# TIPTREE INC. (TIPT)

Informational only - not investment advice.

CIK: 0001393726
SIC: 6331 Fire, Marine & Casualty Insurance
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6331 Fire, Marine & Casualty Insurance](/industry/6331/)
Latest 10-K filed: 2026-03-09
SEC page: https://www.sec.gov/edgar/browse/?CIK=1393726
Filing source: https://www.sec.gov/Archives/edgar/data/1393726/000139372626000009/tipt-20251231.htm

## At a glance

FY2024 · period end 2024-12-31 · filed 2025-03-03 · accession 0001393726-25-000028 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001393726.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 341,469,000 USD | 2024 | verified |
| Net income | 53,367,000 USD | 2024 | verified |
| Assets | 5,694,789,000 USD | 2024 | verified |
| Free cash flow | 240,723,000 USD | 2024 | computed |
| Net margin | 15.63% | 2024 | computed |
| Operating margin | -11.79% | 2024 | computed |
| Revenue YoY | +0.03% | 2024 | computed |
| ROE | 11.66% | 2024 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2024 revenue ÷ FY2023 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | TIPT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 15.6% | 12.9% | 65 | 53 |
| Operating margin | -11.8% | 13.6% | 0 | 8 |
| Revenue growth | 0.0% | 9.4% | 15 | 53 |
| ROE | 6.9% | 15.9% | 12 | 53 |
| ROA | 0.5% | 3.9% | 8 | 53 |
| Liabilities / equity | 11.97 | 3.04 | 98 | 53 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6331 Fire, Marine & Casualty Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 341469000 | USD | 2024 | 2025-03-03 |
| Net income | 34927000 | USD | 2025 | 2026-03-09 |
| Assets | 6840065000 | USD | 2025 | 2026-03-09 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001393726.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 75,094,000 | 66,187,000 | 76,806,000 | 89,004,000 | 163,557,000 | 258,563,000 | 300,223,000 | 341,359,000 | 341,469,000 |  |
| Net income |  |  |  | 25,320,000 | 3,604,000 | 23,933,000 | 18,361,000 | -29,158,000 | 38,132,000 | -8,274,000 | 13,951,000 | 53,367,000 | 34,927,000 |
| Operating income |  |  |  |  |  |  |  |  |  |  | -43,458,000 | -40,274,000 | -46,724,000 |
| Diluted EPS | 1.01 | -0.10 |  |  |  | 0.69 | 0.50 | -0.86 | 1.09 | -0.23 | 0.34 | 1.34 | 0.76 |
| Operating cash flow |  |  |  | 36,643,000 | 46,919,000 | 57,724,000 | 23,742,000 | 140,169,000 | 204,316,000 | 463,073,000 | 71,452,000 | 240,756,000 | 168,218,000 |
| Capital expenditures |  |  |  | 1,480,000 | 1,747,000 | 3,749,000 | 8,519,000 | 6,694,000 | 2,764,000 | 10,727,000 | 4,096,000 | 33,000 | 0.00 |
| Dividends paid |  |  |  | 3,191,000 | 3,499,000 | 4,781,000 | 5,502,000 | 5,566,000 | 5,409,000 | 7,775,000 | 7,401,000 | 18,312,000 | 9,071,000 |
| Share buybacks |  |  | 3,982,000 | 43,754,000 | 7,300,000 | 14,111,000 | 9,085,000 | 13,889,000 | 8,145,000 | 1,727,000 | 0.00 | 0.00 |  |
| Assets |  |  |  | 2,890,050,000 | 1,989,742,000 | 1,864,918,000 | 2,198,286,000 | 2,995,760,000 | 3,599,147,000 | 4,039,563,000 | 5,139,313,000 | 5,694,789,000 | 6,840,065,000 |
| Liabilities |  |  |  | 2,499,906,000 | 1,592,968,000 | 1,465,659,000 | 1,786,871,000 | 2,622,222,000 | 3,198,966,000 | 3,505,990,000 | 4,562,748,000 | 5,038,018,000 | 6,087,666,000 |
| Stockholders' equity |  |  |  | 293,431,000 | 300,077,000 | 387,101,000 | 398,062,000 | 356,144,000 | 382,954,000 | 397,365,000 | 416,866,000 | 457,698,000 | 508,551,000 |
| Cash and cash equivalents |  |  |  | 49,786,000 | 110,667,000 | 86,003,000 | 133,117,000 | 136,920,000 | 175,718,000 | 538,065,000 | 468,711,000 | 19,437,000 | 30,784,000 |
| Free cash flow |  |  |  | 35,163,000 | 45,172,000 | 53,975,000 | 15,223,000 | 133,475,000 | 201,552,000 | 452,346,000 | 67,356,000 | 240,723,000 | 168,218,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 33.72% | 5.45% | 31.16% | 20.63% | -17.83% | 14.75% | -2.76% | 4.09% | 15.63% |  |
| Operating margin |  |  |  |  |  |  |  |  |  |  | -12.73% | -11.79% |  |
| Return on equity |  |  |  | 8.63% | 1.20% | 6.18% | 4.61% | -8.19% | 9.96% | -2.08% | 3.35% | 11.66% | 6.87% |
| Return on assets |  |  |  | 0.88% | 0.18% | 1.28% | 0.84% | -0.97% | 1.06% | -0.20% | 0.27% | 0.94% | 0.51% |
| Liabilities / equity |  |  |  | 8.52 | 5.31 | 3.79 | 4.49 | 7.36 | 8.35 | 8.82 | 10.95 | 11.01 | 11.97 |
| Current ratio |  |  |  |  |  |  |  |  |  |  |  | 2.45 | 1.88 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/TIPT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001393726.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | -0.64 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.38 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 | 381,625,000 |  | -0.03 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 404,518,000 | 5,989,000 | 0.16 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 416,514,000 | 2,153,000 | 0.04 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 446,374,000 | 6,871,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 498,221,000 | 9,050,000 | 0.22 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 546,673,000 | 12,851,000 | 0.31 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 494,362,000 | 11,915,000 | 0.29 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 503,598,000 | 19,551,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 497,426,000 | 5,635,000 | 0.13 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 528,750,000 | 18,960,000 | 0.37 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 540,302,000 | 6,421,000 | 0.13 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 |  | 3,911,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 0.00 | 14,246,000 | 0.34 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TIPT's latest 10-K: [/company/TIPT/business/](/company/TIPT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TIPT's latest 10-K: [/company/TIPT/risk-factors/](/company/TIPT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1393726/000139372626000048/tipt-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations are presented in this section as follows:

•
Overview

•
Results of Operations

•
Non-GAAP Measures and Reconciliations

•
Liquidity and Capital Resources

•
Critical Accounting Policies and Estimates

OVERVIEW

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.

[[GREPCENT_TABLE]]
[["($ in thousands)","As of"],["","June 30, 2026"],["Consideration","$","1,650,000"],["Less: transaction expenses","","25,023"],["Net consideration","","1,624,977"],["Tiptree diluted ownership of Fortegra","","69.0","%"],["Fair value of consideration received","","1,121,743"],["Less: Basis in Fortegra","","637,199"],["Gain subject to tax","","484,544"],["Less: Tax on gain","","112,304"],["Estimated gain on disposal","$","372,240"]]
[[/GREPCENT_TABLE]]

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.

Prior to the sales, the assets and liabilities of Fortegra and Reliance were classified as held for sale as of December 31, 2025. Upon completion of the transactions in the three months ended June 30, 2026, the Company transferred control of the respective subsidiaries to the buyers and derecognized the related assets and liabilities from its condensed consolidated balance sheet.

RESULTS OF OPERATIONS

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.

21

Table of Contents

Summary of Consolidated Results

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Revenues:"],["Other revenue","","$","\u2014","","","$","92","","","$","\u2014","","","$","482"],["Total revenues","","","\u2014","","","","92","","","","\u2014","","","","482"],["Expenses:"],["Employee compensation and benefits","","","6,502","","","","6,985","","","","13,264","","","","16,318"],["Depreciation and amortization","","","362","","","","361","","","","718","","","","718"],["Other expenses","","","2,187","","","","4,616","","","","4,066","","","","7,898"],["Total expenses","","","9,051","","","","11,962","","","","18,048","","","","24,934"],["Operating income (loss) before taxes","","","(9,051",")","","","(11,870",")","","","(18,048",")","","","(24,452",")"],["Non operating income:"],["Net realized and unrealized gains (losses)","","","\u2014","","","","(1,454",")","","","(261",")","","","(714",")"],["Other income","","","3,917","","","","865","","","","4,883","","","","1,401"],["Income (loss) before taxes","","","(5,134",")","","","(12,459",")","","","(13,426",")","","","(23,765",")"],["Less: provision (benefit) for income taxes","","","1,315","","","","(2,014",")","","","162","","","","(3,619",")"],["Net income (loss) from continuing operations","","","(6,449",")","","","(10,445",")","","","(13,588",")","","","(20,146",")"],["Discontinued operations:"],["Income (loss) from discontinued operations (1)","","","395,682","","","","29,405","","","","417,067","","","","44,741"],["Net income (loss) attributable to common stockholders","","$","389,233","","","$","18,960","","","$","403,479","","","$","24,595"],["Net income (loss) per common share:"],["Basic earnings per share","","$","10.38","","","$","0.50","","","$","10.72","","","$","0.66"],["Diluted earnings per share","","$","10.30","","","$","0.39","","","$","10.64","","","$","0.55"],["Weighted average number of common shares:"],["Basic","","","37,501,135","","","","37,496,875","","","","37,644,493","","","","37,422,957"],["Diluted","","","37,501,135","","","","37,496,875","","","","37,644,493","","","","37,422,957"],["Dividends declared per common share","","$","0.06","","","$","0.06","","","$","0.12","","","$","0.12"],["Non-GAAP: (2)"],["Book value per share","","$","24.34","","","$","13.33","","","$","24.34","","","$","13.33"]]
[[/GREPCENT_TABLE]]

(1)
See Note (3) Dispositions & Discontinued Operations for further details.

(2)
See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues

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.

Expenses

Total expenses include employee compensation and benefits, public company expenses and other expenses. Employee compensation and benefits include the expense of management, legal, and accounting staff. Other expenses primarily consisted of audit and professional fees, insurance, office rent, and other expenses.

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

22

Table of Contents

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.

Non Operating Income

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.

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.

Income before taxes

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.

Net Income (Loss) from continuing operations

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.

Net Income (Loss) from discontinued operations

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.

Book Value per share - Non-GAAP

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.

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.

DISPOSITIONS AND DISCONTINUED OPERATIONS

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.

Fortegra

On May 29, 2026, the Company completed the sale of Fortegra, its insurance segment, pursuant to t

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1393726/000139372626000009/tipt-20251231.htm
Complete FY 2025 MD&A: /company/TIPT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-09
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations is presented in this section as follows:

•
Overview

•
Results of Operations

•
Non-GAAP Measures and Reconciliations

•
Liquidity and Capital Resources

•
Critical Accounting Policies and Estimates

OVERVIEW

Our 2025 key highlights include:

•
On September 26, 2025, Tiptree entered into the Sale Agreement with Purchaser and Fortegra whereby Tiptree and Warburg will sell Fortegra to Purchaser for aggregate consideration of $1.65 billion in cash (subject to certain adjustments set forth in the Sale Agreement). As of December 31, 2025, Tiptree owns approximately 69.1% of Fortegra on a fully diluted basis. At the closing of the Sale, Purchaser will acquire complete common equity ownership of Fortegra and all of its subsidiaries. Due to the pending transaction, Fortegra is classified as held for sale and presented in discontinued operations on Tiptree’s financial statements at December 31, 2025. This pending transaction has had no impact on Tiptree’s financial statements at December 31, 2025 other than incurred transaction expenses of approximately $14.5 million for the year ended December 31, 2025. If the transaction had been completed as of December 31, 2025, Tiptree would have reflected the below:

[[GREPCENT_TABLE]]
[["","As of"],["","December 31, 2025"],["Consideration","$","1,650,000"],["Less: transaction expenses","","27,000"],["Net consideration","","1,623,000"],["Tiptree diluted ownership of Fortegra","","69.10","%"],["Fair value of consideration received","","1,121,490"],["Estimated gain on disposal","$","419,052"]]
[[/GREPCENT_TABLE]]

•
On October 31, 2025, Tiptree entered into the Reliance Purchase Agreement with Reliance Buyer and Reliance whereby Tiptree will sell all of the issued and outstanding shares of common stock of Reliance to Reliance Buyer for aggregate consideration of 93.5% of Reliance’s tangible book value, or an estimated $50 million of gross proceeds and an after-tax loss impairment recorded of $10.7 million as of December 31, 2025 (subject to certain adjustments set forth in the Reliance Purchase Agreement).

RESULTS OF OPERATIONS

The following is a summary of our consolidated financial results for the years ended December 31, 2025, 2024 and 2023. In addition to GAAP results, management uses the Non-GAAP measure book value per share as 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 reclassified income and expenses attributable to Fortegra and Reliance to net income (loss) from discontinued operations for the years ended December 31, 2025, 2024 and 2023. Assets and liabilities attributable to Fortegra and Reliance have been reclassified to assets held for sale and liabilities held for sale, respectively, as of December 31, 2025 and 2024.

43

Table of Contents

Summary of Consolidated Results

[[GREPCENT_TABLE]]
[["","","For the Year Ended December 31,"],["","","2025","","","2024","","","2023"],["Revenues:"],["Other revenue","","$","488","","","$","1,520","","","$","2,118"],["Total revenues","","","488","","","","1,520","","","","2,118"],["Expenses:"],["Employee compensation and benefits","","","33,844","","","","29,159","","","","30,694"],["Depreciation and amortization","","","1,448","","","","1,451","","","","1,425"],["Other expenses","","","11,920","","","","11,184","","","","13,457"],["Total expenses","","","47,212","","","","41,794","","","","45,576"],["Operating income (loss) before taxes","","","(46,724",")","","","(40,274",")","","","(43,458",")"],["Non operating income:"],["Net realized and unrealized gains (losses)","","","(1,518",")","","","(905",")","","","(5,289",")"],["Other income","","","3,640","","","","2,617","","","","5,268"],["Income (loss) before taxes","","","(44,602",")","","","(38,562",")","","","(43,479",")"],["Less: provision (benefit) for income taxes","","","(5,691",")","","","(6,217",")","","","(4,747",")"],["Net income (loss) from continuing operations","","","(38,911",")","","","(32,345",")","","","(38,732",")"],["Net income (loss) from discontinued operations (1)","","","73,838","","","","85,712","","","","52,692"],["Net income (loss)","","","34,927","","","","53,367","","","","13,960"],["Less: net income (loss) attributable to non-controlling interests","","","\u2014","","","","\u2014","","","","9"],["Net income (loss) attributable to common stockholders","","$","34,927","","","$","53,367","","","$","13,951"],["Net income (loss) per common share:"],["Basic earnings per share","","$","0.93","","","$","1.44","","","$","0.38"],["Diluted earnings per share","","$","0.76","","","$","1.34","","","$","0.34"],["Weighted average number of common shares:"],["Basic","","","37,559,807","","","","36,872,706","","","","36,693,204"],["Diluted","","","37,559,807","","","","36,872,706","","","","36,693,204"],["Dividends declared per common share","","$","0.24","","","$","0.49","","","$","0.20"],["Non-GAAP: (2)"],["Book value per share","","$","13.45","","","$","12.29","","","$","11.34"]]
[[/GREPCENT_TABLE]]

(1)
See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for further details.

(2)
See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues

For the year ended December 31, 2025, revenues were $0.5 million, which decreased $1.0 million, or 67.9%, compared to the prior year, driven by a decrease in vessels revenue.

For the year ended December 31, 2024, revenues were $1.5 million, which decreased $0.6 million, or 28.2%, compared to the prior year, driven by a decrease in vessels revenue.

Expenses

Total expenses include employee compensation and benefits, public company and other expenses. Employee compensation and benefits include the expense of management, legal and accounting staff. Other expenses primarily consisted of audit and professional fees, insurance, office rent, expenses for the run-off of our shipping operations and other related expenses.

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For the year ended December 31, 2025, expenses were $47.2 million, which increased $5.4 million, or 13.0%, compared to the prior year. Employee compensation and benefits, included incentive compensation expense which related to the performance of the Company’s continuing and discontinued operations. For the year ended December 31, 2025, employee compensation and benefits were $33.8 million compared to $29.2 million for the prior year, driven by the increase in accrued incentive compensation expense and one-time expenses associated with reduction in workforce. Of the incentive compensation expense in 2025, $6.7 million was stock-based compensation expense, compared to $8.7 million in 2024. Other expenses were $11.9 million, compared to $11.2 million in the prior year, driven by increased professional fees and run-off expenses associated with our shipping investments.

For the year ended December 31, 2024, expenses were $41.8 million, which decreased $3.8 million, or 8.3%, compared to the prior year. For the year ended December 31, 2024, employee compensation and benefits were $29.2 million compared to $30.7 million, driven by a decrease in accrued cash incentive compensation expense. Of the incentive compensation expense in 2024, $8.7 million was stock-based compensation expense, compared to $6.3 million in 2023. Other expenses were $11.2 million, compared to $13.5 million in the prior year, driven primarily by decreased professional fees.

Non Operating Income

For the year ended December 31, 2025, net realized and unrealized losses were $1.5 million, which increased $0.6 million, as compared to the losses of $0.9 million in the prior year, driven by the change in fair value of certain equity and other investments carried at fair value. For the year ended December 31, 2024, net realized and unrealized losses were $0.9 million, which decreased $4.4 million, as compared to the losses of $5.3 million in the prior year, driven by the change in fair value of certain equity and other investments carried at fair value. For the year ended December 31, 2025, other income was $3.6 million, as compared to $2.6 million in the prior year, with the increase driven by higher interest income on cash and cash equivalents recorded in other income. For the year ended December 31, 2024, other income was $2.6 million, as compared to $5.3 million in the prior year, with the decrease driven by lower interest income on cash and cash equivalents recorded in other income.

Income before taxes

For the year ended December 31, 2025, the Company reported a pre-tax loss of $44.6 million, as compared to a loss of $38.6 million in the prior year, primarily driven by increased operating expenses. For the year ended December 31, 2024, the Company reported a pre-tax loss of $38.6, as compared to a loss of $43.5 million in the prior year, primarily driven by decreased operating expenses.

Net Income (Loss) from continuing operations

For the year ended December 31, 2025, the Company reported a net loss from continuing operations of $38.9 million, compared to a net loss of $32.3 million in the prior year, primarily driven by increased operating expenses. For the year ended December 31, 2024, the Company reported a net loss from continuing operations $32.3 million, compared to a net loss of $38.7 million in the prior year, primarily driven by decreased operating expenses.

Net Income (Loss) from discontinued operations

For the year ended December 31, 2025, the Company reported a net income from discontinued operations of $73.8 million, compared to a net income of $85.7 million in the prior year, with the decrease driven by the after-tax loss on disposal of Reliance. For the year ended December 31, 2024, the Company reported a net income from discontinued operations of $85.7 million, compared to a net income of $52.7 million, with the increase driven by underwriting and fee income growth at Fortegra.

Book Value per share - Non-GAAP

Total stockholders’ equity was $752.4 million as of December 31, 2025 compared to $656.8 million as of December 31, 2024, with the increase driven by comprehensive income in 2025, partially offset by preferred dividends paid at Fortegra and common dividends paid by Tiptree. In 2025, Tiptree returned $9.1 million to common stockholders through dividends paid. Book value per share for the period ended December 31, 2025 was $13.45, a 9.4% increase from book value per share of $12.29 as of December 31, 2024, driven by comprehensive income per share, partially offset by dividends paid of $0.24 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.

Total stockholders’ equity was $656.8 million as of December 31, 2024 compared to $576.6 million as of December 31, 2023, with the increase driven by comprehensive income, partially offset by net changes in non-controlling interests and dividends paid. In the year ended December 31, 2024, Tiptree returned $18.3 million to common stockholders through dividends paid. Book value per share for the period ended December 31, 2024 was $12.29, an increase from book value per share of $11.34 as of December 31, 2023, driven by comprehensive income per share, partially offset by dividends paid of $0.49 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.

HELD FOR SALE AND DISCONTINUED OPERATIONS:

During 2025, Tiptree entered into two sale transactions that have been classified as discontinued operations within its consolidated

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financial statements. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for detailed financial information on each business sold.

Forteg

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TIPT/mda/fy2025/
All MD&A years: /company/TIPT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TIPT/mda/fy2024/): filed 2025-03-03; accession 0001393726-25-000028 (https://www.sec.gov/Archives/edgar/data/1393726/000139372625000028/tipt-20241231.htm)
- [FY 2023 MD&A](/company/TIPT/mda/fy2023/): filed 2024-02-29; accession 0001393726-24-000032 (https://www.sec.gov/Archives/edgar/data/1393726/000139372624000032/tipt-20231231.htm)
- [FY 2022 MD&A](/company/TIPT/mda/fy2022/): filed 2023-03-08; accession 0001393726-23-000027 (https://www.sec.gov/Archives/edgar/data/1393726/000139372623000027/tipt-20221231.htm)
- [FY 2021 MD&A](/company/TIPT/mda/fy2021/): filed 2022-03-14; accession 0001393726-22-000020 (https://www.sec.gov/Archives/edgar/data/1393726/000139372622000020/tipt-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6331 Fire, Marine & Casualty Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TIPT.md · JSON record: /company/TIPT.json · verified financials: /company/TIPT/financials.json / /company/TIPT/financials.csv · machine TOC for the whole site: /llms.txt