Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 146

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 146
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 activities include holding company interest expense, corporate employee compensation and benefits, and other expenses, including public company expenses.

The following tables present the components of Revenue, Income (loss) before taxes and Adjusted net income for the following periods:

($ in thousands)Three Months EndedMarch 31, 20252024Revenues:Insurance$480,581 $478,756 Mortgage15,179 15,891 Tiptree Capital - other1,666 3,574 Corporate— — Total revenues$497,426 $498,221 Income (loss) before taxes:Insurance$38,054 $36,811 Mortgage(210)753 Tiptree Capital - other184 2,993 Corporate(12,678)(10,858)Total income (loss) before taxes$25,350 $29,699 Non-GAAP - Adjusted net income: (1)Insurance$32,017 $27,057 Mortgage610 (309)Tiptree Capital - other(447)653 Corporate(8,848)(6,868)Total adjusted net income$23,332 $20,533 

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

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Insurance

Our principal operating subsidiary, Fortegra, is a specialty insurance underwriter and service provider, which focuses on niche lines and fee-oriented services. The combination of specialty insurance underwriting, service contract products, and related service solutions delivered through a vertically integrated business model creates a blend of traditional underwriting revenues, investment income and unregulated fee revenues. The business is an agent-driven model, distributing products through independent insurance agents, consumer finance companies, online retailers, auto dealers, and regional big box retailers to deliver products that complement the consumer transaction.

As of March 31, 2025, Fortegra was owned approximately 79.1% by Tiptree, 17.7% by Warburg and 3.2% by management and directors of Fortegra, before giving effect to the exercise of outstanding warrants and the conversion of outstanding preferred stock. The following tables and discussion present the Insurance segment results, including non-controlling interests, for the three months ended March 31, 2025 and 2024.

Components of our Results of Operations

Revenues

Earned Premiums, net represents the earned portion of gross written and assumed premiums,