v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net income (loss) $ (4,704) $ 74,495
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Loss on disposals of equipment, software, and other assets 241 1,211
Change in TRA Liability 0 3,078
Depreciation and amortization 19,422 18,321
Provision for deferred taxes (26,199) 2,061
Share-based compensation expense 9,710 9,538
Non-cash lease expense 4,174 4,226
Net investment gains (4,890) (879)
(Accretion) amortization of discount and premium, net (1,377) (2,316)
Amortization of gain on loss portfolio transfer (2,940) 0
Other 795 355
Changes in assets and liabilities:    
Accounts and premiums receivable 128,383 (142,560)
Deferred acquisition costs, net 79,028 (21,964)
Reinsurance recoverables 2,950 (10,390)
Prepaid reinsurance premiums (27,896) (7,325)
Advance premiums 21,920 10,590
Due to insurers (67,278) 68,256
Losses payable and reserves for unpaid losses and loss adjustment expenses (22,499) (7,828)
Unearned premiums 186,159 52,957
Ceding commissions payable (80,032) 35,691
Other assets and liabilities, net (28,810) 10,197
Net Cash Provided by Operating Activities 186,157 97,714
INVESTING ACTIVITIES:    
Capital expenditures (15,954) (11,549)
Issuance of notes receivable (92,151) (26,617)
Collection of notes receivable 55,261 8,091
Purchases of fixed maturity securities (228,418) (98,455)
Purchases of equity securities (51,041) (347)
Proceeds from maturities and sales of fixed maturity securities 214,809 96,811
Proceeds from sales of equity securities 35,405 378
Other investing activities (613) (151)
Net Cash Used in Investing Activities (82,702) (31,839)
FINANCING ACTIVITIES:    
Repayments of debt (61,806) (124,493)
Proceeds from debt, net of issuance costs 100,825 192,339
Proceeds from loss portfolio transfer 50,500 0
Claims payments made from loss portfolio transfer (13,259) 0
Distributions paid to non-controlling interest unit holders (837) (30,380)
Payment of Series A Convertible Preferred Stock dividends (5,600) (5,600)
Funding of TRA Liability payments (1,545) (223)
Funding of employee tax obligations upon vesting of share-based payments (3,251) (2,452)
Other financing activities 309 289
Net Cash Provided by Financing Activities 65,336 29,480
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (156) 2,386
Change in cash and cash equivalents and restricted cash and cash equivalents 168,635 97,741
Beginning cash and cash equivalents and restricted cash and cash equivalents 299,000 232,845
Ending cash and cash equivalents and restricted cash and cash equivalents $ 467,635 $ 330,586