v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 140,300 $ 104,784
Restricted cash and cash equivalents 190,286 128,061
Investments 119,326 73,957
Accounts receivable 107,925 84,763
Premiums receivable 249,830 153,748
Commissions receivable 27,362 20,430
Notes receivable 83,478 45,417
Deferred acquisition costs, net 178,430 156,466
Other current assets 116,047 90,779
Total current assets 1,212,984 858,405
Investments 482,248 515,570
Notes receivable 17,931 11,555
Property and equipment, net 17,259 18,205
Lease right-of-use assets 42,549 44,485
Intangible assets, net 86,732 90,107
Goodwill 114,165 114,123
Other long-term assets 66,707 56,888
TOTAL ASSETS 2,040,575 1,709,338
Current Liabilities:    
Accounts payable, accrued expenses and other current liabilities 138,349 73,383
Losses payable and provision for unpaid losses and loss adjustment expenses 259,050 266,878
Ceding commissions payable 113,080 77,389
Advance premiums and due to insurers 188,403 108,352
Unearned premiums 410,496 357,539
Contract liabilities 36,602 31,905
Total current liabilities 1,145,980 915,446
Long-term lease liabilities 40,903 43,178
Long-term debt, net 153,383 104,968
Deferred tax liability 21,857 18,065
Contract liabilities 14,334 15,334
Other long-term liabilities 3,267 4,178
TOTAL LIABILITIES 1,379,724 1,101,169
Commitments and Contingencies (Note 22) 0 0
TEMPORARY EQUITY    
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of June 30, 2025 and December 31, 2024) 82,813 84,663
STOCKHOLDERS' EQUITY    
Additional paid-in capital 604,621 603,780
Accumulated earnings (deficit) (432,634) (451,978)
Accumulated other comprehensive income (loss) 262 (1,514)
Total stockholders' equity 172,283 150,322
Non-controlling interest 405,755 373,184
Total equity (Note 17) 578,038 523,506
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 2,040,575 1,709,338
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Common stock 9 9
Additional paid-in capital 700  
Class V Common Stock    
STOCKHOLDERS' EQUITY    
Common stock $ 25 $ 25