Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 125

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 125
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 its affiliates but how much, if any, additional investment and corporate banking business and revenues will result from those efforts is subject to numerous factors beyond the control of BofA Securities and its affiliates.

As of the close of trading on September 26, 2025, the date of the announcement by Fortegra of the execution of the Merger Agreement, BofA Securities and its affiliates held on a non-fiduciary basis (i) outstanding common stock of Tiptree having a market value of approximately $850,000 as of such date, representing less than 0.5% of the outstanding common stock of Tiptree as of such date, (ii) outstanding common stock of Purchaser having a market value of approximately $14 million as of such date, representing less than 0.5% of the outstanding common stock of the Purchaser as of such date, and (ii) no common equity of Warburg Pincus or Fortegra.

### Certain Unaudited Forecasted Financial Information
Prior to approval by the Tiptree Board of the Merger and the other transactions contemplated by the Merger Agreement and the execution of the Merger Agreement and related agreements, Fortegra management provided to each of the Tiptree Board and the Fortegra Board with certain unaudited forecasted financial information for calendar years 2025 through 2029 (the “Fortegra Projections”). The Fortegra Projections were provided to Purchaser and to Barclays and were used and relied upon by Barclays in connection with its financial analysis and its opinion, as described in the section entitled “Opinion of Barclays” beginning on page 55 of this proxy statement.

While presented with numeric specificity, the Fortegra Projections were not prepared with a view toward public disclosure, compliance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information or GAAP with respect to forward-looking financial information, but in the view of Fortegra management, the Fortegra Projections were prepared on a reasonable basis, reflect the best available estimates and judgments at the time of preparation, and present, to the best of Fortegra management’s knowledge and belief, the expected future financial performance of Fortegra at the time they were prepared. The forecasts include Adjusted Net Income and Adjusted Return on Average Equity. These non-GAAP financial measures are not prepared in accordance with GAAP. They are supplemental financial measures of Fortegra’s performance only, and should not be considered substitutes for earned