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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 period ended March 31, 2022
OR
 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 in Its Charter)
Maryland                                38-3754322
(State or Other Jurisdiction of Incorporation of Organization        (IRS Employer Identification No.)

299 Park Avenue, 13th Floor, New York, New York                10171
(Address of Principal Executive Offices)                        Zip Code

Registrant’s Telephone Number, Including Area Code: (212446-1400
Securities registered pursuant to Section 12(b) of the Act:
 Title of each classTrading Symbol(s)Name of each exchange on which registered
common stock, par value $0.001 per shareTIPTNASDAQCapital 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  x 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 x     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 x
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 May 3, 2022, there were 34,899,103 shares, par value $0.001, of the registrant’s common stock outstanding.



Tiptree Inc.
Quarterly Report on Form 10-Q
March 31, 2022

Table of Contents
ITEM
Page Number
F- 1
Item 1. Financial Statements (Unaudited)
F- 3
F- 3
F- 4
F- 5
F- 6
F- 7
F- 8
F- 8
F- 8
F- 9
F- 9
F- 11
F- 17
F- 17
F- 19
F- 20
F- 22
F- 23
F- 30
F- 31
F- 32
F- 33
F- 34
F- 35
F- 35
F- 39
F- 39
F- 40
F- 40
F- 41
Item 4. Controls and Procedures




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. 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” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, 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.

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. We believe 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:
“A.M. Best” means A.M. Best Company, Inc.
“Corvid Peak” means collectively: Corvid Peak Holdings, L.P., Corvid Peak Capital Management, LLC, Corvid Peak GP Holdings, LLC and Corvid Peak Holdings GP, LLC
“EBITDA” means earnings before interest, taxes, depreciation and amortization.
“E&S” means excess and surplus.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fannie Mae” means Federal National Mortgage Association.
“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.
“Fortegra” or “The Fortegra Group” means The Fortegra Group, LLC.
“Fortegra Warranty” means Fortegra Warranty Holdings, LLC.
“Freddie Mac” means Federal Home Loan Mortgage Corporation.
“GAAP” means U.S. generally accepted accounting principles.
“Ginnie Mae” means Government National Mortgage Association.
“GSE” means government-sponsored enterprise.
“Invesque” means Invesque Inc.
“Luxury” means Luxury Mortgage Corp.
“NAIC” means the National Association of Insurance Commissioners.
“Reliance” means Reliance First Capital, LLC.
“SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended.
“Sky Auto” means Sky Services LLC.
F - 1


“Smart AutoCare” means the following entities and their subsidiaries operating under the Smart AutoCare brand: SAC Holdings, Inc., Freedom Insurance Company, Ltd., Dealer Motor Services, Inc., Independent Dealer Group, Inc., Ownershield, Inc. and Accelerated Service Enterprise, LLC.
“Tiptree”, the “Company”, “we”, “its”, “us” and “our” means, unless otherwise indicated by the context, Tiptree Inc. and its consolidated subsidiaries.
“Tiptree Holdings” means Tiptree Holdings LLC.
“Transition Services Agreement” means the Amended and Restated Transition Services Agreement between Corvid Peak and Tiptree Inc., effective as of January 1, 2019.
“WP Transaction” means the $200 million strategic investment in Fortegra by Warburg Pincus pursuant to the Securities Purchase Agreement between and among Tiptree, Fortegra and WP Falcon Aggregator, L.P. dated October 11, 2021.



F - 2

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
As of
March 31,
2022
December 31, 2021
Assets:
Investments:
Available for sale securities, at fair value, net of allowance for credit losses$568,460 $577,448 
Loans, at fair value96,244 105,583 
Equity securities120,895 138,483 
Other investments132,305 168,656 
Total investments917,904 990,170 
Cash and cash equivalents 177,962 175,718 
Restricted cash19,567 19,368 
Notes and accounts receivable, net536,133 454,369 
Reinsurance receivables949,952 880,836 
Deferred acquisition costs414,752 379,373 
Goodwill179,103 179,103 
Intangible assets, net119,357 122,758 
Other assets147,217 146,844 
Assets held for sale138,251 250,608 
Total assets$3,600,198 $3,599,147 
Liabilities and Stockholders’ Equity
Liabilities:
Debt, net$391,326 $393,349 
Unearned premiums1,188,764 1,123,952 
Policy liabilities and unpaid claims393,877 331,703 
Deferred revenue560,316 534,863 
Reinsurance payable273,314 265,569 
Other liabilities and accrued expenses292,115 306,536 
Liabilities held for sale117,333 242,994 
Total liabilities$3,217,045 $3,198,966 
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, 34,877,897 and 34,124,153 shares issued and outstanding, respectively
35 34 
Additional paid-in capital323,916 317,459 
Accumulated other comprehensive income (loss), net of tax(23,106)(2,685)
Retained earnings65,788 68,146 
Total Tiptree Inc. stockholders’ equity366,633 382,954 
Non-controlling interests16,520 17,227 
Total stockholders’ equity383,153 400,181 
Total liabilities and stockholders’ equity$3,600,198 $3,599,147 


See accompanying notes to condensed consolidated financial statements.
F - 3

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share data)

Three Months Ended
March 31,
20222021
Revenues:
Earned premiums, net$208,416 $146,919 
Service and administrative fees71,835 58,050 
Ceding commissions2,537 3,025 
Net investment income3,167 2,767 
Net realized and unrealized gains (losses)17,204 69,371 
Other revenue21,744 14,556 
Total revenues324,903 294,688 
Expenses:
Policy and contract benefits104,446 67,174 
Commission expense117,423 88,645 
Employee compensation and benefits56,455 52,924 
Interest expense10,199 9,252 
Depreciation and amortization6,156 5,934 
Other expenses31,176 31,367 
Total expenses325,855 255,296 
Income (loss) before taxes(952)39,392 
Less: provision (benefit) for income taxes(86)8,752 
Net income (loss)(866)30,640 
Less: net income (loss) attributable to non-controlling interests94 2,059 
Net income (loss) attributable to common stockholders$(960)$28,581 
Net income (loss) per common share:
Basic earnings per share$(0.03)$0.86 
Diluted earnings per share$(0.03)$0.81 
Weighted average number of common shares:
Basic34,229,011 32,420,982 
Diluted34,229,011 36,184,019 
Dividends declared per common share$0.04 $0.04 


See accompanying notes to condensed consolidated financial statements.
F - 4

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)


Three Months Ended
March 31,
20222021
Net income (loss)$(866)$30,640 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities:
Unrealized holding gains (losses) arising during the period(26,376)(3,870)
Related (provision) benefit for income taxes5,819 875 
Reclassification of (gains) losses included in net income (loss)110 (128)
Related (provision) benefit for income taxes(24)30 
Unrealized gains (losses) on available for sale securities, net of tax(20,471)(3,093)
Other comprehensive income (loss), net of tax(20,471)(3,093)
Comprehensive income (loss)(21,337)27,547 
Less: comprehensive income (loss) attributable to non-controlling interests44 2,048 
Comprehensive income (loss) attributable to common stockholders$(21,381)$25,499 


See accompanying notes to condensed consolidated financial statements.
F - 5

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands, except shares)
Common stock
Number of sharesPar value Additional paid-in capitalAccumulated other comprehensive income (loss)Retained earningsTotal
Tiptree Inc. stockholders’ equity
Non-controlling interestsTotal stockholders' equity
Balance at December 31, 202134,124,153 $34 $317,459 $(2,685)$68,146 $382,954 $17,227 $400,181 
Amortization of share-based incentive compensation— — 3,162 — — 3,162 576 3,738 
Vesting of share-based incentive compensation261,449 — (127)— — (127)(994)(1,121)
Shares issued upon exercise of warrants492,295 1 3,422 — — 3,423 — 3,423 
Non-controlling interest contributions— — — — — — 250 250 
Non-controlling interest distributions— — — — — — (583)(583)
Dividends declared— — — — (1,398)(1,398)— (1,398)
Other comprehensive income (loss), net of tax— — — (20,421)— (20,421)(50)(20,471)
Net income (loss)— — — — (960)(960)94 (866)
Balance at March 31, 202234,877,897 $35 $323,916 $(23,106)$65,788 $366,633 $16,520 $383,153 
    

Common stock
Number of sharesPar value Additional paid-in capitalAccumulated other comprehensive income (loss)Retained earningsTotal
Tiptree Inc. stockholders’ equity
Non-controlling interestsTotal stockholders' equity
Balance at December 31, 202032,682,462 $33 $315,014 $5,674 $35,423 $356,144 $17,394 $373,538 
Amortization of share-based incentive compensation— — 627 — — 627 328 955 
Vesting of share-based incentive compensation344,686 — (51)— — (51)(914)(965)
Shares purchased under stock purchase plan(488,662)— (2,450)— — (2,450)— (2,450)
Non-controlling interest contributions— — — — — — 100 100 
Dividends declared— — — — (1,326)(1,326)— (1,326)
Other comprehensive income (loss), net of tax— — — (3,082)— (3,082)(11)(3,093)
Net income (loss)— — — — 28,581 28,581 2,059 30,640 
Balance at March 31, 202132,538,486 $33 $313,140 $2,592 $62,678 $378,443 $18,956 $397,399 


See accompanying notes to condensed consolidated financial statements.
F - 6

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

Three Months Ended March 31,
20222021
Operating Activities:
Net income (loss) attributable to common stockholders$(960)$28,581 
Net income (loss) attributable to non-controlling interests94 2,059 
Net income (loss)(866)30,640 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses (17,204)(69,371)
Net (gain) loss on held for sale of business(1,752)431 
Non-cash compensation expense6,170 1,065 
Amortization/accretion of premiums and discounts654 670 
Depreciation and amortization expense6,156 5,934 
Non-cash lease expense2,420 2,195 
Deferred provision (benefit) for income taxes(54)7,788 
Amortization of deferred financing costs407 394 
Other69 80 
Changes in operating assets and liabilities:
Mortgage loans originated for sale(972,051)(911,193)
Proceeds from the sale of mortgage loans originated for sale1,141,727 956,609 
(Increase) decrease in notes and accounts receivable(72,105)24,507 
(Increase) decrease in reinsurance receivables(69,116)14,279 
(Increase) decrease in deferred acquisition costs(35,379)(43,494)
(Increase) decrease in other assets4,653 (4,101)
Increase (decrease) in unearned premiums64,812 31,319 
Increase (decrease) in policy liabilities and unpaid claims62,174 17,885 
Increase (decrease) in deferred revenue25,453 25,397 
Increase (decrease) in reinsurance payable7,745 (23,329)
Increase (decrease) in other liabilities and accrued expenses(4,846)(40,375)
Net cash provided by (used in) operating activities149,067 27,330 
Investing Activities:
Purchases of investments(333,311)(413,159)
Proceeds from sales and maturities of investments322,923 372,015 
Proceeds from the sale of real estate and other assets583  
Purchases of property, plant and equipment(535)(397)
Proceeds from the sale of businesses 125 
Proceeds from notes receivable17,098 14,762 
Issuance of notes receivable(25,490)(15,710)
Net cash provided by (used in) investing activities(18,732)(42,364)
Financing Activities:
Dividends paid(1,398)(1,326)
Cash received for the exercise of warrants3,423  
Net non-controlling interest (redemptions) contributions(1,566)100 
Payment of debt issuance costs(5) 
Proceeds from borrowings and mortgage notes payable1,020,790 955,306 
Principal paydowns of borrowings and mortgage notes payable(1,145,947)(952,260)
Repurchases of common stock and other changes in additional paid-in capital (2,450)
Net cash provided by (used in) financing activities(124,703)(630)
Net increase (decrease) in cash, cash equivalents and restricted cash5,632 (15,664)
Cash, cash equivalents and restricted cash – beginning of period195,086