v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Fixed maturity securities $ 701,561 $ 696,271
Equity securities, at fair value 54,945 34,871
Total investments 756,506 731,142
Cash and cash equivalents 298,302 160,177
Restricted cash and cash equivalents 169,333 138,823
Accounts receivable 27,313 98,872
Premiums receivable 120,382 180,529
Deferred acquisition costs, net 100,196 179,224
Reinsurance recoverables 12,346 15,296
Prepaid reinsurance premiums 49,846 21,950
Notes receivable 153,302 113,887
Intangible assets, net 89,315 88,915
Goodwill 114,134 114,164
Deferred tax assets 48,021 43,011
Other assets 209,435 207,986
TOTAL ASSETS 2,148,431 2,093,976
Liabilities, Current    
Accounts payable and accrued expenses 89,829 111,947
Advance premiums 50,108 28,287
Due to insurers 27,100 94,930
Losses payable and reserves for unpaid losses and loss adjustment expenses 241,705 264,204
Unearned premiums 598,217 412,058
Ceding commissions payable 6,133 86,165
Debt, net 215,951 177,907
Contract liabilities 50,841 46,450
Deferred tax liability 244 23,489
Tax receivable agreement liability 38,284 39,829
Other liabilities 95,213 61,684
TOTAL LIABILITIES 1,413,625 1,346,950
Commitments and Contingencies 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 December 31, 2025 and December 31, 2024) 84,996 86,618
STOCKHOLDERS' EQUITY    
Additional paid-in capital 623,664 623,013
Accumulated earnings (deficit) (407,171) (402,960)
Accumulated other comprehensive income (loss) (1,068) 1,229
Total stockholders' equity 215,459 221,316
Non-controlling interest 434,351 439,092
Total equity 649,810 660,408
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 2,148,431 2,093,976
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Common stock 10 10
Class V Common Stock    
STOCKHOLDERS' EQUITY    
Common stock $ 24 $ 24