NEPTUNE INSURANCE HOLDINGS INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 24, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-42878    
Registrant Name Neptune Insurance Holdings Inc.    
Entity Address, Address Line One 400 6th Street S,    
Entity Address, Address Line Two Suite 2    
Entity Address, City or Town St. Petersburg    
Entity Address, State or Province FL    
Entity Incorporation, State or Country Code DE    
Entity Address, Postal Zip Code 33701    
City Area Code 727    
Local Phone Number 202-4815    
Title of 12(b) Security Class A common stock, $0.00001 par value    
Trading Symbol NP    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 0
Entity Ex Transition Period false    
Entity Tax Identification Number 33-4189588    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company true    
Central Index Key 0002067129    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025, are incorporated by reference in Part III of this Annual Report on Form 10-K.
    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   94,718,530  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   43,435,000  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Philadelphia, Pennsylvania
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 8,036 $ 7,094
Fiduciary cash 32,512 20,971
Fiduciary receivable 5,375 4,096
Commissions and fees receivable 4,080 2,612
Prepaid expenses and other current assets 1,309 452
Income tax receivable 1,150 0
Total current assets 52,462 35,225
Intangible assets, net 466 476
Internally developed software, net 6,030 5,756
Goodwill 3,793 3,793
Deferred tax assets 802 2,803
Deferred financing asset 1,746 99
Total assets 65,299 48,152
Current liabilities:    
Accounts payable 10,141 7,165
Commissions payable 3,788 2,528
Insurance company payables 18,946 13,257
Income tax payable 0 4,781
Accrued expenses 977 475
Premium deposits 18,941 11,810
Current portion of debt 0 8,550
Total current liabilities 52,793 48,566
Debt, less current portion 0 125,101
Revolving credit facility 240,000 0
Total liabilities 292,793 173,667
Commitments and contingencies (Notes 13)
Redeemable, convertible preferred stock    
Redeemable, convertible preferred stock, value 0 240,473
Stockholders’ deficit:    
Accumulated deficit (514,351) (366,326)
Additional paid-in capital 286,856 337
Total stockholders’ deficit (227,494) (365,988)
Total liabilities, redeemable, convertible preferred stock, and stockholders’ deficit 65,299 48,152
Common Class A    
Stockholders’ deficit:    
Common stock value 1 1
Common Class B    
Stockholders’ deficit:    
Common stock value $ 0 $ 0
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Redeemable, convertible preferred stock ,par value (in dollars per share) $ 0.00001 $ 0.00001
Redeemable, convertible preferred stock, cumulative dividend (as a percent) 5.00% 5.00%
Redeemable, convertible preferred stock, shares authorized (in shares) 20,000,000 41,850,000
Redeemable, convertible preferred stock, shares outstanding (in shares) 0 41,850,000
Redeemable, convertible preferred stock, shares issued (in shares) 0 41,850,000
Redeemable, convertible preferred stock, liquidation preference   $ 249,552
Common stock, par value (in dollars per share) $ 0.00001  
Common Class A    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 428,422,036 154,300,000
Common stock, shares issued (in Shares) 94,718,530 93,350,000
Common stock, shares outstanding (in shares) 94,718,530 93,350,000
Common Class B    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 51,577,964 0
Common stock, shares issued (in Shares) 43,435,000 0
Common stock, shares outstanding (in shares) 43,435,000 0
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 159,551 $ 119,299 $ 84,870
Operating expenses:      
Agent commissions 49,065 35,317 26,014
Employee compensation and benefits 16,882 4,752 4,347
General and administrative 10,023 7,757 6,896
Amortization expense 3,713 3,027 2,182
IPO transaction costs 8,913 0 0
Total operating expenses 88,596 50,853 39,439
Income from operations 70,955 68,446 45,431
Other income (expense):      
Interest income 923 880 308
Interest expense (18,243) (17,520) (21,326)
Loss on extinguishment of debt 0 (5,426) (556)
Income before income tax expense 53,635 46,380 23,857
Income tax expense 16,222 11,788 5,971
Net income 37,413 34,592 17,886
Accretion adjustment to redeemable preferred stock (10,438) (13,274) (8,135)
Allocation to participating preferred stock 0 (6,599) 0
Cash dividend paid on redeemable preferred stock (54,170) 0 0
Net income available to common stockholders $ (27,195) $ 14,719 $ 9,751
Net income per share of common stock:      
Basic (in dollars per share) $ (0.26) $ 0.16 $ 0.10
Diluted (in dollars per share) $ (0.26) $ 0.16 $ 0.10
Weighted average shares of common stock outstanding:      
Basic (in shares) 104,502,838 93,350,000 93,523,340
Diluted (in shares) 104,502,838 93,350,000 93,523,340
v3.25.4
Consolidated Statements of Changes in Redeemable, Convertible Preferred Stock and Stockholders’ Deficit - USD ($)
$ in Thousands
Total
Common Class A
Common Class B
Common Stock
Common Class A
Common Stock
Common Class B
Additional Paid-in Capital
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022 0            
Beginning balance at Dec. 31, 2022 $ 0            
Redeemable Convertible Preferred Stock              
Redeemable, convertible preferred stock issued, net of issuance costs (in shares) 41,850,000            
Redeemable, convertible preferred stock issued, net of issuance costs $ 219,064            
Accretion of redeemable, convertible preferred stock $ 8,135            
Ending balance (in shares) at Dec. 31, 2023 41,850,000            
Ending balance at Dec. 31, 2023 $ 227,199            
Beginning Balance (in shares) at Dec. 31, 2022       93,350,000 0    
Beginning Balance at Dec. 31, 2022 (58,371)     $ 1 $ 0 $ 0 $ (58,372)
Increase (Decrease) in Stockholders' Equity              
Common stock issued (in shares)       1,040,000      
Common stock issued 10,000         10,000  
Rescission of common stock issued, Redemption of preferred stock for Class A common stock (in shares)       (1,040,000)      
Rescission of common stock issued (10,000)         (10,000)  
Accretion of redeemable, convertible preferred stock (8,135)           (8,135)
Cash dividend paid (339,023)           (339,023)
Share-based compensation 41         41  
Net income 17,886           17,886
Ending Balance (in shares) at Dec. 31, 2023       93,350,000 0    
Ending Balance at Dec. 31, 2023 (387,602)     $ 1 $ 0 41 (387,644)
Redeemable Convertible Preferred Stock              
Accretion of redeemable, convertible preferred stock $ 13,274            
Ending balance (in shares) at Dec. 31, 2024 41,850,000            
Ending balance at Dec. 31, 2024 $ 240,473            
Increase (Decrease) in Stockholders' Equity              
Accretion of redeemable, convertible preferred stock (13,274)           (13,274)
Share-based compensation 296         296  
Net income 34,592           34,592
Ending Balance (in shares) at Dec. 31, 2024   93,350,000 0 93,350,000 0    
Ending Balance at Dec. 31, 2024 (365,988)     $ 1 $ 0 337 (366,326)
Redeemable Convertible Preferred Stock              
Accretion of redeemable, convertible preferred stock $ 10,438            
Redemption of preferred stock for Class A common stock (in shares) (41,850,000)            
Redemption of preferred stock for Class A common stock $ (250,911)            
Ending balance (in shares) at Dec. 31, 2025 0            
Ending balance at Dec. 31, 2025 $ 0            
Increase (Decrease) in Stockholders' Equity              
Accretion of redeemable, convertible preferred stock (10,438)           (10,438)
Cash dividend paid (175,000)           (175,000)
Share-based compensation 11,420         11,420  
Net income 37,413           37,413
Contributed capital, stockholder reimbursement of IPO transaction costs 8,474         8,474  
Exercise of options (in shares)   2,953,530 0 2,954,000      
Exercise of options 15,714         15,714  
Redemption of preferred stock for Class A common stock (in shares)   41,850,000   41,850,000      
Redemption of preferred stock for Class A common stock 250,911         250,911  
Redemption of Class A common stock for Class B common stock (in shares)   (43,435,000) 43,435,000 (43,435,000) 43,435,000    
Ending Balance (in shares) at Dec. 31, 2025   94,718,530 43,435,000 94,719,000 43,435,000    
Ending Balance at Dec. 31, 2025 $ (227,494)     $ 1 $ 0 $ 286,856 $ (514,351)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 37,413 $ 34,592 $ 17,886
Adjustments to reconcile net income to cash provided by operating activities:      
Amortization expense 3,713 3,027 2,182
Amortization of deferred financing fees 632 905 1,228
Loss on extinguishment of debt 0 5,426 556
Share-based compensation 11,420 296 41
Deferred income taxes 2,001 (612) (2,193)
(Increase) decrease in operating assets:      
Commissions and fees receivable (1,468) (1,671) (491)
Income tax receivable (1,150) 462 (412)
Prepaid expenses and other current assets (857) 212 (274)
Deferred financing asset 0 (111) (313)
Increase (decrease) in operating liabilities:      
Accounts payable 2,976 1,873 1,556
Commissions payable 1,260 423 518
Income tax payable (4,781) 4,691 (54)
Accrued expenses 511 413 (1,583)
Net cash provided by operating activities 51,670 49,926 18,647
Cash flows from investing activities:      
Internal developed software (3,914) (3,713) (4,030)
Purchase of intangible assets (63) 0 0
Net cash used in investing activities (3,977) (3,713) (4,030)
Cash flows from financing activities:      
Change in fiduciary receivables (1,279) (623) (939)
Change in fiduciary liabilities 12,820 5,407 5,399
Payment of deferred financing fees and prepayment penalty (939) (3,727) (3,017)
Issuance of common stock 0 0 10,000
Rescission of common stock 0 0 (10,000)
Issuance of redeemable, convertible preferred stock, net of issuance costs 0 0 219,064
Proceeds from revolving credit facility 251,000 0 0
Repayments of revolving credit facility (11,000)
Proceeds from exercise of stock options 15,714 0 0
Contributed capital, stockholder reimbursement of IPO transaction costs 8,474 0 0
Cash dividend paid (175,000) 0 (339,023)
Net cash used in financing activities (35,210) (42,468) (9,866)
Net increase in cash and cash equivalents and fiduciary cash 12,483 3,745 4,751
Cash and cash equivalents and fiduciary cash:      
Beginning of period 28,065 24,320 19,569
End of period 40,548 28,065 24,320
Cash and cash equivalents 8,036 7,094 8,133
Fiduciary cash 32,512 20,971 16,187
Total cash and cash equivalents and fiduciary cash 40,548 28,065 24,320
Cash paid for:      
Interest 17,131 17,067 20,098
Total income taxes paid 20,152 7,310 8,599
Supplemental disclosure of non-cash financing activities:      
Reclassification of unamortized deferred financing fees to deferred financing asset 1,264 0 0
2021 Credit Agreement      
Cash flows from financing activities:      
Repayments of term loan 0 0 (69,875)
2023 Credit Agreement      
Cash flows from financing activities:      
Repayments of term loan 0 (178,525) (11,475)
Proceeds from term loan 0 0 190,000
2025 Credit Agreement      
Cash flows from financing activities:      
Repayments of term loan (301,000) 0 0
Proceeds from term loan 301,000 0 0
2024 Credit Agreement      
Cash flows from financing activities:      
Repayments of term loan (135,000) (36,000) 0
Proceeds from term loan $ 0 $ 171,000 $ 0
v3.25.4
Nature of Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business and Basis of Presentation
Note 1. Nature of Business and Basis of Presentation
Neptune Insurance Holdings Inc. (“Neptune Holdings” or the “Company”) was incorporated in Delaware on March 20, 2025, to serve as the holding company for Neptune Flood Incorporated (“Neptune Flood”).
Neptune Flood, incorporated in Delaware on February 10, 2017, is an insurance agency engaged in the business of selling residential and commercial flood insurance policies on behalf of insurance carrier partners throughout the United States.
On April 10, 2025, Neptune Holdings completed a corporate restructuring through a reverse triangular merger (the “Reorganization”) to implement a holding company structure. In connection with the Reorganization, Neptune Insurance Merger Sub Inc. (“Merger Sub”), a wholly-owned subsidiary of Neptune Holdings, merged with and into Neptune Flood, with Neptune Flood continuing as the surviving entity. Each issued and outstanding share of common and preferred stock of Neptune Flood was converted into an equivalent share of common and preferred stock of Neptune Holdings. The outstanding shares of Neptune Holdings previously owned by Neptune Flood were canceled and retired. As a result, Neptune Holdings became the parent holding company, and Neptune Flood became its wholly-owned operating subsidiary. In connection with the Reorganization, the Company filed an amendment to its Articles of Incorporation, effective April 10, 2025, which did not include any material changes other than those necessary to give effect to the new holding company structure. In connection with the Reorganization, Neptune Holdings assumed the Amended and Restated 2019 Stock Plan and amended and restated it in its entirety. The Amended and Restated 2019 Stock Plan, as so amended and restated in connection with the Reorganization, shall be referred to as the Pre-IPO 2025 Plan. Neptune Holdings also assumed Neptune Flood’s obligations under the Pre-IPO Stockholders Agreement that was entered into in connection with the convertible preferred stock financing of Neptune Flood in May 2023 as well as certain common stock and restricted stock purchase agreements and certain indemnification agreements.
The Reorganization was accounted for as a combination of entities under common control in accordance with subsections of Accounting Standards Codification (“ASC”) Topic 805-50, Business Combinations (“ASC 805-50”). Consequently, Neptune Flood was contributed to Neptune Holdings and the Reorganization was recorded at historical carrying amounts and the Company’s consolidated financial statements prior to the Reorganization have been adjusted to reflect the retrospective combination of the entities for all periods presented.
Initial Public Offering: On October 2, 2025, the Company completed its IPO, in which certain stockholders of the Company sold 21,184,210 shares of its Class A common stock at a public offering price of $20.00 per share. The Company received no proceeds from the sale of Class A common stock by the selling stockholders in the offering. The Company incurred IPO transaction costs for the year ended December 31, 2025, of $8,913, excluding the underwriting discount, which were expensed as incurred, as the Company received no proceeds from the IPO. These transaction costs are recorded within IPO transaction costs in the accompanying consolidated statements of income.
In connection with the IPO, all 41,850,000 shares of the Company’s convertible preferred stock converted into 41,850,000 shares of common stock. Additionally, all 138,035,000 shares of common stock (including shares of common stock issued upon the automatic conversion of our outstanding convertible preferred stock) were reclassified into 138,035,000 shares of Class A common stock, of which 43,435,000 shares were then exchanged for Class B common stock on a one-for-one basis, resulting in 94,600,000 shares of Class A common stock and 43,435,000 shares of Class B common stock outstanding at the time of the IPO. Class A and Class B common stock are identical in their economic rights.
In connection with the IPO, the selling stockholders agreed to reimburse the Company for certain IPO offering costs, in an aggregate amount not to exceed 2% of the gross IPO proceeds to be received by the selling stockholders. On October 2, 2025, the Company received the full reimbursement amount due from the selling stockholders.
Basis of Presentation: The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements are presented in U.S. Dollars. All amounts are presented in thousands, except per share data and where otherwise noted.
Emerging Growth Company: Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies (“EGC”) from being required to comply with new or revised financial accounting standards until private companies are required to. For the purpose of this section, a private company is one that has not had a Securities Act registration statement declared effective or does not have a class of securities registered under the
Securities Exchange Act of 1934, as amended. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company qualifies as an EGC and has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for Public Business Entities (“PBEs”) and Non-PBEs, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard, until such time the Company is no longer considered to be an EGC. At times, the Company may elect to early adopt a new or revised standard.
Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany account balances and transactions have been eliminated in the consolidated financial statements.
Stock Split: On September 9, 2025, the Company effected a ten-for-one stock split of its common stock and redeemable, convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented. The shares of common stock and redeemable, convertible preferred stock retain a par value of $0.00001 per share.
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates, judgments, and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates. The Company’s most significant estimates and judgments involve the valuation of share-based compensation, including the fair value of common stock, accounting for capitalized internal-use software, including the related estimated useful life, as well as the estimates for policy cancellations.
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies
Note 2. Significant Accounting Policies
Revenue Recognition: The Company recognizes revenue for the transfer of such promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those products or services. Under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when or as the transfer of control of the underlying performance obligations occurs. ASC 606 provides a five-step model for recognizing revenue from contracts with customers as follows:
•Identify the contract with a customer
•Identify the performance obligations in the contract
•Determine the transaction price
•Allocate the transaction price to the performance obligations in the contract
•Recognize revenue when or as the performance obligations are satisfied
The Company recognizes revenues under ASC 606 and associated costs under ASC Topic 340, Incremental Costs to Obtain a Contract. Refer to Note 3 – Revenue to the consolidated financial statements for additional details.
Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk are primarily comprised of cash and cash equivalents and fiduciary cash. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. However, the Company’s exposure to credit risk in the event of default by the financial institutions is limited to the excess of the amounts recorded on the consolidated balance sheets over the insured amounts. The Company has not experienced any losses on its deposits of cash and cash equivalents or fiduciary cash to date.
Cash and Cash Equivalents: Cash and cash equivalents consist of demand deposits with financial institutions and highly liquid investments with quoted market prices having maturities of three months or less, respectively. At both December 31, 2025 and 2024, the Company held all cash in demand deposits with financial institutions and did not hold any cash equivalents.
Fiduciary Cash and Fiduciary Receivable: In its capacity as a managing general agency (“MGA”), the Company typically collects premiums from insureds and, after deducting the authorized commissions, remits the net premiums to the appropriate insurance company or companies. Accordingly, premiums receivable from insureds are reported as fiduciary receivable and premiums payable to insurance companies are reported as insurance company payables in the accompanying consolidated balance sheets. Unremitted net insurance premiums are held in a fiduciary capacity until
the Company disburses them. Net insurance premiums payable to insurance companies together with premium deposits received from customers are held as fiduciary cash on the accompanying consolidated balance sheets. Insurance company payables together with premium deposits are considered fiduciary liabilities. Cash and cash equivalents held in excess of the amount required to meet the Company’s fiduciary obligations are recognized as cash and cash equivalents on the consolidated balance sheets.
Commissions and Fees Receivable: Commissions receivable reflect commissions due from insurance carrier partners. Fees receivable represent fees due from policyholders.
The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for expected credit losses, the Company considers historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The allowance for expected credit losses is not material as of December 31, 2025 and 2024. Non-payments are accrued for as part of the Company’s estimate for policy cancellations.
Internally Developed Software, Net: The Company capitalizes certain costs incurred to develop internal use software in accordance with ASC Topic 350-40, Internal Use Software. Costs incurred during the preliminary project stage and post-implementation stage of an internal-use software project are expensed as incurred, while costs incurred during the application development stage of an internal-use software project are capitalized. Costs related to updates and enhancements to the software are only capitalized if they result in additional functionality to the Company. Significant estimates and assumptions include determining the appropriate period over which to amortize the capitalized costs based on the estimated useful lives, estimating the technological feasibility of the internally developed software, and assessing the unamortized cost balances for impairment. The Company considers various factors to project useful life including anticipated changes in technology that may make the product obsolete. A significant change in an estimate related to one or more software products could result in a material change to the Company’s results of operations. The Company amortizes capitalized software on a straight-line basis over an estimated useful life of three years. The total cost of internally developed software was $16,458 and $12,544 as of December 31, 2025 and 2024, respectively. The related accumulated amortization was $10,428 and $6,788 as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025, 2024, and 2023, the Company recorded amortization expense of $3,640, $2,956 and $2,112 related to internally developed software.
Intangible Assets, Net: Intangible assets are stated at cost, which includes the fair value of intangible assets acquired in business acquisitions, less accumulated amortization, and consist of acquired customer relationships and trade names. Acquired relationships and trade names are amortized on a straight-line basis over estimated useful lives of 10 years.
Impairment of Long-Lived Assets: The Company reviews long-lived assets, including internally developed software and intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that an asset’s (asset group) carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC Topic 360-10, Impairment or Disposal of Long-Lived Assets, which requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, and evaluate the asset group against the sum of the undiscounted future cash flows. If the sum of undiscounted cash flows is below the carrying amount of the asset group, it is deemed not recoverable and an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value. There were no long-lived asset impairments recognized for the years ended December 31, 2025, 2024 or 2023.
Goodwill: Goodwill totaled $3,793 as of December 31, 2025 and 2024, with no additions, impairments, or other changes recognized during the years then ended.
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. Goodwill has an indefinite useful life and is not amortized. The Company reviews its goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of the Company’s reporting unit may exceed its fair value. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying amount, including goodwill. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company’s reporting unit exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the goodwill.
The Company performed a qualitative assessment of goodwill for each of the years ended December 31, 2025, 2024 and 2023, determined that the fair value of its reporting unit exceeded its carrying value, and thus concluded that the carrying value of goodwill was not impaired as of each goodwill impairment test date, which is December 31. Accordingly, no further analysis was required or performed.
Premium Deposits: Premium deposits consist of payments received from the policyholder in advance of performance under the insurance policy contract with the policyholder.
Deferred Financing Fees: The Company capitalizes financing fees incurred in connection with its debt arrangements. For term loans, deferred financing costs are presented as a direct deduction from the carrying amount of the related debt and are amortized using the effective interest method over the term of the loan. For revolving credit facilities, deferred financing costs are recorded as a deferred asset and amortized on a straight-line basis over the availability period of the facility.
Leases: The Company accounts for leases under ASC Topic 842, Leases. A lease is an agreement between two or more parties that creates enforceable rights and obligations that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. ASC Topic 842, Leases requires an entity to determine whether a contract is a lease or contains a lease at the inception of the contract, considering all relevant facts and circumstances.
As of December 31, 2025, the Company’s only lease arrangement is a month-to-month office space lease, which qualifies as a short-term lease under ASC Topic 842, Leases. The office space is leased from a related party. Refer to Note 10 – Related Party Transactions for additional details. The Company elected to not recognize a lease liability or right-of-use asset on the consolidated balance sheets for leases with an initial term of 12 months or less. Operating lease expenses on short-term leases are recognized on a straight-line basis over the respective lease term as a component of general and administrative expense in the consolidated statements of income.
Agent Commissions: Agent commissions are incurred in connection with the placement of residential and commercial property insurance policies by third-party agents. These commissions are expensed as incurred and are presented as agent commissions in the consolidated statements of income. Commissions payable to agents represents amounts due but not yet paid as of the reporting date. These amounts are included in commissions payable on the consolidated balance sheets.
Fair Value of Financial Instruments: Fair value accounting establishes a framework for measuring fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). This framework includes a fair value hierarchy that prioritizes the inputs to the valuation technique used to measure fair value.
The classification of a financial instrument within the valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels of the hierarchy in order of priority of inputs to the valuation technique are defined as follows:
•Level 1 - Valuations are based on unadjusted quoted prices in active markets for identical financial instruments;
•Level 2 - Valuations are based on quoted market prices, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument; and
•Level 3 - Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management’s own judgment about the assumptions a market participant would use in pricing the financial instrument.
The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety.
The Company’s financial assets and liabilities consist of cash and cash equivalents, fiduciary cash, accounts receivable, accounts payable, commissions payable, insurance company payables, accrued expenses, and debt. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, commissions payable, insurance company payables, and accrued expenses approximates fair value because of the short-term nature of those instruments. The carrying value of debt approximates fair value due to the variable rate nature of the debt.
Advertising: The Company expenses advertising costs as incurred which are included in general and administrative expense in the consolidated statements of income. For the years ended December 31, 2025, 2024 and 2023, advertising costs were $1,862, $1,597, and $1,568, respectively.
Redeemable, Convertible Preferred Stock: The Company applies ASC Topic 480, Distinguishing Liabilities from Equity, when determining the classification of preferred stock. The Company classifies instruments that are conditionally redeemable for cash or other assets outside of permanent equity if they are redeemable (i) at a fixed or determinable price on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within the control of the issuer.
The Company classifies redeemable, convertible preferred stock (“Redeemable Preferred Stock”) as temporary equity on the accompanying consolidated balance sheets as it is redeemable solely on the passage of time or upon an event outside the control of the Company. The Company accretes the changes in the redemption value over the period from the original issuance date until the earliest probable redemption date using the interest method. Changes in the redemption value are considered to be changes in accounting estimates.
On October 2, 2025, prior to the completion of the Company’s IPO, all outstanding shares of Redeemable Preferred Stock were automatically converted into shares of the Company’s Class A common stock on a one-for-one basis. Upon conversion, the carrying amount of the Redeemable Preferred Stock, including any accretion to redemption value, was reclassified to permanent equity.
Income Taxes: The Company accounts for income taxes pursuant to the asset and liability method, which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment.
The Company and its subsidiaries apply ASC Topic 740, Income Taxes. A component of this standard prescribes a recognition and measurement threshold of uncertain tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. Management has evaluated the Company’s tax positions and concluded that the Company has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance.
Earnings Per Share: Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. The Company’s Redeemable Preferred Stock is classified as temporary equity and is considered probable of becoming redeemable. Additionally, Redeemable Preferred Stock represents participating securities, as holders of the Preferred Stock participate in dividends with holders of common stock on a pro rata basis. Accordingly, the Company used the two-class method of computing basic and diluted earnings per share for common stock. Under this method, net income applicable to holders of common stock is first reduced by the amount of accretion adjustment to the Redeemable Preferred Stock in the current period, and remaining undistributed earnings is then allocated on a pro rata basis to the holders of common stock and Redeemable Preferred Stock to the extent that each class may share income for the period; whereas undistributed net loss is allocated to common stock only because holders of Redeemable Preferred Stock are not contractually obligated to share the loss.
The Company takes a two-step approach to compute the diluted earnings per share, by first applying the treasury stock method and if-converted method, and then the two-class method. The dilutive earnings per share are computed using the more dilutive approach. See Note 12 – Earnings Per Share for additional information about per share data.
Share-Based Compensation: The Company accounts for share-based compensation awards issued to employees in exchange for services in accordance with ASC 718, Compensation - Stock Compensation. The Company’s share-based compensation awards consist of stock options and RSUs and are classified as equity. Accordingly, the fair value of share-based compensation awards is measured on the grant date. The grant date fair value of stock options is estimated using the Black-Scholes option-pricing model. The grant date fair value of RSUs is based on the fair value of the Company’s common stock on the grant date. Forfeitures are recorded when they occur. For stock options and RSUs that vest based only on continued service, share-based compensation cost is recognized on a straight-line basis over the requisite service period. For stock options that contain performance and market vesting conditions, share-based compensation cost is recognized when it is probable the performance condition will be achieved even if the market condition is not satisfied. For performance conditions such as an IPO or a change in control event, the performance condition is not probable of being achieved for accounting purposes until the event occurs. Upon the completion of the IPO on October 2, 2025, the performance condition was satisfied, and the Company recognized share-based compensation expense for awards for which the requisite service period had been rendered.
Comprehensive Income: Comprehensive income consists of net income and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources. The Company’s net income equals comprehensive income for all periods presented.
Recently Adopted Accounting Pronouncements:
Income Taxes: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, ASC Topic 740, Income Taxes - Improvements to Income Tax Disclosures. This standard requires the Company to provide further disaggregated income tax disclosures for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state, local and foreign income taxes. The standard also requires the Company to annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. The Company has adopted this standard and applied the standard retrospectively as disclosed in Note 8 – Income Taxes. The adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted:
Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, ASC Topic 220-40, Income Statement Reporting - Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses (“ASU 2024-03”). The standard update improves the disclosures about a PBE’s expense by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. ASU 2024-03 will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and changes are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenues [Abstract]  
Revenue Revenue
The Company’s revenue is derived from the sale of insurance policies and is primarily comprised of commission income and fee income.
Commission Income
The largest component of the Company’s revenue is commission income from the placement of insurance contracts between insurance carriers and the policyholders who acquire property insurance policies. These commissions are established by the carrier agreement between the Company and the insurance carrier partner and are calculated as a negotiated percentage of premiums for the underlying insurance contract. Commission rates and terms vary across insurance carriers. The Company’s performance obligation under its agreements with insurance carrier partners is selecting, pricing, and placing policyholders’ insurance contracts on their behalf. Each underlying insurance contract is a separate and distinct contract between the policyholder and the insurance carrier partner. The Company collects the full premium for the
policy from the policyholder at inception, then remits that premium, net of the commission owed to the Company, to the insurance carrier partner. Commission income is recognized at a point in time upon the effective date of bound insurance coverage, at which point the performance obligation has been met as no performance obligation exists after coverage is bound.
The transaction price is the total commission the Company expects to receive from the insurance carrier partner for the current term of the policy. The transaction date is determined by the effective date of the insurance policy. Policies may be cancelled in accordance with permitted reasons under applicable laws and the policy terms. In the event of a permitted cancellation, the Company’s commission being limited to the period that the policy was in effect. The Company estimates any expected variable consideration, or cancellations, based on historical information, and records a corresponding deduction in revenue at the time revenue is recognized. The Company bases its estimates on historical cancellation experience by policy type and tenure and adjusts for any known trends or events. The estimation period typically covers the allowable cancellation period. This variable consideration is recognized to the extent that it is probable there will not be a significant reversal of revenue.
The Company also earns small amounts of contingent income from insurance carrier partners in the form of a profit-sharing commission, which is highly variable and based on underwriting results. The Company assesses whether the underlying book of business has attained the profitability criteria set by carriers and whether enough time has passed to minimize the risk that sufficient losses will become realized that would negate the profit share. The Company closely monitors the calculations to identify if a profit-sharing commission would be earned and recognizes the profit-sharing commission as the underlying policies are placed, net of a constraint.
Contingent profit-sharing commissions represent a form of variable consideration associated with the placement and profitability of coverage, for which the Company earns base commissions. In connection with ASC 606, contingent profit-sharing commissions are estimated with a constraint applied and accrued relative to the recognition of the corresponding base commissions for the period over which the contract applies. As contingent commissions are earned in relation to policies placed by the Company with the insurance carrier partner, the timing of recognizing contingent commissions follows a similar pattern as the base commissions on premium described above, with any adjustments recognized when payments are received or as additional information that affects the estimate becomes available.
Fee Income
In addition to commissions on premium, the Company earns fee income. These fees are established by the carrier agreement between the Company and the insurance carrier partner and represent a flat charge on each underlying insurance contract. The Company’s performance obligation under its agreements with insurance carrier partners is selecting, pricing, and placing policyholders’ insurance contracts on their behalf. This fee compensates the Company for the administrative and operational costs associated with the Company's placement of the policy for the insured. The Company is entitled to the full fee for the policy year, even in the event of cancellation. At each annual renewal, the policyholder is re-assessed a flat, non-refundable policy fee, which the Company is entitled to retain.
Fees can vary by product type, underlying risk, and location of the insured property. The fee is non-refundable should the policy be canceled due to home sale or any other type of acceptable mid-term cancellation reason, therefore, fee income is treated as fully earned once a policy has become effective and is recognized as revenue at that time. Similar to the base commissions on premium described above, fees are recognized at a point in time upon the effective date of bound insurance coverage, at which point the performance obligation has been met as no performance obligation exists after coverage is bound.
The Company excludes from revenue any amounts collected from policyholders that are assessed by governmental authorities, such as sales and premium taxes, when the Company acts solely as a collecting agent.
Contract Costs
ASC Topic 340-40, Other Assets and Deferred Costs - Contracts with Customers requires the Company to review certain costs to obtain customer contracts primarily as they relate to agency commission arrangements. The Company pays agent commissions to its distribution partners, such as independent agents, brokers, or referral partners, for selling policies on behalf of the Company. The Company’s agency commission arrangements are the same for both new or renewal business. The Company has elected the practical expedient to expense these costs as incurred since the amortization period related to the resulting asset would be one year or less. The Company has no significant instances of contracts that would be amortized for a period greater than a year and therefore has no contract costs deferred for such arrangements.
Costs to fulfill - Due to the relatively short time period between the information gathering phase and binding insurance coverage, the Company has determined that costs to fulfill contracts are not significant. Therefore, costs to fulfill a contract are expensed as incurred.
Disaggregation of Revenue
The following table disaggregates revenue by source for the years ended December 31:
(In thousands)202520242023
Commission income$122,003 $90,098 $64,349 
Fee income37,548 29,201 20,521 
Total revenues$159,551 $119,299 $84,870 
Contract Asset and Premium Deposits
The timing of revenue recognition may not align with the right to invoice the customer. The Company records accounts receivable when it has the unconditional right to issue an invoice and receive payment, regardless of whether revenue has been recognized. Policyholder payments received in advance of commencement of the performance obligation are recorded as premium deposits. No revenue is recognized on these deposits until the performance obligation is complete.
The following table provides information about receivables and premium deposits as of December 31:
(In thousands)20252024
Commissions and fees receivable$4,080 $2,612 
Premium deposits$18,941 $11,810 
During the year ended December 31, 2025, the Company recognized revenue of $3,377 related to the premium deposits balance at December 31, 2024.
v3.25.4
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of the following as of December 31:
(In thousands)Useful Life20252024
Customer relationships10 years$167 $104 
Trade name10 years601 601 
768 705 
Less accumulated amortization(302)(229)
Net intangible assets$466 $476 
The weighted average amortization period of intangible assets was 6.07, 6.75, and 7.75 years for the years ended December 31, 2025, 2024, and 2023, respectively. Amortization expense related to intangible assets totaled $73, $71, and $70 for the years ended December 31, 2025, 2024, and 2023, respectively.
The following table summarizes the expected amortization of the intangible assets for the next five years and thereafter as of December 31, 2025:
(In thousands)
Years ending December 31:
202677 
202777 
202877 
202977 
203077 
Thereafter81 
466 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt consists of the following as of December 31:
(In thousands)20252024
2024 Term Loan$- $135,000 
2025 Term Loan- - 
Total debt- 135,000 
Less: unamortized deferred financing fees- (1,349)
Less current maturities of debt- (8,550)
Debt, net$- $125,101 
Revolving credit facility$240,000 $- 
Amended and Restated Credit Agreement
On May 8, 2023, the Company amended and restated its prior credit agreement entered into during 2021 (“2023 Amended and Restated Credit Agreement”) in its entirety with its existing lender, increasing its borrowing base on the term loan to $190,000 (“2023 Term Loan”) and providing access to incremental loans and a revolving line of credit of $10,000. During the year ended December 31, 2024, and prior to the refinancing on June 13, 2024, the Company made aggregate principal repayments of $4,475.
2024 Credit Agreement
On June 13, 2024, the Company entered into a credit agreement (“2024 Credit Agreement”) comprised of a $171,000 term loan (“2024 Term Loan”) and a revolving line of credit commitment of $10,000 (“2024 Revolver”) as well as access to incremental loans. The Company used the proceeds from the 2024 Term Loan in part to pay down the remaining balance of the 2023 Term Loan under the 2023 Amended and Restated Credit Agreement. A loss on extinguishment of debt of $5,346 was recognized in the consolidated statements of income during the year ended December 31, 2024, related to the pay down of the 2023 Term Loan, consisting of the prepayment penalty of $1,741 and the write-off of unamortized deferred financing fees of $3,348 and deferred financing asset of $257.
During the year ended December 31, 2025, and prior to the refinancing on April 10, 2025, the Company made aggregate principal repayments of $4,000. During the year ended December 31, 2024, the Company made aggregate principal repayments of $36,000. The Company recorded amortization expense of $111 and $556 for the years ended December 31, 2025 and 2024, respectively. Interest expense related to the 2024 Credit Agreement was $2,617 and $7,974 for the years ended December 31, 2025 and 2024, respectively.
2025 Credit Agreement
On April 10, 2025, the Company amended and restated its 2024 Credit Agreement (the “2025 Amended and Restated Credit Agreement”) with its existing lenders to, among other things, increase its borrowing base on the term loan to $301,000 (the “2025 Term Loan”) and extend the maturity date to April 30, 2030. The proceeds of the 2025 Term Loan
were used to repay in full all outstanding obligations under the 2024 Term Loan and to finance a dividend. The revolving loan commitment remained at $10,000 (“2025 Revolver”) and its maturity date was also extended to April 30, 2030. The Company applied modification accounting to the 2024 Credit Agreement and capitalized $477 of deferred financing fees, $36 of deferred financing asset, and recognized interest expense of $518 for third party fees related to the 2025 Amended and Restated Credit Agreement. Unamortized deferred financing fees of $1,238 related to the 2024 Term Loan continued to be amortized over the term of the 2025 Term Loan. During the year ended December 31, 2025, and prior to the refinancing on November 10, 2025, the Company made aggregate principal repayments of $50,000.
First Amendment to the 2025 Credit Agreement
On November 10, 2025, Neptune Flood entered into the first amendment to the 2025 Amended and Restated Credit Agreement (“First Amendment”) with its existing lenders to, among other things, to increase the maximum availability of the 2024 Revolver to $260,000 (“Amended 2025 Revolver”). The Company used proceeds drawn on the Amended 2025 Revolver from the First Amendment to paydown the outstanding balance of the 2025 Term Loan. The Company applied modification accounting to the Amended 2025 Revolver and capitalized $426 of deferred financing asset related to the First Amendment. Unamortized deferred financing fees of $1,264 related to the 2025 Amended and Restated Credit Agreement were reclassified to deferred financing asset and deferred financing asset of $106 related to the 2025 Amended and Restated Credit Agreement continues to be amortized over the term of the Amended 2025 Revolver. At the Company's option, the interest rate on the Amended 2025 Revolver may be based on either ABR plus an applicable margin ranging from 0.75% to 2.00% or Term SOFR ranging from 1.75% to 3.00%, depending on the Company’s total net leverage ratio for the prior fiscal quarter. Interest is payable quarterly and the maturity date was extended to November 10, 2030, at which time any outstanding principal and accrued interest is due. As of December 31, 2025, the total amount outstanding under the revolving credit facility was $240,000.
Incremental Loans: The Company may request up to three tranches of incremental term loans (“Incremental Term Loan”) or increases to the existing Revolver (“Additional Revolving Commitment”), subject to lender participation and agent approval. Each Incremental Term Loan request must be for a minimum principal amount of $10,000. The total amount of Additional Revolving Commitments under all such requests shall not exceed $10,000 over the term of the agreement. Any Incremental Term Loan(s) must (a) rank pari passu in right of payment and be secured solely by the existing collateral, (b) have no obligors other than the loan parties, (c) mature no earlier than the latest maturity date of any then-outstanding term loans, and (d) not have a shorter weighted average life to maturity than the existing Term Loans. Incremental Term Loans may be priced differently but must otherwise be treated no more favorably than existing term loans, subject to exceptions for loans maturing after the latest maturity date.
Borrowings under the Amended Credit Agreement are secured by a first-priority lien on substantially all of the Company’s stock and assets and are subject to certain restrictive covenants primarily relating to net leverage ratios. Under the 2024 Credit Agreement, the Company was subject to two key financial covenants which began with the fiscal quarter ending June 30, 2024. First, the Company was required to maintain a total net leverage ratio that did not exceed 4.50 through the quarter ending September 30, 2024. This threshold tightened over time, requiring a maximum ratio of 4.25 for quarters ending from December 31, 2024 through March 31, 2025. Under the 2025 Amended and Restated Credit Agreement, the Company was required to maintain a total net leverage ratio that did not exceed 5.00 through the quarter ending September 30, 2025. This threshold will tighten to 4.50 for the quarters ending from December 31, 2025 through June 30, 2026, and further reduce to 4.00 for quarters ending on or after September 30, 2026. Second, the Company is required to maintain an interest coverage ratio of at least 2.00 for any rolling four-quarter period ending on the last day of each fiscal quarter, starting with the quarter ending June 30, 2024. The Company was in compliance with both covenants as of December 31, 2025.
The First Amendment contains a number of customary negative covenants for agreements of this type that, among other things and subject to certain exceptions, restrict the Company’s ability to: create, incur, or assume any additional indebtedness; create, incur, or assume any liens; engage in mergers, consolidations, or amalgamations; make investments, loans, or advances; pay dividends; sell assets; engage in certain transactions with affiliates; enter into restrictive agreements; enter into sale and leaseback transactions; execute amendments to organizational documents or certain other material agreements; and make certain accounting changes.
Interest expense was $18,243, $17,520 and $21,326 for the years ended December 31, 2025, 2024, and 2023, respectively, of which $562, $871 and $1,194 was attributable to the amortization of the debt issuance costs, respectively, and $70, $34 and $34 was attributable to the amortization of the deferred financing asset, respectively. Accrued interest associated with the outstanding debt is included within accrued expenses on the consolidated balance sheets. As of December 31, 2025, and 2024, the Company had $932 and $451, respectively, of accrued interest associated with the debt.
v3.25.4
Stockholders’ Deficit and Redeemable, Convertible Preferred Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders’ Deficit and Redeemable, Convertible Preferred Stock Stockholders’ Deficit and Redeemable, Convertible Preferred Stock
The total number of shares of all classes of stock that the Company has authority to issue is 500,000,000 shares, consisting of 480,000,000 shares of common stock, par value $0.00001 per share (the “Common Stock”), 428,422,036 shares of which are designated as Class A Common Stock, par value $0.00001 per share (the “Class A Common Stock”) and 51,577,964 shares of which are designated as Class B Common Stock, par value $0.00001 per share (the “Class B Common Stock”), and 20,000,000 shares of Preferred Stock, par value $0.00001 per share (the “Preferred Stock”).
The following table presents a rollforward of the Company’s common stock issued and outstanding as of December 31, 2025:
Redeemable Preferred StockClass A Common StockClass B Common Stock
Shares issued at December 31, 202441,850,000 93,350,000 - 
Redemption of preferred stock for Class A common stock(41,850,000)41,850,000 - 
Redemption of Class A common stock for Class B common stock- (43,435,000)43,435,000 
Exercise of options- 2,953,530 - 
Shares issued at December 31, 2025- 94,718,530 43,435,000 
On July 28, 2023, the Company amended and restated its certificate of incorporation to effect a 1,000-for-1 forward stock split of the Company’s outstanding and authorized shares of Common Stock and Redeemable, Convertible Preferred Stock so that the par value of the issued and outstanding shares of the Company’s Common Stock and Redeemable Preferred Stock was reduced from $0.01 per share to $0.00001 per share. All share and per share amounts presented herein have been retroactively adjusted to reflect the impact of this stock split.
Class A Common Stock
Holders of the Company’s Class A common stock are entitled to one vote per share on all matters submitted to a vote of stockholders. Holders of Class A common stock vote together with holders of Class B common stock as a single class, except as otherwise required by law. Holders of Class A common stock are entitled to receive dividends when and if declared by the Company’s board of directors out of legally available funds, on a ratable per share basis. Upon liquidation, dissolution, or winding up of the Company, and subject to the rights of any preferred stock outstanding, holders of Class A common stock are entitled to share ratably in the Company’s remaining assets available for distribution.

Class B Common Stock
On October 2, 2025, 43,435,000 shares of Class A common stock were exchanged for 43,435,000 shares of Class B common stock on a one-for-one basis, resulting 43,435,000 shares of Class B common stock outstanding as of December 31, 2025. Refer to Note 1 – Nature of Business and Basis of Presentation.
Holders of the Company’s Class B common stock are entitled to ten votes per share on all matters submitted to a vote of stockholders. Holders of Class B common stock vote together with holders of Class A common stock as a single class, except as otherwise required by law.
Holders of Class B common stock are entitled to receive dividends when and if declared by the Company’s board of directors out of legally available funds on the same basis as holders of Class A common stock. Upon liquidation, dissolution, or winding up of the Company, and subject to the rights of any preferred stock outstanding, holders of Class B common stock are entitled to share ratably in the Company’s remaining assets available for distribution.
Each share of Class B common stock is convertible at any time, at the option of the holder, into one share of Class A common stock. In addition, each share of Class B common stock will automatically convert into one share of Class A common stock upon the occurrence of certain transfer events, other than permitted transfers, or upon the occurrence of a final conversion date, as defined in the Company’s governing documents. Following the final conversion date, Class B common stock may no longer be reissued, and any outstanding shares will be retired and canceled.
Redeemable, Convertible Preferred Stock

Upon the consummation of an initial public offering or transaction with a special purpose acquisition company that results in a certain amount of aggregate proceeds and an offering price above a certain threshold (“Qualified IPO”) the Redeemable, Convertible Preferred Stock was to be automatically converted into such number of shares of Common Stock having a value per share equal to the amount that would have been distributed with respect to such share had the Company been sold for cash in a Liquidation for the value of the Company in a Qualified IPO implied by the price per share of Common Stock at which shares are sold to the public in a Qualified IPO.

On October 2, 2025, the Company completed its IPO which resulted in the conversion of all 41,850,000 outstanding shares of the Company’s Redeemable, Convertible Preferred Stock on a one-for-one basis into shares of the Company’s Class A Common Stock. Refer to Note 1 – Nature of Business and Basis of Presentation.
Dividends
On April 10, 2025, the Company’s board of directors approved a cash dividend in the aggregate amount of $175,000, payable to holders of Common Stock and Redeemable, Convertible Preferred Stock of record as of April 10, 2025.
v3.25.4
Share-Based Compensation Plan
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Plan Share-Based Compensation Plan
In 2019, the stockholders of the Company approved the Neptune Flood Incorporated 2019 Stock Plan (the “Pre-Existing Plan”), that provides for the granting of restricted stock or options to employees and consultants contingent on performance-based and/or time-based criteria and was subsequently amended and restated in May and November of 2023. On April 10, 2025, the Company adopted the Amended and Restated 2025 Stock Plan (the “Pre-IPO Plan”), which amended and restated the Pre-Existing Plan. Pursuant to an Agreement and Plan of Merger dated April 10, 2025 by and among the Company, Neptune Flood, and Neptune Insurance Merger Sub Inc., the Company assumed the Pre-Existing Plan and all awards previously granted thereunder.
The principal purpose of the Pre-IPO Plan was to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, and to promote the success of the Company’s business. The maximum contractual term of the stock options issued under the Pre-IPO Plan was 10 years. The number of shares of stock reserved for issuance under the stock plan was 12,800,000 shares. No awards could be granted under the Pre-IPO Plan if such awards could result in the issuance of more than 11,760,000 shares pursuant to awards granted after May 8, 2023. In connection with the adoption of the 2025 Plan, the Pre-IPO Plan was terminated and no additional awards may be granted thereunder; however, awards previously granted under the Pre-IPO Plan remain outstanding in accordance with their terms.
In connection with the IPO, the Company adopted the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective on September 30, 2025. The 2025 Plan provides for the grant of equity-based awards, including stock options, restricted stock, restricted stock units, stock appreciation rights, and other share-based awards. The principal purpose of the 2025 Plan is to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, and to promote the success of the Company’s business. The maximum contractual term of the stock options issued under the 2025 Plan is 10 years. The maximum aggregate number of shares of common stock authorized for issuance under the 2025 Plan is 6,123,333 shares. In addition, the number of shares available for issuance under the 2025 Plan will automatically increase on the first day of each fiscal year beginning in fiscal year 2027 through fiscal year 2036 by an amount equal to the lesser of (i) 2% of the outstanding shares of the Company’s common stock (including both Class A and Class B common stock) on the last day of the immediately preceding fiscal year, calculated on a fully diluted and as-converted basis, (ii) 6,123,333 shares, or (iii) such smaller number of shares as determined by the Company’s board of directors. Shares subject to awards under the 2025 Plan that expire, terminate, are forfeited, or are settled without issuance of shares generally become available for future issuance under the 2025 Plan, subject to the terms of the plan.
Stock Options
Stock options issued under the Pre-IPO Plan in 2025 and 2024 consist of two tranches: Time-Based Options and Performance-Based Options. Time-Based Options contain only service conditions and cliff vest on the 5th anniversary date of the grant date. Upon an optionee’s death or disability, or the consummation of a liquidity event by the Company, all of the Time-Based Option will immediately vest and become exercisable. All Time-Based Options have an exercise price of $5.50 per share. Performance-Based Options contain service, performance and market conditions. Subject to the optionee’s
continuous service through a liquidity event, Performance-Based Options will vest upon the occurrence of a liquidity event; provided that if the return on the invested capital of preferred stockholders is less than a multiple of 3.0 (as defined in the Plan (referred to herein as the “Preferred Return Multiple”)), the exercise price for the vested options will be $10.99 per share; and if the return on the invested capital of preferred stockholders equals or is more than the Preferred Return Multiple, the exercise price for the vested options will be $5.50 per share. If a liquidity event does not occur before the 5th anniversary date of the grant date, the service condition is considered to be met once a grantee has provided continuous service for 5 years; however, the performance condition is still required to be met for the Performance-Based Options to vest.
Upon the completion of the IPO on October 2, 2025, the liquidity event performance condition was satisfied. As a result, the exercise price applicable to the vested Performance-Based Options was $5.50 per share.
A summary of stock option activity for the year ended December 31, 2025, is presented below:
Time Based
Performance Based
Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
Outstanding as of December 31, 20245,472,500 $5.50 8.95,472,500 $8.24 8.9
Granted
462,000 $8.35 462,000 $8.35 
Exercised or converted
(1,528,570)$5.50 (1,453,045)$5.50 
Forfeited
(54,500)$5.50 (54,500)$5.50 
Expired
Outstanding as of December 31, 20254,351,430$5.80 8.24,426,955$5.79 8.3
Exercisable as of December 31, 20254,351,430- 4,426,955- 
The weighted average grant-date fair value of the Time-Based Options issued in 2025 and 2024 is $2.96 and $0.42, respectively. During the years ended December 31, 2025, and 2024, the Company recognized approximately $2,572 and $296, respectively, in compensation expense related to Time-Based Options which is included in employee compensation and benefits expenses in the consolidated statements of income. There was no unrecognized compensation expenses for Time-Based Options as of December 31, 2025.
The weighted average grant-date fair value of the Performance-Based Options issued in December 31, 2025 and 2024 is $1.70 and $0.17, respectively. During the year ended December 31, 2025, the Company recognized $1,866 of share-based compensation expense related to Performance-Based Options, representing the acceleration of previously unrecognized compensation cost as a result of the completion of the IPO. During the year ended December 31, 2024, No compensation expense was recognized for Performance-Based Options because the performance condition was not considered probable to be met. There was no unrecognized compensation expenses for Performance-Based Options as of December 31, 2025.
As of December 31, 2025, there were 1,945,845 shares of common stock available for future issuance under the 2025 Plan.
Prior to the IPO, there was no public market for the Company’s Common Stock. The estimated fair value of its Common Stock was determined by the Company’s board of directors as of the date of each equity award, with input from management, considering the Company’s most recently available third-party valuations of its Common Stock, and the board of director's assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. The fair value of the Company’s Common Stock in 2025 and 2024 was estimated using a combination of income and market approach based on the most recent transaction that provided an observable market value. A discount for lack of marketability of the Common Stock is then applied to arrive at an indication of value for the Common Stock.
The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that uses the assumptions noted in the table below. Expected volatility for the Company’s Common Stock was determined based on an average of the historical volatility of a peer group of similar public companies. The expected term of options granted was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. The risk-free
rate is based upon the U.S. Treasury yield curve in effect at the time of grant for the period equivalent to the expected term of the option.
Below is a summary of the weighted average assumptions used for the Black-Scholes model valuation of stock options during the years ended December 31:
Time-Based
20252024
Expected term in years7.36.8
Expected stock price volatility36.0%37.0%
Dividend yield0%0%
Risk-free interest rate4.2%4.6%
Fair value of the underlying share$7.7 $2.0 
Performance-Based
20252024
Expected term in years5.55.9
Expected stock price volatility35.1%37.0%
Dividend yield0%0%
Risk-free interest rate3.9%4.1%
Fair value of the underlying share$7.7 $2.0 

Restricted Stock Units
Restricted stock units (“RSUs”) represent the right to receive shares of the Company’s Class A common stock upon vesting. Each RSU grant vests ratably in three equal installments on each of the first, second, and third anniversaries of the vesting commencement date, subject to the employee’s continued service. The grant date fair value of RSUs is based on the closing market price of the Company’s Class A common stock on the grant date. The aggregate grant date fair value of RSUs issued during the year ended December 31, 2025 was $83,728. No RSUs were issued or outstanding for the year ended December 31, 2024. During the year ended December 31, 2025, the Company recognized $6,982 of share-based compensation expense related to RSUs, which is included in employee compensation and benefits expense in the consolidated statements of income. As of December 31, 2025, unrecognized compensation cost related to unvested RSUs was $76,746, which is expected to be recognized over a weighted-average period of 2.8 years.
A summary of restricted stock unit activity for the year ended December 31, 2025, is presented below:
Restricted Stock Units
Number of Units
Weighted Average Grant Date Fair Value
Weighted Average Remaining Service Period
Outstanding as of December 31, 2024— $— — 
Granted
4,177,488 20.0 2.8
    Vested
— — — 
Forfeited
— — — 
Outstanding as of December 31, 20254,177,488$20.0 2.8
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Components of income tax expense include the following for the years ended December 31:
(In thousands)202520242023
Current:
Federal$10,468 $9,154 $5,910 
State$3,753 3,246 2,254 
14,221 12,400 8,164 
Deferred:
Federal$1,640 (516)(1,752)
State$361 (96)(441)
2,001 (612)(2,193)
$16,222 $11,788 $5,971 
A reconciliation of the statutory U.S. federal tax rate and the Company’s effective tax rates is as follows for the years ended December 31:
202520242023
Tax ExpenseRateTax ExpenseRateTax ExpenseRate
US federal statutory tax rate$11,264 21.0 %$9,740 21.0 %$5,010 21.0 %
State and local income taxes, net of federal income tax effect (1)
3,245 6.0 %2,488 5.4 %1,324 5.5 %
Foreign tax effects— — %— — %— — %
Effect of cross-border tax laws— — %— — %— — %
Effect of changes in tax laws or rates enacted in the current period— — %— — %— — %
Nontaxable or nondeductible items
Nondeductible executive compensation3,058 5.7 %— — %— — %
Stock compensation(2,911)(5.4)%10 — %— — %
IPO costs1,774 3.3 %— — %— — %
Other12 — %4 — %3 — %
Tax credits
Research and development tax credit(199)(0.4)%(346)(0.7)%(394)(1.6)%
Changes in valuation allowances— — %— — %— — %
Changes in unrecognized tax benefits— — %— — %— — %
Other items(21)— %(108)(0.3)%28 0.1 %
Effective income tax rate$16,222 30.2 %$11,78825.4%$5,97125.0%
(1)Taxes in Florida make up the majority of the effect of the state and local tax category.
The Company paid cash taxes, net of refunds, for the year ended December 31, as follows:
(In thousands)202520242023
 U.S. federal taxes $14,950 $4,900 $6,320 
 State and local taxes
    Florida 2,774 901 1,125 
    New Jersey 473 438 323 
    Other states 1,955 1,071 831 
         Total income taxes paid $20,152 $7,310 $8,599 
The following table summarizes components of deferred income tax assets and liabilities as of December 31:
(In thousands)20252024
Deferred tax assets (liabilities):
Cancellation reserves$750 $351 
Acquisition intangibles48 44 
163(j) interest expense limitations304 1,811 
Internally developed software- 735 
Stock compensation1,594 74 
Other5 6 
Deferred tax assets$2,701 $3,021 
Goodwill(289)(121)
Prepaid expenses(163)(97)
Internally developed software(1,448)- 
Deferred tax liabilities(1,900)(218)
Net deferred tax assets$801 $2,803 
The Company assessed the future realization of the tax benefit of its existing deferred tax assets and concluded based on projected future earnings that it is more likely than not that all of its deferred tax assets will be realized in the future. Accordingly, no valuation allowance was recorded as of December 31, 2025 or 2024.
As of December 31, 2025, the Company has not recorded a reserve for any uncertain tax positions, penalties, or interest as management has concluded that all positions meet the requirements to be recognized in the financial statements. Interest and penalties accrued by the Company are included in the General and administrative section of the consolidated statements of income. The Company’s U.S. federal and state income tax returns remain subject to examination by taxing authorities for tax years 2022 and after.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The impacts of this legislation have been reflected in the provision for income taxes for the year ended December 31, 2025. The new legislation allows the immediate expensing of domestic research and development costs, rather than capitalizing and amortizing these costs over 60 months. Taxpayers also are given the option to accelerate the remaining unamortized domestic research and development costs over one or two years beginning in 2025. There is no change to the treatment of foreign research and development costs. The Company elected to fully expense its remaining unamortized domestic research and development costs in 2025 and immediately deducted such costs incurred during the year.

We believe the changes to tax law described above are the most material impacts to the Company and have been reflected in the provision for the year ended December 31, 2025.
v3.25.4
Defined Contribution Plan
 12 Months Ended
Dec. 31, 2025
Defined Contribution Plan [Abstract]  
Defined Contribution Plan Defined Contribution Plan
The Company adopted the Neptune Flood Incorporated 401(k) Plan (the “401(k) Plan”) on January 1, 2020. The 401(k) Plan is a voluntary defined contribution retirement plan for eligible employees of the Company. All eligible employees become participants unless they elect not to participate. The 401(k) Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974. During the years ended December 31, 2025, 2024, and 2023, the Company made nonelective contributions of $286, $181, and $175, respectively, which were included in general and administrative expense in the consolidated statements of income.
v3.25.4
Related-Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
Rent Expense
In February 2021, the Company entered into a month-to-month operating lease agreement for office space for management and administrative services at a rate of $12 per month from an affiliate of the Company’s executive and principal stockholder. Rent expense was approximately $144 for each of the years ended December 31, 2025, 2024, and 2023, which was included in general and administrative expense in the consolidated statements of income.
Software Development
In 2022, the Company engaged with a contractor for software development and data analytics that is an affiliate of the Company’s executive and principal stockholder. Payments made to the contractor were $194, $585, and $945 during the years ended December 31, 2025, 2024, and 2023, respectively, which were included in general and administrative expense in the consolidated statements of income.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one operating segment and therefore one reportable segment relating to its business as an MGA that offers residential and commercial insurance products, including primary and excess flood insurance,, and parametric earthquake insurance, primarily through a nationwide agency network in the United States. The Company’s chief operating decision maker (“CODM”), the CEO, manages the Company’s operations on a consolidated basis as one operating segment for the purpose of evaluating financial performance and allocating resources.
The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies. The CODM uses net income, as reported on the consolidated statements of income, to assess performance and allocate resources. The significant segment expense categories regularly provided to the CODM are the same as those included on the consolidated statements of income. The measure of segment assets is total assets as reported on the consolidated balance sheets.
The CODM uses net income to assess performance by examining period-over-period trends, benchmarking to the Company’s competitors, and monitoring budget versus actual results. The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the segment or into other parts of the entity.
The Company does not have revenue from any one customer that is greater than 10% of consolidated revenue.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
As of December 31, 2025, the Company had Class A common stock and Class B common stock. Both classes have the same rights to the Company’s earnings and neither of the shares have any preference rights to dividends to other shares. The following table sets forth the computation of basic and dilutive earnings per share:
(In thousands, except share and per share data)202520242023
Basic Shares:
Numerator:
Net income$37,413 $34,592 $17,886 
Less: accretion adjustment to redeemable preferred stock (1)(10,438)(13,274)(8,135)
Less: allocation to participating preferred stock- (6,599)- 
Less: Cash dividend paid on redeemable preferred stock
(54,170)- - 
Net income (loss) available to common stockholders (2)$(27,195)$14,719 $9,751 
Denominator:
Weighted average Common Stock outstanding - Basic
Class A Common Stock93,673,838 93,350,000 93,523,340 
Class B Common Stock10,829,000 — — 
Total Weighted average Common Stock outstanding - Basic104,502,838 93,350,000 93,523,340 
Basic earnings (loss) per share - Class A and Class B Common Stock
$(0.26)$0.16 $0.10 
Weighted average Common Stock outstanding Class A and Class B Common Stock - Diluted
104,502,83893,350,00093,523,340
Diluted earnings (loss) per share - Class A and Class B Common Stock
$(0.26)$0.16 $0.10 

The potential shares of common stock that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows:
Outstanding as of December 31, 2025Outstanding as of December 31, 2024Outstanding as of December 31, 2023
Time vesting options (3)
05,472,5005,115,000
Performance Vesting Options (4)
05,472,5005,115,000
Fully vested options (5)
8,778,38500
Restricted Stock Units (6)
4,177,48800
(1)Represents the accretion of the redeemable preferred stock to its redemption value and includes both the effect of cumulative     undeclared dividends and the accretion of issuance costs for the applicable periods.
(2)Net income (loss) available to common stockholders for the year ended December 31, 2025 included $8,913 of IPO transaction costs which were reimbursed to the Company by the selling stockholders on October 2, 2025.
(3)The Time Vesting Options were excluded from the calculation of diluted earnings (loss) per share for the years ended December 31, 2024 and 2023, as their inclusion would have been anti-dilutive.
(4)Performance Vesting Options have a performance condition. For the years ended December 31, 2024 and 2023 the performance condition was not met and therefore, these options were excluded from the dilutive earnings (loss) per share computation.
(5)These options, including Time Vesting Options and Performance Vesting Options, were excluded from the diluted earnings (loss) per share computation for the year ended December 31, 2025, as they were anti-dilutive.
(6)The unvested Restricted Stock Units have been excluded from the calculation of diluted earnings (loss) per share for the year ended December 31, 2025, as their effect would be anti-dilutive.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is, from time to time, party to various legal actions and is subject to various claims arising in the ordinary course of business from time to time. Management believes that the resolution of these matters will not have a material adverse effect on the Company’s financial position or results of operations.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management

Protecting the sensitive data of our policyholders, partners, and organization is a top priority. As a technology-first company, we recognize that maintaining cybersecurity practices and safeguards is essential to ensuring the integrity of our systems and the trust of our stakeholders.
Our cybersecurity strategy is designed to address both current and emerging threats and leverage best practices, advanced tools, and ongoing vigilance. Key components of our approach include:
1.Comprehensive Security Framework: We employ a multi-layered cybersecurity framework that includes firewalls, intrusion detection systems, endpoint protection, and encryption protocols to safeguard data and systems. Our infrastructure is regularly updated to ensure alignment with the latest security standards and regulatory requirements.
2.Cybersecurity Oversight: The board of directors has delegated oversight responsibility for cybersecurity risks to the Audit Committee. As established in the Audit Committee charter, the Audit Committee periodically receives information from management regarding cybersecurity matters. Our management, including our Chief Technology Officer and Chief Information Security Officer (CTO/CISO), a role held by a single executive, is responsible for day-to-day cybersecurity risk management, including oversight of third-party service providers and responding to potential cybersecurity incidents. Our CTO/CISO, who reports to our Chief Executive Officer, has 15 years of experience in various cybersecurity related roles.

3.Data Protection: Policyholder and partner data is stored securely within our systems, with access strictly controlled and monitored. Sensitive information is encrypted both in transit and at rest, ensuring protection against unauthorized access.
4.Proactive Threat Monitoring and Response: We utilize threat monitoring tools to identify and mitigate potential vulnerabilities in real time. Our dedicated cybersecurity team conducts regular audits, vulnerability assessments, and penetration testing to proactively address risks.
5.Employee Awareness and Training: Cybersecurity is a shared responsibility across our organization. We provide regular training to employees on identifying and mitigating cybersecurity risks, ensuring that our team is equipped to recognize phishing, social engineering, and other common attack vectors.
6.Incident Response Plan: In the event of a cybersecurity incident, we have a detailed incident response plan in place to contain, investigate, and resolve the issue promptly. Our team conducts post-incident reviews to continuously improve our defenses and reduce the likelihood of future occurrences.
7.Third-Party Risk Management: As part of our commitment to cybersecurity, we carefully vet all third-party vendors and partners to ensure they meet our security standards. We maintain contractual agreements and conduct periodic assessments to confirm compliance.
8.Regulatory Compliance: We have policies and procedures in place designed to adhere to all applicable data privacy and security regulations, including state, federal, and international standards, where applicable. Compliance is regularly reviewed to ensure our practices remain current with evolving regulatory landscapes.
Cybersecurity risk management is an ongoing process, and we remain committed to staying ahead of emerging threats. By continuously investing in advanced technologies, fostering a culture of security awareness, and prioritizing proactive measures, we strive to protect our policyholders, partners, and business from potential risks while maintaining the integrity
of our operations.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Protecting the sensitive data of our policyholders, partners, and organization is a top priority. As a technology-first company, we recognize that maintaining cybersecurity practices and safeguards is essential to ensuring the integrity of our systems and the trust of our stakeholders.
Our cybersecurity strategy is designed to address both current and emerging threats and leverage best practices, advanced tools, and ongoing vigilance.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Cybersecurity Oversight: The board of directors has delegated oversight responsibility for cybersecurity risks to the Audit Committee. As established in the Audit Committee charter, the Audit Committee periodically receives information from management regarding cybersecurity matters. Our management, including our Chief Technology Officer and Chief Information Security Officer (CTO/CISO), a role held by a single executive, is responsible for day-to-day cybersecurity risk management, including oversight of third-party service providers and responding to potential cybersecurity incidents. Our CTO/CISO, who reports to our Chief Executive Officer, has 15 years of experience in various cybersecurity related roles.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The board of directors has delegated oversight responsibility for cybersecurity risks to the Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] As established in the Audit Committee charter, the Audit Committee periodically receives information from management regarding cybersecurity matters.
Cybersecurity Risk Role of Management [Text Block] Our management, including our Chief Technology Officer and Chief Information Security Officer (CTO/CISO), a role held by a single executive, is responsible for day-to-day cybersecurity risk management, including oversight of third-party service providers and responding to potential cybersecurity incidents. Our CTO/CISO, who reports to our Chief Executive Officer, has 15 years of experience in various cybersecurity related roles.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management, including our Chief Technology Officer and Chief Information Security Officer (CTO/CISO), a role held by a single executive, is responsible for day-to-day cybersecurity risk management, including oversight of third-party service providers and responding to potential cybersecurity incidents. Our CTO/CISO, who reports to our Chief Executive Officer, has 15 years of experience in various cybersecurity related roles.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CTO/CISO, who reports to our Chief Executive Officer, has 15 years of experience in various cybersecurity related roles.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] As established in the Audit Committee charter, the Audit Committee periodically receives information from management regarding cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation: The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements are presented in U.S. Dollars. All amounts are presented in thousands, except per share data and where otherwise noted.
Emerging Growth Company
Emerging Growth Company: Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies (“EGC”) from being required to comply with new or revised financial accounting standards until private companies are required to. For the purpose of this section, a private company is one that has not had a Securities Act registration statement declared effective or does not have a class of securities registered under the
Securities Exchange Act of 1934, as amended. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company qualifies as an EGC and has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for Public Business Entities (“PBEs”) and Non-PBEs, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard, until such time the Company is no longer considered to be an EGC. At times, the Company may elect to early adopt a new or revised standard.
Principles of Consolidation
Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany account balances and transactions have been eliminated in the consolidated financial statements.
Stock Split
Stock Split: On September 9, 2025, the Company effected a ten-for-one stock split of its common stock and redeemable, convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented. The shares of common stock and redeemable, convertible preferred stock retain a par value of $0.00001 per share.
Use of Estimates
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates, judgments, and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates. The Company’s most significant estimates and judgments involve the valuation of share-based compensation, including the fair value of common stock, accounting for capitalized internal-use software, including the related estimated useful life, as well as the estimates for policy cancellations.
Revenue Recognition
Revenue Recognition: The Company recognizes revenue for the transfer of such promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those products or services. Under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when or as the transfer of control of the underlying performance obligations occurs. ASC 606 provides a five-step model for recognizing revenue from contracts with customers as follows:
•Identify the contract with a customer
•Identify the performance obligations in the contract
•Determine the transaction price
•Allocate the transaction price to the performance obligations in the contract
•Recognize revenue when or as the performance obligations are satisfied
The Company recognizes revenues under ASC 606 and associated costs under ASC Topic 340, Incremental Costs to Obtain a Contract.
Commission Income
The largest component of the Company’s revenue is commission income from the placement of insurance contracts between insurance carriers and the policyholders who acquire property insurance policies. These commissions are established by the carrier agreement between the Company and the insurance carrier partner and are calculated as a negotiated percentage of premiums for the underlying insurance contract. Commission rates and terms vary across insurance carriers. The Company’s performance obligation under its agreements with insurance carrier partners is selecting, pricing, and placing policyholders’ insurance contracts on their behalf. Each underlying insurance contract is a separate and distinct contract between the policyholder and the insurance carrier partner. The Company collects the full premium for the
policy from the policyholder at inception, then remits that premium, net of the commission owed to the Company, to the insurance carrier partner. Commission income is recognized at a point in time upon the effective date of bound insurance coverage, at which point the performance obligation has been met as no performance obligation exists after coverage is bound.
The transaction price is the total commission the Company expects to receive from the insurance carrier partner for the current term of the policy. The transaction date is determined by the effective date of the insurance policy. Policies may be cancelled in accordance with permitted reasons under applicable laws and the policy terms. In the event of a permitted cancellation, the Company’s commission being limited to the period that the policy was in effect. The Company estimates any expected variable consideration, or cancellations, based on historical information, and records a corresponding deduction in revenue at the time revenue is recognized. The Company bases its estimates on historical cancellation experience by policy type and tenure and adjusts for any known trends or events. The estimation period typically covers the allowable cancellation period. This variable consideration is recognized to the extent that it is probable there will not be a significant reversal of revenue.
The Company also earns small amounts of contingent income from insurance carrier partners in the form of a profit-sharing commission, which is highly variable and based on underwriting results. The Company assesses whether the underlying book of business has attained the profitability criteria set by carriers and whether enough time has passed to minimize the risk that sufficient losses will become realized that would negate the profit share. The Company closely monitors the calculations to identify if a profit-sharing commission would be earned and recognizes the profit-sharing commission as the underlying policies are placed, net of a constraint.
Contingent profit-sharing commissions represent a form of variable consideration associated with the placement and profitability of coverage, for which the Company earns base commissions. In connection with ASC 606, contingent profit-sharing commissions are estimated with a constraint applied and accrued relative to the recognition of the corresponding base commissions for the period over which the contract applies. As contingent commissions are earned in relation to policies placed by the Company with the insurance carrier partner, the timing of recognizing contingent commissions follows a similar pattern as the base commissions on premium described above, with any adjustments recognized when payments are received or as additional information that affects the estimate becomes available.
Fee Income
In addition to commissions on premium, the Company earns fee income. These fees are established by the carrier agreement between the Company and the insurance carrier partner and represent a flat charge on each underlying insurance contract. The Company’s performance obligation under its agreements with insurance carrier partners is selecting, pricing, and placing policyholders’ insurance contracts on their behalf. This fee compensates the Company for the administrative and operational costs associated with the Company's placement of the policy for the insured. The Company is entitled to the full fee for the policy year, even in the event of cancellation. At each annual renewal, the policyholder is re-assessed a flat, non-refundable policy fee, which the Company is entitled to retain.
Fees can vary by product type, underlying risk, and location of the insured property. The fee is non-refundable should the policy be canceled due to home sale or any other type of acceptable mid-term cancellation reason, therefore, fee income is treated as fully earned once a policy has become effective and is recognized as revenue at that time. Similar to the base commissions on premium described above, fees are recognized at a point in time upon the effective date of bound insurance coverage, at which point the performance obligation has been met as no performance obligation exists after coverage is bound.
The Company excludes from revenue any amounts collected from policyholders that are assessed by governmental authorities, such as sales and premium taxes, when the Company acts solely as a collecting agent.
Contract Costs
ASC Topic 340-40, Other Assets and Deferred Costs - Contracts with Customers requires the Company to review certain costs to obtain customer contracts primarily as they relate to agency commission arrangements. The Company pays agent commissions to its distribution partners, such as independent agents, brokers, or referral partners, for selling policies on behalf of the Company. The Company’s agency commission arrangements are the same for both new or renewal business. The Company has elected the practical expedient to expense these costs as incurred since the amortization period related to the resulting asset would be one year or less. The Company has no significant instances of contracts that would be amortized for a period greater than a year and therefore has no contract costs deferred for such arrangements.
Costs to fulfill - Due to the relatively short time period between the information gathering phase and binding insurance coverage, the Company has determined that costs to fulfill contracts are not significant. Therefore, costs to fulfill a contract are expensed as incurred.
Concentrations of Credit Risk
Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk are primarily comprised of cash and cash equivalents and fiduciary cash. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. However, the Company’s exposure to credit risk in the event of default by the financial institutions is limited to the excess of the amounts recorded on the consolidated balance sheets over the insured amounts. The Company has not experienced any losses on its deposits of cash and cash equivalents or fiduciary cash to date.
Cash and Cash Equivalents Cash and Cash Equivalents: Cash and cash equivalents consist of demand deposits with financial institutions and highly liquid investments with quoted market prices having maturities of three months or less, respectively.
Fiduciary Cash and Fiduciary Receivable
Fiduciary Cash and Fiduciary Receivable: In its capacity as a managing general agency (“MGA”), the Company typically collects premiums from insureds and, after deducting the authorized commissions, remits the net premiums to the appropriate insurance company or companies. Accordingly, premiums receivable from insureds are reported as fiduciary receivable and premiums payable to insurance companies are reported as insurance company payables in the accompanying consolidated balance sheets. Unremitted net insurance premiums are held in a fiduciary capacity until
the Company disburses them. Net insurance premiums payable to insurance companies together with premium deposits received from customers are held as fiduciary cash on the accompanying consolidated balance sheets. Insurance company payables together with premium deposits are considered fiduciary liabilities. Cash and cash equivalents held in excess of the amount required to meet the Company’s fiduciary obligations are recognized as cash and cash equivalents on the consolidated balance sheets.
Commissions and Fees Receivable
Commissions and Fees Receivable: Commissions receivable reflect commissions due from insurance carrier partners. Fees receivable represent fees due from policyholders.
The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for expected credit losses, the Company considers historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The allowance for expected credit losses is not material as of December 31, 2025 and 2024. Non-payments are accrued for as part of the Company’s estimate for policy cancellations.
Agent Commissions: Agent commissions are incurred in connection with the placement of residential and commercial property insurance policies by third-party agents. These commissions are expensed as incurred and are presented as agent commissions in the consolidated statements of income. Commissions payable to agents represents amounts due but not yet paid as of the reporting date. These amounts are included in commissions payable on the consolidated balance sheets.
Internally Developed Software, Net Internally Developed Software, Net: The Company capitalizes certain costs incurred to develop internal use software in accordance with ASC Topic 350-40, Internal Use Software. Costs incurred during the preliminary project stage and post-implementation stage of an internal-use software project are expensed as incurred, while costs incurred during the application development stage of an internal-use software project are capitalized. Costs related to updates and enhancements to the software are only capitalized if they result in additional functionality to the Company. Significant estimates and assumptions include determining the appropriate period over which to amortize the capitalized costs based on the estimated useful lives, estimating the technological feasibility of the internally developed software, and assessing the unamortized cost balances for impairment. The Company considers various factors to project useful life including anticipated changes in technology that may make the product obsolete. A significant change in an estimate related to one or more software products could result in a material change to the Company’s results of operations. The Company amortizes capitalized software on a straight-line basis over an estimated useful life of three years.
Intangible Assets, Net
Intangible Assets, Net: Intangible assets are stated at cost, which includes the fair value of intangible assets acquired in business acquisitions, less accumulated amortization, and consist of acquired customer relationships and trade names. Acquired relationships and trade names are amortized on a straight-line basis over estimated useful lives of 10 years.
Impairment of Long-Lived Assets Impairment of Long-Lived Assets: The Company reviews long-lived assets, including internally developed software and intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that an asset’s (asset group) carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC Topic 360-10, Impairment or Disposal of Long-Lived Assets, which requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, and evaluate the asset group against the sum of the undiscounted future cash flows. If the sum of undiscounted cash flows is below the carrying amount of the asset group, it is deemed not recoverable and an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value.
Goodwill
Goodwill: Goodwill totaled $3,793 as of December 31, 2025 and 2024, with no additions, impairments, or other changes recognized during the years then ended.
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. Goodwill has an indefinite useful life and is not amortized. The Company reviews its goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of the Company’s reporting unit may exceed its fair value. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying amount, including goodwill. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company’s reporting unit exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the goodwill.
Premium Deposits
Premium Deposits: Premium deposits consist of payments received from the policyholder in advance of performance under the insurance policy contract with the policyholder.
Deferred Financing Fees
Deferred Financing Fees: The Company capitalizes financing fees incurred in connection with its debt arrangements. For term loans, deferred financing costs are presented as a direct deduction from the carrying amount of the related debt and are amortized using the effective interest method over the term of the loan. For revolving credit facilities, deferred financing costs are recorded as a deferred asset and amortized on a straight-line basis over the availability period of the facility.
Leases
Leases: The Company accounts for leases under ASC Topic 842, Leases. A lease is an agreement between two or more parties that creates enforceable rights and obligations that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. ASC Topic 842, Leases requires an entity to determine whether a contract is a lease or contains a lease at the inception of the contract, considering all relevant facts and circumstances.
As of December 31, 2025, the Company’s only lease arrangement is a month-to-month office space lease, which qualifies as a short-term lease under ASC Topic 842, Leases. The office space is leased from a related party. Refer to Note 10 – Related Party Transactions for additional details. The Company elected to not recognize a lease liability or right-of-use asset on the consolidated balance sheets for leases with an initial term of 12 months or less. Operating lease expenses on short-term leases are recognized on a straight-line basis over the respective lease term as a component of general and administrative expense in the consolidated statements of income.
Fair Value of Financial Instruments
Fair Value of Financial Instruments: Fair value accounting establishes a framework for measuring fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). This framework includes a fair value hierarchy that prioritizes the inputs to the valuation technique used to measure fair value.
The classification of a financial instrument within the valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels of the hierarchy in order of priority of inputs to the valuation technique are defined as follows:
•Level 1 - Valuations are based on unadjusted quoted prices in active markets for identical financial instruments;
•Level 2 - Valuations are based on quoted market prices, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument; and
•Level 3 - Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management’s own judgment about the assumptions a market participant would use in pricing the financial instrument.
The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety.
The Company’s financial assets and liabilities consist of cash and cash equivalents, fiduciary cash, accounts receivable, accounts payable, commissions payable, insurance company payables, accrued expenses, and debt. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, commissions payable, insurance company payables, and accrued expenses approximates fair value because of the short-term nature of those instruments. The carrying value of debt approximates fair value due to the variable rate nature of the debt.
Advertising Advertising: The Company expenses advertising costs as incurred which are included in general and administrative expense in the consolidated statements of income.
Redeemable, Convertible Preferred Stock
Redeemable, Convertible Preferred Stock: The Company applies ASC Topic 480, Distinguishing Liabilities from Equity, when determining the classification of preferred stock. The Company classifies instruments that are conditionally redeemable for cash or other assets outside of permanent equity if they are redeemable (i) at a fixed or determinable price on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within the control of the issuer.
The Company classifies redeemable, convertible preferred stock (“Redeemable Preferred Stock”) as temporary equity on the accompanying consolidated balance sheets as it is redeemable solely on the passage of time or upon an event outside the control of the Company. The Company accretes the changes in the redemption value over the period from the original issuance date until the earliest probable redemption date using the interest method. Changes in the redemption value are considered to be changes in accounting estimates.
On October 2, 2025, prior to the completion of the Company’s IPO, all outstanding shares of Redeemable Preferred Stock were automatically converted into shares of the Company’s Class A common stock on a one-for-one basis. Upon conversion, the carrying amount of the Redeemable Preferred Stock, including any accretion to redemption value, was reclassified to permanent equity.
Income Taxes
Income Taxes: The Company accounts for income taxes pursuant to the asset and liability method, which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment.
The Company and its subsidiaries apply ASC Topic 740, Income Taxes. A component of this standard prescribes a recognition and measurement threshold of uncertain tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. Management has evaluated the Company’s tax positions and concluded that the Company has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance.
Earnings Per Share
Earnings Per Share: Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. The Company’s Redeemable Preferred Stock is classified as temporary equity and is considered probable of becoming redeemable. Additionally, Redeemable Preferred Stock represents participating securities, as holders of the Preferred Stock participate in dividends with holders of common stock on a pro rata basis. Accordingly, the Company used the two-class method of computing basic and diluted earnings per share for common stock. Under this method, net income applicable to holders of common stock is first reduced by the amount of accretion adjustment to the Redeemable Preferred Stock in the current period, and remaining undistributed earnings is then allocated on a pro rata basis to the holders of common stock and Redeemable Preferred Stock to the extent that each class may share income for the period; whereas undistributed net loss is allocated to common stock only because holders of Redeemable Preferred Stock are not contractually obligated to share the loss.
The Company takes a two-step approach to compute the diluted earnings per share, by first applying the treasury stock method and if-converted method, and then the two-class method. The dilutive earnings per share are computed using the more dilutive approach.
Share-Based Compensation Share-Based Compensation: The Company accounts for share-based compensation awards issued to employees in exchange for services in accordance with ASC 718, Compensation - Stock Compensation. The Company’s share-based compensation awards consist of stock options and RSUs and are classified as equity. Accordingly, the fair value of share-based compensation awards is measured on the grant date. The grant date fair value of stock options is estimated using the Black-Scholes option-pricing model. The grant date fair value of RSUs is based on the fair value of the Company’s common stock on the grant date. Forfeitures are recorded when they occur. For stock options and RSUs that vest based only on continued service, share-based compensation cost is recognized on a straight-line basis over the requisite service period. For stock options that contain performance and market vesting conditions, share-based compensation cost is recognized when it is probable the performance condition will be achieved even if the market condition is not satisfied. For performance conditions such as an IPO or a change in control event, the performance condition is not probable of being achieved for accounting purposes until the event occurs. Upon the completion of the IPO on October 2, 2025, the performance condition was satisfied, and the Company recognized share-based compensation expense for awards for which the requisite service period had been rendered.
Comprehensive Income
Comprehensive Income: Comprehensive income consists of net income and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources. The Company’s net income equals comprehensive income for all periods presented.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements:
Income Taxes: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, ASC Topic 740, Income Taxes - Improvements to Income Tax Disclosures. This standard requires the Company to provide further disaggregated income tax disclosures for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state, local and foreign income taxes. The standard also requires the Company to annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. The Company has adopted this standard and applied the standard retrospectively as disclosed in Note 8 – Income Taxes. The adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted:
Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, ASC Topic 220-40, Income Statement Reporting - Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses (“ASU 2024-03”). The standard update improves the disclosures about a PBE’s expense by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. ASU 2024-03 will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and changes are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements.
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenues [Abstract]  
Schedule of Disaggregates Revenue
The following table disaggregates revenue by source for the years ended December 31:
(In thousands)202520242023
Commission income$122,003 $90,098 $64,349 
Fee income37,548 29,201 20,521 
Total revenues$159,551 $119,299 $84,870 
Schedule of Receivables and Premium Deposits
The following table provides information about receivables and premium deposits as of December 31:
(In thousands)20252024
Commissions and fees receivable$4,080 $2,612 
Premium deposits$18,941 $11,810 
v3.25.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
Intangible assets consist of the following as of December 31:
(In thousands)Useful Life20252024
Customer relationships10 years$167 $104 
Trade name10 years601 601 
768 705 
Less accumulated amortization(302)(229)
Net intangible assets$466 $476 
Summary of Expected Amortization of Intangible Assets
The following table summarizes the expected amortization of the intangible assets for the next five years and thereafter as of December 31, 2025:
(In thousands)
Years ending December 31:
202677 
202777 
202877 
202977 
203077 
Thereafter81 
466 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consists of the following as of December 31:
(In thousands)20252024
2024 Term Loan$- $135,000 
2025 Term Loan- - 
Total debt- 135,000 
Less: unamortized deferred financing fees- (1,349)
Less current maturities of debt- (8,550)
Debt, net$- $125,101 
Revolving credit facility$240,000 $- 
v3.25.4
Stockholders’ Deficit and Redeemable, Convertible Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Roll Forward of Common Stock Issued and Outstanding
The following table presents a rollforward of the Company’s common stock issued and outstanding as of December 31, 2025:
Redeemable Preferred StockClass A Common StockClass B Common Stock
Shares issued at December 31, 202441,850,000 93,350,000 - 
Redemption of preferred stock for Class A common stock(41,850,000)41,850,000 - 
Redemption of Class A common stock for Class B common stock- (43,435,000)43,435,000 
Exercise of options- 2,953,530 - 
Shares issued at December 31, 2025- 94,718,530 43,435,000 
v3.25.4
Share-Based Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of stock option activity for the year ended December 31, 2025, is presented below:
Time Based
Performance Based
Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
Outstanding as of December 31, 20245,472,500 $5.50 8.95,472,500 $8.24 8.9
Granted
462,000 $8.35 462,000 $8.35 
Exercised or converted
(1,528,570)$5.50 (1,453,045)$5.50 
Forfeited
(54,500)$5.50 (54,500)$5.50 
Expired
Outstanding as of December 31, 20254,351,430$5.80 8.24,426,955$5.79 8.3
Exercisable as of December 31, 20254,351,430- 4,426,955- 
Schedule of Weighted Average Assumptions Used for Black-Scholes Model Valuation of Stock Options
Below is a summary of the weighted average assumptions used for the Black-Scholes model valuation of stock options during the years ended December 31:
Time-Based
20252024
Expected term in years7.36.8
Expected stock price volatility36.0%37.0%
Dividend yield0%0%
Risk-free interest rate4.2%4.6%
Fair value of the underlying share$7.7 $2.0 
Performance-Based
20252024
Expected term in years5.55.9
Expected stock price volatility35.1%37.0%
Dividend yield0%0%
Risk-free interest rate3.9%4.1%
Fair value of the underlying share$7.7 $2.0 
Summary of Restricted Stock Unit Activity
A summary of restricted stock unit activity for the year ended December 31, 2025, is presented below:
Restricted Stock Units
Number of Units
Weighted Average Grant Date Fair Value
Weighted Average Remaining Service Period
Outstanding as of December 31, 2024— $— — 
Granted
4,177,488 20.0 2.8
    Vested
— — — 
Forfeited
— — — 
Outstanding as of December 31, 20254,177,488$20.0 2.8
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
Components of income tax expense include the following for the years ended December 31:
(In thousands)202520242023
Current:
Federal$10,468 $9,154 $5,910 
State$3,753 3,246 2,254 
14,221 12,400 8,164 
Deferred:
Federal$1,640 (516)(1,752)
State$361 (96)(441)
2,001 (612)(2,193)
$16,222 $11,788 $5,971 
Schedule of Effective Tax Rates Reconciliation
A reconciliation of the statutory U.S. federal tax rate and the Company’s effective tax rates is as follows for the years ended December 31:
202520242023
Tax ExpenseRateTax ExpenseRateTax ExpenseRate
US federal statutory tax rate$11,264 21.0 %$9,740 21.0 %$5,010 21.0 %
State and local income taxes, net of federal income tax effect (1)
3,245 6.0 %2,488 5.4 %1,324 5.5 %
Foreign tax effects— — %— — %— — %
Effect of cross-border tax laws— — %— — %— — %
Effect of changes in tax laws or rates enacted in the current period— — %— — %— — %
Nontaxable or nondeductible items
Nondeductible executive compensation3,058 5.7 %— — %— — %
Stock compensation(2,911)(5.4)%10 — %— — %
IPO costs1,774 3.3 %— — %— — %
Other12 — %4 — %3 — %
Tax credits
Research and development tax credit(199)(0.4)%(346)(0.7)%(394)(1.6)%
Changes in valuation allowances— — %— — %— — %
Changes in unrecognized tax benefits— — %— — %— — %
Other items(21)— %(108)(0.3)%28 0.1 %
Effective income tax rate$16,222 30.2 %$11,78825.4%$5,97125.0%
(1)Taxes in Florida make up the majority of the effect of the state and local tax category.
Schedule of Paid Cash Taxes, Net of Refunds
The Company paid cash taxes, net of refunds, for the year ended December 31, as follows:
(In thousands)202520242023
 U.S. federal taxes $14,950 $4,900 $6,320 
 State and local taxes
    Florida 2,774 901 1,125 
    New Jersey 473 438 323 
    Other states 1,955 1,071 831 
         Total income taxes paid $20,152 $7,310 $8,599 
Schedule of Components of Deferred Income Tax Assets and Liabilities
The following table summarizes components of deferred income tax assets and liabilities as of December 31:
(In thousands)20252024
Deferred tax assets (liabilities):
Cancellation reserves$750 $351 
Acquisition intangibles48 44 
163(j) interest expense limitations304 1,811 
Internally developed software- 735 
Stock compensation1,594 74 
Other5 6 
Deferred tax assets$2,701 $3,021 
Goodwill(289)(121)
Prepaid expenses(163)(97)
Internally developed software(1,448)- 
Deferred tax liabilities(1,900)(218)
Net deferred tax assets$801 $2,803 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Dilutive Earnings (Loss) Per Share The following table sets forth the computation of basic and dilutive earnings per share:
(In thousands, except share and per share data)202520242023
Basic Shares:
Numerator:
Net income$37,413 $34,592 $17,886 
Less: accretion adjustment to redeemable preferred stock (1)(10,438)(13,274)(8,135)
Less: allocation to participating preferred stock- (6,599)- 
Less: Cash dividend paid on redeemable preferred stock
(54,170)- - 
Net income (loss) available to common stockholders (2)$(27,195)$14,719 $9,751 
Denominator:
Weighted average Common Stock outstanding - Basic
Class A Common Stock93,673,838 93,350,000 93,523,340 
Class B Common Stock10,829,000 — — 
Total Weighted average Common Stock outstanding - Basic104,502,838 93,350,000 93,523,340 
Basic earnings (loss) per share - Class A and Class B Common Stock
$(0.26)$0.16 $0.10 
Weighted average Common Stock outstanding Class A and Class B Common Stock - Diluted
104,502,83893,350,00093,523,340
Diluted earnings (loss) per share - Class A and Class B Common Stock
$(0.26)$0.16 $0.10 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The potential shares of common stock that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows:
Outstanding as of December 31, 2025Outstanding as of December 31, 2024Outstanding as of December 31, 2023
Time vesting options (3)
05,472,5005,115,000
Performance Vesting Options (4)
05,472,5005,115,000
Fully vested options (5)
8,778,38500
Restricted Stock Units (6)
4,177,48800
(1)Represents the accretion of the redeemable preferred stock to its redemption value and includes both the effect of cumulative     undeclared dividends and the accretion of issuance costs for the applicable periods.
(2)Net income (loss) available to common stockholders for the year ended December 31, 2025 included $8,913 of IPO transaction costs which were reimbursed to the Company by the selling stockholders on October 2, 2025.
(3)The Time Vesting Options were excluded from the calculation of diluted earnings (loss) per share for the years ended December 31, 2024 and 2023, as their inclusion would have been anti-dilutive.
(4)Performance Vesting Options have a performance condition. For the years ended December 31, 2024 and 2023 the performance condition was not met and therefore, these options were excluded from the dilutive earnings (loss) per share computation.
(5)These options, including Time Vesting Options and Performance Vesting Options, were excluded from the diluted earnings (loss) per share computation for the year ended December 31, 2025, as they were anti-dilutive.
(6)The unvested Restricted Stock Units have been excluded from the calculation of diluted earnings (loss) per share for the year ended December 31, 2025, as their effect would be anti-dilutive.
v3.25.4
Nature of Business and Basis of Presentation (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Oct. 02, 2025
$ / shares
shares
Sep. 09, 2025
Jul. 28, 2023
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Jul. 27, 2023
$ / shares
Dec. 31, 2022
shares
Class of Stock [Line Items]                
Sale of stock, number of shares issued (in shares) 21,184,210              
Sale of stock, offering price (in dollars per share) | $ / shares $ 20.00              
IPO transaction costs | $       $ 8,913 $ 0 $ 0    
Common stock, conversion ratio 1              
Offering cost reimbursement, maximum percent of gross proceeds 2.00%              
Stock split, conversion ratio   10 1,000          
Common stock, par value (in dollars per share) | $ / shares     $ 0.00001 $ 0.00001     $ 0.01  
Common Stock                
Class of Stock [Line Items]                
Reclassified shares (in Shares) 41,850,000              
Common stock, shares issued (in Shares) 138,035,000              
Common Class A                
Class of Stock [Line Items]                
Reclassified shares (in Shares) 138,035,000              
Common stock, shares issued (in Shares)       94,718,530 93,350,000      
Common stock, shares outstanding (in shares) 94,600,000     94,718,530 93,350,000      
Common stock, par value (in dollars per share) | $ / shares       $ 0.00001 $ 0.00001      
Common Class A | Common Stock                
Class of Stock [Line Items]                
Common stock, shares outstanding (in shares)       94,719,000 93,350,000 93,350,000   93,350,000
Convertible Preferred Stock                
Class of Stock [Line Items]                
Reclassified shares (in Shares) 41,850,000              
Common Class B                
Class of Stock [Line Items]                
Reclassified shares (in Shares) 43,435,000              
Common stock, shares issued (in Shares)       43,435,000 0      
Common stock, shares outstanding (in shares) 43,435,000     43,435,000 0      
Common stock, par value (in dollars per share) | $ / shares       $ 0.00001 $ 0.00001      
Common Class B | Common Stock                
Class of Stock [Line Items]                
Common stock, shares outstanding (in shares)       43,435,000 0 0   0
v3.25.4
Significant Accounting Policies (Details)
$ in Thousands
 12 Months Ended
Oct. 02, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]        
Cost of internally developed software   $ 16,458 $ 12,544  
Capitalized computer software, accumulated amortization   10,428 6,788  
Amortization of internally developed software   3,640 2,956 $ 2,112
Goodwill   3,793 3,793  
Advertising costs   $ 1,862 $ 1,597 $ 1,568
Redeemable preferred stock, conversion ratio 1      
Internally Developed Software        
Finite-Lived Intangible Assets [Line Items]        
Useful life (in years)   3 years    
v3.25.4
Revenue - Schedule of Disaggregates Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenues $ 159,551 $ 119,299 $ 84,870
Commission income      
Disaggregation of Revenue [Line Items]      
Total revenues 122,003 90,098 64,349
Fee income      
Disaggregation of Revenue [Line Items]      
Total revenues $ 37,548 $ 29,201 $ 20,521
v3.25.4
Revenue - Schedule of Receivables and Premium Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues [Abstract]    
Commissions and fees receivable $ 4,080 $ 2,612
Premium deposits $ 18,941 $ 11,810
v3.25.4
Revenue - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Revenues [Abstract]  
Recognized revenue $ 3,377
v3.25.4
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross intangible assets $ 768 $ 705
Less accumulated amortization (302) (229)
Intangible assets, net $ 466 476
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 10 years  
Gross intangible assets $ 167 104
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 10 years  
Gross intangible assets $ 601 $ 601
v3.25.4
Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Weighted average amortization period of intangible assets 6 years 25 days 6 years 9 months 7 years 9 months
Amortization expense $ 73 $ 71 $ 70
v3.25.4
Intangible Assets - Schedule of Expected Amortization of the Intangible Assets (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 77
2027 77
2028 77
2029 77
2030 77
Thereafter 81
Expected amortization of the intangible assets $ 466
v3.25.4
Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Less current maturities of debt $ 0 $ (8,550)
Debt, net 0 125,101
Line of Credit | Secured Debt    
Line of Credit Facility [Line Items]    
Total debt 0 135,000
Less: unamortized deferred financing fees 0 (1,349)
Less current maturities of debt 0 (8,550)
Debt, net 0 125,101
Line of Credit | Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Total debt 240,000 0
Line of Credit | 2024 Credit Agreement | Secured Debt    
Line of Credit Facility [Line Items]    
Total debt 0 135,000
Line of Credit | 2025 Credit Agreement | Secured Debt    
Line of Credit Facility [Line Items]    
Total debt 0 $ 0
Line of Credit | 2025 Credit Agreement | Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Total debt $ 240,000  
v3.25.4
Debt - Additional Information (Details)
$ in Thousands
 5 Months Ended 12 Months Ended
Nov. 10, 2025
USD ($)
Apr. 10, 2025
USD ($)
Jun. 12, 2024
USD ($)
Dec. 31, 2025
USD ($)
tranche
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 13, 2024
USD ($)
May 08, 2023
USD ($)
Debt Instrument [Line Items]                
Loss on extinguishment of debt       $ 0 $ 5,426 $ 556    
Amortization of deferred financing fees       562 871 1,194    
Interest expense       18,243 17,520 21,326    
Deferred financing asset       1,746 99      
Amortization of deferred financing asset       70 34 $ 34    
Accrued interest       932 451      
Line of Credit | 2025 Credit Agreement                
Debt Instrument [Line Items]                
Interest expense   $ 518            
Line of Credit | Incremental Term Loans                
Debt Instrument [Line Items]                
Maximum borrowing capacity       $ 10,000        
Number of tranches | tranche       3        
Minimum incremental borrowing capacity       $ 10,000        
Covenant, interest coverage ratio, minimum       0.0200        
Line of Credit | Incremental Term Loans | Quarter Ending September 30, 2024                
Debt Instrument [Line Items]                
Covenant, leverage ratio, maximum       0.0450        
Line of Credit | Incremental Term Loans | Quarters Ending December 31, 2024 through March 31, 2025                
Debt Instrument [Line Items]                
Covenant, leverage ratio, maximum       0.0425        
Line of Credit | Incremental Term Loans | Quarter Ending September 30, 2025                
Debt Instrument [Line Items]                
Covenant, leverage ratio, maximum       5.00        
Line of Credit | Incremental Term Loans | Quarters Ending from December 31, 2025 through June 30, 2026                
Debt Instrument [Line Items]                
Covenant, leverage ratio, maximum       4.50        
Line of Credit | Incremental Term Loans | Quarters Ending on or after September 30, 2026                
Debt Instrument [Line Items]                
Covenant, leverage ratio, maximum       4.00        
Line of Credit | Secured Debt                
Debt Instrument [Line Items]                
Total debt       $ 0 135,000      
Line of Credit | Secured Debt | 2023 Credit Agreement                
Debt Instrument [Line Items]                
Maximum borrowing capacity               $ 190,000
Repayments of long-term debt     $ 4,475          
Line of Credit | Secured Debt | 2024 Credit Agreement                
Debt Instrument [Line Items]                
Maximum borrowing capacity             $ 171,000  
Loss on extinguishment of debt         5,346      
Payment for debt prepayment penalty         1,741      
Write-off of unamortized debt issuance cost         3,348      
Deferred financing fees   1,238            
Total debt       0 135,000      
Line of Credit | Secured Debt | 2025 Credit Agreement                
Debt Instrument [Line Items]                
Maximum borrowing capacity   301,000            
Repayments of long-term debt       50,000        
Deferred financing fees $ 1,264 477            
Total debt       0 0      
Line of Credit | Revolving Credit Facility                
Debt Instrument [Line Items]                
Total debt       240,000 0      
Line of Credit | Revolving Credit Facility | 2023 Credit Agreement                
Debt Instrument [Line Items]                
Maximum borrowing capacity               $ 10,000
Line of Credit | Revolving Credit Facility | 2024 Credit Agreement                
Debt Instrument [Line Items]                
Maximum borrowing capacity             $ 10,000  
Repayments of long-term debt       4,000 36,000      
Write-off of deferred financing asset         257      
Amortization of deferred financing fees       111 556      
Interest expense       2,617 $ 7,974      
Line of Credit | Revolving Credit Facility | 2025 Credit Agreement                
Debt Instrument [Line Items]                
Maximum borrowing capacity 260,000 10,000            
Deferred financing asset $ 106 $ 36            
Total debt       $ 240,000        
Line of Credit | Revolving Credit Facility | 2025 Credit Agreement | Minimum | Alternate Base Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.75%              
Line of Credit | Revolving Credit Facility | 2025 Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)                
Debt Instrument [Line Items]                
Basis spread on variable rate 1.75%              
Line of Credit | Revolving Credit Facility | 2025 Credit Agreement | Maximum | Alternate Base Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate 2.00%              
Line of Credit | Revolving Credit Facility | 2025 Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)                
Debt Instrument [Line Items]                
Basis spread on variable rate 3.00%              
Line of Credit | Revolving Credit Facility | 2025 Credit Agreement, First Amendment                
Debt Instrument [Line Items]                
Deferred financing asset $ 426              
v3.25.4
Stockholders’ Deficit and Redeemable, Convertible Preferred Stock - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Oct. 02, 2025
vote
shares
Sep. 09, 2025
Apr. 10, 2025
USD ($)
Jul. 28, 2023
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2024
$ / shares
shares
Jul. 27, 2023
$ / shares
Dec. 31, 2022
shares
Class of Stock [Line Items]                  
Shares authorized (in shares)         500,000,000        
Common stock, par value (in dollars per share) | $ / shares       $ 0.00001 $ 0.00001     $ 0.01  
Redeemable, convertible preferred stock, shares authorized (in shares)         20,000,000   41,850,000    
Redeemable, convertible preferred stock ,par value (in dollars per share) | $ / shares       $ 0.00001 $ 0.00001   $ 0.00001 $ 0.01  
Stock split, conversion ratio   10   1,000          
Redeemable preferred stock, conversion ratio 1                
Cash dividends, common stock | $     $ 175,000   $ 175,000 $ 339,023      
Common Class A                  
Class of Stock [Line Items]                  
Common stock, shares authorized (in shares)         428,422,036   154,300,000    
Common stock, par value (in dollars per share) | $ / shares         $ 0.00001   $ 0.00001    
Number of voting rights per share | vote 1                
Redemption of Class A common stock for Class B common stock (in shares) (43,435,000)       (43,435,000)        
Common stock, conversion ratio 1                
Common stock, shares outstanding (in shares) 94,600,000       94,718,530   93,350,000    
Shares issued, conversion of convertible stock (in shares)         41,850,000        
Common Class B                  
Class of Stock [Line Items]                  
Common stock, shares authorized (in shares)         51,577,964   0    
Common stock, par value (in dollars per share) | $ / shares         $ 0.00001   $ 0.00001    
Number of voting rights per share | vote 10                
Redemption of Class A common stock for Class B common stock (in shares) 43,435,000       43,435,000        
Common stock, conversion ratio 1                
Common stock, shares outstanding (in shares) 43,435,000       43,435,000   0    
Common Stock                  
Class of Stock [Line Items]                  
Common stock, shares authorized (in shares)         480,000,000        
Common stock, par value (in dollars per share) | $ / shares         $ 0.00001        
Common Stock                  
Class of Stock [Line Items]                  
Shares issued, conversion of convertible stock (in shares) 41,850,000                
Common Stock | Common Class A                  
Class of Stock [Line Items]                  
Redemption of Class A common stock for Class B common stock (in shares)         (43,435,000)        
Common stock, shares outstanding (in shares)         94,719,000 93,350,000 93,350,000   93,350,000
Shares issued, conversion of convertible stock (in shares)         41,850,000        
Common Stock | Common Class B                  
Class of Stock [Line Items]                  
Redemption of Class A common stock for Class B common stock (in shares)         43,435,000        
Common stock, shares outstanding (in shares)         43,435,000 0 0   0
v3.25.4
Stockholders’ Deficit and Redeemable, Convertible Preferred Stock - Schedule of Roll Forward of Common Stock Issued and Outstanding (Details) - shares
 12 Months Ended
Oct. 02, 2025
Dec. 31, 2025
Redeemable Convertible Preferred Stock    
Beginning balance (in shares)   41,850,000
Redemption of preferred stock for Class A common stock (in shares)   (41,850,000)
Ending balance (in shares)   0
Common Class A    
Increase (Decrease) in Stockholders' Equity    
Beginning Balance (in shares)   93,350,000
Redemption of preferred stock for Class A common stock (in shares)   41,850,000
Redemption of Class A common stock for Class B common stock (in shares) (43,435,000) (43,435,000)
Exercise of options (in shares)   2,953,530
Ending Balance (in shares) 94,600,000 94,718,530
Common Class B    
Increase (Decrease) in Stockholders' Equity    
Beginning Balance (in shares)   0
Redemption of Class A common stock for Class B common stock (in shares) 43,435,000 43,435,000
Exercise of options (in shares)   0
Ending Balance (in shares) 43,435,000 43,435,000
v3.25.4
Share-Based Compensation Plan - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
tranche
$ / shares
shares
Dec. 31, 2024
USD ($)
tranche
$ / shares
shares
Dec. 31, 2019
shares
Dec. 31, 2023
tranche
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Contractual term of the stock options (in years)     10 years  
Number of tranches | tranche   2   2
Share exercise price for the vested options exercisable (in dollars per share) | $ / shares $ 10.99      
Share exercise price for the vested options outstanding (in dollars per share) | $ / shares $ 5.50      
2025 Equity Incentive Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Common stock reserved for future issuance (in shares) | shares 1,945,845      
Number of shares authorized (in shares) | shares 6,123,333      
Stock option        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Common stock reserved for future issuance (in shares) | shares     12,800,000  
Pre-IPO plan, maximum shares available to issue (in shares) | shares     11,760,000  
Award requisite service period (in shares) 5 years      
Time Based Options        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Award vesting period 5 years      
Options exercisable, weighted average exercise price per share (in dollar per share) | $ / shares $ 5.50      
Weighted average grant-date fair value (in shares) | $ / shares $ 2.96 $ 0.42    
Share-based compensation expense | $ $ 2,572 $ 296    
Share-based unrecognized compensation expenses | $ $ 0      
Performance Based        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Options exercisable, weighted average exercise price per share (in dollar per share) | $ / shares $ 0      
Liquidity event, vesting, return on invested capital, multiple 3.0      
Weighted average grant-date fair value (in shares) | $ / shares $ 1.70 $ 0.17    
Share-based compensation expense | $ $ 1,866 $ 0    
Share-based unrecognized compensation expenses | $ $ 0      
Restricted Stock Units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Contractual term of the stock options (in years) 2 years 9 months 18 days      
Number of tranches | tranche 3      
Share-based compensation, shares outstanding (in shares) | shares   0    
Share-based compensation, shares issued (in shares) | shares   0    
Share-based compensation expense | $ $ 6,982      
Share-based unrecognized compensation expenses | $ 76,746      
Share-based compensation issued in period, fair value | $ $ 83,728      
Weighted-average period (in years) 2 years 9 months 18 days      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares 4,177,488 0    
v3.25.4
Share-Based Compensation Plan - Schedule of Stock Option Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Time Based    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding at December 31, 2024 (in shares) 5,472,500  
Granted (in shares) 462,000  
Exercised or converted (in shares) (1,528,570)  
Forfeited (in shares) (54,500)  
Expired (in shares)  
Outstanding at December 31, 2025 (in shares) 4,351,430 5,472,500
Options exercisable, Number of options (in shares) 4,351,430  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Options outstanding, Weighted average exercise price per share at December 31, 2024 (in dollar per share) $ 5.80 $ 5.50
Granted (in dollar per share) 8.35  
Exercised or converted (in dollar per share) 5.50  
Forfeited (in dollar per share) 5.50  
Expired (in dollars per share)  
Options outstanding, Weighted average exercise price per share at December 31, 2025 (in dollar per share) 5.80 $ 5.50
Options exercisable, weighted average exercise price per share (in dollar per share) $ 0  
Stock Options Additional Disclosures    
Options outstanding, Weighted average remaining contractual term 8 years 2 months 12 days 8 years 10 months 24 days
Performance Based    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding at December 31, 2024 (in shares) 5,472,500  
Granted (in shares) 462,000  
Exercised or converted (in shares) (1,453,045)  
Forfeited (in shares) (54,500)  
Expired (in shares)  
Outstanding at December 31, 2025 (in shares) 4,426,955 5,472,500
Options exercisable, Number of options (in shares) 4,426,955  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Options outstanding, Weighted average exercise price per share at December 31, 2024 (in dollar per share) $ 5.79 $ 8.24
Granted (in dollar per share) 8.35  
Exercised or converted (in dollar per share) 5.50  
Forfeited (in dollar per share) 5.50  
Expired (in dollars per share)  
Options outstanding, Weighted average exercise price per share at December 31, 2025 (in dollar per share) 5.79 $ 8.24
Options exercisable, weighted average exercise price per share (in dollar per share) $ 0  
Stock Options Additional Disclosures    
Options outstanding, Weighted average remaining contractual term 8 years 3 months 18 days 8 years 10 months 24 days
v3.25.4
Share-Based Compensation Plan - Schedule of Weighted Average Assumptions Used for Black-Scholes Model Valuation of Stock Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Time Based    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term in years 7 years 3 months 18 days 6 years 9 months 18 days
Expected stock price volatility 36.00% 37.00%
Dividend yield (as percent) 0.00% 0.00%
Risk-free interest rate (as percent) 4.20% 4.60%
Fair value of the underlying share (usd per share) $ 7.7 $ 2.0
Performance Based    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term in years 5 years 6 months 5 years 10 months 24 days
Expected stock price volatility 35.10% 37.00%
Dividend yield (as percent) 0.00% 0.00%
Risk-free interest rate (as percent) 3.90% 4.10%
Fair value of the underlying share (usd per share) $ 7.7 $ 2.0
v3.25.4
Share-Based Compensation Plan - Schedule of Restricted Stock Units (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2019
Weighted Average Grant Date Fair Value    
Weighted-average remaining service period (in years)   10 years
Restricted Stock Units    
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Outstanding at December 31 , 2024 (in shares) 0  
Granted (in shares) 4,177,488  
Vested (in shares) 0  
Forfeited (in shares) 0  
Outstanding at December 31 , 2025 (in shares) 4,177,488  
Weighted Average Grant Date Fair Value    
Outstanding, Weighted average grant date fair value at December 31 , 2024 (dollar per share) $ 0  
Granted (in dollar per share) 20.0  
Vested (in dollar per share) 0  
Forfeited (in dollar per share) 0  
Outstanding, Weighted average grant date fair value at December 31 , 2025 (dollar per share) $ 20.0  
Weighted-average remaining service period (in years) 2 years 9 months 18 days  
Outstanding, Weighted average remaining service period at December 31 , 2024 2 years 9 months 18 days  
v3.25.4
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 10,468 $ 9,154 $ 5,910
State 3,753 3,246 2,254
Current income tax provision 14,221 12,400 8,164
Deferred:      
Federal 1,640 (516) (1,752)
State 361 (96) (441)
Deferred income tax provision (benefit) 2,001 (612) (2,193)
Effective income tax rate $ 16,222 $ 11,788 $ 5,971
v3.25.4
Income Taxes - Schedule of Effective Tax Rates Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
US federal statutory tax rate $ 11,264 $ 9,740 $ 5,010
State and local income taxes, net of federal income tax effect 3,245 2,488 1,324
Foreign tax effects 0 0 0
Effect of cross-border tax laws 0 0 0
Effect of changes in tax laws or rates enacted in the current period 0 0 0
Nondeductible executive compensation 3,058 0 0
Stock compensation (2,911) 10 0
IPO costs 1,774 0 0
Other 12 4 3
Research and development tax credit (199) (346) (394)
Changes in valuation allowances 0 0 0
Changes in unrecognized tax benefits 0 0 0
Other items (21) (108) 28
Effective income tax rate $ 16,222 $ 11,788 $ 5,971
Percent      
US federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 6.00% 5.40% 5.50%
Foreign tax effects 0.00% 0.00% 0.00%
Effect of cross-border tax laws 0.00% 0.00% 0.00%
Effect of changes in tax laws or rates enacted in the current period 0.00% 0.00% 0.00%
Nondeductible executive compensation 5.70% 0.00% 0.00%
Stock compensation (5.40%) 0.00% 0.00%
IPO costs 3.30% 0.00% 0.00%
Other 0.00% 0.00% 0.00%
Research and development tax credit (0.40%) (0.70%) (1.60%)
Changes in valuation allowances 0.00% 0.00% 0.00%
Changes in unrecognized tax benefits 0.00% 0.00% 0.00%
Other items 0.00% (0.30%) 0.10%
Effective income tax rate 30.20% 25.40% 25.00%
v3.25.4
Income Taxes - Schedule of Paid Cash Taxes, Net of Refunds (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. federal taxes $ 14,950 $ 4,900 $ 6,320
Total income taxes paid 20,152 7,310 8,599
Florida      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State and local taxes 2,774 901 1,125
New Jersey      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State and local taxes 473 438 323
Other states      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State and local taxes $ 1,955 $ 1,071 $ 831
v3.25.4
Income Taxes - Schedule of Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets (liabilities):    
Cancellation reserves $ 750 $ 351
Acquisition intangibles 48 44
163(j) interest expense limitations 304 1,811
Internally developed software 0 735
Stock compensation 1,594 74
Other 5 6
Deferred tax assets 2,701 3,021
Goodwill (289) (121)
Prepaid expenses (163) (97)
Internally developed software (1,448) 0
Deferred tax liabilities (1,900) (218)
Net deferred tax assets $ 801 $ 2,803
v3.25.4
Defined Contribution Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Contribution Plan [Abstract]      
Nonelective employer contributions $ 286 $ 181 $ 175
v3.25.4
Related-Party Transactions (Details) - Affiliated Entity - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 28, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]        
Operating lease, monthly payment $ 12      
Operating lease, rent expense   $ 144 $ 144 $ 144
Payments to related party   $ 194 $ 585 $ 945
v3.25.4
Segment Reporting (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
Earnings Per Share - Schedule of Computation of Basic and Dilutive Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income $ 37,413 $ 34,592 $ 17,886
Less: accretion adjustment to redeemable preferred stock (10,438) (13,274) (8,135)
Less: allocation to participating preferred stock 0 (6,599) 0
Less: Cash dividend paid on redeemable preferred stock 54,170 0 0
Net income (loss) available to common stockholders $ (27,195) $ 14,719 $ 9,751
Denominator:      
Weighted average common stock outstanding - basic (in shares) 104,502,838 93,350,000 93,523,340
Basic earnings (loss) per share - Class A and Class B Common Stock (in dollars per share) $ (0.26) $ 0.16 $ 0.10
Weighted average common stock outstanding – diluted (in shares) 104,502,838 93,350,000 93,523,340
Diluted earnings (loss) per share (in dollars per share) $ (0.26) $ 0.16 $ 0.10
Common Class A      
Denominator:      
Weighted average common stock outstanding - basic (in shares) 93,673,838 93,350,000 93,523,340
Common Class B      
Denominator:      
Weighted average common stock outstanding - basic (in shares) 10,829,000 0 0
v3.25.4
Earnings Per Share - Schedule of Antidilutive Securities Shares (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Initial public offering expenses $ 8,913    
Time vesting options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive options 0 5,472,500 5,115,000
Performance Vesting Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive options 0 5,472,500 5,115,000
Fully vested options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive options 8,778,385 0 0
Restricted Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive options 4,177,488 0 0