TIPTREE INC.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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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.
Sep 30, 2026 · Filed Oct 28, 2026
TIPT$17.53-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001393726-26-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001393726-26-000056
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 73 previous paragraphs and 80 current paragraphs.
40 unchanged; 29 reworded; 9 added; 4 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
On July 28, 2026, the Company entered into a definitive agreement to acquire Universal Shield Insurance Group ("USIG"), a specialty property and casualty insurer operating in both admitted and excess and surplus markets, for cash consideration of $100.0 million, subject to certain closing adjustments. The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close in the first quarter of 2027. The Company continues to work with USIG and regulators to satisfy the conditions necessary to complete the transaction.
Current report
During the three months ended September 30, 2026, the Company made an estimated tax payment of $185.0 million.
Current report
As of September 30, 2026, cash and cash equivalents were $198.3 million, and marketable and corporate securities of $711.7 million, for total cash and investments of $910.0 million, compared to cash and cash equivalents of $30.8 million and marketable securities of $21.7 million, for a total cash and investments of $52.5 million, as of December 31, 2025. The increase primarily reflects the net proceeds received from the completed sales of Fortegra and Reliance.
Current report
Cash flows for the nine months ended September 30, 2026 were driven by the sales of Fortegra and Reliance, which closed in May 2026. Following the closings, continuing operations consisted primarily of holding company activities, including investing the net proceeds into U.S. Treasury and corporate securities.
Current report
Cash used in operating activities from continuing operations was $15.5 million for the nine months ended September 30, 2026, compared to $25.3 million for the nine months ended September 30, 2025. Operating cash flows from continuing operations reflect holding company expenses, including compensation, professional fees and occupancy costs, partially offset by interest received on the Company’s investment portfolio. The decrease in cash used primarily reflects the reduction in corporate expenses and increased interest income earned on the investment portfolio following the dispositions.
Current report
Cash used in investing activities from continuing operations was $695.2 million for the nine months ended September 30, 2026, compared to $29.2 million for the nine months ended September 30, 2025. The increase reflects the investment of net proceeds from the Fortegra and Reliance dispositions into U.S. Treasuries and corporate securities.
Current report
Cash used in discontinued operating activities was $131.8 million for the nine months ended September 30, 2026, compared to cash provided of $148.6 million for the nine months ended September 30, 2025. The Company paid $185.0 million of federal income taxes on the gain on the sale of Fortegra. The payment was partially offset by $67.8 million of cash provided by Fortegra’s operations prior to closing, while Reliance’s operations used $14.6 million of cash prior to closing.
Current report
Cash provided by discontinued investing activities was $697.7 million for the nine months ended September 30, 2026, compared to cash used of $93.7 million for the nine months ended September 30, 2025. The 2026 amount reflects net cash movement from the dispositions of $744.8 million, including net cash movement of $713.6 million from Fortegra and $31.2 million from Reliance.
Current report
Cash provided by discontinued financing activities was $42.2 million for the nine months ended September 30, 2026, compared to $24 thousand for the nine months ended September 30, 2025. The 2026 amount primarily reflects net borrowings of $33.3 million under Fortegra’s credit facilities and $13.2 million under Reliance’s warehouse facilities prior to closing. These were partially offset by $4.0 million of dividends paid to Fortegra’s preferred and common non-controlling interests and $0.4 million of cash paid in connection with Fortegra stock awards.
Removed paragraphs (4)
Previous report
As of June 30, 2026, cash and cash equivalents were $946.9 million, compared to $30.8 million as of December 31, 2025, an increase of $916.1 million, primarily reflecting the net proceeds received from the completed sales of Fortegra and Reliance. In addition, the Company held marketable securities of $158.2 million as of June 30, 2026, compared to $21.7 million in December 31, 2025, as a portion of the sale proceeds were invested in U.S. Treasury securities with a maturity date greater than 90 days at purchase. As of June 30, 2026, the Company had a current tax payable of $204.8 million primarily related to the Fortegra sale. The majority is expected to be paid prior to September 30, 2026.
Previous report
Cash used in operating activities for continuing operations for the six months ended June 30, 2026 and 2025 was $18.4 million and $13.7 million, respectively. This reflects the use of funds to support centralized management and ongoing corporate-level operating requirements.
Previous report
For the six months ended June 30, 2026 and 2025, cash used in investing activities was $136.3 million, and $62.9 million, respectively, driven by purchases of investments outpacing the proceeds from sales and maturities of investments.
Previous report
Cash provided by discontinued operating activities was $53.2 million, and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. Cash provided by discontinued investing activities was $696.3 million, and $73.0 million for the six months ended June 30, 2026 and 2025, respectively, primarily related to the Fortegra and Reliance dispositions. Investing activities related to the Fortegra sale included deal proceeds of $1.12 billion, reduced by $402.7 million of cash held at Fortegra and expected escrow-related amounts, resulting in net proceeds of $713.4 million. Investing activities related to the Reliance sale included deal proceeds of $46.9 million, reduced by $14.6 million of cash held at Reliance and expected escrow-related amounts, resulting in net proceeds of $29.9 million. Cash provided by discontinued financing activities was $42.2 million for the six months ended June 30, 2026, compared with cash used in discontinued financing activities of $10.2 million for the six months ended June 30, 2025.
Reworded paragraphs (29)
Previous wording
On May 1, 2026, the Company completed the Reliance Transaction, its mortgage segment, to Carrington Mortgage Services, LLC. Total consideration from the transaction consisted of cash proceeds of $49.7 million, subject to customary post-closing adjustments. The disposal group incurred cumulative impairment losses of $9.1 million upon its initial classification as held for sale and as a discontinued operation in 2025 which was inclusive of a goodwill and intangible impairment of $1.7 million. During the six months ended June 30, 2026, the Company recognized a favorable adjustment of $0.5 million in discontinued operations related to subsequent changes in estimated fair value less costs to sell, resulting in a cumulative pre-tax loss of $8.6 million.
Current wording
On May 1, 2026, the Company completed the Reliance Transaction, its mortgage segment, to Carrington Mortgage Services, LLC. Total consideration from the transaction consisted of cash proceeds of $49.7 million, subject to customary post-closing adjustments. The disposal group incurred cumulative impairment losses of $9.1 million upon its initial classification as held for sale and as a discontinued operation in 2025 which was inclusive of a goodwill and intangible impairment of $1.7 million. During the nine months ended September 30, 2026, the Company recognized a favorable adjustment of $0.5 million in discontinued operations related to subsequent changes in estimated fair value less costs to sell, resulting in a cumulative pretax loss of $8.6 million.
Previous wording
On May 29, 2026, the Company completed the sale of Fortegra, its insurance segment, pursuant to the Sale Agreement entered on September 26, 2025. The total consideration received for the sale of Fortegra consisted of cash proceeds of $1.65 billion, less transaction expenses of $25.0 million in which the Company received consideration of $1.12 billion. The Company recognized an after-tax gain on the sale of $372.2 million, which is included in net income from discontinued operations for the three and six months ended June 30, 2026.
Current wording
On May 29, 2026, the Company completed the sale of Fortegra, its insurance segment, pursuant to the Sale Agreement entered on September 26, 2025. The total consideration received for the sale of Fortegra consisted of cash proceeds of $1.65 billion, less transaction expenses of $25.0 million in which the Company received consideration of $1.12 billion. The Company recognized an after-tax gain on the sale of $372.8 million, which is included in net income from discontinued operations for the nine months ended September 30, 2026.
Previous wording
The following is a summary of Tiptree’s consolidated financial results for the three and six months ended June 30, 2026 and 2025. In addition to GAAP results, management uses the Non-GAAP measure book value per share as a measurement of operating performance. Management believes this measure provides supplemental information useful to investors as it is frequently used by the financial community to analyze financial performance and comparison among companies. The Company has reclassified income and expenses attributable to Fortegra and Reliance to net income (loss) from discontinued operations for the three and six months ended June 30, 2026 and 2025.
Current wording
The following is a summary of Tiptree’s consolidated financial results for the three and nine months ended September 30, 2026 and 2025. In addition to GAAP results, management uses the Non-GAAP measure book value per share as a measurement of operating performance. Management believes this measure provides supplemental information useful to investors as it is frequently used by the financial community to analyze financial performance and comparison among companies. The Company has reclassified income and expenses attributable to Fortegra and Reliance to net income (loss) from discontinued operations for the three and nine months ended September 30, 2026 and 2025.
Previous wording
See Note (3) Dispositions & Discontinued Operations for further details.
Current wording
See Note (3) Dispositions and Discontinued Operations for further details.
Previous wording
The Company did not generate operating revenues from continuing operations during the three months ended June 30, 2026, compared to $0.1 million in the prior year, driven by lower other revenue. The Company did not generate operating revenues from continuing operations during the six months ended June 30, 2026, compared to $0.5 million in the prior year, driven by lower other revenue. Interest income from the Company’s cash and cash equivalents and marketable securities was recorded in other income within non operating income.
Current wording
No operating revenue was generated from continuing operations during the three and nine months ended September 30, 2026, compared to $3.0 thousand and $0.5 million, respectively, in the prior year periods, due to lower other revenue. Interest income from the Company’s cash and cash equivalents and marketable securities was recorded in other income.
Previous wording
For the three months ended June 30, 2026, expenses were $9.1 million, which decreased $2.9 million, or 24.3%, compared to the prior year. For the six months ended June 30, 2026, expenses were $18.0 million, which decreased $6.9 million, or 27.6%, compared to the prior year. For the three and six months ended June 30, 2026, employee compensation and benefits were $6.5 million and $13.3 million, compared to $7.0 million and $16.3 million, in the respective prior year periods. The declines were driven by lower incentive compensation and payroll expense associated with the reduction in workforce. Employee compensation and benefits included incentive compensation expense accruals related to the performance of the Company’s continuing and discontinued operations. For the six months ended June 30, 2026 and 2025, incentive compensation expense included $2.9 million and $8.4 million of stock-based compensation, respectively. Other expenses were $2.2 million and $4.1 million for the three and six months ended June 30, 2026, respectively, compared to $4.6 million and $7.9 million for the corresponding periods in 2025, primarily driven by declines in professional fees.
Current wording
For the three months ended September 30, 2026, expenses were $6.0 million, which decreased $6.9 million, or 53.5%, compared to the prior year. For the nine months ended September 30, 2026, expenses were $24.0 million, which decreased $13.8 million, or 36.4%, compared to the prior year. For the three and nine months ended September 30, 2026, employee compensation and benefits were $3.9 million and $17.1 million, compared to $10.4 million and $26.8 million, in the respective prior year periods. The declines were driven by lower incentive compensation and payroll expense associated with the reduction in workforce. Employee compensation and benefits included incentive compensation expense accruals related to the performance of the Company’s continuing and discontinued operations.
Previous wording
For the three months ended June 30, 2026, there were no net realized and unrealized gains or losses, as compared to the losses of $1.5 million in the prior year, driven by the change in fair value of certain equity and other investments carried at fair value. For the three months ended June 30, 2026, other income was $3.9 million, as compared to $0.9 million in the prior year, primarily driven by higher interest income earned on U.S. Treasury securities held within cash and cash equivalents and marketable securities.
Current wording
Net realized and unrealized losses were immaterial for the three months ended September 30, 2026, compared to the gains of $0.3 million in the prior year, reflecting changes in the fair value of certain equity and other investments carried at fair value. Other income was $11.1 million for the three months ended September 30, 2026, compared to $1.2 million in the prior year, primarily driven by higher interest income earned on U.S. Treasury and corporate securities.
Previous wording
For the six months ended June 30, 2026, net realized and unrealized losses were $0.3 million, as compared to the losses of $0.7 million in the prior year, driven by the change in fair value of certain equity and other investments carried at fair value. For the six months ended June 30, 2026, other income was $4.9 million, as compared to $1.4 million in the prior year, primarily driven by higher interest income earned on U.S. Treasury securities held within cash and cash equivalents and marketable securities.
Current wording
Net realized and unrealized losses were $0.3 million for the nine months ended September 30, 2026, compared to the losses of $0.4 million in the prior year, reflecting changes in the fair value of certain equity and other investments carried at fair value. Other income was $15.9 million for the nine months ended September 30, 2026, compared to $2.6 million in the prior year, primarily driven by higher interest income earned on U.S. Treasury and corporate securities.
Previous wording
For the three and six months ended June 30, 2026, the Company reported a pre-tax loss of $5.1 million and $13.4 million, respectively, compared to a pre-tax loss of $12.5 million and $23.8 million, in the corresponding prior year periods. The improvement in both periods was driven by lower operating expenses and higher other income.
Current wording
The Company reported pretax income of $5.1 million and a pretax loss of $8.4 million for the three and nine months ended September 30, 2026, respectively, compared with pretax losses of $11.4 million and $35.1 million, in the corresponding prior year periods. The improvement in both periods was driven by higher other income and lower operating expenses.
Previous wording
For the three and six months ended June 30, 2026, the Company reported a net loss from continuing operations of $6.4 million and $13.6 million, respectively, compared to a net loss of $10.4 million and $20.1 million, in the corresponding prior year periods. The improvement in both periods was driven by lower operating expenses and higher other income.
Current wording
The Company reported net income from continuing operations of $4.6 million for the three months ended September 30, 2026, compared to a net loss of $9.5 million in the prior-year period. For the nine months ended September 30, 2026, the net loss from continuing operations was $9.0 million, compared to a net loss of $29.7 million in the prior-year period. The improvement in both periods was driven by higher other income and lower operating expenses.
Previous wording
For the three and six months ended June 30, 2026, the Company reported a net income from discontinued operations of $395.7 million and $417.1 million, respectively, compared to net income of $29.4 million and $44.7 million, in the corresponding prior year periods. The increase in both periods was primarily attributable to the gain recognized on sale on Fortegra.
Current wording
For the three and nine months ended September 30, 2026, the Company reported a net income from discontinued operations of $0.6 million and $417.6 million, respectively, compared to net income of $15.9 million and $60.7 million, in the corresponding prior year periods. The decrease in the three-month period primarily reflects the absence of operating earnings from discontinued operations following the sales of Fortegra and Reliance in the three months ended June 30, 2026. The increase in the nine-month period was primarily attributable to the gain recognized on the sale of Fortegra.
Previous wording
Total stockholders’ equity was $907.1 million as of June 30, 2026 compared to $723.4 million as of June 30, 2025, with the increase driven by comprehensive income over the past twelve months, including the gain on sale of Fortegra, partially offset by share repurchases and dividends. In the six months ended June 30, 2026, the Company returned $4.5 million to common stockholders through dividends paid and $10.3 million through share repurchases.
Current wording
Total stockholders’ equity was $902.5 million as of September 30, 2026 compared to $741.4 million as of September 30, 2025, with the increase driven by comprehensive income over the past twelve months, including the gain on sale of Fortegra, partially offset by share repurchases, dividends and the removal of non-controlling interests related to Fortegra. In the nine months ended September 30, 2026, the Company returned $6.8 million to common stockholders through dividends paid and $17.1 million through share repurchases.
Previous wording
Book value per share for the period ended June 30, 2026 was $24.34, a 82.6% increase from book value per share of $13.33 as of June 30, 2025, primarily driven by comprehensive income per share, including the gain recognized on Fortegra transaction, partially offset by dividends paid of $0.12 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.
Current wording
Book value per share as of September 30, 2026 was $24.47, an 83.2% increase from book value per share of $13.36 as of September 30, 2025, primarily driven by comprehensive income per share, including the gain recognized on the Fortegra transaction, partially offset by dividends paid of $0.24 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.
Previous wording
In connection with the sale of Fortegra and Reliance, the results of operations for these businesses are presented as discontinued operations in the condensed consolidated statements of operations for all periods presented. The results of discontinued operations include the operating results of Fortegra and Reliance through their respective disposal dates in the three months ended June 30, 2026 and the gain (loss) recognized upon disposition. See Note (3) Dispositions & Discontinued Operations for detailed financial information on each business sold. Following the completion of the sales in the three months ended June 30, 2026, the assets and liabilities associated with Fortegra and Reliance were derecognized and are no longer reflected on the Company’s condensed consolidated balance sheet as of June 30, 2026.
Current wording
In connection with the sale of Fortegra and Reliance, the results of operations for these businesses are presented as discontinued operations in the condensed consolidated statements of operations for all periods presented. The results of discontinued operations include the operating results of Fortegra and Reliance through their respective disposal dates in the nine months ended September 30, 2026 and the gain (loss) recognized upon disposition. See Note (3) Dispositions and Discontinued Operations for detailed financial information on each business sold. Following the completion of the sales in the three months ended June 30, 2026, the assets and liabilities associated with Fortegra and Reliance were derecognized and are no longer reflected on the Company’s condensed consolidated balance sheet as of September 30, 2026.
Previous wording
On May 29, 2026, the Company completed the sale of Fortegra, its insurance segment, pursuant to the Sale Agreement entered on September 26, 2025. The total consideration received for the sale of Fortegra consisted of cash proceeds of $1.65 billion, less transaction expenses of $25.0 million in which the Company received consideration of $1.12 billion for its percentage ownership of the business. The Company recognized an after-tax gain on the sale of $372.2 million, which is included in net income from discontinued operations for the three and six months ended June 30, 2026.
Current wording
On May 29, 2026, the Company completed the sale of Fortegra, its insurance segment, pursuant to the Sale Agreement entered into on September 26, 2025. The total consideration received for the sale of Fortegra consisted of cash proceeds of $1.65 billion, less transaction expenses of $25.0 million. The Company received consideration of $1.12 billion for its percentage ownership of the business. The
Previous wording
For the three months ended June 30, 2026, revenues from Fortegra were $341.6 million, reflecting two months of operating results prior to the sale of the business on May 29, 2026. For the three months ended June 30, 2026, the Company reported net income of $396.2 million from Fortegra in discontinued operations during the period, including $372.2 million after-tax gain on sale. For the three months ended June 30, 2025, revenues from Fortegra were $513.0 million. The Company reported income before taxes of $64.9 million and net income of $29.2 million from Fortegra in discontinued operations during the period.
Current wording
For the three months ended September 30, 2026, the Company recognized net income from discontinued operations related to Fortegra of $0.6 million, which reflected an after-tax adjustment increasing the gain on sale. Following the completion of the sale of Fortegra in May 2026, no revenues or pretax operating results from Fortegra were recognized during the period. For the three months ended September 30, 2025, revenues from Fortegra were $522.6 million. The Company reported income before taxes of $49.4 million and net income of $16.0 million from Fortegra in discontinued operations during the 2025 period.
Previous wording
For the six months ended June 30, 2026, revenues from Fortegra were $820.0 million, reflecting five months of operating results prior to the sale of the business on May 29, 2026. For the six months ended June 30, 2026, the Company reported net income of $416.7 million from Fortegra in discontinued operations during the period, including $372.2 million net gain on sale. For the six months ended June 30, 2025, revenues from Fortegra were $993.6 million. The Company reported income before taxes of $101.8 million and net income of $44.7 million from Fortegra in discontinued operations during the period.
Current wording
For the nine months ended September 30, 2026, revenues from Fortegra were $820.0 million, reflecting five months of operating results prior to the sale of the business on May 29, 2026. For the nine months ended September 30, 2026, the Company reported net income of $417.3 million from Fortegra in discontinued operations during the period, including $372.8 million net gain on sale. For the nine months ended September 30, 2025, revenues from Fortegra were $1,516.2 million. The Company reported income before taxes of $151.2 million and net income of $60.7 million from Fortegra in discontinued operations during the 2025 period.
Previous wording
On May 1, 2026, the Company completed the Reliance Transaction, its mortgage segment, to Carrington Mortgage Services, LLC. Total consideration from the transaction consisted of cash proceeds of $49.7 million, subject to customary post-closing adjustments. The disposal group incurred cumulative impairment losses of $9.1 million upon its initial classification as held for sale and as a discontinued operation in 2025 which was inclusive of a goodwill and intangible impairment of $1.7 million. During the six months ended June 30, 2026, the Company recognized a favorable adjustment of $0.5 million in discontinued operations related to subsequent changes in estimated fair value less costs to sell, resulting in a cumulative pre-tax loss of $8.6 million. Transaction costs associated with the sale were $2.8 million and are also included in discontinued operations for the three and six months ended June 30, 2026.
Current wording
On May 1, 2026, the Company completed the Reliance Transaction, its mortgage segment, to Carrington Mortgage Services, LLC. Total consideration from the transaction consisted of cash proceeds of $49.7 million, subject to customary post-closing adjustments. The disposal group incurred cumulative impairment losses of $9.1 million upon its initial classification as held for sale and as a discontinued operation in 2025 which was inclusive of a goodwill and intangible impairment of $1.7 million. During the nine months ended September 30, 2026, the Company recognized a favorable adjustment of $0.5 million in discontinued operations related to subsequent changes in estimated fair value less costs to sell, resulting in a cumulative pretax loss of $8.6 million.
Previous wording
For the three months ended June 30, 2026, revenues from Reliance were $5.5 million, reflecting only one month of operating results prior to the sale of the business on May 1, 2026. The Company reported net loss of $0.5 million from Reliance in discontinued operations during the period. For the three months ended June 30, 2025, revenues from Reliance were $16.2 million. The Company reported a net income of $0.2 million from Reliance in discontinued operations.
Current wording
The Company reported a net loss from discontinued operations related to Reliance of $15.0 thousand for the period. Following the completion of the Reliance sale in May 2026, no revenues or pretax operating results from Reliance were recognized during the quarter. For the three months ended September 30, 2025, revenues from Reliance were $16.2 million and a net loss of $0.1 million in discontinued operations.
Previous wording
For the six months ended June 30, 2026, revenues from Reliance were $21.4 million, reflecting four months of operating results prior to the sale of the business on May 1, 2026. The Company reported net income of $0.3 million from Reliance in discontinued operations during the period. For the six months ended June 30, 2025, revenues from Reliance were $31.4 million. The Company reported net income of $0.1 million from Reliance in discontinued operations.
Current wording
For the nine months ended September 30, 2026, revenues from Reliance were $21.4 million, reflecting four months of operating results prior to the sale of the business on May 1, 2026. The Company reported net income of $0.3 million from Reliance in discontinued operations during the period. For the nine months ended September 30, 2025, revenues from Reliance were $47.6 million and a net loss of $0.1 million in discontinued operations.
Previous wording
The income tax expense of $1.3 million and benefit $2.0 million from continuing operations for the three months ended June 30, 2026 and 2025, respectively, was reflected as components of net income (loss) from continuing operations. For the three months ended June 30, 2026 and 2025, the Company’s effective tax rate related to pre-tax income from continuing operations was equal to (25.6)% and 16.2%, respectively, with both lower than the U.S. statutory income tax rate of 21.0%, primarily due to the impacts of nontaxable and nondeductible items.
Current wording
Income tax expense of $0.4 million and income tax benefit of $1.9 million from continuing operations for the three months ended September 30, 2026 and 2025, respectively, was reflected as components of net income (loss) from continuing operations. For the three months ended September 30, 2026 and 2025, the Company’s effective tax rate related to pretax income from continuing operations was equal to 8.7% and 16.4%, respectively, both of which were lower than the U.S. statutory income tax rate of 21.0%, primarily due to the impacts of nontaxable and nondeductible items.
Previous wording
The income tax expense of $0.2 million and benefit $3.6 million from continuing operations for the six months ended June 30, 2026 and 2025, respectively, was reflected as components of net income (loss) from continuing operations. For the six months ended June 30, 2026 and 2025, the Company’s effective tax rate related to pre-tax income from continuing operations was equal to (1.2)% and 15.2%, respectively, with both lower than the U.S. statutory income tax rate of 21.0%, primarily due to the impacts of nontaxable and nondeductible items.
Current wording
Income tax expense of $0.6 million and income tax benefit of $5.5 million from continuing operations for the nine months ended September 30, 2026 and 2025, respectively, was reflected as components of net income (loss) from continuing operations. For the nine months ended September 30, 2026 and 2025, the Company’s effective tax rate related to pretax income from continuing operations was equal to (7.2)% and 15.6%, respectively, both of which were lower than the U.S. statutory income tax rate of 21.0%, primarily due to the impacts of nontaxable and nondeductible items.
Previous wording
Tiptree sold its insurance and mortgage subsidiaries during the three months ended June 30, 2026. It had previously recorded deferred taxes on the outside basis on those investments which represented the tax that would be due, before consideration of loss carryforwards, when Tiptree sold its shares in these subsidiaries at their carrying values on Tiptree’s condensed consolidated balance sheet. The balance just prior to the sales was $130.0 million, an increase of $12.2 million from the year ended December 31, 2025, of which $1.8 million of benefit was recorded in OCI, and $14.0 million of expense was recorded as a provision for income taxes in discontinued operations. As of June 30, 2026, the deferred tax liability relating to these investments has been brought to zero and a current tax payable of $204.8 million has been established through the provision for income taxes in discontinued operations.
Current wording
Tiptree sold its insurance and mortgage subsidiaries during the three months ended June 30, 2026. It had previously recorded deferred taxes on the outside basis in those investments which represented the tax that would be due, before consideration of loss carryforwards, when Tiptree sold its shares in these subsidiaries at their carrying values on Tiptree’s condensed consolidated balance sheet. The balance just prior to the sales was $130.0 million, an increase of $12.2 million from the year ended December 31, 2025, of which $1.8 million of benefit was recorded in OCI, and $14.0 million of expense was recorded as a provision for income taxes in discontinued operations. As of June 30, 2026, the deferred tax liability relating to these investments has been brought to zero and a current tax payable of $204.8 million has been established through the provision for income taxes in discontinued operations.
Previous wording
Tiptree’s total assets were 1.13 billion as of June 30, 2026, compared to 6.84 billion as of December 31, 2025. The decrease was primarily driven by the derecognition of the assets previously classified as held for sale in connection with the completed sales of Fortegra and Reliance during the three months ended June 30, 2026.
Current wording
Tiptree’s total assets were $944.8 million as of September 30, 2026, compared to $6.84 billion as of December 31, 2025. The decrease was primarily driven by the derecognition of the assets previously classified as held for sale in connection with the completed sales of Fortegra and Reliance during the three months ended June 30, 2026.
Previous wording
Total stockholders’ equity was $907.1 million as of June 30, 2026, compared to $752.4 million as of December 31, 2025, with the increase primarily driven by comprehensive income over the past six months, including the gain on sale on Fortegra, offset by dividends paid and share repurchases. As of June 30, 2026, there were 37,266,005 shares of common stock outstanding as compared to 37,824,472 shares as of December 31, 2025, with the decrease driven by share repurchases.
Current wording
Total stockholders’ equity was $902.5 million as of September 30, 2026, compared to $752.4 million as of December 31, 2025, with the increase primarily driven by comprehensive income over the past nine months, including the gain on sale of Fortegra, partially offset by dividends paid, share repurchases and reduction in non-controlling interest associated with the sale of Fortegra. As of September 30, 2026, there were 36,877,761 shares of common stock outstanding as compared to 37,824,472 shares as of December 31, 2025, with the decrease driven by share repurchases.
Previous wording
Management believes that cash and cash equivalents, marketable securities, and cash flow from operations will provide sufficient capital to continue to grow the business, cover capital expenditures and other general corporate needs over the next several years. As management continues to expand Tiptree’s business, including by any acquisitions the Company may make in the future, additional working capital for increased costs could be required.
Current wording
Management believes that cash and cash equivalents, marketable securities and corporate securities along with cash flow from operations will provide sufficient capital to continue to grow the business, cover capital expenditures and other general corporate needs over the next several years. As management continues to expand Tiptree’s business, including by any acquisitions the Company may make in the future, additional working capital for increased costs could be required. The Company expects to fund the acquisition of USIG with cash on hand and believes existing liquidity is sufficient to fund the approximately $100.0 million purchase price, subject to customary adjustments and transaction costs.
Previous wording
Refer to the Consolidated Statement of Cash Flow and Note (3) Dispositions & Discontinued Operations for additional details on cash flows related to discontinued operations.
Current wording
Refer to the Condensed Consolidated Statement of Cash Flow and Note (3) Dispositions and Discontinued Operations for additional details on cash flows related to discontinued operations.
Previous wording
Cash used in financing activities was $89.7 million for the six months ended June 30, 2026, primarily attributable to the principal paydown of borrowings at the holding company, repurchases of common stock, and payment of common dividends. Cash provided by financing activities was $64.7 million for the six months ended June 30, 2025, primarily attributable to proceeds from issuance of debt at the holding company, partially offset by the payment of dividends, cash paid in connection with vested or exercised stock awards, and payment of debt issuance costs.
Current wording
Cash used in financing activities from continuing operations was $98.7 million for the nine months ended September 30, 2026. This consisted primarily of the $74.2 million repayment in full of holding company borrowings, $17.1 million of common stock repurchases and $6.8 million of common dividends. Cash provided by financing activities from continuing operations was $58.0 million for the nine months ended September 30, 2025. This primarily reflected $74.3 million of proceeds from the issuance of holding company debt, partially offset by $6.8 million of dividends, $6.6 million of cash paid in connection with vested or exercised stock awards and $2.3 million of debt issuance costs.
Previous wording
For a discussion of recently issued accounting standards, see Note (2) Summary of Significant Accounting Policies, in the accompanying consolidated financial statements.
Current wording
For a discussion of recently issued accounting standards, see Note (2) Summary of Significant Accounting Policies, in the accompanying condensed consolidated financial statements.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the nine months ended September 30, 2026 and 2025, incentive compensation expense included $4.4 million and $9.9 million of stock based compensation, respectively. Other expenses were $1.8 million and $5.8 million for the three and nine months ended September 30, 2026, respectively, compared to $2.1 million and $10.0 million for the corresponding periods in 2025, primarily driven by declines in professional fees.
Current report — wording carried from elsewhere
Company recognized an after-tax gain on the sale of $372.8 million, which is included in net income from discontinued operations for the nine months ended September 30, 2026.