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Schedule I - Financial Statement Schedule
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Financial Statement Schedule
Schedule II - Condensed Financial Information of Registrant Parent Company
Hagerty, Inc.
Condensed Statement of Operations (Parent Company Only)

Year ended December 31,
202520242023
REVENUE:(in thousands)
Net investment income$332 $42 $150 
Total revenue332 42 150 
EXPENSES:
Sales expense1 1 7 
General and administrative expenses1,364 1,129 791 
Loss (gain) related to warrant liabilities, net— 8,544 (11,543)
Change in TRA Liability32,235 1,608 (2,638)
Total expenses33,600 11,282 (13,383)
INCOME (LOSS) BEFORE DIVIDENDS AND TAXES(33,268)(11,240)13,533 
Income tax benefit37,459 — — 
Intercompany dividend income (1)
7,555 7,427 3,677 
Equity earnings in subsidiaries, net of tax137,479 82,116 10,969 
NET INCOME149,225 78,303 28,179 
Net income attributable to non-controlling interest(100,207)(61,286)(7,948)
Accretion of Series A Convertible Preferred Stock(7,555)(7,427)(3,677)
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS$41,463 $9,590 $16,554 
(1)    Eliminated in consolidation.
Hagerty, Inc.
Condensed Balance Sheets (Parent Company Only)

December 31,
20252024
ASSETSin thousands (except share amounts)
Cash and cash equivalents$12,001 $1,023 
Deferred tax assets43,011 — 
Other assets1,198 1,717 
Investment in subsidiaries (1)
731,509 608,529 
TOTAL ASSETS$787,719 $611,269 
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses$18 $89 
Intercompany payable (1)
846 831 
Tax receivable agreement liability39,829 2,180 
TOTAL LIABILITIES40,693 3,100 
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)
86,618 84,663 
STOCKHOLDERS' EQUITY
Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 100,706,893 and 90,032,391 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)
10 9 
Class V Common Stock, $0.0001 par value (300,000,000 authorized, 241,552,156 and 251,033,906 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)
24 25 
Additional paid-in capital623,013 603,780 
Accumulated earnings (deficit)(402,960)(451,978)
Accumulated other comprehensive income (loss)1,229 (1,514)
Total stockholders' equity221,316 150,322 
Non-controlling interest439,092 373,184 
Total equity660,408 523,506 
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY$787,719 $611,269 
(1)    Eliminated in consolidation.
Hagerty, Inc.
Condensed Statements of Cash Flows (Parent Company Only)

Year ended December 31,
202520242023
OPERATING ACTIVITIES:in thousands
Net income$149,225 $78,303 $28,179 
Adjustments to reconcile net income to net cash from operating activities:
Equity in income of subsidiaries(145,034)(89,544)(14,646)
Dividends received from subsidiaries5,600 5,600 — 
Tax distributions received from subsidiaries11,799 1,104 — 
Loss (gain) related to warrant liabilities, net— 8,544 (11,543)
Change in TRA Liability32,235 1,606 (2,636)
Provision for deferred taxes(37,539)— — 
Changes in operating assets and liabilities:
Prepaid expenses and other assets520 329 478 
Intercompany payable (1)
15 (15)— 
Accounts payable and accrued expenses(20)92 (32)
Net Cash Provided by (Used in) Operating Activities16,801 6,019 (200)
INVESTING ACTIVITIES:
Investment in subsidiaries (1)
— — (102,635)
Net Cash Used in Investing Activities— — (102,635)
FINANCING ACTIVITIES:
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs— — 79,262 
Payment of Series A Convertible Preferred Stock dividends(5,600)(5,600)— 
Funding of TRA Liability payments(223)— — 
Net Cash Provided by (Used in) Financing Activities(5,823)(5,600)79,262 
Change in cash and cash equivalents and restricted cash and cash equivalents10,978 419 (23,573)
Beginning cash and cash equivalents and restricted cash and cash equivalents
1,023 604 24,177 
Ending cash and cash equivalents and restricted cash and cash equivalents
$12,001 $1,023 $604 
Cash paid for income taxes (2)
$80 $207 $— 
(1)    Eliminated in consolidation.
(2)    Beginning with the year ended December 31, 2025, the Company has adopted ASU 2023-09 and, as a result, cash paid for taxes, net of refunds received, is disclosed by jurisdiction on a prospective basis. For the year ended December 31, 2025, $45.6 thousand, $17.1 thousand, and $4.4 thousand of the cash paid for income taxes relates to California, Georgia, and New York state taxes, respectively. The remaining balance of cash paid for income taxes relates to immaterial balances to various states.
1 — Summary of Significant Accounting Policies

Nature of Operations — Hagerty, Inc. (the "Parent Company") was formed in 2020 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets and liabilities primarily consist of its equity interest in THG and its consolidated subsidiaries.

Basis of Presentation — The Parent Company's Condensed Financial Statements have been prepared using the equity method, whereby the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes thereto.

Use of Estimates — The preparation of the Parent Company's Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the Condensed Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates.