Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 261

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 261
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 310,000 |
| Total               |     |     $373,699 |

| (1) | The noted maturities entirely relate to asset based debt which is recourse only to specific assets and related cash flows and not recourse to Fortegra. |

The following narrative is a summary of certain terms of our debt agreements for the year ended December 31, 2024: Corporate Debt Secured Revolving Credit Agreements As of December 31, 2024 and 2023, a total of $0 and $130,000, respectively, was outstanding under the Company’s revolving line of credit. The maximum borrowing capacity under the agreements as of December 31, 2024 was $200,000. On October 21, 2022, the Company and Fortegra Financial (“FFC”), a subsidiary of the Company, entered into a Second Amended and Restated Credit Agreement by and among the Company, FFC and its subsidiary, LOTS Intermediate Co., as borrowers, the lenders from time to time party thereto, certain of FFC’s subsidiaries, as guarantors, and Fifth Third Bank, National Association, as the administrative agent and issuing lender (the “Fortegra Credit Agreement”). The Fortegra Credit Agreement provides for a $200,000 revolving credit facility, all of which is available for the issuance of letters of credit, with a sub-limit of $25,000 for swing loans and matures on October 1, 2027. As of December 31, 2024, the Company was in compliance with the covenants required under the terms of the borrowing. Junior Subordinated Notes On October 16, 2017, FFC issued $125,000 of 8.50% Fixed Rate Resetting Junior Subordinated Notes due October 2057 (the “2017 Notes”). Substantially all of the net proceeds of the 2017 Notes were used to repay the then existing secured credit agreement, which was terminated thereafter. On November 7, 2024, the Company issued $150,000 of 9.25% Fixed Rate Resetting Junior Subordinated Notes due November 2064 (the “2024 Notes”). The proceeds of the 2024 Notes were used to repay outstanding indebtedness under the Company’s credit agreement, for insurance company growth capital and general corporate purposes. Beginning on November 15, 2029, the Company may redeem the 2024 Notes at par plus accrued and unpaid interest. Effective November 15, 2034