margins4.6 %4.6 %4.