Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 232

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 232
---
 anticipated closing. (c) The net decrease to debt represents the repayment of the 2025 Note in the amount of $77,296 due to Fortress (inclusive of estimated interest expense through closing), which is expected to be repaid with net proceeds from the Merger, $357,151 of debt at Fortegra and $78,362 of debt at Reliance removed as part of the deconsolidation. (d) The column labeled “Transaction Accounting adjustments - Fortegra” represents the estimated after-tax gain to be recognized upon the Merger. Included in the pro forma, separate from the gain on the Merger, is an estimate for incremental incentive compensation for the year ended December 31, 2025, and 2026 prior to the transaction closing. The column labeled “Transaction Accounting adjustments - Reliance” represents the estimated after-tax loss to be recognized upon the Reliance Transaction. (e) Represents the elimination of noncontrolling interests related to Fortegra. (f) Represents the elimination of revenues of Fortegra and Reliance. (g) Represents the elimination of operating expenses at Fortegra and Reliance. (h) Represents the elimination of income tax expense at Fortegra and Reliance, including the tax expense related to deferred taxes on the outside basis on Tiptree’s investment in Fortegra.

126

TABLE OF CONTENTS

| Deloitte & Touche, LLP 
 Suite 3400             
 50 North Laura Street  
 Jacksonville, FL 32202 
 USA                    
 Tel: 904-665-1400      
 Fax: 904-665-1600      
 www.deloitte.com       |

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of The Fortegra Group, Inc. Jacksonville, Florida Opinion We have audited the consolidated financial statements of The Fortegra Group, Inc. and subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America