TIPTREE INC.

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

About this filing

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, 2025 · Filed Apr 30, 2025

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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Contents

Condensed Consolidated Balance Sheets as of and

	As of
	March 31,2025	December 31, 2024
Assets:
Investments:
Available for sale securities, at fair value, net of allowance for credit losses	$1,156,801	$1,107,929
Loans, at fair value	89,691	81,330
Equity securities	135,156	108,620
Other investments	52,413	53,084
Total investments	1,434,061	1,350,963
Cash and cash equivalents	342,282	320,067
Restricted cash	85,676	96,197
Notes and accounts receivable, net	798,438	799,131
Reinsurance recoverable	1,121,010	992,883
Prepaid reinsurance premiums	969,012	1,046,253
Deferred acquisition costs	554,386	565,872
Goodwill	206,496	206,706
Intangible assets, net	100,232	102,859
Other assets	207,899	213,858
Total assets	$5,819,492	$5,694,789
Liabilities and Stockholders’ Equity
Liabilities:
Debt, net	$495,269	$427,089
Unearned premiums	1,732,009	1,766,068
Policy liabilities and unpaid claims	1,421,537	1,298,081
Deferred revenue	678,617	695,772
Reinsurance payable	361,711	443,083
Other liabilities and accrued expenses	446,887	407,925
Total liabilities	$5,136,030	$5,038,018
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, 37,493,883 and 37,255,838 shares issued and outstanding, respectively	37	37
Additional paid-in capital	394,149	389,693
Accumulated other comprehensive income (loss), net of tax	(19,557)	(27,750)
Retained earnings	99,090	95,718
Total Tiptree Inc. stockholders’ equity	473,719	457,698
Non-controlling interests:
Fortegra preferred interests	77,679	77,679
Common interests	132,064	121,394
Total non-controlling interests	209,743	199,073
Total stockholders’ equity	683,462	656,771
Total liabilities and stockholders’ equity	$5,819,492	$5,694,789

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months EndedMarch 31,
	2025	2024
Revenues:
Earned premiums, net	$363,437	$347,310
Service and administrative fees	97,298	110,487
Ceding commissions	3,633	2,744
Net investment income	11,729	6,758
Net realized and unrealized gains (losses)	6,831	15,624
Other revenue	14,498	15,298
Total revenues	497,426	498,221
Expenses:
Policy and contract benefits	209,313	207,664
Commission expense	151,600	156,948
Employee compensation and benefits	55,084	49,186
Interest expense	10,360	8,290
Depreciation and amortization	4,881	5,568
Other expenses	40,838	40,866
Total expenses	472,076	468,522
Income (loss) before taxes	25,350	29,699
Less: provision (benefit) for income taxes	12,382	13,818
Net income (loss)	12,968	15,881
Less: net income (loss) attributable to non-controlling interests	7,333	6,831
Net income (loss) attributable to common stockholders	$5,635	$9,050
Net income (loss) per common share:
Basic earnings per share	$0.15	$0.24
Diluted earnings per share	$0.13	$0.22
Weighted average number of common shares:
Basic	37,348,219	36,769,810
Diluted	38,447,518	37,779,412
Dividends declared per common share	$0.06	$0.06

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

	Three Months EndedMarch 31,
	2025	2024
Net income (loss)	$12,968	$15,881
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on available for sale securities	9,919	(4,756)
Change in unrealized currency translation adjustments	5,910	420
Related (provision) benefit for income taxes	(4,625)	1,796
Other comprehensive income (loss), net of tax	11,204	(2,540)
Comprehensive income (loss)	24,172	13,341
Less: comprehensive income (loss) attributable to non-controlling interests	10,344	6,146
Comprehensive income (loss) attributable to common stockholders	$13,828	$7,195

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, 2024	37,255,838	$37	$389,693	$(27,750)	$95,718	$457,698	$77,679	$121,394	$656,771
Amortization of share-based incentive compensation	—	—	6,805	—	—	6,805	—	2,042	8,847
Vesting of share-based incentive compensation	238,045	—	(2,349)	—	—	(2,349)	—	(138)	(2,487)
Common stock dividends declared	—	—	—	—	(2,263)	(2,263)	—	—	(2,263)
Other comprehensive income (loss), net of tax	—	—	—	8,193	—	8,193	—	3,011	11,204
Subsidiary preferred dividends declared	—	—	—	—	(1,578)	(1,578)	—	—	(1,578)
Net income (loss)	—	—	—	—	7,213	7,213	—	5,755	12,968
Balance at March 31, 2025	37,493,883	$37	$394,149	$(19,557)	$99,090	$473,719	$77,679	$132,064	$683,462

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

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2025	2024
Operating Activities:
Net income (loss) attributable to common stockholders	$5,635	$9,050
Net income (loss) attributable to non-controlling interests	7,333	6,831
Net income (loss)	12,968	15,881
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses	(6,831)	(15,624)
Non-cash compensation expense	9,208	3,845
Amortization/accretion of premiums and discounts	(1,263)	(1,736)
Depreciation and amortization expense	4,881	5,568
Non-cash lease expense	1,838	1,990
Deferred provision (benefit) for income taxes	5,840	12,779
Amortization of deferred financing costs	416	300
Change in fair value of liability classified warrants	2,019	4,211
Other	18	217
Changes in operating assets and liabilities:
Mortgage loans originated for sale	(209,142)	(210,402)
Proceeds from the sale of mortgage loans originated for sale	209,929	218,116
(Increase) decrease in notes and accounts receivable	(19,482)	(34,191)
(Increase) decrease in reinsurance recoverable	(128,127)	42,838
(Increase) decrease in prepaid reinsurance premiums	77,241	(7,234)
(Increase) decrease in deferred acquisition costs	11,486	873
(Increase) decrease in other assets	2,011	(1,109)
Increase (decrease) in unearned premiums	(34,059)	(35,408)
Increase (decrease) in policy liabilities and unpaid claims	123,456	117,571
Increase (decrease) in deferred revenue	(17,155)	(725)
Increase (decrease) in reinsurance payable	(81,372)	(4,253)
Increase (decrease) in other liabilities and accrued expenses	2,799	(50,803)
Net cash provided by (used in) operating activities	(33,321)	62,704
Investing Activities:
Purchases of investments	(172,509)	(282,567)
Proceeds from sales and maturities of investments	136,119	326,829
Purchases of property, plant and equipment	(1,121)	(787)
Proceeds from notes receivable	42,313	23,872
Issuance of notes receivable	(22,874)	(26,878)
Net cash provided by (used in) investing activities	(18,072)	40,469
Financing Activities:
Dividends paid	(3,876)	(3,820)
Net non-controlling interest (redemptions) contributions and other	(2,552)	8,751
Payment of debt issuance costs	(2,324)	(140)
Proceeds from borrowings and mortgage notes payable	331,115	253,892
Principal paydowns of borrowings and mortgage notes payable	(261,063)	(250,706)
Net cash provided by (used in) financing activities	61,300	7,977
Effect of exchange rate changes on cash	1,787	(754)
Net increase (decrease) in cash, cash equivalents and restricted cash	11,694	110,396
Cash, cash equivalents and restricted cash – beginning of period	416,264	492,561
Cash, cash equivalents and restricted cash – end of period	$427,958	$602,957
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Right of use asset obtained in exchange for lease liability	$3,257	$—
	As of
Reconciliation of cash, cash equivalents and restricted cash	March 31,2025	December 31,2024
Cash and cash equivalents	$342,282	$320,067
Restricted cash	85,676	96,197
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$427,958	$416,264

Condensed Consolidated Statements of Cash Flows (Unaudited)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.