Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 211

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 211
---
que until the sale in April 2024); and charter revenues from vessels within the Company’s maritime transportation operations. Subsequent to the sale of our dry bulk and tanker vessels, operations include two smaller vessels and other ancillary assets. 

Revenues for the three months ended March 31, 2025 were $1.7 million compared to $3.6 million in the prior year period with the decrease driven by realized investments gains on securities in the Company’s investment holdings in 2024, and lower interest income on cash and cash equivalents recorded in other income in 2025 compared to 2024.

Income (loss) before taxes

Income before taxes from Tiptree Capital - Other for the three months ended March 31, 2025 was $0.2 million, compared to the income before taxes of $3.0 million in the prior year period driven by increased other expenses.

Adjusted net income - Non-GAAP (1)

Adjusted net loss for the three months ended March 31, 2025 was $0.4 million, compared to the adjusted net income of $0.7 million in 2024, with the decrease driven by increased other expenses, and lower interest income on cash and cash equivalents and U.S. Treasury securities recorded in other income.

61

Corporate

The following table presents a summary of corporate results for the following periods:

Results of Operations

($ in thousands)Three Months EndedMarch 31,20252024Employee compensation and benefits$2,163 $1,796 Employee incentive compensation expense7,068 6,594 Interest expense1,172 — Depreciation and amortization357 360 Other expenses1,918 2,108 Total expenses$12,678 $10,858 

Corporate expenses include expenses of the holding company for employee compensation and benefits, interest expense, and public company and other expenses. Corporate employee compensation and benefits includes the expense of management, legal and accounting staff. Other expenses primarily consisted of audit and professional fees, insurance, office rent and other related expenses.

Employee compensation and benefits, including incentive compensation expense, were $9.2 million for the three months ended March 31, 2025, compared to $8.4 million for the prior year period, driven by an increase in accrued incentive compensation expense. Of the incentive compensation expense in the three months ended March 31, 2025, $6.9 million was stock-based compensation expense, compared to $3.1 million in