Tiptree Inc (TIPT)

Tiptree and Warburg Pincus Announce Closing of Fortegra SaleMay 29, 2026 4:01 PM
Business Wire Tiptree Inc. (NASDAQ: TIPT) (the “Company” or “Tiptree”) and Warburg Pincus LLC (“Warburg Pincus”) today announced the successful closing of the previously disclosed sale of The Fortegra Group, Inc. (“Fortegra”), a leading specialty insurer, to DB Insurance Co., Ltd., Korea’s leading property and casualty insurer. “We are pleased to have successfully completed the sale of Fortegra, which represents the culmination of a multi-year strategy to build and scale a global specialty insurance platform,” said Michael Barnes, Chairman and CEO of Tiptree. “Looking ahead, we are well positioned to focus on the next phase of our strategy—driving long-term value through disciplined capital allocation and strategic acquisitions, with a particular emphasis on financial services, including insurance, asset management, and specialty finance.” “We have greatly valued the opportunity to work alongside Rick, the Fortegra management team and our partners at Tiptree during this important period for the company. As the company enters this next phase, Fortegra is coming from a place of strength, and we look forward to following their future success,” said Dan Zilberman, Global Head of Capital Solutions and Global Co-Head of Financial Services at Warburg Pincus. The transaction represents a significant milestone in Tiptree’s evolution and unlocks substantial capital to enhance shareholder value, including: Strengthened balance sheet, with substantial cash proceeds, resulting in approximately $23.80 of pro-forma book value per diluted share. Enhanced financial flexibility to pursue value-accretive capital allocation opportunities. Authorization of a new $20 million share repurchase program, reflecting confidence in the Company’s intrinsic value. 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 insurance, asset management, specialty finance, and real estate 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. About Warburg Pincus Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies. Warburg Pincus has been a leading investor in the insurance industry for 30 years, investing more than $5 billion in equity capital across more than 20 investments, globally. These investments include Aeolus Re, Arch Capital, Fetch Pet Insurance, Foundation Risk Partners, ICICI Lombard Insurance, K2 Insurance Services, Keystone Agency Partners, McGill & Partners, ParetoHealth, RenaissanceRe, and Somers Re, amongst others. The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn and YouTube. Forward-Looking Statements This communication 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 communication 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 communication. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260529725392/en/ Investor Relations, 212-446-1400
ir@tiptreeinc.com Original: Tiptree and Warburg Pincus Announce Closing of Fortegra Sale

Tiptree Announces Fourth Quarter 2025 ResultsMarch 6, 2026 9:03 AM
Business Wire
Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), today announced its financial results for the three months and year ended December 31, 2025.


The Company commented, "In late 2025, we agreed to sell Fortegra and Reliance First Capital, transactions expected to result in pro-forma book value of approximately $923 million, or $24.40 per share. Since our $139 million initial capital raise in 2007, we have completed more than 21 acquisitions and divestitures, returned over $180 million to shareholders, delivered an 11.1%(1) annual compounded return—outperforming both the Russell 2000 and S&P 500—and we believe we are well positioned to continue building on this record."


2025 Highlights



On September 26, 2025, the Company agreed to sell Fortegra for $1.65 billion, with $1.12 billion estimated gross proceeds to Tiptree pending regulatory approvals. Anticipated closing of the Fortegra transaction in mid-2026.




On October 31, 2025, the Company agreed to sell its mortgage business, Reliance First Capital, for 93.5% of tangible book value at closing, or $50 million of estimated gross proceeds as of December 31, 2025. Anticipated closing in first half of 2026.




Tiptree's pro-forma book value as of December 31, 2025 is estimated to be $923 million, net of estimated taxes and transaction expenses for the closing of both transactions.




Declared a dividend of $0.06 per share to stockholders of record on March 16, 2026 with a payment date of March 23, 2026.




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

December 31,






 






 






Year Ended

December 31,






 








GAAP:






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Total revenues






 






$






3






 






 






$






372






 






 






$






488






 






 






$






1,520






 








Total expenses






 






$






8,618






 






 






$






9,579






 






 






$






47,212






 






 






$






41,794






 








Income (loss) before taxes






 






$






(8,690






)






 






$






(9,227






)






 






$






(44,602






)






 






$






(38,562






)








Net income (loss) from continuing operations






 






$






(9,306






)






 






$






(6,798






)






 






$






(38,911






)






 






$






(32,345






)








Net income (loss) from discontinued operations






 






$






15,183






 






 






$






26,347






 






 






$






73,838






 






 






$






85,712






 








Diluted earnings per share






 






$






0.04






 






 






$






0.49






 






 






$






0.76






 






 






$






1.34






 








Cash dividends paid per common share






 






$






0.06






 






 






$






0.31






 






 






$






0.24






 






 






$






0.49






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Non-GAAP(2):






 






 






 






 






 






 






 






 






 






 






 






 








Book value per share






 






$






13.45






 






 






$






12.29






 






 






$






13.45






 






 






$






12.29






 








(1) Calculated using the initial book value per share of $5.36 at Tiptree's founding in 2007, pro-forma book value per share of $24.40 as of December 31, 2025 ,and cumulative dividends of $3.77 per share paid from 2007 through December 31, 2025.


(2) 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




($ in thousands, except share data)










 



 






 






As of December 31,






 








 






 






2025






 






 






2024






 








Assets:






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 








Cash and cash equivalents






 






$






30,784






 






 






$






19,437






 








Marketable securities






 






 






21,701






 






 






 






15,024






 








Other current assets






 






 






2,361






 






 






 






3,705






 








Total current assets






 






 






54,846






 






 






 






38,166






 








Right of use asset






 






 






8,301






 






 






 






10,140






 








Property, plant and equipment, net






 






 






6,262






 






 






 






7,710






 








Other assets






 






 






2,269






 






 






 






3,122






 








Assets held for sale (1)






 






 






6,768,387






 






 






 






5,635,651






 








Total assets






 






$






6,840,065






 






 






$






5,694,789






 








Liabilities and Stockholders’ Equity






 






 






 






 






 






 








Liabilities:






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 








Short-term debt, net






 






$






8,138






 






 






$






—






 








Other current liabilities






 






 






20,964






 






 






 






15,572






 








Total current liabilities






 






 






29,102






 






 






 






15,572






 








Long-term debt, net






 






 






63,948






 






 






 






—






 








Long-term lease obligations






 






 






8,654






 






 






 






11,137






 








Deferred tax liabilities






 






 






80,390






 






 






 






57,071






 








Liabilities held for sale (1)






 






 






5,905,572






 






 






 






4,954,238






 








Total liabilities






 






$






6,087,666






 






 






$






5,038,018






 








Stockholders’ Equity:






 






 






 






 






 






 








Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding






 






$






—






 






 






$






—






 








Common stock: $0.001 par value, 200,000,000 shares authorized, 37,824,472 and 37,255,838 shares issued and outstanding, respectively






 






 






38






 






 






 






37






 








Additional paid-in capital






 






 






394,435






 






 






 






389,693






 








Accumulated other comprehensive income (loss), net of tax






 






 






(7,496






)






 






 






(27,750






)








Retained earnings






 






 






121,574






 






 






 






95,718






 








Total Tiptree Inc. stockholders’ equity






 






 






508,551






 






 






 






457,698






 








Non-controlling interests:






 






 






 






 






 






 








Fortegra preferred interests






 






 






77,679






 






 






 






77,679






 








Common interests






 






 






166,169






 






 






 






121,394






 








Total non-controlling interests






 






 






243,848






 






 






 






199,073






 








Total stockholders’ equity






 






 






752,399






 






 






 






656,771






 








Total liabilities and stockholders’ equity






 






$






6,840,065






 






 






$






5,694,789






 









(1)






See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for further details, as disclosed in Tiptree's 10-K filing for the period ended December 31, 2025.




Tiptree Inc.




Condensed Consolidated Statements of Operations




($ in thousands, except share data)













 



 






 






Three Months Ended

December 31,






 






 






Year Ended

December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Revenues:






 






 






 






 






 






 






 






 






 






 






 






 








Other revenue






 






$






3






 






 






$






372






 






 






$






488






 






 






$






1,520






 








Total revenues






 






 






3






 






 






 






372






 






 






 






488






 






 






 






1,520






 








Expenses:






 






 






 






 






 






 






 






 






 






 






 






 








Employee compensation and benefits






 






 






7,090






 






 






 






6,351






 






 






 






33,844






 






 






 






29,159






 








Depreciation and amortization






 






 






365






 






 






 






365






 






 






 






1,448






 






 






 






1,451






 








Other expenses






 






 






1,163






 






 






 






2,863






 






 






 






11,920






 






 






 






11,184






 








Total expenses






 






 






8,618






 






 






 






9,579






 






 






 






47,212






 






 






 






41,794






 








Operating income (loss) before taxes






 






 






(8,615






)






 






 






(9,207






)






 






 






(46,724






)






 






 






(40,274






)








Non operating income:






 






 






 






 






 






 






 






 






 






 






 






 








Net realized and unrealized gains (losses)






 






 






(1,077






)






 






 






(179






)






 






 






(1,518






)






 






 






(905






)








Other income






 






 






1,002






 






 






 






159






 






 






 






3,640






 






 






 






2,617






 








Income (loss) before taxes






 






 






(8,690






)






 






 






(9,227






)






 






 






(44,602






)






 






 






(38,562






)








Less: provision (benefit) for income taxes






 






 






616






 






 






 






(2,429






)






 






 






(5,691






)






 






 






(6,217






)








Net income (loss) from continuing operations






 






 






(9,306






)






 






 






(6,798






)






 






 






(38,911






)






 






 






(32,345






)








Net income (loss) from discontinued operations (1)






 






 






15,183






 






 






 






26,347






 






 






 






73,838






 






 






 






85,712






 








Net income (loss) attributable to common stockholders






 






$






5,877






 






 






$






19,549






 






 






$






34,927






 






 






$






53,367






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss) from continuing operations per common share:






 






 






 






 






 






 






 






 






 






 






 






 








Basic earnings per share






 






$






(0.25






)






 






$






(0.18






)






 






$






(1.04






)






 






$






(0.88






)








Diluted earnings per share






 






$






(0.25






)






 






$






(0.18






)






 






$






(1.04






)






 






$






(0.88






)








 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss) from discontinued operations per common share:






 






 






 






 






 






 






 






 






 






 






 






 








Basic earnings per share






 






$






0.35






 






 






$






0.71






 






 






$






1.97






 






 






$






2.32






 








Diluted earnings per share






 






$






0.29






 






 






$






0.67






 






 






$






1.80






 






 






$






2.22






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss) per common share:






 






 






 






 






 






 






 






 






 






 






 






 








Basic earnings per share






 






$






0.10






 






 






$






0.53






 






 






$






0.93






 






 






$






1.44






 








Diluted earnings per share






 






$






0.04






 






 






$






0.49






 






 






$






0.76






 






 






$






1.34






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted average number of common shares:






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






37,823,832






 






 






 






37,189,433






 






 






 






37,559,807






 






 






 






36,872,706






 








Diluted






 






 






37,823,832






 






 






 






37,189,433






 






 






 






37,559,807






 






 






 






36,872,706






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Dividends declared per common share






 






$






0.06






 






 






$






0.31






 






 






$






0.24






 






 






$






0.49






 









(1)






See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for further details, as disclosed in Tiptree's 10-K filing for the period ended December 31, 2025.



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 December 31,






 








 






 






2025






 






 






2024






 








Total stockholders’ equity






 






$






752,399






 






 






$






656,771






 








Less: Non-controlling interests






 






 






243,848






 






 






 






199,073






 








Total stockholders’ equity, net of non-controlling interests






 






$






508,551






 






 






$






457,698






 








 






 






 






 






 






 






 








Total common shares outstanding






 






 






37,824






 






 






 






37,256






 








 






 






 






 






 






 






 








Book value per share






 






$






13.45






 






 






$






12.29






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260306183504/en/
Investor Relations, 212-446-1400

ir@tiptreeinc.com


Original: Tiptree Announces Fourth Quarter 2025 Results