Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 163

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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 six months ended June 30, 2025202420252024Insurance$325,000 $260,500 $14,948 $11,889 Corporate74,625 — 3,236 — Total$399,625 $260,500 $18,184 $11,889 76

On February 7, 2025, we entered into the Tiptree Credit Agreement, pursuant to which Tiptree Holdings borrowed $75.0 million to, among other things, fund working capital and general corporate purposes. The principal of, and all accrued and unpaid interest on, all loans under the Tiptree Credit Agreement will mature on February 7, 2028.

As of June 30, 2025, a total of $50.0 million was outstanding under the revolving line of credit in our insurance business as compared to no outstanding borrowings under the revolving line of credit in our insurance business as of December 31, 2024. The maximum borrowing capacity under the agreements as of June 30, 2025 and 2024 was $200.0 million.

On November 7, 2024, Fortegra issued $150.0 million of 9.25% Fixed Rate Resetting Junior Subordinated Notes due November 2064 (“the 2024 Notes”). The proceeds of the 2024 Notes were used to repay outstanding indebtedness under the Company’s credit agreement, for insurance company growth capital and general corporate purposes. Beginning on November 15, 2029, the Company may redeem the 2024 Notes at par plus accrued and unpaid interest. 

Consolidated Comparison of Cash Flows

($ in thousands)Six Months Ended June 30, 20252024Cash and cash equivalents provided by (used in):Operating activities$(12,068)$109,582 Investing activities10,068 18,564 Financing activities54,488 (14,918)Effect of exchange rate changes on cash6,296 (412)Change in cash, cash equivalents and restricted cash$58,784 $112,816 

Operating Activities

Cash used in operating activities was $12.1 million for the six months ended June 30, 2025. In 2025, the primary sources of cash from operating activities included growth in insurance premiums written resulting in increases in policy liabilities and unpaid claims, and unearned premiums, which were more than offset by increases in accounts receivable, and