The Baldwin Insurance Group Inc. - 2026年季度报告

61-1937225(I.R.S. EmployerIdentification No.) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. THE BALDWIN INSURANCE GROUP, INC. INDEX Page PART I. FINANCIAL INFORMATIONITEM 1.Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 6Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months EndedMarch 31, 2026 and 20258Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the Three Months Note Regarding Forward-Looking Statements We have made statements in this report, including matters discussed under Part I, Item 2. Management’s Discussion and Analysis ofFinancial Condition and Results of Operations, Part II, Item 1. Legal Proceedings, Part II, Item 1A. Risk Factors and in other sectionsof this report, that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as“may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” thenegative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertaintiesand assumptions about us, may include projections of our future financial performance, our anticipated growth strategies, including,for example, our strategy with respect to future capital allocation and anticipated trends in our business. There are important factors Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results,level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy andcompleteness of any of these forward-looking statements. We are under no duty to update any of these forward-looking statements Commonly Used Defined Terms The following terms have the following meanings throughout this Quarterly Report on Form 10-Q unless the context indicates orrequires otherwise: APIbook of business Capacity Solutions clientscolleagues Exchange ActGAAP insurance company partnersJPM Credit Agreement JPM Credit FacilityLLC Units THE BALDWIN INSURANCE GROUP, INC.Condensed Consolidated Balance Sheets (Continued) The following table presents the assets and liabilities of the Company’s consolidated variable interest entities, which are included onthe consolidated balance sheets above. The assets in the table below include those assets that can only be used to settle obligations of THE BALDWIN INSURANCE GROUP, INC.Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity THE BALDWIN INSURANCE GROUP, INC.Condensed Consolidated Statements of Cash Flows (Continued)(Unaudited) THE BALDWIN INSURANCE GROUP, INC.Notes to Condensed Consolidated Financial Statements 1. Business and Basis of Presentation The Baldwin Insurance Group, Inc. was incorporated in the state of Delaware on July 1, 2019 as BRP Group, Inc. and, on May 2,2024, was renamed The Baldwin Insurance Group, Inc. The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC(“Baldwin Holdings”) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of its business hasbeen and is conducted. In these condensed consolidated financial statements, unless the context otherwise requires, the words“Baldwin,” and the “Company” refer to The Baldwin Insurance Group, Inc., together with its consolidated subsidiaries, including Baldwin is a diversified insurance agency and services organization that markets and sells insurance products and services to its clientsthroughout the U.S. A significant portion of the Company’s business is concentrated in the Southeastern U.S., with several otherregional concentrations. Baldwin and its subsidiaries operate through three reportable segments (“operating groups”), including Principles of Consolidation The consolidated financial statements include the accounts of Baldwin and its wholly-owned subsidiaries. All intercompany As the sole manager of Baldwin Holdings, Baldwin operates and controls all the business and affairs of Baldwin Holdings, and has thesole voting interest in, and controls the management of, Baldwin Holdings. Accordingly, Baldwin consol