Tiptree Inc. (NASDAQ: TIPT) nets $1.65B Fortegra sale, plans $100M USIG buy
Rhea-AI Filing Summary
Tiptree Inc. reported second‑quarter 2026 results alongside major portfolio changes. The company completed the sale of Fortegra on May 29, 2026 for $1.65 billion of total consideration, generating $1.12 billion of gross proceeds and an after‑tax gain of $372.2 million. It also sold Reliance for $49.7 million in cash. Driven largely by discontinued operations income of $395,682 thousand, net income attributable to common stockholders for the quarter reached $389,233 thousand, while continuing operations recorded a net loss of $6,449 thousand. As of June 30, 2026, book value was $907 million, or $24.34 per share, and cash and cash equivalents were $946,933 thousand.
Tiptree also agreed to acquire Universal Shield Insurance Group, a specialty property & casualty insurer, for cash consideration of $100 million, subject to regulatory approvals and other customary conditions, with closing estimated in the first quarter of 2027. The transaction is intended to re‑establish a scalable specialty insurance platform using capital realized from the Fortegra sale. During the first half of 2026, Tiptree repurchased $10.3 million of common stock at an average price of $16.80 per share and declared a cash dividend of $0.06 per share, payable August 24, 2026 to stockholders of record on August 17, 2026.
Positive
- Fortegra sale generated $1.65 billion of consideration, including $1.12 billion of gross proceeds and a $372.2 million after-tax gain, materially boosting earnings and liquidity.
- Book value per share increased to $24.34 as of June 30, 2026, up from $13.33 a year earlier, reflecting substantial value creation from recent divestitures.
- Net income attributable to common stockholders reached $389,233 thousand in Q2 2026, compared with $18,960 thousand in Q2 2025, largely due to discontinued operations gains.
Negative
- None.
Filing Explained
The filing adds that the stated
8-K Event Classification
Key Figures
Key Terms
discontinued operations financial
excess & surplus financial
Regulation FD Disclosure regulatory
specialty property & casualty insurer financial
Earnings Snapshot
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FAQ
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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
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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:
Securities registered pursuant to Section 12(b) of the Act:
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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 1.01 Entry into a Material Definitive Agreement.
On July 28, 2026, Tiptree Inc. (“Tiptree”), entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Shield Holdings, LLC, UH Partners, LLC, certain individual equityholders identified therein (collectively, the “Sellers”), and the Sellers’ Representative (as defined therein). Pursuant to the Purchase Agreement, Tiptree agreed to acquire all of the issued and outstanding equity interests of Universal Shield Insurance Group, Inc. (“USIG”), the parent company of Universal Fire & Casualty Insurance Company and Shield Indemnity Incorporated, for a purchase price of $100 million, subject to reduction for leakage as set forth in the Purchase Agreement (the “Transaction”).
The Transaction is subject to customary closing conditions, including receipt of required insurance regulatory approvals and the absence of legal restraints prohibiting the Transaction. The parties currently expect the Transaction to close in the first quarter of 2027, subject to the timing of required regulatory approvals and satisfaction or waiver of the remaining closing conditions.
The Purchase Agreement contains customary representations, warranties and covenants of the parties. The Purchase Agreement also provides for customary termination rights under specified circumstances.
The foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
The representations, warranties and covenants contained in the Purchase Agreement were made only for purposes of the Purchase Agreement and as of specific dates, were solely for the benefit of the parties thereto, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the parties, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors should not rely on the representations, warranties or covenants as characterizations of the actual state of facts or condition of Tiptree, USIG or any of their respective subsidiaries or affiliates.
Item 2.02 Results of Operations and Financial Condition.
On July 29, 2026 Tiptree issued a press release announcing its results of operations for the six months ended June 30, 2026. 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 of the proposed Transaction, a copy of which is furnished as Exhibit 99.1 and incorporated herein by reference.
Also 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 August 17, 2026 and a payment date of August 24, 2026.
The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, 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 Exhibit 99.1, 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.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “plan,” “project,” “should,” “target,” “will,” and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. All statements, other than historical facts, including statements regarding the expected timing of the closing, satisfaction of the conditions to closing of the Transaction, Tiptree’s expected financial condition, results of operations and business performance and the tax and accounting consequences of the Transaction are forward-looking statements. These forward-looking statements are based upon Tiptree’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by Tiptree’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Tiptree’s control. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: (a) failure to satisfy the conditions to closing of the Transaction, including required regulatory approvals; (b) potential legal proceedings relating to the Purchase Agreement and the Transaction; (c) the occurrence of any event, change or other circumstance that could give rise to the termination of the Purchase Agreement; (d) failure to consummate the Transaction in a timely manner or at all, (e)
the effect of the announcement of the Purchase Agreement on Tiptree’s future operating results and financial condition; (f) the market price of Tiptree’s common stock; (g) the transaction costs that Tiptree will incur in connection with the Transaction; (h) changes in Tiptree’s business or operating results; (i) failure of Tiptree to realize financial benefits currently anticipated from the Transaction; (j) competitive pressures in the markets in which Tiptree operates; (k) the effects of market volatility or macroeconomic changes and financial market regulations on the industries in which Tiptree operates; (l) the effects of changes in laws and regulations; and (m) cybersecurity attacks or information system failures disrupting Tiptree’s business.
For additional information about risks and uncertainties that may cause actual results of the Transaction to differ materially from those described, please refer to Tiptree’s reports filed with the SEC, including, without limitation, the “Risk Factors” and/or other information included in such reports. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The forward-looking statements in this Current Report on Form 8-K speak only as of the date hereof. Except as required by law, Tiptree assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
Item 9.01 Financial Statements and Exhibits.
(d) List of Exhibits:
Exhibit No. |
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Description |
10.1* |
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Stock Purchase Agreement, dated July 28, 2026, by and among Shield Holdings, LLC, UH Partners, LLC, certain individual sellers party thereto, the Sellers’ Representative (as defined therein) and Tiptree Inc. |
99.1 |
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Tiptree Inc. press release, dated July 29, 2026. |
104 |
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Cover Page Interactive Data File (formatted as Inline XBRL). |
* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S‑K. Tiptree agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.
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.
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Tiptree Inc. |
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Date: |
July 29, 2026 |
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By: |
/s/ Michael G. Barnes |
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Name: |
Michael G. Barnes |
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Title: |
Chairman and Chief Executive Officer |
Exhibit 99.1
TIPTREE ANNOUNCES SECOND QUARTER 2026 RESULTS AND ACQUISITION OF UNIVERSAL SHIELD INSURANCE GROUP
Greenwich, Connecticut – July 29, 2026– Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), today announced its financial results for the three and six months ended June 30, 2026, and, separately, that it has entered into a definitive agreement to acquire Universal Shield Insurance Group ("USIG"), a specialty property & casualty insurer operating in both admitted and excess & surplus ("E&S") markets.
The acquisition continues Tiptree's focus on specialty P&C insurance as a core foundation to its strategy. USIG brings proven underwriting capabilities in attractive markets and a leadership team with a strong track record of disciplined growth. Combined with Tiptree's history of building businesses, the Company believes the combined platform is well positioned to create value through organic expansion and acquisition opportunities.
Second Quarter 2026 Highlights
($ in thousands, except per share information) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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GAAP: |
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2026 |
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2025 |
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2026 |
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2025 |
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Total revenues |
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$ |
— |
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$ |
92 |
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$ |
— |
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$ |
482 |
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Total expenses |
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$ |
9,051 |
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$ |
11,962 |
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$ |
18,048 |
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$ |
24,934 |
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Income (loss) before taxes |
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$ |
(5,134 |
) |
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$ |
(12,459 |
) |
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$ |
(13,426 |
) |
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$ |
(23,765 |
) |
Net income (loss) from continuing operations |
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$ |
(6,449 |
) |
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$ |
(10,445 |
) |
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$ |
(13,588 |
) |
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$ |
(20,146 |
) |
Net income (loss) from discontinued operations |
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$ |
395,682 |
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$ |
29,405 |
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$ |
417,067 |
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$ |
44,741 |
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Diluted earnings per share |
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$ |
10.30 |
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$ |
0.39 |
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$ |
10.64 |
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$ |
0.55 |
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Cash dividends paid per common share |
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$ |
0.06 |
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$ |
0.06 |
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$ |
0.12 |
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$ |
0.12 |
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Non-GAAP(1): |
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Book value per share |
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$ |
24.34 |
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$ |
13.33 |
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$ |
24.34 |
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$ |
13.33 |
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(1) See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.
Acquisition of Universal Shield Insurance Group
Transaction Details
Page 1
Strategic Rationale
Michael Barnes, Chairman and CEO of Tiptree, said:
“USIG provides Tiptree with a new foundation in the specialty insurance sector and a clear path for scalable growth. Chris Timm and his team have built an impressive platform and bring a proven track record rooted in a culture of strong underwriting and disciplined risk management. Together with Tiptree's long-term capital, we see a significant opportunity to build a leading specialty insurance business over time.”
Chris Timm, Chief Executive Officer of USIG, added:
“Joining Tiptree provides us with support and strategic resources to expand our underwriting capabilities and distribution footprint. We are excited to partner with a team that shares our commitment to disciplined growth and underwriting excellence.”
Raymond James & Associates and Squire Patton Boggs LLP are serving as financial advisor and legal advisor, respectively, to USIG. Fenchurch Advisory Partners US LP and Sidley Austin LLP are serving as financial advisor and legal advisor, respectively, to Tiptree.
About Tiptree
Tiptree Inc. (NASDAQ: TIPT) is a specialty insurance holding company dedicated to creating long-term value for shareholders. The Company owns and operates specialty insurance businesses and allocates capital across opportunities that it believes offer attractive risk-adjusted returns. Tiptree's strategy is centered on partnering with strong management teams, maintaining disciplined underwriting and investment standards, and leveraging a flexible capital base to support long-term growth. Founded in 2007, Tiptree's objective is to compound capital through the ownership of high-quality businesses and investments over time. For more information, please visit tiptreeinc.com and follow us on LinkedIn.
About Universal Shield Insurance Group
Universal Shield Insurance Group (“USIG”) is a specialty insurer operating across both admitted and excess & surplus (“E&S”) markets within targeted property, casualty, and surety lines. The company combines disciplined underwriting, advanced analytics, and modern technology with deep niche expertise to deliver differentiated insurance solutions across the United States. Through its insurance subsidiaries, USIG focuses on specialized and underserved risks where underwriting insight and responsive service drive superior outcomes. USIG is headquartered in Dublin, Ohio, and its insurance subsidiaries are rated A- (Excellent) by AM Best. For more information, visit universalshield.com and follow us on LinkedIn.
Page 2
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.
Page 3
Tiptree Inc.
Condensed Consolidated Balance Sheets (Unaudited)
($ in thousands, except share data)
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As of |
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June 30, 2026 |
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December 31, 2025 |
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Assets: |
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Current assets: |
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Cash and cash equivalents |
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$ |
946,933 |
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$ |
30,784 |
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Marketable securities |
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158,233 |
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21,701 |
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Other current assets |
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8,099 |
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2,361 |
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Total current assets |
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1,113,265 |
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54,846 |
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Right of use asset |
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7,389 |
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8,301 |
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Property, plant and equipment, net |
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5,544 |
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6,262 |
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Deferred tax assets |
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6,630 |
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— |
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Other assets |
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1,289 |
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2,269 |
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Assets held for sale (1) |
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— |
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6,768,387 |
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Total assets |
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$ |
1,134,117 |
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$ |
6,840,065 |
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Liabilities and Stockholders’ Equity |
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Liabilities: |
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Current liabilities: |
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Short-term debt, net |
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$ |
— |
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$ |
8,138 |
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Current tax payable |
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204,760 |
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— |
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Other current liabilities |
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14,607 |
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20,964 |
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Total current liabilities |
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219,367 |
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29,102 |
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Long-term debt, net |
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— |
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63,948 |
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Long-term lease obligations |
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7,627 |
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8,654 |
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Deferred tax liabilities |
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— |
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80,390 |
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Liabilities held for sale (1) |
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— |
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5,905,572 |
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Total liabilities |
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$ |
226,994 |
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$ |
6,087,666 |
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Stockholders’ Equity: |
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Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding |
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$ |
— |
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$ |
— |
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Common stock: $0.001 par value, 200,000,000 shares authorized, 37,266,005 and 37,824,472 shares issued and outstanding, respectively |
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37 |
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38 |
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Additional paid-in capital |
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386,557 |
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394,435 |
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Accumulated other comprehensive income (loss), net of tax |
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5 |
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(7,496 |
) |
Retained earnings |
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520,524 |
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121,574 |
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Total Tiptree Inc. stockholders’ equity |
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907,123 |
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508,551 |
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Non-controlling interests: |
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Fortegra preferred interests |
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— |
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77,679 |
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Common interests |
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— |
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166,169 |
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Total non-controlling interests |
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— |
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243,848 |
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Total stockholders’ equity |
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907,123 |
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752,399 |
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Total liabilities and stockholders’ equity |
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$ |
1,134,117 |
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$ |
6,840,065 |
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Page 4
Tiptree Inc.
Condensed Consolidated Statements of Operations (Unaudited)
($ in thousands, except share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Other revenue |
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$ |
— |
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$ |
92 |
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$ |
— |
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$ |
482 |
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Total revenues |
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— |
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92 |
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— |
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482 |
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Expenses: |
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Employee compensation and benefits |
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6,502 |
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6,985 |
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13,264 |
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16,318 |
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Depreciation and amortization |
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362 |
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361 |
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|
718 |
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718 |
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Other expenses |
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2,187 |
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4,616 |
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4,066 |
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|
7,898 |
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Total expenses |
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9,051 |
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11,962 |
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18,048 |
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24,934 |
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Operating income (loss) before taxes |
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(9,051 |
) |
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(11,870 |
) |
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(18,048 |
) |
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(24,452 |
) |
Non operating income: |
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Net realized and unrealized gains (losses) |
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— |
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(1,454 |
) |
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(261 |
) |
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(714 |
) |
Other income |
|
|
3,917 |
|
|
|
865 |
|
|
|
4,883 |
|
|
|
1,401 |
|
Income (loss) before taxes |
|
|
(5,134 |
) |
|
|
(12,459 |
) |
|
|
(13,426 |
) |
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|
(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 |
) |
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(20,146 |
) |
Discontinued operations:(1) |
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Income (loss) from discontinued operations(1) |
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|
395,682 |
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|
|
29,405 |
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|
|
417,067 |
|
|
|
44,741 |
|
Net income (loss) attributable to common stockholders |
|
$ |
389,233 |
|
|
$ |
18,960 |
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|
$ |
403,479 |
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$ |
24,595 |
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Net income (loss) from continuing operations per common share: |
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Basic earnings per share |
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$ |
(0.17 |
) |
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$ |
(0.28 |
) |
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$ |
(0.36 |
) |
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$ |
(0.54 |
) |
Diluted earnings per share |
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$ |
(0.17 |
) |
|
$ |
(0.28 |
) |
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$ |
(0.36 |
) |
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$ |
(0.54 |
) |
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Net income (loss) from discontinued operations per common share: |
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Basic earnings per share |
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$ |
10.55 |
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$ |
0.78 |
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$ |
11.08 |
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$ |
1.20 |
|
Diluted earnings per share |
|
$ |
10.47 |
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|
$ |
0.67 |
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$ |
11.00 |
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$ |
1.09 |
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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 |
|
Page 5
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) |
|
As of June 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Total stockholders’ equity |
|
$ |
907,123 |
|
|
$ |
723,368 |
|
Less: Non-controlling interests |
|
|
- |
|
|
|
223,530 |
|
Total stockholders’ equity, net of non-controlling interests |
|
|
907,123 |
|
|
|
499,838 |
|
|
|
|
|
|
|
|
||
Total common shares outstanding |
|
|
37,266 |
|
|
|
37,497 |
|
|
|
|
|
|
|
|
||
Book value per share |
|
$ |
24.34 |
|
|
$ |
13.33 |
|
Page 6