Supplemental Balance Sheet and Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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


	September 30,
	2026		2025

	in thousands
Cash and cash equivalents	$	460,796	$	160,386
Restricted cash and cash equivalents	132,767		172,261
Total cash and cash equivalents and restricted cash and cash equivalents	$	593,563	$	332,647

Schedule of Restricted Cash and Cash Equivalents

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


	September 30,
	2026		2025

	in thousands
Cash and cash equivalents	$	460,796	$	160,386
Restricted cash and cash equivalents	132,767		172,261
Total cash and cash equivalents and restricted cash and cash equivalents	$	593,563	$	332,647

Schedule of Restricted Assets

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


	September 30,		December 31,
	2026		2025

	in thousands
Restricted cash and cash equivalents	$	132,767	$	138,823
Fixed maturity securities	458,509		675,302
Equity securities	—		34,871
Total restricted assets	$	591,276	$	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 September 30, 2026 and December 31, 2025:


	September 30,		December 31,
	2026		2025

ASSETS	in thousands
Cash and cash equivalents	$	2,170	$	697
Restricted cash and cash equivalents	10,026		17,005

Notes receivable	134,267		81,740
Other assets	1,273		1,748
TOTAL ASSETS	$	147,736	$	101,190
LIABILITIES
Accounts payable and accrued expenses	$	703	$	524
Debt, net	102,509		68,423
Other liabilities	390		1,658
TOTAL LIABILITIES	$	103,602	$	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 nine months ended September 30, 2026 and 2025:


	Nine months ended September 30,
	2026		2025

Non-cash investing activities:	in thousands
Issuance of notes receivable (1)	$	17,439	$	10,105
Collection of notes receivable (1)	$	6,255	$	2,102
Capital expenditures	$	1,479	$	732



Non-cash financing activities:

Exchange of THG units for shares of Class A Common Stock (Refer to Note 16)	$	35,280	$	16,641
Deferred tax assets and TRA liabilities recorded upon exchange of THG units for shares of Class A Common Stock (Refer to Note 19)	$	2,307	$	1,318
Issuance of shares of Class A Common Stock resulting from the vesting of RSUs (Refer to Note 17)	$	12,575	$	11,241

Cash paid for interest	$	9,462	$	7,360

Cash paid for income taxes	$	23,750	$	12,410

(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.