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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly period ended March 31, 2021
OR
 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from            to            
Commission File Number: 001-33549
Tiptree Inc.
(Exact name of Registrant as Specified in Its Charter)
Maryland                                38-3754322
(State or Other Jurisdiction of Incorporation of Organization        (IRS Employer Identification No.)

299 Park Avenue, 13th Floor, New York, New York                10171
(Address of Principal Executive Offices)                        Zip Code

Registrant’s Telephone Number, Including Area Code: (212446-1400
Securities registered pursuant to Section 12(b) of the Act:
 Title of each classTrading Symbol(s)Name of each exchange on which registered
common stock, par value $0.001 per shareTIPTNASDAQCapital Market
    
    Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x No ¨ 
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x     No   ¨
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨                    Accelerated filer x
Non-accelerated filer ¨                    Smaller reporting company
                            Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)    Yes     No

As of May 3, 2021, there were 32,759,215 shares, par value $0.001, of the registrant’s common stock outstanding.



Tiptree Inc.
Quarterly Report on Form 10-Q
March 31, 2021

Table of Contents
ITEM
Page Number
F- 1
Item 1. Financial Statements (Unaudited)
F- 3
F- 3
F- 4
F- 5
F- 6
F- 7
F- 8
F- 8
F- 8
F- 9
F- 10
F- 11
F- 12
F- 19
F- 19
F- 21
F- 22
F- 23
F- 25
F- 30
F- 31
F- 32
F- 33
F- 34
F- 35
F- 36
F- 39
F- 39
F- 40
F- 41
F- 41



PART I. FINANCIAL INFORMATION
Forward-Looking Statements

Except for the historical information included and incorporated by reference in this Quarterly Report on Form 10-Q, the information included and incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations 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” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, in this Quarterly Report on Form 10-Q and in our other public filings with the SEC.
 
The factors described herein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements.  Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, our actual performance could be materially different from the results described or anticipated by our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the applicable law, we undertake no obligation to update any forward-looking statements.

Market and Industry Data

Certain market data and industry data included in this Quarterly Report on Form 10-Q were obtained from reports of governmental agencies and industry publications and surveys. We believe the data from third-party sources to be reliable based upon our management’s knowledge of the industry, but have not independently verified such data and as such, make no guarantees as to its accuracy, completeness or timeliness.

Note to Reader

In reading this Quarterly Report on Form 10-Q, references to:
“A.M. Best” means A.M. Best Company, Inc.
“CLOs” means collateralized loan obligations.
“Corvid Peak” means collectively: Corvid Peak Holdings, L.P., Corvid Peak Capital Management, LLC, Corvid Peak GP Holdings, LLC. and Corvid Peak Holdings GP, LLC
“EBITDA” means earnings before interest, taxes, depreciation and amortization.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fortress” means Fortress Credit Corp., as administrative agent, collateral agent and lead arranger, and affiliates of Fortress that are lenders under the Credit Agreement among the Company, Fortress and the lenders party thereto.
“Fortegra” or “The Fortegra Group” means The Fortegra Group, LLC, formerly known as Tiptree Insurance, LLC.
“Fortegra Financial” means Fortegra Financial Corporation.
“Fortegra Warranty” mean Fortegra Warranty Holdings, LLC, formerly known as Tiptree Warranty Holdings, LLC.
“GAAP” means U.S. generally accepted accounting principles.
“GSE” means government-sponsored enterprise.
“Invesque” means Invesque Inc.
“Luxury” means Luxury Mortgage Corp.
“NAIC” means the National Association of Insurance Commissioners.
“Reliance” means Reliance First Capital, LLC.
“SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended.
“Sky Auto” means Sky Services LLC.
F - 1


“Smart AutoCare” means the following entities and their subsidiaries operating under the Smart AutoCare brand: SAC Holdings, Inc., Freedom Insurance Company, Ltd., Dealer Motor Services, Inc., Independent Dealer Group, Inc., Ownershield, Inc. and Accelerated Service Enterprise, LLC.
“Tax Act” means Public Law no. 115-97, commonly referred to as the Tax Cuts and Jobs Act.
“Tiptree”, the “Company”, “we”, “its”, “us” and “our” means, unless otherwise indicated by the context, Tiptree Inc. and its consolidated subsidiaries.
“Tiptree Holdings” means Tiptree Holdings, LLC., formerly known as “Caroline Holdings, LLC.”
“Transition Services Agreement” means the Amended and Restated Transition Services Agreement between Corvid Peak and Tiptree Inc., effective as of January 1, 2019.




F - 2

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share data)
As of
March 31,
2021
December 31, 2020
Assets:
Investments:
Available for sale securities, at fair value, net of allowance for credit losses$409,947 $377,133 
Loans, at fair value110,458 90,732 
Equity securities145,022 123,838 
Other investments218,471 219,701 
Total investments883,898 811,404 
Cash and cash equivalents 123,879 136,920 
Restricted cash53,294 58,355 
Notes and accounts receivable, net348,314 370,452 
Reinsurance receivables713,730 728,009 
Deferred acquisition costs272,924 229,430 
Goodwill179,236 179,236 
Intangible assets, net134,315 138,215 
Other assets179,688 162,034 
Assets held for sale159,335 181,705 
Total assets$3,048,613 $2,995,760 
Liabilities and Stockholders’ Equity
Liabilities:
Debt, net$393,959 $366,246 
Unearned premiums892,009 860,690 
Policy liabilities and unpaid claims251,323 233,438 
Deferred revenue424,608 399,211 
Reinsurance payable201,331 224,660 
Other liabilities and accrued expenses335,523 362,865 
Liabilities held for sale152,461 175,112 
Total liabilities$2,651,214 $2,622,222 
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, 32,538,486 and 32,682,462 shares issued and outstanding, respectively
33 33 
Additional paid-in capital313,140 315,014 
Accumulated other comprehensive income (loss), net of tax2,592 5,674 
Retained earnings62,678 35,423 
Total Tiptree Inc. stockholders’ equity378,443 356,144 
Non-controlling interests18,956 17,394 
Total stockholders’ equity397,399 373,538 
Total liabilities and stockholders’ equity$3,048,613 $2,995,760 













See accompanying notes to condensed consolidated financial statements.
F - 3

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except share data)

Three Months Ended
March 31,
20212020
Revenues:
Earned premiums, net$146,919 $121,321 
Service and administrative fees58,050 43,724 
Ceding commissions3,025 6,525 
Net investment income2,767 3,488 
Net realized and unrealized gains (losses)69,371 (62,441)
Other revenue14,556 17,054 
Total revenues294,688 129,671 
Expenses:
Policy and contract benefits67,174 60,876 
Commission expense88,645 70,401 
Employee compensation and benefits52,924 38,501 
Interest expense9,252 7,551 
Depreciation and amortization5,934 3,863 
Other expenses31,367 30,230 
Total expenses255,296 211,422 
Income (loss) before taxes39,392 (81,751)
Less: provision (benefit) for income taxes8,752 (21,181)
Net income (loss)30,640 (60,570)
Less: net income (loss) attributable to non-controlling interests2,059 (563)
Net income (loss) attributable to common stockholders$28,581 $(60,007)
Net income (loss) per common share:
Basic earnings per share$0.86 $(1.74)
Diluted earnings per share$0.81 $(1.74)
Weighted average number of common shares:
Basic32,420,982 34,566,330 
Diluted36,184,019 34,566,330 
Dividends declared per common share$0.04 $0.04 





















See accompanying notes to condensed consolidated financial statements.
F - 4

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)


Three Months Ended March 31,
20212020
Net income (loss)$30,640 $(60,570)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities:
Unrealized holding gains (losses) arising during the period(3,870)359 
Related (provision) benefit for income taxes875 (58)
Reclassification of (gains) losses included in net income(128)(4)
Related (provision) benefit for income taxes30 1 
Unrealized gains (losses) on available for sale securities, net of tax(3,093)298 
Other comprehensive income (loss), net of tax(3,093)298 
Comprehensive income (loss)27,547 (60,272)
Less: comprehensive income (loss) attributable to non-controlling interests2,048 (555)
Comprehensive income (loss) attributable to common stockholders$25,499 $(59,717)





































See accompanying notes to condensed consolidated financial statements.
F - 5

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(in thousands, except shares)
Common stock
Number of sharesPar value Additional paid-in capitalAccumulated other comprehensive income (loss)Retained earningsTotal
Tiptree Inc. stockholders’ equity
Non-controlling interestsTotal stockholders' equity
Balance at December 31, 201934,562,553 $35 $326,140 $1,698 $70,189 $398,062 $13,353 $411,415 
Adoption of accounting standard (1)
— — — 42 (42)— — — 
Amortization of share-based incentive compensation— — 1,200 — — 1,200 343 1,543 
Vesting of share-based incentive compensation322,709 — (332)— — (332)(1,866)(2,198)
Shares purchased under stock purchase plan(583,131)(1)(3,944)— — (3,945)— (3,945)
Non-controlling interest distributions (2)
— — — — — — (792)(792)
Dividends declared— — — — (1,415)(1,415)— (1,415)
Other comprehensive income (loss), net of tax— — — 290 — 290 8 298 
Net income (loss)— — — — (60,007)(60,007)(563)(60,570)
Balance at March 31, 202034,302,131 $34 $323,064 $2,030 $8,725 $333,853 $10,483 $344,336 
Balance at December 31, 202032,682,462 $33 $315,014 $5,674 $35,423 $356,144 $17,394 $373,538 
Amortization of share-based incentive compensation— — 627 — — 627 328 955 
Vesting of share-based incentive compensation344,686 — (51)— — (51)(914)(965)
Shares purchased under stock purchase plan(488,662)— (2,450)— — (2,450)— (2,450)
Non-controlling interest contributions— — — — — — 100 100 
Dividends declared— — — — (1,326)(1,326)— (1,326)
Other comprehensive income (loss), net of tax— — — (3,082)— (3,082)(11)(3,093)
Net income (loss)— — — — 28,581 28,581 2,059 30,640 
Balance at March 31, 202132,538,486 $33 $313,140 $2,592 $62,678 $378,443 $18,956 $397,399 
(1)    Amounts reclassified due to adoption of ASU 2016-13. See Note (2) Summary of Significant Accounting Policies.
(2)    Includes subsidiary incentive plan exchanges. See Note (19) Stock Based Compensation.















See accompanying notes to condensed consolidated financial statements.
F - 6

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)

Three Months Ended
March 31,
20212020
Operating Activities:
Net income (loss) attributable to common stockholders$28,581 $(60,007)
Net income (loss) attributable to non-controlling interests2,059 (563)
Net income (loss)30,640 (60,570)
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses (69,371)62,441 
Net (gain) loss on sale of businesses431  
Non-cash compensation expense1,065 1,616 
Amortization/accretion of premiums and discounts670 424 
Depreciation and amortization expense5,934 3,863 
Non-cash lease expense2,195 2,133 
Amortization of deferred financing costs394 169 
Loss on extinguishment of debt 353 
Deferred provision (benefit) for income taxes7,788 (17,929)
Other80 60 
Changes in operating assets and liabilities:
Mortgage loans originated for sale(911,193)(539,970)
Proceeds from the sale of mortgage loans originated for sale956,609 609,125 
(Increase) decrease in notes and accounts receivable24,507 (17,467)
(Increase) decrease in reinsurance receivables14,279 30,217 
(Increase) decrease in deferred acquisition costs(43,494)(10,328)
(Increase) decrease in other assets(4,101)(5,201)
Increase (decrease) in unearned premiums31,319 (26,474)
Increase (decrease) in policy liabilities and unpaid claims17,885 (206)
Increase (decrease) in deferred revenue25,397 27,453 
Increase (decrease) in reinsurance payable(23,329)(23,431)
Increase (decrease) in other liabilities and accrued expenses(40,375)(11,066)
Net cash provided by (used in) operating activities27,330 25,212 
Investing Activities:
Purchases of investments(413,159)(168,125)
Proceeds from sales and maturities of investments372,015 114,881 
Proceeds from the sale of real estate 389 
Purchases of property, plant and equipment(397)(1,455)
Proceeds from the sale of businesses125 125 
Proceeds from notes receivable14,762 7,739 
Issuance of notes receivable(15,710)(20,996)
Business and asset acquisitions, net of cash, restricted cash and deposits (1)
 20,136 
Net cash provided by (used in) investing activities(42,364)(47,306)
Financing Activities:
Dividends paid(1,326)(1,415)
Non-controlling interest contributions100  
Non-controlling interest distributions (792)
Payment of debt issuance costs (1,441)
Proceeds from borrowings and mortgage notes payable955,306 750,861 
Principal paydowns of borrowings and mortgage notes payable(952,260)(713,607)
Repurchases of common stock(2,450)(3,945)
Net cash provided by (used in) financing activities(630)29,661 
Net increase (decrease) in cash, cash equivalents and restricted cash(15,664)7,567 
Cash, cash equivalents and restricted cash – beginning of period195,275 144,590 
Cash, cash equivalents and restricted cash – beginning of period - held for sale4,879 7,137 
Cash, cash equivalents and restricted cash – end of period184,490 159,294 
Less: Reclassification of cash to assets held for sale7,317 5,093 
Cash, cash equivalents and restricted cash – end of period$177,173 $154,201 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Right of use asset obtained in exchange for lease liability$1,413 $513 
As of
Reconciliation of cash, cash equivalents and restricted cashMarch 31, 2021December 31, 2020
Cash and cash equivalents $123,879 $136,920 
Restricted cash53,294 58,355 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows$177,173 $195,275 
(1)    Changes in balance sheet balances due to acquisitions have been netted down in the respective line items. See Note (3) Acquisitions for additional information.



See accompanying notes to condensed consolidated financial statements.
F - 7

TIPTREE INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2021
(in thousands, except share data)



(1) Organization

Tiptree Inc. (together with its consolidated subsidiaries, collectively, Tiptree, the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree’s common stock trades on the Nasdaq Capital Market under the symbol “TIPT”. Tiptree is a holding company that combines specialty insurance operations with investment management capabilities. We allocate our capital across our insurance operations and other investments. We classify our business into two reportable segments: Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable segments and other business activities, as Tiptree Capital.

(2) Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2021.

Non-controlling interests on the condensed consolidated balance sheets represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated.

Reclassifications

As a result of changes in presentation made in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, certain prior period amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

Recent Accounting Standards

Recently Adopted Accounting Pronouncements

StandardDescriptionAdoption DateImpact on Financial Statements
2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income TaxesThe standard eliminates the need for an organization to analyze whether the following apply in a given period: (1) exceptions to the incremental approach for intraperiod tax allocation, (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods.January 1, 2021The standard makes changes to areas of tax accounting for transactions and situations which do not currently apply to the Company’s activity, so the adoption of the standard does not currently impact the Company’s financial statements.

Recently Issued Accounting Pronouncements, Not Yet Adopted

During the three months ended March 31, 2021, there were no accounting standards issued applicable to the Company.

F - 8

TIPTREE INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 2021
(in thousands, except share data)


(3) Acquisitions

Acquisitions during 2020

Acquisition of Smart AutoCare

On January 3, 2020, a subsidiary of the Company acquired (the Acquisition) all of the equity interests of Accelerated Service Enterprise LLC, SAC Holdings Inc., Dealer Motor Services, Inc., Independent Dealer Group, Inc., Ownershield, Inc., Freedom Insurance Company, Ltd. (Freedom), SAC Admin, Inc., SAC Insurance Company, Inc., Smart AutoCare, Inc. and Smart AutoCare Administration Solutions, Inc. (together Smart AutoCare), pursuant to the Equity Interest Purchase Agreement (the Purchase Agreement) between Fortegra Warranty Holdings, LLC. (Buyer) and Peter Masi (Seller), dated as of December 16, 2019. Concurrent with the Acquisition, Freedom terminated reinsurance agreements with affiliates of Seller (the Commutation Transaction).

Tiptree paid Seller $111,804, net of working capital true-ups, in cash at closing, $8,250 of which will be held in an escrow account for 18 months to satisfy indemnity claims. Simultaneously, pursuant to the Commutation Transaction, affiliates of Seller paid Freedom $102,000 in cash. Smart AutoCare’s results are included in the Company’s Insurance segment for the three months ended March 31, 2021 and 2020.

Management’s allocation of the purchase price to the net assets acquired resulted in the recording of finite-lived intangible assets valued at $93,700, with an estimated amortization period of 5 to 13.5 years. It is expected that the tax basis in intangible assets will be similar to the GAAP values provided above. The residual amount of the purchase price after the allocation to net assets acquired and identifiable intangibles of $60,346 has been allocated to goodwill. This goodwill is included in the Insurance segment. It is expected that $21,127 of this goodwill will be tax deductible over a 15 year period.

The following table summarizes the final determination of the fair value amounts for the identifiable assets acquired, liabilities assumed, and goodwill, as described above, for the transactions completed during the three months ended March 31, 2020:
2020 Acquisition
Assets:
Investments:
Available for sale securities, at fair value$110 
Total investments110 
Cash and cash equivalents 120,934 
Restricted cash