XML 60 R49.htm IDEA: XBRL DOCUMENT
v3.25.3

Note 21 - Fair Value of Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
(in thousands) |  | September 30, 2025 |
|  | Fair Value Measurements at the End of the Reporting Period Using |
|  |  |  |  |  | Quoted Prices in |  |  | Significant |  |  | Significant |
|  |  |  |  |  | Active Markets for |  |  | Other Observable |  |  | Unobservable |
|  |  |  |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government, government agencies and authorities |  | $ | 14,380 |  |  | $ | — |  |  | $ | 14,380 |  |  | $ | — |
States, municipalities and political subdivisions |  |  | 1,764 |  |  |  | — |  |  |  | 1,764 |  |  |  | — |
Mortgage-backed |  |  | 9,897 |  |  |  | — |  |  |  | 9,897 |  |  |  | — |
Asset-backed |  |  | 1,224 |  |  |  | — |  |  |  | 1,224 |  |  |  | — |
Corporate |  |  | 10,135 |  |  |  | — |  |  |  | 10,135 |  |  |  | — |
Total fixed maturities |  |  | 37,400 |  |  |  | — |  |  |  | 37,400 |  |  |  | — |
Limited liability investment, at fair value |  |  | 3,148 |  |  |  | — |  |  |  | — |  |  |  | 3,148 |
Total assets |  | $ | 40,548 |  |  | $ | — |  |  | $ | 37,400 |  |  | $ | 3,148 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 13,889 |  |  | $ | — |  |  | $ | 13,889 |  |  | $ | — |
Contingent consideration |  |  | 980 |  |  |  | — |  |  |  | — |  |  |  | 980 |
Seller phantom equity awards |  |  | 3,328 |  |  |  | — |  |  |  | — |  |  |  | 3,328 |
Total liabilities |  | $ | 18,197 |  |  | $ | — |  |  | $ | 13,889 |  |  | $ | 4,308 |
Redeemable noncontrolling interest |  | $ | 925 |  |  | $ | — |  |  | $ | — |  |  | $ | 925 |
(in thousands) |  | December 31, 2024 |
|  | Fair Value Measurements at the End of the Reporting Period Using |
|  |  |  |  |  | Quoted Prices in |  |  | Significant |  |  | Significant |
|  |  |  |  |  | Active Markets for |  |  | Other Observable |  |  | Unobservable |
|  |  |  |  |  | Identical Assets |  |  | Inputs |  |  | Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government, government agencies and authorities |  | $ | 13,354 |  |  | $ | — |  |  | $ | 13,354 |  |  | $ | — |
States municipalities and political subdivisions |  |  | 2,775 |  |  |  | — |  |  |  | 2,775 |  |  |  | — |
Mortgage-backed |  |  | 9,886 |  |  |  | — |  |  |  | 9,886 |  |  |  | — |
Asset-backed |  |  | 1,326 |  |  |  | — |  |  |  | 1,326 |  |  |  | — |
Corporate |  |  | 9,622 |  |  |  | — |  |  |  | 9,622 |  |  |  | — |
Total fixed maturities |  |  | 36,963 |  |  |  | — |  |  |  | 36,963 |  |  |  | — |
Limited liability investment, at fair value |  |  | 2,859 |  |  |  | — |  |  |  | — |  |  |  | 2,859 |
Total assets |  | $ | 39,822 |  |  | $ | — |  |  | $ | 36,963 |  |  | $ | 2,859 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 13,409 |  |  | $ | — |  |  | $ | 13,409 |  |  | $ | — |
Contingent consideration |  |  | 2,725 |  |  |  | — |  |  |  | — |  |  |  | 2,725 |
Total liabilities |  | $ | 16,134 |  |  | $ | — |  |  | $ | 13,409 |  |  | $ | 2,725 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
(in thousands) |  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited liability investment, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,037 |  |  | $ | 2,908 |  |  | $ | 2,859 |  |  | $ | 3,496 |
Distributions received |  |  | (34 | ) |  |  | (1,186 | ) |  |  | (129 | ) |  |  | (2,238 | )
Realized gains included in net loss |  |  | 34 |  |  |  | 874 |  |  |  | 129 |  |  |  | 1,260 |
Change in fair value of limited liability investment, at fair value included in net loss |  |  | 111 |  |  |  | 95 |  |  |  | 289 |  |  |  | 173 |
Ending balance |  | $ | 3,148 |  |  | $ | 2,691 |  |  | $ | 3,148 |  |  | $ | 2,691 |
Unrealized losses (gains) on limited liability investments, at fair value held at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in net loss |  | $ | 111 |  |  | $ | 95 |  |  | $ | 289 |  |  | $ | 173 |
Included in other comprehensive income |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Ending balance - assets |  | $ | 3,148 |  |  | $ | 2,691 |  |  | $ | 3,148 |  |  | $ | 2,691 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | 3,375 |  |  | $ | 2,725 |  |  | $ | 3,105 |
Issuance of contingent consideration in connection with acquisitions |  |  | 980 |  |  |  | — |  |  |  | 980 |  |  |  | — |
Settlements of contingent consideration liabilities |  |  | — |  |  |  | — |  |  |  | (2,725 | ) |  |  | — |
Change in fair value of contingent consideration included in net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 270 |
Ending balance |  | $ | 980 |  |  | $ | 3,375 |  |  | $ | 980 |  |  | $ | 3,375 |
Unrealized gains recognized on contingent consideration liability held at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in net loss |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 270 |
Included in other comprehensive income |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Seller phantom equity awards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Issuance of seller phantom equity awards in connection with acquisition |  |  | 3,328 |  |  |  | — |  |  |  | 3,328 |  |  |  | — |
Ending balance |  | $ | 3,328 |  |  | $ | — |  |  | $ | 3,328 |  |  | $ | — |
Ending balance - liabilities |  | $ | 4,308 |  |  | $ | 3,375 |  |  | $ | 4,308 |  |  | $ | 3,375 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
|  | Fair Value |  |  |  |  |  |
Categories |  |  | (in thousands) |  | Valuation Techniques | Unobservable Inputs |  |  | Input Value(s) |
Limited liability investment, at fair value |  | $ | 3,148 |  | Market approach | Valuation multiples |  | 1.0x - 9.0x |
Contingent consideration |  | $ | 980 |  | Option-based income approach | Discount rate |  | 14.0%-17.0% |
|  |  |  |  |  | Risk-free rate |  | 3.64%-3.67% |
|  |  |  |  |  | Expected volatility |  | 28.0 | %
Seller phantom equity awards |  | $ | 3,328 |  | Market approach | Internal rate of return |  | 19.7 | %
Redeemable noncontrolling interest |  | $ | 925 |  | Market approach | Discount rate |  | 20.0 | %
|  | Fair Value |  |  |  |  |  |  |
Categories |  |  | (in thousands) |  | Valuation Techniques | Unobservable Inputs |  |  | Input Value(s) |
Limited liability investment, at fair value |  | $ | 2,859 |  | Market approach | Valuation multiples |  | 1.0x - 9.0x |
Contingent consideration |  | $ | 2,725 |  | Option-based income approach | Discount rate |  |  | 8.25 | %
|  |  |  |  |  | Risk-free rate |  |  | 4.96 | %
|  |  |  |  |  | Expected volatility |  |  | 9.0 | %
Fair Value, Nonrecurring [Member] |
Notes Tables |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
|  | Fair Value |  |  |  |  |  |  |
Categories |  | (in thousands) |  | Valuation Techniques | Unobservable Inputs |  | Input Value(s) |
Customer relationships |  | $ | 500 |  | Multi-period excess earnings | Growth rate |  |  | 3.0 | %
|  |  |  |  |  | Attrition rate |  |  | 30.0 | %
|  |  |  |  |  | Discount rate |  |  | 18.0 | %
Trade name |  | $ | 3,100 |  | Relief from royalty | Royalty rate |  |  | 5.0 | %
|  |  |  |  |  | Discount rate |  |  | 17.0 | %
|  | Fair Value |  |  |  |  |  |  |
Categories |  | (in thousands) |  | Valuation Techniques | Unobservable Inputs |  | Input Value(s) |
Customer relationships |  | $ | 11,000 |  | Multi-period excess earnings | Growth rate |  |  | 9.0 | %
|  |  |  |  |  | Attrition rate |  |  | 10.0 | %
|  |  |  |  |  | Discount rate |  |  | 21.0 | %
Trade name |  | $ | 1,220 |  | Relief from royalty | Royalty rate |  |  | 1.5 | %
|  |  |  |  |  | Discount rate |  |  | 20.0 | %
|  | Fair Value |  |  |  |  |  |  |
Categories |  | (in thousands) |  | Valuation Techniques | Unobservable Inputs |  | Input Value(s) |
Customer relationships |  | $ | 1,100 |  | Multi-period excess earnings | Growth rate |  |  | 3.0 | %
|  |  |  |  |  | Attrition rate |  |  | 15.0 | %
|  |  |  |  |  | Discount rate |  |  | 17.0 | %
Trade name |  | $ | 1,600 |  | Relief from royalty | Royalty rate |  |  | 3.0 | %
|  |  |  |  |  | Discount rate |  |  | 16.0 | %
|  | Fair Value |  |  |  |  |  |  |
Categories |  | (in thousands) |  | Valuation Techniques | Unobservable Inputs |  | Input Value(s) |
Customer relationships |  | $ | 1,000 |  | Multi-period excess earnings | Growth rate |  |  | 5.0 | %
|  |  |  |  |  | Attrition rate |  |  | 20.0 | %
|  |  |  |  |  | Discount rate |  |  | 15.0 | %
Trade name |  | $ | 1,100 |  | Relief from royalty | Royalty rate |  |  | 3.0 | %
|  |  |  |  |  | Discount rate |  |  | 14.0 | %
|  | Fair Value |  |  |  |  |  |  |
Categories |  | (in thousands) |  | Valuation Techniques | Unobservable Inputs |  | Input Value(s) |
Customer relationships |  | $ | 11,100 |  | Multi-period excess earnings | Growth rate |  |  | 3.0 | %
|  |  |  |  |  | Attrition rate |  |  | 2.0 | %
|  |  |  |  |  | Discount rate |  |  | 25.0 | %
Trade name |  | $ | 1,500 |  | Relief from royalty | Royalty rate |  |  | 2.0 | %
|  |  |  |  |  | Discount rate |  |  | 25.0 | %

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |