FT Markets Data
Tiptree Inc

Tiptree Announces Fourth Quarter 2025 Results

GREENWICH, Conn.--(BUSINESS WIRE)--Mar. 6, 2026-- 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

 

 

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

Source: Tiptree Inc.