Tiptree Financial Inc. (NASDAQ:TIPT) Q1 2020 Earnings Conference Call - Final Transcript
May 08, 2020 • 09:00 am ET
Page 10, we present the results of Tiptree Capital, which today consists of our Invesque shares, shipping and mortgage operations. Over time, we would expect that our investments could shift as we recognize returns in one asset class or business and reinvest in others. For the quarter, the pre-tax loss was the result of unrealized losses on our Invesque shares. At the end of the quarter, our Invesque investment held in Tiptree Capital was $45 million.
The remaining $9 million is held in our insurance portfolio. For the quarter, operating EBITDA in Tiptree Capital increased to $6.1 million, primarily driven by a full quarter of operations from the vessels purchased in 2019 in our maritime shipping business.
Now let me return the call back to Michael to conclude our prepared remarks.
Thanks, Sandra. As Tiptree continues to navigate this challenging time, I want to thank our talented group of over 1,000 employees for their disciplined focus on serving our customers and keeping our operations running smoothly. While the economic disruption of the pandemic has impacted our financial performance for this quarter, we believe we are well-positioned to weather the current challenges and continue our focus on the long term. With that, we will open the line for questions.