TIPTREE INC. (TIPT): debt financing — Tiptree subsidiary enters $75M secured credit facility; Fortress as agent, 3-yr term

TIPTREE INC.

Tiptree Holdings LLC borrowed $75M from Fortress Credit Corp and other lenders on Feb 7, 2025.
Loan matures in 3 years; interest at Term SOFR (min 1%) + 5.25%, quarterly amortization.
Secured by 50% of Fortegra Group common stock owned by Tiptree; remaining 50% unpledged.
Proceeds for working capital and general corporate purposes; financial covenant limits Term Loan LTV to 45%.
Mandatory prepayment from any sale of Fortegra stock; no pledging of unpledged Fortegra shares for 18 months.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TIPTREE INC. incurred credit facility of $75 million with Fortress Credit Corp. at term Secured Overnight Financing Rate plus an applicable margin of 5.25% per ann maturing third anniversary of the closing date.

Instrument: credit facility
Principal: $75 million
Counterparty: Fortress Credit Corp.
Rate: term Secured Overnight Financing Rate plus an applicable margin of 5.25% per ann
Maturity: third anniversary of the closing date
Event: incurrence

Exact text from the filing

(“Tiptree”) conducts its operations, entered into a Credit Agreement, dated as of February 7, 2025, among Tiptree, Borrower, the lenders party thereto from time to time and Fortress Credit Corp. (“Fortress”), as administrative agent, collateral agent and lead arranger (the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001393726-25-000007

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