Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 83

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 and preferred trust securities, which we refer to as corporate debt, as corporate financing and associated interest expense is added back. The below table outlines this amount by debt outstanding and interest expense at the insurance company and corporate level.Corporate Debt($ in thousands)Corporate Debt Outstanding as of March 31, Interest Expense for the three months ended March 31, 2025202420252024Insurance$311,000 $289,000 $7,277 $6,002 Corporate74,813 — 1,173 — Total$385,813 $289,000 $8,450 $6,002 67

On February 7, 2025, we entered into the Tiptree Credit Agreement, pursuant to which Tiptree Holdings borrowed $75.0 million to, among other things, fund working capital and general corporate purposes. The principal of, and all accrued and unpaid interest on, all loans under the Tiptree Credit Agreement will mature on February 7, 2028.

As of March 31, 2025, a total of $36.0 million was outstanding under the revolving line of credit in our insurance business as compared to no outstanding borrowings under the revolving line of credit in our insurance business as of December 31, 2024. The maximum borrowing capacity under the agreements as of March 31, 2025 and 2024 was $200.0 million.

On November 7, 2024, Fortegra issued $150.0 million 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. 

Consolidated Comparison of Cash Flows

($ in thousands)Three Months Ended March 31, 20252024Cash and cash equivalents provided by (used in):Operating activities$(33,321)$62,704 Investing activities(18,072)40,469 Financing activities61,300 7,977 Effect of exchange rate changes on cash1,787 (754)Change in cash, cash equivalents and restricted cash$11,694 $110,396 

Operating Activities

Cash used in operating activities was $