v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES:    
Net income $ 31,565 $ 120,666
Adjustments to reconcile net income to net cash from operating activities:    
Loss on disposals of equipment, software, and other assets 2,947 1,440
Expense related to TRA Liability 0 32,275
Depreciation and amortization 29,213 27,734
Provision for deferred taxes (33,718) (34,413)
Impairment of operating lease right-of-use assets 2,057 0
Share-based compensation expense 14,926 14,627
Non-cash lease expense 6,279 6,590
Net investment gains (5,641) (2,150)
(Accretion) amortization of discount and premium, net (1,821) (3,489)
Amortization of gain on loss portfolio transfer (4,478) 0
Other 472 1,681
Changes in assets and liabilities:    
Accounts and premiums receivable 118,273 (118,634)
Deferred acquisition costs, net 103,708 (36,030)
Reinsurance recoverables (1,765) (5,903)
Prepaid reinsurance premiums (31,075) (5,674)
Advance premiums 15,772 12,656
Due to insurers (75,556) 49,927
Losses payable and reserves for unpaid losses and loss adjustment expenses (32,072) 9,800
Unearned premiums 230,711 81,855
Ceding commissions payable (81,620) 30,084
Other assets and liabilities, net (8,032) 6,843
Net Cash Provided by Operating Activities 280,145 189,885
INVESTING ACTIVITIES:    
Capital expenditures (23,564) (18,499)
Acquisitions, net of cash acquired, and other investments (701) (2,125)
Issuance of notes receivable (119,687) (49,095)
Collection of notes receivable 72,538 14,832
Purchases of fixed maturity securities (302,630) (223,055)
Purchases of equity securities (79,300) (10,565)
Proceeds from maturities and sales of fixed maturity securities 352,660 163,369
Proceeds from sales of equity securities 35,395 911
Other investing activities (751) 1,421
Net Cash Used in Investing Activities (66,040) (122,806)
FINANCING ACTIVITIES:    
Repayments of debt (80,950) (170,673)
Proceeds from debt, net of issuance costs 150,605 240,701
Proceeds from loss portfolio transfer 50,500 0
Claims payments made from loss portfolio transfer (16,876) 0
Distributions paid to non-controlling interest unit holders (11,132) (30,547)
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 (4,845) (3,536)
Other financing activities 309 289
Net Cash Provided by Financing Activities 80,466 30,411
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (8) 2,312
Change in cash and cash equivalents and restricted cash and cash equivalents 294,563 99,802
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 $ 593,563 $ 332,647