Tiptree Announces First Quarter 2026 Results

Key Terms

discontinued operations financial

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

book value per share financial

Book value per share is a company’s net worth on paper — total assets minus liabilities — divided by the number of outstanding shares, showing the equity value attributable to each share. Investors use it like a per-slice estimate of a company’s underlying value to compare with the market price; if the market price is far above the book value, the stock may be priced for strong future profits, and if it’s below, the stock might look undervalued or reflect asset concerns.

condensed consolidated balance sheets financial

A condensed consolidated balance sheet is a shortened, combined snapshot of a company's assets, liabilities and shareholders’ equity that merges the parent company with its subsidiaries and removes internal transactions. It gives investors a quick, comparable view of the group’s financial position—like a summarized bank statement for the whole family—useful for gauging liquidity and solvency at a glance, though it omits the detailed line-item disclosures in full financial statements.

assets held for sale financial

Assets held for sale are things a company has decided to sell and has reclassified on its balance sheet to show they are being marketed rather than used in daily operations — like putting a house on the market instead of living in it. This matters to investors because these items are measured based on expected sale proceeds (which can reveal likely gains or losses), stop being treated as regular operating assets, and signal upcoming cash inflows or a change in strategy that can affect the company’s financial health and stock value.

right of use asset financial

A right-of-use asset is an accounting entry that represents a company’s control of a leased item — such as a building, vehicle or equipment — recorded on the balance sheet even though the company doesn’t legally own it. It matters to investors because recognizing these assets (and the matching lease liabilities) changes reported size, leverage and profitability metrics and alters how lease payments show up in cash flow, so companies appear more or less indebted and efficient on paper; think of it like listing the rented car you use every day in your household inventory, which changes how your finances look to others.

deferred tax liabilities financial

An accounting entry that records taxes a company will likely have to pay in the future because the way profit is reported for investors (financial accounts) differs from how taxable income is calculated today. It matters to investors because it signals real future cash outflows that will reduce funds available for dividends, debt repayment or investment—think of it as a bill put on layaway that the company still must settle later, affecting valuation and financial strength.

condensed consolidated statements of operations financial

A condensed consolidated statement of operations is a short, combined report showing a company’s sales, costs and profit or loss for a specific period, with results from its subsidiaries rolled into one summary. It’s like a streamlined monthly bill that highlights the main income and expense lines without the full detail, helping investors quickly judge profitability, spot trends, and compare performance across reporting periods.

GREENWICH, Conn.--(BUSINESS WIRE)-- Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), today announced its financial results for the three months ended March 31, 2026.

Highlights

• Returned capital to shareholders through approximately $5.0 million of share repurchases during the first quarter, at an average price of $16.13 per share.
• Declared a dividend of $0.06 per share to stockholders of record on May 18, 2026 with a payment date of May 26, 2026.
• On September 26, 2025, the Company agreed to sell Fortegra for $1.65 billion, with $1.12 billion estimated gross proceeds to Tiptree pending regulatory approvals. Anticipated closing of the Fortegra transaction remains mid-2026.
• On October 31, 2025, the Company agreed to sell its mortgage business, Reliance First Capital, for 93.5% of tangible book value at closing, or $50 million of estimated gross proceeds as of March 31, 2026. Anticipated closing remains mid-2026.
• Tiptree's pro-forma book value as of March 31, 2026 is estimated to be $912 million or $23.80 per diluted share, net of estimated taxes and transaction expenses for the closing of both transactions.
• Tiptree will continue to think and act like owners—focused on long-term value creation through strategic investments, opportunistic share buybacks, and thoughtful consideration of dividends. With a disciplined financial approach, the Company continues to streamline operations and manage costs to support sustainable growth.

($ in thousands, except per share information)		Three Months Ended March 31,
GAAP:		2026				2025
Total revenues		$	—			$	390
Total expenses		$	8,997			$	12,972
Income (loss) before taxes		$	(8,292	)		$	(11,306	)
Net income (loss) from continuing operations		$	(7,139	)		$	(9,701	)
Net income (loss) from discontinued operations		$	21,385			$	15,336
Diluted earnings per share		$	0.34			$	0.13
Cash dividends paid per common share		$	0.06			$	0.06
Non-GAAP(1):
Book value per share		$	13.42			$	12.63
(1) See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

About Tiptree

Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small and middle market companies with the mission of building long-term value. Established in 2007, Tiptree has a significant track record investing across a variety of industries and asset types, including the insurance, asset management, specialty finance, real estate and shipping sectors. With proprietary access and a flexible capital base, Tiptree seeks to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. For more information, please visit tiptreeinc.com and follow us on LinkedIn.

Forward-Looking Statements

This release contains “forward-looking statements” which involve risks, uncertainties and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations for our businesses and intentions. The forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecast in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to those described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K, and as described in the Company’s other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. The factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, our actual performance could be materially different from the results described or anticipated by our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statements.

Tiptree Inc.
Condensed Consolidated Balance Sheets (Unaudited)
($ in thousands, except share data)
		As of
		March 31, 2026				December 31, 2025
Assets:
Current assets:
Cash and cash equivalents		$	33,401			$	30,784
Marketable securities			581				21,701
Other current assets			2,270				2,361
Total current assets			36,252				54,846
Right of use asset			7,837				8,301
Property, plant and equipment, net			5,906				6,262
Other assets			2,739				2,269
Assets held for sale (1)			6,914,921				6,768,387
Total assets		$	6,967,655			$	6,840,065
Liabilities and Stockholders’ Equity
Liabilities:
Current liabilities:
Short-term debt, net		$	7,979			$	8,138
Other current liabilities			19,948				20,964
Total current liabilities			27,927				29,102
Long-term debt, net			64,126				63,948
Long-term lease obligations			8,139				8,654
Deferred tax liabilities			82,686				80,390
Liabilities held for sale (1)			6,034,281				5,905,572
Total liabilities		$	6,217,159			$	6,087,666
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, 37,567,024 and 37,824,472 shares issued and outstanding, respectively			38				38
Additional paid-in capital			390,416				394,435
Accumulated other comprehensive income (loss), net of tax			(19,727	)			(7,496	)
Retained earnings			133,552				121,574
Total Tiptree Inc. stockholders’ equity			504,279				508,551
Non-controlling interests:
Fortegra preferred interests			77,679				77,679
Common interests			168,538				166,169
Total non-controlling interests			246,217				243,848
Total stockholders’ equity			750,496				752,399
Total liabilities and stockholders’ equity		$	6,967,655			$	6,840,065
(1) See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for further details, as disclosed in Tiptree's 10-Q filing for the period ended March 31, 2026.

Tiptree Inc.
Condensed Consolidated Statements of Operations (Unaudited)
($ in thousands, except share data)
		Three Months Ended March 31,
		2026				2025
Revenues:
Other revenue		$	—			$	390
Total revenues			—				390
Expenses:
Employee compensation and benefits			6,762				9,333
Depreciation and amortization			356				357
Other expenses			1,879				3,282
Total expenses			8,997				12,972
Operating income (loss) before taxes			(8,997	)			(12,582	)
Non operating income:
Net realized and unrealized gains (losses)			(261	)			740
Other income			966				536
Income (loss) before taxes			(8,292	)			(11,306	)
Less: provision (benefit) for income taxes			(1,153	)			(1,605	)
Net income (loss) from continuing operations			(7,139	)			(9,701	)
Net income (loss) from discontinued operations (1)			21,385				15,336
Net income (loss) attributable to common stockholders		$	14,246			$	5,635
Net income (loss) from continuing operations per common share:
Basic earnings per share		$	(0.19	)		$	(0.26	)
Diluted earnings per share		$	(0.19	)		$	(0.26	)
Net income (loss) from discontinued operations per common share:
Basic earnings per share		$	0.57			$	0.41
Diluted earnings per share		$	0.53			$	0.39
Net income (loss) per common share:
Basic earnings per share		$	0.38			$	0.15
Diluted earnings per share		$	0.34			$	0.13
Weighted average number of common shares:
Basic			37,789,444				37,348,219
Diluted			37,789,444				37,348,219
Dividends declared per common share		$	0.06			$	0.06
(1) See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for further details, as disclosed in Tiptree's 10-Q filing for the period ended March 31, 2026.

Tiptree Inc.

Non-GAAP Financial Measures — Book Value per share

Book value is frequently used by the financial community to analyze company growth on a relative per share basis. The following table provides a reconciliation between total stockholders’ equity and total shares outstanding, net of treasury shares.

($ in thousands, except per share information)		Three Months Ended March 31,
		2026				2025
Total stockholders’ equity		$	750,496			$	683,462
Less: Non-controlling interests			246,217				209,743
Total stockholders’ equity, net of non-controlling interests			504,279				473,719
Total common shares outstanding			37,567				37,494
Book value per share		$	13.42			$	12.63

 

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Investor Relations, 212-446-1400
ir@tiptreeinc.com

Source: Tiptree Inc.