Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 86

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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% Junior subordinated notes 150,000 — — 150,000 Total corporate debt310,000 — — 310,000 Asset based debtAsset based revolving financing (SOFR + 2.75%)63,699 — — 63,699 Residential mortgage warehouse borrowings (1.75% to 3.30% over SOFR)(4)(5)— 68,394 — 68,394 Total asset based debt63,699 68,394 — 132,093 Total debt, face value373,699 68,394 — 442,093 Unamortized deferred financing costs(14,957)(47)— (15,004)Total debt, net$358,742 $68,347 $— $427,089 (1)    The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of June 30, 2025 and December 31, 2024 was SOFR + 1.50%.(2)    The $75,000 Corporate debt is a secured term credit agreement at 5.25% over the one month SOFR rate, with a floor of 1.00%.(3)    Previously based on 3-month LIBOR, moved to SOFR plus the tenor spread adjustment of 0.26%, in accordance with the Adjustable Interest Rate (LIBOR) Act of 2021.(4)    As of June 30, 2025, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, (ii) a $25,000 line of credit at 1.75% over the one month SOFR rate, with a floor of 2.75%, (iii) a $30,000 line of credit at 1.875% over the one month SOFR rate and (iv) a $10,000 line of credit at 3.30% over the one month SOFR rate. As of December 31, 2024, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, and (ii) a $25,000 line