XML 13 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 184,499 $ 123,669
Fiduciary cash 426,189 223,228
Assumed premiums, commissions and fees receivable, net 433,617 342,136
Fiduciary receivables 782,194 497,035
Prepaid expenses and other current assets 19,592 13,650
Total current assets 1,846,091 1,199,718
Property and equipment, net 33,377 22,502
Right-of-use assets 81,552 61,976
Other assets 111,257 82,419
Intangible assets, net 1,450,040 978,434
Goodwill 2,652,407 1,517,171
Total assets 6,174,724 3,862,220
Current Liabilities    
Fiduciary liabilities 1,208,383 720,263
Commissions payable 97,040 50,933
Accrued expenses and other current liabilities 294,241 252,560
Current portion of contingent earnout liabilities 120,901 9,004
Total current liabilities 1,720,565 1,032,760
Revolving line of credit 302,000 107,000
Long-term debt, less current portion 2,150,725 1,566,122
Contingent earnout liabilities, less current portion 225,923 14,289
Operating lease liabilities, less current portion 75,128 57,651
Tax Receivable Agreement liabilities 144,570 0
Deferred tax liabilities 4,650 0
Other liabilities 129,376 0
Total liabilities 4,752,937 2,777,822
Mezzanine Equity    
Redeemable noncontrolling interest 614 519
Stockholders' Equity Attributable to Baldwin    
Additional paid-in capital 1,246,901 844,236
Accumulated deficit (368,468) (245,236)
Accumulated other comprehensive income 5,027 492
Total stockholders’ equity attributable to Baldwin 884,428 600,215
Noncontrolling interest 536,745 483,664
Total stockholders’ equity 1,421,173 1,083,879
Total liabilities, mezzanine equity and stockholders’ equity 6,174,724 3,862,220
Common Class A    
Stockholders' Equity Attributable to Baldwin    
Common stock 964 718
Common Class B    
Stockholders' Equity Attributable to Baldwin    
Common stock $ 4 $ 5