Supplemental Balance Sheet and Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

As of June 30, 2026 and 2025, cash and cash equivalents and restricted cash and cash equivalents were as follows:


	June 30,
	2026		2025

	in thousands
Cash and cash equivalents	$	298,302	$	140,300
Restricted cash and cash equivalents	169,333		190,286
Total cash and cash equivalents and restricted cash and cash equivalents	$	467,635	$	330,586

Schedule of Restricted Cash and Cash Equivalents

As of June 30, 2026 and 2025, cash and cash equivalents and restricted cash and cash equivalents were as follows:


	June 30,
	2026		2025

	in thousands
Cash and cash equivalents	$	298,302	$	140,300
Restricted cash and cash equivalents	169,333		190,286
Total cash and cash equivalents and restricted cash and cash equivalents	$	467,635	$	330,586

Schedule of Restricted Assets

The following table presents the components of the Company's restricted assets as of June 30, 2026 and December 31, 2025:


	June 30,		December 31,
	2026		2025

	in thousands
Restricted cash and cash equivalents	$	169,333	$	138,823
Fixed maturity securities	567,800		675,302
Equity securities	—		34,871
Total restricted assets	$	737,133	$	848,996

Schedule of Assets and Liabilities of Consolidated Variable Interest Entities

The following table presents the assets and liabilities of the Company's consolidated VIEs as of June 30, 2026 and December 31, 2025:


	June 30,		December 31,
	2026		2025

ASSETS	in thousands
Cash and cash equivalents	$	1,781	$	697
Restricted cash and cash equivalents	6,100		17,005

Notes receivable	109,736		81,740
Other assets	1,426		1,748
TOTAL ASSETS	$	119,043	$	101,190
LIABILITIES
Accounts payable and accrued expenses	$	663	$	524
Debt, net	87,526		68,423
Other liabilities	279		1,658
TOTAL LIABILITIES	$	88,468	$	70,605

Schedule of Supplemental Cash Flow Information

The table below presents information regarding the Company's non-cash investing and financing activities, as well as the cash paid for interest and taxes for the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026		2025

Non-cash investing activities:	in thousands
Issuance of notes receivable (1)	$	11,645	$	9,816
Collection of notes receivable (1)	$	4,614	$	1,884
Capital expenditures	$	792	$	801



Non-cash financing activities:

Exchange of THG units for shares of Class A Common Stock (Refer to Note 16)	$	797	$	712

Issuance of shares of Class A Common Stock resulting from the vesting of RSUs (Refer to Note 17)	$	8,840	$	8,067

Cash paid for interest	$	6,033	$	4,337

Cash paid for income taxes	$	18,009	$	11,794

(1) In certain situations, BAC makes loans to refinance accounts receivable balances generated by Broad Arrow Group, Inc. ("Broad Arrow") auctions and private sales. These loans are accounted for on the Condensed Consolidated Balance Sheets as non-cash reclassifications between "Accounts receivable" and "Notes receivable" and are not presented within Investing Activities in the Company's Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such loans is classified within Operating Activities in the Company's Condensed Consolidated Statements of Cash Flows.