Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 148

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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7 %4.8 %Return on average equity1.4 %3.1 %0.2 %3.8 %Non-GAAP Financial Measures (1):Adjusted net income$17 $181 $627 $(128)Adjusted return on average equity0.1 %1.4 %2.2 %(0.5)%

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues - Three and Six Months ended June 30, 2025 compared to 2024

For the three months ended June 30, 2025, $244.5 million of loans were funded, compared to $226.9 million for 2024, an increase of $17.6 million, or 7.8%. Gain on sale margins remained consistent at 4.6% for the three months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, $453.6 million of loans were funded, compared to $437.3 million for the prior year period, an increase of $16.3 million, or 3.7%. Gain on sale margins decreased to 4.7% for the six months ended June 30, 2025, as compared to 4.8% for the six months ended June 30, 2024.

Net realized and unrealized gains for the three months ended June 30, 2025 and 2024 were $10.1 million. Net realized and unrealized gains for the six months ended June 30, 2025 were $19.6 million, compared to $20.8 million in the prior year period, a decrease of $1.2 million or 5.6%. The primary driver of decreased gain on sale revenues for six months ended June 30, 2025 was the negative fair value adjustment in mortgage servicing rights of $0.8 million in 2024 compared to a positive fair value adjustment of $1.4 million in the prior year period.

Other revenue for the three months ended June 30, 2025 was $6.1 million, compared to 5.7 million in the prior year period, an increase of $0.4 million, or 6%. Other revenue for the six months ended June 30, 2025 was $11.8 million, compared to