GREENWICH, Conn.--(BUSINESS WIRE)--
Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), today announced its financial results for the three and nine months ended September 30, 2025.
Third Quarter 2025 Highlights
- On September 26, 2025, the Company agreed to sell Fortegra for $1.65 billion, with $1.12 billion estimated gross proceeds to Tiptree pending regulatory approvals. Anticipated closing of the Fortegra transaction in mid-2026.
- On October 31, 2025, the Company agreed to sell its mortgage business, Reliance First Capital, for 93.5% of tangible book value at closing, or $51 million of estimated gross proceeds as of September 30, 2025. Anticipated closing in first quarter of 2026.
- Tiptree's pro-forma book value as of September 30, 2025 is estimated to be $930 million, net of estimated taxes and transaction expenses for the closing of both transactions.
- Declared a dividend of $0.06 per share to stockholders of record on November 17, 2025 with a payment date of November 24, 2025.
- Tiptree will continue to think and act like owners—focused on long-term value creation through strategic investments, opportunistic share buybacks, and thoughtful consideration of dividends. With a disciplined financial approach, the Company continues to streamline operations and manage costs to support sustainable growth.
($ in thousands, except per share information) | | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
GAAP: | | 2025 | | 2024 | | 2025 | | 2024 |
Total revenues | | $ | 540,302 | | | $ | 494,362 | | | $ | 1,566,478 | | | $ | 1,539,256 | |
Net income (loss) attributable to common stockholders | | $ | 6,421 | | | $ | 11,915 | | | $ | 31,016 | | | $ | 33,816 | |
Diluted earnings per share | | $ | 0.13 | | | $ | 0.29 | | | $ | 0.68 | | | $ | 0.83 | |
Cash dividends paid per common share | | $ | 0.06 | | | $ | 0.06 | | | $ | 0.18 | | | $ | 0.18 | |
Return on average equity | | | 5.1 | % | | | 10.6 | % | | | 8.6 | % | | | 10.3 | % |
| | | | | | | | | | | | |
Non-GAAP:(1) | | | | | | | | | | | | |
Adjusted net income | | $ | 28,764 | | | $ | 27,872 | | | $ | 79,223 | | | $ | 72,827 | |
Adjusted return on average equity | | | 22.9 | % | | | 24.8 | % | | | 21.9 | % | | | 22.1 | % |
(1) See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures. Adjusted net income is presented after the impacts of non-controlling interests.
Third Quarter 2025 Financial Highlights
- Revenues of $540.3 million for the quarter and $1.6 billion for the year, an increase of 9.3% and 1.8% from the respective prior year periods. The increases for both periods were driven by growth in earned premiums, net, and net realized and unrealized gains at Fortegra.
- Net income of $6.4 million compared to $11.9 million in Q3'24, and year-to-date net income of $31.0 million compared to $33.8 million in the prior year, with the decreases driven by deal-related expenses and an increase in the Fortegra Additional Warrant liability, partially offset by growth in Fortegra’s underwriting and fee income, and investments gains on equities.
- Adjusted net income of $28.8 million for the quarter and $79.2 million for the year, an increase of 3.2% and 8.8% from the respective prior year periods, driven by growth in Fortegra. Annualized adjusted return on average equity was 22.9% for the quarter, as compared to 24.8% in Q3'24.
Non-GAAP
Management uses Adjusted net income and Adjusted return on average equity as measurements of operating performance. Management believes these measures provide supplemental information useful to investors as they are frequently used by the financial community to analyze financial performance and comparison among companies. Management uses Adjusted net income and Adjusted return on average equity as part of its capital allocation process and to assess comparative returns on invested capital. Adjusted net income represents income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, stock-based compensation, net realized and unrealized gains (losses), and intangibles amortization associated with purchase accounting, all of which is reduced for non-controlling interests. Adjusted net income and Adjusted return on average equity are presented before the impacts of non-controlling interests. Adjusted net income and Adjusted return on average equity are not measurements of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for GAAP net income. See “Non-GAAP Reconciliations” for a reconciliation of these measures to their GAAP equivalents.
About Tiptree
Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small and middle market companies with the mission of building long-term value. Established in 2007, Tiptree has a significant track record investing across a variety of industries and asset types, including the insurance, asset management, specialty finance, real estate and shipping sectors. With proprietary access and a flexible capital base, Tiptree seeks to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. For more information, please visit tiptreeinc.com and follow us on LinkedIn.
Forward-Looking Statements
This release contains “forward-looking statements” which involve risks, uncertainties and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations for our businesses and intentions. In addition, we make certain forward-looking statements regarding the Company’s plans to take Fortegra public. Any initial public offering by Fortegra would be subject to a variety of factors, including market conditions, and may not be consummated. The forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecast in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to those described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K, and as described in the Company’s other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. The factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, our actual performance could be materially different from the results described or anticipated by our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statements.
Tiptree Inc.
Condensed Consolidated Balance Sheets (Unaudited)
($ in thousands, except share data)
| | As of | |
| | September 30,
2025 | | | December 31,
2024 | |
Assets: | | | | | | |
Investments: | | | | | | |
Available for sale securities, at fair value, net of allowance for credit losses | | $ | 1,305,403 | | | $ | 1,107,929 | |
Loans, at fair value | | | 90,422 | | | | 81,330 | |
Equity securities | | | 171,673 | | | | 108,620 | |
Other investments | | | 53,501 | | | | 53,084 | |
Total investments | | | 1,620,999 | | | | 1,350,963 | |
Cash and cash equivalents | | | 366,087 | | | | 320,067 | |
Restricted cash | | | 113,473 | | | | 96,197 | |
Notes and accounts receivable, net | | | 813,622 | | | | 799,131 | |
Reinsurance recoverable | | | 1,345,662 | | | | 992,883 | |
Prepaid reinsurance premiums | | | 1,100,965 | | | | 1,046,253 | |
Deferred acquisition costs | | | 572,790 | | | | 565,872 | |
Goodwill | | | 207,802 | | | | 206,706 | |
Intangible assets, net | | | 93,672 | | | | 102,859 | |
Other assets | | | 181,197 | | | | 213,858 | |
Total assets | | $ | 6,416,269 | | | $ | 5,694,789 | |
| | | | | | |
Liabilities and Stockholders’ Equity | | | | | | |
Liabilities: | | | | | | |
Debt, net | | $ | 507,560 | | | $ | 427,089 | |
Unearned premiums | | | 1,920,104 | | | | 1,766,068 | |
Policy liabilities and unpaid claims | | | 1,615,702 | | | | 1,298,081 | |
Deferred revenue | | | 654,504 | | | | 695,772 | |
Reinsurance payable | | | 470,505 | | | | 443,083 | |
Other liabilities and accrued expenses | | | 506,476 | | | | 407,925 | |
Total liabilities | | $ | 5,674,851 | | | $ | 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, 37,820,120 and 37,255,838 shares issued and outstanding, respectively" | | | 38 | | | | 37 | |
Additional paid-in capital | | | 392,947 | | | | 389,693 | |
Accumulated other comprehensive income (loss), net of tax | | | (7,756 | ) | | | (27,750 | ) |
Retained earnings | | | 119,945 | | | | 95,718 | |
Total Tiptree Inc. stockholders’ equity | | | 505,174 | | | | 457,698 | |
Non-controlling interests: | | | | | | |
Fortegra preferred interests | | | 77,679 | | | | 77,679 | |
Common interests | | | 158,565 | | | | 121,394 | |
Total non-controlling interests | | | 236,244 | | | | 199,073 | |
Total stockholders’ equity | | | 741,418 | | | | 656,771 | |
Total liabilities and stockholders’ equity | | $ | 6,416,269 | | | $ | 5,694,789 | |
Tiptree Inc.
Condensed Consolidated Statements of Operations (Unaudited)
($ in thousands, except share data)
| | Three Months Ended
September 30, | | | Nine Months Ended
September 30, | |
| | 2025 | | | 2024 | | | 2025 | | | 2024 | |
Revenues: | | | | | | | | | | | | |
Earned premiums, net | | $ | 383,881 | | | $ | 359,496 | | | $ | 1,129,259 | | | $ | 1,105,273 | |
Service and administrative fees | | | 95,821 | | | | 95,362 | | | | 289,966 | | | | 311,696 | |
Ceding commissions | | | 3,483 | | | | 3,716 | | | | 10,658 | | | | 11,525 | |
Net investment income | | | 7,397 | | | | 9,111 | | | | 29,631 | | | | 22,250 | |
Net realized and unrealized gains (losses) | | | 34,879 | | | | 8,316 | | | | 62,354 | | | | 36,518 | |
Other revenue | | | 14,841 | | | | 18,361 | | | | 44,610 | | | | 51,994 | |
Total revenues | | | 540,302 | | | | 494,362 | | | | 1,566,478 | | | | 1,539,256 | |
Expenses: | | | | | | | | | | | | |
Policy and contract benefits | | | 217,330 | | | | 203,442 | | | | 653,115 | | | | 645,081 | |
Commission expense | | | 144,919 | | | | 154,005 | | | | 437,005 | | | | 484,232 | |
Employee compensation and benefits | | | 62,094 | | | | 52,335 | | | | 171,701 | | | | 151,438 | |
Interest expense | | | 10,690 | | | | 7,614 | | | | 31,912 | | | | 23,919 | |
Depreciation and amortization | | | 5,259 | | | | 5,395 | | | | 15,064 | | | | 16,254 | |
Other expenses | | | 61,734 | | | | 34,790 | | | | 141,343 | | | | 111,206 | |
Total expenses | | | 502,026 | | | | 457,581 | | | | 1,450,140 | | | | 1,432,130 | |
Income (loss) before taxes | | | 38,276 | | | | 36,781 | | | | 116,338 | | | | 107,126 | |
Less: provision (benefit) for income taxes | | | 22,666 | | | | 16,308 | | | | 56,656 | | | | 48,799 | |
Net income (loss) | | | 15,610 | | | | 20,473 | | | | 59,682 | | | | 58,327 | |
Less: net income (loss) attributable to non-controlling interests | | | 9,189 | | | | 8,558 | | | | 28,666 | | | | 24,511 | |
Net income (loss) attributable to common stockholders | | $ | 6,421 | | | $ | 11,915 | | | $ | 31,016 | | | $ | 33,816 | |
| | | | | | | | | | | | |
Net income (loss) per common share: | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.17 | | | $ | 0.32 | | | $ | 0.82 | | | $ | 0.91 | |
Diluted earnings per share | | $ | 0.13 | | | $ | 0.29 | | | $ | 0.68 | | | $ | 0.83 | |
| | | | | | | | | | | | |
Weighted average number of common shares: | | | | | | | | | | | | |
Basic | | | 37,565,019 | | | | 36,789,571 | | | | 37,470,832 | | | | 36,781,408 | |
Diluted | | | 38,583,747 | | | | 37,818,491 | | | | 38,550,969 | | | | 37,784,637 | |
| | | | | | | | | | | | |
Dividends declared per common share | | $ | 0.06 | | | $ | 0.06 | | | $ | 0.18 | | | $ | 0.18 | |
Tiptree Inc.
Non-GAAP Financial Measures — Adjusted net income and Adjusted return on average equity (Unaudited)
Adjusted net income is defined as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related expenses, stock-based compensation, net realized and unrealized gains (losses) and intangibles amortization associated with purchase accounting, all of which is reduced for non-controlling interests. The calculation of adjusted net income excludes net realized and unrealized gains (losses) that relate to investments or assets rather than business operations. Adjusted net income is presented before the impacts of non-controlling interests. Adjusted return on average equity represents adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. Management uses Adjusted net income and adjusted return on average equity as part of its capital allocation process and to assess comparative returns on invested capital. We believe adjusted net income provides additional clarity on the results of the Company’s underlying business operations as a whole for the periods presented by excluding distortions created by the unpredictability and volatility of realized and unrealized gains (losses). We also believe adjusted net income provides useful supplemental information to investors as it is frequently used by the financial community to analyze financial performance between periods and for comparison among companies.
| | Three Months Ended September 30, 2025 | |
($ in thousands) | | | | | Tiptree Capital | | | | | | | |
| | Insurance | | | Mortgage | | | Other | | | Corporate | | | Total | |
Income (loss) before taxes | | $ | 55,223 | | | $ | 202 | | | $ | 1,366 | | | $ | (18,515 | ) | | $ | 38,276 | |
Less: Income tax (benefit) expense | | | (18,378 | ) | | | (314 | ) | | | (313 | ) | | | (3,661 | ) | | | (22,666 | ) |
Less: Net realized and unrealized gains (losses)(1) | | | (24,761 | ) | | | 530 | | | | (275 | ) | | | — | | | | (24,506 | ) |
Plus: Intangibles amortization(2) | | | 3,362 | | | | — | | | | — | | | | — | | | | 3,362 | |
Plus: Stock-based compensation expense | | | 4,133 | | | | — | | | | — | | | | 1,494 | | | | 5,627 | |
Plus: Non-recurring expenses(3) | | | 9,417 | | | | — | | | | — | | | | 3,084 | | | | 12,501 | |
Plus: Non-cash fair value adjustments(4) | | | 16,967 | | | | — | | | | — | | | | — | | | | 16,967 | |
Plus: Impact of tax deconsolidation of Fortegra(5) | | | — | | | | — | | | | — | | | | 5,943 | | | | 5,943 | |
Less: Tax on adjustments(6) | | | 3,580 | | | | 138 | | | | 70 | | | | (52 | ) | | | 3,736 | |
Adjusted net income (before NCI) | | $ | 49,543 | | | $ | 556 | | | $ | 848 | | | $ | (11,707 | ) | | $ | 39,240 | |
Less: Impact of non-controlling interests | | | (10,476 | ) | | | — | | | | — | | | | — | | | | (10,476 | ) |
Adjusted net income | | $ | 39,067 | | | $ | 556 | | | $ | 848 | | | $ | (11,707 | ) | | $ | 28,764 | |
| | | | | | | | | | | | | | | |
Adjusted net income (before NCI) | | $ | 49,543 | | | $ | 556 | | | $ | 848 | | | $ | (11,707 | ) | | $ | 39,240 | |
Average stockholders’ equity | | $ | 753,591 | | | $ | 55,931 | | | $ | 75,031 | | | $ | (152,159 | ) | | $ | 732,394 | |
Adjusted return on average equity(7) | | | 26.3 | % | | | 4.0 | % | | | 4.5 | % | | NM% | | | | 21.4 | % |
| | Three Months Ended September 30, 2024 | |
($ in thousands) | | | | | Tiptree Capital | | | | | | | |
| | Insurance | | | Mortgage | | | Other | | | Corporate | | | Total | |
Income (loss) before taxes | | $ | 47,209 | | | $ | (89 | ) | | $ | (2,603 | ) | | $ | (7,736 | ) | | $ | 36,781 | |
Less: Income tax (benefit) expense | | | (12,114 | ) | | | 32 | | | | 104 | | | | (4,330 | ) | | | (16,308 | ) |
Less: Net realized and unrealized gains (losses)(1) | | | (2,218 | ) | | | 1,877 | | | | 2,764 | | | | — | | | | 2,423 | |
Plus: Intangibles amortization(2) | | | 3,859 | | | | — | | | | — | | | | — | | | | 3,859 | |
Plus: Stock-based compensation expense | | | 4,195 | | | | — | | | | — | | | | 1,762 | | | | 5,957 | |
Plus: Non-recurring expenses(3) | | | 119 | | | | — | | | | — | | | | — | | | | 119 | |
Plus: Non-cash fair value adjustments(4) | | | 946 | | | | — | | | | — | | | | — | | | | 946 | |
Plus: Impact of tax deconsolidation of Fortegra(5) | | | — | | | | — | | | | — | | | | 5,907 | | | | 5,907 | |
Less: Tax on adjustments(6) | | | (1,954 | ) | | | (461 | ) | | | (223 | ) | | | (860 | ) | | | (3,498 | ) |
Adjusted net income (before NCI) | | $ | 40,042 | | | $ | 1,359 | | | $ | 42 | | | $ | (5,257 | ) | | $ | 36,186 | |
Less: Impact of non-controlling interests | | | (8,314 | ) | | | — | | | | — | | | | — | | | | (8,314 | ) |
Adjusted net income | | $ | 31,728 | | | $ | 1,359 | | | $ | 42 | | | $ | (5,257 | ) | | $ | 27,872 | |
| | | | | | | | | | | | | | | |
Adjusted net income (before NCI) | | $ | 40,042 | | | $ | 1,359 | | | $ | 42 | | | $ | (5,257 | ) | | $ | 36,186 | |
Average stockholders’ equity | | $ | 577,776 | | | $ | 53,272 | | | $ | 59,943 | | | $ | (53,856 | ) | | $ | 637,135 | |
Adjusted return on average equity(7) | | | 27.7 | % | | | 10.2 | % | | | 0.3 | % | | NM% | | | | 22.7 | % |
| | Nine Months Ended September 30, 2025 | |
($ in thousands) | | | | | Tiptree Capital | | | | | | | |
| | Insurance | | | Mortgage | | | Other | | | Corporate | | | Total | |
Income (loss) before taxes | | $ | 160,421 | | | $ | 230 | | | $ | (1,755 | ) | | $ | (42,558 | ) | | $ | 116,338 | |
Less: Income tax (benefit) expense | | | (43,862 | ) | | | (283 | ) | | | (642 | ) | | | (11,869 | ) | | | (56,656 | ) |
Less: Net realized and unrealized gains (losses)(1) | | | (33,310 | ) | | | 1,327 | | | | 441 | | | | — | | | | (31,542 | ) |
Plus: Intangibles amortization(2) | | | 10,047 | | | | — | | | | — | | | | — | | | | 10,047 | |
Plus: Stock-based compensation expense | | | 7,231 | | | | — | | | | — | | | | 5,253 | | | | 12,484 | |
Plus: Non-recurring expenses(3) | | | 13,623 | | | | — | | | | 1,350 | | | | 3,084 | | | | 18,057 | |
Plus: Non-cash fair value adjustments(4) | | | 17,560 | | | | — | | | | — | | | | — | | | | 17,560 | |
Plus: Impact of tax deconsolidation of Fortegra(5) | | | — | | | | — | | | | — | | | | 18,603 | | | | 18,603 | |
Less: Tax on adjustments(6) | | | 3,480 | | | | (91 | ) | | | 598 | | | | (1,259 | ) | | | 2,728 | |
Adjusted net income (before NCI) | | $ | 135,190 | | | $ | 1,183 | | | $ | (8 | ) | | $ | (28,746 | ) | | $ | 107,619 | |
Less: Impact of non-controlling interests | | | (28,396 | ) | | | — | | | | — | | | | — | | | | (28,396 | ) |
Adjusted net income | | $ | 106,794 | | | $ | 1,183 | | | $ | (8 | ) | | $ | (28,746 | ) | | $ | 79,223 | |
| | | | | | | | | | | | | | | |
Adjusted net income (before NCI) | | $ | 135,190 | | | $ | 1,183 | | | $ | (8 | ) | | $ | (28,746 | ) | | $ | 107,619 | |
Average stockholders’ equity | | $ | 700,867 | | | $ | 55,901 | | | $ | 52,401 | | | $ | (110,074 | ) | | $ | 699,095 | |
Adjusted return on average equity(7) | | | 25.7 | % | | | 2.8 | % | | | (0.0 | )% | | NM% | | | | 20.5 | % |
| | Nine Months Ended September 30, 2024 | |
($ in thousands) | | | | | Tiptree Capital | | | | | | | |
| | Insurance | | | Mortgage | | | Other | | | Corporate | | | Total | |
Income (loss) before taxes | | $ | 135,270 | | | $ | 1,192 | | | $ | 602 | | | $ | (29,938 | ) | | $ | 107,126 | |
Less: Income tax (benefit) expense | | | (35,604 | ) | | | (244 | ) | | | (704 | ) | | | (12,247 | ) | | | (48,799 | ) |
Less: Net realized and unrealized gains (losses)(1) | | | (7,582 | ) | | | 428 | | | | 726 | | | | — | | | | (6,428 | ) |
Plus: Intangibles amortization(2) | | | 11,557 | | | | — | | | | — | | | | — | | | | 11,557 | |
Plus: Stock-based compensation expense | | | 5,999 | | | | — | | | | — | | | | 7,190 | | | | 13,189 | |
Plus: Non-recurring expenses(3) | | | 3,455 | | | | — | | | | — | | | | — | | | | 3,455 | |
Plus: Non-cash fair value adjustments(4) | | | 6,018 | | | | — | | | | — | | | | — | | | | 6,018 | |
Plus: Impact of tax deconsolidation of Fortegra(5) | | | — | | | | — | | | | — | | | | 16,729 | | | | 16,729 | |
Less: Tax on adjustments(6) | | | (4,622 | ) | | | (145 | ) | | | 246 | | | | (1,752 | ) | | | (6,273 | ) |
Adjusted net income (before NCI) | | $ | 114,491 | | | $ | 1,231 | | | $ | 870 | | | $ | (20,018 | ) | | $ | 96,574 | |
Less: Impact of non-controlling interests | | | (23,747 | ) | | | — | | | | — | | | | — | | | | (23,747 | ) |
Adjusted net income | | $ | 90,744 | | | $ | 1,231 | | | $ | 870 | | | $ | (20,018 | ) | | $ | 72,827 | |
| | | | | | | | | | | | | | | |
Adjusted net income (before NCI) | | $ | 114,491 | | | $ | 1,231 | | | $ | 870 | | | $ | (20,018 | ) | | $ | 96,574 | |
Average stockholders’ equity | | $ | 529,486 | | | $ | 52,771 | | | $ | 91,263 | | | $ | (57,137 | ) | | $ | 616,383 | |
Adjusted return on average equity(7) | | | 28.8 | % | | | 3.1 | % | | | 1.3 | % | | NM% | | | | 20.9 | % |
Notes |
(1) | | Net realized and unrealized gains (losses) added back in Adjusted net income excludes net realized and unrealized gains (losses) from the mortgage segment and unrealized gains (losses) on mortgage servicing rights. |
(2) | | Specifically associated with acquisition purchase accounting. See Note (7) Goodwill and Intangible Assets, net, of the Company’s Form 10-Q for the period ended September 30, 2025. |
(3) | | For the three and nine months ended September 30, 2025 and 2024 , included in other expenses were expenses related to legal, banker, and other expenses including expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024, and $5.7 million of the incentive fee related to realized and unrealized gains on equities and alternatives securities in 2025 periods. |
(4) | | For the three and nine months ended September 30, 2025 and 2024, non-cash fair-value adjustments represent a change in fair value of the Fortegra Additional Warrant liability. |
(5) | | For the three and nine months ended September 30, 2025 and 2024, included in the adjustment is an add-back of $5.9 million and $18.6 million, respectively, and $5.9 million and $16.7 million, related to deferred tax expense from the WP Transaction. |
(6) | | Tax on adjustments represents the tax applied to the total non-GAAP adjustments and includes adjustments for non-recurring or discrete tax impacts. |
(7) | | Total Adjusted return on average equity after non-controlling interests was 22.9% and 24.8% for the three months ended September 30, 2025 and 2024, respectively, based on $28.8 million and $27.9 million of Adjusted net income over $502.6 million and $449.2 million of average Tiptree Inc. stockholders’ equity. Total Adjusted return on average equity after non-controlling interests was 21.9% and 22.1% for the nine months ended September 30, 2025 and 2024, respectively, based on $79.2 million and $72.8 million of Adjusted net income over $481.5 million and $439.4 million of average Tiptree Inc. stockholders’ equity. |
Source: Tiptree Inc.