10-Q

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 June 30, 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: (212) 446-1400

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
common stock, par value $0.001 per share	TIPT	NASDAQ	Capital 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 July 30, 2024, there were 36,789,571 shares, par value $0.001, of the registrant’s common stock outstanding.

Tiptree Inc.

Quarterly Report on Form 10-Q

June 30, 2024

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 June 30, 2024 and December 31, 2023	F- 3
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	F- 3
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023	F- 5
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended June 30, 2024 and 2023	F- 6
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	F- 8
Notes to Condensed Consolidated Financial Statements	F- 9
(1) Organization	F- 9
(2) Summary of Significant Accounting Policies	F- 9
(3) Acquisitions	F- 10
(4) Operating Segment Data	F- 10
(5) Investments	F- 12
(6) Notes and Accounts Receivable, net	F- 18
(7) Reinsurance Recoverable and Prepaid Reinsurance Premiums	F- 18
(8) Goodwill and Intangible Assets, net	F- 23
(9) Derivative Financial Instruments and Hedging	F- 24
(10) Debt, net	F- 25
(11) Fair Value of Financial Instruments	F- 27
(12) Liability for Unpaid Claims and Claim Adjustment Expenses	F- 33
(13) Revenue from Contracts with Customers	F- 34
(14) Other Assets and Other Liabilities and Accrued Expenses	F- 35
(15) Other Revenue and Other Expenses	F- 36
(16) Stockholders’ Equity	F- 37
(17) Accumulated Other Comprehensive Income (Loss)	F- 39
(18) Stock Based Compensation	F- 40
(19) Income Taxes	F- 43
(20) Commitments and Contingencies	F- 44
(21) Earnings Per Share	F- 45
(22) Related Party Transactions	F- 45
(23) Subsequent Events	F- 46
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3. Quantitative and Qualitative Disclosures About Market Risk	73
Item 4. Controls and Procedures	74
PART II. Other Information	75
Item 1. Legal Proceedings	75
Item 1A. Risk Factors	75
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 3. Defaults Upon Senior Securities	75
Item 4. Mine Safety Disclosures	75
Item 5. Other Information	75
Item 6. Exhibits, Financial Statement Schedules	76
Signatures	77

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 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
	June 30, 2024		December 31, 2023
Assets:
Investments:
Available for sale securities, at fair value, net of allowance for credit losses	$	825,223	$	802,609
Loans, at fair value	74,326		69,556
Equity securities	69,499		68,308
Other investments	59,337		111,088
Total investments	1,028,385		1,051,561
Cash and cash equivalents	497,343		468,711
Restricted cash	108,034		23,850
Notes and accounts receivable, net	779,105		684,608
Reinsurance recoverable	904,692		953,886
Prepaid reinsurance premiums	962,159		900,524
Deferred acquisition costs	545,033		565,746
Goodwill	205,972		206,155
Intangible assets, net	110,835		118,757
Other assets	163,152		165,515
Total assets	$	5,304,710	$	5,139,313
Liabilities and Stockholders’ Equity
Liabilities:
Debt, net	$	387,338	$	402,411
Unearned premiums	1,671,294		1,695,058
Policy liabilities and unpaid claims	1,087,203		844,848
Deferred revenue	683,513		673,085
Reinsurance payable	478,168		543,602
Other liabilities and accrued expenses	379,125		403,744
Total liabilities	$	4,686,641	$	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, 36,785,305 and 36,756,187 shares issued and outstanding, respectively	37		37
Additional paid-in capital	387,513		382,239
Accumulated other comprehensive income (loss), net of tax	(29,216)		(26,073)
Retained earnings	78,115		60,663
Total Tiptree Inc. stockholders’ equity	436,449		416,866
Non-controlling interests:
Fortegra preferred interests	77,679		77,679
Common interests	103,941		82,020
Total non-controlling interests	181,620		159,699
Total stockholders’ equity	618,069		576,565
Total liabilities and stockholders’ equity	$	5,304,710	$	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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Earned premiums, net	$	398,467	$	269,795	$	745,777	$	535,125
Service and administrative fees	105,847		98,113		216,334		190,145
Ceding commissions	5,065		4,676		7,809		8,321
Net investment income	6,381		9,088		13,139		14,197
Net realized and unrealized gains (losses)	12,578		8,825		28,202		11,002
Other revenue	18,335		14,021		33,633		27,353
Total revenues	546,673		404,518		1,044,894		786,143
Expenses:
Policy and contract benefits	233,975		147,734		441,639		289,409
Commission expense	173,279		142,699		330,227		289,149
Employee compensation and benefits	49,917		44,383		99,103		85,181
Interest expense	8,015		7,044		16,305		13,509
Depreciation and amortization	5,291		5,875		10,859		11,128
Other expenses	35,550		33,109		76,416		65,920
Total expenses	506,027		380,844		974,549		754,296
Income (loss) before taxes	40,646		23,674		70,345		31,847
Less: provision (benefit) for income taxes	18,673		11,824		32,491		16,846
Net income (loss)	21,973		11,850		37,854		15,001
Less: net income (loss) attributable to non-controlling interests	9,122		5,861		15,953		10,074
Net income (loss) attributable to common stockholders	$	12,851	$	5,989	$	21,901	$	4,927
Net income (loss) per common share:
Basic earnings per share	$	0.35	$	0.16	$	0.59	$	0.13
Diluted earnings per share	$	0.31	$	0.16	$	0.54	$	0.13
Weighted average number of common shares:
Basic	36,785,305		36,742,295		36,777,557		36,633,226
Diluted	37,752,682		37,585,811		37,766,573		37,509,660
Dividends declared per common share	$	0.06	$	0.05	$	0.12	$	0.10

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	21,973	$	11,850	$	37,854	$	15,001
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on available for sale securities	(861)		(3,576)		(5,617)		5,925
Change in unrealized currency translation adjustments	(1,511)		2,700		(1,091)		5,632
Related (provision) benefit for income taxes	554		797		2,350		(3,238)
Other comprehensive income (loss), net of tax	(1,818)		(79)		(4,358)		8,319
Comprehensive income (loss)	20,155		11,771		33,496		23,320
Less: comprehensive income (loss) attributable to non-controlling interests	8,592		5,915		14,738		12,190
Comprehensive income (loss) attributable to common stockholders	$	11,563	$	5,856	$	18,758	$	11,130

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											Non-controlling interests
	Number of shares	Par value		Additional paid-in capital		Accumulated other comprehensive income (loss)		Retained earnings		Total Tiptree Inc. stockholders’ equity		Fortegra preferred interests		Common interests		Total 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	—	—		5,290		—		—		5,290		—		1,685		6,975
Vesting of share-based incentive compensation	29,118	—		(16)		—		—		(16)		—		(622)		(638)
Non-controlling interest contributions	—	—		—		—		—		—		—		9,956		9,956
Non-controlling interest distributions	—	—		—		—		—		—		—		(644)		(644)
Common stock dividends declared	—	—		—		—		(4,449)		(4,449)		—		—		(4,449)
Other comprehensive income (loss), net of tax	—	—		—		(3,143)		—		(3,143)		—		(1,215)		(4,358)
Subsidiary preferred dividends declared	—	—		—		—		(3,192)		(3,192)		—		—		(3,192)
Net income (loss)	—	—		—		—		25,093		25,093		—		12,761		37,854
Balance at June 30, 2024	36,785,305	$	37	$	387,513	$	(29,216)	$	78,115	$	436,449	$	77,679	$	103,941	$	618,069

	Common stock											Non-controlling interests
	Number of shares	Par value		Additional paid-in capital		Accumulated other comprehensive income (loss)		Retained earnings		Total Tiptree Inc. stockholders’ equity		Fortegra preferred interests		Common interests		Total stockholders' equity
Balance at March 31, 2024	36,781,281	$	37	$	385,138	$	(27,928)	$	67,488	$	424,735	$	77,679	$	96,224	$	598,638
Amortization of share-based incentive compensation	—	—		2,306		—		—		2,306		—		962		3,268
Vesting of share-based incentive compensation	4,024	—		69		—		—		69		—		—		69
Non-controlling interest contributions	—	—		—		—		—		—		—		335		335
Non-controlling interest distributions	—	—		—		—		—		—		—		(575)		(575)
Common stock dividends declared	—	—		—		—		(2,224)		(2,224)		—		—		(2,224)
Other comprehensive income (loss), net of tax	—	—		—		(1,288)		—		(1,288)		—		(530)		(1,818)
Subsidiary preferred dividends declared	—	—		—		—		(1,597)		(1,597)		—		—		(1,597)
Net income (loss)	—	—		—		—		14,448		14,448		—		7,525		21,973
Balance at June 30, 2024	36,785,305	$	37	$	387,513	$	(29,216)	$	78,115	$	436,449	$	77,679	$	103,941	$	618,069

F-6

TIPTREE INC. AND SUBSIDIARIES

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

(in thousands, except shares)

	Common stock											Non-controlling interests
	Number of shares	Par value		Additional paid-in capital		Accumulated other comprehensive income (loss)		Retained earnings		Total Tiptree Inc. stockholders’ equity		Fortegra preferred interests		Common interests		Total 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	—	—		3,576		—		—		3,576		—		490		4,066
Vesting of share-based incentive compensation	301,989	1		(462)		—		—		(461)		—		(470)		(931)
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	—	—		(4,267)		—		—		(4,267)		—		2,106		(2,161)
Common stock dividends declared	—	—		—		—		(3,700)		(3,700)		—		—		(3,700)
Other comprehensive income (loss), net of tax	—	—		—		6,203		—		6,203		—		2,116		8,319
Subsidiary preferred dividends declared	—	—		—		—		(3,174)		(3,174)		—		—		(3,174)
Net income (loss)	—	—		—		—		8,101		8,101		—		6,900		15,001
Balance at June 30, 2023	36,742,295	$	37	$	379,741	$	(33,226)	$	55,340	$	401,892	$	77,679	$	66,497	$	546,068

	Common stock											Non-controlling interests
	Number of shares	Par value		Additional paid-in capital		Accumulated other comprehensive income (loss)		Retained earnings		Total Tiptree Inc. stockholders’ equity		Fortegra preferred interests		Common interests		Total stockholders' equity
Balance at March 31, 2023	36,734,948	$	37	$	382,502	$	(33,093)	$	51,201	$	400,647	$	77,679	$	63,231	$	541,557
Amortization of share-based incentive compensation	—	—		1,403		—		—		1,403		—		449		1,852
Vesting of share-based incentive compensation	7,347	—		103		—		—		103		—		—		103
Net change in non-controlling interests and other	—	—		(4,267)		—		—		(4,267)		—		(1,502)		(5,769)
Common stock dividends declared	—	—		—		—		(1,850)		(1,850)		—		—		(1,850)
Other comprehensive income (loss), net of tax	—	—		—		(133)		—		(133)		—		54		(79)
Subsidiary preferred dividends declared	—	—		—		—		(1,596)		(1,596)		—		—		(1,596)
Net income (loss)	—	—		—		—		7,585		7,585		—		4,265		11,850
Balance at June 30, 2023	36,742,295	$	37	$	379,741	$	(33,226)	$	55,340	$	401,892	$	77,679	$	66,497	$	546,068

See accompanying notes to condensed consolidated financial statements.

F-7

TIPTREE INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Six Months Ended June 30,
	2024		2023
Operating Activities:
Net income (loss) attributable to common stockholders	$	21,901	$	4,927
Net income (loss) attributable to non-controlling interests	15,953		10,074
Net income (loss)	37,854		15,001
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses	(28,202)		(11,002)
Non-cash compensation expense	7,252		4,094
Amortization/accretion of premiums and discounts	(3,488)		(3,644)
Depreciation and amortization expense	10,859		11,128
Non-cash lease expense	3,957		4,078
Deferred provision (benefit) for income taxes	30,452		15,134
Amortization of deferred financing costs	610		542
Change in fair value of liability classified warrants	5,072		(164)
Other	410		107
Changes in operating assets and liabilities:
Mortgage loans originated for sale	(437,272)		(430,731)
Proceeds from the sale of mortgage loans originated for sale	449,518		435,488
(Increase) decrease in notes and accounts receivable	(82,461)		(163,654)
(Increase) decrease in reinsurance recoverable	49,194		(155,953)
(Increase) decrease in prepaid reinsurance premiums	(61,635)		(112,752)
(Increase) decrease in deferred acquisition costs	20,713		(20,584)
(Increase) decrease in other assets	(12)		23,284
Increase (decrease) in unearned premiums	(23,764)		163,884
Increase (decrease) in policy liabilities and unpaid claims	242,355		155,276
Increase (decrease) in deferred revenue	10,428		22,791
Increase (decrease) in reinsurance payable	(65,434)		138,601
Increase (decrease) in other liabilities and accrued expenses	(56,824)		(54,556)
Net cash provided by (used in) operating activities	109,582		36,368
Investing Activities:
Purchases of investments	(411,082)		(732,895)
Proceeds from sales and maturities of investments	444,718		502,787
Purchases of property, plant and equipment	(1,693)		(11,581)
Proceeds from notes receivable	43,368		62,214
Issuance of notes receivable	(56,747)		(73,392)
Business and asset acquisitions, net of cash and deposits	—		(19,726)
Net cash provided by (used in) investing activities	18,564		(272,593)
Financing Activities:
Dividends paid	(7,746)		(6,857)
Net non-controlling interest (redemptions) contributions and other	8,511		(13,563)
Payment of debt issuance costs	(120)		(184)
Proceeds from borrowings and mortgage notes payable	506,963		738,030
Principal paydowns of borrowings and mortgage notes payable	(522,526)		(636,551)
Net cash provided by (used in) financing activities	(14,918)		80,875
Effect of exchange rate changes on cash	(412)		2,502
Net increase (decrease) in cash, cash equivalents and restricted cash	112,816		(152,848)
Cash, cash equivalents and restricted cash – beginning of period	492,561		550,847
Cash, cash equivalents and restricted cash – end of period	$	605,377	$	397,999
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Right of use asset obtained in exchange for lease liability	$	1,637	$	449
	As of
Reconciliation of cash, cash equivalents and restricted cash	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	497,343	$	468,711
Restricted cash	108,034		23,850
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	605,377	$	492,561

See accompanying notes to condensed consolidated financial statements.

F-8

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 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 June 30, 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 and six months ended June 30, 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 six months ended June 30, 2024, there were no accounting standards adopted by the Company.

F-9

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

Recently Issued Accounting Pronouncements, Not Yet Adopted

Accounting Standard Update	Description	Adoption Date	Impact 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 848	The 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 Disclosures	In 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 15, 2023.	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 expects to adopt this guidance, when required, which will enhance our income tax disclosures.

(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.

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.

F-10

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	529,942	$	15,883	$	848	$	546,673
Total expenses	(478,692)		(15,355)		(636)		(494,683)
Corporate expenses	—		—		—		(11,344)
Income (loss) before taxes	$	51,250	$	528	$	212	$	40,646
Less: provision (benefit) for income taxes							18,673
Net income (loss)							$	21,973
Less: net income (loss) attributable to non-controlling interests							9,122
Net income (loss) attributable to common stockholders							$	12,851

	Three Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	384,677	$	17,067	$	2,774	$	404,518
Total expenses	(354,260)		(15,755)		(1,319)		(371,334)
Corporate expenses	—		—		—		(9,510)
Income (loss) before taxes	$	30,417	$	1,312	$	1,455	$	23,674
Less: provision (benefit) for income taxes							11,824
Net income (loss)							$	11,850
Less: net income (loss) attributable to non-controlling interests							5,861
Net income (loss) attributable to common stockholders							$	5,989

	Six Months Ended June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	1,008,698	$	31,774	$	4,422	$	1,044,894
Total expenses	(920,637)		(30,493)		(1,217)		(952,347)
Corporate expenses	—		—		—		(22,202)
Income (loss) before taxes	$	88,061	$	1,281	$	3,205	$	70,345
Less: provision (benefit) for income taxes							32,491
Net income (loss)							$	37,854
Less: net income (loss) attributable to non-controlling interests							15,953
Net income (loss) attributable to common stockholders							$	21,901

F-11

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	Six Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	753,121	$	28,628	$	4,394	$	786,143
Total expenses	(703,259)		(29,881)		(1,497)		(734,637)
Corporate expenses	—		—		—		(19,659)
Income (loss) before taxes	$	49,862	$	(1,253)	$	2,897	$	31,847
Less: provision (benefit) for income taxes							16,846
Net income (loss)							$	15,001
Less: net income (loss) attributable to non-controlling interests							10,074
Net income (loss) attributable to common stockholders							$	4,927

The Company conducts its operations primarily in the U.S. with 4.2% and 6.8% of total revenues generated overseas for the three months ended June 30, 2024 and 2023, respectively, and 4.6% and 5.4% for the six months ended June 30, 2024 and 2023, respectively.

The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:

	As of June 30, 2024										As of December 31, 2023
			Tiptree Capital										Tiptree Capital
	Insurance		Mortgage		Other		Corporate		Total		Insurance		Mortgage		Other		Corporate		Total
Total assets	$	5,044,987	$	172,316	$	63,847	$	23,560	$	5,304,710	$	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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	794,002	$	—	$	31,221	$	825,223
Loans, at fair value	9,094		65,232		—		74,326
Equity securities	64,202		—		5,297		69,499
Other investments	55,061		3,879		397		59,337
Total investments	$	922,359	$	69,111	$	36,915	$	1,028,385

	As of December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	772,135	$	—	$	30,474	$	802,609
Loans, at fair value	11,218		58,338		—		69,556
Equity securities	27,113		—		41,195		68,308
Other investments	106,760		3,931		397		111,088
Total investments	$	917,226	$	62,269	$	72,066	$	1,051,561

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 June 30, 2024 and December 31, 2023 are held by subsidiaries in the insurance segment. The following tables present the Company's investments in AFS securities:

F-12

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	As of June 30, 2024
	Amortized cost		Allowance for credit losses(1)		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	395,954	$	—	$	68	$	(31,088)	$	364,934
Obligations of state and political subdivisions	45,838		(1)		—		(3,433)		42,404
Corporate securities	398,759		(908)		1,401		(9,057)		390,195
Asset backed securities	27,694		(15)		4		(2,964)		24,719
Certificates of deposit	1,724		—		—		—		1,724
Obligations of foreign governments	1,395		—		—		(148)		1,247
Total	$	871,364	$	(924)	$	1,473	$	(46,690)	$	825,223
	As of December 31, 2023
	Amortized cost		Allowance for credit losses(1)		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	496,731	$	—	$	515	$	(27,161)	$	470,085
Obligations of state and political subdivisions	48,762		(1)		51		(3,353)		45,459
Corporate securities	260,961		(73)		2,445		(8,735)		254,598
Asset backed securities	29,275		(10)		3		(3,082)		26,186
Certificates of deposit	1,724		—		—		—		1,724
Obligations of foreign governments	4,705		—		—		(148)		4,557
Total	$	842,158	$	(84)	$	3,014	$	(42,479)	$	802,609

(1) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in net realized and unrealized gains (losses) as a credit loss on AFS securities. Amount excludes unrealized losses relating to non-credit factors.

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, 2024				December 31, 2023
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	110,579	$	109,533	$	247,613	$	246,489
Due after one year through five years	418,472		405,984		318,763		307,423
Due after five years through ten years	117,672		101,097		46,377		39,221
Due after ten years	196,947		183,890		200,130		183,290
Asset backed securities	27,694		24,719		29,275		26,186
Total	$	871,364	$	825,223	$	842,158	$	802,609

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 June 30, 2024
	Less Than or Equal to One Year					More Than One Year
	Fair value		Gross unrealized 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	$	100,122	$	(463)	248	$	234,051	$	(30,625)	632
Obligations of state and political subdivisions	5,021		(53)		28	37,383		(3,380)		121
Corporate securities	165,043		(1,138)		551	113,967		(7,919)		426
Asset backed securities	49		—		6	23,615		(2,964)		135
Obligations of foreign governments	—		—		3	1,247		(148)		6

F-13

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

Total	$	270,235	$	(1,654)	836	$	410,263	$	(45,036)	1,320
	As of December 31, 2023
	Less Than or Equal to One Year					More Than One Year
	Fair value		Gross unrealized 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	$	109,011	$	(6,522)	459	$	185,950	$	(20,639)	480
Obligations of state and political subdivisions	537		(53)		43	39,319		(3,300)		131
Corporate securities	83,747		(4,881)		868	57,679		(3,854)		148
Asset backed securities	2,187		(259)		54	23,999		(2,823)		129
Obligations of foreign governments	2,904		—		3	1,653		(148)		7
Total	$	198,386	$	(11,715)	1,427	$	308,600	$	(30,764)	895

(1)    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 June 30, 2024 until full recovery of their amortized cost basis.

The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of June 30, 2024:

	Obligations of state and political subdivisions		Corporate securities		Asset backed securities		Obligations of foreign governments		Total
Balance at December 31, 2022	$	(3)	$	(183)	$	(1)	$	(3)	$	(190)
(Increase) in allowance for credit losses	—		(219)		(21)		—		(240)
Gains from recoveries of amounts previously written off	1		129		1		3		134
Balance at June 30, 2023	$	(2)	$	(273)	$	(21)	$	—	$	(296)
Balance at December 31, 2023	$	(1)	$	(73)	$	(10)	$	—	$	(84)
(Increase) in allowance for credit losses	—		(166)		(5)		—		(171)
Additions for AFS securities purchased with credit deterioration during the year	—		(679)		—		—		(679)
Gains from recoveries of amounts previously written off	—		10		—		—		10
Balance at June 30, 2024	$	(1)	$	(908)	$	(15)	$	—	$	(924)

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) on AFS securities recorded by the Company for the following period:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net gains from recoveries (credit losses) on AFS securities	$	(720)	$	(152)	$	(842)	$	(106)

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

F-14

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	As of
	June 30, 2024		December 31, 2023
Fair value of restricted investments in trust pursuant to reinsurance agreements	$	29,679	$	49,735
Fair value of restricted investments for special deposits required by state insurance departments	14,121		16,694
Total fair value of restricted investments	$	43,800	$	66,429

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Purchases of AFS securities	$	120,839	$	94,841	$	288,772	$	302,653
Proceeds from maturities, calls and prepayments of AFS securities	$	71,652	$	69,829	$	242,079	$	87,999
Gross proceeds from sales of AFS securities	$	5,027	$	38,401	$	19,839	$	39,958

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross realized gains	$	140	$	—	$	140	$	—
Gross realized (losses)	(117)		(2,591)		(233)		(2,956)
Total net realized gains (losses) from investment sales and redemptions	$	23	$	(2,591)	$	(93)	$	(2,956)

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 June 30, 2024								As of December 31, 2023
	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)	$	9,094	$	12,671	$	(3,577)	$	—	$	11,218	$	14,671	$	(3,453)	$	—
Mortgage:
Mortgage loans held for sale (2)	65,232		63,810		1,422		64,528		58,338		56,481		1,857		57,248
Total loans, at fair value	$	74,326	$	76,481	$	(2,155)	$	64,528	$	69,556	$	71,152	$	(1,596)	$	57,248

(1)    The cost basis of Corporate loans was approximately $12,671 and $14,671 at June 30, 2024 and December 31, 2023, respectively.

(2)    As of June 30, 2024, there were three mortgage loans held for sale that were 90 days or more past due. As of December 31, 2023, 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. As of December 31, 2023, 16.98 million shares of Invesque were included within the equity securities balance, for which the Company elected to apply the fair value option. On April 15, 2024, the Company sold its 16.98 million shares of Invesque for $625 of proceeds resulting in a realized loss of $134,204. 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:

F-15

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	As of June 30, 2024
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Exchange traded funds	$	4,548	$	4,554	$	—	$	—	$	4,548	$	4,554
Other equity securities	50,936		59,648		4,967		5,297		55,903		64,945
Total equity securities	$	55,484	$	64,202	$	4,967	$	5,297	$	60,451	$	69,499

	As of December 31, 2023
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Invesque	$	23,339	$	719	$	111,490	$	3,442	$	134,829	$	4,161
Exchange traded funds	1,339		1,349		—		—		1,339		1,349
Other equity securities	22,741		25,045		29,942		37,753		52,683		62,798
Total equity securities	$	47,419	$	27,113	$	141,432	$	41,195	$	188,851	$	68,308

Other Investments

The following table contains information regarding the Company’s other investments as of the following periods:

	As of June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Corporate bonds, at fair value (1)	$	9,611	$	—	$	—	$	9,611
Debentures	26,681		—		—		26,681
Investment in credit fund	18,760		—		—		18,760
Other	9		3,879		397		4,285
Total other investments	$	55,061	$	3,879	$	397	$	59,337

	As of December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Corporate bonds, at fair value (1)	$	62,081	$	—	$	—	$	62,081
Debentures	25,648		—		—		25,648
Investment in credit fund	11,830		—		—		11,830
Other	7,201		3,931		397		11,529
Total other investments	$	106,760	$	3,931	$	397	$	111,088

(1)    The cost basis of corporate bonds was $8,941 and $59,315 as of June 30, 2024 and December 31, 2023, respectively.

F-16

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest:
AFS securities	$	6,852	$	7,320	$	13,463	$	11,608
Loans, at fair value	15		129		55		254
Other investments	1,261		2,004		3,122		4,079
Dividends from equity securities	186		1,258		272		1,300
Subtotal	8,314		10,711		16,912		17,241
Less: investment expenses	1,933		1,623		3,773		3,044
Net investment income	$	6,381	$	9,088	$	13,139	$	14,197

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 (15) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest income from Loans, at fair value	$	942	$	777	$	1,758	$	1,387
Loan fee income	4,759		4,149		9,140		7,993
Other	587		1,070		1,606		1,386
Other investment income	$	6,288	$	5,996	$	12,504	$	10,766

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net realized gains (losses)
Insurance:
Reclass of unrealized gains (losses) on AFS securities from OCI	$	23	$	(2,591)	$	(93)	$	(2,956)
Net gains from recoveries (credit losses) on AFS securities	—		(152)		—		(106)
Net realized gains (losses) on loans	—		—		58		2
Net realized gains (losses) on equity securities (1)	(23,231)		7		(22,043)		(847)
Net realized gains (losses) on corporate bonds	365		(249)		2,800		(1,224)
Other	2		(356)		(961)		(754)
Tiptree Capital
Mortgage:
Net realized gains (losses) on loans	10,929		11,161		21,752		20,832
Other	(405)		(247)		(246)		136
Other:
Net realized gains (losses) on equity securities (1)	(108,019)		—		(98,529)		—

F-17

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

Total net realized gains (losses)	$	(120,336)	$	7,573	$	(97,262)	$	15,083
Net unrealized gains (losses)
Insurance:
Net change in unrealized gains (losses) on loans	$	—	$	(1,915)	$	(124)	$	(4,073)
Net gains from recoveries (credit losses) on AFS securities	(720)		—		(842)		—
Net unrealized gains (losses) on equity securities held at period end	2,516		1,199		6,149		903
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)	23,231		84		22,567		(14)
Other	359		(406)		(2,147)		82
Tiptree Capital
Mortgage:
Net change in unrealized gains (losses) on loans	10		(737)		(435)		(189)
Other	(398)		1,964		(271)		(1,531)
Other:
Net unrealized gains (losses) on equity securities held at period end	(164)		1,385		279		1,063
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)	108,080		—		100,288		—
Other	—		(322)		—		(322)
Total net unrealized gains (losses)	132,914		1,252		125,464		(4,081)
Total net realized and unrealized gains (losses)	$	12,578	$	8,825	$	28,202	$	11,002

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

(6) Notes and Accounts Receivable, net

The following table presents the total notes and accounts receivable, net:

	As of
	June 30, 2024		December 31, 2023
Accounts and premiums receivable, net	$	351,979	$	260,383
Retrospective commissions receivable	238,395		250,788
Notes receivable, net	145,642		134,131
Other receivables	43,089		39,306
Total notes and accounts receivable, net	$	779,105	$	684,608

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 Ended June 30,				Six Months Ended June 30,
	June 30, 2024		December 31, 2023		2024		2023		2024		2023
Notes receivable, net - premium financing program (1)	$	28	$	46	$	40	$	44	$	85	$	84
Accounts and premiums receivable, net	$	588	$	66	$	153	$	3	$	325	$	12

(1)    As of June 30, 2024 and December 31, 2023, there were $184 and $219 in balances classified as 90 days plus past due, respectively.

(7) 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:

F-18

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2024
Premiums written:
Life insurance	$	19,086	$	9,346	$	13	$	9,753	0.1	%
Accident and health insurance	28,693		19,648		9,693		18,738		51.7	%
Property and liability insurance	525,973		286,801		98,234		337,406		29.1	%
Total premiums written	$	573,752	$	315,795	$	107,940	$	365,897	29.5	%
Premiums earned:
Life insurance	$	19,874	$	9,954	$	53	$	9,973	0.5	%
Accident and health insurance	32,287		21,211		9,678		20,754		46.6	%
Property and liability insurance	449,912		232,229		150,057		367,740		40.8	%
Total premiums earned	$	502,073	$	263,394	$	159,788	$	398,467	40.1	%

F-19

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2023
Premiums written:
Life insurance	$	20,177	$	10,592	$	60	$	9,645	0.6	%
Accident and health insurance	28,526		19,508		5,931		14,949		39.7	%
Property and liability insurance	452,625		263,820		107,173		295,978		36.2	%
Total premiums written	$	501,328	$	293,920	$	113,164	$	320,572	35.3	%
Premiums earned:
Life insurance	$	20,380	$	10,136	$	71	$	10,315	0.7	%
Accident and health insurance	33,338		22,679		5,942		16,601		35.8	%
Property and liability insurance	340,601		202,434		104,712		242,879		43.1	%
Total premiums earned	$	394,319	$	235,249	$	110,725	$	269,795	41.0	%
Six Months Ended June 30, 2024
Premiums written:
Life insurance	$	36,430	$	18,281	$	244	$	18,393	1.3	%
Accident and health insurance	58,671		39,749		10,108		29,030		34.8	%
Property and liability insurance	935,758		509,465		210,332		636,625		33.0	%
Total premiums written	$	1,030,859	$	567,495	$	220,684	$	684,048	32.3	%
Premiums earned:
Life insurance	$	40,567	$	20,575	$	267	$	20,259	1.3	%
Accident and health insurance	66,357		44,292		10,097		32,162		31.4	%
Property and liability insurance	850,742		448,126		290,740		693,356		41.9	%
Total premiums earned	$	957,666	$	512,993	$	301,104	$	745,777	40.4	%
Six Months Ended June 30, 2023
Premiums written:
Life insurance	$	37,464	$	19,182	$	117	$	18,399	0.6	%
Accident and health insurance	57,770		39,017		11,892		30,645		38.8	%
Property and liability insurance	831,012		486,410		208,072		552,674		37.6	%
Total premiums written	$	926,246	$	544,609	$	220,081	$	601,718	36.6	%
Premiums earned:
Life insurance	$	41,077	$	20,490	$	152	$	20,739	0.7	%
Accident and health insurance	67,719		45,953		11,918		33,684		35.4	%
Property and liability insurance	647,370		375,288		208,620		480,702		43.4	%
Total premiums earned	$	756,166	$	441,731	$	220,690	$	535,125	41.2	%

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

F-20

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2024
Losses and LAE Incurred
Life insurance	$	10,293	$	5,513	$	10	$	4,790	0.2	%
Accident and health insurance	5,363		2,908		9,614		12,069		79.7	%
Property and liability insurance	248,541		138,287		78,146		188,400		41.5	%
Total losses and LAE incurred	$	264,197	$	146,708	$	87,770	$	205,259	42.8	%
	Member benefit claims (1)						28,716
	Total policy and contract benefits						$	233,975
Three Months Ended June 30, 2023
Losses and LAE Incurred
Life insurance	$	11,338	$	6,218	$	18	$	5,138	0.4	%
Accident and health insurance	6,175		5,091		1,308		2,392		54.7	%
Property and liability insurance	144,238		100,970		64,229		107,497		59.7	%
Total losses and LAE incurred	$	161,751	$	112,279	$	65,555	$	115,027	57.0	%
	Member benefit claims (1)						32,707
	Total policy and contract benefits						$	147,734
Six Months Ended June 30, 2024
Losses and LAE Incurred
Life insurance	$	22,494	$	12,230	$	(21)	$	10,243	(0.2)	%
Accident and health insurance	10,892		6,967		10,485		14,410		72.8	%
Property and liability insurance	430,226		242,682		168,442		355,986		47.3	%
Total losses and LAE incurred	$	463,612	$	261,879	$	178,906	$	380,639	47.0	%
	Member benefit claims (1)						61,000
	Total policy and contract benefits						$	441,639
Six Months Ended June 30, 2023
Losses and LAE Incurred
Life insurance	$	24,583	$	13,422	$	56	$	11,217	0.5	%
Accident and health insurance	12,742		9,595		5,813		8,960		64.9	%
Property and liability insurance	277,928		189,902		121,151		209,177		57.9	%
Total losses and LAE incurred	$	315,253	$	212,919	$	127,020	$	229,354	55.4	%
	Member benefit claims (1)						60,055
	Total policy and contract benefits						$	289,409

(1) Member benefit claims are not covered by reinsurance.

F-21

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

The following table presents the components of the reinsurance recoverable:

	As of
	June 30, 2024		December 31, 2023
Ceded claim reserves:
Life insurance	$	4,405	$	4,733
Accident and health insurance	22,475		22,660
Property and liability insurance	510,140		420,894
Total ceded claim reserves recoverable	537,020		448,287
Other reinsurance settlements recoverable	367,672		505,599
Total reinsurance recoverable	$	904,692	$	953,886

The following table presents the components of prepaid reinsurance premiums:

	As of
	June 30, 2024		December 31, 2023
Prepaid reinsurance premiums:
Life insurance (1)	$	71,780	$	74,815
Accident and health insurance (1)	71,897		76,440
Property and liability insurance	818,482		749,269
Total prepaid reinsurance premiums	$	962,159	$	900,524

(1)    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
	June 30, 2024
Total of the three largest receivable balances from non-affiliated reinsurers	$	166,939

As of June 30, 2024, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Allianz Reinsurance America, Inc (A.M. Best Rating: A+ rated) (Allianz), Allianz Global Corporate & Specialty SE (A.M. Best Rating: A+ rated) (Allianz), and Ferian Re LTD (A.M. Best Rating: NR rated). Allianz balances do not require collateral based on the authorized status of the parties and the Ferian Re LTD balances are collateralized. The Company monitors authorization status, financial statements and A.M. Best ratings of its reinsurers periodically. As of June 30, 2024, 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.

F-22

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

(8) 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 June 30, 2024						As of December 31, 2023
Finite-Lived Intangible Assets:	Insurance		Other		Total		Insurance		Other		Total
Customer relationships	$	162,712	$	—	$	162,712	$	162,844	$	—	$	162,844
Accumulated amortization	(81,205)		—		(81,205)		(74,776)		—		(74,776)
Trade names	16,217		800		17,017		16,227		800		17,027
Accumulated amortization	(9,161)		(720)		(9,881)		(8,452)		(680)		(9,132)
Software licensing	17,318		640		17,958		17,372		640		18,012
Accumulated amortization	(10,303)		(640)		(10,943)		(9,891)		(640)		(10,531)
Insurance policies and contracts acquired	36,500		—		36,500		36,500		—		36,500
Accumulated amortization	(36,500)		—		(36,500)		(36,500)		—		(36,500)
Other	1,085		—		1,085		1,088		—		1,088
Accumulated amortization	(669)		—		(669)		(536)		—		(536)
Total finite-lived intangible assets	95,994		80		96,074		103,876		120		103,996
Indefinite-Lived Intangible Assets: (1)
Insurance licensing agreements	13,761		—		13,761		13,761		—		13,761
Other	—		1,000		1,000		—		1,000		1,000
Total indefinite-lived intangible assets	13,761		1,000		14,761		13,761		1,000		14,761
Total intangible assets, net	$	109,755	$	1,080	$	110,835	$	117,637	$	1,120	$	118,757
Goodwill	204,264		1,708		205,972		204,447		1,708		206,155
Total goodwill and intangible assets, net	$	314,019	$	2,788	$	316,807	$	322,084	$	2,828	$	324,912

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

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, 2023	$	204,447	$	1,708	$	206,155
Foreign currency translation and other	(183)		—		(183)
Balance at June 30, 2024	$	204,264	$	1,708	$	205,972

The Company conducts annual impairment tests of its goodwill as of October 1. For the three and six months ended June 30, 2024 and 2023, no impairments were recorded on the Company’s goodwill. There was no accumulated impairment recorded in the goodwill balance as of June 30, 2024.

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, 2023	$	117,637	$	1,120	$	118,757
Amortization expense	(7,698)		(40)		(7,738)
Foreign currency translation and other	(184)		—		(184)
Balance at June 30, 2024	$	109,755	$	1,080	$	110,835

F-23

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Amortization expense on intangible assets	$	3,747	$	3,923	$	7,738	$	7,849

For the three and six months ended June 30, 2024 and 2023, no impairments were recorded on the Company’s intangible assets. The Company’s accumulated impairment on intangible assets was $728 as of June 30, 2024.

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 June 30, 2024
	Insurance (1)		Other		Total
Remainder of 2024	$	7,674	$	40	$	7,714
2025	13,240		40		13,280
2026	10,894		—		10,894
2027	9,543		—		9,543
2028	8,341		—		8,341
2029 and thereafter	46,101		—		46,101
Total	$	95,793	$	80	$	95,873

(1)    Does not include foreign currency translation adjustment of $201 as of June 30, 2024.

(9) 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 entered into in order 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 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 (16) Stockholders' Equity for additional information regarding the Fortegra Additional Warrant.

F-24

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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

	As of June 30, 2024						As of December 31, 2023
	Notional values		Asset derivatives		Liability derivatives		Notional values		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	142,740	$	3,340	$	—	$	129,675	$	3,818	$	—
Forward delivery contracts	47,605		241		41		19,675		9		98
TBA mortgage-backed securities	161,850		298		178		139,000		104		815
Fortegra Additional Warrants (Warburg)(1)	—		—		8,594		—		—		3,522
Other	87		9		—		24,346		52		68
Total	$	352,282	$	3,888	$	8,813	$	312,696	$	3,983	$	4,503

(1) See Note (16) Stockholders' Equity for additional information.

(10) 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 June 30, 2024
Corporate debt	Insurance		Mortgage		Total
Secured revolving credit agreements (1)	$	100,500	$	—	$	100,500
Preferred trust securities (LIBOR + 4.10%)	35,000		—		35,000
8.50% Junior subordinated notes	125,000		—		125,000
Total corporate debt	260,500		—		260,500
Asset based debt
Asset based revolving financing (SOFR + 2.75%)	76,139		—		76,139
Residential mortgage warehouse borrowings (1.75% to 2.50% over SOFR) (2)(3)	—		59,287		59,287
Total asset based debt	76,139		59,287		135,426
Total debt, face value	336,639		59,287		395,926
Unamortized deferred financing costs	(8,473)		(115)		(8,588)
Total debt, net	$	328,166	$	59,172	$	387,338
	As of December 31, 2023
Corporate debt	Insurance		Mortgage		Total
Secured revolving credit agreements (1)	$	130,000	$	—	$	130,000
Preferred trust securities (LIBOR + 4.10%)	35,000		—		35,000
8.50% Junior subordinated notes	125,000		—		125,000
Total corporate debt	290,000		—		290,000
Asset based debt
Asset based revolving financing (LIBOR + 2.75%)	67,138		—		67,138
Residential mortgage warehouse borrowings (1.75% to 2.75% over SOFR) (2)(3)	—		54,350		54,350
Total asset based debt	67,138		54,350		121,488
Total debt, face value	357,138		54,350		411,488
Unamortized deferred financing costs	(8,950)		(127)		(9,077)
Total debt, net	$	348,188	$	54,223	$	402,411

(1)    The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of June 30, 2024 and December 31, 2023 was SOFR + 1.50%.

(2)    As of June 30, 2024, 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% or 2.25% over the one month SOFR rate, with a floor of 4.00%, (iii) a $25,000 line of credit at 1.875% over the one month SOFR rate and (iv) a $25,000 line of credit at 1.75% over the one month SOFR rate. As of December 31, 2023, 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 $65,000 line of credit at 1.75%, 2.25% and 2.75% over the one month SOFR rate, with a floor of 4.00%.

(3)    The weighted average coupon rate for residential mortgage warehouse borrowings was 7.18% and 7.15% at June 30, 2024 and December 31, 2023, respectively.

F-25

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest expense - corporate debt	$	5,887	$	4,896	$	11,889	$	9,326
Interest expense - asset based debt	2,128		2,148		4,416		4,183
Total interest expense on debt	$	8,015	$	7,044	$	16,305	$	13,509

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 of June 30, 2024
Remainder of 2024	$	34,665
2025	24,622
2026	76,139
2027	100,500
2028	—
2029 and thereafter	160,000
Total	$	395,926

The following narrative is a summary of certain terms of our debt agreements for the six months ended June 30, 2024:

Corporate Debt

Secured Revolving Credit Agreements

As of June 30, 2024 and December 31, 2023, a total of $100,500 and $130,000, respectively, was outstanding under the revolving line of credit in our insurance business. The maximum borrowing capacity under the agreements as of June 30, 2024 was $200,000.

Asset Based Debt

Asset Based Revolving Financing

On October 6, 2023, subsidiaries of Fortegra amended the asset based revolving financing to increase the revolving commitment to $125,000 and transition to SOFR. As of June 30, 2024 and December 31, 2023, a total of $76,139 and $67,138, respectively, was outstanding under the borrowing related to our premium finance offerings in our insurance business.

Residential Mortgage Warehouse Borrowings

As of June 30, 2024, our mortgage business had four warehouse lines of credit with four separate lending partners totaling $125,000 of borrowing capacity. The $50,000 line of credit matures in August 2024 and the three $25,000 lines of credit mature in September 2024, February 2025, and June 2025. As of June 30, 2024 and December 31, 2023, a total of $59,287 and $54,350, respectively, was outstanding under such financing agreements.

Mortgage Servicing Rights (MSR) Line of Credit

As of June 30, 2024, our mortgage business had a MSR line of credit with M&T Bank totaling $10,000 of borrowing capacity at 3.30% over SOFR, with no borrowings outstanding at the end of the period.

F-26

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

(11) 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 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.

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.

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

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.

F-27

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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.

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 (16) 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.

F-28

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(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 June 30, 2024
	Quoted prices in active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	364,934	$	—	$	364,934
Obligations of state and political subdivisions	—		42,404		—		42,404
Obligations of foreign governments	—		1,247		—		1,247
Certificates of deposit	1,724		—		—		1,724
Asset backed securities	—		24,719		—		24,719
Corporate securities	—		390,195		—		390,195
Total available for sale securities, at fair value	1,724		823,499		—		825,223
Loans, at fair value:
Corporate loans	—		—		9,094		9,094
Mortgage loans held for sale	—		65,232		—		65,232
Total loans, at fair value	—		65,232		9,094		74,326
Equity securities:
Exchange traded funds	4,554		—		—		4,554
Other equity securities	56,946		—		7,999		64,945
Total equity securities	61,500		—		7,999		69,499
Other investments, at fair value:
Corporate bonds	—		9,611		—		9,611
Derivative assets	—		537		3,351		3,888
Other	—		18,760		—		18,760
Total other investments, at fair value	—		28,908		3,351		32,259
Mortgage servicing rights (1)	—		—		42,101		42,101
Total	$	63,224	$	917,639	$	62,545	$	1,043,408
Liabilities: (2)
Derivative liabilities	—		201		18		219
Fortegra Additional Warrants (Warburg)	—		—		8,594		8,594
Contingent consideration payable	—		—		2,586		2,586
Total	$	—	$	201	$	11,198	$	11,399

(1)    Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

(2)    Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

F-29

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

	As of December 31, 2023
	Quoted prices in active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	470,085	$	—	$	470,085
Obligations of state and political subdivisions	—		45,459		—		45,459
Obligations of foreign governments	—		4,557		—		4,557
Certificates of deposit	1,724		—		—		1,724
Asset backed securities	—		26,171		15		26,186
Corporate securities	—		254,598		—		254,598
Total available for sale securities, at fair value	1,724		800,870		15		802,609
Loans, at fair value:
Corporate loans	—		2,051		9,167		11,218
Mortgage loans held for sale	—		58,338		—		58,338
Total loans, at fair value	—		60,389		9,167		69,556
Equity securities:
Invesque	4,161		—		—		4,161
Exchange traded funds	1,349		—		—		1,349
Other equity securities	55,072		—		7,726		62,798
Total equity securities	60,582		—		7,726		68,308
Other investments, at fair value:
Corporate bonds	—		62,081		—		62,081
Derivative assets	—		162		3,821		3,983
Other	—		18,979		—		18,979
Total other investments, at fair value	—		81,222		3,821		85,043
Mortgage servicing rights (1)	—		—		40,836		40,836
Total	$	62,306	$	942,481	$	61,565	$	1,066,352
Liabilities: (2)
Derivative liabilities	—		937		44		981
Fortegra Additional Warrants (Warburg)	—		—		3,522		3,522
Contingent consideration payable	—		—		2,604		2,604
Total	$	—	$	937	$	6,170	$	7,107

(1)    Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

(2)    Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

F-30

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(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:    

	For the Six Months Ended June 30,
	2024		2023
Balance at January 1,	$	61,565	$	63,590
Net realized and unrealized gains or losses included in:
Earnings	2,147		(2,706)
OCI	75		2,644
Origination of IRLCs	19,592		22,472
Purchases	—		31
Sales and repayments	—		(6)
Distributions	(764)		—
Conversions to mortgage loans held for sale	(20,070)		(22,310)
Transfer out of Level 3	—		(41)
Conversions to real estate owned	—		81
Balance at June 30,	$	62,545	$	63,755
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$	2,147	$	(5,029)
Changes in unrealized gains (losses) included in OCI related to assets still held at period end	$	75	$	2,644

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
	June 30, 2024		December 31, 2023		Valuation technique	Unobservable input(s)	June 30, 2024				December 31, 2023
Assets	Fair value						Range			WA (1)	Range			WA (1)
IRLCs	$	3,340	$	3,818	Internal model	Pull through rate	45%	to	95%	61%	45%	to	95%	59%
Mortgage servicing rights	42,101		40,836		External model	Discount rate	10%	to	15%	11%	10%	to	13%	11%
						Cost to service	$65	to	$3,000	$120	$65	to	$3,000	$113
						Prepayment speed	3%	to	83%	9%	3%	to	82%	9%
Equity securities	7,999		7,726		Internal model	Forecast EBITDAR	$1,039,000	to	$1,422,000	N/A	$1,039,000	to	$1,422,000	N/A
Corporate loans	9,094		9,167		External model	Bid marks	$72	to	$73	$72	$71	to	$75	$73
Total	$	62,534	$	61,547
Liabilities
Fortegra Additional Warrants (Warburg)	$	8,594	$	3,522	External Model	Discount rate	3%	to	5%	4.2%	3%	to	5%	3.8%
						Implied Equity Volatility	40%	to	50%	45%	40%	to	50%	45%
Contingent consideration payable	2,586		2,604		Cash Flow model	Forecast Cash EBITDA	$2,500	to	$4,000	N/A	$2,500	to	$4,000	N/A
						Forecast Underwriting EBITDA	$—	to	$2,000	N/A	$—	to	$2,000	N/A
Total	$	11,180	$	6,126

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

F-31

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(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 June 30, 2024					As of December 31, 2023
	Level within fair value hierarchy	Fair value		Carrying value		Level within fair value hierarchy	Fair value		Carrying value
Assets:
Debentures	2	$	26,681	$	26,681	2	$	25,648	$	25,648
Notes receivable, net	2	145,642		145,642		2	134,131		134,131
Total assets		$	172,323	$	172,323		$	159,779	$	159,779
Liabilities:
Debt	3	$	392,339	$	395,926	3	$	406,801	$	411,488
Total liabilities		$	392,339	$	395,926		$	406,801	$	411,488

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 (5) 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 (6) 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 (6) 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.

F-32

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

(12) 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:

	Six Months Ended June 30,
	2024		2023
Policy liabilities and unpaid claims balance as of January 1,	$	844,848	$	567,193
Less: liabilities of policy-holder account balances, gross	(878)		(1,923)
Less: non-insurance warranty benefit claim liabilities	(2,103)		(140)
Gross liabilities for unpaid losses and loss adjustment expenses	841,867		565,130
Less: reinsurance recoverable on unpaid losses - short duration	(448,117)		(266,889)
Less: other lines, gross	(295)		(184)
Net balance as of January 1, short duration	393,455		298,057
Incurred (short duration) related to:
Current year	380,623		226,457
Prior years	(788)		2,455
Total incurred	379,835		228,912
Paid (short duration) related to:
Current year	124,082		93,768
Prior years	104,279		56,437
Total paid	228,361		150,205
Net balance as of June 30, short duration	544,929		376,764
Plus: reinsurance recoverable on unpaid losses - short duration	536,794		343,652
Plus: other lines, gross	225		118
Gross liabilities for unpaid losses and loss adjustment expenses	1,081,948		720,534
Plus: liabilities of policy-holder account balances, gross	—		1,518
Plus: non-insurance warranty benefit claim liabilities	5,255		417
Policy liabilities and unpaid claims balance as of June 30,	$	1,087,203	$	722,469

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Short duration incurred	$	204,522	$	114,652	$	379,835	$	228,912
Other lines incurred	162		285		57		282
Unallocated loss adjustment expenses	575		90		747		160
Total losses incurred	$	205,259	$	115,027	$	380,639	$	229,354

During the six months ended June 30, 2024, the Company experienced favorable prior year development of $788, primarily driven by lower-than-expected claims paid development in our commercial lines of business.

During the six months ended June 30, 2023, the Company experienced unfavorable prior year development of $2,455, primarily as a result of higher-than expected claim severity from business written in our commercial lines.

F-33

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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 $788 in the six months ended June 30, 2024 represented 0.9% of our insurance business income before taxes of $88,061 and 0.2% of the opening net liability for losses and loss adjustment expenses of $393,455, as of January 1, 2024.

The unfavorable prior year development of $2,455 in the six months ended June 30, 2023 represented 4.9% of our insurance business income before taxes of $49,862, and 0.8% of the opening net liability for losses and loss adjustment expenses of $298,057, as of January 1, 2023.

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.

(13) 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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service and Administrative Fees:
Service contract revenue	$	76,179	$	73,014	$	157,002	$	136,184
Motor club revenue	11,116		11,603		22,637		24,119
Other	829		1,171		1,787		2,674
Revenue from contracts with customers	$	88,124	$	85,788	$	181,426	$	162,977

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 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 June 30, 2024.

F-34

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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, 2024						June 30, 2024
	Beginning balance		Additions		Amortization		Ending balance
Deferred acquisition costs
Service and Administrative Fees:
Service contract revenue	$	201,903	$	62,495	$	54,062	$	210,336
Motor club revenue	16,636		15,497		17,587		14,546
Total	$	218,539	$	77,992	$	71,649	$	224,882

Deferred revenue
Service and Administrative Fees:
Service contract revenue	$	605,425	$	166,484	$	157,002	$	614,907
Motor club revenue	21,677		19,684		22,637		18,724
Other	—		1,765		1,765		—
Total	$	627,102	$	187,933	$	181,404	$	633,631

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

(14) 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
	June 30, 2024		December 31, 2023
Accrued investment income	$	8,757	$	6,269
Loans eligible for repurchase	36,611		32,183
Mortgage servicing rights	42,101		40,836
Right of use assets - operating leases (1)	30,134		31,469
Income tax receivable	1,056		1,275
Furniture, fixtures and equipment, net	28,172		29,624
Prepaid expenses	11,136		12,985
Other	5,185		10,874
Total other assets	$	163,152	$	165,515

(1) See Note (20) Commitments and Contingencies for additional information.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense related to furniture, fixtures and equipment	$	1,544	$	2,170	$	3,121	$	3,239

F-35

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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
	June 30, 2024		December 31, 2023
Accounts payable and accrued expenses	$	97,708	$	114,568
Loans eligible for repurchase liability	36,611		32,183
Deferred tax liabilities, net	167,933		139,845
Operating lease liabilities (1)	38,924		40,403
Commissions payable	1,093		36,728
Derivative liabilities	8,813		4,503
Due to broker/trustee	9,715		17,054
Other	18,328		18,460
Total other liabilities and accrued expenses	$	379,125	$	403,744

(1) See Note (20) Commitments and Contingencies for additional information.

(15) 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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Other investment income (1)	$	6,288	$	5,996	$	12,504	$	10,766
Financing interest income	4,739		4,053		9,011		7,940
Other (2)	7,308		3,972		12,118		8,647
Total other revenue	$	18,335	$	14,021	$	33,633	$	27,353

(1)    See Note (5) Investments for the components of Other investment income.

(2)    Includes $6,911 and $3,972 for the three months ended June 30, 2024 and 2023, respectively, and $11,289 and $6,518 for the six months ended June 30, 2024 and 2023, 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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	10,330	$	9,977	$	20,851	$	19,036
Professional fees	6,218		6,428		15,296		14,187
Premium taxes	5,744		5,379		11,119		11,153
Mortgage origination expenses	3,320		3,028		6,480		6,220
Rent and related	4,348		3,804		8,264		7,874
Other	5,590		4,493		14,406		7,450
Total other expenses	$	35,550	$	33,109	$	76,416	$	65,920

F-36

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

(16) Stockholders' Equity

Stock Repurchases

The Board of Directors authorized the Company to make repurchases of up to $20,000 of shares of the Company’s outstanding common stock in the aggregate, at the discretion of the Company's Executive Committee. There were no shares repurchased during the six months ended June 30, 2024. As of June 30, 2024, the remaining repurchase authorization was $11,945.

Dividends

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

	Dividends per share for the
	Six Months Ended June 30,
	2024		2023
First quarter	$	0.06	$	0.05
Second quarter	0.06		0.05
Total cash dividends declared	$	0.12	$	0.10

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 directors contributed $30,044, $9,889 and $67, respectively, to Fortegra in exchange for Fortegra Common Stock. As of June 30, 2024, Fortegra was owned approximately 79.3% by Tiptree Holdings, 17.7% by Warburg and 3.0% by management and directors of Fortegra.

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 six months ended June 30, 2024, cash dividends declared were $3,192.

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 24.1% (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.

F-37

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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. 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).

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

	As of
	June 30, 2024		December 31, 2023
Fortegra preferred interests	$	77,679	$	77,679
Fortegra common interests	103,941		82,020
Total non-controlling interests	$	181,620	$	159,699

Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions

The Company’s U.S. insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (SAP) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules.

Statutory Capital and Surplus

The Company’s insurance company subsidiaries must maintain minimum amounts of statutory capital and surplus as required by regulatory authorities, including the NAIC; their capital and surplus levels exceeded respective minimum requirements as of June 30, 2024 and December 31, 2023.

Under the NAIC Risk-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 June 30, 2024 and December 31, 2023.

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.

F-38

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

There were no dividends paid to the Company by its U.S. domiciled insurance company subsidiaries for the three months ended June 30, 2024 and 2023. The combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:

	As of
	June 30, 2024		December 31, 2023
Amount available for ordinary dividends of the Company's insurance company subsidiaries	$	24,327	$	24,327

At June 30, 2024, 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 $24,327. 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.

(17) Accumulated Other Comprehensive Income (Loss) (AOCI)

The following table presents the activity of AFS securities in AOCI, net of tax, for the following periods:

	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, 2022	$	(43,043)	$	(7,311)	$	(50,354)	$	10,925	$	(39,429)
Other comprehensive income (losses) before reclassifications	450		5,632		6,082		(2,116)		3,966
Amounts reclassified from AOCI	2,237		—		2,237		—		2,237
OCI	2,687		5,632		8,319		(2,116)		6,203
Balance at June 30, 2023	$	(40,356)	$	(1,679)	$	(42,035)	$	8,809	$	(33,226)
Balance at December 31, 2023	$	(32,145)	$	(98)	$	(32,243)	$	6,170	$	(26,073)
Other comprehensive income (losses) before reclassifications	(3,336)		(1,091)		(4,427)		1,215		(3,212)
Amounts reclassified from AOCI	69		—		69		—		69
OCI	(3,267)		(1,091)		(4,358)		1,215		(3,143)
Balance at June 30, 2024	$	(35,412)	$	(1,189)	$	(36,601)	$	7,385	$	(29,216)

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 Ended June 30,				Six Months Ended June 30,				Affected line item in condensed consolidated statements of operations
Components of AOCI	2024		2023		2024		2023
Unrealized gains (losses) on available for sale securities	$	23	$	(2,591)	$	(93)	$	(2,956)	Net realized and unrealized gains (losses)
Related tax (expense) benefit	(6)		633		24		719		Provision for income tax
Net of tax	$	17	$	(1,958)	$	(69)	$	(2,237)

F-39

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

(18) 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, 2023	2,260,550
RSU, stock and option awards granted	(87,403)
Forfeited	11,485
PRSU awards granted	(1,420,833)
Available for issuance as of June 30, 2024	763,799

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. Stock awards issued as director compensation are deemed to be granted and immediately vested upon issuance.

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, 2023	253,231	$	14.25
Granted	87,403	16.45
Vested	(40,513)	14.22
Forfeited	(11,485)	10.54
Unvested units as of June 30, 2024 (1)	288,636	$	15.23

(1) Includes 139,888, 71,818 and 76,930 shares that vest in 2025, 2026 and 2027, respectively.

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

	Six Months Ended June 30,			Six Months Ended June 30,
Granted	2024	2023	Vested	2024	2023
Directors	9,043	15,661	Directors	9,043	15,661
Employees	78,360	81,874	Employees	31,470	329,650
Total Granted	87,403	97,535	Total Vested	40,513	345,311
			Taxes	(11,395)	(43,322)
			Net Vested	29,118	301,989

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, the first tranche of the PRSUs vested, resulting in a net issuance of 215,583 shares of Tiptree common stock.

F-40

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

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 June 30, 2024, 5,037,500 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 $19.44 as adjusted for cumulative dividends paid to date).

Original Tiptree Share Price Target	Number of PRSUs that Vest
$20	516,667
$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.

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 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 June 30, 2024, the market requirement for all outstanding options has been achieved. There were no stock option awards granted from 2021 to June 30, 2024.

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

	Options outstanding	Weighted average exercise price (in dollars per stock option)		Weighted average grant date value (in dollars per stock option)		Options exercisable
Balance, December 31, 2023	1,583,873	$	6.51	$	2.25	1,225,083
Balance, June 30, 2024	1,583,873	$	6.51	$	2.25	1,442,114
Weighted average remaining contractual term at June 30, 2024 (in years)	3.8

F-41

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

Subsidiary Equity Plans

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 June 30, 2024, vested and unexercised options represented 0.4%, unvested time vesting RSUs represented 0.2% and unvested time and performance vesting options represented 4.2% 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. 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 more than 50% of its Fortegra securities (on an as converted basis) acquired in 2022. A majority of these time and performance options must be exercised in the calendar year they vest and shall be deemed automatically exercised if not otherwise done so by December 31 of the calendar year in which they vest. The fair value option grants were estimated on the date of grant using a Black-Scholes Merton option pricing formula embedded within a Monte Carlo model used to simulate the future value of Fortegra Common Stock, which assumes the market requirement is achieved. Key assumptions used in the model were a historical volatility of 45.0%, a risk free rate of 3.7%, no dividend yield and an expected term of 4.2 years.

In 2023, Fortegra granted performance based restricted stock units (Fortegra PRSUs) that vest based on the achievement of specified gross written premium volume targets and underwriting ratios for selected specialty insurance lines written in 2024. Upon vesting, the Fortegra PRSUs entitle recipients to participate in an aggregate pool of between $5,000 and $20,000 payable in shares of Fortegra. The Fortegra PRSUs are accounted for as liability awards and were unvested as of June 30, 2024.

The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:

	Grant date fair value of equity shares issuable
Unvested balance as of December 31, 2023	$	20,609
Granted	1,670
Vested	(2,475)
Performance assumption adjustment	171
Unvested balance as of June 30, 2024	$	19,975

F-42

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

Stock Based Compensation Expense

The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Employee compensation and benefits	$	3,338	$	1,880	$	7,114	$	4,094
Director compensation	69		103		138		209
Income tax benefit	(715)		(416)		(1,523)		(903)
Net stock based compensation expense	$	2,692	$	1,567	$	5,729	$	3,400

Additional information on total non-vested stock based compensation is as follows:

	As of June 30, 2024
	Subsidiary Stock options		Restricted stock awards and RSUs		Performance Restricted Stock Units
Unrecognized compensation cost related to non-vested awards (1)	$	16,916	$	2,453	$	14,680
Weighted - average recognition period (in years)	2.0		0.8		1.5

(1)    Includes unrecognized compensation cost of $16,916 related to stock options, $1,327 related to RSUs, and $444 related to PRSUs at The Fortegra Group.

(19) Income Taxes

The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
Total income tax expense (benefit)	$	18,673			$	11,824			$	32,491			$	16,846
Effective tax rate (ETR)	45.9		%	(1)	50.0		%	(1)	46.2		%	(1)	52.9		%	(1)

(1) Higher than the U.S. federal statutory income tax rate of 21% primarily due to the impact of outside basis deferred taxes on Tiptree’s investment in Fortegra and other discrete items.

Tiptree owns less than 80% of Fortegra and is required to record deferred taxes on the outside basis on its investment in Fortegra. This deferred tax liability represents the tax that would be due, before consideration of loss carryforwards, if Tiptree were to sell all of its Fortegra stock at its carrying value on Tiptree’s balance sheet.

For the three months ended June 30, 2024, the deferred tax liability relating to Fortegra increased by 6,001, of which $356 of benefit was recorded in OCI, and 6,357 expense was recorded as a provision for income taxes. For the three months ended June 30, 2023, the deferred tax liability relating to Fortegra increased by $2,232, of which $24 of benefit was recorded in OCI, $1,222 benefit was recorded directly in stockholders’ equity, and $3,478 expense was recorded as a provision for income taxes. Excluding the impact of these deferred taxes, the effective tax rates for the three months ended June 30, 2024 and 2023 were 30.3% and 35.3%, respectively.

For the six months ended June 30, 2024, the deferred tax liability relating to Fortegra increased by $9,931, of which $891 of benefit was recorded in OCI, and $10,822 expense was recorded as a provision for income taxes. For the six months ended June 30, 2023, this deferred tax liability relating to Fortegra was $46,346, which was an increase of $6,376 from the year ended December 31, 2022, of which $1,784 expense was recorded in OCI, $1,222 benefit was recorded directly in stockholders’ equity, and $5,814 expense was recorded as a provision for income taxes. Excluding the impact of these deferred taxes, the effective tax rates for the six months ended June 30, 2024 and 2023 were 30.8% and 34.6%, respectively.

On April 15, 2024, the Company sold its 16.98 million shares of Invesque for $625 of proceeds resulting in a capital loss carryforward for tax purposes of approximately $106,768.

The Organization for Economic Cooperation and Development (“OECD”) has introduced a framework to implement a global minimum corporate tax rate of 15%, commonly referred to as Pillar Two. Many aspects of Pillar Two are effective beginning calendar year 2024 and other aspects will be effective beginning in calendar year 2025. While it is uncertain whether the U.S. will adopt Pillar Two, certain countries in which the Company operates have adopted legislation and other countries are in the

F-43

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

process of introducing legislation to implement Pillar Two. While we do not expect Pillar Two to have a material impact on the Company, our analysis is ongoing as the OECD releases additional guidance and countries implement additional legislation.

(20) Commitments and Contingencies

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,
	2024		2023		2024		2023
Rent expense for office leases	$	1,967	$	2,009	$	3,957	$	4,078

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.

Litigation

The Company is a defendant in Mullins v. Southern Financial Life Insurance Co., a class action filed in February 2006, in Pike County Circuit Court in the Commonwealth of Kentucky on behalf of Kentucky consumers that purchased certain credit life and disability insurance coverage between 1997-2007. The action alleges violations of the Kentucky Consumer Protection Act (“KCPA”) and certain insurance statutes, common law fraud and breach of contract and the covenant of good faith and fair dealing. The plaintiffs seek compensatory and punitive damages, attorneys’ fees and interest.

Two classes were certified in June 2010: Subclass A includes class members who suffered a disability during the coverage period but allegedly received less than full disability benefits; Subclass B includes all class members whose loan termination date extended beyond the termination date of the credit disability coverage period.

In a series of orders issued in October 2022 on competing motions for partial summary judgment, the court found in favor of the plaintiffs as to the Subclass A breach of contract claim (the Subclass A Order) and, as to Subclass B, found that the Company was unjustly enriched to the extent the premium it collected exceeded the proportion of the premium for which the Company provided benefits coverage (the Subclass B Order). The court found in favor of the Company as to the plaintiffs’ claims for common law fraud and violation of Kentucky’s insurance statutes and ordered the plaintiffs’ Motion for Sanctions for Spoliation of Evidence held in abeyance. The Company has appealed the Subclass A Order and Subclass B Order and all interlocutory orders made final by entry of the Subclass A Order and Subclass B Order.

In December 2022, the court dismissed the plaintiffs’ KCPA claims as to both Subclass A Order and Subclass B Order. The court also dismissed the plaintiffs’ breach of covenant of good faith and fair dealing claim as to Subclass B Order but declined to dismiss such claim as to Subclass A Order pending resolution of the Company’s appeal. The trial, previously scheduled for December 2023, has been remanded while the matter is on appeal.

In May 2024, the Commonwealth of Kentucky Court of Appeals disagreed with the court’s interpretation of the policies at issue and entered an order (the Court of Appeals Order) affirming in part, reversing in part, and remanding the Subclass A Order and Subclass B Order. In June 2024, the Company filed a Motion for Discretionary Review of the Court of Appeals Order in the Supreme Court of the Commonwealth of Kentucky.

The Company considers such litigation customary in the insurance industry. In management's opinion, based on information available at this time, the ultimate resolution of such litigation, which it is vigorously defending, should not be materially adverse to the financial position of the Company. It should be noted that large punitive damage awards, bearing little relation to actual damages sustained by plaintiffs, have been awarded in certain states against other companies in the credit insurance business. At this time, the Company cannot estimate a range of loss that is reasonably possible.

The Company and its subsidiaries are parties to other legal proceedings in the ordinary course of business. Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company does not believe that these proceedings, either individually or in the aggregate, are likely to have a material adverse effect on the Company’s financial position.

F-44

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

(21) Earnings Per Share

The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method under which the income available to common stockholders is allocated to the unvested corporate RSUs.

Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments is included in the diluted net income per common share calculation, if dilutive.

The following table presents a reconciliation of basic and diluted net income per common share for the following periods:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	21,973	$	11,850	$	37,854	$	15,001
Less:
Net income (loss) attributable to non-controlling interests	9,122		5,861		15,953		10,074
Net income allocated to participating securities	104		41		177		45
Net income (loss) attributable to Tiptree Inc. common shares - basic	12,747		5,948		21,724		4,882
Effect of Dilutive Securities:
Securities of subsidiaries	(1,133)		10		(1,407)		95
Adjustments to income relating to exchangeable interests and contingent considerations, net of tax	2		1		4		1
Net income (loss) attributable to Tiptree Inc. common shares - diluted	$	11,616	$	5,959	$	20,321	$	4,978
Weighted average number of shares of common stock outstanding - basic	36,785,305		36,742,295		36,777,557		36,633,226
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations	967,377		843,516		989,016		876,434
Weighted average number of shares of common stock outstanding - diluted	37,752,682		37,585,811		37,766,573		37,509,660
Basic net income (loss) attributable to common shares	$	0.35	$	0.16	$	0.59	$	0.13
Diluted net income (loss) attributable to common shares	$	0.31	$	0.16	$	0.54	$	0.13

(22) Related Party Transactions

Tiptree Advisors is a related party of the Company because Tiptree Advisors is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. Tiptree Advisors manages investment portfolio accounts of Fortegra and certain of its subsidiaries under an investment advisory agreement (the IAA). The Company is invested in funds managed by Tiptree Advisors. The Company incurred $1,745 and $1,267 of management and incentive fees for the three months ended June 30, 2024 and 2023, respectively. The Company incurred $3,166 and $2,369 of management and incentive fees for the six months ended June 30, 2024 and 2023, respectively. Beginning on January 1, 2024, Tiptree’s percentage of profits interest in Tiptree Advisors was 40.8%. As of January 1, 2025, Tiptree’s percentage interest will increase to 51.0%.

Pursuant to the Transition Services Agreement, Tiptree and Tiptree Advisors have mutually agreed to provide certain services to one another. Payments under the Transition Services Agreement in the six months ended June 30, 2024 and 2023 were not material.

Pursuant to a Partner Emeritus Agreement, Tiptree agreed to provide Mr. Inayatullah, a greater than 5% stockholder of the Company, support services and reimburse Mr. Inayatullah for a portion of benefit expenses in exchange for advice and other

F-45

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2024

(in thousands, except share data)

consulting services as requested by the Company’s Executive Committee. Transactions related to the Partner Emeritus Agreement in the six months ended June 30, 2024 and 2023 were not material.

(23) Subsequent Events

On July 30, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.06 per share to holders of common stock with a record date of August 19, 2024, and a payment date of August 26, 2024.

F-46

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations is presented in this section as follows:

•Overview

•Results of Operations

•Non-GAAP Measures and Reconciliations

•Liquidity and Capital Resources

•Critical Accounting Policies and Estimates

OVERVIEW

Tiptree allocates capital to select small and middle market companies with the mission of building long-term value. Established in 2007, we have a significant track record investing in the insurance sector and across a variety of other industries, including mortgage, specialty finance and shipping. Our largest operating subsidiary, Fortegra, is a leading provider of specialty insurance products and related services. We also generate earnings from a diverse group of select investments that we refer to as Tiptree Capital, which includes our Mortgage segment and other, non-insurance businesses and assets. We evaluate performance primarily by the comparison of stockholders’ long-term total return on capital, as measured by growth in stock price plus dividends paid, in addition to Adjusted Net Income.

Our year-to-date 2024 highlights include:

Overall:

•Tiptree reported net income of $21.9 million for the six months ended June 30, 2024, compared to $4.9 million in the prior year period, driven by growth in insurance operations, partially offset by the increase in tax expense related to the tax deconsolidation of Fortegra from $5.8 million in 2023 to $10.8 million in 2024. Return on average equity was 10.3%, compared to 2.5% in 2023.

•Adjusted net income of $45.0 million increased from $30.2 million in 2023, driven by growth in insurance operations. Adjusted return on average equity was 21.1%, as compared to 15.1% in 2023.

Insurance:

•Gross written premiums and premium equivalents were $1,439.5 million for the six months ended June 30, 2024, an increase of $102.3 million, or 7.6%, from the prior year period as a result of growth in E&S insurance lines in the U.S. and Europe.

•Net written premiums were $684.0 million for the six months ended June 30, 2024, an increase of 13.7%, driven by growth in gross written premiums and increased retention on Fortegra’s whole account quota share reinsurance arrangement from 30% to 40%, effective April 1, 2023.

•Total revenues were $1,008.7 million, an increase of $255.6 million, or 33.9%, from 2023, driven by premium growth in specialty E&S and admitted insurance lines in the U.S. and Europe.

•Combined ratio of 90.0%, driven by consistent underwriting performance and the scalability of Fortegra’s operating platform.

•Income before taxes of $88.1 million as compared to $49.9 million in 2023. Return on average equity was 25.8% in 2024 as compared to 20.2% in 2023, with the increases driven by growth in underwriting and fee revenues.

•Adjusted net income (before NCI) was $74.4 million, an increase of $21.4 million, or 40.3%, from 2023. Adjusted return on average equity was 29.7%, as compared to 29.6% in 2023.

•Fortegra’s total stockholders’ equity was $549.2 million as of June 30, 2024, compared to $452.6 million as of December 31, 2023, with the increase driven by net income during the current year period, the aggregate capital contribution from Tiptree, Warburg, and Fortegra independent directors of $40.0 million, partially offset by an increase in the accumulated other comprehensive loss position.

Tiptree Capital:

•Mortgage income before taxes was $1.3 million for the six months ended June 30, 2024, as compared to loss of $1.3 million in 2023, with the increase driven by higher origination volumes and loan servicing fees, and positive fair value adjustments on the mortgage servicing portfolio.

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Key Trends:

Our results of operations are affected by a variety of factors including, but not limited to, general economic conditions and GDP growth, market liquidity and volatility, consumer confidence, U.S. demographics, employment and wage growth, business confidence and investment, inflation, interest rates and spreads, the impact of the regulatory environment, and the other factors set forth in Part I, Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Generally, our businesses are positively affected by a healthy U.S. consumer, stable to gradually rising interest rates, stable markets and business conditions, and global growth and trade flows. Conversely, rising unemployment, volatile markets, rapidly rising interest rates, inflation, changing regulatory requirements and slowing business conditions can have a material adverse effect on our results of operations or financial condition.

Insurance results primarily depend on pricing, underwriting, risk retention and the accuracy of reserves, reinsurance arrangements, returns on invested assets, and policy and contract renewals and run-off. Factors affecting these items, including conditions in financial markets, the global economy and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, including the current period of inflationary pressures, may have a material adverse effect on our results of operations or financial condition. Fortegra designs, markets and underwrites specialty property and casualty insurance products for select target markets or niches. The business has historically generated significant fee-based revenues by incorporating value-add coverages and services. Underwriting risk is mitigated through a combination of reinsurance and sliding scale commission structures with agents, distribution partners and/or third-party reinsurers. To mitigate counterparty risk, Fortegra ensures its reinsurance receivables are placed with highly rated and appropriately capitalized counterparties or with our distribution partners’ captive insurance vehicles which are collateralized with highly liquid investments, cash or letters of credit. While Fortegra’s insurance operations have historically maintained a relatively stable combined ratio, initiatives to change the business mix along with these economic factors could generate different results than the business has historically experienced. In particular, rising inflation can have an impact on replacement costs associated with claims from our customers to the extent we are unable to pass the higher costs of claims through higher premiums. In addition, fluctuations of the U.S. dollar relative to other currencies, including the British pound and Euro, would have an impact on book value between periods.

Fortegra’s investment portfolio includes fixed maturity securities, loans, credit investment funds, and equity securities. Many of those investments are held at fair value. In recent periods, the U.S. fixed income markets experienced a significant rise in interest rates. Rising interest rates have and could continue to impact the value of Fortegra’s fixed maturity securities, with any unrealized losses recorded in equity, and if realized, could impact our results of operations. Offsetting the impact of a rising interest rate environment, new investments in fixed rate instruments from both maturities and portfolio growth have and could continue to result in higher net interest income on investments. The weighted average duration of our fixed income available for sale securities is less than three years. While our asset and liability mix is relatively matched, should we need to liquidate any of these investments before maturity to pay claims, any realized losses could materially negatively impact our results of operations. Changes in fair value for loans, credit investment funds, and equity securities in Fortegra’s investment portfolio are reported as unrealized gains or losses in revenues and can be impacted by changes in interest rates, credit risk, currency risk, or market risk, including specific company or industry factors. In addition, our equity holdings are relatively concentrated. General equity market trends, along with company and industry specific factors, can impact the fair value which can result in unrealized gains and losses affecting our results.

Rising 10-year treasury yields, and the tapering of the Federal Reserve’s purchases of mortgage-backed securities, has resulted in substantial increases in mortgage interest rates. Low mortgage interest rates driven by the Federal Reserve intervention in mortgage markets, and rising home prices in certain markets, provided tailwinds to the mortgage markets in 2020 and 2021, which benefited our mortgage operations and margins. The substantial rise in rates resulted in a sharp reversal of those trends, with volumes and margins declining significantly. Only partially offsetting the declines in mortgage originations is an increase in the fair value of our mortgage servicing portfolio as rising rates slow prepayment speeds, with a resulting increase in servicing income. Continued rising or elevated mortgage rates could have a materially negative impact on our mortgage operations, and is likely to be only partially mitigated by the improvement in mortgage servicing revenues. A sustained period of negative profitability in the mortgage industry could also impact the availability of funding sources for our mortgage business.

Rising interest rates can also impact the cost of floating interest rate debt obligations, while declining rates can decrease the cost of debt. Our secured revolving and term credit agreements, preferred trust securities and asset based revolving financing are all floating rate obligations. A continuation of rising rates could have a material impact on our costs of floating rate debt.

RESULTS OF OPERATIONS

The following is a summary of our condensed consolidated financial results for the three months ended June 30, 2024 and

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2023. In addition to GAAP results, management uses the Non-GAAP measures Adjusted net income, Adjusted return on average equity and book value per share as measurements of operating performance. Management believes these measures provide supplemental information useful to investors as they are frequently used by the financial community to analyze financial performance and comparison among companies.

Adjusted Net Income and Adjusted Return on Average Equity. Adjusted net income is defined as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related expenses, stock-based compensation, net realized and unrealized gains (losses) and intangibles amortization associated with purchase accounting. The calculation of adjusted net income excludes net realized and unrealized gains (losses) that relate to investments or assets rather than business operations. Adjusted return on average equity represents adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. Management uses Adjusted net income and adjusted return on average equity as part of its capital allocation process and to assess comparative returns on invested capital. We believe adjusted net income provides additional clarity on the results of the Company’s underlying business operations as a whole for the periods presented by excluding distortions created by the unpredictability and volatility of realized and unrealized gains (losses). We also believe adjusted net income provides useful supplemental information to investors as it is frequently used by the financial community to analyze financial performance between periods and for comparison among companies.

Adjusted net income and adjusted return on average equity are not measurements of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for GAAP net income. See “Non-GAAP Reconciliations” for a reconciliation of these measures to their GAAP equivalents.

Selected Key Metrics

($ in thousands, except per share information)	Three Months Ended June 30,						Six Months Ended June 30,
GAAP:	2024			2023			2024			2023
Total revenues	$	546,673		$	404,518		$	1,044,894		$	786,143
Net income (loss) attributable to common stockholders	$	12,851		$	5,989		$	21,901		$	4,927
Diluted earnings per share	$	0.31		$	0.16		$	0.54		$	0.13
Cash dividends paid per common share	$	0.06		$	0.05		$	0.12		$	0.10
Return on average equity	11.9		%	6.0		%	10.3		%	2.5		%
Non-GAAP: (1)
Adjusted net income	$	24,422		$	17,630		$	44,955		$	30,189
Adjusted return on average equity	22.7		%	17.6		%	21.1		%	15.1		%

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues

For the three months ended June 30, 2024, revenues were $546.7 million, which increased $142.2 million, or 35.1%, compared to the prior year period. For the six months ended June 30, 2024, revenues were $1.0 billion, which increased $258.8 million, or 32.9%, compared to the prior year period. The changes for both periods were primarily driven by growth in earned premiums, net, service and administrative fees, and net realized and unrealized gains compared to the prior year period.

The table below provides a break down between net realized and unrealized gains and losses from Invesque and other securities which impacted our consolidated results on a pre-tax basis. Many investments are carried at fair value and marked to market through unrealized gains and losses. As a result, we expect earnings related to these investments to be relatively volatile between periods. Fixed income securities are primarily marked to market through AOCI in stockholders’ equity and do not impact net realized and unrealized gains and losses until they are sold.

($ in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net realized and unrealized gains (losses) - Invesque(1)	$	—	$	(170)	$	(3,536)	$	(1,868)
Net realized and unrealized gains (losses)(2)	$	2,731	$	(1,558)	$	12,387	$	(6,233)

(1)    On April 15, 2024, the Company sold its 16.98 million shares of Invesque for $0.6 million of proceeds resulting in a realized loss of $134.2 million.

(2)    Excludes Invesque, Maritime transportation and Mortgage realized and unrealized gains and losses

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Net Income (Loss) Attributable to common stockholders

For the three months ended June 30, 2024, the net income attributable to common stockholders was $12.9 million, compared to $6.0 million in the prior year period, driven by growth in Fortegra’s underwriting and fee income. For the six months ended June 30, 2024, the net income attributable to common stockholders was $21.9 million, which increased $17.0 million, or 344.5%, compared to the prior year period, driven by growth in Fortegra’s underwriting and fee income, and improved mortgage operations.

Adjusted net income & Adjusted return on average equity - Non-GAAP

Adjusted net income for the three months ended June 30, 2024 was $24.4 million, an increase of $6.8 million, or 38.5%, from the three months ended June 30, 2023, driven by growth in our insurance operations. For the three months ended June 30, 2024, adjusted return on average equity was 22.7%, as compared to 17.6% for the three months ended June 30, 2023, driven by the increase in adjusted net income.

Adjusted net income for the six months ended June 30, 2024 was $45.0 million, an increase of $14.8 million, or 48.9%, from the six months ended June 30, 2023, driven by growth in our insurance operations. For the six months ended June 30, 2024, adjusted return on average equity was 21.1%, as compared to 15.1% for the six months ended June 30, 2023, driven by the increase in adjusted net income.

Book Value per share - Non-GAAP

Total stockholders’ equity was $618.1 million as of June 30, 2024 compared to $546.1 million as of June 30, 2023, with the increase driven by comprehensive income over the trailing four quarters, partially offset by net changes in non-controlling interests and preferred dividends paid at Fortegra. In the six months ended June 30, 2024, Tiptree returned $4.4 million to stockholders through dividends paid.

Book value per share for the period ended June 30, 2024 was $11.86, an increase from book value per share of $10.94 as of June 30, 2023, driven by comprehensive income per share, partially offset by dividends paid of $0.22 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.

Results by Segment

We classify our business into two reportable segments, Insurance and Mortgage, with the remainder of our operations aggregated into Tiptree Capital - Other. Corporate activities include holding company interest expense, corporate employee compensation and benefits, and other expenses, including public company expenses.

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The following tables present the components of Revenue, Income (loss) before taxes and Adjusted net income for the following periods:

($ in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Insurance	$	529,942	$	384,677	$	1,008,698	$	753,121
Mortgage	15,883		17,067		31,774		28,628
Tiptree Capital - other	848		2,774		4,422		4,394
Corporate	—		—		—		—
Total revenues	$	546,673	$	404,518	$	1,044,894	$	786,143
Income (loss) before taxes:
Insurance	$	51,250	$	30,417	$	88,061	$	49,862
Mortgage	528		1,312		1,281		(1,253)
Tiptree Capital - other	212		1,455		3,205		2,897
Corporate	(11,344)		(9,510)		(22,202)		(19,659)
Total income (loss) before taxes	$	40,646	$	23,674	$	70,345	$	31,847
Non-GAAP - Adjusted net income: (1)
Insurance	$	31,959	$	23,945	$	59,016	$	42,159
Mortgage	181		(209)		(128)		(1,062)
Tiptree Capital - other	175		219		828		1,632
Corporate	(7,893)		(6,325)		(14,761)		(12,540)
Total adjusted net income	$	24,422	$	17,630	$	44,955	$	30,189

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Insurance

Our principal operating subsidiary, Fortegra, is a specialty insurance underwriter and service provider, which focuses on niche lines and fee-oriented services. The combination of specialty insurance underwriting, service contract products, and related service solutions delivered through a vertically integrated business model creates a blend of traditional underwriting revenues, investment income and unregulated fee revenues. The business is an agent-driven model, distributing products through independent insurance agents, consumer finance companies, online retailers, auto dealers, and regional big box retailers to deliver products that complement the consumer transaction.

As of June 30, 2024, Fortegra was owned approximately 79.3% by Tiptree, 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. The following tables and discussion present the Insurance segment results, including non-controlling interests, for the three months ended June 30, 2024 and 2023.

Components of our Results of Operations

Revenues

Earned Premiums, net represents the earned portion of gross written and assumed premiums, less the earned portion that is ceded to third-party reinsurers under reinsurance agreements. Fortegra’s insurance policies generally have a term of six months to seven years depending on the underlying product and premiums are earned pro rata over the term of the policy. At the end of each reporting period, premiums written but not earned are classified as unearned premiums and are earned in subsequent periods over the remaining term of the policy.

Service and Administrative Fees represent the earned portion of gross written premiums and premium equivalents, which is generated from non-insurance products including warranty service contracts, motor club contracts and other services offered as part of Fortegra’s vertically integrated product offerings. Such fees are typically positively correlated with transaction volume and are recognized as revenue when realized and earned. At the end of each reporting period, gross written premiums and premium equivalents written for service contracts not earned are classified as deferred revenue, which are earned in subsequent periods over the remaining term of the policy.

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Ceding Commissions and Other Revenue consists of commissions earned on policies written on behalf of third-party insurance companies with no exposure to the insured risk and certain fees earned in conjunction with underwriting policies. Other revenue also includes the interest income earned on the premium finance product offering.

Net Investment Income represents earned investment income on our portfolio of invested assets. Our invested assets are primarily comprised of fixed maturity securities, and may also include cash and cash equivalents and equity securities. The principal factors that influence net investment income are the size of our investment portfolio, the yield on that portfolio and expense due to external investment managers. The insurance investment portfolio includes investments held in statutory insurance companies and in unregulated entities. The portfolios held in statutory insurance companies are subject to different regulatory considerations, including with respect to types of assets, concentration limits, affiliate transactions and the use of leverage.

Net Realized and Unrealized Gains (Losses) on investments are a function of the difference between the amount received by us on the sale of a security and the security’s cost-basis, as well as any “other-than-temporary” impairments and allowances for credit losses which are recognized in earnings. In addition, equity securities and certain other investments are carried at fair value with unrealized gains and losses included in this line. Fortegra’s investment strategy is designed to achieve attractive risk-adjusted returns across select asset classes, sectors and geographies while maintaining adequate liquidity to meet claims payment obligations. As such, volatility from realized and unrealized gains and losses may impact period-over-period performance. Unrealized gains and losses on equity securities and loans held at fair value impact current period net income, while unrealized gains and losses on AFS securities impact AOCI.

Expenses

Net Losses and Loss Adjustment Expenses represent actual insurance claims paid, changes in unpaid claim reserves, net of amounts ceded and the costs of administering claims for insurance lines. Incurred claims are impacted by loss frequency, which is a measure of the number of claims per unit of insured exposure, and loss severity, which is based on the average size of claims. Factors affecting loss frequency and loss severity include the volume of underwritten contracts, changes in claims reporting patterns, claims settlement patterns, judicial decisions, economic conditions, morbidity patterns and the attitudes of claimants towards settlements, and original pricing of the product for purposes of the loss ratio in relation to loss emergence over time. Losses and loss adjustment expenses are based on an actuarial analysis of the estimated losses, including losses incurred during the period and changes in estimates from prior periods.

Member Benefit Claims represent the costs of services and replacement devices incurred in warranty and motor club service contracts. Member benefit claims represent claims paid on behalf of contract holders directly to third-party providers for roadside assistance and for the repair or replacement of covered products. Claims can also be paid directly to contract holders as a reimbursement payment, provided supporting documentation of loss is submitted to the Company. Claims are recognized as expense when incurred.

Commission Expenses reflect commissions paid to retail agents, third party administrators and managing general underwriters, net of ceding commissions received on business ceded under certain reinsurance contracts. Commission expenses are deferred and amortized to expense in proportion to the premium earned over the policy life. Commission expense is incurred on most product lines. The majority of commissions are retrospective commissions paid to agents, distributors and retailers selling the Company’s products, including credit insurance policies, warranty service contracts and motor club memberships. When claims increase, in most cases distribution partners bear the risk through a reduction in their retrospective commissions. Commission rates are, in many cases, set by state regulators, such as in credit and collateral protection programs and are also impacted by market conditions and the retention levels of distribution partners.

Operating and Other Expenses represent the general and administrative expenses of insurance operations including employee compensation and benefits and other expenses, including, technology costs, office rent, and professional services fees, such as legal, accounting and actuarial services.

Interest Expense consists primarily of interest expense on corporate revolving debt, notes, preferred trust securities due June 15, 2037 (Preferred Trust Securities) and asset based debt for premium finance and warranty service contract financing, which is non-recourse to Fortegra.

Depreciation Expense is primarily associated with furniture, fixtures and equipment. Amortization Expense is primarily associated with purchase accounting amortization including values associated with acquired customer relationships, trade names and internally developed software and technology.

Key Performance Metrics

We discuss certain key performance metrics, described below, which provide useful information about our business and the operational factors underlying its financial performance.

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Gross written premiums and premium equivalents represent total gross written premiums from insurance policies and warranty service contracts issued, as well as premium finance volumes during a reporting period. They represent the volume of insurance policies written or assumed and warranty service contracts issued during a specific period of time without reduction for policy acquisition costs, reinsurance costs or other deductions. Gross written premiums is a volume measure commonly used in the insurance industry to compare sales performance by period. Premium equivalents are used to compare sales performance of warranty service and administrative contract volumes to gross written premiums. Similar to how management considers gross written premiums to be a relevant measure of volume, regardless of the impact of reinsurance on net earned premiums, management considers premium equivalents to be a relevant measure of contract volume, regardless of whether the Company retains the full obligation. Investors also use these measures to compare sales growth among comparable companies, while management uses these measures to evaluate the relative performance of various sales channels.

Combined Ratio, Loss Ratio, Acquisition Ratio, Underwriting Ratio and Operating Expense Ratio

Combined ratio is an operating measure, which equals the sum of the underwriting ratio and the operating expense ratio. Loss ratio is the ratio of the GAAP line items net losses and loss adjustment expenses and member benefit claims to earned premiums, net, service and administrative fees (excluding ceding fees), and other revenue (excluding cash and cash equivalent interest income). Acquisition ratio is the ratio of the GAAP line items commission expense (less ceding fees and ceding commissions) to earned premiums, net, service and administrative fees (excluding ceding fees), and other revenue (excluding cash and cash equivalent interest income). Underwriting ratio is the combination of the loss ratio and the acquisition ratio. Operating expense ratio is the ratio of the GAAP line items employee compensation and benefits and other expenses to earned premiums, net, service and administrative fees (excluding ceding fees) and other revenue (excluding cash and cash equivalent interest income).

A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss. These ratios are commonly used in the insurance industry as a measure of underwriting profitability, excluding earnings on the insurance portfolio. Investors commonly use these measures to compare underwriting performance among companies separate from the performance of the investment portfolio. Management uses these measures to compare the profitability of various products we underwrite as well as profitability among our various agents and sales channels.

Return on average equity is expressed as the ratio of net income to average stockholders’ equity during the period. Management uses this ratio as a measure of the on-going performance of the totality of the Company’s operations.

Non-GAAP Financial Measures

Underwriting and Fee Revenues and Underwriting and Fee Margin - In order to better explain to investors the underwriting performance of the Company’s programs and the respective retentions between the Company and its agents and reinsurance partners, we use the non-GAAP metrics – underwriting and fee revenues and underwriting and fee margin. We generally manage our exposure to the risks we underwrite using both reinsurance (e.g., quota share and excess of loss) and sliding scale commission agreements with our agents (e.g., commissions paid are adjusted based on the actual underlying losses incurred), which mitigates our risk. Generally, when losses are incurred, the risk which is retained by our agents and reinsurers is reflected in a reduction in commissions paid.

Underwriting and fee revenues represents earned premiums, net, service and administrative fees (excluding ceding fees) and other income (excluding cash and cash equivalent interest income). We reconcile underwriting and fee revenues as total revenues excluding net investment income, net realized gains (losses) and net unrealized gains (losses), ceding fees, ceding commissions and cash and cash equivalent interest income as reported in other income.

Underwriting and fee margin represents income before taxes excluding net investment income, net realized gains (losses), net unrealized gains (losses), cash and cash equivalent interest income, employee compensation and benefits, other expenses, interest expense and depreciation and amortization. We deliver our products and services on a vertically integrated basis to our agents. As such, underwriting and fee margin exclude general and administrative expenses, interest income, depreciation and amortization and other corporate expenses, including income taxes, as these corporate expenses support our vertically integrated delivery model and are not specifically supporting any individual business line.

Adjusted net income represents income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related expenses, stock-based compensation, net realized and unrealized gains (losses), and intangibles amortization associated with purchase accounting.

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Adjusted return on average equity represents adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

See “—Non-GAAP Reconciliations” for a reconciliation of underwriting and fee revenues, underwriting and fee margin, adjusted net income and adjusted return on average equity to their GAAP equivalents.

Results of Operations - Three Months Ended June 30, 2024 compared to 2023

($ in thousands)	Three Months Ended June 30,
	2024			2023			Change		% Change
Revenues:
Earned premiums, net	$	398,467		$	269,795		$	128,672	47.7	%
Service and administrative fees	105,847			98,113			7,734		7.9	%
Ceding commissions	5,065			4,676			389		8.3	%
Net investment income	6,381			9,088			(2,707)		(29.8)	%
Net realized and unrealized gains (losses)	2,545			(4,379)			6,924		NM%
Other revenue	11,637			7,384			4,253		57.6	%
Total revenues	$	529,942		$	384,677		$	145,265	37.8	%
Expenses:
Net losses and loss adjustment expenses	$	205,259		$	115,027		$	90,232	78.4	%
Member benefit claims	28,716			32,707			(3,991)		(12.2)	%
Commission expense	173,279			142,699			30,580		21.4	%
Employee compensation and benefits	31,558			27,710			3,848		13.9	%
Interest expense	7,488			6,580			908		13.8	%
Depreciation and amortization	4,833			5,321			(488)		(9.2)	%
Other expenses	27,559			24,216			3,343		13.8	%
Total expenses	$	478,692		$	354,260		$	124,432	35.1	%
Income (loss) before taxes (1)	$	51,250		$	30,417		$	20,833	68.5	%
Key Performance Metrics:
Gross written premiums and premium equivalents	$	776,059		$	716,063		$	59,996	8.4	%
Net written premiums	$	365,897		$	320,572		$	45,325	14.1	%
Loss ratio	47.3		%	40.8		%
Acquisition ratio	30.9		%	35.1		%
Underwriting ratio	78.2		%	75.9		%
Operating expense ratio	11.7		%	14.3		%
Combined ratio	89.9		%	90.2		%
Return on average equity	28.4		%	23.1		%
Non-GAAP Financial Measures (2):
Adjusted net income (before NCI)	$	40,316		$	30,119		$	10,197	33.9	%
Adjusted return on average equity	30.3		%	32.4		%

(1)    Net income was $37.6 million for the three months ended June 30, 2024 compared to $21.3 million for the three months ended June 30, 2023.

(2)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues - Three Months Ended June 30, 2024 compared to 2023

For the three months ended June 30, 2024, total revenues increased 37.8%, to $529.9 million, as compared to $384.7 million for the three months ended June 30, 2023. Earned premiums, net of $398.5 million increased $128.7 million, or 47.7%, driven by growth in specialty E&S and admitted insurance lines. Earned premiums assumed from other insurance companies were $159.8 million, or 40.1% of the total, compared to $110.7 million, or 41.0% of the total, in the prior year period. Included in the current period were earned premiums associated with the book-roll transaction with one of Fortegra’s MGA partners that was assumed in December 2023. As it expands to new geographies and expands product offerings, the Company works to obtain necessary licenses and intends to write this business directly upon obtaining necessary licenses. The Company views direct written and assumed business as having similar characteristics. Service and administrative fees of $105.8 million increased by 7.9% driven primarily by growth in vehicle service contract revenues. Ceding commissions of $5.1 million increased by $0.4 million, or 8.3%. Other revenues increased by $4.3 million, or 57.6%, driven by growth in premium finance product offerings and interest income on cash and cash equivalents.

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For the three months ended June 30, 2024, 23.1% of revenues were derived from fees that were not solely dependent upon the underwriting performance of Fortegra’s insurance products, resulting in more diversified earnings. For the three months ended June 30, 2024, 77.9% of fee-based revenues were generated in non-regulated service companies, with the remainder in regulated insurance companies.

For the three months ended June 30, 2024, net investment income was $6.4 million as compared to $9.1 million in the prior year period, a decrease of $2.7 million driven by increased cash equivalent balances for which interest income is reported in other income and increased investments expenses. Net realized and unrealized gains were $2.5 million, an improvement of $6.9 million, as compared to net realized and unrealized losses of $4.4 million in the prior year period, primarily driven by the change in fair value of certain equity and other investments carried at fair value. Unrealized losses on AFS securities impacting OCI for the three months ended June 30, 2024 were $0.9 million, driven by the increase in yields (yields and bonds prices are inversely related) and corresponding impact to the fair value of investments.

Expenses - Three Months Ended June 30, 2024 compared to 2023

For the three months ended June 30, 2024, net losses and loss adjustment expenses were $205.3 million, member benefit claims were $28.7 million and commission expense was $173.3 million, as compared to $115.0 million, $32.7 million, and $142.7 million, respectively, for the three months ended June 30, 2023. The increase in net losses and loss adjustment expenses of $90.2 million, or 78.4%, was driven by growth in U.S. and European insurance lines and the shift in business mix toward commercial lines, which tend to have higher loss ratios and lower commission and expense ratios. In addition, the Company experienced favorable prior year development of $1.6 million for the three months ended June 30, 2024, driven by lower-than-expected claim severity in our commercial lines of business. The decrease in member benefit claims of $4.0 million, or 12.2%, was driven by declines in auto and consumer goods claim frequencies. Commission expenses increased by $30.6 million, or 21.4%, generally in line with the growth in earned premiums, net and service and administrative fees, partially offset by the impact of sliding scale commissions as losses increased.

For the three months ended June 30, 2024, employee compensation and benefits were $31.6 million and other expenses were $27.6 million, as compared to $27.7 million and $24.2 million, respectively, for the three months ended June 30, 2023. Employee compensation and benefits increased by $3.8 million, or 13.9%, driven by investments in human capital associated with growth in E&S, admitted and warranty lines. Other expenses increased by $3.3 million, or 13.8%, driven by a change in fair value of the Fortegra Additional Warrant liability of $0.9 million, and increased marketing and information technology expenses.

For the three months ended June 30, 2024, interest expense was $7.5 million as compared to $6.6 million for the three months ended June 30, 2023. The increase in interest expense of $0.9 million, or 13.8%, was primarily driven by increased borrowings on Fortegra’s corporate revolver and asset based debt for premium finance lines.

For the three months ended June 30, 2024, depreciation and amortization expense was $4.8 million, including $3.7 million of intangible amortization related to purchase accounting associated with acquisitions at Fortegra from 2019 to 2023, as compared to $5.3 million, including $3.9 million of intangible amortization from purchase accounting in 2023.

Gross Written Premiums and Premium Equivalents

The below table shows gross written premiums and premium equivalents by business mix for the three months ended June 30, 2024 and 2023:

55

($ in thousands)	Three Months Ended June 30,
	2024		2023
Property and short-tail	$	221,460	$	139,703
Contractual liability	77,003		106,887
General liability	103,966		109,404
Alternative risks	86,570		73,341
Professional liability	70,162		58,549
Europe	37,962		38,053
Commercial lines	$	597,123	$	525,937
Personal lines	84,569		88,621
Insurance	$	681,692	$	614,558
Auto and consumer goods warranty	83,327		88,651
Other services	11,040		12,854
Services	$	94,367	$	101,505
Total (1,2)	$	776,059	$	716,063

(1) The total gross written premiums and premium equivalents of $776.1 million and $716.1 million for the three months ended June 30, 2024 and 2023, respectively, were comprised of gross written premiums of $573.8 million and $501.3 million, plus assumed premiums of $107.9 million and $113.2 million, plus gross service and administrative fee additions of $94.4 million and $101.5 million, respectively. See Note (7) Reinsurance Recoverable and Prepaid Reinsurance Premiums and Note (13) Revenue from Contracts with Customers within the respective periods for more information.

(2) The premium equivalents metric excludes amounts received from failure to perform vehicle service contracts held in off-balance sheet trusts and premium finance volumes as it was determined to be unlikely these amounts will be recognized as revenue. The second quarter 2023 has been conformed resulting in a reduction of premium equivalents of $139.0 million. This change only impacted the premium equivalents metric and did not impact the Company’s condensed consolidated financial statements.

Total gross written premiums and premium equivalents for the three months ended June 30, 2024 were $776.1 million, representing an increase of $60.0 million, or 8.4%. The increase was driven by a combination of factors including expanding Fortegra’s distribution partner network, and growing E&S insurance lines.

For the three months ended June 30, 2024, Insurance increased by $67.1 million, or 10.9%, driven by growth in specialty commercial lines in the E&S business. For the three months ended June 30, 2024, Services decreased by $7.1 million, or 7.0%, driven by declines in auto and consumer goods warranty contracts.

The growth in gross written premiums and premium equivalents, combined with higher retention in select products as of June 30, 2024, has resulted in an increase of $152.2 million, or 6.9%, in unearned premiums and deferred revenue on the condensed consolidated balance sheets as compared to June 30, 2023. As of June 30, 2024, unearned premiums and deferred revenues were $2.4 billion, as compared to $2.2 billion as of June 30, 2023.

Net written premiums

($ in thousands)	Three Months Ended June 30,
	2024		2023
Property and short-tail	$	108,322	$	100,124
Contractual liability	19,751		9,100
General liability	55,501		45,960
Alternative risks	63,100		56,150
Professional liability	42,086		26,289
Europe	37,962		38,053
Commercial lines	$	326,722	$	275,676
Personal lines	39,175		44,896
Insurance	$	365,897	$	320,572

Net written premiums for the three months ended June 30, 2024 were $365.9 million, representing an increase of $45.3 million, or 14.1%, consistent with growth in gross written premiums, and as a result of increased retention on Fortegra’s whole account quota share reinsurance arrangement. For the three months ended June 30, 2024, Net written premiums from commercial lines increased by $51.0 million, or 18.5%, driven by growth in specialty E&S and admitted business. For the three months ended June 30, 2024, net written premiums from personal lines decreased by $5.7 million, or 12.7%, driven by declines in personal credit insurance lines. Net written premiums from property and short-tail lines represented $108.3 million, or 29.6%, of the total net written premiums for the three months ended June 30, 2024 compared to $100.1 million, or 31.2%, for the prior year period. Property and short-tail net written premiums were diversified by geographic location,

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exposure and risk type with substantial reinsurance protection. As of June 30, 2024, the net loss to the Company in a 1-in-250 year catastrophe event represented approximately 2.6% of Fortegra’s stockholders’ equity. This reported loss includes the impact of incurred losses based on the estimated frequency and severity of potential events, reinstatements premiums, reinsurance recoveries and taxes.

Combined Ratio

The combined ratio was 89.9% for the three months ended June 30, 2024, compared to 90.2% for the prior year period, reflecting the consistent underwriting performance and scalability of the Company’s operating platform. The underwriting ratio was 78.2%, an increase of 2.3% from the prior year period, which consists of a loss ratio of 47.3%, compared to 40.8% in the prior year period, and an acquisition ratio of 30.9%, compared to 35.1% in the prior year period. The increase in loss ratio was driven by changes in business mix, which was partially offset by the decline in acquisition ratio. The operating expense ratio decreased 2.6% percentage points to 11.7%, as compared to 14.3% in the prior year period.

Underwriting and Fee Revenues and Margin - Non-GAAP

The below tables show underwriting and fee revenues and underwriting and fee margin by business mix for the three months ended June 30, 2024 and 2023.

	Three Months Ended June 30,
($ in thousands)	2024									2023
	Insurance			Services			Total			Insurance			Services			Total
Underwriting and Fee Revenues (1)	$	399,628		$	95,523		$	495,151		$	272,668		$	89,584		$	362,252
Net losses and loss adjustment expenses	205,259			—			205,259			114,997			30			115,027
Member benefit claims	—			28,716			28,716			—			32,707			32,707
Commission expense (2)	118,802			34,371			153,173			92,915			34,068			126,983
Underwriting and Fee Margin (1)	$	75,567		$	32,436		$	108,003		$	64,756		$	22,779		$	87,535
Loss ratio	51.4		%	30.1		%	47.3		%	42.2		%	36.5		%	40.8		%
Acquisition ratio	29.7		%	36.0		%	30.9		%	34.1		%	38.0		%	35.1		%
Underwriting ratio	81.1		%	66.1		%	78.2		%	76.3		%	74.5		%	75.9		%

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

(2)     Commission expense in this table is presented net of ceding fees and ceding commissions of $15.0 million and $5.1 million, respectively, as of the three months ended June 30, 2024, and $11.0 million and $4.7 million, respectively, as of the three months ended June 30, 2023.

Underwriting and fee revenues were $495.2 million for the three months ended June 30, 2024 as compared to $362.3 million for the three months ended June 30, 2023. Total underwriting and fee revenues increased $132.9 million, or 36.7%, driven by growth in all business lines. The increase in Insurance was $127.0 million, or 46.6%, driven by growth in specialty E&S and admitted insurance lines. The increase in Services was $5.9 million, or 6.6%, driven by growth in vehicle service contracts and premium finance offerings.

Underwriting and fee margin was $108.0 million for the three months ended June 30, 2024 as compared to $87.5 million for the three months ended June 30, 2023. Total underwriting and fee margin increased $20.5 million, or 23.4%, driven by growth in Insurance and Services. Insurance grew by $10.8 million, or 16.7%, driven by revenue growth in admitted and E&S lines. Services increased by $9.7 million, or 42.4%, driven by growth in vehicle service contracts and premium finance offerings and reduced member benefit claims.

Return on Average Equity

Return on average equity was 28.4% for the three months ended June 30, 2024, as compared to 23.1% for the prior year period. The increase in net income and annualized return on average equity was driven by revenue growth and improvement of the combined ratio, in addition to improvements in net realized and unrealized gains and losses.

Adjusted Net Income and Adjusted Return on Average Equity - Non-GAAP

For the three months ended June 30, 2024, adjusted net income and adjusted return on average equity were $40.3 million and 29.7%, respectively, as compared to $30.1 million and 32.4%, respectively, for the three months ended June 30, 2023.

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Results of Operations - Six Months Ended June 30, 2024 compared to 2023

($ in thousands)	Six Months Ended June 30,
	2024			2023			Change		% Change
Revenues:
Earned premiums, net	$	745,777		$	535,125		$	210,652	39.4	%
Service and administrative fees	216,334			190,145			26,189		13.8	%
Ceding commissions	7,809			8,321			(512)		(6.2)	%
Net investment income	13,139			14,197			(1,058)		(7.5)	%
Net realized and unrealized gains (losses)	5,364			(8,986)			14,350		NM%
Other revenue	20,275			14,319			5,956		41.6	%
Total revenues	$	1,008,698		$	753,121		$	255,577	33.9	%
Expenses:
Net losses and loss adjustment expenses	$	380,639		$	229,354		$	151,285	66.0	%
Member benefit claims	61,000			60,055			945		1.6	%
Commission expense	330,227			289,149			41,078		14.2	%
Employee compensation and benefits	63,008			52,323			10,685		20.4	%
Interest expense	15,127			12,661			2,466		19.5	%
Depreciation and amortization	9,916			10,132			(216)		(2.1)	%
Other expenses	60,720			49,585			11,135		22.5	%
Total expenses	$	920,637		$	703,259		$	217,378	30.9	%
Income (loss) before taxes (1)	$	88,061		$	49,862		$	38,199	76.6	%
Key Performance Metrics:
Gross written premiums and premium equivalents	$	1,439,476		$	1,337,221		$	102,255	7.6	%
Net written premiums	$	684,048		$	601,718		$	82,330	13.7	%
Loss ratio	46.8		%	40.6		%
Acquisition ratio	31.0		%	36.2		%
Underwriting ratio	77.8		%	76.8		%
Operating expense ratio	12.2		%	14.0		%
Combined ratio	90.0		%	90.8		%
Return on average equity	25.8		%	20.2		%
Non-GAAP Financial Measures (2):
Adjusted net income	$	74,449		$	53,058		$	21,391	40.3	%
Adjusted return on average equity	29.7		%	29.6		%

(1)    Net income was $64.5 million for the six months ended June 30, 2024 compared to $36.1 million for the six months ended June 30, 2023.

(2)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues - Six Months Ended June 30, 2024 compared to 2023

For the six months ended June 30, 2024, total revenues increased 33.9%, to $1,008.7 million, as compared to $753.1 million for the six months ended June 30, 2023. Earned premiums, net of $745.8 million increased $210.7 million, or 39.4%, driven by growth in admitted and E&S commercial lines. Earned premiums assumed from other insurance companies were $301.1 million, or 40.4% of the total, compared to $220.7 million, or 41.2% of the total, in the prior year period. Included in the current period were earned premiums associated with the book-roll transaction with one of Fortegra’s MGA partners that was assumed in December 2023. As it expands to new geographies and expands product offerings, the Company works to obtain necessary licenses and intends to write this business directly upon obtaining necessary licenses. The Company views direct written and assumed business as having similar characteristics. Service and administrative fees of $216.3 million increased by 13.8% driven by growth in warranty and consumer goods service contract revenues. Ceding commissions of $7.8 million decreased by $0.5 million, or 6.2%. Other revenues increased by $6.0 million, or 41.6%, driven by growth in premium finance product offerings.

For the six months ended June 30, 2024, 24.2% of revenues were derived from fees that were not solely dependent upon the underwriting performance of Fortegra’s insurance products, resulting in more diversified earnings. For the six months ended June 30, 2024, 79.1% of fee-based revenues were generated in non-regulated service companies, with the remainder in regulated insurance companies.

For the six months ended June 30, 2024, net investment income was $13.1 million as compared to $14.2 million in the prior year period, a decrease of $1.1 million driven by increased cash equivalent balances for which interest income is reported in other income and increased investments expenses, partially offset by increased yields on investments. Net realized and unrealized gains were $5.4 million, compared to net realized and unrealized losses of $9.0 million in the prior year period, primarily driven by the change in fair value of equity securities and other investments carried at fair value.

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Expenses - Six Months Ended June 30, 2024 compared to 2023

For the six months ended June 30, 2024, net losses and loss adjustment expenses were $380.6 million, member benefit claims were $61.0 million and commission expense was $330.2 million, as compared to $229.4 million, $60.1 million, and $289.1 million respectively, for the six months ended June 30, 2023. The increase in net losses and loss adjustment expenses of $151.3 million, or 66.0%, was driven by growth in U.S. and European Insurance lines and the shift in business mix toward commercial lines, which tend to have a higher loss ratios and lower commission ratios. During the six months ended June 30, 2024, the Company experienced a favorable prior year development of $0.8 million primarily as a result of lower-than-expected claims in its commercial lines of business. In the six months ended June 30, 2023, the Company experienced unfavorable prior year development of $2.5 million primarily driven by higher-than-expected claim severity from business written by a small group of producers of our personal and commercial lines of business. The increase in member benefit claims of $0.9 million, or 1.6%, was driven by growth in vehicle service contracts. Commission expense increased by $41.1 million, or 14.2%, in line with the growth in earned premiums, net and service and administrative fees.

For the six months ended June 30, 2024, employee compensation and benefits were $63.0 million and other expenses were $60.7 million, as compared to $52.3 million and $49.6 million, respectively, for the six months ended June 30, 2023. Employee compensation and benefits increased by $10.7 million, or 20.4%, driven by investments in human capital associated with growth in admitted, E&S and warranty lines. Other expenses increased by $11.1 million, or 22.5%, driven by a change in fair value of the Fortegra Additional Warrant liability of $5.1 million, in addition to $3.3 million of expenses related to legal and other expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in February 2024.

For the six months ended June 30, 2024, interest expense was $15.1 million as compared to $12.7 million for the six months ended June 30, 2023. The increase in interest expense of $2.5 million, or 19.5%, was primarily driven by increased borrowings on Fortegra’s corporate revolver and asset based debt for premium finance lines.

For the six months ended June 30, 2024, depreciation and amortization expense was $9.9 million, including $3.7 million of intangible amortization related to purchase accounting associated with acquisitions at Fortegra from 2019 to 2023, as compared to $10.1 million, including $7.8 million of intangible amortization from purchase accounting in 2023.

Gross Written Premiums and Premium Equivalents

The below table shows gross written premiums and premium equivalents by business mix for the six months ended June 30, 2024 and 2023:

($ in thousands)	Six Months Ended June 30,
	2024		2023
Property and short-tail	$	370,905	$	244,875
Contractual liability	160,212		202,498
General liability	176,184		188,853
Alternative risks	163,238		151,955
Professional liability	138,330		117,423
Europe	79,670		67,625
Commercial lines	$	1,088,539	$	973,229
Personal lines	163,004		173,164
Insurance	$	1,251,543	$	1,146,393
Auto and consumer goods warranty	165,295		166,420
Other services	22,638		24,408
Services	$	187,933	$	190,828
Total (1,2)	$	1,439,476	$	1,337,221

(1) The total gross written premiums and premium equivalents of $1,439.5 million and $1,337.2 million for the six months ended June 30, 2024 and 2023, respectively, were comprised of gross written premiums of $1,030.9 million and $926.2 million, plus assumed premiums of $220.7 million and $220.1 million, plus gross service and administrative fee additions of $187.9 million and $190.8 million, respectively. See Note (7) Reinsurance Recoverable and Prepaid Reinsurance Premiums and Note (13) Revenue from Contracts with Customers within the respective periods for more information.

(2) The premium equivalents metric excludes amounts received from failure to perform vehicle service contracts held in off-balance sheet trusts and premium finance volumes as it was determined to be unlikely these amounts will be recognized as revenue. The second quarter 2023 has been conformed resulting in a reduction of premium equivalents of $268.1 million. This change only impacted the premium equivalents metric and did not impact the Company’s condensed consolidated financial statements.

Total gross written premiums and premium equivalents for the six months ended June 30, 2024 were $1,439.5 million, representing an increase of $102.3 million, or 7.6%. The increase was driven by a combination of factors including expanding Fortegra’s distribution partner network, and growing E&S insurance lines.

For the six months ended June 30, 2024, Insurance increased by $105.2 million, or 9.2%, driven by growth in specialty commercial lines in the E&S business. For the six months ended June 30, 2024, Services decreased by $2.9 million, or 1.5%, driven by declines in auto and consumer goods warranty contracts.

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Net written premiums

($ in thousands)	Six Months Ended June 30,
	2024		2023
Property and short-tail	$	216,859	$	174,026
Contractual liability	41,516		28,358
General liability	83,860		80,284
Alternative risks	119,588		111,981
Professional liability	64,391		50,028
Europe	79,670		67,625
Commercial lines	$	605,884	$	512,302
Personal lines	78,164		89,416
Insurance	$	684,048	$	601,718

Net written premiums for the six months ended June 30, 2024 were $684.0 million, representing an increase of $82.3 million, or 13.7%, consistent with growth in gross written premiums, and as a result of increased retention on Fortegra’s whole account quota share reinsurance arrangement from 30% to 40%, effective April 1, 2023. For the six months ended June 30, 2024, Net written premiums from commercial lines increased by $93.6 million, or 18.3%, driven by growth in specialty E&S and admitted business. For the six months ended June 30, 2024, net written premiums from personal lines decreased by $11.3 million, or 12.6%, driven by declines in personal credit insurance lines. Net written premiums from property and short-tail lines represented $216.9 million, or 31.7%, of the total net written premiums for the six months ended June 30, 2024 compared to $174.0 million, or 28.9%, for the prior year period. Property and short-tail net written premiums were diversified by geographic location, exposure and risk type with substantial reinsurance protection.

Combined Ratio

The combined ratio was 90.0% for the six months ended June 30, 2024, compared to 90.8% for the prior year period, reflecting the consistent underwriting performance and scalability of the Company’s operating platform. The underwriting ratio was 77.8%, an increase of 1.0% from the prior year period, which consists of a loss ratio of 46.8%, compared to 40.6% in the prior year period, and an acquisition ratio of 31.0%, compared to 36.2% in the prior year period. The increase in loss ratio was driven by changes in business mix, which was partially offset by the decline in acquisition ratio. The operating expense ratio decreased 1.8% percentage points to 12.2%, as compared to 14.0% in the prior year period.

Underwriting and Fee Revenues and Underwriting and Fee Margin - Non-GAAP(1)

The below tables show underwriting and fee revenues and underwriting and fee margin by business mix for the six months ended June 30, 2024 and 2023.

	Six Months Ended June 30,
($ in thousands)	2024									2023
	Insurance			Services			Total			Insurance			Services			Total
Underwriting and Fee Revenues (1)	$	749,820		$	193,414		$	943,234		$	541,799		$	170,668		$	712,467
Net losses and loss adjustment expenses	380,639			—			380,639			229,324			30			229,354
Member benefit claims	—			61,000			61,000			—			60,056			60,056
Commission expense (2)	224,172			68,586			292,758			195,914			62,012			257,926
Underwriting and Fee Margin (1)	$	145,009		$	63,828		$	208,837		$	116,561		$	48,570		$	165,131
Loss ratio	50.8		%	31.5		%	46.8		%	42.3		%	35.2		%	40.6		%
Acquisition ratio	29.9		%	35.5		%	31.0		%	36.2		%	36.3		%	36.2		%
Underwriting ratio	80.7		%	67.0		%	77.8		%	78.5		%	71.5		%	76.8		%

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

(2)     Commission expense in this table is presented net of ceding fees and ceding commissions of $29.7 million and $7.8 million, respectively, as of the six months ended June 30, 2024, and $22.9 million and $8.3 million, respectively, as of the six months ended June 30, 2023.

Underwriting and fee revenues were $943.2 million for the six months ended June 30, 2024 as compared to $712.5 million for the six months ended June 30, 2023. Total underwriting and fee revenues increased $230.8 million, or 32.4%, driven by growth in all business lines. The increase in Insurance was $208.0 million, or 38.4%, driven by growth in commercial, E&S, and credit

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insurance lines. The increase in Services was $22.7 million, or 13.3%, driven by growth in vehicle service contracts and premium finance offerings, in addition to the acquisition of Premia.

Underwriting and fee margin was $208.8 million for the six months ended June 30, 2024 as compared to $165.1 million for the six months ended June 30, 2023. Total underwriting and fee margin increased $43.7 million, or 26.5%, driven by growth in Insurance and Services. Insurance grew by $28.4 million, or 24.4%, from growth in specialty admitted and E&S lines. Services increased by $15.3 million, or 31.4%, primarily driven by growth in vehicle service contracts and premium finance offerings, in addition to the acquisition of Premia.

Return on Average Equity

Return on average equity was 25.8% for the six months ended June 30, 2024, as compared to 20.2% for the six months ended June 30, 2023. The increase in net income and annualized return on average equity was driven by revenue growth and improvement of the combined ratio, in addition to improvements in net realized and unrealized gains and losses.

Adjusted Net Income and Adjusted Return on Average Equity - Non-GAAP

For the six months ended June 30, 2024, adjusted net income and adjusted return on average equity were $74.4 million and 29.7%, respectively, as compared to $53.1 million and 29.6%, respectively, for the six months ended June 30, 2023.

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Tiptree Capital

Tiptree Capital consists of our Mortgage segment, which includes the operating results of Reliance, our mortgage business, and Tiptree Capital - Other, which consists of our other non-insurance operating businesses and investments.

Mortgage

Through our Mortgage operating subsidiary, Reliance, we originate, sell, securitize and service one-to-four-family, residential mortgage loans, comprised of conforming mortgage loans, Federal Housing Administration (“FHA”), Veterans Administration (“VA”), United States Department of Agriculture (“USDA”), and to a lesser extent, non-agency jumbo prime.

We are an approved seller/servicer for Fannie Mae and Freddie Mac. We are also an approved issuer and servicer for Ginnie Mae. We originate residential mortgage loans through our retail distribution channel (directly to consumers) in 39 states and the District of Columbia as of June 30, 2024.

Components of our Results of Operations

Revenues

Net Realized and Unrealized Gains (Losses) include gains on sale of mortgage loans and the fair value adjustment in mortgage servicing rights. Gains on the sale of mortgage loans represent the difference between the selling price and carrying value of loans sold and are recognized upon settlement. Such gains also include the changes in fair value of loans held for sale and loan-related hedges and derivatives. We transfer the risk of loss or default to the loan purchaser, however, in some cases we are required to indemnify purchasers for losses related to non-compliance with borrowers’ creditworthiness and collateral requirements. Because of this, we recognize gains on sale net of required indemnification and premium recapture reserves. The fair value adjustment on mortgage servicing rights represents fair value adjustments considering estimated prepayments and other factors associated with changes in interest rates, plus actual run-off in the servicing portfolio. We report these adjustments separate from servicing income and servicing expense.

Other Revenue includes loan origination fees, interest income, and mortgage servicing income. Loan origination fees are earned as mortgage loans are funded. Servicing fees are earned over the life of the loan. Interest income includes interest earned on loans held for sale and interest income on bank balances and short-term investments.

Expenses

Employee Compensation and Benefits includes salaries, commissions, benefits, bonuses, other incentive compensation and related taxes for employees. Commissions expense for sales staff generally varies with loan origination volumes.

Interest Expense represents borrowing costs under warehouse and other credit facilities used primarily to fund loan originations. Amortization of deferred financing costs, including commitment fees, is included in interest expense.

Depreciation is mainly associated with furniture, fixtures and equipment. Amortization is primarily associated with a trade name and internally developed software.

Other Expenses include loan origination expenses, namely, leads, appraisals, credit reporting and licensing fees, general and administrative expenses, including office rent, insurance, legal, consulting and payroll processing expenses, and servicing expense.

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The following tables present the Mortgage segment results for the following periods:

Results of Operations

($ in thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Revenues:
Net realized and unrealized gains (losses)	$	10,136		$	12,141		$	20,800		$	19,248
Other revenue	5,747			4,926			10,974			9,380
Total revenues	$	15,883		$	17,067		$	31,774		$	28,628
Expenses:
Employee compensation and benefits	$	9,378		$	9,733		$	18,617		$	17,953
Interest expense	527			464			1,178			848
Depreciation and amortization	97			160			222			332
Other expenses	5,353			5,398			10,476			10,748
Total expenses	$	15,355		$	15,755		$	30,493		$	29,881
Income (loss) before taxes	$	528		$	1,312		$	1,281		$	(1,253)
Key Performance Metrics:
Origination volumes	$	226,871		$	227,895		$	437,273		$	430,730
Gain on sale margins	4.6		%	4.8		%	4.8		%	4.8		%
Return on average equity	3.1		%	7.6		%	3.8		%	(3.5)		%
Non-GAAP Financial Measures (1):
Adjusted net income (1)	$	181		$	(209)		$	(128)		$	(1,062)
Adjusted return on average equity (1)	1.4		%	(1.6)		%	(0.5)		%	(3.9)		%

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Revenues - Three and Six Months ended June 30, 2024 compared to 2023

For the three months ended June 30, 2024, $226.9 million of loans were funded, compared to $227.9 million for the prior year period, a decrease of $1.0 million, or 0.4%, driven by the higher mortgage interest rate environment. Gain on sale margins decreased to 4.6% for the three months ended June 30, 2024, down approximately 20 basis points from 4.8% for the three months ended June 30, 2023. For the six months ended June 30, 2024, $437.3 million of loans were funded, compared to $430.7 million for the prior year period, an increase of $6.5 million, or 1.5%, driven by the normalized mortgage interest rates compared to the prior year period. Gain on sale margins remained consistent at 4.8% for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023.

Net realized and unrealized gains for the three months ended June 30, 2024 were $10.1 million, compared to $12.1 million in the prior year period, a decrease of $2.0 million or 16.5%. Net realized and unrealized gains for the six months ended June 30, 2024 were $20.8 million, compared to $19.2 million in the prior year period, an increase of $1.6 million or 8.1% The primary driver of increased gain on sale revenues was the positive fair value adjustment in mortgage servicing rights of $1.4 million in 2024 compared to a positive fair value adjustment of $0.1 million in the prior year period.

Other revenue for the three months ended June 30, 2024 was $5.7 million, compared to $4.9 million in the prior year period, an increase of $0.8 million, or 16.7%. Other revenue for the six months ended June 30, 2024 was $11.0 million, compared to $9.4 million in the prior year period, an increase of $1.6 million, or 17.0%. The increases in both periods were driven by higher loan servicing income and higher loan origination fees. As of June 30, 2024, the mortgage servicing asset was $42.1 million, an increase from $40.8 million as of December 31, 2023.

Expenses - Three and Six Months ended June 30, 2024 compared to 2023

For the three months ended June 30, 2024, employee compensation and benefits were $9.4 million, compared to $9.7 million in the prior year period, a decrease of $0.4 million or 3.6%, and for the six months ended June 30, 2024, employee compensation and benefits were $18.6 million, compared to $18.0 million in the prior year period, an increase of $0.7 million or 3.7%, driven primarily by higher commissions on increased origination volumes.

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For the three months ended June 30, 2024, interest expense was at $0.5 million, compared to $0.5 million in prior year period, and for the six months ended June 30, 2024, interest expense was at $1.2 million, compared to $0.8 million in prior year period, driven by higher interest rates.

For the three months ended June 30, 2024, other expenses were $5.4 million, compared to $5.4 million in the prior year period, and for the six months ended June 30, 2024, other expenses were $10.5 million, compared to $10.7 million in the prior year period, a decrease of $0.3 million driven by a reduction of mortgage operational expenses, including marketing costs.

Income (loss) before taxes - Three and Six Months ended June 30, 2024 compared to 2023

The income before taxes for the three months ended June 30, 2024 was $0.5 million, compared to income before taxes of $1.3 million in the prior year period. The income before taxes for the six months ended June 30, 2024 was $1.3 million, compared to loss before taxes of $1.3 million in the prior year period. The increase was driven by higher mortgage servicing fees attributable to the larger servicing portfolio.

Tiptree Capital - Other

The following tables present a summary of Tiptree Capital - Other results for the following periods:

Results of Operations

	Three Months Ended June 30,
($ in thousands)	Total revenue				Income (loss) before taxes
	2024		2023		2024		2023
Senior living (Invesque)	$	—	$	(140)	$	—	$	(140)
Maritime transportation (1)	327		351		(294)		(913)
Other	521		2,563		506		2,508
Total	$	848	$	2,774	$	212	$	1,455
	Six Months Ended June 30,
($ in thousands)	Total revenue				Income (loss) before taxes
	2024		2023		2024		2023
Senior living (Invesque)	$	(2,925)	$	(1,545)	$	(2,925)	$	(1,545)
Maritime transportation(1)	893		711		(309)		(723)
Other	6,454		5,228		6,439		5,165
Total	$	4,422	$	4,394	$	3,205	$	2,897

(1)    Includes $0.6 million and $1.3 million of expenses related to our Maritime transportation operations for the three months ended June 30, 2024 and 2023, respectively, and $1.2 million and $1.4 million of expenses related to our Maritime transportation operations for the six months ended June 30, 2024 and 2023, respectively.

Revenues

Tiptree Capital - Other earns revenues from the following sources: net interest income, realized and unrealized gains and losses on the Company’s investment holdings (including Invesque until the sale in April 2024); and charter revenues from vessels within the Company’s maritime transportation operations. Subsequent to the sale of our dry bulk and tanker vessels, operations include two smaller vessels and other ancillary assets.

Revenues for the three months ended June 30, 2024 were $0.8 million compared to $2.8 million for 2023 with the decrease primarily driven by the realized investments gains on securities in the Company’s investment holdings in the first quarter of 2024. Revenues for the six months ended June 30, 2024 and 2023 were relatively flat at $4.4 million, as realized investments gains on securities in the Company’s investment holdings in the first quarter of 2024, largely offset increased investment losses on Invesque in the six months ended June 30, 2024.

Income (loss) before taxes

The income before taxes from Tiptree Capital - Other for the three months ended June 30, 2024 was $0.2 million, compared to the income before taxes of $1.5 million in the prior year period. The decrease was driven by the same factors that impacted revenues. The income before taxes from Tiptree Capital - Other for the six months ended June 30, 2024 was $3.2 million,

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compared to the income before taxes of $2.9 million in the prior year period. The increase was driven by the same factors that impacted revenues.

Adjusted net income - Non-GAAP(1)

($ in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Maritime transportation	$	(294)	$	(812)	$	(309)	$	(643)
Other	469		1,031		1,137		2,275
Total	$	175	$	219	$	828	$	1,632

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

Adjusted net income remained flat at $0.2 million for the three months ended June 30, 2024 compared to $0.2 million in 2023 and decreased to $0.8 million for the six months ended June 30, 2024 compared to $1.6 million in 2023. The decrease was driven by lower interest income on cash and cash equivalents and U.S. Treasury securities recorded in other income.

Corporate

The following table presents a summary of corporate results for the following periods:

Results of Operations

($ in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Employee compensation and benefits	$	2,080	$	2,489	$	3,876	$	4,444
Employee incentive compensation expense	6,765		4,350		13,359		10,184
Depreciation and amortization	361		353		721		604
Other expenses	2,138		2,318		4,246		4,427
Total expenses	$	11,344	$	9,510	$	22,202	$	19,659

Corporate expenses include expenses of the holding company for employee compensation and benefits, interest expense, and public company and other expenses. Corporate employee compensation and benefits includes the expense of management, legal and accounting staff. Other expenses primarily consisted of audit and professional fees, insurance, office rent and other related expenses.

Employee compensation and benefits, including incentive compensation expense, were $17.2 million for the six months ended June 30, 2024, compared to $14.6 million for the prior year period, driven by an increase in accrued bonus expense. Of the incentive compensation expense in the six months ended June 30, 2024, $5.4 million was stock-based compensation expense, compared to $3.8 million in 2023. As of June 30, 2024 and 2023, the Company had no outstanding borrowings at the holding company and therefore incurred no interest expense for related periods. Other expenses of $4.2 million remained consistent with the prior year period.

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Provision for Income Taxes

The total income tax expense of $18.7 million and $11.8 million for the three months ended June 30, 2024 and 2023, respectively, is reflected as a component of net income (loss). For the three months ended June 30, 2024 and 2023, the Company’s effective tax rate was equal to 45.9% and 50.0%, respectively, with both significantly higher than the U.S. statutory income tax rate of 21.0%, primarily due to the impact of outside basis deferred taxes on Tiptree’s investment in Fortegra.

The total income tax expense of $32.5 million and $16.8 million for the six months ended June 30, 2024 and 2023, respectively, is reflected as a component of net income (loss). For the three months ended June 30, 2024 and 2023, the Company’s effective tax rate was equal to 46.2% and 52.9%, respectively, with both significantly higher than the U.S. statutory income tax rate of 21.0%, primarily due to the impact of outside basis deferred taxes on Tiptree’s investment in Fortegra.

On April 15, 2024, the Company sold its 16.98 million shares of Invesque for $0.6 million of proceeds resulting in a capital loss carryforward for tax purposes of approximately $106.8 million.

Tiptree owns less than 80% of Fortegra and is required to record deferred taxes on the outside basis on its investment in Fortegra. This deferred tax liability represents the tax that would be due, before consideration of loss carryforwards, if Tiptree were to sell all of its Fortegra stock at its carrying value on Tiptree’s balance sheet.

As of June 30, 2024, the deferred tax liability relating to Fortegra was $71.6 million, which was an increase of $9.9 million from the year ended December 31, 2023, of which $0.9 million benefit was recorded in OCI, and $10.8 million expense was recorded as a provision for income taxes. As of June 30, 2023, the deferred tax liability relating to Fortegra was $46.3 million, which was an increase of $6.4 million from the year ended December 31, 2022, of which $1.8 million expense was recorded in OCI, $1.2 million benefit was recorded directly in stockholders’ equity, and $5.8 million expense was recorded as a provision for income taxes. Excluding the impact of these deferred taxes, the effective tax rates for the six months ended June 30, 2024 and 2023 were 30.8% and 34.6%, respectively.

Balance Sheet Information

Tiptree’s total assets were $5,304.7 million as of June 30, 2024, compared to $5,139.3 million as of December 31, 2023. The $165.4 million increase in assets is primarily attributable to the growth in the Insurance segment.

Total stockholders’ equity was $618.1 million as of June 30, 2024, compared to $576.6 million as of December 31, 2023, with the increase primarily driven by comprehensive income for the six months ended June 30, 2024. As of June 30, 2024, there were 36,785,305 shares of common stock outstanding as compared to 36,756,187 shares as of December 31, 2023, with the increase driven by the vesting of share-based incentive compensation.

In March and April 2024, Tiptree, Warburg and Fortegra independent directors contributed $30.0 million, $9.9 million and $0.1 million, respectively, to Fortegra in exchange for common shares of Fortegra. As of June 30, 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.

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The following table is a summary of certain balance sheet information:

	As of June 30, 2024
($ in thousands)			Tiptree Capital
	Insurance		Mortgage		Other		Corporate		Total
Total assets	$	5,044,987	$	172,316	$	63,847	$	23,560	$	5,304,710
Corporate debt	$	260,500	$	—	$	—	$	—	$	260,500
Asset based debt	76,139		59,287		—		—		135,426
Tiptree Inc. stockholders’ equity (1)	$	367,573	$	53,299	$	63,180	$	(47,603)	$	436,449
Non-controlling interests:
Fortegra preferred interests	77,679		—		—		—		77,679
Common interests	103,941		—		—		—		103,941
Total stockholders’ equity	$	549,193	$	53,299	$	63,180	$	(47,603)	$	618,069

(1)    Included in Corporate equity is the deferred tax liability on the outside basis on Tiptree’s investment in Fortegra of $71.6 million as of June 30, 2024.

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NON-GAAP MEASURES AND RECONCILIATIONS

Non-GAAP Reconciliations

In addition to GAAP results, management uses the non-GAAP financial measures underwriting and fee revenues and underwriting and fee margin in order to better explain to investors the underwriting performance and the respective retentions between the Company and its agents and reinsurance partners. We also use the non-GAAP financial measures adjusted net income and adjusted return on average equity as measures of operating performance and as part of our resource and capital allocation process, to assess comparative returns on invested capital. Management believes these measures provide supplemental information useful to investors as they are frequently used by the financial community to analyze financial performance and to compare relative performance among comparable companies. Adjusted net income, adjusted return on average equity, underwriting and fee revenues and underwriting and fee margin are not measurements of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for earned premiums, net income or any other measure derived in accordance with GAAP.

Underwriting and Fee Revenues and Underwriting and Fee Margin — Non-GAAP (Insurance only)

Underwriting and Fee Revenues — Non-GAAP — We define underwriting and fee revenues as earned premiums, net, service and administrative fees (excluding ceding fees) and other income (excluding cash and cash equivalent interest income). We reconcile underwriting and fee revenues as total revenues excluding net investment income, net realized gains (losses) and net unrealized gains (losses), ceding fees, ceding commissions and cash and cash equivalent interest income as reported in other income. Underwriting and fee revenues represents revenues generated by our underwriting and fee-based operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting and fee revenues should not be viewed as a substitute for total revenues calculated in accordance with GAAP, and other companies may define underwriting and fee revenues differently.

($ in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total revenues	$	529,942	$	384,677	$	1,008,698	$	753,121
Less: Net investment income	(6,381)		(9,088)		(13,139)		(14,197)
Less: Net realized and unrealized gains (losses)	(2,545)		4,379		(5,364)		8,986
Less: Ceding fees (1)	(15,041)		(11,040)		(29,660)		(22,902)
Less: Ceding commissions	(5,065)		(4,676)		(7,809)		(8,321)
Less: Cash and cash equivalent interest income (2)	(5,759)		(2,000)		(9,492)		(4,220)
Underwriting and fee revenues (3)	$	495,151	$	362,252	$	943,234	$	712,467

(1) Ceding fees were included in service and administrative fees on the statement of operations.

(2) Cash and cash equivalent interest income was included in other revenue on the statement of operations.

(3) Underwriting and fee revenues exclude ceding fees, ceding commissions and cash and cash equivalent interest income from other revenue. The three and six months ended June 30, 2023 has been conformed to this presentation resulting in a reduction of underwriting and fee revenues of $17.7 million, and $35.4 million, respectively. This change only impacted the underwriting and fee revenues metric and did not impact the Company’s condensed consolidated financial statements.

Underwriting and Fee Margin — Non-GAAP — We define underwriting and fee margin as income before taxes, excluding net investment income, net realized gains (losses), net unrealized gains (losses), cash and cash equivalent interest income, employee compensation and benefits, other expenses, interest expense and depreciation and amortization. Underwriting and fee margin represents the underwriting performance of our underwriting and fee-based programs. As such, underwriting and fee margin excludes general administrative expenses, interest expense, depreciation and amortization and other corporate expenses as those expenses support the vertically integrated business model and not any individual component of our business mix. We use this metric as we believe it gives our management and other users of our financial information useful insight into the specific performance of our underlying underwriting and fee programs. Underwriting and fee income should not be viewed as a substitute for income before taxes calculated in accordance with GAAP, and other companies may define underwriting and fee margin differently.

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($ in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Income (loss) before income taxes	$	51,250	$	30,417	$	88,061	$	49,862
Less: Net investment income	(6,381)		(9,088)		(13,139)		(14,197)
Less: Net realized and unrealized gains (losses)	(2,545)		4,379		(5,364)		8,986
Less: Cash and cash equivalent interest income (1)	(5,759)		(2,000)		(9,492)		(4,220)
Plus: Depreciation and amortization	4,833		5,321		9,916		10,132
Plus: Interest expense	7,488		6,580		15,127		12,661
Plus: Employee compensation and benefits	31,558		27,710		63,008		52,323
Plus: Other expenses	27,559		24,216		60,720		49,585
Underwriting and fee margin (2)	$	108,003	$	87,535	$	208,837	$	165,132

(1) Cash and cash equivalent interest income was included in other revenue on the statement of operations.

(2) Underwriting and fee margin exclude cash and cash equivalent interest income. The three and six months ended June 30, 2023 has been conformed to this presentation resulting in a reduction of underwriting and fee margin of $2.0 million, and $4.2 million, respectively. This change only impacted the underwriting and fee margin metric and did not impact the Company’s condensed consolidated financial statements.

Adjusted Net Income — Non-GAAP

We define adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related expenses, stock-based compensation, net realized and unrealized gains (losses) and intangibles amortization associated with purchase accounting, all of which is reduced for non-controlling interests. The calculation of adjusted net income excludes net realized and unrealized gains (losses) that relate to investments or assets rather than business operations. Adjusted net income should not be viewed as a substitute for income before taxes calculated in accordance with GAAP, and other companies may define adjusted net income differently. Adjusted net income (before NCI) is presented before the impacts of non-controlling interests.

We present adjustments for amortization associated with acquired intangible assets. The intangible assets were recorded as part of purchase accounting in connection with Tiptree’s acquisition of Fortegra Financial in 2014, and additional services businesses from 2019 to 2023. The intangible assets acquired contribute to overall revenue generation, and the respective purchase accounting adjustments will continue to occur in future periods until such intangible assets are fully amortized in accordance with the respective amortization periods required by GAAP.

Adjusted Return on Average Equity — Non-GAAP

We define adjusted return on average equity as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “—Adjusted Net Income—Non-GAAP” above. Adjusted return on average equity should not be viewed as a substitute for return on average equity calculated in accordance with GAAP, and other companies may define adjusted return on average equity differently.

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	Three Months Ended June 30, 2024
($ in thousands)				Tiptree Capital
	Insurance			Mortgage			Other			Corporate		Total
Income (loss) before taxes	$	51,250		$	528		$	212		$	(11,344)	$	40,646
Less: Income tax (benefit) expense	(13,568)			(113)			(116)			(4,876)		(18,673)
Less: Net realized and unrealized gains (losses) (1)	(2,545)			(289)			103			—		(2,731)
Plus: Intangibles amortization (2)	3,727			—			—			—		3,727
Plus: Stock-based compensation expense	1,022			—			—			2,375		3,397
Plus: Non-recurring expenses (3)	166			—			—			—		166
Plus: Non-cash fair value adjustments (4)	861			—			—			—		861
Plus: Impact of tax deconsolidation of Fortegra (5)	—			—			—			6,357		6,357
Less: Tax on adjustments (6)	(597)			55			(24)			(405)		(971)
Adjusted net income (before NCI)	$	40,316		$	181		$	175		$	(7,893)	$	32,779
Less: Impact of non-controlling interests	(8,357)			—			—			—		(8,357)
Adjusted net income	$	31,959		$	181		$	175		$	(7,893)	$	24,422
Adjusted net income (before NCI)	$	40,316		$	181		$	175		$	(7,893)	$	32,779
Average stockholders’ equity	$	531,447		$	53,092		$	66,580		$	(42,766)	$	608,353
Adjusted return on average equity (7)	30.3		%	1.4		%	1.1		%	NM%		21.6		%

	Three Months Ended June 30, 2023
($ in thousands)				Tiptree Capital
	Insurance			Mortgage			Other			Corporate		Total
Income (loss) before taxes	$	30,417		$	1,312		$	1,455		$	(9,510)	$	23,674
Less: Income tax (benefit) expense	(8,928)			(306)			(497)			(2,093)		(11,824)
Less: Net realized and unrealized gains (losses) (1)	4,379			(1,588)			(1,063)			—		1,728
Plus: Intangibles amortization (2)	3,895			—			—			—		3,895
Plus: Stock-based compensation expense	488			—			—			1,504		1,992
Plus: Non-recurring expenses (3)	238			—			—			—		238
Plus: Non-cash fair value adjustments (4)	(46)			—			—			—		(46)
Plus: Impact of tax deconsolidation of Fortegra (5)	—			—			—			3,500		3,500
Less: Tax on adjustments (6)	(324)			373			324			274		647
Adjusted net income (before NCI)	$	30,119		$	(209)		$	219		$	(6,325)	$	23,804
Less: Impact of non-controlling interests	(6,174)			—			—			—		(6,174)
Adjusted net income	$	23,945		$	(209)		$	219		$	(6,325)	17,630
Adjusted net income (before NCI)	$	30,119		$	(209)		$	219		$	(6,325)	$	23,804
Average stockholders’ equity	$	371,843		$	53,297		$	150,672		$	(31,999)	$	543,813
Adjusted return on average equity (7)	32.4		%	(1.6)		%	0.6		%	NM%		17.5		%

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	Six Months Ended June 30, 2024
($ in thousands)				Tiptree Capital
	Insurance			Mortgage			Other			Corporate		Total
Income (loss) before taxes	$	88,061		$	1,281		$	3,205		$	(22,202)	$	70,345
Less: Income tax (benefit) expense	(23,490)			(276)			(808)			(7,917)		(32,491)
Less: Net realized and unrealized gains (losses) (1)	(5,364)			(1,449)			(2,038)			—		(8,851)
Plus: Intangibles amortization (2)	7,698			—			—			—		7,698
Plus: Stock-based compensation expense	1,804			—			—			5,428		7,232
Plus: Non-recurring expenses (3)	3,336			—			—			—		3,336
Plus: Non-cash fair value adjustments (4)	5,072			—			—			—		5,072
Plus: Impact of tax deconsolidation of Fortegra (5)	—			—			—			10,822		10,822
Less: Tax on adjustments (6)	(2,668)			316			469			(892)		(2,775)
Adjusted net income (before NCI)	$	74,449		$	(128)		$	828		$	(14,761)	$	60,388
Less: Impact of non-controlling interests	(15,433)			—			—			—		(15,433)
Adjusted net income	$	59,016		$	(128)		$	828		$	(14,761)	$	44,955
Adjusted net income (before NCI)	$	74,449		$	(128)		$	828		$	(14,761)	$	60,388
Average stockholders’ equity	$	500,903		$	52,798		$	94,500		$	(50,884)	$	597,317
Adjusted return on average equity (7)	29.7		%	(0.5)		%	1.8		%	NM%		20.2		%

	Six Months Ended June 30, 2023
($ in thousands)				Tiptree Capital
	Insurance			Mortgage			Other			Corporate		Total
Income (loss) before taxes	$	49,862		$	(1,253)		$	2,897		$	(19,659)	$	31,847
Less: Income tax (benefit) expense	(13,675)			307			(760)			(2,718)		(16,846)
Less: Net realized and unrealized gains (losses) (1)	8,986			(145)			(740)			—		8,101
Plus: Intangibles amortization (2)	7,789			—			—			—		7,789
Plus: Stock-based compensation expense	521			—			—			3,786		4,307
Plus: Non-recurring expenses (3)	2,363			—			—			—		2,363
Plus: Non-cash fair value adjustments (4)	(164)			—			—			—		(164)
Plus: Impact of tax deconsolidation of Fortegra (5)	—			—			—			5,814		5,814
Less: Tax on adjustments (6)	(2,624)			29			235			237		(2,123)
Adjusted net income (before NCI)	$	53,058		$	(1,062)		$	1,632		$	(12,540)	$	41,088
Less: Impact of non-controlling interests	(10,899)			—			—			—		(10,899)
Adjusted net income	$	42,159		$	(1,062)		$	1,632		$	(12,540)	$	30,189
Adjusted net income (before NCI)	$	53,058		$	(1,062)		$	1,632		$	(12,540)	$	41,088
Average stockholders’ equity	$	358,600		$	54,272		$	111,285		$	15,665	$	539,822
Adjusted return on average equity (7)	29.6		%	(3.9)		%	2.9		%	NM%		15.2		%

(1) Net realized and unrealized gains (losses) added back in Adjusted net income excludes net realized and unrealized gains (losses) from the mortgage segment and unrealized gains (losses) on mortgage servicing rights.
(2) Specifically associated with acquisition purchase accounting. See Note (8) Goodwill and Intangible Assets, net.

(3) For the three and six months ended June 30, 2024 and 2023, included in other expenses were expenses related to legal and other expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024 and acquisitions of services businesses in 2023, respectively.

(4) For the three and six months ended June 30, 2024 and 2023, non-cash fair-value adjustments represent a change in fair value of the Fortegra Additional Warrant liability.

(5) For the three and six months ended June 30, 2024 and 2023, included in the adjustment is an add-back of $6.4 million and $10.8 million, respectively, and $3.5 million and $5.8 million, respectively, related to deferred tax expense from the WP Transaction.

(6) Tax on adjustments represents the tax applied to the total non-GAAP adjustments and includes adjustments for non-recurring or discrete tax impacts.

(7) Total Adjusted return on average equity after non-controlling interests was 22.7% and 17.6% for the three months ended June 30, 2024 and 2023, respectively, based on $24.4 million and $17.6 million of Adjusted net income over $430.6 million and $401.3 million of average Tiptree Inc. stockholders’ equity. Total Adjusted return on average equity after non-controlling interests was 21.1% and 15.1% for the six months ended June 30, 2024 and 2023, respectively, based on $45.0 million and $30.2 million of Adjusted net income over $426.7 million and $399.6 million of average Tiptree Inc. stockholders’ equity.

Book Value per share - Non-GAAP

Management believes the use of this financial measure provides supplemental information useful to investors as book value is frequently used by the financial community to analyze company growth on a relative per share basis. The following table provides a reconciliation between total stockholders’ equity and total shares outstanding, net of treasury shares.

71

($ in thousands, except per share information)	As of June 30,
	2024		2023
Total stockholders’ equity	$	618,069	$	546,068
Less: Non-controlling interests	181,620		144,176
Total stockholders’ equity, net of non-controlling interests	$	436,449	$	401,892
Total common shares outstanding	36,785		36,742
Book value per share	$	11.86	$	10.94

LIQUIDITY AND CAPITAL RESOURCES

Our principal sources of liquidity are unrestricted cash, cash equivalents and other liquid investments and distributions from operating subsidiaries, including income from our investment portfolio and sales of assets and investments. We intend to use our cash resources to continue to fund our operations and grow our businesses. We may seek additional sources of cash to fund acquisitions or investments. These additional sources of cash may take the form of debt or equity and may be at the parent, subsidiary or asset level. We are a holding company, and our liquidity needs are primarily for compensation, professional fees, office rent and insurance costs.

Our subsidiaries’ ability to generate sufficient net income and cash flows to make cash distributions will be subject to numerous business and other factors, including restrictions contained in agreements for the strategic investment by Warburg in Fortegra, our subsidiaries’ financing agreements, regulatory restrictions, availability of sufficient funds at such subsidiaries, general economic and business conditions, tax considerations, strategic plans, financial results and other factors such as target capital ratios and ratio levels anticipated by rating agencies to maintain or improve current ratings. We expect our cash and cash equivalents and distributions from operating subsidiaries, our subsidiaries’ access to financing, and sales of investments to be adequate to fund our operations for at least the next 12 months, as well as the long term.

As of June 30, 2024, cash and cash equivalents, excluding restricted cash, were $497.3 million, compared to $468.7 million as of December 31, 2023, an increase of $28.6 million, primarily driven by cash flow from operating activities at our insurance business.

Our insurance business uses borrowings to fund long-term growth and for operational working capital purposes. As of June 30, 2024 and December 31, 2023, a total of $100.5 million and $130.0 million, respectively, was outstanding under the revolving line of credit in our insurance business. The maximum borrowing capacity under the agreements as of June 30, 2024 and 2023 was $200.0 million.

Our mortgage business relies on short term uncommitted sources of financing as a part of their normal course of operations. To date, we have been able to obtain and renew uncommitted warehouse credit facilities. If we were not able to obtain financing, then we may need to draw on other sources of liquidity to fund our mortgage business. See Note (10) Debt, net in the notes to our condensed consolidated financial statements for additional information regarding our insurance and mortgage borrowings.

We believe that cash flow from operations will provide sufficient capital to continue to grow the business and fund interest on the outstanding debt, capital expenditures and other general corporate needs over the next several years. As we continue to expand our business, including by any acquisitions we may make, we may, in the future, require additional working capital for increased costs.

Consolidated Comparison of Cash Flows

($ in thousands)	Six Months Ended June 30,
	2024		2023
Cash and cash equivalents provided by (used in):
Operating activities	$	109,582	$	36,368
Investing activities	18,564		(272,593)
Financing activities	(14,918)		80,875
Effect of exchange rate changes on cash	(412)		2,502

72

($ in thousands)	Six Months Ended June 30,
	2024		2023
Change in cash, cash equivalents and restricted cash	$	112,816	$	(152,848)

Operating Activities

Cash provided by operating activities was $109.6 million for the six months ended June 30, 2024. In 2024, the primary sources of cash from operating activities included growth in insurance premiums written resulting in increases in policy liabilities and unpaid claims which were partially offset by increases in accounts receivable and prepaid reinsurance premiums and decreases in reinsurance payables and unearned premiums.

Cash provided by operating activities was $36.4 million for the six months ended June 30, 2023. In 2023, the primary sources of cash from operating activities included growth in insurance premiums written resulting in increases in deferred revenues, unearned premiums, policy liabilities and unpaid claims, reinsurance payables and other liabilities and accrued expenses which were partially offset by increases in notes and accounts receivable and reinsurance receivables.

Investing Activities

Cash provided by investing activities was $18.6 million for the six months ended June 30, 2024. In 2024, the primary source of cash was proceeds from the sale of investments outpacing purchases, partially offset by the issuance of notes receivable exceeding proceeds from notes receivable.

Cash used in investing activities was $272.6 million for the six months ended June 30, 2023. In 2023, the primary uses of cash were the purchases of investments outpacing the proceeds from the sale of investments, as well as the acquisition of Premia.

Financing Activities

Cash used in financing activities was $14.9 million for the six months ended June 30, 2024. In 2024, the cash used was primarily repayments of corporate borrowings at Fortegra and the payment of common and preferred dividends, partially offset by a non-controlling interest contribution to Fortegra.

Cash provided by financing activities was $80.9 million for the six months ended June 30, 2023. In 2023, the cash provided was primarily proceeds from corporate borrowings and mortgage warehouse facilities which exceeded repayments, partially offset by non-controlling interests distributions and the payment of dividends.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of our financial statements in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Actual results could differ materially from those estimates. There have been no material changes to the critical accounting policies and estimates as discussed in Part II, Item 7A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Recently Adopted and Issued Accounting Standards

For a discussion of recently adopted and issued accounting standards, see the section “Recent Accounting Standards” in Note (2) Summary of Significant Accounting Policies of the notes to the accompanying condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 described our Quantitative and Qualitative Disclosures About Market Risk. There were no material changes to the assumptions or risks during the six months ended June 30, 2024.

73

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report. The Company’s disclosure controls and procedures are designed to provide reasonable assurance that material information is recorded, processed, summarized and reported accurately and on a timely basis. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d- 15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

74

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Our legal proceedings are discussed under the heading “Litigation” in Note (20) Commitments and Contingencies in the Notes to the condensed consolidated financial statements in this report.

Item 1A. Risk Factors

For information regarding factors that could affect our Company, results of operations and financial condition, see the risk factors discussed under Part I, Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There have been no material changes in those risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Share repurchase activity for three months ended June 30, 2024 was as follows:

Period	Purchaser	Total Number of Shares Purchased(1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value ($ in thousands of Shares That May Yet Be Purchased Under the Plans or Programs(1)
April 1, 2024 to April 30, 2024	Tiptree Inc.	—	$	—	—
May 1, 2024 to May 31, 2024	Tiptree Inc.	—	$	—	—
June 1, 2024 to June 30, 2024	Tiptree Inc.	—	$	—	—
	Total	—	$	—	—	$	11,945

(1)On November 2, 2020, the Board of Directors of Tiptree authorized Tiptree’s Executive Committee to repurchase up to $20 million of its outstanding common stock in the aggregate from time to time.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

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Item 6. Exhibits, Financial Statement Schedules

The following documents are filed as a part of this Form 10-Q:
Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	F- 3
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	F- 3
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023	F- 5
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended June 30, 2024 and 2023	F- 6
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	F- 8
Notes to Condensed Consolidated Financial Statements	F- 9
Exhibits:
The Exhibits listed in the Index of Exhibits, which appears immediately following the signature page, is incorporated herein by reference and is filed as part of this Form 10-Q.

76

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Tiptree Inc. has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

		Tiptree Inc.
Date:	July 31, 2024	By:/s/ Michael Barnes
		Michael Barnes
		Executive Chairman
Date:	July 31, 2024	By:/s/ Jonathan Ilany
		Jonathan Ilany
		Chief Executive Officer
Date:	July 31, 2024	By:/s/ Scott McKinney
		Scott McKinney
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

77

EXHIBIT INDEX

Exhibit No.	Description
31.1	Certification of Executive Chairman pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.3	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of Executive Chairman pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.3	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS	XBRL Instance Document*
101.SCH	XBRL Taxonomy Extension Schema Document*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document*
101.LAB	XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document*
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document*
104	Cover page from Tiptree’s Form 10-Q for the quarter ended June 30, 2024 formatted in iXBRL (included in Exhibit 101).

*     Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following materials, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended June 30, 2024 and 2023, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 and (vi) the Notes to the Condensed Consolidated Financial Statements.

**    Denotes a management contract or compensatory plan, contract or arrangement.

78

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Michael Barnes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 31, 2024	/s/ Michael Barnes
		Michael Barnes
		Executive Chairman

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Jonathan Ilany, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 31, 2024	/s/ Jonathan Ilany
		Jonathan Ilany
		Chief Executive Officer

EX-31.3

EXHIBIT 31.3

CERTIFICATIONS

I, Scott McKinney, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 31, 2024	/s/ Scott McKinney
		Scott McKinney
		Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification Pursuant to Section 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Tiptree Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Barnes, the Executive Chairman of the Company, certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that;

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Michael Barnes

Michael Barnes

Executive Chairman

Date: July 31, 2024

EX-32.2

EXHIBIT 32.2

Certification Pursuant to Section 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Tiptree Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathan Ilany, the Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that;

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Jonathan Ilany

Jonathan Ilany

Chief Executive Officer

Date: July 31, 2024

EX-32.3

EXHIBIT 32.3

Certification Pursuant to Section 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

    In connection with the Quarterly Report of Tiptree Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Scott McKinney, the Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that;

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Scott McKinney

Scott McKinney

Chief Financial Officer

Date: July 31, 2024

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	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
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Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
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Entity File Number	001-33549
Entity Registrant Name	Tiptree Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-3754322
Entity Address, Address Line One	660 Steamboat Road
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
City Area Code	212
Local Phone Number	446-1400
Title of 12(b) Security	common stock, par value $0.001 per share
Trading Symbol	TIPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
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Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments:
Available for sale securities, at fair value, net of allowance for credit losses	$ 825,223	$ 802,609
Loans, at fair value	74,326	69,556
Equity securities	69,499	68,308
Other investments	59,337	111,088
Total investments	1,028,385	1,051,561
Cash and cash equivalents	497,343	468,711
Restricted cash	108,034	23,850
Notes and accounts receivable, net	779,105	684,608
Reinsurance recoverable	904,692	953,886
Prepaid reinsurance premiums	962,159	900,524
Deferred acquisition costs	545,033	565,746
Goodwill	205,972	206,155
Intangible assets, net	110,835	118,757
Other assets	163,152	165,515
Total assets	5,304,710	5,139,313
Liabilities:
Debt, net	387,338	402,411
Unearned premiums	1,671,294	1,695,058
Policy liabilities and unpaid claims	1,087,203	844,848
Deferred revenue	683,513	673,085
Reinsurance payable	478,168	543,602
Other liabilities and accrued expenses	379,125	403,744
Total liabilities	4,686,641	4,562,748
Stockholders’ Equity:
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding	0	0
Common stock: $0.001 par value, 200,000,000 shares authorized, 36,785,305 and 36,756,187 shares issued and outstanding, respectively	37	37
Additional paid-in capital	387,513	382,239
Accumulated other comprehensive income (loss), net of tax	(29,216)	(26,073)
Retained earnings	78,115	60,663
Total Tiptree Inc. stockholders’ equity	436,449	416,866
Total non-controlling interests	181,620	159,699
Total stockholders’ equity	618,069	576,565
Total liabilities and stockholders’ equity	5,304,710	5,139,313
Fortegra preferred interests
Stockholders’ Equity:
Total non-controlling interests	77,679	77,679
Common interests
Stockholders’ Equity:
Total non-controlling interests	$ 103,941	$ 82,020

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	36,785,305	36,756,187
Common stock, shares outstanding (in shares)	36,785,305	36,756,187

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Earned premiums, net	$ 398,467	$ 269,795	$ 745,777	$ 535,125
Service and administrative fees	105,847	98,113	216,334	190,145
Ceding commissions	5,065	4,676	7,809	8,321
Net investment income	6,381	9,088	13,139	14,197
Net realized and unrealized gains (losses)	12,578	8,825	28,202	11,002
Other revenue	18,335	14,021	33,633	27,353
Total revenues	546,673	404,518	1,044,894	786,143
Expenses:
Policy and contract benefits	233,975	147,734	441,639	289,409
Commission expense	173,279	142,699	330,227	289,149
Employee compensation and benefits	49,917	44,383	99,103	85,181
Interest expense	8,015	7,044	16,305	13,509
Depreciation and amortization	5,291	5,875	10,859	11,128
Other expenses	35,550	33,109	76,416	65,920
Total expenses	506,027	380,844	974,549	754,296
Income (loss) before taxes	40,646	23,674	70,345	31,847
Less: provision (benefit) for income taxes	18,673	11,824	32,491	16,846
Net income (loss)	21,973	11,850	37,854	15,001
Less: net income (loss) attributable to non-controlling interests	9,122	5,861	15,953	10,074
Net income (loss) attributable to common stockholders	$ 12,851	$ 5,989	$ 21,901	$ 4,927
Net income (loss) per common share:
Basic earnings per share (in dollars per share)	$ 0.35	$ 0.16	$ 0.59	$ 0.13
Diluted earnings per share (in dollars per share)	$ 0.31	$ 0.16	$ 0.54	$ 0.13
Weighted average number of common shares:
Basic (in shares)	36,785,305	36,742,295	36,777,557	36,633,226
Diluted (in shares)	37,752,682	37,585,811	37,766,573	37,509,660
Dividends declared per common share (in dollars per share)	$ 0.06	$ 0.05	$ 0.12	$ 0.10

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 21,973	$ 11,850	$ 37,854	$ 15,001
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on available for sale securities	(861)	(3,576)	(5,617)	5,925
Change in unrealized currency translation adjustments	(1,511)	2,700	(1,091)	5,632
Related (provision) benefit for income taxes	554	797	2,350	(3,238)
Other comprehensive income (loss), net of tax	(1,818)	(79)	(4,358)	8,319
Comprehensive income (loss)	20,155	11,771	33,496	23,320
Less: comprehensive income (loss) attributable to non-controlling interests	8,592	5,915	14,738	12,190
Comprehensive income (loss) attributable to common stockholders	$ 11,563	$ 5,856	$ 18,758	$ 11,130

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Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Tiptree Inc. stockholders’ equity	Total Tiptree Inc. stockholders’ equity Common interests	Common stock	Additional paid-in capital	Additional paid-in capital Common interests	Accumulated other comprehensive income (loss)	Retained earnings	Non-controlling interests Fortegra preferred interests	Non-controlling interests Common interests
Beginning balance (in shares) at Dec. 31, 2022				36,385,299
Beginning balance at Dec. 31, 2022	$ 533,573	$ 397,365		$ 36	$ 382,645		$ (39,429)	$ 54,113	$ 77,679	$ 58,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of share-based incentive compensation	4,066	3,576			3,576					490
Vesting of share-based incentive compensation (in shares)				301,989
Vesting of share-based incentive compensation	(931)	(461)		$ 1	(462)					(470)
Shares issued upon exercise of options (in shares)				55,007
Non-controlling interest distributions	(4,925)	(1,751)			(1,751)					(3,174)
Net change in non-controlling interests and other	(2,161)		$ (4,267)			$ (4,267)				2,106
Common stock dividends declared	(3,700)	(3,700)						(3,700)
Other comprehensive income (loss), net of tax	8,319	6,203					6,203			2,116
Subsidiary preferred dividends declared	(3,174)	(3,174)						(3,174)
Net income (loss)	15,001	8,101						8,101		6,900
Ending balance (in shares) at Jun. 30, 2023				36,742,295
Ending balance at Jun. 30, 2023	546,068	401,892		$ 37	379,741		(33,226)	55,340	77,679	66,497
Beginning balance (in shares) at Mar. 31, 2023				36,734,948
Beginning balance at Mar. 31, 2023	541,557	400,647		$ 37	382,502		(33,093)	51,201	77,679	63,231
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of share-based incentive compensation	1,852	1,403			1,403					449
Vesting of share-based incentive compensation (in shares)				7,347
Vesting of share-based incentive compensation	103	103			103
Net change in non-controlling interests and other	(5,769)		$ (4,267)			$ (4,267)				(1,502)
Common stock dividends declared	(1,850)	(1,850)						(1,850)
Other comprehensive income (loss), net of tax	(79)	(133)					(133)			54
Subsidiary preferred dividends declared	(1,596)	(1,596)						(1,596)
Net income (loss)	11,850	7,585						7,585		4,265
Ending balance (in shares) at Jun. 30, 2023				36,742,295
Ending balance at Jun. 30, 2023	546,068	401,892		$ 37	379,741		(33,226)	55,340	77,679	66,497
Beginning balance (in shares) at Dec. 31, 2023				36,756,187
Beginning balance at Dec. 31, 2023	576,565	416,866		$ 37	382,239		(26,073)	60,663	77,679	82,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of share-based incentive compensation	6,975	5,290			5,290					1,685
Vesting of share-based incentive compensation (in shares)				29,118
Vesting of share-based incentive compensation	(638)	(16)			(16)					(622)
Non-controlling interest contributions	9,956									9,956
Non-controlling interest distributions	(644)									(644)
Common stock dividends declared	(4,449)	(4,449)						(4,449)
Other comprehensive income (loss), net of tax	(4,358)	(3,143)					(3,143)			(1,215)
Subsidiary preferred dividends declared	(3,192)	(3,192)						(3,192)
Net income (loss)	37,854	25,093						25,093		12,761
Ending balance (in shares) at Jun. 30, 2024				36,785,305
Ending balance at Jun. 30, 2024	618,069	436,449		$ 37	387,513		(29,216)	78,115	77,679	103,941
Beginning balance (in shares) at Mar. 31, 2024				36,781,281
Beginning balance at Mar. 31, 2024	598,638	424,735		$ 37	385,138		(27,928)	67,488	77,679	96,224
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of share-based incentive compensation	3,268	2,306			2,306					962
Vesting of share-based incentive compensation (in shares)				4,024
Vesting of share-based incentive compensation	69	69			69
Non-controlling interest contributions	335									335
Non-controlling interest distributions	(575)									(575)
Common stock dividends declared	(2,224)	(2,224)						(2,224)
Other comprehensive income (loss), net of tax	(1,818)	(1,288)					(1,288)			(530)
Subsidiary preferred dividends declared	(1,597)	(1,597)						(1,597)
Net income (loss)	21,973	14,448						14,448		7,525
Ending balance (in shares) at Jun. 30, 2024				36,785,305
Ending balance at Jun. 30, 2024	$ 618,069	$ 436,449		$ 37	$ 387,513		$ (29,216)	$ 78,115	$ 77,679	$ 103,941

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net income (loss) attributable to common stockholders	$ 21,901	$ 4,927
Net income (loss) attributable to non-controlling interests	15,953	10,074
Net income (loss)	37,854	15,001
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses	(28,202)	(11,002)
Non-cash compensation expense	7,252	4,094
Amortization/accretion of premiums and discounts	(3,488)	(3,644)
Depreciation and amortization expense	10,859	11,128
Non-cash lease expense	3,957	4,078
Deferred provision (benefit) for income taxes	30,452	15,134
Amortization of deferred financing costs	610	542
Change in fair value of liability classified warrants	5,072	(164)
Other	410	107
Changes in operating assets and liabilities:
Mortgage loans originated for sale	(437,272)	(430,731)
Proceeds from the sale of mortgage loans originated for sale	449,518	435,488
(Increase) decrease in notes and accounts receivable	(82,461)	(163,654)
(Increase) decrease in reinsurance recoverable	49,194	(155,953)
(Increase) decrease in prepaid reinsurance premiums	(61,635)	(112,752)
(Increase) decrease in deferred acquisition costs	20,713	(20,584)
(Increase) decrease in other assets	(12)	23,284
Increase (decrease) in unearned premiums	(23,764)	163,884
Increase (decrease) in policy liabilities and unpaid claims	242,355	155,276
Increase (decrease) in deferred revenue	10,428	22,791
Increase (decrease) in reinsurance payable	(65,434)	138,601
Increase (decrease) in other liabilities and accrued expenses	(56,824)	(54,556)
Net cash provided by (used in) operating activities	109,582	36,368
Investing Activities:
Purchases of investments	(411,082)	(732,895)
Proceeds from sales and maturities of investments	444,718	502,787
Purchases of property, plant and equipment	(1,693)	(11,581)
Proceeds from notes receivable	43,368	62,214
Issuance of notes receivable	(56,747)	(73,392)
Business and asset acquisitions, net of cash and deposits	0	(19,726)
Net cash provided by (used in) investing activities	18,564	(272,593)
Financing Activities:
Dividends paid	(7,746)	(6,857)
Net non-controlling interest (redemptions) contributions and other	8,511	(13,563)
Payment of debt issuance costs	(120)	(184)
Proceeds from borrowings and mortgage notes payable	506,963	738,030
Principal paydowns of borrowings and mortgage notes payable	(522,526)	(636,551)
Net cash provided by (used in) financing activities	(14,918)	80,875
Effect of exchange rate changes on cash	(412)	2,502
Net increase (decrease) in cash, cash equivalents and restricted cash	112,816	(152,848)
Cash, cash equivalents and restricted cash – beginning of period	492,561	550,847
Cash, cash equivalents and restricted cash – end of period	605,377	397,999
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Right of use asset obtained in exchange for lease liability	$ 1,637	$ 449

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Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 497,343	$ 468,711
Restricted cash	108,034	23,850
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 605,377	$ 492,561	$ 397,999	$ 550,847

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Organization

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

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 June 30, 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.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 and six months ended June 30, 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 six months ended June 30, 2024, there were no accounting standards adopted by the Company.

Recently Issued Accounting Pronouncements, Not Yet Adopted

Accounting Standard Update	Description	Adoption Date	Impact 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 848	The 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 Disclosures	In 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 15, 2023.	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 expects to adopt this guidance, when required, which will enhance our income tax disclosures.

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Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

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.

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Operating Segment Data

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Operating Segment Data

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.

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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	529,942	$	15,883	$	848	$	546,673
Total expenses	(478,692)		(15,355)		(636)		(494,683)
Corporate expenses	—		—		—		(11,344)
Income (loss) before taxes	$	51,250	$	528	$	212	$	40,646
Less: provision (benefit) for income taxes							18,673
Net income (loss)							$	21,973
Less: net income (loss) attributable to non-controlling interests							9,122
Net income (loss) attributable to common stockholders							$	12,851

	Three Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	384,677	$	17,067	$	2,774	$	404,518
Total expenses	(354,260)		(15,755)		(1,319)		(371,334)
Corporate expenses	—		—		—		(9,510)
Income (loss) before taxes	$	30,417	$	1,312	$	1,455	$	23,674
Less: provision (benefit) for income taxes							11,824
Net income (loss)							$	11,850
Less: net income (loss) attributable to non-controlling interests							5,861
Net income (loss) attributable to common stockholders							$	5,989

	Six Months Ended June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	1,008,698	$	31,774	$	4,422	$	1,044,894
Total expenses	(920,637)		(30,493)		(1,217)		(952,347)
Corporate expenses	—		—		—		(22,202)
Income (loss) before taxes	$	88,061	$	1,281	$	3,205	$	70,345
Less: provision (benefit) for income taxes							32,491
Net income (loss)							$	37,854
Less: net income (loss) attributable to non-controlling interests							15,953
Net income (loss) attributable to common stockholders							$	21,901

	Six Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	753,121	$	28,628	$	4,394	$	786,143
Total expenses	(703,259)		(29,881)		(1,497)		(734,637)
Corporate expenses	—		—		—		(19,659)
Income (loss) before taxes	$	49,862	$	(1,253)	$	2,897	$	31,847
Less: provision (benefit) for income taxes							16,846
Net income (loss)							$	15,001
Less: net income (loss) attributable to non-controlling interests							10,074
Net income (loss) attributable to common stockholders							$	4,927

The Company conducts its operations primarily in the U.S. with 4.2% and 6.8% of total revenues generated overseas for the three months ended June 30, 2024 and 2023, respectively, and 4.6% and 5.4% for the six months ended June 30, 2024 and 2023, respectively.

The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:

	As of June 30, 2024										As of December 31, 2023
			Tiptree Capital										Tiptree Capital
	Insurance		Mortgage		Other		Corporate		Total		Insurance		Mortgage		Other		Corporate		Total
Total assets	$	5,044,987	$	172,316	$	63,847	$	23,560	$	5,304,710	$	4,835,685	$	160,147	$	126,624	$	16,857	$	5,139,313

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Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	794,002	$	—	$	31,221	$	825,223
Loans, at fair value	9,094		65,232		—		74,326
Equity securities	64,202		—		5,297		69,499
Other investments	55,061		3,879		397		59,337
Total investments	$	922,359	$	69,111	$	36,915	$	1,028,385

	As of December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	772,135	$	—	$	30,474	$	802,609
Loans, at fair value	11,218		58,338		—		69,556
Equity securities	27,113		—		41,195		68,308
Other investments	106,760		3,931		397		111,088
Total investments	$	917,226	$	62,269	$	72,066	$	1,051,561

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 June 30, 2024 and December 31, 2023 are held by subsidiaries in the insurance segment. The following tables present the Company's investments in AFS securities:

	As of June 30, 2024
	Amortized cost		Allowance for credit losses(1)		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	395,954	$	—	$	68	$	(31,088)	$	364,934
Obligations of state and political subdivisions	45,838		(1)		—		(3,433)		42,404
Corporate securities	398,759		(908)		1,401		(9,057)		390,195
Asset backed securities	27,694		(15)		4		(2,964)		24,719
Certificates of deposit	1,724		—		—		—		1,724
Obligations of foreign governments	1,395		—		—		(148)		1,247
Total	$	871,364	$	(924)	$	1,473	$	(46,690)	$	825,223
	As of December 31, 2023
	Amortized cost		Allowance for credit losses(1)		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	496,731	$	—	$	515	$	(27,161)	$	470,085
Obligations of state and political subdivisions	48,762		(1)		51		(3,353)		45,459
Corporate securities	260,961		(73)		2,445		(8,735)		254,598
Asset backed securities	29,275		(10)		3		(3,082)		26,186
Certificates of deposit	1,724		—		—		—		1,724
Obligations of foreign governments	4,705		—		—		(148)		4,557
Total	$	842,158	$	(84)	$	3,014	$	(42,479)	$	802,609

(1) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in net realized and unrealized gains (losses) as a credit loss on AFS securities. Amount excludes unrealized losses relating to non-credit factors.

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, 2024				December 31, 2023
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	110,579	$	109,533	$	247,613	$	246,489
Due after one year through five years	418,472		405,984		318,763		307,423
Due after five years through ten years	117,672		101,097		46,377		39,221
Due after ten years	196,947		183,890		200,130		183,290
Asset backed securities	27,694		24,719		29,275		26,186
Total	$	871,364	$	825,223	$	842,158	$	802,609

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 June 30, 2024
	Less Than or Equal to One Year					More Than One Year
	Fair value		Gross unrealized 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	$	100,122	$	(463)	248	$	234,051	$	(30,625)	632
Obligations of state and political subdivisions	5,021		(53)		28	37,383		(3,380)		121
Corporate securities	165,043		(1,138)		551	113,967		(7,919)		426
Asset backed securities	49		—		6	23,615		(2,964)		135
Obligations of foreign governments	—		—		3	1,247		(148)		6

Total	$	270,235	$	(1,654)	836	$	410,263	$	(45,036)	1,320
	As of December 31, 2023
	Less Than or Equal to One Year					More Than One Year
	Fair value		Gross unrealized 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	$	109,011	$	(6,522)	459	$	185,950	$	(20,639)	480
Obligations of state and political subdivisions	537		(53)		43	39,319		(3,300)		131
Corporate securities	83,747		(4,881)		868	57,679		(3,854)		148
Asset backed securities	2,187		(259)		54	23,999		(2,823)		129
Obligations of foreign governments	2,904		—		3	1,653		(148)		7
Total	$	198,386	$	(11,715)	1,427	$	308,600	$	(30,764)	895

(1)    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 June 30, 2024 until full recovery of their amortized cost basis.

The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of June 30, 2024:

	Obligations of state and political subdivisions		Corporate securities		Asset backed securities		Obligations of foreign governments		Total
Balance at December 31, 2022	$	(3)	$	(183)	$	(1)	$	(3)	$	(190)
(Increase) in allowance for credit losses	—		(219)		(21)		—		(240)
Gains from recoveries of amounts previously written off	1		129		1		3		134
Balance at June 30, 2023	$	(2)	$	(273)	$	(21)	$	—	$	(296)
Balance at December 31, 2023	$	(1)	$	(73)	$	(10)	$	—	$	(84)
(Increase) in allowance for credit losses	—		(166)		(5)		—		(171)
Additions for AFS securities purchased with credit deterioration during the year	—		(679)		—		—		(679)
Gains from recoveries of amounts previously written off	—		10		—		—		10
Balance at June 30, 2024	$	(1)	$	(908)	$	(15)	$	—	$	(924)

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) on AFS securities recorded by the Company for the following period:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net gains from recoveries (credit losses) on AFS securities	$	(720)	$	(152)	$	(842)	$	(106)

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

	As of
	June 30, 2024		December 31, 2023
Fair value of restricted investments in trust pursuant to reinsurance agreements	$	29,679	$	49,735
Fair value of restricted investments for special deposits required by state insurance departments	14,121		16,694
Total fair value of restricted investments	$	43,800	$	66,429

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Purchases of AFS securities	$	120,839	$	94,841	$	288,772	$	302,653
Proceeds from maturities, calls and prepayments of AFS securities	$	71,652	$	69,829	$	242,079	$	87,999
Gross proceeds from sales of AFS securities	$	5,027	$	38,401	$	19,839	$	39,958

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross realized gains	$	140	$	—	$	140	$	—
Gross realized (losses)	(117)		(2,591)		(233)		(2,956)
Total net realized gains (losses) from investment sales and redemptions	$	23	$	(2,591)	$	(93)	$	(2,956)

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 June 30, 2024								As of December 31, 2023
	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)	$	9,094	$	12,671	$	(3,577)	$	—	$	11,218	$	14,671	$	(3,453)	$	—
Mortgage:
Mortgage loans held for sale (2)	65,232		63,810		1,422		64,528		58,338		56,481		1,857		57,248
Total loans, at fair value	$	74,326	$	76,481	$	(2,155)	$	64,528	$	69,556	$	71,152	$	(1,596)	$	57,248

(1)    The cost basis of Corporate loans was approximately $12,671 and $14,671 at June 30, 2024 and December 31, 2023, respectively.

(2)    As of June 30, 2024, there were three mortgage loans held for sale that were 90 days or more past due. As of December 31, 2023, 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. As of December 31, 2023, 16.98 million shares of Invesque were included within the equity securities balance, for which the Company elected to apply the fair value option. On April 15, 2024, the Company sold its 16.98 million shares of Invesque for $625 of proceeds resulting in a realized loss of $134,204. 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 June 30, 2024
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Exchange traded funds	$	4,548	$	4,554	$	—	$	—	$	4,548	$	4,554
Other equity securities	50,936		59,648		4,967		5,297		55,903		64,945
Total equity securities	$	55,484	$	64,202	$	4,967	$	5,297	$	60,451	$	69,499

	As of December 31, 2023
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Invesque	$	23,339	$	719	$	111,490	$	3,442	$	134,829	$	4,161
Exchange traded funds	1,339		1,349		—		—		1,339		1,349
Other equity securities	22,741		25,045		29,942		37,753		52,683		62,798
Total equity securities	$	47,419	$	27,113	$	141,432	$	41,195	$	188,851	$	68,308

Other Investments

The following table contains information regarding the Company’s other investments as of the following periods:

	As of June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Corporate bonds, at fair value (1)	$	9,611	$	—	$	—	$	9,611
Debentures	26,681		—		—		26,681
Investment in credit fund	18,760		—		—		18,760
Other	9		3,879		397		4,285
Total other investments	$	55,061	$	3,879	$	397	$	59,337

	As of December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Corporate bonds, at fair value (1)	$	62,081	$	—	$	—	$	62,081
Debentures	25,648		—		—		25,648
Investment in credit fund	11,830		—		—		11,830
Other	7,201		3,931		397		11,529
Total other investments	$	106,760	$	3,931	$	397	$	111,088

(1)    The cost basis of corporate bonds was $8,941 and $59,315 as of June 30, 2024 and December 31, 2023, respectively.

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest:
AFS securities	$	6,852	$	7,320	$	13,463	$	11,608
Loans, at fair value	15		129		55		254
Other investments	1,261		2,004		3,122		4,079
Dividends from equity securities	186		1,258		272		1,300
Subtotal	8,314		10,711		16,912		17,241
Less: investment expenses	1,933		1,623		3,773		3,044
Net investment income	$	6,381	$	9,088	$	13,139	$	14,197

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 (15) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest income from Loans, at fair value	$	942	$	777	$	1,758	$	1,387
Loan fee income	4,759		4,149		9,140		7,993
Other	587		1,070		1,606		1,386
Other investment income	$	6,288	$	5,996	$	12,504	$	10,766

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net realized gains (losses)
Insurance:
Reclass of unrealized gains (losses) on AFS securities from OCI	$	23	$	(2,591)	$	(93)	$	(2,956)
Net gains from recoveries (credit losses) on AFS securities	—		(152)		—		(106)
Net realized gains (losses) on loans	—		—		58		2
Net realized gains (losses) on equity securities (1)	(23,231)		7		(22,043)		(847)
Net realized gains (losses) on corporate bonds	365		(249)		2,800		(1,224)
Other	2		(356)		(961)		(754)
Tiptree Capital
Mortgage:
Net realized gains (losses) on loans	10,929		11,161		21,752		20,832
Other	(405)		(247)		(246)		136
Other:
Net realized gains (losses) on equity securities (1)	(108,019)		—		(98,529)		—

Total net realized gains (losses)	$	(120,336)	$	7,573	$	(97,262)	$	15,083
Net unrealized gains (losses)
Insurance:
Net change in unrealized gains (losses) on loans	$	—	$	(1,915)	$	(124)	$	(4,073)
Net gains from recoveries (credit losses) on AFS securities	(720)		—		(842)		—
Net unrealized gains (losses) on equity securities held at period end	2,516		1,199		6,149		903
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)	23,231		84		22,567		(14)
Other	359		(406)		(2,147)		82
Tiptree Capital
Mortgage:
Net change in unrealized gains (losses) on loans	10		(737)		(435)		(189)
Other	(398)		1,964		(271)		(1,531)
Other:
Net unrealized gains (losses) on equity securities held at period end	(164)		1,385		279		1,063
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)	108,080		—		100,288		—
Other	—		(322)		—		(322)
Total net unrealized gains (losses)	132,914		1,252		125,464		(4,081)
Total net realized and unrealized gains (losses)	$	12,578	$	8,825	$	28,202	$	11,002

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

XML

Notes and Accounts Receivable, net

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Notes and Accounts Receivable, net

Notes and Accounts Receivable, net

The following table presents the total notes and accounts receivable, net:

	As of
	June 30, 2024		December 31, 2023
Accounts and premiums receivable, net	$	351,979	$	260,383
Retrospective commissions receivable	238,395		250,788
Notes receivable, net	145,642		134,131
Other receivables	43,089		39,306
Total notes and accounts receivable, net	$	779,105	$	684,608

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 Ended June 30,				Six Months Ended June 30,
	June 30, 2024		December 31, 2023		2024		2023		2024		2023
Notes receivable, net - premium financing program (1)	$	28	$	46	$	40	$	44	$	85	$	84
Accounts and premiums receivable, net	$	588	$	66	$	153	$	3	$	325	$	12

(1)    As of June 30, 2024 and December 31, 2023, there were $184 and $219 in balances classified as 90 days plus past due, respectively.

XML

Reinsurance Recoverable and Prepaid Reinsurance Premiums

6 Months Ended

Jun. 30, 2024

Reinsurance Disclosures [Abstract]

Reinsurance Recoverable and Prepaid Reinsurance Premiums

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:

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2024
Premiums written:
Life insurance	$	19,086	$	9,346	$	13	$	9,753	0.1	%
Accident and health insurance	28,693		19,648		9,693		18,738		51.7	%
Property and liability insurance	525,973		286,801		98,234		337,406		29.1	%
Total premiums written	$	573,752	$	315,795	$	107,940	$	365,897	29.5	%
Premiums earned:
Life insurance	$	19,874	$	9,954	$	53	$	9,973	0.5	%
Accident and health insurance	32,287		21,211		9,678		20,754		46.6	%
Property and liability insurance	449,912		232,229		150,057		367,740		40.8	%
Total premiums earned	$	502,073	$	263,394	$	159,788	$	398,467	40.1	%

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2023
Premiums written:
Life insurance	$	20,177	$	10,592	$	60	$	9,645	0.6	%
Accident and health insurance	28,526		19,508		5,931		14,949		39.7	%
Property and liability insurance	452,625		263,820		107,173		295,978		36.2	%
Total premiums written	$	501,328	$	293,920	$	113,164	$	320,572	35.3	%
Premiums earned:
Life insurance	$	20,380	$	10,136	$	71	$	10,315	0.7	%
Accident and health insurance	33,338		22,679		5,942		16,601		35.8	%
Property and liability insurance	340,601		202,434		104,712		242,879		43.1	%
Total premiums earned	$	394,319	$	235,249	$	110,725	$	269,795	41.0	%
Six Months Ended June 30, 2024
Premiums written:
Life insurance	$	36,430	$	18,281	$	244	$	18,393	1.3	%
Accident and health insurance	58,671		39,749		10,108		29,030		34.8	%
Property and liability insurance	935,758		509,465		210,332		636,625		33.0	%
Total premiums written	$	1,030,859	$	567,495	$	220,684	$	684,048	32.3	%
Premiums earned:
Life insurance	$	40,567	$	20,575	$	267	$	20,259	1.3	%
Accident and health insurance	66,357		44,292		10,097		32,162		31.4	%
Property and liability insurance	850,742		448,126		290,740		693,356		41.9	%
Total premiums earned	$	957,666	$	512,993	$	301,104	$	745,777	40.4	%
Six Months Ended June 30, 2023
Premiums written:
Life insurance	$	37,464	$	19,182	$	117	$	18,399	0.6	%
Accident and health insurance	57,770		39,017		11,892		30,645		38.8	%
Property and liability insurance	831,012		486,410		208,072		552,674		37.6	%
Total premiums written	$	926,246	$	544,609	$	220,081	$	601,718	36.6	%
Premiums earned:
Life insurance	$	41,077	$	20,490	$	152	$	20,739	0.7	%
Accident and health insurance	67,719		45,953		11,918		33,684		35.4	%
Property and liability insurance	647,370		375,288		208,620		480,702		43.4	%
Total premiums earned	$	756,166	$	441,731	$	220,690	$	535,125	41.2	%

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

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2024
Losses and LAE Incurred
Life insurance	$	10,293	$	5,513	$	10	$	4,790	0.2	%
Accident and health insurance	5,363		2,908		9,614		12,069		79.7	%
Property and liability insurance	248,541		138,287		78,146		188,400		41.5	%
Total losses and LAE incurred	$	264,197	$	146,708	$	87,770	$	205,259	42.8	%
	Member benefit claims (1)						28,716
	Total policy and contract benefits						$	233,975
Three Months Ended June 30, 2023
Losses and LAE Incurred
Life insurance	$	11,338	$	6,218	$	18	$	5,138	0.4	%
Accident and health insurance	6,175		5,091		1,308		2,392		54.7	%
Property and liability insurance	144,238		100,970		64,229		107,497		59.7	%
Total losses and LAE incurred	$	161,751	$	112,279	$	65,555	$	115,027	57.0	%
	Member benefit claims (1)						32,707
	Total policy and contract benefits						$	147,734
Six Months Ended June 30, 2024
Losses and LAE Incurred
Life insurance	$	22,494	$	12,230	$	(21)	$	10,243	(0.2)	%
Accident and health insurance	10,892		6,967		10,485		14,410		72.8	%
Property and liability insurance	430,226		242,682		168,442		355,986		47.3	%
Total losses and LAE incurred	$	463,612	$	261,879	$	178,906	$	380,639	47.0	%
	Member benefit claims (1)						61,000
	Total policy and contract benefits						$	441,639
Six Months Ended June 30, 2023
Losses and LAE Incurred
Life insurance	$	24,583	$	13,422	$	56	$	11,217	0.5	%
Accident and health insurance	12,742		9,595		5,813		8,960		64.9	%
Property and liability insurance	277,928		189,902		121,151		209,177		57.9	%
Total losses and LAE incurred	$	315,253	$	212,919	$	127,020	$	229,354	55.4	%
	Member benefit claims (1)						60,055
	Total policy and contract benefits						$	289,409

(1) Member benefit claims are not covered by reinsurance.

The following table presents the components of the reinsurance recoverable:

	As of
	June 30, 2024		December 31, 2023
Ceded claim reserves:
Life insurance	$	4,405	$	4,733
Accident and health insurance	22,475		22,660
Property and liability insurance	510,140		420,894
Total ceded claim reserves recoverable	537,020		448,287
Other reinsurance settlements recoverable	367,672		505,599
Total reinsurance recoverable	$	904,692	$	953,886

The following table presents the components of prepaid reinsurance premiums:

	As of
	June 30, 2024		December 31, 2023
Prepaid reinsurance premiums:
Life insurance (1)	$	71,780	$	74,815
Accident and health insurance (1)	71,897		76,440
Property and liability insurance	818,482		749,269
Total prepaid reinsurance premiums	$	962,159	$	900,524

(1)    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
	June 30, 2024
Total of the three largest receivable balances from non-affiliated reinsurers	$	166,939

As of June 30, 2024, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Allianz Reinsurance America, Inc (A.M. Best Rating: A+ rated) (Allianz), Allianz Global Corporate & Specialty SE (A.M. Best Rating: A+ rated) (Allianz), and Ferian Re LTD (A.M. Best Rating: NR rated). Allianz balances do not require collateral based on the authorized status of the parties and the Ferian Re LTD balances are collateralized. The Company monitors authorization status, financial statements and A.M. Best ratings of its reinsurers periodically. As of June 30, 2024, 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.

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Goodwill and Intangible Assets, net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

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 June 30, 2024						As of December 31, 2023
Finite-Lived Intangible Assets:	Insurance		Other		Total		Insurance		Other		Total
Customer relationships	$	162,712	$	—	$	162,712	$	162,844	$	—	$	162,844
Accumulated amortization	(81,205)		—		(81,205)		(74,776)		—		(74,776)
Trade names	16,217		800		17,017		16,227		800		17,027
Accumulated amortization	(9,161)		(720)		(9,881)		(8,452)		(680)		(9,132)
Software licensing	17,318		640		17,958		17,372		640		18,012
Accumulated amortization	(10,303)		(640)		(10,943)		(9,891)		(640)		(10,531)
Insurance policies and contracts acquired	36,500		—		36,500		36,500		—		36,500
Accumulated amortization	(36,500)		—		(36,500)		(36,500)		—		(36,500)
Other	1,085		—		1,085		1,088		—		1,088
Accumulated amortization	(669)		—		(669)		(536)		—		(536)
Total finite-lived intangible assets	95,994		80		96,074		103,876		120		103,996
Indefinite-Lived Intangible Assets: (1)
Insurance licensing agreements	13,761		—		13,761		13,761		—		13,761
Other	—		1,000		1,000		—		1,000		1,000
Total indefinite-lived intangible assets	13,761		1,000		14,761		13,761		1,000		14,761
Total intangible assets, net	$	109,755	$	1,080	$	110,835	$	117,637	$	1,120	$	118,757
Goodwill	204,264		1,708		205,972		204,447		1,708		206,155
Total goodwill and intangible assets, net	$	314,019	$	2,788	$	316,807	$	322,084	$	2,828	$	324,912

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

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, 2023	$	204,447	$	1,708	$	206,155
Foreign currency translation and other	(183)		—		(183)
Balance at June 30, 2024	$	204,264	$	1,708	$	205,972

The Company conducts annual impairment tests of its goodwill as of October 1. For the three and six months ended June 30, 2024 and 2023, no impairments were recorded on the Company’s goodwill. There was no accumulated impairment recorded in the goodwill balance as of June 30, 2024.

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, 2023	$	117,637	$	1,120	$	118,757
Amortization expense	(7,698)		(40)		(7,738)
Foreign currency translation and other	(184)		—		(184)
Balance at June 30, 2024	$	109,755	$	1,080	$	110,835

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Amortization expense on intangible assets	$	3,747	$	3,923	$	7,738	$	7,849

For the three and six months ended June 30, 2024 and 2023, no impairments were recorded on the Company’s intangible assets. The Company’s accumulated impairment on intangible assets was $728 as of June 30, 2024.

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 June 30, 2024
	Insurance (1)		Other		Total
Remainder of 2024	$	7,674	$	40	$	7,714
2025	13,240		40		13,280
2026	10,894		—		10,894
2027	9,543		—		9,543
2028	8,341		—		8,341
2029 and thereafter	46,101		—		46,101
Total	$	95,793	$	80	$	95,873

(1)    Does not include foreign currency translation adjustment of $201 as of June 30, 2024.

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Derivative Financial Instruments and Hedging

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging

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 entered into in order 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 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 (16) 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 June 30, 2024						As of December 31, 2023
	Notional values		Asset derivatives		Liability derivatives		Notional values		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	142,740	$	3,340	$	—	$	129,675	$	3,818	$	—
Forward delivery contracts	47,605		241		41		19,675		9		98
TBA mortgage-backed securities	161,850		298		178		139,000		104		815
Fortegra Additional Warrants (Warburg)(1)	—		—		8,594		—		—		3,522
Other	87		9		—		24,346		52		68
Total	$	352,282	$	3,888	$	8,813	$	312,696	$	3,983	$	4,503

(1) See Note (16) Stockholders' Equity for additional information.

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Debt, net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt, net

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 June 30, 2024
Corporate debt	Insurance		Mortgage		Total
Secured revolving credit agreements (1)	$	100,500	$	—	$	100,500
Preferred trust securities (LIBOR + 4.10%)	35,000		—		35,000
8.50% Junior subordinated notes	125,000		—		125,000
Total corporate debt	260,500		—		260,500
Asset based debt
Asset based revolving financing (SOFR + 2.75%)	76,139		—		76,139
Residential mortgage warehouse borrowings (1.75% to 2.50% over SOFR) (2)(3)	—		59,287		59,287
Total asset based debt	76,139		59,287		135,426
Total debt, face value	336,639		59,287		395,926
Unamortized deferred financing costs	(8,473)		(115)		(8,588)
Total debt, net	$	328,166	$	59,172	$	387,338
	As of December 31, 2023
Corporate debt	Insurance		Mortgage		Total
Secured revolving credit agreements (1)	$	130,000	$	—	$	130,000
Preferred trust securities (LIBOR + 4.10%)	35,000		—		35,000
8.50% Junior subordinated notes	125,000		—		125,000
Total corporate debt	290,000		—		290,000
Asset based debt
Asset based revolving financing (LIBOR + 2.75%)	67,138		—		67,138
Residential mortgage warehouse borrowings (1.75% to 2.75% over SOFR) (2)(3)	—		54,350		54,350
Total asset based debt	67,138		54,350		121,488
Total debt, face value	357,138		54,350		411,488
Unamortized deferred financing costs	(8,950)		(127)		(9,077)
Total debt, net	$	348,188	$	54,223	$	402,411

(1)    The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of June 30, 2024 and December 31, 2023 was SOFR + 1.50%.

(2)    As of June 30, 2024, 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% or 2.25% over the one month SOFR rate, with a floor of 4.00%, (iii) a $25,000 line of credit at 1.875% over the one month SOFR rate and (iv) a $25,000 line of credit at 1.75% over the one month SOFR rate. As of December 31, 2023, 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 $65,000 line of credit at 1.75%, 2.25% and 2.75% over the one month SOFR rate, with a floor of 4.00%.

(3)    The weighted average coupon rate for residential mortgage warehouse borrowings was 7.18% and 7.15% at June 30, 2024 and December 31, 2023, respectively.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest expense - corporate debt	$	5,887	$	4,896	$	11,889	$	9,326
Interest expense - asset based debt	2,128		2,148		4,416		4,183
Total interest expense on debt	$	8,015	$	7,044	$	16,305	$	13,509

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 of June 30, 2024
Remainder of 2024	$	34,665
2025	24,622
2026	76,139
2027	100,500
2028	—
2029 and thereafter	160,000
Total	$	395,926

The following narrative is a summary of certain terms of our debt agreements for the six months ended June 30, 2024:

Corporate Debt

Secured Revolving Credit Agreements

As of June 30, 2024 and December 31, 2023, a total of $100,500 and $130,000, respectively, was outstanding under the revolving line of credit in our insurance business. The maximum borrowing capacity under the agreements as of June 30, 2024 was $200,000.

Asset Based Debt

Asset Based Revolving Financing

On October 6, 2023, subsidiaries of Fortegra amended the asset based revolving financing to increase the revolving commitment to $125,000 and transition to SOFR. As of June 30, 2024 and December 31, 2023, a total of $76,139 and $67,138, respectively, was outstanding under the borrowing related to our premium finance offerings in our insurance business.

Residential Mortgage Warehouse Borrowings

As of June 30, 2024, our mortgage business had four warehouse lines of credit with four separate lending partners totaling $125,000 of borrowing capacity. The $50,000 line of credit matures in August 2024 and the three $25,000 lines of credit mature in September 2024, February 2025, and June 2025. As of June 30, 2024 and December 31, 2023, a total of $59,287 and $54,350, respectively, was outstanding under such financing agreements.

Mortgage Servicing Rights (MSR) Line of Credit

As of June 30, 2024, our mortgage business had a MSR line of credit with M&T Bank totaling $10,000 of borrowing capacity at 3.30% over SOFR, with no borrowings outstanding at the end of the period.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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 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.

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.

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

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.

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 (16) 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.

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

	As of June 30, 2024
	Quoted prices in active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	364,934	$	—	$	364,934
Obligations of state and political subdivisions	—		42,404		—		42,404
Obligations of foreign governments	—		1,247		—		1,247
Certificates of deposit	1,724		—		—		1,724
Asset backed securities	—		24,719		—		24,719
Corporate securities	—		390,195		—		390,195
Total available for sale securities, at fair value	1,724		823,499		—		825,223
Loans, at fair value:
Corporate loans	—		—		9,094		9,094
Mortgage loans held for sale	—		65,232		—		65,232
Total loans, at fair value	—		65,232		9,094		74,326
Equity securities:
Exchange traded funds	4,554		—		—		4,554
Other equity securities	56,946		—		7,999		64,945
Total equity securities	61,500		—		7,999		69,499
Other investments, at fair value:
Corporate bonds	—		9,611		—		9,611
Derivative assets	—		537		3,351		3,888
Other	—		18,760		—		18,760
Total other investments, at fair value	—		28,908		3,351		32,259
Mortgage servicing rights (1)	—		—		42,101		42,101
Total	$	63,224	$	917,639	$	62,545	$	1,043,408
Liabilities: (2)
Derivative liabilities	—		201		18		219
Fortegra Additional Warrants (Warburg)	—		—		8,594		8,594
Contingent consideration payable	—		—		2,586		2,586
Total	$	—	$	201	$	11,198	$	11,399

(1)    Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

(2)    Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

	As of December 31, 2023
	Quoted prices in active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	470,085	$	—	$	470,085
Obligations of state and political subdivisions	—		45,459		—		45,459
Obligations of foreign governments	—		4,557		—		4,557
Certificates of deposit	1,724		—		—		1,724
Asset backed securities	—		26,171		15		26,186
Corporate securities	—		254,598		—		254,598
Total available for sale securities, at fair value	1,724		800,870		15		802,609
Loans, at fair value:
Corporate loans	—		2,051		9,167		11,218
Mortgage loans held for sale	—		58,338		—		58,338
Total loans, at fair value	—		60,389		9,167		69,556
Equity securities:
Invesque	4,161		—		—		4,161
Exchange traded funds	1,349		—		—		1,349
Other equity securities	55,072		—		7,726		62,798
Total equity securities	60,582		—		7,726		68,308
Other investments, at fair value:
Corporate bonds	—		62,081		—		62,081
Derivative assets	—		162		3,821		3,983
Other	—		18,979		—		18,979
Total other investments, at fair value	—		81,222		3,821		85,043
Mortgage servicing rights (1)	—		—		40,836		40,836
Total	$	62,306	$	942,481	$	61,565	$	1,066,352
Liabilities: (2)
Derivative liabilities	—		937		44		981
Fortegra Additional Warrants (Warburg)	—		—		3,522		3,522
Contingent consideration payable	—		—		2,604		2,604
Total	$	—	$	937	$	6,170	$	7,107

(1)    Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

(2)    Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

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:    

	For the Six Months Ended June 30,
	2024		2023
Balance at January 1,	$	61,565	$	63,590
Net realized and unrealized gains or losses included in:
Earnings	2,147		(2,706)
OCI	75		2,644
Origination of IRLCs	19,592		22,472
Purchases	—		31
Sales and repayments	—		(6)
Distributions	(764)		—
Conversions to mortgage loans held for sale	(20,070)		(22,310)
Transfer out of Level 3	—		(41)
Conversions to real estate owned	—		81
Balance at June 30,	$	62,545	$	63,755
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$	2,147	$	(5,029)
Changes in unrealized gains (losses) included in OCI related to assets still held at period end	$	75	$	2,644

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
	June 30, 2024		December 31, 2023		Valuation technique	Unobservable input(s)	June 30, 2024				December 31, 2023
Assets	Fair value						Range			WA (1)	Range			WA (1)
IRLCs	$	3,340	$	3,818	Internal model	Pull through rate	45%	to	95%	61%	45%	to	95%	59%
Mortgage servicing rights	42,101		40,836		External model	Discount rate	10%	to	15%	11%	10%	to	13%	11%
						Cost to service	$65	to	$3,000	$120	$65	to	$3,000	$113
						Prepayment speed	3%	to	83%	9%	3%	to	82%	9%
Equity securities	7,999		7,726		Internal model	Forecast EBITDAR	$1,039,000	to	$1,422,000	N/A	$1,039,000	to	$1,422,000	N/A
Corporate loans	9,094		9,167		External model	Bid marks	$72	to	$73	$72	$71	to	$75	$73
Total	$	62,534	$	61,547
Liabilities
Fortegra Additional Warrants (Warburg)	$	8,594	$	3,522	External Model	Discount rate	3%	to	5%	4.2%	3%	to	5%	3.8%
						Implied Equity Volatility	40%	to	50%	45%	40%	to	50%	45%
Contingent consideration payable	2,586		2,604		Cash Flow model	Forecast Cash EBITDA	$2,500	to	$4,000	N/A	$2,500	to	$4,000	N/A
						Forecast Underwriting EBITDA	$—	to	$2,000	N/A	$—	to	$2,000	N/A
Total	$	11,180	$	6,126

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

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 June 30, 2024					As of December 31, 2023
	Level within fair value hierarchy	Fair value		Carrying value		Level within fair value hierarchy	Fair value		Carrying value
Assets:
Debentures	2	$	26,681	$	26,681	2	$	25,648	$	25,648
Notes receivable, net	2	145,642		145,642		2	134,131		134,131
Total assets		$	172,323	$	172,323		$	159,779	$	159,779
Liabilities:
Debt	3	$	392,339	$	395,926	3	$	406,801	$	411,488
Total liabilities		$	392,339	$	395,926		$	406,801	$	411,488

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 (5) 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 (6) 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 (6) 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.

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Liability for Unpaid Claims and Claim Adjustment Expenses

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Liability for Unpaid Claims and Claim Adjustment Expenses

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:

	Six Months Ended June 30,
	2024		2023
Policy liabilities and unpaid claims balance as of January 1,	$	844,848	$	567,193
Less: liabilities of policy-holder account balances, gross	(878)		(1,923)
Less: non-insurance warranty benefit claim liabilities	(2,103)		(140)
Gross liabilities for unpaid losses and loss adjustment expenses	841,867		565,130
Less: reinsurance recoverable on unpaid losses - short duration	(448,117)		(266,889)
Less: other lines, gross	(295)		(184)
Net balance as of January 1, short duration	393,455		298,057
Incurred (short duration) related to:
Current year	380,623		226,457
Prior years	(788)		2,455
Total incurred	379,835		228,912
Paid (short duration) related to:
Current year	124,082		93,768
Prior years	104,279		56,437
Total paid	228,361		150,205
Net balance as of June 30, short duration	544,929		376,764
Plus: reinsurance recoverable on unpaid losses - short duration	536,794		343,652
Plus: other lines, gross	225		118
Gross liabilities for unpaid losses and loss adjustment expenses	1,081,948		720,534
Plus: liabilities of policy-holder account balances, gross	—		1,518
Plus: non-insurance warranty benefit claim liabilities	5,255		417
Policy liabilities and unpaid claims balance as of June 30,	$	1,087,203	$	722,469

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Short duration incurred	$	204,522	$	114,652	$	379,835	$	228,912
Other lines incurred	162		285		57		282
Unallocated loss adjustment expenses	575		90		747		160
Total losses incurred	$	205,259	$	115,027	$	380,639	$	229,354

During the six months ended June 30, 2024, the Company experienced favorable prior year development of $788, primarily driven by lower-than-expected claims paid development in our commercial lines of business.

During the six months ended June 30, 2023, the Company experienced unfavorable prior year development of $2,455, primarily as a result of higher-than expected claim severity from business written in our commercial lines.

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 $788 in the six months ended June 30, 2024 represented 0.9% of our insurance business income before taxes of $88,061 and 0.2% of the opening net liability for losses and loss adjustment expenses of $393,455, as of January 1, 2024.

The unfavorable prior year development of $2,455 in the six months ended June 30, 2023 represented 4.9% of our insurance business income before taxes of $49,862, and 0.8% of the opening net liability for losses and loss adjustment expenses of $298,057, as of January 1, 2023.

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.

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Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service and Administrative Fees:
Service contract revenue	$	76,179	$	73,014	$	157,002	$	136,184
Motor club revenue	11,116		11,603		22,637		24,119
Other	829		1,171		1,787		2,674
Revenue from contracts with customers	$	88,124	$	85,788	$	181,426	$	162,977

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 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 June 30, 2024.

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, 2024						June 30, 2024
	Beginning balance		Additions		Amortization		Ending balance
Deferred acquisition costs
Service and Administrative Fees:
Service contract revenue	$	201,903	$	62,495	$	54,062	$	210,336
Motor club revenue	16,636		15,497		17,587		14,546
Total	$	218,539	$	77,992	$	71,649	$	224,882

Deferred revenue
Service and Administrative Fees:
Service contract revenue	$	605,425	$	166,484	$	157,002	$	614,907
Motor club revenue	21,677		19,684		22,637		18,724
Other	—		1,765		1,765		—
Total	$	627,102	$	187,933	$	181,404	$	633,631

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

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Other Assets and Other Liabilities and Accrued Expenses

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets and Other Liabilities and Accrued Expenses

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
	June 30, 2024		December 31, 2023
Accrued investment income	$	8,757	$	6,269
Loans eligible for repurchase	36,611		32,183
Mortgage servicing rights	42,101		40,836
Right of use assets - operating leases (1)	30,134		31,469
Income tax receivable	1,056		1,275
Furniture, fixtures and equipment, net	28,172		29,624
Prepaid expenses	11,136		12,985
Other	5,185		10,874
Total other assets	$	163,152	$	165,515

(1) See Note (20) Commitments and Contingencies for additional information.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense related to furniture, fixtures and equipment	$	1,544	$	2,170	$	3,121	$	3,239

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
	June 30, 2024		December 31, 2023
Accounts payable and accrued expenses	$	97,708	$	114,568
Loans eligible for repurchase liability	36,611		32,183
Deferred tax liabilities, net	167,933		139,845
Operating lease liabilities (1)	38,924		40,403
Commissions payable	1,093		36,728
Derivative liabilities	8,813		4,503
Due to broker/trustee	9,715		17,054
Other	18,328		18,460
Total other liabilities and accrued expenses	$	379,125	$	403,744

(1) See Note (20) Commitments and Contingencies for additional information.

Other Assets and Other Liabilities and Accrued Expenses

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
	June 30, 2024		December 31, 2023
Accrued investment income	$	8,757	$	6,269
Loans eligible for repurchase	36,611		32,183
Mortgage servicing rights	42,101		40,836
Right of use assets - operating leases (1)	30,134		31,469
Income tax receivable	1,056		1,275
Furniture, fixtures and equipment, net	28,172		29,624
Prepaid expenses	11,136		12,985
Other	5,185		10,874
Total other assets	$	163,152	$	165,515

(1) See Note (20) Commitments and Contingencies for additional information.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense related to furniture, fixtures and equipment	$	1,544	$	2,170	$	3,121	$	3,239

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
	June 30, 2024		December 31, 2023
Accounts payable and accrued expenses	$	97,708	$	114,568
Loans eligible for repurchase liability	36,611		32,183
Deferred tax liabilities, net	167,933		139,845
Operating lease liabilities (1)	38,924		40,403
Commissions payable	1,093		36,728
Derivative liabilities	8,813		4,503
Due to broker/trustee	9,715		17,054
Other	18,328		18,460
Total other liabilities and accrued expenses	$	379,125	$	403,744

(1) See Note (20) Commitments and Contingencies for additional information.

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Other Revenue and Other Expenses

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Revenue and Other Expenses

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Other investment income (1)	$	6,288	$	5,996	$	12,504	$	10,766
Financing interest income	4,739		4,053		9,011		7,940
Other (2)	7,308		3,972		12,118		8,647
Total other revenue	$	18,335	$	14,021	$	33,633	$	27,353

(1)    See Note (5) Investments for the components of Other investment income.

(2)    Includes $6,911 and $3,972 for the three months ended June 30, 2024 and 2023, respectively, and $11,289 and $6,518 for the six months ended June 30, 2024 and 2023, 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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	10,330	$	9,977	$	20,851	$	19,036
Professional fees	6,218		6,428		15,296		14,187
Premium taxes	5,744		5,379		11,119		11,153
Mortgage origination expenses	3,320		3,028		6,480		6,220
Rent and related	4,348		3,804		8,264		7,874
Other	5,590		4,493		14,406		7,450
Total other expenses	$	35,550	$	33,109	$	76,416	$	65,920

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Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Stock Repurchases

The Board of Directors authorized the Company to make repurchases of up to $20,000 of shares of the Company’s outstanding common stock in the aggregate, at the discretion of the Company's Executive Committee. There were no shares repurchased during the six months ended June 30, 2024. As of June 30, 2024, the remaining repurchase authorization was $11,945.

Dividends

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

	Dividends per share for the
	Six Months Ended June 30,
	2024		2023
First quarter	$	0.06	$	0.05
Second quarter	0.06		0.05
Total cash dividends declared	$	0.12	$	0.10

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 directors contributed $30,044, $9,889 and $67, respectively, to Fortegra in exchange for Fortegra Common Stock. As of June 30, 2024, Fortegra was owned approximately 79.3% by Tiptree Holdings, 17.7% by Warburg and 3.0% by management and directors of Fortegra.

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 six months ended June 30, 2024, cash dividends declared were $3,192.

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 24.1% (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. 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).

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

	As of
	June 30, 2024		December 31, 2023
Fortegra preferred interests	$	77,679	$	77,679
Fortegra common interests	103,941		82,020
Total non-controlling interests	$	181,620	$	159,699

Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions

The Company’s U.S. insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (SAP) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules.

Statutory Capital and Surplus

The Company’s insurance company subsidiaries must maintain minimum amounts of statutory capital and surplus as required by regulatory authorities, including the NAIC; their capital and surplus levels exceeded respective minimum requirements as of June 30, 2024 and December 31, 2023.

Under the NAIC Risk-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 June 30, 2024 and December 31, 2023.

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 three months ended June 30, 2024 and 2023. The combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:

	As of
	June 30, 2024		December 31, 2023
Amount available for ordinary dividends of the Company's insurance company subsidiaries	$	24,327	$	24,327

At June 30, 2024, 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 $24,327. 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.

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Accumulated Other Comprehensive Income (Loss) (AOCI)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) (AOCI)

Accumulated Other Comprehensive Income (Loss) (AOCI)

The following table presents the activity of AFS securities in AOCI, net of tax, for the following periods:

	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, 2022	$	(43,043)	$	(7,311)	$	(50,354)	$	10,925	$	(39,429)
Other comprehensive income (losses) before reclassifications	450		5,632		6,082		(2,116)		3,966
Amounts reclassified from AOCI	2,237		—		2,237		—		2,237
OCI	2,687		5,632		8,319		(2,116)		6,203
Balance at June 30, 2023	$	(40,356)	$	(1,679)	$	(42,035)	$	8,809	$	(33,226)
Balance at December 31, 2023	$	(32,145)	$	(98)	$	(32,243)	$	6,170	$	(26,073)
Other comprehensive income (losses) before reclassifications	(3,336)		(1,091)		(4,427)		1,215		(3,212)
Amounts reclassified from AOCI	69		—		69		—		69
OCI	(3,267)		(1,091)		(4,358)		1,215		(3,143)
Balance at June 30, 2024	$	(35,412)	$	(1,189)	$	(36,601)	$	7,385	$	(29,216)

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 Ended June 30,				Six Months Ended June 30,				Affected line item in condensed consolidated statements of operations
Components of AOCI	2024		2023		2024		2023
Unrealized gains (losses) on available for sale securities	$	23	$	(2,591)	$	(93)	$	(2,956)	Net realized and unrealized gains (losses)
Related tax (expense) benefit	(6)		633		24		719		Provision for income tax
Net of tax	$	17	$	(1,958)	$	(69)	$	(2,237)

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Stock Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

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, 2023	2,260,550
RSU, stock and option awards granted	(87,403)
Forfeited	11,485
PRSU awards granted	(1,420,833)
Available for issuance as of June 30, 2024	763,799

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. Stock awards issued as director compensation are deemed to be granted and immediately vested upon issuance.

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, 2023	253,231	$	14.25
Granted	87,403	16.45
Vested	(40,513)	14.22
Forfeited	(11,485)	10.54
Unvested units as of June 30, 2024 (1)	288,636	$	15.23

(1) Includes 139,888, 71,818 and 76,930 shares that vest in 2025, 2026 and 2027, respectively.

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

	Six Months Ended June 30,			Six Months Ended June 30,
Granted	2024	2023	Vested	2024	2023
Directors	9,043	15,661	Directors	9,043	15,661
Employees	78,360	81,874	Employees	31,470	329,650
Total Granted	87,403	97,535	Total Vested	40,513	345,311
			Taxes	(11,395)	(43,322)
			Net Vested	29,118	301,989

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, the first tranche of the PRSUs vested, resulting in a net issuance of 215,583 shares 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 June 30, 2024, 5,037,500 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 $19.44 as adjusted for cumulative dividends paid to date).

Original Tiptree Share Price Target	Number of PRSUs that Vest
$20	516,667
$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.

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 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 June 30, 2024, the market requirement for all outstanding options has been achieved. There were no stock option awards granted from 2021 to June 30, 2024.

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

	Options outstanding	Weighted average exercise price (in dollars per stock option)		Weighted average grant date value (in dollars per stock option)		Options exercisable
Balance, December 31, 2023	1,583,873	$	6.51	$	2.25	1,225,083
Balance, June 30, 2024	1,583,873	$	6.51	$	2.25	1,442,114
Weighted average remaining contractual term at June 30, 2024 (in years)	3.8

Subsidiary Equity Plans

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 June 30, 2024, vested and unexercised options represented 0.4%, unvested time vesting RSUs represented 0.2% and unvested time and performance vesting options represented 4.2% 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. 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 more than 50% of its Fortegra securities (on an as converted basis) acquired in 2022. A majority of these time and performance options must be exercised in the calendar year they vest and shall be deemed automatically exercised if not otherwise done so by December 31 of the calendar year in which they vest. The fair value option grants were estimated on the date of grant using a Black-Scholes Merton option pricing formula embedded within a Monte Carlo model used to simulate the future value of Fortegra Common Stock, which assumes the market requirement is achieved. Key assumptions used in the model were a historical volatility of 45.0%, a risk free rate of 3.7%, no dividend yield and an expected term of 4.2 years.

In 2023, Fortegra granted performance based restricted stock units (Fortegra PRSUs) that vest based on the achievement of specified gross written premium volume targets and underwriting ratios for selected specialty insurance lines written in 2024. Upon vesting, the Fortegra PRSUs entitle recipients to participate in an aggregate pool of between $5,000 and $20,000 payable in shares of Fortegra. The Fortegra PRSUs are accounted for as liability awards and were unvested as of June 30, 2024.

The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:

	Grant date fair value of equity shares issuable
Unvested balance as of December 31, 2023	$	20,609
Granted	1,670
Vested	(2,475)
Performance assumption adjustment	171
Unvested balance as of June 30, 2024	$	19,975

Stock Based Compensation Expense

The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Employee compensation and benefits	$	3,338	$	1,880	$	7,114	$	4,094
Director compensation	69		103		138		209
Income tax benefit	(715)		(416)		(1,523)		(903)
Net stock based compensation expense	$	2,692	$	1,567	$	5,729	$	3,400

Additional information on total non-vested stock based compensation is as follows:

	As of June 30, 2024
	Subsidiary Stock options		Restricted stock awards and RSUs		Performance Restricted Stock Units
Unrecognized compensation cost related to non-vested awards (1)	$	16,916	$	2,453	$	14,680
Weighted - average recognition period (in years)	2.0		0.8		1.5

(1)    Includes unrecognized compensation cost of $16,916 related to stock options, $1,327 related to RSUs, and $444 related to PRSUs at The Fortegra Group.

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Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
Total income tax expense (benefit)	$	18,673			$	11,824			$	32,491			$	16,846
Effective tax rate (ETR)	45.9		%	(1)	50.0		%	(1)	46.2		%	(1)	52.9		%	(1)

(1) Higher than the U.S. federal statutory income tax rate of 21% primarily due to the impact of outside basis deferred taxes on Tiptree’s investment in Fortegra and other discrete items.

Tiptree owns less than 80% of Fortegra and is required to record deferred taxes on the outside basis on its investment in Fortegra. This deferred tax liability represents the tax that would be due, before consideration of loss carryforwards, if Tiptree were to sell all of its Fortegra stock at its carrying value on Tiptree’s balance sheet.

For the three months ended June 30, 2024, the deferred tax liability relating to Fortegra increased by 6,001, of which $356 of benefit was recorded in OCI, and 6,357 expense was recorded as a provision for income taxes. For the three months ended June 30, 2023, the deferred tax liability relating to Fortegra increased by $2,232, of which $24 of benefit was recorded in OCI, $1,222 benefit was recorded directly in stockholders’ equity, and $3,478 expense was recorded as a provision for income taxes. Excluding the impact of these deferred taxes, the effective tax rates for the three months ended June 30, 2024 and 2023 were 30.3% and 35.3%, respectively.

For the six months ended June 30, 2024, the deferred tax liability relating to Fortegra increased by $9,931, of which $891 of benefit was recorded in OCI, and $10,822 expense was recorded as a provision for income taxes. For the six months ended June 30, 2023, this deferred tax liability relating to Fortegra was $46,346, which was an increase of $6,376 from the year ended December 31, 2022, of which $1,784 expense was recorded in OCI, $1,222 benefit was recorded directly in stockholders’ equity, and $5,814 expense was recorded as a provision for income taxes. Excluding the impact of these deferred taxes, the effective tax rates for the six months ended June 30, 2024 and 2023 were 30.8% and 34.6%, respectively.

On April 15, 2024, the Company sold its 16.98 million shares of Invesque for $625 of proceeds resulting in a capital loss carryforward for tax purposes of approximately $106,768.

The Organization for Economic Cooperation and Development (“OECD”) has introduced a framework to implement a global minimum corporate tax rate of 15%, commonly referred to as Pillar Two. Many aspects of Pillar Two are effective beginning calendar year 2024 and other aspects will be effective beginning in calendar year 2025. While it is uncertain whether the U.S. will adopt Pillar Two, certain countries in which the Company operates have adopted legislation and other countries are in the

process of introducing legislation to implement Pillar Two. While we do not expect Pillar Two to have a material impact on the Company, our analysis is ongoing as the OECD releases additional guidance and countries implement additional legislation.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

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,
	2024		2023		2024		2023
Rent expense for office leases	$	1,967	$	2,009	$	3,957	$	4,078

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.

Litigation

The Company is a defendant in Mullins v. Southern Financial Life Insurance Co., a class action filed in February 2006, in Pike County Circuit Court in the Commonwealth of Kentucky on behalf of Kentucky consumers that purchased certain credit life and disability insurance coverage between 1997-2007. The action alleges violations of the Kentucky Consumer Protection Act (“KCPA”) and certain insurance statutes, common law fraud and breach of contract and the covenant of good faith and fair dealing. The plaintiffs seek compensatory and punitive damages, attorneys’ fees and interest.

Two classes were certified in June 2010: Subclass A includes class members who suffered a disability during the coverage period but allegedly received less than full disability benefits; Subclass B includes all class members whose loan termination date extended beyond the termination date of the credit disability coverage period.

In a series of orders issued in October 2022 on competing motions for partial summary judgment, the court found in favor of the plaintiffs as to the Subclass A breach of contract claim (the Subclass A Order) and, as to Subclass B, found that the Company was unjustly enriched to the extent the premium it collected exceeded the proportion of the premium for which the Company provided benefits coverage (the Subclass B Order). The court found in favor of the Company as to the plaintiffs’ claims for common law fraud and violation of Kentucky’s insurance statutes and ordered the plaintiffs’ Motion for Sanctions for Spoliation of Evidence held in abeyance. The Company has appealed the Subclass A Order and Subclass B Order and all interlocutory orders made final by entry of the Subclass A Order and Subclass B Order.

In December 2022, the court dismissed the plaintiffs’ KCPA claims as to both Subclass A Order and Subclass B Order. The court also dismissed the plaintiffs’ breach of covenant of good faith and fair dealing claim as to Subclass B Order but declined to dismiss such claim as to Subclass A Order pending resolution of the Company’s appeal. The trial, previously scheduled for December 2023, has been remanded while the matter is on appeal.

In May 2024, the Commonwealth of Kentucky Court of Appeals disagreed with the court’s interpretation of the policies at issue and entered an order (the Court of Appeals Order) affirming in part, reversing in part, and remanding the Subclass A Order and Subclass B Order. In June 2024, the Company filed a Motion for Discretionary Review of the Court of Appeals Order in the Supreme Court of the Commonwealth of Kentucky.

The Company considers such litigation customary in the insurance industry. In management's opinion, based on information available at this time, the ultimate resolution of such litigation, which it is vigorously defending, should not be materially adverse to the financial position of the Company. It should be noted that large punitive damage awards, bearing little relation to actual damages sustained by plaintiffs, have been awarded in certain states against other companies in the credit insurance business. At this time, the Company cannot estimate a range of loss that is reasonably possible.

The Company and its subsidiaries are parties to other legal proceedings in the ordinary course of business. Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company does not believe that these proceedings, either individually or in the aggregate, are likely to have a material adverse effect on the Company’s financial position.

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Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method under which the income available to common stockholders is allocated to the unvested corporate RSUs.

Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments is included in the diluted net income per common share calculation, if dilutive.

The following table presents a reconciliation of basic and diluted net income per common share for the following periods:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	21,973	$	11,850	$	37,854	$	15,001
Less:
Net income (loss) attributable to non-controlling interests	9,122		5,861		15,953		10,074
Net income allocated to participating securities	104		41		177		45
Net income (loss) attributable to Tiptree Inc. common shares - basic	12,747		5,948		21,724		4,882
Effect of Dilutive Securities:
Securities of subsidiaries	(1,133)		10		(1,407)		95
Adjustments to income relating to exchangeable interests and contingent considerations, net of tax	2		1		4		1
Net income (loss) attributable to Tiptree Inc. common shares - diluted	$	11,616	$	5,959	$	20,321	$	4,978
Weighted average number of shares of common stock outstanding - basic	36,785,305		36,742,295		36,777,557		36,633,226
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations	967,377		843,516		989,016		876,434
Weighted average number of shares of common stock outstanding - diluted	37,752,682		37,585,811		37,766,573		37,509,660
Basic net income (loss) attributable to common shares	$	0.35	$	0.16	$	0.59	$	0.13
Diluted net income (loss) attributable to common shares	$	0.31	$	0.16	$	0.54	$	0.13

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Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Tiptree Advisors is a related party of the Company because Tiptree Advisors is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. Tiptree Advisors manages investment portfolio accounts of Fortegra and certain of its subsidiaries under an investment advisory agreement (the IAA). The Company is invested in funds managed by Tiptree Advisors. The Company incurred $1,745 and $1,267 of management and incentive fees for the three months ended June 30, 2024 and 2023, respectively. The Company incurred $3,166 and $2,369 of management and incentive fees for the six months ended June 30, 2024 and 2023, respectively. Beginning on January 1, 2024, Tiptree’s percentage of profits interest in Tiptree Advisors was 40.8%. As of January 1, 2025, Tiptree’s percentage interest will increase to 51.0%.

Pursuant to the Transition Services Agreement, Tiptree and Tiptree Advisors have mutually agreed to provide certain services to one another. Payments under the Transition Services Agreement in the six months ended June 30, 2024 and 2023 were not material.

Pursuant to a Partner Emeritus Agreement, Tiptree agreed to provide Mr. Inayatullah, a greater than 5% stockholder of the Company, support services and reimburse Mr. Inayatullah for a portion of benefit expenses in exchange for advice and other

consulting services as requested by the Company’s Executive Committee. Transactions related to the Partner Emeritus Agreement in the six months ended June 30, 2024 and 2023 were not material.

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Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 30, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.06 per share to holders of common stock with a record date of August 19, 2024, and a payment date of August 26, 2024.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

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 and six months ended June 30, 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

Recent Accounting Standards

Recently Adopted Accounting Pronouncements

During the six months ended June 30, 2024, there were no accounting standards adopted by the Company.

Recently Issued Accounting Pronouncements, Not Yet Adopted

Accounting Standard Update	Description	Adoption Date	Impact 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 848	The 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 Disclosures	In 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 15, 2023.	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 expects to adopt this guidance, when required, which will enhance our income tax disclosures.

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.

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.

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 entered into in order 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 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 (16) Stockholders' Equity for additional information regarding the Fortegra Additional Warrant.

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 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.

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.

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

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.

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 (16) 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.

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 (5) 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 (6) 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 (6) 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.

Deferred Revenue and Revenue Recognition

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 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 June 30, 2024.

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.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Accounting Standards Update

During the six months ended June 30, 2024, there were no accounting standards adopted by the Company.

Recently Issued Accounting Pronouncements, Not Yet Adopted

Accounting Standard Update	Description	Adoption Date	Impact 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 848	The 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 Disclosures	In 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 15, 2023.	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 expects to adopt this guidance, when required, which will enhance our income tax disclosures.

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Operating Segment Data (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of operating segments

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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	529,942	$	15,883	$	848	$	546,673
Total expenses	(478,692)		(15,355)		(636)		(494,683)
Corporate expenses	—		—		—		(11,344)
Income (loss) before taxes	$	51,250	$	528	$	212	$	40,646
Less: provision (benefit) for income taxes							18,673
Net income (loss)							$	21,973
Less: net income (loss) attributable to non-controlling interests							9,122
Net income (loss) attributable to common stockholders							$	12,851

	Three Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	384,677	$	17,067	$	2,774	$	404,518
Total expenses	(354,260)		(15,755)		(1,319)		(371,334)
Corporate expenses	—		—		—		(9,510)
Income (loss) before taxes	$	30,417	$	1,312	$	1,455	$	23,674
Less: provision (benefit) for income taxes							11,824
Net income (loss)							$	11,850
Less: net income (loss) attributable to non-controlling interests							5,861
Net income (loss) attributable to common stockholders							$	5,989

	Six Months Ended June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	1,008,698	$	31,774	$	4,422	$	1,044,894
Total expenses	(920,637)		(30,493)		(1,217)		(952,347)
Corporate expenses	—		—		—		(22,202)
Income (loss) before taxes	$	88,061	$	1,281	$	3,205	$	70,345
Less: provision (benefit) for income taxes							32,491
Net income (loss)							$	37,854
Less: net income (loss) attributable to non-controlling interests							15,953
Net income (loss) attributable to common stockholders							$	21,901

	Six Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	753,121	$	28,628	$	4,394	$	786,143
Total expenses	(703,259)		(29,881)		(1,497)		(734,637)
Corporate expenses	—		—		—		(19,659)
Income (loss) before taxes	$	49,862	$	(1,253)	$	2,897	$	31,847
Less: provision (benefit) for income taxes							16,846
Net income (loss)							$	15,001
Less: net income (loss) attributable to non-controlling interests							10,074
Net income (loss) attributable to common stockholders							$	4,927

The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:

	As of June 30, 2024										As of December 31, 2023
			Tiptree Capital										Tiptree Capital
	Insurance		Mortgage		Other		Corporate		Total		Insurance		Mortgage		Other		Corporate		Total
Total assets	$	5,044,987	$	172,316	$	63,847	$	23,560	$	5,304,710	$	4,835,685	$	160,147	$	126,624	$	16,857	$	5,139,313

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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	794,002	$	—	$	31,221	$	825,223
Loans, at fair value	9,094		65,232		—		74,326
Equity securities	64,202		—		5,297		69,499
Other investments	55,061		3,879		397		59,337
Total investments	$	922,359	$	69,111	$	36,915	$	1,028,385

	As of December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	772,135	$	—	$	30,474	$	802,609
Loans, at fair value	11,218		58,338		—		69,556
Equity securities	27,113		—		41,195		68,308
Other investments	106,760		3,931		397		111,088
Total investments	$	917,226	$	62,269	$	72,066	$	1,051,561

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Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of investments by operating segment

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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	529,942	$	15,883	$	848	$	546,673
Total expenses	(478,692)		(15,355)		(636)		(494,683)
Corporate expenses	—		—		—		(11,344)
Income (loss) before taxes	$	51,250	$	528	$	212	$	40,646
Less: provision (benefit) for income taxes							18,673
Net income (loss)							$	21,973
Less: net income (loss) attributable to non-controlling interests							9,122
Net income (loss) attributable to common stockholders							$	12,851

	Three Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	384,677	$	17,067	$	2,774	$	404,518
Total expenses	(354,260)		(15,755)		(1,319)		(371,334)
Corporate expenses	—		—		—		(9,510)
Income (loss) before taxes	$	30,417	$	1,312	$	1,455	$	23,674
Less: provision (benefit) for income taxes							11,824
Net income (loss)							$	11,850
Less: net income (loss) attributable to non-controlling interests							5,861
Net income (loss) attributable to common stockholders							$	5,989

	Six Months Ended June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	1,008,698	$	31,774	$	4,422	$	1,044,894
Total expenses	(920,637)		(30,493)		(1,217)		(952,347)
Corporate expenses	—		—		—		(22,202)
Income (loss) before taxes	$	88,061	$	1,281	$	3,205	$	70,345
Less: provision (benefit) for income taxes							32,491
Net income (loss)							$	37,854
Less: net income (loss) attributable to non-controlling interests							15,953
Net income (loss) attributable to common stockholders							$	21,901

	Six Months Ended June 30, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Total revenues	$	753,121	$	28,628	$	4,394	$	786,143
Total expenses	(703,259)		(29,881)		(1,497)		(734,637)
Corporate expenses	—		—		—		(19,659)
Income (loss) before taxes	$	49,862	$	(1,253)	$	2,897	$	31,847
Less: provision (benefit) for income taxes							16,846
Net income (loss)							$	15,001
Less: net income (loss) attributable to non-controlling interests							10,074
Net income (loss) attributable to common stockholders							$	4,927

The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:

	As of June 30, 2024										As of December 31, 2023
			Tiptree Capital										Tiptree Capital
	Insurance		Mortgage		Other		Corporate		Total		Insurance		Mortgage		Other		Corporate		Total
Total assets	$	5,044,987	$	172,316	$	63,847	$	23,560	$	5,304,710	$	4,835,685	$	160,147	$	126,624	$	16,857	$	5,139,313

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 June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	794,002	$	—	$	31,221	$	825,223
Loans, at fair value	9,094		65,232		—		74,326
Equity securities	64,202		—		5,297		69,499
Other investments	55,061		3,879		397		59,337
Total investments	$	922,359	$	69,111	$	36,915	$	1,028,385

	As of December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Available for sale securities, at fair value, net of allowance for credit losses	$	772,135	$	—	$	30,474	$	802,609
Loans, at fair value	11,218		58,338		—		69,556
Equity securities	27,113		—		41,195		68,308
Other investments	106,760		3,931		397		111,088
Total investments	$	917,226	$	62,269	$	72,066	$	1,051,561

Schedule of available-for-sale securities

The following tables present the Company's investments in AFS securities:

	As of June 30, 2024
	Amortized cost		Allowance for credit losses(1)		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	395,954	$	—	$	68	$	(31,088)	$	364,934
Obligations of state and political subdivisions	45,838		(1)		—		(3,433)		42,404
Corporate securities	398,759		(908)		1,401		(9,057)		390,195
Asset backed securities	27,694		(15)		4		(2,964)		24,719
Certificates of deposit	1,724		—		—		—		1,724
Obligations of foreign governments	1,395		—		—		(148)		1,247
Total	$	871,364	$	(924)	$	1,473	$	(46,690)	$	825,223
	As of December 31, 2023
	Amortized cost		Allowance for credit losses(1)		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	496,731	$	—	$	515	$	(27,161)	$	470,085
Obligations of state and political subdivisions	48,762		(1)		51		(3,353)		45,459
Corporate securities	260,961		(73)		2,445		(8,735)		254,598
Asset backed securities	29,275		(10)		3		(3,082)		26,186
Certificates of deposit	1,724		—		—		—		1,724
Obligations of foreign governments	4,705		—		—		(148)		4,557
Total	$	842,158	$	(84)	$	3,014	$	(42,479)	$	802,609

(1) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in net realized and unrealized gains (losses) as a credit loss on AFS securities. Amount excludes unrealized losses relating to non-credit factors.

Schedule of amortized cost and fair value by contractual maturity date

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, 2024				December 31, 2023
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	110,579	$	109,533	$	247,613	$	246,489
Due after one year through five years	418,472		405,984		318,763		307,423
Due after five years through ten years	117,672		101,097		46,377		39,221
Due after ten years	196,947		183,890		200,130		183,290
Asset backed securities	27,694		24,719		29,275		26,186
Total	$	871,364	$	825,223	$	842,158	$	802,609

Schedule of available-for-sale securities, continuous unrealized loss position

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 June 30, 2024
	Less Than or Equal to One Year					More Than One Year
	Fair value		Gross unrealized 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	$	100,122	$	(463)	248	$	234,051	$	(30,625)	632
Obligations of state and political subdivisions	5,021		(53)		28	37,383		(3,380)		121
Corporate securities	165,043		(1,138)		551	113,967		(7,919)		426
Asset backed securities	49		—		6	23,615		(2,964)		135
Obligations of foreign governments	—		—		3	1,247		(148)		6

Total	$	270,235	$	(1,654)	836	$	410,263	$	(45,036)	1,320
	As of December 31, 2023
	Less Than or Equal to One Year					More Than One Year
	Fair value		Gross unrealized 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	$	109,011	$	(6,522)	459	$	185,950	$	(20,639)	480
Obligations of state and political subdivisions	537		(53)		43	39,319		(3,300)		131
Corporate securities	83,747		(4,881)		868	57,679		(3,854)		148
Asset backed securities	2,187		(259)		54	23,999		(2,823)		129
Obligations of foreign governments	2,904		—		3	1,653		(148)		7
Total	$	198,386	$	(11,715)	1,427	$	308,600	$	(30,764)	895

(1)    Presented in whole numbers.

Schedule of Roll forward activity in allowance for credit losses, AFS securities

The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of June 30, 2024:

	Obligations of state and political subdivisions		Corporate securities		Asset backed securities		Obligations of foreign governments		Total
Balance at December 31, 2022	$	(3)	$	(183)	$	(1)	$	(3)	$	(190)
(Increase) in allowance for credit losses	—		(219)		(21)		—		(240)
Gains from recoveries of amounts previously written off	1		129		1		3		134
Balance at June 30, 2023	$	(2)	$	(273)	$	(21)	$	—	$	(296)
Balance at December 31, 2023	$	(1)	$	(73)	$	(10)	$	—	$	(84)
(Increase) in allowance for credit losses	—		(166)		(5)		—		(171)
Additions for AFS securities purchased with credit deterioration during the year	—		(679)		—		—		(679)
Gains from recoveries of amounts previously written off	—		10		—		—		10
Balance at June 30, 2024	$	(1)	$	(908)	$	(15)	$	—	$	(924)

The table below presents the amount of gains from recoveries (credit losses) on AFS securities recorded by the Company for the following period:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net gains from recoveries (credit losses) on AFS securities	$	(720)	$	(152)	$	(842)	$	(106)

Schedule of restricted investments

The following table presents the Company's restricted investments included in the Company's AFS securities:

	As of
	June 30, 2024		December 31, 2023
Fair value of restricted investments in trust pursuant to reinsurance agreements	$	29,679	$	49,735
Fair value of restricted investments for special deposits required by state insurance departments	14,121		16,694
Total fair value of restricted investments	$	43,800	$	66,429

Schedule of AFS securities additional information

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Purchases of AFS securities	$	120,839	$	94,841	$	288,772	$	302,653
Proceeds from maturities, calls and prepayments of AFS securities	$	71,652	$	69,829	$	242,079	$	87,999
Gross proceeds from sales of AFS securities	$	5,027	$	38,401	$	19,839	$	39,958

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross realized gains	$	140	$	—	$	140	$	—
Gross realized (losses)	(117)		(2,591)		(233)		(2,956)
Total net realized gains (losses) from investment sales and redemptions	$	23	$	(2,591)	$	(93)	$	(2,956)

Schedule of investments in 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 June 30, 2024								As of December 31, 2023
	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)	$	9,094	$	12,671	$	(3,577)	$	—	$	11,218	$	14,671	$	(3,453)	$	—
Mortgage:
Mortgage loans held for sale (2)	65,232		63,810		1,422		64,528		58,338		56,481		1,857		57,248
Total loans, at fair value	$	74,326	$	76,481	$	(2,155)	$	64,528	$	69,556	$	71,152	$	(1,596)	$	57,248

(1)    The cost basis of Corporate loans was approximately $12,671 and $14,671 at June 30, 2024 and December 31, 2023, respectively.

(2)    As of June 30, 2024, there were three mortgage loans held for sale that were 90 days or more past due. As of December 31, 2023, there were three mortgage loans held for sale that were 90 days or more past due.

The following table presents the total notes and accounts receivable, net:

	As of
	June 30, 2024		December 31, 2023
Accounts and premiums receivable, net	$	351,979	$	260,383
Retrospective commissions receivable	238,395		250,788
Notes receivable, net	145,642		134,131
Other receivables	43,089		39,306
Total notes and accounts receivable, net	$	779,105	$	684,608

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 Ended June 30,				Six Months Ended June 30,
	June 30, 2024		December 31, 2023		2024		2023		2024		2023
Notes receivable, net - premium financing program (1)	$	28	$	46	$	40	$	44	$	85	$	84
Accounts and premiums receivable, net	$	588	$	66	$	153	$	3	$	325	$	12

(1)    As of June 30, 2024 and December 31, 2023, there were $184 and $219 in balances classified as 90 days plus past due, respectively.

Schedule of debt and equity securities

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 June 30, 2024
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Exchange traded funds	$	4,548	$	4,554	$	—	$	—	$	4,548	$	4,554
Other equity securities	50,936		59,648		4,967		5,297		55,903		64,945
Total equity securities	$	55,484	$	64,202	$	4,967	$	5,297	$	60,451	$	69,499

	As of December 31, 2023
	Insurance				Tiptree Capital - Other				Total
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Invesque	$	23,339	$	719	$	111,490	$	3,442	$	134,829	$	4,161
Exchange traded funds	1,339		1,349		—		—		1,339		1,349
Other equity securities	22,741		25,045		29,942		37,753		52,683		62,798
Total equity securities	$	47,419	$	27,113	$	141,432	$	41,195	$	188,851	$	68,308

Schedule of other investments

The following table contains information regarding the Company’s other investments as of the following periods:

	As of June 30, 2024
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Corporate bonds, at fair value (1)	$	9,611	$	—	$	—	$	9,611
Debentures	26,681		—		—		26,681
Investment in credit fund	18,760		—		—		18,760
Other	9		3,879		397		4,285
Total other investments	$	55,061	$	3,879	$	397	$	59,337

	As of December 31, 2023
			Tiptree Capital
	Insurance		Mortgage		Other		Total
Corporate bonds, at fair value (1)	$	62,081	$	—	$	—	$	62,081
Debentures	25,648		—		—		25,648
Investment in credit fund	11,830		—		—		11,830
Other	7,201		3,931		397		11,529
Total other investments	$	106,760	$	3,931	$	397	$	111,088

(1)    The cost basis of corporate bonds was $8,941 and $59,315 as of June 30, 2024 and December 31, 2023, respectively.

Schedule of Components of investment income

The following table presents the components of net investment income by source of income:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest:
AFS securities	$	6,852	$	7,320	$	13,463	$	11,608
Loans, at fair value	15		129		55		254
Other investments	1,261		2,004		3,122		4,079
Dividends from equity securities	186		1,258		272		1,300
Subtotal	8,314		10,711		16,912		17,241
Less: investment expenses	1,933		1,623		3,773		3,044
Net investment income	$	6,381	$	9,088	$	13,139	$	14,197

The following tables present the components of other investment income by type:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest income from Loans, at fair value	$	942	$	777	$	1,758	$	1,387
Loan fee income	4,759		4,149		9,140		7,993
Other	587		1,070		1,606		1,386
Other investment income	$	6,288	$	5,996	$	12,504	$	10,766

Schedule of Components of net realized and unrealized gain (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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net realized gains (losses)
Insurance:
Reclass of unrealized gains (losses) on AFS securities from OCI	$	23	$	(2,591)	$	(93)	$	(2,956)
Net gains from recoveries (credit losses) on AFS securities	—		(152)		—		(106)
Net realized gains (losses) on loans	—		—		58		2
Net realized gains (losses) on equity securities (1)	(23,231)		7		(22,043)		(847)
Net realized gains (losses) on corporate bonds	365		(249)		2,800		(1,224)
Other	2		(356)		(961)		(754)
Tiptree Capital
Mortgage:
Net realized gains (losses) on loans	10,929		11,161		21,752		20,832
Other	(405)		(247)		(246)		136
Other:
Net realized gains (losses) on equity securities (1)	(108,019)		—		(98,529)		—

Total net realized gains (losses)	$	(120,336)	$	7,573	$	(97,262)	$	15,083
Net unrealized gains (losses)
Insurance:
Net change in unrealized gains (losses) on loans	$	—	$	(1,915)	$	(124)	$	(4,073)
Net gains from recoveries (credit losses) on AFS securities	(720)		—		(842)		—
Net unrealized gains (losses) on equity securities held at period end	2,516		1,199		6,149		903
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)	23,231		84		22,567		(14)
Other	359		(406)		(2,147)		82
Tiptree Capital
Mortgage:
Net change in unrealized gains (losses) on loans	10		(737)		(435)		(189)
Other	(398)		1,964		(271)		(1,531)
Other:
Net unrealized gains (losses) on equity securities held at period end	(164)		1,385		279		1,063
Reclass of unrealized (gains) losses from prior periods for equity securities sold (1)	108,080		—		100,288		—
Other	—		(322)		—		(322)
Total net unrealized gains (losses)	132,914		1,252		125,464		(4,081)
Total net realized and unrealized gains (losses)	$	12,578	$	8,825	$	28,202	$	11,002

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

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Notes and Accounts Receivable, net (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of notes and accounts receivable

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 June 30, 2024								As of December 31, 2023
	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)	$	9,094	$	12,671	$	(3,577)	$	—	$	11,218	$	14,671	$	(3,453)	$	—
Mortgage:
Mortgage loans held for sale (2)	65,232		63,810		1,422		64,528		58,338		56,481		1,857		57,248
Total loans, at fair value	$	74,326	$	76,481	$	(2,155)	$	64,528	$	69,556	$	71,152	$	(1,596)	$	57,248

(1)    The cost basis of Corporate loans was approximately $12,671 and $14,671 at June 30, 2024 and December 31, 2023, respectively.

(2)    As of June 30, 2024, there were three mortgage loans held for sale that were 90 days or more past due. As of December 31, 2023, there were three mortgage loans held for sale that were 90 days or more past due.

The following table presents the total notes and accounts receivable, net:

	As of
	June 30, 2024		December 31, 2023
Accounts and premiums receivable, net	$	351,979	$	260,383
Retrospective commissions receivable	238,395		250,788
Notes receivable, net	145,642		134,131
Other receivables	43,089		39,306
Total notes and accounts receivable, net	$	779,105	$	684,608

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 Ended June 30,				Six Months Ended June 30,
	June 30, 2024		December 31, 2023		2024		2023		2024		2023
Notes receivable, net - premium financing program (1)	$	28	$	46	$	40	$	44	$	85	$	84
Accounts and premiums receivable, net	$	588	$	66	$	153	$	3	$	325	$	12

(1)    As of June 30, 2024 and December 31, 2023, there were $184 and $219 in balances classified as 90 days plus past due, respectively.

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Reinsurance Recoverable and Prepaid Reinsurance Premiums (Tables)

6 Months Ended

Jun. 30, 2024

Reinsurance Disclosures [Abstract]

Effects of reinsurance

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

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2024
Premiums written:
Life insurance	$	19,086	$	9,346	$	13	$	9,753	0.1	%
Accident and health insurance	28,693		19,648		9,693		18,738		51.7	%
Property and liability insurance	525,973		286,801		98,234		337,406		29.1	%
Total premiums written	$	573,752	$	315,795	$	107,940	$	365,897	29.5	%
Premiums earned:
Life insurance	$	19,874	$	9,954	$	53	$	9,973	0.5	%
Accident and health insurance	32,287		21,211		9,678		20,754		46.6	%
Property and liability insurance	449,912		232,229		150,057		367,740		40.8	%
Total premiums earned	$	502,073	$	263,394	$	159,788	$	398,467	40.1	%

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2023
Premiums written:
Life insurance	$	20,177	$	10,592	$	60	$	9,645	0.6	%
Accident and health insurance	28,526		19,508		5,931		14,949		39.7	%
Property and liability insurance	452,625		263,820		107,173		295,978		36.2	%
Total premiums written	$	501,328	$	293,920	$	113,164	$	320,572	35.3	%
Premiums earned:
Life insurance	$	20,380	$	10,136	$	71	$	10,315	0.7	%
Accident and health insurance	33,338		22,679		5,942		16,601		35.8	%
Property and liability insurance	340,601		202,434		104,712		242,879		43.1	%
Total premiums earned	$	394,319	$	235,249	$	110,725	$	269,795	41.0	%
Six Months Ended June 30, 2024
Premiums written:
Life insurance	$	36,430	$	18,281	$	244	$	18,393	1.3	%
Accident and health insurance	58,671		39,749		10,108		29,030		34.8	%
Property and liability insurance	935,758		509,465		210,332		636,625		33.0	%
Total premiums written	$	1,030,859	$	567,495	$	220,684	$	684,048	32.3	%
Premiums earned:
Life insurance	$	40,567	$	20,575	$	267	$	20,259	1.3	%
Accident and health insurance	66,357		44,292		10,097		32,162		31.4	%
Property and liability insurance	850,742		448,126		290,740		693,356		41.9	%
Total premiums earned	$	957,666	$	512,993	$	301,104	$	745,777	40.4	%
Six Months Ended June 30, 2023
Premiums written:
Life insurance	$	37,464	$	19,182	$	117	$	18,399	0.6	%
Accident and health insurance	57,770		39,017		11,892		30,645		38.8	%
Property and liability insurance	831,012		486,410		208,072		552,674		37.6	%
Total premiums written	$	926,246	$	544,609	$	220,081	$	601,718	36.6	%
Premiums earned:
Life insurance	$	41,077	$	20,490	$	152	$	20,739	0.7	%
Accident and health insurance	67,719		45,953		11,918		33,684		35.4	%
Property and liability insurance	647,370		375,288		208,620		480,702		43.4	%
Total premiums earned	$	756,166	$	441,731	$	220,690	$	535,125	41.2	%

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

	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
Three Months Ended June 30, 2024
Losses and LAE Incurred
Life insurance	$	10,293	$	5,513	$	10	$	4,790	0.2	%
Accident and health insurance	5,363		2,908		9,614		12,069		79.7	%
Property and liability insurance	248,541		138,287		78,146		188,400		41.5	%
Total losses and LAE incurred	$	264,197	$	146,708	$	87,770	$	205,259	42.8	%
	Member benefit claims (1)						28,716
	Total policy and contract benefits						$	233,975
Three Months Ended June 30, 2023
Losses and LAE Incurred
Life insurance	$	11,338	$	6,218	$	18	$	5,138	0.4	%
Accident and health insurance	6,175		5,091		1,308		2,392		54.7	%
Property and liability insurance	144,238		100,970		64,229		107,497		59.7	%
Total losses and LAE incurred	$	161,751	$	112,279	$	65,555	$	115,027	57.0	%
	Member benefit claims (1)						32,707
	Total policy and contract benefits						$	147,734
Six Months Ended June 30, 2024
Losses and LAE Incurred
Life insurance	$	22,494	$	12,230	$	(21)	$	10,243	(0.2)	%
Accident and health insurance	10,892		6,967		10,485		14,410		72.8	%
Property and liability insurance	430,226		242,682		168,442		355,986		47.3	%
Total losses and LAE incurred	$	463,612	$	261,879	$	178,906	$	380,639	47.0	%
	Member benefit claims (1)						61,000
	Total policy and contract benefits						$	441,639
Six Months Ended June 30, 2023
Losses and LAE Incurred
Life insurance	$	24,583	$	13,422	$	56	$	11,217	0.5	%
Accident and health insurance	12,742		9,595		5,813		8,960		64.9	%
Property and liability insurance	277,928		189,902		121,151		209,177		57.9	%
Total losses and LAE incurred	$	315,253	$	212,919	$	127,020	$	229,354	55.4	%
	Member benefit claims (1)						60,055
	Total policy and contract benefits						$	289,409

(1) Member benefit claims are not covered by reinsurance.

The following table presents the components of the reinsurance recoverable:

	As of
	June 30, 2024		December 31, 2023
Ceded claim reserves:
Life insurance	$	4,405	$	4,733
Accident and health insurance	22,475		22,660
Property and liability insurance	510,140		420,894
Total ceded claim reserves recoverable	537,020		448,287
Other reinsurance settlements recoverable	367,672		505,599
Total reinsurance recoverable	$	904,692	$	953,886

The following table presents the components of prepaid reinsurance premiums:

	As of
	June 30, 2024		December 31, 2023
Prepaid reinsurance premiums:
Life insurance (1)	$	71,780	$	74,815
Accident and health insurance (1)	71,897		76,440
Property and liability insurance	818,482		749,269
Total prepaid reinsurance premiums	$	962,159	$	900,524

(1)    Including policyholder account balances ceded.

Components of reinsurance receivable

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
	June 30, 2024
Total of the three largest receivable balances from non-affiliated reinsurers	$	166,939

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Goodwill and Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets and goodwill

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 June 30, 2024						As of December 31, 2023
Finite-Lived Intangible Assets:	Insurance		Other		Total		Insurance		Other		Total
Customer relationships	$	162,712	$	—	$	162,712	$	162,844	$	—	$	162,844
Accumulated amortization	(81,205)		—		(81,205)		(74,776)		—		(74,776)
Trade names	16,217		800		17,017		16,227		800		17,027
Accumulated amortization	(9,161)		(720)		(9,881)		(8,452)		(680)		(9,132)
Software licensing	17,318		640		17,958		17,372		640		18,012
Accumulated amortization	(10,303)		(640)		(10,943)		(9,891)		(640)		(10,531)
Insurance policies and contracts acquired	36,500		—		36,500		36,500		—		36,500
Accumulated amortization	(36,500)		—		(36,500)		(36,500)		—		(36,500)
Other	1,085		—		1,085		1,088		—		1,088
Accumulated amortization	(669)		—		(669)		(536)		—		(536)
Total finite-lived intangible assets	95,994		80		96,074		103,876		120		103,996
Indefinite-Lived Intangible Assets: (1)
Insurance licensing agreements	13,761		—		13,761		13,761		—		13,761
Other	—		1,000		1,000		—		1,000		1,000
Total indefinite-lived intangible assets	13,761		1,000		14,761		13,761		1,000		14,761
Total intangible assets, net	$	109,755	$	1,080	$	110,835	$	117,637	$	1,120	$	118,757
Goodwill	204,264		1,708		205,972		204,447		1,708		206,155
Total goodwill and intangible assets, net	$	314,019	$	2,788	$	316,807	$	322,084	$	2,828	$	324,912

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

Schedule of 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, 2023	$	204,447	$	1,708	$	206,155
Foreign currency translation and other	(183)		—		(183)
Balance at June 30, 2024	$	204,264	$	1,708	$	205,972

Schedule of identifiable intangible assets

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, 2023	$	117,637	$	1,120	$	118,757
Amortization expense	(7,698)		(40)		(7,738)
Foreign currency translation and other	(184)		—		(184)
Balance at June 30, 2024	$	109,755	$	1,080	$	110,835

Schedule of Finite-lived intangible assets amortization expense

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Amortization expense on intangible assets	$	3,747	$	3,923	$	7,738	$	7,849

Schedule of finite-lived intangible assets, future amortization expense

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 June 30, 2024
	Insurance (1)		Other		Total
Remainder of 2024	$	7,674	$	40	$	7,714
2025	13,240		40		13,280
2026	10,894		—		10,894
2027	9,543		—		9,543
2028	8,341		—		8,341
2029 and thereafter	46,101		—		46,101
Total	$	95,793	$	80	$	95,873

(1)    Does not include foreign currency translation adjustment of $201 as of June 30, 2024.

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Derivative Financial Instruments and Hedging (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gross notional and fair value of derivatives

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

	As of June 30, 2024						As of December 31, 2023
	Notional values		Asset derivatives		Liability derivatives		Notional values		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	142,740	$	3,340	$	—	$	129,675	$	3,818	$	—
Forward delivery contracts	47,605		241		41		19,675		9		98
TBA mortgage-backed securities	161,850		298		178		139,000		104		815
Fortegra Additional Warrants (Warburg)(1)	—		—		8,594		—		—		3,522
Other	87		9		—		24,346		52		68
Total	$	352,282	$	3,888	$	8,813	$	312,696	$	3,983	$	4,503

(1) See Note (16) Stockholders' Equity for additional information.

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Debt, net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of debt

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 June 30, 2024
Corporate debt	Insurance		Mortgage		Total
Secured revolving credit agreements (1)	$	100,500	$	—	$	100,500
Preferred trust securities (LIBOR + 4.10%)	35,000		—		35,000
8.50% Junior subordinated notes	125,000		—		125,000
Total corporate debt	260,500		—		260,500
Asset based debt
Asset based revolving financing (SOFR + 2.75%)	76,139		—		76,139
Residential mortgage warehouse borrowings (1.75% to 2.50% over SOFR) (2)(3)	—		59,287		59,287
Total asset based debt	76,139		59,287		135,426
Total debt, face value	336,639		59,287		395,926
Unamortized deferred financing costs	(8,473)		(115)		(8,588)
Total debt, net	$	328,166	$	59,172	$	387,338
	As of December 31, 2023
Corporate debt	Insurance		Mortgage		Total
Secured revolving credit agreements (1)	$	130,000	$	—	$	130,000
Preferred trust securities (LIBOR + 4.10%)	35,000		—		35,000
8.50% Junior subordinated notes	125,000		—		125,000
Total corporate debt	290,000		—		290,000
Asset based debt
Asset based revolving financing (LIBOR + 2.75%)	67,138		—		67,138
Residential mortgage warehouse borrowings (1.75% to 2.75% over SOFR) (2)(3)	—		54,350		54,350
Total asset based debt	67,138		54,350		121,488
Total debt, face value	357,138		54,350		411,488
Unamortized deferred financing costs	(8,950)		(127)		(9,077)
Total debt, net	$	348,188	$	54,223	$	402,411

(1)    The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of June 30, 2024 and December 31, 2023 was SOFR + 1.50%.

(2)    As of June 30, 2024, 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% or 2.25% over the one month SOFR rate, with a floor of 4.00%, (iii) a $25,000 line of credit at 1.875% over the one month SOFR rate and (iv) a $25,000 line of credit at 1.75% over the one month SOFR rate. As of December 31, 2023, 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 $65,000 line of credit at 1.75%, 2.25% and 2.75% over the one month SOFR rate, with a floor of 4.00%.

(3)    The weighted average coupon rate for residential mortgage warehouse borrowings was 7.18% and 7.15% at June 30, 2024 and December 31, 2023, respectively.

Schedule of interest expense incurred on debt

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest expense - corporate debt	$	5,887	$	4,896	$	11,889	$	9,326
Interest expense - asset based debt	2,128		2,148		4,416		4,183
Total interest expense on debt	$	8,015	$	7,044	$	16,305	$	13,509

Schedule of maturities of long-term debt

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 of June 30, 2024
Remainder of 2024	$	34,665
2025	24,622
2026	76,139
2027	100,500
2028	—
2029 and thereafter	160,000
Total	$	395,926

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair values and carrying values of assets and liabilities and the fair value level(s) associated with them

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

	As of June 30, 2024
	Quoted prices in active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	364,934	$	—	$	364,934
Obligations of state and political subdivisions	—		42,404		—		42,404
Obligations of foreign governments	—		1,247		—		1,247
Certificates of deposit	1,724		—		—		1,724
Asset backed securities	—		24,719		—		24,719
Corporate securities	—		390,195		—		390,195
Total available for sale securities, at fair value	1,724		823,499		—		825,223
Loans, at fair value:
Corporate loans	—		—		9,094		9,094
Mortgage loans held for sale	—		65,232		—		65,232
Total loans, at fair value	—		65,232		9,094		74,326
Equity securities:
Exchange traded funds	4,554		—		—		4,554
Other equity securities	56,946		—		7,999		64,945
Total equity securities	61,500		—		7,999		69,499
Other investments, at fair value:
Corporate bonds	—		9,611		—		9,611
Derivative assets	—		537		3,351		3,888
Other	—		18,760		—		18,760
Total other investments, at fair value	—		28,908		3,351		32,259
Mortgage servicing rights (1)	—		—		42,101		42,101
Total	$	63,224	$	917,639	$	62,545	$	1,043,408
Liabilities: (2)
Derivative liabilities	—		201		18		219
Fortegra Additional Warrants (Warburg)	—		—		8,594		8,594
Contingent consideration payable	—		—		2,586		2,586
Total	$	—	$	201	$	11,198	$	11,399

(1)    Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

(2)    Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

	As of December 31, 2023
	Quoted prices in active markets Level 1		Other significant  observable inputs  Level 2		Significant unobservable inputs Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	470,085	$	—	$	470,085
Obligations of state and political subdivisions	—		45,459		—		45,459
Obligations of foreign governments	—		4,557		—		4,557
Certificates of deposit	1,724		—		—		1,724
Asset backed securities	—		26,171		15		26,186
Corporate securities	—		254,598		—		254,598
Total available for sale securities, at fair value	1,724		800,870		15		802,609
Loans, at fair value:
Corporate loans	—		2,051		9,167		11,218
Mortgage loans held for sale	—		58,338		—		58,338
Total loans, at fair value	—		60,389		9,167		69,556
Equity securities:
Invesque	4,161		—		—		4,161
Exchange traded funds	1,349		—		—		1,349
Other equity securities	55,072		—		7,726		62,798
Total equity securities	60,582		—		7,726		68,308
Other investments, at fair value:
Corporate bonds	—		62,081		—		62,081
Derivative assets	—		162		3,821		3,983
Other	—		18,979		—		18,979
Total other investments, at fair value	—		81,222		3,821		85,043
Mortgage servicing rights (1)	—		—		40,836		40,836
Total	$	62,306	$	942,481	$	61,565	$	1,066,352
Liabilities: (2)
Derivative liabilities	—		937		44		981
Fortegra Additional Warrants (Warburg)	—		—		3,522		3,522
Contingent consideration payable	—		—		2,604		2,604
Total	$	—	$	937	$	6,170	$	7,107

(1)    Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

(2)    Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.

Schedule of additional information about assets that are measured at fair value on a recurring basis for which the company utilized Level 3 inputs to determine fair value

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:    

	For the Six Months Ended June 30,
	2024		2023
Balance at January 1,	$	61,565	$	63,590
Net realized and unrealized gains or losses included in:
Earnings	2,147		(2,706)
OCI	75		2,644
Origination of IRLCs	19,592		22,472
Purchases	—		31
Sales and repayments	—		(6)
Distributions	(764)		—
Conversions to mortgage loans held for sale	(20,070)		(22,310)
Transfer out of Level 3	—		(41)
Conversions to real estate owned	—		81
Balance at June 30,	$	62,545	$	63,755
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$	2,147	$	(5,029)
Changes in unrealized gains (losses) included in OCI related to assets still held at period end	$	75	$	2,644

Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities

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
	June 30, 2024		December 31, 2023		Valuation technique	Unobservable input(s)	June 30, 2024				December 31, 2023
Assets	Fair value						Range			WA (1)	Range			WA (1)
IRLCs	$	3,340	$	3,818	Internal model	Pull through rate	45%	to	95%	61%	45%	to	95%	59%
Mortgage servicing rights	42,101		40,836		External model	Discount rate	10%	to	15%	11%	10%	to	13%	11%
						Cost to service	$65	to	$3,000	$120	$65	to	$3,000	$113
						Prepayment speed	3%	to	83%	9%	3%	to	82%	9%
Equity securities	7,999		7,726		Internal model	Forecast EBITDAR	$1,039,000	to	$1,422,000	N/A	$1,039,000	to	$1,422,000	N/A
Corporate loans	9,094		9,167		External model	Bid marks	$72	to	$73	$72	$71	to	$75	$73
Total	$	62,534	$	61,547
Liabilities
Fortegra Additional Warrants (Warburg)	$	8,594	$	3,522	External Model	Discount rate	3%	to	5%	4.2%	3%	to	5%	3.8%
						Implied Equity Volatility	40%	to	50%	45%	40%	to	50%	45%
Contingent consideration payable	2,586		2,604		Cash Flow model	Forecast Cash EBITDA	$2,500	to	$4,000	N/A	$2,500	to	$4,000	N/A
						Forecast Underwriting EBITDA	$—	to	$2,000	N/A	$—	to	$2,000	N/A
Total	$	11,180	$	6,126

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

Schedule of fair values and carrying values of financial assets and liabilities, and fair value hierarchy

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 June 30, 2024					As of December 31, 2023
	Level within fair value hierarchy	Fair value		Carrying value		Level within fair value hierarchy	Fair value		Carrying value
Assets:
Debentures	2	$	26,681	$	26,681	2	$	25,648	$	25,648
Notes receivable, net	2	145,642		145,642		2	134,131		134,131
Total assets		$	172,323	$	172,323		$	159,779	$	159,779
Liabilities:
Debt	3	$	392,339	$	395,926	3	$	406,801	$	411,488
Total liabilities		$	392,339	$	395,926		$	406,801	$	411,488

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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

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:

	Six Months Ended June 30,
	2024		2023
Policy liabilities and unpaid claims balance as of January 1,	$	844,848	$	567,193
Less: liabilities of policy-holder account balances, gross	(878)		(1,923)
Less: non-insurance warranty benefit claim liabilities	(2,103)		(140)
Gross liabilities for unpaid losses and loss adjustment expenses	841,867		565,130
Less: reinsurance recoverable on unpaid losses - short duration	(448,117)		(266,889)
Less: other lines, gross	(295)		(184)
Net balance as of January 1, short duration	393,455		298,057
Incurred (short duration) related to:
Current year	380,623		226,457
Prior years	(788)		2,455
Total incurred	379,835		228,912
Paid (short duration) related to:
Current year	124,082		93,768
Prior years	104,279		56,437
Total paid	228,361		150,205
Net balance as of June 30, short duration	544,929		376,764
Plus: reinsurance recoverable on unpaid losses - short duration	536,794		343,652
Plus: other lines, gross	225		118
Gross liabilities for unpaid losses and loss adjustment expenses	1,081,948		720,534
Plus: liabilities of policy-holder account balances, gross	—		1,518
Plus: non-insurance warranty benefit claim liabilities	5,255		417
Policy liabilities and unpaid claims balance as of June 30,	$	1,087,203	$	722,469

Schedule of Reconciliation of short duration contracts to total losses incurred

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 Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Short duration incurred	$	204,522	$	114,652	$	379,835	$	228,912
Other lines incurred	162		285		57		282
Unallocated loss adjustment expenses	575		90		747		160
Total losses incurred	$	205,259	$	115,027	$	380,639	$	229,354

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Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of revenue from contracts with customers by product type

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service and Administrative Fees:
Service contract revenue	$	76,179	$	73,014	$	157,002	$	136,184
Motor club revenue	11,116		11,603		22,637		24,119
Other	829		1,171		1,787		2,674
Revenue from contracts with customers	$	88,124	$	85,788	$	181,426	$	162,977

Schedule of activity in deferred assets and liabilities related to revenue from contracts with customers

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, 2024						June 30, 2024
	Beginning balance		Additions		Amortization		Ending balance
Deferred acquisition costs
Service and Administrative Fees:
Service contract revenue	$	201,903	$	62,495	$	54,062	$	210,336
Motor club revenue	16,636		15,497		17,587		14,546
Total	$	218,539	$	77,992	$	71,649	$	224,882

Deferred revenue
Service and Administrative Fees:
Service contract revenue	$	605,425	$	166,484	$	157,002	$	614,907
Motor club revenue	21,677		19,684		22,637		18,724
Other	—		1,765		1,765		—
Total	$	627,102	$	187,933	$	181,404	$	633,631

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Other Assets and Other Liabilities and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other assets

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

	As of
	June 30, 2024		December 31, 2023
Accrued investment income	$	8,757	$	6,269
Loans eligible for repurchase	36,611		32,183
Mortgage servicing rights	42,101		40,836
Right of use assets - operating leases (1)	30,134		31,469
Income tax receivable	1,056		1,275
Furniture, fixtures and equipment, net	28,172		29,624
Prepaid expenses	11,136		12,985
Other	5,185		10,874
Total other assets	$	163,152	$	165,515

(1) See Note (20) Commitments and Contingencies for additional information.

Schedule of depreciation expense

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense related to furniture, fixtures and equipment	$	1,544	$	2,170	$	3,121	$	3,239

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	10,330	$	9,977	$	20,851	$	19,036
Professional fees	6,218		6,428		15,296		14,187
Premium taxes	5,744		5,379		11,119		11,153
Mortgage origination expenses	3,320		3,028		6,480		6,220
Rent and related	4,348		3,804		8,264		7,874
Other	5,590		4,493		14,406		7,450
Total other expenses	$	35,550	$	33,109	$	76,416	$	65,920

Schedule of Components of 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
	June 30, 2024		December 31, 2023
Accounts payable and accrued expenses	$	97,708	$	114,568
Loans eligible for repurchase liability	36,611		32,183
Deferred tax liabilities, net	167,933		139,845
Operating lease liabilities (1)	38,924		40,403
Commissions payable	1,093		36,728
Derivative liabilities	8,813		4,503
Due to broker/trustee	9,715		17,054
Other	18,328		18,460
Total other liabilities and accrued expenses	$	379,125	$	403,744

(1) See Note (20) Commitments and Contingencies for additional information.

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Other Revenue and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of components of other revenue

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Other investment income (1)	$	6,288	$	5,996	$	12,504	$	10,766
Financing interest income	4,739		4,053		9,011		7,940
Other (2)	7,308		3,972		12,118		8,647
Total other revenue	$	18,335	$	14,021	$	33,633	$	27,353

(1)    See Note (5) Investments for the components of Other investment income.

(2)    Includes $6,911 and $3,972 for the three months ended June 30, 2024 and 2023, respectively, and $11,289 and $6,518 for the six months ended June 30, 2024 and 2023, respectively, related to Insurance.

Schedule of components of other expenses

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense related to furniture, fixtures and equipment	$	1,544	$	2,170	$	3,121	$	3,239

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	10,330	$	9,977	$	20,851	$	19,036
Professional fees	6,218		6,428		15,296		14,187
Premium taxes	5,744		5,379		11,119		11,153
Mortgage origination expenses	3,320		3,028		6,480		6,220
Rent and related	4,348		3,804		8,264		7,874
Other	5,590		4,493		14,406		7,450
Total other expenses	$	35,550	$	33,109	$	76,416	$	65,920

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of dividends declared

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

	Dividends per share for the
	Six Months Ended June 30,
	2024		2023
First quarter	$	0.06	$	0.05
Second quarter	0.06		0.05
Total cash dividends declared	$	0.12	$	0.10

Schedule of noncontrolling interest

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

	As of
	June 30, 2024		December 31, 2023
Fortegra preferred interests	$	77,679	$	77,679
Fortegra common interests	103,941		82,020
Total non-controlling interests	$	181,620	$	159,699

Statutory accounting practices disclosure

The combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:

	As of
	June 30, 2024		December 31, 2023
Amount available for ordinary dividends of the Company's insurance company subsidiaries	$	24,327	$	24,327

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Accumulated Other Comprehensive Income (Loss) (AOCI) (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table presents the activity of AFS securities in AOCI, net of tax, for the following periods:

	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, 2022	$	(43,043)	$	(7,311)	$	(50,354)	$	10,925	$	(39,429)
Other comprehensive income (losses) before reclassifications	450		5,632		6,082		(2,116)		3,966
Amounts reclassified from AOCI	2,237		—		2,237		—		2,237
OCI	2,687		5,632		8,319		(2,116)		6,203
Balance at June 30, 2023	$	(40,356)	$	(1,679)	$	(42,035)	$	8,809	$	(33,226)
Balance at December 31, 2023	$	(32,145)	$	(98)	$	(32,243)	$	6,170	$	(26,073)
Other comprehensive income (losses) before reclassifications	(3,336)		(1,091)		(4,427)		1,215		(3,212)
Amounts reclassified from AOCI	69		—		69		—		69
OCI	(3,267)		(1,091)		(4,358)		1,215		(3,143)
Balance at June 30, 2024	$	(35,412)	$	(1,189)	$	(36,601)	$	7,385	$	(29,216)

Schedule of Reclassification out of accumulated other comprehensive income

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 Ended June 30,				Six Months Ended June 30,				Affected line item in condensed consolidated statements of operations
Components of AOCI	2024		2023		2024		2023
Unrealized gains (losses) on available for sale securities	$	23	$	(2,591)	$	(93)	$	(2,956)	Net realized and unrealized gains (losses)
Related tax (expense) benefit	(6)		633		24		719		Provision for income tax
Net of tax	$	17	$	(1,958)	$	(69)	$	(2,237)

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Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of changes to issuances under 2017 equity plan

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, 2023	2,260,550
RSU, stock and option awards granted	(87,403)
Forfeited	11,485
PRSU awards granted	(1,420,833)
Available for issuance as of June 30, 2024	763,799

Summary of changes RSUs and option activity

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, 2023	253,231	$	14.25
Granted	87,403	16.45
Vested	(40,513)	14.22
Forfeited	(11,485)	10.54
Unvested units as of June 30, 2024 (1)	288,636	$	15.23

(1) Includes 139,888, 71,818 and 76,930 shares that vest in 2025, 2026 and 2027, respectively.

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

	Six Months Ended June 30,			Six Months Ended June 30,
Granted	2024	2023	Vested	2024	2023
Directors	9,043	15,661	Directors	9,043	15,661
Employees	78,360	81,874	Employees	31,470	329,650
Total Granted	87,403	97,535	Total Vested	40,513	345,311
			Taxes	(11,395)	(43,322)
			Net Vested	29,118	301,989

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

	Options outstanding	Weighted average exercise price (in dollars per stock option)		Weighted average grant date value (in dollars per stock option)		Options exercisable
Balance, December 31, 2023	1,583,873	$	6.51	$	2.25	1,225,083
Balance, June 30, 2024	1,583,873	$	6.51	$	2.25	1,442,114
Weighted average remaining contractual term at June 30, 2024 (in years)	3.8

Schedule of performance restricted stock units, share price target

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 $19.44 as adjusted for cumulative dividends paid to date).

Original Tiptree Share Price Target	Number of PRSUs that Vest
$20	516,667
$30	775,000
$45	1,033,333
$60	1,291,667
$70	1,420,833

Schedule of assumptions used to estimate the fair values of the PRSUs granted

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

Summary of changes to issuances of subsidiary RSU's under subsidiary incentive plan

The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:

	Grant date fair value of equity shares issuable
Unvested balance as of December 31, 2023	$	20,609
Granted	1,670
Vested	(2,475)
Performance assumption adjustment	171
Unvested balance as of June 30, 2024	$	19,975

Schedule of stock-based compensation expense and related income tax benefit

The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Employee compensation and benefits	$	3,338	$	1,880	$	7,114	$	4,094
Director compensation	69		103		138		209
Income tax benefit	(715)		(416)		(1,523)		(903)
Net stock based compensation expense	$	2,692	$	1,567	$	5,729	$	3,400

Schedule of additional information on total non-vested stock-based compensation

Additional information on total non-vested stock based compensation is as follows:

	As of June 30, 2024
	Subsidiary Stock options		Restricted stock awards and RSUs		Performance Restricted Stock Units
Unrecognized compensation cost related to non-vested awards (1)	$	16,916	$	2,453	$	14,680
Weighted - average recognition period (in years)	2.0		0.8		1.5

(1)    Includes unrecognized compensation cost of $16,916 related to stock options, $1,327 related to RSUs, and $444 related to PRSUs at The Fortegra Group.

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of income tax expense (benefit)

The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
Total income tax expense (benefit)	$	18,673			$	11,824			$	32,491			$	16,846
Effective tax rate (ETR)	45.9		%	(1)	50.0		%	(1)	46.2		%	(1)	52.9		%	(1)

(1) Higher than the U.S. federal statutory income tax rate of 21% primarily due to the impact of outside basis deferred taxes on Tiptree’s investment in Fortegra and other discrete items.

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of 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,
	2024		2023		2024		2023
Rent expense for office leases	$	1,967	$	2,009	$	3,957	$	4,078

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of reconciliation of basic and diluted net income per common share

The following table presents a reconciliation of basic and diluted net income per common share for the following periods:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	21,973	$	11,850	$	37,854	$	15,001
Less:
Net income (loss) attributable to non-controlling interests	9,122		5,861		15,953		10,074
Net income allocated to participating securities	104		41		177		45
Net income (loss) attributable to Tiptree Inc. common shares - basic	12,747		5,948		21,724		4,882
Effect of Dilutive Securities:
Securities of subsidiaries	(1,133)		10		(1,407)		95
Adjustments to income relating to exchangeable interests and contingent considerations, net of tax	2		1		4		1
Net income (loss) attributable to Tiptree Inc. common shares - diluted	$	11,616	$	5,959	$	20,321	$	4,978
Weighted average number of shares of common stock outstanding - basic	36,785,305		36,742,295		36,777,557		36,633,226
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations	967,377		843,516		989,016		876,434
Weighted average number of shares of common stock outstanding - diluted	37,752,682		37,585,811		37,766,573		37,509,660
Basic net income (loss) attributable to common shares	$	0.35	$	0.16	$	0.59	$	0.13
Diluted net income (loss) attributable to common shares	$	0.31	$	0.16	$	0.54	$	0.13

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Organization (Details) $ in Thousands		1 Months Ended		6 Months Ended
	Jun. 21, 2022 USD ($)	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2024 segment
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of reportable segments | segment				2
Fortegra
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
WP transaction, issuance of equity value			$ 30,044
Warburg | Fortegra
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
WP transaction, issuance of equity value	$ 200,000	$ 9,889
Ownership percentage by noncontrolling owners				17.70%
Tiptree Holdings | Fortegra
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by parent				79.30%
Fortegra Directors | Fortegra
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
WP transaction, issuance of equity value		$ 67
Ownership percentage by noncontrolling owners				3.00%

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Acquisitions (Details) - USD ($) $ in Thousands		6 Months Ended
	Feb. 06, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Payment to acquire businesses, net		$ 0	$ 19,726
Accumulated impairment		$ 110,835		$ 118,757
Premia Solutions Limited
Business Acquisition [Line Items]
Payment to acquire businesses, net	$ 19,726
Cash acquired from acquisition	3,873
Goodwill acquired	18,359
Accumulated impairment	$ 18,152

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Operating Segment Data - Schedule of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 546,673	$ 404,518	$ 1,044,894	$ 786,143
Total expenses	(506,027)	(380,844)	(974,549)	(754,296)
Income (loss) before taxes	40,646	23,674	70,345	31,847
Less: provision (benefit) for income taxes	18,673	11,824	32,491	16,846
Net income (loss)	21,973	11,850	37,854	15,001
Less: net income (loss) attributable to non-controlling interests	9,122	5,861	15,953	10,074
Net income (loss) attributable to common stockholders	12,851	5,989	21,901	4,927
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	546,673	404,518	1,044,894	786,143
Total expenses	(494,683)	(371,334)	(952,347)	(734,637)
Other
Segment Reporting Information [Line Items]
Total revenues	848	2,774	4,422	4,394
Total expenses	(636)	(1,319)	(1,217)	(1,497)
Income (loss) before taxes	212	1,455	3,205	2,897
Corporate
Segment Reporting Information [Line Items]
Total expenses	(11,344)	(9,510)	(22,202)	(19,659)
Insurance | Operating segments
Segment Reporting Information [Line Items]
Total revenues	529,942	384,677	1,008,698	753,121
Total expenses	(478,692)	(354,260)	(920,637)	(703,259)
Income (loss) before taxes	51,250	30,417	88,061	49,862
Mortgage | Operating segments
Segment Reporting Information [Line Items]
Total revenues	15,883	17,067	31,774	28,628
Total expenses	(15,355)	(15,755)	(30,493)	(29,881)
Income (loss) before taxes	$ 528	$ 1,312	$ 1,281	$ (1,253)

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Operating Segment Data - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue | Geographic risk | Non-US
Concentration Risk [Line Items]
Concentration risk percentage	4.20%	6.80%	4.60%	5.40%

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Operating Segment Data - Schedule of Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 5,304,710	$ 5,139,313
Other
Segment Reporting Information [Line Items]
Total assets	63,847	126,624
Corporate
Segment Reporting Information [Line Items]
Total assets	23,560	16,857
Insurance | Operating segments
Segment Reporting Information [Line Items]
Total assets	5,044,987	4,835,685
Mortgage | Operating segments
Segment Reporting Information [Line Items]
Total assets	$ 172,316	$ 160,147

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Investments - Schedule of Investments by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Available for sale securities, at fair value, net of allowance for credit losses	$ 825,223	$ 802,609
Loans, at fair value	74,326	69,556
Equity securities	69,499	68,308
Other investments	59,337	111,088
Total investments	1,028,385	1,051,561
Other
Segment Reporting Information [Line Items]
Available for sale securities, at fair value, net of allowance for credit losses	31,221	30,474
Loans, at fair value	0	0
Equity securities	5,297	41,195
Other investments	397	397
Total investments	36,915	72,066
Insurance | Operating segments
Segment Reporting Information [Line Items]
Available for sale securities, at fair value, net of allowance for credit losses	794,002	772,135
Loans, at fair value	9,094	11,218
Equity securities	64,202	27,113
Other investments	55,061	106,760
Total investments	922,359	917,226
Mortgage | Operating segments
Segment Reporting Information [Line Items]
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Loans, at fair value	65,232	58,338
Equity securities	0	0
Other investments	3,879	3,931
Total investments	$ 69,111	$ 62,269

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Investments - Schedule of Available-for-sale Securities, at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 871,364	$ 842,158
Allowance for credit losses	(924)	(84)	$ (296)	$ (190)
Gross unrealized gains	1,473	3,014
Gross unrealized losses	(46,690)	(42,479)
Fair value	825,223	802,609
U.S. Treasury securities and obligations of U.S. government authorities and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized cost	395,954	496,731
Allowance for credit losses	0	0
Gross unrealized gains	68	515
Gross unrealized losses	(31,088)	(27,161)
Fair value	364,934	470,085
Obligations of state and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized cost	45,838	48,762
Allowance for credit losses	(1)	(1)	(2)	(3)
Gross unrealized gains	0	51
Gross unrealized losses	(3,433)	(3,353)
Fair value	42,404	45,459
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	398,759	260,961
Allowance for credit losses	(908)	(73)	(273)	(183)
Gross unrealized gains	1,401	2,445
Gross unrealized losses	(9,057)	(8,735)
Fair value	390,195	254,598
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	27,694	29,275
Allowance for credit losses	(15)	(10)	(21)	(1)
Gross unrealized gains	4	3
Gross unrealized losses	(2,964)	(3,082)
Fair value	24,719	26,186
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost	1,724	1,724
Allowance for credit losses	0	0
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair value	1,724	1,724
Obligations of foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	1,395	4,705
Allowance for credit losses	0	0	$ 0	$ (3)
Gross unrealized gains	0	0
Gross unrealized losses	(148)	(148)
Fair value	$ 1,247	$ 4,557

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Investments - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 110,579	$ 247,613
Due after one year through five years	418,472	318,763
Due after five years through ten years	117,672	46,377
Due after ten years	196,947	200,130
Asset backed securities	27,694	29,275
Amortized cost	871,364	842,158
Fair value
Due in one year or less	109,533	246,489
Due after one year through five years	405,984	307,423
Due after five years through ten years	101,097	39,221
Due after ten years	183,890	183,290
Asset backed securities	24,719	26,186
Total	$ 825,223	$ 802,609

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Investments - Schedule of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Less than or equal to one year, fair value	$ 270,235	$ 198,386
Less than or equal to one year, gross unrealized losses	$ (1,654)	$ (11,715)
Less than or equal to one year, number of securities | security	836	1,427
More than one year, fair value	$ 410,263	$ 308,600
More than one year, gross unrealized loss	$ (45,036)	$ (30,764)
More than one year, number of securities | security	1,320	895
U.S. Treasury securities and obligations of U.S. government authorities and agencies
Debt Securities, Available-for-sale [Line Items]
Less than or equal to one year, fair value	$ 100,122	$ 109,011
Less than or equal to one year, gross unrealized losses	$ (463)	$ (6,522)
Less than or equal to one year, number of securities | security	248	459
More than one year, fair value	$ 234,051	$ 185,950
More than one year, gross unrealized loss	$ (30,625)	$ (20,639)
More than one year, number of securities | security	632	480
Obligations of state and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Less than or equal to one year, fair value	$ 5,021	$ 537
Less than or equal to one year, gross unrealized losses	$ (53)	$ (53)
Less than or equal to one year, number of securities | security	28	43
More than one year, fair value	$ 37,383	$ 39,319
More than one year, gross unrealized loss	$ (3,380)	$ (3,300)
More than one year, number of securities | security	121	131
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than or equal to one year, fair value	$ 165,043	$ 83,747
Less than or equal to one year, gross unrealized losses	$ (1,138)	$ (4,881)
Less than or equal to one year, number of securities | security	551	868
More than one year, fair value	$ 113,967	$ 57,679
More than one year, gross unrealized loss	$ (7,919)	$ (3,854)
More than one year, number of securities | security	426	148
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Less than or equal to one year, fair value	$ 49	$ 2,187
Less than or equal to one year, gross unrealized losses	$ 0	$ (259)
Less than or equal to one year, number of securities | security	6	54
More than one year, fair value	$ 23,615	$ 23,999
More than one year, gross unrealized loss	$ (2,964)	$ (2,823)
More than one year, number of securities | security	135	129
Obligations of foreign governments
Debt Securities, Available-for-sale [Line Items]
Less than or equal to one year, fair value	$ 0	$ 2,904
Less than or equal to one year, gross unrealized losses	$ 0	$ 0
Less than or equal to one year, number of securities | security	3	3
More than one year, fair value	$ 1,247	$ 1,653
More than one year, gross unrealized loss	$ (148)	$ (148)
More than one year, number of securities | security	6	7

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Investments - Schedule of the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ (84)	$ (190)
(Increase) in allowance for credit losses			(171)	(240)
Additions for AFS securities purchased with credit deterioration during the year			(679)
Gains from recoveries of amounts previously written off			10	134
Ending balance	$ (924)	$ (296)	(924)	(296)
Net gains from recoveries (credit losses) on AFS securities	(720)	(152)	(842)	(106)
Obligations of state and political subdivisions
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning balance			(1)	(3)
(Increase) in allowance for credit losses			0	0
Additions for AFS securities purchased with credit deterioration during the year			0
Gains from recoveries of amounts previously written off			0	1
Ending balance	(1)	(2)	(1)	(2)
Corporate securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning balance			(73)	(183)
(Increase) in allowance for credit losses			(166)	(219)
Additions for AFS securities purchased with credit deterioration during the year			(679)
Gains from recoveries of amounts previously written off			10	129
Ending balance	(908)	(273)	(908)	(273)
Asset backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning balance			(10)	(1)
(Increase) in allowance for credit losses			(5)	(21)
Additions for AFS securities purchased with credit deterioration during the year			0
Gains from recoveries of amounts previously written off			0	1
Ending balance	(15)	(21)	(15)	(21)
Obligations of foreign governments
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning balance			0	(3)
(Increase) in allowance for credit losses			0	0
Additions for AFS securities purchased with credit deterioration during the year			0
Gains from recoveries of amounts previously written off			0	3
Ending balance	$ 0	$ 0	$ 0	$ 0

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Investments - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fair value of restricted investments in trust pursuant to reinsurance agreements	$ 29,679	$ 49,735
Fair value of restricted investments for special deposits required by state insurance departments	14,121	16,694
Total fair value of restricted investments	$ 43,800	$ 66,429

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Investments - Schedule of Available for Sale Investment Purchases, Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Purchases of AFS securities	$ 120,839	$ 94,841	$ 288,772	$ 302,653
Proceeds from maturities, calls and prepayments of AFS securities	71,652	69,829	242,079	87,999
Gross proceeds from sales of AFS securities	5,027	38,401	19,839	39,958
Gross realized gains	140	0	140	0
Gross realized (losses)	(117)	(2,591)	(233)	(2,956)
Total net realized gains (losses) from investment sales and redemptions	$ 23	$ (2,591)	$ (93)	$ (2,956)

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Investments - Loans, at fair value - Schedule of the Company's Investment in Loans Measured at Fair Value (Details) $ in Thousands	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value	$ 74,326	$ 69,556
Unpaid principal balance (UPB)	76,481	71,152
Fair value exceeds / (below) UPB	(2,155)	(1,596)
Pledged as collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value	$ 64,528	$ 57,248
Mortgage loans held for sale | 90 days or more past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans past due | loan	3	3
Insurance | Corporate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value	$ 9,094	$ 11,218
Unpaid principal balance (UPB)	12,671	14,671
Fair value exceeds / (below) UPB	(3,577)	(3,453)
Insurance | Corporate loans | Pledged as collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value	0	0
Mortgage | Mortgage loans held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value	65,232	58,338
Unpaid principal balance (UPB)	63,810	56,481
Fair value exceeds / (below) UPB	1,422	1,857
Mortgage | Mortgage loans held for sale | Pledged as collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, at fair value	$ 64,528	$ 57,248

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Investments - Equity securities - Debt Securities, Trading, and Equity Securities (Details) - USD ($) shares in Thousands, $ in Thousands	Apr. 15, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost		$ 60,451	$ 188,851
Fair Value		69,499	68,308
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost		4,967	141,432
Fair Value		5,297	41,195
Insurance | Operating segments
Debt and Equity Securities, FV-NI [Line Items]
Cost		55,484	47,419
Fair Value		64,202	27,113
Exchange traded funds
Debt and Equity Securities, FV-NI [Line Items]
Cost		4,548	1,339
Fair Value		4,554	1,349
Exchange traded funds | Other
Debt and Equity Securities, FV-NI [Line Items]
Cost		0	0
Fair Value		0	0
Exchange traded funds | Insurance | Operating segments
Debt and Equity Securities, FV-NI [Line Items]
Cost		4,548	1,339
Fair Value		4,554	1,349
Other equity securities
Debt and Equity Securities, FV-NI [Line Items]
Cost		55,903	52,683
Fair Value		64,945	62,798
Other equity securities | Other
Debt and Equity Securities, FV-NI [Line Items]
Cost		4,967	29,942
Fair Value		5,297	37,753
Other equity securities | Insurance | Operating segments
Debt and Equity Securities, FV-NI [Line Items]
Cost		50,936	22,741
Fair Value		$ 59,648	$ 25,045
Invesque
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, shares held	16,980		16,980
Proceeds from sale of equity securities	$ 625
Equity securities, realized loss	$ 134,204
Cost			$ 134,829
Fair Value			4,161
Invesque | Other
Debt and Equity Securities, FV-NI [Line Items]
Cost			111,490
Fair Value			3,442
Invesque | Insurance | Operating segments
Debt and Equity Securities, FV-NI [Line Items]
Cost			23,339
Fair Value			$ 719

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Investments - Other investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investment Holdings, Other than Securities [Line Items]
Other investments	$ 59,337	$ 111,088
Other
Investment Holdings, Other than Securities [Line Items]
Other investments	397	397
Insurance | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	55,061	106,760
Mortgage | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	3,879	3,931
Corporate bonds, at fair value
Investment Holdings, Other than Securities [Line Items]
Other investments	9,611	62,081
Corporate bonds, at fair value | Other
Investment Holdings, Other than Securities [Line Items]
Other investments	0	0
Corporate bonds, at fair value | Insurance | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	9,611	62,081
Investment owned, at cost	8,941	59,315
Corporate bonds, at fair value | Mortgage | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	0	0
Debentures
Investment Holdings, Other than Securities [Line Items]
Other investments	26,681	25,648
Debentures | Other
Investment Holdings, Other than Securities [Line Items]
Other investments	0	0
Debentures | Insurance | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	26,681	25,648
Debentures | Mortgage | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	0	0
Investment in credit fund
Investment Holdings, Other than Securities [Line Items]
Other investments	18,760	11,830
Investment in credit fund | Other
Investment Holdings, Other than Securities [Line Items]
Other investments	0	0
Investment in credit fund | Insurance | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	18,760	11,830
Investment in credit fund | Mortgage | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	0	0
Other
Investment Holdings, Other than Securities [Line Items]
Other investments	4,285	11,529
Other | Other
Investment Holdings, Other than Securities [Line Items]
Other investments	397	397
Other | Insurance | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	9	7,201
Other | Mortgage | Operating segments
Investment Holdings, Other than Securities [Line Items]
Other investments	$ 3,879	$ 3,931

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Investments - Net Investment Income - Insurance - Components of Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Investments [Line Items]
Net investment income	$ 6,381	$ 9,088	$ 13,139	$ 14,197
Other revenue	18,335	14,021	33,633	27,353
Insurance
Schedule of Investments [Line Items]
Subtotal	8,314	10,711	16,912	17,241
Less: investment expenses	1,933	1,623	3,773	3,044
Net investment income	6,381	9,088	13,139	14,197
Insurance | AFS securities
Schedule of Investments [Line Items]
Investment income, gross	6,852	7,320	13,463	11,608
Insurance | Loans, at fair value
Schedule of Investments [Line Items]
Investment income, gross	15	129	55	254
Insurance | Other investments
Schedule of Investments [Line Items]
Investment income, gross	1,261	2,004	3,122	4,079
Insurance | Dividends from equity securities
Schedule of Investments [Line Items]
Investment income, gross	186	1,258	272	1,300
Mortgage
Schedule of Investments [Line Items]
Other revenue	6,288	5,996	12,504	10,766
Mortgage | Loans, at fair value
Schedule of Investments [Line Items]
Other revenue	942	777	1,758	1,387
Mortgage | Loans, at fair value | Loan fee income
Schedule of Investments [Line Items]
Other revenue	4,759	4,149	9,140	7,993
Mortgage | Other investments
Schedule of Investments [Line Items]
Other revenue	$ 587	$ 1,070	$ 1,606	$ 1,386

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Investments - Components of Net Realized and Unrealized Gain (Losses) (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 15, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net realized gains (losses)		$ (120,336)	$ 7,573	$ (97,262)	$ 15,083
Net unrealized gains (losses)		132,914	1,252	125,464	(4,081)
Total net realized and unrealized gains (losses)		12,578	8,825	28,202	11,002
Invesque
Segment Reporting Information [Line Items]
Equity securities, shares held	16,980					16,980
Proceeds from sale of equity securities	$ 625
Equity securities, realized loss	$ 134,204
Reclass of unrealized gains (losses) on AFS securities from OCI | Insurance | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		23	(2,591)	(93)	(2,956)
AFS securities | Insurance | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		0	(152)	0	(106)
Net unrealized gains (losses)		(720)	0	(842)	0
Corporate loans | Insurance | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		0	0	58	2
Net unrealized gains (losses)		0	(1,915)	(124)	(4,073)
Corporate loans | Mortgage | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		10,929	11,161	21,752	20,832
Net unrealized gains (losses)		10	(737)	(435)	(189)
Equity securities | Other
Segment Reporting Information [Line Items]
Net realized gains (losses)		(108,019)	0	(98,529)	0
Net unrealized gains (losses)		(164)	1,385	279	1,063
Equity securities | Insurance | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		(23,231)	7	(22,043)	(847)
Net unrealized gains (losses)		2,516	1,199	6,149	903
Reclass of equity securities sold | Other
Segment Reporting Information [Line Items]
Net unrealized gains (losses)		108,080	0	100,288	0
Reclass of equity securities sold | Insurance | Operating segments
Segment Reporting Information [Line Items]
Net unrealized gains (losses)		23,231	84	22,567	(14)
Corporate bonds | Insurance | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		365	(249)	2,800	(1,224)
Other | Other
Segment Reporting Information [Line Items]
Net unrealized gains (losses)		0	(322)	0	(322)
Other | Insurance | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		2	(356)	(961)	(754)
Net unrealized gains (losses)		359	(406)	(2,147)	82
Other | Mortgage | Operating segments
Segment Reporting Information [Line Items]
Net realized gains (losses)		(405)	(247)	(246)	136
Net unrealized gains (losses)		$ (398)	$ 1,964	$ (271)	$ (1,531)

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Notes and Accounts Receivable, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and premiums receivable, net	$ 351,979		$ 351,979		$ 260,383
Retrospective commissions receivable	238,395		238,395		250,788
Notes receivable, net	145,642		145,642		134,131
Other receivables	43,089		43,089		39,306
Total notes and accounts receivable, net	779,105		779,105		684,608
Notes receivable, net - premium financing program , valuation allowance	28		28		46
Notes receivable, net - premium financing program , bad debt expense	40	$ 44	85	$ 84
Accounts and premiums receivable, net, valuation allowance	588		588		66
Accounts and premiums receivable, net, bad debt expense	153	$ 3	325	$ 12
90 days or more past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, 90 days plus past due	$ 184		$ 184		$ 219

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Reinsurance Recoverable and Prepaid Reinsurance Premiums - Schedule of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Premiums written:
Direct Amount	$ 573,752	$ 501,328	$ 1,030,859	$ 926,246
Ceded to Other Companies	315,795	293,920	567,495	544,609
Assumed from Other Companies	107,940	113,164	220,684	220,081
Net Amount	$ 365,897	$ 320,572	$ 684,048	$ 601,718
Percentage of Amount - Assumed to Net	29.50%	35.30%	32.30%	36.60%
Premiums earned:
Direct Amount	$ 502,073	$ 394,319	$ 957,666	$ 756,166
Ceded to Other Companies	263,394	235,249	512,993	441,731
Assumed from Other Companies	159,788	110,725	301,104	220,690
Net Amount	$ 398,467	$ 269,795	$ 745,777	$ 535,125
Percentage of Amount - Assumed to Net	40.10%	41.00%	40.40%	41.20%
Life insurance
Premiums written:
Direct Amount	$ 19,086	$ 20,177	$ 36,430	$ 37,464
Ceded to Other Companies	9,346	10,592	18,281	19,182
Assumed from Other Companies	13	60	244	117
Net Amount	$ 9,753	$ 9,645	$ 18,393	$ 18,399
Percentage of Amount - Assumed to Net	0.10%	0.60%	1.30%	0.60%
Premiums earned:
Direct Amount	$ 19,874	$ 20,380	$ 40,567	$ 41,077
Ceded to Other Companies	9,954	10,136	20,575	20,490
Assumed from Other Companies	53	71	267	152
Net Amount	$ 9,973	$ 10,315	$ 20,259	$ 20,739
Percentage of Amount - Assumed to Net	0.50%	0.70%	1.30%	0.70%
Accident and health insurance
Premiums written:
Direct Amount	$ 28,693	$ 28,526	$ 58,671	$ 57,770
Ceded to Other Companies	19,648	19,508	39,749	39,017
Assumed from Other Companies	9,693	5,931	10,108	11,892
Net Amount	$ 18,738	$ 14,949	$ 29,030	$ 30,645
Percentage of Amount - Assumed to Net	51.70%	39.70%	34.80%	38.80%
Premiums earned:
Direct Amount	$ 32,287	$ 33,338	$ 66,357	$ 67,719
Ceded to Other Companies	21,211	22,679	44,292	45,953
Assumed from Other Companies	9,678	5,942	10,097	11,918
Net Amount	$ 20,754	$ 16,601	$ 32,162	$ 33,684
Percentage of Amount - Assumed to Net	46.60%	35.80%	31.40%	35.40%
Property and liability insurance
Premiums written:
Direct Amount	$ 525,973	$ 452,625	$ 935,758	$ 831,012
Ceded to Other Companies	286,801	263,820	509,465	486,410
Assumed from Other Companies	98,234	107,173	210,332	208,072
Net Amount	$ 337,406	$ 295,978	$ 636,625	$ 552,674
Percentage of Amount - Assumed to Net	29.10%	36.20%	33.00%	37.60%
Premiums earned:
Direct Amount	$ 449,912	$ 340,601	$ 850,742	$ 647,370
Ceded to Other Companies	232,229	202,434	448,126	375,288
Assumed from Other Companies	150,057	104,712	290,740	208,620
Net Amount	$ 367,740	$ 242,879	$ 693,356	$ 480,702
Percentage of Amount - Assumed to Net	40.80%	43.10%	41.90%	43.40%

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Reinsurance Recoverable and Prepaid Reinsurance Premiums - Schedule of Losses and LAE Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effects of Reinsurance [Line Items]
Direct Amount	$ 264,197	$ 161,751	$ 463,612	$ 315,253
Ceded to Other Companies	146,708	112,279	261,879	212,919
Assumed from Other Companies	87,770	65,555	178,906	127,020
Net Amount	205,259	115,027	380,639	229,354
Member benefit claims	28,716	32,707	61,000	60,055
Total policy and contract benefits	$ 233,975	$ 147,734	$ 441,639	$ 289,409
Percentage of Amount - Assumed to Net	42.80%	57.00%	47.00%	55.40%
Life insurance
Effects of Reinsurance [Line Items]
Direct Amount	$ 10,293	$ 11,338	$ 22,494	$ 24,583
Ceded to Other Companies	5,513	6,218	12,230	13,422
Assumed from Other Companies	10	18		56
Net Amount	$ 4,790	$ 5,138	$ 10,243	$ 11,217
Percentage of Amount - Assumed to Net	0.20%	0.40%	(0.20%)	0.50%
Life insurance | True up
Effects of Reinsurance [Line Items]
Assumed from Other Companies			$ (21)
Accident and health insurance
Effects of Reinsurance [Line Items]
Direct Amount	$ 5,363	$ 6,175	10,892	$ 12,742
Ceded to Other Companies	2,908	5,091	6,967	9,595
Assumed from Other Companies	9,614	1,308	10,485	5,813
Net Amount	$ 12,069	$ 2,392	$ 14,410	$ 8,960
Percentage of Amount - Assumed to Net	79.70%	54.70%	72.80%	64.90%
Property and liability insurance
Effects of Reinsurance [Line Items]
Direct Amount	$ 248,541	$ 144,238	$ 430,226	$ 277,928
Ceded to Other Companies	138,287	100,970	242,682	189,902
Assumed from Other Companies	78,146	64,229	168,442	121,151
Net Amount	$ 188,400	$ 107,497	$ 355,986	$ 209,177
Percentage of Amount - Assumed to Net	41.50%	59.70%	47.30%	57.90%

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Reinsurance Recoverable and Prepaid Reinsurance Premiums - Schedule of the Components of Reinsurance Receivables and Prepaid Reinsurance Premiums (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Total ceded claim reserves recoverable	$ 537,020	$ 448,287
Other reinsurance settlements recoverable	367,672	505,599
Total reinsurance recoverable	904,692	953,886
Prepaid reinsurance premiums	962,159	900,524
Life insurance
Effects of Reinsurance [Line Items]
Total ceded claim reserves recoverable	4,405	4,733
Prepaid reinsurance premiums	71,780	74,815
Accident and health insurance
Effects of Reinsurance [Line Items]
Total ceded claim reserves recoverable	22,475	22,660
Prepaid reinsurance premiums	71,897	76,440
Property and liability insurance
Effects of Reinsurance [Line Items]
Total ceded claim reserves recoverable	510,140	420,894
Prepaid reinsurance premiums	$ 818,482	$ 749,269

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Reinsurance Recoverable and Prepaid Reinsurance Premiums - Schedule of Reinsurance Receivables - Aggregate of Three Largest Reinsurers (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Customer concentration risk | Non-affiliated reinsurers with three largest receivable balance
Concentration Risk [Line Items]
Total of the three largest receivable balances from non-affiliated reinsurers	$ 166,939

XML

Goodwill and Intangible Assets, net - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Intangible Assets, Net [Line Items]
Total finite-lived intangible assets	$ 96,074	$ 103,996
Total indefinite-lived intangible assets	14,761	14,761
Total intangible assets, net	110,835	118,757
Goodwill	205,972	206,155
Total goodwill and intangible assets, net	316,807	324,912
Other
Schedule of Intangible Assets, Net [Line Items]
Total finite-lived intangible assets	80	120
Total indefinite-lived intangible assets	1,000	1,000
Total intangible assets, net	1,080	1,120
Goodwill	1,708	1,708
Total goodwill and intangible assets, net	2,788	2,828
Insurance licensing agreements
Schedule of Intangible Assets, Net [Line Items]
Total indefinite-lived intangible assets	13,761	13,761
Insurance licensing agreements | Other
Schedule of Intangible Assets, Net [Line Items]
Total indefinite-lived intangible assets	0	0
Other
Schedule of Intangible Assets, Net [Line Items]
Total indefinite-lived intangible assets	1,000	1,000
Other | Other
Schedule of Intangible Assets, Net [Line Items]
Total indefinite-lived intangible assets	1,000	1,000
Customer relationships
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	162,712	162,844
Accumulated amortization	(81,205)	(74,776)
Customer relationships | Other
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	0	0
Accumulated amortization	0	0
Trade names
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	17,017	17,027
Accumulated amortization	(9,881)	(9,132)
Trade names | Other
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	800	800
Accumulated amortization	(720)	(680)
Software licensing
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	17,958	18,012
Accumulated amortization	(10,943)	(10,531)
Software licensing | Other
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	640	640
Accumulated amortization	(640)	(640)
Insurance policies and contracts acquired
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	36,500	36,500
Accumulated amortization	(36,500)	(36,500)
Insurance policies and contracts acquired | Other
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	0	0
Accumulated amortization	0	0
Other
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	1,085	1,088
Accumulated amortization	(669)	(536)
Other | Other
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	0	0
Accumulated amortization	0	0
Insurance | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Total finite-lived intangible assets	95,994	103,876
Total indefinite-lived intangible assets	13,761	13,761
Total intangible assets, net	109,755	117,637
Goodwill	204,264	204,447
Total goodwill and intangible assets, net	314,019	322,084
Insurance | Insurance licensing agreements | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Total indefinite-lived intangible assets	13,761	13,761
Insurance | Other | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Total indefinite-lived intangible assets	0	0
Insurance | Customer relationships | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	162,712	162,844
Accumulated amortization	(81,205)	(74,776)
Insurance | Trade names | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	16,217	16,227
Accumulated amortization	(9,161)	(8,452)
Insurance | Software licensing | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	17,318	17,372
Accumulated amortization	(10,303)	(9,891)
Insurance | Insurance policies and contracts acquired | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	36,500	36,500
Accumulated amortization	(36,500)	(36,500)
Insurance | Other | Operating segments
Schedule of Intangible Assets, Net [Line Items]
Finite-lived intangible assets, gross	1,085	1,088
Accumulated amortization	$ (669)	$ (536)

XML

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Balance, beginning of period			$ 206,155,000
Foreign currency translation and other			(183,000)
Balance, end of period	$ 205,972,000		205,972,000
Goodwill, Impaired, Accumulated Impairment Loss [Abstract]
Goodwill impairment loss	0	$ 0	0	$ 0
Other
Goodwill [Roll Forward]
Balance, beginning of period			1,708,000
Foreign currency translation and other			0
Balance, end of period	1,708,000		1,708,000
Insurance | Operating segments
Goodwill [Roll Forward]
Balance, beginning of period			204,447,000
Foreign currency translation and other			(183,000)
Balance, end of period	$ 204,264,000		$ 204,264,000

XML

Goodwill and Intangible Assets, net - Schedule of Intangible Assets, Net Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period			$ 118,757
Amortization expense	$ (3,747)	$ (3,923)	(7,738)	$ (7,849)
Foreign currency translation and other			(184)
Balance, end of period	110,835		110,835
Other
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period			1,120
Amortization expense			(40)
Foreign currency translation and other			0
Balance, end of period	1,080		1,080
Insurance | Operating segments
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period			117,637
Amortization expense			(7,698)
Foreign currency translation and other			(184)
Balance, end of period	$ 109,755		$ 109,755

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Goodwill and Intangible Assets, net - Amortization Expense on Intangibles and Impairments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 3,747,000	$ 3,923,000	$ 7,738,000	$ 7,849,000
Impairment of intangible assets	0	$ 0	0	$ 0
Intangible assets, impaired, accumulated impairment loss	$ 728,000		$ 728,000

XML

Goodwill and Intangible Assets, net - Schedule of Future Amortization Expense on Intangibles by Segment (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	$ 7,714
2025	13,280
2026	10,894
2027	9,543
2028	8,341
2029 and thereafter	46,101
Total	95,873
Foreign currency translation adjustment, expected	201
Other
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	40
2025	40
2026	0
2027	0
2028	0
2029 and thereafter	0
Total	80
Insurance | Operating segments
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	7,674
2025	13,240
2026	10,894
2027	9,543
2028	8,341
2029 and thereafter	46,101
Total	$ 95,793

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Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative liability, balance sheet location	Other liabilities and accrued expenses	Other liabilities and accrued expenses
Notional values	$ 352,282	$ 312,696
Asset derivatives	3,888	3,983
Liability derivatives	8,813	4,503
Interest rate lock commitments
Derivative [Line Items]
Notional values	142,740	129,675
Asset derivatives	3,340	3,818
Liability derivatives	0	0
Forward delivery contracts
Derivative [Line Items]
Notional values	47,605	19,675
Asset derivatives	241	9
Liability derivatives	41	98
TBA mortgage-backed securities
Derivative [Line Items]
Notional values	161,850	139,000
Asset derivatives	298	104
Liability derivatives	178	815
Fortegra Additional Warrants (Warburg)
Derivative [Line Items]
Notional values	0	0
Asset derivatives	0	0
Liability derivatives	8,594	3,522
Other
Derivative [Line Items]
Notional values	87	24,346
Asset derivatives	9	52
Liability derivatives	$ 0	$ 68

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Debt, net - Schedule of Debt Obligations, Net of Discounts and Deferred Financing Costs (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 395,926,000	$ 411,488,000
Unamortized deferred financing costs	(8,588,000)	(9,077,000)
Total debt, net	387,338,000	402,411,000
Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	336,639,000	357,138,000
Unamortized deferred financing costs	(8,473,000)	(8,950,000)
Total debt, net	328,166,000	348,188,000
Mortgage | Operating segments
Debt Instrument [Line Items]
Long-term debt	59,287,000	54,350,000
Unamortized deferred financing costs	(115,000)	(127,000)
Total debt, net	59,172,000	54,223,000
Corporate debt
Debt Instrument [Line Items]
Long-term debt	260,500,000	290,000,000
Corporate debt | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	100,500,000	130,000,000
Corporate debt | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	260,500,000	290,000,000
Corporate debt | Insurance | Operating segments | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	100,500,000	130,000,000
Corporate debt | Mortgage | Operating segments
Debt Instrument [Line Items]
Long-term debt	0	0
Corporate debt | Mortgage | Operating segments | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0
Corporate debt | SOFR | Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%	1.50%
Asset based debt
Debt Instrument [Line Items]
Long-term debt	$ 135,426,000	$ 121,488,000
Asset based debt | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	76,139,000	67,138,000
Asset based debt | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	76,139,000	67,138,000
Asset based debt | Insurance | Operating segments | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	76,139,000	67,138,000
Asset based debt | Mortgage | Operating segments
Debt Instrument [Line Items]
Long-term debt	59,287,000	54,350,000
Asset based debt | Mortgage | Operating segments | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0
Asset based debt | LIBOR | Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Asset based debt | SOFR | Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Preferred trust securities | Corporate debt
Debt Instrument [Line Items]
Long-term debt	$ 35,000,000	$ 35,000,000
Preferred trust securities | Corporate debt | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	35,000,000	35,000,000
Preferred trust securities | Corporate debt | Mortgage | Operating segments
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0
Preferred trust securities | Corporate debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	4.10%	4.10%
8.50% Junior subordinated notes | Corporate debt
Debt Instrument [Line Items]
Stated interest rate, percentage	8.50%	8.50%
Long-term debt	$ 125,000,000	$ 125,000,000
8.50% Junior subordinated notes | Corporate debt | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	125,000,000	125,000,000
8.50% Junior subordinated notes | Corporate debt | Mortgage | Operating segments
Debt Instrument [Line Items]
Long-term debt	0	0
Residential mortgage warehouse borrowings | Asset based debt
Debt Instrument [Line Items]
Long-term debt	$ 59,287,000	$ 54,350,000
Weighted average interest rate	7.18%	7.15%
Residential mortgage warehouse borrowings | Asset based debt | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0
Residential mortgage warehouse borrowings | Asset based debt | Mortgage | Operating segments
Debt Instrument [Line Items]
Long-term debt	$ 59,287,000	$ 54,350,000
Residential mortgage warehouse borrowings | Minimum | Asset based debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%	1.75%
Residential mortgage warehouse borrowings | Maximum | Asset based debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2.75%
Residential mortgage warehouse borrowings, $50,000 LIC due August 2024 | Asset based debt
Debt Instrument [Line Items]
Debt, face amount	$ 50,000,000	$ 50,000,000
Residential mortgage warehouse borrowings, $50,000 LIC due August 2024 | Asset based debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%	1.75%
Residential mortgage warehouse borrowings, $50,000 LIC due August 2024 | Asset based debt | SOFR, two
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%	2.00%
Residential mortgage warehouse borrowings, $50,000 LIC due August 2024 | Asset based debt | SOFR, three
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2.50%
Residential mortgage warehouse borrowings, $25,000 LIC, due September 2024 | Asset based debt
Debt Instrument [Line Items]
Debt, face amount	$ 25,000
Residential mortgage warehouse borrowings, $25,000 LIC, due September 2024 | Asset based debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Floor rate	4.00%
Residential mortgage warehouse borrowings, $25,000 LIC, due September 2024 | Asset based debt | SOFR, two
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Residential mortgage warehouse borrowings, $25,000 LIC, due February 2025 | Asset based debt
Debt Instrument [Line Items]
Debt, face amount	$ 25,000,000
Residential mortgage warehouse borrowings, $25,000 LIC, due February 2025 | Asset based debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.875%
Residential mortgage warehouse borrowings, $25,000 LIC, due June 2025 | Asset based debt
Debt Instrument [Line Items]
Debt, face amount	$ 25,000,000
Residential mortgage warehouse borrowings, $25,000 LIC, due June 2025 | Asset based debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Residential mortgage warehouse borrowings, $65,000 LIC | Asset based debt
Debt Instrument [Line Items]
Debt, face amount		$ 65,000,000
Residential mortgage warehouse borrowings, $65,000 LIC | Asset based debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Floor rate		4.00%
Residential mortgage warehouse borrowings, $65,000 LIC | Asset based debt | SOFR, two
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Residential mortgage warehouse borrowings, $65,000 LIC | Asset based debt | SOFR, three
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%

XML

Debt, net - Schedule of Interest Expense Incurred on Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Total interest expense on debt	$ 8,015	$ 7,044	$ 16,305	$ 13,509
Interest expense - corporate debt
Debt Instrument [Line Items]
Total interest expense on debt	5,887	4,896	11,889	9,326
Interest expense - asset based debt
Debt Instrument [Line Items]
Total interest expense on debt	$ 2,128	$ 2,148	$ 4,416	$ 4,183

XML

Debt, net - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 34,665
2025	24,622
2026	76,139
2027	100,500
2028	0
2029 and thereafter	160,000
Total	$ 395,926	$ 411,488

XML

Debt, net - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) lender	Dec. 31, 2023 USD ($)	Oct. 06, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 395,926	$ 411,488
Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	336,639	357,138
Corporate debt
Debt Instrument [Line Items]
Long-term debt	260,500	290,000
Corporate debt | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	260,500	290,000
Corporate debt | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	100,500	130,000
Corporate debt | Revolving credit facility | Insurance
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000
Corporate debt | Revolving credit facility | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	100,500	130,000
Asset based debt
Debt Instrument [Line Items]
Long-term debt	135,426	121,488
Asset based debt | Residential mortgage warehouse borrowings
Debt Instrument [Line Items]
Long-term debt	59,287	54,350
Maximum borrowing capacity	$ 125,000
Number of warehouse lines of credit | lender	4
Asset based debt | Residential mortgage warehouse borrowings, $50,000 LIC due August 2024
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
Asset based debt | Residential mortgage warehouse borrowings, $25,000 LIC, due September 2024
Debt Instrument [Line Items]
Maximum borrowing capacity	25,000
Asset based debt | Residential mortgage warehouse borrowings, $25,000 LIC, due February 2025
Debt Instrument [Line Items]
Maximum borrowing capacity	25,000
Asset based debt | Residential mortgage warehouse borrowings, $25,000 LIC, due June 2025
Debt Instrument [Line Items]
Maximum borrowing capacity	25,000
Asset based debt | MSR Line of Credit
Debt Instrument [Line Items]
Long-term debt	0
Maximum borrowing capacity	$ 10,000
Variable rate, basis spread	3.30%
Asset based debt | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	$ 76,139	67,138
Asset based debt | Insurance | Operating segments | Residential mortgage warehouse borrowings
Debt Instrument [Line Items]
Long-term debt	0	0
Asset based debt | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	76,139	67,138
Maximum borrowing capacity			$ 125,000
Asset based debt | Revolving credit facility | Insurance | Operating segments
Debt Instrument [Line Items]
Long-term debt	$ 76,139	$ 67,138

XML

Fair Value of Financial Instruments - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	$ 825,223	$ 802,609
Loans, at fair value	74,326	69,556
Equity securities	69,499	68,308
Derivative assets	3,888	3,983
Total other investments, at fair value	59,337	111,088
Mortgage servicing rights	42,101	40,836
Liabilities:
Derivative liabilities	8,813	4,503
Exchange traded funds
Assets:
Equity securities	4,554	1,349
Other equity securities
Assets:
Equity securities	64,945	62,798
Invesque
Assets:
Equity securities		4,161
Significant unobservable inputs Level 3
Assets:
Total assets	62,534	61,547
Recurring | Quoted prices in active markets Level 1
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	1,724	1,724
Loans, at fair value	0	0
Derivative assets	0	0
Total other investments, at fair value	0	0
Mortgage servicing rights	0	0
Total assets	63,224	62,306
Liabilities:
Derivative liabilities	0	0
Fortegra Additional Warrants (Warburg)	0	0
Contingent consideration payable	0	0
Total	0	0
Recurring | Quoted prices in active markets Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Quoted prices in active markets Level 1 | Obligations of state and political subdivisions
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Quoted prices in active markets Level 1 | Obligations of foreign governments
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Quoted prices in active markets Level 1 | Certificates of deposit
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	1,724	1,724
Recurring | Quoted prices in active markets Level 1 | Asset backed securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Quoted prices in active markets Level 1 | Corporate securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Quoted prices in active markets Level 1 | Corporate loans
Assets:
Loans, at fair value	0	0
Recurring | Quoted prices in active markets Level 1 | Mortgage loans held for sale
Assets:
Mortgage loans held for sale	0	0
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities
Assets:
Equity securities	61,500	60,582
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Exchange traded funds
Assets:
Equity securities	4,554	1,349
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Other equity securities
Assets:
Equity securities	56,946	55,072
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Invesque
Assets:
Equity securities		4,161
Recurring | Quoted prices in active markets Level 1 | Corporate bonds
Assets:
Corporate bonds	0	0
Recurring | Quoted prices in active markets Level 1 | Other
Assets:
Other	0	0
Recurring | Other significant observable inputs Level 2
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	823,499	800,870
Loans, at fair value	65,232	60,389
Derivative assets	537	162
Total other investments, at fair value	28,908	81,222
Mortgage servicing rights	0	0
Total assets	917,639	942,481
Liabilities:
Derivative liabilities	201	937
Fortegra Additional Warrants (Warburg)	0	0
Contingent consideration payable	0	0
Total	201	937
Recurring | Other significant observable inputs Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	364,934	470,085
Recurring | Other significant observable inputs Level 2 | Obligations of state and political subdivisions
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	42,404	45,459
Recurring | Other significant observable inputs Level 2 | Obligations of foreign governments
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	1,247	4,557
Recurring | Other significant observable inputs Level 2 | Certificates of deposit
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Other significant observable inputs Level 2 | Asset backed securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	24,719	26,171
Recurring | Other significant observable inputs Level 2 | Corporate securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	390,195	254,598
Recurring | Other significant observable inputs Level 2 | Corporate loans
Assets:
Loans, at fair value	0	2,051
Recurring | Other significant observable inputs Level 2 | Mortgage loans held for sale
Assets:
Mortgage loans held for sale	65,232	58,338
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities
Assets:
Equity securities	0	0
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities | Exchange traded funds
Assets:
Equity securities	0	0
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities | Other equity securities
Assets:
Equity securities	0	0
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities | Invesque
Assets:
Equity securities		0
Recurring | Other significant observable inputs Level 2 | Corporate bonds
Assets:
Corporate bonds	9,611	62,081
Recurring | Other significant observable inputs Level 2 | Other
Assets:
Other	18,760	18,979
Recurring | Significant unobservable inputs Level 3
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	15
Loans, at fair value	9,094	9,167
Derivative assets	3,351	3,821
Total other investments, at fair value	3,351	3,821
Mortgage servicing rights	42,101	40,836
Total assets	62,545	61,565
Liabilities:
Derivative liabilities	18	44
Fortegra Additional Warrants (Warburg)	8,594	3,522
Contingent consideration payable	2,586	2,604
Total	11,198	6,170
Recurring | Significant unobservable inputs Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Significant unobservable inputs Level 3 | Obligations of state and political subdivisions
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Significant unobservable inputs Level 3 | Obligations of foreign governments
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Significant unobservable inputs Level 3 | Certificates of deposit
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Significant unobservable inputs Level 3 | Asset backed securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	15
Recurring | Significant unobservable inputs Level 3 | Corporate securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	0	0
Recurring | Significant unobservable inputs Level 3 | Corporate loans
Assets:
Loans, at fair value	9,094	9,167
Recurring | Significant unobservable inputs Level 3 | Mortgage loans held for sale
Assets:
Mortgage loans held for sale	0	0
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities
Assets:
Equity securities	7,999	7,726
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities | Exchange traded funds
Assets:
Equity securities	0	0
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities | Other equity securities
Assets:
Equity securities	7,999	7,726
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities | Invesque
Assets:
Equity securities		0
Recurring | Significant unobservable inputs Level 3 | Corporate bonds
Assets:
Corporate bonds	0	0
Recurring | Significant unobservable inputs Level 3 | Other
Assets:
Other	0	0
Fair value | Other significant observable inputs Level 2
Assets:
Total assets	172,323	159,779
Fair value | Significant unobservable inputs Level 3
Liabilities:
Total	392,339	406,801
Fair value | Recurring
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	825,223	802,609
Loans, at fair value	74,326	69,556
Derivative assets	3,888	3,983
Total other investments, at fair value	32,259	85,043
Mortgage servicing rights	42,101	40,836
Total assets	1,043,408	1,066,352
Liabilities:
Derivative liabilities	219	981
Fortegra Additional Warrants (Warburg)	8,594	3,522
Contingent consideration payable	2,586	2,604
Total	11,399	7,107
Fair value | Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	364,934	470,085
Fair value | Recurring | Obligations of state and political subdivisions
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	42,404	45,459
Fair value | Recurring | Obligations of foreign governments
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	1,247	4,557
Fair value | Recurring | Certificates of deposit
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	1,724	1,724
Fair value | Recurring | Asset backed securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	24,719	26,186
Fair value | Recurring | Corporate securities
Assets:
Available for sale securities, at fair value, net of allowance for credit losses	390,195	254,598
Fair value | Recurring | Corporate loans
Assets:
Loans, at fair value	9,094	11,218
Fair value | Recurring | Mortgage loans held for sale
Assets:
Mortgage loans held for sale	65,232	58,338
Fair value | Recurring | Dividends from equity securities
Assets:
Equity securities	69,499	68,308
Fair value | Recurring | Dividends from equity securities | Exchange traded funds
Assets:
Equity securities	4,554	1,349
Fair value | Recurring | Dividends from equity securities | Other equity securities
Assets:
Equity securities	64,945	62,798
Fair value | Recurring | Dividends from equity securities | Invesque
Assets:
Equity securities		4,161
Fair value | Recurring | Corporate bonds
Assets:
Corporate bonds	9,611	62,081
Fair value | Recurring | Other
Assets:
Other	$ 18,760	$ 18,979

XML

Fair Value of Financial Instruments - Schedule of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1,	$ 61,565	$ 63,590
Earnings	$ 2,147	$ (2,706)
Fair value gain (loss), statement of income location	Net realized and unrealized gains (losses)	Net realized and unrealized gains (losses)
OCI	$ 75	$ 2,644
Fair value unrealized gain (loss), other comprehensive income statement location not disclosed	OCI	OCI
Purchases	$ 0	$ 31
Sales and repayments	0	(6)
Distributions	(764)	0
Transfer out of Level 3	0	(41)
Conversions to real estate owned	0	81
Balance at June 30,	62,545	63,755
Changes in unrealized gains (losses) included in earnings related to assets still held at period end	$ 2,147	$ (5,029)
Fair value unrealized gain (loss) still held, statement of income location not disclosed	Changes in unrealized gains (losses) included in earnings related to assets still held at period end	Changes in unrealized gains (losses) included in earnings related to assets still held at period end
Changes in unrealized gains (losses) included in OCI related to assets still held at period end	$ 75	$ 2,644
Conversions to mortgage loans held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer out of Level 3	(20,070)	(22,310)
Origination of IRLCs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Origination of IRLCs	$ 19,592	$ 22,472

XML

Fair Value of Financial Instruments - Schedule of Significant Inputs used in the Valuation of Level 3 Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative assets	$ 3,888	$ 3,983
Mortgage servicing rights	42,101	40,836
Equity securities	69,499	68,308
Loans, at fair value	74,326	69,556
Significant unobservable inputs Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total assets	62,534	61,547
Total liabilities	11,180	6,126
Significant unobservable inputs Level 3 | Fortegra Additional Warrants (Warburg)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Warrants	8,594	3,522
Significant unobservable inputs Level 3 | Contingent consideration payable
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Contingent consideration payable	2,586	2,604
Significant unobservable inputs Level 3 | Interest rate lock commitments
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative assets	3,340	3,818
Significant unobservable inputs Level 3 | Mortgage servicing rights
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortgage servicing rights	42,101	40,836
Significant unobservable inputs Level 3 | Dividends from equity securities | Equity securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Equity securities	7,999	7,726
Significant unobservable inputs Level 3 | Corporate loans | Corporate loans
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loans, at fair value	$ 9,094	$ 9,167
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal model | Minimum
Unobservable input(s)
Pull through rate	0.45	0.45
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal model | Maximum
Unobservable input(s)
Pull through rate	0.95	0.95
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal model | Average
Unobservable input(s)
Pull through rate	0.61	0.59
Discount rate | Significant unobservable inputs Level 3 | External model | Minimum | Fortegra Additional Warrants (Warburg)
Unobservable input(s)
Warrants, measurement input	0.03	0.03
Discount rate | Significant unobservable inputs Level 3 | External model | Maximum | Fortegra Additional Warrants (Warburg)
Unobservable input(s)
Warrants, measurement input	0.05	0.05
Discount rate | Significant unobservable inputs Level 3 | External model | Average | Fortegra Additional Warrants (Warburg)
Unobservable input(s)
Warrants, measurement input	0.042	0.038
Discount rate | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Minimum
Unobservable input(s)
Servicing asset, measurement input	0.10	0.10
Discount rate | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Maximum
Unobservable input(s)
Servicing asset, measurement input	0.15	0.13
Discount rate | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Average
Unobservable input(s)
Servicing asset, measurement input	0.11	0.11
Cost to service | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Minimum
Unobservable input(s)
Servicing asset, measurement input	65	65
Cost to service | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Maximum
Unobservable input(s)
Servicing asset, measurement input	3,000	3,000
Cost to service | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Average
Unobservable input(s)
Servicing asset, measurement input	120	113
Prepayment speed | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Minimum
Unobservable input(s)
Servicing asset, measurement input	0.03	0.03
Prepayment speed | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Maximum
Unobservable input(s)
Servicing asset, measurement input	0.83	0.82
Prepayment speed | Significant unobservable inputs Level 3 | Mortgage servicing rights | External model | Average
Unobservable input(s)
Servicing asset, measurement input	0.09	0.09
Forecast EBITDAR | Significant unobservable inputs Level 3 | Dividends from equity securities | Internal model | Minimum | Equity securities
Unobservable input(s)
Equity securities, measurement input	1,039,000,000	1,039,000,000
Forecast EBITDAR | Significant unobservable inputs Level 3 | Dividends from equity securities | Internal model | Maximum | Equity securities
Unobservable input(s)
Equity securities, measurement input	1,422,000,000	1,422,000,000
Bid marks | Significant unobservable inputs Level 3 | Corporate loans | External model | Minimum | Corporate loans
Unobservable input(s)
Loan receivable, measurement input	72,000	71,000
Bid marks | Significant unobservable inputs Level 3 | Corporate loans | External model | Maximum | Corporate loans
Unobservable input(s)
Loan receivable, measurement input	73,000	75,000
Bid marks | Significant unobservable inputs Level 3 | Corporate loans | External model | Average | Corporate loans
Unobservable input(s)
Loan receivable, measurement input	72,000	73,000
Implied Equity Volatility | Significant unobservable inputs Level 3 | External model | Minimum | Fortegra Additional Warrants (Warburg)
Unobservable input(s)
Warrants, measurement input	0.40	0.40
Implied Equity Volatility | Significant unobservable inputs Level 3 | External model | Maximum | Fortegra Additional Warrants (Warburg)
Unobservable input(s)
Warrants, measurement input	0.50	0.50
Implied Equity Volatility | Significant unobservable inputs Level 3 | External model | Average | Fortegra Additional Warrants (Warburg)
Unobservable input(s)
Warrants, measurement input	0.45	0.45
Forecast Cash EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Minimum | Contingent consideration payable
Unobservable input(s)
Contingent consideration, payable, measurement input	2,500	2,500
Forecast Cash EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Maximum | Contingent consideration payable
Unobservable input(s)
Contingent consideration, payable, measurement input	4,000	4,000
Forecast Underwriting EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Minimum | Contingent consideration payable
Unobservable input(s)
Contingent consideration, payable, measurement input	0	0
Forecast Underwriting EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Maximum | Contingent consideration payable
Unobservable input(s)
Contingent consideration, payable, measurement input	2,000	2,000

XML

Fair Value of Financial Instruments - Schedule of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Financing receivable	$ 351,979	$ 260,383
Other significant observable inputs Level 2 | Fair value
Assets:
Total assets	172,323	159,779
Other significant observable inputs Level 2 | Carrying value
Assets:
Total assets	172,323	159,779
Significant unobservable inputs Level 3
Assets:
Total assets	62,534	61,547
Significant unobservable inputs Level 3 | Fair value
Liabilities:
Debt	392,339	406,801
Total	392,339	406,801
Significant unobservable inputs Level 3 | Carrying value
Liabilities:
Debt	395,926	411,488
Total	395,926	411,488
Debentures | Other significant observable inputs Level 2 | Fair value
Assets:
Financing receivable	26,681	25,648
Debentures | Other significant observable inputs Level 2 | Carrying value
Assets:
Financing receivable	26,681	25,648
Notes receivable, net | Other significant observable inputs Level 2 | Fair value
Assets:
Financing receivable	145,642	134,131
Notes receivable, net | Other significant observable inputs Level 2 | Carrying value
Assets:
Financing receivable	$ 145,642	$ 134,131

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Liability for Unpaid Claims and Claim Adjustment Expenses - Rollforward of Claims Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Policy liabilities and unpaid claims balance as of January 1,			$ 844,848	$ 567,193
Less: liabilities of policy-holder account balances, gross			(878)	(1,923)
Less: non-insurance warranty benefit claim liabilities			(2,103)	(140)
Gross liabilities for unpaid losses and loss adjustment expenses			841,867	565,130
Net balance as of January 1, short duration			393,455	298,057
Incurred (short duration) related to:
Current year			380,623	226,457
Prior years			(788)	2,455
Total incurred	$ 204,522	$ 114,652	379,835	228,912
Paid (short duration) related to:
Current year			124,082	93,768
Prior years			104,279	56,437
Total paid			228,361	150,205
Gross liabilities for unpaid losses and loss adjustment expenses	1,081,948	720,534	1,081,948	720,534
Plus: liabilities of policy-holder account balances, gross	0	1,518	0	1,518
Plus: non-insurance warranty benefit claim liabilities	5,255	417	5,255	417
Policy liabilities and unpaid claims balance as of June 30,	1,087,203	722,469	1,087,203	722,469
Short duration
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reinsurance recoverable on unpaid losses, beginning balance			(448,117)	(266,889)
Paid (short duration) related to:
Net balance as of June 30, short duration	544,929	376,764	544,929	376,764
Reinsurance recoverable on unpaid losses, ending balance	536,794	343,652	536,794	343,652
Other lines
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reinsurance recoverable on unpaid losses, beginning balance			(295)	(184)
Paid (short duration) related to:
Reinsurance recoverable on unpaid losses, ending balance	$ 225	$ 118	$ 225	$ 118

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Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule Showing the Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Insurance [Abstract]
Short duration incurred	$ 204,522	$ 114,652	$ 379,835	$ 228,912
Other lines incurred	162	285	57	282
Unallocated loss adjustment expenses	575	90	747	160
Net Amount	$ 205,259	$ 115,027	$ 380,639	$ 229,354

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Liability for Unpaid Claims and Claim Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Prior year expense, favorable (unfavorable)			$ 788	$ (2,455)
Income (loss) before taxes	$ 40,646	$ 23,674	$ 70,345	$ 31,847
Prior year expense, percent of opening net liability for losses			0.20%	0.80%
Liabilities for loss and loss adjustment expenses, net of reinsurance					$ 393,455	$ 298,057
Operating segments | Insurance
Effects of Reinsurance [Line Items]
Prior year expense, percent of pretax income			0.90%	4.90%
Income (loss) before taxes	$ 51,250	$ 30,417	$ 88,061	$ 49,862

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Revenue from Contracts with Customers - Schedule of Disaggregated Revenue By Product Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ 88,124	$ 85,788	$ 181,426	$ 162,977
Service contract revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	76,179	73,014	157,002	136,184
Motor club revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	11,116	11,603	22,637	24,119
Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ 829	$ 1,171	$ 1,787	$ 2,674

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Revenue from Contracts with Customers - Schedule of Deferred Assets and Liabilities Related to Revenue From Contracts with Customers (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Deferred acquisition costs
Beginning balance	$ 565,746
Ending balance	545,033
Deferred revenue
Beginning balance	673,085
Ending balance	683,513
Service and Administrative Fees:
Deferred acquisition costs
Beginning balance	218,539
Additions	77,992
Amortization	71,649
Ending balance	224,882
Deferred revenue
Beginning balance	627,102
Additions	187,933
Amortization	181,404
Ending balance	633,631
Service contract revenue
Deferred acquisition costs
Beginning balance	201,903
Additions	62,495
Amortization	54,062
Ending balance	210,336
Deferred revenue
Beginning balance	605,425
Additions	166,484
Amortization	157,002
Ending balance	614,907
Motor club revenue
Deferred acquisition costs
Beginning balance	16,636
Additions	15,497
Amortization	17,587
Ending balance	14,546
Deferred revenue
Beginning balance	21,677
Additions	19,684
Amortization	22,637
Ending balance	18,724
Other
Deferred revenue
Beginning balance	0
Additions	1,765
Amortization	1,765
Ending balance	$ 0

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Revenue from Contracts with Customers - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred acquisition costs, impairment	$ 0	$ 0	$ 0	$ 0

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Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued investment income	$ 8,757	$ 6,269
Loans eligible for repurchase	36,611	32,183
Mortgage servicing rights	42,101	40,836
Right of use assets - operating leases	$ 30,134	$ 31,469
Operating lease right of use asset, balance sheet location	Total other assets	Total other assets
Income tax receivable	$ 1,056	$ 1,275
Furniture, fixtures and equipment, net	28,172	29,624
Prepaid expenses	11,136	12,985
Other	5,185	10,874
Total other assets	$ 163,152	$ 165,515

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Other Assets and Other Liabilities and Accrued Expenses - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Depreciation expense related to furniture, fixtures and equipment	$ 1,544	$ 2,170	$ 3,121	$ 3,239

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Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accounts payable and accrued expenses	$ 97,708	$ 114,568
Loans eligible for repurchase liability	36,611	32,183
Deferred tax liabilities, net	167,933	139,845
Operating lease liabilities	$ 38,924	$ 40,403
Operating lease liability, balance sheet location	Total other liabilities and accrued expenses	Total other liabilities and accrued expenses
Commissions payable	$ 1,093	$ 36,728
Derivative liabilities	8,813	4,503
Due to broker/trustee	9,715	17,054
Other	18,328	18,460
Total other liabilities and accrued expenses	$ 379,125	$ 403,744

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Other Revenue and Other Expenses - Schedule of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Other investment income	$ 6,288	$ 5,996	$ 12,504	$ 10,766
Financing interest income	4,739	4,053	9,011	7,940
Other	7,308	3,972	12,118	8,647
Total other revenue	18,335	14,021	33,633	27,353
Insurance
Segment Reporting Information [Line Items]
Other	$ 6,911	$ 3,972	$ 11,289	$ 6,518

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Other Revenue and Other Expenses - Schedule of Other Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
General and administrative	$ 10,330	$ 9,977	$ 20,851	$ 19,036
Professional fees	6,218	6,428	15,296	14,187
Premium taxes	5,744	5,379	11,119	11,153
Mortgage origination expenses	3,320	3,028	6,480	6,220
Rent and related	4,348	3,804	8,264	7,874
Other	5,590	4,493	14,406	7,450
Total other expenses	$ 35,550	$ 33,109	$ 76,416	$ 65,920

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Stockholders' Equity - Narrative (Details) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 21, 2022	Apr. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Preferred stock, face value				$ 80,000,000		$ 80,000,000
Preferred stock dividend rate						8.00%
Subsidiary preferred dividends declared				1,597,000	$ 1,596,000	$ 3,192,000	$ 3,174,000
Preferred stock, conversion premium						33.00%
Preferred stock, conversion make-whole period						5 years
Proceeds from dividends				0	$ 0
Amount available for ordinary dividends of the Company's insurance company subsidiaries				$ 24,327,000		$ 24,327,000		$ 24,327,000
Fortegra Warrants
Class of Warrant or Right [Line Items]
Warrant term				7 years		7 years
Warrant, exercise premium				33.00%		33.00%
Fortegra Warrants | Warburg
Class of Warrant or Right [Line Items]
Warrant, if-exercised additional ownership interest				3.70%		3.70%
Additional Warrants
Class of Warrant or Right [Line Items]
Warrant term				7 years		7 years
Warrant, exercise price (in dollars per share)				$ 0.01		$ 0.01
Warrant, forfeiture, excess return on investment				23.00%		23.00%
Warrant, vesting, excess return on investment				30.00%		30.00%
Additional Warrants | Warburg
Class of Warrant or Right [Line Items]
Warrant, if-exercised additional ownership interest				1.70%		1.70%
Warrant, exercisable, percentage of common stock sold trigger						50.00%
Fortegra
Class of Warrant or Right [Line Items]
WP transaction, issuance of equity value			$ 30,044,000
Fortegra | Warburg
Class of Warrant or Right [Line Items]
WP transaction, issuance of equity value	$ 200,000,000	$ 9,889,000
Ownership percentage by noncontrolling owners				17.70%		17.70%
Preferred stock, if-converted additional ownership percentage				6.30%		6.30%
Preferred stock, if-converted ownership percentage				24.10%		24.10%
Fortegra | Tiptree Holdings
Class of Warrant or Right [Line Items]
Ownership percentage by parent				79.30%		79.30%
Fortegra | Fortegra Directors
Class of Warrant or Right [Line Items]
WP transaction, issuance of equity value		$ 67,000
Ownership percentage by noncontrolling owners				3.00%		3.00%
Common stock
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount				$ 20,000,000		$ 20,000,000
Remaining repurchase authorization				$ 11,945,000		$ 11,945,000

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Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.06	$ 0.06	$ 0.05	$ 0.05	$ 0.12	$ 0.10

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Stockholders' Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Total non-controlling interests	$ 181,620	$ 159,699
Fortegra preferred interests
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Total non-controlling interests	77,679	77,679
Fortegra common interests
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Total non-controlling interests	$ 103,941	$ 82,020

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Stockholders' Equity - Statutory Dividends (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Amount available for ordinary dividends of the Company's insurance company subsidiaries	$ 24,327	$ 24,327

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Accumulated Other Comprehensive Income (Loss) (AOCI) - Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 576,565	$ 533,573
Other comprehensive income (losses) before reclassifications	(4,427)	6,082
Amounts reclassified from AOCI	69	2,237
OCI	(4,358)	8,319
Ending balance	618,069	546,068
Total AOCI
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(32,243)	(50,354)
Ending balance	(36,601)	(42,035)
Unrealized gains (losses) on available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(32,145)	(43,043)
Other comprehensive income (losses) before reclassifications	(3,336)	450
Amounts reclassified from AOCI	69	2,237
OCI	(3,267)	2,687
Ending balance	(35,412)	(40,356)
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(98)	(7,311)
Other comprehensive income (losses) before reclassifications	(1,091)	5,632
Amounts reclassified from AOCI	0	0
OCI	(1,091)	5,632
Ending balance	(1,189)	(1,679)
Non-controlling interests
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income (losses) before reclassifications	1,215	(2,116)
Amounts reclassified from AOCI	0	0
OCI	1,215	(2,116)
AOCI non-controlling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	6,170	10,925
Ending balance	7,385	8,809
Total AOCI to Tiptree Inc.
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(26,073)	(39,429)
Other comprehensive income (losses) before reclassifications	(3,212)	3,966
Amounts reclassified from AOCI	69	2,237
OCI	(3,143)	6,203
Ending balance	$ (29,216)	$ (33,226)

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Accumulated Other Comprehensive Income (Loss) (AOCI) - Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on available for sale securities	$ 12,578	$ 8,825	$ 28,202	$ 11,002
Related tax (expense) benefit	(18,673)	(11,824)	(32,491)	(16,846)
Net income (loss)	21,973	11,850	37,854	15,001
Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Related tax (expense) benefit	(6)	633	24	719
Net income (loss)	17	(1,958)	(69)	(2,237)
Unrealized gains (losses) on available for sale securities | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on available for sale securities	$ 23	$ (2,591)	$ (93)	$ (2,956)

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Stock Based Compensation - Equity Plan (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan	6 Months Ended
	Jun. 30, 2024 shares
Number of shares
Available for issuance, beginning of period (in shares)	2,260,550
Forfeited (in shares)	11,485
Available for issuance, end of period (in shares)	763,799
RSU, stock and option awards
Number of shares
Granted (in shares)	(87,403)
PRSUs
Number of shares
Granted (in shares)	(1,420,833)

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Stock Based Compensation - Restricted Stock Units and Restricted Stock (Details) - RSUs - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Tiptree Inc. 2017 Omnibus Incentive Plan
Number of shares issuable
Unvested units, beginning of period (in shares)	253,231
Granted (in shares)	87,403	97,535
Vested (in shares)	(40,513)	(345,311)
Forfeited (in shares)	(11,485)
Unvested units, end of period (in shares)	288,636
Weighted average grant date fair value
Unvested units, beginning of period (in dollars per share)	$ 14.25
Granted (in dollars per share)	16.45
Vested (in dollars per share)	14.22
Forfeited (in dollars per share)	10.54
Unvested units, end of period (in dollars per share)	$ 15.23
Tiptree Inc. 2017 Omnibus Incentive Plan | Employees
Number of shares issuable
Granted (in shares)	78,360	81,874
Vested (in shares)	(31,470)	(329,650)
Vesting - first tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
Vesting - second tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
Vesting - third tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
Cliff vest, 2025 | Tiptree Inc. 2017 Omnibus Incentive Plan | Employees
Number of shares issuable
Granted (in shares)	139,888
Cliff vest, 2026 | Tiptree Inc. 2017 Omnibus Incentive Plan | Employees
Number of shares issuable
Granted (in shares)	71,818
Cliff vest, 2027 | Tiptree Inc. 2017 Omnibus Incentive Plan | Employees
Number of shares issuable
Granted (in shares)	76,930

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Stock Based Compensation - Schedule of Granted and Vested RSUs (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - RSUs - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	87,403	97,535
Vested (in shares)	40,513	345,311
Taxes (in shares)	(11,395)	(43,322)
Net vested (in shares)	29,118	301,989
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	9,043	15,661
Vested (in shares)	9,043	15,661
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	78,360	81,874
Vested (in shares)	31,470	329,650

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Stock Based Compensation - Tiptree Senior Management Incentive Plan (Details) - PRSUs				1 Months Ended				6 Months Ended
	Jan. 01, 2024 $ / shares shares	Oct. 14, 2022 shares	Aug. 04, 2021 period $ / shares shares	Jan. 31, 2024	Oct. 31, 2022	Jun. 30, 2022	Nov. 30, 2021 shares	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	1,420,833
Award service period								10 years
Share price (in dollars per share) | $ / shares	$ 70
Valuation Input
Historical volatility				39.10%	39.23%	38.75%
Risk-free rate				3.80%	3.95%	3.04%
Dividend yield				1.05%	1.44%	1.45%
Cost of equity				13.65%	14.19%	11.72%
Expected term (years)				5 years 6 months	5 years 10 months 24 days	6 years
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		350,000	3,500,000
Award service period			10 years
Vested (in shares) | shares							215,583
Unvested units (in shares) | shares								5,037,500
Management | Share price target, one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares								$ 20
Unvested units (in shares) | shares								516,667
Share price, adjusted for dividends (in dollars per share) | $ / shares								$ 19.44
Management | Share price target, two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares								$ 30
Unvested units (in shares) | shares								775,000
Management | Share price target, three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares								$ 45
Unvested units (in shares) | shares								1,033,333
Management | Share price target, four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares								$ 60
Unvested units (in shares) | shares								1,291,667
Management | Share price target, five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares								$ 70
Unvested units (in shares) | shares								1,420,833
Management | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of milestone targets | period			5
Share price (in dollars per share) | $ / shares			$ 15
Management | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) | $ / shares			$ 60

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Stock Based Compensation - Stock Options Awards (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in period (in shares)	0	0	0	0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Vesting - first tranche | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33.33%
Award vesting period			3 years
Vesting - second tranche | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33.33%
Award vesting period			4 years
Vesting - third tranche | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33.33%
Award vesting period			5 years

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Stock Based Compensation - Schedule of Stock Option Activity Rollforward (Details) - Stock options	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Options outstanding
Balance, beginning of period (in shares) | shares	1,583,873
Balance, end of period (in shares) | shares	1,583,873
Weighted average exercise price (in dollars per stock option)
Balance, beginning of period (in dollars per share) | $ / shares	$ 6.51
Balance, end of period (in dollars per share) | $ / shares	6.51
Weighted average grant date value (in dollars per stock option)
Balance, beginning of period (in dollars per share) | $ / shares	2.25
Balance, end of period (in dollars per share) | $ / shares	$ 2.25
Options exercisable
Balance, beginning of period (in shares) | shares	1,225,083
Balance, end of period (in shares) | shares	1,442,114
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term at June 30, 2024 (in years)	3 years 9 months 18 days

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Stock Based Compensation - Subsidiary Equity Incentive Plan (Details) - USD ($) $ in Thousands		1 Months Ended					6 Months Ended
	Jan. 18, 2024	Jan. 31, 2024	Nov. 30, 2023	May 31, 2023	Oct. 31, 2022	Jun. 30, 2022	Jun. 30, 2024
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period							3 years
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Historical volatility		39.10%			39.23%	38.75%
Risk-free rate		3.80%			3.95%	3.04%
Dividend yield		1.05%			1.44%	1.45%
Expected term (years)		5 years 6 months			5 years 10 months 24 days	6 years
Fortegra Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock outstanding, maximum	11.00%
Fortegra Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock outstanding, current							0.40%
Award vesting period			5 years	5 years
Historical volatility			45.00%	45.00%
Risk-free rate			3.70%	3.70%
Dividend yield			0.00%	0.00%
Expected term (years)			4 years 2 months 12 days	4 years 2 months 12 days
Fortegra Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock outstanding, current							0.20%
Fortegra Plan | PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock outstanding, current							4.20%
Sale percentage threshold			50.00%	50.00%
Fortegra Plan | PRSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate pool, liability awards							$ 5,000
Fortegra Plan | PRSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate pool, liability awards							$ 20,000

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Stock Based Compensation - Schedule of Subsidiary Incentive Plans (Details) - Subsidiary Incentive Plan - RSUs $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Number of shares issuable
Unvested balance, beginning of period	$ 20,609
Granted	1,670
Vested	(2,475)
Performance assumption adjustment	171
Unvested balance, end of period	$ 19,975

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Stock Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Income tax benefit	$ (715)	$ (416)	$ (1,523)	$ (903)
Net stock based compensation expense	2,692	1,567	5,729	3,400
Employee compensation and benefits
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	3,338	1,880	7,114	4,094
Director compensation
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 69	$ 103	$ 138	$ 209

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Stock Based Compensation - Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Subsidiary Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, subsidiary Stock options	$ 16,916
Weighted - average recognition period (in years)	2 years
Subsidiary Stock options | Fortegra Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, subsidiary Stock options	$ 16,916
Restricted stock awards and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2,453
Weighted - average recognition period (in years)	9 months 18 days
Restricted stock awards and RSUs | Fortegra Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, subsidiary Stock options	$ 1,327
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 14,680
Weighted - average recognition period (in years)	1 year 6 months
Performance Restricted Stock Units | Fortegra Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, subsidiary Stock options	$ 444

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Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Total income tax expense (benefit)	$ 18,673	$ 11,824	$ 32,491	$ 16,846
Effective tax rate (ETR)	45.90%	50.00%	46.20%	52.90%

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Income Taxes - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 15, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Effect of Fortegra, increase (decrease)		$ 6,001	$ 2,232	$ 9,931	$ 6,376
Deferred tax liability, tax effect on OCI, expense (benefit)		(356)	(24)	(891)		$ 1,784
Deferred tax liability, provision for income taxes		$ 6,357	3,478	$ 10,822	5,814
Deferred tax liability, WP Transaction, tax effect on equity, benefit			1,222		1,222
Deferred tax liability, Fortegra			$ 46,346		$ 46,346
Effective interest rate, excluding Fortegra		30.30%	35.30%	30.80%	34.60%
Invesque
Operating Loss Carryforwards [Line Items]
Equity securities, shares held	16,980						16,980
Proceeds from sale of equity securities	$ 625
Capital loss carryforwards	$ 106,768

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Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Rent expense for office leases	$ 1,967	$ 2,009	$ 3,957	$ 4,078
Sublease not yet commenced, future annual payment to be received	$ 1,842		$ 1,842

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 21,973	$ 11,850	$ 37,854	$ 15,001
Net income (loss) attributable to non-controlling interests	9,122	5,861	15,953	10,074
Net income allocated to participating securities	104	41	177	45
Net income (loss) attributable to Tiptree Inc. common shares - basic	12,747	5,948	21,724	4,882
Effect of Dilutive Securities:
Securities of subsidiaries	(1,133)	10	(1,407)	95
Adjustments to income relating to exchangeable interests and contingent considerations, net of tax	2	1	4	1
Net income (loss) attributable to Tiptree Inc. common shares - diluted	$ 11,616	$ 5,959	$ 20,321	$ 4,978
Weighted average number of shares of common stock outstanding - basic (in shares)	36,785,305	36,742,295	36,777,557	36,633,226
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations (in shares)	967,377	843,516	989,016	876,434
Weighted average number of shares of common stock outstanding - diluted (in shares)	37,752,682	37,585,811	37,766,573	37,509,660
Basic net income (loss) attributable to common shares (in dollars per share)	$ 0.35	$ 0.16	$ 0.59	$ 0.13
Diluted net income (loss) attributable to common shares (in dollars per share)	$ 0.31	$ 0.16	$ 0.54	$ 0.13

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Related Party Transactions (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jan. 01, 2025	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Related party, greater than 5% shareholder					5.00%
Corvid Peak
Related Party Transaction [Line Items]
Ownership after all transactions		40.80%
Corvid Peak | Forecast | Subsequent event
Related Party Transaction [Line Items]
Ownership after all transactions	51.00%
Related Party | Strategic Combination Agreement | Corvid Peak
Related Party Transaction [Line Items]
Investment expense			$ 1,745	$ 1,267	$ 3,166	$ 2,369

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Subsequent Events (Details) - $ / shares		3 Months Ended				6 Months Ended
	Jul. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.06	$ 0.06	$ 0.05	$ 0.05	$ 0.12	$ 0.10
Common stock | Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.06