Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 72

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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 Months Ended March 31, 2025 compared to 2024

For the three months ended March 31, 2025, $209.1 million of loans were funded, compared to $210.4 million for the prior year period, a decrease of $1.3 million, or 0.6%. Gain on sale margins decreased to 4.8% for the three months ended March 31, 2025, as compared to 5.0% for the three months ended March 31, 2024.

Net realized and unrealized gains for the three months ended March 31, 2025 were $9.5 million, compared to $10.7 million in the prior year period, a decrease of $1.2 million or 10.8%. The primary driver of decreased gain on sale revenues for three months ended March 31, 2025 were lower origination volumes, and the negative fair value adjustment in mortgage servicing rights of $1.0 million in 2024 compared to a positive fair value adjustment of $1.2 million in the prior year period.

Other revenue for the three months ended March 31, 2025 was $5.7 million, compared to $5.2 million in the prior year period, an increase of $0.4 million, or 8.5%. The increase was driven by higher loan servicing income and higher loan origination fees. As of March 31, 2025, the mortgage servicing asset was $41.3 million, a decrease from $42.6 million as of December 31, 2024.

Expenses - Three Months Ended March 31, 2025 compared to 2024 

For the three months ended March 31, 2025, employee compensation and benefits were $9.3 million, compared to $9.2 million in the prior year period, an increase of $0.1 million or 0.8%. 

For the three months ended March 31, 2025, interest expense was at $0.3 million, compared to $0.7 million in prior year period, driven by lower interest rates.

For the three months ended March 31, 2025, other expenses $5.7 million, compared to 5.1 million in the prior year period, an increase of $0.6 million, with the increase driven by a higher mortgage operational expenses.

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Income (loss) before taxes - Three Months Ended March