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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Fixed maturity securities $ 696,271 $ 577,688
Equity securities 34,871 11,839
Total investments 731,142 589,527
Cash and cash equivalents 160,177 104,784
Restricted cash and cash equivalents 138,823 128,061
Accounts receivable 96,205 84,763
Commissions receivable 28,904 20,430
Premiums receivable 180,529 153,748
Deferred acquisition costs, net 179,224 156,466
Reinsurance recoverables 15,296 11,927
Prepaid reinsurance premiums 21,950 18,521
Notes receivable 113,887 56,972
Intangible assets, net 88,915 90,107
Goodwill 114,164 114,123
Deferred income tax assets 43,011 0
Other assets 181,749 179,909
TOTAL ASSETS 2,093,976 1,709,338
Current Liabilities:    
Accounts payable and accrued expenses 111,947 58,892
Advance premiums and due to insurers 123,217 108,352
Losses payable 95,353 98,386
Reserves for unpaid losses and loss adjustment expenses 168,851 168,492
Unearned premiums 412,058 357,539
Ceding commissions payable 86,165 77,389
Debt, net 177,907 105,760
Contract liabilities 46,450 47,239
Deferred tax liability 23,489 18,065
Tax receivable agreement liability 39,829 2,180
Other liabilities 61,684 58,875
TOTAL LIABILITIES 1,346,950 1,101,169
Commitments and Contingencies (Note 25) 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) 86,618 84,663
STOCKHOLDERS' EQUITY    
Additional paid-in capital 623,013 603,780
Accumulated earnings (deficit) (402,960) (451,978)
Accumulated other comprehensive income (loss) 1,229 (1,514)
Total stockholders' equity 221,316 150,322
Non-controlling interest 439,092 373,184
Total equity (Note 20) 660,408 523,506
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 2,093,976 1,709,338
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Common stock 10 9
Class V Common Stock    
STOCKHOLDERS' EQUITY    
Common stock $ 24 $ 25