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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 105,695 $ 90,045
Fiduciary cash 278,007 222,724
Assumed premiums, commissions and fees receivable, net 349,639 283,553
Fiduciary receivables 491,423 418,543
Prepaid expenses and other current assets 14,945 11,625
Total current assets 1,239,709 1,026,490
Property and equipment, net 21,336 21,972
Right-of-use assets 67,100 72,367
Other assets 64,708 48,041
Intangible assets, net 925,549 953,492
Goodwill 1,420,583 1,412,369
Total assets 3,738,985 3,534,731
Current Liabilities    
Fiduciary liabilities 769,430 641,267
Commissions payable 71,963 73,126
Accrued expenses and other current liabilities 158,348 160,631
Related party notes payable 0 5,635
Colleague earnout incentives 989 32,826
Current portion of contingent earnout liabilities 6,759 142,949
Total current liabilities 1,007,489 1,056,434
Revolving line of credit 112,000 0
Long-term debt, less current portion 1,494,712 1,398,054
Contingent earnout liabilities, less current portion 9,972 2,610
Operating lease liabilities, less current portion 64,382 68,775
Other liabilities 61 61
Total liabilities 2,688,616 2,525,934
Mezzanine Equity    
Redeemable noncontrolling interest 445 453
Stockholders' Equity Attributable to Baldwin    
Additional paid-in capital 830,735 793,954
Accumulated deficit (200,648) (211,423)
Total stockholders’ equity attributable to Baldwin 630,805 583,216
Noncontrolling interest 419,119 425,128
Total stockholders’ equity 1,049,924 1,008,344
Total liabilities, mezzanine equity and stockholders’ equity 3,738,985 3,534,731
Common Class A    
Stockholders' Equity Attributable to Baldwin    
Common stock 713 680
Common Class B    
Stockholders' Equity Attributable to Baldwin    
Common stock $ 5 $ 5