TIPTREE INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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(15) Other Assets and Other Liabilities and Accrued Expenses
Other Assets
The following table presents the components of other assets as reported in the consolidated balance sheets:
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Accrued investment income | $6,269 | $3,919 |
| Loans eligible for repurchase | 32,183 | 32,136 |
| Mortgage servicing rights | 40,836 | 41,426 |
| Right of use assets - operating leases (1) | 31,469 | 31,499 |
| Income tax receivable | 1,275 | 19,790 |
| Furniture, fixtures and equipment, net | 29,624 | 21,829 |
| Prepaid expenses | 12,985 | 18,526 |
| Other | 10,874 | 3,018 |
| Total other assets | $165,515 | $172,143 |
(1) See Note (21) Commitments and Contingencies for additional information.
The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Depreciation expense related to furniture, fixtures and equipment | $6,370 | $3,954 | $3,621 |
Other Liabilities and Accrued Expenses
The following table presents the components of other liabilities and accrued expenses as reported in the consolidated balance sheets:
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Accounts payable and accrued expenses | $114,568 | $119,394 |
| Loans eligible for repurchase liability | 32,183 | 32,136 |
| Deferred tax liabilities, net | 139,845 | 90,391 |
| Operating lease liabilities (1) | 40,403 | 38,031 |
| Commissions payable | 36,728 | 42,741 |
| Securities sold, not yet purchased | — | 16,575 |
| Derivative liabilities | 4,503 | 13,201 |
| Due to broker/trustee | 17,054 | 39 |
| Other | 18,460 | 15,240 |
| Total other liabilities and accrued expenses | $403,744 | $367,748 |
(1) See Note (21) Commitments and Contingencies for additional information.
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