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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the ~~Quarterly~~quarterly period ended ~~September~~June 30, ~~2025~~2026


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-33549

Tiptree Inc.

(Exact name of Registrant as ~~Specified~~specified in ~~Its~~its ~~Charter~~charter)

Maryland	38-3754322
( State or other jurisdiction ofincorporation or organization)	(I.R.S. EmployerIdentification No.)
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
660 Steamboat Road, 2nd FloorGreenwich, Connecticut	06830
660 Steamboat Road, 2nd Floor, Greenwich, Connecticut	06830
(Address of principal executive offices)	(Zip Code)

Registrant’s ~~Telephone~~telephone ~~Number~~number, ~~Including~~including ~~Area~~area ~~Code~~code: (212) 446-1400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		~~TradingSymbol~~Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.001 per share		TIPT		The Nasdaq Stock Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated filer ☐ Accelerated filer ☒ Non-Accelerated filer ☐ Smaller reporting company ☐☒ 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒

As of ~~October~~July 2824, ~~2025~~2026, there were 37,~~823~~239,~~734~~692 shares, par value $0.001, of the registrant’s common stock outstanding.

Table of Contents

Tiptree Inc.

Quarterly Report on Form 10-Q

~~September~~June 30, ~~2025~~2026

Table of Contents

ITEM		Page Number
PART I. Financial Information		F-1
Item 1. Financial Statements (Unaudited)		F-3
Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024		F-3
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025		F-3
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024		F-4
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025		F-4
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024		F-5
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025		F-5
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended September 30, 2025 and 2024		F-6
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended June 30, 2026 and 2025		F-6
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024		F-8
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025		F-8
Notes to Condensed Consolidated Financial Statements		F-9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		4721
Item 3. Quantitative and Qualitative Disclosures About Market Risk		6826
Item 4. Controls and Procedures		6826
PART II. Other Information		6927
Item 1. Legal Proceedings		6927
Item 1A. Risk Factors		6927
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		7227
Item 3. Defaults Upon Senior Securities		7227
Item 4. Mine Safety Disclosures		7227
Item 5. Other Information		7227
Item 6. Exhibits, Financial Statement Schedules		7327
Signatures		7528

Table of Contents

PART I. FINANCIAL INFORMATION

Forward-Looking Statements

Except for the historical information included and incorporated by reference in this Quarterly Report on Form 10-Q, the information included and incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about possible or assumed future events, ~~including, among other things,~~ discussion and analysis of our future financial condition, results of operations, and our strategic plans and objectives~~, government legislation and the Merger~~. When we use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions, we intend to identify forward-looking statements.

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 forecasted 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” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025, in this Quarterly Report on Form 10-Q and in our other public filings with the SEC.

The factors described herein 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 applicable law, we undertake no obligation to update any forward-looking statements.

Among various events, risks, uncertainties or factors that could cause actual results to differ materially is the proposed Merger and the failure to consummate the Merger in a timely manner or at all; potential litigation relating to the proposed Merger, disruptions from the proposed Merger that may harm Tiptree's business, including current plans and operations and potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed Merger. See "Risk Factors" beginning on Part II. Item 1A for additional risk factors related to the Merger.

Market and Industry Data

Certain market data and industry data included in this Quarterly Report on Form 10-Q were obtained from reports of governmental agencies and industry publications and surveys. WeThe ~~believe~~Company believes the data from third-party sources to be reliable based upon ~~our~~ management’s knowledge of the industry, but have not independently verified such data and as such, make no guarantees as to its accuracy, completeness or timeliness.

Note to Reader

In reading this Quarterly Report on Form 10-Q, references to:

“~~2017~~Common ~~Notes~~Stock” ~~means~~or ~~our~~“Common ~~insurance~~Shares” ~~subsidiaries~~means Tiptree’s ~~8.50%~~common ~~Fixed~~stock ~~Rate~~$0.001 ~~Resetting~~par ~~Junior~~value ~~Subordinated~~per ~~Notes due in October 2057~~share.

“2024 Notes” means our insurance subsidiaries’ 9.25% Fixed Rate Resetting Junior Subordinated Notes due in November 2064.

“A.M. Best” means A.M. Best Company, Inc.

“E&S” means excess and surplus.

“EBITDA” means earnings before interest, taxes, depreciation and amortization.

“EBITDAR” means earnings before interest, taxes, depreciation and amortization, and restructuring or rent costs.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“~~Fannie~~Fortegra” ~~Mae~~or “The Fortegra Group” means ~~Federal~~The ~~National~~Fortegra ~~Mortgage~~Group, ~~Association~~LLC and its subsidiaries prior to June 21, 2022, and The Fortegra Group, Inc. on or after June 21, 2022.

“Fortegra” or “The Fortegra Group” means The Fortegra Group, Inc. and its subsidiaries.

“Fortegra Additional Warrants” means the additional warrants issued to Warburg and Tiptree Holdings to acquire Fortegra Common Stock.

“Fortegra Additional Warrants (Warburg)” means the Fortegra Additional Warrants issued to Warburg.

“Fortegra Common Stock” means the common stock of Fortegra.

“Fortegra Plan” means the 2022 Equity Incentive Plan of Fortegra.

“Fortegra Preferred Stock” means the 5,333,333 shares of Series A Preferred Stock of Fortegra issued to Warburg.

“Fortegra Warrants” means the warrants to purchase shares of Fortegra Common Stock.

“Fortress” means Fortress Credit Corp., as administrative agent, collateral agent and lead arranger, and affiliates of Fortress that are lenders under the Credit Agreement among the Company, Fortress and the lenders party thereto.

“Freddie Mac” means Federal Home Loan Mortgage Corporation.

“GAAP” means U.S. generally accepted accounting principles.

“~~Ginnie Mae~~NCI” means ~~Government~~non-controlling ~~National Mortgage Association~~interests.

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“GSE” means government-sponsored enterprise.

“Invesque” means Invesque Inc.

“Merger” means the series of transactions pursuant to the Merger Agreement whereby Purchaser will acquire Fortegra for a purchase price of $1.65 billion in cash (subject to certain adjustments set forth in the Merger Agreement) and Merger Sub will merge with and into Fortegra, with Fortegra being the surviving corporation, and as a result of which Purchaser shall be the sole stockholder of Fortegra.

“Merger Agreement” means that certain Agreement and Plan of Merger, dated September 26, 2025, by and among Tiptree, Fortegra, DB Insurance Co., Ltd. (“Purchaser”) and a subsidiary of Purchaser (“Merger Sub”) to be incorporated in Delaware following the date of the Merger Agreement and prior to the closing of the Merger.

“NAIC” means the National Association of Insurance Commissioners.

“Reliance” means Reliance First Capital, LLC.

“Reliance Buyer” means Carrington Mortgage Services, LLC.

“Reliance Purchase Agreement” means the Purchase Agreement entered into on October 31, 2025, by and among Carrington Holding Company, LLC (“Former Buyer”), Tiptree, Reliance and Reliance Holdings, as amended by Amendment No. 1 to Reliance Purchase Agreement, dated as of December 5, 2025, replacing Former Buyer with Reliance Buyer.

“Reliance Sellers” mean Tiptree and Reliance Holdings.

“Sale” means the series of transactions pursuant to the Sale Agreement whereby Purchaser acquired Fortegra for a purchase price of $1.65 billion in cash (subject to certain adjustments set forth in the Sale Agreement) and Merger Sub merged with and into Fortegra, with Fortegra being the surviving corporation, and as a result of which Purchaser was the sole stockholder of Fortegra.

“Sale Agreement” means that certain Agreement and Plan of Merger, dated September 26, 2025, by and among Tiptree, Fortegra, DB Insurance Co., Ltd. (“Purchaser”) and a subsidiary of Purchaser (“Merger Sub”) to be incorporated in Delaware following the date of the Sale Agreement and prior to the closing of the Sale.

“SEC” means the U.S. Securities and Exchange Commission.

“Securities Act” means the Securities Act of 1933, as amended.

“SOFR” means the Secured Overnight Financing Rate.

“Tiptree”, the “Company”, “we”, “its”, “us” and “our” means, unless otherwise indicated by the context, Tiptree Inc. and its consolidated subsidiaries.

“Tiptree Advisors” means collectively: Tiptree Advisors Holdings, L.P., Tiptree Advisors, LLC, Tiptree GP Holdings, LLC and Tiptree Holdings GP, LLC.

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“Tiptree Credit Agreement” means the Credit Agreement, dated as of February 7, 2025, among Tiptree, Tiptree Holdings, the lenders party thereto from time to time and Fortress Credit Corp., as administrative agent, collateral agent and lead arranger.

“Tiptree Holdings” means Tiptree Holdings LLC.

“Transition Services Agreement” means the Amended and Restated Transition Services Agreement between Tiptree Advisors and Tiptree Inc., effective as of January 1, 2019.

~~“Warburg” means WP Falcon Aggregator, L.P., a Delaware limited partnership affiliated with funds advised or managed by Warburg Pincus LLC.~~F-2

“WP Transaction” means the $200 million strategic investment in Fortegra by Warburg.

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TIPTREE INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share data)

	As of
	September 30,2025			December 31,2024
	June 30,2026			December 31,2025
Assets:
Investments:
Current assets:
Available for sale securities, at fair value, net of allowance for credit losses	$	1,305,403		$	1,107,929
Cash and cash equivalents	$	946,933		$	30,784
Loans, at fair value		90,422			81,330
Marketable securities		158,233			21,701
Equity securities		171,673			108,620
Other current assets		8,099			2,361
Other investments		53,501			53,084
Total current assets		1,113,265			54,846
Total investments		1,620,999			1,350,963
Right of use asset		7,389			8,301
Cash and cash equivalents		366,087			320,067
Property, plant and equipment, net		5,544			6,262
Restricted cash		113,473			96,197
Deferred tax assets		6,630			—
Notes and accounts receivable, net		813,622			799,131
Other assets		1,289			2,269
Reinsurance recoverable		1,345,662			992,883
Assets held for sale (1)		—			6,768,387
Prepaid reinsurance premiums		1,100,965			1,046,253
Total assets	$	1,134,117		$	6,840,065
Deferred acquisition costs		572,790			565,872
Goodwill		207,802			206,706
Intangible assets, net		93,672			102,859
Other assets		181,197			213,858
Total assets	$	6,416,269		$	5,694,789
Liabilities and Stockholders’ Equity
Liabilities:
Debt, net	$	507,560		$	427,089
Current liabilities:
Unearned premiums		1,920,104			1,766,068
Short-term debt, net	$	—		$	8,138
Policy liabilities and unpaid claims		1,615,702			1,298,081
Current tax payable		204,760			—
Deferred revenue		654,504			695,772
Other current liabilities		14,607			20,964
Reinsurance payable		470,505			443,083
Total current liabilities		219,367			29,102
Other liabilities and accrued expenses		506,476			407,925
Long-term debt, net		—			63,948
Total liabilities	$	5,674,851		$	5,038,018
Long-term lease obligations		7,627			8,654
Deferred tax liabilities		—			80,390
Liabilities held for sale (1)		—			5,905,572
Total liabilities	$	226,994		$	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, 37,820,120 and 37,255,838 shares issued and outstanding, respectively		38			37
Common stock: $0.001 par value, 200,000,000 shares authorized, 37,266,005 and 37,824,472 shares issued and outstanding, respectively		37			38
Additional paid-in capital		~~392~~386,~~947~~557			~~389~~394,~~693~~435
Accumulated other comprehensive income (loss), net of tax		~~(7,756~~5	)		(277,~~750~~496	)
Retained earnings		~~119~~520,~~945~~524			95121,~~718~~574
Total Tiptree Inc. stockholders’ equity		~~505~~907,~~174~~123			~~457~~508,~~698~~551
Non-controlling interests:
Fortegra preferred interests		~~77,679~~—			77,679
Common interests		~~158,565~~—			~~121~~166,~~394~~169
Total non-controlling interests		~~236,244~~—			~~199~~243,~~073~~848
Total stockholders’ equity		~~741~~907,~~418~~123			~~656~~752,~~771~~399
Total liabilities and stockholders’ equity	$	61,~~416~~134,~~269~~117		$	56,~~694~~840,~~789~~065

(1)

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

See accompanying notes to condensed consolidated financial statements.

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TIPTREE INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except share data)

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedJune 30,						Six Months EndedJune 30,
	2025			2024			2025			2024
	2026			2025			2026			2025
Revenues:
Earned premiums, net	$	383,881		$	359,496		$	1,129,259		$	1,105,273
Other revenue	$	—		$	92		$	—		$	482
Service and administrative fees		95,821			95,362			289,966			311,696
Total revenues		—			92			—			482
Ceding commissions		3,483			3,716			10,658			11,525
Net investment income		7,397			9,111			29,631			22,250
Net realized and unrealized gains (losses)		34,879			8,316			62,354			36,518
Other revenue		14,841			18,361			44,610			51,994
Total revenues		540,302			494,362			1,566,478			1,539,256
Expenses:
Policy and contract benefits		217,330			203,442			653,115			645,081
Employee compensation and benefits		6,502			6,985			13,264			16,318
Commission expense		144,919			154,005			437,005			484,232
Depreciation and amortization		362			361			718			718
Employee compensation and benefits		62,094			52,335			171,701			151,438
Other expenses		2,187			4,616			4,066			7,898
Interest expense		10,690			7,614			31,912			23,919
Total expenses		9,051			11,962			18,048			24,934
Depreciation and amortization		5,259			5,395			15,064			16,254
Operating income (loss) before taxes		(9,051	)		(11,870	)		(18,048	)		(24,452	)
Other expenses		61,734			34,790			141,343			111,206
Non operating income:
Total expenses		502,026			457,581			1,450,140			1,432,130
Net realized and unrealized gains (losses)		—			(1,454	)		(261	)		(714	)
Income (loss) before taxes		38,276			36,781			116,338			107,126
Other income		3,917			865			4,883			1,401
Less: provision (benefit) for income taxes		22,666			16,308			56,656			48,799
Income (loss) before taxes		(5,134	)		(12,459	)		(13,426	)		(23,765	)
Net income (loss)		15,610			20,473			59,682			58,327
Less: provision (benefit) for income taxes		1,315			(2,014	)		162			(3,619	)
Less: net income (loss) attributable to non-controlling interests		9,189			8,558			28,666			24,511
Net income (loss) from continuing operations		(6,449	)		(10,445	)		(13,588	)		(20,146	)
Net income (loss) attributable to common stockholders	$	6,421		$	11,915		$	31,016		$	33,816
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) from continuing operations per common share:
Basic earnings per share	$	(0.17	)	$	(0.28	)	$	(0.36	)	$	(0.54	)
Diluted earnings per share	$	(0.17	)	$	(0.28	)	$	(0.36	)	$	(0.54	)
Net income (loss) from discontinued operations per common share:
Basic earnings per share	$	10.55		$	0.78		$	11.08		$	1.20
Diluted earnings per share	$	10.47		$	0.67		$	11.00		$	1.09
Net income (loss) per common share:
Basic earnings per share	$	010.1738		$	0.3250		$	010.8272		$	0.9166
Diluted earnings per share	$	010.1330		$	0.2939		$	010.6864		$	0.8355
Weighted average number of common shares:
Basic		37,~~565~~501,~~019~~135			3637,~~789~~496,~~571~~875			37,~~470~~644,~~832~~493			3637,~~781~~422,~~408~~957
Diluted		3837,~~583~~501,~~747~~135			37,~~818~~496,~~491~~875			3837,~~550~~644,~~969~~493			37,~~784~~422,~~637~~957
Dividends declared per common share	$	0.06		$	0.06		$	0.1812		$	0.1812

(1)

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

See accompanying notes to condensed consolidated financial statements.

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TIPTREE INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(in thousands)

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedJune 30,						Six Months EndedJune 30,
	2025			2024			2025			2024
	2026			2025			2026			2025
Net income (loss)	$	15,610		$	20,473		$	59,682		$	58,327
Net income (loss) attributable to common stockholders	$	389,233		$	18,960		$	403,479		$	24,595
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on available for sale securities		1026,~~749~~111			215,~~682~~135			257,~~803~~773			1615,~~065~~054
Change in unrealized currency translation adjustments		~~(2,022~~828	)		69,~~332~~163			13(5,~~051~~918	)		515,~~241~~073
Related (provision) benefit for income taxes		(32,~~534~~762	)		(83,~~990~~445	)		~~(11~~5,~~604~~474	)		(68,~~640~~070	)
Other comprehensive income (loss), net of tax		524,~~193~~177			1910,~~024~~853			277,~~250~~329			1422,~~666~~057
Comprehensive income (loss)		20413,~~803~~410			3929,~~497~~813			86410,~~932~~808			7246,~~993~~652
Less: comprehensive income (loss) attributable to non-controlling interests		104,~~515~~445			132,~~537~~919			~~35,922~~(172	)		285,~~275~~930
Comprehensive income (loss) attributable to common stockholders	$	10408,~~288~~965		$	2526,~~960~~894		$	51410,~~010~~980		$	4440,~~718~~722

See accompanying notes to condensed consolidated financial statements.

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TIPTREE INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(in thousands, except ~~shares~~share data)

	Common stock																		Non-controlling interests
	Numberof shares			Parvalue			Additionalpaid-incapital			Accumulatedothercomprehensiveincome (loss)			Retainedearnings			TotalTiptree Inc.stockholders’'equity			Fortegrapreferredinterests			Commoninterests			Totalstockholders'equity
Balance at December 31, 2024		37,255,838		$	37		$	389,693		$	(27,750	)	$	95,718		$	457,698		$	77,679		$	121,394		$	656,771
Balance at December 31, 2025		37,824,472		$	38		$	394,435		$	(7,496	)	$	121,574		$	508,551		$	77,679		$	166,169		$	752,399
Amortization of share-based incentive compensation		—			—			92,~~637~~817			—			—			92,~~637~~817			—			312,~~021~~410			1215,~~658~~227
Vesting of share-based incentive compensation		~~564~~55,~~282~~636			1—			(~~6,383~~371	)		—			—			(~~6,382~~371	)		—			~~3,015~~(476	)		(~~3,367~~847	)
Common stock dividends declared		—			—			—			—			(6,789	)		(6,789	)		—			—			(6,789	)
Shares repurchased		(614,103	)		(1	)		(10,319	)		—			—			(10,320	)		—			—			(10,320	)
Other comprehensive income (loss), net of tax		—			—			—			19,994			—			19,994			—			7,256			27,250
Non-controlling interest distributions		—			—			(5	)		—			—			(5	)		—			—			(5	)
Subsidiary preferred dividends declared		—			—			—			—			(4,787	)		(4,787	)		—			—			(4,787	)
Removal of non-controlling interest upon sale of subsidiary		—			—			—			—			—			—			(77,679	)		(194,468	)		(272,147	)
Net income (loss)		—			—			—			—			35,803			35,803			—			23,879			59,682
Common stock dividends declared		—			—			—			—			(4,529	)		(4,529	)		—			—			(4,529	)
Balance at September 30, 2025		37,820,120		$	38		$	392,947		$	(7,756	)	$	119,945		$	505,174		$	77,679		$	158,565		$	741,418
Other comprehensive income (loss), net of tax		—			—			—			7,501			—			7,501			—			(172	)		7,329
Balance at June 30, 2025		37,496,977		$	37		$	395,637		$	(11,623	)	$	115,787		$	499,838		$	77,679		$	145,851		$	723,368
Subsidiary preferred dividends declared		—			—			—			—			(2,609	)		(2,609	)		—			—			(2,609	)
Amortization of share-based incentive compensation		—			—			1,417			—			—			1,417			—			486			1,903
Net income (loss)		—			—			—			—			406,088			406,088			—			16,537			422,625
Vesting of share-based incentive compensation		323,143			1			(4,107	)		—			—			(4,106	)		—			3,326			(780	)
Balance at June 30, 2026		37,266,005		$	37		$	386,557		$	5		$	520,524		$	907,123		$	—		$	—		$	907,123
Common stock dividends declared		—			—			—			—			(2,263	)		(2,263	)		—			—			(2,263	)
Balance at March 31, 2026		37,567,024		$	38		$	390,416		$	(19,727	)	$	133,552		$	504,279		$	77,679		$	168,538		$	750,496
Other comprehensive income (loss), net of tax		—			—			—			3,867			—			3,867			—			1,326			5,193
Amortization of share-based incentive compensation		—			—			1,409			—			—			1,409			—			12,100			13,509
Subsidiary preferred dividends declared		—			—			—			—			(1,613	)		(1,613	)		—			—			(1,613	)
Vesting of share-based incentive compensation		3,051			—			51			—			—			51			—			—			51
Net income (loss)		—			—			—			—			8,034			8,034			—			7,576			15,610
Shares repurchased		(304,070	)		(1	)		(5,319	)		—			—			(5,320	)		—			—			(5,320	)
Balance at September 30, 2025		37,820,120		$	38		$	392,947		$	(7,756	)	$	119,945		$	505,174		$	77,679		$	158,565		$	741,418
Removal of non-controlling interest upon sale of subsidiary		—			—			—			—			—			—			(77,679	)		(194,468	)		(272,147	)
Common stock dividends declared		—			—			—			—			(2,261	)		(2,261	)		—			—			(2,261	)
Other comprehensive income (loss), net of tax		—			—			—			19,732			—			19,732			—			4,445			24,177
Subsidiary preferred dividends declared		—			—			—			—			(1,031	)		(1,031	)		—			—			(1,031	)
Net income (loss)		—			—			—			—			390,264			390,264			—			9,385			399,649
Balance at June 30, 2026		37,266,005		$	37		$	386,557		$	5		$	520,524		$	907,123		$	—		$	—		$	907,123

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TIPTREE INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(in thousands, except ~~shares~~share data)

	Common stock																Non-controlling interests
	Numberof shares		Parvalue		Additionalpaid-incapital			Accumulatedothercomprehensiveincome (loss)			Retainedearnings			TotalTiptree Inc.stockholders’'equity			Fortegrapreferredinterests		Commoninterests			Totalstockholders'equity
Balance at December 31, 2023		36,756,187	$	37	$	382,239		$	(26,073	)	$	60,663		$	416,866		$	77,679	$	82,020		$	576,565
Balance at December 31, 2024		37,255,838	$	37	$	389,693		$	(27,750	)	$	95,718		$	457,698		$	77,679	$	121,394		$	656,771
Amortization of share-based incentive compensation		—		—		68,~~983~~220			—			—			68,~~983~~220			—		2,~~524~~535			910,~~507~~755
Vesting of share-based incentive compensation		33241,~~384~~139		—		53(2,276	)		—			—			53(2,276	)		—		(~~752~~311	)		(~~699~~2,587	)
Non-controlling interest contributions		—		—		—			—			—			—			—		9,956			9,956
Common stock dividends declared		—		—		—			—			(4,526	)		(4,526	)		—		—			(4,526	)
Non-controlling interest distributions		—		—		—			—			—			—			—		(644	)		(644	)
Other comprehensive income (loss), net of tax		—		—		—			16,127			—			16,127			—		5,930			22,057
Common stock dividends declared		—		—		—			—			(6,674	)		(6,674	)		—		—			(6,674	)
Subsidiary preferred dividends declared		—		—		—			—			(3,174	)		(3,174	)		—		—			(3,174	)
Other comprehensive income (loss), net of tax		—		—		—			10,902			—			10,902			—		3,764			14,666
Net income (loss)		—		—		—			—			27,769			27,769			—		16,303			44,072
Subsidiary preferred dividends declared		—		—		—			—			(4,804	)		(4,804	)		—		—			(4,804	)
Balance at June 30, 2025		37,496,977	$	37	$	395,637		$	(11,623	)	$	115,787		$	499,838		$	77,679	$	145,851		$	723,368
Net income (loss)		—		—		—			—			38,620			38,620			—		19,707			58,327
Balance at March 31, 2025		37,493,883	$	37	$	394,149		$	(19,557	)	$	99,090		$	473,719		$	77,679	$	132,064		$	683,462
Balance at September 30, 2024		36,789,571	$	37	$	389,275		$	(15,171	)	$	87,805		$	461,946		$	77,679	$	116,575		$	656,200
Amortization of share-based incentive compensation		—		—		1,415			—			—			1,415			—		493			1,908
Balance at June 30, 2024		36,785,305	$	37	$	387,513		$	(29,216	)	$	78,115		$	436,449		$	77,679	$	103,941		$	618,069
Vesting of share-based incentive compensation		3,094		—		73			—			—			73			—		(173	)		(100	)
Amortization of share-based incentive compensation		—		—		1,693			—			—			1,693			—		839			2,532
Common stock dividends declared		—		—		—			—			(2,263	)		(2,263	)		—		—			(2,263	)
Vesting of share-based incentive compensation		4,266		—		69			—			—			69			—		(130	)		(61	)
Other comprehensive income (loss), net of tax		—		—		—			7,934			—			7,934			—		2,919			10,853
Common stock dividends declared		—		—		—			—			(2,225	)		(2,225	)		—		—			(2,225	)
Subsidiary preferred dividends declared		—		—		—			—			(1,596	)		(1,596	)		—		—			(1,596	)
Other comprehensive income (loss), net of tax		—		—		—			14,045			—			14,045			—		4,979			19,024
Net income (loss)		—		—		—			—			20,556			20,556			—		10,548			31,104
Subsidiary preferred dividends declared		—		—		—			—			(1,612	)		(1,612	)		—		—			(1,612	)
Balance at June 30, 2025		37,496,977	$	37	$	395,637		$	(11,623	)	$	115,787		$	499,838		$	77,679	$	145,851		$	723,368
Net income (loss)		—		—		—			—			13,527			13,527			—		6,946			20,473
Balance at September 30, 2024		36,789,571	$	37	$	389,275		$	(15,171	)	$	87,805		$	461,946		$	77,679	$	116,575		$	656,200

See accompanying notes to condensed consolidated financial statements.

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TIPTREE INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Nine Months EndedSeptember 30,
	Six Months EndedJune 30,
	2025			2024
	2026			2025
Operating Activities:
Net income (loss) attributable to common stockholders	$	31403,~~016~~479		$	3324,~~816~~595
Net income (loss) attributable to non-controlling interests		28,666			24,511
Net income (loss)		59,682			58,327
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses		~~(62,354~~261	)		~~(36,518~~714	)
Non-cash compensation expense		172,~~080~~964			138,~~220~~368
Amortization/accretion of premiums and discounts		(~~3,740~~479	)		(~~4,416~~471	)
Depreciation and amortization expense		~~15,064~~718			~~16,254~~718
Non-cash lease expense		~~5,319~~928			~~5,875~~967
Deferred provision (benefit) for income taxes		~~37,919~~—			41(3,~~695~~619	)
Amortization of deferred financing costs		~~1,399~~—			~~907~~291
Change in fair value of liability classified warrants		17,560			6,018
Net income from discontinued operations		(417,067	)		(44,741	)
Other		(556	)		453
Changes in operating assets and liabilities:
Mortgage loans originated for sale		(705,702	)		(693,056	)
(Increase) decrease in other assets		(4,484	)		1,030
Proceeds from the sale of mortgage loans originated for sale		727,470			710,605
Increase (decrease) in other liabilities and lease obligations		(4,714	)		(1,525	)
(Increase) decrease in notes and accounts receivable		(41,374	)		(101,126	)
Net cash provided by (used in) operating activities from continuing operations		(18,394	)		(13,673	)
(Increase) decrease in reinsurance recoverable		(352,779	)		21,230
Net cash provided by (used in) operating activities from discontinued operations		53,242			1,605
(Increase) decrease in prepaid reinsurance premiums		(54,712	)		(77,625	)
Net cash provided by (used in) operating activities		34,848			(12,068	)
(Increase) decrease in deferred acquisition costs		(6,918	)		(5,177	)
(Increase) decrease in other assets		(2,904	)		(1,971	)
Increase (decrease) in unearned premiums		154,036			14,908
Increase (decrease) in policy liabilities and unpaid claims		317,621			348,009
Increase (decrease) in deferred revenue		(41,268	)		19,304
Increase (decrease) in reinsurance payable		27,422			(84,992	)
Increase (decrease) in other liabilities and accrued expenses		15,101			(81,125	)
Net cash provided by (used in) operating activities		123,366			170,799
Investing Activities:
Purchases of investments		(~~906~~157,~~432~~193	)		(~~614~~74,~~279~~348	)
Proceeds from sales and maturities of investments		~~760~~20,~~570~~869			~~477~~11,~~843~~400
Purchases of property, plant and equipment		(4,358	)		(2,229	)
Net cash provided by (used in) investing activities from continuing operations		(136,324	)		(62,948	)
Proceeds from notes receivable		100,033			74,867
Net cash provided by (used in) investing activities from discontinued operations		696,339			73,016
Issuance of notes receivable		(72,704	)		(82,400	)
Net cash provided by (used in) investing activities		560,015			10,068
Net cash provided by (used in) investing activities		(122,891	)		(146,198	)
Financing Activities:
Dividends paid		(114,~~576~~529	)		(114,~~566~~526	)
Non-controlling interest (redemptions) contributions		—(5	)		~~9,312~~—
Cash (paid) received in connection with vested or exercised stock awards		(~~9,285~~502	)		(~~931~~2,414	)
Payment of debt issuance costs		(~~2,346~~50	)		(~~144~~2,285	)
Proceeds from borrowings and mortgage notes payable		~~970,807~~—			~~773~~74,~~990~~250
Principal paydowns of borrowings and mortgage notes payable		(~~889~~74,~~549~~249	)		(~~788,641~~375	)
Net cash provided by (used in) financing activities		58,051			(17,980	)
Repurchases of common stock and other changes in additional paid-in capital		(10,319	)		—
Effect of exchange rate changes on cash		4,770			5,188
Net cash provided by (used in) financing activities from continuing operations		(89,654	)		64,650
Net increase (decrease) in cash, cash equivalents and restricted cash		63,296			11,809
Net cash provided by (used in) financing activities from discontinued operations		42,160			(10,162	)
Cash, cash equivalents and restricted cash – beginning of period		416,264			492,561
Net cash provided by (used in) financing activities		(47,494	)		54,488
Cash, cash equivalents and restricted cash – end of period	$	479,560		$	504,370
Effect of exchange rate changes on cash		2,193			6,296
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Net increase (decrease) in cash, cash equivalents and restricted cash		549,562			58,784
Right of use asset obtained in exchange for lease liability	$	4,364		$	1,923
Cash, cash equivalents and restricted cash – beginning of period		30,784			19,437
Cash, cash equivalents and restricted cash – beginning of period - held for sale		366,587			396,827
Cash, cash equivalents and restricted cash – end of period		946,933			475,048
Less: Reclassification of cash to held for sale		—			470,675
Cash, cash equivalents and restricted cash – end of period	$	946,933		$	4,373

	As of
Reconciliation of cash, cash equivalents and restricted cash	September 30,2025		December 31,2024
Reconciliation of cash, cash equivalents and restricted cash (1)	June 30,2026		December 31,2025
Cash and cash equivalents	$	~~366~~946,~~087~~933	$	~~320~~322,~~067~~169
Restricted cash		~~113,473~~—		9675,~~197~~202
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	~~479~~946,~~560~~933	$	~~416~~397,~~264~~371

(1)

The December 31, 2025 balance includes cash and cash equivalents associated with assets held for sale. Such amounts were included in assets held for sale on the Condensed Consolidated Balance Sheet as of December 31, 2025.

See accompanying notes to condensed consolidated financial statements.

F-8

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

(1) Organization

Tiptree Inc. (together with its consolidated subsidiaries, collectively, Tiptree, the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree’s common stock trades on the Nasdaq ~~Capital~~Stock Market under the symbol “TIPT.” Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. We classify our business into two reportable segments: Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable segments and other business activities, as Tiptree Capital.

AsFor ofthe ~~September~~three and six months ended June 30, ~~2025~~2026, ~~Fortegra~~the Chief Operating Decision Maker (“CODM”) was ~~owned~~the ~~approximately~~Chief ~~78.9%~~Executive byOfficer ~~Tiptree~~of ~~Holdings,~~the 17Company.6% byFor ~~Warburg~~the three and ~~3.5%~~six bymonths ~~management~~ended ~~and~~June ~~directors~~30, 2025, the CODM was the Executive Committee of ~~Fortegra,~~the Company. The CODM primarily uses income before ~~giving~~taxes, ~~effect~~as toreported on the ~~exercise~~Condensed Consolidated Statements of ~~outstanding~~Operations, ~~warrants~~to allocate resources and ~~management~~assess ~~options~~performance. In addition, ~~and~~management's measure of segment assets is reported on the ~~conversion~~Condensed ofConsolidated ~~outstanding~~Balance ~~preferred~~Sheets ~~stock~~as total assets. ~~See~~Significant ~~Note~~segment ~~(15)~~expenses ~~Stockholders'~~can ~~Equity~~be ~~for~~seen ~~additional~~on ~~information~~the Condensed Consolidated Statements of Operations. The Company’s previous insurance and mortgage segments have been sold, and the Company now operates under one operating and reportable segment.

On ~~September~~May 261, ~~2025~~2026, Tiptree ~~entered~~completed ~~into~~the anReliance ~~Agreement~~Transaction ~~and~~to ~~Plan~~Carrington ofMortgage ~~Merger~~Services, (LLC, as the ~~“Merger~~buyer. Pursuant to the Agreement”), ~~with~~Carrington DBacquired ~~Insurance~~all ~~Co.,~~the ~~Ltd.~~issued and outstanding membership interests of Reliance for an amount equal, ~~incorporated~~in ~~and~~U.S. ~~existing~~dollars, ~~under~~to the ~~laws~~sum of (a) the ~~Republic~~product of ~~Korea~~ (~~“Purchaser”~~i), ~~and~~the ~~Fortegra,~~Tangible aBook ~~Delaware~~Value ~~corporation~~(as ~~and~~defined ~~subsidiary~~in the Reliance Purchase Agreement) of ~~Tiptree.~~Reliance Aas ~~subsidiary~~of the closing of ~~Purchaser~~the Reliance Transaction and (~~“Merger~~ii) ~~Sub”~~93.50%; less (b) toTransaction beExpenses ~~incorporated~~(as defined in ~~Delaware~~the ~~following~~Reliance ~~the~~Purchase ~~date~~Agreement); ofless (c) Unpaid Taxes (as defined in the ~~Merger~~Reliance Purchase Agreement) ~~and~~(the ~~prior~~“Reliance toTransaction”). At the closing of the ~~merger~~Reliance (Transaction, the ~~“Closing”)~~Reliance ~~will~~Buyer paid, ~~upon~~to ~~its~~the ~~formation~~Reliance Sellers the Estimated Cash Payment (as defined in the Reliance Purchase Agreement), ~~execute~~less aan ~~joinder~~amount equal to the ~~Merger~~Purchase ~~Agreement~~Price ~~and~~Adjustment ~~thereby~~Holdback ~~become~~Amount a(as ~~party~~defined ~~thereto~~in the Reliance Purchase Agreement).

~~Pursuant~~On toMay ~~the~~29, ~~Merger Agreement~~2026, ~~Purchaser~~Tiptree ~~will~~completed ~~acquire~~the ~~Fortegra~~Agreement ~~for~~and aPlan ~~purchase price~~ of ~~$1.65~~Merger ~~billion in cash~~ (~~subject to certain adjustments set forth in~~ the ~~Merger~~“Sale Agreement”) ~~and Merger Sub will merge~~ with ~~and~~DB ~~into~~Insurance ~~Fortegra~~Co., ~~with Fortegra being the surviving corporation (the “Merger”)~~Ltd., incorporated and asexisting aunder ~~result of which Purchaser shall be~~ the ~~sole~~laws ~~stockholder~~ of ~~Fortegra. The purchase price will be reduced by certain categories of payments made by Fortegra after June 30, 2025 and at or prior to~~ the ~~Closing~~Republic ~~(“Leakage”), except for certain categories~~ of ~~agreed~~Korea ~~permitted Leakage~~ (“~~Permitted Leakage~~Purchaser”)~~. Leakage includes payments for~~, ~~among~~and ~~other categories~~Fortegra, ~~specified~~a ~~transaction~~Delaware ~~expenses,~~Corporation ~~certain dividends or distributions to related parties, payments to related parties for equity or securities redemptions, returns of capital,~~ and ~~other~~subsidiary ~~specified categories~~ of ~~payments or liabilities~~Tiptree. ~~Permitted~~Pursuant ~~Leakage~~to ~~includes payments reserved for in~~ the ~~financial~~Sale ~~statements of Fortegra~~Agreement, ~~requested or consented to by~~ Purchaser, ~~and~~acquired ~~other~~Fortegra ~~specified categories of payments or liabilities. Purchaser’s recovery~~ for ~~Leakage~~a ~~that~~purchase isprice ~~not~~of ~~adjusted~~$1,650,000 ~~for~~in atcash ~~the~~(subject ~~Closing is limited~~ to acertain ~~leakage~~adjustments ~~reserve~~set ~~holdback~~forth ~~account.~~in If the ~~Closing~~Sale ~~has~~Agreement) ~~not~~and ~~occurred~~Merger onSub ormerged ~~before~~with ~~June~~and 1,into ~~2026~~Fortegra, ~~the~~with ~~$1.65~~Fortegra ~~billion~~being ~~purchase~~the ~~price~~surviving ~~will~~corporation be(the ~~increased~~“Sale”), byand as a ~~profit~~result ~~sharing~~of ~~fee~~ which ~~shall~~Purchaser ~~accrue~~is ~~on such price from June 1, 2026 through~~ the ~~Closing~~sole atstockholder ~~a rate~~ of ~~10% per annum~~Fortegra.

The Merger Agreement contains customary representations and warranties made by each of the parties. The parties have also agreed to various covenants in the Merger Agreement, including agreements by Fortegra to conduct its business in the ordinary course of business in all material respects and in compliance with applicable law and to use commercially reasonable efforts to maintain and preserve substantially intact its present business organization and significant business relationships and goodwill.

Tiptree is also subject to customary “no-shop” restrictions on its ability to solicit acquisition proposals from third parties (including acquisition proposals relating to the sale of all or a significant portion of Fortegra or its assets) and to provide information to, and participate in discussions and engage in negotiations with, third parties regarding any acquisition proposals. Tiptree may, under certain specified circumstances, provide information to, and participate in discussions and engage in negotiations with, third parties with respect to an acquisition proposal if the board of directors of Tiptree has determined in good faith (after consultation with its outside legal counsel and financial advisors) that such alternative acquisition proposal constitutes or would reasonably be expected to lead to or result in a Superior Proposal (as defined in the Merger Agreement). If the board of directors of Tiptree has determined in good faith (after consultation with its outside legal counsel and financial advisors) that an acquisition proposal constitutes a Superior Proposal, then Tiptree may terminate the Merger Agreement to enter into an agreement with respect to such Superior Proposal, subject to compliance with the procedures specified in the Merger Agreement and payment of a termination fee of $49,500. The Merger Agreement also provides that Tiptree will call a special stockholder meeting and take customary steps, including mailing a proxy statement to Tiptree’s stockholders, in order to obtain stockholder approval of the Merger.

The Merger is anticipated to close in mid-2026. The Closing is subject to certain conditions, including (i) Tiptree stockholder approval, (ii) Fortegra stockholder approval, (iii) regulatory approval, including certain Form A filings and other insurance regulatory approvals in certain foreign jurisdictions, clearance by the Committee on Foreign Investment in the United States and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (iv) the continued accuracy of the representations and warranties of the parties (subject to specified materiality standards), (v) performance of each party’s obligations under the Merger Agreement in all material respects and (vi) the absence of a material adverse effect with respect to Fortegra.

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Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

(2) Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three and ~~nine~~six months ended ~~September~~June 30, 2026 and 2025 are not necessarily indicative of the results that may be expected for the full year ending on December 31, ~~2025~~2026.

Non-controlling interests (NCI) on the condensed consolidated balance sheets represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated.

Recent Accounting Standards

Recently Adopted Accounting Pronouncements

During the nine months ended September 30, 2025, there were no accounting standards adopted by the Company.

          Accounting Standard Update

          Description

          Adoption Date

          Impact on Financial Statements

          2025-05, Financial
Instruments — Credit Losses (Topic 326)
 
          The amendments in this update provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.

          January 1, 2026

          The amendments do not have a material impact to the Company’s condensed consolidated financial statements.

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Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2026

(in thousands, except share data)

Recently Issued Accounting Pronouncements, Not Yet Adopted

AccountingStandard Update	Description	Adoption Date	Impact on Financial Statements
2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures	The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) indicated that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows.	The amendments in this update are effective for annual periods beginning after December 15, 2024.	The Company expects to adopt this guidance when required, which will enhance our income tax disclosures.
2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: 1. Disclose the amounts of relevant expense and within which expense caption the relevant expense is presented on the face of the income statement within continuing operations. 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4. Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.	The amendments in this update are effective for annual reporting periods beginning after December 15, 2026.	The Company is currently assessing the amendments and expects to adopt this guidance when required, with minimal impact to its financials and disclosures.
2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: 1. Disclose the amounts of relevant expense and within which expense caption the relevant expense is presented on the face of the income statement within continuing operations. 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4. Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.	The amendments in this update are effective for annual reporting periods beginning after December 15, 2026.	The Company expects to adopt this guidance when required, with minimal impact to our financials and disclosures.
2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements	The amendments in this Update clarify interim reporting disclosure requirements and improves the organization of existing guidance of Topic 270.	The amendments in this update are effective for interim periods beginning after December 15, 2027.	The Company is currently assessing the amendments and expects to adopt the guidance when required. The Company does not anticipate a material impact on its financial statements or disclosures.
2025-05, Financial Instruments — Credit Losses (Topic 326)	The amendments in this update provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.	The amendments in this update are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within	The Company expects to adopt this guidance when required, with minimal impact to our financials and disclosures.
2025-12, Codification Improvements	These amendments clean up outdated language, fix errors, clarify calculations and disclosures, update references, and improve consistency across GAAP, with numerous updates also affecting nonprofit and specialized accounting areas. The amendments are not expected to have a significant effect on current accounting practice.	The amendments in this update are effective for annual reporting periods beginning after December 15, 2026.	The Company is currently assessing the amendments and expects to adopt the guidance when required. The Company does not anticipate a material impact on its financial statements or disclosures.

(3) Dispositions & Discontinued Operations

Dispositions

On May 1, 2026, the Company completed the sale of Reliance, its mortgage segment, pursuant to the Purchase Agreement entered on October 31, 2025. The total consideration received for the sale of Reliance consisted of cash proceeds of $49,667, subject to customary post-closing adjustments. The disposal group incurred cumulative impairment losses of $9,052 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 $1,708. During the six months ended June 30, 2026, the Company recognized a favorable adjustment of $486 in discontinued operations related to subsequent changes in estimated fair value less costs to sell, resulting in a cumulative pre-tax loss of $8,566.

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 $1,650,000, less transaction expenses of $25,023 in which the Company received consideration of $1,121,743. The Company recognized an after-tax gain on sale of $372,240, which is included in net income from discontinued operations for the three and six months ended June 30, 2026.

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Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

		those annual reporting periods.
($ in thousands)	As of
2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40)	The amendments in this update remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. Therefore, an entity is required to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”).	The amendments in this update are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods.	The Company expects to adopt this guidance when required, with minimal impact to our financials and disclosures.
	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

~~(3)~~Prior ~~Operating~~to ~~Segment~~their ~~Data~~sale, the assets and liabilities of Fortegra and Reliance were classified as held for sale as of December 31, 2025. Upon completion of the sales 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 the Company’s condensed consolidated balance sheet.

~~Tiptree~~Discontinued is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, Fortegra, is a provider of specialty insurance, service contract products and related service solutions. Based on the quantitative analysis performed related to Accounting Standard Codification (ASC) 280, Segment Reporting, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, comprised of our Mortgage reportable segment and our non-reportable operating segments and other business activities, as Tiptree Capital. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses.Operations

~~For~~In ~~the~~connection ~~nine~~with ~~months~~the ~~ended~~sale ~~September~~of ~~30,~~Fortegra ~~2025~~ and ~~2024~~Reliance, the ~~Chief~~results ~~Operating~~of ~~Decision~~operations ~~Maker~~for ~~(CODM)~~these ~~was~~businesses ~~the~~are ~~Executive~~presented ~~Committee~~as ofdiscontinued ~~the~~operations ~~Company,~~in ~~comprised~~the ofcondensed ~~the~~consolidated ~~Executive~~statements ~~Chairman~~of ~~and~~operations ~~Chief~~for ~~Executive~~all ~~Officer~~periods presented. The ~~CODM~~results ~~uses~~of ~~Income~~discontinued ~~(loss)~~operations ~~before~~include ~~taxes~~the ~~and~~operating ~~other~~results ~~information~~of ~~provided~~Fortegra ~~in tables below to allocate resources~~ and ~~assess~~Reliance ~~performance.~~through ~~Our~~their ~~reportable~~respective ~~segments’~~disposal ~~income~~dates orin ~~loss~~the isthree ~~reported~~months ~~before~~ended ~~income~~June ~~taxes~~30, 2026, and ~~non-controlling interests. Segment results incorporate~~ the ~~revenues~~gain ~~and~~(loss) ~~expenses~~recognized ofupon ~~these subsidiaries since they commenced operations or were acquired~~disposition. ~~Intercompany transactions are eliminated.~~

~~Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment, are as follows:~~Fortegra

~~Insurance~~The ~~operations~~following ~~are~~table ~~conducted~~presents ~~through~~details ~~Fortegra, which is a leading provider~~ of ~~specialty insurance products and related services.~~ Fortegra’s ~~designs,~~revenues ~~markets~~ and ~~underwrites~~expenses ~~specialty~~of ~~property~~discontinued ~~and~~operations ~~casualty~~in ~~insurance~~the ~~products~~condensed ~~incorporating~~consolidated ~~value-added~~statements ~~coverages~~of ~~and~~operations ~~services~~ for ~~select~~the ~~target~~following ~~markets or niches. Fortegra’s products and services include niche commercial and personal lines, service contracts, and other insurance services.~~periods:

Tiptree Capital:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues:
Earned premiums, net	$	252,085	$	381,941	$	627,130	$	745,378
Service and administrative fees		53,522		96,847		138,339		194,145
Ceding commissions		1,810		3,542		5,159		7,175
Net investment income		5,926		10,505		22,254		22,234
Net realized and unrealized gains (losses)		24,454		11,968		15,893		8,549
Other revenue		3,792		8,214		11,231		16,117
Total revenues		341,589		513,017		820,006		993,598

Expenses:
Policy and contract benefits		136,736		226,472		332,834		435,785
Commissions expense		86,188		140,486		231,801		292,086
Employee compensation and benefits		38,898		37,711		76,541		74,146
Interest expense (1)		6,515		10,469		16,153		20,528
Depreciation and amortization expenses (2)		—		4,484		—		8,934
Other expenses (2)		19,496		28,461		59,127		60,320
Total expenses		287,833		448,083		716,456		891,799
Income (loss) before taxes		53,756		64,934		103,550		101,799
Gain (loss) on sale of discontinued operations		484,544		—		484,544		—
Income (loss) before taxes (including sale)		538,300		64,934		588,094		101,799
Less: provision (benefit) for income taxes (3)		131,677		23,582		152,229		37,640
Net income (loss) from discontinued operations		406,623		41,352		435,865		64,159
Less: net income (loss) attributable to non-controlling interests		10,416		12,144		19,146		19,477
Net income (loss) from discontinued operations after non-controlling interests	$	396,207	$	29,208	$	416,719	$	44,682

(1)

~~Mortgage~~Due ~~operations~~to ~~are~~a ~~conducted~~loan ~~through~~covenant ~~Reliance~~on the Tiptree Holdings debt, repayment was required from the proceeds of the Sale. ~~The~~In ~~Company’s~~accordance ~~mortgage~~with ~~business~~ASC ~~originates~~205-20, ~~loans~~Presentation ~~for~~of ~~sale~~Financial Statements, expenses related to ~~institutional~~this ~~investors~~debt have been classified within discontinued operations, ~~including~~for ~~GSEs~~the ~~and~~six ~~FHA/VA~~months ended June 30, 2026 and ~~services~~2025 ~~loans~~amounted onto ~~behalf~~approximately of$2,951 ~~Fannie~~and ~~Mae~~$3,236, ~~Freddie~~respectively. ~~Mac~~See Note (5) Debt, ~~and~~net ~~Ginnie~~for ~~Mae~~further details.

(2)

~~Other~~In ~~includes~~accordance ~~our~~with ~~asset~~ASC ~~manager~~360, ~~Tiptree Advisors~~Property, ~~other~~Plant ~~investments~~and Equipment, the Company ceased recording depreciation and ~~our~~amortization ~~maritime~~on ~~shipping~~long-lived ~~operations~~assets ~~for~~upon ~~prior~~their ~~year~~classification ~~periods.~~as held for sale.

The tables below present the components of total assets, revenue, expense and income (loss) before taxes for our reportable segments and other business activities for the following periods:

F-11

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

(3)

	As of September 30, 2025
	Insurance		Mortgage		Segments subtotal		Other		Corporate		Total
Total assets	$	6,114,642	$	212,864	$	6,327,506	$	69,509	$	19,254	$	6,416,269

For the six months ended June 30, 2026 and 2025 deferred tax expense of $13,496 and $12,660, respectively, was associated with the book-to-tax basis difference in Tiptree’s investment in Fortegra. While the liability is a parent-level tax attribute, the expense relating to it is classified within discontinued operations in accordance with ASC 740-10-45-20, Income Taxes.

	Three Months Ended September 30, 2025
	Insurance		Mortgage		Segments subtotal		Other		Corporate			Total
Revenues:
Earned premiums, net	$	383,881	$	—	$	383,881	$	—	$	—		$	383,881
Service and administrative fees		95,821		—		95,821		—		—			95,821
Ceding commissions		3,483		—		3,483		—		—			3,483
Net investment income		7,397		—		7,397		—		—			7,397
Net realized and unrealized gains (losses)		24,761		9,843		34,604		275		—			34,879
Other revenue		7,273		6,327		13,600		1,241		—			14,841
Total revenues		522,616		16,170		538,786		1,516		—			540,302
Expenses:
Policy and contract benefits		217,330		—		217,330		—		—			217,330
Commission expense		144,919		—		144,919		—		—			144,919
Employee compensation and benefits		41,736		9,922		51,658		141		10,295			62,094
Interest expense		8,261		346		8,607		—		2,083			10,690
Depreciation and amortization		4,824		70		4,894		—		365			5,259
Other expenses		50,323		5,630		55,953		9		5,772			61,734
Total expense		467,393		15,968		483,361		150		18,515			502,026
Income (loss) before taxes		55,223		202		55,425		1,366		(18,515	)		38,276
Less: provision (benefit) for income taxes													22,666
Net income (loss)													15,610
Less: net income (loss) attributable to non-controlling interests													9,189
Net income (loss) attributable to common stockholders												$	6,421

The following table represents a summary of cash flows related to discontinued operations included in the condensed consolidated statements of cash flows for the following periods:

	Nine Months Ended September 30, 2025
	Six Months EndedJune 30,
	Insurance		Mortgage			Segments subtotal		Other			Corporate			Total
	2026		2025
Revenues:
Net cash provided by (used in):
Earned premiums, net	$	1,129,259	$	—		$	1,129,259	$	—		$	—		$	1,129,259
Operating activities	$	67,832	$	(1,079	)
Service and administrative fees		289,966		—			289,966		—			—			289,966
Investing activities		666,451		73,753
Ceding commissions		10,658		—			10,658		—			—			10,658
Financing Activities		28,911		(5,822	)
Net investment income		29,631		—			29,631		—			—			29,631
Effect of exchange rate changes on cash		2,193		6,296
Net realized and unrealized gains (losses)		33,310		29,485			62,795		(441	)		—			62,354
Net cash flows provided by (used in) discontinued operations	$	765,387	$	73,148
Other revenue		23,390		18,096			41,486		3,124			—			44,610
Total revenues		1,516,214		47,581			1,563,795		2,683			—			1,566,478
Expenses:
Policy and contract benefits		653,115		—			653,115		—			—			653,115
Commission expense		437,005		—			437,005		—			—			437,005
Employee compensation and benefits		115,882		29,065			144,947		362			26,392			171,701
Interest expense		25,553		1,040			26,593		—			5,319			31,912
Depreciation and amortization		13,758		223			13,981		—			1,083			15,064
Other expenses		110,480		17,023			127,503		4,076			9,764			141,343
Total expense		1,355,793		47,351			1,403,144		4,438			42,558			1,450,140
Income (loss) before taxes		160,421		230			160,651		(1,755	)		(42,558	)		116,338
Less: provision (benefit) for income taxes															56,656
Net income (loss)															59,682
Less: net income (loss) attributable to non-controlling interests															28,666
Net income (loss) attributable to common stockholders														$	31,016

Reliance

The following table presents details of Reliance’s revenues and expenses of discontinued operations in the condensed consolidated statements of operations for the following periods:


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Revenues:
Net realized and unrealized gains (losses)	$	2,744		$	10,132	$	13,026		$	19,642
Other revenue		2,795			6,100		8,417			11,769
Total revenues		5,539			16,232		21,443			31,411

Expenses:
Employee compensation and benefits		3,231			9,827		12,449			19,143
Interest expense		226			392		518			694
Depreciation and amortization expenses (1)		—			79		—			153
Impairment expense (2)		175			—		(486	)		—
Other expenses (1)		2,871			5,696		8,051			11,393
Total expenses		6,503			15,994		20,532			31,383
Income (loss) before taxes		(964	)		238		911			28
Less: provision (benefit) for income taxes (3)		(439	)		41		563			(31	)
Net income (loss) from discontinued operations	$	(525	)	$	197	$	348		$	59

(1)

In accordance with ASC 360, Property, Plant and Equipment, the Company ceased recording depreciation and amortization on long-lived assets upon their classification as held for sale.

(2)

As part of the sale of mortgage segment, the Company recognized an impairment charge to reduce the carrying amount of the subsidiary’s assets to their estimated fair value, based on the consideration specified in the Reliance Purchase Agreement.

(3)

For the six months ended June 30, 2026 and 2025 deferred tax expense of $466 and $0, respectively, was associated with the book-to-tax basis difference in Tiptree’s investment in Reliance. While the liability is a parent-level tax attribute, the expense relating to it is classified within discontinued operations in accordance with ASC 740-10-45-20, Income Taxes.

The following table represents a summary of cash flows related to discontinued operations included in the condensed consolidated statements of cash flows for the following periods:


	Six Months Ended June 30,
	2026			2025
Net cash provided by (used in):
Operating activities	$	(14,590	)	$	2,684
Investing activities		29,888			(737	)
Financing Activities		13,249			(4,340	)
Net cash flows provided by (used in) discontinued operations	$	28,547		$	(2,393	)

(4) Marketable Securities

F-12

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

	As of December 31, 2024
	Insurance		Mortgage		Segments subtotal		Other		Corporate		Total
Total assets	$	5,432,987	$	202,664	$	5,635,651	$	36,818	$	22,320	$	5,694,789

and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy.

	Three Months Ended September 30, 2024
	Insurance		Mortgage			Segments subtotal		Other			Corporate			Total
Revenues:
Earned premiums, net	$	359,496	$	—		$	359,496	$	—		$	—		$	359,496
Service and administrative fees		95,362		—			95,362		—			—			95,362
Ceding commissions		3,716		—			3,716		—			—			3,716
Net investment income		9,111		—			9,111		—			—			9,111
Net realized and unrealized gains (losses)		2,218		8,862			11,080		(2,764	)		—			8,316
Other revenue		11,110		6,030			17,140		1,221			—			18,361
Total revenues		481,013		14,892			495,905		(1,543	)		—			494,362
Expenses:
Policy and contract benefits		203,442		—			203,442		—			—			203,442
Commission expense		154,005		—			154,005		—			—			154,005
Employee compensation and benefits		37,876		9,129			47,005		117			5,213			52,335
Interest expense		7,173		441			7,614		—			—			7,614
Depreciation and amortization		4,970		61			5,031		—			364			5,395
Other expenses		26,338		5,350			31,688		943			2,159			34,790
Total expense		433,804		14,981			448,785		1,060			7,736			457,581
Income (loss) before taxes		47,209		(89	)		47,120		(2,603	)		(7,736	)		36,781
Less: provision (benefit) for income taxes															16,308
Net income (loss)															20,473
Less: net income (loss) attributable to non-controlling interests															8,558
Net income (loss) attributable to common stockholders														$	11,915

The Company’s fair value measurements are based primarily on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third-party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources.

	Nine Months Ended September 30, 2024
	Insurance		Mortgage		Segments subtotal		Other			Corporate			Total
Revenues:
Earned premiums, net	$	1,105,273	$	—	$	1,105,273	$	—		$	—		$	1,105,273
Service and administrative fees		311,696		—		311,696		—			—			311,696
Ceding commissions		11,525		—		11,525		—			—			11,525
Net investment income		22,250		—		22,250		—			—			22,250
Net realized and unrealized gains (losses)		7,582		29,662		37,244		(726	)		—			36,518
Other revenue		31,385		17,004		48,389		3,605			—			51,994
Total revenues		1,489,711		46,666		1,536,377		2,879			—			1,539,256
Expenses:
Policy and contract benefits		645,081		—		645,081		—			—			645,081
Commission expense		484,232		—		484,232		—			—			484,232
Employee compensation and benefits		100,884		27,746		128,630		360			22,448			151,438
Interest expense		22,300		1,619		23,919		—			—			23,919
Depreciation and amortization		14,886		283		15,169		—			1,085			16,254
Other expenses		87,058		15,826		102,884		1,917			6,405			111,206
Total expense		1,354,441		45,474		1,399,915		2,277			29,938			1,432,130
Income (loss) before taxes		135,270		1,192		136,462		602			(29,938	)		107,126
Less: provision (benefit) for income taxes														48,799
Net income (loss)														58,327
Less: net income (loss) attributable to non-controlling interests														24,511
Net income (loss) attributable to common stockholders													$	33,816

The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility.

Available for Sale Securities, at fair value

U.S. Treasury Securities: Fair values were obtained from an independent pricing service and a third-party investment manager. The prices provided by the independent pricing service and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in the fair value hierarchy.

Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy.

Equity Securities

The following table presents the Company’s marketable securities, measured at fair value as of the following periods:


	As of June 30, 2026
	Quoted		Other
	prices		significant		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	Level 1		Level 2		Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities	$	—	$	157,652	$	—	$	157,652
Certificates of deposit		581		—		—		581
Total available for sale securities, at fair value		581		157,652		—		158,233

Total marketable securities	$	581	$	157,652	$	—	$	158,233

F-13

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

The Company conducts its operations primarily in the U.S. with 5.6 % and 4.4 % of total revenues generated overseas for the three months ended September 30, 2025 and 2024, respectively, and 5.0 % and 4.6 % of total revenues generated overseas for the nine months ended September 30, 2025 and 2024, respectively.


	As of December 31, 2025
	Quoted		Other
	prices		significant		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	Level 1		Level 2		Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities	$	—	$	16,491	$	—	$	16,491
Certificates of deposit		581		—		—		581
Total available for sale securities, at fair value		581		16,491		—		17,072

Equity securities, at fair value		4,629		—		—		4,629
Total marketable securities	$	5,210	$	16,491	$	—	$	21,701

(4) Investments

The following table presents the Company’s investments related to insurance operations and other Tiptree investing activities, measured at fair value as of the following periods:

	As of September 30, 2025
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	1,265,621	$	—	$	39,782	$	1,305,403
Loans, at fair value		8,209		82,213		—		90,422
Equity securities		165,965		—		5,708		171,673
Other investments		49,454		3,586		461		53,501
Total investments	$	1,489,249	$	85,799	$	45,951	$	1,620,999

	As of December 31, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	1,097,057	$	—	$	10,872	$	1,107,929
Loans, at fair value		10,272		71,058		—		81,330
Equity securities		104,468		—		4,152		108,620
Other investments		49,983		3,101		—		53,084
Total investments	$	1,261,780	$	74,159	$	15,024	$	1,350,963

Available for Sale Securities, at fair value

A majority of the Company’s investments in Available for Sale Securities, at fair value, net of allowance for credit losses (AFS securities) as of September 30, 2025 and December 31, 2024 are held by subsidiaries in the insurance segment. The following tables present the Company’s investments in AFS securities:

	As of September 30, 2025
	As of June 30, 2026
	Amortized cost		Allowance for credit losses(1)			Grossunrealized gains		Grossunrealized losses			Fair value
	Amortized		Allowance for			Net carrying		Gross			Gross
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	329,195	$	—		$	874	$	(21,222	)	$	308,847
	Cost		credit losses (1)			amount		unrealized gains			unrealized losses		Fair value
Obligations of state and political subdivisions		17,481		(1	)		33		(1,833	)		15,680
U.S. Treasury securities	$	157,193	$	—		$	157,193	$	459		$	—	$	157,652
Corporate securities		818,685		(713	)		10,230		(1,731	)		826,471
Certificates of deposit		581		—			581		—			—		581
Asset backed securities		91,956		(74	)		215		(1,338	)		90,759
Total	$	157,774	$	—		$	157,774	$	459		$	—	$	158,233
Certificates of deposit		1,151		—			—		—			1,151
Obligations of foreign governments		62,092		—			529		(126	)		62,495
Total	$	1,320,560	$	(788	)	$	11,881	$	(26,250	)	$	1,305,403

	As of December 31, 2024
	As of December 31, 2025
	Amortized cost		Allowance for credit losses(1)			Grossunrealized gains		Grossunrealized losses			Fair value
	Amortized		Allowance for			Net carrying		Gross			Gross
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	426,002	$	—		$	611	$	(30,970	)	$	395,643
	Cost		credit losses (1)			amount		unrealized gains			unrealized losses		Fair value
Obligations of state and political subdivisions		41,593		(1	)		—		(2,917	)		38,675
U.S. Treasury securities	$	16,158	$	—		$	16,158	$	333		$	—	$	16,491
Corporate securities		605,517		(3,157	)		3,177		(7,403	)		598,134
Certificates of deposit		581		—			581		—			—		581
Asset backed securities		25,455		(68	)		4		(2,531	)		22,860
Total	$	16,739	$	—		$	16,739	$	333		$	—	$	17,072
Certificates of deposit		1,145		—			—		—			1,145
Obligations of foreign governments		51,857		(1	)		—		(384	)		51,472
Total	$	1,151,569	$	(3,227	)	$	3,792	$	(44,205	)	$	1,107,929

(1)

~~Represents~~The ~~the~~Company ~~amount~~did ofnot ~~impairment~~identify ~~that~~any ~~has~~of ~~resulted~~its ~~from credit~~available-~~related~~for-sale ~~factors,~~marketable ~~and~~securities ~~therefore~~requiring ~~was~~an ~~recognized~~allowance infor ~~net realized and unrealized gains (losses) as a~~ credit loss onor ~~AFS~~as ~~securities.~~other-than-temporarily ~~Amount~~impaired ~~excludes~~in ~~unrealized~~any ~~losses~~of ~~relating~~the toperiods ~~non-credit factors~~presented.

The amortized cost and fair values of AFS securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	As of
	June 30, 2026				December 31, 2025
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	157,774	$	158,233	$	16,739	$	17,072

F-14

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

	As of
	September 30, 2025				December 31, 2024
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	187,121	$	188,158	$	250,036	$	249,392
Due after one year through five years		532,945		535,899		438,322		430,597
Due after five years through ten years		306,925		308,184		223,969		201,948
Due after ten years		201,613		182,403		213,787		203,132
Asset backed securities		91,956		90,759		25,455		22,860
Total	$	1,320,560	$	1,305,403	$	1,151,569	$	1,107,929

The following tables present the gross unrealized losses on AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:

	As of September 30, 2025
	Less Than or Equal to One Year							More Than One Year
	Fair value		Grossunrealized losses			# of Securities(1)		Fair value		Gross unrealized losses			# of Securities(1)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	37,639	$	(277	)		43	$	171,813	$	(20,945	)		469
Obligations of state and political subdivisions		—		—			—		14,326		(1,833	)		30
Corporate securities		226,482		(902	)		365		18,524		(829	)		51
Asset backed securities		47,205		(153	)		113		11,394		(1,185	)		92
Obligations of foreign governments		17,328		(57	)		2		1,314		(69	)		5
Total	$	328,654	$	(1,389	)		523	$	217,371	$	(24,861	)		647

	As of December 31, 2024
	Less Than or Equal to One Year							More Than One Year
	Fair value		Grossunrealized losses			# of Securities(1)		Fair value		Gross unrealized losses			# of Securities(1)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	118,269	$	(4,359	)		612	$	176,083	$	(26,611	)		570
Obligations of state and political subdivisions		5,856		(77	)		147		31,769		(2,840	)		96
Corporate securities		293,224		(2,156	)		958		103,002		(5,247	)		385
Asset backed securities		—		—			—		21,756		(2,531	)		130
Obligations of foreign governments		48,346		(266	)		15		1,273		(118	)		6
Total	$	465,695	$	(6,858	)		1,732	$	333,883	$	(37,347	)		1,187

Presented in whole numbers.

Management believes that it is more likely than not that the Company will be able to hold the fixed maturity AFS securities that were in an unrealized loss position as of September 30, 2025 until full recovery of their amortized cost basis.

F-15

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type for the following periods:

	Obligations of state and political subdivisions			Corporate securities			Asset backed securities			Obligations of foreign governments			Total
Balance at December 31, 2023	$	(1	)	$	(73	)	$	(10	)	$	—		$	(84	)
(Increase) in allowance for credit losses		—			(47	)		(122	)		—			(169	)
Additions for AFS securities purchased with credit deterioration during the year		—			(380	)		—			—			(380	)
Reduction in credit losses due to AFS securities sold during the year		—			2			—			—			2
Gains from recoveries of amounts previously written off		—			20			1			—			21
Balance at September 30, 2024	$	(1	)	$	(478	)	$	(131	)	$	—		$	(610	)
Balance at December 31, 2024	$	(1	)	$	(3,157	)	$	(68	)	$	(1	)	$	(3,227	)
(Increase) in allowance for credit losses		—			(87	)		—			—			(87	)
Additions for AFS securities purchased with credit deterioration during the year		—			(315	)		(67	)		—			(382	)
Reduction in credit losses due to AFS securities sold during the year		—			581			54			1			636
Gains from recoveries of amounts previously written off		—			2,265			7			—			2,272
Balance at September 30, 2025	$	(1	)	$	(713	)	$	(74	)	$	—		$	(788	)

The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security.

The table below presents the amount of gains from recoveries (credit losses, including Current Expected Credit Losses (CECL)) on AFS securities recorded by the Company for the following period:

	Three Months EndedSeptember 30,					Nine Months EndedSeptember 30,
	2025			2024		2025		2024
Net gains from recoveries (credit losses) on AFS securities	$	(64	)	$	316	$	2,439	$	(526	)

Pursuant to certain statutory licensing requirements, the Company has deposited $18,682 of invested assets in insurance department safekeeping accounts as of September 30, 2025. The Company also has deposited invested assets in custody accounts pursuant to certain reinsurance agreements. The Company cannot remove or replace investments in such safekeeping and custody accounts without prior approval of the regulatory authority or contractual party, as applicable. The following table presents the Company’s restricted investments included in the Company’s AFS securities:

	As of
	September 30,2025		December 31,2024
Fair value of restricted investments	$	34,634	$	45,483

The following table presents additional information on the Company’s AFS securities for the following periods:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Purchases of AFS securities	$	472,080	$	182,430	$	759,584	$	471,202
Proceeds from maturities, calls and prepayments of AFS securities	$	192,236	$	21,911	$	327,520	$	263,990
Gross proceeds from sales of AFS securities	$	149,278	$	4,425	$	278,307	$	24,264

F-16

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities:

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	2025			2024			2025			2024
Gross realized gains	$	1,978		$	220		$	4,221		$	360
Gross realized (losses)		(1,913	)		(277	)		(4,744	)		(510	)
Total net realized gains (losses) from investment sales and redemptions	$	65		$	(57	)	$	(523	)	$	(150	)

Loans, at fair value

The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:

	As of September 30, 2025									As of December 31, 2024
	Fair value		Unpaid principal balance (UPB)		Fair value exceeds / (below) UPB			Pledged as collateral		Fair value		Unpaid principal balance (UPB)		Fair value exceeds / (below) UPB			Pledged as collateral
Insurance:
Corporate loans (1)	$	8,209	$	12,927	$	(4,718	)	$	—	$	10,272	$	12,927	$	(2,655	)	$	—
Mortgage:
Mortgage loans held for sale (2)		82,213		79,906		2,307			81,930		71,058		70,074		984			70,361
Total loans, at fair value	$	90,422	$	92,833	$	(2,411	)	$	81,930	$	81,330	$	83,001	$	(1,671	)	$	70,361

The cost basis of Corporate loans was approximately $12,927 at September 30, 2025 and December 31, 2024.

As of September 30, 2025, there was one mortgage loan held for sale that was 90 days or more past due. As of December 31, 2024, there were three mortgage loans held for sale that were 90 days or more past due.

Equity Securities

Equity securities consist mainly of publicly traded common and preferred stocks and exchange traded funds. The following table presents information on the cost and fair value of the Company’s equity securities related to Insurance and Tiptree Capital as of the following periods:

	As of September 30, 2025
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Exchange traded funds	$	40	$	42	$	—	$	—	$	40	$	42
Other equity securities		145,729		165,923		7,464		5,708		153,193		171,631
Total equity securities	$	145,769	$	165,965	$	7,464	$	5,708	$	153,233	$	171,673

	As of December 31, 2024
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Exchange traded funds	$	4,997	$	5,075	$	—	$	—	$	4,997	$	5,075
Other equity securities		100,738		99,393		4,967		4,152		105,705		103,545
Total equity securities	$	105,735	$	104,468	$	4,967	$	4,152	$	110,702	$	108,620

Other Investments

The following table contains information regarding the Company’s other investments, measured at fair value, as of the following periods:

	As of September 30, 2025
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Debentures	$	21,291	$	—	$	—	$	21,291
Investment in credit fund		22,547		—		—		22,547
Other		5,616		3,586		461		9,663
Total other investments	$	49,454	$	3,586	$	461	$	53,501

F-17

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

	As of December 31, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Corporate bonds (1)	$	3,331	$	—	$	—	$	3,331
Debentures		25,320		—		—		25,320
Investment in credit fund		21,332		—		—		21,332
Other		—		3,101		—		3,101
Total other investments	$	49,983	$	3,101	$	—	$	53,084

As of September 30, 2025, there were no corporate bonds held. The cost basis of corporate bonds was $3,139 as of December 31, 2024.

Net Investment Income - Insurance

Net investment income represents investment income and expense from investments related to insurance operations as disclosed within net investment income on the condensed consolidated statements of operations. The following table presents the components of net investment income by source of income:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Interest:
AFS securities	$	11,819	$	8,431	$	35,634	$	21,894
Loans, at fair value		16		22		47		77
Other investments		1,167		2,035		3,329		5,157
Dividends from equity securities		2,609		412		3,338		684
Subtotal		15,611		10,900		42,348		27,812
Less: investment expenses		8,214		1,789		12,717		5,562
Net investment income	$	7,397	$	9,111	$	29,631	$	22,250

Other Investment Income - Tiptree Capital

Other investment income represents revenue from non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (14) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Interest income from Loans, at fair value	$	1,096	$	1,061	$	3,004	$	2,819
Dividends from equity securities		20		—		59		—
Loan fee income		5,176		4,877		14,914		14,017
Other		657		947		2,093		2,553
Other investment income	$	6,949	$	6,885	$	20,070	$	19,389

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Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

Net Realized and Unrealized Gains (Losses)

The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (loss) (OCI), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedJune 30,						Six Months EndedJune 30,
	2025			2024			2025			2024
	2026			2025			2026			2025
Net realized gains (losses)
Insurance:
Net realized gains (losses) on equity securities	$	—		$	—		$	(3,095	)	$	—
Reclass of unrealized gains (losses) on AFS securities from OCI	$	65		$	(58	)	$	(523	)	$	(151	)
Net realized gains other		—			50			—			50
Net realized gains (losses) on loans		—			—			—			58
Total net realized gains (losses)	$	—		$	50		$	(3,095	)	$	50
Net realized gains (losses) on equity securities (1)		12,152			20			11,251			(22,023	)
Net realized gains (losses) on corporate bonds		(20	)		70			(20	)		2,870
Other		—			89			73			(872	)
Tiptree Capital
Mortgage:
Net realized gains (losses) on loans		13,083			13,553			35,581			35,305
Other		(1,513	)		(1,048	)		(1,794	)		(1,294	)
Other:
Net realized gains on vessel sales		—			—			50			—
Net realized gains (losses) on equity securities (1)		—			—			—			(98,529	)
Total net realized gains (losses)	$	23,767		$	12,626		$	44,618		$	(84,636	)
Net unrealized gains (losses)
Insurance:
Net unrealized gains (losses) on equity securities held at period end	$	—		$	(1,504	)	$	—		$	(1,216	)
Net change in unrealized gains (losses) on loans	$	(150	)	$	(123	)	$	(2,063	)	$	(247	)
Reclass of unrealized (gains) losses from prior periods for equity securities sold		—			—			2,834			—
Net gains from recoveries (credit losses) on AFS securities		(64	)		316			2,439			(526	)
Other		—			—			—			452
Net unrealized gains (losses) on equity securities held at period end		17,781			1,287			16,996			7,436
Total net unrealized gains (losses)		—			(1,504	)		2,834			(764	)
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)		(5,548	)		—			4,462			22,567
Total net realized and unrealized gains (losses)	$	—		$	(1,454	)	$	(261	)	$	(714	)
Other		545			617			695			(1,530	)
Tiptree Capital
Mortgage:
Net change in unrealized gains (losses) on loans		361			332			1,324			(103	)
Other		(2,088	)		(3,975	)		(5,626	)		(4,246	)
Other:
Net unrealized gains (losses) on equity securities held at period end		274			(965	)		(942	)		(687	)
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)		—			—			—			100,289
Other		1			(1,799	)		451			(1,799	)
Total net unrealized gains (losses)		11,112			(4,310	)		17,736			121,154
Total net realized and unrealized gains (losses)	$	34,879		$	8,316		$	62,354		$	36,518

On(5) ~~April 15~~Debt, ~~2024, the Company sold its 16.98 million shares of Invesque for $625 of proceeds resulting in a realized loss of $134,204.~~net

~~(5)~~Tiptree ~~Notes~~Credit ~~and Accounts Receivable, net~~Agreement

~~The~~Tiptree ~~following~~Holdings, ~~table~~a ~~presents~~subsidiary of Tiptree Inc., had a $75,000 senior secured credit facility due February 7, 2028, bearing interest at a rate of SOFR plus 5.25% with quarterly principal amortization. Pursuant to the ~~total~~terms ~~notes~~of the Credit Facility, the outstanding balance was required to be repaid from the proceeds of the sale of Fortegra. On May 29, 2026, in connection with the closing of the Fortegra transaction, the Company repaid the outstanding balance in full. In accordance with ASC 205-20, interest expense and ~~accounts~~amortization ~~receivable~~of debt issuance costs related to the Credit Facility were classified within discontinued operations. Interest expense included in discontinued operations related to the Credit Facility was $1,035 ~~net:~~and $2,063 for the three months ended June 30, 2026 and 2025, respectively, and $2,951 and $3,236 for the six months ended June 30, 2026 and 2025, respectively. Debt obligations associated with the discontinued businesses that were not repaid by the Company were assumed by the respective buyers upon closing as part of the sale transactions.

	As of
	September 30,2025		December 31,2024
Accounts and premiums receivable, net	$	337,740	$	341,613
Retrospective commissions receivable		348,717		286,314
Notes receivable, net		109,504		138,162
Other receivables		17,661		33,042
Total notes and accounts receivable, net	$	813,622	$	799,131

(6) Other Current Liabilities

~~F-19~~The following table presents the components of other current liabilities as reported in the condensed consolidated balance sheets:


	As of
	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	8,901	$	19,120
Other		5,706		1,844
Total other current liabilities	$	14,607	$	20,964

(7) Lease Obligations

Operating Leases

The following table presents rent expense for the Company’s office leases recorded in other expenses on the condensed consolidated statements of operations for the following periods:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Rent expense for office leases	$	464	$	473	$	928	$	967

The Company entered into a sublease of its former corporate office space in December 2022. As a result of the sublease, future lease payments will be offset by $1,842 annually from July 2023 through August 2029.

(8) Stockholders' Equity

F-15

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

The following table presents the total valuation allowance and bad debt expense for the following periods:

	Valuation allowance				Bad Debt Expense
	As of				Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	September 30,2025		December 31,2024		2025		2024		2025		2024
Notes receivable, net - premium financing program (1)	$	28	$	26	$	6	$	33	$	24	$	118
Accounts and premiums receivable, net	$	290	$	294	$	31	$	8	$	66	$	333

As of September 30, 2025 and December 31, 2024, there were $25 and $37 in balances classified as 90 days plus past due, respectively.

F-20

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

(6) Reinsurance Recoverable and Prepaid Reinsurance Premiums

The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:

	DirectAmount		Ceded toOtherCompanies		Assumedfrom OtherCompanies			Net Amount		Percentage ofAmount -Assumed toNet
Three Months Ended September 30, 2025
Premiums written:
Life insurance	$	22,032	$	13,857	$	(5	)	$	8,170		(0.1	)%
Accident and health insurance		34,196		25,125		4			9,075		0.0	%
Property and liability insurance		611,210		361,474		129,692			379,428		34.2	%
Total premiums written	$	667,438	$	400,456	$	129,691		$	396,673		32.7	%
Premiums earned:
Life insurance	$	19,295	$	11,455	$	17		$	7,857		0.2	%
Accident and health insurance		31,443		22,368		9			9,084		0.1	%
Property and liability insurance		541,202		309,990		135,728			366,940		37.0	%
Total premiums earned	$	591,940	$	343,813	$	135,754		$	383,881		35.4	%
Three Months Ended September 30, 2024
Premiums written:
Life insurance	$	19,149	$	9,621	$	16		$	9,544		0.2	%
Accident and health insurance		34,333		22,344		84			12,073		0.7	%
Property and liability insurance		519,565		259,803		107,894			367,656		29.3	%
Total premiums written	$	573,047	$	291,768	$	107,994		$	389,273		27.7	%
Premiums earned:
Life insurance	$	20,056	$	10,176	$	55		$	9,935		0.6	%
Accident and health insurance		33,974		21,850		55			12,179		0.5	%
Property and liability insurance		454,793		246,820		129,409			337,382		38.4	%
Total premiums earned	$	508,823	$	278,846	$	129,519		$	359,496		36.0	%
Nine Months Ended September 30, 2025
Premiums written:
Life insurance	$	56,609	$	33,379	$	27		$	23,257		0.1	%
Accident and health insurance		87,533		62,027		6,796			32,302		21.0	%
Property and liability insurance		1,751,496		1,026,887		403,000			1,127,609		35.7	%
Total premiums written	$	1,895,638	$	1,122,293	$	409,823		$	1,183,168		34.6	%
Premiums earned:
Life insurance	$	57,488	$	30,823	$	121		$	26,786		0.5	%
Accident and health insurance		93,237		63,693		6,813			36,357		18.7	%
Property and liability insurance		1,559,987		920,034		426,163			1,066,116		40.0	%
Total premiums earned	$	1,710,712	$	1,014,550	$	433,097		$	1,129,259		38.4	%
Nine Months Ended September 30, 2024
Premiums written:
Life insurance	$	55,579	$	27,902	$	260		$	27,937		0.9	%
Accident and health insurance		93,004		62,093		10,192			41,103		24.8	%
Property and liability insurance		1,455,323		769,268		318,226			1,004,281		31.7	%
Total premiums written	$	1,603,906	$	859,263	$	328,678		$	1,073,321		30.6	%
Premiums earned:
Life insurance	$	60,623	$	30,751	$	322		$	30,194		1.1	%
Accident and health insurance		100,331		66,142		10,152			44,341		22.9	%
Property and liability insurance		1,305,534		694,946		420,150			1,030,738		40.8	%
Total premiums earned	$	1,466,488	$	791,839	$	430,624		$	1,105,273		39.0	%

F-21

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:

	DirectAmount		Ceded toOtherCompanies		Assumed fromOtherCompanies			Net Amount		Percentage ofAmount -Assumed toNet
Three Months Ended September 30, 2025
Losses and LAE Incurred
Life insurance	$	10,368	$	6,060	$	(3	)	$	4,305		(0.1	)%
Accident and health insurance		6,688		5,110		18			1,596		1.1	%
Property and liability insurance		278,628		173,796		81,669			186,501		43.8	%
Total losses and LAE incurred	$	295,684	$	184,966	$	81,684		$	192,402		42.5	%
	Member benefit claims (1)								24,928
	Total policy and contract benefits							$	217,330
Three Months Ended September 30, 2024
Losses and LAE Incurred
Life insurance	$	10,251	$	6,078	$	5		$	4,178		0.1	%
Accident and health insurance		6,463		5,060		550			1,953		28.2	%
Property and liability insurance		218,525		134,038		85,314			169,801		50.2	%
Total losses and LAE incurred	$	235,239	$	145,176	$	85,869		$	175,932		48.8	%
	Member benefit claims (1)								27,510
	Total policy and contract benefits							$	203,442
Nine Months Ended September 30, 2025
Losses and LAE Incurred
Life insurance	$	30,121	$	17,960	$	(1	)	$	12,160		(0.0	)%
Accident and health insurance		16,497		12,891		6,434			10,040		64.1	%
Property and liability insurance		791,494		527,354		283,781			547,921		51.8	%
Total losses and LAE incurred	$	838,112	$	558,205	$	290,214		$	570,121		50.9	%
	Member benefit claims (1)								82,994
	Total policy and contract benefits							$	653,115
Nine Months Ended September 30, 2024
Losses and LAE Incurred
Life insurance	$	32,746	$	18,308	$	(16	)	$	14,422		(0.1	)%
Accident and health insurance		17,355		12,027		11,035			16,363		67.4	%
Property and liability insurance		648,751		376,720		253,755			525,786		48.3	%
Total losses and LAE incurred	$	698,852	$	407,055	$	264,774		$	556,571		47.6	%
	Member benefit claims (1)								88,510
	Total policy and contract benefits							$	645,081

Member benefit claims are not covered by reinsurance.

The following table presents the components of the reinsurance recoverable:

	As of
	September 30,2025		December 31,2024
Ceded claim reserves:
Life insurance	$	4,638	$	4,621
Accident and health insurance		27,422		24,836
Property and liability insurance		781,780		607,250
Total ceded claim reserves recoverable		813,840		636,707
Other reinsurance settlements recoverable		531,822		356,176
Total reinsurance recoverable	$	1,345,662	$	992,883

F-22

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following table presents the components of prepaid reinsurance premiums:

	As of
	September 30,2025		December 31,2024
Prepaid reinsurance premiums:
Life insurance (1)	$	74,864	$	71,427
Accident and health insurance (1)		70,878		72,840
Property and liability insurance		955,223		901,986
Total prepaid reinsurance premiums	$	1,100,965	$	1,046,253

Including policyholder account balances ceded.

The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:

	As of
	September 30,2025
Total of the three largest receivable balances from non-affiliated reinsurers	$	340,084

As of September 30, 2025, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Accident Fund Insurance Company of America (AM Best Rating: A rated), Allianz Reinsurance America, Inc. (AM Best Rating: A+ rated), and Ferian Re, LTD (AM Best Rating: Not Rated). Receivable balances from authorized reinsurers, such as the Allianz companies noted above, do not require collateral based on the authorized status of the parties. Receivable balances from unauthorized reinsurers are collateralized by assets on hand, assets held in trust accounts, and/or letters of credit. The Company monitors collateral values, authorization status, financial statements and A.M. Best ratings of its reinsurers periodically. As of September 30, 2025, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the related collateralization or reinsurer A.M. Best rating.

(7) Goodwill and Intangible Assets, net

The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:

	As of September 30, 2025									As of December 31, 2024
	Insurance			Other			Total			Insurance			Other			Total
Finite-Lived Intangible Assets:
Customer relationships	$	164,034		$	—		$	164,034		$	162,520		$	—		$	162,520
Accumulated amortization		(96,211	)		—			(96,211	)		(87,610	)		—			(87,610	)
Trade names		16,317			800			17,117			16,202			800			17,002
Accumulated amortization		(10,785	)		(800	)		(11,585	)		(9,869	)		(760	)		(10,629	)
Software licensing		17,864			640			18,504			17,238			640			17,878
Accumulated amortization		(11,394	)		(640	)		(12,034	)		(10,705	)		(640	)		(11,345	)
Insurance policies and contracts acquired		36,500			—			36,500			36,500			—			36,500
Accumulated amortization		(36,500	)		—			(36,500	)		(36,500	)		—			(36,500	)
Other		1,115			—			1,115			1,081			—			1,081
Accumulated amortization		(1,029	)		—			(1,029	)		(799	)		—			(799	)
Total finite-lived intangible assets		79,911			—			79,911			88,058			40			88,098
Indefinite-Lived Intangible Assets: (1)
Insurance licensing agreements		13,761			—			13,761			13,761			—			13,761
Other		—			—			—			—			1,000			1,000
Total indefinite-lived intangible assets		13,761			—			13,761			13,761			1,000			14,761
Total intangible assets, net	$	93,672		$	—		$	93,672		$	101,819		$	1,040		$	102,859
Goodwill		206,094			1,708			207,802			204,998			1,708			206,706
Total goodwill and intangible assets, net	$	299,766		$	1,708		$	301,474		$	306,817		$	2,748		$	309,565

Impairment tests are performed at least annually on indefinite-lived intangible assets.

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

Goodwill

The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to impairment related charges:

	Insurance		Other		Total
Balance at December 31, 2024	$	204,998	$	1,708	$	206,706
Foreign currency translation and other		1,096		—		1,096
Balance at September 30, 2025	$	206,094	$	1,708	$	207,802

The Company conducts annual impairment tests of its goodwill as of October 1. For the three and nine months ended September 30, 2025 and 2024, no impairments were recorded on the Company’s goodwill.

Intangible Assets, net

The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to impairment-related charges:

	Insurance			Other			Total
Balance at December 31, 2024	$	101,819		$	1,040		$	102,859
Amortization expense		(10,047	)		(40	)		(10,087	)
Foreign currency translation and other		1,900			—			1,900
Disposal of intangible assets		—			(1,000	)		(1,000	)
Balance at September 30, 2025	$	93,672		$	—		$	93,672

The following table presents the amortization expense on finite-lived intangible assets for the following periods:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Amortization expense on intangible assets	$	3,362	$	3,879	$	10,087	$	11,617

For the nine months ended September 30, 2025 and 2024, no impairments were recorded on the Company’s intangible assets.

The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:

	As of September 30, 2025
	Insurance (1)		Total
Remainder of 2025	$	3,273	$	3,273
2026		10,894		10,894
2027		9,543		9,543
2028		8,341		8,341
2029		7,291		7,291
2030 and thereafter		38,811		38,811
Total	$	78,153	$	78,153

Does not include foreign currency translation adjustment of $1,758 as of September 30, 2025.

(8) Derivative Financial Instruments and Hedging

The Company selectively utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily to manage underlying credit risk, market risk, interest rate risk and currency exchange rate risk. In addition, the Company is also subject to counterparty risk should its counterparties fail to meet the contract terms. Derivative assets are reported in other

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives for our mortgage business are primarily comprised of interest rate lock commitments (IRLCs), forward delivery contracts, and TBA mortgage-backed securities.

Interest Rate Lock Commitments

The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiary issues IRLCs to their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy.

Forward Delivery Contracts and TBA Mortgage-Backed Securities

Our mortgage origination subsidiary manages their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage-backed securities and forward delivery contracts generally fall under Level 2 in the fair value hierarchy.

The remaining derivatives are generally comprised of a combination of swaps, currency forwards and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrant (Warburg) is a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (15) Stockholders' Equity for additional information regarding the Fortegra Additional Warrant.

The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:

	As of September 30, 2025						As of December 31, 2024
	Notionalvalues		Asset derivatives		Liabilityderivatives		Notionalvalues		Asset derivatives		Liabilityderivatives
Interest rate lock commitments	$	117,415	$	3,189	$	—	$	105,898	$	2,257	$	—
Forward delivery contracts		47,900		149		70		26,090		33		54
TBA mortgage-backed securities		233,050		248		215		133,200		811		115
Fortegra Additional Warrants (Warburg)(1)		—		—		28,518		—		—		10,958
Total	$	398,365	$	3,586	$	28,803	$	265,188	$	3,101	$	11,127

See Note (15) Stockholders' Equity for additional information.

(9) Debt, net

The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs for our corporate and asset based debt. Asset based debt is generally recourse only to specific assets and related cash flows.

	As of September 30, 2025
Corporate debt	Insurance			Mortgage			Corporate			Total
Secured revolving credit agreements (1)	$	55,000		$	—		$	—		$	55,000
Secured term credit agreement (SOFR + 5.25%)(2)		—			—			74,438			74,438
8.50% Junior subordinated notes		125,000			—			—			125,000
9.25% Junior subordinated notes		150,000			—			—			150,000
Total corporate debt		330,000			—			74,438			404,438
Asset based debt
Asset based revolving financing (SOFR + 2.75%)		41,287			—			—			41,287
Residential mortgage warehouse borrowings (1.75% to 3.30% over SOFR)(4)(5)		—			78,377			—			78,377
Total asset based debt		41,287			78,377			—			119,664
Total debt, face value		371,287			78,377			74,438			524,102
Unamortized discount, net		—			—			(590	)		(590	)
Unamortized deferred financing costs		(14,136	)		(15	)		(1,801	)		(15,952	)
Total debt, net	$	357,151		$	78,362		$	72,047		$	507,560

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

	As of December 31, 2024
Corporate debt	Insurance			Mortgage			Corporate		Total
Secured revolving credit agreements (1)	$	—		$	—		$	—	$	—
Preferred trust securities (SOFR + 4.10% + spread adjustment)(3)		35,000			—			—		35,000
8.50% Junior subordinated notes		125,000			—			—		125,000
9.25% Junior subordinated notes		150,000			—			—		150,000
Total corporate debt		310,000			—			—		310,000
Asset based debt
Asset based revolving financing (SOFR + 2.75%)		63,699			—			—		63,699
Residential mortgage warehouse borrowings (1.75% to 3.30% over SOFR)(4)(5)		—			68,394			—		68,394
Total asset based debt		63,699			68,394			—		132,093
Total debt, face value		373,699			68,394			—		442,093
Unamortized deferred financing costs		(14,957	)		(47	)		—		(15,004	)
Total debt, net	$	358,742		$	68,347		$	—	$	427,089

The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of September 30, 2025 and December 31, 2024 was SOFR + 1.50%.

The $75,000 Corporate debt is a secured term credit agreement at 5.25% over the one month SOFR rate, with a floor of 1.00%.

Previously based on 3-month LIBOR, moved to SOFR plus the tenor spread adjustment of 0.26%, in accordance with the Adjustable Interest Rate (LIBOR) Act of 2021.

As of September 30, 2025, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, (ii) a $25,000 line of credit at 1.75% over the one month SOFR rate, with a floor of 2.75%, (iii) a $30,000 line of credit at 1.875% over the one month SOFR rate and (iv) a $10,000 line of credit at 3.30% over the one month SOFR rate. As of December 31, 2024, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, and (ii) a $25,000 line of credit at 1.75% over the one month SOFR rate, with a floor of 2.75%. (iii) a $30,000 line of credit at 1.875% over the one month SOFR rate and (iv) a $10,000 line of credit at 3.30% over the one month SOFR rate.

The weighted average coupon rate for residential mortgage warehouse borrowings was 6.02% and 6.25% at September 30, 2025 and December 31, 2024, respectively.

The following table presents the amount of interest expense the Company incurred on its debt for the following periods:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Interest expense - corporate debt	$	9,334	$	5,602	$	27,518	$	17,491
Interest expense - asset based debt		1,356		2,012		4,394		6,428
Total interest expense on debt	$	10,690	$	7,614	$	31,912	$	23,919

The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:

	As ofSeptember 30, 2025
Remainder of 2025	$	—
2026		119,664
2027		55,000
2028		74,438
2029		—
2030 and thereafter		275,000
Total	$	524,102

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following narrative is a summary of certain terms of our debt agreements for the nine months ended September 30, 2025:

Corporate Debt

Secured Revolving Credit Agreements

As of September 30, 2025 and December 31, 2024, a total of $55,000 and $0, respectively, was outstanding under the revolving line of credit. The maximum borrowing capacity under the agreements as of September 30, 2025 was $200,000.

Secured Term Credit Agreement

On February 7, 2025, Tiptree Holdings, a subsidiary of Tiptree Inc., entered into a $75,000 senior secured credit facility due February 7, 2028. Interest is paid monthly, at an interest rate of SOFR plus 5.25%, with quarterly principal payments at an amount equal to 0.25% of the aggregate original principal.

Preferred Trust Securities

On June 20, 2007, a subsidiary of Fortegra issued $35,000 of preferred trust securities due June 15, 2037. Interest is payable quarterly at an interest rate of SOFR plus 4.10% plus a spread adjustment (previously, LIBOR plus 4.10%). The Company redeemed the preferred trust securities, at the full outstanding principal amount, $35,000, and unpaid interest, $771, on March 17, 2025.

Junior Subordinated Notes

On October 16, 2017, a subsidiary of Fortegra issued $125,000 of 8.50% Fixed Rate Resetting Junior Subordinated Notes due October 2057 (the “2017 Notes”). Substantially all of the net proceeds were used to repay the existing secured credit agreement at that time, which was terminated thereafter. Beginning on October 15, 2027, the Company may redeem the 2017 Notes at par plus accrued and unpaid interest.

On November 7, 2024, Fortegra issued $150,000 of 9.25% Fixed Rate Resetting Junior Subordinated Notes due November 2064 (the “2024 Notes”). The proceeds of the 2024 Notes were used to repay outstanding indebtedness under the Company’s credit agreement, for insurance company growth capital and general corporate purposes. Beginning on November 15, 2029, the Company may redeem the 2024 Notes at par plus accrued and unpaid interest.

Asset Based Debt

Asset Based Revolving Financing

As of September 30, 2025 and December 31, 2024, a total of $41,287 and $63,699, respectively, was outstanding under the borrowing related to our premium finance offerings in our insurance business.

Residential Mortgage Warehouse Borrowings

As of September 30, 2025, our mortgage business had three warehouse lines of credit with three separate lending partners totaling $105,000 of borrowing capacity. The $50,000 line of credit matures in August 2026, the $25,000 line of credit matures in June 2026, and the $30,000 line of credit matures in February 2026.

As of September 30, 2025 and December 31, 2024, a total of $78,377 and $68,394, respectively, was outstanding under such financing agreements.

Mortgage Servicing Rights (MSR) Line of Credit

As of September 30, 2025, our mortgage business had a MSR line of credit with borrowing capacity of $9,205 at 3.30% over SOFR, with no borrowings outstanding at the end of the period.

(10) Fair Value of Financial Instruments

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies of our Annual Report on Form 10-K which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy.

Available for Sale Securities, at fair value

The fair values of AFS securities are based on prices provided by an independent pricing service and a third-party investment manager. The Company obtains an understanding of the methods, models and inputs used by the independent pricing service and the third-party investment manager by analyzing the investment manager-provided pricing report.

The following details the methods and assumptions used to estimate the fair value of each class of AFS securities and the applicable level each security falls within the fair value hierarchy:

U.S. Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Obligations of State and Political Subdivisions, Corporate Securities, Asset Backed Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third-party investment manager. The prices provided by the independent pricing service and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in the fair value hierarchy.

Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy.

Equity Securities

The fair values of publicly traded common and preferred equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks are based on prices derived from multiples of comparable public companies and fall under Level 3 in the fair value hierarchy.

Loans, at fair value

Corporate Loans: These loans are comprised of middle market loans and bank loans and are generally classified under either Level 2 or Level 3 in the fair value hierarchy. To determine fair value, the Company uses quoted prices, including those provided from pricing vendors, which provide coverage of secondary market participants, where available. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of loans based on internal models and other unobservable inputs.

Mortgage Loans Held for Sale: Mortgage loans held for sale are generally classified under Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third-party investors, including estimated loan costs.

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Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

Derivative Assets and Liabilities

Derivatives for our mortgage business are primarily comprised of IRLCs, forward delivery contracts and TBA mortgage-backed securities. The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiaries issue IRLCs to their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. Our mortgage origination subsidiaries manage their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage-backed securities and forward delivery contracts generally fall under Level 2 in the fair value hierarchy.

The remaining derivatives are generally comprised of a combination of swaps, currency forwards and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrants (Warburg) are a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (15) Stockholders' Equity for additional information regarding the Fortegra Additional Warrants.

Corporate Bonds

Corporate bonds are generally classified under Level 2 in the fair value hierarchy and fair value is based on quoted market prices. We perform internal price verification procedures to ensure that the prices provided are reasonable.

Securities Sold, Not Yet Purchased

Securities sold, not yet purchased are generally classified under Level 1 or Level 2 in the fair value hierarchy, based on the leveling of the securities sold short, and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly to ensure that the prices provided are reasonable.

Mortgage Servicing Rights

Mortgage servicing rights are classified under Level 3 in the fair value hierarchy and fair value is provided by a third-party valuation service. Various observable and unobservable inputs are used to determine fair value, including discount rate, cost to service and weighted average prepayment speed.

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following tables present the Company’s fair value hierarchies for financial assets and liabilities, measured on a recurring basis:

	As of September 30, 2025
	Quotedprices inactivemarkets Level 1		OthersignificantobservableinputsLevel 2		SignificantunobservableinputsLevel 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	308,847	$	—	$	308,847
Obligations of state and political subdivisions		—		15,680		—		15,680
Obligations of foreign governments		—		62,495		—		62,495
Certificates of deposit		1,151		—		—		1,151
Asset backed securities		—		90,759		—		90,759
Corporate securities		—		826,471		—		826,471
Total available for sale securities, at fair value		1,151		1,304,252		—		1,305,403
Loans, at fair value:
Corporate loans		—		—		8,209		8,209
Mortgage loans held for sale		—		82,213		—		82,213
Total loans, at fair value		—		82,213		8,209		90,422
Equity securities:
Exchange traded funds		42		—		—		42
Other equity securities		162,333		—		9,298		171,631
Total equity securities		162,375		—		9,298		171,673
Other investments, at fair value:
Corporate bonds		—		—		—		—
Derivative assets		—		397		3,189		3,586
Other		—		22,547		5,616		28,163
Total other investments, at fair value		—		22,944		8,805		31,749
Mortgage servicing rights (1)		—		—		40,597		40,597
Total	$	163,526	$	1,409,409	$	66,909	$	1,639,844
Liabilities: (2)
Derivative liabilities	$	—	$	269	$	16	$	285
Fortegra Additional Warrants (Warburg)		—		—		28,518		28,518
Contingent consideration payable		—		—		1,896		1,896
Total	$	—	$	269	$	30,430	$	30,699

Included in other assets. See Note (13) Other Assets and Other Liabilities and Accrued Expenses.

Included in other liabilities and accrued expenses. See Note (13) Other Assets and Other Liabilities and Accrued Expenses.

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

	As of December 31, 2024
	Quotedprices inactivemarkets Level 1		Othersignificantobservableinputs Level 2		SignificantunobservableinputsLevel 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	395,643	$	—	$	395,643
Obligations of state and political subdivisions		—		38,675		—		38,675
Obligations of foreign governments		—		51,472		—		51,472
Certificates of deposit		1,145		—		—		1,145
Asset backed securities		—		22,860		—		22,860
Corporate securities		—		598,134		—		598,134
Total available for sale securities, at fair value		1,145		1,106,784		—		1,107,929
Loans, at fair value:
Corporate loans		—		—		10,272		10,272
Mortgage loans held for sale		—		71,058		—		71,058
Total loans, at fair value		—		71,058		10,272		81,330
Equity securities:
Exchange traded funds		5,075		—		—		5,075
Other equity securities		95,360		—		8,185		103,545
Total equity securities		100,435		—		8,185		108,620
Other investments, at fair value:
Corporate bonds		—		3,331		—		3,331
Derivative assets		—		834		2,267		3,101
Other		—		21,332		—		21,332
Total other investments, at fair value		—		25,497		2,267		27,764
Mortgage servicing rights (1)		—		—		42,611		42,611
Total	$	101,580	$	1,203,339	$	63,335	$	1,368,254
Liabilities: (2)
Derivative liabilities	$	—	$	143	$	26	$	169
Fortegra Additional Warrants (Warburg)		—		—		10,958		10,958
Contingent consideration payable		—		—		1,779		1,779
Total	$	—	$	143	$	12,763	$	12,906

Included in other assets. See Note (13) Other Assets and Other Liabilities and Accrued Expenses.

Included in other liabilities and accrued expenses. See Note (13) Other Assets and Other Liabilities and Accrued Expenses.

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

Transfers between Level 2 and 3 were a result of subjecting third-party pricing on assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation.

The following table presents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:

	Nine Months EndedSeptember 30,
	2025			2024
Balance at January 1,	$	63,335		$	61,565
Net realized and unrealized gains or losses included in:
Earnings		(2,651	)		1,333
OCI		—			75
Origination of IRLCs		34,098			31,100
Purchases		5,435			—
Distributions		(142	)		(1,910	)
Conversions to mortgage loans held for sale		(33,166	)		(31,435	)
Balance at September 30,	$	66,909		$	60,728
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$	(2,982	)	$	1,333
Changes in unrealized gains (losses) included in OCI related to assets still held at period end	$	—		$	75

The following table presents the range and weighted average (WA) used to develop significant unobservable inputs for the fair value measurements of Level 3 assets and liabilities:

	As of						As of
	September 30,2025		December 31,2024				September 30,2025										December 31,2024
Assets	Fair value				Valuationtechnique	Unobservableinput(s)	Range							WA (1)			Range							WA (1)
IRLCs	$	3,189	$	2,257	Internal model	Pull through rate		45	%	to		95	%		63	%		45	%	to		95	%		60	%
Mortgage						Discount rate		9	%	to		14	%		10	%		10	%	to		15	%		11	%
servicing		40,597		42,611	External	Cost to service	$	65		to	$	3,000		$	129		$	65		to	$	3,000		$	133
rights					model	Prepaymentspeed		3	%	to		82	%		11	%		3	%	to		87	%		9	%
Equity securities		9,298		8,185	Internal model	Forecast EBITDAR	$	1,422,000		to	$	1,604,000		N/A			$	1,422,000		to	$	1,604,000		N/A
Corporate loans		8,209		10,272	External model	Bid marks	$	63		to	$	65		$	64		$	78		to	$	81		$	80
Commercial realestate loan		5,616		—	Cash Flowmodel	Forecast cashflow	$	20,000		to	$	25,000		$	23,640		$	—		to	$	—		$	—
Total	$	66,909	$	63,325
Liabilities
						Equity value	N/A			to	N/A			$	1,623,000		N/A			to	N/A			$	1,172,000
Fortegra Additional						Time until liquidation	N/A			to	N/A			0.6 years			N/A			to	N/A			3.5 years
Warrants (Warburg)	$	28,518	$	10,958	ExternalModel	Discount rate		3	%	to		5	%		4.2	%		3	%	to		5	%		3.4	%
						Implied EquityVolatility	N/A			to	N/A			N/A				40	%	to		50	%		45	%
Contingent consideration		1,896		1,779	Cash Flow model	Forecast Cash EBITDA	$	2,500		to	$	4,000		N/A			$	2,500		to	$	4,000		N/A
payable						Forecast Underwriting EBITDA	$	—		to	$	2,000		N/A			$	—		to	$	2,000		N/A
Total	$	30,414	$	12,737

Unobservable inputs were weighted by the relative fair value of the instruments.

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value and their respective levels within the fair value hierarchy:

	As of September 30, 2025						As of December 31, 2024
	Level withinfair valuehierarchy		Fair value		Carryingvalue		Level withinfair valuehierarchy		Fair value		Carryingvalue
Assets:
Debentures		2	$	21,291	$	21,291		2	$	25,320	$	25,320
Notes receivable, net		2		109,504		109,504		2		138,162		138,162
Total assets			$	130,795	$	130,795			$	163,482	$	163,482
Liabilities:
Debt		3	$	521,012	$	523,512		3	$	439,906	$	442,093
Total liabilities			$	521,012	$	523,512			$	439,906	$	442,093

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

Debentures: Since interest rates on debentures are at current market rates for similar credit risks, the carrying amount approximates fair value. These values are net of allowance for doubtful accounts. See Note (4) Investments.

Notes Receivable, net: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized under Level 2 in the fair value hierarchy. See Note (5) Notes and Accounts Receivable, net.

Debt: The carrying value, which approximates fair value of floating rate debt, represents the total debt balance at face value excluding the unamortized discount. The fair value of the Junior subordinated notes is determined based on dealer quotes. Categorized under Level 3 in the fair value hierarchy.

Additionally, the following financial assets and liabilities on the condensed consolidated balance sheets are not carried at fair value, but whose carrying amounts approximate their fair value:

Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized under Level 1 in the fair value hierarchy.

Accounts and Premiums Receivable, net, Retrospective Commissions Receivable and Other Receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized under Level 2 in the fair value hierarchy. See Note (5) Notes and Accounts Receivable, net.

Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses and approximate their fair value due to their short term nature. Categorized under Level 2 in the fair value hierarchy.

(11) Liability for Unpaid Claims and Claim Adjustment Expenses

Roll forward of Claim Liability

The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short duration contracts for the following periods:

	Nine Months EndedSeptember 30,
	2025			2024
Policy liabilities and unpaid claims balance as of January 1,	$	1,298,081		$	844,848
Less: liabilities of policy-holder account balances, gross		(304	)		(878	)
Less: non-insurance warranty benefit claim liabilities		(2,837	)		(2,103	)
Gross liabilities for unpaid losses and loss adjustment expenses		1,294,940			841,867
Less: reinsurance recoverable on unpaid losses - short duration		(636,300	)		(448,117	)
Less: other lines, gross		(430	)		(295	)
Net balance as of January 1, short duration		658,210			393,455
Incurred (short duration) related to:
Current year		573,832			555,034
Prior years		(7,106	)		646
Total incurred		566,726			555,680
Paid (short duration) related to:
Current year		253,734			242,422
Prior years		172,522			99,174
Total paid	$	426,256		$	341,596
Net balance as of September 30, short duration	$	798,680		$	607,539
Plus: reinsurance recoverable on unpaid losses - short duration		813,498			581,685
Plus: other lines, gross		366			241
Gross liabilities for unpaid losses and loss adjustment expenses		1,612,544			1,189,465
Plus : liabilities of policy-holder accounts balances, gross		—			600
Plus: non-insurance warranty benefit claim liabilities		3,158			2,792
Policy liabilities and unpaid claims balance as of September 30,	$	1,615,702		$	1,192,857

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following schedule reconciles the total amount of losses incurred on short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statements of operations, excluding the amount for member benefit claims:

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	2025			2024			2025			2024
Short duration incurred	$	191,463		$	175,845		$	566,726		$	555,680
Other lines incurred		(5	)		(83	)		(83	)		(26	)
Unallocated loss adjustment expenses		944			170			3,478			917
Total losses incurred	$	192,402		$	175,932		$	570,121		$	556,571

During the nine months ended September 30, 2025, the Company experienced favorable prior year development of $7,106, primarily driven by lower-than-expected losses in its commercial and personal property lines of business.

During the nine months ended September 30, 2024, the Company experienced unfavorable prior year development of $646, primarily driven by higher-than expected claims paid development in our commercial lines of business.

Management considers the prior year development for each of these years to be insignificant when considered in the context of our annual earned premiums, net as well as our net losses and loss adjustment expenses and member benefit claims expenses. We analyze our development on a quarterly basis and given the short duration nature of our products, favorable or adverse development emerges quickly and allows for timely reserve strengthening, if necessary, or modifications to our product pricing or offerings.

The favorable prior year development of $7,106 in the nine months ended September 30, 2025 represented 4.4% of our insurance business income before taxes of $160,421 and 1.1% of the opening net liability for losses and loss adjustment expenses of $658,210, as of January 1, 2025.

The unfavorable prior year development of $646 in the nine months ended September 30, 2024 represented 0.5% of our insurance business income before taxes of $135,270 and 0.2% of the opening net liability for losses and loss adjustment expenses of $393,455, as of January 1, 2024.

Based upon our internal analysis and our review of the statement of actuarial opinions provided by our actuarial consultants, we believe that the amounts recorded for policy liabilities and unpaid claims reasonably represent the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date.

(12) Revenue from Contracts with Customers

The Company’s revenues from insurance and contractual and liability insurance operations are primarily accounted for under Financial Services-Insurance (ASC 944) that are not within the scope of Revenue for Contracts with Customers (ASC 606). The Company’s remaining revenues that are within the scope of ASC 606 are primarily comprised of revenues from contracts with customers for monthly membership dues for motor clubs, monthly administration fees for services provided for premiums, claims and reinsurance processing revenues, vehicle service contracts, vessel related revenue and revenues for household goods and appliances service contracts (collectively, remaining contracts).

The following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Service and Administrative Fees:
Service contract revenue	$	69,479	$	70,882	$	212,598	$	227,884
Motor club revenue		9,112		10,565		28,093		33,202
Other		667		1,341		2,700		3,128
Revenue from contracts with customers	$	79,258	$	82,788	$	243,391	$	264,214

Service and Administrative Fees

Service and administrative fees are generated from non-insurance programs including warranty service contracts, motor clubs and other services. Service and administrative fees are recognized consistent with the earnings recognition pattern of the underlying policies, debt cancellation contracts and motor club memberships being administered, using pro rata, Rule of 78’s, modified Rule of 78’s, or other

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available.

Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined to be probable.

We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material as of September 30, 2025.

The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied.

The following table presents the activity in the deferred assets and liabilities related to revenue from contracts with customers for the following period:

	January 1, 2025						September 30, 2025
	Beginning balance		Additions		Amortization		Ending balance
Deferred acquisition costs
Service and Administrative Fees:
Service contract revenue	$	211,406	$	65,276	$	69,330	$	207,352
Motor club revenue		12,904		21,199		21,998		12,105
Total	$	224,310	$	86,475	$	91,328	$	219,457
Deferred revenue
Service and Administrative Fees:
Service contract revenue	$	617,633	$	185,373	$	212,598	$	590,408
Motor club revenue		16,746		27,031		28,093		15,684
Other		—		2,692		2,692		—
Total	$	634,379	$	215,096	$	243,383	$	606,092

For the periods presented, no write-offs for unrecoverable deferred acquisition costs and deferred revenue were recognized.

(13) Other Assets and Other Liabilities and Accrued Expenses

Other Assets

The following table presents the components of other assets as reported in the condensed consolidated balance sheets:

	As of
	September 30, 2025		December 31, 2024
Accrued investment income	$	13,919	$	12,415
Loans eligible for repurchase		54,370		56,279
Mortgage servicing rights		40,597		42,611
Right of use assets - operating leases (1)		27,549		27,816
Income tax receivable		2,340		1,976
Furniture, fixtures and equipment, net		26,722		27,321
Due from broker/trustee		100		28,327
Prepaid expenses		12,241		12,481
Other		3,359		4,632
Total other assets	$	181,197	$	213,858

See Note (19) Commitments and Contingencies for additional information.

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Depreciation expense related to furniture, fixtures and equipment	$	1,897	$	1,516	$	4,977	$	4,637

Other Liabilities and Accrued Expenses

The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:

	As of
	September 30, 2025		December 31, 2024
Accounts payable and accrued expenses	$	114,808	$	83,287
Loans eligible for repurchase liability		54,370		56,279
Deferred tax liabilities, net		220,449		170,802
Operating lease liabilities (1)		35,220		36,588
Commissions payable		3,401		7,066
Derivative liabilities		28,803		11,127
Due to broker/trustee		11,061		2,693
Other		38,364		40,083
Total other liabilities and accrued expenses	$	506,476	$	407,925

See Note (19) Commitments and Contingencies for additional information.

(14) Other Revenue and Other Expenses

Other Revenue

The following table presents the components of other revenue as reported in the condensed consolidated statement of operations.

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Other investment income (1)	$	6,949	$	6,885	$	20,070	$	19,389
Financing interest income		3,977		4,967		12,214		13,978
Other (2)		3,915		6,509		12,326		18,627
Total other revenue	$	14,841	$	18,361	$	44,610	$	51,994

See Note (4) Investments for the components of Other investment income.

Includes $3,300 and $6,150 for the three months ended September 30, 2025 and 2024, respectively, and $11,192 and $17,439 for the nine months ended September 30, 2025 and 2024, respectively, related to Insurance.

Other Expenses

The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
General and administrative	$	11,547	$	11,026	$	34,698	$	31,877
Professional fees		11,617		7,106		31,582		22,402
Premium taxes		6,083		3,662		16,783		14,781
Mortgage origination expenses		3,573		3,337		10,946		9,817
Rent and related		3,967		3,988		11,933		12,252
Fortegra Additional Warrants (Warburg)		16,967		946		17,560		6,018
Other		7,980		4,725		17,841		14,059
Total other expenses	$	61,734	$	34,790	$	141,343	$	111,206

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

(15) Stockholders' Equity

Stock Repurchases

~~The~~During ~~Board~~the ofsix ~~Directors~~months ~~authorized~~ended ~~the~~June ~~Company~~30, to2026, ~~make~~614,103 ~~repurchases~~shares ofwere uprepurchased toat a weighted average price per share of $2016.80. At its July 28,~~000~~ of2026 ~~shares~~meeting, the Board of Directors approved an update to the Company’s ~~outstanding~~share ~~common~~repurchase ~~stock~~authorization, inauthorizing the ~~aggregate,~~repurchase atof ~~the~~up ~~discretion~~to $20,000 of the Company’s ~~Executive~~outstanding ~~Committee.~~common ~~There~~stock ~~were~~at nothe ~~shares~~discretion ~~repurchased~~of ~~during~~ the ~~nine~~Executive ~~months ended September 30, 2025~~Committee. As of ~~September~~July 3028, ~~2025~~2026, ~~the~~$20,000 ~~remaining~~remained ~~repurchase~~available ~~authorization~~under ~~was~~the ~~$11,945~~authorization.

Dividends

The Company declared cash dividends per share for the following periods presented below:

	Dividends per share for the
	Nine Months EndedSeptember 30,
	Six Months EndedJune 30,
	2025		2024
	2026		2025
First quarter	$	0.06	$	0.06
Second quarter		0.06		0.06
Third quarter		0.06		0.06
Total cash dividends declared	$	0.12	$	0.12
Total cash dividends declared	$	0.18	$	0.18

Fortegra Non-Controlling Interests

On June 21, 2022, the Company closed the WP Transaction. On that date, Fortegra converted to a Delaware corporation and Warburg made a $200,000 investment in Fortegra in exchange for Fortegra Common Stock, Fortegra Preferred Stock, Fortegra Warrants and Fortegra Additional Warrants. Also, in connection with the closing of the WP Transaction, Tiptree was issued Fortegra Additional Warrants, and management’s interests in LOTS Intermediate were exchanged for interests in Fortegra.

In March and April 2024, Tiptree, Warburg and Fortegra independent directors contributed $30,044, $9,889 and $67, respectively, to Fortegra in exchange for Fortegra Common Stock. As of September 30, 2025, Fortegra was owned approximately 78.9% by Tiptree Holdings, 17.6% by Warburg and 3.5% by management and directors of Fortegra before giving effect to the exercise of outstanding warrants and management options and the conversion of outstanding preferred stock.

Fortegra Preferred Stock

The face amount of the Fortegra Preferred Stock is $80,000. Dividends are cumulative and accrue at a rate of 8% per annum, compounding quarterly. Any quarterly dividend may be paid in cash, at Fortegra’s option. For the nine months ended September 30, 2025 and 2024, cash dividends declared were $4,787 and $4,804, respectively.

Warburg has the option to convert, at any time, its shares of Fortegra Preferred Stock into shares of Fortegra Common Stock at an initial conversion premium of 33% to Warburg’s initial investment valuation (the “Fortegra Preferred Stock Conversion Price”). The Fortegra Preferred Stock Conversion Price is adjusted for any Fortegra Common Stock splits, dividends, extraordinary dividends and similar transactions. All of the Fortegra Preferred Stock will automatically convert into shares of Fortegra Common Stock at the Fortegra Preferred Stock Conversion Price upon the closing of a qualifying initial public offering, subject to a five year make-whole provision. Upon conversion, the Fortegra Preferred Stock would result in Warburg owning an additional 6.3% interest in Fortegra, for a total as converted ownership of 24.0% (including its ownership of Fortegra Common Stock).

Fortegra Warrants

The Fortegra Warrants have a seven-year term and an exercise premium of 33% to Warburg’s initial investment valuation (the “Fortegra Warrant Exercise Price”). The Fortegra Warrant Exercise Price will be reduced by any Fortegra Common Stock cash dividends made by Fortegra and adjusted for stock splits, common stock dividends, extraordinary dividends and similar transactions. The Fortegra Warrants, if exercised with cash, would result in Warburg owning an additional 3.7% interest in Fortegra.

Fortegra Additional Warrants

The Fortegra Additional Warrants issued to both Warburg and Tiptree have a seven-year term and an exercise price of $0.01 per share of Fortegra Common Stock. The Fortegra Additional Warrants issued to Warburg will be forfeited based on Warburg achieving an all-in return on its investment in excess of 23%, as measured primarily by Fortegra’s Common Stock price. The Fortegra Additional Warrants issued to Warburg are classified as liabilities, at fair value. The Fortegra Additional Warrants issued to Tiptree will vest based on Warburg achieving an all-in return on its investment in excess of 30%, as measured primarily by Fortegra’s Common Stock price.

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Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The number of shares of Fortegra Common Stock issuable to Warburg or Tiptree with respect to the Fortegra Additional Warrants is subject to adjustment for Fortegra Common Stock splits, stock or cash dividends and similar transactions. The Fortegra Additional Warrants are exercisable from the earlier of a transaction that results in Warburg having sold 50% of its Fortegra Common Stock or the fifth anniversary of the closing date. The maximum number of shares issued to Warburg or Tiptree, if exercised with cash, would be an additional 1.7% interest in Fortegra on an as converted basis (including its ownership of Fortegra Common and Preferred Stock). As of September 30, 2025, the estimated fair value of the Fortegra Additional Warrants (WP) was $28,518 based on the expected Merger proceeds and estimated closing date in 2026.

The following table presents the components of non-controlling interests as reported in the condensed consolidated balance sheets:

	As of
	September 30, 2025		December 31, 2024
	June 30, 2026		December 31, 2025
Fortegra preferred interests	$	~~77,679~~—	$	77,679
Fortegra common interests		~~158,565~~—		~~121~~166,~~394~~169
Total non-controlling interests	$	~~236,244~~—	$	~~199~~243,~~073~~848

~~Statutory~~(9) ~~Reporting~~Accumulated ~~and~~Other ~~Insurance~~Comprehensive ~~Company~~Income ~~Subsidiaries Dividend Restrictions~~(Loss)

The ~~Company’s~~following ~~U.S.~~table ~~insurance~~presents ~~subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (SAP) prescribed or permitted by~~ the ~~insurance~~activity ~~departments~~ of ~~their~~AFS ~~states~~securities ofin ~~domicile.~~AOCI, ~~Prescribed~~net ~~SAP includes the Accounting Practices and Procedures Manual~~ of ~~the NAIC as well as state laws~~tax, ~~regulations~~for ~~and~~the ~~administrative~~following ~~rules.~~ periods:

Statutory Capital and Surplus


	Unrealized gains (losses) on available for sale securities			Foreign currency translation adjustment			Total AOCI			Amount attributable to non-controlling interests			Total AOCI to Tiptree Inc.
Balance at December 31, 2024	$	(32,266	)	$	(2,529	)	$	(34,795	)	$	7,045		$	(27,750	)
Other comprehensive income (losses) before reclassifications		6,530			15,073			21,603			(5,930	)		15,673
Amounts reclassified from AOCI		454			—			454			—			454
OCI		6,984			15,073			22,057			(5,930	)		16,127
Balance at June 30, 2025	$	(25,282	)	$	12,544		$	(12,738	)	$	1,115		$	(11,623	)

Balance at December 31, 2025	$	(13,242	)	$	5,918		$	(7,324	)	$	(172	)	$	(7,496	)
Other comprehensive income (losses) before reclassifications		5			—			5			—			5
Amounts reclassified from AOCI		13,242			(5,918	)		7,324			172			7,496
OCI		13,247			(5,918	)		7,329			172			7,501
Balance at June 30, 2026	$	5		$	—		$	5		$	—		$	5

The ~~Company’s~~following ~~insurance~~table ~~company~~presents ~~subsidiaries~~the ~~must~~reclassification ~~maintain~~adjustments ~~minimum~~out ~~amounts~~ of ~~statutory~~AOCI ~~capital~~included ~~and~~in ~~surplus~~net asincome ~~required~~and ~~by regulatory authorities, including~~ the ~~NAIC;~~impacted ~~their~~line ~~capital~~items ~~and~~on ~~surplus~~the ~~levels~~condensed ~~exceeded~~consolidated ~~respective~~statement ~~minimum requirements as~~ of ~~September~~operations ~~30,~~for ~~2025~~the ~~and~~following ~~December 31, 2024.~~periods:

~~Under the NAIC Risk~~F-Based Capital Act of 1995, a company’s Risk-Based Capital (RBC) is calculated by applying certain risk factors to various asset, claim and reserve items. If a company's adjusted surplus falls below calculated RBC thresholds, regulatory intervention or oversight is required. The Company’s U.S. domiciled insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC’s RBC instructions, exceeded all RBC thresholds as of September 30, 2025 and December 31, 2024.16

The Company also has a foreign insurance subsidiary that is not subject to SAP. The statutory capital and surplus amounts and statutory net income presented above do not include the foreign insurance subsidiary in accordance with SAP.

Statutory Dividends

The Company’s U.S. domiciled insurance company subsidiaries may pay dividends to the Company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to the Company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminates all dividends from its subsidiaries in the condensed consolidated financial statements.

There were no dividends paid to the Company by its U.S. domiciled insurance company subsidiaries for the nine months ended September 30, 2025 and 2024. The combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:

	As of
	September 30, 2025		December 31, 2024
Amount available for ordinary dividends of the Company's insurance company subsidiaries	$	71,030	$	78,614

The following table presents the dividends paid to the Company by its insurance company subsidiaries for the following periods:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Ordinary dividends	$	—	$	—	$	7,000	$	—
Extraordinary dividends		—		—		3,000		—
Total dividends	$	—	$	—	$	10,000	$	—

F-39

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

At September 30, 2025, the maximum amount of dividends that our U.S. domiciled insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $71,030. The Company may seek regulatory approval to pay dividends in excess of this permitted amount, but there can be no assurance that the Company would receive regulatory approval if sought.


	Three Months Ended June 30,						Six Months Ended June 30,						Affected line item in consolidated statements
Components of AOCI	2026			2025			2026			2025			of operations
Unrealized gains (losses) on available for sale securities	$	(7,647	)	$	33		$	(7,767	)	$	(588	)	See note (1)
Release of cumulative translation adjustment		5,918			—			5,918			—		Gain (loss) on sale of discontinued operations
Removal of noncontrolling interest upon disposal of subsidiary		(172	)		—			(172	)		—		Gain (loss) on sale of discontinued operations
Related tax (expense) benefit		(5,506	)		(9	)		(5,475	)		134		Provision for income tax
Net of tax	$	(7,407	)	$	24		$	(7,496	)	$	(454	)

(1)

Reclassification adjustments related to available-for-sale securities were recognized in Gain (16loss) ~~Accumulated~~on ~~Other~~sale ~~Comprehensive~~of discontinued operations for the three and six months ended June 30, 2026 and in Income (~~Loss~~loss) ~~(AOCI)~~from discontinued operations for the three and six months ended June 30, 2025.

~~The~~(10) ~~following~~Stock ~~table~~Based ~~presents the activity of AFS securities in AOCI, net of tax, for the following periods:~~Compensation

	Unrealized gains (losses) on available for sale securities			Foreign currency translation adjustment			Total AOCI			Amount attributable to non-controlling interests			Total AOCI to Tiptree Inc.
Balance at December 31, 2023	$	(32,145	)	$	(98	)	$	(32,243	)	$	6,170		$	(26,073	)
Other comprehensive income (losses) before reclassifications		9,308			5,241			14,549			(3,764	)		10,785
Amounts reclassified from AOCI		117			—			117			—			117
OCI		9,425			5,241			14,666			(3,764	)		10,902
Balance at September 30, 2024	$	(22,720	)	$	5,143		$	(17,577	)	$	2,406		$	(15,171	)
Balance at December 31, 2024	$	(32,266	)	$	(2,529	)	$	(34,795	)	$	7,045		$	(27,750	)
Other comprehensive income (losses) before reclassifications		13,795			13,051			26,846			(7,256	)		19,590
Amounts reclassified from AOCI		404			—			404			—			404
OCI		14,199			13,051			27,250			(7,256	)		19,994
Balance at September 30, 2025	$	(18,067	)	$	10,522		$	(7,545	)	$	(211	)	$	(7,756	)

The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,						Affected line item in consolidated statements
Components of AOCI	2025			2024			2025			2024			of operations
Unrealized gains (losses) on available for sale securities	$	65		$	(57	)	$	(523	)	$	(150	)	Net realized and unrealized gains (losses)
Related tax (expense) benefit		(15	)		9			119			33		Provision for income tax
Net of tax	$	50		$	(48	)	$	(404	)	$	(117	)

(17) Stock Based Compensation

Tiptree Equity Plans

The table below summarizes changes to the issuances under the Company’s 2017 Omnibus Incentive Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans ~~that are exchangeable for Tiptree common stock:~~.

2017 Equity Plan	Number of shares
Available for issuance as of December 31, 2024		756,984
Available for issuance as of December 31, 2025		460,942
RSU, stock and option awards granted		(~~292~~54,~~428~~706	)
Available for issuance as of September 30, 2025		464,556
Forfeited		4,447
Amendment to plan		4,000,000
Available for issuance as of June 30, 2026		4,410,683

Restricted Stock Units (RSUs) and Stock Awards

The Company values RSUs at their grant-date fair value as measured by Tiptree’s common stock price. Generally, the Tiptree RSUs vest and become non-forfeitable either (i) after the third anniversary, or (ii) with respect to one-third of Tiptree shares granted on each of the first, second and third year anniversaries of the grant date. RSU awards are expensed using the straight-line method over the requisite service period. The RSUs include a retirement provision and are amortized over the lesser of the service condition or expected retirement date.

~~F-40~~Stock awards issued as director compensation are deemed to be granted and immediately vested upon issuance. On February 25, 2025, the Company issued Messrs. Barnes and Ilany 60,813 and 151,778 shares of the Company’s common stock, respectively, as part of their compensation for 2024 performance.

The following table presents changes to the issuances of RSUs under the 2017 Omnibus Incentive Equity Plan for the periods indicated:


	Number of shares issuable			Weighted average grant date fair value
Unvested units as of December 31, 2025		218,018		$	18.64
Granted		54,706			16.69
Vested		(84,077	)		16.76
Unvested units as of June 30, 2026 (1)		188,647		$	18.92

(1)

Includes 70,866, 87,463 and 30,318 shares that vest in 2027, 2028 and 2029, respectively.

The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated:


	Six Months Ended June 30,					Six Months Ended June 30,
Granted	2026		2025		Vested	2026			2025
Directors		7,147		6,425	Directors		7,147			6,425
Employees		47,559		282,813	Employees		76,930			352,479
Total Granted		54,706		289,238	Total Vested		84,077			358,904
					Taxes		(29,445	)		(117,765	)
					Net Vested		54,632			241,139

F-17

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

~~September~~June 30, ~~2025~~2026

(in thousands, except share data)

requisite service period. The RSUs include a retirement provision and are amortized over the lesser of the service condition or expected retirement date.

Stock awards issued as director compensation are deemed to be granted and immediately vested upon issuance. On February 25, 2025, the Company issued Messrs. Barnes and Ilany 60,813 and 151,778 shares of the Company's common stock, respectively, as part of their compensation for 2024 performance.

The following table presents changes to the issuances of RSUs under the 2017 Omnibus Incentive Equity Plan for the periods indicated:

	Number ofshares issuable			Weighted averagegrant datefair value
Unvested units as of December 31, 2024		287,684		$	15.22
Granted		292,428			21.43
Vested		(362,094	)		18.39
Unvested units as of September 30, 2025 (1)		218,018		$	18.64

Includes 76,930, 70,866 and 70,222 shares that vest in 2026, 2027 and 2028, respectively.

The following tables present the detail of the granted and vested RSUs and Stock Awards for the periods indicated:

	Nine Months Ended September 30,					Nine Months Ended September 30,
Granted	2025		2024		Vested	2025			2024
Directors		9,615		13,309	Directors		9,615			13,309
Employees		282,813		78,360	Employees		352,479			31,470
Total Granted		292,428		91,669	Total Vested		362,094			44,779
					Taxes		(117,764	)		(11,395	)
					Net Vested		244,330			33,384

Tiptree Senior Management Incentive Plan

On August 4, 2021, a total of 3,500,000 Performance Restricted Stock Units (PRSUs) were awarded to members of the Company’s senior management. An additional 350,000 PRSUs were awarded on October 14, 2022. The PRSUs have a 10-year term and are subject to the recipient’s continuous service and a market requirement. A portion of the PRSUs will generally vest upon the achievement of each of five Tiptree share price target milestones ranging from $15 to $60, adjusted for dividends paid, within five pre-established determination periods (subject to a catch-up vesting mechanism) occurring on the second, fourth, sixth, eighth and tenth anniversaries of the grant date. In November 2021 and October 2024, the first and second tranches of the PRSUs vested, resulting in a net issuance of 215,583 and 462,766 shares, respectively, of Tiptree common stock.

On January 1, 2024, Tiptree granted 1,420,833 PRSUs to members of the Company’s senior management. The PRSUs will generally vest upon achievement of a $70 Tiptree share price target (adjusted for dividends paid) prior to the tenth anniversary of the date of grant, subject to the Grantee’s continued employment with Tiptree.

As of ~~September~~June 30, ~~2025~~2026, 4,520,833 PRSUs were unvested. The below table illustrates the aggregate number of PRSUs that will vest upon the achievement of each Tiptree share price target. Such price targets are adjusted down for cumulative dividends paid by the Company since grant (e.g., the next share price target is $28.8971 as adjusted for cumulative dividends paid to date).


Original Tiptree Share Price Target			Number of PRSUs that Vest
	$	30		775,000
	$	45		1,033,333
	$	60		1,291,667
	$	70		1,420,833

Upon vesting, the Company will issue shares, or if shares are not available under the 2017 Equity Plan, then the Company may in its sole discretion instead deliver cash equal to the fair market value of the underlying shares. The fair value of the PRSUs was estimated using a Black-Scholes-Merton option pricing formula embedded within a Monte Carlo model used to simulate the future stock prices of the Company, which assumes that the market requirement is achieved. The historical volatility was computed based on historical daily returns of the Company’s stock price simulated over the performance period using a lookback period of 10 years. The valuation was done under a risk-neutral framework using the 10-year zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the reporting date. The quarterly dividend rates in effect as of the reporting date are used to calculate a spot dividend yield for use in the model.

F-41

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2025

(in thousands, except share data)

The following table presents the assumptions used to measure the fair value of the PRSUs as of the respective grant date, or June 7, 2022, when the original tranches were converted to equity awards.


Valuation Input	June 2022			October 2022			January 2024
Historical volatility		38.75	%		39.23	%		39.10	%
Risk-free rate		3.04	%		3.95	%		3.80	%
Dividend yield		1.45	%		1.44	%		1.05	%
Cost of equity		11.72	%		14.19	%		13.65	%
Expected term (years)		6.0			5.9			5.5

Stock Option Awards

Between 2016 and 2020, option awards were granted to the Executive Committee with an exercise price equal to the fair market value of ~~our~~the Company’s common stock on the date of grant. The option awards have a 10-year term and are subject to the recipient’s continuous service, a market requirement, and vest one third on each of the three, four, and five-year anniversaries of the grant date. As of ~~September~~June 30, ~~2025~~2026, the market requirement for all outstanding options has been achieved. There were no stock option awards granted from 2021 to ~~September~~June 30, ~~2025~~2026.

The following table presents the Company’s stock option activity for the current period:

	Optionsoutstanding		Weighted averageexercise price(in dollars perstock option)		Weightedaverage grantdate value (indollars perstock option)		Optionsexercisable
Balance, December 31, 2024		1,583,873	$	6.51	$	2.25		1,442,114
Balance, December 31, 2025		907,237	$	6.62	$	1.82		907,237
Balance, September 30, 2025		910,130	$	6.61	$	2.25		910,130
Balance, June 30, 2026		901,786	$	6.62	$	1.82		901,786
Weighted average remaining contractual term at September 30, 2025 (in years)		3.6
Weighted average remaining contractual term at June 30, 2026 (in years)		2.8

~~Subsidiary Equity Plans~~F-18

Certain of the Company’s subsidiaries have established incentive plans under which they are authorized to issue equity of those subsidiaries to certain of their employees. Such awards are accounted for as equity unless otherwise noted. These awards are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting awards) and time-vesting subject to continued employment (time vesting awards). The Company has the option, but not the obligation to settle the exchange right in cash.

Fortegra Equity Incentive Plan

Fortegra adopted the 2022 Equity Incentive Plan (“Fortegra Plan”) on June 21, 2022, and further amended on January 18, 2024, which permits the grant of RSUs, stock based awards and options up to 11.0% of Fortegra Common Stock (assuming conversion of the Fortegra Preferred Stock), of which the substantial majority is expected to be delivered in options. The general purpose of the Fortegra Plan is to attract, motivate and retain selected employees of Fortegra, to provide them with incentives and rewards for performance and to better align their interests with those of Fortegra’s stockholders. Unless otherwise extended, the Fortegra Plan terminates automatically on June 21, 2032. The awards under the Fortegra Plan are not exchangeable for Tiptree common stock.

As of September 30, 2025, unvested time vesting RSUs represented 0.2% and unvested time and performance vesting options represented 3.5% of Fortegra Common Stock (in each case, assuming conversion of the Fortegra Preferred Stock). The RSUs include a retirement provision and are amortized over the lesser of the service condition or expected retirement date. The time vested options vest in equal parts over five years with the first tranche vested and exercised in 2024. The performance vested options vest based on specific internal rate of return targets determined at the time of a change of control of Fortegra or sale by Warburg of

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