Operating Segment Data

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

For the years ended December 31, 2024, 2023 and 2022, the Chief Operating Decision Maker (CODM) was the Executive Committee of the Company, comprised of the Executive Chairman and Chief Executive Officer. The CODM uses the information provided, such as pre-tax income by segment, below to allocate resources and assess performance. Our reportable segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Intercompany transactions are eliminated.

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

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

Tiptree Capital:

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

Other includes our asset manager, Tiptree Advisors, other investments, and our maritime shipping operations for prior year periods.

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



	For the Year Ended December 31, 2024

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

Revenues:
Earned premiums, net	$	1,471,930	$	—	$	1,471,930	$	—	$	—	$	1,471,930
Service and administrative fees	405,193		—		405,193		—		—		405,193
Ceding commissions	15,384		—		15,384		—		—		15,384
Net investment income	32,976		—		32,976		—		—		32,976
Net realized and unrealized gains (losses)	8,496		42,978		51,474		(905)		—		50,569
Other revenue	39,730		22,936		62,666		4,136		—		66,802
Total revenues	1,973,709		65,914		$	2,039,623	3,231		—		2,042,854
Expenses:
Policy and contract benefits	841,207		—		841,207		—		—		841,207
Commission expense	648,819		—		648,819		—		—		648,819
Employee compensation and benefits	137,743		37,452		175,195		515		28,645		204,355
Interest expense	30,247		2,001		32,248		—		—		32,248
Depreciation and amortization	19,860		343		20,203		—		1,450		21,653
Other expenses	112,675		21,393		134,068		2,879		8,306		145,253
Total expense	1,790,551		61,189		1,851,740		3,394		38,401		1,893,535
Income (loss) before taxes	183,158		4,725		187,883		(163)		(38,401)		149,319
Less: provision (benefit) for income taxes											61,652

Net income (loss)											87,667
Less: net income (loss) attributable to non-controlling interests											34,300
Net income (loss) attributable to common stockholders											$	53,367



	For the Year Ended December 31, 2023

	Insurance		Mortgage		Segments subtotal		Other		Corporate		Total
Total assets	$	4,835,685	$	160,147	$	4,995,832	$	126,624	$	16,857	$	5,139,313

Revenues:
Earned premiums, net	$	1,127,834	$	—	$	1,127,834	$	—	$	—	$	1,127,834
Service and administrative fees	395,969		—		395,969		—		—		395,969
Ceding commissions	14,915		—		14,915		—		—		14,915
Net investment income	26,674		—		26,674		—		—		26,674
Net realized and unrealized gains (losses)	(4,207)		34,232		30,025		(5,289)		—		24,736
Other revenue	31,885		19,632		51,517		7,386		—		58,903
Total revenues	1,593,070		53,864		1,646,934		2,097		—		1,649,031
Expenses:
Policy and contract benefits	601,794		—		601,794		—		—		601,794
Commission expense	603,033		—		603,033		—		—		603,033
Employee compensation and benefits	114,341		34,040		148,381		579		30,115		179,075
Interest expense	25,836		1,856		27,692		—		—		27,692
Depreciation and amortization	21,425		617		22,042		97		1,327		23,466
Other expenses	96,825		20,636		117,461		4,685		8,772		130,918
Total expense	1,463,254		57,149		1,520,403		5,361		40,214		1,565,978
Income (loss) before taxes	129,816		(3,285)		126,531		(3,264)		(40,214)		83,053
Less: provision (benefit) for income taxes											43,056

Net income (loss)											39,997
Less: net income (loss) attributable to non-controlling interests											26,046
Net income (loss) attributable to common stockholders											$	13,951



	For the Year Ended December 31, 2022

	Insurance		Mortgage		Segments subtotal		Other		Corporate		Total
Revenues:
Earned premiums, net	$	904,765	$	—	$	904,765	$	—	$	—	$	904,765
Service and administrative fees	320,720		—		320,720		—		—		320,720
Ceding commissions	13,880		—		13,880		—		—		13,880
Net investment income	12,219		—		12,219		—		—		12,219
Net realized and unrealized gains (losses)	(20,347)		51,345		30,998		38,985		—		69,983
Other revenue	17,559		18,901		36,460		39,725		—		76,185
Total revenues	1,248,796		70,246		1,319,042		78,710		—		1,397,752
Expenses:
Policy and contract benefits	452,605		—		452,605		—		—		452,605
Commission expense	522,686		—		522,686		—		—		522,686
Employee compensation and benefits	87,918		41,637		129,555		25,914		27,188		182,657
Interest expense	20,054		1,631		21,685		4,330		4,225		30,240
Depreciation and amortization	18,551		799		19,350		2,816		807		22,973
Other expenses	78,832		25,305		104,137		14,247		14,196		132,580
Total expense	1,180,646		69,372		1,250,018		47,307		46,416		1,343,741
Income (loss) before taxes	68,150		874		69,024		31,403		(46,416)		54,011
Less: provision (benefit) for income taxes											50,450

Net income (loss)											3,561
Less: net income (loss) attributable to non-controlling interests											11,835
Net income (loss) attributable to common stockholders											$	(8,274)

The Company conducts its operations primarily in the U.S. with 4.5%, 6.0% and 8.8% of total revenues generated overseas for the years ended December 31, 2024, 2023 and 2022, respectively.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

TIPTREE INC. Segments Disclosure

About Segments Disclosures

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