季報
季度報告
10-Q
2026-07-29
Tiptree出售Fortegra及Reliance First Capital後第二季淨利3.89億美元 每股盈利10.30美元
AI 繁中摘要
Tiptree Inc.（納斯達克：TIPT）提交截至2026年6月30日第二季度10-Q報告，標誌公司重大轉型。期內完成兩項核心業務出售：保險子公司 Fortegra 以 16.5 億美元（現金）售予 DB Insurance，扣除交易費用後錄得稅後收益 3.7224 億美元；按揭公司 Reliance First Capital 亦以約 4,967 萬美元出售。兩項交易均於 5 月完成，相關業績列作已終止業務。
受出售收益帶動，第二季度歸屬普通股股東淨利潤 3.8923 億美元，每股攤薄盈利 10.30 美元（基本 10.38 美元），主要來自已終止業務貢獻 3.9568 億美元。持續經營業務則錄得淨虧損 644.9 萬美元（每股 -0.17 美元），源於企業開支及無保險業務收入。
資產負債表大幅精簡：總資產由去年底 68.4 億美元降至 11.34 億美元，非控股權益因出售而清零。現金及現金等價物飆升至 9.4693 億美元（去年底僅 3,078 萬美元），無短期或長期債務，財務狀況極其穩健。股東權益增至 9.0712 億美元。
管理層展望方面，公司現為純控股公司，專注資本配置。期內回購 61.4 萬股普通股（約 1,032 萬美元），並維持每股 0.06 美元季度股息。未來將利用巨額現金儲備尋求新投資或回饋股東，惟管理層未明確披露具體方向。
對投資者影響：公司轉型成功，資產負債表乾淨且現金充裕，降低經營風險。惟持續經營業務尚無穩定收入來源，未來增長完全取決於資本配置成效，需關注管理層後續收購或回購計劃。
展開英文正文
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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2026 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-33549 Tiptree Inc. (Exact name of Registrant as specified in its charter) Maryland 38-3754322 ( State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 660 Steamboat Road, 2nd Floor, Greenwich, Connecticut 06830 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 446-1400 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.001 per share TIPT The Nasdaq Stock Market Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated filer ☐ Accelerated filer ☒ Non-Accelerated filer ☐ Smaller reporting company ☒ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒ As of July 24, 2026, there were 37,239,692 shares, par value $0.001, of the registrant’s common stock outstanding. Table of Contents Tiptree Inc. Quarterly Report on Form 10-Q June 30, 2026 Table of Contents ITEM Page Number PART I. Financial Information F-1 Item 1. Financial Statements (Unaudited) F-3 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 F-3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 F-4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 F-5 Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended June 30, 2026 and 2025 F-6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 F-8 Notes to Condensed Consolidated Financial Statements F-9 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures About Market Risk 26 Item 4. Controls and Procedures 26 PART II. Other Information 27 Item 1. Legal Proceedings 27 Item 1A. Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits, Financial Statement Schedules 27 Signatures 28 Table of Contents PART I. FINANCIAL INFORMATION Forward-Looking Statements Except for the historical information included and incorporated by reference in this Quarterly Report on Form 10-Q, the information included and incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about possible or assumed future events, discussion and analysis of our future financial condition, results of operations and our strategic plans and objectives. When we use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions, we intend to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those described in the section entitled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, in this Quarterly Report on Form 10-Q and in our other public filings with the SEC. The factors described herein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, our actual performance could be materially different from the results described or anticipated by our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the applicable law, we undertake no obligation to update any forward-looking statements. Market and Industry Data Certain market data and industry data included in this Quarterly Report on Form 10-Q were obtained from reports of governmental agencies and industry publications and surveys. The Company believes the data from third-party sources to be reliable based upon management’s knowledge of the industry, but have not independently verified such data and as such, make no guarantees as to its accuracy, completeness or timeliness. Note to Reader In reading this Quarterly Report on Form 10-Q, references to: “Common Stock” or “Common Shares” means Tiptree’s common stock $0.001 par value per share. “Exchange Act” means the Securities Exchange Act of 1934, as amended. “Fortegra” or “The Fortegra Group” means The Fortegra Group, LLC and its subsidiaries prior to June 21, 2022, and The Fortegra Group, Inc. on or after June 21, 2022. “GAAP” means U.S. generally accepted accounting principles. “NCI” means non-controlling interests. “Reliance” means Reliance First Capital, LLC. “Reliance Buyer” means Carrington Mortgage Services, LLC. “Reliance Purchase Agreement” means the Purchase Agreement entered into on October 31, 2025, by and among Carrington Holding Company, LLC (“Former Buyer”), Tiptree, Reliance and Reliance Holdings, as amended by Amendment No. 1 to Reliance Purchase Agreement, dated as of December 5, 2025, replacing Former Buyer with Reliance Buyer. “Reliance Sellers” mean Tiptree and Reliance Holdings. “Sale” means the series of transactions pursuant to the Sale Agreement whereby Purchaser acquired Fortegra for a purchase price of $1.65 billion in cash (subject to certain adjustments set forth in the Sale Agreement) and Merger Sub merged with and into Fortegra, with Fortegra being the surviving corporation, and as a result of which Purchaser was the sole stockholder of Fortegra. “Sale Agreement” means that certain Agreement and Plan of Merger, dated September 26, 2025, by and among Tiptree, Fortegra, DB Insurance Co., Ltd. (“Purchaser”) and a subsidiary of Purchaser (“Merger Sub”) to be incorporated in Delaware following the date of the Sale Agreement and prior to the closing of the Sale. “SEC” means the U.S. Securities and Exchange Commission. “Securities Act” means the Securities Act of 1933, as amended. “SOFR” means the Secured Overnight Financing Rate. “Tiptree”, the “Company”, “we”, “its”, “us” and “our” means, unless otherwise indicated by the context, Tiptree Inc. and its consolidated subsidiaries. “Tiptree Advisors” means collectively: Tiptree Advisors Holdings, L.P., Tiptree Advisors, LLC, Tiptree GP Holdings, LLC and Tiptree Holdings GP, LLC. F-1 Table of Contents “Tiptree Credit Agreement” means the Credit Agreement, dated as of February 7, 2025, among Tiptree, Tiptree Holdings, the lenders party thereto from time to time and Fortress Credit Corp., as administrative agent, collateral agent and lead arranger. “Tiptree Holdings” means Tiptree Holdings LLC. “Transition Services Agreement” means the Amended and Restated Transition Services Agreement between Tiptree Advisors and Tiptree Inc., effective as of January 1, 2019. F-2 Table of Contents TIPTREE INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) As of June 30, 2026 December 31, 2025 Assets: Current assets: Cash and cash equivalents $ 946,933 $ 30,784 Marketable securities 158,233 21,701 Other current assets 8,099 2,361 Total current assets 1,113,265 54,846 Right of use asset 7,389 8,301 Property, plant and equipment, net 5,544 6,262 Deferred tax assets 6,630 — Other assets 1,289 2,269 Assets held for sale (1) — 6,768,387 Total assets $ 1,134,117 $ 6,840,065 Liabilities and Stockholders’ Equity Liabilities: Current liabilities: Short-term debt, net $ — $ 8,138 Current tax payable 204,760 — Other current liabilities 14,607 20,964 Total current liabilities 219,367 29,102 Long-term debt, net — 63,948 Long-term lease obligations 7,627 8,654 Deferred tax liabilities — 80,390 Liabilities held for sale (1) — 5,905,572 Total liabilities $ 226,994 $ 6,087,666 Stockholders’ Equity: Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding $ — $ — Common stock: $0.001 par value, 200,000,000 shares authorized, 37,266,005 and 37,824,472 shares issued and outstanding, respectively 37 38 Additional paid-in capital 386,557 394,435 Accumulated other comprehensive income (loss), net of tax 5 (7,496 ) Retained earnings 520,524 121,574 Total Tiptree Inc. stockholders’ equity 907,123 508,551 Non-controlling interests: Fortegra preferred interests — 77,679 Common interests — 166,169 Total non-controlling interests — 243,848 Total stockholders’ equity 907,123 752,399 Total liabilities and stockholders’ equity $ 1,134,117 $ 6,840,065 (1)See Note (3) Dispositions & Discontinued Operations for further details. See accompanying notes to condensed consolidated financial statements. F-3 Table of Contents TIPTREE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Other revenue $ — $ 92 $ — $ 482 Total revenues — 92 — 482 Expenses: Employee compensation and benefits 6,502 6,985 13,264 16,318 Depreciation and amortization 362 361 718 718 Other expenses 2,187 4,616 4,066 7,898 Total expenses 9,051 11,962 18,048 24,934 Operating income (loss) before taxes (9,051 ) (11,870 ) (18,048 ) (24,452 ) Non operating income: Net realized and unrealized gains (losses) — (1,454 ) (261 ) (714 ) Other income 3,917 865 4,883 1,401 Income (loss) before taxes (5,134 ) (12,459 ) (13,426 ) (23,765 ) Less: provision (benefit) for income taxes 1,315 (2,014 ) 162 (3,619 ) Net income (loss) from continuing operations (6,449 ) (10,445 ) (13,588 ) (20,146 ) Discontinued operations: Income (loss) from discontinued operations (1) 395,682 29,405 417,067 44,741 Net income (loss) attributable to common stockholders $ 389,233 $ 18,960 $ 403,479 $ 24,595 Net income (loss) from continuing operations per common share: Basic earnings per share $ (0.17 ) $ (0.28 ) $ (0.36 ) $ (0.54 ) Diluted earnings per share $ (0.17 ) $ (0.28 ) $ (0.36 ) $ (0.54 ) Net income (loss) from discontinued operations per common share: Basic earnings per share $ 10.55 $ 0.78 $ 11.08 $ 1.20 Diluted earnings per share $ 10.47 $ 0.67 $ 11.00 $ 1.09 Net income (loss) per common share: Basic earnings per share $ 10.38 $ 0.50 $ 10.72 $ 0.66 Diluted earnings per share $ 10.30 $ 0.39 $ 10.64 $ 0.55 Weighted average number of common shares: Basic 37,501,135 37,496,875 37,644,493 37,422,957 Diluted 37,501,135 37,496,875 37,644,493 37,422,957 Dividends declared per common share $ 0.06 $ 0.06 $ 0.12 $ 0.12 (1)See Note (3) Dispositions & Discontinued Operations for further details. See accompanying notes to condensed consolidated financial statements. F-4 Table of Contents TIPTREE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) attributable to common stockholders $ 389,233 $ 18,960 $ 403,479 $ 24,595 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on available for sale securities 26,111 5,135 7,773 15,054 Change in unrealized currency translation adjustments 828 9,163 (5,918 ) 15,073 Related (provision) benefit for income taxes (2,762 ) (3,445 ) 5,474 (8,070 ) Other comprehensive income (loss), net of tax 24,177 10,853 7,329 22,057 Comprehensive income (loss) 413,410 29,813 410,808 46,652 Less: comprehensive income (loss) attributable to non-controlling interests 4,445 2,919 (172 ) 5,930 Comprehensive income (loss) attributable to common stockholders $ 408,965 $ 26,894 $ 410,980 $ 40,722 See accompanying notes to condensed consolidated financial statements. F-5 Table of Contents TIPTREE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (in thousands, except share data) Common stock Non-controlling interests Number of shares Par value Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings Total Tiptree Inc. stockholders' equity Fortegra preferred interests Common interests Total stockholders' equity Balance at December 31, 2025 37,824,472 $ 38 $ 394,435 $ (7,496 ) $ 121,574 $ 508,551 $ 77,679 $ 166,169 $ 752,399 Amortization of share-based incentive compensation — — 2,817 — — 2,817 — 12,410 15,227 Vesting of share-based incentive compensation 55,636 — (371 ) — — (371 ) — (476 ) (847 ) Shares repurchased (614,103 ) (1 ) (10,319 ) — — (10,320 ) — — (10,320 ) Non-controlling interest distributions — — (5 ) — — (5 ) — — (5 ) Removal of non-controlling interest upon sale of subsidiary — — — — — — (77,679 ) (194,468 ) (272,147 ) Common stock dividends declared — — — — (4,529 ) (4,529 ) — — (4,529 ) Other comprehensive income (loss), net of tax — — — 7,501 — 7,501 — (172 ) 7,329 Subsidiary preferred dividends declared — — — — (2,609 ) (2,609 ) — — (2,609 ) Net income (loss) — — — — 406,088 406,088 — 16,537 422,625 Balance at June 30, 2026 37,266,005 $ 37 $ 386,557 $ 5 $ 520,524 $ 907,123 $ — $ — $ 907,123 Balance at March 31, 2026 37,567,024 $ 38 $ 390,416 $ (19,727 ) $ 133,552 $ 504,279 $ 77,679 $ 168,538 $ 750,496 Amortization of share-based incentive compensation — — 1,409 — — 1,409 — 12,100 13,509 Vesting of share-based incentive compensation 3,051 — 51 — — 51 — — 51 Shares repurchased (304,070 ) (1 ) (5,319 ) — — (5,320 ) — — (5,320 ) Removal of non-controlling interest upon sale of subsidiary — — — — — — (77,679 ) (194,468 ) (272,147 ) Common stock dividends declared — — — — (2,261 ) (2,261 ) — — (2,261 ) Other comprehensive income (loss), net of tax — — — 19,732 — 19,732 — 4,445 24,177 Subsidiary preferred dividends declared — — — — (1,031 ) (1,031 ) — — (1,031 ) Net income (loss) — — — — 390,264 390,264 — 9,385 399,649 Balance at June 30, 2026 37,266,005 $ 37 $ 386,557 $ 5 $ 520,524 $ 907,123 $ — $ — $ 907,123 F-6 Table of Contents TIPTREE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (in thousands, except share data) Common stock Non-controlling interests Number of shares Par value Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings Total Tiptree Inc. stockholders' equity Fortegra preferred interests Common interests Total stockholders' equity Balance at December 31, 2024 37,255,838 $ 37 $ 389,693 $ (27,750 ) $ 95,718 $ 457,698 $ 77,679 $ 121,394 $ 656,771 Amortization of share-based incentive compensation — — 8,220 — — 8,220 — 2,535 10,755 Vesting of share-based incentive compensation 241,139 — (2,276 ) — — (2,276 ) — (311 ) (2,587 ) Common stock dividends declared — — — — (4,526 ) (4,526 ) — — (4,526 ) Other comprehensive income (loss), net of tax — — — 16,127 — 16,127 — 5,930 22,057 Subsidiary preferred dividends declared — — — — (3,174 ) (3,174 ) — — (3,174 ) Net income (loss) — — — — 27,769 27,769 — 16,303 44,072 Balance at June 30, 2025 37,496,977 $ 37 $ 395,637 $ (11,623 ) $ 115,787 $ 499,838 $ 77,679 $ 145,851 $ 723,368 Balance at March 31, 2025 37,493,883 $ 37 $ 394,149 $ (19,557 ) $ 99,090 $ 473,719 $ 77,679 $ 132,064 $ 683,462 Amortization of share-based incentive compensation — — 1,415 — — 1,415 — 493 1,908 Vesting of share-based incentive compensation 3,094 — 73 — — 73 — (173 ) (100 ) Common stock dividends declared — — — — (2,263 ) (2,263 ) — — (2,263 ) Other comprehensive income (loss), net of tax — — — 7,934 — 7,934 — 2,919 10,853 Subsidiary preferred dividends declared — — — — (1,596 ) (1,596 ) — — (1,596 ) Net income (loss) — — — — 20,556 20,556 — 10,548 31,104 Balance at June 30, 2025 37,496,977 $ 37 $ 395,637 $ (11,623 ) $ 115,787 $ 499,838 $ 77,679 $ 145,851 $ 723,368 See accompanying notes to condensed consolidated financial statements. F-7 Table of Contents TIPTREE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Six Months Ended June 30, 2026 2025 Operating Activities: Net income (loss) attributable to common stockholders $ 403,479 $ 24,595 Adjustments to reconcile net income to net cash provided by (used in) operating activities Net realized and unrealized (gains) losses 261 714 Non-cash compensation expense 2,964 8,368 Amortization/accretion of premiums and discounts (479 ) (471 ) Depreciation and amortization expense 718 718 Non-cash lease expense 928 967 Deferred provision (benefit) for income taxes — (3,619 ) Amortization of deferred financing costs — 291 Net income from discontinued operations (417,067 ) (44,741 ) Changes in operating assets and liabilities: (Increase)