Company: TIPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001393726-25-000028
Chunk: 216

Company: TIPTREE INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 216
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 less at management’s discretion. Such extension options were not included in the measurement of the lease liability. Below is a summary of our right of use asset and lease liability as of December 31, 2024:As ofDecember 31, 2024Right of use asset - Operating leases$27,816Operating lease liability$36,588Weighted-average remaining lease term (years)6.2Weighted-average discount rate (1)8.02%(1)    Discount rate was determined by applying available market rates to lease obligations based upon their term.As of December 31, 2024, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:As ofDecember 31, 20242025$10,241 20269,595 20277,748 20287,280 20296,014 2030 and thereafter11,193 Total minimum payments52,071 Less: present value adjustment15,483 Total$36,588 The following table presents rent expense for the Company’s office leases recorded in other expenses on the consolidated statements of operations for the following periods:

F-65

TIPTREE INC. AND SUBSIDIARIESNotes to Consolidated Financial StatementsDecember 31, 2024(in thousands, except share data)

For the Year Ended December 31,202420232022Rent expense for office leases (1)$7,815 $7,951 $9,301 (1)     Includes lease expense of $0, $0 and $202 for the years ended December 31, 2024, 2023 and 2022, respectively, for assets classified as held for sale for the periods prior to July 1, 2022.The Company entered into a sublease of their former corporate office space in December 2022. As a result of the sublease, future lease payments will be offset by $1,842 annually from July 2023 through and August 2029.LitigationThe Company is a defendant in Mullins v. Southern Financial Life Insurance Co., a class action filed in February 2006, in Pike County Circuit Court in the Commonwealth of Kentucky on behalf of Kentucky consumers that purchased certain credit life and disability insurance coverage between 1997-2007. The action alleges violations of the Kentucky Consumer Protection Act (“KCPA”) and certain insurance statutes, common law fraud and breach of contract and the covenant of good faith and fair dealing