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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 123,669 $ 90,045
Fiduciary cash 223,228 222,724
Assumed premiums, commissions and fees receivable, net 342,136 283,553
Fiduciary receivables 497,035 418,543
Prepaid expenses and other current assets 13,650 11,625
Total current assets 1,199,718 1,026,490
Property and equipment, net 22,502 21,972
Right-of-use assets 61,976 72,367
Other assets 82,419 48,041
Intangible assets, net 978,434 953,492
Goodwill 1,517,171 1,412,369
Total assets 3,862,220 3,534,731
Current liabilities:    
Fiduciary liabilities 720,263 641,267
Commissions payable 50,933 73,126
Accrued expenses and other current liabilities 252,560 160,631
Related party notes payable 0 5,635
Colleague earnout incentives 0 32,826
Current portion of contingent earnout liabilities 9,004 142,949
Total current liabilities 1,032,760 1,056,434
Revolving line of credit 107,000 0
Long-term debt, less current portion 1,566,122 1,398,054
Contingent earnout liabilities, less current portion 14,289 2,610
Operating lease liabilities, less current portion 57,651 68,775
Other liabilities 0 61
Total liabilities 2,777,822 2,525,934
Commitments and contingencies (Note 22)
Mezzanine equity:    
Redeemable noncontrolling interest 519 453
Stockholders’ equity:    
Additional paid-in capital 844,236 793,954
Accumulated deficit (245,236) (211,423)
Accumulated other comprehensive income 492 0
Total stockholders’ equity attributable to Baldwin 600,215 583,216
Noncontrolling interest 483,664 425,128
Total stockholders’ equity 1,083,879 1,008,344
Total liabilities, mezzanine equity and stockholders’ equity 3,862,220 3,534,731
Class A Common Stock    
Stockholders’ equity:    
Common stock 718 680
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 5 $ 5