Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 109

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 109
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(1)           See Note (15) Stockholders' Equity for additional information.

F-24

TIPTREE INC. AND SUBSIDIARIESNotes to Condensed Consolidated Financial StatementsMarch 31, 2025(in thousands, except share data)

(9) Debt, net

The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs for our corporate and asset based debt. Asset based debt is generally recourse only to specific assets and related cash flows. As of March 31, 2025Corporate debtInsuranceMortgageCorporateTotalSecured revolving credit agreements (1)$36,000 $— $— $36,000 Secured term credit agreement (SOFR + 5.25%)(2)— — 74,813 74,813 Preferred trust securities (SOFR + 4.10% + spread adjustment)(3)— — — — 8.50% Junior subordinated notes 125,000 — — 125,000 9.25% Junior subordinated notes 150,000 — 150,000 Total corporate debt311,000 — 74,813 385,813 Asset based debtAsset based revolving financing (SOFR + 2.75%)51,019 — — 51,019 Residential mortgage warehouse borrowings (1.75% to 3.30% over SOFR)(4)(5)— 76,064 — 76,064 Total asset based debt51,019 76,064 — 127,083 Total debt, face value362,019 76,064 74,813 512,896 Unamortized discount, net— — (715)(715)Unamortized deferred financing costs(14,710)(29)(2,173)(16,912)Total debt, net$347,309 $76,035 $71,925 $495,269 As of December 31, 2024Corporate debtInsuranceMortgageCorporateTotalSecured revolving credit agreements (1)$— $— $— $— Secured term credit agreement (SOFR + 5.25%)(2)— — — — Preferred trust securities (SOFR + 4.10% + spread adjustment)(3)35,000 — — 35,000 8.50