Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 170

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 170
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%(1)    Net realized and unrealized gains (losses) added back in Adjusted net income excludes net realized and unrealized gains (losses) from the mortgage segment and unrealized gains (losses) on mortgage servicing rights.(2)       Specifically associated with acquisition purchase accounting. See Note (7) Goodwill and Intangible Assets, net, for the period ended March 31, 2025.(3)       For the three months ended March 31, 2025 and 2024, included in other expenses were expenses related to legal, banker and other expenses including expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024.(4)    For the three months ended March 31, 2025 and 2024, non-cash fair-value adjustments represent a change in fair value of the Fortegra Additional Warrant liability.(5)    For the three months ended March 31, 2025 and 2024, included in the adjustment is an add-back of $4.7 million and $4.5 million, respectively, related to deferred tax expense from the WP Transaction.(6)      Tax on adjustments represents the tax applied to the total non-GAAP adjustments and includes adjustments for non-recurring or discrete tax impacts.(7)    Total Adjusted return on average equity after non-controlling interests was 20.0% and 19.5% for the three months ended March 31, 2025 and 2024, respectively, based on $23.3 million and $20.5 million of Adjusted net income over $465.7 million and $420.8 million of average Tiptree Inc. stockholders’ equity.Book Value per share - Non-GAAPManagement believes the use of this financial measure provides supplemental information useful to investors as book value is frequently used by the financial community to analyze company growth on a relative per share basis. The following table 66

provides a reconciliation between total stockholders’ equity and total shares outstanding, net of treasury shares. ($ in thousands, except per share information)As of March 31, 20252024Total stockholders’ equity$683,462 $598,638 Less: Non-controlling interests209,743 173,903 Total stockholders’ equity, net of non-controlling interests$473,719 $424,735 Total common shares outstanding37,494 36,781 Book value per share$12.63