Company: TIPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001393726-25-000028
Chunk: 181

Company: TIPTREE INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 181
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 costs(14,957)(47)(15,004)Total debt, net$358,742 $68,347 $427,089 As of December 31, 2023Corporate debtInsuranceMortgageTotalSecured revolving credit agreements (1)$130,000 $— $130,000 Preferred trust securities (LIBOR + 4.10%)35,000 — 35,000 8.50% Junior subordinated notes 125,000 — 125,000 Total corporate debt290,000 — 290,000 Asset based debtAsset based revolving financing (SOFR + 2.75%)67,138 — 67,138 Residential mortgage warehouse borrowings (1.75% to 2.75% over SOFR) (3)(4)— 54,350 54,350 Total asset based debt67,138 54,350 121,488 Total debt, face value357,138 54,350 411,488 Unamortized deferred financing costs(8,950)(127)(9,077)Total debt, net$348,188 $54,223 $402,411 (1)    The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of December 31, 2024 and 2023 was SOFR + 1.50%.(2)    Previously based on 3-month LIBOR, now SOFR plus the tenor spread adjustment of 0.26%, in accordance with the Adjustable Interest Rate (LIBOR) Act of 2021.(3)    As of December 31, 2024, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, (ii) a $25,000 line of credit at 1.75% over the one month SOFR rate, with a floor of 2.75%, (iii) a $30,000 line of credit at 1.875% over the one month SOFR rate and (iv) a $10,000 line of credit at 3.30% over the one month SOFR rate. As of December 31, 2023, included (i) a $50,000 line of credit at 1.75