v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Fixed maturity securities $ 620,823 $ 696,271
Equity securities, at fair value 84,103 34,871
Total investments 704,926 731,142
Cash and cash equivalents 460,796 160,177
Restricted cash and cash equivalents 132,767 138,823
Accounts receivable 27,519 98,872
Premiums receivable 125,223 180,529
Deferred acquisition costs, net 75,516 179,224
Reinsurance recoverables 17,061 15,296
Prepaid reinsurance premiums 53,025 21,950
Notes receivable 168,110 113,887
Intangible assets, net 90,483 88,915
Goodwill 114,134 114,164
Deferred tax assets 86,318 43,011
Other assets 223,556 207,986
TOTAL ASSETS 2,279,434 2,093,976
Liabilities, Current    
Accounts payable and accrued expenses 122,101 111,947
Advance premiums 44,006 28,287
Due to insurers 19,047 94,930
Losses payable and reserves for unpaid losses and loss adjustment expenses 232,132 264,204
Unearned premiums 642,769 412,058
Ceding commissions payable 4,545 86,165
Debt, net 246,398 177,907
Contract liabilities 51,560 46,450
Deferred tax liability 308 23,489
Tax receivable agreement liability 62,858 39,829
Other liabilities 101,491 61,684
TOTAL LIABILITIES 1,527,215 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) 86,822 86,618
STOCKHOLDERS' EQUITY    
Additional paid-in capital 659,683 623,013
Accumulated earnings (deficit) (396,960) (402,960)
Accumulated other comprehensive income (loss) (5,498) 1,229
Total stockholders' equity 257,259 221,316
Non-controlling interest 408,138 439,092
Total equity 665,397 660,408
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 2,279,434 2,093,976
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Common stock 12 10
Class V Common Stock    
STOCKHOLDERS' EQUITY    
Common stock $ 22 $ 24