# EDGAR Filing Document

**Accession Number:** 0001393726
**File Stem:** 0001437749-25-035499
**Filing Date:** 2025-11
**Character Count:** 33446
**Document Hash:** 5b47c02f1916b52f381a78b9a961466d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-035499.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001437749-25-035499

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIPTREE INC.
- **CENTRAL INDEX KEY:** 0001393726
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 383754322
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82950
- **FILM NUMBER:** 251492413

**BUSINESS ADDRESS:**
- **STREET 1:** 660 STEAMBOAT ROAD
- **STREET 2:** 2ND FLOOR
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 212-446-1410

**MAIL ADDRESS:**
- **STREET 1:** 660 STEAMBOAT ROAD
- **STREET 2:** 2ND FLOOR
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIPTREE FINANCIAL INC.
- **DATE OF NAME CHANGE:** 20130701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Care Investment Trust Inc.
- **DATE OF NAME CHANGE:** 20070320
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Veradace Partners LP
- **CENTRAL INDEX KEY:** 0001772447

**ORGANIZATION NAME:**
- **EIN:** 833804822
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 3889 MAPLE AVE
- **STREET 2:** SUITE 220
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219
- **BUSINESS PHONE:** 9139084943

**MAIL ADDRESS:**
- **STREET 1:** 3889 MAPLE AVE
- **STREET 2:** SUITE 220
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219

## Exhibit 99.1

**Exhibit 99.1**

**Schedule A** 

**Transactions in the Common Stock by the Reporting Persons in the past 60 days:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nature of**<br> **Transaction** | **Security** | **Trade**<br> **Date** | **Securities**<br> **Purchased/Sold** | **Price** |
| Sale | Equity | 9/25/2025 | (10000) | 25.2500 |
| Purchase | Equity | 9/25/2025 | 28000 | 20.8689 |
| Purchase | Call Option Contract | 9/25/2025 | 500 | 2.3470 |
| Sale | Put Option Contract | 9/25/2025 | (500) | 2.1970 |
| Purchase | Equity | 9/26/2026 | 10000 | 18.9526 |
| Purchase | Equity | 9/29/2025 | 80273 | 18.8587 |
| Purchase | Call Option Contract | 9/29/2025 | 3500 | 2.3751 |
| Sale | Put Option Contract | 9/29/2025 | (3500) | 1.3400 |
| Purchase | Equity | 10/3/2025 | 45475 | 18.1838 |
| Purchase | Equity | 10/6/2025 | 34638 | 18.1509 |
| Purchase | Equity | 10/20/2025 | 10000 | 17.5578 |
| Purchase | Equity | 10/21/2025 | 10000 | 17.6500 |
| Purchase | Equity | 11/4/2025 | 1167 | 17.8744 |
| Purchase | Call Option Contract | 11/4/2025 | 893 | 1.3861 |
| Sale | Put Option Contract | 11/4/2025 | (893) | 1.4425 |
| Purchase | Equity | 11/10/2025 | 9990 | 18.99 |
| Purchase | Equity | 11/12/2025 | 5000 | 18.95 |
| Purchase | Equity | 11/12/2025 | 4000 | 18.97 |

---

## Ex-99.E

**Exhibit E**

**Veradace Partners Issues Presentation Detailing Why Tiptree Shareholders Should Vote** "**<u>AGAINST</u>**" **the Deeply Flawed Proposed Sale of Fortegra to DB Insurance**

*Highlights Fortegra*'*s Undervaluation, a Flawed and Conflicted Process, and a Tax-Inefficient Structure That Grants Management a $1 Billion* "*Blank Check*" *While Delivering No Direct Return to Shareholders*

*Contends There Are Numerous Superior Alternative Paths That Could Deliver Materially Higher, Tax-Efficient Returns to Shareholders*

*Urges Shareholders to Vote* ***<u>AGAINST</u>*** *the Proposed Transaction and Calls on the Board to Pursue a Restructured Deal That Maximizes Shareholder Value*

DALLAS – November, 13, 2025 – Veradace Partners L.P. (collectively with its affiliates, "Veradace" or "we"), a significant shareholder of Tiptree Inc. (Nasdaq: TIPT) ("Tiptree" or the "Company"), with beneficial ownership of 5.0% of the outstanding common stock, today issued a presentation detailing why shareholders should reject the Company's proposed sale (the "Proposed Transaction") of The Fortegra Group, Inc. ("Fortegra") to DB Insurance Co., Ltd. ("DB Insurance"). Veradace urges shareholders to vote **<u>AGAINST</u>** the transaction at the Company's Special Meeting of Stockholders scheduled for December 3, 2025.

Veradace also published the following list of the top questions that it believes shareholders should direct to the Tiptree Board of Directors (the "Board") in light of the numerous value-destructive and deeply flawed aspects of the Proposed Transaction and the process undertaken to reach the Proposed Transaction agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Why was an investment bank not retained to specifically sell Tiptree in a tax-efficient manner before or while concurrently hiring banks to pursue a sale of Fortegra?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Why was this transaction done now, months before Warburg Pincus LLC's Qualified Public Offering Rights and more than a year before Drag-Along Rights, particularly given the strong expected growth in book value and earnings outlined in the proxy?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Why was this transaction priced at such a significant discount to comparable companies on a multiple of net income?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. How did the Board evaluate a holding company discount both within the context of determining Fortegra's value and in the value the Proposed Transaction would provide for Tiptree shareholders?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Why are the proceeds from this transaction not being returned, in whole, to shareholders? The retention of significant cash may subject Tiptree to additional regulation under the Investment Company Act of 1940 and the short timeline and incentives to avoid such regulation could be detrimental to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Do independent directors believe the Proposed Transaction will be approved by the majority of unaffiliated shareholders if it were put to a vote? If so, why is the threshold only a majority of votes when affiliates own more than 40% of shares? If the Proposed Transaction is voted down by the majority of unaffiliated shareholders, what will that say about the Board's fiduciary responsibility?

\*\*\*

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**<u>About Veradace Partners, L.P.</u>**

Veradace Partners is a concentrated, long-term, public equity investment partnership that seeks to find high-quality business at reasonable prices. Veradace takes a long-term and constructive approach to working with management teams. Veradace has a track record of working with management teams to create long-term value.

**<u>Contacts</u>**

**<u>For Investors</u>**:

Veradace Capital Management

<u>info@veradacecapital.com</u>

**<u>For Media</u>**:

Longacre Square Partners

<u>veradacecapital@longacresquare.com</u>

**<u>DISCLAIMERS</u>**

This is not a solicitation of authority to vote your proxy. Do NOT send us your proxy card. Veradace is not asking for your proxy and will not accept proxy cards if sent. Veradace is not able to vote your proxy, nor does this communication contemplate such an event.

The press release does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products, or advisory services. There is no assurance or guarantee with respect to the prices at which any securities of Tiptree will trade, and such securities may not trade at prices that may be implied herein. This press release is being provided for general informational purposes only and does not take into account the specific investment objectives, the financial situations, suitability, or particular need of any specific person(s) who may receive it. This press release is not intended to provide and should not be relied on for any investment, accounting, legal, or tax advice.

The statements contained in this press release reflect the analysis and opinions of Veradace based on information taken from public filings, Company statements, and other data sources believed to be reliable. Veradace has not independently verified such information and does not guarantee its accuracy. None of Veradace, its affiliates, their representatives or any person makes any express or implied representations or warranty as to the reliability, accuracy, or completeness of the information contained or referenced in this press release, or in any written or oral communication transmitted or made available to the recipient. There is no guarantee that any measures proposed herein will be successful or will result in gains for Tiptree or its shareholders.

------

This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "in our view", "from our perspective", "intends", "estimates", "plans", "will be", "would" and similar expressions. Although Veradace believes that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Veradace, Tiptree or Fortegra —that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Tiptree's public filings with the U.S. Securities and Exchange Commission, including those listed under "Risk Factors" in annual reports on Form 10-K and quarterly reports on Form 10-Q and those related to the Proposed Transaction. The forward-looking statements and other information herein speak only as of the date hereof and, other than as required by applicable law, Veradace does not undertake any obligation to update or revise any forward-looking statements or other information. Certain information included in this material is based on data obtained from sources considered to be reliable. Any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results.

Veradace has a long investment position in the company discussed herein and, as such believes that it stands to benefit by actions undertaken by such company that are being advocated herein. Veradace's investment in Tiptree will increase in value if the trading price of Tiptree's common stock increases and will decline in value if the trading price of Tiptree's common stock decreases. Veradace may change its views about or its investment position in Tiptree at any time, for any reason or for no reason. Veradace may buy, sell, or otherwise change the form or substance of its Tiptree investment at any time. Veradace disclaims any obligation to notify the public of any such changes except as required by applicable law. Veradace also undertakes no commitment to take or refrain from taking any action with respect to Tiptree, Fortegra or any other company, except as required by applicable law. In addition, the information contained herein is being publicly disclosed without prejudice and shall not be construed to prejudice any of Veradace's rights, demands, grounds and/or remedies.

## Ex-99.F

**Exhibit F**

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## Ex-99.G

**Exhibit G**

**VERADACE CAPITAL MANAGEMENT**

November 16, 2025

U.S. Securities and Exchange Commission<br> Boston Office<br> 33 Arch Street, 24th Floor, Boston, MA 02110<br> Attn: John Dugan, Associate Director (Enforcement)

Dear Mr. Dugan:

Veradace Partners L.P. (collectively with its affiliates, "Veradace" or "we") writes to draw your attention to the definitive proxy statement (the "Proxy Statement") filed by Tiptree Inc. ("Tiptree" or the "Company") on October 31, 2025, recommending that shareholders vote in favor of the sale of its primary asset, insurance subsidiary The Fortegra Group, Inc. ("Fortegra" and such transaction, the "Transaction"). We believe the Proxy Statement omits material facts necessary for shareholders to evaluate and vote on the Transaction.

<u>Background</u> 

Tiptree (NASDAQ: TIPT) is a Maryland holding company headquartered in Connecticut. Fortegra is a multinational specialty insurance company comprising the vast majority of the Company's revenue, pre-tax income, assets and equity.<sup>1</sup> Tiptree owns 69.1% of Fortegra on a fully diluted basis. Tiptree is seeking a shareholder vote for the Transaction under Maryland law, which requires shareholder approval for the sale of all or substantially all of a corporation's assets.

On October 17, 2025, Tiptree filed its preliminary proxy statement, and on October 31, 2025, Tiptree filed its definitive proxy statement – both during the U.S. federal government shutdown, without the benefit of full SEC review.

We are the Company's second largest non-affiliated shareholder. We object to the Transaction and have disclosed our opposition in various securities filings. This letter raises concerns with the Proxy Statement disclosure.

<u>The Proxy Statement Omits Material Facts</u> 

An omission is material if "there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote."<sup>2</sup>

------

<sup>1</sup> For example, for the 2024 reporting year Fortegra represented approximately 97% of Tiptree's revenue, 123% of Tiptree's pre-tax income, 95% of Tiptree's assets and 95% of Tiptree's equity.

<sup>2</sup> *TSC Indus., Inc. v. Northway, Inc.*, 426 U.S. 438, 449 (1976).

VERDACE CAPITAL

3889 Maple Avenue, Suite 220 │ Dallas, TX │ 75219

------

Critical missing information includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Our repeated offers to backstop a Fortegra IPO**. The Proxy Statement discloses Tiptree's discussions with banks and other parties regarding alternatives to the Transaction, including two attempted Fortegra IPOs in 2021 and 2024, and discussions with investment banks and their financial advisor regarding a possible Fortegra IPO in March 2024, June 2024, October 2024, May 2025 and June 2025.<sup>3</sup> However, it omits our many contemporaneous prior offers to invest $50-75 million in a Fortegra IPO to improve the probability of a successful offering, including on November 25, 2024, January 24, 2025, February 5, 2025, May 6, 2025, and July 16, 2025, between Veradace principal Alexander Vezendan and Michael Barnes, Tiptree's Executive Chairman, with other Tiptree senior management. This omission prevents shareholders from assessing what may have been an alternative to the Transaction, which could have provided superior results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Valuation Ranges for Prior Attempted IPOs.** The Proxy Statement states that the prior attempted IPOs in 2021 and 2024 were withdrawn due to "limited institutional demand at or near the expected valuation range"<sup>4</sup> but provides no detail on those ranges, multiples, or indicative pricing – including what pricing was deemed too low by Tiptree's management to execute the IPOs – or a comparison between the rejected indicative pricing and the Transaction valuation or expected after-tax Transaction proceeds. This information is material to assessing the fairness of the Transaction, particularly given their financial advisor's inability to justify the fairness of the purchase price on a net income basis.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Selective Omission of a Consistently Used Non-GAAP Measure**. From Q2 2015 through Q2 2025, Tiptree has presented Fortegra's non-GAAP adjusted net income or other non-GAAP measures<sup>6</sup> in investor presentations. Noticeably, the Q3 2025 presentation covering the Transaction presents only a GAAP net income multiple (10.7x), omitting non-GAAP adjusted net income which would imply a lower 9.8x multiple. The sudden lack of non-GAAP adjusted net income makes the Transaction appear more favorable than it otherwise would.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **"Change in Control** "**Benefits to Tiptree Executive Officers**. The Proxy Statement claims no Tiptree executive officer has interests different from other shareholders generally,<sup>7</sup> but omits discussion of Tiptree equity award treatment. The Company's 2025 annual proxy statement states that upon a Change in Control (which includes a sale of substantially all of Tiptree's assets), executive RSU awards accelerate and time-vesting requirements of stock options are waived.<sup>8</sup> Executive officers could collectively benefit from millions in value as a result of the Transaction,<sup>9</sup> yet the Proxy Statement omits details on the award treatment, benefits, or any forfeitures of underwater performance RSUs whose stock price hurdles have not been met.

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<sup>3</sup> See Proxy Statement, pages 39, 40, 41, 46 and 47.

<sup>4</sup> See Proxy Statement, pages 39 and 40.

<sup>5</sup> See Proxy Statement, pages 57-60.

<sup>6</sup> Adjusted net income adjusts GAAP net income for non-recurring expenses and intangible amortization, among other adjustments.

<sup>7</sup> See Proxy Statement, page 66.

<sup>8</sup> See Tiptree 2025 Annual Proxy Statement, page 37.

<sup>9</sup> See Tiptree 2025 Annual Proxy Statement, page 39, estimating acceleration of awards valued at approximately $2.2 million for certain executive officers, among other Change in Control benefits.

VERDACE CAPITAL

3889 Maple Avenue, Suite 220 │ Dallas, TX │ 75219

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.*** **Post-Transaction Operations and Investment Company Act Risks**. The Proxy Statement states that future operations will be dependent solely on the Retained Business,"<sup>10</sup> defined as its "non-insurance and non-mortgage operations, assets and other investments,"<sup>11</sup> but fails to adequately disclose that nearly 100% of Tiptree's assets will consist of cash and de minimis investments after giving effect to the Transaction and the pending sale of its mortgage business. The Proxy Statement omits any mention that Tiptree may face regulation under the Investment Company Act of 1940 after the Transaction, or how the timeline pressures to avoid such regulation could harm shareholders.

\* \* \*

Given these material omissions, we question whether investors can make an informed voting decision about the Transaction. We are available to discuss these issues. Nothing in this letter should be construed as an exclusive list of our concerns with the Transaction or the Proxy Statement or as a waiver of any of our rights.

Sincerely,

![vezendansig.jpg](vezendansig.jpg)

Alexander Vezendan

------

<sup>10</sup> See Proxy Statement, page 30.

<sup>11</sup> See Proxy Statement, page 1.

VERDACE CAPITAL

3889 Maple Avenue, Suite 220 │ Dallas, TX │ 75219

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**TIPTREE INC.**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**88822Q103**

*(CUSIP Number)*

**Alex Vezendan**<br>3889 Maple Avenue<br>Suite 220<br>Dallas TX 75219<br>913-908-4943

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/13/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **88822Q103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Veradace Capital Management LLC** | Name of reporting person<br>**Veradace Capital Management LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1910770.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1910770.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.1%** | Percent of class represented by amount in Row (11)<br>**5.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **88822Q103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Veradace Partners LP** | Name of reporting person<br>**Veradace Partners LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1910770.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1910770.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.1%** | Percent of class represented by amount in Row (11)<br>**5.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **88822Q103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**John Conlin** | Name of reporting person<br>**John Conlin** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1910770.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1910770.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.1%** | Percent of class represented by amount in Row (11)<br>**5.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

| **CUSIP No.** | **88822Q103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Alexander Vezendan** | Name of reporting person<br>**Alexander Vezendan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1910770.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1910770.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | Aggregate amount beneficially owned by each reporting person<br>**1910770.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.1%** | Percent of class represented by amount in Row (11)<br>**5.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
TIPTREE INC.

**(c) Address of Issuer's Principal Executive Offices:**
660 STEAMBOAT ROAD, GREENWICH, CT, 06830

This Amendment No. 1 amends and supplements the statement on Schedule 13D filed by the Reporting Persons on November 12, 2025. Except as expressly provided herein, the information previously reported on the statement remains unchanged.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended and supplemented by the addition of the following:

On November 13, 2025, the Fund issued a press release (the "Press Release") with a presentation (the "Presentation") regarding its opposition to the Fortegra Transaction.  The foregoing summary of the Press Release and Presentation is not complete and is qualified in its entirety by reference to the full text of the Press Release and Presentation, which are filed as Exhibits E and F to this statement, respectively, and are incorporated herein by reference.

On November 16, 2025, the Fund submitted a letter to the SEC raising concerns with the disclosure in the Issuer's definitive proxy statement with respect to the Fortegra Transaction (the "SEC Letter").  The foregoing summary of the SEC Letter is not complete and is qualified in its entirety by reference to the full text of the SEC Letter, which is filed as Exhibit G to this statement and incorporated herein by reference.

Certain of the Reporting Persons have also shared the materials referenced in this Item 4 with certain proxy advisory firms, including Institutional Shareholder Services Inc. and Glass, Lewis & Co., and have had and may continue to have discussions with them, with shareholders and with others regarding such materials and other matters related to the Fortegra Transaction or the Issuer.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Items 5(a)-(e) are hereby amended and restated as follows.  The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person as of the time of filing, is stated in Items 11 and 13 on the cover page(s) hereto.

**(b)**
The Reporting Persons may be deemed to share voting and dispositive power over 1,421,470 Shares and options to acquire an additional 489,300 Shares, representing beneficial ownership of a combined total of 5.1 percent of the outstanding Shares.

**(c)**
The transactions effected by the Reporting Persons in the Shares during the past 60 days are set forth on Schedule A to this statement. Each of these transactions was executed through the open market.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Veradace Capital Management LLC

**Signature:** /s/ Alexander Vezendan

**Name/Title:** Principal/ Chief Investment Officer

**Date:** 11/17/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Veradace Partners LP

**Signature:** /s/ Alexander Vezendan

**Name/Title:** Principal/ Chief Investment Officer

**Date:** 11/17/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** John Conlin

**Signature:** /s/ John Conlin

**Name/Title:** Principal/Chief Compliance Officer

**Date:** 11/17/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Alexander Vezendan

**Signature:** /s/ Alexander Vezendan

**Name/Title:** Principal/ Chief Investment Officer

**Date:** 11/17/2025