[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","vyqatfmi0q599ao1ve39pprxs","revision",2,"title","Tiptree提交截至2026年9月30日季度的10-Q：九个月净利润4.0868亿美元，主要计入Fortegra出售收益","originalTitle","TIPTREE INC. (0001393726) (Filer)","summary","Tiptree提交截至2026年9月30日季度的未经审计10-Q；截至9月30日止九个月，公司净利润为4.0868亿美元，其中已终止经营净收益4.17645亿美元，持续经营净亏损896.5万美元。","reason","报告显示，Tiptree出售Fortegra和Reliance后确认大额终止经营收益，同时持续经营业务九个月仍录得净亏损；文中还披露了流动性、回购及拟收购USIG的情况。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-28T20:08:40.000Z","discoveredAt","2026-10-28T20:14:18.073Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",64,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fZnFLaatImPQ",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","f2129495-a1cd-45e7-8133-d135cb2145d3","Tiptree公布三季度业绩并披露出售收益、回购与派息",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

（勾选一项）

\n \n \n \n \n \n \n

\n	\n
☒	根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至 2026年9月30日

或

\n \n \n \n \n \n \n

\n	\n
☐	根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期自至

委员会档案编号： 001-33549

Tiptree Inc.

（注册人章程中规定的准确名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
马里兰州	38-3754322
（注册成立或组织所在州或其他司法管辖区）	（美国国税局雇主识别号）
660 Steamboat Road, 2nd Floor, Greenwich, Connecticut	06830
（主要行政办公室地址）	（邮政编码）

注册人电话号码（含区号）：(212) 446-1400

根据该法第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
各类别名称		交易代码		上市交易所名称
普通股，每股面值$0.001		TIPT		纳斯达克股票市场

请勾选以表明注册人是否：(1) 已在此前12个月（或注册人须提交此类报告的较短期间）内提交《1934年证券交易法》第13或15(d)条要求提交的所有报告；且(2) 在过去90天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选以表明注册人是否已在此前12个月（或注册人须提交此类文件的较短期间）内，以电子方式提交根据S-T条例第405条（本章§232.405）要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。参见《交易法》第12b-2条中“大型加速申报公司”、“加速申报公司”、“较小报告公司”和“新兴成长型公司”的定义。（勾选一项）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
大型加速申报公司		☐		加速申报公司		☒
非加速申报公司		☐		较小报告公司		☒
新兴成长型公司		☐

如果是新兴成长型公司，请勾选注册人是否选择不使用《交易法》第13(a)条规定的、遵守任何新颁布或修订财务会计准则的延长过渡期。 ☐

请勾选，以表明注册人是否为壳公司（定义见《交易法》第12b-2条）。是 ☐ 否 ☒

截至2026年10月23日，注册人已发行普通股为36,425,296股，面值为$0.001。

Tiptree Inc.

10-Q表格季度报告

2026年9月30日

\n	\n	\n
项目		页码
第一部分财务信息		F-1
第1项财务报表（未经审计）		F-3
截至2026年9月30日和2025年12月31日的简明合并资产负债表		F-3
截至2026年和2025年9月30日止三个月和九个月的简明合并经营报表		F-4
截至2026年和2025年9月30日止三个月和九个月的简明合并综合收益（亏损）报表		F-5
截至2026年和2025年9月30日止期间的简明合并股东权益变动表		F-6
截至2026年和2025年9月30日止九个月的简明合并现金流量表		F-8
简明合并财务报表附注		F-9
第2项管理层对财务状况和经营业绩的讨论与分析		22
第3项关于市场风险的定量和定性披露		27
第4项控制与程序		28

第二部分其他信息		29
第1项法律诉讼		29
第1A项风险因素		29
第2项未注册的股权证券销售及所得款项用途		29
第3项高级证券违约		29
第4项矿山安全披露		29
第5项其他信息		30
第6项附件、财务报表附表		30
签名		31

第一部分。财务信息

前瞻性陈述

除本季度报告（Form 10-Q）中包含并以引用方式纳入的历史信息外，本报告中包含并以引用方式纳入的信息均属于《证券法》第27A条和《交易法》第21E条所指的“前瞻性陈述”。前瞻性陈述反映我们对未来事件的当前预期或预测，并非历史事实陈述。这些前瞻性陈述包括有关可能或假定的未来事件、对我们未来财务状况和经营业绩的讨论与分析，以及我们的战略计划和目标的信息。当我们使用“预期”“相信”“估计”“预计”“打算”“寻求”“可能”“或许”“计划”“预测”“应该”“目标”“将”或类似表述时，意在表明前瞻性陈述。

前瞻性陈述并不保证未来业绩，且受风险、不确定性及其他因素影响，其中许多因素超出我们的控制范围、难以预测，并可能导致实际结果与前瞻性陈述中表达或预测的结果存在重大差异。由于各种因素，我们的实际结果可能与这些前瞻性陈述所预期的结果存在重大差异，包括但不限于截至2025年12月31日的财年年度报告（Form 10-K）、本季度报告（Form 10-Q）以及我们向美国证券交易委员会（SEC）提交的其他公开文件中“风险因素”章节及其他部分所述的因素。

本文所述因素未必是可能导致实际结果或发展与我们任何前瞻性陈述中表达的内容存在重大差异的全部重要因素。其他未知或不可预测的因素也可能影响我们的前瞻性陈述。因此，我们的实际业绩可能与前瞻性陈述所述或预期的结果存在重大差异。鉴于这些不确定性，您不应过度依赖这些前瞻性陈述。除适用法律要求外，我们不承担更新任何前瞻性陈述的义务。

市场和行业数据

本季度报告（Form 10-Q）中包含的某些市场数据和行业数据取自政府机构报告以及行业出版物和调查。公司根据管理层对行业的了解，认为第三方来源的数据可靠，但并未对此类数据进行独立核实，因此不对其准确性、完整性或时效性作出任何保证。

读者须知

阅读本季度报告（Form 10-Q）时，以下术语指：

“普通股”或“普通股份”指 Tiptree 每股面值 $0.001 的普通股。

“《交易法》”指经修订的《1934年证券交易法》。

“Fortegra”或“The Fortegra Group”指2022年6月21日之前的 The Fortegra Group, LLC 及其子公司，以及2022年6月21日及之后的 The Fortegra Group, Inc.。

“GAAP”指美国公认会计原则。

“NCI”指非控股权益。

“Reliance”指 Reliance First Capital, LLC。

“Reliance Buyer”指Carrington Mortgage Services, LLC。

“Reliance Purchase Agreement”指Carrington Holding Company, LLC（“原买方”）、Tiptree、Reliance和Reliance Holdings于2025年10月31日签订的《购买协议》，经日期为2025年12月5日的《Reliance Purchase Agreement第1号修正案》修订，将原买方替换为Reliance Buyer。

“Reliance Sellers”指Tiptree和Reliance Holdings。

“出售”指根据《出售协议》进行的一系列交易，Purchaser以16.5亿美元现金（须遵守《出售协议》规定的某些调整）收购Fortegra，且Merger Sub并入Fortegra，Fortegra为存续公司，因此Purchaser成为Fortegra的唯一股东。

“出售协议”指Tiptree、Fortegra、DB Insurance Co., Ltd.（“Purchaser”）与Purchaser的一家子公司（“Merger Sub”）于2025年9月26日签订的《合并协议和计划》；Merger Sub将在《出售协议》签订日之后、出售交割之前于特拉华州注册成立。

“SEC”指美国证券交易委员会。

“《证券法》”指经修订的1933年《证券法》。

“SOFR”指担保隔夜融资利率。

“Tiptree”、“本公司”、“我们”、“其”、“我们”及“我们的”除非上下文另有说明，均指Tiptree Inc.及其合并子公司。

“Tiptree Advisors”统称：Tiptree Advisors Holdings, L.P.、Tiptree Advisors, LLC、Tiptree GP Holdings, LLC及Tiptree Holdings GP, LLC。

F-1

“Tiptree Credit Agreement”指Tiptree、Tiptree Holdings、不时作为协议一方的贷款人以及作为行政代理、担保代理和牵头安排人的Fortress Credit Corp.于2025年2月7日签订的《信贷协议》。

“Tiptree Holdings”指Tiptree Holdings LLC。

“Transition Services Agreement”指Tiptree Advisors与Tiptree Inc.之间经修订并重述、于2019年1月1日生效的《过渡服务协议》。

F-2

TIPTREE INC.及子公司

简明合并资产负债表（未经审计）

（单位：千，股份数据除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至
		2026年9月30日			2025年12月31日
资产：
流动资产：
现金及现金等价物		$	198,312			$	30,784
有价证券			589,555				21,701
其他流动资产			12,251				2,361
流动资产总额			800,118				54,846
公司证券			122,137				—
使用权资产			7,034				8,301
不动产、厂房及设备净额			5,179				6,262
递延所得税资产			7,210				—
其他资产			3,148				2,269
持有待售资产 (1)			—				6,768,387
资产总额		$	944,826			$	6,840,065
负债和股东权益
负债：
流动负债：
短期债务净额		$	—			$	8,138
应付当期税款			20,358				—
其他流动负债			14,818				20,964
流动负债总额			35,176				29,102
长期债务净额			—				63,948
长期租赁义务			7,118				8,654
递延所得税负债			—				80,390
持有待售负债 (1)			—				5,905,572
负债总额		$	42,294			$	6,087,666
股东权益：
优先股：$0.001 面值，授权发行 100,000,000 股，已发行或流通股数为 none 股		$	—			$	—
普通股：$0.001 面值，授权发行 200,000,000 股，已发行和流通股数分别为 36,877,761 股和 37,824,472 股			37				38
额外实收资本			381,068				394,435
累计其他综合收益（亏损），税后净额			(2,057	)			(7,496	)
留存收益			523,484				121,574
Tiptree Inc. 股东权益总额			902,532				508,551
非控股权益：
Fortegra 优先权益			—				77,679
普通权益			—				166,169
非控股权益总额			—				243,848
股东权益总额			902,532				752,399
负债和股东权益总额		$	944,826			$	6,840,065

(1)

更多详情请参见附注 (3) 处置和终止经营。

请参阅简明合并财务报表附注。

F-3

TIPTREE INC. 及其子公司

简明合并经营报表（未经审计）

（单位：千，股份数据除外）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
收入：
其他收入		$	—			$	3			$	—			$	485
收入总额			—				3				—				485
费用：
员工薪酬和福利			3,872				10,436				17,136				26,754
折旧和摊销			365				365				1,083				1,083
其他费用			1,752				2,086				5,818				9,984
费用总额			5,989				12,887				24,037				37,821
税前营业收入（亏损）			(5,989	)			(12,884	)			(24,037	)			(37,336	)
非营业收入：
已实现及未实现净收益（亏损）			(3	)			273				(264	)			(441	)
其他收入			11,055				1,237				15,938				2,638
税前收入（亏损）			5,063				(11,374	)			(8,363	)			(35,139	)
减：所得税准备金（收益）			440				(1,870	)			602				(5,489	)
持续经营净收入（亏损）			4,623				(9,504	)			(8,965	)			(29,650	)
终止经营：
终止经营收入（亏损）(1)			578				15,925				417,645				60,666
归属于普通股股东的净收入（亏损）		$	5,201			$	6,421			$	408,680			$	31,016

持续经营每股普通股净收入（亏损）：
基本每股收益		$	0.12			$	(0.25	)		$	(0.24	)		$	(0.79	)
稀释每股收益		$	0.12			$	(0.25	)		$	(0.24	)		$	(0.79	)

终止经营每股普通股净收入（亏损）：
基本每股收益		$	0.02			$	0.42			$	11.14			$	1.62
稀释每股收益		$	0.02			$	0.38			$	11.06			$	1.49

每股普通股净收入（亏损）：
基本每股收益		$	0.14			$	0.17			$	10.90			$	0.83
稀释每股收益		$	0.14			$	0.13			$	10.82			$	0.70

普通股加权平均股数：
基本			37,219,388				37,565,019				37,501,234				37,470,832
稀释			37,788,015				37,565,019				37,501,234				37,470,832

已宣派的每股普通股股息		$	0.06			$	0.06			$	0.18			$	0.18

(1)

更多详情请参见附注 (3) 处置和终止经营。

请参阅简明合并财务报表附注。

F-4

TIPTREE INC. 及其子公司

简明合并综合收益（亏损）表（未经审计）

（单位：千）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
归属于普通股股东的净收入（亏损）		$	5,201			$	6,421			$	408,680			$	31,016
其他综合收益（亏损），税后净额：
可供出售证券未实现收益（亏损）的变动			(2,642	)			10,749				5,131				25,803
未实现货币折算调整的变动			—				(2,022	)			(5,918	)			13,051
相关所得税（拨备）收益			580				(3,534	)			6,054				(11,604	)
其他综合收益（亏损），税后净额			(2,062	)			5,193				5,267				27,250
综合收益（亏损）			3,139				11,614				413,947				58,266
减：归属于非控股权益的综合收益（亏损）			—				1,326				(172	)			7,256
归属于普通股股东的综合收益（亏损）		$	3,139			$	10,288			$	414,119			$	51,010

请参阅随附的简明合并财务报表附注。

F-5

TIPTREE INC.及其子公司

简明合并股东权益变动表（未经审计）

（千美元，股份数据除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股															非控股权益
		股份数			面值			额外实缴资本			累计其他综合收益（亏损）			留存收益			Tiptree Inc.股东权益总额			Fortegra优先权益			普通权益			股东权益总额
截至2025年12月31日的余额			37,824,472			$	38			$	394,435			$	(7,496	)		$	121,574			$	508,551			$	77,679			$	166,169			$	752,399
股份支付激励薪酬摊销			—				—				4,209				—				—				4,209				—				12,410				16,619
股份支付激励薪酬归属			58,465				—				(319	)			—				—				(319	)			—				(476	)			(795	)
回购股份			(1,005,176	)			(1	)			(17,252	)			—				—				(17,253	)			—				—				(17,253	)
非控股权益分配						—				(5	)			—				—				(5	)			—				—				(5	)
出售子公司时移除非控股权益			—				—				—				—				—				—				(77,679	)			(194,468	)			(272,147	)
已宣告普通股股利			—				—				—				—				(6,770	)			(6,770	)			—				—				(6,770	)
其他综合收益（亏损），税后净额			—				—				—				5,439				—				5,439				—				(172	)			5,267
已宣告子公司优先股股利			—				—				—				—				(2,609	)			(2,609	)			—				—				(2,609	)
净收益（亏损）			—				—				—				—				411,289				411,289				—				16,537				427,826
截至2026年9月30日的余额			36,877,761			$	37			$	381,068			$	(2,057	)		$	523,484			$	902,532			$	—			$	—			$	902,532

截至2026年6月30日的余额			37,266,005			$	37			$	386,557			$	5			$	520,524			$	907,123			$	—			$	—			$	907,123
股份支付激励薪酬摊销			—				—				1,392				—				—				1,392				—				—				1,392
股份支付激励薪酬归属			2,829				—				52				—				—				52				—				—				52
回购股份			(391,073	)			—				(6,933	)			—				—				(6,933	)			—				—				(6,933	)
出售子公司时移除非控股权益			—				—				—				—				—				—				—				—				—
已宣告普通股股利			—				—				—				—				(2,241	)			(2,241	)			—				—				(2,241	)
其他综合收益（亏损），税后净额			—				—				—				(2,062	)			—				(2,062	)			—				—				(2,062	)
已宣告子公司优先股股利			—				—				—				—				—				—				—				—				—
净收益（亏损）			—				—				—				—				5,201				5,201				—				—				5,201
截至2026年9月30日的余额			36,877,761			$	37			$	381,068			$	(2,057	)		$	523,484			$	902,532			$	—			$	—			$	902,532

F-6

TIPTREE INC.及其子公司

简明合并股东权益变动表（未经审计）

（千美元，股份数据除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股															非控股权益
		股份数			面值			额外实缴资本			累计其他综合收益（亏损）			留存收益			Tiptree Inc.股东权益总额			Fortegra优先权益			普通权益			股东权益总额
截至2024年12月31日的余额			37,255,838			$	37			$	389,693			$	(27,750	)		$	95,718			$	457,698			$	77,679			$	121,394			$	656,771
股份支付激励薪酬摊销			—				—				9,637				—				—				9,637				—				3,021				12,658
股份支付激励薪酬归属			564,282				1				(6,383	)			—				—				(6,382	)			—				3,015				(3,367	)
已宣告普通股股利			—				—				—				—				(6,789	)			(6,789	)			—				—				(6,789	)
其他综合收益（亏损），税后净额			—				—				—				19,994				—				19,994				—				7,256				27,250
已宣告子公司优先股股利			—				—				—				—				(4,787	)			(4,787	)			—				—				(4,787	)
净收益（亏损）			—				—				—				—				35,803				35,803				—				23,879				59,682
截至2025年9月30日的余额			37,820,120			$	38			$	392,947			$	(7,756	)		$	119,945			$	505,174			$	77,679			$	158,565			$	741,418

截至2025年6月30日的余额			37,496,977			$	37			$	395,637			$	(11,623	)		$	115,787			$	499,838			$	77,679			$	145,851			$	723,368
股份支付激励薪酬摊销			—				—				1,417				—				—				1,417				—				486				1,903
基于股份的激励薪酬归属			323,143				1				(4,107	)			—				—				(4,106	)			—				3,326				(780	)
宣派普通股股息			—				—				—				—				(2,263	)			(2,263	)			—				—				(2,263	)
其他综合收益（亏损），税后净额			—				—				—				3,867				—				3,867				—				1,326				5,193
宣派子公司优先股股息			—				—				—				—				(1,613	)			(1,613	)			—				—				(1,613	)
净收益（亏损）			—				—				—				—				8,034				8,034				—				7,576				15,610
截至2025年9月30日的余额			37,820,120			$	38			$	392,947			$	(7,756	)		$	119,945			$	505,174			$	77,679			$	158,565			$	741,418

请参阅随附的简明合并财务报表附注。

F-7

TIPTREE INC.及其子公司

简明合并现金流量表（未经审计）

（单位：千）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
经营活动：
归属于普通股股东的净收益（亏损）		$	408,680			$	31,016
将净收益调节为经营活动提供（使用）的现金净额的调整项目
已实现及未实现净（收益）亏损			264				441
非现金薪酬费用			4,360				9,859
溢折价摊销/增值			(2,252	)			(1,018	)
折旧及摊销费用			1,083				1,083
非现金租赁费用			1,397				1,441
递延所得税准备（收益）			—				(5,741	)
递延融资成本摊销			—				—
终止经营业务净收益			(417,645	)			(60,666	)
经营资产和负债变动：
其他资产（增加）减少			611				1,159
其他负债及租赁义务增加（减少）			(11,962	)			(2,824	)
持续经营业务经营活动提供（使用）的现金净额			(15,464	)			(25,250	)
终止经营业务经营活动提供（使用）的现金净额			(131,763	)			148,616
经营活动提供（使用）的现金净额			(147,227	)			123,366
投资活动：
购买投资			(878,289	)			(90,506	)
出售及到期投资所得款项			183,105				61,344
持续经营业务投资活动提供（使用）的现金净额			(695,184	)			(29,162	)
终止经营业务投资活动提供（使用）的现金净额			697,667				(93,729	)
投资活动提供（使用）的现金净额			2,483				(122,891	)
融资活动：
已支付股息			(6,770	)			(6,788	)
非控股权益（赎回）出资			(5	)			—
支付（收到）与已归属或已行权股票奖励相关的现金			(502	)			(6,587	)
支付债务发行成本			(50	)			(2,285	)
借款及应付抵押票据所得款项			—				74,250
偿还借款及应付抵押票据本金			(74,249	)			(563	)
回购普通股及额外实收资本的其他变动			(17,092	)			—
持续经营业务融资活动提供（使用）的现金净额			(98,668	)			58,027
终止经营业务融资活动提供（使用）的现金净额			42,160				24
融资活动提供（使用）的现金净额			(56,508	)			58,051
汇率变动对现金的影响			2,193				4,770
现金、现金等价物及受限现金净增加（减少）额			(199,059	)			63,296
期初现金、现金等价物及受限现金			30,784				19,437
期初持有待售的现金、现金等价物及受限现金			366,587				396,827
期末现金、现金等价物及受限现金			198,312				479,560
减：重新分类为持有待售的现金			—				456,789
期末现金、现金等价物及受限现金		$	198,312			$	22,771

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至
现金、现金等价物及受限现金的调节 (1)		2026年9月30日			2025年12月31日
现金及现金等价物		$	198,312			$	322,169
受限现金			—				75,202
现金流量表中列示的现金、现金等价物和受限现金总额		$	198,312			$	397,371

(1)

截至2025年12月31日的余额包括与持有待售资产相关的现金及现金等价物。此类金额在2025年12月31日的简明合并资产负债表中计入持有待售资产。

请参阅简明合并财务报表附注。

F-8

TIPTREE INC.及其子公司

简明合并财务报表附注

2026年9月30日

（除股份数据外，单位：千）

（1）组织

Tiptree Inc.（连同其合并子公司，统称为Tiptree、公司或我们）是一家马里兰州公司，于2007年3月19日注册成立。Tiptree的普通股在纳斯达克股票市场交易，股票代码为“TIPT”。Tiptree是一家控股公司，在广泛的业务、资产及其他投资中配置资本。

截至2026年9月30日的三个月和九个月期间，公司的首席运营决策者（“CODM”）为公司首席执行官。截至2025年9月30日的三个月和九个月期间，公司的CODM为执行委员会。CODM主要使用简明合并经营报表中列报的税前收入来分配资源和评估业绩。此外，管理层采用的分部资产指标为简明合并资产负债表中列报的总资产。重要分部费用可在简明合并经营报表中查看。公司的前保险和抵押贷款分部已出售，公司目前仅经营一个经营及可报告分部。

于2026年5月1日，Tiptree完成了向Carrington Mortgage Services, LLC（作为买方）的Reliance交易。根据协议，Carrington收购了Reliance全部已发行及流通在外的成员权益，支付金额（以美元计）等于：(a) (i) Reliance截至Reliance交易交割时的有形账面价值（定义见Reliance购买协议）与(ii) 93.50%的乘积；减去(b)交易费用（定义见Reliance购买协议）；再减去(c)未缴税款（定义见Reliance购买协议）（“Reliance交易”）。Reliance交易交割时，Reliance买方向Reliance卖方支付了估算现金付款（定义见Reliance购买协议），扣除相当于购买价调整留存金额（定义见Reliance购买协议）的款项。

2026年5月29日，Tiptree 与根据大韩民国法律注册成立并存续的 DB Insurance Co., Ltd.（“买方”）以及特拉华州公司、Tiptree 子公司 Fortegra 签订了合并协议与计划（“出售协议”）。根据出售协议，买方以现金支付 $1,650,000（须按出售协议所载作出若干调整）的购买价收购 Fortegra，且 Merger Sub 与 Fortegra 合并，Fortegra 为存续公司（“出售”）；因此，买方成为 Fortegra 的唯一股东。

(2) 重要会计政策概要

列报基础和合并原则

Tiptree 随附的未经审计简明合并财务报表按美国公认会计原则（GAAP）编制，包含本公司及其子公司的账目。简明合并财务报表以美元列报，美元是本公司的主要经营货币。本文所列未经审计简明合并财务报表应与本公司截至2025年12月31日财政年度的 10-K 年度报告所载经审计年度财务报表一并阅读。管理层认为，随附的未经审计中期财务信息反映了所有必要调整（包括正常的经常性调整），以公允列报本公司在所列各中期期间的财务状况、经营业绩、综合收益和现金流量。截至2026年和2025年9月30日止三个月和九个月的经营业绩不一定代表截至2026年12月31日全年可能取得的业绩。

简明合并资产负债表中的非控股权益（NCI）代表由 Tiptree 以外的实体或个人持有的某些合并子公司的所有权权益。合并实体之间的账户和交易已予以抵销。

近期会计准则

近期采用的会计公告

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

会计准则更新

说明

采用日期

对财务报表的影响

2025-05，金融

工具 — 信用损失（主题 326）

本次更新中的修订为所有实体在估计源自按主题 606 核算的交易的流动应收账款和流动合同资产的预期信用损失时提供了实务简便方法。在估计预期信用损失时制定合理且有依据的预测，所有实体均可选择一项实务简便方法，假设资产负债表日的当前状况在资产剩余存续期内保持不变。

2026年1月1日

这些修订对本公司的简明合并财务报表没有重大影响。

F-9

TIPTREE INC.及其子公司

简明合并财务报表附注

2026年9月30日

（除股份数据外，以千为单位）

近期发布但尚未采用的会计公告

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
会计准则更新	说明	采用日期	对财务报表的影响
2024-03，利润表—综合收益报告—费用细分披露（子主题220-40）：利润表费用细分	本次更新中的修订要求在财务报表附注中披露有关某些成本和费用的指定信息。修订要求实体在每个中期和年度报告期： 1. 披露相关费用的金额，以及该相关费用在持续经营业务利润表表面列报的费用项目。 2. 将现行公认会计原则（GAAP）已要求披露的某些金额与其他细分披露要求一并披露。 3. 定性描述相关费用项目中未单独进行定量细分的剩余金额。 4. 披露销售费用总额；在年度报告期，还须披露实体对销售费用的定义。	本次更新中的修订适用于2026年12月15日之后开始的年度报告期。	公司目前正在评估这些修订，并预计将在要求时采用该指引，对其财务数据和披露的影响极小。
2025-11，中期报告（主题270）范围有限的改进	本次更新中的修订澄清了中期报告披露要求，并改进了主题270现有指引的组织结构。	本次更新中的修订适用于2027年12月15日之后开始的中期报告期。	公司目前正在评估这些修订，并预计将在要求时采用该指引。公司预计其不会对财务报表或披露产生重大影响。
2025-12，准则汇编改进	这些修订清理过时措辞、纠正错误、澄清计算和披露、更新引用，并提升GAAP的一致性，其中许多更新还影响非营利组织和专门会计领域。预计这些修订不会对当前会计实务产生重大影响。	本次更新中的修订适用于2026年12月15日之后开始的年度报告期。	公司目前正在评估这些修订，并预计将在要求时采用该指引。公司预计其不会对财务报表或披露产生重大影响。

(3) 处置和终止经营

处置

于 May 1, 2026，公司根据于 October 31, 2025 签订的购买协议，完成了出售其抵押贷款业务板块 Reliance 的交易。出售 Reliance 收到的总对价包括现金所得 $49,667，并须按惯例进行交割后调整。该处置组于 2025 年首次划分为持有待售及终止经营时，累计确认了 $减值损失，金额为 $9,052，其中包括 $商誉和无形资产减值，金额为 $1,708。在截至 September 30, 2026 的九个月内，公司因后续出售公允价值减去出售成本估计的变动，在终止经营中确认了 $466 的有利调整，累计税前亏损为 $8,586。

于 May 29, 2026，公司根据于 September 26, 2025 签订的出售协议，完成了出售其保险业务板块 Fortegra 的交易。出售 Fortegra 收到的总对价包括现金所得 $1,650,000，扣除交易费用 $25,023 后，公司收到的对价为 $1,121,743。公司确认了 $372,833 的税后出售收益，该收益计入截至 September 30, 2026 的九个月的终止经营净收益。

F-10

TIPTREE INC. AND SUBSIDIARIES

简明合并财务报表附注

September 30, 2026

（单位：千，股份数据除外）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
（单位：千美元）	截至
	September 30, 2026
对价	$	1,650,000
减：交易费用		25,023
净对价		1,624,977
Tiptree 对 Fortegra 的稀释后持股比例		69.0	%
收到对价的公允价值		1,121,743
减：Fortegra 的账面基础		636,439
应税收益		485,304
减：收益税款		112,471
处置收益	$	372,833

在出售之前，截至 2025 年 12 月 31 日，Fortegra 和 Reliance 的资产和负债被分类为持有待售。于截至 2026 年 6 月 30 日的三个月内完成出售后，公司将各子公司的控制权移交给买方，并从公司的简明合并资产负债表中终止确认相关资产和负债。

终止经营

由于出售 Fortegra 和 Reliance，这些业务的经营业绩在所列所有期间的简明合并经营报表中均列为终止经营。终止经营的业绩包括 Fortegra 和 Reliance 截至各自在截至 2026 年 6 月 30 日的三个月内处置日的经营业绩，以及处置时确认的收益（损失）。

Fortegra

下表列示了简明合并经营报表中 Fortegra 终止经营的收入和费用详情，涵盖以下期间：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
收入：
已赚保费，净额		$	—			$	383,881			$	627,130			$	1,129,259
服务及管理费			—				95,821				138,339				289,966
分出佣金			—				3,483				5,159				10,658
净投资收益			—				7,397				22,254				29,631
已实现及未实现净收益（损失）			—				24,761				15,893				33,310
其他收入			—				7,273				11,231				23,390
总收入			—				522,616				820,006				1,516,214

费用：
保单及合同给付			—				217,330				332,834				653,115
佣金费用			—				144,919				231,801				437,005
员工薪酬及福利			—				41,736				76,541				115,882
利息费用 (1)			—				10,344				16,153				30,872
折旧及摊销费用 (2)			—				4,824				—				13,758
其他费用 (2)			—				54,015				59,127				114,335
总费用			—				473,168				716,456				1,364,967
税前收入（损失）			—				49,448				103,550				151,247
出售终止经营业务的收益（损失）			760				—				485,304				—
税前收入（损失）（包括出售）			760				49,448				588,854				151,247
减：所得税拨备（收益） (3)			167				24,222				152,396				61,862
终止经营净收益（损失）			593				25,226				436,458				89,385
减：归属于非控股权益的净收益（损失）			—				9,189				19,146				28,666
扣除非控股权益后的终止经营净收益（损失）		$	593			$	16,037			$	417,312			$	60,719

(1)

根据 Tiptree Holdings 债务的贷款契约，必须以出售所得偿还债务。根据 ASC 205-20《财务报表列报》，与该债务相关的费用已归类为终止经营；截至 2026 年和 2025 年 9 月 30 日的九个月期间，金额分别约为 $2,951 和 $5,319。详情请参阅附注（5）“债务，净额”。

(2)

根据 ASC 360《不动产、厂房及设备》，公司在长期资产被归类为持有待售后停止计提折旧和摊销。

F-11

TIPTREE INC. 及其子公司

简明合并财务报表附注

2026年9月30日

（单位：千，股份数据除外）

(3)

截至 2026 年和 2025 年 9 月 30 日的九个月期间，与 Tiptree 对 Fortegra 投资的账面基础与税基差异相关的递延所得税费用分别为 $13,496 和 $18,000。虽然该负债属于母公司层面的税务属性，但根据 ASC 740-10-45-20《所得税》，相关费用归类于终止经营。

下表汇总了简明合并现金流量表中包含的终止经营相关现金流，涵盖以下期间：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
现金净额提供方（用于）：
经营活动		$	(117,173	)		$	157,054
投资活动			666,451				(92,956	)
融资活动			28,911				(9,938	)
汇率变动对现金的影响			2,193				4,770
已终止经营业务提供（使用）的现金流量净额		$	580,382			$	58,930

Reliance

下表列示了以下期间 Reliance 在简明合并经营报表中已终止经营业务的收入和费用详情：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
收入：
已实现及未实现收益（损失）净额		$	—			$	9,843			$	13,026			$	29,485
其他收入			—				6,327				8,417				18,096
收入总额			—				16,170				21,443				47,581

费用：
员工薪酬及福利			—				9,922				12,449				29,065
利息费用			—				346				518				1,040
折旧和摊销费用 (1)			—				70				—				223
减值费用 (2)			—				—				(486	)			—
其他费用 (1)			—				5,630				8,051				17,023
费用总额			—				15,968				20,532				47,351
税前收入（亏损）			—				202				911				230
出售已终止经营业务的收益（损失）			(20	)			—				(20	)			—
税前收入（亏损）（含出售）			(20	)			202				891				230
减：所得税准备（收益） (3)			(5	)			314				558				283
已终止经营业务净收入（亏损）		$	(15	)		$	(112	)		$	333			$	(53	)

(1)

根据 ASC 360《不动产、厂房及设备》，公司将长期资产归类为持有待售后，停止对其计提折旧和摊销。

(2)

作为出售抵押贷款业务的一部分，公司确认了一项减值费用，以将该子公司的资产账面金额减记至其估计公允价值，该公允价值基于 Reliance 购买协议中规定的对价。

(3)

截至2026年和2025年9月30日的九个月，递延所得税费用分别为 $466 和 $0，与 Tiptree 对 Reliance 投资的账面基础与计税基础差异相关。尽管该负债属于母公司层面的税务属性，但根据 ASC 740-10-45-20《所得税》，相关费用归类于已终止经营业务。

下表概述了以下期间简明合并现金流量表中列报的与已终止经营业务相关的现金流量：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
现金净额提供方（用于）：
经营活动		$	(14,590	)		$	(8,438	)
投资活动			31,216				(773	)
融资活动			13,249				9,962
已终止经营业务提供（使用）的现金流量净额		$	29,875			$	751

F-12

TIPTREE INC. 及子公司

简明合并财务报表附注

2026年9月30日

（除股份数据外，以千计）

(4) 有价证券和公司证券

公司在可能的范围内，最大限度地使用可观察输入值，尽量减少使用不可观察输入值，以计量金融工具的公允价值。可观察输入值反映市场参与者在为资产或负债定价时会采用的假设，并受产品类型、产品是否在活跃交易所或二级市场交易以及当前市场状况的影响。如果估值基于市场上较难观察或不可观察的模型或输入值，则确定公允价值需要更多判断。在某些情况下，用于计量公允价值的输入值可能属于公允价值层级中的不同层级。在这种情况下，出于披露目的，公允价值计量整体所属的公允价值层级取决于对公允价值计量整体而言具有重要意义的最低层级输入值。公允价值按照公司截至2025年12月31日的财年年度报告（Form 10-K）中附注（2）“重要会计政策摘要”所述的层级进行估算。该层级将计量公允价值所用输入值分为三个层级，并根据对公允价值计量具有重要意义的最低层级输入值对计量结果进行分类。因此，对于归类为公允价值层级第三级的工具，公司在确定公允价值时运用的判断程度最高。

公司的公允价值计量主要基于市场法，该方法采用涉及相同或类似金融工具的市场交易所产生的价格及其他相关信息。市场法的输入值来源包括第三方定价服务、独立经纪商报价和定价矩阵。管理层分析第三方估值方法及相关输入值，以评估并确定适当的公允价值层级，同时评估估值的可靠性。此外，管理层设有流程，审查每个计量期间发生的所有公允价值变动。对于任何差异或异常观察结果，管理层都会通过核实定价来源，并在适用时与其他定价来源进行比较，跟进直至解决。

公司在其估值方法中使用可观察和不可观察输入值。可观察输入值可能包括：基准收益率、已报告交易、经纪交易商报价、发行人利差、基准证券、买价、卖价和参考数据。此外，还会使用特定发行人信息和其他市场数据。经纪商报价来自公认的市场参与者。不可观察输入值可能包括：预期现金流、违约率、供需因素和市场波动性。

可供出售证券，按公允价值计量

美国国债、公司证券：公允价值由独立定价服务机构和第三方投资管理机构提供。独立定价服务机构和第三方投资管理机构提供的价格基于可得时的市场报价、非约束性经纪商报价或矩阵定价，在公允价值层级中属于第 2 级或第 3 级。

存款证：存款证的估计公允价值接近账面价值，在公允价值层级中属于第 1 级。

权益证券

公开交易的普通股和优先股证券以及交易所交易基金（“ETF”）的公允价值取自独立定价服务机构提供的市场价值报价，在公允价值层级中属于第 1 级。

下表列示了公司截至以下期间按公允价值计量的可交易证券：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026 年 9 月 30 日
		报价			其他
		价格		重大			重大
		活跃市场中的		可观察			不可观察
		市场		输入值			输入值
		第 1 级		第 2 级			第 3 级			公允价值
资产：
可供出售证券，按公允价值计量：
美国国债		$	—			$	588,974			$	—			$	588,974
公司证券			—				122,137				—				122,137
存款证			581				—				—				581
可供出售证券总额，按公允价值计量			581				711,111				—				711,692

可交易证券和公司证券总额		$	581			$	711,111			$	—			$	711,692

F-13

TIPTREE INC. 及其子公司

简明合并财务报表附注

2026 年 9 月 30 日

（除股份数据外，以千计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2025 年 12 月 31 日
		报价			其他
		价格		重大			重大
		活跃市场中的		可观察			不可观察
		市场		输入值			输入值
		第 1 级		第 2 级			第 3 级			公允价值
资产：
可供出售证券，按公允价值计量：
美国国债		$	—			$	16,491			$	—			$	16,491
存款证			581				—				—				581
可供出售证券总额，按公允价值计量			581				16,491				—				17,072

权益证券，按公允价值计量			4,629				—				—				4,629
可交易证券总额		$	5,210			$	16,491			$	—			$	21,701

可供出售证券，按公允价值计量

下表列示了公司在简明合并资产负债表中列为可交易证券和公司证券的证券投资。公司持有作为其投资组合一部分管理的现金等价物，由于这些资产的到期日较短，其账面价值接近公允价值。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，公司分别持有现金等价物 $170,387 和 $22,919。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026 年 9 月 30 日
		摊销			信用损失准备			净账面			总额			总额
		成本			信用损失			金额			未实现收益			未实现损失			公允价值
美国国债		$	588,785			$	—			$	588,785			$	189			$	—			$	588,974
公司证券			124,953				—				124,953				—				(2,816	)			122,137
存单			581				—				581				—				—				581
合计		$	714,319			$	—			$	714,319			$	189			$	(2,816	)		$	711,692

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年12月31日
		摊余			信用损失			账面净值			总额			总额
		成本			备抵			金额			未实现收益			未实现损失			公允价值
美国国债		$	16,158			$	—			$	16,158			$	333			$	—			$	16,491
存单			581				—				581				—				—				581
合计		$	16,739			$	—			$	16,739			$	333			$	—			$	17,072

固定收益证券的信用损失备抵和未实现损失

对于可供出售固定收益证券（如适用），应确认可转回的信用损失备抵。我们会审查多项标准，以确定固定收益投资组合中的证券是否应纳入预期信用损失评估，包括：可能损害投资收益潜力的技术变革；可能影响未来收益潜力的业务板块终止；利息和/或本金的减少或未支付；与发行人所处行业或经营区域相关的具体问题；重大或持续经营亏损、现金流不佳和/或流动性比率恶化，以及主要评级机构下调信用评级。

如果利率和信用利差的变化无法合理解释某项可供出售证券的未实现损失，或者上述任何标准表明可能存在信用损失，则会对该证券进行贴现现金流分析。贴现现金流分析的输入包括结构性证券的提前还款假设，以及基于信用评级的违约率和可收回率。任何证券的备抵金额均以该证券公允价值低于摊余成本的金额为限。管理层对处于未实现损失状态的可供出售债务证券进行了评估，并认定未实现损失主要归因于市场利率变化及其他非信用因素。本公司无意出售这些证券，而且在摊余成本基础收回之前，本公司被要求出售这些证券的可能性不大。截至2026年9月30日，没有证券需要计提信用损失备抵。

截至2026年9月30日和2025年12月31日，可供出售证券的应计应收利息分别为$5,450和$11，未计入上文所列可供出售证券的摊余成本基础和公允价值，而是列报在

F-14

TIPTREE INC.及其子公司

简明合并财务报表附注

2026年9月30日

（单位：千美元，股份数据除外）

简明合并资产负债表中。列报期间内，未对任何应计应收利息分配信用损失备抵，也未转回或核销。

AFS证券按合同到期日列示的摊余成本和公允价值如下。由于借款人可能有权在支付或不支付赎回或提前还款罚金的情况下赎回或提前偿还债务，预计到期日可能与合同到期日不同。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至
		2026年9月30日			2025年12月31日
		摊余成本			公允价值			摊余成本			公允价值
一年内到期		$	589,366			$	589,555			$	16,739			$	17,072
一年后至五年内到期			124,953				122,137				—				—
总计		$	714,319			$	711,692			$	16,739			$	17,072

下表列示了截至2026年9月30日，按单项证券持续处于未实现亏损状态的时长划分的可供出售证券未实现亏损总额。由于截至2025年12月31日，没有可供出售证券持续处于未实现亏损状态，因此未列示比较信息：

截至2026年9月30日

一年或以内

超过一年

公允价值

未实现亏损总额

证券数量 (1)

公允价值

未实现亏损总额

证券数量 (1)

公司债券

122,137

(2,816

)

—

总计

122,137

(2,816

)

—

(1)

以整数列示。

下表列示了公司计入有价证券和公司债券的AFS证券的更多信息：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月，			截至9月30日的九个月，
		2026			2025			2026			2025
购买AFS证券		$	721,095			$	16,158			$	878,289			$	88,009
AFS证券到期、赎回及提前还款所得款项		$	162,236			$	45,000			$	178,736			$	55,350
出售AFS证券所得款项总额		$	—			$	4,944			$	—			$	4,944

截至2026年9月30日止三个月和九个月期间，公司确认出售一项分类为现金及现金等价物的AFS美国国债所产生的已实现亏损$3。在列报期间，公司未确认出售或赎回其他AFS证券产生的任何其他已实现收益或亏损。

已售证券的成本采用个别认定法确定。确认可供出售证券出售或赎回产生的已实现收益和亏损时，计入简明合并经营报表中的已实现及未实现净收益（亏损）。

F-15

TIPTREE INC.及其子公司

简明合并财务报表附注

2026年9月30日

（单位：千，股份数据除外）

已实现及未实现净收益（亏损）

下表列示了简明合并经营报表中记录的已实现及未实现净收益（亏损）的构成。AFS证券的未实现净收益（亏损）计入扣除税项后的其他综合收益（亏损）（OCI），因此未列入本表。非投资相关金融资产和负债的已实现及未实现净收益（亏损）列示如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月，			截至9月30日的九个月，
		2026			2025			2026			2025
Net realized gains (losses)
Net realized gains (losses) on equity securities		$	—			$	—			$	(3,095	)		$	—
Net realized gains other			(3	)			—				(3	)			50
Total net realized gains (losses)		$	(3	)		$	—			$	(3,098	)		$	50

Net unrealized gains (losses)
Net unrealized gains (losses) on equity securities held at period end		$	—			$	274			$	—			$	(942	)
Reclass of unrealized (gains) losses from prior periods for equity securities sold			—				—				2,834				—
Other			—				(1	)			—				451
Total net unrealized gains (losses)			—				273				2,834				(491	)
Total net realized and unrealized gains (losses)		$	(3	)		$	273			$	(264	)		$	(441	)

(5) Debt, net

Tiptree Credit Agreement

Tiptree Holdings, a subsidiary of Tiptree Inc., had a $75,000 senior secured credit facility due February 7, 2028, bearing interest at a rate of SOFR plus 5.25% with quarterly principal amortization. Pursuant to the terms of the Credit Facility, the outstanding balance was required to be repaid from the proceeds of the sale of Fortegra. On May 29, 2026, in connection with the closing of the Fortegra transaction, the Company repaid the outstanding balance in full. In accordance with ASC 205-20, interest expense and amortization of debt issuance costs related to the Credit Facility were classified within discontinued operations. Interest expense included in discontinued operations related to the Credit Facility was $0 and $2,083 for the three months ended September 30, 2026 and 2025, respectively, and $2,951 and $5,319 for the nine months ended September 30, 2026 and 2025, respectively. Debt obligations associated with the discontinued businesses that were not repaid by the Company were assumed by the respective buyers upon closing as part of the sale transactions.

(6) Other Current Liabilities

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		As of
		September 30, 2026			December 31, 2025
Accrued compensation and benefits		$	10,079			$	19,120
Other			4,739				1,844
Total other current liabilities		$	14,818			$	20,964

(7) Lease Obligations

Operating Leases

The following table presents rent expense for the Company’s office leases recorded in other expenses on the condensed consolidated statements of operations for the following periods:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

2025

2026

2025

Rent expense for office leases

469

474

1,397

1,441

The Company entered into a sublease of its former corporate office space in December 2022. As a result of the sublease, future lease payments will be offset by $1,842 annually from July 2023 through August 2029.

(8) Stockholders' Equity

F-16

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2026

(in thousands, except share data)

Stock Repurchases

During the nine months ended September 30, 2026, 1,005,176 shares were repurchased at a weighted average price per share of $17.00. On July 28, 2026, the Board of Directors authorized an increase in the capacity of the share repurchase program to $20,000. As of September 30, 2026, $13,736 remained available under the authorization. On October 27, 2026, the Board of Directors of Tiptree authorized Tiptree’s Executive Committee to repurchase up to $20,000 of its outstanding common stock in the aggregate from time to time.

Dividends

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Dividends per share for the
		Nine Months Ended September 30,
		2026			2025
First quarter		$	0.06			$	0.06
Second quarter			0.06				0.06
Third quarter			0.06				0.06
Total cash dividends declared		$	0.18			$	0.18

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		As of
		September 30, 2026			December 31, 2025
Fortegra preferred interests		$	—			$	77,679
Fortegra common interests			—				166,169
Total non-controlling interests		$	—			$	243,848

(9) Accumulated Other Comprehensive Income (Loss)

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

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Unrealized gains (losses) on available for sale securities			Foreign currency translation adjustment			Total AOCI			Amount attributable to non-controlling interests			Total AOCI to Tiptree Inc.
Balance at December 31, 2024		$	(32,266	)		$	(2,529	)		$	(34,795	)		$	7,045			$	(27,750	)
Other comprehensive income (losses) before reclassifications			13,795				13,051				26,846				(7,256	)			19,590
Amounts reclassified from AOCI			404				—				404				—				404
OCI			14,199				13,051				27,250				(7,256	)			19,994
Balance at September 30, 2025		$	(18,067	)		$	10,522			$	(7,545	)		$	(211	)		$	(7,756	)

Balance at December 31, 2025		$	(13,242	)		$	5,918			$	(7,324	)		$	(172	)		$	(7,496	)
Other comprehensive income (losses) before reclassifications			(2,060	)			—				(2,060	)			—				(2,060	)
Amounts reclassified from AOCI			13,245				(5,918	)			7,327				172				7,499
OCI			11,185				(5,918	)			5,267				172				5,439
Balance at September 30, 2026		$	(2,057	)		$	—			$	(2,057	)		$	—			$	(2,057	)

The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:

F-17

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2026

(in thousands, except share data)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,			Affected line item in consolidated statements
Components of AOCI		2026			2025			2026			2025			of operations
Unrealized gains (losses) on available for sale securities		$	(3	)		$	—			$	(3	)		$	—			Net realized and unrealized gains (losses)
Unrealized gains (losses) on available for sale securities related to discontinued operations			—				65				(7,767	)			(523	)		Gain (loss) on sale of discontinued operations
Release of cumulative translation adjustment			—				—				5,918				—			Gain (loss) on sale of discontinued operations
Removal of noncontrolling interest upon disposal of subsidiary			—				—				(172	)			—			Gain (loss) on sale of discontinued operations
Related tax (expense) benefit			—				(15	)			(5,475	)			119			Provision for income tax
Net of tax		$	(3	)		$	50			$	(7,499	)		$	(404	)

(10) Stock Based Compensation

Tiptree Equity Plans

The table below summarizes changes to the issuances under the Company’s 2017 Omnibus Incentive Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
2017 Equity Plan		Number of shares
Available for issuance as of December 31, 2025			460,942
RSU, stock and option awards granted			(57,535	)
Forfeited			4,447
Amendment to plan			4,000,000
Available for issuance as of September 30, 2026			4,407,854

Restricted Stock Units (RSUs) and Stock Awards

The Company values RSUs at their grant-date fair value as measured by Tiptree’s common stock price. Generally, the Tiptree RSUs vest and become non-forfeitable either (i) after the third anniversary or (ii) with respect to one-third of Tiptree shares granted on each of the first, second and third year anniversaries of the grant date. RSU awards are expensed using the straight-line method over the requisite service period. The RSUs include a retirement provision and are amortized over the lesser of the service condition or expected retirement date.

Stock awards issued as director compensation are deemed to be granted and immediately vested upon issuance. On February 25, 2025, the Company issued Messrs. Barnes and Ilany 60,813 and 151,778 shares of the Company’s common stock, respectively, as part of their compensation for 2024 performance.

The following table presents changes to the issuances of RSUs under the 2017 Omnibus Incentive Equity Plan for the periods indicated:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Number of shares issuable			Weighted average grant date fair value
Unvested units as of December 31, 2025			218,018			$	18.64
Granted			57,535				16.77
Vested			(86,906	)			16.80
Unvested units as of September 30, 2026 (1)			188,647			$	18.92

(1)

Includes 70,866, 87,463 and 30,318 shares that vest in 2027, 2028 and 2029, respectively.

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

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,					Nine Months Ended September 30,
Granted		2026			2025			Vested		2026			2025
Directors			9,976				9,615			Directors			9,976				9,615
Employees			47,559				282,813			Employees			76,930				352,479
Total Granted			57,535				292,428			Total Vested			86,906				362,094
								Taxes			(29,445	)			(117,764	)
								Net Vested			57,461				244,330

F-18

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2026

(in thousands, except share data)

Tiptree Senior Management Incentive Plan

On August 4, 2021, a total of 3,500,000 Performance Restricted Stock Units (PRSUs) were awarded to members of the Company’s senior management. An additional 350,000 PRSUs were awarded on October 14, 2022. The PRSUs have a 10-year term and are subject to the recipient’s continuous service and a market requirement. A portion of the PRSUs will generally vest upon the achievement of each of five Tiptree share price target milestones ranging from $15 to $60, adjusted for dividends paid, within five pre-established determination periods (subject to a catch-up vesting mechanism) occurring on the second, fourth, sixth, eighth and tenth anniversaries of the grant date. In November 2021 and October 2024, the first and second tranches of the PRSUs vested, resulting in a net issuance of 215,583 and 462,766 shares, respectively, of Tiptree common stock.

On January 1, 2024, Tiptree granted 1,420,833 PRSUs to members of the Company’s senior management. The PRSUs will generally vest upon achievement of a $70 Tiptree share price target (adjusted for dividends paid) prior to the tenth anniversary of the date of grant, subject to the Grantee’s continued employment with Tiptree.

As of September 30, 2026, 4,520,833 PRSUs were unvested. The following table illustrates the aggregate number of PRSUs that will vest upon the achievement of each Tiptree share price target. Such price targets are adjusted down for cumulative dividends paid by the Company since grant (e.g., the next share-price target is $28.65 as adjusted for cumulative dividends paid to date).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Original Tiptree Share Price Target		Number of PRSUs that Vest
	$	30						775,000
	$	45						1,033,333
	$	60						1,291,667
	$	70						1,420,833

Upon vesting, the Company will issue shares, or if shares are not available under the 2017 Equity Plan, then the Company may in its sole discretion instead deliver cash equal to the fair market value of the underlying shares. The fair value of the PRSUs was estimated using a Black-Scholes-Merton option pricing formula embedded within a Monte Carlo model used to simulate the future stock prices of the Company, which assumes that the market requirement is achieved. The historical volatility was computed based on historical daily returns of the Company’s stock price simulated over the performance period using a lookback period of 10 years. The valuation was done under a risk-neutral framework using the 10-year zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the reporting date. The quarterly dividend rates in effect as of the reporting date are used to calculate a spot dividend yield for use in the model.

The following table presents the assumptions used to measure the fair value of the PRSUs as of the respective grant date, or June 7, 2022, when the original tranches were converted to equity awards:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Valuation Input		June 2022			October 2022			January 2024
Historical volatility			38.75	%			39.23	%			39.10	%
Risk-free rate			3.04	%			3.95	%			3.80	%
Dividend yield			1.45	%			1.44	%			1.05	%
Cost of equity			11.72	%			14.19	%			13.65	%
Expected term (years)			6.0				5.9				5.5

Stock Option Awards

Between 2016 and 2020, option awards were granted to the Executive Committee with an exercise price equal to the fair market value of the Company’s common stock on the date of grant. The option awards have a 10-year term and are subject to the recipient’s continuous service, a market requirement, and vest one-third on each of the three, four, and five-year anniversaries of the grant date. As of September 30, 2026, the market requirement for all outstanding options has been achieved. There were no stock option awards granted from 2021 to September 30, 2026.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Options
outstanding

Weighted average
exercise price
(in dollars per
stock option)

Weighted
average grant
date value (in
dollars per
stock option)

Options
exercisable

Balance, December 31, 2025

907,237

6.62

1.82

907,237

Balance, September 30, 2026

901,786

6.62

1.82

901,786

Weighted average remaining contractual term at September 30, 2026 (in years)

2.6

F-19

Table of Contents

TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2026

(in thousands, except share data)

The Tiptree Board has determined that the Sale Agreement does not qualify as a Change in Control as such term is defined in Tiptree’s 2017 Omnibus Incentive Plan, as amended, and therefore no RSU awards will accelerate, and no time-vesting requirements of stock options will be waived in connection with the Sale.

Stock Based Compensation Expense

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

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Employee compensation and benefits		$	1,392			$	1,417			$	4,209			$	9,637
Director compensation			4				75				151				222
Income tax benefit			(9	)			(34	)			(119	)			(166	)
Net stock based compensation expense		$	1,387			$	1,458			$	4,241			$	9,693

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		As of September 30, 2026
		Restricted stock awards and RSUs			Performance Restricted Stock Units
Unrecognized compensation cost related to non-vested awards		$	1,013			$	2,695
Weighted average recognition period (in years)			0.9				0.7

(11) Income Taxes

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

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,		Nine Months Ended September 30,
		2026		2025		2026		2025
Total income tax expense (benefit)		$	440				$	(1,870	)			$	602				$	(5,489	)
Effective tax rate (ETR)			8.7	%	(1)			16.4	%	(1)			(7.2	)%	(1)			15.6	%	(1)

(1)

Lower than the U.S. federal statutory income tax rate of 21% primarily due to the impact of nondeductible expenses.

Tiptree sold its insurance and mortgage subsidiaries during the three months ended June 30, 2026. It had previously recorded deferred taxes on the outside basis on those investments which represented the tax that would be due, before consideration of loss carryforwards, when Tiptree sold its shares in these subsidiaries at their carrying values on Tiptree’s condensed consolidated balance sheet. The balance just prior to the sales was $130,022, an increase of $12,148 from the year ended December 31, 2025, of which $1,813 of benefit was recorded in OCI, and $13,961 of expense was recorded as a provision for income taxes in discontinued operations. As of June 30, 2026, the deferred tax liability relating to these investments has been brought to zero and a current tax payable of $204,760 has been established through the provision for income taxes in discontinued operations.

During the three months ended September 30, 2026, the Company made an estimated tax payment of $185,005.

(12) Earnings Per Share

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

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

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TIPTREE INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2026

(in thousands, except share data)

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

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Net income (loss) from continuing operations		$	4,623			$	(9,504	)		$	(8,965	)		$	(29,650	)
Less:
Net income allocated to participating securities			16				—				—				—
Net income (loss) from continuing operations attributable to Tiptree Inc. common shares - basic		$	4,607			$	(9,504	)		$	(8,965	)		$	(29,650	)

Effect of Dilutive Securities:
Net income (loss) from discontinued operations attributable to Tiptree Inc. common shares - basic		$	578			$	15,925			$	417,645			$	60,666
Securities of subsidiaries			—				(1,548	)			(2,873	)			(4,766	)
Net income (loss) from discontinued operations attributable to Tiptree Inc. common shares - diluted			578				14,377				414,772				55,900
Net income (loss) attributable to Tiptree Inc. common shares - diluted		$	5,185			$	4,873			$	405,807			$	26,250

Weighted average number of shares of common stock outstanding - basic			37,219,388				37,565,019				37,501,234				37,470,832
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations			568,627				—				—				—
Weighted average number of shares of common stock outstanding - diluted			37,788,015				37,565,019				37,501,234				37,470,832

Basic:
Net income (loss) from continuing operations		$	0.12			$	(0.25	)		$	(0.24	)		$	(0.79	)
Net income (loss) from discontinued operations			0.02				0.42				11.14				1.62
Basic Net income (loss) attributable to Tiptree Inc. common shares		$	0.14			$	0.17			$	10.90			$	0.83

Diluted:
Net income (loss) from continuing operations		$	0.12			$	(0.25	)		$	(0.24	)		$	(0.79	)
Net income (loss) from discontinued operations			0.02				0.38				11.06				1.49
Diluted Net income (loss) attributable to Tiptree Inc. common shares		$	0.14			$	0.13			$	10.82			$	0.70

(13) Related Party Transactions

The Company has an equity method investment in Tiptree Advisors, a related party deemed to be controlled by Michael Barnes, the Company’s Chairman and Chief Executive Officer. Through July 31, 2026, Tiptree Advisors managed investment portfolio accounts of Fortegra and certain of its subsidiaries under an investment advisory agreement (the “IAA”). Tiptree Advisors recognized management and incentive fees of $7,540 and $12,063 for the nine months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026, the Company’s percentage of profits interest in Tiptree Advisors was 52.0%. Pursuant to the Transition Services Agreement, the Company and Tiptree Advisors have mutually agreed to provide certain services to one another. Payments under the Transition Services Agreement in the nine months ended September 30, 2026 and 2025 were not material.

(14) Subsequent Events

On October 27, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.06 per share to holders of common stock with a record date of November 16, 2026, and a payment date of November 23, 2026.

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

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

•

Overview

•

Results of Operations

•

Non-GAAP Measures and Reconciliations

•

Liquidity and Capital Resources

•

Critical Accounting Policies and Estimates

OVERVIEW

On May 1, 2026, the Company completed the Reliance Transaction, its mortgage segment, to Carrington Mortgage Services, LLC. Total consideration from the transaction consisted of cash proceeds of $49.7 million, subject to customary post-closing adjustments. The disposal group incurred cumulative impairment losses of $9.1 million upon its initial classification as held for sale and as a discontinued operation in 2025 which was inclusive of a goodwill and intangible impairment of $1.7 million. During the nine months ended September 30, 2026, the Company recognized a favorable adjustment of $0.5 million in discontinued operations related to subsequent changes in estimated fair value less costs to sell, resulting in a cumulative pretax loss of $8.6 million.

On May 29, 2026, the Company completed the sale of Fortegra, its insurance segment, pursuant to the Sale Agreement entered on September 26, 2025. The total consideration received for the sale of Fortegra consisted of cash proceeds of $1.65 billion, less transaction expenses of $25.0 million in which the Company received consideration of $1.12 billion. The Company recognized an after-tax gain on the sale of $372.8 million, which is included in net income from discontinued operations for the nine months ended September 30, 2026.

\n	\n	\n	\n
($ in thousands)	As of
	September 30, 2026
Consideration	$	1,650,000
Less: transaction expenses		25,023
Net consideration		1,624,977
Tiptree diluted ownership of Fortegra		69.0	%
Fair value of consideration received		1,121,743
Less: Basis in Fortegra		636,439
Gain subject to tax		485,304
Less: Tax on gain		112,471
Gain on disposal	$	372,833

Prior to the sales, the assets and liabilities of Fortegra and Reliance were classified as held for sale as of December 31, 2025. Upon completion of the transactions in the three months ended June 30, 2026, the Company transferred control of the respective subsidiaries to the buyers and derecognized the related assets and liabilities from its condensed consolidated balance sheet.

On July 28, 2026, the Company entered into a definitive agreement to acquire Universal Shield Insurance Group (\"USIG\"), a specialty property and casualty insurer operating in both admitted and excess and surplus markets, for cash consideration of $100.0 million, subject to certain closing adjustments. The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close in the first quarter of 2027. The Company continues to work with USIG and regulators to satisfy the conditions necessary to complete the transaction.

RESULTS OF OPERATIONS

The following is a summary of Tiptree’s consolidated financial results for the three and nine months ended September 30, 2026 and 2025. In addition to GAAP results, management uses the Non-GAAP measure book value per share as a measurement of operating performance. Management believes this measure provides supplemental information useful to investors as it is frequently used by the financial community to analyze financial performance and comparison among companies. The Company has reclassified income and expenses attributable to Fortegra and Reliance to net income (loss) from discontinued operations for the three and nine months ended September 30, 2026 and 2025.

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Summary of Consolidated Results

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Revenues:
Other revenue		$	—			$	3			$	—			$	485
Total revenues			—				3				—				485
Expenses:
Employee compensation and benefits			3,872				10,436				17,136				26,754
Depreciation and amortization			365				365				1,083				1,083
Other expenses			1,752				2,086				5,818				9,984
Total expenses			5,989				12,887				24,037				37,821
Operating income (loss) before taxes			(5,989	)			(12,884	)			(24,037	)			(37,336	)
Non operating income:
Net realized and unrealized gains (losses)			(3	)			273				(264	)			(441	)
Other income			11,055				1,237				15,938				2,638
Income (loss) before taxes			5,063				(11,374	)			(8,363	)			(35,139	)
Less: provision (benefit) for income taxes			440				(1,870	)			602				(5,489	)
Net income (loss) from continuing operations			4,623				(9,504	)			(8,965	)			(29,650	)
Discontinued operations:
Income (loss) from discontinued operations (1)			578				15,925				417,645				60,666
Net income (loss) attributable to common stockholders		$	5,201			$	6,421			$	408,680			$	31,016

Net income (loss) per common share:
Basic earnings per share		$	0.14			$	0.17			$	10.90			$	0.83
Diluted earnings per share		$	0.14			$	0.13			$	10.82			$	0.70

Weighted average number of common shares:
Basic			37,219,388				37,565,019				37,501,234				37,470,832
Diluted			37,788,015				37,565,019				37,501,234				37,470,832

Dividends declared per common share		$	0.06			$	0.06			$	0.18			$	0.18

Non-GAAP: (2)
Book value per share		$	24.47			$	13.36			$	24.47			$	13.36

(1)

See Note (3) Dispositions and Discontinued Operations for further details.

(2)

See “—Non-GAAP Reconciliations” for a discussion of Non-GAAP financial measures.

Revenues

No operating revenue was generated from continuing operations during the three and nine months ended September 30, 2026, compared to $3.0 thousand and $0.5 million, respectively, in the prior year periods, due to lower other revenue. Interest income from the Company’s cash and cash equivalents and marketable securities was recorded in other income.

Expenses

Total expenses include employee compensation and benefits, public company expenses and other expenses. Employee compensation and benefits include the expense of management, legal, and accounting staff. Other expenses primarily consisted of audit and professional fees, insurance, office rent, and other expenses.

For the three months ended September 30, 2026, expenses were $6.0 million, which decreased $6.9 million, or 53.5%, compared to the prior year. For the nine months ended September 30, 2026, expenses were $24.0 million, which decreased $13.8 million, or 36.4%, compared to the prior year. For the three and nine months ended September 30, 2026, employee compensation and benefits were $3.9 million and $17.1 million, compared to $10.4 million and $26.8 million, in the respective prior year periods. The declines were driven by lower incentive compensation and payroll expense associated with the reduction in workforce. Employee compensation and benefits included incentive compensation expense accruals related to the performance of the Company’s continuing and discontinued operations.

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For the nine months ended September 30, 2026 and 2025, incentive compensation expense included $4.4 million and $9.9 million of stock based compensation, respectively. Other expenses were $1.8 million and $5.8 million for the three and nine months ended September 30, 2026, respectively, compared to $2.1 million and $10.0 million for the corresponding periods in 2025, primarily driven by declines in professional fees.

Non Operating Income

Net realized and unrealized losses were immaterial for the three months ended September 30, 2026, compared to the gains of $0.3 million in the prior year, reflecting changes in the fair value of certain equity and other investments carried at fair value. Other income was $11.1 million for the three months ended September 30, 2026, compared to $1.2 million in the prior year, primarily driven by higher interest income earned on U.S. Treasury and corporate securities.

Net realized and unrealized losses were $0.3 million for the nine months ended September 30, 2026, compared to the losses of $0.4 million in the prior year, reflecting changes in the fair value of certain equity and other investments carried at fair value. Other income was $15.9 million for the nine months ended September 30, 2026, compared to $2.6 million in the prior year, primarily driven by higher interest income earned on U.S. Treasury and corporate securities.

Income before taxes

The Company reported pretax income of $5.1 million and a pretax loss of $8.4 million for the three and nine months ended September 30, 2026, respectively, compared with pretax losses of $11.4 million and $35.1 million, in the corresponding prior year periods. The improvement in both periods was driven by higher other income and lower operating expenses.

Net Income (Loss) from continuing operations

The Company reported net income from continuing operations of $4.6 million for the three months ended September 30, 2026, compared to a net loss of $9.5 million in the prior-year period. For the nine months ended September 30, 2026, the net loss from continuing operations was $9.0 million, compared to a net loss of $29.7 million in the prior-year period. The improvement in both periods was driven by higher other income and lower operating expenses.

Net Income (Loss) from discontinued operations

For the three and nine months ended September 30, 2026, the Company reported a net income from discontinued operations of $0.6 million and $417.6 million, respectively, compared to net income of $15.9 million and $60.7 million, in the corresponding prior year periods. The decrease in the three-month period primarily reflects the absence of operating earnings from discontinued operations following the sales of Fortegra and Reliance in the three months ended June 30, 2026. The increase in the nine-month period was primarily attributable to the gain recognized on the sale of Fortegra.

Book Value per share - Non-GAAP

Total stockholders’ equity was $902.5 million as of September 30, 2026 compared to $741.4 million as of September 30, 2025, with the increase driven by comprehensive income over the past twelve months, including the gain on sale of Fortegra, partially offset by share repurchases, dividends and the removal of non-controlling interests related to Fortegra. In the nine months ended September 30, 2026, the Company returned $6.8 million to common stockholders through dividends paid and $17.1 million through share repurchases.

Book value per share as of September 30, 2026 was $24.47, an 83.2% increase from book value per share of $13.36 as of September 30, 2025, primarily driven by comprehensive income per share, including the gain recognized on the Fortegra transaction, partially offset by dividends paid of $0.24 per share, net changes in non-controlling interests and preferred dividends paid at Fortegra.

DISPOSITIONS AND DISCONTINUED OPERATIONS

In connection with the sale of Fortegra and Reliance, the results of operations for these businesses are presented as discontinued operations in the condensed consolidated statements of operations for all periods presented. The results of discontinued operations include the operating results of Fortegra and Reliance through their respective disposal dates in the nine months ended September 30, 2026 and the gain (loss) recognized upon disposition. See Note (3) Dispositions and Discontinued Operations for detailed financial information on each business sold. Following the completion of the sales in the three months ended June 30, 2026, the assets and liabilities associated with Fortegra and Reliance were derecognized and are no longer reflected on the Company’s condensed consolidated balance sheet as of September 30, 2026.

Fortegra

On May 29, 2026, the Company completed the sale of Fortegra, its insurance segment, pursuant to the Sale Agreement entered into on September 26, 2025. The total consideration received for the sale of Fortegra consisted of cash proceeds of $1.65 billion, less transaction expenses of $25.0 million. The Company received consideration of $1.12 billion for its percentage ownership of the business. The

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Company recognized an after-tax gain on the sale of $372.8 million, which is included in net income from discontinued operations for the nine months ended September 30, 2026.

For the three months ended September 30, 2026, the Company recognized net income from discontinued operations related to Fortegra of $0.6 million, which reflected an after-tax adjustment increasing the gain on sale. Following the completion of the sale of Fortegra in May 2026, no revenues or pretax operating results from Fortegra were recognized during the period. For the three months ended September 30, 2025, revenues from Fortegra were $522.6 million. The Company reported income before taxes of $49.4 million and net income of $16.0 million from Fortegra in discontinued operations during the 2025 period.

For the nine months ended September 30, 2026, revenues from Fortegra were $820.0 million, reflecting five months of operating results prior to the sale of the business on May 29, 2026. For the nine months ended September 30, 2026, the Company reported net income of $417.3 million from Fortegra in discontinued operations during the period, including $372.8 million net gain on sale. For the nine months ended September 30, 2025, revenues from Fortegra were $1,516.2 million. The Company reported income before taxes of $151.2 million and net income of $60.7 million from Fortegra in discontinued operations during the 2025 period.

Reliance

The Company reported a net loss from discontinued operations related to Reliance of $15.0 thousand for the period. Following the completion of the Reliance sale in May 2026, no revenues or pretax operating results from Reliance were recognized during the quarter. For the three months ended September 30, 2025, revenues from Reliance were $16.2 million and a net loss of $0.1 million in discontinued operations.

For the nine months ended September 30, 2026, revenues from Reliance were $21.4 million, reflecting four months of operating results prior to the sale of the business on May 1, 2026. The Company reported net income of $0.3 million from Reliance in discontinued operations during the period. For the nine months ended September 30, 2025, revenues from Reliance were $47.6 million and a net loss of $0.1 million in discontinued operations.

Provision for Income Taxes

Income tax expense of $0.4 million and income tax benefit of $1.9 million from continuing operations for the three months ended September 30, 2026 and 2025, respectively, was reflected as components of net income (loss) from continuing operations. For the three months ended September 30, 2026 and 2025, the Company’s effective tax rate related to pretax income from continuing operations was equal to 8.7% and 16.4%, respectively, both of which were lower than the U.S. statutory income tax rate of 21.0%, primarily due to the impacts of nontaxable and nondeductible items.

Income tax expense of $0.6 million and income tax benefit of $5.5 million from continuing operations for the nine months ended September 30, 2026 and 2025, respectively, was reflected as components of net income (loss) from continuing operations. For the nine months ended September 30, 2026 and 2025, the Company’s effective tax rate related to pretax income from continuing operations was equal to (7.2)% and 15.6%, respectively, both of which were lower than the U.S. statutory income tax rate of 21.0%, primarily due to the impacts of nontaxable and nondeductible items.

Tiptree sold its insurance and mortgage subsidiaries during the three months ended June 30, 2026. It had previously recorded deferred taxes on the outside basis in those investments which represented the tax that would be due, before consideration of loss carryforwards, when Tiptree sold its shares in these subsidiaries at their carrying values on Tiptree’s condensed consolidated balance sheet. The balance just prior to the sales was $130.0 million, an increase of $12.2 million from the year ended December 31, 2025, of which $1.8 million of benefit was recorded in OCI, and $14.0 million of expense was recorded as a provision for income taxes in discontinued operations. As of June 30, 2026, the deferred tax liability relating to these investments has been brought to zero and a current tax payable of $204.8 million has been established through the provision for income taxes in discontinued operations.

During the three months ended September 30, 2026, the Company made an estimated tax payment of $185.0 million.

Balance Sheet Information

Tiptree’s total assets were $944.8 million as of September 30, 2026, compared to $6.84 billion as of December 31, 2025. The decrease was primarily driven by the derecognition of the assets previously classified as held for sale in connection with the completed sales of Fortegra and Reliance during the three months ended June 30, 2026.

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Total stockholders’ equity was $902.5 million as of September 30, 2026, compared to $752.4 million as of December 31, 2025, with the increase primarily driven by comprehensive income over the past nine months, including the gain on sale of Fortegra, partially offset by dividends paid, share repurchases and reduction in non-controlling interest associated with the sale of Fortegra. As of September 30, 2026, there were 36,877,761 shares of common stock outstanding as compared to 37,824,472 shares as of December 31, 2025, with the decrease driven by share repurchases.

NON-GAAP MEASURES AND RECONCILIATIONS

Book Value per share - Non-GAAP

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

\n	\n	\n	\n	\n	\n	\n	\n	\n
(in thousands, except per share information)		As of September 30,
		2026			2025
Total stockholders’ equity		$	902,532			$	741,418
Less: Non-controlling interests			-				236,244
Total stockholders’ equity, net of non-controlling interests		$	902,532			$	505,174

Total common shares outstanding			36,878				37,820

Book value per share		$	24.47			$	13.36

LIQUIDITY AND CAPITAL RESOURCES

The Company’s principal sources of liquidity are unrestricted cash, cash equivalents and other liquid investments, including income generated from the Company’s investment portfolio and proceeds from the sale of investments and other assets. The Company’s cash resources are intended to fund corporate operations, pursue capital allocation opportunities and return capital to shareholders, as appropriate. Management may seek additional sources of cash to fund acquisitions or investments. These additional sources of cash may take the form of debt or equity and may be at the parent, subsidiary or asset level. Tiptree is a holding company, and the Company's liquidity needs are primarily for compensation, professional fees, office rent and insurance costs.

As of September 30, 2026, cash and cash equivalents were $198.3 million, and marketable and corporate securities of $711.7 million, for total cash and investments of $910.0 million, compared to cash and cash equivalents of $30.8 million and marketable securities of $21.7 million, for a total cash and investments of $52.5 million, as of December 31, 2025. The increase primarily reflects the net proceeds received from the completed sales of Fortegra and Reliance.

Management believes that cash and cash equivalents, marketable securities and corporate securities along with cash flow from operations will provide sufficient capital to continue to grow the business, cover capital expenditures and other general corporate needs over the next several years. As management continues to expand Tiptree’s business, including by any acquisitions the Company may make in the future, additional working capital for increased costs could be required. The Company expects to fund the acquisition of USIG with cash on hand and believes existing liquidity is sufficient to fund the approximately $100.0 million purchase price, subject to customary adjustments and transaction costs.

Consolidated Comparison of Cash Flows

Cash flows for the nine months ended September 30, 2026 were driven by the sales of Fortegra and Reliance, which closed in May 2026. Following the closings, continuing operations consisted primarily of holding company activities, including investing the net proceeds into U.S. Treasury and corporate securities.

The following table summarizes cash flows from continuing operations:

\n	\n	\n	\n	\n	\n	\n	\n	\n
($ in thousands)		Nine Months Ended September 30,
		2026			2025
Cash and cash equivalents provided by (used in):
Operating activities		$	(15,464	)		$	(25,250	)
Investing activities			(695,184	)			(29,162	)
Financing activities			(98,668	)			58,027
Net cash provided by (used in) continuing operations			(809,316	)			3,615
Change in cash, cash equivalents and restricted cash, discontinued operations			610,257				59,681
Total change in cash, cash equivalents and restricted cash		$	(199,059	)		$	63,296

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Refer to the Condensed Consolidated Statement of Cash Flow and Note (3) Dispositions and Discontinued Operations for additional details on cash flows related to discontinued operations.

Operating Activities from Continuing Operations

Cash used in operating activities from continuing operations was $15.5 million for the nine months ended September 30, 2026, compared to $25.3 million for the nine months ended September 30, 2025. Operating cash flows from continuing operations reflect holding company expenses, including compensation, professional fees and occupancy costs, partially offset by interest received on the Company’s investment portfolio. The decrease in cash used primarily reflects the reduction in corporate expenses and increased interest income earned on the investment portfolio following the dispositions.

Investing Activities from Continuing Operations

Cash used in investing activities from continuing operations was $695.2 million for the nine months ended September 30, 2026, compared to $29.2 million for the nine months ended September 30, 2025. The increase reflects the investment of net proceeds from the Fortegra and Reliance dispositions into U.S. Treasuries and corporate securities.

Financing Activities from Continuing Operations

Cash used in financing activities from continuing operations was $98.7 million for the nine months ended September 30, 2026. This consisted primarily of the $74.2 million repayment in full of holding company borrowings, $17.1 million of common stock repurchases and $6.8 million of common dividends. Cash provided by financing activities from continuing operations was $58.0 million for the nine months ended September 30, 2025. This primarily reflected $74.3 million of proceeds from the issuance of holding company debt, partially offset by $6.8 million of dividends, $6.6 million of cash paid in connection with vested or exercised stock awards and $2.3 million of debt issuance costs.

Cash Flows from Discontinued Operations

Cash flows pertaining to discontinued operations are reported separately on the Condensed Consolidated Statements of Cash Flows.

Cash used in discontinued operating activities was $131.8 million for the nine months ended September 30, 2026, compared to cash provided of $148.6 million for the nine months ended September 30, 2025. The Company paid $185.0 million of federal income taxes on the gain on the sale of Fortegra. The payment was partially offset by $67.8 million of cash provided by Fortegra’s operations prior to closing, while Reliance’s operations used $14.6 million of cash prior to closing.

Cash provided by discontinued investing activities was $697.7 million for the nine months ended September 30, 2026, compared to cash used of $93.7 million for the nine months ended September 30, 2025. The 2026 amount reflects net cash movement from the dispositions of $744.8 million, including net cash movement of $713.6 million from Fortegra and $31.2 million from Reliance.

Cash provided by discontinued financing activities was $42.2 million for the nine months ended September 30, 2026, compared to $24 thousand for the nine months ended September 30, 2025. The 2026 amount primarily reflects net borrowings of $33.3 million under Fortegra’s credit facilities and $13.2 million under Reliance’s warehouse facilities prior to closing. These were partially offset by $4.0 million of dividends paid to Fortegra’s preferred and common non-controlling interests and $0.4 million of cash paid in connection with Fortegra stock awards.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of the Company’s financial statements, which are in accordance with U.S. GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. There have been no material changes to the critical accounting policies and estimates as discussed in Part II, Item 7A in Tiptree’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Recently Adopted and Issued Accounting Standards

For a discussion of recently issued accounting standards, see Note (2) Summary of Significant Accounting Policies, in the accompanying condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 described management’s Quantitative and Qualitative Disclosures About Market Risk. There were no material changes to the assumptions or risks during the nine months ended September 30, 2026.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Control over Financial Reporting

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

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company and its subsidiaries are parties to legal proceedings arising in the ordinary course of business. Although the outcome of such proceedings cannot be predicted with certainty, the Company does not believe that any such proceedings, individually or in the aggregate, will have a material adverse effect on its consolidated financial position.

Item 1A. Risk Factors

For information regarding factors that could affect the Company’s results of operations and financial condition, see the risk factors discussed under Part I, Item 1A in Tiptree’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Except as set forth below, there have been no material changes in those risk factors.

Following the Sale of Fortegra, we are relying on a temporary exclusion from registration under the Investment Company Act of 1940.

Following the Sale of Fortegra on May 29, 2026, we hold significant cash, cash equivalents and investments pending deployment of capital. As a result, we are currently relying on Rule 3a-2 under the Investment Company Act of 1940, which provides a temporary exclusion from investment company registration for issuers that temporarily hold investment securities while pursuing a business other than investing in securities.

Rule 3a-2 is available only for a limited period and requires us to satisfy the conditions of the rule within the applicable timeframe. If we are unable to deploy capital, complete acquisitions or other strategic transactions, or otherwise manage our assets in a manner that permits us to continue to qualify for an exclusion or exemption from registration under the Investment Company Act of 1940, we could be required to register as an investment company or take other actions that could adversely affect our business, financial condition and strategic objectives.

Registration under the Investment Company Act of 1940 would subject us to substantial regulatory requirements and restrictions regarding, among other things, our operations, capital structure, transactions with affiliates and investment activities, which could materially and adversely affect our business, financial condition and results of operations. We cannot assure investors that suitable acquisition or other capital deployment opportunities will be available on acceptable terms or within the period required to maintain our exclusion from investment company registration.

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

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Share repurchase activity for the three months ended September 30, 2026 was as follows:

Period

Purchaser

Total
Number of
Shares
Purchased

Average
Price
Paid Per
Share

Total Number of Shares
Purchased as Part of
Publicly
Announced Plans or
Programs

Approximate Dollar Value
($ in thousands) of Shares That
May Yet Be Purchased
Under the Plans or
Programs (1)

July 1, 2026 to July 31, 2026

Tiptree Inc.

33,358

17.50

33,358

August 1, 2026 to August 31, 2026

Tiptree Inc.

100

17.50

100

September 1, 2026 to September 30, 2026

Tiptree Inc.

357,615

17.30

357,615

Total

391,073

17.32

391,073

13,736

(1)

On October 27, 2026, the Board of Directors of Tiptree authorized Tiptree’s Executive Committee to repurchase up to $20 million of its outstanding common stock in the aggregate from time to time.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

Not applicable.

Item 6. Exhibits, Financial Statement Schedules

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The following documents are filed as a part of this Form 10-Q:

Index to Financial Statements (Unaudited):	Page
Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025	F-3
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025	F-4
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025	F-5
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended September 30, 2026 and 2025	F-6
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025	F-8
Notes to Condensed Consolidated Financial Statements	F-9

Exhibits
The Exhibits listed in the Index of Exhibits, which appears immediately following the signature page, are incorporated herein by reference and is filed as part of this Form 10-Q.

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SIGNATURES

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

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			Tiptree Inc.

Date:	October 28, 2026		By:/s/ Michael G. Barnes
			Michael G. Barnes
			Chairman and Chief Executive Officer

Date:	October 28, 2026		By:/s/ Scott McKinney
			Scott McKinney
			Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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EXHIBIT INDEX

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Exhibit No.		Description
10.1		Stock Purchase Agreement, dated July 28, 2026, by and among Shield Holdings, LLC, UH Partners, LLC, certain individual sellers party thereto, the Sellers’ Representative (as defined therein) and Tiptree Inc. (previously filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-33549) filed on July 29, 2026 and herein incorporated by reference).
10.2		Assignment of Agreements effective August 14, 2026 by and among Tiptree Inc. and Tiptree Insurance Holdings LLC, of the Stock Purchase Agreement, by and among Shield Holdings, LLC, UH Partners, LLC, certain individual sellers party thereto, the Sellers’ Representative (as defined therein) and Tiptree Inc., dated July 28, 2026 (filed herewith).
31.1		Certification of Chairman and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1		Certification of Chairman and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).

101.INS		XBRL Instance Document*
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
104		Cover Page Interactive Data File (embedded within the iXBRL document and included in Exhibit 101).

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* Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following materials, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025, (iv) the Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended September 30, 2026 and 2025, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025 and (vi) the Notes to the Condensed Consolidated Financial Statements.

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