# EDGAR Filing Document

**Accession Number:** 0001772447
**File Stem:** 0001193125-25-276183
**Filing Date:** 2025-11
**Character Count:** 21187
**Document Hash:** 3569ac77ba7f641cfe2d250af07cc277
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-276183.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-276183

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82950
- **FILM NUMBER:** 251469483

**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

**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

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

**Attachment 2:** `ck0000000000-ex99_a.pdf`

_No text found in this document._

**Attachment 3:** `ck0000000000-ex99_b.pdf`

_No text found in this document._

**Attachment 4:** `ck0000000000-ex99_c.pdf`

_No text found in this document._

**Attachment 5:** `ck0000000000-ex99_d.pdf`

_No text found in this document._

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**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)*

**11/04/2025**

*(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>**1891780.00** |
| 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>**1891780.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | |
| 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>**5.0%** | Percent of class represented by amount in Row (11)<br>**5.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **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>**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>**1891780.00** |
| 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>**1891780.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | |
| 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>**5.0%** | Percent of class represented by amount in Row (11)<br>**5.0%** | |
| 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>**1891780.00** |
| 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>**1891780.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | |
| 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>**5.0%** | Percent of class represented by amount in Row (11)<br>**5.0%** | |
| 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>**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>**1891780.00** |
| 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>**1891780.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | Aggregate amount beneficially owned by each reporting person<br>**1891780.00** | |
| 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>**5.0%** | Percent of class represented by amount in Row (11)<br>**5.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**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, 2ND FLOOR, GREENWICH, CT, 06830

**Item 4. Purpose of Transaction**

The Fund acquired and holds the Securities for investment purposes.

On September 26, 2025, the Issuer announced that it had entered into an Agreement and Plan of Merger ("Merger Agreement") providing for the sale of its insurance subsidiary, The Fortegra Group, Inc. ("Fortegra," and such transaction, the "Fortegra Transaction"), to DB Insurance Co., Ltd. ("DB Insurance").  On October 31, 2025, during the U.S. federal government shutdown, the Issuer filed its definitive proxy statement for the purpose of soliciting proxies from stockholders to approve the Fortegra Transaction at a special meeting of stockholders called for December 3, 2025.  According to the Issuer, the Fortegra Transaction is not anticipated to close until mid-2026, assuming satisfaction of all closing conditions.

The Reporting Persons presently intend to vote against the Fortegra Transaction.

On November 10, 2025, the Fund issued a press release (the "Press Release") containing an open letter to the Issuer's stockholders. In the letter, the Fund explained its intent to vote against the Merger Agreement and the reasons for its opposition, including that (i) the Fortegra Transaction undervalues Fortegra, (ii) the Fortegra Transaction subjects Issuer stockholders to tax inefficiencies, and (iii) Tiptree does not expect to distribute cash to its stockholders in connection with the Fortegra Transaction, instead holding nearly $1 billion in transaction proceeds for as-yet-undisclosed purposes and, presumably, allowing Issuer management to continue to collect compensation. This description of the Press Release is qualified by reference to the full text of the Press Release, which is attached as Exhibit B to this statement.

Over the course of its investment in the Issuer, the Reporting Persons have had discussions from time to time with the management teams of the Issuer and Fortegra regarding Fortegra's business and operations, strategies, capital structure and other matters relating to Fortegra and the Issuer to enhance their respective values.  Between November 2024 and July 2025, Alexander Vezendan, Principal of Veradace, held numerous conversations with Mr. Michael Barnes, Executive Chairman of the Issuer, and other members of Issuer management, in which the parties discussed the possibility of a Fortegra IPO and in which Mr. Vezendan expressed Veradace's willingness to invest through affiliated entities $50 million to $75 million in such an IPO to help support a successful placement.  Although some contemporaneous discussions with other parties regarding alternatives to the Fortegra Transaction were included in the Background of the Merger section of the Issuer's definitive proxy statement with respect to the Fortegra Transaction, the discussions with Mr. Vezendan were not disclosed to shareholders. The Reporting Persons intend to bring this exclusion to the attention of the SEC.

On November 7, 2025, prior to issuing the Press Release, Mr. Vezendan sent a letter to the Issuer's independent directors (the "Veradace Letter"), Ms. Goldwasser, Mr. Friedman, Ms. Mielle, and Mr. Smith, that asked for a discussion regarding Veradace's concerns with respect to the Fortegra Transaction. Mr. Vezendan's letter specifically invited the independent directors to address why: (i) the Issuer's management and Executive Chairman ignored Veradace's repeated offers to help backstop an IPO of Fortegra, when that could have been a more favorable result for Issuer shareholders, (ii) the Issuer's management did not structure the Fortegra Transaction as a sale of the Issuer or in another tax-efficient manner, instead of as a sale of Fortegra shares, (iii) the Issuer's management did not appear to explicitly instruct its financial advisor to run a process to explore a sale of the Issuer, (iv) the Issuer's Board of Directors (the "Board") agreed to the Fortegra Transaction even though it is valued at a significant discount to comparable companies, based on a multiple of net income, according to the Issuer's own financial advisor, and (v) the Issuer does not expect to distribute cash to Issuer shareholders in connection with the Fortegra Transaction.

Three days later, on November 10, 2025, Mr. Barnes sent a four sentence reply to Mr. Vezendan (the "Issuer Reply") that lacked any substantive response to the concerns or questions outlined in the Veradace Letter.  The description of the Veradace Letter and the Issuer Reply are qualified by reference to the full text of the Veradace Letter and the Issuer Reply, which are attached as Exhibits C and D to this statement, respectively.

The Reporting Persons have discussed and may discuss with the Board, management, other shareholders and third parties a range of potential strategic alternatives for the Issuer to pursue, which may include, without limitation:

           (i) DB Insurance or another buyer making an offer to acquire all of the Issuer rather than only Fortegra;
          (ii) the Issuer failing to execute the proposed sale and instead pursuing a public listing of Fortegra;
          (iii) alternative transaction structures that would allow Issuer shareholders to continue participating in Fortegra's future growth; and
          (iv) other potential corporate, financial, capital allocation or governance initiatives intended to enhance long-term shareholder value.

The Reporting Persons may communicate their views regarding the Fortegra Transaction, the alternatives referenced above, and related governance or valuation concerns to the Issuer's Board and management and may also determine to make some or all of those views public, including through open letters, press releases, investor presentations, or other public materials, in order to inform the Issuer's shareholders of their analysis and perspectives.

Except as otherwise set forth herein, the Reporting Persons do not have any present plans or proposals which would relate to or result in any of the matters set forth in Item 4 of Schedule 13D.  However, the Reporting Persons intend to review their investment in the Issuer on an ongoing basis. Depending on various factors, including but not limited to the Issuer's financial condition, the outcome of discussions referenced above, broader market conditions and the availability of additional shares at attractive prices, the Reporting Persons may take one or more of the following actions: (i) acquire additional securities of the Issuer in the open market or in privately negotiated transactions, (ii) exercise or dispose of all or a portion of its Securities, or (iii) enter into hedging, derivative or other arrangements with respect to its economic exposure to the Issuer's securities. The Reporting Persons reserve the right to change their views with respect to the Issuer and to take any action with respect to their investment permitted by law.

Notwithstanding anything to the contrary herein, no disclosure under this Item 4 shall be construed as any intent, plan or proposal, or reservation of rights, to engage in a control transaction or any contested solicitation for the election of directors, or to propose any alternative transaction to which any of the Reporting Persons or its affiliates would be a party, or any other transaction that would not be permitted by applicable law.

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

**(a)**
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 1,402,480 Shares and options to acquire an additional 489,300 Shares, representing beneficial ownership of a combined total of 5 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.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Item 4 above is incorporated by reference in its entirety in this Item 6.

The Fund, through open market transactions between September 25, 2025 and November 4, 2025, purchased options to acquire 489,300 Shares and sold put options covering the same number of Shares (the call options and put options collectively, the "Options").  All of the Options are American-style and expire on March 20, 2026.  The exercise prices for the Options are as set forth below:

Option 				                Exercise Price
439,300 Shares (Call) 		        $20 per Share
439,300 Shares (Sold Put)	         $17.50 per Share
50,000 Shares (Call)		           $22.50 per Share
50,000 Shares (Sold Put)	           $20 per Share

The Reporting Persons do not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer that is not described herein.

### 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:** 11/12/2025

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:** 11/12/2025

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:** 11/12/2025

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:** 11/12/2025