Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 55

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 We also believe adjusted net income provides useful supplemental information to investors as it is frequently used by the financial community to analyze financial performance between periods and for comparison among companies. 

Adjusted net income and adjusted return on average equity are not measurements of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for GAAP net income. See “Non-GAAP Reconciliations” for a reconciliation of these measures to their GAAP equivalents.

Selected Key Metrics

($ in thousands, except per share information)Three Months EndedMarch 31, GAAP:20252024Total revenues$497,426 $498,221 Net income (loss) attributable to common stockholders$5,635 $9,050 Diluted earnings per share$0.13 $0.22 Cash dividends paid per common share$0.06 $0.06 Return on average equity4.8 %8.6 %Non-GAAP: (1)Adjusted net income$23,332 $20,533 Adjusted return on average equity20.0 %19.5 %

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues

For the three months ended March 31, 2025, revenues were $497.4 million, which decreased $0.8 million, or 0.2%, compared to the prior year period. The change was primarily driven by growth in earned premiums, net, and higher investment income, more than offset by declines in service and administrative fees, and lower net realized and unrealized gains.

The table below provides a break down between net realized and unrealized gains and losses from Invesque and other securities which impacted our consolidated results on a pre-tax basis. Many investments are carried at fair value and marked to market through unrealized gains and losses. As a result, we expect earnings related to these investments to be relatively volatile between periods. Fixed income securities are primarily marked to market through AOCI in stockholders’ equity and do not impact net realized and unrealized gains and losses until they are sold. 

($ in thousands)Three Months EndedMarch 31, 20252024Net realized and unrealized gains (losses) - Invesque(1)$— $(3,536)Net realized and unrealized gains (losses)(2)$(3,692)$9,656 

(1)    On April