Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 164

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 164
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, 2024, the Company sold its 16.98 million shares of Invesque for $0.6 million of proceeds resulting in a capital loss carryforward for tax purposes of approximately $106.8 million.

Tiptree owns less than 80% of Fortegra and is required to record deferred taxes on the outside basis on its investment in Fortegra. This deferred tax liability represents the tax that would be due, before consideration of loss carryforwards, if Tiptree were to sell all of its Fortegra stock at its carrying value on Tiptree’s balance sheet. 

As of March 31, 2025, the deferred tax liability relating to Fortegra was $91.8 million, which was an increase of $7.1 million from the year ended December 31, 2024, of which $2.3 million of expense was recorded in OCI, and $4.7 million expense was recorded as a provision for income taxes. As of March 31, 2024, the deferred tax liability relating to Fortegra was $65.6 million, which was an increase of $3.9 million from the year ended December 31, 2023, of which $0.5 million benefit was recorded in OCI, and $4.5 million expense was recorded as a provision for income taxes. Excluding the impact of these deferred taxes, the effective tax rates for the three months ended March 31, 2025 and 2024 were 30.2% and 31.5%, respectively.

Balance Sheet Information

Tiptree’s total assets were $5,819.5 million as of March 31, 2025, compared to $5,694.8 million as of December 31, 2024. The $124.7 million increase in assets is primarily attributable to the growth in the Insurance segment. 

Total stockholders’ equity was $683.5 million as of March 31, 2025, compared to $656.8 million as of December 31, 2024, with the increase primarily driven by comprehensive income for the three months ended March 31, 2025. As of March 31, 2025, there were 37,493,883 shares of common stock outstanding as compared to 37,255,838 shares as of December 31, 2024, with the increase driven by the vesting of share-based incentive compensation.

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In March and April 2024, T