v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ (2,111) $ (6,257)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 5,010 3,697
Stock-based compensation expense 1,583 761
Net realized and unrealized investment gains (2,633) (235)
Impairment of intangible assets 484 219
Deferred income taxes (184) (571)
Gain on disposal of subsidiary (1,347) 0
Other non-cash items 138 92
Changes in operating assets and liabilities, adjusted for assets and liabilities disposed of (2026) and acquired (2025):    
Service fee receivable, net (2,523) (1,379)
Deferred contract costs (484) (681)
Other assets (897) 120
Deferred service fees 2,806 3,322
Other, net 1,354 (549)
Net cash provided by (used in) operating activities 1,196 (1,461)
Investing activities:    
Proceeds from sales and maturities of fixed maturities 4,476 5,687
Purchases of fixed maturities (6,572) (5,688)
Net proceeds from limited liability investment, at fair value 1,347 95
Net proceeds from investments in private companies 635 107
Net proceeds from disposal of subsidiary, net of cash disposed of $608 4,392 0
Net working capital settlements and escrow releases related to acquisitions 854 0
Acquisition of businesses, net of cash acquired 0 (13,631)
Acquisition of assets (840) 0
Net purchases of property and equipment (971) (242)
Other, net (3) (4)
Net cash provided by (used in) investing activities 3,318 (13,676)
Financing activities:    
Proceeds from issuance of common stock, net 0 15,602
Proceeds from issuance of preferred stock 0 8,000
Cash paid for repurchase of common stock 0 (345)
Distributions to noncontrolling interest holders (707) 0
Payment of preferred stock dividends (648) (389)
Payment of contingent consideration from acquisition 0 (420)
Taxes paid related to net share settlements of restricted stock awards (306) 0
Principal proceeds from debt, net of debt issuance costs of zero in 2026 and $38 in 2025 3,012 9,410
Principal payments on debt (7,091) (10,400)
Net cash (used in) provided by financing activities (5,740) 21,458
Net (decrease) increase in cash and cash equivalents and restricted cash (1,226) 6,321
Cash and cash equivalents and restricted cash at beginning of period 16,271 13,136
Cash and cash equivalents and restricted cash at end of period 15,045 19,457
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 7,366 12,079
Restricted cash 7,679 7,378
Cash and cash equivalents and restricted cash per statements of cash flows 15,045 19,457
Non-cash financing activities:    
Notes receivable related to disposal of subsidiary (1,510) 0
Notes payable issued for acquisitions of assets and business, net of discount $ 840 $ 1,100