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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, 2024
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.)

660 Steamboat Road, 2nd Floor, Greenwich, Connecticut     06830
(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 April 30, 2024, there were 36,785,305 shares, par value $0.001, of the registrant’s common stock outstanding.



Tiptree Inc.
Quarterly Report on Form 10-Q
March 31, 2024

Table of Contents
ITEM
Page Number
F- 1
Item 1. Financial Statements (Unaudited)
F- 3
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
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- 20
F- 21
F- 23
F- 24
F- 31
F- 32
F- 33
F- 34
F- 35
F- 37
F- 38
F- 41
F- 42
F- 42
F- 43
F- 43
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, our strategic plans and objectives, and government legislation. 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, 2023, 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.
“EBITDA” means earnings before interest, taxes, depreciation and amortization.
“EBITDAR” means earnings before interest, taxes, depreciation and amortization, and restructuring or rent costs.
“E&S” means excess and surplus.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fannie Mae” means Federal National Mortgage Association.
“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.
“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.
“NAIC” means the National Association of Insurance Commissioners.
“Premia” means Premia Solutions Limited.
“Reliance” means Reliance First Capital, LLC.
“SEC” means the U.S. Securities and Exchange Commission.
F - 1


“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.
“Tiptree Advisors Funds” means Corvid Peak Restructuring Partners Onshore Fund LLC and Albatross CP LLC.
“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.
“WP Transaction” means the $200 million strategic investment in Fortegra by Warburg.



F - 2

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
As of
March 31, 2024December 31, 2023
Assets:
Investments:
Available for sale securities, at fair value, net of allowance for credit losses$781,196 $802,609 
Loans, at fair value69,039 69,556 
Equity securities58,414 68,308 
Other investments90,989 111,088 
Total investments999,638 1,051,561 
Cash and cash equivalents 474,555 468,711 
Restricted cash128,402 23,850 
Notes and accounts receivable, net722,017 684,608 
Reinsurance recoverable
911,048 953,886 
Prepaid reinsurance premiums
907,758 900,524 
Deferred acquisition costs564,873 565,746 
Goodwill205,928 206,155 
Intangible assets, net114,540 118,757 
Other assets161,180 165,515 
Total assets$5,189,939 $5,139,313 
Liabilities and Stockholders’ Equity
Liabilities:
Debt, net$405,756 $402,411 
Unearned premiums1,659,650 1,695,058 
Policy liabilities and unpaid claims962,419 844,848 
Deferred revenue672,360 673,085 
Reinsurance payable539,349 543,602 
Other liabilities and accrued expenses351,767 403,744 
Total liabilities$4,591,301 $4,562,748 
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, 36,781,281 and 36,756,187 shares issued and outstanding, respectively
37 37 
Additional paid-in capital385,138 382,239 
Accumulated other comprehensive income (loss), net of tax(27,928)(26,073)
Retained earnings67,488 60,663 
Total Tiptree Inc. stockholders’ equity424,735 416,866 
Non-controlling interests:
Fortegra preferred interests77,679 77,679 
Common interests96,224 82,020 
Total non-controlling interests173,903 159,699 
Total stockholders’ equity598,638 576,565 
Total liabilities and stockholders’ equity$5,189,939 $5,139,313 

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,
20242023
Revenues:
Earned premiums, net$347,310 $265,330 
Service and administrative fees110,487 92,032 
Ceding commissions2,744 3,645 
Net investment income6,758 5,109 
Net realized and unrealized gains (losses)15,624 2,177 
Other revenue15,298 13,332 
Total revenues498,221 381,625 
Expenses:
Policy and contract benefits207,664 141,675 
Commission expense156,948 146,450 
Employee compensation and benefits49,186 40,798 
Interest expense8,290 6,465 
Depreciation and amortization5,568 5,253 
Other expenses40,866 32,811 
Total expenses468,522 373,452 
Income (loss) before taxes29,699 8,173 
Less: provision (benefit) for income taxes13,818 5,022 
Net income (loss)15,881 3,151 
Less: net income (loss) attributable to non-controlling interests6,831 4,213 
Net income (loss) attributable to common stockholders$9,050 $(1,062)
Net income (loss) per common share:
Basic earnings per share$0.24 $(0.03)
Diluted earnings per share$0.22 $(0.03)
Weighted average number of common shares:
Basic36,769,810 36,522,946 
Diluted37,779,412 36,522,946 
Dividends declared per common share$0.06 $0.05 

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,
20242023
Net income (loss)$15,881 $3,151 
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on available for sale securities(4,756)9,501 
Change in unrealized currency translation adjustments420 2,932 
Related (provision) benefit for income taxes1,796 (4,035)
Other comprehensive income (loss), net of tax(2,540)8,398 
Comprehensive income (loss)13,341 11,549 
Less: comprehensive income (loss) attributable to non-controlling interests6,146 6,275 
Comprehensive income (loss) attributable to common stockholders$7,195 $5,274 

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 stockNon-controlling interests
Number of sharesPar value Additional paid-in capitalAccumulated other comprehensive income (loss)Retained earningsTotal
Tiptree Inc. stockholders’ equity
Fortegra preferred interestsCommon interestsTotal stockholders' equity
Balance at December 31, 2023
36,756,187 $37 $382,239 $(26,073)$60,663 $416,866 $77,679 $82,020 $576,565 
Amortization of share-based incentive compensation— — 2,984 — — 2,984 — 723 3,707 
Vesting of share-based incentive compensation25,094 — (85)— — (85)— (622)(707)
Non-controlling interest contributions— — — — — — — 9,621 9,621 
Non-controlling interest distributions— — — — — — — (69)(69)
Common stock dividends declared— — — — (2,225)(2,225)— — (2,225)
Other comprehensive income (loss), net of tax— — — (1,855)— (1,855)— (685)(2,540)
Subsidiary preferred dividends declared— — — — (1,595)(1,595)— — (1,595)
Net income (loss)— — — — 10,645 10,645 — 5,236 15,881 
Balance at March 31, 202436,781,281 $37 $385,138 $(27,928)$67,488 $424,735 $77,679 $96,224 $598,638 
    

Common stockNon-controlling interests
Number of sharesPar valueAdditional paid-in capitalAccumulated other comprehensive income (loss)Retained earningsTotal
Tiptree Inc. stockholders’ equity
Fortegra preferred interestsCommon interestsTotal stockholders' equity
Balance at December 31, 2022
36,385,299 $36 $382,645 $(39,429)$54,113 $397,365 $77,679 $58,529 $533,573 
Amortization of share-based incentive compensation— — 2,173 — — 2,173 — 41 2,214 
Vesting of share-based incentive compensation294,642 1 (565)— — (564)— (470)(1,034)
Shares issued upon exercise of options
55,007 — — — — — — — — 
Non-controlling interest distributions— — (1,751)— — (1,751)— (3,174)(4,925)
Net change in non-controlling interests and other— — — — — — — 3,608 3,608 
Common stock dividends declared— — — — (1,850)(1,850)— — (1,850)
Other comprehensive income (loss), net of tax— — — 6,336 — 6,336 — 2,062 8,398 
Subsidiary preferred dividends declared— — — — (1,578)(1,578)— — (1,578)
Net income (loss)— — — — 516 516 — 2,635 3,151 
Balance at March 31, 202336,734,948 $37 $382,502 $(33,093)$51,201 $400,647 $77,679 $63,231 $541,557 


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,
20242023
Operating Activities:
Net income (loss) attributable to common stockholders$9,050 $(1,062)
Net income (loss) attributable to non-controlling interests6,831 4,213 
Net income (loss)15,881 3,151 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses (15,624)(2,177)
Non-cash compensation expense3,845 2,214 
Amortization/accretion of premiums and discounts(1,736)(459)
Depreciation and amortization expense5,568 5,253 
Non-cash lease expense1,990 2,069 
Deferred provision (benefit) for income taxes12,779 4,100 
Amortization of deferred financing costs300 269 
Change in fair value of liability classified warrants4,211 (118)
Other217 66 
Changes in operating assets and liabilities:
Mortgage loans originated for sale(210,402)(202,836)
Proceeds from the sale of mortgage loans originated for sale218,116 202,555 
(Increase) decrease in notes and accounts receivable(34,191)15,662 
(Increase) decrease in reinsurance recoverable
42,838 (86,594)
(Increase) decrease in prepaid reinsurance premiums
(7,234)(34,756)
(Increase) decrease in deferred acquisition costs873 (3,994)
(Increase) decrease in other assets(1,109)17,823 
Increase (decrease) in unearned premiums(35,408)45,777 
Increase (decrease) in policy liabilities and unpaid claims117,571 72,615 
Increase (decrease) in deferred revenue(725)7,041 
Increase (decrease) in reinsurance payable(4,253)40,042 
Increase (decrease) in other liabilities and accrued expenses(50,803)(44,657)
Net cash provided by (used in) operating activities62,704 43,046 
Investing Activities:
Purchases of investments(282,567)(504,104)
Proceeds from sales and maturities of investments326,829 289,282 
Purchases of property, plant and equipment(787)(4,947)
Proceeds from notes receivable23,872 24,833 
Issuance of notes receivable(26,878)(30,057)
Business and asset acquisitions, net of cash and deposits (22,530)
Net cash provided by (used in) investing activities40,469 (247,523)
Financing Activities:
Dividends paid(3,820)(3,446)
Net non-controlling interest (redemptions) contributions and other8,751 (6,079)
Payment of debt issuance costs(140)(183)
Proceeds from borrowings and mortgage notes payable253,892 370,394 
Principal paydowns of borrowings and mortgage notes payable(250,706)(282,384)
Net cash provided by (used in) financing activities7,977 78,302 
Effect of exchange rate changes on cash(754)1,258 
Net increase (decrease) in cash, cash equivalents and restricted cash110,396 (124,917)
Cash, cash equivalents and restricted cash – beginning of period492,561 550,847 
Cash, cash equivalents and restricted cash – end of period$602,957 $425,930 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Right of use asset obtained in exchange for lease liability$ $397 
As of
Reconciliation of cash, cash equivalents and restricted cashMarch 31,
2024
December 31,
2023
Cash and cash equivalents $474,555 $468,711 
Restricted cash128,402 23,850 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows$602,957 $492,561 
See accompanying notes to condensed consolidated financial statements.
F-7

TIPTREE INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2024
(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 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.

On June 21, 2022, the Company closed the WP Transaction whereby Warburg invested $200,000 in Fortegra in exchange for Fortegra Common Stock, Fortegra Preferred Stock, Fortegra Warrants and Fortegra Additional Warrants. See Note (16) Stockholders' Equity for additional information regarding the terms of the securities issued in connection with the closing of the WP Transaction. As of March 31, 2024, Fortegra was owned approximately 79.3% by Tiptree Holdings, 17.7% by Warburg and 3.0% by management and directors of Fortegra, before giving effect to the exercise of outstanding warrants and the conversion of outstanding preferred stock.

(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, 2023. 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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2024.

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 three months ended March 31, 2024, there were no accounting standards adopted by the Company.
F-8

TIPTREE INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2024
(in thousands, except share data)


Recently Issued Accounting Pronouncements, Not Yet Adopted
Accounting Standard UpdateDescriptionAdoption DateImpact on Financial Statements
2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848The amendments in these updates provide optional guidance for a limited period to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met.The standard is effective for all entities as of March 12, 2020, through December 31, 2024.The Company is evaluating its option to adopt the guidance when it is applicable.
2023-07 (Topic 280) Improvements to Reportable Segment DisclosuresIn November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements.The amendments in this update are effective for annual periods beginning after December 31, 2024.
The Company does not expect the adoption of this guidance to have a material impact on our consolidated 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 is evaluating timing on when to adopt the guidance within the year.

(3) Acquisitions

Acquisition of Premia Solutions Limited

On February 6, 2023, a subsidiary of Fortegra acquired a majority of the equity interests in Premia for total cash consideration of approximately $19,726, net of cash acquired of $3,873. Premia is an intermediate provider of automotive protection products in the United Kingdom.

Identifiable assets acquired were primarily made up of goodwill and intangible assets. Management’s allocation of the purchase price to the net assets acquired resulted in the recording of goodwill and intangible assets of $18,359 and $18,152, respectively. See Note (8) Goodwill and Intangible Assets, net.


(4) Operating Segment Data

Tiptree 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 leading 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.
F-9

TIPTREE INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2024
(in thousands, except share data)



Our reportable segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Intercompany transactions are eliminated.

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

Insurance operations are conducted through Fortegra, which is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty property and casualty insurance products incorporating value-added coverages and services for select target markets or niches. Fortegra’s products and services include niche commercial and personal lines, service contracts, and other insurance services.

Tiptree Capital:

Mortgage operations are conducted through Reliance. The Company’s mortgage business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and Ginnie Mae.

Other includes our remaining maritime shipping operations, asset management and other investments.

The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
Three Months Ended March 31, 2024
Tiptree Capital
InsuranceMortgageOtherTotal
Total revenues
$478,756 $15,891 $3,574 $498,221 
Total expenses
(441,945)(15,138)(581)(457,664)
Corporate expenses
— — — (10,858)
Income (loss) before taxes$36,811 $753 $2,993 $29,699 
Less: provision (benefit) for income taxes13,818 
Net income (loss)$15,881 
Less: net income (loss) attributable to non-controlling interests6,831 
Net income (loss) attributable to common stockholders$9,050 
Three Months Ended March 31, 2023
Tiptree Capital
InsuranceMortgageOtherTotal
Total revenues$368,444 $11,561 $1,620 $381,625 
Total expenses(348,999)(14,126)(178)(363,303)
Corporate expenses— — — (10,149)
Income (loss) before taxes$19,445 $(2,565)$1,442 $8,173 
Less: provision (benefit) for income taxes5,022 
Net income (loss)$3,151 
Less: net income (loss) attributable to non-controlling interests4,213 
Net income (loss) attributable to common stockholders$(1,062)
The Company conducts its operations primarily in the U.S. with 5.2% and 4.0% of total revenues generated overseas for the three months ended March 31, 2024 and 2023, respectively.

F-10

TIPTREE INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2024
(in thousands, except share data)


The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:
As of March 31, 2024As of December 31, 2023
Tiptree CapitalTiptree Capital
InsuranceMortgageOtherCorporateTotalInsuranceMortgageOtherCorporateTotal
Total assets$4,930,405 $164,794 $70,697 $24,043 $5,189,939 $4,835,685 $160,147 $126,624 $16,857 $5,139,313 

(5) 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 March 31, 2024
Tiptree Capital
InsuranceMortgageOtherTotal
Available for sale securities, at fair value, net of allowance for credit losses$750,352 $ $30,844 $781,196 
Loans, at fair value9,094 59,945  69,039 
Equity securities44,557  13,857 58,414 
Other investments87,116 3,477 396 90,989 
Total investments$891,119 $63,422 $45,097 $999,638 
As of December 31, 2023
Tiptree Capital
InsuranceMortgageOtherTotal
Available for sale securities, at fair value, net of allowance for credit losses$772,135 $