Tiptree closes $200M Warburg Pincus investment in Fortegra, repays $113M debt, sells vessels for $46M

TIPTREE INC.

Warburg Pincus invests $200M in Fortegra, acquiring ~24% ownership on an as-converted basis.
Up to $60M proceeds support Fortegra growth; remainder used to repay Tiptree's indebtedness and general corporate purposes.
Tiptree pays $113.2M to terminate Credit Agreement with Fortress Credit Corp., releasing all liens.
Agreed to sell remaining two dry-bulk vessels for $46.2M (~47% gain over book value), expected close Q3 2022.

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