Company: TIPT
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001193125-25-259809
Chunk: 7

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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2025, Tiptree would have reflected the below:

     As of

     September 30, 2025

      Consideration
     $
     1,650,000

      Less: transaction expenses
      
     27,000

      Net consideration
      
     1,623,000

      Tiptree diluted ownership of Fortegra
      
     69.10
     %

      Fair value of consideration received
     $
     1,121,490

      Estimated gain on disposal
     $
     448,679

•Tiptree reported net income of $31.0 million for the nine months ended September 30, 2025, compared to $33.8 million in the prior year period, with the decrease driven by deal-related expenses, increase in the Fortegra Additional Warrant liability, and incremental interest expense on $74.4 million of outstanding borrowings at the holding company level, partially offset by growth in Fortegra’s underwriting and fee income, and investment gains on equities. Return on average equity was 8.6% for the nine months ended September 30, 2025 as compared to 10.3% for the nine months ended September 30, 2024.

•Adjusted net income of $79.2 million increased from $72.8 million in the nine months ended September 30, 2024, driven by growth in insurance operations. Adjusted return on average equity was 21.9%, as compared to 22.1% in 2024.

•On October 31, 2025, Tiptree entered into the Purchase Agreement with Reliance Buyer and Reliance, pursuant to which and subject to the conditions set forth therein, Tiptree will sell all of the issued and outstanding shares of common stock of Reliance to Reliance Buyer for aggregate consideration of 93.5% of tangible book value, or an estimated $51 million of gross proceeds as of September 30, 2025 (subject to certain adjustments set forth in the Purchase Agreement).