v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM, and net income:

Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Management fee revenue$866,700 $844,106 $2,555,072 $2,458,949 
Administrative services reimbursement revenue197,562 215,694 599,212 638,611 
Service agreement revenue5,655 6,939 17,340 18,675 
Total operating revenue1,069,917 1,066,739 3,171,624 3,116,235 
Commissions485,486 461,513 1,458,439 1,361,815 
Personnel costs (1)
87,013 85,417 267,885 261,195 
Sales and advertising (1)
6,848 5,056 19,814 21,737 
Acquisition and underwriting support costs (1)
24,036 29,819 72,128 83,660 
Technology infrastructure costs (1)
30,384 23,455 81,273 73,837 
Professional fees (1)
19,707 19,842 58,219 70,310 
Administrative and other (1)
11,499 17,022 36,362 45,600 
Cost of operations - policy issuance and renewal services664,973 642,124 1,994,120 1,918,154 
Cost of operations - administrative services197,562 215,694 599,212 638,611 
Total operating expenses (2)
862,535 857,818 2,593,332 2,556,765 
Operating income207,382 208,921 578,292 559,470 
Total investment income19,877 21,554 64,549 60,690 
Other income5,496 2,286 8,317 8,094 
Income tax expense50,766 49,908 138,401 132,299 
Net income$181,989 $182,853 $512,757 $495,955 

(1)    2025 amounts have been recast to conform to the current presentation.
(2)    Management operations segment depreciation and amortization expense included primarily in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $20.7 million and $18.4 million for the three months ended September 30, 2026 and 2025, respectively, and $61.5 million and $50.3 million for the nine months ended September 30, 2026 and 2025, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 33% and 30% in the nine months ended September 30, 2026 and 2025, respectively, for depreciation and amortization expense on assets supporting administrative services. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.