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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  
FORM 8-K
 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 26, 2025
 
 
TIPTREE INC.
(Exact Name of Registrant as Specified in Charter)
 
   
Maryland 001-33549 38-3754322
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
660 Steamboat Road2nd FloorGreenwichCT06830
(Address of Principal Executive Offices)(Zip Code)

(212) 446-1400
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): 

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareTIPTNASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

    On February 26, 2025, Tiptree Inc. (the “Company” or “Tiptree”) issued a press release announcing its results of operations for the quarter ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.


Item 7.01
Regulation FD Disclosure.

    Included in the press release furnished as Exhibit 99.1 was an announcement that the board of directors of the Company has declared a cash dividend of $0.06 per share to Tiptree’s stockholders, with a record date of March 10, 2025 and a payment date of March 17, 2025.

    On February 26, 2025, the Company posted an investor presentation dated February 26, 2025 on the Investor Resources section of www.tiptreeinc.com. The investor presentation is furnished as Exhibit 99.2 to this Form 8-K and incorporated herein by reference. Tiptree’s website is not intended to function as a hyperlink, and the information contained on such website is not a part of this Form 8-K.

    The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the information contained in Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, the information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the information contained in Exhibits 99.1 and 99.2, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01Financial Statements and Exhibits.

(d) List of Exhibits:
99.1
99.2
104
Cover Page Interactive Data File (formatted as Inline XBRL).





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
TIPTREE INC.
Date:February 26, 2025By:/s/ Jonathan Ilany
Name: Jonathan Ilany
Title: Chief Executive Officer



Exhibit 99.1

tiptree_logoxupdateda.jpg
TIPTREE ANNOUNCES FOURTH QUARTER 2024 RESULTS
Greenwich, Connecticut - February 26, 2025 - Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), today announced its financial results for the three months and year ended December 31, 2024.

Three Months Ended
December 31, 		Year Ended
December 31,
($ in thousands, except per share information)2024202320242023
Total revenues$503,599 $446,374 $2,042,854 $1,649,031 
Net income (loss) attributable to common stockholders$19,553 $6,871 $53,367 $13,951 
Diluted earnings per share$0.47 $0.15 $1.30 $0.33 
Cash dividends paid per common share$0.31 $0.05 $0.49 $0.20 
Return on average equity17.0 %6.8 %12.2 %3.4 %
Non-GAAP: (1)
Adjusted net income
$27,234 $13,854 $100,060 $61,917 
Adjusted return on average equity23.7 %13.6 %22.9 %15.2 %
(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.

Fourth Quarter 2024 Summary

•Revenues of $503.6 million for the quarter, an increase of 12.8% from Q4'23, driven by growth in Fortegra’s specialty insurance lines. Excluding investment gains and losses, revenues increased 13.0%.

•Net income of $19.6 million compared to a net income of $6.9 million in Q4'23, driven by growth in our insurance business and improvement in our mortgage operations.

•Adjusted net income of $27.2 million increased by 96.6% from $13.9 million in Q4'23, driven by growth in insurance revenues while maintaining a consistent combined ratio. Annualized adjusted return on average equity was 23.7% for the quarter, as compared to 13.6% in Q4'23.

•Declared a dividend of $0.06 per share to stockholders of record on March 10, 2025 with a payment date of March 17, 2025.

Year-to-date 2024 Summary

•Year-to-date revenues of $2.04 billion, an increase of 23.9% from 2023, driven by growth in specialty insurance lines, net investment income, investment gains, and mortgage revenues. Excluding investment gains and losses, revenues increased 22.4%.

•Net income of $53.4 million compared to net income of $14.0 million in 2023, driven by growth in our insurance business and improved mortgage operations.

•Adjusted net income of $100.1 million increased by 61.6% from $61.9 million in 2023. Adjusted return on average equity was 22.9% for the year, as compared to 15.2% in 2023.
Page 1



Segment Financial Highlights - Fourth Quarter 2024

Insurance (The Fortegra Group):
Three Months Ended
December 31, 		Year Ended
December 31,
($ in thousands)2024202320242023
Gross written premiums and premium equivalents$851,876 $724,124 $3,068,199 $2,747,854 
Net written premiums$365,631 $384,309 $1,438,952 $1,319,948 
Total revenues$483,998 $433,170 $1,973,709 $1,593,070 
Income before taxes$47,888 $44,232 $183,158 $129,816 
Return on average equity26.1 %36.9 %26.0 %25.7 %
Combined ratio89.5 %89.8 %90.0 %90.3 %
Non-GAAP: (1)
Adjusted net income (before NCI)$42,540 $32,604 $157,031 $115,705 
Adjusted return on average equity27.6 %30.9 %29.1 %29.2 %
(1) See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures. Adjusted net income is presented before the impacts of non-controlling interests.

•Gross written premiums and premium equivalents of $851.9 million for the quarter, an increase of 17.6%, and $3.07 billion for the year, an increase of 11.7%, driven by growth in specialty E&S insurance lines.

•Net written premiums were $365.6 million for the quarter, a decrease of 4.9%, and $1.44 billion for the year, an increase of 9.0%. The increase for the year was consistent with the growth in gross written premiums and premium equivalents and increased retention on Fortegra’s whole account quota share reinsurance agreement. Net written premiums increased by 41.1% for the quarter, and 20.4% for the year, excluding the one-time assumption of premium from a book-roll transaction with one of Fortegra’s MGA partners in Q4'23.

•Revenues increased 11.7% for the quarter and 23.9% for the year driven by premium growth in specialty E&S and admitted lines. Excluding the impact of investment gains and losses, revenues increased by 13.2% for the quarter and 23.0% for the year.

•The combined ratio for the quarter was 89.5%, down 0.3 percentage points, reflecting the consistent underwriting performance and scalability of the Company’s operations. Year-to-date combined ratio was 90.0%, as compared to 90.3% in 2023. Included in the 2024 combined ratio was 2.6 percentage points related to net catastrophe losses as compared to 0.2 percentage points in 2023. The primary catastrophic events impacting 2024 were Hurricanes Helene and Milton.

•Income before taxes was $47.9 million for the quarter, an increase of 8.3%. Year-to-date income before taxes was $183.2 million, an increase of 41.1%. Annualized after-tax return on average equity for the year was 26.0%, compared to 25.7% in 2023.

•Adjusted net income for the quarter of $42.5 million, up 30.5% from Q4'23. Year-to-date adjusted net income of $157.0 million, up 35.7%. Annualized adjusted return on average equity for the year was 29.1%, compared to 29.2% in 2023.

•Fortegra’s total stockholders’ equity was $625.5 million as of December 31, 2024, compared to $452.6 million as of December 31, 2023, with the increase driven by net income and the aggregate capital contribution from Tiptree, Warburg and Fortegra directors of $40 million, partially offset by an increase in the accumulated other comprehensive loss position.

Tiptree Capital:
Page 2


Three Months Ended
December 31, 		Year Ended
December 31,
($ in thousands)2024202320242023
Total revenues$19,601 $13,204 $69,146 $55,961 
Income before taxes$2,769 $(2,058)$4,562 $(6,549)
Return on average equity8.3 %(3.8)%2.2 %(3.6)%
Non-GAAP: (1)
Adjusted net income$(280)$(407)$1,820 $(159)
Adjusted return on average equity(1.1)%(0.9)%1.3 %(0.1)%
(1) See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures. Adjusted net income is presented before the impacts of non-controlling interests.

•Tiptree Capital income before taxes was $2.8 million for the quarter, compared to a loss of $2.1 million in Q4'23, driven by improvement in our mortgage operations. For the year, income before taxes was $4.6 million, compared to a loss of $6.5 million in 2023, with the comparative improvement driven by improvement in our mortgage operations and a reduction of investment losses on Invesque.

•Mortgage income before taxes was $3.5 million for the quarter, as compared to a loss of $2.4 million in Q4'23, and an income of $4.7 million for the year, as compared to a loss of $3.3 million in 2023, driven by higher origination volumes and loan servicing fees, and unrealized gains on our mortgage servicing asset.

Corporate:

Corporate includes expenses of the holding company for employee compensation and benefits, audit and professional fees, and public company and other expenses. For the quarter, corporate expenses were $8.5 million compared to $12.1 million in Q4'23 driven by a decline in incentive compensation accruals.

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.

Page 3


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.
Page 4


Tiptree Inc.
Consolidated Balance Sheets
($ in thousands, except share data)
As of
December 31,
2024		December 31, 2023
Assets:
Investments:
Available for sale securities, at fair value, net of allowance for credit losses$1,107,929 $802,609 
Loans, at fair value81,330 69,556 
Equity securities108,620 68,308 
Other investments53,084 111,088 
Total investments1,350,963 1,051,561 
Cash and cash equivalents 320,067 468,711 
Restricted cash96,197 23,850 
Notes and accounts receivable, net799,131 684,608 
Reinsurance recoverable
992,883 953,886 
Prepaid reinsurance premiums
1,046,253 900,524 
Deferred acquisition costs565,872 565,746 
Goodwill206,706 206,155 
Intangible assets, net102,859 118,757 
Other assets213,858 165,515 
Total assets$5,694,789 $5,139,313 
Liabilities and Stockholders’ Equity
Liabilities:
Debt, net$427,089 $402,411 
Unearned premiums1,766,068 1,695,058 
Policy liabilities and unpaid claims1,298,081 844,848 
Deferred revenue695,772 673,085 
Reinsurance payable443,083 543,602 
Other liabilities and accrued expenses407,925 403,744 
Total liabilities$5,038,018 $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, 37,255,838 and 36,756,187 shares issued and outstanding, respectively
37 37 
Additional paid-in capital389,693 382,239 
Accumulated other comprehensive income (loss), net of tax(27,750)(26,073)
Retained earnings95,718 60,663 
Total Tiptree Inc. stockholders’ equity457,698 416,866 
Non-controlling interests:
Fortegra preferred interests77,679 77,679 
Common interests121,394 82,020 
Total non-controlling interests199,073 159,699 
Total stockholders’ equity656,771 576,565 
Total liabilities and stockholders’ equity$5,694,789 $5,139,313 

Page 5


Tiptree Inc.
Consolidated Statements of Operations
($ in thousands, except share data)
Three Months Ended
December 31, 		Year Ended
December 31,
2024202320242023
Revenues:
Earned premiums, net$366,657 $301,416 $1,471,930 $1,127,834 
Service and administrative fees93,497 105,678 405,193 395,969 
Ceding commissions3,859 4,154 15,384 14,915 
Net investment income10,726 7,061 32,976 26,674 
Net realized and unrealized gains (losses)14,051 12,277 50,569 24,736 
Other revenue14,809 15,788 66,802 58,903 
Total revenues503,599 446,374 2,042,854 1,649,031 
Expenses:
Policy and contract benefits196,126 158,419 841,207 601,794 
Commission expense164,587 160,140 648,819 603,033 
Employee compensation and benefits52,917 48,231 204,355 179,075 
Interest expense8,329 7,467 32,248 27,692 
Depreciation and amortization5,399 5,991 21,653 23,466 
Other expenses34,046 36,061 145,253 130,918 
Total expenses461,404 416,309 1,893,535 1,565,978 
Income (loss) before taxes42,195 30,065 149,319 83,053 
Less: provision (benefit) for income taxes12,853 13,937 61,652 43,056 
Net income (loss)29,342 16,128 87,667 39,997 
Less: net income (loss) attributable to non-controlling interests9,789 9,257 34,300 26,046 
Net income (loss) attributable to common stockholders$19,553 $6,871 $53,367 $13,951 
Net income (loss) per common share:
Basic earnings per share$0.52 $0.19 $1.44 $0.38 
Diluted earnings per share$0.47 $0.15 $1.30 $0.33 
Weighted average number of common shares:
Basic37,189,433 36,755,768 36,872,706 36,693,204 
Diluted38,357,109 37,744,257 37,926,792 37,619,095 
Dividends declared per common share$0.31 $0.05 $0.49 $0.20 
Page 6


Tiptree Inc.
Non-GAAP Reconciliations (Unaudited)

Non-GAAP Financial Measures — Adjusted net income and Adjusted return on average equity

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 December 31, 2024
Tiptree Capital
($ in thousands)InsuranceMortgageOtherCorporateTotal
Income (loss) before taxes$47,888 $3,533 $(764)$(8,463)$42,194 
Less: Income tax (benefit) expense(7,656)(847)164 (4,514)(12,853)
Less: Net realized and unrealized gains (losses) (1)
(914)(3,139)179 —(3,874)
Plus: Intangibles amortization (2)
3,856 — — —3,856 
Plus: Stock-based compensation expense2,999 — — 1,4924,491 
Plus: Non-recurring expenses (3)
— — — —— 
Plus: Non-cash fair value adjustments (4)
1,418 — — —1,418 
Plus: Impact of tax deconsolidation of Fortegra(5)
— — — 6,7666,766 
Less: Tax on adjustments (6)
(5,051)753 (159)(1,416)(5,873)
Adjusted net income (before NCI)
$42,540 $300 $(580)$(6,135)$36,125 
Less: Impact of non-controlling interests(8,891)— — —(8,891)
Adjusted net income
$33,649 $300 $(580)$(6,135)$27,234 
Adjusted net income (before NCI)$42,540 $300 $(580)$(6,135)$36,125 
Average stockholders’ equity$615,922 $54,586 $46,299 $(60,322)$656,485 
Adjusted return on average equity (7)
27.6 %2.2 %(5.0)%NM%22.0 %
Three Months Ended December 31, 2023
Tiptree Capital
($ in thousands)InsuranceMortgageOtherCorporateTotal
Income (loss) before taxes$44,232 $(2,391)$333 $(12,109)$30,065 
Less: Income tax (benefit) expense(5,288)606 (266)(8,989)(13,937)
Less: Net realized and unrealized gains (losses) (1)
(6,395)2,794 (596)—(4,197)
Plus: Intangibles amortization (2)
4,252 — — —4,252 
Plus: Stock-based compensation expense780 — — 1,2191,999 
Plus: Non-recurring expenses (3)
348 — — —348 
Plus: Non-cash fair value adjustments (4)
842 — — —842 
Plus: Impact of tax deconsolidation of Fortegra (5)
— — — 8,8918,891 
Less: Tax on adjustments (6)
(6,167)(702)(185)(671)(7,725)
Adjusted net income (before NCI)
$32,604 $307 $(714)$(11,659)$20,538 
Less: Impact of non-controlling interests
(6,684)— — —(6,684)
Adjusted net income
$25,920 $307 $(714)$(11,659)$13,854 
Adjusted net income (before NCI)$32,604 $307 $(714)$(11,659)$20,538 
Average stockholders’ equity$422,327 $53,188 $128,827 $(44,272)$560,070 
Adjusted return on average equity (7)
30.9 %2.3 %(2.2)%NM%14.7 %
Page 7


Year Ended December 31, 2024
Tiptree Capital
($ in thousands)InsuranceMortgageOtherCorporateTotal
Income (loss) before taxes$183,158 $4,725 $(163)$(38,401)$149,319 
Less: Income tax (benefit) expense(43,260)(1,091)(540)(16,761)(61,652)
Less: Net realized and unrealized gains (losses) (1)
(8,496)(2,711)905 — (10,302)
Plus: Intangibles amortization (2)
15,413 — — — 15,413 
Plus: Stock-based compensation expense8,998 — — 8,682 17,680 
Plus: Non-recurring expenses (3)
3,455 — — — 3,455 
Plus: Non-cash fair value adjustments (4)
7,436 — — — 7,436 
Plus: Impact of tax deconsolidation of Fortegra (5)
— — — 23,495 23,495 
Less: Tax on adjustments (6)
(9,673)608 87 (3,168)(12,146)
Adjusted net income (before NCI)
$157,031 $1,531 $289 $(26,153)$132,698 
Less: Impact of non-controlling interests
(32,638)— — — (32,638)
Adjusted net income
$124,393 $1,531 $289 $(26,153)$100,060 
Adjusted net income (before NCI)$157,031 $1,531 $289 $(26,153)$132,698 
Average stockholders’ equity$539,049 $54,113 $80,856 $(57,350)$616,668 
Adjusted return on average equity (7)
29.1 %2.8 %0.4 %NM%21.5 %
Year Ended December 31, 2023
Tiptree Capital
($ in thousands)InsuranceMortgageOtherCorporateTotal
Income (loss) before taxes$129,816 $(3,285)$(3,264)$(40,214)$83,053 
Less: Income tax (benefit) expense(28,224)837 153 (15,822)(43,056)
Less: Net realized and unrealized gains (losses) (1)
4,207 1,861 5,289 —11,357 
Plus: Intangibles amortization (2)
16,919 — — —16,919 
Plus: Stock-based compensation expense2,018 — — 6,2518,269 
Plus: Non-recurring expenses (3)
2,824 — — —2,824 
Plus: Non-cash fair value adjustments (4)
(1,769)— — —(1,769)
Plus: Impact of tax deconsolidation of Fortegra (5)
— — — 19,10119,101 
Less: Tax on adjustments (6)
(10,086)(495)(1,255)797(11,039)
Adjusted net income (before NCI)
$115,705 $(1,082)$923 $(29,887)$85,659 
Less: Impact of non-controlling interests(23,742)— — —(23,742)
Adjusted net income
$91,963 $(1,082)$923 $(29,887)$61,917 
Adjusted net income (before NCI)$115,705 $(1,082)$923 $(29,887)$85,659 
Average stockholders’ equity$395,661 $53,520 $100,325 $5,564$555,070 
Adjusted return on average equity (7)
29.2 %(2.0)%0.9 %NM%15.4 %
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 (9) Goodwill and Intangible Assets, net, of the Company’s Form 10-Q for the period ended December 31, 2024.
(3)
For the three months and year ended December 31, 2024 and 2023, included in other expenses were expenses related to legal and other expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024 and acquisitions of services businesses in 2023.
(4)
For the three months and year ended December 31, 2024 and 2023, non-cash fair-value adjustments represent a change in fair value of the Fortegra Additional Warrant liability which are added-back to adjusted net income.
(5)
For the three months and year ended December 31, 2024 and 2023, included in the adjustment is an add-back of $6.8 million and $23.5 million, respectively, and $8.9 million and $19.1 million, respectively, 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 23.7% and 13.6% for the three months ended December 31, 2024 and 2023, respectively, based on $27.2 million and $13.9 million of Adjusted net income over $459.8 million and $406.5 million of average Tiptree Inc. stockholders’ equity. Total Adjusted return on average equity after non-controlling interests was 22.9% and 15.2% for the year ended December 31, 2024 and 2023, respectively, based on $100.1 million and $61.9 million of Adjusted net income over $437.3 million and $407.1 million of average Tiptree Inc. stockholders’ equity.
Page 8

Investor Presentation – Fourth Quarter 2024 February 2025 Financial Information for the three and twelve months ended December 31, 2024 EXHIBIT 99.2

 
1 Disclaimers LIMITATIONS ON THE USE OF INFORMATION This presentation has been prepared by Tiptree Inc. and its consolidated subsidiaries (“Tiptree", "the Company" or "we”) solely for informational purposes, and not for the purpose of updating any information or forecast with respect to Tiptree, its subsidiaries or any of its affiliates or any other purpose. Tiptree reports a non-controlling interest in certain operating subsidiaries that are not wholly owned. Unless otherwise noted, all information is of Tiptree on a consolidated basis before non-controlling interest. Neither Tiptree nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and no such party shall have any liability for such information. These materials and any related oral statements are not all-inclusive and shall not be construed as legal, tax, investment or any other advice. You should consult your own counsel, accountant or business advisors. Performance information is historical and is not indicative of, nor does it guarantee future results. There can be no assurance that similar performance may be experienced in the future. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This document contains "forward-looking statements" which involve risks, uncertainties and contingencies, many of which are beyond Tiptree's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained herein 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,” "view," “confident,” or similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about Tiptree's plans, objectives, expectations and intentions. 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 Tiptree’s Annual Report on Form 10-K, and as described in the Tiptree’s other filings with the SEC. 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. MARKET AND INDUSTRY DATA Certain market data and industry data used in this presentation were obtained from reports of governmental agencies and industry publications and surveys. We believe the data from third-party sources to be reliable based upon our management’s knowledge of the industry, but have not independently verified such data and as such, make no guarantees as to its accuracy, completeness or timeliness. NOT AN OFFER OR A SOLICIATION This document does not constitute an offer or invitation for the sale or purchase of securities or to engage in any other transaction with Tiptree, its subsidiaries or its affiliates. The information in this document is not targeted at the residents of any particular country or jurisdiction and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. NON-GAAP MEASURES In this document, we sometimes use financial measures derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain of these data are considered “non-GAAP financial measures” under the SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Management's reasons for using these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are posted in the Appendix.

 
2 2024 Highlights Revenue $2.043 billion 23.9% vs. prior year Adjusted Net Income1 $100.1 million 61.6% vs. prior year Book Value per share1,3 $12.29 12.6% vs. 12/31/23 Net Income $53.4 million vs. prior year net income of $14.0 million Overall  Revenues of $2.043bn, an increase of 23.9% from 2023, driven by growth at Fortegra.  Net income of $53mm.  Adj. net income1 of $100mm, and 22.9% annualized adj. ROAE1, driven by growth in insurance operations. Insurance  $3.1bn of gross written premiums and premium equivalents (GWPPE), 12% increase from prior year, driven primarily by specialty E&S insurance lines.  Net written premiums of $1.4bn, 9% increase from 2023, driven by organic growth.  Combined ratio of 90.0%, improved 0.3% from consistent underwriting performance and operating scale.  Adj. net income1,2 of $157mm, up 36% from prior year driven by revenue growth and improved combined ratio.  Annualized Adj. ROAE1,2 of 29%, flat to prior year.  $40mm investment in Fortegra in March and April 2024 (existing shareholders) to support continued growth. Tiptree Capital  Pre-tax income of $4.6mm driven by improved performance in our mortgage business. ($ in millions, except per share information) 1 For a reconciliation of Non-GAAP metrics adjusted net income, adjusted return on average equity and book value per share to GAAP financials, see the Appendix. 2 Adjusted net income and adjusted return on average equity for insurance is presented before the impacts of non-controlling interests. 3 Annual total return defined as cumulative dividends paid of $0.49 per share plus change in book value per share as of December 31, 2024.

 
Financial Highlights 31 For a reconciliation of Non-GAAP metrics adjusted net income, adjusted return on average equity (annualized) and book value per share to GAAP financials, see the Appendix. 2 Adjusted net income for Fortegra is presented before the impacts of non-controlling interests. ($ in millions, except per share information) $23.9 $32.6 $42.5 $(0.8) $(0.4) $(0.3) $(8.6) $(11.7) $(6.1) $14.6 $20.5 $36.1 Q4'22 Q4'23 Q4'24 Corporate Fortegra2 Tiptree Capital Key Highlights – Q4’24 Adjusted Net Income by business Revenues increased 13% • Growth in net earned premiums and net investment income • Improvement in investment portfolio book yield to 4.0%, from 3.3% prior year Net income of $19.6mm • Growth in insurance operations while maintaining consistent margins • Impacted by Fortegra tax deconsolidation of $6.8mm in Q4‘24 vs $8.9mm in Q4‘23 Adj. net income1 of $27.2mm, increased by 96.6% versus prior year • Continued revenue growth and consistent combined ratio at Fortegra Annualized Adj. ROAE1 of 22.9%, improvement of 7.7% versus prior year 12.6% growth in book value per share from Q4’23 (incl. dividends paid) • Earnings growth partially offset by unrealized losses on fixed income portfolio (AFS securities & currency movements) $27.2$9.7 $13.9 Adjusted Net Income (after NCI) Q4'23 Q4'24 FY’23 FY’24 Total Revenues $446.4 $503.6 $1,649.0 $2,042.9 Net income (loss) $6.9 $19.6 $14.0 $53.4 Diluted EPS $0.15 $0.47 $0.33 $1.30 Adjusted net income1 $13.9 $27.2 $61.9 $100.1 Adjusted ROAE1 13.6% 23.7% 15.2% 22.9% Total shares outstanding 36.8 37.3 Book Value per share1 $11.34 $12.29 $83.8 $115.7 $157.0 $9.0 $1.8 $(29.4) $(29.9) $(26.2) $63.4 $85.7 $132.7 2022 2023 2024 $100.1$53.0 $61.9

 
Specialty Insurance Performance Highlights Q4’24

 
5 Fortegra – Financial Performance Highlights Premiums & equivalent growth of 18%, Revenue growth of 12% • Product & distribution expansion to drive growth, while maintaining underwriting discipline • Investment in growth initiatives – E&S, Warranty & Europe • Net written premium (4.9%); Growth of 41.1% excluding one- time assumption from book-roll transaction in Q4’23 Delivered stable, growing results from underwriting and fees • Combined ratio improved to 89.5% • Underwriting & fee margin of $109mm, up 11% • Net CAT losses of $48mm, contributed to 2.6 pts on combined ratio. • Adj. ROAE of 27.6%, driven by insurance and services Maintain a high-quality balance sheet, including a conservative and liquid investment portfolio • 33% increase in net investment income (incl. cash equivalents) Underwriting and Fee Margin1 Underwriting and Fee Revenues1 Combined Ratio 1 2 3 Summary Financials Insurance products Q4’24 Highlights & Outlook ($ in millions) Expense Ratio Loss Ratio Services Insurance 1 See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income (before non-controlling interests), Adjusted return on average equity (annualized), underwriting and fee revenues and underwriting and fee margin. Note: Tiptree’s ownership of Fortegra was 79.1% as of December 31, 2024 (before conversion of Fortegra preferred stock and impacts of warrants and unvested employee stock awards). Services Insurance 305 369 95 85 $400 $454 Q4'23 Q4'24 70 87 28 22 $98 $109 Q4'23 Q4'24 39.6% 43.2% 36.0% 32.8% 14.2% 13.5% 89.8% 89.5% Q4'23 Q4'24 Acquisition ratio Q4’23 Q4’24 FY’23 FY’24 Premiums & equivalents $724.1 $851.9 $2,747.9 $3,068.2 Net written premiums $384.3 $365.6 $1,320.0 $1,439.0 Revenue $433.2 $484.0 $1,593.1 $1,973.7 Pre-tax income $44.2 $47.9 $129.8 $183.2 Adjusted net income1 $32.6 $42.5 $115.7 $157.0 Adjusted ROAE1 30.9% 27.6% 29.2% 29.1% Combined ratio 89.8% 89.5% 90.3% 90.0%

 
Investment Portfolio Cash & Equivalents 19% Government & Agency 25%Corporate Bonds 39% Muni & ABS 7% Equities 6% Other Alternatives 4% Cash & Equivalents 21% Government & Agency 28% AAA 3% AA 7% A 12% BBB 24% BB+ and below 5% $1,383mm 6 Asset Allocation Liquid and Highly-Rated Fixed Income Portfolio ($ in millions) 1,191 1,383 136 165 $1,327 $1,548 2023 2024 Other investments Fixed Income & Cash $1,548mm ◼ 2.8 year duration ◼ A+, S&P rating 4.0%3.3%Book yield Q4’23 Q4’24 FY’23 FY’24 Net investment income – P&L $7.1 $10.7 $26.7 $33.0 Cash and cash equivalent interest income $3.2 $2.9 $11.0 $17.5 Net realized and unrealized gains (losses) – P&L $6.4 $0.9 $(4.2) $8.5 Unrealized gains (losses) on AFS Securities – OCI $23.0 $(17.0) $19.0 $(1.0) Return Metrics (Pre-tax, before NCI)

 
Fortegra – A Highly Profitable and Growing Specialty Insurer $32.8 $43.4 $66.8 $83.8 $115.7 $157.0 2019 2020 2021 2022 2023 2024 7 ($ in millions) Gross Written Premiums & Equivalents1 Underwriting & Fee Revenues and Margin2 Adjusted Net Income2 1,015 1,171 1,601 1,889 2,386 2,719 75 258 335 374 362 349 $1,090 $1,430 $1,936 $2,263 $2,748 $3,068 2019 2020 2021 2022 2023 2024 Combined Ratio Adj. ROAE%2 Adj. Net Income Loss Ratio Expense Ratio Insurance Services 1 Gross written premiums and premium equivalents represent total gross written premiums from insurance policies and warranty service contracts issued during a reporting period. 2 See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income (before non-controlling interests), Adjusted return on average equity (annualized), underwriting and fee revenues and underwriting and fee margin. 12% U/W & Fee Revenues 26% U/W & Fee Margin 29%22%15% $145 $176 $244 $279 $355 $425 2019 2020 2021 2022 2023 2024 $594 $654 $932 $1,200 $1,500 $1,848 2019 2020 2021 2022 2023 2024 28.7% 36.2% 35.1% 37.7% 40.1% 45.5% 47.0% 36.9% 38.7% 39.0% 36.2% 31.5% 16.6% 17.9% 16.5% 13.7% 14.0% 13.0% 92.3% 91.0% 90.3% 90.4% 90.3% 90.0% 2019 2020 2021 2022 2023 2024 Acquisition Ratio 29%

 
Performance Highlights Q4’24

 
7.1 1.4 52.3 55.9 41.3 4.2 77.4 30.3 $178.1 $91.8 2023 2024 Financial drivers 9 Tiptree Capital – Financial Performance Highlights Mortgage: • Mortgage origination volumes of $946mm, up 8% from PY • Pre-tax contributions above PY driven by higher origination volumes, loan servicing fees and positive FV adjustment on MSR; gain on sale margins consistent at 4.8% • MSR asset of $43mm Cash & U.S Government Securities: • Invested in U.S. Government and money market funds Equities: • Investments losses of $0.9mm, driven by realized gains on portfolio of equities, partially offset by loss on Invesque • In April 2024, we sold our Invesque shares for $0.6mm, crystallizing a capital loss for tax purposes of $106.8mm Capital Allocation 2024 Highlights ($ in millions) Mortgage Other Equity Securities Cash and U.S. Government Securities Pre-tax income (loss) Q4’23 Q4’24 FY’23 FY’24 Mortgage $(2.4) $3.5 $(3.3) $4.7 Senior living (Invesque) (2.2) - (9.3) (2.9) Other 2.5 $(0.7) 6.1 2.8 Total $(2.1) $2.8 $(6.5) $4.6

 
01 Summary & Outlook

 
Continued Shareholder Value Creation 11 ($ in millions) Adjusted Net Income1 Adj ROAE%1 15.2% 22.9% $61.9 $100.1 2023 2024 $157 million1 $116 million4 8x – 26x6 (Median 15x) Peer Multiples LTM Adj. NI Warburg Transaction Multiple Total Diluted Shares 38.63 million5 13.5x2 1 See the appendix for a reconciliation of Non-GAAP measures including Adjusted Net Income and Adjusted return on average equity (annualized). 2 Based on Warburg Pincus valuation trailing multiple of 13.5x adjusted net income as of signing in September 2021. 3 Tiptree’s as converted ownership as of Q4’24 (including impact of employee stock awards at Fortegra) assuming valuation at 13.5x trailing adjusted net income. 4 Includes Tiptree Inc. stockholders’ equity of Mortgage, Tiptree Capital – Other and Corporate, excluding the deferred tax liability relating to Tiptree’s investment in Fortegra. 5 Total Diluted Shares as of December 31, 2024, represents basic outstanding shares of 37,255,838 plus dilutive shares of 1,377,261 which includes unvested RSUs and outstanding options (assumed to be exercised cashless). 6 Peer multiples include AFG, AIZ, KNSL, MKL, PLMR, RLI, SKWD, WRB and represent share price as of 2/5/2025 over trailing twelve months EPS as of 9/30/2024. Source: S&P Capital IQ. 70% diluted ownership3 100% ownership Book value 36% year-over-year growth

 
12 ❑ Maintain consistent top-line growth and sustained underwriting profitability over the long-term in our insurance business ❑ Continue to look for opportunities to allocate capital for long-term value creation Summary & Outlook ($ in millions) ✓ Strong operating performance from our businesses – Fortegra continues to deliver record financial and operating performance – Increasing yields on investment portfolio – Mortgage business profitable 2024 Highlights Looking Ahead

 
Appendix Non-GAAP Reconciliations • Insurance underwriting and fee revenue • Insurance underwriting and fee margin • Book Value per share • Adjusted net income

 
Non-GAAP Reconciliations 14 Adjusted Net Income We define adjusted net income 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 should not be viewed as a substitute for income before taxes calculated in accordance with GAAP, and other companies may define adjusted net income differently. Adjusted net income (before NCI) is presented before the impacts of non-controlling interests. We present adjustments for amortization associated with acquired intangible assets. The intangible assets were recorded as part of purchase accounting in connection with Tiptree’s acquisition of Fortegra Financial in 2014, Defend in 2019, and Smart AutoCare and Sky Auto in 2020, ITC in 2022 and Premia in 2023. The intangible assets acquired contribute to overall revenue generation, and the respective purchase accounting adjustments will continue to occur in future periods until such intangible assets are fully amortized in accordance with the respective amortization periods required by GAAP. We define adjusted return on average equity as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholder’s equity during the period. We use adjusted return on average equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on average equity should not be viewed as a substitute for return on average equity calculated in accordance with GAAP, and other companies may define adjusted return on average equity differently. Book value per share Management believes the use of book value per share provides supplemental information useful to investors as it is frequently used by the financial community to analyze company growth on a relative per share basis. Insurance – Underwriting and Fee Revenues We generally manage our exposure to the underwriting risk we assume using both reinsurance (e.g., quota share and excess of loss) and retrospective commission agreements with our partners (e.g., commissions paid are adjusted based on the actual underlying losses incurred), which mitigate our risk. Period-over-period comparisons of revenues and expenses are often impacted by the Producer Owned Reinsurance Company (PORCs) and distribution partners’ choice as to whether to retain risk, specifically service and administration fees and ceding commissions, both components of revenue, and policy and contract benefits and commissions paid to our partners and reinsurers. Generally, when losses are incurred, the risk which is retained by our partners and reinsurers is reflected in a reduction in commissions paid. In order to better explain to investors the underwriting performance of the Company’s programs and the respective retentions between the Company and its agents and reinsurance partners, we use non-GAAP metrics of underwriting and fee revenues and underwriting and fee margin. We define underwriting and fee revenues as total revenues excluding net investment income, net realized gains (losses) and net unrealized gains (losses), ceding fees, ceding commissions and cash and cash equivalent interest income as reported in other income. Underwriting and fee revenues represents revenues generated by our underwriting and fee-based operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting and fee revenues should not be viewed as a substitute for total revenues calculated in accordance with GAAP, and other companies may define underwriting and fee revenues differently. Insurance - Underwriting and Fee Margin We define underwriting and fee margin as income before taxes, excluding net investment income, net realized gains (losses), net unrealized gains (losses), cash and cash equivalent interest income, employee compensation and benefits, other expenses, interest expense and depreciation and amortization. Underwriting and fee margin represents the underwriting performance of our underwriting and fee-based programs. As such, underwriting and fee margin excludes general administrative expenses, interest expense, depreciation and amortization and other corporate expenses as those expenses support the vertically integrated business model and not any individual component of our business mix. We use this metric as we believe it gives our management and other users of our financial information useful insight into the specific performance of our underlying underwriting and fee programs. Underwriting and fee income should not be viewed as a substitute for income before taxes calculated in accordance with GAAP, and other companies may define underwriting and fee margin differently.

 
15 Non-GAAP Reconciliations – Underwriting & Fee Revenues & Margin ($ in thousands, except per share information) 2024 2023 2024 2023 2022 2021 2020 2019 Total Revenues 483,998$ 433,170$ 1,973,709$ 1,593,070$ 1,248,796$ 984,130$ 691,061$ 635,085$ Less: Net investment income (10,726) (7,061) (32,976) (26,674) (12,219) (17,896) (9,916) (8,667) Less: Net realized and unrealized gains (losses) (914) (6,395) (8,496) 4,207 20,347 2,006 11,944 (6,896) Less: Ceding fees (11,716) (12,015) (51,247) (44,628) (40,154) (24,183) (17,834) (14,331) Less: Ceding commissions (3,859) (4,154) (15,384) (14,915) (13,880) (11,784) (21,101) (9,608) Less: Cash and cash equivalent interest income (2,904) (3,210) (17,516) (11,037) (2,505) (55) (211) (1,123) Underwriting and fee revenues - Non GAAP 453,879$ 400,335$ 1,848,090$ 1,500,023$ 1,200,385$ 932,218$ 653,943$ 594,460$ 2024 2023 2024 2023 2022 2021 2020 2019 Income (loss) before income taxes 47,888$ 44,232$ 183,158$ 129,816$ 68,150$ 69,857$ 26,948$ 37,030$ Less: Net investment income (10,726) (7,061) (32,976) (26,674) (12,219) (17,896) (9,916) (8,667) Less: Net realized and unrealized gains (losses) (914) (6,395) (8,496) 4,207 20,347 2,006 11,944 (6,896) Less: Money market interest income (2,904) (3,210) (17,516) (11,037) (2,505) (55) (211) (1,123) Plus: Depreciation and amortization 4,974 5,470 19,860 21,425 18,551 17,223 10,835 9,105 Plus: Interest expense 7,947 6,915 30,247 25,836 20,054 17,576 15,487 14,766 Plus: Employee compensation and benefits 36,859 31,049 137,743 114,341 87,918 76,552 65,089 49,789 Plus: Other expenses 25,617 26,945 112,675 96,825 78,832 79,227 55,594 50,657 Underwriting and fee margin 108,741$ 97,945$ 424,695$ 354,739$ 279,128$ 244,490$ 175,770$ 144,661$ 2024 2023 Total stockholders’ equity 656,771$ 576,565$ Less: Non-controlling interests (199,073) (159,699) Total stockholders’ equity, net of non-controlling interests 457,698$ 416,866$ Total common shares outstanding 37,256 36,756 Book value per share 12.29$ 11.34$ Three Months Ended December 31, Three Months Ended December 31, As of December 31, Year Ended December 31, Year Ended December 31,

 
16 Non-GAAP Reconciliations – Adjusted Net Income The footnotes below correspond to the tables above, under “—Adjusted Net Income - Non-GAAP” and “—Adjusted Return on Average Equity - Non-GAAP”. 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 (9) Goodwill and Intangible Assets, net. 3 For the three months ended December 31, 2024, 2023, and 2022 included in other expenses were expenses related to legal and other expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024 and acquisitions of services businesses in 2023 and 2022, respectively. 4 For the three months ended December 31, 2024, 2023 and 2022, non-cash fair-value adjustments represent a change in fair value of the Fortegra Additional Warrant liability. 5 For the three months ended December 31, 2024, 2023 and 2022, included in the adjustment is an add-back of $6.8 million, $8.9 million, and $9.0 million, respectively, 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 23.7%, 13.6%, and 9.9% for the three months ended December 31, 2024, 2023, and 2022 respectively, based on $27.2 million, $13.9 million, and $9.7 million of Adjusted net income over $459.8 million, $406.5 million, and $392.3 million of average Tiptree Inc. stockholders’ equity. ($ in thousands) Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Income (loss) before taxes 47,888$ 3,533$ (764)$ (8,463)$ 42,194$ 44,232$ (2,391)$ 333$ (12,109)$ 30,065$ 29,093$ (2,476)$ 10,935$ (12,521)$ 25,031$ Less: Income tax (benefit) expense (7,656) (847) 164 (4,514) (12,853) (5,288) 606 (266) (8,989) (13,937) (10,152) 511 (2,076) (7,196) (18,913) Less: Net realized and unrealized gains (losses) 1 (914) (3,139) 179 - (3,874) (6,395) 2,794 (596) - (4,197) (2,804) 973 (10,495) - (12,326) Plus: Intangibles amortization 2 3,856 - - - 3,856 4,252 - - - 4,252 4,083 - - - 4,083 Plus: Stock-based compensation expense 2,999 - - 1,492 4,491 780 - - 1,219 1,999 47 - (98) 1,656 1,605 Plus: Non-recurring expenses 3 - - - - - 348 - - - 348 1,813 - 140 - 1,953 Plus: Non-cash fair value adjustments 4 1,418 - - - 1,418 842 - - - 842 (939) - 1 - (938) Plus: Impact of tax deconsolidation of Fortegra 5 - - - 6,766 6,766 - - - 8,891 8,891 - - - 9,029 9,029 Less: Tax on adjustments 6 (5,051) 753 (159) (1,416) (5,873) (6,167) (702) (185) (671) (7,725) 2,798 (150) 1,948 448 5,044 Adjusted net income (before NCI) 42,540$ 300$ (580)$ (6,135)$ 36,125$ 32,604$ 307$ (714)$ (11,659)$ 20,538$ 23,939$ (1,142)$ 355$ (8,584)$ 14,568$ Less: Impact of non-controlling interests (8,891) - - - (8,891) (6,684) - - - (6,684) (4,884) - - - (4,884) Adjusted net income 33,649$ 300$ (580)$ (6,135)$ 27,234$ 25,920$ 307$ (714)$ (11,659)$ 13,854$ 19,055$ (1,142)$ 355$ (8,584)$ 9,684$ Adjusted net income (before NCI) 42,540$ 300$ (580)$ (6,135)$ 36,125$ 32,604$ 307$ (714)$ (11,659)$ 20,538$ 23,939$ (1,142)$ 355$ (8,584)$ 14,568$ Average stockholders’ equity 615,922$ 54,586$ 46,299$ (60,322)$ 656,485$ 422,327$ 53,188$ 128,827$ (44,272)$ 560,070$ 326,431$ 55,726$ 70,628$ 73,789$ 526,574$ Adjusted return on average equity 7 27.6% 2.2% (5.0)% NM% 22.0% 30.9% 2.3% (2.2)% NM% 14.7% 29.3% (8.2)% 2.0% NM% 11.1% Three Month Ended December 31, 2022 Tiptree CapitalTiptree Capital Three Months Ended December 31, 2024 Tiptree Capital Three Months Ended December 31, 2023

 
17 Non-GAAP Reconciliations – Adjusted Net Income The footnotes below correspond to the tables above, under “—Adjusted Net Income - Non-GAAP” and “—Adjusted Return on Average Equity - Non-GAAP”. 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 (9) Goodwill and Intangible Assets, net. 3 For the years ended December 31, 2024, 2023, and 2022 included in other expenses were expenses related to legal and other expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024 and acquisitions of services businesses in 2023 and 2022, respectively. 4 For the years ended December 31, 2024, 2023 and 2022, non-cash fair-value adjustments represent a change in fair value of the Fortegra Additional Warrant liability. 5 For the years ended December 31, 2024, 2023 and 2022, included in the adjustment is an add-back of $23.5 million, $19.1 million, and $31.6 million, respectively, 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%, 15.2%, and 13.6% for the years ended December 31, 2024, 2023, and 2022 respectively, based on $100.1 million, $61.9 million, and $53.0 million of Adjusted net income over $437.3 million, $407.1 million, and $390.2 million of average Tiptree Inc. stockholders’ equity. ($ in thousands) Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Income (loss) before taxes 183,158$ 4,725$ (163)$ (38,401)$ 149,319$ 129,816$ (3,285)$ (3,264)$ (40,214)$ 83,053$ 68,150$ 874$ 31,403$ (46,416)$ 54,011$ Less: Income tax (benefit) expense (43,260) (1,091) (540) (16,761) (61,652) (28,224) 837 153 (15,822) (43,056) (21,251) (363) (5,545) (23,291) (50,450) Less: Net realized and unrealized gains (losses) 1 (8,496) (2,711) 905 - (10,302) 4,207 1,861 5,289 - 11,357 20,347 (7,003) (18,788) - (5,444) Plus: Intangibles amortization 2 15,413 - - - 15,413 16,919 - - - 16,919 16,229 - - - 16,229 Plus: Stock-based compensation expense 8,998 - - 8,682 17,680 2,018 - - 6,251 8,269 2,423 - - 7,093 9,516 Plus: Non-recurring expenses 3 3,455 - - - 3,455 2,824 - - - 2,824 3,374 - (729) 2,108 4,753 Plus: Non-cash fair value adjustments 4 7,436 - - - 7,436 (1,769) - - - (1,769) (939) - 3,555 - 2,616 Plus: Impact of tax deconsolidation of Fortegra 5 - - - 23,495 23,495 - - - 19,101 19,101 1,560 - - 31,573 33,133 Less: Tax on adjustments 6 (9,673) 608 87 (3,168) (12,146) (10,086) (495) (1,255) 797 (11,039) (6,061) 1,834 3,731 (467) (963) Adjusted net income (before NCI) 157,031$ 1,531$ 289$ (26,153)$ 132,698$ 115,705$ (1,082)$ 923$ (29,887)$ 85,659$ 83,832$ (4,658)$ 13,627$ (29,400)$ 63,401$ Less: Impact of non-controlling interests (32,638) - - - (32,638) (23,742) - - - (23,742) (10,367) - - - (10,367) Adjusted net income 124,393$ 1,531$ 289$ (26,153)$ 100,060$ 91,963$ (1,082)$ 923$ (29,887)$ 61,917$ 73,465$ (4,658)$ 13,627$ (29,400)$ 53,034$ Adjusted net income (before NCI) 157,031$ 1,531$ 289$ (26,153)$ 132,698$ 115,705$ (1,082)$ 923$ (29,887)$ 85,659$ 83,832$ (4,658)$ 13,627$ (29,400)$ 63,401$ Average stockholders’ equity 539,049$ 54,113$ 80,857$ (57,350)$ 616,669$ 395,661$ 53,520$ 100,325$ 5,564$ 555,070$ 321,320$ 57,575$ 98,373$ (10,390)$ 466,878$ Adjusted return on average equity 7 29.1% 2.8% 0.4% NM% 21.5% 29.2% (2.0)% 0.9% NM% 15.4% 26.1% (8.1)% 13.9% NM% 13.6% Tiptree Capital Tiptree Capital Tiptree Capital Year ended December 31, 2024 Year ended December 31, 2023 Year ended December 31, 2022

 
TiptreeInc. ir@tiptreeinc.com

 
v3.25.0.1
Cover Page
Feb. 26, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name TIPTREE INC.
Entity Incorporation, State or Country Code MD
Entity File Number 001-33549
Entity Tax Identification Number 38-3754322
Entity Address, Address Line One 660 Steamboat Road
Entity Address, Address Line Two 2nd Floor
Entity Address, City or Town Greenwich
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06830
City Area Code 212
Local Phone Number 446-1400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Listing, Par Value Per Share Common Stock, par value $0.001 per share
Trading Symbol TIPT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001393726
Amendment Flag false
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