TIPTREE INC
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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(14) Other Assets and Other Liabilities and Accrued Expenses
Other Assets
The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
| As of | ||
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| Accrued investment income | $7,398 | $6,269 |
| Loans eligible for repurchase | 33,385 | 32,183 |
| Mortgage servicing rights | 42,020 | 40,836 |
| Right of use assets - operating leases (1) | 29,980 | 31,469 |
| Income tax receivable | 901 | 1,275 |
| Furniture, fixtures and equipment, net | 29,083 | 29,624 |
| Prepaid expenses | 14,111 | 12,985 |
| Other | 4,302 | 10,874 |
| Total other assets | $161,180 | $165,515 |
(1) See Note (20) Commitments and Contingencies for additional information.
The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Depreciation expense related to furniture, fixtures and equipment | $1,577 | $1,069 |
Other Liabilities and Accrued Expenses
The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
| As of | ||
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| Accounts payable and accrued expenses | $81,435 | $114,568 |
| Loans eligible for repurchase liability | 33,385 | 32,183 |
| Deferred tax liabilities, net | 150,846 | 139,845 |
| Operating lease liabilities (1) | 38,800 | 40,403 |
| Commissions payable | 17,432 | 36,728 |
| Derivative liabilities | 8,264 | 4,503 |
| Due to broker/trustee | 88 | 17,054 |
| Other | 21,517 | 18,460 |
| Total other liabilities and accrued expenses | $351,767 | $403,744 |
(1) See Note (20) Commitments and Contingencies for additional information.
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