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
TIPT$17.62-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets as of and
| As of | ||
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| Assets: | ||
| Investments: | ||
| Available for sale securities, at fair value, net of allowance for credit losses | $781,196 | $802,609 |
| Loans, at fair value | 69,039 | 69,556 |
| Equity securities | 58,414 | 68,308 |
| Other investments | 90,989 | 111,088 |
| Total investments | 999,638 | 1,051,561 |
| Cash and cash equivalents | 474,555 | 468,711 |
| Restricted cash | 128,402 | 23,850 |
| Notes and accounts receivable, net | 722,017 | 684,608 |
| Reinsurance recoverable | 911,048 | 953,886 |
| Prepaid reinsurance premiums | 907,758 | 900,524 |
| Deferred acquisition costs | 564,873 | 565,746 |
| Goodwill | 205,928 | 206,155 |
| Intangible assets, net | 114,540 | 118,757 |
| Other assets | 161,180 | 165,515 |
| Total assets | $5,189,939 | $5,139,313 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities: | ||
| Debt, net | $405,756 | $402,411 |
| Unearned premiums | 1,659,650 | 1,695,058 |
| Policy liabilities and unpaid claims | 962,419 | 844,848 |
| Deferred revenue | 672,360 | 673,085 |
| Reinsurance payable | 539,349 | 543,602 |
| Other liabilities and accrued expenses | 351,767 | 403,744 |
| Total liabilities | $4,591,301 | $4,562,748 |
| Stockholders’ Equity: | ||
| Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | $— | $— |
| Common stock: $0.001 par value, 200,000,000 shares authorized, 36,781,281 and 36,756,187 shares issued and outstanding, respectively | 37 | 37 |
| Additional paid-in capital | 385,138 | 382,239 |
| Accumulated other comprehensive income (loss), net of tax | (27,928) | (26,073) |
| Retained earnings | 67,488 | 60,663 |
| Total Tiptree Inc. stockholders’ equity | 424,735 | 416,866 |
| Non-controlling interests: | ||
| Fortegra preferred interests | 77,679 | 77,679 |
| Common interests | 96,224 | 82,020 |
| Total non-controlling interests | 173,903 | 159,699 |
| Total stockholders’ equity | 598,638 | 576,565 |
| Total liabilities and stockholders’ equity | $5,189,939 | $5,139,313 |
Condensed Consolidated Statements of Operations (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenues: | ||
| Earned premiums, net | $347,310 | $265,330 |
| Service and administrative fees | 110,487 | 92,032 |
| Ceding commissions | 2,744 | 3,645 |
| Net investment income | 6,758 | 5,109 |
| Net realized and unrealized gains (losses) | 15,624 | 2,177 |
| Other revenue | 15,298 | 13,332 |
| Total revenues | 498,221 | 381,625 |
| Expenses: | ||
| Policy and contract benefits | 207,664 | 141,675 |
| Commission expense | 156,948 | 146,450 |
| Employee compensation and benefits | 49,186 | 40,798 |
| Interest expense | 8,290 | 6,465 |
| Depreciation and amortization | 5,568 | 5,253 |
| Other expenses | 40,866 | 32,811 |
| Total expenses | 468,522 | 373,452 |
| Income (loss) before taxes | 29,699 | 8,173 |
| Less: provision (benefit) for income taxes | 13,818 | 5,022 |
| Net income (loss) | 15,881 | 3,151 |
| Less: net income (loss) attributable to non-controlling interests | 6,831 | 4,213 |
| Net income (loss) attributable to common stockholders | $9,050 | $(1,062) |
| Net income (loss) per common share: | ||
| Basic earnings per share | $0.24 | $(0.03) |
| Diluted earnings per share | $0.22 | $(0.03) |
| Weighted average number of common shares: | ||
| Basic | 36,769,810 | 36,522,946 |
| Diluted | 37,779,412 | 36,522,946 |
| Dividends declared per common share | $0.06 | $0.05 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net income (loss) | $15,881 | $3,151 |
| Other comprehensive income (loss), net of tax: | ||
| Change in unrealized gains (losses) on available for sale securities | (4,756) | 9,501 |
| Change in unrealized currency translation adjustments | 420 | 2,932 |
| Related (provision) benefit for income taxes | 1,796 | (4,035) |
| Other comprehensive income (loss), net of tax | (2,540) | 8,398 |
| Comprehensive income (loss) | 13,341 | 11,549 |
| Less: comprehensive income (loss) attributable to non-controlling interests | 6,146 | 6,275 |
| Comprehensive income (loss) attributable to common stockholders | $7,195 | $5,274 |
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands, except shares)
| Common stock · Non-controlling interests | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | TotalTiptree Inc. stockholders’ equity | Fortegra preferred interests | Common interests | Total stockholders' equity | |
| Balance at December 31, 2023 | 36,756,187 | $37 | $382,239 | $(26,073) | $60,663 | $416,866 | $77,679 | $82,020 | $576,565 |
| Amortization of share-based incentive compensation | — | — | 2,984 | — | — | 2,984 | — | 723 | 3,707 |
| Vesting of share-based incentive compensation | 25,094 | — | (85) | — | — | (85) | — | (622) | (707) |
| Non-controlling interest contributions | — | — | — | — | — | — | — | 9,621 | 9,621 |
| Non-controlling interest distributions | — | — | — | — | — | — | — | (69) | (69) |
| Common stock dividends declared | — | — | — | — | (2,225) | (2,225) | — | — | (2,225) |
| Other comprehensive income (loss), net of tax | — | — | — | (1,855) | — | (1,855) | — | (685) | (2,540) |
| Subsidiary preferred dividends declared | — | — | — | — | (1,595) | (1,595) | — | — | (1,595) |
| Net income (loss) | — | — | — | — | 10,645 | 10,645 | — | 5,236 | 15,881 |
| Balance at March 31, 2024 | 36,781,281 | $37 | $385,138 | $(27,928) | $67,488 | $424,735 | $77,679 | $96,224 | $598,638 |
| Common stock · Non-controlling interests | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | TotalTiptree Inc. stockholders’ equity | Fortegra preferred interests | Common interests | Total stockholders' equity | |
| Balance at December 31, 2022 | 36,385,299 | $36 | $382,645 | $(39,429) | $54,113 | $397,365 | $77,679 | $58,529 | $533,573 |
| Amortization of share-based incentive compensation | — | — | 2,173 | — | — | 2,173 | — | 41 | 2,214 |
| Vesting of share-based incentive compensation | 294,642 | 1 | (565) | — | — | (564) | — | (470) | (1,034) |
| Shares issued upon exercise of options | 55,007 | — | — | — | — | — | — | — | — |
| Non-controlling interest distributions | — | — | (1,751) | — | — | (1,751) | — | (3,174) | (4,925) |
| Net change in non-controlling interests and other | — | — | — | — | — | — | — | 3,608 | 3,608 |
| Common stock dividends declared | — | — | — | — | (1,850) | (1,850) | — | — | (1,850) |
| Other comprehensive income (loss), net of tax | — | — | — | 6,336 | — | 6,336 | — | 2,062 | 8,398 |
| Subsidiary preferred dividends declared | — | — | — | — | (1,578) | (1,578) | — | — | (1,578) |
| Net income (loss) | — | — | — | — | 516 | 516 | — | 2,635 | 3,151 |
| Balance at March 31, 2023 | 36,734,948 | $37 | $382,502 | $(33,093) | $51,201 | $400,647 | $77,679 | $63,231 | $541,557 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating Activities: | ||
| Net income (loss) attributable to common stockholders | $9,050 | $(1,062) |
| Net income (loss) attributable to non-controlling interests | 6,831 | 4,213 |
| Net income (loss) | 15,881 | 3,151 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
| Net realized and unrealized (gains) losses | (15,624) | (2,177) |
| Non-cash compensation expense | 3,845 | 2,214 |
| Amortization/accretion of premiums and discounts | (1,736) | (459) |
| Depreciation and amortization expense | 5,568 | 5,253 |
| Non-cash lease expense | 1,990 | 2,069 |
| Deferred provision (benefit) for income taxes | 12,779 | 4,100 |
| Amortization of deferred financing costs | 300 | 269 |
| Change in fair value of liability classified warrants | 4,211 | (118) |
| Other | 217 | 66 |
| Changes in operating assets and liabilities: | ||
| Mortgage loans originated for sale | (210,402) | (202,836) |
| Proceeds from the sale of mortgage loans originated for sale | 218,116 | 202,555 |
| (Increase) decrease in notes and accounts receivable | (34,191) | 15,662 |
| (Increase) decrease in reinsurance recoverable | 42,838 | (86,594) |
| (Increase) decrease in prepaid reinsurance premiums | (7,234) | (34,756) |
| (Increase) decrease in deferred acquisition costs | 873 | (3,994) |
| (Increase) decrease in other assets | (1,109) | 17,823 |
| Increase (decrease) in unearned premiums | (35,408) | 45,777 |
| Increase (decrease) in policy liabilities and unpaid claims | 117,571 | 72,615 |
| Increase (decrease) in deferred revenue | (725) | 7,041 |
| Increase (decrease) in reinsurance payable | (4,253) | 40,042 |
| Increase (decrease) in other liabilities and accrued expenses | (50,803) | (44,657) |
| Net cash provided by (used in) operating activities | 62,704 | 43,046 |
| Investing Activities: | ||
| Purchases of investments | (282,567) | (504,104) |
| Proceeds from sales and maturities of investments | 326,829 | 289,282 |
| Purchases of property, plant and equipment | (787) | (4,947) |
| Proceeds from notes receivable | 23,872 | 24,833 |
| Issuance of notes receivable | (26,878) | (30,057) |
| Business and asset acquisitions, net of cash and deposits | — | (22,530) |
| Net cash provided by (used in) investing activities | 40,469 | (247,523) |
| Financing Activities: | ||
| Dividends paid | (3,820) | (3,446) |
| Net non-controlling interest (redemptions) contributions and other | 8,751 | (6,079) |
| Payment of debt issuance costs | (140) | (183) |
| Proceeds from borrowings and mortgage notes payable | 253,892 | 370,394 |
| Principal paydowns of borrowings and mortgage notes payable | (250,706) | (282,384) |
| Net cash provided by (used in) financing activities | 7,977 | 78,302 |
| Effect of exchange rate changes on cash | (754) | 1,258 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 110,396 | (124,917) |
| Cash, cash equivalents and restricted cash – beginning of period | 492,561 | 550,847 |
| Cash, cash equivalents and restricted cash – end of period | $602,957 | $425,930 |
| Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
| Right of use asset obtained in exchange for lease liability | $— | $397 |
| As of | ||
| Reconciliation of cash, cash equivalents and restricted cash | March 31,2024 | December 31,2023 |
| Cash and cash equivalents | $474,555 | $468,711 |
| Restricted cash | 128,402 | 23,850 |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $602,957 | $492,561 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.