Tiptree Inc
(NASDAQ:TIPT)

Tiptree Inc., through its subsidiaries, underwrites and administers specialty insurance products primarily in the United States. It operates in two segments, Insurance and Mortgage. The company provides niche commercial and personal lines insurance, credit insurance and collateral protection product...

Website: http://www.tiptreeinc.com

Founded: 1885

Full Time Employees: 979

Sector: Financial Services

Industry: Insurance-Specialty

Insurance Financial Services

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• Market Cap:

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2014-12-31	2014-09-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-08-13	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-08-13	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-06-22	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-06-22	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-06-22

revenues:
other revenue		-44,122,000	14,841,000	15,271,000	14,498,000	14,808,000	18,361,000	18,335,000	15,298,000	15,788,000	15,762,000	14,021,000	13,332,000	13,178,000	17,364,000	23,899,000	21,744,000	21,170,000	21,058,000	16,623,000	14,556,000	9,936,000	12,783,000	12,137,000	17,054,000	18,604,000	12,788,000	16,417,000	12,079,000	7,893,000	12,279,000	9,133,000	8,757,000
total revenues		-1,565,990,000	540,302,000	528,750,000	497,426,000	503,598,000	494,362,000	546,673,000	498,221,000	446,374,000	416,514,000	404,518,000	381,625,000	369,528,000	363,478,000	339,843,000	324,903,000	319,534,000	286,605,000	299,687,000	294,688,000	257,395,000	224,041,000	199,194,000	129,671,000	208,568,000	189,185,000	191,072,000	183,903,000	152,377,000	172,668,000	152,709,000	148,072,000	95,501,000	164,519,000	157,870,000	163,908,000	167,475,000	134,121,000	133,752,000	131,806,000	119,089,000																												7,022,000	6,700,000	3,791,000		4,834,000		6,124,000	576,000
yoy	NaN%	-410.96%	9.29%	-3.28%	-0.16%	12.82%	18.69%	35.14%	30.55%	20.80%	14.59%	19.03%	17.46%	15.65%	26.82%	13.40%	10.25%	24.14%	27.93%	50.45%	127.26%	23.41%	18.42%	4.25%	-29.49%	36.88%	9.57%	25.12%	24.20%	59.56%	4.95%	-3.27%	-9.66%	-42.98%	22.66%	18.03%	24.36%	40.63%																																45.26%		-38.10%
qoq	NaN%	-389.84%	2.18%	6.30%	-1.23%	1.87%	-9.57%	9.73%	11.62%	7.17%	2.97%	6.00%	3.27%	1.66%	6.95%	4.60%	1.68%	11.49%	-4.37%	1.70%	14.49%	14.89%	12.47%	53.61%	-37.83%	10.25%	-0.99%	3.90%	20.69%	-11.75%	13.07%	3.13%	55.05%	-41.95%	4.21%	-3.68%	-2.13%	24.87%	0.28%	1.48%	10.68%																													4.81%	76.73%					963.19%
expenses:
employee compensation and benefits	6,762,000	-137,857,000	62,094,000	54,523,000	55,084,000	52,917,000	52,335,000	49,917,000	49,186,000	48,231,000	45,663,000	44,383,000	40,798,000	39,730,000	38,210,000	48,262,000	56,455,000	60,062,000	48,643,000	45,693,000	52,924,000	47,843,000	45,715,000	40,678,000	38,501,000	35,181,000	34,176,000	30,969,000	29,153,000	29,611,000	28,970,000	27,188,000	27,788,000	6,512,000	36,596,000	36,732,000	36,109,000
depreciation and amortization	356,000	-13,616,000	5,259,000	4,924,000	4,881,000	5,399,000	5,395,000	5,291,000	5,568,000	5,991,000	6,347,000	5,875,000	5,253,000	5,259,000	5,549,000	6,009,000	6,156,000	6,176,000	6,119,000	6,208,000	5,934,000	5,334,000	4,010,000	4,371,000	3,863,000	3,661,000	3,523,000	3,291,000	3,094,000	3,486,000	3,200,000	2,953,000	2,957,000	-9,940,000	7,775,000	8,197,000	7,809,000	6,569,000	6,437,000	7,085,000	8,377,000								324,000	1,094,000	1,002,000	992,000	994,000	982,000	991,000	883,000	604,000	868,000	868,000	248.25	604,000	604,000	855,000	837,000	633,500	1,133,000	46,000			294,750		46,000
other expenses	1,879,000	-129,423,000	61,734,000	38,771,000	40,838,000	34,047,000	34,790,000	35,550,000	40,866,000	36,061,000	28,937,000	33,109,000	32,811,000	31,602,000	30,290,000	39,512,000	31,176,000	37,704,000	34,379,000	38,594,000	31,367,000	28,411,000	25,492,000	25,015,000	30,230,000	28,561,000	24,930,000	22,416,000	23,837,000	20,547,000	20,589,000	17,600,000	19,165,000	1,059,000	23,164,000	27,383,000	22,833,000	41,750,000	16,285,000	16,249,000	17,990,000			-277,000	5,505,000	6,156,000	4,734,000	4,240,000
total expenses	8,997,000	-1,402,928,000	502,026,000	476,038,000	472,076,000	461,405,000	457,581,000	506,027,000	468,522,000	416,309,000	395,373,000	380,844,000	373,452,000	344,497,000	338,353,000	335,036,000	325,855,000	308,643,000	283,021,000	288,212,000	255,296,000	232,827,000	210,144,000	194,760,000	211,422,000	198,691,000	190,783,000	175,367,000	178,748,000	165,569,000	173,806,000	151,132,000	155,115,000	89,774,000	172,532,000	167,964,000	165,315,000	161,935,000	126,603,000	127,618,000	127,936,000	121,225,000		24,476,000	36,683,000	30,092,000	-6,729,000	37,794,000																						2,768,750	11,883,000	1,816,000		2,656,000		2,410,000	9,473,000
operating income before taxes	-8,997,000
non operating income:
net realized and unrealized gains	-261,000	-63,872,000	34,879,000	20,644,000	6,831,000	14,051,000	8,316,000	12,578,000	15,624,000	12,277,000	1,457,000	8,825,000	2,177,000	19,933,000	17,159,000	15,687,000	17,204,000	31,082,000	14,805,000	36,092,000	69,371,000	55,782,000	38,959,000	30,110,000	-62,441,000	22,248,000	16,594,000	24,875,000	20,151,000	-297,000	11,001,000	11,472,000	6,606,000	12,424,000	7,526,000	11,445,000	16,212,000	65,840,000	7,902,000	7,381,000	6,177,000					1,002,000
other income	966,000																																	8,455,000	11,379,000	11,931,000	10,510,000	30,136,000	6,100,000	3,690,000	3,743,000	2,681,000	3,467,000	-1,149,000	1,537,000	730,000																	69,000	93,000	50,500	100,000	208,000		147,000	112,000	220,000	208,000		147,000		217,000	3,000
income before taxes	-8,292,000	-160,940,000	38,276,000	52,712,000	25,350,000	42,193,000	36,781,000	40,646,000	29,699,000	30,065,000	21,141,000	23,674,000	8,173,000	25,031,000	25,125,000	4,807,000	-952,000	10,891,000	3,584,000	11,475,000	39,392,000	24,568,000	13,897,000	4,434,000	-81,751,000									-2,530,250	-5,430,000	-7,199,000	2,508,000
less: provision for income taxes	-1,153,000	-62,347,000	22,666,000	21,608,000	12,382,000	12,853,000	16,308,000	18,673,000	13,818,000	13,937,000	12,273,000	11,824,000	5,022,000	18,913,000	5,068,000	26,555,000	-86,000	9,875,000	237,000	2,427,000	8,752,000	8,403,000	-844,000	-5,000	-21,181,000	5,311,000	-649,000	3,501,000	854,000	-4,431,000	-611,000	701,000	-1,568,000	-9,801,000	-2,052,000	-1,875,000	1,166,000	5,680,000	3,712,000	4,025,000	-2,439,000
net income from continuing operations	-7,139,000																									4,566,000	-949,000	12,204,000	4,301,000	-8,761,000	-527,000	876,000	-5,475,000
net income from discontinued operations	21,385,000																													9,289,000			34,481,000
net income attributable to common stockholders	14,246,000	3,911,000	6,421,000	18,960,000	5,635,000	19,551,000	11,915,000	12,851,000	9,050,000	6,871,000	2,153,000	5,989,000	-1,062,000	871,000	14,223,000	-22,408,000	-960,000	-426,000	2,008,000	7,969,000	28,581,000	14,270,000	12,763,000	3,816,000	-60,007,000	4,147,000	-1,457,000	11,746,000	3,925,000	165,000	-618,000	826,000																	14,032,000
net income from continuing operations per common share:
basic earnings per share	-0.19	-1.86	0.17	0.5	0.15	0.53	0.32	0.35	0.24	0.19	0.06	0.16	-0.03	0.03	0.39	-0.64	-0.03	-0.02	0.06	0.24	0.86	0.41	0.37	0.11	-1.74	0.12	-0.04	0.33	0.11		-0.02	0.02	0.79	0.34	-0.11	-0.15	0.04	0.26	0.2	0.18	0.16	-0.13
diluted earnings per share	-0.19	-1.72	0.13	0.37	0.13	0.47	0.29	0.31	0.22	0.15	0.04	0.16	-0.03	0.03	0.38	-0.64	-0.03	-0.02	0.06	0.22	0.81	0.41	0.35	0.1	-1.74	0.11	-0.04	0.32	0.11		-0.02	0.02	0.79	0.33	-0.11	-0.15	0.03	0.25	0.19	0.17	0.16	-0.13
net income from discontinued operations per common share:
net income per common share:
weighted-average number of common shares:
basic	37,789,444	37,559,807	37,565,019	37,496,875	37,348,219	36,872,706	36,789,571	36,785,305	36,769,810	36,693,204	36,749,199	36,742,295	36,522,946	35,531,149	36,304,385	35,228,775	34,229,011	33,223,792	33,558,106	32,898,769	32,420,982	33,859,775	33,684,301	33,984,195	34,566,330	34,578,292	34,552,171	34,527,230	34,673,054	34,715,852	36,402,129	36,593,154	29,861,496	29,134,190	29,455,462	28,832,975	28,424,824	31,721,449	29,143,470	34,456,096	34,976,485	33,848,463	31,881,904,000	16,771,980,000	17,449,974,000	10,586,587,000	10,250,438,000	10,246,176,000
diluted	37,789,444	37,559,807	38,583,747	38,617,998	38,447,518	37,926,792	37,818,491	37,752,682	37,779,412	37,619,095	37,684,131	37,585,811	36,522,946	35,531,149	36,783,248	35,228,775	34,229,011	33,688,256	34,132,182	33,567,897	36,184,019	33,859,775	33,684,301	33,984,195	34,566,330	34,578,292	34,552,171	34,527,230	34,673,054	34,715,852	36,402,129	37,386,319	29,861,496	37,306,632	29,455,462	28,832,975	36,749,956	31,766,674	37,230,650	34,528,977	35,084,505	33,848,463	31,881,904,000	16,771,980,000	17,449,974,000	10,586,587,000	10,250,438,000	10,271,537,000
dividends declared per common share	0.06	0.06	0.06	0.06	0.06	0.31	0.06	0.06	0.06	0.05	0.05	0.05	0.05	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.035	0.035	0.035	0.035	0.03	0.03	0.03													0.155		0.101	0.135	0.27		0.068	0.135		0.135
earned premiums		282,314,750	383,881,000	381,941,000	363,437,000	366,657,000	359,496,000	398,467,000	347,310,000	301,416,000	291,293,000	269,795,000	265,330,000	242,531,000	237,877,000	215,941,000	208,416,000	186,649,000	175,026,000	176,958,000	146,919,000	132,997,000	116,418,000	107,255,000	121,321,000	134,396,000	129,163,000	116,576,000	118,973,000	109,995,000	116,153,000	100,044,000	101,645,000	98,919,000	96,073,000	87,477,000	89,231,000	90,920,000	47,609,000	46,292,000	44,615,000	43,884,000	39,707,000
service and administrative fees		72,491,500	95,821,000	96,847,000	97,298,000	93,497,000	95,362,000	105,847,000	110,487,000	105,678,000	100,146,000	98,113,000	92,032,000	87,837,000	83,423,000	77,625,000	71,835,000	69,111,000	69,664,000	63,700,000	58,050,000	52,683,000	47,701,000	42,865,000	43,724,000	27,558,000	26,058,000	26,728,000	25,895,000	26,680,000	26,168,000	24,891,000	24,576,000	24,299,000	24,018,000	23,067,000	23,776,000	24,927,000	25,842,000	28,269,000	30,310,000	29,565,000	25,545,000
ceding commissions		2,664,500	3,483,000	3,542,000	3,633,000	3,859,000	3,716,000	5,065,000	2,744,000	4,154,000	2,440,000	4,676,000	3,645,000	3,994,000	4,023,000	3,326,000	2,537,000	2,957,000	2,722,000	3,080,000	3,025,000	4,884,000	5,157,000	4,535,000	6,525,000	2,458,000	1,598,000	3,048,000	2,504,000	2,869,000	2,257,000	2,242,000	2,283,000	1,969,000	2,513,000	2,017,000	2,271,000	2,139,000	1,397,000	10,545,000	10,703,000	11,515,000	10,148,000
net investment income		7,407,750	7,397,000	10,505,000	11,729,000	10,726,000	9,111,000	6,381,000	6,758,000	7,061,000	5,416,000	9,088,000	5,109,000	2,055,000	3,632,000	3,365,000	3,167,000	8,565,000	3,330,000	3,234,000	2,767,000	1,113,000	3,023,000	2,292,000	3,488,000	3,304,000	2,984,000	3,428,000	4,301,000	5,237,000	4,810,000	4,927,000	4,205,000	4,254,000	3,840,000	3,687,000	4,505,000
policy and contract benefits		163,278,750	217,330,000	226,472,000	209,313,000	196,126,000	203,442,000	233,975,000	207,664,000	158,419,000	153,966,000	147,734,000	141,675,000	122,252,000	121,242,000	104,665,000	104,446,000	89,814,000	80,831,000	89,193,000	67,174,000	69,137,000	57,738,000	49,147,000	60,876,000	46,425,000	43,993,000	39,422,000	40,841,000	36,804,000	44,491,000	34,174,000	36,626,000	29,595,000	31,570,000	29,802,000	32,992,000
commission expense		109,251,250	144,919,000	140,486,000	151,600,000	164,587,000	154,005,000	173,279,000	156,948,000	160,140,000	153,744,000	142,699,000	146,450,000	140,251,000	137,559,000	127,453,000	117,423,000	104,103,000	104,392,000	99,543,000	88,645,000	73,038,000	68,868,000	67,903,000	70,401,000	77,987,000	77,430,000	72,737,000	74,903,000	68,043,000	69,222,000	62,562,000	62,633,000	65,430,000	63,066,000	56,546,000	56,793,000	55,347,000	24,032,000	34,836,000	33,038,000	30,891,000	23,927,000	2,450,000	679,000	984,000	539,000	631,000
interest expense		7,978,000	10,690,000	10,862,000	10,360,000	8,329,000	7,614,000	8,015,000	8,290,000	7,467,000	6,716,000	7,044,000	6,465,000	5,403,000	5,503,000	9,135,000	10,199,000	10,784,000	8,657,000	8,981,000	9,252,000	9,064,000	8,321,000	7,646,000	7,551,000	6,876,000	6,731,000	6,532,000	6,920,000	7,078,000	7,334,000	6,655,000	5,946,000	-2,882,000	10,361,000	9,304,000	8,779,000	8,931,000	7,839,000	6,451,000	6,480,000	6,329,000	6,194,000	-8,180,000	8,500,000	5,962,000	5,509,000	4,110,000																										-416,000
net income		-24,755,000	15,610,000	31,104,000	12,968,000	29,340,000	20,473,000	21,973,000	15,881,000	16,128,000	8,868,000	11,850,000	3,151,000	6,118,000	20,057,000	-21,748,000	-866,000	1,016,000	3,347,000	9,048,000	30,640,000																							-5,006,500	-13,486,000	-2,195,000	4,428,000	1,901,000	14,048,000	-148,000	-476,000	-88,000	-239,000	294,000	16,045,000	535,000	-384,000	1,067,000	-1,113,000	-2,464	-384,000		-540,000	2,503,000	-4,358,000	-3,538,000	659,000		459,000	-28,388,000	-5,183,000	659,000		459,000		3,714,000	-8,897,000
yoy		-184.37%	-23.75%	41.56%	-18.34%	81.92%	130.86%	85.43%	404.00%	163.62%	-55.79%	-154.49%	-463.86%	502.17%	499.25%	-340.36%	-102.83%																											-363.36%	-196.00%	1383.11%	-1030.25%	-2260.23%	-5977.82%	-150.34%	-102.97%	-116.45%	-37.76%	-72.45%	-1541.60%	-21812.66%	0.00%		106.11%	-100.10%	-91.19%		-181.94%		-1049.46%	-87.54%	-112.71%			-6284.75%		-82.26%
qoq		-258.58%	-49.81%	139.85%	-55.80%	43.31%	-6.83%	38.36%	-1.53%	81.87%	-25.16%	276.07%	-48.50%	-69.50%	-192.22%	2411.32%	-185.24%	-69.64%	-63.01%	-70.47%																								-62.88%	514.40%	-149.57%	132.93%	-86.47%	-9591.89%	-68.91%	440.91%	-63.18%	-181.29%	-98.17%	2899.07%	-239.32%	-135.99%	-195.87%	45070.45%	-99.36%			-121.57%	-157.43%	23.18%	-636.87%			-101.62%	447.71%	-886.49%					-141.74%
net income margin %	NaN%	1.58%	2.89%	5.88%	2.61%	5.83%	4.14%	4.02%	3.19%	3.61%	2.13%	2.93%	0.83%	1.66%	5.52%	-6.40%	-0.27%	0.32%	1.17%	3.02%	10.40%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	NaN%	Infinity%	-404.27%	-77.36%	17.38%	NaN%	9.50%	NaN%	60.65%	-1544.62%
less: net income attributable to non-controlling interests		7,166,500	9,189,000	12,144,000	7,333,000	9,789,000	8,558,000	9,122,000	6,831,000	9,257,000	6,715,000	5,861,000	4,213,000	5,247,000	5,834,000	660,000	94,000	1,442,000	1,339,000	1,079,000	2,059,000	1,895,000	1,978,000	623,000	-563,000
net income before non-controlling interests																						-10,347,500	14,741,000	4,439,000	-60,570,000	4,566,000	-949,000	12,204,000	4,301,000	528,000	-527,000	876,000	29,006,000	12,594,000	-3,378,000	-5,324,000	1,342,000	10,065,000	7,838,000	7,021,000	7,414,000	-6,388,000	19,794,000
income before taxes from continuing operations																										9,877,000	-1,598,000	15,705,000	5,155,000	-13,192,000	-1,138,000	1,577,000	-7,043,000					15,745,000	11,550,000	11,046,000	4,975,000	-3,559,000	-1,580,000	19,908,000	-13,506,000	-1,766,000	6,820,000	3,335,000
discontinued operations:
income before taxes from discontinued operations																																	624,000
gain on sale of discontinued operations																														10,676,000			46,184,000										16,349,000
less: net income attributable to non-controlling interests - tfp																																108,000	5,392,000
less: net income attributable to non-controlling interests - other																										419,000	508,000	458,000	376,000	363,000	91,000	-58,000	54,000	353,000	331,000	164,000	34,000	566,000	571,000	219,000
basic, continuing operations																										120	-40	330	110	-260	-20	20	-150					260	200	180	160	-130	-30	-490	20	100	220	180
basic, discontinued operations																														260			940										500
diluted, continuing operations																										0.11	-0.04	0.32	0.11	-0.26	-0.02	0.02	-0.15					0.25	0.19	0.17	0.16	-0.13	-30	-490	10	100	220	180
diluted, discontinued operations																														0.26			0.94										500
other income:
income attributable to consolidated clos																																		879,000	7,216,000	7,941,000	8,867,000	18,864,000	12,556,000	14,480,000	7,677,000	15,576,000	19,033,000	43,939,000	-4,093,000	11,986,000
expenses attributable to consolidated clos																																		-185,000	4,633,000	5,046,000	4,952,000	8,659,000	8,524,000	9,568,000	6,572,000	16,999,000	17,117,000	615,000	15,552,000	13,992,000	14,247,000	12,783,000
net income attributable to consolidated clos																																		1,064,000	2,583,000	2,895,000	3,915,000	10,205,000	4,032,000	4,912,000	1,105,000	-1,423,000	1,916,000			-2,006,000
total other income
net income attributable to tiptree inc. class a common stockholders																																	23,560,000	10,061,000	-3,114,000	-4,443,000	1,100,000
net income per class a common share:
weighted-average number of class a common shares:
basic	37,789,444	37,559,807	37,565,019	37,496,875	37,348,219	36,872,706	36,789,571	36,785,305	36,769,810	36,693,204	36,749,199	36,742,295	36,522,946	35,531,149	36,304,385	35,228,775	34,229,011	33,223,792	33,558,106	32,898,769	32,420,982	33,859,775	33,684,301	33,984,195	34,566,330	34,578,292	34,552,171	34,527,230	34,673,054	34,715,852	36,402,129	36,593,154	29,861,496	29,134,190	29,455,462	28,832,975	28,424,824	31,721,449	29,143,470	34,456,096	34,976,485	33,848,463	31,881,904,000	16,771,980,000	17,449,974,000	10,586,587,000	10,250,438,000	10,246,176,000
diluted	37,789,444	37,559,807	38,583,747	38,617,998	38,447,518	37,926,792	37,818,491	37,752,682	37,779,412	37,619,095	37,684,131	37,585,811	36,522,946	35,531,149	36,783,248	35,228,775	34,229,011	33,688,256	34,132,182	33,567,897	36,184,019	33,859,775	33,684,301	33,984,195	34,566,330	34,578,292	34,552,171	34,527,230	34,673,054	34,715,852	36,402,129	37,386,319	29,861,496	37,306,632	29,455,462	28,832,975	36,749,956	31,766,674	37,230,650	34,528,977	35,084,505	33,848,463	31,881,904,000	16,771,980,000	17,449,974,000	10,586,587,000	10,250,438,000	10,271,537,000
rental and related revenue																																		13,704,750	19,170,000	18,246,000	17,403,000
results of consolidated clos:
less: net income attributable to non-controlling interests - tiptree financial partners, l.p.																																		-358,000	-595,000	-1,045,000	208,000	1,772,000	1,362,000	669,000	2,629,000
interest income																																						5,158,000	6,782,000	6,165,000	7,685,000	5,791,000	2,867,000	-2,819,000	7,363,000	5,363,000			-12,000	-12,000	-17,000	-18,000	-19,000	-21,000	-12,000	-7,000	-5,000	-5,000	-3,000	-6.25	-5,000	-5,000	-15,000	-3,000
gain on sale of loans held for sale																																						12,103,000	20,045,000	14,852,000	13,515,000	14,859,000	4,005,000	2,037,000	2,383,000	952,000
loan fee income																																						2,324,000	3,915,000	3,047,000	2,334,000	2,844,000	1,882,000
rental revenue																																						10,191,000	14,529,000	13,511,000	12,724,000	11,165,000	11,191,000	6,439,000	4,469,000	4,446,000														820.75	1,804,000	1,804,000	3,170,000	3,172,000	2,379,500	2,871,000	115,000			746,750		115,000
payroll and employee commissions																																						25,543,750	38,767,000	32,800,000	30,608,000	30,156,000	23,429,000
member benefit claims																																						4,333,500	5,967,000	5,617,000	5,750,000	7,955,000	8,240,000
net losses and loss adjustment expense																																						13,775,500	19,914,000	17,240,000	17,948,000
professional fees																																						5,454,000	7,114,000	7,340,000	7,362,000	5,521,000	3,671,000	1,920,000	3,420,000	1,090,000	2,351,000	2,252,000
acquisition and transaction costs																																						157,750	248,000		383,000
income from continuing operations																																						10,065,000	7,838,000	7,021,000	7,414,000	-6,388,000	-1,209,000	16,673,000	-13,486,000	-2,195,000	4,428,000	1,901,000	-2,221,000
income from discontinued operations																																											4,654,000						806,000
discontinued operations																																											21,003,000						16,269,000
net income attributable to tiptree financial inc. class a common stockholders																																						4,398,250	5,905,000
net income available to class a common stockholders																																								6,133,000
less: net (loss) attributable to non-controlling interests - other																																									-770,000
net income available to common stockholders																																									5,555,000	-4,553,000	14,962,000	-4,078,000	272,000	1,025,000	2,282,000	1,830,000
net realized and unrealized gains on investments																																										-2,342,000	443,000
net realized and unrealized gains on mortgage pipeline and associated hedging instruments																																										-707,000	368,000
net credit derivative losses																																										-166,000	-444,000
net incomees and loss adjustment expenses																																										14,948,000	12,926,000
depreciation and amortization expenses																																										10,034,000	11,359,000	6,289,000	2,290,000	1,563,000	1,085,000	1,215,000
acquisition costs
other incomes																																										15,391,000	12,929,000
less: benefit for income taxes																																										2,829,000	-371,000
less: net income attributable to noncontrolling interests - tiptree financial partners, l.p.																																										-1,661,000	4,735,000
less: net (loss) attributable to noncontrolling interests - other																																										-174,000
total revenue																																											99,179,000						1,705,000	4,519,000	4,010,000	3,999,000	3,977,000	3,975,000	3,964,000	3,517,000	2,020,000	3,474,000	3,521,000	925	2,020,000	2,020,000	5,059,000	6,139,000	4,047,500	6,618,000	3,791,000		4,834,000
total expense																																											102,675,000
less: net income attributable to noncontrolling interests - other																																											97,000
net income basic																																											470	-280	20	100	220	180
net income dilutive																																											470	-280	10	100	220	180
realized and unrealized gains:
net realized gain on investments																																												1,751,750	7,909,000	142,000
change in unrealized (depreciation) appreciation on investments																																												-382,500	-1,819,000
income from investments in partially owned entities																																												721,000	2,204,000	344,000
net realized and unrealized gain																																												2,090,250	8,294,000
investment income:
separate account fees																																												4,235,750	5,931,000	5,487,000
administrative service fees																																												9,446,500	12,845,000	12,352,000
total investment income																																												23,555,500	34,528,000	29,330,000
total net realized and unrealized gains and investment income																																												25,645,750	42,822,000	30,332,000
payroll expense																																												8,910,500	12,559,000	10,570,000	9,275,000	8,741,000
change in future policy benefits																																												815,000	1,063,000	1,125,000	1,208,000	1,189,000
mortality expenses																																												1,973,000	2,667,000	2,642,000	2,591,000	2,633,000
net income before taxes and income attributable to consolidated clos from continuing operations																																												1,169,750	6,139,000	240,000
net loss attributable to consolidated clos																																												-5,949,750	-19,645,000
provision for income taxes																																												3,235,000	-20,000	429,000	2,392,000	1,434,000
gain on sale of bickford portfolio																																																	15,463,000
less: net income attributable to noncontrolling interest																																												-588,250	-1,904,000
less: net income attributable to vie subordinated noteholders																																												-5,010,250	-11,854,000
change in unrealized appreciation on investments																																														516,000
less net income attributable to noncontrolling interest																																														298,000	4,432,000	7,008,000
less net income attributable to vie subordinated noteholders																																														-3,518,000
less net income attributable to the vie subordinated noteholders																																															-3,939,500	-6,937,000
revenue
rental income																																																	1,094,000	3,841,000	3,442,000	3,442,000	3,442,000	3,442,000	3,788,000	3,371,000	1,804,000	3,276,000	3,276,000
reimbursable income																																																	38,000	366,000	386,000	375,000	353,000	351,000
income from investments in loans																																																	573,000	312,000	182,000	182,000	182,000	182,000	176,000	146,000	216,000	198,000	245,000	104.25	216,000	216,000	1,820,000	2,874,000	1,617,500	3,647,000	3,468,000		4,687,000	2,950,500	6,480,000	3,468,000		4,687,000
expenses
base services fees to related party																																																	120,000	118,000	90,750	118,000	133,000	112,000
incentive fee to related party																																																	1,537,000						1,723,000	237,000		176,000	305,000
marketing, general and administrative																																																	1,635,000	1,533,000	1,537,000	1,148,000	898,000	1,172,000	1,210,000	1,367,000	985,000	1,202,000	1,136,000	1,955.25	985,000	985,000	3,031,000	2,315,000	2,089,750	2,418,000	497,000		1,362,000	989,000	10,548,000	497,000		1,045,000		989,000	283,000
reimbursed property expenses																																																	38,000	366,000	367,000	363,000	358,000	351,000
operating expenses																																																	3,654,000	3,111,000	3,024,000	2,621,000	2,383,000	2,617,000	4,030,000	2,587,000	1,691,000	2,345,000	2,413,000	16,425	1,691,000	1,691,000	3,146,000	1,856,000	4,411,000	6,609,000	1,816,000		2,656,000
other expense																																																																										317,000
income from investments in partially-owned entities																																																	-85,000	-83,000	-81,000	-81,000	-81,000									474,000
unrealized loss on derivative instruments																																																					420,000																	146,750				-195,000
realized gain on derivative instruments																																																					-86,000
interest expense including amortization of deferred financing costs																																																	369,000	1,651,000	1,560,000	1,565,000	1,599,000	1,586,000																648,250		-466,000
net income attributable to non-controlling interest																																																	16,000
net income allocated to common stockholders per share of common stock
(loss) from continuing operations, basic																																																	-0.22
discontinued operations, net, basic																																																	1.59
net income, basic																																																	1.37	-0.01	-0.04	-0.01	-0.03	0.03	1.58	0.05	-0.04	0.11
(loss) from continuing operations, diluted																																																	-0.22
discontinued operations, net, diluted																																																	1.59
net income, diluted																																																	1.37	-0.01	-0.04	-0.01	-0.03	0.03	1.55	0.05	-0.04	0.1
weighted-average common shares outstanding, basic																																																	10,243,951	10,241,502	10,209,497	10,217,648	10,224,845	10,175,438	10,154,372	10,159,098	10,063,386	10,149,562
weighted-average common shares outstanding, diluted																																																	10,258,141	10,241,502	10,209,497	10,217,648	10,224,845	10,186,222	10,309,765	10,187,605	10,063,386	10,167,272
unrealized gain on derivative instruments																																																																								240,000
net income attributable to care investment trust																																																		-148,000
impairment of investments																																																										77,000
(income) or loss from investments in partially-owned entities																																																						-81,000	-1,309,000	-1,009,000		-1,384,000
unrealized (gain) or loss on derivative instruments																																																						-420,000
net income or (loss) per share of common stock
revenue:
base management and services fees and buyout payments to related party																																																							75,750	100,000	102,000	99,000	104,000
realized gain on sales and repayments of loans
adjustment to valuation allowance on loans held at locom																																																															-1,247,000	-1,919,000	-1,218,250
net unrealized (gain) or loss on derivative instruments																																																							63,750		-492,000
interest expense including amortization and write-off of deferred financing costs																																																							1,034,750	1,411,000	736,000	1,374,000	1,354,000	355			1,458,000	2,111,000	1,260,250	1,711,000	466,000		416,000
(income) or income from investments in partially-owned entities																																																									474,000
loss from investments in partially-owned entities																																																											614,000	239	474,000		1,269,000	941,000	842,250	1,203,000	1,090,000		1,108,000	850,000		-1,090,000		-1,108,000
net unrealized loss on derivative instruments																																																											256,000	-179.5	-492,000		-259,000	-1,269,000	-78,500	633,000			195,000
net income per share
net loss, basic and diluted																																																											-0.11																		-0.43
weighted-average common shares outstanding, basic and diluted																																																											10,140,422									20,866,526					20,866,526
management fee and buyout payment to related party																																																													102,000	102,000
realized gain on sales and repayment of loan
adjustment to valuation allowance on investments in loans																																																												-7
interest expense, including amortization and write-off of deferred financing costs																																																													736,000	736,000
net income, basic and diluted																																																													-0.04		-0.03	0.12	0.02	-0.17	0.03		0.02	-0.03	-0.25	0.03		0.02		0.18
basic and diluted weighted-average common shares outstanding																																																													10,063,386	10,063,386	20,052,583	20,030,662		20,893,498	20,880,990		20,875,070		20,864,040	20,880,990		20,875,070	20,866,526	20,864,040	20,864,040
net unrealized (gain)/loss on derivative instruments																																																														-492,000
net (loss)/income																																																														-384,000
net (loss)/income per share of common stock
net (loss)/income, basic and diluted																																																														-0.04
management fee and buyout payments to related party																																																															507,000	645,000
realized gain on sales and repayment of loans																																																																-22,000
management fees to related party																																																																	430,500	860,000	1,273,000		1,294,000	858,000	1,335,000	1,273,000		1,294,000		1,279,000
loss on loan prepayment																																																																						77,500
unrealized loss on loan held for sale																																																																		2,198,000				549,500
realized gain on sale of loans																																																																	-295,000
net unrealized gain on derivative instruments																																																																			-240,000
realized gain on sale of loan to manager
income per share of common stock
revenues
income from operations																																																																						1,040,500	-5,183,000	1,975,000		2,178,000
yoy																																																																						-52.23%
qoq																																																																						-120.08%	-362.43%
operating margin %	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	14.82%	-77.36%	52.10%	NaN%	45.06%	NaN%	0%	0%
income from investment in loans																																																																												5,907,000	573,000
stock-based compensation to manager
stock-based compensation – other																																																																												142,000
management fees paid to related party																																																																													56,000
stock based compensation to manager																																																																													9,115,000
stock based compensation – other																																																																													19,000
loss per share of common stock

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2015-09-30	2015-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

assets:
current assets:
cash and cash equivalents	33,401,000	30,784,000	366,087,000	383,828,000	342,282,000	320,067,000	396,187,000	497,343,000	474,555,000	468,711,000	514,692,000	372,410,000	412,004,000	538,065,000	503,488,000	337,916,000	177,962,000	175,718,000	150,496,000	141,661,000	123,879,000	136,920,000	103,502,000	80,604,000	108,785,000	133,117,000	136,134,000	175,835,000	88,079,000	86,003,000	82,809,000	91,490,000	81,219,000	110,667,000	111,751,000	75,764,000	67,190,000	63,010,000	65,995,000	56,181,000						69,002,000	27,757,000	46,428,000	46,648,000	48,040,000	49,867,000	52,306,000	8,907,000	13,938,000	8,346,000		7,602,000	134,894,000	136,586,000		94,701,000	53,751,000	17,355,000		17,538,000	15,383,000	14,889,000	15,319,000	23,919,000	7,786,000
marketable securities	581,000	21,701,000
other current assets	2,270,000	2,361,000
total current assets	36,252,000	54,846,000
right of use asset	7,837,000	8,301,000
property, plant and equipment	5,906,000	6,262,000
other assets	2,739,000	2,269,000	181,197,000	180,213,000	207,899,000	213,858,000	166,501,000	163,152,000	161,180,000	165,515,000	188,394,000	157,895,000	161,906,000	172,143,000	162,118,000	151,867,000	147,217,000	146,844,000	152,938,000	164,455,000	179,688,000	162,034,000	151,175,000	86,775,000	74,346,000	68,510,000	74,550,000	70,420,000	70,465,000	46,034,000	38,955,000	40,329,000	42,122,000	31,584,000	48,544,000	47,043,000	36,753,000	37,886,000	112,843,000	95,120,000	89,717,000	76,131,000	46,099,000	49,201,000	16,777,000	3,059,000	7,184,000	6,182,000	6,903,000	5,752,000	5,939,000	4,412,000	4,025,000	2,764,000	2,254,000		967,000	4,910,000	4,577,000		3,926,000	3,807,000	2,914,000		3,475,000	4,661,000	2,740,000	1,994,000	2,475,000	990,000
assets held for sale	6,914,921,000	6,768,387,000													33,836,000	106,282,000	138,251,000	250,608,000	185,595,000	140,348,000	159,335,000	181,705,000	140,578,000	81,065,000	84,963,000	107,835,000	85,332,000	77,501,000	69,454,000	68,231,000	50,663,000	51,598,000	54,857,000	448,492,000
total assets	6,967,655,000	6,840,065,000	6,416,269,000	6,147,892,000	5,819,492,000	5,694,789,000	5,505,733,000	5,304,710,000	5,189,939,000	5,139,313,000	4,827,391,000	4,634,449,000	4,307,958,000	4,039,563,000	3,994,084,000	3,732,709,000	3,600,198,000	3,599,147,000	3,378,352,000	3,211,557,000	3,048,613,000	2,995,760,000	2,794,866,000	2,480,501,000	2,422,672,000	2,198,286,000	2,056,493,000	1,920,366,000	1,814,840,000	1,864,918,000	1,796,609,000	1,729,531,000	1,688,806,000	1,989,742,000	2,448,754,000	2,541,469,000	2,466,964,000	2,890,050,000	2,866,745,000	2,704,253,000	3,498,787,000	3,372,143,000	6,955,516,000	6,880,448,000	6,604,233,000	142,983,000	208,360,000	185,797,000	187,748,000	189,071,000	192,200,000	194,216,000	178,630,000	163,479,000	166,563,000	166,877,000	172,792,000	306,256,000	311,267,000	315,432,000	322,107,000	328,626,000	332,420,000	370,906,000	412,192,000	409,045,000	339,372,000	328,398,000	300,720,000	292,467,000
liabilities and stockholders’ equity
liabilities:
current liabilities:
short-term debt	7,979,000	8,138,000
other current liabilities	19,948,000	20,964,000
total current liabilities	27,927,000	29,102,000
long-term debt	64,126,000	63,948,000
long-term lease obligations	8,139,000	8,654,000
deferred tax liabilities	82,686,000	80,390,000																																					27,072,000	23,415,000	22,219,000	32,473,000
liabilities held for sale	6,034,281,000	5,905,572,000														69,146,000	117,333,000	242,994,000	178,343,000	133,282,000	152,461,000	175,112,000	132,212,000	75,145,000	79,908,000	102,430,000	79,665,000	72,132,000	64,199,000	62,980,000	45,422,000	46,264,000	49,468,000	362,818,000
total liabilities	6,217,159,000	6,087,666,000	5,674,851,000	5,424,524,000	5,136,030,000	5,038,018,000	4,849,533,000	4,686,641,000	4,591,301,000	4,562,748,000	4,283,818,000	4,088,381,000	3,766,401,000	3,505,990,000	3,474,510,000	3,207,369,000	3,217,045,000	3,198,966,000	2,976,210,000	2,806,508,000	2,651,214,000	2,622,222,000	2,433,175,000	2,133,312,000	2,078,336,000	1,786,871,000	1,649,081,000	1,513,328,000	1,420,185,000	1,465,659,000	1,400,641,000	1,328,715,000	1,281,146,000	1,592,968,000	2,057,616,000	2,150,797,000	2,073,126,000	2,499,906,000	2,485,404,000	2,323,788,000	3,092,019,000	2,966,797,000	6,390,046,000	6,314,592,000	6,048,455,000	37,410,000	116,638,000	97,760,000	97,948,000	97,846,000	97,912,000	100,636,000	99,558,000	83,620,000	86,683,000	86,264,000	90,124,000	90,175,000	93,334,000	88,639,000	89,043,000	92,152,000	92,210,000	129,774,000	130,274,000	121,989,000	48,965,000	35,063,000	7,514,000	3,117,000
stockholders’ equity:
preferred stock: 0.001 par value...
common stock: 0.001 par value...	38,000	38,000	38,000	37,000	37,000	37,000	37,000	37,000	37,000	37,000	37,000	37,000	37,000	36,000	36,000	36,000	35,000	34,000	34,000	33,000	33,000	33,000	34,000	34,000	34,000	35,000	35,000	35,000	35,000	36,000	36,000	37,000														11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000		10,000	21,000	21,000		21,000	21,000	21,000		21,000	21,000	21,000	21,000	21,000	21,000
additional paid-in capital	390,416,000	394,435,000	392,947,000	395,637,000	394,149,000	389,693,000	389,275,000	387,513,000	385,138,000	382,239,000	380,988,000	379,741,000	382,502,000	382,645,000	380,196,000	379,371,000	323,916,000	317,459,000	314,060,000	314,983,000	313,140,000	315,014,000	319,522,000	318,817,000	323,064,000	326,140,000	325,359,000	324,321,000	323,334,000	331,892,000	331,538,000	335,749,000	294,678,000	295,582,000	296,476,000	296,282,000	297,268,000	297,391,000	297,274,000	296,428,000	298,589,000	271,189,000	101,572,000	100,903,000	97,250,000	84,216,000	84,146,000		84,046,000	83,993,000	84,029,000		83,779,000	83,729,000	83,446,000		83,042,000	302,039,000	301,989,000
accumulated other comprehensive income, net of tax	-19,727,000	-7,496,000	-7,756,000	-11,623,000	-19,557,000	-27,750,000	-15,171,000	-29,216,000	-27,928,000	-26,073,000	-40,577,000	-33,226,000	-33,093,000	-39,429,000	-47,670,000	-30,966,000	-23,106,000	-2,685,000	1,157,000	2,689,000	2,592,000	5,674,000	5,662,000	5,827,000	2,030,000	1,698,000	1,916,000	1,389,000	251,000	-2,058,000	-3,042,000	-2,399,000	-1,483,000	966,000	1,223,000	1,332,000	1,062,000	555,000	1,031,000	1,667,000
retained earnings	133,552,000	121,574,000	119,945,000	115,787,000	99,090,000	95,718,000	87,805,000	78,115,000	67,488,000	60,663,000	55,643,000	55,340,000	51,201,000	54,113,000	54,717,000	41,964,000	65,788,000	68,146,000	69,961,000	69,313,000	62,678,000	35,423,000	22,520,000	11,143,000	8,725,000	70,189,000	67,465,000	70,340,000	60,015,000	57,231,000	58,346,000	60,265,000	60,741,000	38,079,000	28,913,000	32,925,000	38,220,000	37,974,000	30,956,000	25,785,000	20,367,000	25,758,000			16,652,000	16,163,000	2,338,000	3,879,000	5,743,000	7,221,000	10,248,000	9,954,000
total tiptree inc. stockholders’ equity	504,279,000	508,551,000	505,174,000	499,838,000	473,719,000	457,698,000	461,946,000	436,449,000	424,735,000	416,866,000	396,091,000	401,892,000	400,647,000	397,365,000	387,279,000	390,405,000	366,633,000	382,954,000	385,212,000	387,018,000	378,443,000	356,144,000	347,738,000	335,821,000	333,853,000	398,062,000	394,775,000	396,085,000	383,635,000	387,101,000	386,878,000	393,652,000	320,148,000	300,077,000	291,983,000	290,868,000	294,708,000	293,431,000
non-controlling interests:
fortegra preferred interests	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000	77,679,000
common interests	168,538,000	166,169,000	158,565,000	145,851,000	132,064,000	121,394,000	116,575,000	103,941,000	96,224,000	82,020,000	69,803,000	66,497,000	63,231,000	58,529,000	54,616,000	57,256,000
total non-controlling interests	246,217,000	243,848,000	236,244,000	223,530,000	209,743,000	199,073,000	194,254,000	181,620,000	173,903,000	159,699,000	147,482,000	144,176,000	140,910,000	136,208,000	132,295,000	134,935,000
total stockholders’ equity	750,496,000	752,399,000	741,418,000	723,368,000	683,462,000	656,771,000	656,200,000	618,069,000	598,638,000	576,565,000	543,573,000	546,068,000	541,557,000	533,573,000	519,574,000	525,340,000	383,153,000	400,181,000	402,142,000	405,049,000	397,399,000	373,538,000	361,691,000	347,189,000	344,336,000	411,415,000	407,412,000	407,038,000	394,655,000	399,259,000	395,968,000	400,816,000	407,660,000	396,774,000	391,138,000	390,672,000	393,838,000	390,144,000	381,341,000	380,465,000	406,768,000	405,346,000				105,573,000	91,722,000	88,037,000	89,800,000	91,225,000	94,288,000	93,580,000	79,072,000	79,859,000	79,880,000		82,668,000	216,081,000	217,933,000		233,064,000	236,474,000	240,210,000		281,918,000	287,056,000	290,407,000	293,335,000	293,206,000	289,350,000
total liabilities and stockholders’ equity	6,967,655,000	6,840,065,000	6,416,269,000	6,147,892,000	5,819,492,000	5,694,789,000	5,505,733,000	5,304,710,000	5,189,939,000	5,139,313,000	4,827,391,000	4,634,449,000	4,307,958,000	4,039,563,000	3,994,084,000	3,732,709,000	3,600,198,000	3,599,147,000	3,378,352,000	3,211,557,000	3,048,613,000	2,995,760,000	2,794,866,000	2,480,501,000	2,422,672,000	2,198,286,000	2,056,493,000	1,920,366,000	1,814,840,000	1,864,918,000	1,796,609,000	1,729,531,000	1,688,806,000	1,989,742,000	2,448,754,000	2,541,469,000	2,466,964,000	2,890,050,000	2,866,745,000	2,704,253,000	3,498,787,000	3,372,143,000				142,983,000	208,360,000	185,797,000	187,748,000	189,071,000	192,200,000	194,216,000	178,630,000	163,479,000	166,563,000		172,792,000	306,256,000	311,267,000		322,107,000	328,626,000	332,420,000		412,192,000	409,045,000	339,372,000	328,398,000	300,720,000	292,467,000
investments:
available for sale securities, at fair value, net of allowance for credit losses			1,305,403,000	1,166,877,000	1,156,801,000	1,107,929,000	1,010,067,000	825,223,000	781,196,000	802,609,000	701,238,000	795,556,000	810,445,000	611,980,000	584,081,000	606,462,000	568,460,000	577,448,000	541,121,000	447,300,000	409,947,000	377,133,000	369,914,000	345,718,000	333,703,000
loans, at fair value			90,422,000	75,792,000	89,691,000	81,330,000	81,816,000	74,326,000	69,039,000	69,556,000	75,975,000	78,853,000	72,382,000	64,843,000	70,784,000	91,387,000	96,244,000	105,583,000	89,326,000	97,405,000	110,458,000	90,732,000	115,472,000	86,271,000	79,177,000	108,894,000	111,758,000	92,053,000	125,145,000	215,383,000	229,033,000	233,535,000	239,331,000	258,173,000	323,122,000	310,680,000	327,393,000	373,089,000	371,934,000	278,834,000
equity securities			171,673,000	140,841,000	135,156,000	108,620,000	95,330,000	69,499,000	58,414,000	68,308,000	63,456,000	130,881,000	111,089,000	85,776,000	85,103,000	96,876,000	120,895,000	138,483,000	139,418,000	204,539,000	145,022,000	123,838,000	111,659,000	118,328,000	129,022,000	155,378,000	147,446,000	154,578,000	122,592,000	122,979,000
other investments			53,501,000	57,088,000	52,413,000	53,084,000	59,250,000	59,337,000	90,989,000	111,088,000	92,835,000	85,939,000	84,570,000	73,025,000	76,535,000	81,690,000	132,305,000	168,656,000	168,829,000	206,188,000	218,471,000	219,701,000	214,192,000	207,524,000	182,877,000	137,472,000	104,553,000	74,257,000	76,741,000	75,002,000	71,909,000	56,442,000	41,243,000	59,142,000	27,191,000	27,545,000	25,687,000	25,467,000
total investments			1,620,999,000	1,440,598,000	1,434,061,000	1,350,963,000	1,246,463,000	1,028,385,000	999,638,000	1,051,561,000	933,504,000	1,091,229,000	1,078,486,000	835,624,000	816,503,000	876,415,000	917,904,000	990,170,000	938,694,000	955,432,000	883,898,000	811,404,000	811,237,000	757,841,000	724,779,000	736,936,000	678,961,000	589,942,000	608,407,000	696,927,000	691,949,000	664,470,000	633,621,000	525,299,000	1,064,245,000	1,016,072,000	975,909,000	1,016,600,000
restricted cash			113,473,000	91,220,000	85,676,000	96,197,000	108,183,000	108,034,000	128,402,000	23,850,000	22,670,000	25,589,000	13,926,000	12,782,000	10,344,000	13,397,000	19,567,000	19,368,000	21,588,000	36,275,000	53,294,000	58,355,000	78,095,000	77,307,000	45,416,000	11,473,000	17,823,000	13,531,000	13,062,000	10,521,000	10,704,000	18,148,000	19,336,000	31,570,000	23,400,000	39,329,000	27,470,000	24,472,000	22,093,000	15,062,000
notes and accounts receivable			813,622,000	893,474,000	798,438,000	799,131,000	789,624,000	779,105,000	722,017,000	684,608,000	664,917,000	687,825,000	502,615,000	502,311,000	481,985,000	471,462,000	536,133,000	454,369,000	443,150,000	394,348,000	348,314,000	370,452,000	361,747,000	324,617,000	322,793,000	286,968,000	260,031,000	233,393,000	231,990,000	223,105,000	225,762,000	194,971,000	201,157,000	186,422,000	178,726,000	164,432,000	172,647,000	157,500,000	163,896,000	160,391,000
reinsurance recoverable			1,345,662,000	1,236,800,000	1,121,010,000	992,883,000	932,656,000	904,692,000	911,048,000	953,886,000	742,032,000
prepaid reinsurance premiums			1,100,965,000	1,043,944,000	969,012,000	1,046,253,000	978,149,000	962,159,000	907,758,000	900,524,000	894,272,000
deferred acquisition costs			572,790,000	573,178,000	554,386,000	565,872,000	570,923,000	545,033,000	564,873,000	565,746,000	539,278,000	520,925,000	504,336,000	498,925,000	485,199,000	433,614,000	414,752,000	379,373,000	352,940,000	306,622,000	272,924,000	229,430,000	204,396,000	181,367,000	176,821,000	166,493,000	201,803,000	192,683,000	170,727,000	170,063,000	157,052,000	146,882,000	143,146,000	147,162,000	139,471,000	126,934,000	121,712,000	126,608,000	60,150,000	57,563,000
goodwill			207,802,000	207,696,000	206,496,000	206,706,000	208,565,000	205,972,000	205,928,000	206,155,000	205,023,000	205,674,000	206,636,000	186,608,000	185,944,000	186,567,000	179,103,000	179,103,000	179,103,000	179,236,000	179,236,000	179,236,000	163,366,000	163,366,000	163,623,000	99,147,000	99,147,000	91,562,000	91,562,000	91,562,000	91,562,000	91,562,000	91,562,000	91,562,000							93,207,000	92,118,000	4,617,000	4,294,000	4,243,000
intangible assets			93,672,000	96,941,000	100,232,000	102,859,000	108,482,000	110,835,000	114,540,000	118,757,000	122,609,000	128,107,000	130,609,000	117,015,000	120,340,000	125,265,000	119,357,000	122,758,000	126,649,000	130,429,000	134,315,000	138,215,000	134,199,000	136,525,000	139,429,000	47,974,000	49,830,000	48,084,000	50,098,000	52,121,000	54,521,000	56,936,000	59,375,000	64,017,000							97,785,000	103,607,000	154,095,000	154,695,000	115,286,000
debt			507,560,000	493,029,000	495,269,000	427,089,000	388,523,000	387,338,000	405,756,000	402,411,000	323,642,000	361,211,000	347,461,000	259,366,000	266,255,000	261,781,000	391,326,000	393,349,000	374,842,000	381,871,000	393,959,000	366,246,000	397,764,000	402,282,000	433,136,000	374,454,000	329,496,000	296,558,000	282,798,000	354,083,000	365,272,000	366,215,000	320,508,000	346,081,000	865,629,000	821,951,000	751,885,000	793,009,000	774,095,000	655,233,000	625,491,000	464,372,000	381,266,000	360,609,000
unearned premiums			1,920,104,000	1,859,638,000	1,732,009,000	1,766,068,000	1,709,966,000	1,671,294,000	1,659,650,000	1,695,058,000	1,607,022,000	1,521,320,000	1,403,213,000	1,357,436,000	1,349,357,000	1,219,115,000	1,188,764,000	1,123,952,000	1,053,120,000	968,580,000	892,009,000	860,690,000	792,533,000	712,592,000	728,519,000	754,993,000	703,121,000	646,109,000	589,074,000	599,444,000	558,358,000	526,282,000	521,085,000	503,446,000	475,047,000	442,432,000	418,106,000	414,960,000	412,633,000	405,519,000	368,827,000	333,560,000
policy liabilities and unpaid claims			1,615,702,000	1,503,493,000	1,421,537,000	1,298,081,000	1,192,857,000	1,087,203,000	962,419,000	844,848,000	813,214,000	722,469,000	639,808,000	567,193,000	512,924,000	441,078,000	393,877,000	331,703,000	313,614,000	285,640,000	251,323,000	233,438,000	211,198,000	195,780,000	195,464,000	144,384,000	134,501,000	128,690,000	130,585,000	131,611,000	124,102,000	122,290,000	117,740,000	112,003,000	110,928,000	110,895,000	104,623,000	103,391,000	101,913,000	97,611,000
deferred revenue			654,504,000	667,563,000	678,617,000	695,772,000	692,389,000	683,513,000	672,360,000	673,085,000	678,204,000	681,263,000	665,513,000	649,150,000	628,876,000	593,235,000	560,316,000	534,863,000	511,273,000	472,610,000	424,608,000	399,211,000	358,734,000	320,024,000	304,622,000	94,601,000	86,692,000	80,101,000	75,276,000	75,754,000	69,051,000	63,797,000	58,349,000	56,745,000	53,930,000	52,944,000	51,337,000	52,254,000	56,716,000	57,039,000	66,153,000	65,594,000
reinsurance payable			470,505,000	450,264,000	361,711,000	443,083,000	458,610,000	478,168,000	539,349,000	543,602,000	471,241,000	443,698,000	345,139,000	305,097,000	317,199,000	292,355,000	273,314,000	265,569,000	239,499,000	230,590,000	201,331,000	224,660,000	189,500,000	169,297,000	147,513,000	143,869,000	131,434,000	123,671,000	115,029,000	117,597,000	106,486,000	93,488,000	96,178,000	90,554,000	81,887,000	87,579,000	89,736,000	70,588,000	54,068,000	59,168,000
other liabilities and accrued expenses			506,476,000	450,537,000	446,887,000	407,925,000	407,188,000	379,125,000	351,767,000	403,744,000	390,495,000	358,420,000	365,267,000	367,748,000	399,899,000	330,659,000	292,115,000	306,536,000	305,519,000	333,935,000	335,523,000	362,865,000	351,234,000	258,192,000	189,174,000	172,140,000	184,172,000	166,067,000	163,224,000	124,190,000	131,950,000	110,379,000	117,818,000	121,321,000	115,858,000	124,529,000	122,182,000	133,735,000	106,449,000	73,862,000	174,742,000	135,876,000	37,092,000	21,829,000	24,243,000
reinsurance receivables												1,444,795,000	1,297,440,000	1,176,090,000	1,194,327,000	1,029,924,000	949,952,000	880,836,000	827,199,000	762,751,000	713,730,000	728,009,000	646,571,000	591,034,000	581,717,000	539,833,000	452,882,000	427,415,000	420,996,000	420,351,000	392,632,000	373,145,000	362,411,000	352,967,000	333,023,000	338,721,000	311,774,000	296,234,000	381,163,000	376,649,000	332,349,000	300,065,000			9,080,000
non-controlling interests																	16,520,000	17,227,000	16,930,000	18,031,000	18,956,000	17,394,000	13,953,000	11,368,000	10,483,000										99,155,000	99,804,000	99,130,000	96,713,000	94,569,000	92,924,000	87,175,000	108,622,000
available for sale securities, at fair value																										335,192,000	315,204,000	269,054,000	283,929,000	283,563,000	255,784,000	234,361,000	212,809,000	182,448,000	164,093,000	147,778,000	152,529,000	146,171,000
non-controlling interests - other																										13,353,000	12,637,000	10,953,000	11,020,000	12,158,000	9,090,000	7,164,000	5,430,000	19,203,000
common stock - class b: 0.001 par value...																																	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	10,000	31,000	31,000	31,000
common stock held by subsidiaries, 0 and 5,197,551 shares, respectively
class b common stock																																	-8,000	-8,000	-8,000	-8,000	-8,000	-8,000	-8,000	-8,000
non-controlling interests - tfp																																	82,082,000	77,494,000
equity securities, at fair value																															135,223,000	140,132,000	140,238,000
common stock - class a: 0.001 par value...																																	35,000	35,000	35,000	35,000	35,000	35,000	35,000	35,000	35,000	32,000	11,000	11,000	11,000
class a common stock																																	-33,823,000	-34,585,000	-34,664,000	-39,706,000	-41,877,000	-42,524,000	-42,524,000	-36,374,000
loans at amortized cost																																			150,596,000	115,763,000	94,414,000	113,838,000
equity securities, trading, at fair value																																		25,536,000	28,106,000	39,230,000	46,872,000	48,612,000
assets of consolidated clos																																			372,774,000	551,995,000	575,918,000	989,495,000	995,658,000	989,615,000	1,766,036,000	1,883,030,000	1,390,599,000	1,414,616,000	1,491,744,000
liabilities of consolidated clos																																			354,337,000	510,467,000	535,257,000	931,969,000	943,218,000	936,367,000	1,725,241,000	1,835,238,000	1,167,325,000	1,175,606,000	1,250,931,000
commitments and contingencies
assets
real estate																																			371,137,000	375,076,000	329,014,000	309,423,000	280,831,000	255,288,000	207,393,000	208,565,000	105,853,000	105,061,000	62,492,000
goodwill and intangible assets																																			176,820,000	181,179,000	177,591,000	178,245,000	178,291,000	178,963,000
liabilities
stockholders’ equity																																																								80,612,000				226,793,000				241,132,000
securities, available for sale																																							137,195,000	165,025,000
loans owned, at amortized cost																																							96,696,000	75,562,000
commissions payable																																							9,240,000	15,574,000	8,823,000	6,904,000
total tiptree financial inc. stockholders’ equity																																							286,772,000
total stockholders’ equity to tiptree financial inc.																																								287,541,000	319,593,000
cash and cash equivalents – unrestricted																																									98,737,000	170,100,000	124,824,000	120,557,000	123,721,000
cash and cash equivalents – restricted																																									34,004,000	30,085,000	36,230,000	26,395,000	34,210,000
trading assets, at fair value																																									33,817,000	31,824,000
investments in available for sale securities, at fair value																																									192,387,000	179,772,000	17,662,000	17,763,000	17,721,000
mortgage loans held for sale, at fair value																																									108,969,000	56,417,000
investments in loans, at fair value																																									248,924,000	63,718,000	198,887,000	171,087,000	128,467,000
loans owned, at amortized cost – net of allowance																																									57,395,000	51,439,000	42,105,000	40,260,000	32,443,000
notes receivable																																									23,020,000	21,647,000			6,071,000
accounts and premiums receivable																																									61,374,000	56,947,000
investments in partially-owned entities																																									99,000	113,000	8,566,000	9,972,000	11,075,000	2,493,000	2,493,000	2,491,000	2,491,000	2,491,000	2,492,000	2,491,000	29,121,000	29,391,000	37,010,000	39,200,000	41,652,000	51,837,000	54,405,000	56,078,000	57,982,000	60,842,000	63,654,000	64,890,000	66,129,000	69,739,000	71,076,000	72,353,000
other receivables																																									53,574,000	46,565,000
trading liabilities, at fair value																																									24,602,000	22,371,000
policy liabilities																																									75,170,000	69,638,000	109,412,000	112,358,000	114,930,000
liabilities held for sale and discontinued operations																																									751,000	771,000
accumulated other comprehensive income																																									594,000	-265,000		33,000	290,000
total stockholders’ equity of tiptree financial inc.																																										296,724,000
trading investments, at fair value																																											32,834,000	35,991,000
loans held for sale, at fair value																																											15,776,000
policy loans																																											99,339,000	102,147,000	104,875,000
deferred tax assets																																											2,932,000	3,310,000	4,834,000
separate account assets																																											4,675,098,000	4,625,099,000	4,353,490,000
derivative financial instruments, at fair value																																											978,000	598,000	2,000
u.s. treasuries, short position																																											18,875,000	18,493,000	18,945,000
separate account liabilities																																											4,675,098,000	4,625,099,000	4,353,490,000
commitment and contingent liabilities
due from separate accounts																																													2,467,000
investments in trading securities, at fair value																																													39,333,000
due from brokers, dealers, and trustees																																													247,000
management fee receivables																																													255,000
insurance policies and contracts acquired																																													39,809,000
deferred policy acquisition costs																																													4,543,000
accrued interest and dividends receivable																																													1,048,000
liabilities and stockholders' equity
mortgage notes payable																																													33,254,000	33,376,000	112,884,000	95,232,000	95,567,000	95,880,000	95,659,000	96,079,000	96,495,000	81,240,000	81,479,000	81,684,000	81,991,000	81,472,000	81,659,000	81,873,000	82,069,000	82,183,000	82,198,000	82,217,000	82,227,000
notes payable																																													146,500,000
loans payable																																													58,749,000
due to brokers, dealers and trustees																																													47,120,000
accrued interest payable																																													293,000
stockholders' equity:
total stockholders' equity of tiptree financial inc.																																													114,234,000
non-controlling interest																																													354,667,000	5,183,000	5,227,000
appropriated retained earnings of consolidated tamco																																													86,877,000
total stockholders' equity																																													555,778,000
total liabilities and stockholders' equity																																													6,604,233,000
real estate:
land																																														6,440,000	11,463,000	10,620,000	10,620,000	10,620,000	10,620,000	10,620,000	7,330,000	5,020,000	5,020,000		5,020,000	5,020,000	5,020,000		5,020,000	5,020,000	5,020,000		5,020,000	4,370,000
buildings and improvements																																														36,417,000	138,489,000	116,222,000	116,222,000	116,222,000	116,222,000	116,222,000	120,492,000	102,002,000	102,002,000		102,016,000	101,000,000	101,000,000		101,000,000	101,000,000	101,524,000		101,524,000	92,462,000
less: accumulated depreciation and amortization																																														-968,000	-8,993,000		-7,139,000	-6,263,000	-5,386,000		-3,637,000	-2,845,000	-2,069,000		-517,000	-5,998,000	-5,239,000		-3,722,000	-2,963,000	-2,217,000		-987,000	-43,000
total real estate																																														41,889,000	140,959,000	118,827,000	119,703,000	120,579,000	121,456,000	122,302,000	124,185,000	104,177,000	104,953,000		106,519,000	100,022,000	100,781,000		102,298,000	103,057,000	104,327,000		105,557,000	96,789,000
investment in loans																																														22,360,000	22,576,000		5,537,000	5,593,000	5,680,000		6,285,000	6,971,000	7,276,000															283,090,000
note receivable from related party																																														3,346,000	1,224,000
identified intangible assets — leases in place																																														834,000	6,167,000	6,316,000	6,466,000	6,616,000	6,766,000	6,939,000	6,089,000	6,218,000	6,348,000			4,305,000	4,388,000		4,553,000	4,636,000	4,222,000		4,243,000
accounts payable and accrued expenses																																														1,743,000	1,621,000	1,833,000	1,689,000	1,268,000	1,520,000	2,170,000	1,742,000	1,561,000	1,988,000		2,605,000	2,520,000	2,110,000		2,614,000	6,029,000	5,944,000		1,534,000	746,000	823,000	1,509,000	2,026,000	1,521,000
accrued expenses payable to related party																																														1,647,000	70,000	86,000	83,000	89,000	92,000	1,794,000	281,000	225,000	340,000		2,563,000	2,500,000	5,572,000			1,137,000	865,000		4,003,000	3,544,000	3,146,000	3,119,000	3,564,000	1,596,000
other liabilities																																														644,000	670,000	609,000	609,000	609,000	641,000	593,000	590,000	131,000	525,000		525,000	525,000	525,000		1,038,000	1,284,000	1,425,000		1,278,000	2,012,000	3,476,000	2,585,000	1,924,000
dividends payable																																															1,393,000
less: accumulated depreciation																																																-8,015,000				-4,540,000
investments in loans																																																5,553,000				5,766,000					9,357,000							159,916,000	190,138,000	216,026,000	246,186,000	236,833,000	271,990,000
additional paid-in-capital																																																84,147,000				83,615,000									300,389,000	299,926,000	299,661,000		300,163,000	298,207,000	298,631,000	298,444,000	298,368,000	298,226,000
obligation to issue operating partnership units																																																					450,000	463,000	2,351,000		2,440,000	3,158,000	3,468,000		2,729,000	1,519,000	1,778,000		3,451,000	2,828,000	3,024,000	2,850,000
accrued interest receivable																																																					18,000	20,000	22,000		88,000	56,000	59,000		336,000	557,000	885,000		1,167,000	1,185,000	1,511,000	1,899,000	2,336,000
accumulated deficit																																																					-4,718,000	-3,881,000	-3,577,000			-77,155,000	-75,253,000		-59,012,000	-55,139,000	-51,142,000		-18,266,000	-11,172,000	-8,245,000	-5,130,000	-5,183,000	-8,897,000
preferred stock; 0.001 par value...
due from partially-owned entities																																																							354,000
loans held for investment																																																								8,552,000
investments in loans held at locom																																																										9,584,000	9,791,000	25,325,000
investment in real estate																																																								105,729,000				101,539,000				105,130,000
borrowings under warehouse line of credit																																																																37,781,000	37,781,000
deferred financing costs, net of accumulated amortization of 0 and 1,122, respectively
identified intangible assets — leases in place, net of accumulated amortization of 86 (successor) and 489, respectively																																																									6,607,000
treasury stock																																																										-8,824,000	-8,824,000		-8,334,000	-8,334,000	-8,330,000
retained earnings/																																																									-384,000
deferred financing costs, net of accumulated amortization of 1,187 and 1,122, respectively																																																										648,000
deferred financing costs, net of accumulated amortization of 1,155 and 1,122, respectively																																																											680,000
loans held at locom																																																													57,566,000	101,199,000	138,253,000
deferred financing costs, net of accumulated amortization of 1,090 and 432, respectively																																																													745,000
liabilities to related party																																																													593,000
deferred financing costs, net of accumulated amortization of 1,058 and 432, respectively																																																														777,000
deferred financing costs, net of accumulated amortization of 1,025 and 432, respectively																																																															810,000
investment in loan held for sale																																																																	22,497,000
deferred financing costs, net of accumulated amortization of 231 and 69, respectively																																																																	1,448,000
deferred financing costs, net of accumulated amortization of 210 and 69, respectively																																																																		1,297,000
identified intangible asset — leases in place																																																																		3,965,000
borrowing under warehouse line of credit																																																																		38,270,000	38,496,000	25,000,000
mortgage note payable																																																																		74,589,000
investment in net leased property																																																																			2,970,000
accrued interest																																																																						601,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2015-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30

operating activities:
net income	14,246,000	-24,755,000	15,610,000	31,104,000	12,968,000	29,340,000	20,473,000	21,973,000	15,881,000	16,128,000	8,868,000	11,850,000	3,151,000	6,118,000	20,057,000	-21,748,000	-866,000	1,016,000	3,347,000	9,048,000	30,640,000	16,165,000	14,741,000	4,439,000	-60,570,000	4,566,000	-949,000	12,204,000	4,301,000	528,000	-527,000	876,000	29,006,000	12,594,000	-3,378,000	-5,324,000	1,342,000	10,065,000	7,838,000	19,970,000	-2,195,000			14,047,000	-148,000	-476,000	-89,000	-239,000	294,000	489,000			-384,000	-10,332,000	-8,430,000	1,532,000	1,962,000	2,503,000		1,118,000	459,000
adjustments to reconcile net income to net cash from operating activities
net realized and unrealized losses	261,000			-20,644,000	-6,831,000	-14,051,000			-15,624,000	-12,277,000	-1,457,000	-8,825,000	-2,177,000	-19,933,000	-17,159,000	-15,687,000	-17,204,000	-31,082,000	-14,805,000	-36,092,000	-69,371,000	-55,782,000	-38,959,000	-30,110,000	62,441,000	-22,248,000	-16,594,000	-24,875,000	-20,151,000	297,000	-11,001,000	-11,472,000	-6,606,000	-12,424,000			-16,212,000	-65,840,000
non-cash compensation expense	1,456,000	-5,738,000	5,594,000	2,278,000	9,208,000	4,501,000	5,968,000	3,407,000	3,845,000	2,320,000	1,861,000	1,880,000	2,214,000	1,794,000	1,696,000	45,000	6,170,000	7,413,000	1,504,000	1,148,000	1,065,000	1,959,000	2,489,000	2,053,000	1,616,000
amortization/accretion of premiums and discounts	37,000	2,483,000	-477,000	-2,000,000	-1,263,000	-1,586,000	-928,000	-1,752,000	-1,736,000	-2,284,000	-1,628,000	-3,185,000	-459,000	-41,000	-72,000	435,000	654,000	813,000	732,000	732,000	670,000	615,000	620,000	570,000	424,000	339,000	314,000	200,000	308,000	351,000	248,000	261,000	169,000	345,000	285,000	341,000	345,000	292,000	320,000
depreciation and amortization expense	356,000	-13,616,000	5,259,000	4,924,000	4,881,000	5,399,000	5,395,000	5,291,000	5,568,000	5,991,000	6,347,000	5,875,000	5,253,000	5,259,000	5,549,000	6,009,000	6,156,000	6,176,000	6,119,000	6,208,000	5,934,000	5,334,000	4,010,000	4,371,000	3,863,000	3,661,000	3,523,000	3,291,000	3,094,000	3,485,000	3,200,000	2,953,000	2,958,000	5,872,000	7,888,000	8,311,000	7,921,000	6,644,000	6,437,000
non-cash lease expense	464,000	-3,404,000	1,739,000	1,742,000	1,838,000	1,940,000	1,918,000	1,967,000	1,990,000	1,948,000	1,925,000	2,009,000	2,069,000	2,793,000	1,942,000	2,146,000	2,420,000	2,404,000	2,074,000	2,251,000	2,195,000	2,178,000	959,000	2,104,000	2,133,000
deferred provision for income taxes	-1,153,000			16,790,000	5,840,000	-10,554,000			12,779,000	10,263,000	11,627,000	11,034,000	4,100,000	18,209,000	3,769,000	25,624,000	-54,000	6,953,000	437,000	2,552,000	7,788,000
amortization of deferred financing costs	195,000	-722,000	487,000	496,000	416,000	306,000	297,000	310,000	300,000	300,000	283,000	273,000	269,000	260,000	294,000	380,000	407,000	431,000	402,000	380,000	394,000	407,000	275,000	164,000	169,000	171,000	151,000	152,000	240,000	197,000	214,000	194,000	329,000	592,000	752,000	761,000	665,000	711,000	487,000								13,000	67,000	67,000
net income from discontinued operations	-21,385,000
changes in operating assets and liabilities:
decrease in other assets	-231,000			-3,636,000	2,011,000	-3,675,000			-1,109,000	-3,743,000	1,380,000	5,461,000	17,823,000	2,239,000	1,264,000	-693,000	4,653,000	-7,402,000	5,628,000	-1,190,000	-4,101,000	-4,644,000	53,000	-12,625,000	-5,201,000	-9,038,000	266,000	6,840,000	2,201,000	5,082,000	1,609,000	48,000	-19,139,000	3,356,000			4,027,000	1,970,000
increase in other liabilities and lease obligations	-2,589,000
net cash from operating activities from continuing operations	-8,343,000
net cash from operating activities from discontinued operations	-9,821,000
net cash from operating activities	-18,164,000	44,852,000	135,434,000	21,253,000	-33,321,000	69,957,000	61,217,000	46,878,000	62,704,000	-22,114,000	57,198,000	-6,678,000	43,046,000	62,216,000	116,344,000	135,446,000	149,067,000	18,277,000	40,436,000	118,273,000	27,330,000	71,954,000	7,900,000	35,103,000	25,212,000	4,316,000	17,585,000	10,001,000	-8,160,000	14,122,000	33,439,000	6,712,000	3,451,000	22,389,000	-2,689,000	-21,945,000	49,164,000	68,696,000	-26,113,000	-51,685,000	44,092,000			1,061,000	-48,000	1,223,000	295,000	554,000	-1,446,000	4,591,000	3,199,000	2,427,000	-4,551,000	-2,624,000	-1,030,000	4,625,000	6,257,000	3,233,000	9,725,000	1,559,000	2,277,000	6,927,000	1,788,000
capital expenditures	0	0	-2,052,000	-1,185,000	-1,121,000	-1,802,000	-536,000	-906,000	-787,000	-1,527,000	-922,000	-6,634,000	-4,947,000	-5,413,000	-2,231,000	-2,548,000	-535,000	-661,000	-912,000	-794,000	-397,000	-1,985,000	-1,626,000	-1,628,000	-1,455,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	-18,164,000	44,852,000	133,382,000	20,068,000	-34,442,000	68,155,000	60,681,000	45,972,000	61,917,000	-23,641,000	56,276,000	-13,312,000	38,099,000	56,803,000	114,113,000	132,898,000	148,532,000	17,616,000	39,524,000	117,479,000	26,933,000	69,969,000	6,274,000	33,475,000	23,757,000	4,316,000	17,585,000	10,001,000	-8,160,000	14,122,000	33,439,000	6,712,000	3,451,000	22,389,000	-2,689,000	-21,945,000	49,164,000	68,696,000	-26,113,000	-51,685,000	44,092,000			1,061,000	-48,000	1,223,000	295,000	554,000	-1,446,000	4,591,000	3,199,000	2,427,000	-4,551,000	-2,624,000	-1,030,000	4,625,000	6,257,000	3,233,000	9,725,000	1,559,000	2,277,000	6,927,000	1,788,000
investing activities:
purchases of investments		815,926,000	-557,965,000	-175,958,000	-172,509,000	-341,017,000	-203,197,000	-128,515,000	-282,567,000	-461,481,000	-297,851,000	-228,791,000	-504,104,000	-325,346,000	-248,450,000	-290,276,000	-333,311,000	-179,138,000	-486,390,000	-352,192,000	-413,159,000	-441,329,000	-365,421,000	-519,813,000	-168,125,000	-121,473,000	-120,960,000	-116,048,000	-30,725,000	-71,972,000	-73,351,000	-78,437,000	-103,857,000	-72,191,000	-74,223,000	-30,517,000	-43,024,000	-95,513,000	-74,686,000
proceeds from sales and maturities of investments	20,869,000	-676,226,000	420,690,000	203,761,000	136,119,000	164,977,000	33,125,000	117,889,000	326,829,000	366,296,000	427,254,000	213,505,000	289,282,000	316,063,000	312,388,000	309,220,000	322,923,000	107,129,000	420,723,000	272,177,000	372,015,000	411,635,000	337,380,000	536,333,000	114,881,000	51,320,000	50,298,000	172,404,000	120,309,000	43,195,000	25,236,000	46,220,000	76,291,000	95,101,000	79,534,000	71,112,000	51,108,000	45,833,000	61,549,000
net cash from investing activities from continuing operations	20,869,000
net cash from investing activities from discontinued operations	-38,638,000
net cash from investing activities	-17,769,000	-79,135,000	-132,959,000	28,140,000	-18,072,000	-176,787,000	-164,762,000	-21,905,000	40,469,000	-99,948,000	127,872,000	-25,070,000	-247,523,000	-19,344,000	52,469,000	-4,879,000	-18,732,000	-72,468,000	-75,417,000	-83,510,000	-42,364,000	-58,061,000	-29,361,000	11,237,000	-47,306,000	-76,011,000	-88,577,000	61,595,000	94,666,000	-16,999,000	-42,529,000	-28,593,000	-20,986,000	19,836,000	171,632,000	-11,016,000	25,225,000	-66,798,000	-73,665,000	25,860,000	1,048,000			42,152,000	-18,212,000	70,000	50,000	782,000	-546,000	-12,697,000	7,447,000	1,055,000	-27,000	15,900,000	15,811,000	106,538,000	60,396,000	23,552,000	-90,893,000	-81,437,000	-12,603,000	-193,278,000	-204,272,000
financing activities:
dividends paid	-2,268,000	2,505,000	-3,859,000	-3,841,000	-3,876,000	-13,252,000	-3,820,000	-3,926,000	-3,820,000	-3,447,000	-3,427,000	-3,411,000	-3,446,000	-3,070,000	-1,891,000	-1,416,000	-1,398,000	-1,389,000	-1,360,000	-1,334,000	-1,326,000	-1,367,000	-1,386,000	-1,398,000	-1,415,000	-1,423,000	-1,418,000			-1,280,000	-1,301,000			-895,000	-898,000			-709,000	-734,000			0	1,233,000			-1,388,000	-1,389,000			-2,743,000	-1,371,000			-3,000	-3,000	-10,329,000	-6,886,000	-3,430,000	-10,718,000	-7,160,000
non-controlling interest (redemptions) contributions	-5,000
cash received in connection with vested or exercised stock awards	-489,000
payment of debt issuance costs	-50,000	31,000	-6,000	-16,000	-2,324,000	-6,996,000	-24,000	20,000	-140,000	-1,121,000	-182,000	-1,000	-183,000	-1,374,000	-3,000	2,000	-5,000	-52,000	0			-931,000	-2,006,000	-193,000	-1,441,000	-468,000	-39,000	-42,000	-37,000	-70,000	-416,000	-311,000	-346,000	-7,850,000	-471,000	-1,179,000	-88,000	-1,322,000	-1,786,000
proceeds from borrowings and mortgage notes payable		-896,557,000	293,367,000	346,325,000	331,115,000	461,891,000	267,027,000	253,071,000	253,892,000	347,968,000	345,528,000	367,636,000	370,394,000	250,926,000	301,779,000	791,825,000	1,020,790,000	1,818,503,000	397,465,000	913,025,000	955,306,000	997,119,000	896,272,000	735,436,000	750,861,000	740,849,000	621,481,000	492,493,000	382,506,000	435,046,000	410,718,000	423,115,000	363,590,000	560,368,000	475,084,000	437,186,000	384,933,000	607,696,000	617,080,000
principal paydowns of borrowings and mortgage notes payable	-187,000	888,798,000	-279,379,000	-349,107,000	-261,063,000	-416,636,000	-266,115,000	-271,820,000	-250,706,000	-268,379,000	-383,189,000	-354,167,000	-282,384,000	-256,700,000	-297,595,000	-965,856,000	-1,145,947,000	-1,735,417,000	-361,194,000	-944,493,000	-952,260,000	-991,384,000	-845,093,000	-771,695,000	-713,607,000	-673,522,000	-581,610,000	-471,158,000	-455,414,000	-429,099,000	-412,216,000	-380,406,000	-395,625,000	-583,832,000	-431,761,000	-366,509,000	-434,435,000	-588,598,000	-496,522,000
repurchases of common stock and other changes in additional paid-in capital	-5,000,000													-73,000	-718,000
net cash from financing activities from continuing operations	-7,999,000
net cash from financing activities from discontinued operations	23,966,000
net cash from financing activities	15,967,000	-46,570,000	3,563,000	-6,812,000	61,300,000	24,267,000	-3,062,000	-22,895,000	7,977,000	73,801,000	-41,270,000	2,573,000	78,302,000	-10,862,000	-2,653,000	23,032,000	-124,703,000	74,234,000	34,533,000	-34,402,000	-630,000	-1,514,000	47,022,000	-43,420,000	29,661,000	64,693,000	36,768,000	17,447,000	-81,980,000	5,017,000	-7,156,000	32,945,000	-32,809,000	-32,776,000	-132,956,000	41,535,000	-70,209,000	-4,883,000	109,592,000	110,310,000	-40,873,000	43,658,000	698,283,000	-1,968,000	-411,000	-1,513,000	-1,737,000	-3,163,000	-447,000	11,981,000	-1,740,000	-168,000	-59,000	-894,000	-707,000	-48,262,000	-44,702,000	-41,230,000	83,387,000	79,942,000	9,896,000	210,270,000	210,270,000
effect of exchange rate changes on cash	182,000	-1,336,000	-1,526,000	4,509,000	1,787,000	-5,543,000	5,600,000	342,000	-754,000	3,460,000	-4,437,000	1,244,000	1,258,000	5,005,000	-3,641,000
net increase in cash, cash equivalents and restricted cash	-19,784,000	-82,189,000	4,512,000	47,090,000	11,694,000	-88,106,000	-101,007,000	2,420,000	110,396,000	-44,801,000	139,363,000	-27,931,000	-124,917,000	37,015,000	162,519,000	150,407,000	5,632,000	20,043,000	-448,000	361,000	-15,664,000	12,379,000	25,561,000	2,920,000	7,567,000	-7,002,000	-34,224,000	89,043,000	4,526,000	2,140,000	-16,246,000	11,064,000	-50,344,000
cash, cash equivalents and restricted cash – beginning of period	30,784,000	-396,827,000	0	0	416,264,000	0	0	0	492,561,000	0	0	0	550,847,000	0	0	0	195,086,000	0	0	0	195,275,000	0	0	0	144,590,000	0	0	0	96,524,000	0	0	0	142,237,000
cash, cash equivalents and restricted cash – beginning of period - held for sale	366,587,000													0	0	0	9,360,000	0	0	0	4,879,000	0	0	0	7,137,000	0	0	0	2,860,000	0	0	0	10,533,000
cash, cash equivalents and restricted cash – end of period	377,587,000	-82,189,000	4,512,000	47,090,000	427,958,000	-88,106,000	-101,007,000	2,420,000	602,957,000	-44,801,000	139,363,000	-27,931,000	425,930,000	37,015,000	162,519,000	150,407,000	210,078,000	20,043,000	-448,000	361,000	184,490,000	12,379,000	25,561,000	2,920,000	159,294,000	-7,002,000	-34,224,000	89,043,000	103,910,000	2,140,000	-16,246,000	11,064,000	102,426,000
less: reclassification of cash to held for sale	344,186,000
net income attributable to common stockholders		3,911,000	6,421,000	18,960,000	5,635,000	19,551,000	11,915,000	12,851,000	9,050,000	6,871,000	2,153,000	5,989,000	-1,062,000	871,000	14,223,000	-22,408,000	-960,000	-426,000	2,008,000	7,969,000	28,581,000	14,270,000	12,763,000	3,816,000	-60,007,000	4,147,000	-1,457,000	11,746,000	3,925,000	165,000	-618,000
net income attributable to non-controlling interests			9,189,000	12,144,000	7,333,000	9,789,000	8,558,000	9,122,000	6,831,000	9,257,000	6,715,000	5,861,000	4,213,000	5,247,000	5,834,000	660,000	94,000	1,442,000	1,339,000	1,079,000	2,059,000	1,895,000	1,978,000	623,000	-563,000
purchases of property, plant and equipment			-2,052,000	-1,185,000	-1,121,000	-1,802,000	-536,000	-906,000	-787,000	-1,527,000	-922,000	-6,634,000	-4,947,000	-5,413,000	-2,231,000	-2,548,000	-535,000	-661,000	-912,000	-794,000	-397,000	-1,985,000	-1,626,000	-1,628,000	-1,455,000
supplemental disclosure of cash flow information:
cash paid during the period for interest expense
cash paid during the period for income taxes
supplemental schedule of non-cash investing and financing activities:
right of use asset obtained in exchange for lease liability					3,257,000	139,000	286,000								0	6,402,000	5,830,000	1,235,000	697,000	936,000	1,413,000
net realized and unrealized (gains) losses
deferred benefit for income taxes
change in fair value of liability classified warrants			16,967,000	-1,426,000	2,019,000	1,418,000	946,000	861,000	4,211,000	842,000	-2,447,000	-46,000	-118,000
other			-506,000	-68,000	18,000	-19,000	43,000	193,000	217,000	22,000	19,000	41,000	66,000	-926,000	48,000	1,006,000	69,000	158,000	-361,000	414,000	80,000																																			-4,000
mortgage loans originated for sale			-252,082,000	-244,478,000	-209,142,000	-253,127,000	-255,784,000	-226,870,000	-210,402,000	-213,245,000	-232,938,000	-227,895,000	-202,836,000	-193,393,000	-279,793,000	-690,768,000	-972,051,000	-1,784,257,000	-366,618,000	-822,465,000	-911,193,000	-959,626,000	-870,849,000	-693,558,000	-539,970,000	-656,590,000	-584,454,000	-456,964,000	-350,220,000	-403,084,000	-399,624,000	-370,115,000	-360,542,000	-441,576,000	-431,027,000	-372,522,000	-347,601,000	-508,691,000	-535,691,000
proceeds from the sale of mortgage loans originated for sale			249,354,000	268,187,000	209,929,000	264,581,000	261,087,000	231,402,000	218,116,000	226,488,000	241,378,000	232,933,000	202,555,000	207,611,000	298,720,000	755,165,000	1,141,727,000	1,741,132,000	351,020,000	877,223,000	956,609,000	987,373,000	827,339,000	728,267,000	609,125,000	655,374,000	570,790,000	450,812,000	366,121,000	394,174,000	417,701,000	387,924,000	390,747,000	452,778,000	426,564,000	373,667,000	405,637,000	571,656,000	512,222,000
increase in notes and accounts receivable
increase in reinsurance recoverable
increase in prepaid reinsurance premiums
increase in deferred acquisition costs
increase in other assets																																									-914,000
increase in unearned premiums			60,466,000	127,629,000	-34,059,000	56,102,000	38,672,000	11,644,000	-35,408,000	88,036,000	85,702,000	118,107,000	45,777,000	8,079,000	130,242,000	30,351,000	64,812,000	70,832,000	84,541,000	76,570,000	31,319,000	68,157,000	79,941,000	-15,927,000	-26,474,000	51,872,000	57,012,000	57,035,000	-10,370,000	41,086,000	32,076,000	5,197,000	17,639,000	28,399,000	32,615,000	23,720,000	3,146,000	2,327,000	7,114,000
increase in policy liabilities and unpaid claims			112,209,000	81,956,000	123,456,000	105,224,000	105,654,000	124,784,000	117,571,000	31,634,000	90,745,000	82,661,000	72,615,000	54,269,000	71,846,000	47,201,000	62,174,000	18,089,000	27,974,000	34,317,000	17,885,000	18,440,000	15,418,000	316,000	-206,000	9,883,000	5,811,000	-1,895,000	-1,026,000	7,509,000	1,812,000	4,550,000	5,737,000	1,063,000	33,000	3,401,000	1,232,000	1,478,000	4,302,000
increase in deferred revenue			-13,059,000	-11,054,000	-17,155,000	3,383,000	8,876,000	11,153,000	-725,000	-5,119,000	-3,059,000	15,750,000	7,041,000	20,274,000	35,641,000	32,531,000	25,453,000	23,590,000	38,663,000	48,002,000	25,397,000	40,477,000	38,710,000	15,402,000	27,453,000	7,909,000	4,141,000	4,825,000	-478,000	6,703,000	5,254,000	5,448,000	1,604,000	2,815,000	986,000	1,494,000	-1,213,000	-372,000	-507,000
increase in reinsurance payable			20,241,000	88,553,000	-81,372,000	-15,527,000	-19,558,000	-61,181,000	-4,253,000	72,361,000	27,543,000	98,559,000	40,042,000	-12,102,000	24,844,000	19,041,000	7,745,000	26,070,000	8,909,000	29,259,000	-23,329,000	35,160,000	20,203,000	21,784,000	-23,431,000	12,435,000	7,763,000	8,642,000	-2,568,000	11,111,000	12,998,000	-2,690,000	5,624,000	8,667,000	-5,692,000	-2,157,000	19,148,000	16,520,000	-5,100,000
increase in other liabilities and accrued expenses			26,060,000	-13,758,000	2,799,000	29,403,000	-24,301,000	-6,021,000	-50,803,000	23,710,000	9,276,000	-9,899,000	-44,657,000	-27,266,000	38,123,000	-33,782,000	-4,846,000	11,777,000	40,281,000	15,612,000	-40,375,000	2,264,000	17,621,000	15,040,000	-11,066,000	3,823,000	14,821,000	-21,522,000	3,261,000	-2,573,000	29,019,000	-10,046,000	-9,713,000	17,768,000	2,050,000	-6,000,000	-10,347,000	-18,850,000	18,488,000	36,069,000	14,156,000
proceeds from notes receivable			29,999,000	27,721,000	42,313,000	26,196,000	31,499,000	19,496,000	23,872,000	23,085,000	32,535,000	37,381,000	24,833,000	25,778,000	22,378,000	20,181,000	17,098,000	15,718,000	13,293,000	12,282,000	14,762,000	11,292,000	14,397,000	8,154,000	7,739,000	9,262,000	11,526,000	8,191,000	7,711,000	7,255,000	7,056,000	7,120,000	7,803,000	9,902,000	12,595,000	13,996,000	13,682,000	11,233,000	9,566,000
issuance of notes receivable			-23,631,000	-26,199,000	-22,874,000	-25,141,000	-25,653,000	-29,869,000	-26,878,000	-26,321,000	-33,144,000	-43,335,000	-30,057,000	-30,426,000	-31,616,000	-26,655,000	-25,490,000	-24,120,000	-22,264,000	-14,983,000	-15,710,000	-13,301,000	-14,983,000	-12,808,000	-20,996,000	-16,822,000	-26,528,000	-12,197,000	-11,629,000	-8,672,000	-7,619,000	-7,262,000	-7,778,000	-6,752,000	-7,474,000	-8,934,000	-18,701,000	-12,423,000	-13,140,000
cash (paid) received in connection with vested or exercised stock awards
reconciliation of cash, cash equivalents and restricted cash
cash and cash equivalents					342,282,000	-76,120,000	-101,156,000	22,788,000	474,555,000						165,572,000	159,954,000	177,962,000	25,222,000	8,835,000	17,782,000	123,879,000	33,418,000	22,898,000	-28,181,000	108,785,000		-39,701,000	87,756,000	88,079,000	3,194,000	-8,681,000	10,271,000	81,219,000
restricted cash					85,676,000	-11,986,000	149,000	-20,368,000	128,402,000						-3,053,000	-6,170,000	19,567,000	-2,220,000	-14,687,000	-17,019,000	53,294,000	-19,740,000	788,000	31,891,000	45,416,000		4,292,000	469,000	13,062,000	-183,000	-7,444,000	-1,188,000	19,336,000
total cash, cash equivalents and restricted cash shown in the statements of cash flows					427,958,000	-88,106,000	-101,007,000	2,420,000	602,957,000						162,519,000	153,784,000	197,529,000	23,002,000	-5,852,000	763,000	177,173,000
decrease in notes and accounts receivable				-95,828,000	-19,482,000	-9,821,000			-34,191,000	-18,481,000	21,634,000	-179,316,000	15,662,000	-15,540,000	-4,550,000	78,968,000	-72,105,000	3,481,000	-39,031,000	-43,335,000	24,507,000	1,872,000	-36,543,000	3,611,000	-17,467,000	-19,379,000	-11,132,000	2,446,000	-5,020,000	3,997,000	-30,259,000	6,240,000	-15,234,000	-21,823,000			-10,253,000	3,272,000
decrease in reinsurance recoverable				-115,790,000	-128,127,000	-60,227,000			42,838,000	-214,288,000
decrease in prepaid reinsurance premiums				-74,932,000	77,241,000	-68,104,000			-7,234,000	-6,252,000
decrease in deferred acquisition costs				-18,792,000	11,486,000	5,051,000			873,000	-26,468,000	-18,352,000	-16,590,000	-3,994,000	-13,726,000	-51,585,000	-18,862,000	-35,379,000	-26,433,000	-46,318,000	-33,698,000	-43,494,000	-25,034,000	-23,029,000	-4,546,000	-10,328,000	35,310,000	-9,120,000	-21,956,000	-664,000	-13,011,000	-10,170,000	-3,736,000	4,016,000	-7,691,000			4,896,000	-1,248,000
net non-controlling interest (redemptions) contributions and other				-173,000	-2,552,000	-740,000	-130,000	-240,000	8,751,000	-1,220,000	0
net loss on held for sale of business														0	-129,000	-1,944,000	-1,752,000
proceeds from the sale of businesses and other assets															0
business and asset acquisitions, net of cash and deposits										0	0	2,804,000	-22,530,000	0	0										20,136,000	0								-10,337,000	293,000	-59,181,000	-16,601,000	-21,085,000	-28,454,000
cash received for the exercise of warrants														0	0	10,301,000	3,423,000
issuance of fortegra common stock														0	0
issuance of fortegra warrants														0	0
issuance of fortegra additional warrants														0	0
issuance of fortegra preferred stock														0	0
payment of wp transaction costs														-62,000	-1,197,000
bonds and trade receivables exchanged for corporate loans and equity securities															0
shares issued in exchange for vested subsidiary awards																		-552,000	-1,633,000
decrease in reinsurance receivables												-147,355,000	-121,350,000	18,237,000	-164,403,000	-79,972,000	-69,116,000	-53,637,000	-64,448,000	-49,021,000	14,279,000	-81,438,000	-55,537,000	-10,081,000	30,217,000	-86,951,000	-25,467,000	-6,419,000	-645,000	-27,719,000	-19,487,000	-10,734,000	-9,444,000	-19,944,000			-15,540,000	-6,948,000
proceeds from the sale of real estate, businesses and other assets
net non-controlling interest (redemptions) contributions													-6,079,000	-509,000	-3,028,000	-487,000	-1,566,000
net loss on extinguishment of debt
less: reclassification of cash to held for sale / deconsolidation of cash previously held for sale														0
less: reclassification of cash to assets held for sale																-3,377,000	12,549,000	-2,959,000	5,404,000	-402,000	7,317,000	-1,299,000	1,875,000	-790,000	5,093,000	2,365,000	1,185,000	818,000	2,769,000	-871,000	-121,000	1,981,000	1,871,000
proceeds from the sale of real estate and other assets																	583,000
proceeds from the sale of businesses																		0	0	0	125,000	125,000	125,000	125,000	125,000	125,000	125,000
corporate loans and equity securities exchanged for trade receivables																	19,846,000
net loss on sale of businesses																		753,000	386,000	358,000	431,000
business and asset acquisitions, net of cash, restricted cash and deposits																		0				-26,213,000	0
equity securities acquired as part of a dividend reinvestment plan																						0	0
acquired real estate properties through, or in lieu of, foreclosure of the related loan																											0	638,000	1,958,000	1,095,000	1,172,000	1,665,000	3,435,000	5,240,000	2,817,000	4,008,000	2,968,000	4,926,000
acquisition of non-controlling interest																														0	0
dividend reinvestment plan income																							0
loss on extinguishment of debt																							0	0	353,000	0	0	0	1,241,000	0	0	0	428,000
proceeds from the sale of real estate																						1,715,000	767,000	110,000	389,000	2,230,000	3,426,000	3,646,000	2,555,000	2,702,000	5,619,000	5,184,000	4,200,000	2,639,000	4,886,000	4,482,000	2,028,000
non-controlling interest contributions																			0	0	100,000					8,000	3,000	0	50,000	781,000	951,000			0	0	1,146,000	1,318,000	289,000	120,000
non-controlling interest redemptions																			-378,000
repurchases of common stock																			0	-432,000	-2,450,000	-4,724,000	-665,000	-4,555,000	-3,945,000	0	0	0	-9,085,000	-361,000	-4,892,000	-8,671,000	-187,000	0	0			0	-6,150,000					0	-2,000	0	0
non-controlling interest distributions																						-227,000	-100,000	-1,015,000	-792,000	-751,000	-1,649,000			0	0	0	-241,000	-567,000	-527,000	-603,000	-527,000	-939,000	-1,100,000
net income attributable to non-controlling interests - tfp																														0	0	108,000	5,392,000
equity securities acquired through the sale of a subsidiary and asset sales																														0	1,592,000	0	134,083,000
cancellation of treasury shares																														0	0
net (gain) on sale of businesses																										0	0
bad debt expense																							65,000	67,000	60,000	32,000	51,000	-23,000	80,000	67,000
deferred tax expense																							10,373,000	4,715,000	-17,929,000	3,728,000	-856,000	3,216,000	727,000	-6,255,000	-1,194,000	701,000	10,759,000	-8,878,000	-2,032,000	-1,505,000	1,166,000	6,774,000	3,085,000	-11,499,000	343,000
right-of-use asset obtained in exchange for lease liability																							596,000	0	513,000		0	0	33,558,000
reconciliation of cash, cash equivalents and restricted cash shown in the statement of cash flows
total cash, cash equivalents and restricted cash shown in the statement of cash flows																							23,686,000	3,710,000	154,201,000		-35,409,000	88,225,000	101,141,000	3,011,000	-16,125,000	9,083,000	100,555,000
net income attributable to non-controlling interests - other																										419,000	508,000	458,000	376,000	363,000	91,000	-58,000	54,000	353,000	331,000	164,000	34,000	566,000	571,000
realized (gain) on cash flow hedge
change in fair value of contingent consideration																																		0	-423,000	3,061,000	554,000	-51,000	-50,000
operating activities from consolidated clos																																		-270,000	-1,232,000	-119,000	-1,333,000	-5,126,000	522,000
decrease in loans owned, at amortized cost																																		0			19,393,000	-17,384,000
investing activities from consolidated clos																																		1,210,000	175,637,000	26,852,000	21,618,000	21,340,000	1,602,000
proceeds from the exercise of options for common stock																																		0	0
financing activities from consolidated clos																																		0	-174,383,000	-27,600,000	-21,410,000	-21,300,000	-1,316,000
non cash compensation expense																											1,514,000	1,590,000	1,408,000	2,853,000	1,520,000	1,051,000	1,233,000	2,285,000	1,135,000	1,342,000	1,798,000	888,000	668,000		53,000
purchases of fixed assets																											-1,831,000	-2,804,000	-3,231,000	-507,000										-2,209,000	-2,000
cash, cash equivalents and restricted cash– end of period																											-35,409,000	88,225,000	101,141,000	3,011,000	-16,125,000	9,083,000	100,555,000
net (gain) on sale of subsidiary																														-10,676,000	0	0	-46,184,000
proceeds from the sale of subsidiaries																													9,676,000	11,000,000	1,148,000	0	3,561,000	9,243,000	0
net unrealized loss on interest rate swaps																																					-343,000	-1,211,000
assets of consolidated clos deconsolidated due to sale and redemption																																		358,280,000
liabilities of consolidated clos deconsolidated due to sale and redemption																																		340,264,000
real estate acquired through asset acquisition																																		0	0	0	8,178,000
seller provided financing related to the sale of subsidiary
intangible assets related to in-place leases acquired through asset acquisition																																		0	0	0	2,049,000
settlement of contingent consideration payable with common stock
debt assumed through acquisitions
provision for doubtful accounts																																62,000	64,000	52,000			129,000	398,000
purchases of real estate capital expenditures																																0	-592,000	-678,000	-104,000	141,000	-500,000	-1,307,000	-1,263,000
purchases of corporate fixed assets																																-1,418,000	-614,000	-131,000	-276,000	-560,000	-780,000	-489,000	-419,000
net income available to common stockholders																																	23,560,000	10,061,000	-3,114,000	-4,443,000	1,100,000	7,727,000	5,905,000	12,958,000	1,025,000
impairment of goodwill
decrease in restricted cash																																		-8,170,000			-2,998,000	-2,379,000
deposits returned for future real estate acquisitions
distributions from equity method investments
change in non-controlling interest
net increase in cash and cash equivalents																																		9,449,000	35,987,000	8,574,000	4,180,000	-2,985,000	9,814,000					41,245,000	-18,671,000	-220,000	-1,392,000	-1,827,000	-2,439,000	3,875,000	8,906,000	3,314,000	-4,637,000	12,382,000	14,074,000	62,901,000	21,951,000		2,219,000	64,000		23,919,000	7,786,000
cash and cash equivalents – beginning of period																																		-13,224,000	0	0	63,010,000
cash and cash equivalents – beginning of period - held for sale
cash and cash equivalents – end of period																																		9,449,000	35,987,000	8,574,000	67,190,000
seller provided financing related to the sale of siena
settlement of contingent consideration payable with class a common stock																																		0
re-issuance of notes payable to third party upon deconsolidation of clos
recognized contingent consideration at fair value
issuance of common stock
net income attributable to non-controlling interests - tiptree financial partners, l.p.																																			-595,000	-1,045,000	208,000	1,772,000	1,362,000
debt assumed through asset acquisition																																			0	0	7,586,000
net unrealized gain on interest rate swaps
benefit from doubtful accounts
increase in reinsurance receivables
increase in loans owned, at amortized cost
increase in restricted cash																																								7,794,000	-9,834,000
assets of consolidated clos deconsolidated due to sale																																				0	405,263,000
liabilities of consolidated clos deconsolidated due to sale																																				0	387,273,000
discontinued operations
adjustments to reconcile net income to net cash from operating activities from continuing operations:
net cash from operating activities - continuing operations																																						68,696,000	-26,113,000
net cash from operating activities - discontinued operations
proceeds from loan repayments																																									303,000			290,000	272,000	70,000	56,000	87,000	86,000
net cash from investing activities - continuing operations																																						-66,798,000	-73,665,000
net cash from financing activities - continuing operations																																						-4,883,000	109,592,000
net cash from financing activities - discontinued operations
cash and cash equivalents – beginning of period - continuing operations																																						0	0
cash and cash equivalents – beginning of period - discontinued operations
cash and cash equivalents of continuing operations – end of period																																						-2,985,000	9,814,000
fair value of debt assumed
loss on sale of loans held for sale
increase in commissions payable																																							-6,334,000
(gain) loss on sale of loans held for sale
acquiring real estate properties through, or in lieu of, foreclosure of the related loan
cash flows from operating activities:
net income attributable to noncontrolling interests - tiptree financial partners, l.p.
net (loss) attributable to noncontrolling interests - other
adjustments to reconcile net income to net cash from operating activities:
net realized and unrealized (gain) loss
increase in non cash interest from investments in loans
benefit from loan losses
amortization and write off of deferred financing costs																																								397,000	60,000
increase in unearned premiums from acquisitions
loss/(income) from investments in partially-owned entities
loans originated for sale
proceeds from sale of loans
(increase) in other assets
increase in unpaid claims
(decrease) in policy holder accounts
operating activities from clos
cash from operating activities - continuing operations
cash from operating activities - discontinued operations
cash flows from investing activities:
purchases of trading securities and loans carried at fair value																																								-11,787,000	-52,372,000
proceeds from sales of trading securities and loans carried at fair value
purchases of available for sale securities																																								-25,944,000	-2,429,000
proceeds from maturities, calls, and prepayments of available for sale securities
proceeds from sales of available for sale securities																																								-868,000	2,601,000
purchases of derivatives
purchases of real estate																																								-83,385,000	-313,000
net proceeds from the sale of subsidiaries
proceeds from loan repayments/disposal of loans
acquisitions, net cash																																								-10,213,000	7,213,000
change in noncontrolling interest
proceeds from distributions paid by partially owned entities																																								1,997,000	278,000
change due to consolidation of trusts																																									-34,000
investing activities from clos
cash from investing activities - continuing operations
cash from investing activities from discontinued operations
cash flows from financing activities:
proceeds from loans and mortgage notes payable
principal paydowns of loans and mortgage notes payable
proceeds from issuance of common units of subsidiaries																																								1,372,000	400,000
repurchase of common stock
financing activities from clos
cash from financing activities - continuing operations
cash (used in) financing activities - discontinued operations
net increase in cash																																								84,485,000	4,267,000	-3,164,000
cash and cash equivalents – unrestricted – beginning of period																																								-39,209,000	120,557,000	0
cash and cash equivalents – unrestricted – end of period																																								45,276,000	124,824,000	-3,164,000
cash and cash equivalents of continuing operations – unrestricted – end of period
noncash investing and financing activities:
capital change due to equity compensation																																								2,044,000	53,000	66,000
net assets related to acquisitions																																									-3,275,000	-16,940,000
net income attributable to non-controlling interest																																									298,000
net income attributable to vie subordinated note holders																																									-3,518,000
net realized gain – trading securities																																									-142,000
change in unrealized appreciation – trading securities																																									-516,000
income from investments in partially-owned entities																																									-344,000				-83,000	-81,000
non cash incentive fee																																									16,000
non cash interest from investments in loans																																									-99,000
accretion of discounts and depreciation expense																																									1,498,000
accretion of mortgage note discount																																									-73,000			15,000	5,000
increase in policy liabilities																																									-2,946,000
operating activities from vies																																									35,195,000
purchases of subsidiaries																																									-524,000
purchases of loans																																									-2,700,000
proceeds from mortgages held for sale																																									5,606,000
proceeds from sales of trading securities																																									35,064,000
proceeds from loans receivable
proceeds from foreign exchange
proceeds from maturities of available for sale securities
decrease in policy loans																																									2,807,000
investing activities from vies																																									15,384,000
capital distributions paid by subsidiaries
principal payments under mortgage notes payable																																									-422,000	-331,000	0	-369,000	-371,000	-298,000	-275,000	-15,422,000	-383,000	-574,000	-369,000	-168,000	-59,000	-401,000	-214,000	-148,000	-35,000	-19,000
partial paydown of borrowings																																									-7,160,000
repurchase of common stock of subsidiary																																										0
payment of placement costs																																									-200,000	0
proceeds from borrowings																																									6,598,000
financing activities from vies																																									-40,089,000	-47,461,000
cash paid for interest																																									10,295,000	12,970,000	3,451,000	1,997,000	1,547,000	1,569,000	1,590,000	1,580,000	1,559,000	3,767,000	1,419,000	912,000
cash paid for taxes																																									782,000			1,000	37,000	-179,000	0	0	227,000
non-cash investing and financing activities:
non-cash financing costs
net income attributable to noncontrolling interest
net realized loss – trading securities
net realized gain on sale of properties
increase in payment in kind interest
non cash impairment of partially owned entity
investment in partially-owned entities
proceeds from principal paydowns of trading securities
proceeds from sales of real estate
proceeds from short u.s. treasuries
increase in policy loans
margin posted for foreign exchange trade
distribution payable to tricadia
proceeds from loan																																										129,837,000
partial paydown of loan																																										-5,485,000
net liabilities extinguished by sale
capital distributions paid
proceeds from issuance of notes payable
margin on ust short position
performance share allocation paid in cash
proceeds from issuance of common units
proceeds from borrowings under mortgage notes payables
non cash distribution
cash flow from operating activities
increase in deferred rent receivable																																												-312,000	-312,000	-312,000	-323,000	-400,000	-399,000	-1,520,000	-1,189,000	-594,000	-359,000	-1,139,000	-570,000	-1,845,000	-1,273,000	-636,000
(income) or loss from investments in partially-owned entities																																																-81,000	-81,000
distribution of income from partially-owned entities																																												86,000	81,000	81,000	81,000	82,000	80,000	4,041,000	2,763,000	1,122,000	1,410,000	3,469,000	1,575,000	4,658,000	2,901,000	295,000
amortization of above-market leases																																												52,000	52,000	52,000	51,000	52,000	52,000	155,000	104,000	52,000
amortization and write-off of deferred financing costs																																												14,000	13,000
amortization of mortgage note premium																																												-38,000	-37,000	-37,000	-38,000	-37,000	-37,000
stock-based compensation																																												71,000	69,000	101,000	53,000	36,000	69,000	45,000	30,000	30,000
non-cash interest from investments in loans																																												-74,000	-37,000
depreciation and amortization on real estate and fixed assets, including intangible assets																																												1,141,000	1,094,000	1,002,000	992,000	994,000	982,000	2,620,000	1,736,000	868,000
gain on sale of bickford portfolio
gain on derivative instruments																																														0	0
other assets																																												-180,000	-458,000	753,000	-770,000			-382,000	371,000	330,000	-313,000	848,000	612,000	344,000	-109,000	149,000	-639,000	-3,231,000	-703,000	-2,475,000	-990,000
accounts payable and accrued expenses																																												211,000	-270,000	200,000	412,000	-148,000	-743,000	172,000	-10,000	419,000	-4,908,000	275,000	-135,000	989,000	4,404,000	4,319,000	24,000	-338,000	-658,000	5,590,000	3,117,000
other liabilities including payable to related parties																																															-6,000	-35,000	-1,310,000	276,000	-226,000	301,000
cash flow from investing activities
fixed asset purchases																																												-5,000	-2,000	0	-6,000			-257,000	-228,000	-221,000
proceeds from derivative transactions																																														0	0
proceeds from sale of bickford portfolio
investment in real estate																																																		-20,800,000										-100,800,000
funding of notes receivable from related party																																												-2,122,000	-1,224,000
investment in loans																																												0	-17,258,000
cash flow from financing activities
borrowings under mortgage notes payable																																														0	0			15,498,000
financing costs																																												0	-38,000	173,000	-73,000	-561,000	-64,000	-200,000
cash and cash equivalents, beginning of period																																												0	46,428,000	0	0	0	52,306,000	5,032,000	5,032,000	5,032,000	12,239,000	122,512,000	122,512,000	31,800,000	31,800,000	31,800,000	15,319,000	15,319,000	15,319,000
cash and cash equivalents, end of period																																												41,245,000	27,757,000	-220,000	-1,392,000	-1,827,000	49,867,000	8,907,000	13,938,000	8,346,000	7,602,000	134,894,000	136,586,000	94,701,000	53,751,000	17,355,000	17,538,000	15,383,000	14,889,000	23,919,000	7,786,000
supplemental disclosure of cash flow information
non-cash financing and investing activities
assets acquired and liabilities assumed by consolidation of care cal jv llc
land, building, and improvements
other assets acquired																																												37,000	-220,000
mortgage notes payable assumed																																												0	18,056,000
other liabilities assumed																																												-117,000	120,000
liabilities extinguished by sale of bickford portfolio
mortgage note payable
mortgage note premium
stock-based payments																																												15,000	15,000
accrued expenses for financing costs																																														-57,000	9,000	-104,000	157,000
unrealized loss on derivative instruments																																																	-420,000	255,000	255,000	256,000	-492,000	268,000	578,000				587,000		195,000
other liabilities including payable to related party																																													-17,000								-622,000	1,394,000	4,466,000	-3,474,000	-2,685,000	-2,816,000	-423,000	-573,000
cash deposit for derivative																																																	-632,000
land, building and improvements																																													-23,109,000
impairment of investments																																																		77,000	77,000
gain on sale of partially-owned entities
amortization of deferred financing cost																																																											213,000	141,000
non-cash incentive fee																																																		96,000	61,000
return of investment in partially owned entities																																																		6,093,000	6,093,000
acquisition of derivative
non-cash financing and investing activities:
modification and cancellation of operating partnership units
warrant issued																																																		222,000	222,000
warrant canceled
write-off fully depreciated assets
return of investment in partially-owned entities
modification of operating partnership units																																																		-1,870,000	-1,870,000
stock-based payments to related parties																																															15,000
reduction of accrued expenses for shares issued to related parties																																																	360,000
realized gain on sale and repayment of loans
amortization and write off of deferred financing cost
amortization of deferred loan fees																																																						-15,000	-15,000	-125,000	-121,000	-112,000	361,000	172,000
unrealized (gain) or loss on derivative instruments
adjustment to valuation allowance on investments in loans held at locom
proceeds from sale of loans to third parties
loan repayments																																																		2,267,000	1,582,000	1,276,000	158,000	10,707,000	10,417,000	40,563,000	38,910,000	1,003,000	30,959,000	30,230,000	1,179,000	27,558,000
investments in real estate																																																											-110,980,000
proceeds from sale of derivatives
investments in partially-owned entities																																																					-185,000	-687,000	-486,000	-1,119,000	-1,063,000		-157,000	-152,000	-116,000
sale of shares to tiptree financial partners l.p.
share tender offer
treasury stock purchases																																																						-490,000	-490,000
loss from investments in partially-owned entities																																																		-1,779,000	-771,000	1,068,000	474,000	1,459,000	583,000	3,369,000	2,210,000	941,000	3,400,000	2,198,000	1,108,000
stock-based compensation — non-employee
adjustment to valuation allowance on investment in loans held at locom
accrued interest receivable																																																		46,000	44,000	42,000	39,000	121,000	119,000	709,000	488,000	160,000	733,000	714,000	388,000	-2,336,000
sale of loans to third parties
(income) income from investments in partially-owned entities
unrealized (gain) loss on derivative instruments
net loss																																																			-46,000	-1,113,000							-2,418,000
adjustments to reconcile net loss to net cash from operating activities
adjustment to valuation allowance on investment in loans
due from partially-owned entities																																																				-354,000
adjustments to reconcile net loss to net cash (used in) provided by operating activities:
unrealized loss on investments
realized loss on sale and repayment of loans
amortization of loan premium paid on investments in loans
depreciation and amortization on real estate, including intangible assets																																																					604,000	1,683,000	841,000	2,573,000	1,732,000	877,000	1,179,000
adjustment to valuation allowance on investments in loans
increase in accounts payable and accrued expenses
increase in other liabilities including payable to related party
sale of loans to cit healthcare llc
loan investments																																																											-10,715,000	-10,715,000	-10,696,000	-16,564,000
borrowing under mortgage notes payable																																																											82,227,000
borrowings under warehouse line of credit																																																											13,601,000	13,601,000	13,601,000
principal payments under warehouse line of credit																																																								-37,781,000	-37,781,000	-37,781,000	-819,000	-331,000	-105,000
payment of deferred financing costs
realized gain on sales and repayment of loans																																																						-4,000	-4,000
amortization and write-off of deferred financing cost																																																						65,000	32,000	657,000	625,000	592,000
stock-based non-employee compensation																																																						113,000	63,000	733,000	270,000	5,000	710,000		187,000	161,000
sale of loans to third party																																																						5,880,000	5,880,000	24,845,000
realized (gain)/loss on sale and repayment of loans
unrealized (gain)/loss on derivative instruments
(decrease)/increase in other assets
(decrease)/increase in accounts payable and accrued expenses
(decrease)/increase in other liabilities including payable to related party
net (decrease)/increase in cash and cash equivalents
adjustment to valuation allowance on loans held at locom																																																						-829,000	-745,000
sale of loans to manager																																																								42,249,000
adjustments to reconcile net loss to net cash from operating activities:
realized loss on sale of loans
amortization of loan premium paid on investment in loans																																																								872,000	545,000	144,000	1,086,000	803,000
stock-based compensation to manager																																																														9,115,000	9,115,000
adjustment to valuation allowance on loans at locom																																																								-4,873,000	-3,167,000	-1,919,000
purchase of initial assets from manager																																																														-204,272,000	-204,272,000
proceeds from sale of common stock																																																														225,000,000	225,000,000
underwriting and offering costs																																																														-14,730,000	-14,730,000
issuance of common stock to manager to purchase initial assets																																																														78,843,000	78,843,000
obligation to issue operating partnership units in connection with the cambridge investment
gain on sale of loans																																																								-1,180,000
net unrealized loss on derivative instruments																																																								-314,000		-1,269,000
unrealized loss on loan held for sale																																																											2,198,000
loss on loan prepayment																																																											310,000	317,000
deferred financing costs																																																											-904,000	-757,000	-26,000
net unrealized gain on derivative instruments																																																									-1,525,000
sale of loan to manager																																																									22,549,000	22,549,000
realized (gain)/loss on sale of loans
net decrease in cash and cash equivalents																																																										-14,445,000			-430,000
loss on sale of loans
distributions of income from partially-owned entities																																																											2,981,000	474,000
valuation allowance on loans at locom
principal payments under borrowings
straight line of rental revenue																																																											-577,000
issuance of warrant to manager																																																											1,009,000
stock-based non-employee (reversal of expense) compensation																																																												-237,000
depreciation and amortization on real estate, including intangible asset																																																												46,000
unrealized gain on derivative instruments																																																												-45,000
borrowing under mortgage note payable																																																												74,589,000
distributions of income of partially-owned entities																																																													191,000
amortization of loan premium, deferred loan fees and deferred financing cost																																																													220,000
other non-cash expense																																																													317,000
other liabilities																																																													573,000	1,924,000
investment in net leased property																																																													-2,970,000
distributions paid																																																													-3,574,000
cash flows from operating activities
amortization of premium paid on investments in loans																																																														268,000
net gain on prepayment of loan																																																														-65,000
cash flows from investing activities
cash flows from financing activities
proceeds from public offering common stock
supplementary non-cash financing and investing activity
net loss:																																																														-5,183,000	-8,897,000
amortization of fees																																																														-72,000
supplementary non-cash investing activity
operating activities
amortization of premium paid on investment in loans																																																															25,000
share-based non-employee compensation																																																															19,000
accrued interest																																																															-601,000
investing activities
financing activities
net income:

Tiptree Inc(NASDAQ:TIPT)

Tiptree Inc
(NASDAQ:TIPT)