Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 263

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part II, Item 8
Chunk 263
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 income). We reconcile underwriting and fee revenues as total revenues excluding net investment income, net realized gains (losses) and net unrealized gains (losses), ceding fees, ceding commissions and cash and cash equivalent interest income as reported in other income. Underwriting and fee revenues represents revenues generated by our underwriting and fee-based operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting and fee revenues should not be viewed as a substitute for total revenues calculated in accordance with GAAP, and other companies may define underwriting and fee revenues differently.($ in thousands)Three Months Ended June 30, Six Months EndedJune 30, 2025202420252024Total revenues$513,017 $529,942 $993,598 $1,008,698 Less: Net investment income(10,505)(6,381)(22,234)(13,139)Less: Net realized and unrealized gains (losses)(11,968)(2,545)(8,549)(5,364)Less: Ceding fees (1)(14,385)(15,041)(28,992)(29,660)Less: Ceding commissions(3,542)(5,065)(7,175)(7,809)Less: Cash and cash equivalent interest income (2)(3,059)(5,759)(5,859)(9,492)Underwriting and fee revenues (3)$469,558 $495,151 $920,789 $943,234 (1)  Ceding fees were included in service and administrative fees on the statement of operations. (2)  Cash and cash equivalent interest income was included in other revenue on the statement of operations.(3)  Underwriting and fee revenues exclude ceding fees, ceding commissions and cash and cash equivalent interest income from other revenue.Underwriting and Fee Margin — Non-GAAP — We define underwriting and fee margin as income before taxes, excluding net investment income, net realized gains (losses), net unrealized gains (losses), cash and cash equivalent interest income, employee compensation and benefits, other expenses, interest expense and depreciation and amortization. Underwriting and fee margin represents the underwriting performance of our underwriting and fee-based programs. As such, underwriting and fee margin excludes general administrative expenses, interest expense, depreciation