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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments:    
Fixed maturities, at fair value (amortized cost of $37,764 and $38,117, respectively) $ 37,400 $ 36,963
Investments in private companies, at adjusted cost 575 696
Short-term investments, at cost which approximates fair value 174 169
Total investments 41,946 41,337
Cash and cash equivalents 9,291 5,493
Restricted cash 7,538 7,643
Accrued investment income 932 841
Other receivables, net of allowance of $5 and $5, respectively 1,085 1,000
Deferred contract costs 14,908 13,889
Income taxes receivable 0 574
Property and equipment, net of accumulated depreciation of $2,179 and $1,720, respectively 5,871 1,567
Right-of-use asset 6,925 2,390
Goodwill 69,544 56,524
Intangible assets, net of accumulated amortization of $40,196 and $34,442, respectively 54,918 40,049
Other assets 7,517 5,948
Total Assets 235,133 186,616
Liabilities:    
Accrued expenses and other liabilities 29,336 20,616
Income taxes payable 75 0
Deferred service fees 87,415 83,108
Bank loans 55,803 44,128
Notes payable 1,032 0
Subordinated debt, at fair value 13,889 13,409
Lease liability 7,190 2,682
Net deferred income tax liabilities 4,574 4,371
Total Liabilities 199,314 168,314
Redeemable preferred stock, $0.01 par value; 650,000 and 330,000 authorized, issued and outstanding at September 30, 2025 and December 31, 2024, respectively; redemption amount of $16,250 and $8,250 at September 30, 2025 and December 31, 2024, respectively 16,250 8,250
Redeemable noncontrolling interest in consolidated subsidiary 925 0
Shareholders' Equity:    
Common stock, $0.01 par value; 50,000,000 authorized; 29,638,777 and 28,119,776 issued at September 30, 2025 and December 31, 2024, respectively; and 28,612,850 and 27,136,749 outstanding at September 30, 2025 and December 31, 2024, respectively 296 281
Additional paid-in capital 394,640 376,503
Treasury stock, at cost; 1,025,927 and 983,027 outstanding at September 30, 2025 and December 31, 2024, respectively (6,545) (6,200)
Accumulated deficit (371,335) (361,453)
Accumulated other comprehensive loss (407) (718)
Shareholders' equity attributable to common shareholders 16,649 8,413
Noncontrolling interests in consolidated subsidiaries 1,995 1,639
Total Shareholders' Equity 18,644 10,052
Total Liabilities, Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Shareholders' Equity 235,133 186,616
Service Fees [Member]    
Investments:    
Service fee receivable, net of allowance for credit losses of $1,217 and $626, respectively 14,658 9,361
Liabilities:    
Deferred service fees 87,415 83,108
Limited Liability Investments [Member]    
Investments:    
Limited liability investments 649 650
Limited liability investment, at fair value $ 3,148 $ 2,859