Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 36

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 36
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, $9.9 million and $0.1 million, respectively, to Fortegra in exchange for common shares of Fortegra. As of June 30, 2025, Fortegra was owned approximately 79.1% by Tiptree Holdings, 17.7% by Warburg and 3.2% by management and directors of Fortegra, before giving effect to the exercise of outstanding warrants and management options, and the conversion of outstanding preferred stock.

The following table is a summary of certain balance sheet information:

As of June 30, 2025($ in thousands)Tiptree CapitalInsuranceMortgageOtherCorporateTotalTotal assets$5,848,384 $195,314 $83,556 $20,638 $6,147,892 Corporate debt$325,000 $— $— $74,625 $399,625 Asset based debt46,419 64,069 — — 110,488 Tiptree Inc. stockholders’ equity (1)$507,403 $55,987 $81,152 $(144,704)$499,838 Non-controlling interests:Fortegra preferred interests77,679 — — — 77,679 Common interests145,851 — — — 145,851 Total stockholders’ equity$730,933 $55,987 $81,152 $(144,704)$723,368 

(1)    Included in Corporate equity is the deferred tax liability on the outside basis on Tiptree’s investment in Fortegra of $102.0 million as of June 30, 2025. 

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Table of ContentsNON-GAAP MEASURES AND RECONCILIATIONSNon-GAAP ReconciliationsIn addition to GAAP results, management uses the non-GAAP financial measures underwriting and fee revenues and underwriting and fee margin in order to better explain to investors the underwriting performance and the respective retentions between the Company and its agents and reinsurance partners. We also use the non-GAAP financial measures adjusted net income and adjusted return on average equity as measures of operating performance and as part of our resource and capital allocation process, to assess comparative returns on invested capital. Management believes these measures provide supplemental information useful to investors as they are frequently used by the financial community to analyze financial performance and to compare relative performance among comparable companies. Adjusted net income, adjusted return