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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	%

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