Company: TIPT
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001393726-25-000038
Chunk: 72

Company: TIPTREE INC.
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 72
---
 million of average Tiptree Inc. stockholders’ equity. Total Adjusted return on average equity after non-controlling interests was 22.9% and 15.2% for the year ended December 31, 2024 and 2023, respectively, based on $100.1 million and $61.9 million of Adjusted net income over $437.3 million and $407.1 million of average Tiptree Inc. stockholders’ equity. |

<div align='center'>54</div>

### Non-GAAP Financial Measures — Adjusted EBITDA
The CNG Committee uses Adjusted EBITDA as the target to determine incentive compensation for the Company’s executive officers and as its pay for performance measure. Adjusted EBITDA is defined as GAAP net income plus corporate interest expense, plus income taxes, plus depreciation and amortization expense, less the effects of purchase accounting, plus non-cash fair value adjustments including changes in the fair value of the Additional Fortegra Warrant liability, plus significant non-recurring expenses consisting of acquisition, start-up and disposition costs, including debt extinguishment, legal, taxes, banker fees and other costs, and plus unrealized gains (losses) on available for sale securities, the pre-tax gain recorded directly to stockholders’ equity related to the Warburg transaction and changes in unrealized currency translation adjustments reported in other comprehensive income. The CNG Committee believes Adjusted EBITDA reflects a total return of the Company’s income from business operations, investment activity and capital allocation to assets.

| ($ in thousands)                                                 |     | For the Year Ended December 31, |     |   |    2024 |     |   |    2023 |     |   |    2022 |     |   |    2021 |     |   |    2020 |
|:-----------------------------------------------------------------|:----|:--------------------------------|:----|:--|--------:|:----|:--|--------:|:----|:--|--------:|:----|:--|--------:|:----|:--|--------:|
| Net income (loss) attributable to common stockholders            |     |                                 |     | $ |  53,367 |     | $ |  13,951 |     | $ |  -8,274 |     | $ |  38,132 |     | $ | -29,158 |
| Add: net (loss) income attributable to non